Association News

Welcome New Members

(And thank you, referrers!)

The following joined NCBA between January 1 and March 31, 2025:

Silver

• Jack Hunt Coin Broker (NY)
• Neil Sackmary, Nevada Coin Mart (NV)

Bronze

• James Briggs, Fred Coops & Co. (CA)

Copper

• Mark Jr. Yarbrough, A-1 Coins & Precious Metals (AR)
• Finis Cole, Cole Metals Group (FL)

Basic

• Tyler Tarrillo, Accurate Precious Metals Refineries (OR)
• Ted Adams, Ballantyne Estate Buyers (NC)
• Thomas Johnson, Hamilton Gold Group (CA)
• Charles Stevens, Stevens Independent C&C (TX)

Concerned Collectors Coalition

• Michael Barker (ME)
• Michael Garofalo (OK)
• Adam Oko (ME)
• William Smith (AL)
• Stephen Soltis (MI)
• Mandy Woods (CA)

Message from Executive Director David Crenshaw

Standing Together to Protect Your Sales-Tax Exemptions

As your partners in the numismatic and bullion community, I want to take a moment to celebrate our shared success—and underscore the critical work we’re doing together. Today, 41 states offer sales-tax exemptions on bullion, coins, and/or currency, and five more have no state sales tax at all. These policies are a lifeline for our businesses, collections, and passion for this industry. But they’re not guaranteed. Lawmakers in states like Maryland, Washington, and New York are pushing to repeal these exemptions, and without our collective vigilance, your state could be next. At NCBA, we’re committed to defending these hard-won benefits—because your livelihoods and interests depend on it.

Fortunately, this kind of pushback isn’t new to NCBA. Look at what we achieved in Nebraska just last year: in July 2024, a legislative proposal threatened to dismantle the state’s exemption during a special session. Thanks to an alert from one of our dealer-members, NCBA mobilized fast. Our team—alongside dedicated local dealers and advocates—delivered testimony, lobbied tirelessly, and rallied support. By August, the exemption stood firm, a testament to what we can accomplish when we unite. This wasn’t just a win for Nebraska; it’s a model for protecting exemptions nationwide.

Why does this matter? These exemptions fuel your success. When they’re in place, dealers’ businesses thrive, collectors invest confidently, and clubs grow stronger—boosting local economies along the way. And when they’re threatened, we’ve seen the fallout: lost sales, shuttered businesses, and diminished opportunities. This year alone, Maryland and Washington introduced repeal bills, and New York is facing a similar challenge. History has shown that scrapping exemptions often costs states more in lost revenue than they gain—a lesson we drive home to lawmakers.

You are the backbone of this effort. Our dealers keep us informed of local threats, our collectors in the Concerned Collectors Coalition amplify our voice, and our clubs and vendors strengthen our network. Together, we monitor all 50 states, educating legislators on why bullion and coins—recognized as legal tender and investments, not consumer goods—deserve tax-exempt status. Your involvement makes the difference.

Let’s Keep the Momentum Going

Dealers, stay vigilant and report any legislative whispers in your state. Collectors, join the Concerned Collectors Coalition if you haven’t already—it’s free at https://www.ncbassoc.org/concerned-collectors-coalition—and encourage others to sign up. Clubs and vendors, spread the word. Every voice counts, and every contribution of $25, $50, or $100 to active states’ coalitions help us sustain this fight.

Thank you for standing with NCBA. Together, we’re not just preserving exemptions—we’re securing the future of our numismatic community. Let’s keep pushing forward.

Message from Chair Patrick I. Perez

As we enter the second quarter of the year, we have been reminded once again of the critical nature of the work of our association, and how sometimes unanticipated events require swift action.

Recently in Maryland the state government proposed a budget that sought to repeal several sales-tax exemptions, including the existing one for coins and precious metals. This hit particularly close to home, as Baltimore is home to the Whitman Expo, and having a sales-tax exemption is very important to any coin show. These exemptions ensure visiting dealers can come and conduct business without the worry of filing a tax return or acquiring a temporary resellers permit. With the help of NCBA, Whitman staff were able to quickly hire a seasoned lobbyist with the connections to carve out language in the budget that ensures the exemption remains.

We anticipate this to become a more common occurrence throughout the nation as state budgets come under more pressure. Unfortunately, state tax agencies often misjudge and grossly overestimate the amount of sales tax that could potentially be collected. We are an easy target when solid data is overlooked.

Ultimately, we are protecting the ability of American citizens to easily invest in rare coins and precious metals. The support of NCBA’s dealer-members is so important in the battle to protect legislation that sometimes took years to pass. Thank you for your help as we continue to fight for the security of our industry.

Reminder: IRS 1099-B Reporting Requirements for Bullion Transactions

In 2024, NCBA worked directly with the IRS to clarify reporting requirements for dealers in precious metals. At the time, NCBA provided multiple updates regarding the IRS’s clarified 1099-B reporting requirements for bullion transactions:

• March 25, 2024—NCBA sent an email alert to all dealer-members: “NCBA Gains IRS Clarification on Reporting Requirements for Precious-Metals Dealers.”
• March 26, 2024—A detailed post was published on our website.
• March 2024—A news release was distributed to the numismatic media.
• Q1 2024 Member News—This topic was featured as breaking news.

As we near the end of this tax season, we are issuing a reminder. To support compliance, NCBA has released two white papers that remain available to members:

1. Understanding Reportable Items and Approved Brands for Precious Metals Contracts—Covers IRS clarification on reportable items and CFTC-approved contract requirements.
2. Navigating IRS Form 1099-B Reporting: Guidelines for Precious Metal Dealers – A comprehensive guide to Form 1099-B reporting requirements and regulatory considerations.

