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1 Investors Guide to Rare Coins and Precious Metals Ross Baldwin National Coin Broker

2 During uncertain times, shifting savings and investments into metals - including gold and silver bullion and rare coins - not only provides security, but, if done correctly, it can also prove to be an investment that offers gains while most other investments do not. Gold is among a handful of financial assets that does not rely on an issuer s promise to pay, offering investors refuge from default risk. It provides insurance against extreme market movements and market collapse that often occur during economic change. At National Coin Broker, it is our priority to advise investors on the absolute best strategies, personalized for each collectibles investor, to keep your money safe. With precious metals and rare coins, you have something tangible, with worldwide value that has consistently outperformed traditional investment markets and vehicles. This guide was created with the investor in mind to provide information on buying and holding precious metals, including gold, silver, platinum, and palladium, as well as rare coins with significant value. It is our goal to make you well informed before you invest. If you find that you have any questions, we provide you with every opportunity to discuss them with us at your convenience. Our contact information will be available at the end of this guide. Please note, although this guide is put together to provide information for investors looking to diversify their portfolio with tangible assets, the information contained herein does not suggest or imply and should not be construed in any manner, as a guarantee of future performance and/or investment advice. Let s get started! Determining whether you should buy bullion coins or numismatic coins is largely dependent on what your long- term goals are for the coin. Gold and silver bullion 2

3 coins along with investment quality numismatic coins dated prior to 1933 have consistently proven themselves to be an ideal strategy for the long- term. For ensuring long- term family wealth, the best numismatic assets are certified investment quality, pre U.S. gold $20 coins with Liberty and Saint- Gaudens designs imprinted on them. What Is the Difference Between Bullion and Numismatic Coins? One question we are asked a lot at National Coin Broker is what the difference is between numismatic coins and bullion coins. One must exist for each coin to bear a different name, and indeed there is a difference. To understand what it is, let's first look at bullion coins. Bullion Coins Mints produce bullion coins to contain a specific amount of a precious metal. Each coin struck contains a specific weight (ounce, half ounce, grams, etc.) of the precious metal. Metals are considered precious if they are rare. Currently, bullion coins are made from gold, silver, platinum, and palladium. Precious metals in bullion form are traded on commodity markets and through established dealer networks throughout the world. Many nations mint bullion coins. Although nominally issued as legal tender, the face value of these coins as currency is far below their value as bullion. For instance, Canada mints a gold Maple Leaf bullion coin at a face value of $50, but it contains one troy ounce ( g) of gold, placing its inherent value at spot price of gold, which is well above $50. For this reason, bullion coins are almost never used as actual currency. 3

4 Examples of bullion coins Figure 1 American Eagle Figure 2 American Buffalo Figure 3 Canadian Maple Leaf Figure 4 Chinese Panda Figure 5 American Eagle Figure 6 Candian Maple Leaf 4

5 Numismatic Coins Numismatic coins, also referred to as rare coins, are priced not for their inherent value determined by their precious metal content, but for their rarity value, usually determined by the collectors buying and selling them. These coins are highly prized by collectors, and depending on the rarity of the coin, they can command six and even seven figure prices. High quality rare coins are usually graded by either the Professional Coin Grading Service or the Numismatic Guaranty Corporation. Both services carefully examine each coin submitted, give it a rarity and condition rating, encapsulate the coin and finally add the grading certification to the capsule. Rare coins with numismatic value are not available for inclusion in a self- directed IRA. Figure St. Gaudens Figure S VDB Lincoln Cent Why Invest in Numismatic Coins? Although precious metals have been a raging inferno as of late, over the long- term, US rare coins have consistently outperformed gold and silver bullion by substantial margins. According to past surveys, the PCGS 3000, the annual appreciation of US 5

6 coins, averaged nearly 25 percent over two decades, while gold averaged under 5 percent annually during the same term (see graph below). Figure 9 PCGS 3000 Index 1970 to Date The numismatic market historically has been more dynamic with its performance. US coins more than tripled in valued when compared to bullion coins. Conversely, in periods of weakening gold and silver markets, rare US coins have done exceptionally well too, showing a far more modest decline than bullion prices. That is precisely why we at National Coin Broker strongly recommend adding rare US coins to diversify your portfolio. The following three graphs show the growth in value of key date and rare coins vs. gold and silver spot prices respectively. 6

7 Figure 10 Key Dates and Rarities Index Key Date and ultra rare coins have in the past, been excellent investments. A Key Date coin is generally considered to be the most important coin in a series, usually the lowest mintage and, or most expensive. Rarity is based simply the number of specimens extant of a particular item. The coins represented by this Index, increased in value 9,523% since January By comparison, the Dow Jones Industrial average has risen 1,340% since

