MN Bullion Law Amended!

The entire thing is BS, and the bad law should be repealed. There are enough laws to prosecute scammers already through typical means without specializing a specific industry.

Viva Free Market Numismatics - and learning to be patient while finding ethical and honest dealers.

 

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I do not support the law at all, and agree that most existing laws cover the issues at hand. I don't appreciate a nanny state interfering in my hobby that brings me joy just because some people had more money than brains. This is especially evident after they screamed for regulations because they were stupid. I'm trying to relate my observations from ones most affected, the collector and the small shop owner.
But I can see the miniscule positive aspect of ridding the trash.

The problem is that this is a case of throwing the baby out with the bath water. They are "protecting" us so well nobody wants to play anymore, and I never invited Big Brother to the game.

I truly wish to know which elected official owns the state mandated bonding company, kind of like how Michelle Bachman owns leafline labs which magically was picked from 12 companies who paid $10k apiece to enter the raffle for who would supply cannabis oil to the state.

 

It's as precisely as that term has ever been applied. Somehow, silver/gold sellers became the Issue of the Month, and in typical political knee-jerk fashion they passed a bill which only looked good to them, apparently without consulting anyone with industry knowledge. As a result, they made fools out of themselves with a multibillion-dollar market, probably drove a number of small Minnesota businesses out of the trade, and divorced the collectors in their state from manifold sales/buying opportunities.

The intent was honorable. The execution....sophomoric.

 

Call me cynical but I am more apt to believe that major bullion involved firms were involved and consulted and knew all too well that they were strangling the mom n pop competition out of business.

 

My belief as well.

The only other two involvements I can think of off the top of my head with state legislatures and bullion would be whether or not it should be considered money and the more popular what should be taxed and what number should be excluded from tax. Aside from that issues dealers whether numismatic or bullion just aren't issues that win or lose votes and never really get any attention in the state houses aside from general business regulations.

 

The thing was a political football with several high profile, high dollar cases, some involving out of state firms, that took advantage of Minnesotans who either threw money at a prospective investment, or were outright victims of theft by mail in appraisals or agents sent to their homes for inspection of a collection.

I have no sympathy at all for the former, and the latter, I'm afraid to say, would have probably also fallen for the plight of the Nigerian prince.

The attorney general, IIRC, was up for reelection at the time this was passed and it was pushed as something being done "for the people" even though with all the lipstick I can plainly see the pig that lies beneath.

 

Nice to hear

 

Thanks I'm new and you taught me something