Print Page
2025 Q4
Friday, January 2, 2026
Section: 2025
Print Send
Share


Association

Welcome New Members

(And thank you, referrers!)

The following joined NCBA between October 1 and December 31, 2025:
Copper
  • Joel Sens, Junk Silver, LLC (DE)
Concerned Collectors Coalition
  • Matthew Bergstrom (NV)
  • David Call (ME)
  • Lori Warriax (NC)


Message from Executive Director David Crenshaw


As 2025 comes to a close, I am proud to report that the National Coin & Bullion Association has never been more active or more effective. But 2025 has also proved that NCBA has never been more essential to the future of our industry. This was a year of intense challenges and hard-won victories, and every success we achieved was made possible by the vigilance, generosity, and unity of our members.

Legislative Wins That Protect Your Business and Your Customers
  • Florida became the newest state to eliminate any sales threshold for its bullion and coin sales-tax exemption (August 1), giving dealers and investors open access to tax-free investing and collecting.
  • Kentucky’s legislature overrode the governor’s veto to secure a permanent sales-tax exemption on currency and bullion (March).
  • New York successfully defeated multiple attempts to repeal or severely restrict its precious-metals exemption, thanks to rapid grassroots mobilization led by members like Scott Hunt of Jack Hunt Coin Broker.
  • Minnesota dealers resumed operation after a federal court order forced the state to continue registering bullion dealers following a civil rights lawsuit.
  • The White House and Treasury confirmed that gold, silver, platinum, and palladium bullion are exempt from the new reciprocal tariff structure, providing immediate relief to the entire trade.
  • NCBA industry issues advisor Patrick Heller earned the association’s Legislative Champion Award for pivotal behind-the-scenes work with New Jersey lawmakers.
Setbacks Turned into Resolve
We suffered painful exemption repeals in Maryland (effective July 1, 2025, with a narrow carve-out preserved for Baltimore Convention Center shows) and Washington (effective January 1, 2026). 

While these losses remind us that exemptions are never permanently safe, they have also galvanized strong reinstatement campaigns for 2026 in both states, with experienced local coalitions already in place and NCBA resources fully committed.

Growing the Next Generation
  • We awarded scholarships to two outstanding young numismatists to attend the 2025 ANA Summer Seminar.
  • The DiscoverNCBA promotion for dealers 35 and under continues to bring fresh energy and new businesses into our association with a 50% discount on first-year dues.
Supporting Compliance and Clarity
  • Continued partnership with Knaus & Associates delivered discounted AML/CFT programs as FinCEN scrutiny has increased.
  • Updated white papers and direct IRS engagement kept members ahead of 1099-B reporting requirements and stablecoin developments.
Looking to 2026 with Momentum
Forty-one states (plus five no-sales-tax states) now exempt precious metals and/or numismatic items from sales taxes. Yet four states and Washington, DC, remain without relief. We are actively recruiting local leaders in Hawaii, Maine, New Mexico, Vermont, and DC, and stand ready to assist in hiring lobbyists and provide model legislation, economic studies, and grassroots toolkits the moment a champion steps forward.

Our financial position is the strongest in years, membership renewals remain robust, and our board and staff are laser-focused on three priorities:
  1. Reinstating exemptions where they were lost,
  2. Defending the 46 jurisdictions that still have them, and
  3. Finishing the map by bringing tax fairness to the final holdouts.
None of this happens without you—our dealer-members who alert us the moment a threat appears, our collector partners in the Concerned Collectors Coalition who amplify every call to action, and every club, vendor, and individual who invests time, money, and energy in this fight.

Thank you for an extraordinary 2025. Because of you, our industry is more resilient, better informed, and closer than ever to the day when every American can buy and sell coins and bullion without punitive sales tax, no matter where they live.

Here’s to an even stronger 2026, together.
 

