Association News

2026 Membership Renewal Now Open

The 2026 memberships open for renewal beginning October 1, 2025. If you are a Concerned Collectors Coalition member, your membership will automatically renew on January 1, 2026.

For paid members, though, your current membership will expire December 31, 2025.

We now offer an automatic option for hassle-free membership renewal. Learn more about this convenient feature here, and sign up for auto-renewal when you renew this year. Click here to renew your membership online. 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, 2025, for a chance to win a complimentary membership renewal for 2027. The winner will be announced in an upcoming newsletter. Congratulations to Jeffrey Martin of San Diego Coin & Bullion, San Diego, California—last year’s winner of a free membership renewal for 2026!

Review your membership benefits, explore what other tiers can offer, and consider upgrading your membership this year. Learn more at Membership Benefits.

Renew Your Membership Now: Renew Membership

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, 2025:

Copper

• Hunter Hicks, Hicks Coins (VA)
• John Martin, Rob Martin Rare Coins (CA)
• Trey Boe, TheBoeCo (TX)
• Joshua Meldrum, Full Circle Coins and Currency (OH)
• Andrew Tawil, Lone Star Coins of Texas (TX)

Basic

• Nicole Pirz, Bullion International Group (NY)
• Dipen Bhuva, Glister Gold (CA)
• Edward Newman, Phlox Pelican (FL)
• Anthony Berardini, Raleigh Gold Coin and Jewelry (NC)
• Garner Morimoto, Morimetals (CA)

Concerned Collectors Coalition

• Jude Arnold (KS)
• Jeremy Bayer (OH)
• Steven Camassar (MD)
• Sarah Childress (KY)
• Kevin Horner (TX)
• George Howe (NH)
• Henry Kinsman (IL)
• Neyda Sundt (WA)

Message from Executive Director David Crenshaw

Seeking Advocates for Sales-Tax Exemption Campaigns
Are you ready to make a lasting impact on the numismatic community in your state or district? The National Coin & Bullion Association (NCBA) is launching targeted campaigns to exempt currency and bullion from sales and use taxes in Hawaii, Maine, New Mexico, Vermont, and Washington, DC—and we need passionate advocates like you to spearhead these efforts.

These jurisdictions continue to impose taxes on numismatic transactions, unlike the 41 states that have already eliminated sales tax on precious metals like gold, silver, and platinum bullion—and five others (Alaska, Delaware, Montana, New Hampshire, and Oregon) that have no state sales tax at all. This makes them outliers in an increasingly tax-friendly numismatic landscape and increases the burdens on collectors, investors, and dealers in these locations. Exempting bullion and currency from sales tax isn’t just about fairness—it’s about fostering a thriving numismatic community and supporting local commerce.

NCBA’s Support—Your Toolkit for Success
Each of these campaigns will require engagement with the state legislature (or district council, in the case of Washington, DC). But NCBA is committed to equipping you with everything you need to lead one of these campaigns:

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

We also recommend forming a coalition with local dealers and connecting with area numismatic organizations to amplify your voice. Financial support from these coalitions can help cover campaign costs, including lobbyist fees (if retained) and reimbursing NCBA for its direct involvement.

The legislative doors are waiting for you; it’s your passion and commitment that will open them. Whether you’re a dealer, collector, or investor, your leadership can drive meaningful change. If you’re interested—or know someone who might be—please reach out to us at ncba@ncbassoc.org. Together, we can bring tax fairness to these remaining states and Washington, DC.

Let’s make Hawaii, Maine, New Mexico, Vermont, and Washington, DC, the next success stories in the fight for numismatic sales-tax reform. We look forward to hearing from you!
 

Message from Chair Patrick I. Perez

We are fresh off our semi-annual board of directors meeting, which took place on August 20 in Oklahoma City. This meeting is always productive, thanks to our dedicated board members, who care deeply about the association and its mission. 

The majority of our discussion at the meeting revolved around how best to execute campaigns in those states in which previously held sales-tax exemptions are now under threat. Thanks to our once again strong year-over-year membership renewal numbers, we have the resources to attack these challenges head-on by assisting with in-state campaigns. 

