Coin shops and bullion dealers essential status?
zski123
Posts: 256 ✭✭✭
I live in Florida and we have just imposed a statewide lockdown with the exception of essential business activity. I wonder if a coin shop would be consider as such. Bank and financial institutions are considered essential. If don't know why a coin shop dealing in bullion sales would not be a financial institution. Does anyone know? I suppose I could call tomorrow.
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Not sure I would want to be regulated like a bank. I do remember pawn shops as being "essential".
all businesses are essential to those that run them.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
Not sure - Back in January I started following reports of a very infectious flu-like pneumonia in Hubei province. Since, I have lost dozens of international colleagues, business associates, and friends. It shook me to my core the first time I saw a healthy 20 year old male gasping for breath just from talking.
The Internet is sold out of precious metals. It's almost as if you'd be better off just staying home and adapting to a WFH situation. Please.
I live in Washington state and wondered this same thing as I drove past a coin store yesterday that was still open. I wouldn’t call that store essential but what do I know.
Regardless of what the state says, call your dealer(s) and ask what their status is. Florida did not announce a lock down, they are at the minimal level right now, stay at home. There is no enforcement under way, no restrictions on numbers of people.
Gov. DeSantis issues stay-home order limiting Florida to essential services for April
Guns & Ammo stores, Shooting ranges are considered essential services. A coin store could get a license, fill a corner counter with a few firearms.. problem solved.
In the listings I have seen so far, coin shops are not included. I know several small shops (not coin shops) in this area are ignoring the order... They rarely have more than one or two customers at a time. I picked up sub sandwiches last night from a small shop... he said he was disinfecting the counter etc., after each customer. Have known him for a long time, so I hope he does well (Great subs for sure)...Cheers, RickO
My shop that I work at, (in NC) is staying open. We consider financial institution to be us, pawn shops are open here. We buy bullion, etc and the people are using the money to buy groceries, etc. We're staying open until we're told otherwise...
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Restaurants are essential. In most states with a stay at home order in place, restaurants have to close the dining areas. Customer's can come in and place an order to go, come in and pick up an order. Pretty much all of course have some type of delivery. Many are providing curb side pick up. Starbucks, McDonalds and a few places are only doing drive thru. That means many Starbucks are closed, unless in a grocery store that is open. Then it is even case by case.
Almost have to be. Laws regarding loan contracts are STRICT !!!
Call the shop. Most will do business now by appointment. Or if your dealer is older they my be playing it safe. Dead dealers sell no coins
No business can be essential unless you define what they are essential to....survival, the State’s economy, National economy? Essential to what?
A lot of time of people's hands offering opinions on the definition of essential. The answer to the question is that dealers are deemed essential because bullion is a financial instrument.
That's deep man. Deep
Technically in NC, coin shops are not essential. In wake county, two dealer friends of mine were told to close by local law enforcement after they didn't. Gun shops are ok. Down in my county, one of the shops deals in guns, so he is open , the other gold buying shop is open as well, and so is the other coin shop next town up. I have been working on appt bases the past couple days. Last week was dead slow, nobody coming in selling, but I suspect that will change here in a few weeks as cash gets tight!
Non-essential in Washington St. They're all closed.
Gun shops here are non-essential as well, but many are defying the Governor and staying open. He's torqued off about it.
Weed shops are essential here BTW.
Dave
Guns won't save you now lol.
The whole worlds off its rocker, buy Gold™.
I think in cases where they are being asked to close, local law enforcement does not understand that bullion is a financial instrument and is deemed essential. They view it as a coin shop.
By the way, my friend is giving discounts for cashiers checks. Way too much cash coming in.
I'm in MD and most things here are inconsistent. There's an "essential" shipyard here building...cruise ships. Ummm, dude, read a paper or watch the news! The local mayor is stepping in to try and limit how many people can be in a grocery store. Our governor was one of the first on the bandwagon with social distancing but letting 500 people congregate in a Walmart pretty much undoes everything else they're trying to accomplish. The only LCS is a pawn shop and I haven't been by to see if it's open. I think weed shops are essential everywhere. The outbreak did halt the planned massive expansion of our weed store.
Most jurisdictions with "close or stay home" orders are exempting financial institutions from mandatory closure.
What most people don't realize is that, according to the US Government, "bullion dealers" are classified as "financial institutions".
They need a paycheck of some sort. Just saying
Coin shops provide liquidity to those who need money for food, supplies, etc
And in Wa, Pot shops and take-out food keeps revenue coming in for the state (some is better than none)
I guess pawn stores are in business then?