Message:

<p>[QUOTE=&quot;gatzdon, post: 1612834, member: 8247&quot;]I wish I caught this thread before 3 pages of political discussion.</p><p><br /></p><p>I have nothing against the political bashing of this bill (personally I support that), but rather I wanted to discuss the practical implications on the coin collecting community if this bill passes the house.</p><p><br /></p><p>As I read the third house amendment to the bill (don&#039;t know if the amendments mean the Senate has to vote on it again or not??), it would imply that the House is taking this bill serious (unfortunately).</p><p><br /></p><p>As I read the third amendment, they are guaranteeing that this bill will apply to coin dealers at coin shows.</p><p><br /></p><p>As a practical matter, I find this bill to be very frustrating.</p><p><br /></p><p>First, the reporting requirement applies to all transactions over $250.&nbsp; Basically, you can only buy a single 1/10oz gold eagle or a couple silver coins before this bill applies.</p><p><br /></p><p>Second, they are requiring us the coin seller to provide &quot;Proof of ownership&quot;.&nbsp; They don&#039;t define what constitutes &quot;Proof&quot;.&nbsp; Is it as simple as signing a form, or is it more.</p><p><br /></p><p>Third, they are requiring coin dealers without a storefront to register with the state at least 30 days before they transact business.&nbsp; Registration is not free.</p><p><br /></p><p>Fourth, they are requiring all transactions to be reported to the sheriff by the following day.&nbsp; Dealers without a storefront (aka coin show) must report all transactions by 6am the following day.&nbsp; How does that impact Saturday sales?</p><p><br /></p><p>Fifth, for transactions over $500, the dealer must maintain all records for at least 5 years (why do they have to maintain anything if they have to report all transactions by the day after the sale??)</p><p><br /></p><p>I could keep tearing it apart, but I think that is enough to get it started.&nbsp; Anyone who lives in Illinois should call their Illinois Representative and ask those &quot;practical&quot; questions.&nbsp; I have no idea if the congressman are even thinking about coin collectors, or are they simply focusing on stolen jewelry in their debates.&nbsp; Personally, I don&#039;t see the point because I live in Illinois and usually the police don&#039;t even investigate burglaries unless someone was hurt or politically connected.&nbsp; They just want to take the report and leave.[/QUOTE]</p><p><br /></p>

Your name or email address:

Do you already have an account?

• No, create an account now.
• Yes, my password is:
• Forgot your password?

Stay logged in