Raising the Federal Tax Reporting Limit?

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olds442jetaway
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Re: Raising the Federal Tax Reporting Limit?

Post by olds442jetaway »

Maybe once a year I get a silver coin in change. Last week I gave a 2 dollar bill as a tip to my server at Mohegan. She was happy to get it but of course was in her 50s. She showed it to another server in the area that was just a kid and asked her if she would like it. The youngster said. Ha Ha. No thanks! I have plenty of Monopoly money at home. I still get about 20 or more wheat cents in change a year. The oldest one I got in the last year or so was a 1918. A common date but in at least fine condition.

billryan
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Post by billryan »

In Vegas, I'd find a bunch of Canadian coins, especially quarters. While I think most Americans know American coins before 1964 contain silver, they don't realize Canadian coins kept their silver as late as 1968.
I've mentioned this before but once when I was cashing out an old nickel machine, I noticed a few Buffalo nickles in the bucket. I put another $5 bill in the machine and cashed it out. Of the 100 coins, about a third were buffalos. Put in $10 and found quite a few more. My guess is someone took a few rolls someone else had been saving and ran to the casino.

About ten years ago, my bank in NY put in a coin machine. A few weeks later, someone put several hundred dollars worth of rare silver coins in the machine. I don't know the entire story but somebody at the coin company found the silver and was able to trace it back to the bank. Using video, the bank id'd the person who put them in the machine and the local paper ran a story about the silver find and said the bank was holding the coins for the rightful owner. It turned out to be an old lady's grandson, and she had no idea he had stolen her dead husband's coin collection. What seemed to be a story of a treasure lost and returned took a dark turn .

TripleTriple
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Post by TripleTriple »

billryan wrote:
Tue Mar 29, 2022 6:28 am
In Vegas, I'd find a bunch of Canadian coins, especially quarters. While I think most Americans know American coins before 1964 contain silver, they don't realize Canadian coins kept their silver as late as 1968.
Did not know that. I'd be interested to know the ratio. I think US silver was around 80-90%? I get a fair amount of wheat pennies but mostly fifties. Still waiting on the 1909-S VDB. Maybe if I buy a Honus Wagner for 1.99 I'll get it in change.

billryan
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Post by billryan »

US coins were 90% silver until 1964. After 1964, only the JFK half dollar had silver and it was reduced to 40%. In 1971, silver was removed from all US coins. In the 1980s, the Mint began making silver coins for collectors, but circulating coins are made with no silver.
I don't know much about earlier Canadian coins, but in the 1960s, they were 50% silver before they went to all copper/nickel.
As of a few years ago, there were still some casinos that used half dollars on their table games and it wasn't unusual to find a mid 60s JFK that was worth 10X its face value.
When I lived in Vegas, I'd have at least a few dollars in change every week. Twice a year, I'd roll it and cash it in. These days, I might get a dollar's worth every few months.

billryan
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Post by billryan »

billryan wrote:
Wed Mar 30, 2022 11:03 am
US coins were 90% silver until 1964. After 1964, only the JFK half dollar had silver and it was reduced to 40%. In 1971, silver was removed from all US coins. In the 1980s, the Mint began making silver coins for collectors, but circulating coins are made with no silver. The US Eagle is technically a $1 coin but it has $25 worth of silver in it. The $50 US coin has an ounce of gold in it so no one will use it as a $50 coin.
I don't know much about earlier Canadian coins, but in the 1960s, they were 50% silver before they went to all copper/nickel.
As of a few years ago, there were still some casinos that used half dollars on their table games and it wasn't unusual to find a mid 60s JFK that was worth 10X its face value.
When I lived in Vegas, I'd have at least a few dollars in change every week. Twice a year, I'd roll it and cash it in. These days, I might get a dollar's worth every few months.

olds442jetaway
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Post by olds442jetaway »

My all time best finds were between age 9 and 13 when I had my paper and TV guide route. 1913s penny, 1926s Buffalo nickel, 1916d Mercury dime but in poor condition, 1932s quarter, several common date Morgan Silver dollars, a couple of uncirculated Standing Liberty quarters, and my favorite an uncirculated Civil War token. All found between 1957-1962. By the way, Buffalo nickels and even Indian head pennies were pretty common in everyday change. Especially the nickels. Forgot one A 1955 double struck penny, but a weak double strike. A few times, at quite a sacrifice to my parents, they would get my brother and I a bag of 5,000 pennies for my brother and I to look through on rainy days. We had to hurry up and finish because the money came from my mom’s monthly budget box. Usually, we brought 47 of the 50 back to the bank for my mom within a few days The other 3 bucks we worked off in chores and were glad to do it just to be able to go through the coins
Just as an aside, most young people today have never learned a proper work ethic. They routinely call out when they even do work. We started ours at around age 10 picking strawberries for 5 cents a basket. The paper routes after that at 4 or 5 AM before school.

OTABILL
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Post by OTABILL »

I gave my coin collection to my son. Didn't want to bring them out to AZ when I moved out west. I had about 2 dozed Indian Head pennies, a box of WWII iron pennies, silver dollars I got when I lost my teeth as a kid when I was young and my silver dimes. Had a whole set of silver Roosevelt dimes. Can't remember my wheat pennies but had many old ones going back to 1909 but no rare ones. What this has to do with the Federal Tax limit, I don't know, but I like the way this topic evolved.

olds442jetaway
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Post by olds442jetaway »

Me too. There is a great old time magazine. Don’t know if is still in print called reminisce. Guess you can still get it. I didn’t think Hope no Webman Boo Boo showing the pic.
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