8 Figure 11 Gold Spot Price since 1970 The gold or silver spot price is the current price at which physical gold or silver can be bought or sold for at a specific time. It is calculated according to the most recent average bid offered by professional traders worldwide. 8

9 Figure 12 Silver Spot Price since 1970 I would also be remiss if we were not to discuss what happened in The Federal government banned private ownership of gold due to the economic pandemonium that ensued after the Stock Market crash of The loss of faith in holding paper- based assets ushered in the dawn of the Great Depression. All US citizens, by federal order, were required to turn in all gold and silver US coins to the government, with one exception, coins struck before 1933 were exempt. Actually today, the President still has the power to ban private ownership of bulk US gold and silver coins as directed by FDR s 1933 mandate (such as American Eagles or American Buffalos). But by law, private ownership of numismatic U.S. coins struck before 1933 cannot be prohibited. Other reasons for purchasing rare US coins: 9

10 Consider Privacy: An investment in rare US coins has many benefits that are simply not available in conventional investments. There are no reporting requirements to any federal, state, local or municipal authorities when you make a rare coin purchase. Privacy is assured. Your name or social security number does not appear on any government balance sheet as a result of your purchase or sale of a coin. Purchasing substantial quantities of bullion or bulk US coins requires reporting to the IRS. Consider Portability: Literally millions of dollars in US coins would fit nicely into a small box. Storage is very simple. No elaborate housing is required; an average safe- deposit box will do quite nicely. Consider Simplicity: Investors at any level already have a very busy plate; a numismatic investment is not complex. In fact, it s one asset that you can actually enjoy! It s something tangible that you can hold. Coins are a management- free investment. No daily buy/sell decision. No complex forms to fill out, or monthly statements to decipher. No need to worry about interest rates, GNP, balance of trade deficit, and a plethora of other economic problems. With no deeds, tariffs, restrictions or any penalties, rare US coins can be transferred quickly and confidentially. Consider Inheritance: Rare coin collections are not subject to estate tax, so you can pass your collection on to your heirs without worry. The only time the collection is subject to tax is when it is sold, in which case capital gains tax comes into play. We strongly recommend that you work with your lawyers when planning your estate to make sure you understand all of the tax implications on your rare coin collection. 10

11 Why Invest in Bullion Coins? Investing in precious metals has taken place throughout the centuries, providing investors a safe haven in troubled or uncertain times. This still applies today for the modern investor, although there are additional reasons that underpin the widespread renewal of investor interest in gold and silver. Portfolio Diversification: Most portfolios are invested primarily in traditional financial assets such as stocks and bonds. The reason for holding diverse investments is to protect the portfolio against fluctuations in the value of any single asset or group of assets that react in a common fashion. Portfolios containing precious metals are generally more stable and predictable than all other investments. Inflation Hedge: Market swings may come and go, but over the long- term, precious metals keep their buying power. Their value, in terms of the real goods and services that they can buy, have remained remarkably stable not only in the US but in all countries. In contrast, the purchasing power of many currencies has generally declined due to the impact of rising prices for goods and services. As a result, precious metals are often bought to counter the effects of inflation and currency fluctuations. Dollar Hedge: Precious metals, gold in particular, are often used as an effective hedge against the weakening and strengthening of the US dollar, the world s primary trading currency. If the dollar appreciates, gold drops, while a fall in the dollar relative to the other main currencies produces a rise in the gold price. While this may also be true of other assets, gold has consistently proved among the most effective in protecting against dollar weakness. 11

12 Risk Management: All in all, gold is significantly less volatile than most commodities and many other equities. In this respect, it tends to behave more like a currency. Including assets with low volatility in a portfolio will help to reduce overall risk, with a beneficial effect on expected returns. Risk factors that may affect the price of gold are quite different in nature from those that affect other assets generally leaning to a more predictable value. Supply and Demand: As is true of all asset prices, gold s price moves in response to the changing balance between supply and demand. Mine production is relatively inelastic due to the long lead times that exist in gold mining, which explains why the rally in the gold price since 2001 has still not engendered an increase in production levels. Meanwhile, demand has shown sustained growth, due at least in part to rising income levels in gold s key markets. This has crafted the foundation for the most positive outlook the precious metal has known for a quarter of a century. Gold Investment in Particular: As an investment, gold is the most popular and safe of all the precious metals. Investors as well as coin collectors typically purchase gold as a contingency against any economic, political or social issues or potential crises in currency, such as market deterioration, growing national debt, currency failure, inflation or war. Just like other commodities however, gold is subject to speculation, especially in futures, contracts and derivatives. In fact, gold has many of the characteristics of money that we use on a day- to- day basis. For example, gold reserves are a major player in central banking. 12