While we are laser-focused on these present challenges, it is also the responsibility of the board to consider the future. This includes the financial health of the association and its human resources, and ensuring we have members who are willing to step up to serve as future leaders on the board. Thanks to the great work of our treasurer, Brian Kint, and the Finance Committee, along with some wise but conservative investments guided by the board, NCBA is in its best financial position in years. 

With regards to serving on the board, the opportunity is open to any regular member who wishes to give of their time and talents. Serving as a board member provides an inside look at the operations and concerns of the association and the issues we are tackling at any given time, and the richness of the board is derived from the variety of members’ experiences, knowledge, and passion for the numismatic hobby. If you have an interest in serving this way, please reach out to executive director David Crenshaw for more information. 

After a very solid year for the rare coin market, we look forward to the final quarter of 2025! Good luck to our members in all your collecting and sales efforts.
 

NCBA Scholarship Recipients Reflect on Their 2025 ANA Summer Seminar Experiences

In 2025 the National Coin & Bullion Association (NCBA) was proud to award scholarships to two outstanding young numismatists, enabling them to attend this year’s American Numismatic Association (ANA) Summer Seminar. Below, recipients Zac Ratte and Wes Brush share their experiences in their own words.

Zac Ratte
I had an incredible learning experience at the American Numismatic Association Summer Seminar. This was truly unlike anything else I’ve experienced, and I am grateful to NCBA for making it possible.

During the week, I took two courses. My primary class was Advanced Coin Dealing, taught by Seth Chandler, owner of Witter Coin in San Francisco, CA, and Rob Oberth, of Gold and Coin Exchange in Marietta, GA. Both are leading national dealers who took time out of their schedules to help aspiring dealers like me. My second class was Counterstamps: Coins That Tell Their Own Story, taught by Greg Bennick, CONCEA board member and US merchant counterstamp specialist.

Seth and Rob have very different business models—one primarily focused on numismatic material, the other more on bullion—but both agreed on several key strategies. The most important lesson I took away was to value my time and build positive relationships with people who respect it. That’s something I’ve always struggled with, since I tend to want to help everyone who asks me about coins. This class helped me realize the importance of setting boundaries.

Another major takeaway was learning how to apply the 80/20 rule to coin dealing: prioritize turning over most of your inventory quickly, while setting aside a smaller percentage of coins to sell more slowly for maximum value. The practicality of this approach has shifted how I think about running a business.

The experience also changed my perspective on my long-term goals. I used to feel like I had to rush into becoming a rare coin dealer, but now I see the value of patience. My passion and knowledge run deep, but I still have so much to learn. Taking the time to work alongside established dealers will be the best foundation for eventually becoming independent.

Beyond the classroom, I made countless memories with other numismatists. It was incredible to spend a week where every single meal was filled with conversations about coins with people just as enthusiastic as I am. A particularly memorable moment came when Ken Bressett, a true numismatic legend, visited our Advanced Coin Dealing class. He shared some advice about the industry, and then Seth showed him a livestreamed coin auction on the Whatnot platform. Watching Ken’s amazement at how far the hobby has come with technology was a moment I’ll never forget.

Another highlight was the Young Numismatist Auction. As the admin of the ANACS Soapboxes Facebook group, I couldn’t resist bidding on the only soapbox holder in the sale. A bidding war broke out, and I won it for $100. The best part: proceeds from the auction—over $21,000 total—went directly to supporting future YN scholarships. Overpaying never felt so good.

I am deeply grateful to everyone who supported me during the application process and to the NCBA for funding my experience. I also want to thank my instructors—Seth Chandler, Rob Oberth, and Greg Bennick—for sharing their knowledge and helping inspire the next generation of numismatists.

Wes Brush
I had the pleasure of attending the first session of the ANA Summer Seminar on a scholarship from the NCBA, where I enrolled in the Advanced Grading course with Bill Shamhart, Devin Hipp, and Keith Moon.

My trip began when my father, John Brush, and I flew into Denver and drove to Colorado Springs. After checking in, I attended the opening ceremony and later that evening joined a meeting about the YN auction, which raises money for future YN scholarships. From that point on, the week flew by—days full of classes and nights filled with projects, auction work, and time with friends.

