Welcome to the First Biannual Edition of Member News

As you’ll notice, this issue marks a new chapter for Member News as we move from a quarterly publication schedule to a biannual release. Going forward, Member News will be published on the last business day of June and December. We made this change to better align the newsletter with the legislative calendar and help members better engage with timely updates.

Because most state legislatures conclude their regular sessions by the end of June, the majority of significant legislative activity naturally occurs during the first half of the year. Publishing a comprehensive June edition allows us to provide a more complete and meaningful roundup of developments without repeating interim updates across multiple issues. Our December issue will give us the opportunity to review our preparations for upcoming legislative sessions and our expectations for the new year.

Important or time-sensitive developments will continue to be shared promptly through targeted email alerts to members in affected states or the full membership, depending on the scope of the issue. These focused updates have consistently generated stronger engagement and allow us to communicate urgent information more effectively when it matters most.
 

Association News

Welcome New Members

(And thank you, referrers!)
The following joined NCBA between January 1 and June 30, 2026:
 

Message from Executive Director David Crenshaw

I’m pleased to announce the launch of the Concerned Collectors Coalition (CCC) Legislative Early Alert Network (LEAN), a proactive initiative designed to strengthen our ability to protect collectors, dealers, and the numismatic marketplace from harmful legislation before it gains momentum.

As we move deeper into 2026, coin collecting and precious-metals investments face growing challenges from state-level legislation. Through our free Concerned Collectors Coalition membership program, the National Coin & Bullion Association (NCBA) remains committed to advocating for collectors and the businesses that serve them nationwide. If you value fair access to coins, paper money, and bullion, now is the time to become more involved with the CCC by participating in LEAN.

The CCC has already proven that a united community can make a real difference. By bringing together collectors, dealers, and industry supporters across the country, NCBA’s ability to defend and promote favorable policies at both the state and federal levels has been strengthened.

One of the most persistent threats we face involves efforts to repeal or restrict long-standing sales- and use-tax exemptions on coins, currency, and precious metals. These exemptions help maintain fair and competitive markets, reduce burdens on collectors, and support small businesses throughout the hobby. When exemptions are repealed—as occurred in Maryland and Washington in 2025—the impact is immediate and significant: higher costs for consumers, reduced participation in the hobby, business losses for dealers, and transactions moving to neighboring states or underground markets.

Historically, these legislative battles have often found NCBA forced into a reactive position, only able to respond after bills are formally introduced. The CCC Legislative Early Alert Network changes that approach.

LEAN is designed to identify rumors, early discussions, and potential legislative threats before legislation is filed. By gathering information earlier, NCBA can engage legislators proactively through education, relationship-building, economic `data, testimony preparation, and grassroots outreach long before harmful proposals advance.

CCC members are essential to the success of LEAN. We are particularly looking for members who

• Have relationships with state legislators, legislative staff, committee members, or lobbyists;
• Hear discussions or rumors involving tax policy changes affecting numismatics or precious metals; and/or
• Are willing to serve as State Captains or District Contacts to help distribute legislative alerts and mobilize local responses.

The program is intentionally organized to be simple and low-effort for volunteers. NCBA will provide guidance on what to watch for and how to report relevant information through a dedicated reporting system. By leveraging the strength of our nationwide membership, LEAN transforms the CCC into an organized early-warning network capable of helping protect our hobby and industry before threats escalate.
Getting involved is easy:

1. Current CCC members, update your existing member profile! Your state and federal legislative representatives are now automatically identified for you based on your profile information, making participation easier and improving the effectiveness of targeted advocacy efforts.
2. If you would like to volunteer as a State Captain or District Contact—or recommend another member for these positions—please contact the NCBA team at ncba@ncbassoc.org for additional information.

While CCC membership remains completely free, members who voluntarily contribute $35 or more receive NCBA’s Consumer Information Kit, a valuable PDF resource covering common questions related to Treasury and IRS transaction-reporting requirements.

I also encourage our dealer and organization members to participate in LEAN! Existing NCBA members do not need to join the CCC separately to get involved. If you would like to participate in the Legislative Early Alert Network, please let us know by emailing ncba@ncbassoc.org. Your relationships, local knowledge, and industry insight can provide valuable early warnings that strengthen our collective advocacy efforts nationwide.

Whether you choose to volunteer, contribute financially, or simply stay informed and engaged, your participation makes a difference. Together, we can build a stronger, more proactive advocacy network that protects the future of numismatics for generations to come.

If you know fellow collectors, investors, or hobbyists who are not yet involved with the Concerned Collectors Coalition, please encourage them to join today at ncbassoc.org/membership. Joining the CCC is quick, free, and directly supports efforts to protect the hobby and industry we all value.

Thank you for your continued support and dedication. With LEAN, we are taking an important step forward—moving from playing defense to proactively engaging with legislatures to build a stronger future for collectors, dealers, and the entire numismatic community.
 

Update Your Member Profile

Stay connected with NCBA through our website at ncbassoc.org. We ask that you take a moment to update your member profile via the homepage sign-in. If you do not know your username or password, select “Forgot Your Password” on the homepage to retrieve them.

NCBA’s database will automatically identify Concerned Collectors Coalition members’ legislators based on their address; members should confirm that their home and/or business addresses (no P.O. Boxes) are correct to ensure the proper legislators are recognized.

By keeping your member profile up to date, you are guaranteed access to all the exclusive benefits and resources that NCBA membership offers:

• Member-only resources specifically for dealers, available online at ncbassoc.org
• Federal and state legislative alerts and other important communications
• Discounts on valuable cash- and broker-reporting information kits
• Professional development educational seminars
• Access to the online Member News biannual newsletters

Should you need any assistance or have any questions or comments about your membership and/or benefits, please feel free to contact us at (678) 430-3252 or by email at ncba@ncbassoc.org.
 

Message from Chair Patrick I. Perez

It’s amazing that we are already halfway through the year 2026! The year thus far has been very positive for the rare coin and precious metals markets, and despite wider economic stresses the market has been resilient. There has been just as much activity at the association.

To start off, I would like to personally thank all those members who dutifully renewed their memberships. The past few years have seen exceptionally good renewal rates, and because of this we have been able to effectively deploy resources as challenges have arisen. Much like 2025, we’ve faced battles in multiple states that wish to impose misguided sales-tax—and other—regulations upon our industry. The great news is that there have been victories along the way. Hard-working and dedicated campaigners in Virginia and Maryland have successfully defended long-held sales-tax exemptions that were at risk of being rolled back by the current state governments.

But there is always more work to be done. I recently returned from Europe, where I attended the Congress of the International Association of Professional Numismatists. That organization is heavily involved in fighting legislation that limits the movement of collectibles across borders. While most of NCBA’s activity has been focused on state-level taxation, it is my hope that we can also become more involved at the federal level in matters like these. The rare coin business is growing globally, and these issues affect our members as well. Import and export restrictions are subject to the same flawed logic as sales-tax issues.

As mentioned above, the market for collectibles has remained strong and (as such) always invites bad actors. Precious-metals schemes and scams are on the rise, and NCBA is working alongside other professional organizations to assist consumers in identifying them. We also assist authorities to identify which dealers and firms are legitimate and which are not.

I very much look forward to seeing many members in Pittsburgh at the World’s Fair of Money, and I strongly encourage everyone to attend our annual membership dinner on Wednesday, August 26. The Monterey Bay Fish Grotto offers a spectacular view of the city, and it is sure to be a great evening.
 

Upcoming Events

Save the Date: NCBA Board of Directors Meeting
A board of directors meeting will commence at 8:00 a.m. on Wednesday, August 26, 2026, at the American Numismatic Association World’s Fair of Money in the David L. Lawrence Convention Center in Pittsburgh, PA, room 415.