13 The Price of Gold: Throughout history, gold has been traded like money. It has stood as the main standard for currency equivalencies in various economic regions. It was quite common for European countries to use gold standards in the late 1800s until the financial crises during World War I brought them plummeting down. After World War II, the Bretton Woods system measured the United States dollar in terms of gold rates at US $35 per troy ounce. This system existed until 1971, during the President Nixon years, when the U.S. made the overriding decision to disallow direct conversion of the dollar to gold and shifted to a fiat currency system. In 2000, the Swiss Franc was the last currency to separate itself from gold. Today, the most common point of reference for the price of gold is London gold fixing, a telephone meeting of representatives from five bullion- trading firms in the London bullion market that occurs two times a day. This has been going since In addition, gold is constantly traded around the globe based on the intra- day spot price, resulting from over- the- counter gold- trading markets around the world (code XAU ). Investing in Precious Metals Through an IRA Individual Retirement Accounts (IRAs) are retirement accounts with special tax advantages, provided by the federal government as an incentive for individuals to save for their retirement. This of course benefits not only individual owners of IRAs but also the government and nation as a whole, as investment in these tax deferred accounts help to lessen the burden caused by those who would otherwise become financially dependent on the government after retirement. Because of this, the federal government allows IRAs to grow with taxes deferred. Investments can grow unhindered by tax burdens and this can lead to healthier returns, better quality of life for retirees and less dependence of the elderly on government financial assistance. 13

14 IRAs come in multiple forms, with the differences being when money placed in them can be withdrawn without penalty and limitations as well as how and when financial contributions to the account can occur. They are often used effectively in combination with 401k plans as the backbone of a solid retirement plan. Gold and silver can be purchased through IRAs, with the caveat that the trustee or custodian of the IRA must be willing to accommodate that type of investment. For self administered IRAs, that variable is removed, and individuals are free to invest in both gold and silver at their discretion. The upshot to this is that IRAs provide a vehicle in which individuals can invest in gold and silver with major tax advantages. Individuals can also roll over stock and bond assets into precious metals using an IRA. This provides a solid opportunity for investors who have benefited from the huge stock market run- up of the last five years to invest, tax deferred, into real money assets. Gold and silver prices are at substantial discounts as compared to prices from as recent as a year ago. Which Coins Qualify for Inclusion in an IRA? With all the different precious metals on the market these days, getting confused over which items qualify almost always happens. In general, coins that qualify to be included in your IRA must meet minimum requirements, with the purity of the metal contained in the coin a top priority. The fineness standards are as follows: Gold coins purity Silver coins purity Platinum coins purity Palladium coins purity Any of the mentioned coins below which have been graded for condition by certification organizations and placed in tamper- proof plastic containers called slabs, will not qualify for IRAs. This is usually a sign that a particular coin is a 14

15 collectible coin. The lone exception is the NGC Certified Bullion Coins, which only certify Authenticity and Fineness, and NOT grade. When it comes to IRA metals, all US minted coins have nominal face values but the true value is based on the value of the metal in the coin. Approved US Coins: American Gold Eagles - Interestingly, US minted American Gold Eagles are not of sufficient purity to classify them as bullion. They are only approximately 91% pure gold. The other material in the coin offsets the softness of the gold and makes the coin more durable. Gold Eagles arrive in one of 4 forms: 1/10, ¼, ½ and 1 full ounce gold coins. For more in- depth information on the American Gold Eagle, please visit this link - gold- eagle/ American Gold Buffalo - First minted in 2006, they are of bullion fineness,.9999 fine (known as four nines- 24K). Note that the specially processed proof version of this coin is NOT acceptable due to the treatment raising the value of the coin beyond the value of the metal. For more in- depth information on the American Gold Buffalo, please visit this link - gold- buffalo/ American Silver Eagle - Eagles come in only one form, 1 full ounce coin. They are of bullion fineness, but are only.999 (three nines) due to the addition of a touch of copper for added durability. For more in- depth information on the American Silver Eagle, please visit this link - silver- eagle/ American Platinum Eagle - The rarest of birds, the Platinum Eagles are minted in 4 forms: 1/10, ¼, ½ and 1 ounce coins. These are of.9995 fineness. For more in- depth information on the American Platinum Eagle, please visit this link - platinum- eagle/ 15

16 Other Approved Bullion Coins from National Mints: Australian Nugget (Kangaroo) Gold coins.9999 fine. Australian Kangaroo and Kookaburra Silver coins.999 fine Australian Koala Platinum coins.9995 fine< Austrian Philharmonic Gold coins.9999 fine Austrian Philharmonic Silver coins.999 fine Canadian Maple Leaf Gold coins.9999 fine Canadian Maple Leaf Silver coins.9999 fine Canadian Maple Leaf Platinum coins.9995 fine Canadian Maple Leaf Palladium coins.9995 fine Chinese Gold Panda coins.9999 fine Mexican Libertad Silver coins.999 fine Isle of Man Noble Platinum coins.9995 fine Coins Not Approved for Inclusion in an IRA: Any rare US coin Austrian Corona and Ducat Belgian Franc British Sovereign and Britannia Chilean Peso Colombian Peso Dutch Guilder French Franc German Mark Hungarian Korona Italian Lira Mexican Peso and Ounza South African Krugerrand Swiss Franc 16

