Also, while we're on the topic of the value, what is the full value of a loaded coin like the ones that BTCC offer?
Should you include the value of the Bitcoins on the coin? There is no Bitcoin on the coin, since Bitcoin is not a physical entity. The loaded value of the coin is nothing but letters on a piece of paper, does that mean that the 'value' of this paper should be marked? If so, what should it be marked as? If I stuck a piece of paper containing my bank details onto a piece of metal and shipped it, does that mean that I would have to declare the amount in my bank account as the value?
Let's assume that you do mark the Bitcoins as part of the value, what value would you mark it as? The value of the Bitcoin at the time you are sending it? If so, let's assume that between the UK and US borders the package gets lost for 3 months. In that 3 months, the price of 1 Bitcoin rises by $200. The person shipping that coin from the UK would then be committing tax evasion because the declared price is not the actual value of the coins loaded, correct?
Now let's get onto the metal. How would you value it? As far as spot price, the titanium on a BTCC coin would be worth a few dollars at absolute maximum. Do you include the workmanship put into the coin? If so, who's to value the workmanship put into that coin? BTCC values it at about 0.15BTC, which has the same problem as I mentioned previously with BTC. Also, what if I (or the person shipping it) thinks the workmanship is worth more/less?
The coins are loaded with a total of 4 BTC. Zepher was selling them for a total of 4.425 BTC with free shipping. He said that he will list the value at $25 each, I guess this means $100 total. The difference between Zepher's price of 4.425 and the face value is 0.425 BTC, and at the time this was worth about $425. Should you include the value of the Bitcoins on the coin? There is no Bitcoin on the coin, since Bitcoin is not a physical entity. The loaded value of the coin is nothing but letters on a piece of paper, does that mean that the 'value' of this paper should be marked? If so, what should it be marked as? If I stuck a piece of paper containing my bank details onto a piece of metal and shipped it, does that mean that I would have to declare the amount in my bank account as the value?
Let's assume that you do mark the Bitcoins as part of the value, what value would you mark it as? The value of the Bitcoin at the time you are sending it? If so, let's assume that between the UK and US borders the package gets lost for 3 months. In that 3 months, the price of 1 Bitcoin rises by $200. The person shipping that coin from the UK would then be committing tax evasion because the declared price is not the actual value of the coins loaded, correct?
Now let's get onto the metal. How would you value it? As far as spot price, the titanium on a BTCC coin would be worth a few dollars at absolute maximum. Do you include the workmanship put into the coin? If so, who's to value the workmanship put into that coin? BTCC values it at about 0.15BTC, which has the same problem as I mentioned previously with BTC. Also, what if I (or the person shipping it) thinks the workmanship is worth more/less?
Your logic is wrong, and is contradictory to the law anyway. Zepher knows what he is doing is wrong because he is saying that the coins might get seized by customs.
I don't want to get involved in any kind of illegal activity, or anything like that.
Then don't; request for the full value to be listed on the package.