These resources are accessible at ncbassoc.org under Resources > Knowledgebase > Anti-Money Laundering > Files. Sign-in is required to access them.

If you haven’t reviewed these materials yet, we strongly encourage you to do so and consult with your tax or legal advisers to ensure compliance with IRS regulations.

Seeking Leaders for State Sales-Tax Exemption Campaigns in Hawaii, Maine, and Vermont

Only four states remain without a sales-tax exemption for coins, paper money, and precious-metals bullion. If we want that number to continue to shrink, we urgently need members willing to spearhead state-level campaigns in Hawaii, Maine, and Vermont. The only way to be prepared for campaigns in these states before each legislature convenes in 2026 is if we have committed local leaders on the ground.

Our past efforts to secure leaders for these initiatives have fallen short, and now we’re up against the clock. That’s why we’re reaching out to all of you. We believe the right leaders in each state, supported by our resources, can bring success to this critical effort.

NCBA is here to support you through every phase of the campaign:

• Clear guidance on navigating the legislative process
• Assistance in hiring a qualified lobbyist
• Help with creating compelling arguments for the exemption
• Strategies for effectively engaging with legislators
• Model bill language tailored to secure the exemption
• Preparation for testifying at legislative hearings
• A structured timeline to guide strong grassroots efforts

We also recommend strengthening these efforts by forming a coalition of dealers and engaging with each state’s numismatic organizations. Financial support from the coalition will be needed to cover costs for a lobbyist (if retained) and any expenses related to NCBA’s involvement in these campaigns.

Your leadership can have a lasting impact on the numismatic community in Hawaii, Maine, or Vermont. If you’re interested in leading either of these efforts—or know someone who might be—please reach out to us. Together, we can make these campaigns a success.

We look forward to hearing from you!

Exciting New Benefit for NCBA Dealer-Members

NCBA is pleased to announce a new, exclusive benefit for dealer-members, designed to support businesses in complying with the latest Anti-Money Laundering (AML) and Countering Financial Terrorism (CFT) requirements.

Trusted compliance partner Knaus & Associates, Inc., is offering a special 15% discount on all services for NCBA members. Their AML/CFT programs align with updated regulatory standards proposed by FinCEN and will ensure compliance with the evolving requirements under the AML Act of 2020.

For complete details on how your business can benefit from this opportunity, please contact NCBA AML advisor Gary Knaus directly at 630-963-6350 or gknaus@aml4u.com.

CLICK HERE for the NCBA Discounted AML/CFT Compliance Programs flyer.

Stay ahead of compliance requirements with this valuable NCBA member resource!

DiscoverNCBA Promotion Empowers Young Coin Dealers

NCBA is thrilled that the DiscoverNCBA promotion is officially in full swing! This exciting initiative is designed to empower aspiring younger coin dealers (aged 35 and under) by providing unparalleled resources, networking opportunities, and support to thrive in the numismatic and precious-metal bullion industries. If you’re a young entrepreneur ready to make your mark, now’s the perfect time to join the NCBA community through DiscoverNCBA!

Unlock Your Potential with DiscoverNCBA

The promotion is live and delivering exclusive benefits to participants, including access to expert insights, vital industry connections, and top-tier educational resources. Plus, DiscoverNCBA makes it easier than ever to join NCBA with a 50% discount on your first year of dealer-level membership dues (prorated)—a game-changing opportunity for young coin enthusiasts to kickstart their professional journey.

Why Join DiscoverNCBA Today?

• Network with the Best: Connect with seasoned industry professionals, build mentor relationships, and gain insider knowledge to fuel your success.
• Master the Industry: Access educational tools to confidently navigate regulations, market trends, and more.
• Boost Your Business: Elevate your dealership’s visibility and credibility with NCBA’s trusted platform.

Tailored specifically for individuals 35 and younger, DiscoverNCBA is your gateway to a supportive community and the resources you need to take your coin or precious-metals business to new heights.

How to Get Started

To take advantage of the DiscoverNCBA promotion, you’ll need to

• Verify your age (35 or younger) with a government-issued ID and
• Provide proof of ownership (or co-ownership of 50% or more) of a coin- or precious-metals–related business.

Ready to seize this opportunity? Visit ncbassoc.org/membership, choose your membership tier, and use the promo code DISCOVERNCBA to claim your discount. Don’t wait—the promotion is happening now, and your future in the industry starts today!

Questions? Contact ncba@ncbassoc.org for more details on DiscoverNCBA and membership eligibility. Join the movement and discover what NCBA can do for you!

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 build the future of the numismatic community.

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

Upcoming Events

NCBA Board of Directors Meeting

A board of directors meeting will commence at 8:00 a.m. on Wednesday, August 20, 2025, at the World’s Fair of Money in the Oklahoma City Convention Center (room to be determined).

Participation and engagement from NCBA members are invaluable to the growth and success of our association. Members are welcome and encouraged to attend.

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 31 for logistical purposes.
• Participation: Opportunities for member input will be provided during designated segments of the meeting.
• Meeting Conduct: Respectful adherence to meeting protocols is appreciated.

Your involvement is crucial to shaping our association’s future. We eagerly anticipate your active participation and valuable contributions during the meeting.

For inquiries or to RSVP, please contact NCBA at ncba@ncbassoc.org.