Message from Chair Patrick I. Perez

Welcome to 2026! When I reflect on 2025, two terms come immediately to mind: skirmish and opportunity. The twelve months of 2025 involved campaigns in multiple states that have been attempting to “re-capture” perceived lost revenue by repealing hard-won sales-tax exemptions. While these campaigns have not risen to the level of all-out battles, NCBA has certainly been skirmishing with these various tax authorities and agencies as we try to provide accurate data to counter the state-supplied statistics, which are almost always overstated in favor of removing any tax exemption. 

This new year also presents both our association and the numismatic industry as a whole with great opportunity. The soaring prices of precious metals have brought much attention to coins from the wider populace, with the potential to bring in a whole new set of collectors. Of course, with greater exposure comes the potential for greater misinformation and fraud, and the only way to combat this and keep bad actors from tarnishing our industry is education. I urge all of our dealer-members to use the resources NCBA provides as a tool to help educate new customers they may encounter. On the federal level, more opportunity to spread our hobby presents itself as the country celebrates its 250th birthday. With seven new circulating coin designs making their debut and a newly confirmed Mint director with real ties to the numismatic community, 2026 should be a memorable year for collectible coins!
 

Important Deadlines for Form 1099-B

The deadline for furnishing statements to recipients of Form 1099-B is February 15. The deadline for businesses to send Form 1099-B to the IRS is February 28, or March 31 if filed electronically. (If any date falls on a Saturday, Sunday, or legal holiday, the due date is the next business day.)

CLICK HERE to order Form 1099-B. 
CLICK HERE to electronically file Form 1099-B. 
CLICK HERE for more information about Form 1099-B. 

See “Broker Reporting (Form 1099-B)” below under “Information Kits and White Papers: Essential Resources for Your Business” for IRS clarification on precious-metals reporting requirements.
 

Urgent Warning: Phishing Scam Targeting NCBA Members

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

This is a scam. 

The fake email has the following characteristics: 
  • Sent from: uscomms.memberservices@internet.ru. This is NOT an official NCBA address. (Note the .ru domain—this email likely originated in Russia.)
  • Asks you to reply to the email and either attach payment confirmation or provide payment details. 
  • Uses urgent language about “past due” membership payments. 
A sample of the scam email is below so you can recognize it: 
 
From: NCBA  
Subject: Your NCBA membership 
Importance: High 

Dear Valued Member, 

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

Best regards, 
Membership Team 
P.O. Box 237 Dacula, GA 30019 
 
What you should do if you receive this email: 
  1. Do NOT reply to the email. 
  2. Do NOT click any links or attach any documents if you have already received it. 
  3. Delete the email immediately. 
  4. If you have already responded or provided any personal/financial information, contact your bank/credit card provider right away, and let us know so we can assist further. 
  5. Forward the scam email as an attachment to ncba@ncbassoc.org so that we can continue to track its spread and report it. For broader impact, please also forward the original message (as an attachment) to reportphishing@apwg.org and report the incident to the FTC at ReportFraud.ftc.gov. 
Official NCBA communication reminders: 
  • We will never ask you to send payment information or confirmation by simply replying to an email. 
  • All legitimate payment requests come through our official website (ncbassoc.org) or from email addresses ending in @ncbassoc.org. 
  • All payments are processed through our official website or via check/money order mailed to us, never through email.
  • When in doubt, log in directly to your member portal at www.ncbassoc.org to check your membership status, or call us directly at the phone number listed on our official website. 
As a reminder, all NCBA memberships are paid by the calendar year. If you have already renewed for 2026, you should not receive any reminder notices from NCBA. Concerned Collector Coalition memberships are free and renew automatically. Beginning in January, any unpaid membership renewals will trigger official lapsed-membership reminders sent through our standard NCBA channels. Please watch for those official communications and disregard any unsolicited requests for payment. 

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

Scam Alert: Fraudulent Emails Offering Member or Attendee Lists

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

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

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

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

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

Atlanta, GA — December 18, 2025 — Jimmy Hayes, general counsel for the National Coin & Bullion Association (NCBA), has announced that 100 percent of the profits from sales of his forthcoming three-volume reference series, Each New Beginning: An Illustrated History of Official Inaugural Medals and Ribbons, will be donated to NCBA in support of its mission to advocate on behalf of the numismatic and precious-metals bullion community.