Engagement from NCBA members is invaluable to the growth and success of our association. Members are encouraged to attend board of directors meetings to stay informed, provide input, and support the continued advancement of the association.

Member Attendance Guidelines

• Membership Status: Please ensure your membership is current and dues are up to date to attend.
• RSVP: Kindly confirm your attendance by July 30, 2026, for logistical purposes.
• Participation: Opportunities for member input will be provided during designated portions of the meeting.
• Meeting Conduct: Respectful adherence to meeting protocols is appreciated.

Your involvement is important to shaping the future of NCBA. We look forward to your participation and valuable contributions during the meeting.

Formal meetings of the general membership will be convened as necessary for elections or other official membership business in accordance with NCBA’s governing documents and policies.

For inquiries or to RSVP, please contact executive director David Crenshaw at ncba@ncbassoc.org.

Save the Date: Annual NCBA Membership Dinner & Update
During the American Numismatic Association World’s Fair of Money

• Pittsburgh, Pennsylvania
• Date: Wednesday, August 26, 2026
  • 6:30 p.m., hors d’oeuvres & cocktails
  • 7:00 p.m., dinner
• Location: Monterey Bay Fish Grotto

Join fellow NCBA members and industry leaders for an evening of fellowship, updates, and engagement during the ANA World’s Fair of Money.

Sponsorship Opportunities: Consider becoming an event sponsor with a donation of any amount. Your support makes a significant difference in advancing NCBA’s mission and strengthening our community.

Early bird discount! Register by July 26, 2026, and save $25 per dinner ($100 now; $125 after July 26).

Reserve Your Seat Now for the Dinner
 

NCBA Secures Important Correction to Form 1099-B Instructions on Precious-Metals Reporting

NCBA is pleased to report a successful resolution to a longstanding issue regarding the “Sales of precious metals” section of the Instructions for Form 1099-B. Through persistent advocacy and coordination with the IRS Office of Chief Counsel, NCBA has secured an important update that eliminates confusion for precious-metals dealers and brokers nationwide.

This effort traces back to clarifications provided by the IRS in early 2024 confirming that sales of precious metals—including coins—are not reportable on Form 1099-B when the quantity sold is below the minimum required for a Commodity Futures Trading Commission (CFTC)-approved regulated futures contract (RFC). NCBA representatives, including AML advisor Gary Knaus and general counsel Jimmy Hayes, collaborated closely with IRS officials to ensure this guidance was accurately reflected in official instructions.

Despite this 2024 clarification, the 2025 Instructions for Form 1099-B retained an example referencing “a single gold coin,” which continued to suggest that individual coin sales could be reportable—even when quantities fell well below CFTC contract minimums. This discrepancy led to ongoing confusion among members and brokers as they implemented compliance procedures.

In follow-up communications, NCBA executive director David Crenshaw emailed the IRS attorney contact on December 10, 2025, highlighting the persistent issue in the draft instructions for 2026 and requesting revision or removal of the misleading example. The attorney responded positively on December 31, 2025, proposing a call in the new year. A virtual meeting was held on January 14, 2026, between IRS counsel and Crenshaw, Knaus, and Hayes to reiterate the need for alignment between the IRS’s stated position and the published guidance.

The IRS acted on this feedback: On January 30, 2026, a correction was posted to the 2025 and 2026 Instructions for Form 1099-B. The update removes the “single gold coin” example entirely under “Sales of precious metals” (page 5). The revised text now clearly states the non-reportability rule without the potentially confusing illustration, better aligning with the 2024 clarification.

This change is documented on the IRS product page for Form 1099-B (irs.gov/forms-pubs/about-form-1099-b), with details available under the “Recent Developments” section, including a dedicated correction notice.

NCBA extends sincere thanks to the attorney and her team at the IRS Office of Chief Counsel for their responsiveness and assistance in finalizing this update. This outcome reflects the value of sustained, collaborative engagement between NCBA and federal regulators. The revision reduces uncertainty over precious metals transactions in the 2026 tax year and supports accurate compliance by dealers and brokers.

Members are encouraged to review the updated instructions directly on IRS.gov for full details. NCBA remains committed to advocating for clear, practical guidance that supports our industry. If you have questions about implementation or related reporting requirements, please contact the NCBA office.
 

Gold Bar Scam Lawsuit Raises Alarm Over Dealer Liability

A surge in sophisticated gold bar scams has prompted legal action that could have far-reaching implications for coin and bullion dealers across the country.

A prominent law firm has filed a lawsuit against a national brokerage firm and a major bank following the loss of approximately $4 million in gold bars by an elderly client. The victim was allegedly targeted in a complex fraud scheme involving criminals impersonating federal officials. The case highlights a growing national trend—and a potential shift in liability exposure for financial institutions and precious-metals dealers alike.

According to the complaint, fraudsters posing as federal law enforcement or government agents falsely accuse victims of involvement in crimes such as money laundering or drug trafficking. Victims are then instructed to liquidate assets, purchase gold bars, and entrust them to a courier under the pretense that the assets will be “secured” during an investigation.

In reality, the gold is stolen and quickly funneled into illicit networks, often beyond recovery.

The lawsuit centers on whether financial institutions failed in their duty of care by not intervening when clear warning signs of fraud were present—particularly given the vulnerability of the elderly client.

Industry experts warn that similar expectations could soon extend to coin and bullion dealers, who are often the final point of contact before the scam is completed.

As scrutiny intensifies, dealers who fail to recognize or act on suspicious activity may face

• Civil liability for negligence.
• Reputational damage.
• Heightened regulatory attention.

With gold and silver prices near record highs, these scams have proliferated nationwide. Dealers are uniquely positioned to interrupt fraudulent transactions before losses occur.

Doug Davis, founder and president of the Numismatic Crime Information Center, emphasized the industry’s role in prevention.

“This lawsuit should serve as a wake-up call for the entire industry,” Davis said. “Dealers are not just merchants—they are a critical line of defense. Taking a few extra minutes to ask questions could prevent a life-altering loss and significantly reduce legal exposure.”

NCBA members are encouraged to remain vigilant for common indicators of fraud:

• Customers claiming they were instructed by law enforcement or government agents to purchase gold;
• Statements that purchases are necessary to “avoid arrest” or assist an investigation;
• Large, unusual, or urgent transactions;
• Requests for secrecy; or
• Instructions involving third-party couriers.

If these or other indicators are present, dealers should consider pausing the transaction and using a standardized screening tool such as the NCIC Gold Bar Scam Prevention Questionnaire. Download here.

To protect both customers and their businesses, dealers are advised to implement preventative measures:

• Use the Gold Bar Scam Prevention Questionnaire for high-value transactions.
• Train staff to identify and respond to red flags.
• Educate customers at the point of sale.
• Encourage verification with family members or local law enforcement.
• Delay or refuse transactions when fraud is suspected.

The current litigation may prove to be a pivotal moment in defining the responsibilities of those operating within the precious metals marketplace. But regardless of the results of this case, as these scams continue to evolve, NCBA members are urged to take proactive steps to reduce risk and safeguard customers. NCBA members can access tools such as the Gold Bar Scam Prevention Questionnaire to help reduce risk and document proactive efforts.

In response to the growing number of gold bullion scams targeting the public, Jack Hunt Coin Broker has added the following customer acknowledgment language to its sales invoices. Drawing from industry discussions and anti-fraud efforts within the numismatic community, the statement is intended to help dealers identify and prevent transactions involving coercion or impersonation scams.

NCBA shares this language with permission from Scott Hunt. Scott notes that while the language has not been formally reviewed by legal counsel, it is designed to address core warning signs dealers are increasingly encountering in bullion transactions.

