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 Replies: 34 / Views: 6,031 |
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Moderator
 United States
188475 Posts |
I lived in Minnesota a long time ago. All of my coins came in the mail since a convenient coin shop was not available to me. What this law will do is effectively remove anyone like that from the hobby. They will just spend their money on other things, so I do not see it affecting their economy much, just their demographics.
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Valued Member
United States
272 Posts |
True but you have to think that if people are really into that hobby either 1. they are gonna get a PO box thats out of state or 2. Just move all together so I agree that it will change the demographics, but I disagree that it wont harmt the economy. Especailly if numismatic organizations and groups boycott the state
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Moderator
United States
188475 Posts |
I think you may be overestimating how much numismatics affect the economy.
Or am I seriously underestimating it?
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Bedrock of the Community
United States
20753 Posts |
I really don't see why all the concern. We have laws against murder, robbery, rape, home invasions, counterfeiting and on and on and on. So what? People do that all the time. And even with murder, so few are ever caught, prosecuted and even then, so many are back out on the streets soon. I know purchasing a coin in Minnesota may be difficult but then again so are many items. Naturally if your in that state and close to the border, you just go to a place across the border and buy what you want. YES I know it may be a crime but as I've said, so are the really big crimes and so few do anything about them.
I'd like to see more legislation about MURDER being stopped.
In one state you can't buy a coin but you could get killed by some nut.
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Pillar of the Community
 United States
4592 Posts |
Different enforcement mechanisms. The MN dept of licensing are the people who would find a coin dealer
'guilty' of violating the law and assess an administrative penalty (fine). Only if you choose to fight that does the legal system get involved to convert the fine into a collectable (default) judgement. And that's pretty much a rubber stamp - did the dept follow it's procedures? OK, done.
-----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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Pillar of the Community
United States
1068 Posts |
I agree with Carl... As I stated in another thread on this subject that this law is a gross violation of the Interstate Commerce Clause so it is unenforceable law and probably no one will ever get prosecuted or fined for it...
Honestly people, if you wanted to sell someone from Minnesota a coin, who is going to know or find out other than the parties involved?
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Moderator
United States
23522 Posts |
The economic impact varies. If you ask one of the Minnesota coin dealers who have closed in the last 6 months ( half of them) or the guy who can't sell his inherited coins on ebay without a license, you'll hear one thing. The large, national boiler-room bullion sellers they're actually targeting with the law don't care - they can afford the regulatory burden. |
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Pillar of the Community
United States
506 Posts |
For those of you worried about selling on ebay, keep in mind that this only applies to dealers who sell $5000 or more per year in coins or bullion. Edited by coinlover168
01/01/2015 12:51 am
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Bedrock of the Community
United States
17884 Posts |
Quote:
The large, national boiler-room bullion sellers they're actually targeting with the law don't care - they can afford the regulatory burden. And if they are located out of state, the boiler-room operations are probably just ignoring it. It's not like they are real concerned with being fair, above board, and ethical. And I'm sure they know the law is unconstitutional and can't really be applied to them. |
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Pillar of the Community
United States
1068 Posts |
Quote:
And if they are located out of state, the boiler-room operations are probably just ignoring it. It's not like they are real concerned with being fair, above board, and ethical. And I'm sure they know the law is unconstitutional and can't really be applied to them.  If I were a large bullion business I would ignore the law and informed them of their violation if they said a word to me about it... |
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Pillar of the Community
United States
1314 Posts |
A few years ago California passed similar laws regarding firearms transfers - from Federally licensed dealers outside the state to Federally licensed dealers inside the state. Increased costs and paperwork reduced the legal and traceable flow of sporting and collectable firearms. Statistics are hard to compile on the illegal flow, if that has increased.
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Bedrock of the Community
United States
17884 Posts |
In that case though the state could require the firearms dealer inside the state to report the acquisition of the firearms and their source, but they couldn't require the out of state dealers to report the transfers.
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Valued Member
United States
272 Posts |
Technically yes conder101 but if that happened the NRA would be all over them
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Bedrock of the Community
United States
17884 Posts |
Which requiring the in state dealers to report where they got the guns, or going after the out of state dealers?
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Pillar of the Community
United States
1314 Posts |
All Licensed Dealers are required by Federal law to keep records of where they get a firearm and where they sold it. Any violations of transfer would likely be a violation of record keeping. Grounds for losing a license, and possible prosecution. But as is so often the case, a friend or family member from outside California may give or sell a firearm to a Californian either while in California, or when California resident is out of state. This example differs from the issue of Minnesota and coins, in that firearms are often associated with other crimes, the coins don't seem to cause the same problems. Still, increased regulation will affect commerce. I recall when Wisconsin residents would smuggle margarine in from Illinois.
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Replies: 34 / Views: 6,031 |
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Posted 12/31/2014 11:14 am