The grading course was both rigorous and rewarding. On the first day, we covered the history of grading and the designations used by grading services. Afterward, we began grading rounds with some of Mr. Moon’s coins, which varied widely in strike, condition, and country of origin. The following days were filled with more grading practice. The most valuable part was the instructors’ commentary—not just on the grades themselves, but also on the history of how each coin was minted. This helped me better understand which flaws were mint-made versus those caused after minting.

Meals in the dining hall provided time to connect with fellow students and instructors, and in the evenings we all pitched in to prepare for the auction. Tasks ranged from processing the generous donations to writing catalogue descriptions. On auction night, I worked with Ben Kagay to process payments, which was both exciting and fun. I even managed to win a couple of items myself.

Overall, my experience at the ANA Summer Seminar was unforgettable. The knowledge I gained about grading will stay with me for a lifetime. I am extremely grateful to NCBA for providing this opportunity, as well as to my sponsors—including Danny Duncan of U.S. Coins and Jewelry—for their support. I hope that one day I can give back so that others may have the chance to benefit from this incredible program.

Continuing the Legacy
The reflections of Zac Ratte and Wes Brush highlight the enduring value of the ANA Summer Seminar as both an educational program and a community that nurtures a lifelong passion for numismatics. Through the support of the NCBA Young Numismatist Scholarship, these recipients not only expanded their expertise but also built connections and memories that will shape their futures in the hobby and profession.

For more information on the NCBA Young Numismatist Scholarship and how you can apply or support future scholars, please visit the NCBA website [here](https://www.ncbassoc.org/yn-scholarship).
 

Scam Alert: Fraudulent Emails Offering Member or Attendee Lists

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

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

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

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

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

What to do if you receive a scam email

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

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

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

Compliance Support Benefit for NCBA Dealer-Members

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

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

Stay on top of evolving compliance requirements with this valuable NCBA member resource. View program details here: https://www.ncbassoc.org//Files/ncba-discounted-aml-cft-compliance-programs.pdf

For full program details and to learn how your business can take advantage of this benefit, contact NCBA AML advisor Gary Knaus at 630-963-6350 or gknaus@aml4u.com.
 

Help a Young Dealer Unlock Their Potential with DiscoverNCBA

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

Why Share DiscoverNCBA?
By encouraging promising young dealers to join, you’re helping them

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

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

How to Get Started
Sharing this opportunity is easy! Prospective members need to

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

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

Spread the Word—Empower the Future of Our Industry!
If you know a talented young dealer ready to grow, encourage them to join DiscoverNCBA today. For questions or more details, contact us anytime at ncba@ncbassoc.org. Together we can build a stronger, more connected future.
 

Securing NCBA’s Future: Planned Giving Opportunities

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

Planned giving extends beyond life insurance and can include options like bequests in wills, charitable trusts, and retirement assets. Supporters can provide lasting financial support by naming NCBA as a beneficiary or allocating specific assets, allowing them to leave a legacy aligned with their values and 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, January 7, 2026, at the Florida United Numismatists Convention in the Orange County 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 November 30, 2025, 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 executive director David Crenshaw at ncba@ncbassoc.org.

Save the Date: Stablecoins & 1099-B—What You Need to Know
Mark your calendars for the FUN Show on January 7, 2026, where NCBA will present a timely and insightful seminar, taking a deep dive into the fast-evolving world of stablecoins. This seminar will explore both the advantages and drawbacks of these digital assets and other cryptocurrencies. Attendees will gain valuable insight into how stablecoins may be applied in your business and receive the latest updates on this rapidly developing topic.

But that’s not all—this seminar will also address sweeping 1099-B reporting rule changes that, surprisingly, many members are still unaware of. If you’ve been putting off digging into these updates, this is your chance to get up to speed and ensure you’re in compliance.

For an early look at what’s to come, be sure to read this issue’s article, “Stablecoins: Will You Be Ready?”

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

• Pittsburgh, Pennsylvania
• Wednesday, August 26, 2026
• 6:30 p.m.—Hors d’oeuvres & Cocktails
• 7:00 p.m.—Dinner
• Location: To Be Determined

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

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

More details, including venue information, will be shared soon.
 

