Off time - no update Illinois Bill to Change How Gold & Silver Coins Are Bought and Sold

Illinois Bill to Change How Gold & Silver Coins Are Bought and Sold

A bill has been introduced in the Illinois legislature which would dramatically effect the way that gold and silver coins are bought and sold in the state.

The bill proposes that individuals/companies that are in the business of purchasing precious metals (i.e. coin dealers) will be required to obtain proof of ownership of the coins, to verify the identify of the individual (likely in the form of a driver’s license), and to create a record of the sale.  Furthermore, the bill would prohibit gold and silver coins from being purchased in cash.

This is similar to how pawn shops and “We Buy Gold” stores are regulated in the state of Georgia, and will result in less privacy and additional time and paperwork to complete the transaction.

We have heard of no such proposed law being introduced in the State of Georgia, but if we do, we’ll be sure to let you know.

Details of the proposed bill can be found at the following site:

http://www.ilga.gov/legislation/fulltext.asp?DocName=09700SB3341&SessionID=84&GA=97&DocTypeID=SB&DocNum=3341&print=true

 

Tony Davis
Tony Davis