2023 Q3
Tuesday, October 3, 2023
Section: 2023

Association News

ALERT: Bank-Account Closures for Coin Business Owners

We are writing to alert you about an issue that some of our members are currently facing: the sudden closure of coin business bank accounts without financial institutions giving prior notice or explanation to owners.

This problem echoes events from 2014, when a similar situation arose and was investigated by ICTA. At that time, some members experienced account closures as part of Operation Choke Point, an anti-money laundering effort from the Department of Justice. This operation targeted specific types of businesses—including coin dealers—considered to be potential fronts for money-laundering and sought to close their accounts. Additionally, there was significant discussion about banks enforcing Anti-Money Laundering (AML) audits for coin dealers. At that time, we advised our members to maintain secondary bank accounts and explore the benefits of smaller banks. ICTA’s general counsel, Jimmy Hayes, was actively involved in resulting legislation that aimed to prohibit such bank-account closures.

We find ourselves in a similar situation today. To address this issue, we recommend that affected coin business owners and interested parties read the article, “What Does Anti-Money Laundering Have To Do With My Company?” on the NCBA website here. This resource provides valuable insights into how AML regulations may impact your business.

We request that those who have received account-termination notices and have had their accounts closed share specific details with the NCBA. This information will be crucial in understanding the extent of the issue and advocating for solutions. Additionally, NCBA is conducting a survey among its members (see below) to collect data on the number of members who have received account-termination notices from their banks. Your participation in this survey will aid our effectiveness in addressing this matter.

Please remember that while NCBA staff is available to assist you with questions regarding cash reporting situations, we are not accountants or legal counsel and cannot provide legal advice on your company’s policies.

We are committed to advocating for the interests of our members, and your cooperation and participation are essential in addressing this pressing issue.

Bank Account Closure Survey

NCBA is conducting a survey to understand how many of our members have received account-termination notices from their banks.

This brief survey will take just a few minutes of your time. Your participation is crucial to us. All survey responses are for internal use only and will be kept strictly confidential. With the exception of the optional question at the end, your individual responses are anonymous.

We genuinely appreciate your participation!

CLICK HERE to take the survey.

NCBA Social Media Campaign
The National Coin & Bullion Association has recently begun putting more focus on expanding our efforts to find new members through social media. We would love to have current members participating with us. We have come up with two ways you can help:
  1. We’d like to share quotes from current members on our pages about why NCBA is important to you. If you would like to be featured (and feature your business!) in our social media campaign, shoot us an email (ncba@ncbassoc.org) with a short response to one of these questions:
    1. Why did you join NCBA?
    2. Why is NCBA important to you?
    3. What is a lesser-known aspect of NCBA that you think is important?
  2. If you’re active on social media and are willing help us reach new audiences, we would like you to post about NCBA and tag us. We will make that as easy as possible for you! A couple times each month, we’ll send members an email with a post all written out and ready to go. You’re welcome to rewrite it, post it as-is, or ignore it altogether if social media isn’t your forte, but know that if you do decide to post it, you’ll be helping us increase our impact by getting NCBA in front of more eyes. You can start now! Feel free to share the image here (then, right-click image, “Save Image As”), with a caption to go along:
Some of you may know that I’m a member of NCBA, the National Coin & Bullion Association (previously known as ICTA), but you may not know all of the things they do for those of us in the industry. They’re best known for promoting and supporting legislation that’s favorable to numismatics, but they also provide a lot of information and assistance for members with legal or tax-related questions. There are memberships for dealers of all sizes, and even a free collector membership option for my non-dealer friends. Their website has more information if anyone’s interested in joining!
If you do post it, tag us! We’re on Facebook, LinkedIn, Instagram (@wearencba), X/Twitter (@wearencba), and MyCollect.
Thank you for your support as we dive into this new medium, and thank you for being a member of NCBA!

2024 Membership Renewal Now Open

The 2024 membership renewal period started on October 1, 2023. If you are a Concerned Collectors Coalition member, your membership will automatically renew on January 1, 2024.

For paid members, your current membership will expire December 31, 2023.

Renew Your Membership Now: [Renew Membership]

Alternatively, you can send your invoice and payment by mail to:

National Coin & Bullion Association
PO Box 237
Dacula, GA 30019

Renew before November 1, 2023, for a chance to win a complimentary 2025 membership renewal. The winner will be announced in an upcoming newsletter. Congratulations John Senff (Hallmark Refining Corp., Mount Vernon, Washington), the winner of a free membership renewal for 2024!

Explore your membership benefits and consider upgrading to a higher tier if interested. Learn more at [Membership Benefits].

The National Coin & Bullion Association is grateful for your support.

Welcome New Members!

(And thank you, referrers!)