Update Your Member Profile

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

Concerned Collectors Coalition members should also 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.
 

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

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

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

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

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

Information Kits: Essential Resources for Your Business

NCBA provides essential information to help you with cash and broker reporting. Copper and above NCBA members receive a 50% discount.

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

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

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

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

What’s Inside

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

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

CLICK HERE to order information kits.
 

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 after signing in to our website, ncbassoc.org, under 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, 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 locations should email ncba@ncbassoc.org.

Alaska
Earlier this year, House Bill 1 was introduced to recognize gold and silver “specie” as legal tender in Alaska. The bill also lays out how cities and boroughs could address sales and use taxes on transactions involving these precious metals.

Since its introduction, HB 1 has attracted growing legislative support, with multiple lawmakers signing on as cosponsors. In May 2025, the State Affairs Committee advanced the bill with strong backing, noting that it would have no fiscal impact on the state budget. The measure now awaits further consideration in the Finance Committee when the legislature reconvenes.

The Second Regular Session of the 34th Alaska State Legislature will begin on January 20, 2026, providing the next opportunity for the bill to move forward. NCBA will continue monitoring developments closely and working with local contacts to support progress.

If you’re based in Alaska and are interested in supporting—or leading—this initiative (or if you know someone who might be), please reach out to us at ncba@ncbassoc.org. Together, we can work to end this outdated tax in Alaska’s cities and boroughs.

Hawaii
NCBA is preparing to attend the upcoming Hawaii State Numismatic Association (HSNA) Coin Show, scheduled for November 14–16, 2025, in Honolulu, thanks in part to the generous donation of a table at the event by the organizers. We’re grateful to expo manager Mr. Kendrick for his warm welcome. We’re attending this year’s show as part of our “Bringing Tax Fairness to Hawaii” campaign, a renewed effort to exempt coins, paper money, and precious metals from Hawaii’s General Excise Tax (GET). 

As you may know, Hawaii remains one of only four states that continues to tax these items. NCBA has supported previous legislative efforts in Hawaii, including HB 1184 (2021–2022) and HB 1724 (2024), each of which showed promising levels of support from lawmakers, though they were ultimately unsuccessful. We believe that with the right local leadership and stronger grassroots engagement from Hawaii’s numismatic community, a 2026 bill could succeed where past efforts fell short.

As part of this renewed push, NCBA will be hosting a public information session during the HSNA show to share details about the campaign and to connect with collectors, dealers, and potential advocates. In addition, meetings are scheduled with prior bill sponsors and other legislators to begin laying the groundwork for next session’s effort.

If you’re based in Hawaii and are interested in leading or supporting this initiative—or if you know someone who might be—please reach out to us at ncba@ncbassoc.org. Together, we can work to end this outdated tax in Hawaii.

Maine
Maine remains one of only four states that still taxes coins, paper money, and precious metals. Earlier this year, a bill (LD 32) sponsored by Senator Marianne Moore sought to change that by exempting gold and silver coins and bullion from the sales and use tax. NCBA and other supporters urged lawmakers to expand the exemption to include platinum, palladium, and paper currency.

The bill advanced with a narrow 7–6 committee vote and later passed the Senate with strong bipartisan support. Unfortunately, the House rejected it by a razor-thin margin, and lawmakers were unable to resolve the disagreement before adjournment in June. As a result, LD 372 died for the year.

The good news: this effort can be revived when the legislature reconvenes in early 2026. With stronger grassroots advocacy, Maine has a real chance to join the 41 other states (and five with no sales tax at all) that already offer these exemptions.

If you’re based in Maine and are interested in leading or supporting this initiative—or if you know someone who might be—please reach out to us at ncba@ncbassoc.org. Together, we can work to end this outdated tax in Maine.

Maryland
As of July 1, 2025, Maryland no longer exempts purchases of coins and precious-metal bullion over $1,000 from the state’s sales and use tax. The only exception to this repeal is for transactions at coin shows held at the Baltimore Convention Center, which remain exempt. Governor Wes Moore repealed this tax break when he signed House Bill 352 on May 20, 2025. 

