Do you think there is any positive impact of the new Winnipeg "nightmare" regulations faci
Longacre
Posts: 16,717 ✭✭✭
I was reading the latest issue of Coin World, and they had an article on what they described as the new "nightmare" regulations facing coin dealers in Winnipeg. It seems that these new regulations put a much higher administrative burden on coin dealers in that location. In particular, the new requirements were summarized in the article as follows:
"Under the new regulations, con dealers must now photograph every item they buy, and then track those items individually, recording the disposition (sales record) of each item. In addition, as part of the required record-keeping, dealers must record photographs of each buyer and seller, and submit transaction details (minus personal information) to Winnipeg police daily."
I am sort of on the fence over these new regulations, and I will reserve my opinion for later. In the meantime:
(1) What benefit do you see coming out of these regulations?
(2) Are the regulations designed to protect the dealers or the buying/selling public?
(3) Are these regulations something that a dealer should be doing anyway (the recordkeeping requirement, not the photo requirement)?
(4) If similar regulations come to various US states, would it be a way to rid the collecting world of the bad seeds in the industry (though, admittedly, those bad seeds are a small percentage of the coin dealing world)?
"Under the new regulations, con dealers must now photograph every item they buy, and then track those items individually, recording the disposition (sales record) of each item. In addition, as part of the required record-keeping, dealers must record photographs of each buyer and seller, and submit transaction details (minus personal information) to Winnipeg police daily."
I am sort of on the fence over these new regulations, and I will reserve my opinion for later. In the meantime:
(1) What benefit do you see coming out of these regulations?
(2) Are the regulations designed to protect the dealers or the buying/selling public?
(3) Are these regulations something that a dealer should be doing anyway (the recordkeeping requirement, not the photo requirement)?
(4) If similar regulations come to various US states, would it be a way to rid the collecting world of the bad seeds in the industry (though, admittedly, those bad seeds are a small percentage of the coin dealing world)?
Always took candy from strangers
Didn't wanna get me no trade
Never want to be like papa
Working for the boss every night and day
--"Happy", by the Rolling Stones (1972)
Didn't wanna get me no trade
Never want to be like papa
Working for the boss every night and day
--"Happy", by the Rolling Stones (1972)
0
Comments
None.
(2) Are the regulations designed to protect the dealers or the buying/selling public?
Winnipeg has evidently identified coin dealers as the root of all evil.
(3) Are these regulations something that a dealer should be doing anyway (the recordkeeping requirement, not the photo requirement)?
Do antique dealers fall under the requirement? What about Hobby Lobby? Or Walmart?
(4) If similar regulations come to various US states, would it be a way to rid the collecting world of the bad seeds in the industry (though, admittedly, those bad seeds are a small percentage of the coin dealing world)?
I fail to see how the bad seeds would be deterred any more than the good seeds.
I knew it would happen.
None, unless criminals who steal coins are too stupid to go outside of Winnipeg to sell them.
(2) Are the regulations designed to protect the dealers or the buying/selling public?
Neither. I'm guessing the justification for them is to catch criminals (see point #1). This assumes Winnipeg authorities go through all of the reports and match the coins up. However, if someone has $300 face in silver dimes, this only works if they have each dime individually recorded, which is extremely doubtful.
(3) Are these regulations something that a dealer should be doing anyway (the recordkeeping requirement, not the photo requirement)?
Most dealers already do the recordkeeping, but nowhere in as much detail as the requirement. If someone brings in 40 average circulated Morgan dollars to sell, it is likely that the dealer will record "40 avg. circ. Morgans" and the price. It's unlikely they will record all of the dates if they're common. Also, these coins will likely go into a bin, and will be sold as coins out of the bin are sold; they are unlikely to be specifically identified as part of the purchase.
Do antique dealers, flea market dealers, collectors, etc. fall under the requirement?
(4) If similar regulations come to various US states, would it be a way to rid the collecting world of the bad seeds in the industry (though, admittedly, those bad seeds are a small percentage of the coin dealing world)?
I doubt it; there are still loads of ways for the bad seeds to continue to operate. For example, the bad seeds could still pay 3x face for 90% silver coins, and these regulations do nothing to prevent that.
BTW, Longacre, you might want to change the term "con dealer" to "coin dealer" early in your 2nd paragraph. I'm sure it was a Freudian slip.
An authorized PCGS dealer, and a contributor to the Red Book.
<< <i>I was reading the latest issue of Coin World, and they had an article on what they described as the new "nightmare" regulations facing coin dealers in Winnipeg. It seems that these new regulations put a much higher administrative burden on coin dealers in that location. In particular, the new requirements were summarized in the article as follows:
"Under the new regulations, con dealers must now photograph every item they buy, and then track those items individually, recording the disposition (sales record) of each item. In addition, as part of the required record-keeping, dealers must record photographs of each buyer and seller, and submit transaction details (minus personal information) to Winnipeg police daily."
I am sort of on the fence over these new regulations, and I will reserve my opinion for later. In the meantime:
(1) What benefit do you see coming out of these regulations?
(2) Are the regulations designed to protect the dealers or the buying/selling public?
(3) Are these regulations something that a dealer should be doing anyway (the recordkeeping requirement, not the photo requirement)?
(4) If similar regulations come to various US states, would it be a way to rid the collecting world of the bad seeds in the industry (though, admittedly, those bad seeds are a small percentage of the coin dealing world)? >>
"con dealers" ? was this a typo
seems like a bunch of similiar regulations were imposed here during the 79/80 metal boom and varied from state to state .. for that matter from town to town.
It will be good for Canon and Nikon. and memory card makers.
Keeper of the VAM Catalog • Professional Coin Imaging • Prime Number Set • World Coins in Early America • British Trade Dollars • Variety Attribution
From an administrative standpoint, I have a difficult enough time tracking the crap that I own much less attempting to do that same thing with a business.
The name is LEE!
So who cares - I'm in the U.S.
Check out my current listings: https://ebay.com/sch/khunt/m.html?_ipg=200&_sop=12&_rdc=1
<< <i>You think that they will need coin photography books?
Even better, do you think they will contract out for good coin photography?
Only a matter of time, my friends.
<< <i>Sieg Heil .
Only a matter of time, my friends.
Nyet, eta Kommunisma, nyet fascistam.
Now if the Winnipeg coin dealers (are there more than one?) incorporate in Delaware and telecommute to their virtual shops, doe the regs still apply? Looks like a job for a team of international tax lawyers, to me!
We should commence invasion of Canada immediately, and put an end to this nonsense.