This sample statement and poster is provided as an informational resource for NCBA members and should not be considered legal, tax, or compliance advice. Members are encouraged to consult qualified legal or professional advisers regarding the use or modification of this language within their own business practices.

Crime Prevention Statement 
Scams involving the purchase of bullion and precious metals are becoming increasingly common. [Company Name] wants to ensure that customers are making informed purchase decisions that are free from pressure or coercion by criminal actors. We ask that you attest to the following:

1. This bullion or precious metals purchase is for personal investment, collection, or gifting purposes.
2. I have not been guided, pressured, threatened, or rushed to make this purchase by a third party, including individuals claiming to represent law enforcement, a government agency, a bank, or a financial institution. Under no circumstances will legitimate law enforcement agencies or government entities instruct members of the public to purchase bullion or precious metals to protect funds or assist with an investigation.

If you believe you may be the victim of a scam involving bullion or precious metals, please contact your local FBI Field Office or local law enforcement agency.

FBI Field Office Contact Information:
[Insert Local FBI Field Office Phone Number and/or Website]

Signature: __________________________________

Printed Name: _______________________________

Date: ______________________________________

Crime Prevention Poster
BULLION CUSTOMER WARNING - BEWARE OF GOLD SCAMS
“Gold courier” and “gold bar” scams targeting the elderly are multi-million dollar schemes where international criminals posing as federal agents or tech support convince seniors to liquidate their life savings and convert them into physical gold to “protect” their assets.

How the Scheme Unfolds
The Hook: Seniors are contacted via computer pop-ups, text messages, or phone calls from individuals posing as employees of agencies like the Social Security Administration, FTC, or DOJ.

The Ruse: The scammer claims the victim’s identity has been stolen or that their bank accounts are compromised, and the victim is instructed to transfer funds into gold bars or coins to keep the money safe.

The Hand-off: Victims are directed to buy gold and then hand it over to an unverified third-party courier or ship it to another location “for safekeeping,” after which the gold is quickly melted down or laundered, resulting in total loss.

Common Warning Signs
Unexpected contact claiming your money is in danger or requesting you to liquidate IRAs, 401(k)s, or savings accounts.

Demands to keep the transaction a secret from bank employees or family members.

Instructions to hand packages or gold over to a stranger or courier in a parking lot.

No US government agency or legitimate business will ever ask you to purchase gold or precious metals to protect your funds or reputation.

What to Do If Targeted
If you suspect you or a loved one is being targeted by a scam, immediate action is critical!

Stop All Transactions: Do not purchase any more gold, wire funds, or hand over packages.

Report to Authorities: Contact your local FBI Field Office at [insert local FBI Field Office phone number] immediately.
 

Urgent Warning: Phishing Scam Targeting NCBA Members

We received multiple reports as of December 3, 2025, of an email circulating that falsely claims to be from NCBA and pressures you to make an “overdue membership payment.”

This is a scam.

The fake email has the following characteristics:

• Sent from: uscomms.memberservices@internet.ru. This is NOT an official NCBA address. (Note the .ru domain—this email likely originated in Russia.)
• Asks you to reply to the email and either attach payment confirmation or provide payment details.
• Uses urgent language about “past due” membership payments.

A sample of the scam email is below so you can recognize it:

From: NCBA
Subject: Your NCBA membership
Importance: High

Dear Valued Member,
We hope this email finds you well.
This is a friendly reminder that your membership payment is currently past due…
[message continues, asking you to reply with payment details or confirmation]

Best regards,
Membership Team
P.O. Box 237 Dacula, GA 30019

What you should do if you receive this email:

1. Do NOT reply to the email.
2. Do NOT click any links or attach any documents if you have already received it.
3. Delete the email immediately.
4. If you have already responded or provided any personal/financial information, contact your bank/credit card provider right away, and let NCBA know as well, so we can assist further.
5. Forward the scam email as an attachment to ncba@ncbassoc.org so that we can continue to track its spread and report it. For broader impact, please also forward the original message (as an attachment) to reportphishing@apwg.org and report the incident to the FTC at ReportFraud.ftc.gov.

Official NCBA communication reminders:

• We will never ask you to send payment information or confirmation by simply replying to an email.
• All legitimate payment requests come through our official website (ncbassoc.org) or from email addresses ending in @ncbassoc.org.
• All payments are processed through our official website or via check/money order mailed to us, never through email.
• When in doubt, log in directly to your member portal at www.ncbassoc.org to check your membership status, or call us directly at the phone number listed on our official website.

As a reminder, all memberships are paid by the calendar year. Renewal reminders for next year will first be sent out in October of the current year, and again (if you have not already renewed) a week before New Year's Day. Beginning in January 2027, any unpaid membership will trigger official lapsed-membership reminders sent through our standard NCBA channels. Please watch for those official communications and disregard any unsolicited requests for payment. 

Your security is our top priority. Thank you for your vigilance. By staying alert, you help protect the entire NCBA community. If you have any questions, please reach out to us through official channels only.
 

Scam Alert: Fraudulent Emails Offering Member or Attendee Lists

The National Coin & Bullion Association (NCBA) has received reports of members receiving scam emails similar to the example below:

“Would you be interested in obtaining the list of latest Distribution/Member list for the upcoming National Coin & Bullion Association 2025... Looking forward to your reply, so I can share the cost & additional more information.” [sic]

These emails are fraudulent. NCBA does not sell or share its membership or convention attendee lists with third parties. If you receive one of these messages, do not respond.

How the scam works
Scammers target members, attendees, and exhibitors with unsolicited emails, attempting to sell them fake lists of NCBA member or event attendee contact information. These fraudulent emails often share several characteristics:

• The sender is not NCBA: The email may reference NCBA or one of our events but comes from an unauthorized third-party vendor.
• Requests for payment: Scammers often ask for money in exchange for a “downloadable list” of members or attendees.
• Other offers: Some messages may also promote fake hotel booking discounts, event directories, or marketing opportunities.

What to do if you receive a scam email

• Do not engage: Delete the email immediately. Do not reply, click links, or download attachments.
• Report the scam: You can report fraudulent activity to the Federal Trade Commission at ReportFraud.ftc.gov.

Wider scam context
These fake list–selling schemes are common across many professional and trade associations—not just NCBA. The safest approach is always to ignore and delete any unsolicited offers for membership or attendee lists.

Your security is important to us. Please stay alert and help spread the word to fellow members.
 

Jimmy Hayes Announces Philanthropic Gift to the National Coin & Bullion Association from Inaugural Medal Reference Series

Jimmy Hayes, general counsel for the National Coin & Bullion Association (NCBA), has announced that 100 percent of the profits from sales of his forthcoming three-volume reference series, Each New Beginning: An Illustrated History of Official Inaugural Medals and Ribbons, will be donated to NCBA in support of its mission to advocate on behalf of the numismatic and precious-metals bullion community.

Planned for publication in the first quarter of 2026, Each New Beginning is a comprehensive, richly illustrated history of US presidential inaugurations, as told through the medals, ribbons, and documents created to commemorate them. The set will be offered for $375 plus shipping, with all profits designated as a philanthropic gift to NCBA.

“Supporting NCBA through this project was a natural extension of both my professional life and my passion for preserving history,” Hayes said. “This work became a history book illustrated by contemporaneous medals, ribbons, and documents. There is something of interest for both historians and numismatists—a numismatic reader will be caught by the pictures and drawn into their stories, where a political science reader may focus more on the stories, illustrated by contemporary images.”

The project’s origins are rooted in Hayes’s belief that numismatic objects deserve to be presented with the political and human background they were meant to commemorate. As he writes in the dedication, the goal was to move beyond merely cataloging designs to reveal “the marriage between politics, medals, and ribbons associated with the Presidential Inaugurations,” preserving stories that might otherwise be lost to time.