The following joined NCBA between July 1 and September 30, 2023:

  •  Brian Kint, CAC Grading (Virginia Beach, VA)

  • Garrett Frisina, Antiquity Coin & Company (FORT MYERS, FL)
  • Kevin Harris, Asset Trade Online (Davie, FL)
  • Neal Patel, NP Financial Services (Boca Raton, FL)
  • Jennifer Luna, NWE (Philadelphia, PA)
  • Chris Colquitt, Patriot Coins and Precious Metals (Peachtree Corners, GA)
  • Linda Kurtz, Gateway Coin & Bullion (Marysville, CA)
  • Jody Davis, Harvard Gold Group (Big Bear Lake, CA)
Concerned Collectors Coalition
  • Ligia Fein, CA
  • Edward Durfee, NJ
  • Jeff Pritchard, WA
  • Brian Bell, WI
  • Edward Szetela, UT; referred by MyCollect

Message from executive director David Crenshaw

IMEX 2023: Tennessee Welcomes the World of Coins

To our valued members of the National Coin & Bullion Association (NCBA), as a respected part of the numismatic community both in the United States and internationally, we wish to extend an exclusive invitation for you to be part of an exceptional event that promises to reshape the global coin industry!

Since the resounding success of our campaign with the Tennessee Precious Metals, Coin & Currency Coalition for the Tennessee sales-tax exemption last year, a new era has dawned for coin dealers not only in Tennessee but also across the United States and around the world. The unity, dedication, and perseverance exhibited by that state’s coalition in partnership with NCBA have paved the way for advancement and innovation in the numismatics community. The result of this collective effort is nothing short of remarkable: the inaugural International Money Exposition (IMEX).

Organized by Colonel Steven Ellsworth (ret.) and Gary Adkins, IMEX is poised to make its grand debut in Nashville, Tennessee, beginning October 26, 2023. IMEX transcends the boundaries of a conventional coin show; it is destined to become a monumental international event that unites experts, enthusiasts, and industry leaders from across the globe.

This event is a not-to-be-missed opportunity for coin businesses across the country and around the world, and we believe that your participation will contribute to the profound impact that IMEX is poised to make on the global numismatics industry. By securing a booth at IMEX, you’ll align yourself with the most respected names in the industry: esteemed partners like PCGS as the Official Grading Service and Legend Rare Coin Auctions as the Official Auctioneer. The prestige of these companies, coupled with Nashville’s charm as the host city, will make IMEX a highlight on the numismatic calendar in 2023, marking the first major coin show to launch in over 30 years, and an impressive return to Tennessee after 13 years without a major event.

IMEX promises to attract a diverse audience, ranging from novice coin collectors to seasoned experts and professional coin dealers from around the world, all converging on this gathering. Your participation will grant you the exclusive opportunity to present your offerings to an engaged global audience eager to explore the treasures that the coin industry has to offer.

To seize this remarkable opportunity, secure your booth without delay by visiting https://imex.show/ for detailed information. Should you have any inquiries or require assistance, please feel free to reach out to Colonel Ellsworth at ellsworth@imex.show or Gary Adkins at adkins@imex.show. Additionally, you can contact them at (703) 802-0252.

Your involvement in IMEX is more than just a booth reservation; it’s an investment in the growth, prosperity, and vibrancy of the numismatic landscape both in the United States and internationally. Let us come together to make the International Money Exposition an extraordinary success and set the stage for a new era of numismatic excellence on the global stage.

We eagerly anticipate your active participation.

Message from chair Patrick I. Perez

I am thrilled to report that the recent NCBA Board meeting in Pittsburgh, held during the ANA World’s Fair of Money, was a resounding success. Our membership dinner that evening was particularly delightful, thanks in large part to David’s exceptional choice of venue—Monterey Bay Fish Grotto, which offered attendees a spectacular view of the city below.

From my perspective, the support for the association and our mission remains as steady and robust as ever.

In line with our commitment to strengthening this support, I’d like to remind you of a strategy we discussed last quarter: a heightened focus on building our social media presence. We believe that by leveraging social media, we can amplify people’s awareness of NCBA and strengthen the support we receive. You can find us on Instagram, Facebook, X/Twitter, and MyCollect. If you are active on any of these major social media platforms, we ask that you follow, comment on, and share NCBA’s content with your followers and colleagues. The more people who become aware of our efforts and accomplishments, the stronger our community becomes!

Thank you for your continued dedication to the NCBA. Your involvement and support are vital to our ongoing success.

Committee Updates

The American Silver Eagle Supply Challenge Committee is addressing the significant pricing differences between bullion products produced by the United States Mint compared to those of other nations. The committee is gathering information in order to both hold the Mint accountable to the public and suggest possible remedial actions. After all, the Mint’s mandate states that ASEs are intended to give investors a “cost-effective” way to invest in silver. The committee will work to ensure that this mandate is fulfilled.

The Bylaws Committee has taken up the task of overhauling our association’s bylaws and policy and procedures manual, which has become convoluted over the last forty years. The committee intends to simplify and streamline our bylaws to be compliant with Delaware code (where we are incorporated) and IRS code. They have already completed their revision of the bylaws and are starting work on updating the policy and procedures manual. They plan to present the new documents to the board for approval at the January 2024 meeting.

