General News

Mail from Marc Breitsprecher to IAPN Member Ed Waddell (13 August 2014)

Hi Ed,

I have attached a copy of the “bullion coin invoice” that I developed to meet the standards of the law and thought you might be interested. I think all dealers and collectors need to be vigilant as the Minnesota Attorney General, Lori Swanson, plans on spreading this to other states….she feels it’s landmark legislation.

Here in Minnesota there were only a small handful of dealers who said a word about this. Collectors were silent and most dealers were silent. Part of the problem was that the legislature kept the entire thing as quiet as they could and then passed it through both houses and got it signed by the governor in 3 days. There were no alerts sent out by the numismatic community and other than Gary Adkins, the ANA knew nothing about the law even after it passed. I called them and they had no idea what I was talking about. The only response came from Ebay who sent their attorneys to Minnesota with a bushel of cash and successfully carved out an exemption for themselves. Money bought eBay a voice in committee while my voice as a citizen was ignored by our “representative” Republic.

All the best, Marc

Download [PDF]

Dealers to reject Minnesota clients

Posted on July 1, 2014 by Pat Heller

The nation's coin dealers are saying no to Minnesotans. Their choice is to reject these clients or comply with a draconian new state law.

It might surprise some that it has come to this, but there has been a long lead time in reaching this point of decision to stop doing business with people in the Land of 10,000 Lakes.

Last year the Minnesota legislature and governor, in response to what were considered a large number of incidents of coin dealers taking advantage of customers in that state, enacted what was supposed to be a consumer protection solution. That law took effect on Tuesday, July 1.

Minnesota Bullion Law – Download [PDF]

http://www.numismaticnews.net/author/pat-heller