Metals committee holds first meeting

This article was originally printed in the latest issue of Numismatic News.
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Nine issues are on the agenda of the new Gold & Silver Political Action Committee 31 attendees were told at its first informational meeting held Sept. 22 in Long Beach, Calif.

Former American Numismatic Association President Barry Stuppler is the chairman of the recently formed group.

“The Gold & Silver PAC is an effort to elect public officials with a better understanding of the numismatic and precious metals community and pending legislation and regulatory issues that could positively impact or adversely affect the hobby and profession,” Stuppler said.

Toward that end, Stuppler said he had contributions and pledges totaling $310,000.

Nicholas A. Pyle, President of Pyle & Associates in Washington, is volunteering his time to help the PAC create an informal “Congressional Coin Caucus” comprised of members of Congress interested in coin and precious metals issues.

The nine issues that will be brought to their attention are:

• IRS Form 1099 reporting on purchases of merchandise over $600
• Regulation of the purchasing and marketing practices of gold and precious metals dealers
• Enforcement of the Ancient Antiquities Act on Greek and Roman coin imports.
• Problems caused by high-quality Chinese-made counterfeit coins and bogus certified numismatic holders
• Traveling and hotel gold buyers who may be purchasing gold coins and jewelry without required licenses
• Allowing certified rare coins to be placed in IRA accounts
• Exempting coins, currency and precious metals investments from possible Value Added Taxes (VAT)
• Exempting coins, currency and precious metals from the Streamlined Sales Tax Plan (SSTP) all inter-state Internet or mail-order sales taxes
• Capital gains tax rates on precious metals and rare coins

Serving with Stuppler on the board are Steve Ivy, vice chairman; J. Richard Eichman, treasurer, Steve Eichenbaum, Mike Clark, Philip Diehl, Donald Doyle, Mike Fuljenz and Terry Hanlon.

More information is available online at www.GoldandSilverPAC.com.