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

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

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

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

Among the highlights are
  • More than 1,500 high-quality images,
  • Over 30 previously unlisted or unique medals—some with no prior auction appearances,
  • Approximately 20 unique inaugural ribbons,
  • Dozens of historical documents never before published, and
  • Newly recorded stories drawn from archival research and firsthand accounts.
The volumes are organized as follows:
  • Volume I (1789–1885): Ribbons and medals predating the issuance of official inaugural medals.
  • Volume II: The 1889 Washington Centennial Celebration, the first national holiday and the genesis of the official inaugural medal and badge tradition.
  • Volume III (1889–2001): Official medals and ribbons from the Harrison inauguration through the dawn of the 21st century.
A proof set of the books will be available for public viewing at the Florida United Numismatists (FUN) Convention, January 8–9, 2026 (Thursday and Friday), at the NCBA booth, #1202. A small display of inaugural medals, along with ribbons and original documents will accompany the proofs, and author Jimmy Hayes will be available to meet with attendees.

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

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

Numismatic Guaranty Company—A Long-Standing Major Supporter of NCBA

Every NCBA member knows how hard we fight in state capitals and Washington, DC, to protect your business and this hobby. One of the biggest reasons we can keep winning is the sustained, decades-long support we have received from Numismatic Guaranty Company (NGC) and its customers.

For many years now, collectors who submit coins to NGC have had the opportunity to make a separate, voluntary contribution to NCBA in addition to their grading fees. NGC administers the entire program at no cost to the association and sends us 100% of the contributions. These funds have been
instrumental in every major legislative victory we’ve achieved—from holding the line on sales-tax exemptions in 46 states to beating back burdensome regulations and defending the Hobby Protection Act.

The next time your customers ask which grading service to use, remind them that choosing NGC and adding a separate contribution to NCBA means their submission does double duty: it certifies their coins with the most trusted name in third-party grading, and it directly funds the advocacy that keeps all of us in business.

Thank you, NGC, and thank you to every collector who has participated over the years. Your loyalty to NGC translates into real protection and growth for the entire numismatic community.
 

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

Help a Young Dealer Unlock Their Potential with DiscoverNCBA

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

Why Share DiscoverNCBA?
By encouraging promising young dealers to join, you’re helping them
  • Connect with Industry Leaders: Gain access to seasoned experts, build mentorships, and tap into insider knowledge.
  • Expand Their Expertise: Utilize top-tier educational resources designed to help navigate regulations, market trends, and industry challenges.
  • Grow Their Business: Boost credibility and visibility through NCBA’s trusted platform and community.
Who Qualifies?
DiscoverNCBA is tailored specifically for those 35 and younger who own or co-own (50% or more) a coin- or precious-metals–related business. It’s an ideal way for emerging dealers to plug into a supportive network and access essential tools to thrive.

How to Get Started
Sharing this opportunity is easy! Prospective members need to
  1. Verify their age with a government-issued ID and
  2. Provide proof of business ownership (or co-ownership of 50% or more).
Then they can visit ncbassoc.org/membership, select their membership tier, and enter promo code DISCOVERNCBA to claim their discount.

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

Together we can build a stronger, more connected future.
 

Securing NCBA’s Future: Planned Giving Opportunities

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

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

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

Upcoming Events

Save the Date: NCBA Board of Directors Meeting

A board of directors meeting will commence at 8:00 a.m. on Wednesday, August 26, 2026, at the American Numismatic Association World’s Fair of Money in the David L. Lawrence Convention Center in Pittsburgh, PA (room to be determined).

