Local Laws for Selling Coins and Precious Metals - Appraising Your Coin Collection

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Copyright 2015 by Kevin Flynn, All Rights Reserved

Some states have different laws regarding Coin Dealers who purchase precious metals and coins. For example, when selling any coins and precious metals in the township of Marlton in New Jersey, Dealers at Coin Shops are suppose to make copy your driver’s license, make an itemized list of the coins, and provide it to the local police department. They are not supposed to sell these items until at least three days. This is done to help prevent and deter theft. The same is done in the city of Philadelphia, Pennsylvania.

Of course, as the coins you are selling are you property, this should not be a problem. But at the same time, I would not want police knocking on my door asking where I got my coins that I sold. Take that scenario that you are selling gold and silver coins in one of these cities that requires copies to be provided to local police. In a similar time period, another individual reported a theft of their precious metals. They might use as a starting point any sales of precious metals to dealers within their jurisdiction.

This is something not to be fearful of, but just information you might want be aware of. If curious if there are laws in your local cities are applicable to precious metals you wish to sell, simply ask your local coin dealer and they should be able to inform you.

Most coin stores will take your name and address and request to see you driver’s license. This is a precaution that occurs in most stores. If the coins turn out to be stolen property, then the dealer may loose the coins to the rightful owner without reimbursement. There only recourse is to pursue the seller to recover their losses. Establishing an ongoing relationship with a dealer is a good way to create a basis of trust. Once a dealer gets to know you, they might not require their strict guideline of validation.

One note of caution is making sure that your name, address, and what you are selling is secure. The worst scenario is if thieves are able to obtain this information from a dealer’s computer or other papers and rob your residence. Simply asking the dealer how they handle this information may put you at ease.

Previous: What to Keep What to Sell
Next: Taxes from Profits Selling Coins
Copyright 2015 by Kevin Flynn, All Rights Reserved