The Membership Committee hit the ground running in January, assisting with contacting members whose memberships had lapsed on December 31, 2022, and were still in the renewal grace period. There was also an effort to identify and contact specific members about upgrading their membership level. Additionally, the committee discussed future marketing ideas to increase paid and free memberships and expand the association’s social media presence.

To that end, a social media marketing project was launched on July 1, aimed at achieving specific goals and objectives related to increasing membership, expanding NCBA’s social media presence, and enhancing quality content across various platforms. This project was the culmination of two months of thorough research and vetting of various marketing companies by David Crenshaw. NCBA chose to partner with Numismatic Marketing, whose team has impressed us from the outset of our research. We look forward to monitoring the results of the campaign for the rest of the year.

The Numismatic Industry Coinage Advisory Committee recommended two commemorative coin bills to Congress for the 2023 session. One bill was to commemorate the 50th anniversary of the Endangered Species Act of 1973, and the other was to commemorate the 75th anniversary of NASCAR, which is recognized as the first sanctioning body created to promote a unified series of competitions with an organized group of race car drivers and which held its inaugural race in 1948.

Sadly, the 50th anniversary commemorative coin for the Endangered Species Act bill recommendation did not get introduced. Due to several anti-ESA bills that had already been introduced in the House this year, our bill’s sponsor, Senator Ed Markey, recommended that it be set aside. For an explanation of why the ESA is under attack, see “Species Under Siege: Why the Endangered Species Act is in Congressional Crosshairs.”

Louisiana representative Garrett Graves sponsored House Bill 2838, which was introduced on April 25. Unfortunately, due to circumstances completely out of our control, we did not receive the anticipated support needed to secure additional bill cosponsors and move the bill forward. Regardless, we learned a great deal, and NICAC looks forward to recommending future legislation.

As for the NCBA American Numismatic Association Summer Seminar scholarship, we received one application. The Scholarship Committee chose to award that applicant the scholarship; however, the scholarship ended up not being used this year.

Upcoming Events

Navigating the New Anti-Money Laundering Act of 2020 Regulations, Part 2

The National Coin & Bullion Association is excited to extend an exclusive invitation to all coin-business-owner attendees of the upcoming 2024 FUN Convention! We’ve organized an insightful seminar dedicated to exploring the intricacies of the freshly introduced regulations that make up the Anti-Money Laundering (AML) Act of 2020. Led by none other than Gary Knaus, a distinguished authority in AML, this session promises to provide valuable insights into the potential impact of these regulations on our dynamic numismatic and precious-metals bullion community.

It is clear from recent Department of Treasury updates that understanding the nuances of these changes is paramount to safe and successful business practices. This seminar offers a unique opportunity to delve into the specifics of these changes, ensuring a comprehensive grasp of the regulations and their potential implications for your business.

Gary Knaus, a long-standing member of NCBA, brings years of practical wisdom to the table. Since 2012, he has been actively engaged in providing AML compliance services to bullion, coin, and jewelry dealers. His expertise will serve as a guiding beacon, helping us navigate the complexities of the new regulations and readying our businesses for continued developments in our industry’s landscape.

We urge all dealers participating in the convention to make this seminar a priority. Staying informed is pivotal in today’s evolving landscape, and this is your opportunity to be proactive in equipping yourself with crucial knowledge. Mark your calendars for 10:15 a.m., Wednesday, January 3, 2024, at the Orange County Convention Center in Orlando, Florida, meeting Room N320E.

For those who attended the ANA World’s Fair of Money in August 2023, you know that Part 1 of this seminar series was an enlightening experience. If you missed it, don’t worry—a video of the seminar is available to view on our website (exclusively for NCBA dealer-members). We value our NCBA members and their commitment to staying informed.

For those eager to learn more about the Anti-Money Laundering Act of 2020 and its implications, we recommend reading the articles “The Anti-Money Laundering Act of 2020” in Member News, 2021 Q1 (exclusively for NCBA members), and “What Does Anti-Money Laundering Have to Do with My Company?” on our website: https://www.ncbassoc.org/anti-money-laundering.

We appreciate your engagement and enthusiasm. We’re excited to welcome you to this significant seminar and anticipate a constructive exchange of insights as we navigate these regulatory waters together.

NCBA Board of Directors Meeting

A board of directors meeting will start at 8:00 a.m. on Wednesday, January 3, 2024, at the Florida United Numismatists Convention in the Orange County Convention Center North/South Building, meeting Room N330AB.

Relevant Bylaws: According to our Bylaws, Section 6-3, “Board of Directors members are required to attend at least one (1) Board of Directors meeting per year, either in person or by electronic communication.” Any board meetings conducted in person may be attended via teleconference. Directors will be provided a centralized telephone number and passcode to join the meeting.

Update Your Member Profile

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

Concerned Collectors Coalition members (formerly “Consumer Patrons”) should add your state and federal legislators to your profile. CLICK HERE to find your legislators—remember, they may change with the November election.

By keeping your member profile up to date, you are guaranteed access to all the exclusive benefits and resources that an NCBA membership offers:
  • Member-only resources specifically for dealers, available online at nationalcoinandbullionassoc.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 quarterly 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.