17 Frequently Asked Questions Why should I own gold as a long-term investment? The advantages of investing in gold are portfolio balance, liquidity, privacy, tax advantages, and most importantly, protection against currency disruption including inflation, devaluation or recall. Is it a good idea to include precious metal investments in my portfolio as a means of diversity? Gold and silver bullion bars and coins along with investment quality rare coins dated prior to 1933 have consistently proven themselves to be an ideal strategy for the long- term. Where should I store my precious metal coins or bars? Storing precious metal is most secure in a bank safe deposit box. Large investments (over $1 million) should be storied in a licensed and insured depository. Can the government impound my gold and silver coins? The Federal Government retains the power to take possession of gold and silver bullion coins according to U.S. Code, Title 12, Chapter 2, Subchapter IV, Section 95a, which says, in part,: During the time of war, the president may through any agency that he may designate, licenses, or otherwise (A) investigate, regulate, or prohibit, any transactions in foreign exchange, transfers of credit or payments between, by, through, or to any banking institution, and the importing, exporting, hoarding, melting, or earning of gold or silver coin or bullion, currency or securities. But, investment quality U.S. gold and silver coins dated prior to 1933 are exempt from this Title 12. Therefore, they remain a top- notch investment. 17

18 Which is the best strategy to invest in physical gold, gold stocks, funds or ETF s? Paper substitutes, such as currency or certificates, for physical gold are temporary and that has been consistently demonstrated through over 1,000 years of history. Physical gold is the world s most esteemed long- term asset and store of value. The huge recent purchases of physical gold by India, Russia and China reinforce this enduring truth. If I own $10,000 worth of gold coins, how quickly can I sell them if I need cash? We buy and sell investment coins and bullion coins and bars on a daily basis. It starts with a five- minute phone call with you. We give you overnight FedEx shipping instructions. This enables you to send us your gold coins insured but at no cost to you. After we receive your coins the next day, your payment can be sent to you via overnight express, bank wire or the U.S. postal service, depending on how quickly you need the check. What is your commission on a $1,000 gold maple leaf or gold eagle investment? For popular 1 oz gold bullion coins, we charge the spot/bid price plus a premium. For example, if gold is selling at $1,000 per ounce, we will buy a one- ounce gold coin like the Canadian Maple Leaf at $1,000 and sell it to you for $1,000 plus our premium. When buying coins back from you, we pay whatever the market spot/bid price is at the time of sale. What is the best short-term investment- gold or silver? Currently we recommend gold assets due to the global currency crisis, excess fiat money creation by the Federal Reserve, and the overwhelmingly huge U.S. Budget deficits. If hyperinflation should occur or seem highly probable we would recommend silver assets. What is the best choice of coins to leave to my heirs? 18

19 For ensuring long- term family wealth, the best numismatic assets are certified investment quality, pre U.S. gold $20 coins with Liberty and Saint- Gaudens designs imprinted on them. When looking at other investment items such as real estate, stocks, artwork, etc., what are the tax advantages to leaving rare coins to my heirs? As part of a formal inheritance, gold coins are allowed by current law to have a step- up in basis. This means the inheritance value of the coins will be based on their value on the date of inheritance, regardless of their initial cost. This tremendous advantage can potentially eliminate any capital gains tax. Will it be relatively simple for family members to liquidate any coins they inherit? National Coin Broker is a major gold market maker. Therefore we provide a daily buy/sell price with immediate payment. Your family members can quickly liquidate a numismatic holding through us. Can physical gold and silver be deposited into an Individual Retirement Account? Yes, IRAs exist that enable the investor to purchase gold, silver, platinum and palladium bullion coins and bars. Can I withdraw money from my 401k or IRA and deposit it into a precious metal IRA? You are able to transfer funds out of existing retirement accounts and open a precious metal IRA with those funds. It is recommended that you consider a contribution of $50,000 minimum when opening a precious metal IRA since storage fees may be involved. What are the tax advantages to purchasing gold, silver, platinum and palladium compared to traditional stocks for a retirement account? 19

20 No taxes are due or payable upon acquiring a minimum of $1,500 worth of gold. Unlike mutual funds or ETFs, you do not receive a yearly 1099B tax form. Also, numerous gold investment coins are exempt from 1099B reporting at the point of sale. Next Steps It would be our pleasure to provide you with a free, personalized coin consultation to answer any questions you may have after reading this guide. Our goal is always to provide our clients with the tools and information needed to make the best decisions about buying rare coins and precious metals. If you would like to signup for a free consultation, please call us at or visit this link 20

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