Membership Dinner and Update

Get ready for a fantastic evening! We are thrilled to invite you to our annual Membership Dinner and Update.

Join us for a wonderful opportunity to mingle with fellow members and guests, enjoy a delicious meal, celebrate award presentations, and get the latest updates on NCBA’s activities.

Date: Wednesday, August 20, 2025

Time: Hors d’oeuvres and cocktails at 6:30 p.m.; dinner at 7:00 p.m.

Location: Mickey Mantle’s Steakhouse, 7 South Mickey Mantle Dr., Oklahoma City, OK

Early Bird Special: Register by July 20, 2025, and save $25 per dinner ($100 now; $125 after July 20).

Complimentary admission is included for Gold and Platinum members and one guest. Please RSVP.

Sponsorship Opportunities: Consider becoming an event sponsor with a donation of any amount. Your support makes a significant difference!

Seating is limited, so be sure to register now and secure your spot! Click the link below to sign in and register. You’ll need your membership credentials—if you’ve forgotten them, there’s a link on the sign-in page to help you retrieve them.

CLICK HERE TO REGISTER NOW

We can’t wait to see you there!

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 Home page sign-in. If you do not know your username or password, select “Forgot Your Password” from the Home page to retrieve them.

Concerned Collectors Coalition members should add or update your state and federal legislators on your profile. CLICK HERE to find your legislators.

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 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 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.

Information Kits and White Papers: 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.

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.

Broker Reporting (Form 1099-B): In response to the IRS clarification regarding reporting obligations for precious-metals dealers, NCBA has released two new white papers. The first, “Understanding Reportable Items and Approved Brands for Precious Metals Contracts,” delves into the implications of the IRS clarification on reporting precious-metals sales. It offers insights into how specific items correlate with CFTC-approved contracts and provides information on approved brands that are acceptable for fulfilling precious-metals contracts.

The second white paper, “Navigating IRS Form 1099-B Reporting: Guidelines for Precious Metal Dealers,” is a comprehensive guide designed to show dealer-members how to navigate the reporting requirements outlined in IRS Form 1099-B. This document offers clear instructions on how to determine when reporting is necessary, particularly in light of potential regulatory changes. While these guidelines may stand alone, they are intended to complement the information provided in the “Understanding Reportable Items and Approved Brands for Precious Metals Contracts” white paper.

Dealer-members may download these white papers from our website, ncbassoc.org, after signing in via the main menu: Resources > Knowledgebase > Anti-Money Laundering > Files.

Sales-Tax Status & Economic Nexus Requirements by State

This quick-reference guide, for dealer-members only, shows the sales-tax exemption status (complete, partial, or nonexistent exemption) of each state on in-state retail sales of coins, currency, and precious-metals bullion. This guide also shows each state’s post-Wayfair economic nexus requirements.

Dealer-members may download this resource from our website, ncbassoc.org, via the main menu (sign-in required): Resources > Knowledgebase > Sales and Use Taxes > Files.

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.

States’ News

Presently, 46 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 41 have enacted legislation and adopted regulations to exempt such purchases. That leaves four states (Hawaii, Maine, New Mexico, and Vermont) 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 email ncba@ncbassoc.org.

Hawaii

Hawaii is one of just four states still taxing coins, paper money, and precious-metals bullion. Since October, we’ve been seeking a leader from our Hawaii dealer community to spearhead a campaign for a sales-tax exemption. Local involvement is key to making this happen.

Back in 2021, progress on a state bullion sales-tax exemption bill (HB 1184 HD1) stalled due to confusion over how it would be affected by the American Rescue Plan Act. In 2022, Representatives Val Okimoto and Dale Kobayashi reintroduced it. The bill cleared the House Finance Committee, passed the House on March 4, 2022, and moved to the Senate. There it got stuck in the Ways and Means Committee and expired when the session ended on April 5, 2022.

With a strong local leader, we’re confident we can revive this effort and get it across the finish line. Interested in leading the charge—or know someone who might be? Please get in touch with us at ncba@ncbassoc.org. We’d love to talk about how we can work together to secure this exemption for Hawaii.

Kentucky

On January 10, 2025, House Bill 2 (HB 2) was introduced in the Kentucky General Assembly to formally secure the sales-tax exemption for currency, bullion, and coins that originally passed as part of a 2024 revenue bill (effective August 1, 2024). After Governor Andy Beshear’s attempted veto in 2024 was ruled invalid by the attorney general, he still directed the Department of Revenue to collect these taxes, sparking the need for this new bill.

HB 2 passed the House (76–17) and Senate (30–6) with strong support, only to be vetoed again by the governor. This time, though, the veto was overridden on March 27, 2025, with strong support from both the House and the Senate. This marks the successful conclusion of a year-long effort to protect Kentucky taxpayers.

The new law offers several clarifications for the original legislation:

• Secures Tax-Exempt Status—Sales of currency, coins, and bullion transactions will stay free from sales and use taxes.
• Provides Refunds—Taxpayers who paid these taxes since August 1, 2024, may claim refunds, plus interest, legal fees, and up to $1,000 per day in damages.
• Holds Officials Accountable—State officials may be held personally liable for improper tax collection.
• Applies Retroactively—Violations back to August 1, 2024, will be covered, with an emergency clause for immediate effect.

CLICK HERE for instructions on claiming refunds for sales and use tax paid on purchases of bullion and collectible currency.

Led by Rep. T.J. Roberts and supported by Republican leadership, HB 2 will protect our community.