Engagement from NCBA members is 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 30, 2026, 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: Annual NCBA Membership Dinner & Update

During the American Numismatic Association World’s Fair of Money
  • Pittsburgh, Pennsylvania
  • Date: Wednesday, August 26, 2026
  • 6:30 p.m., Hors d’oeuvres & Cocktails
  • 7:00 p.m., Dinner
  • Location: 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 > Broker Reporting > 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 off the listed price.

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

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

Broker Reporting Kit ($100): NCBA is pleased to announce the release of its new and revised Broker Reporting Information Kit, providing clear, practical guidance on IRS Form 1099-B reporting requirements for precious-metals transactions.
This updated kit reflects the December 2023 clarifications by the IRS Office of Chief Counsel and includes the latest compliance information for 2025 and beyond.

What’s Inside
  • Clarification on what is and is not reportable under Form 1099-B
  • Rules confirming that coins and $1,000 face-value bags of 90% silver are no longer reportable
  • Step-by-step examples and scenarios
  • Guidance on verifying CFTC contracts and approved brands
  • An extensive FAQ appendix covering 20 common dealer questions
  • Updates on anti-abuse rules and AML/CFT compliance
Why It Matters
The IRS requires Form 1099-B reporting only for certain precious-metals bar transactions that meet strict CFTC contract and brand requirements. Dealers who fail to comply risk penalties—making this kit a critical resource for compliance.

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 any retail sales of coins, currency, or 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
Early in 2025, 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 its 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
Thanks to the generous donation of a table by the organizers and the warm hospitality of expo managers Mr. Kendrick and Bonnie, NCBA was able to connect directly with Hawaii’s numismatic community by attending the 2025 Hawaii State Numismatic Association (HSNA) Coin Expo, held November 14–16 in Honolulu. 

During the three-day show, NCBA hosted a public presentation titled “Bringing Tax Fairness to Hawaii.” The talk outlined the continuing burden of Hawaii’s General Excise Tax (GET) on coins, paper money, and precious-metal bullion—a tax that still exists in only four states—and laid out our renewed plan to secure a full exemption through legislation in the 2026 session.

At our booth we spoke with dozens of collectors, dealers, and investors—answering questions, distributing materials, and identifying local leaders willing to help drive the next effort. We also held valuable conversations that deepened our understanding of Hawaii’s unique tax environment, including an especially productive discussion with Mark Yee, a former administrative rules specialist with the Hawaii Department of Taxation.

A special mahalo goes to longtime NCBA members Craig and Sandra Watanabe of Captain Cook Coin Company for their extraordinary warmth (including beautiful leis for NCBA executive director, David Crenshaw, and his wife, Kathy), their renewed membership, and their very generous financial support of the association.

Building on the momentum and relationships from the expo, NCBA is now preparing a coordinated statewide campaign to introduce and pass GET-exemption legislation in the 2026 legislative session. We are re-engaging the original sponsors of HB 1724 (2024) and other supportive lawmakers, and we are actively seeking Hawaii-based leaders and grassroots advocates who are ready to help lead this bill across the finish line.

If you live in Hawaii and would like to get involved—whether by serving as a local coordinator, testifying, contacting legislators, or simply spreading the word—please contact us at ncba@ncbassoc.org. Presentation materials from the HSNA show are available upon request.

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 adjourning 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 46 other states 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 precious-metal bullion or coins over $1,000 from the state’s 6% sales and use tax. The exemption was effectively repealed through House Bill 352 (the Budget Reconciliation and Financing Act of 2025), signed by Governor Wes Moore on May 20, 2025. The only remaining exception is for transactions occurring at the Baltimore Convention Center during coin shows or conventions.

This change was part of the state’s 2025 budget measures to address funding shortfalls. Despite advocacy from Whitman Expos, the Baltimore Convention Center’s representatives, and the National Coin & Bullion Association (NCBA), the repeal advanced quickly with limited opportunity for opposition.

Since the repeal took effect, Maryland dealers have reported significant lost sales, with many customers shifting purchases to neighboring states, such as Delaware, Pennsylvania, Virginia, and West Virginia, where full exemptions remain available. This border bleed has created substantial challenges for local dealers and event organizers outside the narrow Baltimore Convention Center exception.

