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Valued Member
United States
88 Posts |
How we as a civilized society continue to ask our government to run our daily lives is an absolute mystery to me. Government looks like The DMV, like the I.N.S. building that my wife and kids went to when she became a citizen, Government looks like the drivers license office....government looks like the social security administration office....government looks like the phone number people call when the file for unemployment, and wait on hold for 3 hours.
And now, government wants to make our doctors run like the DMV?
And now, government wants to turn our hobbies into beauraucratic nightmares too?
enough is enough
-Keith
Edited by EndTheFed
07/05/2014 01:52 am
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Pillar of the Community
United States
1314 Posts |
1) This is just more government intrusion, and it will not end well. Coin Registration?
2) It really doesn't affect me yet. If I dealt in $100,000 worth, I would still be a hobbiest and not a dealer. Driving an expensive sports car does not make me a car dealer.
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Valued Member
United States
76 Posts |
Quote:
It really doesn't affect me yet. If I dealt in $100,000 worth, I would still be a hobbiest and not a dealer. Be careful, the government could redefine you as a dealer based upon the volume of sales or dollar value of sales. Its all about various Governments coming to you with a smiley face offering help, when they are actually just wanting more control over our lives. |
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Pillar of the Community
United States
1745 Posts |
I think what we will see is a hit to our coin shows in MN. Many small time dealers are confused and limiting the number of shows they attend or staying away from silver and gold sales. Another example of government overreach. Fortunately I live close enough to Iowa.
Remember, MN also gave you Jesse Ventura and Al Franken...
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Bedrock of the Community
United States
17884 Posts |
I can see this being a real problem for in state dealers and for coin shows but I can't see it legally applying to out of state dealers selling by mail. What the state would be trying to do is to regulate interstate commerce which is federal jurisdiction not state. (Now if the out of state dealers have a nexus in Minnesota that would be another matter, then they would have to comply with the law.) That is why one state (say Minnesota) can't require a business in another state to collect Minnesota sales taxes on items customers purchase that are then shipped into Minnesota. They can require them to register though if they come into the state to participate in a coin show.
What I could see this doing is killing all the coin shows in Minnesota and turning all the local dealers into mail order only and only with out of state purchasers. And for all in state collectors to have to only purchase or sell by mail with out of state dealers.
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Forum Dad
 United States
24163 Posts |
We just won't sell to anyone in Minnesota.
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Pillar of the Community
United States
1796 Posts |
Aye, I'm with Conder's assessment. Minnesota's law is outstepping its jurisdiction if it tries to enforce this outside of its borders.
It's bullion (well... bullion-oid? 1%! Lord...) for crying out loud. Not opium! :-)
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Pillar of the Community
United States
3843 Posts |
Quote:
I can see this being a real problem for in state dealers and for coin shows but I can't see it legally applying to out of state dealers selling by mail. What the state would be trying to do is to regulate interstate commerce which is federal jurisdiction not state.  It is only a matter of time before this new legislation is challenged before the courts, what they decide is anyone's guess. The state compares regulating coin/bullion dealers to current regulations that have been upheld by the courts upon the payday loan industry. Insightful article on how a state can enforce its regulations on out of state payday lenders. http://www.consumerfed.org/pdfs/IPD...sdiction.pdfI'd speculate that the new regulations will likely be upheld upon Minnesota based dealers and sellers while they may not be enforceable upon out of state transactions. I don't see the big bullion dealers like APMEX up in arms so they must not expect this new law to seriously impact their business. It is really a shame because it is going to put the smaller players like brick and mortar shops and show/flea market dealers out of business. Only the biggest Minnesota dealers will have the resources and systems in place to comply and will ultimately pass on the increased cost to the consumer. Edited by Joe2007
07/06/2014 12:45 am
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Pillar of the Community
United States
3843 Posts |
Anybody from Minnesota here? If so what impacts are you seeing and any other insights you can add.
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Pillar of the Community
United States
627 Posts |
I live in Minnesota, and so far, I haven't seen any effects of the silly legislation. Granted, the "coin show" footprint in Minnesota is so abysmally small that I usually don't attend more than 2 shows a year...and they have a max of 15-20 dealers each. I am a small-time collector -- I generally purchase less than $10K in coins per year.
My opinion is still that there is basically no way for the MN Dept of Commerce to enforce this policy, so I don't see it really affecting us little guys. I did attend the MOON show last year -- and there were already around 8-10 tables that were deserted because the dealers that had booked them backed out of the show because of this legislation. This year it might be 20-30 dealers total (?)...I guess we'll see.
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Pillar of the Community
United States
3843 Posts |
Just saw this referenced on another site. Heritage has added a disclaimer to their ebay auctions stating that they will not sell coins to Minnesota residents due to the new law. I guess they could send them to a registered dealer in MN who then sells them to the client, kind of like what some states do for out of state firearm sales. http://www.ebay.com/itm/1954-D-1C-L...em1c43a5b08cQuote:
PLEASE NOTE:
Due to the new Minnesota Bullion Coin Dealer law, Heritage is prohibited from selling any coins directly to Minnesota residents.
Glad I don't live in the state of 10,000 loony & burdensome laws that is Minnesota. Edited by Joe2007
07/28/2014 11:37 am
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Bedrock of the Community
United States
17884 Posts |
I wonder if the Heritage disclaimer will also apply to their major auctions as well.
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Pillar of the Community
United States
3540 Posts |
Weird. I had the 1930 SLQ thread open at the same time. Still giving the same grade!! NICE!
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New Member
United States
1 Posts |
According to this article, it looks like a lot of big gold dealers are turning Minnesota gold investors away. What's the over/under on a repeal or adjustment of this new law? *** Link removed by the Staff ***
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Pillar of the Community
 United States
4592 Posts |
"A report" - no citation... gee... what's the over/under that the report is bogus and you fell for a marketing trick?
-----Burton 50+ year / Life / Emeritus ANA member (joined 12/1/1973) Life member: Numismatics International, CONECA Member: TNA, FtWCC, NETCC, EveryCountry (online) coin club Owned by three cats and a wife of 40+ years (joined 1983) Author: 3rd Edition of the Sample Slabs book, https://www.sampleslabs.info/ |
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Posted 07/05/2014 04:42 am
