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<p>[QUOTE=&quot;kaparthy, post: 1951099, member: 57463&quot;]Sorry Minnesota Customers — Law Effectives Today Deprives Citizens Of&nbsp; Their Choice Of Coin Dealers</p><p>Liberty Coin Service’s Monthly Review of Precious Metals and Numismatics&nbsp;&nbsp; </p><p>Volume 20 Issue 7 July 1, 2014&nbsp;&nbsp; </p><p><a href="http://libertycoinservice.com/images/stories/lcsnewsletter/current/currentnews.pdf" target="_blank" class="externalLink ProxyLink" data-proxy-href="http://libertycoinservice.com/images/stories/lcsnewsletter/current/currentnews.pdf" rel="nofollow">http://libertycoinservice.com/images/stories/lcsnewsletter/current/currentnews.pdf</a></p><p>[Will be archived after 31 July 2014 as <a href="http://libertycoinservice.com/images/stories/lcsnewsletter/2014/june.pdf]" target="_blank" class="externalLink ProxyLink" data-proxy-href="http://libertycoinservice.com/images/stories/lcsnewsletter/2014/june.pdf]" rel="nofollow">http://libertycoinservice.com/images/stories/lcsnewsletter/2014/june.pdf]</a></p><p><br /></p><p>Last year, the Minnesota legislature and the governor worked together to enact a law imposing horrendous regulatory burdens on coin dealers buying and selling “bullion coins” with Minnesota consumers, even if such transactions were conducted face-to-face outside of the state. The pretext for passing this law was an allegedly unacceptable level of deceptive and fraudulent practices by Minnesota coin dealers inflicted on consumers in the state. </p><p><br /></p><p>As of yesterday, only about 30 Minnesota coin dealers had registered with that state’s Department of Commerce and only one dealer outside of the state had registered. </p><p><br /></p><p>A survey taken in the past 24 hours by the Industry Council for Tangible Assets, the national coin and precious metals dealers trade association, revealed that about 85% of non-Minnesota dealers were going to cease doing any business with consumers in Minnesota.</p><p><br /></p><p>Other information revealed that a significant percentage of existing Minnesota coin dealers were going to close their businesses. Many others were changing their operations to no longer handle any coins that have a gold, silver, platinum, or palladium content of 1% or more.</p><p><br /></p><p>The two Minnesota coin shows scheduled to take place in July have seen table rentals fall sharply. Almost no out-of-state dealers are willing to enter Minnesota to take a booth at a coin show.</p><p><br /></p><p>Unfortunately, in the name of trying to protect consumers, the politicians in Minnesota have actually deprived the state’s citizens of the opportunity to work with a large number of reputable coin dealers. </p><p><br /></p><p>For now, Liberty Coin Service, like most non-Minnesota coin dealers, will no longer buy or sell to Minnesota customers, even if they physically come to our store in Michigan.</p><p><br /></p><p>Registration and compliance would cost thousands of dollars per year and generate oodles of detailed paperwork for each transaction.</p><p><br /></p><p>We pray that the damage inflicted on Minnesota citizens from the unintended consequences of this law will encourage a quick repeal or a major reduction in the paperwork and financial burden imposed on coin dealers. We hope that it may be possible to resume serving our much appreciated customers in Minnesota before too long.</p><p><br /></p><p><a href="http://libertycoinservice.com/images/stories/lcsnewsletter/current/currentnews.pdf" target="_blank" class="externalLink ProxyLink" data-proxy-href="http://libertycoinservice.com/images/stories/lcsnewsletter/current/currentnews.pdf" rel="nofollow">http://libertycoinservice.com/images/stories/lcsnewsletter/current/currentnews.pdf</a></p><p>[Will be archived after 31 July 2014 as <a href="http://libertycoinservice.com/images/stories/lcsnewsletter/2014/june.pdf]" target="_blank" class="externalLink ProxyLink" data-proxy-href="http://libertycoinservice.com/images/stories/lcsnewsletter/2014/june.pdf]" rel="nofollow">http://libertycoinservice.com/images/stories/lcsnewsletter/2014/june.pdf]</a>[/QUOTE]</p><p><br /></p>

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