Essential Resources for Your Business

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

Cash-Reporting Kit ($200): The information provided by NCBA is intended to assist dealers in understanding the regulations on cash reporting and money laundering. This information is designed to be used in conjunction with the advice of your professional tax advisor.

Broker-Reporting Kit ($100): The information provided by NCBA is based on our discussions with the Internal Revenue Service to identify investment-level or other substantial transactions that could generate tax consequences. You should also consult with your tax advisor.

Consumer Information Kit ($50): This information has been produced in response to many questions from consumers regarding what products and circumstances require transactions be reported to the U.S. Department of the Treasury / Internal Revenue Service.

CLICK HERE to order information kits.

Member Benefits

Logo Display and Table Runner Options

Members in the Individual Dealers and Company membership tiers will receive an “NCBA MEMBER” logo prominently displayed on their booth sign at participating shows. Additionally, they are granted logo usage rights in accordance with the terms and conditions outlined in the logo-use agreement (signature required).

Gold and Platinum members will also receive a custom table runner featuring the “NCBA MEMBER” logo, which they can proudly display over their existing table covering during shows.

For Basic through Silver members, there is an option to purchase a table runner for $200, including shipping. A signed logo-use agreement is required for this purchase.

CLICK HERE to order a table runner.

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 every quarter, is also a great way to get your message out.

CLICK HERE for more information.

Not Receiving Our Emails?

Typically, when members don’t see our emails in their inboxes, it’s due to junk-mail and spam filtering by their Internet service provider and/or email software. Check your email’s spam or junk folders and add ncba@ncbassoc.org to your email’s contacts or address book so future emails get through. If you still don’t see our emails, please contact us at ncba@ncbassoc.org, so we may investigate further.

States’ News

Presently, 42 states have complete or partial sales-tax exemptions on in-state retail sales of collector coins 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 other 36 have enacted legislation and adopted regulations to exempt such merchandise. That leaves eight states (Hawaii, Kentucky, Maine, Minnesota, New Jersey, New Mexico, Vermont, and Wisconsin) and the District of Columbia who do not exempt retail sales of coins, currency, and precious-metals bullion from sales tax. Any member who would like to start a sales-tax exemption initiative in one of these remaining states or the District of Columbia should please email ncba@ncbassoc.org.


House Bill 3, “Gold and Silver Specie as Legal Tender,” achieved passage in the House on May 11, with a vote count of 25 Yeas to 15 Nays. Subsequently, the bill underwent the engrossment process, was duly signed by the speaker and chief clerk, and was subsequently forwarded to the Senate for their consideration. The Senate officially received the bill on May 12, where it underwent its initial reading and was referred to the State Affairs Committee for further evaluation.

The first regular session of the 33rd Legislature for the years 2023–2024 adjourned on May 17, with legislators slated to return January 2024. During this interim period, we encourage Alaskans to reach out to Senator Scott Kawasaki, the Chair of the Senate State Affairs Committee. They can communicate their support for HB 3 via calls, emails, or written correspondence, urging him to champion this vital legislation (a sample letter is available here). While the sample letter provides guidance, individuals should personalize their message to reflect their unique perspectives and circumstances. Your active involvement in this advocacy effort is greatly appreciated.


The National Coin & Bullion Association (NCBA) wants to alert members to an important development that is causing some concern among California dealers: the recent amendment to SB 889 in California and its impact on your quarterly tax filings.

In December 2022, the California Department of Tax and Fee Administration (CDTFA) quietly changed the sales-tax threshold for coin and bullion purchases, effective January 1, 2023, without alerting dealers. In response, an initiative was pushed through the legislature that resulted in an amendment to SB 889 to change the implementation date to July 1, 2023. The change simply waits on the signature of Governor Gavin Newsom (see website Community News post “CCBMA Resolves Sales Tax Issue Through Legislation“ and Member News, 2023 Q2).

An NCBA dealer-member in Marysville, California, recently reached out to us after noticing that the current statute had not yet been updated in accordance with the recent amendment. The key detail of SB 889 is that the amendment specified that its changes would retroactively become effective as of July 1 once the governor signed the bill. This dealer was concerned about how they should proceed with their quarterly tax filings.

When contacted, CDTFA confirmed that though SB 889 had passed the California legislature, they would continue to operate under the existing statute, where the threshold change was effective starting in January, until it received an official update.

In response to this member’s concerns, NCBA swiftly contacted Steve Cattolica (SC Advocates, Sacramento), the lobbyist representing the California Coin and Bullion Merchant’s Association. Steve promptly communicated with the director at CDTFA and received a response from an associate there, Lynn Whitaker.

Steve emphasized the urgency of Governor Newsom signing SB 889 into law. He requested that CDTFA director Nicolas Maduros contact Assembly leadership and the governor’s staff to expedite the bill’s signing and asked what dealers should do in the meantime.

In response to these developments, CDTFA provided the following guidance:

“As background, the tax-exempt threshold for bulk sales of coins and bullion increased to $2,000 or more for sales made after January 1, 2023. Pending legislation [in SB 889] provides, in part, that the January 1, 2023, threshold adjustment would be operative July 1, 2023. Your concern is for retailers who did not collect tax reimbursement on transactions between $1,500 and $2,000 and now have returns due for time periods that include January–June 2023.

