General News

13.08.2014 - Minnesota Law - Bullion Coin Invoice

Mail from Marc Breitsprecher to our member Ed Waddell, August 13th, 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


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08.08.2014 - New addresses - Nouvelles adresses

Please, note the change of address of the following members:
changement de adresse des membres suivants

Fritz Rudolf Künker GmbH & Co. KG, Osnabrück
Nobbenburgerstr. 4a, 49076 Osnabrück Germany

Nudelman Numizmatika Kft.
Petöfi Sándor Utca 16, 1052 Budapest, Hungary

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01.07.2014 - Minnesota Bullion Law

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


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20.06.2014 - Operation Choke Point - IMPORTANT UPDATE FROM PNG

From: Robert Brueggeman

To: All PNG Member-Dealers

June 19, 2014

RE: Operation Choke Point

There is a U.S. Justice Department initiative that has the potential to shut down every coin dealer -- PNG member and non-PNG member alike -- in the United States as well as curtail business by overseas dealers who use US-based banks. Read that again: the potential to shut down every coin dealer.

The threat is real, and this urgent email is sent to make sure every PNG member is aware of this profession-killing peril, and to encourage members to promptly take appropriate action.

The coin market menace is called "Operation Choke Point" and it literally has the potential to choke your business to death by pressuring banks and other financial institutions to close your accounts. Why?  Because, according to the Justice Department, you are engaged in a business with a high risk for fraud.

A May 29, 2014 report by the U.S. House Committee on Oversight and Government Reform stated: "Operation Choke Point has forced banks to terminate relationships with a wide variety of entirely lawful and legitimate merchants....  Acting in coordination with Operation Choke Point, bank regulators labeled a wide range of lawful merchants as high-risk including coin dealers...."

The concept of innocent until proven guilty apparently no longer applies to professional numismatists.  The Federal Deposit Insurance Corporation (FIDC) now includes coin dealers in the same risk category as ammunition sales, drug paraphernalia, credit card repair services, debt consolidation scams, escort services, online gambling, payday loan companies, Ponzi schemes and pornography.

Coin dealers are specifically mentioned on pages 1 and 8 of the House Committees report, and you can read the full report here:

So, what can you do?  First, support the recently-launched efforts by the Industry Council For Tangible Assets ( and the Gold & Silver Political Action Committee ( to oppose the unreasonable and unfair actions by the Justice Department.  ICTA and G&SPAC are on the front lines of fighting for legislative matters on behalf of professional numismatists.

Second, personally contact your local member of the United States House of Representatives and your state two U.S. Senators to strongly urge them to vigorously oppose the frightening, sweeping generalizations of Operation Choke Hold as outlined in the eye-opening May 29 report of the House Committee on Oversight and Government Reform.  (There are 40 members on that committee; perhaps your local Congressman/Congresswoman is one of them. Here's a list of members:

Earlier this month, a trade organization representing payday loan businesses filed a federal lawsuit ( against the FDIC, the Federal Reserve System Board and the Office of the Comptroller of the Currency. PNG's Legal Counsel Armen Vartian will be following the progress of that complaint and PNG may file a friend of the court brief.

If you think your business has been harmed by bank actions arising from Operation Choke Hold, please contact me immediately.

Robert Brueggemann

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17.06.2014 - Operation Choke Point

We have just become aware of a US Department of Justice initiative called Operation Choke Point. It appears that the US government is pressuring financial institutions not to do business with companies in trades in which the government claims there is a high risk of fraudulent activity. There is an allegation that the actual government goal is to deny banking services to types of business that the government objects to for ideological reasons. Among those being targeted are coin dealers. A group representing payday lenders has filed a lawsuit challenging the initiative as contrary to law.

Here is the Wikipedia article on Operation Choke Point with links to a congressional report criticizing the initiative and links to the lawsuit that has just been filed:

Here is an article from The Economist:

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