NCBA extends heartfelt gratitude to its Kentucky coalition leader, Byrd Saylor III of Louisville Numismatic Exchange, for his steadfast dedication to this cause. Last year, Saylor earned the Diane Piret Memorial Outstanding Service Award for his work on the original exemption bill, alongside Jeff Garrett, Jonathan Kern, Eddie Bruner, and NCBA industry issues advisor Patrick Heller, who each received Legislative Champion awards. And NCBA thanks its members for their support as we continue to defend the interests of coin dealers and collectors in Kentucky.

Louisiana

An initiative to amend Louisiana’s numismatic coin statute, RS 47:301.16(b)(i), will commence in April. The proposed legislation aims to eliminate the $1,000 sales price threshold for numismatic coin exemptions. We will update members as the initiative proceeds.

Maine

Maine remains one of just four states without a sales-tax exemption for coins, paper money, and precious-metals bullion, but a bill to change that is still in play, despite hitting a pause in its legislative journey. Senator Marianne Moore’s LD 372, An Act to Protect Maine People from Inflation by Exempting Gold and Silver Coins and Bullion from the State Sales and Use Tax, has made notable progress and could soon align Maine with the 41 other states offering similar exemptions (plus five more with no sales tax at all).

The bill landed in the Committee on Taxation earlier this year, where it saw a public hearing on February 12, 2025, at the State House in Room 127. Ahead of the hearing, NCBA’s executive director, David Crenshaw, reached out to Senator Moore on February 5, praising her leadership and encouraging a broader scope for the bill. He suggested including platinum, palladium, and paper money—mirroring Tennessee’s 2022 exemption—to boost Maine’s economy by attracting business and tourism. NCBA also mobilized its Maine members to testify and brought in Crenshaw and industry issues advisor Patrick Heller to argue that a strong exemption fuels wide economic growth, not just collector and investor interests.

After the hearing, NCBA submitted a formal request to the Taxation Committee to expand LD 372 to cover platinum, palladium, and legal tender coins, complete with a draft amendment. Committee members, including Representative Daniel Sayre, welcomed the input. On March 4, 2025, the committee voted 7–6 that the bill “Ought to Pass as Amended” (OTP-AM), signaling support with some tweaks (though specific amendments remain unclear). Representative Shelley Rudnicki led the charge for the majority, seconded by Representative Tracy Quint.

However, LD 372 didn’t make it to the full legislature for a final vote this session. On March 21, 2025, it was carried over to the next special or regular session of the 132nd Legislature—approved under Joint Order SP 519—keeping its current position, with the divided committee report intact. The final state of the bill will be decided in a future session, likely the Second Regular Session starting in January 2026, unless a special session intervenes later this year.

When the legislature reconvenes, LD 372 will pick up in the Senate (as SP 164), where the divided report will certainly spark debate. The majority’s OTP-AM recommendation will get first consideration, potentially with amendments like those NCBA proposed. Assuming it clears the Senate, it then heads to the House and on to the governor’s desk if both chambers align.

With 41 states already enjoying similar exemptions, Maine is seeing its chance to catch up, bolstered by NCBA’s optimism and local advocates who see a win for the state’s economy. Want to help push it forward? Reach out to discuss how we can collaborate when the next session kicks off. Together, we can get LD 372 across the finish line.

Maryland

Maryland’s numismatic and bullion community has been closely watching the progress of House Bill 352/Senate Bill 321, the Budget Reconciliation and Financing Act of 2025. This state operating budget bill that lawmakers advanced in recent weeks included provisions to repeal five sales-tax exemptions in an effort to address a significant funding shortfall. Included in those repeals is the sales-tax exemption for precious-metal coins and bullion purchases over $1,000, codified under Statute 11-214.1(b) of the 2024 Maryland Tax Code, with an exception for events held at the Baltimore Convention Center. The budget was expected to clear both legislative chambers by March 31, 2025, ahead of the session’s close on April 7, 2025. If enacted, the change will take effect July 1, 2025, applying Maryland’s 6% sales tax to all applicable purchases.

NCBA determined that late-stage legislative action this session was unlikely to sway the budget process, given the state’s urgent financial pressures. By the time this newsletter reaches you, the fate of the budget will be decided. NCBA is already preparing for the potential implications of a repeal, though if the exemption is preserved, the community will celebrate a temporary victory.

Either way, NCBA remains proactive, urging members to stay informed. Presently, NCBA is channeling its efforts into a strategic campaign in 2026 for a broader exemption—covering coins, paper money, and bullion, this time without the $1,000 threshold—building on lessons from this year’s challenges.

If the repeal does take effect, Maryland’s coin and bullion community could face shifts within a matter of months. With 45 states, including all of Maryland’s neighbors, maintaining exemptions, purchases will likely move out of state, while local businesses, coin shows, and investors could see increased costs or closures. Historical trends—such as Louisiana’s reinstatement of a similar exemption after a 2016–2017 repeal—suggest any setback may be reversible. NCBA is poised to track these impacts to document industry losses and strengthen future advocacy.

If the exemption has ended, the association encourages those affected after July 1, 2025—through business losses, relocations, or other hardships—to report their experiences to ncba@ncbassoc.org, giving us data to support our 2026 campaign. Members are also asked to unite with fellow dealers, collectors, and investors, amplifying the community’s voice. Should the exemption survive, NCBA will still press forward with its 2026 plan for a more comprehensive tax break, with the leadership and support of Whitman Expos.

