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1099 repeal effort fails in Senate

This article was originally printed in the latest issue of Numismatic News.
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National politics affecting organized numismatics came to the forefront Sept. 13 as two competing measures to roll back 1099 reporting by coin dealers failed to obtain 60 votes necessary to pass the U.S. Senate.

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Unless there is a change of heart before Congress goes on recess for the pending national elections on Nov. 2, it will be next year before the issue can be revisited.

Meanwhile, Rep. Michael Castle, R-Del., who is also a former governor of the tiny state, lost a bid to gain the Senate nomination when a Tea Party candidate swept past him by some 3,000 votes.  About 50,000 votes were cast overall in the Delaware primary election.

Castle is best known in the coin hobby as the moving legislative force behind the state quarter program; he subsequently lent support to the Presidential dollar (and First Spouse) program and  also the America the Beautiful quarter program.

It is possible that another 1099 repeal bill will be crafted that will compromise the issue, but there is literally about two weeks’ of legislative working days to go in the current 111th Congress.

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