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MN Coin Dealer Law- July 1, 2014 NN Article
foodude
Posts: 3,591 ✭✭✭
Further to the recent threads on Minnesota's "Bullion Coin Dealer" Law, here is a July 1, 2014 article about in NN: NN Article
edited to add: "A 'bullion coin' as any coin containing more than one percent by weight of silver, gold, platinum, or other precious metal without any relationship to the intrinsic metal value of the coin compared to the numismatic or collector value, if any, of the coin; basically all coins containing more than one percent by weight of silver, gold, platinum, or other precious metal are bullion coins under tis law."
Here is a link to the law itself: 80G
Here is a link to the MN Department of Commerce in charge of registration and compliance: Link
As of today, the Minnesota Department of Commerce reports only 40 entities are listed as registered (excluding the aliases of those registered); only two of the registered entities are out-of-state entities.
The first local show since full implementation of this law on July 1st is on July 12th.
edited to add: "Does the law impact you? If so, what are your plans?"
edited to add: "A 'bullion coin' as any coin containing more than one percent by weight of silver, gold, platinum, or other precious metal without any relationship to the intrinsic metal value of the coin compared to the numismatic or collector value, if any, of the coin; basically all coins containing more than one percent by weight of silver, gold, platinum, or other precious metal are bullion coins under tis law."
Here is a link to the law itself: 80G
Here is a link to the MN Department of Commerce in charge of registration and compliance: Link
As of today, the Minnesota Department of Commerce reports only 40 entities are listed as registered (excluding the aliases of those registered); only two of the registered entities are out-of-state entities.
The first local show since full implementation of this law on July 1st is on July 12th.
edited to add: "Does the law impact you? If so, what are your plans?"
Greg Allen Coins, LLC Show Schedule: https://forums.collectors.com/discussion/573044/our-show-schedule-updated-10-2-16 Authorized dealer for NGC, PCGS, CAC, and QA. Member of PNG, RTT (Founding Platinum Member), FUN, MSNS, and NCBA (formerly ICTA); Life Member of ANA and CSNS. NCBA Board member. "GA3" on CCE.
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Sad, but necessary.
bob
Rob
Successful Trades with: Coincast, MICHAELDIXON
Successful Purchases from: Manorcourtman, Meltdown
(tongue in cheek, boys… tongue in cheek)
https://acoinshop.com/ —-> https://ebay.us/m/KxolR5
All this does is create red tape for anyone who sells a so-called "bullion coin" to MN residents. So if a sell a 1960 Mexican Peso (10% silver) on Ebay for $2 to a MN resident, I am breaking the law unless I pay $25 to register as a MN "bullion coin dealer".
If the purchaser complains that he was defrauded, then the state may try to act, but without the Supreme Court's blessing, I do not believe that MN will be able to do anything.
Bottom line, continue on and do not abuse your customers, regardless of where they live. If they want a refund, give them a refund.
I firmly believe in numismatics as the world's greatest hobby, but recognize that this is a luxury and without collectors, we can all spend/melt our collections/inventories.
eBaystore
$5,000 in numismatic or bullion "precious metal" coins in a year. Selling $5,000 in Morgan dollars would qualify you (40-50 MS65 common dates). One bag of bulk silver at $250 face value would too. Unless you were Virg
Marshall, the Penny Lady, or Angel Dee's, you'd qualify under this new law. Even the onerous Patriot Act 2 law requires $50,000 in dealer bullionesque purchases/sales to qualify for reporting and self-compliance.
And in that case 50% is the break point for defining bullion vs. non-bullion...not 1%. Did the MN authorities even know a Federal standard via PA2 already existed? At least this law doesn't apply to little guys that only set up at
shows, flea markets, and garage sales or even big time wholesalers. Seems like it's after B&M's, Cash4$Golds, and Pawns. More people get ripped off by car dealers than by coin dealers. Why not special laws for those guys too?
Watch out copper dealers. When Minnesota commerce officials find out that common circ wheat cents sell for 3X intrinsic copper value those too will get added to the "rare" bullion list.
Even the little guys typically don't "only" do shows. Plus the only show exception refers to "occasional" shows. While not defined in the law, in a meeting dealers last fall, the MN Dept of Commerce suggested up to 2 shows a year would be okay. Even the little guy typical does more than that.
<< <i>At least this law doesn't apply to little guys that only set up at shows, flea markets, and garage sales or even big time wholesalers. Seems like it's after B&M's, Cash4$Golds, and Pawns.
Even the little guys typically don't "only" do shows. Plus the only show exception refers to "occasional" shows. While not defined in the law, in a meeting dealers last fall, the MN Dept of Commerce suggested up to 2 shows a year would be okay. Even the little guy typical does more than that. >>
Do you expect them to have a rep at a show to check dealer registration?
We'll see ... The sales tax people have done that at several shows, including the small monthly shows.