The reference series spans three volumes and 760 pages, with a planned initial printing of 200 hardcover copies, including a limited number of leather-bound editions. As first reported by Coin World in its March 31, 2025, article, “Inspiring Inaugural Medal Collection,” the series draws upon what many consider to be one of the most complete collections of official presidential inaugural and related medals ever assembled.

Among the highlights are

• More than 1,500 high-quality images,
• Over 30 previously unlisted or unique medals—some with no prior auction appearances—
• Approximately 20 unique inaugural ribbons,
• Dozens of historical documents never before published, and
• Newly recorded stories drawn from archival research and firsthand accounts.

The volumes are organized as follows:

• Volume I (1789–1885): Ribbons and medals predating the issuance of official inaugural medals.
• Volume II: The 1889 Washington Centennial Celebration, the first national holiday and the genesis of the official inaugural medal and badge tradition.
• Volume III (1889–2001): Official medals and ribbons from the Harrison inauguration through the dawn of the 21st century.

Hayes hopes the series will both enrich numismatic and historical scholarship and provide lasting support to NCBA through this philanthropic commitment.

“Each inauguration marks a new beginning in the unbroken transfer of power that defines our constitutional republic,” Hayes said. “If this work helps preserve that story—and supports NCBA in the process—then it has fulfilled its purpose.”

Order Your Copy of Each New Beginning Now
 

Compliance Support Benefit for NCBA Dealer-Members

NCBA dealer-members have access to an exclusive compliance-support benefit through our trusted partner, Knaus & Associates, Inc. To help businesses meet current Anti–Money Laundering (AML) and Countering Financial Terrorism (CFT) obligations, Knaus & Associates offers a 15% discount on all services for NCBA members.

Their AML/CFT programs are tailored to meet the latest regulatory expectations proposed by FinCEN and align with requirements under the AML Act of 2020.

Stay on top of evolving compliance requirements with this valuable NCBA member resource. View program information here. For full details and to learn how your business can take advantage of this benefit, contact NCBA AML advisor Gary Knaus at 630-963-6350 or gknaus@aml4u.com.
 

Help a Young Dealer Unlock Their Potential with DiscoverNCBA

NCBA’s DiscoverNCBA promotion is live and ready to welcome the next generation of coin and precious-metals dealers! This exclusive opportunity offers young professionals—age 35 or younger—a 50% discount on their first year of dealer-level membership dues (prorated), opening doors to invaluable benefits that can jumpstart their careers.

Why Share DiscoverNCBA?

By encouraging promising young dealers to join, you’re helping them

• Connect with Industry Leaders: Gain access to seasoned experts, build mentorships, and tap into insider knowledge.
• Expand Their Expertise: Utilize top-tier educational resources designed to help navigate regulations, market trends, and industry challenges.
• Grow Their Business: Boost credibility and visibility through NCBA’s trusted platform and community.

Who Qualifies?

DiscoverNCBA is tailored specifically for those 35 and younger who own or co-own (50% or more) a coin- or precious-metals–related business. It’s an ideal way for emerging dealers to plug into a supportive network and access essential tools to thrive.

How to Get Started

Sharing this opportunity is easy! Prospective members need to

1. Verify their age with a government-issued ID and
2. Provide proof of business ownership (or co-ownership of 50% or more).

Then they can visit ncbassoc.org/membership, select their membership tier, and enter promo code DISCOVERNCBA to claim their discount.

Spread the Word—Empower the Future of Our Industry!

If you know a talented young dealer ready to grow, encourage them to join DiscoverNCBA today. For questions or more details, contact us anytime at ncba@ncbassoc.org.

Together we can build a stronger, more connected future.
 

Securing NCBA’s Future: Planned Giving Opportunities

In 2017, board member Mike Fuljenz of Universal Coin & Bullion made a lasting impact on the National Coin & Bullion Association by naming the organization as a $100,000 beneficiary of his life insurance policy. This generous act introduced planned giving as a new source of non-dues revenue for NCBA and offers supporters new ways to contribute to the organization’s long-term financial health.

Planned giving extends beyond life insurance and can include options like bequests in wills, charitable trusts, and retirement assets. Supporters can provide lasting financial support by naming NCBA as a beneficiary or allocating specific assets—allowing them to leave a legacy aligned with their values and continue to build the future of the numismatic community.

For more information on planned giving, consult your financial advisor or estate planner.
 

New and Revised White Paper on Like-Kind Exchange and Barter

This white paper explains how the Tax Cuts and Jobs Act of 2017 narrowed the scope of Internal Revenue Code Section 1031, limiting tax-deferred exchanges exclusively to qualifying real estate and eliminating eligibility for precious metals, bullion, and coins. It clarifies how such transactions are now treated (as taxable sales) and outlines related reporting requirements, including IRS Form 1099-B obligations. The paper also highlights the tax treatment of barter transactions, emphasizing proper valuation, documentation, and compliance to avoid penalties.
 

New and Revised White Papers on Broker Reporting (Form 1099-B)

NCBA has released updated versions of two key white papers, reflecting recent IRS clarification on reporting obligations for precious-metals dealers. Dealer-members are encouraged to download and review these revised resources to ensure compliance.

“Understanding Reportable Items and Approved Brands for Precious Metals Contracts” explains how specific items align with CFTC-approved contracts and lists approved brands acceptable for fulfilling contracts.

“Navigating IRS Form 1099-B Reporting: Guidelines for Precious Metal Dealers” provides practical instructions on when and how reporting is required. It is designed to complement the first white paper.

Dealer-members may access these white papers by signing in at ncbassoc.org and navigating to Resources > Knowledgebase > Anti-Money Laundering > Files.
 

Information Kits: Essential Resources for Your Business

NCBA provides essential information to help you with cash and broker reporting. Copper-level and above NCBA members receive a 50% discount off the listed price.

Cash-Reporting Kit ($200): This NCBA resource helps dealers understand the federal cash-reporting rules and related anti–money laundering (AML) requirements. It explains when transactions must be reported to the US Department of the Treasury and provides tools to help dealers recognize and comply with reporting obligations. This information is intended for use alongside the advice of your professional tax advisor.

Consumer Information Kit ($50): Created by NCBA in response to frequent inquiries, this kit explains to consumers which precious-metal products and transactions must be reported to the US Department of the Treasury / Internal Revenue Service. It provides straightforward guidance to help customers understand reporting requirements and when they may apply. This information is intended for use alongside the advice of your professional tax advisor.

Broker Reporting Kit ($100): NCBA is pleased to announce the release of its new and revised Broker Reporting Information Kit, providing clear, practical guidance on IRS Form 1099-B reporting requirements for precious-metals transactions.

This updated kit reflects the December 2023 clarifications by the IRS Office of Chief Counsel and includes the latest compliance information for 2025 and beyond.

What’s Inside

• Clarification on what is and is not reportable under Form 1099-B
• Rules confirming that coins and $1,000 face-value bags of 90% silver are no longer reportable
• Step-by-step examples and scenarios
• Guidance on verifying CFTC contracts and approved brands
• An extensive FAQ appendix covering 20 common dealer questions
• Updates on anti-abuse rules and AML/CFT compliance

Why It Matters
The IRS requires Form 1099-B reporting only for certain precious-metals bar transactions that meet strict CFTC contract and brand requirements. Dealers who fail to comply risk penalties—making this kit a critical resource for compliance.

Order Your Information Kit Now
 

Draw More Exposure for Your Company

Would you like members and visitors to our website to see your company’s message? Would you like to capture the attention of NCBA members in our newsletter, Member News?

Help your company stand out with an advertisement in the advertising carousel and/or Member News. The “Our Sponsors” carousel on our website displays each ad in rotation for approximately five seconds. A carousel advertisement is a free benefit for Bronze-level members and above. Advertising in Member News, which is sent to all NCBA members twice yearly, is also a great way to get your message out.

