Are coin dealers licensed?

topstuf

Zerbe asked on another thread if coin dealers were licensed.

When I had the shop here in California, I had to have a Secondhand Dealer's License.

But it was just to be able to buy scrap gold and Sterling silver and diamonds.

It requires a background check for criminal record.

I later added a Pawnbroker license which is FAR more stringent. It requires a financial responsiblity of $100,000 exclusive of real estate. Also the background check.

But, other than a business license I am not aware of any license for dealing exclusively in coins.

In fact, coins are exempt from any police reporting as they are considered unidentifiable, fungible items.

So, in California (and many many if not all other states) if your coin dealer is buying ...jewelry...in addition to coins, he probably is licensed.

poptopsRus

I have a precious metals license in addition to a city and a state sales license. In colorado you also have to report everything you buy from the pubic to the police.

dorkkarl

numismatic coins are completely different than bullion/diamonds. the reality is (sorry pcgs) that you can't truly (objectively) "certify" the grade of a coin as you could certify the weight, clarity, etc of a diamond, or the fineness & weight of a bar of bullion.

i wouldn't think "licensing" will ever become a part of dealing coins. THANKFULLY.

K S

NumisEd

Ha! You are all wrong. My local dealer has a driver's license.

SmallTownCoins

I tried to get "Officially Licensed" when I opened the store 20 years ago... No one at city hall knew what to do, so the Police Chief
hand wrote me a "salvage Operation" cirtificate... Hahahahahaa... It is still hanging on the show room wall......
Of course we all have to have DBA's, and Tax license's and Fed ID's and of course wear a sign on our back that say's "Kick Me"........

theboz11

In Viginia they require a license, background check and $10,000 insurance bond to deal in gold/precious metals.

Askari

<< <i>Are coin dealers licensed? >>

Huh ... have you ever tried getting them to keep their collars on, much less the little tags?

cointagious

licensed?!?!


i was barely legitimate.

supercoin

Licensed??

I suppose next you'll be telling us we should pay taxes. And not cheat old ladies.

topstuf

supercoin......
That's why I had to get out of the business.

Iwog was so insistent that we only stole from widows and orphans that I began shooting husbands who came in with wives so I could make sure the customer was a widow.

The heartbreaking part was having to shoot parents of all the kids to make sure they were orphans.

They cried an cried and I almost went broke on my lollipop bills.

Then they shut me down. Seems I violated a "Minimum Profit Ordinance."

Oh, it was ugly.

When I get out, I am going to do it again.

ohbaby

Licensed to steal from the public!

In colorado you also have to report everything you buy from the pubic to the police.
No wonder they don't have time to solve real crime! The cops are out ripping off collectors and dealers.

Municipalities will find any silly reason to tax/license/supervise any business to justify the collection of revenue. Take a look at you cell phone/telephone/cable bill one day and look at all the silly charges. I understand NY even has a fee to pay when you refinance, like 2% of the mortgage amount AND a fee of 3% when you sell the property.

mnmcoin

I don't think dealers are licensed, but most of them are certifiable.

morris <><