“As we discussed, retailers should file their returns and not wait for the outcome of SB 889. If the retailer has not collected tax reimbursement from customers on sales between $1,500 and $2,000 they can:
  • Include those sales in their return and pay the full tax due. If SB 889 passes, the retailer can file a claim for a refund for the tax paid on those transactions.
  • If the retailer does not include those transactions on their return and SB 889 passes, they will not owe the tax on sales under $2,000 made before July 1, 2023.
  • If the retailer does not include those transactions on their return and SB 889 does not pass, the retailer will owe tax, interest, and penalty on those transactions. They could, however, request relief of interest and penalty as explained in our notice about this issue: L-906, Exemption Threshold for Bulk Sales of Monetized Bullion, Nonmonetized Gold or Silver Bullion, and Numismatic Coins Increased to $2,000 (ca.gov).”
We understand the challenges and uncertainties that these sudden changes in California tax law may present to our members. The legislative session concluded on September 14; as of September 21, the bill had been officially presented to the governor.

We are very sorry the governor has not signed the legislation yet. We understand that this uncertainty is frustrating. While these options may not be ideal, they are designed to help you navigate this transitional period with minimal disruption to your operations. NCBA and the California Coin and Bullion Merchants Association will continue to monitor the situation and provide updates as necessary. In the meantime, we encourage you to reach out to your tax advisors or legal counsel for personalized guidance based on your unique circumstances.


As noted in our last newsletter, the legislative session came to a close on Thursday, March 30, 2023, with no further action taken to reinstate the sales-tax exemption removed from HB 360. While this outcome was undoubtedly disappointing, the brief session did offer the coin and bullion dealer coalition an opportunity to persistently educate lawmakers on the widespread support for this policy and the adverse effects of the tax on Kentucky’s dealers.

In May, local coalition leaders, including Byrd Saylor and the NCBA, convened to strategize the next steps. We remain optimistic that the third attempt at passing our bill in the 2024 legislative session will prove successful. Your continued support and dedication are invaluable as we work towards achieving our objectives.

For more information or to contribute toward the lobbyist fees and other campaign expenses, please contact Byrd Saylor at (502) 584-9879 or bsaylor@louisvillenumismatic.com.


In the last newsletter, we reported Representative Bjorn Olson introduced HF 106, a bill that seeks to modify sales and use tax provisions and expand exemptions for precious metal bullion, including coins and other forms of currency. Currently, this bill has been referred to the House Taxes Committee.
Similarly, HF 106’s companion bill in the Senate, SF 373, which was introduced by Senator Rich Draheim, aims to authorize a sales- and use-tax exemption on precious-metals bullion, including coins and other forms of currency. This bill is awaiting further action in the Senate Taxes Committee.

As a reminder, the 93rd Legislature (2023–2024) is currently adjourned and is scheduled to reconvene on February 12, 2024. We will continue to monitor the progress of these bills and provide updates as they develop. Your support and advocacy are greatly appreciated as we work towards achieving these important legislative goals.

For more information or to volunteer to help with the local campaign efforts, please contact NCBA at (678) 430-3252 or email ncba@ncbassoc.org.


We are pleased to share the latest developments in our ongoing efforts to reform Nevada’s tax regulations. Last year, our dedicated member Scott Schwartz, representing Fidelitrade, Delaware Depository in Boulder City, tirelessly worked to secure additional financial support for our lobbying initiatives. This endeavor led us to a pivotal connection with member Allen Rowe (Northern Nevada Coin, Carson City) that is allowing us to explore new avenues for our campaign.

At the heart of our campaign is the goal to bring clarity to Nevada Administrative Code § 372.170, which pertains to coins, stamps, and bullion. While this regulation hinted at the potential for a sales- and use-tax exemption for retail sales of bullion coins, there existed a significant misconception in the text regarding the intrinsic value of bullion coins. The statute currently only exempts sales of coins sold for less than 150% of face value.

We are embarking on a mission to not only clarify this regulation but also expand its scope to encompass other types of coins, forms of currency, and precious-metals bullion. However, this expansion presents a critical question: How do we present this legislation in a way that demonstrates its positive impact on revenue? How can we succinctly convey to the Nevada tax commissioner and legislators that this proposed exemption will be a net-positive generator for the state?

Our approach with legislators centers on the belief that this exemption will promote job creation, spur economic development, and enhance tax fairness within the state. To support these arguments, we have amassed a wealth of resources that will enable us to effectively advocate for this exemption. Moreover, we have the unique opportunity to engage with the state’s fiscal agency in advance of introducing a bill, which positions us favorably for a successful campaign.

We invite all members to stay engaged and support our efforts to bring clarity and common-sense change to Nevada’s tax regulations. Together, we can achieve a fair and equitable tax system that benefits all stakeholders and strengthens our industry. We look forward to updating you on our progress in the coming months. For more information, please contact Scott Schwartz at (302) 483-4656 or email sschwartz@delawaredepository.com.