Whether this moment marks a challenge or a reprieve, NCBA stands committed to Maryland’s numismatic community. The organization views any outcome as a step toward broader relief, with members’ input and solidarity the keys to its success. Updates will follow as the situation evolves, and NCBA welcomes feedback on how these changes affect the community.

Nevada

NCBA’s push to overhaul Nevada’s tax rules for currency and precious-metals bullion was in full swing as of March 15, 2025. What began in 2022 with NCBA member Scott Schwartz of Fidelitrade and Delaware Depository in Boulder City securing financial support has grown into a robust campaign. Allen Rowe of Northern Nevada Coin in Carson City took the lead, guiding a coalition of coin-business owners, collectors, and investors toward a clear goal: replacing the extremely limited sales- and use-tax exemption in Nevada Administrative Code §372.170—covering only bullion coins sold at less than 150% of face value—with a broader exemption for currency and bullion. Advocates believe this change will create jobs, stimulate the economy, and ensure tax fairness in Nevada.

The effort reached a milestone on March 4, 2025, when Assembly Bill 359 was introduced, just a month after the Nevada State Assembly session began on February 3. With lobbyist Ron Knecht on board, the coalition secured as primary sponsors Assembly members Danielle Gallant, Bert Gurr, and Ken Gray, along with co-sponsors Richard DeLong, Brian Hibbetts, and Philip O’Neill. The bill, now under review by the Assembly Revenue Committee, proposes a full tax exemption for certain coin, currency, and bullion sales, pending voter approval.

On Thursday, March 20, 2025, the Nevada Assembly Revenue Committee held a hearing in Room 4100 of the Legislative Building in Carson City, with a videoconference available at Room 1 of the Nevada Legislature Hearing Rooms in Las Vegas. NCBA presented a united front, including testimony from NCBA industry issues advisor Patrick Heller and NCBA member and coalition leader Rowe, alongside other dedicated dealers, collectors, and investors, while NCBA’s David Crenshaw submitted compelling written testimony. A heartfelt thank you to everyone who attended, testified, or submitted support—your voices are propelling this effort forward! Stay tuned for updates as the bill progresses.

For those eager to get involved, please contact Allen Rowe at (775) 884-1660 or info@brokencc.com. Though the committee hearing is now behind us, this remains a critical moment to make a difference. The coalition views this as more than a tax adjustment—it’s an opportunity to reshape Nevada’s economic future. Stay tuned as this campaign continues to unfold.

New Mexico

NCBA members and New Mexico coalition leaders Andrew and Shane Hoffman of Santa Fe Coins & Jewelry have postponed their effort to secure a sales- and use-tax exemption on coins, paper money, and precious-metals bullion in New Mexico for this year. The campaign is now set to launch for the 2026 legislative session. The group will spend the next several months strengthening their strategy to ensure success when the time comes.

To aid the coalition’s preparations, NCBA has supplied various practical tools, including a No Sales Tax poster, a petition for signatures, and a flyer for outreach. These resources will help rally support and boost visibility leading up to 2026.

We invite members to stay in the loop, spread the word, and pitch in where they can. For more info or to join the effort, reach out to Andrew and Shane Hoffman at (505) 989-7680 or ppmcoins@gmail.com.

New York

New York lawmakers recently took a hard look at the state’s long-standing sales-tax exemption for precious metals and bullion purchases over $1,000. This exemption has long been a lifeline for investors, collectors, and businesses, but it faced scrutiny during a recent review of state tax policies. Senator Andrew Gounardes led the charge, arguing that the exemption has cost New York $601 million since 1989. Yet, 45 other states—including neighbors like Connecticut and New Jersey—maintain similar exemptions to support fair treatment of bullion investments.

At the Joint Legislative Budget Hearing on Taxes on February 27, 2025, NCBA’s David Crenshaw and industry issues advisor Patrick Heller pushed back against repealing Statute 1115(a)(27). They argued the senator’s revenue loss claim doesn’t hold up. With tight buy/sell spreads in the precious metals market, scrapping the exemption wouldn’t bring in much tax money—it’d just push business out of state instead.

Dealers stepped up, sharing their margin data to prove the point. This hard evidence was key in showing how removing the exemption would hurt businesses without delivering the revenue lawmakers might expect.

We will update you as things continue to unfold. A big thank-you to everyone who pitched in—your support made our case strong and clear. Stay tuned!

Virginia

With Virginia’s coin sales-tax exemption set to expire on July 1, 2025, our team has been working hard to secure an extension. This exemption covers gold, silver, platinum bullion, and legal tender coins, and we’re determined to keep it in place. John Brush of David Lawrence Rare Coins is leading the charge, backed by a lobbyist and support from NCBA.

The Virginia legislature kicked off tax-exemption talks in early February. HB 1969, which proposed a two-year extension, hit roadblocks—most recently stalling in conference committee. But there’s good news: the budget conference report, approved February 22, includes a one-year extension to July 1, 2026. It’s now with the governor, with a decision due soon. We’ve made sure his office knows we support it, and we feel optimistic.

This one-year extension buys us time to push for a longer extension next year, and we’ll start early—Fall 2025—to line up sponsors and build momentum. NCBA’s David Crenshaw and Patrick Heller have also reached out to lobbyists Phil Abraham and Sarah Thomas, offering resources like economic impact data (such as the $14 million brought in from the 2023 ANA World’s Fair of Money) to strengthen their case.

Want to help or chip in for lobbyist costs? Contact John Brush at (757) 962-7502 or john@davidlawrence.com. The next few weeks are key—stay tuned!

