You have a B&M coin store.Is it legal...

mr1931S · August 18, 2013 12:47AM

for you to buy coins from a person who is a minor?

scenario: Guy walks into your store with some silver coins that he wants to sell to you. The guy appears to be about 16 years old.You ask for ID and notice that the guy is actually 17 years old.

Is it legal for you to buy the coins from this person?

blu62vette · August 18, 2013 12:51AM

I have never heard of this being illegal, I know I sold to B & M's at that age.

Boosibri · August 18, 2013 12:56AM

<< for you to buy coins from a person who is a minor?

scenario: Guy walks into your store with some silver coins that he wants to sell to you. The guy appears to be about 16 years old.You ask for ID and notice that the guy is actually 17 years old.

Is it legal for you to buy the coins from this person? >>

I don't think that it is "illegal" but carries more risk as a minor cannot enter into a legally binding contract. So while a coin is exchanged and consideration (trade or money) given, the transaction is not binding and any terms of sale are void. Just a thought.

Tookybandit · August 18, 2013 1:07AM

Bah, I sold baseball cards and comics to stores when I was 10-15 all the time. Even if there was some weird legal issue, I really don't think it would be a locked up in the slammer type of penalty to the shop owner. However, i would say it shows a very honest person of integrity for you to want to check and make sure you (or whomever) are operating within the law.

OldEastside · August 18, 2013 1:12AM

When I was 14 back in 73 I used to go around to the antique places in Santa Barbara
and buy up of walkers and franklins for like 55 cents apiece and flip em at the coin
shops for 2 bucks each or whatever silver was worth at the time and I never had a
problem, allthough I was known by the owners of the B&M's, not sure about these
days, I do know one place today thats takes a copy of DL's or ID's of anyone he
does'nt know, and have wittnessed him dealing with a parent that was missing jewlery
and him talking about a 30 day hold period or something like that.

I guess its best to side with caution

Steve

Cougar1978 · August 18, 2013 1:14AM

As I set up at shows I avoid doing business (buying and selling) with minors. This is hardly ever an issue anyhow. Its simply a matter of being practical.

I once shared a table with a major wholesaler. A young guy came up wanting to buy a PCGS 63 common date Saint he had in his case. He asked if he was 18 and after checking the guys ID sold him the coin (at a very fair price - wholesale ask I believe). The guy had been going around the bourse selling off some other stuff and wanted to put it all in a nice coin. He seemed very sharp and knew what he was doing.

I remember in 1966 I would go to a small coin shop / antique store and pick up BU Morgans at $2-$4 and nobody questioned I was a minor. I was an accumulator of BU Morgans, just cheap nice BU coins.

I have given away cheap coins to kids at coin shows.

coindeuce · August 18, 2013 1:43AM

The municipality in which I am located has a local ordinance which prohibits retail shops from buying second hand tangibles from persons under 18 years of age. We advise minors to have a parent accompany them if they wish to sell to our business. In New York State, an individual is not legally emancipated until age 21, so it could still be problematic to buy from persons under 21 here. I've seen it happen.

daOnlyBG · August 18, 2013 1:52AM

<< I don't think that it is "illegal" but carries more risk as a minor cannot enter into a legally binding contract. So while a coin is exchanged and consideration (trade or money) given, the transaction is not binding and any terms of sale are void. Just a thought. >>

So kids can't purchase goods at a store..?

numisma · August 18, 2013 2:05AM

<< for you to buy coins from a person who is a minor?

scenario: Guy walks into your store with some silver coins that he wants to sell to you. The guy appears to be about 16 years old.You ask for ID and notice that the guy is actually 17 years old.

Is it legal for you to buy the coins from this person? >>

DISCLAIMER: You should ask your local law enforcement this question, as I am sure it varies by state, county and even city, and--as always--do not take legal advice from a coin forum.

I agree with what Boosibri stated.

At our store, we are required by law to take a driver's license, phone, and address when purchasing (some neighboring cities require fingerprinting). The seller then has to sign the purchase order, which has a very short paragraph that states that he/she is the rightful owner of the goods being sold.