New Jersey

Alert: New Jersey’s Economic Nexus Threshold for Corporation Business Tax

We want to bring to your attention a significant change in New Jersey’s tax regulations that could impact your businesses. As of July, New Jersey has adopted a new standard for determining whether a corporation is subject to their Corporation Business Tax (CBT). This new economic nexus threshold is in addition to existing standards and is applicable for taxable years ending on or after July 31, 2023.

Under the new regulations, corporations are considered “doing business in New Jersey” and are subject to CBT if they:
  1. Generate gross receipts from New Jersey sources exceeding $100,000 during the taxable year.
  2. Have 200 or more separate transactions delivered to customers within New Jersey during the taxable year.
This change may have implications for businesses operating in and around New Jersey. We recommend that you consult with your tax advisors or legal counsel to assess how this adjustment may impact your specific circumstances and ensure compliance with the updated CBT regulations.

For more information and resources regarding the new economic nexus threshold and the Corporation Business Tax in New Jersey, click here.

Update: Bill A5294 - Exempts Sales of Investment Metal Bullion and Investment Coins from Sales and Use Tax

Last quarter, we reported there was a significant development in New Jersey legislation, specifically Assembly bill A5294. This bill aims to exempt sales of investment metal bullion and investment coins from sales and use taxes. Originally, it was referred to the Assembly Commerce and Economic Development Committee but was later transferred to the Assembly Appropriations Committee.

The Assembly Appropriations Committee conducted an open public meeting on June 22, where they unanimously passed and reported the bill to the Assembly for its second reading. Lobbyist Patrick Torpey represented NCBA and presented testimony on our behalf, supplemented by written testimonies from NCBA industry issues advisor Patrick Heller and executive director David Crenshaw. The Assembly unanimously passed A5294 on June 30.

The identical Senate bill S1825 is currently in the Senate Budget and Appropriations Committee, awaiting further action. While the bill is not yet scheduled for a final vote in the Senate, it is expected that this will occur in November or December.

It is worth noting how involved the New Jersey Department of the Treasury has been in the legislative process. They have suggested a proposed amendment to ensure that the bill does not overlap with existing laws that exempt coins and bars used as a medium of exchange. This involvement by the Treasury inspires optimism that the bill has a good chance of becoming law.

To contribute toward lobbyist fees and other campaign expenses, please make your check payable to Richard Cohen, and mail the check to National Watch & Coin, 106 South 7th Street, Philadelphia, PA 19106. Write on the check “New Jersey Campaign.” For more information, please contact Cohen at (215) 418-2700 or via email at rlondon@guesswho.com.


We are thrilled to announce a groundbreaking victory for the precious-metals industry in Oregon. On July 27, 2023, Governor Tina Kotek signed HB 2073 into law, marking a significant milestone that will provide substantial relief to businesses and individuals engaged in precious-metals transactions. This achievement is the result of dedicated efforts led by the Oregon Coalition of Precious Metals Dealers, who hired Jo Bell of MJB Management to spearhead a grassroots campaign to obtain an exemption for precious-metals bullion from the state’s Corporate Activity Tax (CAT). By partnering with NCBA the coalition received vital assistance and valuable resources to support their advocacy.

This groundbreaking exemption encompasses items where the selling price is determined based on the value of gold, silver, platinum, palladium, or rhodium. The inclusion of so many types of bullion is expected to reinvigorate the precious-metals market and stimulate economic activity within the industry, delivering benefits to both businesses and consumers alike. (It’s important to note that the exemption does not extend to numismatic coins, impacting a specific subset of transactions.)

Under the provisions of HB 2073, the exemption from the CAT is specifically directed at the “cost” incurred by sellers during precious-metals transactions. Therefore, CAT will no longer apply to the transaction cost, significantly reducing the tax burden for those engaged in these transactions. But it is important to emphasize that Corporate Activity Tax will continue to apply to the dealer’s gross margin.

This transformative law is effective September 24, 2023—earlier than initially anticipated. While the bill’s implementation is outlined in specific sections aligning with common legislative practice, this approach ensures a more targeted and timely transition for affected parties. The change in tax status starts with the 2024 tax year.

We extend our deepest gratitude to the Oregon Coalition of Precious Metals Dealers for their tireless efforts in leading this grassroots campaign, and to Jo Bell of MJB Management, who was instrumental in achieving this legislative victory.

For more information, please contact Jo Bell at (503) 931-5057 or email jobell18@gmail.com.


House Bill 295, introduced by Representative Arthur Peterson on February 21, aims to establish a sales-tax exemption for precious metals sold for investment purposes. Currently, the bill is in the House Ways and Means Committee.

The central objective of House Bill 295 is to exempt sales of precious metals from the state’s sales and use tax when the value of the sale reaches $1,000.00 or more. However, it’s important to acknowledge that this threshold presents certain limitations, particularly for consumers who seek to invest in precious metals on a smaller scale. This limitation affects retirees, military families, and modest-income consumers who may wish to engage in local precious metal transactions without the burden of sales and use taxes.