Vermont

Vermont remains one of just four states without a sales-tax exemption on coins, paper money, and precious-metals bullion. In 2024, House Bill 295 aimed to change that but stalled in the House Ways and Means Committee. Despite NCBA’s efforts to connect with the bill’s sponsor, Representative Arthur Peterson, we couldn’t establish communication to offer support, underscoring the need for robust local advocacy.

With the Vermont Legislature set to adjourn May 9, 2025, time has run out to push for the exemption this session. Looking ahead, we’re seeking a motivated local member to lead a campaign in 2026, supported by a coalition of state coin dealers and a skilled lobbyist. If you’re interested in spearheading this effort, please reach out—we’d love to discuss next steps and answer your questions. Together, we can make this exemption a reality for Vermont’s dealers and collectors!

Washington

The Washington Joint Legislative Audit & Review Committee (JLARC) has completed its review of state tax preferences, including those related to precious metals and monetized bullion. Following months of industry input—including detailed feedback from the National Coin & Bullion Association (NCBA)—JLARC’s final report recommended the continuation and clarification of these tax preferences. This conclusion was influenced by public testimony and evidence demonstrating the economic benefits of maintaining the tax exemption.

Despite JLARC’s recommendations, Washington House Bill 1965, introduced on February 13, 2025, seeks to repeal the sales-tax exemption for precious-metal bullion and monetized bullion. The bill was referred to the House Finance Committee, where a public hearing was held on February 25. NCBA quickly mobilized its Washington-based members, encouraging them to submit written testimony in opposition to the bill. Additionally, NCBA executive director David Crenshaw and industry issues advisor Patrick Heller each provided written testimony, while NCBA member Dan Duncan testified in person.

The testimony from NCBA emphasized the potential economic harm of repealing the exemption, such as discouraging investment and driving business to tax-free states, thereby creating a competitive disadvantage for local dealers. Notably, Representative Ed Orcutt echoed these concerns, stating his opposition to the repeal due to the risk of driving business across state lines, particularly into Oregon, which does not have a state sales tax.

Following the February 25 hearing, HB 1965 has seen no further action and remains stalled in the House Finance Committee. While this suggests the bill may have lost momentum, it remains active until the end of the 2026 legislative session. NCBA will continue to monitor its status and advocate for the preservation of Washington’s tax exemption on precious metals, ensuring that industry voices are heard throughout the legislative process.

NCBA’s Washington-based members are encouraged to stay engaged and be prepared to take action if the bill resurfaces in future discussions. NCBA will continue to update its members as the session progresses.

Seeking a Leader for Washington, D.C., Sales-Tax Exemption Campaign

Are you ready to make a lasting impact on the numismatic community in Washington, D.C.? The National Coin & Bullion Association (NCBA) is launching a campaign to exempt currency and bullion from the district’s sales and use tax—and we need a passionate leader like you to spearhead this effort.

Unlike 41 states that have eliminated sales tax on precious metals like gold, silver, and platinum bullion—and another five (Alaska, Delaware, Montana, New Hampshire, and Oregon) with no state sales tax at all—Washington, D.C., continues to impose a 6% sales tax on these transactions. This burdens collectors, investors, and dealers, making D.C. an outlier in an increasingly tax-friendly numismatic landscape. The power to change this lies with the Council of the District of Columbia, the district’s legislative body, which has the authority to enact tax exemptions under the District of Columbia Home Rule Act of 1973.

Exempting bullion and currency from sales tax isn’t just about fairness—it’s about fostering a thriving numismatic community in the nation’s capital. Removing this 6% barrier will boost local commerce, attract collectors and investors, and align D.C. with the rest of the country in recognizing the value of making precious metals tax-free.

NCBA’s Support—Your Toolkit for Success

The NCBA is committed to equipping you with everything you need to lead this campaign:

• Clear Guidance: Navigate the D.C. Council’s legislative process with confidence.
• Lobbyist Support: Assistance in hiring a qualified lobbyist to advocate on your behalf.
• Compelling Arguments: Help crafting persuasive reasons for the exemption that will resonate with lawmakers.
• Legislative Strategies: Proven tactics for engaging council members effectively.
• Model Bill Language: Tailored legislation to secure the exemption.
• Hearing Preparation: Training to testify powerfully at public hearings.
• Grassroots Timeline: A structured plan to mobilize supporters and build momentum.

We also recommend forming a coalition of dealers and connecting with D.C.-area numismatic organizations to amplify our voice. Financial support from this coalition will help cover costs, including a lobbyist (if retained) and NCBA’s campaign involvement.

The D.C. Council holds the key, but it’s your passion and commitment that will unlock the door. This is your chance to leave a legacy for the numismatic community of Washington, D.C. Whether you’re a dealer, collector, or advocate, your leadership can drive this exemption into reality. If you’re interested—or know someone who might be—please reach out to us at ncba@ncbassoc.org. Together, we can turn this vision into action.

Let’s make Washington, D.C., the next success story in the fight for sales-tax fairness. We look forward to hearing from you!

National News

NCBA’s Federal Legislative Priorities Unveiled

NCBA is considering how best to support potential federal legislation in three key initiatives. These goals reflect our commitment to supporting collectors, investors, and small businesses within the numismatic and bullion community. Here’s what we’re exploring:

Preserving the Cent for Collectors

On February 9, 2025, President Donald Trump directed the U.S. Treasury to halt the production of new pennies, citing production costs that exceed the coin’s face value. While this decision addresses economic realities, the announcement disappointed collectors, who cherish the cent’s role in Proof and Mint sets. NCBA is examining legislative options to ensure continued production of pennies exclusively for these sets. By meeting collector demand through premium sales, this initiative could generate revenue for the U.S. Mint while preserving a beloved tradition. We are committed to finding a solution that balances fiscal responsibility with the needs of our community.

