Silver coins value information

The Gold Bullion Coin Act of 1985, Pub. L. No. 99-185, 99 Stat. 1177 (Dec. 17, 1985), codified at through (a)(10), , , and amending and , has helped the American Eagle Gold Bullion Coins to quickly become one of the world’s leaders in gold bullion coin. Produced from gold mined in the United States, American Eagles are imprinted with their gold content and legal tender “face” value.

The act was signed by Ronald Reagan in 1985. One requirement is that all gold used in minting the coins would be from “newly mined domestic sources”.

Many people are unaware of the benefits of this measure. To a select few, they are used to aid in the reduction of the National Debt.

However, some people use the coins as an illegal and unlawful way to evade taxes by claiming that they need only report the “face value” of the coin and not that actual fair market value of the coin to the IRS. Lary v. C.I.R, 842 F.2d 296, 299 (11th Cir. 1988) (income from receipt of gold coin must be reported to IRS at fair market value of coin, not at face value of coin); California Federal Life Ins. Co. v. Commissioner, 680 F.2d 85 (9th Cir. 1982) (same); Joslin v. United States, 666 F.2d 1306 (10th Cir. 1981) (same).

For the complete text of the act, see “Gold Bullion Coin Act of 1985″ at the Wikisource site.
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