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States’ News

Presently, 45 states have complete or partial sales-tax exemptions on in-state retail sales of collector and precious-metals coins and bullion. Of those states, five (Alaska, Delaware, Montana, New Hampshire, and Oregon) have no state sales tax at all, while the others have enacted legislation and adopted regulations that exempt such purchases. That leaves five states (Hawaii, Maine, New Mexico, Vermont, and Washington) and the District of Columbia that do not exempt any retail sales of coins, currency, or precious-metals bullion from sales tax. Even in states that currently provide exemptions, these laws remain subject to legislative change and periodic repeal efforts. Recent challenges in several states underscore the importance of continued grassroots engagement and vigilance by collectors, dealers, and investors. 

For more information on current state-level legislative activity and ongoing advocacy efforts, please see the article above on LEAN and state sales-tax initiatives. Any member who would like to be involved in a sales-tax exemption initiative in any of these locations should email ncba@ncbassoc.org.
 

Alaska

Victory in Alaska! After years of dedicated advocacy, Alaska has successfully enacted legislation recognizing gold and silver as legal tender and eliminating local sales taxes on precious metals transactions. Although Alaska is already one of five states that does not impose a statewide sales tax, cities and boroughs in Alaska may levy local sales and use taxes. This new law ensures that those local taxes no longer apply to transactions involving the precious metals content of gold and silver specie.

House Bill 1 became law without Governor Mike Dunleavy’s signature on May 29, 2026, and has been officially assigned as Chapter 6, Session Laws of Alaska 2026. The legislation takes effect on August 28, 2026, following Alaska’s automatic enactment process.

The effort gained momentum in early 2025 with the introduction of HB 1 in January. The legislation proposed recognizing gold and silver specie as legal tender and prohibiting local governments from imposing sales or use taxes on transactions involving these metals.

NCBA worked closely with in-state supporters, providing legislative research, data from our national sales-tax surveys, and ongoing coordination. The bill advanced through the House State Affairs Committee in May 2025 with strong support and no perceived fiscal impact on the state budget.

Although the First Session of the 34th Alaska State Legislature adjourned shortly thereafter, the legislation carried forward into 2026 with broad bipartisan backing and strong grassroots support.

The new law also directs the Legislative Budget and Audit Committee to study the potential for accepting specie for the payment of debts, taxes, and other public charges.

This is a major win for Alaskans. The law makes it easier and more affordable for Alaskans to buy, sell, and use physical gold and silver by removing local tax barriers and providing legal clarity for the use of precious metals as money.

NCBA extends its sincere thanks to Representative McCabe and the other House sponsors, Senator Cronk and Senate supporters, the many Alaska activists who engaged their legislators, and our partners at the Sound Money Defense League for their collaborative efforts.

Alaska members who helped push this across the finish line—thank you. Your calls, emails, and advocacy made the difference.

We will continue monitoring implementation of the new law and the Legislative Audit Committee’s study. If you have questions or want to get involved in honest money initiatives in your state, please reach out to us at ncba@ncbassoc.org.
 

Colorado

The National Coin & Bullion Association (NCBA) rapidly organized a Colorado-based coalition in late February and early March to oppose legislation seeking to repeal the state’s longstanding sales-tax exemption on coins, currency, and precious-metals bullion.

The effort was triggered after industry stakeholders flagged concerning language in Colorado House Bill 26-1289 Section 17, which proposed eliminating the exemption effective January 1, 2027. Dealers expressed concern that the change would significantly disrupt the state’s numismatic marketplace and reduce economic activity tied to coin shows, retail dealers, and related hospitality industries.

In response, NCBA leadership coordinated with Colorado dealers and stakeholders during the National Money Show, where NCBA executive director David Crenshaw met with local industry participants, including Tom H. and Ashley Sandoval of Erie Gold and Silver. Ashley Sandoval ultimately agreed to lead the state-level campaign.

The coalition quickly expanded through coordination with long-time industry members, including Cornerstone Bullion president Chad Roach and other Colorado dealers, who expressed concern over the potential economic impact. NCBA provided legislative analyses, testimony templates, economic impact materials, and research on historical precedent from other states that had experienced similar repeal attempts.

NCBA also issued a statewide alert to Colorado members ahead of the House Finance Committee hearing on March 9, encouraging direct outreach to legislators, written testimony, and in-person participation.

As the campaign intensified, coalition members worked alongside lobbyists and legislative staff to challenge fiscal projections tied to the bill and present countervailing economic data. Efforts included coordination with fiscal analysts, engagement with committee members, and submission of industry data highlighting the downstream impacts of repeal on employment, tax revenue, and related sectors.

On March 23, coalition leaders reported a key breakthrough: an amendment removing Section 17 from HB 26-1289 was adopted during the House Finance Committee hearing. The vote to amend was unanimous, preserving Colorado’s sales-tax exemption for precious metals and numismatic products.

Throughout the legislative process, NCBA and coalition partners remained actively engaged to ensure the amendment removing Section 17 was sustained through final passage, culminating when Governor Jared Polis signed the amended bill into law on June 3, 2026.

Coalition leaders credit the victory to rapid mobilization across the industry. Participants noted that dealers, collectors, and stakeholders were able to engage in coordinated outreach, testimony, and legislative meetings in a short timeframe, helping to elevate awareness of the exemption’s economic importance. Coalition organizers also highlighted the effort as a model for future state-level advocacy campaigns, combining grassroots mobilization, professional legislative engagement, and coordinated industry messaging.

NCBA leadership described the result as a significant—but temporary—victory, emphasizing the importance of continued monitoring of future legislation. The Colorado Professional Numismatists Association (CPNA), which played a central role in organizing in-state participation, confirmed it will continue engagement efforts in future sessions to ensure the exemption remains protected from any subsequent legislative activity.
 

Maryland

Maryland has officially enacted Senate Bill 309, landmark legislation that expands the state’s sales- and use-tax exemption for qualifying precious-metal bullion and coin purchases. Governor Wes Moore signed the bill into law following its passage by the Maryland General Assembly, marking a significant development for the numismatic and bullion community.

SB 309 passed both chambers with overwhelming bipartisan support, clearing the Senate by a vote of 42–0 and the House by a vote of 133–0, before receiving final approval and gubernatorial signature.

The legislation significantly broadens Maryland’s existing, limited exemption by removing the requirement that qualifying transactions occur exclusively at the Baltimore Convention Center. While the final version of the bill retains the $1,000 minimum purchase threshold due to a House amendment, qualifying bullion and coin transactions may now occur anywhere in Maryland rather than being confined to convention-center sales.

This statewide expansion is widely viewed as a meaningful modernization of Maryland’s tax policy and a substantial improvement over the restrictive framework enacted in 2025. Supporters believe the new law will improve accessibility for collectors, investors, and dealers across the state while strengthening Maryland’s competitiveness relative to neighboring jurisdictions with broader precious-metals exemptions.

Advocates for SB 309 emphasized several anticipated benefits:

• Improved competitiveness for Maryland-based coin shops and bullion dealers.
• Retention of in-state transactions, reducing the incentive for consumers to purchase across state lines.
• Support for small businesses and jobs in a highly price-sensitive market.
• Increased economic activity tied to numismatic commerce, conventions, tourism, and related sales.

The legislation also reflects growing recognition of precious metals as investment assets that should receive tax treatment more consistent with other financial instruments not subject to sales tax.