This change was included in the state’s 2025 budget to help close a funding gap. Despite efforts from Whitman Expos, the Baltimore Convention Center’s lobbyist, and the National Coin & Bullion Association (NCBA), the repeal moved quickly through the legislature with little time for opposition.

This will likely lead to lost sales and customers choosing to buy elsewhere, hurting local dealers and event organizers. Maryland dealers now face a challenge, as nearby states like Delaware, Pennsylvania, Virginia, and West Virginia still offer full exemptions. 

NCBA is already preparing to push for new legislation in 2026 that will restore—and even expand—the exemption, removing the $1,000 limit and including coins, paper money, and all bullion. The goal is to bring Maryland back in line with the 45 other states that currently offer these tax benefits.

To support this effort, NCBA is gathering information on lost sales, customer reactions, and economic impact following the repeal. Dealers and collectors are encouraged to share their experiences by emailing ncba@ncbassoc.org(mailto:ncba@ncbassoc.org).

What You Can Do:

• Inform your clients about this change.
• Send data on lost sales, economic impact, and customer feedback to ncba@ncbassoc.org.
• Encourage Maryland collectors and dealers to join NCBA and help advocate for reform.

Lori Kraft is leading the local coalition in Maryland, and NCBA will continue to coordinate closely with her. Your involvement—and the experiences you share—will be critical in strengthening the case for legislative reform.

Stay informed and get involved—this is just the beginning of our work to bring back fair tax treatment for Maryland’s numismatic and precious-metals community.

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

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

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

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

New York
After recently preserving New York’s sales-tax exemption for precious metals, NCBA members faced a new threat. Senate Bill S7875 and Assembly Bill A8511 sought to limit the exemption only to government agencies and large international buyers—excluding individual investors and collectors.

Both bills stalled as the legislature adjourned its session, leaving the exemption intact for now. However, either measure could be revived in a future session. NCBA is already preparing to protect small buyers and local businesses.

A key factor in this success was strong grassroots leadership. Special thanks to Scott Hunt of Jack Hunt Coin Broker, who organized the opposition coalition and secured lobbyist support. Members interested in helping with future efforts can contact Scott at scott.a.hunt@jackhunt.com.

The exemption remains vital for supporting local dealers, encouraging investment in tangible assets, and keeping New York competitive. NCBA also continues to advocate for removing the $1,000 purchase threshold, to make the exemption fully accessible to everyone.

Vermont
Vermont remains one of only four states that does not exempt coins, paper money, or precious metals from sales tax. In 2024, House Bill 295 was introduced in an effort to change that, but it stalled in the House Ways and Means Committee.

Throughout the session NCBA made efforts to connect with the bill’s sponsor, Representative Arthur Peterson, to offer support, but we were unable to make contact—highlighting just how crucial strong local advocacy can be.

With the Vermont legislature having adjourned on May 9, 2025, there was no opportunity to advance this initiative during the current session. Looking ahead to 2026, NCBA is seeking a motivated local member to lead the campaign. The effort will have the backing of state coin dealers and an experienced lobbyist, providing a strong foundation for success.

If you’re based in Vermont and are interested in leading or supporting this initiative—or if you know someone who might be—please reach out to us at ncba@ncbassoc.org. Together, we can work to end this outdated tax and bring much-needed sales-tax relief to Vermont’s dealers and collectors!

Washington
In a significant setback for Washington’s coin and precious-metals community, Governor Bob Ferguson signed legislation repealing the state’s long-standing sales- and use-tax exemption on precious-metal bullion and monetized bullion. Finalized on May 20, the repeal will take effect January 1, 2026. The long-standing exemption had supported investment and hard-money practices in the state, and its removal means that bullion and coin sales in Washington will now be subject to state sales tax. Local dealers may face competitive disadvantages compared to neighboring Oregon and Idaho, which continue to exempt these transactions, potentially driving buyers out of state and reducing local sales.

