As I mentioned in another thread, a friend at a gas station was approached by some young kids who wanted him to "cash out" 30 silver american eagles at face value ($30). This was an obvious attempt to launder the coins. Do dealers require any type of identification from people when they come in to sell coins?
Im not sure about any others ,But the dealer that I work with, requires a drivers license number on the pay out slip for whatever he buys ,coins ,scrape gold, or silver. as for personally buying something in the manner described, most states have a theft by recieving statute, which in essence would be determined by a reasonable person having a reasonable assumption that the Items were stolen and buying them anyway.
Absolutely. Most states require that you obtain a photo id of anyone selling precious metals. Now of course there are exceptions to the rules such as shows where time is a factor. Anyone attempting to move material in the fashion that you mention is more than likely trying to sell stolen merchandise. It is also illegal to buy from anyone under the age of 18. Now you didn't mention the ages of the people involved, but thought that I would throw that in.
You cannot leagally buy something most anyone under 18 in most states. Dealers here (NH) require a drivers license or at least 2 other forms of ID. Depending on the city/town there is also a 10/30 day holding period in which the dealer cannot sell the items. NO ID - NO Sale! Period!
Is this for any amount of coin/silver wether they are selling $10 or $500 worth? Sounds like coin dealers operate the same way as a pawn shop dealer. I own an antique store and do have a small case with some of my coins in it. Besides asking for ID, is there anything else I should do before I begin buying from the public?
It doesnt matter whether you are buying one silver dime or $10,000 worth, you still need to check for the seller's ID. If you have a good relationship with them, you could ask the local police what the requirements may be. In some communities, you have to file reports with the Police department on a periodic basis. Some dealers do it, some don't. I would also advise you to keep good paperwork, just in case you unknowingly buy something that was stolen. It will protect you to have taken good ID information. Good luck!
It will protect you from criminal prosecution - but it won't protect you from loss. You buy a stolen coin and it is discovered - they take the coin. You are out the money you paid.
In Delaware we are not required to hold the material for any length of time, but that is smart business practice. Most of my customers are repeat business, so my liabilities are some what limited. When buying from strangers, you have to use the same common sense as selling. If it is too good to be true, it is.
I always get DL number, date of birth, name/address, etc. I also get their signature on my purchase order. I tell them that signing that means the coins are theirs free and clear to sell, that they are not burglars, etc. One day I will actually have that info PRINTED on my purchase order and have them sign it just under the disclaimer. Nick
Quanity of plasma After thinking about it I think they took 4 pints of plasma per week. You got $5 the first time when they took less and $8 the second time. It sure came in handy though.
Technically, not "illegal" or "unlawful" but, rather, "voidable." You can be forced to return the money, but they cannot be forced to return the merchandise. I have lived in several states over the last five years and they all have different laws, of course. Also, dealers protect themselves in different ways. Technically, (that word again!) in Ohio is was not required to get ID, but coin dealers did it anyway. In Michigan, bullion and numismatic items are not subject to sales tax. That previous taxation had been the basis for requiring ID, which some dealers still do, in order to comply with the "pawn shop laws" that technically (third time!) do not apply to them. I am home now, from a numismatic conference in Calgary. There, I met Dr. Shailendra Bhandare, the Ashmolean (Oxford) assistant keeper of south Asian coins. In the car, we talked a bit about about the problem of good and evil, across cultures. He mentioned "karma." We say: what goes around, comes around. If you accept stolen goods now, where is your moral footing, when you are victimized in the future? Generally, numismatic retailers that I know will just decline an offer like the one under discussion. Sometimes that is the best course of action.