The enactment of SB 309 was the direct result of coordinated advocacy efforts by industry organizations and grassroots supporters, including the National Coin & Bullion Association (NCBA), the Sound Money Association of Maryland, and the Sound Money Defense League. Strong in-person and written testimony from trade groups, local business owners, collectors, and dealers during committee hearings underscored the economic importance of fair tax treatment for precious metals. Whitman Expos and the Baltimore Convention Center also supported the initiative, recognizing the broader economic benefits tied to coin shows and related commerce.

While advocates had initially pursued elimination of both the $1,000 threshold and the location restriction, industry leaders view the enactment of SB 309 as a strategic and meaningful step forward. Supporters believe the legislation establishes a strong foundation for future efforts aimed at achieving a fully modernized, comprehensive statewide exemption for precious-metal bullion and coin transactions.

SB 309 takes effect July 1, 2026, and is expected to positively impact Maryland’s numismatic and bullion markets by expanding access to tax-exempt transactions statewide and improving Maryland’s standing as a more competitive marketplace for collectors, investors, and dealers.
 

Nebraska

NCBA worked closely with Nebraska members and industry partners throughout the early weeks of the 2026 legislative session to protect the state’s longstanding sales- and use-tax exemption on coins, bullion, and precious metals.

LB 1244, introduced January 21, 2026, by Senator Dave Murman at the request of Governor Jim Pillen, proposed eliminating a number of existing sales-tax exemptions, adding sales taxes to various services, and making changes to the Nebraska Job Creation and Mainstreet Revitalization Act.

Among the targeted exemptions was Neb. Rev. Stat. 77-2704.66, the provision that currently exempts precious metals from sales and use tax. The bill was part of a broader effort to generate additional revenue and help address the state’s reported $471.5 million budget shortfall during the short 60-day session of the 109th Legislature.

NCBA responded immediately after the bill’s introduction. The association issued a targeted alert to Nebraska members on January 30, 2026, detailing the threat and encouraging participation in the Revenue Committee public hearing held on February 4. Written testimony opposing the precious-metals provision was submitted by NCBA executive director David Crenshaw and industry issues advisor Patrick A. Heller. Several in-state dealers, including representatives from Lincoln Coin & Bullion, testified in person, as well as former dealer Debra Olson, who provided a compelling constituent perspective. J.P. Cortez of the Sound Money Defense League also traveled to Lincoln to support the effort and coordinate additional opposition.

Testimony and written submissions focused on several core points that proved persuasive:

• Precious metals function as investments rather than consumer goods, and the proposed tax would impose a unique penalty on the only IRA-eligible assets subject to sales tax at purchase.
• Nebraska’s exemption-free neighboring states (Iowa, Kansas, Missouri, Colorado, Wyoming, and South Dakota) would capture significant business volume, including retail sales, coin shows, and conventions, resulting in “border bleed” and likely net revenue loss for the state.
• Case studies from other states—Florida, Ohio, Colorado, and Louisiana—demonstrated that repealing similar exemptions often reduced overall tax collections due to displaced economic activity, lost tourism dollars, and reduced dealer revenue from ancillary taxable sales.

NCBA also distributed a formatted PDF of Patrick Heller's Numismatic News column, “Resisting Rollbacks of Coin/Precious Metals Sales Tax Exemptions,” which provided legislators and staff with an evidence-based analysis of why such proposals frequently backfire fiscally.

The Revenue Committee held the public hearing on February 4, 2026. While testimony was received, the committee took no immediate action. Importantly, Senator Murman did not prioritize the bill for advancement during the critical early window of the short session. As a result, LB 1244 effectively died in committee and did not reach the full legislature for debate or vote before adjournment.

This outcome preserves Nebraska’s current exemption for this year, allowing dealers to continue operating without the added burden of collecting sales tax on precious-metals transactions and protecting consumers from increased purchase costs.

While the immediate threat has been averted, Governor Pillen has made clear that broadening the sales-tax base remains a top priority for his administration. Similar proposals are expected to reappear in future sessions through at least 2030. NCBA will keep Nebraska on active watch and continue to provide members with alerts, testimony resources, talking points, and support as needed.

Thank you to every Nebraska member who submitted comments, testified, reached out to senators, or shared information with colleagues and customers. Your direct engagement, combined with coordinated national and state-level advocacy, made the difference this year. If you have questions about the session, need assistance preparing for future legislative contact, or would like a copy of any of the submitted materials, please contact NCBA staff. We remain fully committed to defending this exemption on your behalf.
 

New Mexico

In 2025, NCBA members Andrew and Shane Hoffman of Santa Fe Coins & Jewelry decided to postpone the push in their state for a sales-tax exemption on coins, paper money, and precious metals.

While the campaign had originally been set for 2026, the effort may be even better positioned for success in 2027. The 2026 New Mexico gubernatorial election will bring new leadership, as Governor Michelle Lujan Grisham is term-limited and cannot run again. Waiting until after the election will allow the coalition to engage with a new governor and build support from the start of their administration—an important factor in winning passage.

In the meantime, NCBA is equipping local advocates with outreach tools like posters, petitions, and flyers to keep momentum growing until the right political moment arrives.

If you’d like to get involved in the effort, contact Andrew and Shane Hoffman at (505) 989-7680 or ppmcoins@gmail.com.
 

New York

We are pleased to report an important victory for the precious-metals and numismatic community in New York.

On the final day of the 2026 New York legislative session, Senate Bill S7875—legislation that would have significantly narrowed New York’s sales-tax exemption for precious-metals bullion—failed to advance after being sent to the Senate Rules Committee, and the bill ultimately died at the close of session.

This outcome is the direct result of the hard work, persistence, and coordination of NCBA members and coalition partners across New York who spent more than a year educating lawmakers and opposing this harmful legislation.

As many members know, S7875 would have restricted New York’s longstanding bullion exemption primarily to government agencies and large, international, institutional buyers, effectively excluding most individual investors, collectors, and in-state purchasers. NCBA consistently argued that the proposal would have harmed small businesses, reduced New York’s competitiveness, and driven consumers and events to neighboring states.

Over the course of this effort, NCBA members and coalition leaders

• Organized grassroots outreach campaigns,
• Submitted opposition testimony,
• Met directly with legislators and staff,
• Distributed educational materials to dealers statewide,
• Coordinated with legislative advocates in Albany, and
• Encouraged dealers, collectors, and investors to contact lawmakers directly.

We want especially to recognize the leadership and dedication of Scott Hunt of Jack Hunt Coin Broker, Bill Panitch, Mark Ballantyne, Geoffrey Demis, Mike Dozois of Ferris Coin & Jewelry, and many others who volunteered substantial time and resources to this effort.

Their work—with the support of engaged NCBA members throughout the state—helped ensure lawmakers understood the real-world consequences this bill would have had for dealers, investors, collectors, and the broader precious-metals marketplace.

This victory also highlights the importance of maintaining an active and organized industry voice. Legislative threats to precious-metals exemptions continue to emerge in multiple states. New York remains a challenging environment, and similar proposals could return in future sessions or budget negotiations.

NCBA will continue monitoring developments closely and advocating not only to preserve New York’s exemption under Tax Law §1115(a)(27) but also to eliminate the state’s outdated $1,000 transaction threshold so smaller investors and collectors can fully benefit from the exemption.

To every member who sent emails, participated in meetings, shared alerts, or helped educate policymakers—thank you. Your involvement made a difference.

We will continue keeping members informed as developments arise.
 

Virginia

Virginia’s effort to preserve its retail sales-tax exemption for precious-metals bullion and legal tender coins has successfully concluded, with the exemption extended for another two years. The currently held exemption—covering qualifying gold, silver, and platinum bullion and legal tender coins under Virginia Code §58.1-609.1—was scheduled to expire on July 1, 2026. Though the Virginia General Assembly had approved an extension, its inclusion in the embattled budget bill left the policy vulnerable to an automatic sunset without further legislative action.

