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#1638650 - 12/14/11 12:30 AM Jewelry / Metals / Coin dealers
WonderWoman Offline
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WonderWoman
Joined: Mar 2007
Posts: 2,108
gone fishin'
We have a customer who is depositing cash and he states he deals in uncirculated coins, buying and selling, to individuals and that the coins he offers are from my impression kind of rare.

Don't you need to be licensed or something to do this?

When does a coin dealer start falling into the definition of MSB? & when is someone "just an investor"?
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#1638973 - 12/14/11 06:31 PM Re: Jewelry / Metals / Coin dealers WonderWoman
EB, CAMS Offline
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EB, CAMS
Joined: Mar 2009
Posts: 133
flyover country
I believe coin and precious metal dealers have to be licensed but it depends on the state laws. I would check with your state.
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#1639031 - 12/14/11 07:41 PM Re: Jewelry / Metals / Coin dealers EB, CAMS
WonderWoman Offline
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WonderWoman
Joined: Mar 2007
Posts: 2,108
gone fishin'
I know in my state they do have to be licensed - my question is really ...

With all the gold hype going on right now ... at what point is someone a dealer or just someone with an investment hobby?
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#1640799 - 12/19/11 10:10 PM Re: Jewelry / Metals / Coin dealers WonderWoman
WonderWoman Offline
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WonderWoman
Joined: Mar 2007
Posts: 2,108
gone fishin'
*bump*?
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#1640821 - 12/19/11 11:41 PM Re: Jewelry / Metals / Coin dealers WonderWoman
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 83,227
Galveston, TX
A dealer buys and sells to or from other people or for them. An investor only buys and sells for themselves.
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#1642007 - 12/21/11 08:32 PM Re: Jewelry / Metals / Coin dealers WonderWoman
JacF Offline

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Joined: Nov 2001
Posts: 6,719
PA
With respect to FinCEN AML requirements, FinCEN draws a distinction between precious metal retailers, who buy and sell to the general public, and precious metal dealers, who buy and sell to retailers and other dealers. Retailers generally don't have any additional AML burdens, unless their activities cause them to become redefined as dealers under FinCEN's rules.

Check out FinCEN's precious metal and jewelry page:
http://www.fincen.gov/financial_institutions/pmj/index.html

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#1642887 - 12/23/11 04:49 PM Re: Jewelry / Metals / Coin dealers WonderWoman
WonderWoman Offline
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WonderWoman
Joined: Mar 2007
Posts: 2,108
gone fishin'
Thanks!
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