Last week we quoted a newspaper article describing how some people use the Austrian silver Philharmonic coin to evade taxes. -Editor Ralf Böpple of Stuttgart, Germany writes:
I've seen the report on Austria's silver bullion coin as well, but I have to say that this is a badly researched piece of journalism.
In order to transport the face value of EUR10,000, you have to carry 6,666 one ounce coins of a face value of EUR1.50 each, that is more than 200 kg of silver! The bid offer spread of one-ounce silver coins is at least 10%, and this is a very optimistic assumption. So all in all, that's a hefty price and effort for the repatriation of your tax evasion savings! Remember, we are talking about a border where there usually are no controls any more.
So, this article sounds more like a modern urban legend than a matter of fact. The silver disks are in demand, no doubt, but there have to be other explanations for that.
To read the earlier E-Sylum article, see: AUSTRIA'S SILVER PHILHARMONIC USED TO SKIRT TAX LAWS (www.coinbooks.org/esylum_v12n27a22.html)
Wayne Homren, Editor
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