NCBA and industry leaders ran a coordinated campaign to ensure the exemption’s continuation. Industry participants believed the effort to extend the exemption is achievable but dependent on timely and sufficient financial participation from Virginia-based dealers. In 2025, DLRC underwrote the majority of the lobbying expenses required to secure the temporary extension, but looking to the 2026 legislative cycle stakeholders anticipated a more complex political environment and projected significantly higher advocacy costs. However, without legislative renewal, all coin and bullion transactions in Virginia would become subject to sales tax beginning in July—an outcome industry representatives warn would place in-state dealers and collectors at a competitive disadvantage and significantly disrupt the Commonwealth’s numismatic marketplace. John Brush of DLRC again took up a leading role in directing the campaign, committing significant time to heading the coalition.

Despite early concerns, the proposed exemption survived key legislative hurdles and remained intact in both the Virginia House and Senate budget proposals (HB 30) for the 2026–2028 biennium. This progress was the result of strong advocacy efforts,  with critical support from a broad coalition of Virginia dealers, collectors, and industry partners, including CACG, Heritage Auctions, Stack’s Bowers, Whitman Publishing, and numerous other businesses and individuals across the numismatic and precious-metals community. A coordinated legislative advocacy team remained actively engaged throughout the legislative session and conference negotiations.

Though the exemption seemed secure, the Virginia General Assembly faced a budget impasse over other elements of the bill. Both chambers passed their versions of the budget in March, but the House rejected the Senate’s substitute amendments, leading to the appointment of a joint conference committee to negotiate a compromise. Following intensive conference committee negotiations during the 2026 Special Session, the House and Senate finally approved the compromise conference report for HB 30, the Commonwealth’s biennial budget bill. The governor subsequently signed the budget into law. Importantly, as part of the final enacted budget the sales-tax exemption for qualifying gold, silver, and platinum bullion and legal tender coins purchases was extended for an additional two years.
 
Without this legislative action, Virginia would have resumed collection of sales taxes on qualifying bullion and coin purchases beginning July 1, 2026. The enacted budget legislation preserves the exemption, preventing any interruption in the tax treatment of qualifying bullion and legal tender coins transactions. The extension, though, reflects the General Assembly’s continued practice of renewing the exemption through budget legislation or related statutory measures rather than passing a stand-alone bill to preserve it perpetually.
 
Although the exemption had faced some uncertainty during the budget negotiations and conference process, the final passage and enactment of HB 30 resolved the issue before the sunset date took effect. Accordingly, Virginia will continue exempting qualifying gold, silver, and platinum and legal tender coins purchases from state sales tax under the terms of the newly enacted budget until July 1, 2028.
 

Washington

The 2026 effort to restore Washington State’s long-standing sales-tax exemption on precious metals began with urgency, organization, and early bipartisan traction—but concluded the legislative session with unfinished business and a renewed commitment for the fight ahead.

The exemption, repealed in 2025 under ESSB 5794, immediately reshaped the landscape for dealers and collectors. With state and local sales taxes applied to bullion transactions as of January 1, 2026—as well as B&O tax—Washington businesses have found themselves at a competitive disadvantage to neighboring, tax-free states. Within days of implementation, reports surfaced of declining sales, customer confusion at the counter, and the cancellation or relocation of major coin shows.

Against that backdrop, the Washington Coin & Bullion Association (WCBA), working closely with the National Coin & Bullion Association (NCBA), launched a rapid and coordinated legislative response.

Even before the session convened on January 12, the coalition secured a key strategic win: companion bills to restore the exemption in both chambers. House Bill 2115, led by Representative Amy Walen (D-Kirkland), and Senate Bill 5894, sponsored by Senator Marcus Riccelli (D) with bipartisan support, aimed to fully restore the exemptions first enacted in 1985. By the start of session, both measures had gained multiple co-sponsors and were positioned in the House Finance Committee and Senate Ways & Means Committee, respectively.

Behind the scenes WCBA leaders, President Carolyn Beko and Secretary Craig Rhyne, worked alongside professional lobbyists to line up early meetings with key legislators, while NCBA provided economic data, messaging support, and national strategic guidance.

The coalition also expanded its bench of expertise. Industry veteran Philip Diehl, former director of the US Mint and a longtime voice on monetary policy, joined the effort to assist with fundraising and potential legislative testimony. His involvement added both credibility and experience to the campaign’s public-facing efforts.

Fundraising became an immediate priority. While early contributions—offered by board members and a handful of major dealers—helped launch the campaign, leadership emphasized the need for broader participation to sustain lobbying efforts through the session.

At the same time, the coalition pursued an aggressive communications strategy. Recognizing the need for a unified industry response, WCBA and NCBA mobilized dealers, collectors, and stakeholders both within and beyond Washington. Action alerts urged dealers and consumers to contact legislators, submit public comments, and prepare for testimony. Plans were developed for targeted outreach, including a Greysheet e-blast campaign modeled on successful efforts in other states.

NCBA supplemented these efforts with a suite of resources, including policy research, economic impact data, and a widely circulated analysis by industry advisor Patrick Heller outlining how repealing bullion tax exemptions has historically reduced—not increased—state revenues.

The coalition also worked to document real-world impacts. Reports of lost sales, shifting customer behavior, and event cancellations were collected to counter optimistic fiscal projections and strengthen the case for reinstatement.

As the session progressed, the consequences of the new tax became increasingly visible. Dealers reported sharp declines in bullion sales, with some customers opting to purchase out of state or canceling transactions altogether. Coin shows—historically significant drivers of local economic activity—began to disappear from the Washington calendar, reinforcing concerns raised throughout the campaign. These early indicators aligned with broader industry data shared by NCBA, demonstrating the substantial economic contributions that coin and bullion events in tax-exempt states have on other industries—from hotel occupancy and restaurant spending to broader retail activity.

Despite early momentum and bipartisan support, neither HB 2115 nor SB 5894 received a committee hearing before the legislature adjourned on March 12. As a result, both bills died in committee, marking a setback for the 2026 effort.

Still, coalition leaders emphasized that the outcome reflects timing and process constraints, not a lack of viability. Both measures had been designated as “Necessary to Implement the Budget” (NTIB), keeping them technically alive deeper into the session and signaling continued interest from lawmakers. However, without hearings, the bills were unable to advance.

With the 2026 session concluded, WCBA and NCBA are shifting focus to a longer-term strategy aimed at the 2027 legislative session. Key priorities include expanding fundraising efforts, broadening the coalition’s base of support, and continuing to educate policymakers on the economic consequences of the tax. A coordinated campaign to gather detailed impact data—from Washington dealers as well as out-of-state businesses serving Washington customers—will play a central role in shaping the next phase of advocacy. NCBA has committed to leading this data-gathering initiative, compiling dealer and consumer experiences into a comprehensive, legislator-ready case for reinstatement.

While the immediate legislative goal remains unmet, the campaign has established a strong foundation—bipartisan legislative relationships, a growing network of engaged stakeholders, and a clear body of evidence demonstrating harm.

For now, the message to members is clear: the effort is far from over.
 

Wisconsin

The National Coin & Bullion Association (NCBA) announces a significant change to Wisconsin’s sales- and use-tax treatment of precious-metal bullion that will simplify compliance requirements for dealers, effective March 29, 2026.

Under 2025 Wisconsin Act 124, purchasers are no longer required to provide a certificate proving sales-tax exemption for transactions qualifying under Wis. Stat. § 77.54(74). The change shifts Wisconsin’s bullion exemption framework to a product-based standard, in which taxability is determined solely by whether the item meets the statutory definition of “precious-metal bullion,” rather than by purchaser documentation.

