Bullion sale checklist for records and transfers

Q: Should mixed-acquisition coins be sold as one lot?

They may be, but retain [item-level acquisition and basis records](/selling-transferring-physical-precious-metals-guide) so the combined sale can be allocated consistently.

What to take away

Verify legal authority before marketing or moving an item.
Preserve acquisition, basis, valuation, and sale evidence by lot.
Compare gross price, deductions, settlement, and custody terms.
Review cash-reporting duties according to the seller's role and transaction facts.
Keep estate and beneficiary records aligned with the physical inventory.

This bullion sale checklist is a control sheet, not a substitute for a contract, appraisal, tax analysis, or estate instruction. Write the reviewer, date, evidence location, and exception beside each line. Marking a box without evidence does not close the issue.

Ownership and authority

Legal owner identified for every lot.
Joint ownership, marital property, trust, pledge, lien, or estate status reviewed.
Seller, trustee, agent, executor, or personal representative authority documented.
Governing agreement, court appointment, will, trust, or power reviewed where applicable.
Beneficiary or co-owner approval obtained if required.
Restricted, disputed, missing, or unidentified items excluded from sale.

Physical inventory

Stable lot ID assigned.
Count independently verified.
Metal, issuer or refiner, product, year, weight, fineness, and denomination recorded.
Serial, assay, slab, certificate, or package identifier captured.
Condition and package state photographed without cleaning or opening.
Authentication status and unresolved tests stated.
Storage record reconciled before removal.

Acquisition and basis file

Purchase invoice and payment evidence retained.
Acquisition date and related purchase costs recorded.
Prior adjustments documented.
Gift date, donor identity, donor basis material, and valuation evidence gathered.
Inheritance date, valuation date, appraisal, estate statement, and distribution record gathered.
Mixed lots separated when acquisition histories differ.
Unsupported estimates labeled and sent for professional review.

The IRS Publication 551 basis rules distinguish purchased, gifted, inherited, spouse-transferred, and other property. Gifted property can require donor basis and fair-market-value information, while inherited property generally uses a date-of-death or permitted alternate valuation framework, subject to exceptions. Preserve the source documents and ask a tax professional to apply the current rules to the actual holding.

Valuation and channel selection

Sale purpose and deadline written.
Commodity-like and collector-oriented items separated.
Each bidder received the same lot description.
Quote timestamp and price reference saved.
Commission, assay, grading, payment, shipping, insurance, and return costs listed.
Expected net proceeds calculated.
Dealer, auction, consignment, and private-sale failure paths compared.
Appraisal purpose and effective date stated when one is used.
Appraisal scope, credentials, and whether it follows USPAP documented when applicable.

Agreement and custody

Parties and verified contact routes recorded.
Exact lot list attached to the agreement.
Price or pricing formula, offer expiration, and repricing terms stated.
Inspection, rejection, substitution, and return procedures stated.
Title and risk-of-loss transition stated.
Carrier acceptance and coverage confirmed for the contents.
Packing sequence photographed and package weight recorded.
In-person location and personal-safety plan approved.

Payment and reporting review

Payment method and fees agreed.
Account instructions verified through a known channel.
Release condition tied to confirmed settlement.
Gross proceeds, deductions, and net receipt reconciled.
Buyer or platform tax documents logged.
Federal, state, local, and estate reporting questions sent to the proper adviser.
Applicable state sales/use tax authority and any required return or exemption documentation identified.
Cash-reporting applicability reviewed without assuming every sale has the same duty.

The IRS Form 8300 reference guide covers a person in a trade or business who receives more than $10,000 in cash in one transaction or related transactions. It defines cash and lists metals and coins among designated reporting-transaction collectibles.

The guide separately explains that an occasional private sale outside a trade or business can have a different result. Determine the seller's role, payment form, amounts, and relationship between payments before deciding whether the rule applies.

Estate and transfer controls

Decedent, estate, and beneficiary property kept distinct.
Date-of-death inventory fixed before sales or distributions.
Appraisal identifies each lot and valuation date.
If a federal estate tax return is required, Form 706 valuations reconciled to the lot inventory.
Expenses and debts authorized before using sale proceeds.
In-kind distributions use exact item schedules.
Beneficiary acknowledgments signed.
Basis statements and valuation records delivered when required.
Remaining inventory reconciled after every transaction.

Final file

Signed contract, receipt, or distribution acknowledgment saved.
Final lot statement matches items delivered.
Tracking, delivery, acceptance, and insurance evidence saved.
Bank receipt tied to the sale ID.
Fees and returns reconciled.
Inventory history marked with disposition date and recipient.
Tax and estate advisers received complete copies.
Federal tax records retained for at least the general three-year period after filing, subject to exceptions; basis records kept through the limitations period for the return reporting disposition.
Access to the file limited to authorized people.