NCBA is actively preparing legislation for the 2026 session to fully restore and expand the exemption. The objective is a comprehensive statewide exemption applicable to all qualifying purchases, regardless of amount or location—aligning Maryland with the 45 other states that provide similar benefits to the numismatic and precious-metals community.

The proposed amendment to Maryland Statute §11–214.1 would
  • Eliminate the $1,000 purchase threshold entirely, and
  • Remove the restriction limiting the exemption to sales at the Baltimore Convention Center.
Progress to Date
NCBA has partnered with Whitman Expos to hire a dedicated lobbyist for the campaign. Whitman Expos is serving as the local coalition leader, coordinating with Maryland dealers, collectors, and stakeholders. NCBA industry issues advisor Patrick Heller and executive director David Crenshaw have met with the lobbyist to refine strategies for the 2026 legislative session.

To strengthen the case for lawmakers, NCBA urgently needs real-world data on the repeal’s effects:
  • Inform your clients about Maryland’s current bullion and coin sales-tax requirements.
  • Share details on lost sales, customer feedback (e.g., shifts to out-of-state purchases), and broader economic impacts by emailing ncba@ncbassoc.org.
  • Encourage Maryland dealers and collectors to join NCBA and participate in advocacy efforts.
This is only the start of a focused campaign to restore fair tax treatment for Maryland’s numismatic and precious-metals community. NCBA will provide regular updates and action alerts to its Maryland members.

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

While the campaign had originally been set for 2026, the effort may be even better positioned for success in 2027. The 2026 New Mexico gubernatorial election will bring new leadership, as Governor Michelle Lujan Grisham is term-limited and cannot run again. Waiting until after the election will allow our coalition to engage with 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 goes 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!

Virginia
Thanks to successful advocacy efforts in 2025—building on the groundwork laid by industry leaders like John Brush of David Lawrence Rare Coins (DLRC)—the Virginia General Assembly extended the exemption through July 1, 2026, as part of the state budget bill (HB 1600).

This one-year extension preserves tax-free status for qualifying purchases in the Commonwealth for now, supporting dealers, collectors, and the broader precious metals market.

However, the exemption is still set to expire on July 1, 2026, unless further action is taken in the upcoming legislative session. Legislation has been introduced in prior sessions (such as efforts to extend it longer-term), and renewed lobbying may be needed to secure a more permanent solution.

The industry has shown it can come together effectively in the past, with DLRC and Virginia dealers leading fundraising and advocacy. Stay tuned for any calls to action as the 2026 session approaches—your support could make the difference in keeping Virginia coin and bullion sales tax-free.

If you're a Virginia dealer or stakeholder interested in getting involved, reach out to John Brush at john@davidlawrence.com for the latest on ongoing efforts.

Let's keep the momentum going into 2026!

Washington
As many of you know, Washington State’s repeal of the longstanding sales -tax exemption for precious-metal and monetized bullion—enacted through ESSB 5794 (Chapter 423, Laws of 2025) and effective January 1, 2026—represents a significant challenge for dealers and collectors in the state. This change imposes a state tax of 6.5%, as well as local sales taxes and B&O tax, putting Washington dealers at a competitive disadvantage against neighboring tax-free states like Oregon and Idaho.

In partnership with the Washington Coin & Bullion Association (WCBA), NCBA is supporting an aggressive, bipartisan campaign to reverse this repeal during the upcoming 2026 legislative session (beginning January 12).

Key Recent Milestones
WCBA has made impressive pre-session progress:
  • HB 2115 has been pre-filed in the House to restore the 1985 exemptions with prime sponsor  Rep. Amy Walen (D-Kirkland) and co-sponsors Rep. Ed Orcutt (R-Kalama) and Rep. Jeremie Dufault (R-Selah).
  • SB 5894 was pre-filed in the Senate with strong bipartisan support. The prime sponsor is Sen. Marcus Riccelli (D), with co-sponsor Sen. Chris Gildon (R).
Securing companion bills in both chambers before the session starts is a major achievement, providing strong momentum. WCBA leaders and lobbyists have also scheduled critical early meetings with key figures, including Sen. Noel Frame (vice-chair, Senate Ways & Means), Sen. Manka Dhingra (chair, Senate Law & Justice), and Rep. Amy Walen.