In light of these considerations, our advocacy efforts have included reaching out to Rep. Peterson, urging him to consider removing the $1,000 threshold. By eliminating this threshold, we aim to make precious metals more accessible to smaller-scale investors, ensuring they have the same investment options as large-scale investors who are not subject to sales and use taxes. Our goal is to level the playing field and promote fairness in investment choices.

The Vermont Legislature (2023–2024) is currently in recess, but we are eagerly anticipating further action on House Bill 295 by the committee. We remain dedicated to advocating for a more equitable investment landscape in Vermont, where precious metals can serve as a viable and accessible option for all residents. Your continued support and engagement in this endeavor are instrumental in our pursuit of positive legislative change.

For more information or to volunteer to help with the local campaign efforts, please contact NCBA at (678) 430-3252 or email ncba@ncbassoc.org.


Last quarter, we reported on Senate Bill 33, which proposes a sales- and use-tax exemption for precious-metal bullion, and Assembly Bill 29, which seeks a similar exemption. Both bills are currently awaiting further action in the Senate Universities and Revenue Committee and the Assembly Committee on Ways and Means, respectively.

A fiscal estimate has also been received on the bills. To recap, a fiscal estimate is a written projection of the costs, savings, and revenue gains or losses that may result from the implementation of a bill or joint resolution. It serves as a tool to help legislators better understand how a bill might impact the state budget, individual agencies, and, in some instances, local governments. According to Wisconsin’s fiscal agencies the estimated annual loss in state revenue is an inflated $3,700,000, while the estimated local revenue lost is $298,000.

For a more accurate figure, according to the NCBA’s 2016 national survey of actual coin dealer activity for the year 2015, it was determined that the average annual in-state retail sales of coins and precious-metals bullion amounted to $104,188 per dealer in states where such merchandise is subject to sales taxes. In the 2015 Numismatic Dealer Directory, there were 101 listed Wisconsin dealers. By calculating 101 x $104,188 x 5% sales tax, we estimate approximately $526,149 in annual state sales-tax collections that could be lost.

Senator Rachael Cabral-Guevara has expressed to coalition leader Michelle Voecks-Griesbach her desire for testimony from NCBA when the Senate Universities and Revenue Committee schedules a hearing for the bill. NCBA’s industry issues advisor, Pat Heller, is prepared to address the fiscal note’s overestimate at that time.

For more information or to volunteer to assist with local campaign efforts, please contact Michelle Voecks-Griesbach of Fox Valley Coin & Diamonds Etc. at (920) 731-5451 or email michelle@foxcoin.com.

National News

NICAC Requests Opinions from NCBA Members

In our ongoing efforts to evaluate and propose commemorative coins for 2025 and to extend support from NCBA and other numismatic organizations to the most deserving institutions, the Numismatic Industry Coinage Advisory Committee (NICAC) is seeking input from NCBA members on the numismatic value and market potential of the following 2025 proposals that have garnered Congressional support.

2025 Coinage Proposals
1. United States Marine Corps 250th Anniversary

Senate Bill S 305 was introduced in February by Senator Richard Blumenthal, advocating for production of both proof and uncirculated coins to memorialize the founding of the US Marine Corps in 1775. This legislation authorizes the minting of up to 50,000 (.900 fine) five-dollar gold coins, 400,000 (.999 fine) silver dollar coins, and a maximum of 750,000 copper-nickel clad half dollars. The Senate easily passed this legislation—boasting 74 co-sponsors—and it was referred to the House.
In February, a House companion bill was introduced by Representative Seth Moulton (HR 1096), gaining support from 301 co-sponsors. On July 26, 2023, the President signed HR 1096, which included provisions from the Senate bill.
Proceeds generated from the coin sales will be directed to the Marine Corps Heritage Foundation to support the missions of the Marine Corps Heritage Center.
It’s important to note that only one other 2025 commemorative coin will be authorized.

2. US Foreign Service 100th Anniversary

In 1925, the first Diplomatic and Consular Service trainees for the combined Foreign Service began their careers. Legislation introduced on May 18, 2023, by Representative Abigail Davis Spanberger, HR 3537, and on March 14 by Senator Chris Van Holden, S 789, seeks the authority to mint up to 50,000 $5 gold coins, up to 400,000 silver dollars, and no more than 750,000 copper-nickel clad half dollars, mirroring the specificity of the Marine Corps Anniversary legislation.

Proceeds generated from the coin sales will be directed to the Association for Diplomatic Studies and Training to support the collection, curation, and sharing of diplomatic history in the United States via oral history, books, social media, and other means.

While these bills have gathered some co-sponsors (44 for the House Bill and 36 for the Senate Bill), they remain in their respective committees of jurisdiction without further action.

3. Working Dog Commemorative Coin Act

This legislation aims to mint coins recognizing the historical significance of dogs in providing protection, companionship, and daily assistance to countless individuals. Dogs have played vital roles in numerous fields, from service in various military and security capacities to aiding veterans and those with disabilities.

