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MN Coin Dealer Law- July 1, 2014 NN Article

foodudefoodude 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?"
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.

Comments

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    MICHAELDIXONMICHAELDIXON Posts: 6,740 ✭✭✭✭✭
    We, Battlefield Coin Shows™, plan to have shows in all 48 continental United States within 5 years. It does affect us, as we are concerned about the number of dealers we will attract to our show in MN. As of now, we have taken a wait and see approach.
    Fall 2026 National Battlefield Coin Show September 11 & 12, 2026 at the Eisenhower Hotel Ballroom, Gettysburg, PA. Early Bird passes Thursday September 10, 2026 from Noon to 5pm $25 each. WWW.AmericasCoinShows.com
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    AUandAGAUandAG Posts: 25,038 ✭✭✭✭✭
    I have added: "WE DO NOT SELL TO RESIDENTS OF MINNESOTA" to all my coin sales.

    Sad, but necessary.

    bobimage
    Registry: CC lowballs (boblindstrom), bobinvegas1989@yahoo.com
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    TireKickerTireKicker Posts: 870 ✭✭
    If you're living in Minnesota...you probably want to start collecting Copper!!!image
    All the best,

    Rob

    image

    Successful Trades with: Coincast, MICHAELDIXON

    Successful Purchases from: Manorcourtman, Meltdown
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    TwoSides2aCoinTwoSides2aCoin Posts: 45,097 ✭✭✭✭✭
    How much is a fishing license for non-residents ?
    (tongue in cheek, boys… tongue in cheek)
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    ConnecticoinConnecticoin Posts: 13,275 ✭✭✭✭✭
    I fail to see how this protects the consumer beyond general business statutes. A "bullion coin dealer" could still (hypothetically) "legally" rip off Grandma by paying her 2x Face for 90% silver.

    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".
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    JulianJulian Posts: 3,370 ✭✭✭
    There are dealers that will ship to MN via the US Mail without regard to the registration process. I cannot imagine the State of MN opening people's mail to see what is inside.

    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.
    PNG member, numismatic dealer since 1965. Operates a retail store, also has exhibited at over 1000 shows.
    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
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    roadrunnerroadrunner Posts: 28,374 ✭✭✭✭✭
    Considering that nearly all US silver, gold, plat, and palladium coinage is >85% by weight precious metal, does it really matter that the statute is 1% or 85-90%? In either case they would fall under it if they sold a total of
    $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. image

    Barbarous Relic No More, LSCC -GoldSeek--shadow stats--SafeHaven--321gold
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    foodudefoodude Posts: 3,591 ✭✭✭
    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.
    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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    BAJJERFANBAJJERFAN Posts: 31,645 ✭✭✭✭✭


    << <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?
    theknowitalltroll;
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    foodudefoodude Posts: 3,591 ✭✭✭
    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.
    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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