Why Reversal Is Critical
Precious metals and bullion are investment assets and monetary instruments—not ordinary consumer goods. Taxing them drives business out-of-state or online, harming local dealers while failing to deliver projected revenue. Early impacts are already evident, including the cancellation of the 2026 Boeing Employees Coin Club Show due to dealer reluctance under the impending tax.

Led by WCBA President Carolyn Beko (Redmond Rare Coins) and Secretary Craig Rhyne (Washington Gold Exchange), with experienced lobbying support, this effort benefits from NCBA's national expertise, economic data, and advocacy resources.

How NCBA Members Can Help
Especially if you have customers, contacts, or ties in Washington State,
  • Urge Washington Legislators to Support the Bills—
    • Contact your state senator to encourage them to support/co-sponsor SB 5894. Find your legislator at here (Senate roster here).
    • Contact your state representative to encourage them to support/co-sponsor HB 2115 (House roster here).
  • Contribute to the WCBA Lobbying Fund
    • Sustained funding is essential. Recent leadership gifts, like Brian Jenner’s $5,000 from Coin Cradle, are powering this push. Suggested donation amounts are tiered (honor system).
    • Donate: www.washingtoncoinandbullionassoc.org/donate (donations are not tax-deductible under IRC §162(e))
  • Share Information and Report Impacts
    • Forward this to any other Washington contacts.
    • Report economic effects to NCBA at ncba@ncbassoc.org for legislative documentation.
    • Stay updated at www.washingtoncoinandbullionassoc.org.
With pre-filed bipartisan bills, early leadership engagement, and clear evidence of harm, this reinstatement effort has real potential—but success depends on unified industry support.

Thank you for your continued commitment. NCBA will keep members informed as the session progresses.

For questions, contact Carolyn Beko (cb@redmondrarecoinsllc.com | 425-823-2646) or Craig Rhyne (craig@washingtongoldexchange.com | 206-719-6368).
 

National News

Eleventh Circuit Upholds CTA Law, Domestic Exemptions Intact

Atlanta, GA—In March 2025, the US Treasury Department halted enforcement of Beneficial Ownership Information (BOI) reporting under the Corporate Transparency Act (CTA) for US citizens and domestically formed entities, including the vast majority of coin dealers, bullion businesses, and related companies in the numismatic and precious-metals community. The Treasury indicated it would revise their rules to focus requirements primarily on foreign entities, providing significant regulatory relief to American-owned operations.

A significant development occurred on December 16, 2025, when the US Eleventh Circuit Court of Appeals issued a ruling in National Small Business United v. US Department of the Treasury. The court overturned a prior district court decision and affirmed that the CTA is a constitutional law, finding it within Congress’s authority to regulate activities affecting interstate commerce. The panel also dismissed concerns over privacy intrusions, highlighting protections built into the law for confidential handling of submitted data.

This appellate decision marks the first federal appeals court to fully address and support the CTA’s validity, potentially influencing ongoing challenges in other circuits. It reinforces the law’s core goal of enhancing transparency to deter illicit finance, including money laundering and terrorism funding, through a centralized database managed by the Financial Crimes Enforcement Network (FinCEN).

Importantly, this ruling does not alter the current regulatory landscape for most NCBA members and their businesses. Following the Treasury’s March actions, FinCEN issued an interim final rule that redefined “reporting companies” to include only foreign-formed entities registered to do business in the US.

All US-formed entities—previously classified as domestic reporting companies—are fully exempt from BOI filing obligations. Additionally, no information needs to be reported on US-citizen beneficial owners.