Fairer Taxation for Bullion and Coins

Currently, bullion and coins are classified as “collectibles” under U.S. tax law, subjecting them to a capital gains tax rate of 28%—higher than rates applied to other investment vehicles like precious metals ETFs, futures, options, and mining stocks. NCBA is exploring legislation to reclassify bullion and coins, aligning their tax treatment with these related assets. This change could significantly benefit buyers and investors by reducing tax burdens and leveling the playing field. While this is not our top priority, we anticipate this proposal could garner widespread support and are eager to hear your feedback.

Supporting Small Businesses with the Lowering Costs Act

Small businesses are the backbone of our industry, and NCBA is reviewing Senator Maggie Hassan’s Lowering Costs for Small Business Act as a potential game-changer. This legislation aims to ease the financial and administrative burdens on small remote sellers—defined as those with annual U.S. gross receipts under $10 million—by reforming state and local sales-tax–collection rules. The Act seeks to protect these businesses through exemptions, simplified processes, and enhanced support, while ensuring fair tax compliance. For our members who operate as small sellers, this could mean reduced costs and greater operational flexibility.

Your Voice Matters

These initiatives are still under review, and we want to hear from you. Your insights as collectors, investors, and business owners will help shape our advocacy efforts in Washington. Please share your thoughts with us via email at ncba@ncbassoc.org.

Together, we can drive meaningful change for the numismatic and bullion community. Stay tuned for updates as we refine these proposals and prepare to engage with lawmakers.

Treasury Department Suspends Enforcement of Corporate Transparency Act for U.S. Entities

The U.S. Department of the Treasury has announced that it will no longer enforce penalties or fines related to the Beneficial Ownership Information (BOI) reporting requirements under the Corporate Transparency Act (CTA) for U.S. citizens and domestic reporting companies. The department also confirmed plans to propose a rule limiting the application of the CTA to foreign reporting companies only.

“This decision reflects our commitment to supporting American businesses by ensuring that regulations are appropriately tailored to serve the public interest,” said Scott Bessent, U.S. Secretary of the Treasury. “We remain dedicated to advancing transparency while minimizing unnecessary burdens on small businesses.”

The move follows a ruling from the U.S. District Court for the Eastern District of Texas in Smith v. United States Department of the Treasury, which lifted the latest nationwide preliminary injunction on CTA enforcement. While legal challenges to the CTA continue in appellate courts, the Treasury’s decision effectively suspends enforcement obligations for domestic entities until further notice.

The CTA, originally passed in 2021, was intended to combat money laundering, terrorist financing, and illicit financial activity by requiring certain entities to disclose their beneficial owners to the Financial Crimes Enforcement Network (FinCEN). With today’s announcement, domestic entities that have already submitted reports are no longer required to update their filings, and new filers will not be subject to enforcement actions for non-compliance.

The Treasury Department will issue a formal notice of proposed rulemaking in the coming weeks outlining the revised scope of the CTA. Congress is also considering legislative amendments to further refine the law’s application.

Are You Unwittingly Facilitating Money Laundering?

While working on an AML review for a client at the request of his bank, I noted a couple of transactions that seemed odd. Two women separately came to my client’s store on the same day and purchased gold, paying in cash. The amount of each transaction exceeded $10,000, so Forms 8300 were filed. Following proper protocols, the client collected detailed customer information and made copies of their driver’s licenses. On a hunch I asked to see the photocopies he had made. It turned out the women shared the same street address, but different unit numbers. A quick check on Google Maps revealed the address to be a mail box company. Since states don’t allow such locations to be used on driver’s licenses, the IDs were obviously fake, and one can reasonably assume the cash they paid with was ill-gotten. This is how a dealer can inadvertently abet money laundering. And it’s not just limited to cash transactions—purchases of goods from customers that require reporting (such as junk gold) can also involve fake IDs.

Should You Care?

In reality, you are unlikely to have any liability for not taking extra steps to validate customer IDs. If the ID is obviously counterfeit—if the image of the person on the ID does not match person presenting it, the ID is flimsy, etc.—you might have issues if at some point local authorities decide to audit your business. However, there are no federal regulations I am aware of that require extra ID validation steps when filing Form 8300.

But even with fake IDs becoming much, much harder to detect, the question of whether or not to care is less murky. Do you want to unwittingly assist customers who are laundering illicit money? Or assist individuals who may be washing cash derived from unsavory actions such as human trafficking, illegal drugs sales, and terrorist activities, to name but a few? And what about your firm’s reputation, if during a state or federal investigation of money laundering your business is mentioned as being tangentially involved? I would be surprised if legislation isn’t eventually enacted requiring certain industries that are primary targets of money launderers to implement tighter standards for validating customer IDs.

A Growing Problem

Fake IDs are not a new problem. But today’s fakes can be incredibly sophisticated, making then virtually undetectable. Forgers can utilize Artificial Intelligence, other technology, and techniques to generate holograms, bar codes, laser etchings and perforations, microprinting, raised letters, UV imagery, and other “security meaures.” Bars, liquor stores, and marijuana dispensaries are frequent targets of youth with fake IDs, and in some cases police departments are providing ID scanning systems to these entities. The amount collected from fines for those caught more than covers the cost of the technology. Some localities may also be willing to provide pawn shops and dealers who purchase precious metals, stones, and jewels from the public with online ID scanning systems for submitting required forms and images. Absent access to ID validation systems, your business is open to being exploited to launder funds.

