Friday, June 14, 2013

Minnesota Outlaws Sale of Ancient and Medieval Coins

by Marc Breitsprecher

Dealers and collectors of ancient and medieval coins should be aware
that a new law just passed in Minnesota will make it illegal to sell to
collectors living in the state of Minnesota after August 1st.

The new law re-defines bullion as any coin containing 1% precious
metal...all ancient coin dealers are now considered bullion dealers by
the state of Minnesota. There is no definition of precious metal so even
bronze or copper could be considered precious metals under this law.....
/1.10/ _Subd. 2._ *_Bullion coin._* _"Bullion coin" means any coin
containing more than one _
/1.11/_percent by weight of silver, gold, platinum, or other precious

The law is written to regulate both in-state and out-of-state coin
dealers. The law defines a bullion coin dealer as either a dealer living
within the state or a dealer from outside the state who is doing
business with a consumer in Minnesota.....
/1.12/ _Subd. 3._ *_Bullion coin dealer._* _(a) Subject to the
exceptions in paragraph (b), a _
/1.13/_"bullion coin dealer" means any person who buys, sells, solicits,
or markets bullion _
/1.14/_coins or investments in bullion coins to consumers and is either
incorporated, registered, _
/1.15/_domiciled, or otherwise located in this state, or who does
business with a consumer _
/1.16/_domiciled, residing, or otherwise located in this state.


As a bullion dealer, the law requires the dealer to provide written
verification of the total amount of precious metal in each coin sold.
This is obviously impossible because there were no purity standards used
when minting ancient or medieval coins..../
7.6/_(1) prior to a transaction regarding bullion coins, or concurrent
with the delivery_/
7.7/_thereof, fail to provide to the consumer in writing, in a clear and
conspicuous manner,_/
7.8/_the sale or purchase price and the precious metal content of the
bullion coins involved in_/
7.9/_the transaction. The written notice shall also include the bullion
coin dealer's registration_/
7.10/_identification information issued by the commissioner, and the
Department of Commerce's_/
7.11/_e-mail address and telephone number. A copy of the written notice
shall be provided to_/
7.12/_the consumer and a copy retained by the bullion coin dealer;_


The US State of Minnesota, which I have heretofore been proud to regard as the abode of many prosperous members of the Welsh clan, has now seen fit to meddle in matters that its legislators do not understand and are not in any way qualified to pronounce upon.

As I recall, during the 19th century the legislature of one Midwestern state was convinced by reasoning only slightly less ridiculous than this present example to enact a resolution that henceforward, the value of the mathematical quantity PI should be 3.0 rather than 3.1416 ... as determined by innumerable mathematical authorities since the time of Pythagoras.

That "law" did not result in any deformation of circles within that formerly benighted state. Nor will the present act concerning the sale and collecting of coins have any effect upon the sale and collecting of ancient coins in the state of Minnesota, or elsewhere. It is a clear violation of powers reserved by the US Constitution to the Federal government.