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PNG: Contact your Senator now to add your voice to antiquities legislation
Published on October 24, 2019
If this legislation becomes law, dealers will pay thousands of dollars each year in compliance costs, deal with red tape on a daily basis, and share information about customers with the US government.
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The House of Representatives recently passed legislation (HR 2513) which authorizes FinCEN, a Treasury Department entity, to regulate “antiquities dealers.” Other legislation treats “antiquities” the same as “antiques” so it is likely this authority will also be used to regulate numismatic dealers selling any coin struck 100 years ago.
If this legislation becomes law, you will pay thousands of dollars each year in compliance costs, deal with red tape on a daily basis, and share information about customers with the US government (which in turn may share this information with foreign governments). Your bank will enforce compliance by closing your account if you do not satisfy them that you meet these requirements.
The good news is that there is bipartisan opposition to the House bill in the Senate. However, in order to ensure that opposition remains solid, it is essential Senators on the Banking Committee hear from their constituents about how this bill will hurt their business.
If you live in Alabama, Arkansas, Arizona, Georgia, Hawaii, Indiana, Louisiana, Maryland, Massachusetts, Minnesota, Montana, Nebraska, Nevada, North Carolina, North Dakota, Ohio, Pennsylvania, Rhode Island, South Carolina, or South Dakota at least one of your Senators sits on the Banking Committee. Given the importance of this issue to your business, please contact them to express your opposition to this bill. A direct link to their offices and how to contact them may be found here: https://www.banking.senate.gov/about/membership. For a draft letter raising these issues, which you can modify, Click here.
Please contact your Senator or Senators to express your concerns how this bill will negatively impact your livelihood. Once you do so, please let our attorney (who is keeping track) know. He may be reached at pkt@becounsel.com.
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Source
The Professional Numismatists Guild was founded in 1955, due in no small measure to the vision of well-known coin dealer Abe Kosoff. Kosoff and several other coin dealers believed that the hobby of coin collecting would be better served if a professional group was organized. After much effort, the Professional Numismatists Guild was established. Its motto, “Knowledge, Integrity, Responsibility” continues to reflect the aims of our not-for-profit organization.
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Comments (2)
This legislation would have a great burden on coin dealers and I'm afraid that any related costs would then be passed down to coin collectors such as myself. I love this hobby, I have been collecting coins since I was 8 years old. That's 50 years of my life and I would like to continue for many more. If this bill becomes law, I'm certain that it would make the coins I collect out of reach for my budget.
Sunday, October 27, 2019 1:48 AM ESTPlease sign in or register to leave a comment.
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Would be nice to know exactly how this will effect the consumer, collector.. My local coin shops dont keep information on me and almost everything is a cash transaction, because CC and Debit cards your charged extra for transaction fees.
Saturday, October 26, 2019 9:44 PM ESTPlease sign in or register to leave a comment.
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