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New Minnesota Bullion Coin Dealer Law

derrybderryb Posts: 36,712 ✭✭✭✭✭
in Precious Metals
Starting to see this on ebay listings:

"Please Note: Due to the new Minnesota Bullion Coin Dealer law restrictions, we cannot sell or deliver any gold or silver coins to Minnesota addresses. Be sure to thank your Minnesota state officials for making it difficult to sell bullion coins to Minnesota residents."

"Who needs risk management when you’ve got guaranteed bailouts? - Jesse Felder

Comments

  • ebaytraderebaytrader Posts: 3,312 ✭✭✭
    Reading the state's guidelines carefully, it does not exempt from reporting non-resident dealers that only sell occasionally to MN residents on the internet through their own web site or sites like feepay regardless of the dollar amount involved.


  • StorkStork Posts: 5,205 ✭✭✭✭✭
    This is the part that really is 'interesting':



    << <i>Bullion coin
    is defined in Minnesota Statutes §80G.01, subd. 2 and means any coin containing more than one percent by weight of silver, gold platinum, or other precious metal. >>



    That covers a lot more than what a normal person would call bullion coins.

  • derrybderryb Posts: 36,712 ✭✭✭✭✭
    I question a state's ability to enforce its laws on people outside of the state. But then again, the US is able to enforce its laws on those outside of the US. It's a strange new world we live in.

    "Who needs risk management when you’ve got guaranteed bailouts? - Jesse Felder

  • ebaytraderebaytrader Posts: 3,312 ✭✭✭


    << <i>This is the part that really is 'interesting':



    << <i>Bullion coin
    is defined in Minnesota Statutes §80G.01, subd. 2 and means any coin containing more than one percent by weight of silver, gold platinum, or other precious metal. >>



    That covers a lot more than what a normal person would call bullion coins. >>



    Federal law defines 'gold' as being 9 karat or more if a claim of calling something 'gold' is made. The MN law is not only draconian, but is beyond extreme. The big dealers are high fiving each other over this. They've successfully throttled a competitive market by eliminating the out-of-state smaller dealers.
  • StorkStork Posts: 5,205 ✭✭✭✭✭
    I wonder how that would work with a big auction house. #4 and #5 seem to imply eBay and Heritage (etc) themselves do not have to register...but the person selling that Morgan dollar would. Easy enough on eBay to restrict shipping to places like North Korea/Cuba/Minnesota but how would I sell a coin via Heritage and make sure Heritage isn't selling my coin to to some poor dude/dudette in Minnesota?

    I agree the enforcement would be problematic, but still... gotta love a poorly written nanny law in all it's unintended consequence glory. All it takes is the literal minded to implement. I'm sure that would never happen (insert sarcasm font).

  • jmski52jmski52 Posts: 22,726 ✭✭✭✭✭
    At the last show in St. Louis, I remarked to a Minnesota dealer that it would be hard for Minnesota dealers to be competitive from now on. He didn't agree and he wasn't happy about my observation. I think he was one of the big 4 or 5 in Minn.
    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • ebaytraderebaytrader Posts: 3,312 ✭✭✭


    << <i>I wonder how that would work with a big auction house. #4 and #5 seem to imply eBay and Heritage (etc) themselves do not have to register...but the person selling that Morgan dollar would. >>



    Insofar as Heritage often sells its own items at auction, or in fixed price sales, their business would fall under the purview of this law.
  • ebaytraderebaytrader Posts: 3,312 ✭✭✭
    [sarcasm]One thing is for sure - filing govt mandated forms prevents crime. That is an absolute known. It's settled science. [/sarcasm]
  • TwoSides2aCoinTwoSides2aCoin Posts: 44,233 ✭✭✭✭✭
    Be on the lookout for silver smugglers. image
  • bronco2078bronco2078 Posts: 10,179 ✭✭✭✭✭


    I'd go out of my way to sell to Minnesota residents and dare the state to do anything about it. Seriously , what are they going to do?image
  • derrybderryb Posts: 36,712 ✭✭✭✭✭


    << <i>I'd go out of my way to sell to Minnesota residents and dare the state to do anything about it. Seriously , what are they going to do?image >>


    Nothing, until you enter the state. In the meantime it is unclear what affect an outstanding Minnesota warrant would have on you.

    Does your state have an extradition treaty with Minnesota? image

    "Who needs risk management when you’ve got guaranteed bailouts? - Jesse Felder

  • bronco2078bronco2078 Posts: 10,179 ✭✭✭✭✭




    Seriously though if I sell bullion to a Minnesota resident on ebay how would the state know one way or another?

    Do they expect sellers to report themselves? Or buyers ? The only time a report will be made is if a buyer is ticked off about a deal then they will threaten to report the seller as leverage.

    It's like use tax on a state form. My state has a line on the form where if you drive out of state and buy a tv you can voluntarily tax yourself for it image

    If I didn't buy it where you can collect the tax from me then I'm not paying go pound sand mr. taxman.

  • TwoSides2aCoinTwoSides2aCoin Posts: 44,233 ✭✭✭✭✭
    I'll just go fishing there. Nevermind the bullion.
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