Steps You Can Take

Outlined below are some ideas on how to detect fake IDs. The list is not definitive, but a starting point:

• Does the ID appear and feel real? Does the person in the photo look like the person standing before you? For IDs that you see often, like local driver’s licenses, you may be able to distinguish real from fake by checking key features, background colors, and the images. If it is an out-of-state ID, be extra cautious.
• Use Google or another map app to verify the address on the ID. Do this for all transactions for which you are required to make a copy of the ID. Look for empty lots, half-way houses, mail stores, rundown buildings, and the like. When in doubt, don’t go through with the transaction.
• Use scanners to spot fake IDs. There are a wide variety of handheld scanners on the market, including
  • Unitech PA768 ID and Passport Scanner, $999.00
  • Thales QS2000 ID Scanner and Document Reader, $625.00.
  • IDWare9000+ Handheld ID Scanner, $459.00.
  • Unitech TS200 SwiftScan IS and Passport Reader, $349.00.
  • Thales AT9000 Full Page ID & Passport Reader with RFID, CN, $1420.00.
  • Thales CR5400 UV, Infrared Light ID Scanner, CN, $899.00
  • (Note: The list above is provided for informational purposes only. Neither the author nor NCBA recommends any specific products. Refer to https://idscan.net/shop/ for the source of these devices, or do online searches for reviews and purchases of these and other such devices.)
• Be cautious at shows, especially when out of state. When you get busy it can be hard to take a few minutes to check a cash buyer’s ID before going through with a transaction.

Technology is changing the money-laundering game fast—faster than regulators are passing rules to minimize the impact. If and how you decide to minimize your chances of inadvertently assisting money launderers is both a personal and business decision, but one worthy of thoughtful consideration.

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.

A Penny Saved Is No Longer a Penny Earned, But Saving the Penny for Numismatists Can Earn Quite a Lot

Trump Orders Treasury to Halt Penny Production

The estimated cost of production of each one-cent piece is somewhere between 3.7 cents and 4.2 cents, depending on with whom you consult. In either case, minting over three billion cents in 2024 likely resulted in the loss of well over $85 million dollars.

After many news articles and numismatic publications offered various opinions on the cost of production problems and suggested potential solutions, someone at the White House no doubt noticed Elon Musk’s comments on X detailing the financial loss from penny production and added “removal of the cent” as one of many cost-cutting actions presented to President Trump.

Unlike what most believe, no executive order was actually issued by Trump. The president’s statement was that he had ordered the Secretary of the Treasury to halt production. Elimination of the one-cent piece would require congressional approval, although the Treasury Secretary could choose not to order delivery of the penny to Treasury for dispersal.

Value of the One-Cent Piece in Numismatic Production

Some individuals and advocacy organizations, like the Americans for Common Cents, have voiced their concerns that the removal of the one-cent piece would disrupt pricing and cause problems in cash commerce.

Cash transactions in the United States are estimated at less than 15% of commerce, down significantly from the Federal Reserve’s 2016 estimate of 31%. It seems safe to assume that percentages will continue to diminish. Many states already have provisions in their sales-tax legislation that require rounding for collection purposes. Similar rounding legislation for cash sales would be no different in their impact to consumers. The fact is that several countries, including Canada, Australia, Sweden, and New Zealand, have removed their smallest denomination coins with little disruption.

What should be of more concern to all interested parties is the preservation of a numismatic purpose for the one-cent piece. Preserving the inclusion of the one-cent denomination in Mint sets and Proof sets would positively affect the Mint’s numismatic market, as has been proven already by the continued inclusion of the half dollar denomination. In 2024, the United States Mint reported profits of over $80 million in numismatic and bullion sales. Bags of cents could become a numismatic sales item—priced more in line with the actual production cost, plus reasonable profit.

The Mint’s Most Significant Financial Losses Can and Should Be Addressed: Much More than Penny-Sized Issues for Your Thoughts

Counterfeiting:

The United States quarter dollar is the most counterfeited circulating coin in the world. United States bullion coins are the most counterfeited non-circulation coins in the world. The bullion market share lost to counterfeiting dwarfs the losses from production of the one-cent piece. The combination of counterfeiting fears and the higher, non-competitive pricing of silver bullion coins reduced the market share (and potential profits) significantly more than any savings from putting pennies on the chopping block.

A few years ago an enormous shipment of counterfeit U.S. coins and bullion pieces was detected by Customs and held for destruction. A U.S. attorney informed the agencies that it would be necessary for the U.S. Mint to certify that the items were counterfeit before they could be destroyed. The Mint, however, took the position that it could not determine the counterfeit status.

In fact, former Mint Director David Ryder had established a laboratory and provided technical personnel who could have determined the authenticity of the coins. Instead, the entire shipment was ordered to be returned to the sender. What lesson was learned by the counterfeiters with that result?

Bullion Sales and Profits Lost

No other mint in the world has a system so convoluted as the United States for certifying vendors or promoting the sale of its bullion products. No other mint in the world demands a higher price for its bullion products than the United States. As a result of this price discrepancy, in recent years American bullion coin investors have fled in droves to the bullion products of other countries.

But somehow, this lost market share is overwhelmed by the discussions of the cost of pennies. Perhaps instead the Trump Administration should seek to “Make America’s Mint Great Again.”

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.