The legislation resolves a compliance inconsistency that arose following Wisconsin’s original bullion exemption enacted under the 2023 Wisconsin Act 149 (which went into effect March 2024). While the statute exempted qualifying bullion, general administrative rules required sellers to substantiate exempt sales, generally through exemption certificates. In practice, this led many dealers to treat certificates as a de facto requirement for retail bullion transactions.

Act 124 clarifies that no exemption certificates are required for sales qualifying under §77.54(74). However, sellers remain responsible for maintaining sufficient records to demonstrate that any items sold meet the statutory definition of “precious-metal bullion.” Under Wisconsin law, “precious-metal bullion” is defined as coins, bars, rounds, or sheets containing at least 35 percent gold, silver, copper, platinum, or palladium that are marked with weight, purity, and content, or that are minted by a government authority on the basis of weight, purity, and content. The exemption does not extend to jewelry, works of art, scrap metal, electronics, or other tangible personal property containing precious metals.

Industry observers note that the change brings Wisconsin in line with the broader national trend among bullion-friendly states, with exemption eligibility determined by the intrinsic nature of the product rather than purchaser-provided documentation.

NCBA has updated its dealer resources to reflect the clarification. The “State-By-State Guide” and “Sales-Tax Status & Economic Nexus Requirements by State” have been revised with the new requirements. These resources are available exclusively to dealer-members through the NCBA website at ncbassoc.org under Resources > State-By-State Guide and Resources > Knowledgebase > Sales and Use Taxes > Files, respectively.

For additional information, dealers are encouraged to consult the full statutory text or guidance issued by the Wisconsin Department of Revenue.
 

National News

New AML/CFT Regulations

In April 2026 the Financial Crimes Enforcement Network (FinCEN) published “Notice of Proposed Rule Making” in the Federal Register. The new proposed rules apply to financial institutions and non-financial institutions that must comply with AML/CFT regulations.¹ Defined as non-financial institutions, coin and bullion dealers/retailers, jewelers, and qualifying pawn shops that buy and sell precious metals, precious stones, and jewels are required to comply with applicable new AML/CFT rules.

Highlighted below are key components of the more notable new regulations applicable to NCBA members:

• Compliance with USC 5318(h)(1)—This relates to the minimum requirements that must be established to prevent money laundering and financing of terrorism. The specific requirements that apply to this USC code, as well as other new requirements, are discussed in more detail below.
• The dealer must establish a risk-based set of internal policies, procedures, and controls that are reasonably designed to ensure compliance with the Bank Secrecy Act.
• Identify, assess, and document the dealer’s money laundering, terrorist financing, and other illicit finance activity² risks through a risk-assessment process.
• Evaluate the risks of money laundering, terrorist financing, and other illicit financial activity to the dealer’s business activities.
• Review AML/CFT priorities and determine how they should be incorporated into the program framework, as appropriate.
• Update priorities upon any business changes the dealer knows or has reason to suspect might significantly alter the dealer’s risk levels.
• Mitigate the dealer’s AML/CFT risks, including by directing more resources and attention to higher-risk customers and activities.       
• Establish independent AML/CFT program testing.
• Designate an individual to act as a compliance officer: someone located in the US and accessible, who can be subject to oversight and supervision of FinCEN or its designee, to be responsible for establishing and implementing the AML/CFT program and establishing an ongoing employee training program.
• Implement the AML/CFT program, including the controls, procedures, and monitoring activities established under the planned framework.
• The dealer’s AML/CFT program must be written and approved by the dealer’s board of directors, an equivalent governing body, or appropriate senior management. The dealer must make a copy of the AML/CFT program available to FinCEN or its designee upon request.
• The dealer must implement the above requirements within six months of the dealer becoming subject to the requirements of this section.³

A law firm that provides AML/CFT consulting services to banks humorously quipped “Old Wine, New Bottle,” when the above proposed regulations were published. A fitting comment, seeing as nearly identical AML/CFT regulations were proposed in 2024—regulations that were never finalized or released, likely do to with the then-upcoming presidential election. We’ll see if anything comes of these proposed regulations this time. If any dealers are in need of help making sure their AML/CFT procedures are up to the proposed standards, please contact Gary Knaus at 630-963-6350 or gknaus@aml4u.com.

¹ Note: This article was written before the new regulations were officially finalized. As such, there is a chance the rules have been changed or were not released as scheduled.
² Unfortunately, “other illicit finance activity” is not defined. It likely would apply, for example,  to assessing if a customer is attempting to avoid reporting a transaction (such as structuring transaction to avoid having Form 8300 filed), but would it also apply to a customer whom a dealer thinks might be avoiding reporting a sale to the IRS for which a long-term collectible capital gain might apply (such as purchasing precious-metal coins from a customer who doesn’t want a receipt)?
³ While not specified, apparently this would apply to dealers who have purchased and sold $50,000 of covered goods in the previous calendar or business year and were not previously required to have an AML/CFT program in place. For dealers who already have an AML/CFT program in place, the deadline for implementing the new regulations will likely extend to within a year of the new regulations being finalized and published.

Gary Knaus, NCBA Anti–Money Laundering Advisor and owner of Knaus & Associates, Inc., has provided AML compliance services to bullion, coin, and jewelry dealers since 2012. Contact him at 630-963-6350 or gknaus@aml4u.com.
 

Coins: The Red-Headed Stepchildren of Capital Gains Tax

Capital Gains Tax Provisions
Now and then, someone writes an article for a numismatic publication detailing the treatment of coinage as “collectibles,” subject to a 28% tax rate on gains, as opposed to the 20% (maximum) treatment for other investment vehicles held for the same period of time. Unlike other types of collectibles—antiques, art, gemstones, alcoholic beverages, etc.—described in Sec. 408(m), Sec. 408 (m)(3) exempts certain bullion-related silver and gold coins from the list in order to allow their inclusion in an IRA account. However, the language is deceiving.

Too few have enough familiarity with tax provisions to recognize that by limiting the list provided in Sec. 408(m), the IRS is not approving of any omitted items as an “investment.” In fact, Section 1(h)(5)(A) rejects the Sec. 408(m)(3) IRA exemptions for income tax purposes. “The IRS giveth, and the IRS taketh away.”

Even what is allowed in the “collectibles” provisions can be misunderstood. Most would assume that the same standard for gains would allow losses to offset gains. But without walking too far into the weeds, the taxpayer bears the burden of proof that the collectible was held specifically for investment purposes, in order to avoid a “loss” being disallowed, even when considered a “collectible.”

Those who offer suggestions for reforming an unfair tax treatment too often underestimate the strength of opposition from two powerful sources. The first comes from every vendor of every collectible demanding to be included, and this group opposes even the coins currently holding the IRA exemptions.

The second and more powerful wave is from Wall Street, where the current treatment of “collectibles”—even at the higher, 28% rate—is constantly opposed. Every instance of counterfeiting, misrepresentation, fraud, or wrongdoing is archived and ready to hit the national press if it appears any move toward fairness is on the horizon. Even an effort merely to reword Sec. 1(h)(5)(A) so that the described bullion coins are moved from the “collectible” category to the “investment” category would likely suffer an attack with frightening potential consequences.

Welcome to “be careful what you wish for.” Wall Street would be delighted to require coin dealers to register as “broker dealers” or “investment advisors,” since the proposed provisions embrace the word “investments.” States like New York and California would be the first to find new revenue sources from such required filings and regulatory scheme compliances.

In the next newsletter, I’ll follow up with suggestions for planning and legally avoiding capital gains taxes on both numismatic and bullion coins, even without new legislation.

Jimmy Hayes is NCBA’s general counsel, a numismatist, and former member of Congress. He has also served as Commissioner of Financial Institutions and Commissioner of Securities in Louisiana. Jimmy Hayes and Anthony J. Correro (securities professor at LSU Law School) wrote the current Louisiana Securities Code.