As a result,
  • Domestic businesses face no requirement to file initial BOI reports, updates, or corrections.
  • Previously submitted reports by domestic entities do not need updates.
  • Compliance efforts now center on foreign-registered entities, which must provide details such as names, addresses, birth dates, and identification documents for their beneficial owners.
While the Eleventh Circuit’s opinion strengthens the CTA’s legal foundation, the narrowed scope ensures minimal impact on American small businesses and individuals. We recommend consulting legal advisors for specific situations involving foreign entities or mixed-ownership structures. 

NCBA continues to track potential further changes, including any additional rulemaking, congressional proposals, or resolutions in pending litigation, and will provide timely alerts on any new guidance from FinCEN or the Treasury.

For more details on the current rules, visit the FinCEN BOI resource page (www.fincen.gov/boi).
 

Misunderstandings About AML That Could Get You in Trouble (Part 1)

This is the first of several Member News articles I will be writing about issues too often overlooked or misunderstood by those in the numismatic and bullion industry. Important regulatory news will take precedence when it arises, but you can also expect informative articles on misunderstandings that can end up biting you where the sun doesn’t shine.

As I enter my fifteenth year providing AML services to dealers, I wish I could say that I have seen it all, but the truth is far from that. Situations come up that I never imagined, even when I’m working on the same side of the table as you. So, feel free to call, text, or email me with any of your AML questions.

AML is inherently a boring subject. I get that. But when the bank calls or an online market contacts you or your precious-metals supplier emails you or the IRS writes, and each wants proof of an AML/CFT program or a review (or both), what was nothing more than background noise segues into full-bore Norwegian Death Metal.

Exchanges and Trades
A surprising percentage of dealers don’t understand key points of exchange and trade rules. So, let’s review some examples to help illustrate the potential issues that can arise. Can you guess which ones are prohibited or inadequately documented?

(Note: While typically termed exchanges or trades, they are basically the same thing.) 

Example 1
A customer wants to exchange Gold Eagles for Silver Eagles. You value the Gold Eagles at $15,200 and offer to exchange Gold Eagles for 240 Silver Eagles, which they agree to. You write up a receipt for the exchange stating Gold Eagles were traded for 240 Silver Eagles and provide a copy to the customer. 

Example 2
A long-term customer shares he wants to start collecting Walking Liberty half dollars. He has a notable Flying Eagle and Indian Head cent collection, and you discuss various options. The option he prefers is trading some of his Indian Head cents for a group of high-end Walkers you have in stock. An agreement is reached and the customer, in additional to trading some Indian cents, will pay $3,500. You write up the trade, and the customer pays you $3,500. 

Example 3
Another customer wants to exchange some Canadian one-ounce gold Maple Leaf coins for US one-ounce Gold Eagles. A price is agreed to, and you will owe the customer $600 dollars for the difference of the value between the Canadian and US gold coins. You write up the exchange and give the customer store credit for $600.

Example 4
A customer has a group of US $50 gold Buffalos that he wants to trade for Morgan Dollars. You write up a purchase order and pay the customer $17,500 for the Buffalos. After the check clears the customer comes back to purchase the Morgan Dollars, and you write up a sales order.

Example 5
A dealer agrees to trade some US one-ounce Gold Eagles for Canadian one-ounce gold coins with another dealer. The difference in the value between the coins is $2,500. One of the dealers writes up the trade. The dealer who owes $2,500 pays the other dealer.

Do you see the issues?

In Example 1, the exchange involved trading gold coins for silver coins. As of 2017, you can no longer trade precious-metal coins for other precious-metal coins. Tax-free, like-kind exchanges are now only allowed for Real Property, such as land. You can undertake such transactions only if you first write up a purchase order for the customer’s coins and pay the customer. Then you will need to write up a sales order for the coins the customer wants and receive payment back from the customer. 