NCBA strongly opposed the repeal, providing testimony, economic data, and mobilizing grassroots support. Despite these efforts, the exemption was repealed, along with 19 others—the result of a broad 2024 tax reform aimed at cutting “outdated” exemptions. In response, NCBA has been actively working with the Washington Coin & Bullion Association (WCBA), led by NCBA member Craig Rhyne of Washington Gold Exchange, to advocate for reinstatement. Craig and WCBA have organized local dealers, hired a lobbyist, and issued targeted action alerts, with NCBA providing feedback to maximize their impact.

Following discussions at the World’s Fair of Money, the NCBA team has recommended a campaign strategy, detailed in a brief shared with Rhyne. The strategy focuses on two complementary tracks: reinstating the B&O tax on profits and commissions, and rebuilding support for a full sales-tax exemption.

This effort draws on cross-state precedents and past exemption reversals, with key actions including legislative outreach, economic impact analyses, dealer mobilization, and coalition-building. The approach emphasizes that fair taxation protects local jobs while preserving state revenue.

Dealers are encouraged to inform customers about the upcoming tax change, report any business impacts to ncba@ncbassoc.org, and support advocacy efforts by contacting Craig directly at (206) 719-6368 or craig@washingtongoldexchange.com. NCBA remains committed to restoring fair taxation for
Washington’s coin and bullion community and will continue to provide updates as the campaign progresses. 
 

National News

Stablecoins: Will You Be Ready?

The history of money has an abundance of inflection points, as valuables shifted from beads to precious metals to fiat currency. But the explosion in technology over the past decades has led to new disruptions that are challenging the foundational definition of money—cryptocurrencies. These new forms of value for all practical purposes are based on nothing but air and held up only by peoples’ beliefs that this “air” has value. The current price of Bitcoin demonstrates beyond a doubt that this air can indeed have exceptional value. However, the stark reality is, there really is nothing there. 

Cryptocurrencies are not tied to anything of actual value, except for the advantages they offer, including being broadly accepted worldwide, where they available via kiosks in most parts of the world. Visiting Thailand and need about 3,000 Thai bahts to purchase some gifts to take home? Just find a cryptocurrency kiosk and voila, convert some of your crypto into bahts. 

The biggest downside of crypto is that values often bounce around like kids on a trampoline. Additionally, criminal enterprises, among others, are figuring out how to use crypto to launder money. And worse, under certain circumstances, as if by a prestidigitator’s sleight of hand or an unpredictable black swan event, the bubble may burst, leaving us gnashing our teeth and rubbing our hands. Fortunately, this underlying Achilles heel of cryptocurrency is being addressed by Stablecoins. 

So, what are Stablecoins? As the name implies, they are a much more stable form of cryptocurrency that can also run on the worldwide blockchain network. Stablecoins are tied to a fiat currency (like the US dollar), whose value tends to move in incremental amounts, not dropping like stones or soaring to nosebleed levels. Unlike other cryptocurrencies, which for tax purposes are considered “property,” stablecoins are defined as “currency.” And therein lies the rub—because they are currency, stablecoins offer a bevy of potential and highly valuable uses that are denied to other cryptocurrencies. 

Need to wire a wholesaler for coins you are purchasing? Banks typically charge a fee for the wire, and the wholesaler may not have available funds until the next day. With stablecoins, the wire would cost you just a few cents, and the money would be in the wholesaler’s account within minutes. Customers coming into your store to purchase bullion? If they pay with stablecoins, the funds will be in your account almost immediately, and there will be no need to wait for your customers’ checks to clear. Still in the nascent phase, the variety of opportunities stablecoins can offer are just beginning to be explored, and these examples are just the tippy tip of the iceberg. 

Speaking of tips of the iceberg, the above is just a teaser for the upcoming talk I will be giving at the FUN show in January 2026. It will cover stablecoins in more depth, discuss the pluses and minuses of both this new currency and other non-stablecoin cryptocurrencies, uncover more opportunities of using stablecoins in your business, as well as providing the very latest updates. 

But wait, there’s more! 

A stunning number of NCBA members STILL aren’t aware of the major changes to 1099-B reporting rules. So, to further spread awareness of these updates, I will include in my talk an overview of the 1099-B clarifications. 

I look forward to seeing everyone there!

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.