Tax evasion using silver coins - the Austrian/German way

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dchrys's picture
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Joined: Jan 6 2009
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Tax evasion using silver coins - the Austrian/German way

Hi everybody.

I came across the following article from Spiegel Online:

Quick Silver - A New Austrian Coin Trick

I always believed that Austrians had a taste for silver coins - here is an abstract from the article:

Austria issued the new coin in early 2008, wisely anticipating the consequences of the bank collapse, the stock crash and the rising value of precious metals. The coin was explicitly intended for purposes of investment, not collection. Bernhard Urban, marketing spokesman of the Austrian Mint, modestly calls it "unique" in Europe. The story of its success has to do with a funny little contradiction: As a means of payment with a value of €1.50, the coin can be used to buy a beer. But nobody in his right mind will take it to the pub in the first place because the exclusive silver piece is worth -- depending on the price of silver --somewhere between €11 ($16) and €14 ($20), and costs that much at the teller's window.


Interesting use of bullion coins these days ...


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