Example 2 highlights the requirement that such trades must be adequately documented. That is, when you purchase the Indian Head Cents from the customer, you must note each coin’s date, grade, the amount paid for the coin, when the transaction occurred, and your payment method. For the Walkers you would also complete a sales order, noting each coin, grade, and price; the date of the transaction; and how the customer paid. 

Example 3 is another like-kind exchange that is not allowed. You would need to write up a purchase of the coins from the customer and the subsequent sales order, as described in the above two examples.

Example 4 shows the correct method of transacting and documenting a trade.

Finally, Example 5 illustrates legitimate trades and exchanges between dealers. Such business-to-business trades are allowed, as the dealers are not “investors” in coins and bullion; rather, they make a market in coins and bullion. As with transactions between a dealer and customer, these dealer-to-dealer exchanges must also be documented. There are some exceptions for dealers who are not “incorporated.” Check with your accountant for details.

As you may have recognized in the first three examples, not providing the customer with a purchase order and a sales receipt could create a tax issue for the customer and a fine for your business. Customers who enter into such exchanges may have to pay the IRS a collectible gains tax (or loss), or short-term gains tax (or loss), depending on the length of time the customer held the items that were traded and their original costs (basis). So be sure to provide your customers with a receipt that shows the amount you valued their items. Remember, you don’t want the transaction to come back and bite you!

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.
 

Want to Preserve Sales-Tax Exemptions? NCBA Members Need to Give Help to Get Help

Most state legislatures are currently reexamining every sales-tax exemption ever created to find additional sources of revenue. Repealing a tax exemption is far more attractive to a legislator than creating a tax increase. In the case of bullion and numismatic sales-tax exemptions, legislative revenue projections appear to offer a windfall of revenue. But these projections are based on assumptions that markets treat coins, currency, and bullion like every other good and service.

To differentiate numismatic and bullion sales from other items, it is necessary to overcome those assumptions, while being mindful that in most cases the current legislators were not in office when the exemptions were initially passed. They have no institutional memory of the factual support in favor of the exemptions.

Instead, what most legislators have are impressions and opinions that will only be overcome by presenting evidence—evidence that can only be acquired when the businesses affected gather, record, and share the needed information. NCBA needs the evidence to correct the most common faulty impressions, including 
  1. The sales-tax exemptions for bullion transactions benefit wealthy people who do not need or deserve a tax exemption.
    The records of NCBA dealer-members will support the facts that transactions for much less than one ounce of gold or silver coins are quite common. Small investors and purchasers take advantage of sales-tax exemptions to make collecting and investing more affordable by buying smaller items.
  2. Local businesses are not benefited by the exemptions.
    Too often local dealers and businesses do not provide data that will show the numbers of employees and new hires (who pay state income and sales taxes themselves). The loss of an exemption can lead to the loss of the business itself, or at least a reduction in numbers of employees.
  3. Bullion dealers make enormous profits and can afford to “absorb” the sales tax.
    NCBA dealer-members have detailed information on the slim profit margins involving bullion sales. The buy-or-sell differences are usually smaller than the sales tax that would be imposed. The result is the disappearance of sales—and in many cases, the closing of the business.
  4. Buyers would continue to buy bullion despite a sales tax.
    Legislators do not realize the alternatives legally available to avoid sales tax, such as IRA storage sites, nor are they aware of how many surrounding states still have tax exemptions, tempting buyers to conceal larger purchases elsewhere.
Several states have organized groups or organizations to respond to proposed repeals of sales-tax exemptions. Their success will depend upon how well they can support their positions with facts.

NCBA has a record of providing state and local organizations with support for their arguments and data refuting the revenue projections made by state agencies. Recently, though, NCBA has sent out requests to members to record and share data supporting our arguments in favor of retaining sales-tax exemptions, which would be valuable in every state where such actions were threatened.

Unfortunately, responses have been disappointing, to say the least. 

If NCBA is to continue gathering and furnishing our coalitions with what they need to illustrate the actual impacts of repealing sales-tax exemptions across the nation, members must step up. NCBA cannot continue to update and expand its data without member help.

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.