Congressman Patrick McHenry introduced HR 807, and Senator Ted Budd  introduced S 711, proposing the same coinage production provisions as the Foreign Service and Marine Corps bills.

The Senate bill has garnered only 14 co-sponsors and remains in the Banking Committee since referral. Conversely, HR 807 enjoys support from 176 co-sponsors and was authored by the Chairman of the Financial Services Committee, to whom it was referred.

Proceeds from surcharges are dedicated to America’s VetDogs, a non-profit organization that provides service animals for military members, veterans, and first responders with disabilities.

4. Additional Commemorative Possibilities

(a)    75th Anniversary of the Korean War (June 25, 1950).
(b)    100th Anniversary of the inauguration of the first female governor elected in the United States. Nellie Tayloe Ross was elected governor of Wyoming and began her term of office on January 5, 1925. She later served as director of the Mint from 1933 to 1953, the longest term of any Mint Director.
(c)    Bicentennial of the first working experimental steam locomotive.

Request For Member Input

Supporting any of the 2025 coins (except the Marine Corps Anniversary) would necessitate bringing significant attention to the bills and incur lobbying costs; we greatly appreciate the guidance and insights of our NCBA members in where we should focus our attentions.

Please consider the following questions and then take a moment to share your thoughts and opinions by participating in our survey.

Survey Questions:

  1. Do you have any ideas or suggestions for additions to the list of 2025 commemorative coins currently under consideration?
  2. What are your thoughts regarding the desirability or lack thereof of the proposals currently being considered for commemorative coins in 2025?
  3. Which of these proposals do you believe would generate the most significant market interest: 75th Anniversary of the Korean War (June 25, 1950), 100th Anniversary of the inauguration of the first female governor elected in the United States, Nellie Tayloe Ross, or Bicentennial of the first working experimental steam locomotive? Based on your experiences, what do you think would have the best sales potential with the public?
  4. Please share any comments that you consider relevant to the decision-making process.

Thank you for your active involvement in shaping the numismatic options of 2025.

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.

New Form 8300 e-Filing Requirements and Corporate Transparency Act

The IRS has announced significant changes in tax reporting and transparency regulations that will come into effect on January 1, 2024. In this article, we’ll cover the new requirements for electronic filing (e-filing) Form 8300 and the implications of the Corporate Transparency Act.

New e-Filing Requirements for Form 8300

The IRS is implementing new e-filing requirements that will impact individuals and businesses filing Form 8300, also known as the “Report of Cash Payments Over $10,000 in a Trade or Business,” even if you have previously filed Form 8300 by mail.

Who Must E-File?

Beginning January 1, 2024, if you are required to e-file ten or more other information returns, such as the Forms 1099 series and/or Forms W-2, in a calendar year (not including your Forms 8300), you must also e-file Forms 8300.

For example, if in 2023, you e-filed six 1099-B forms and four W-2s, you will be obligated to e-file Forms 8300 in 2024. If you only e-filed five 1099-B forms and three W-2s, you have not reached the ten-plus e-filed forms requirement and can still send paper Forms 8300 to the following address:

Internal Revenue Service
Detroit Federal Building
PO Box 32621
Detroit, MI 48232

How to E-File:

To e-file Forms 8300, you must first register with the Financial Crimes Enforcement Network (FinCEN) BSA E-Filing System, which is accessible on the FinCEN website.

Penalties for Non-Compliance:

Failure to e-file if required can lead to a “failure to file” penalty fine, just as though you had not filed a paper Form 8300. If you submit your Form 8300 late, whether through e-filing or on paper, ensure that you include “LATE” in the comments section to avoid potential penalties.

Customer Notifications:

Do not overlook the importance of sending emails or letters to customers for whom you filed Form 8300 in 2023. These notifications must be sent by January 31, 2024. Neglecting this requirement could result in additional penalties.

Corporate Transparency Act Goes into Effect

Starting January 1, 2024, the Corporate Transparency Act seeks to open a new era of transparency regarding business ownership. Whether your business is incorporated, structured as an LLC, or established as another legal entity within a state or territory, if it is currently active, you may be required to register Beneficial Ownership Information with FinCEN. Because FinCEN is particularly concerned with small business holdings (which are more likely to be “shell corporations”), this requirement applies if your business has annual sales or receipts of $5,000,000 or less AND employs 20 or fewer individuals.

The process of determining whether your business needs to register under this Act involves several factors. For guidance, FinCEN has provided a comprehensive 50-page document on their website, titled the “Small Entity Compliance Guide.”

It’s crucial to stay up to date regarding these changes in tax reporting and transparency regulations for 2024. Complying with the new Form 8300 e-filing requirements and understanding the Corporate Transparency Act are essential to avoid penalties and ensure your business operates within the bounds of the law.

Gary Knaus, NCBA member 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.

Attending the FUN Convention? Gary Knaus will be discussing and answering questions about the new Anti-Money Laundering Act of 2020 regulations on January 3, 2024, at the Orange County Convention Center in Orlando, Florida, at 10:15 a.m. in Room 
N320E. Check NCBA’s Calendar for updates and details.