What the seller is signing is a contract, and in California you must be 18 or older to sign a contract. This is what we have been told anyway. We SELL coins to minors, but when buying coins, if the customer is under 18 we ask for a parent to handle the transaction just to be safe. I have several YN customers and they buy and sell with me often, but always with a parent present. I have the parent sign the agreement.

All of that being said, I used to buy and sell with coin stores and pawn shops all of the time starting when I was 13 years old. Never had an issue. Of course that was in the wild, wild west during the early 80s in small-town America. These days I think it is more of a store policy than a legal issue.

DeepCoin · August 18, 2013 2:05AM

It would be my guess that state and local laws would govern, so difficult to answer from somewhere else.

johnny9434 · August 18, 2013 6:49AM

<< I have never heard of this being illegal, I know I sold to B & M's at that age. >>

same here. most places just ask for id. now.

Greeniejr · August 18, 2013 7:15AM

In Chicago you cannot buy second hand merchandise from a minor. I am sure there are plenty of people who will do it despite the rules/ordinances.

LindeDad · August 18, 2013 7:29AM

<< In Chicago you cannot buy second hand merchandise from a minor. I am sure there are plenty of people who will do it despite the rules/ordinances. >>

So in Chicago it is OK to discriminate based on age.

Boosibri · August 18, 2013 7:36AM

<< 

<< In Chicago you cannot buy second hand merchandise from a minor. I am sure there are plenty of people who will do it despite the rules/ordinances. >>

So in Chicago it is OK to discriminate based on age. >>

1) Only old age is a protected class. In the eyes of the federal government there is no such thing as age discrimination against a person under 40.

2) This is more about contract law and the legal requirements to enter into a legally enforceable agreement.

GoldenEyeNumismatics · August 18, 2013 9:02AM

When I was younger and selling coins (11-15 years old), some dealers would only do business with me if my mom or dad was around.

Barry · August 18, 2013 11:03AM

<< So in Chicago it is OK to discriminate based on age. >>

Insurance companies do it nationwide.

mr1931S · August 18, 2013 1:58PM

I don't think that it is "illegal" but carries more risk as a minor cannot enter into a legally binding contract. So while a coin is exchanged and consideration (trade or money) given, the transaction is not binding and any terms of sale are void. Just a thought.

I'm thinking the prudent position would be for the store owner to require that a minor (person under the age of 18) be accompanied by a parent or guardian at the time of purchase,sale or trade.

The transaction is not binding and terms of sale are void. Lovely thought.

mr1931S · August 18, 2013 2:33PM

scenario:

You sell graded MS 63 Saint to person under the age of 18. You have a policy which states that graded coins can be returned within 3 days for full refund of purchase price.

Gold tanks six months later and the young person under 18 who you sold the graded MS 63 Saint to wants to return the coin for full refund of purchase price.

You explain that the coin no longer qualifies for full purchase price refund. You check the wholesale market price and determine a fair price to offer for the coin.
You offer $300 less than the young person paid you for the coin,an offer that the young person finds unacceptable.

Young person tells you that his dad will be visiting you to discuss the situation.It seems to me that you,as store owner,have no intelligent choice other than to refund the full purchase price or face possible legal action.

GrumpyEd · August 18, 2013 2:44PM

I think they can do it but as mentioned the shop would take a risk of the under age buyer not being bound by contract.

Type2 · August 18, 2013 3:31PM

Times have change most will not buy from any one under the age of 18 it's the law in a lot of states.

SaorAlba · August 18, 2013 8:38PM

Back when I was a teenager I sold stuff at B&M's all the time, but I was a regular already. Nowadays the places by me will not buy anything from anyone under 18.

But pawn shops will buy from their parents - even the stolen laptops from the parent of a 14 year old who broke into my wife's office a couple of weeks ago!

Steve27 · August 18, 2013 9:24PM

<< 

<< I don't think that it is "illegal" but carries more risk as a minor cannot enter into a legally binding contract. So while a coin is exchanged and consideration (trade or money) given, the transaction is not binding and any terms of sale are void. Just a thought. >>

So kids can't purchase goods at a store..? >>

There are exceptions for basics such as food and clothing, but I think we're talking about coins in this discussion.

You have a B&M coin store.Is it legal...

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You have a B&amp;M coin store.Is it legal...

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You have a B&M coin store.Is it legal...