E-Bay Order Cancelled Because I Live In Minnesota

It sounds like Minnesota just wants to end coin collecting in that state.

I've been on a hiatis from collecting since this spring. I went to a coin show a couple weeks ago here in the Twin Cities and was surprised to see only five or six tables. I thought that it was probably due to the holidays, but after doing some research last night I now think it was the law.

I found some extensive posts on the Collector's Universe boards about how a state official showed up at the first coin show after the law went into effect checking for licenses. I also read that the state obtained a list of dealers who have appeared at shows and started sending out warning letters. It sounds ilke they are really cracking down on the coin shows here in Minnesota.

There is also a post in here about a guy who went to a pawn shop looking for coins and was told by the owner he does not sell them anymore because the licensing requirements are too strict. The pawn shop is a licensed firearms dealer. In other words it is easier to get a license to sell firearms in Minnesota than it is to sell coins.

There is also a discussion from one of the local coin dealers who was involved in lobbying against the law before it was passed who says the lawmakers and people in the attorney general's office he talked to, just were not interest in listing to anything the small coin dealers had to say.

Some of the large coin dealers in the state were pushing for the law. I suspect the idea was to drive out the small dealers and out of state dealers and basically corner the market here in Minnesota. One of them said in a newspaper article that if a coin dealer can't afford the surety bond they shouldn't be selling coins. (The required surety bond is between $25,000 and $200,000 depending on the size of the business.)

Sorry to run on so long, but this situation has me very angry. Here are the links for the forums. They are long, but very interesting reading and some good details from people inside the industry.


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Could an individual that does not have a shop sell you a coin from their personal collection?

Do you meet the conditions already listed in this thread regarding dealership?

My interpretation of the whole thing is that it is essentially pointless, and unless you are a major out of state firm or an organization who does buying trips in that area, there is no practicality to following this...

It obviously crushes small dealers within the state, but I see no impact on smaller out of state dealers because there is no practical way of enforcement

Yes, unless the coin is worth more then $5K. The law only covers those that buy or sell more than $5k a year to MN residents. And if I was an out of state dealer I would just ignore it, but I wouldn't set up at any shows in MN.

Ok great.... All one would have to do is buy the coin from their own shop and sell it as a private transfer to reimburse themselves for the sale...