Premiums paid for collectible coins made of precious metals

I have recently bent the ear of the Minnesota Department of Commerce regarding the Minnesota Coin Dealer Law, https://www.revisor.mn.gov/laws/?id=120&year=2013&type=0, and they've indicated a willingness to reconsider their guidelines. This is important because they presently define bullion as any coin containing 1% or more of a precious metal. This has wide-ranging implications for coin dealers all over the country who sell into Minnesota. Worse, if other states think this law makes sense, similar laws could spring up in other states, and have a much broader impact on the industry at large.

So far, the strength of my argument has been based on differentiating between bullion coins and bullion-related coins by the premium paid over the melt value of the coin, as I do in the return policy on my website, part of which reads as follows:

"Because of fluctuations in the metals markets, ToughCOINS will not refund returns of 'Bullion items', identified as those for which the sale price exceeds the value of the included precious metal by no more than 15% on the date of sale. However ToughCOINS will refund your purchase price on 'Bullion-Related items', for which the sale price exceeds the value of the included precious metal by more than 15% on the date of sale."

Seeing the above, I think they now realize there is a significant difference in premium paid on bullion versus collectible coinage, and they invite my continued argument based on that approach.

I'm probably only going to get one chance to make a strong case for change so, before I do so, I want to obtain feedback from many buyers of bullion coins and buyers of collectible coins having precious metal content.

Specifically, what I am looking for is the range of premiums you have paid dealers (both high and low percentages) for strictly bullion coinage (not bar form), such as ASE, AGE, Maples, K-Rands, Koalas, etc. I am not looking for the best deal you got from a neighbor who had to sell because he was about to lose his house.

I am also looking for the percentage premium you would have to pay a dealer to buy collectible classic gold coinage which was actually minted for commerce (Saints, $10 Libs, $2 1/2 Indians, $1 Gold, etc).

Would you mind taking the time to fill me in so I can make the best argument possible?

Oh, and please, let's not get into a heated discussion over whether the above mentioned bullion coins are collectible or not . . . this is an exercise to define what premiums are paid for different classes of goods, not to dispute the wisdom of collecting bullion coins by date or type.

I'll post under both the Bullion and US Coin Forums. Please respond within only one.

- Mike

 

I don't buy bullion so I cant comment on that, but I commend your efforts.

Can I make one suggestion before one of the mods shut you down? Perhaps have a single thread where all the replies go, but inside the other subforum you are trying to get visibility, start a thread with simply a link to this one.

I think they frown on starting 2 threads on the same exact topic, and sorting through all the replies in two places might make your job harder. Better off keeping the conversation in one place, IMHO.

Ask the mods to lock the other topic, so users are forced to click the link to come to this thread.