by Tara Bowman on 04/26/13
I am writing to inform you about a bill that is in front of CT legislature. This bill will make it extremely difficult for Coin Dealers to stay in business in Connecticut. It will most likely close all coin shops in CT and cancel all coin shows.
Please contact your senators and congressmen and tell them you are opposed to this bill.
The bill will require all coin dealers, precious metal dealers, and stone dealers to keep detailed records of every purchase they make, any identifying information on the items they purchased, photographs of each item purchased, as well as name, address, phone number, and photo identification of each person they buy something from.
The bill is unclear on the matter of photographing the items purchased. If coin dealers will need to photograph and email photo and list to the state for every single coin they purchase, this would be impossible. There are days when a dealer can purchase 15,000 coins in one day! If dealers are required to email the list and photographs each week, it would take more than one week to even take the pictures.
There is also, a clause in the bill that basically states, that the reporting requirements can be changed at any time.
This bill will cause all coin dealers to move out of Connecticut. Which would leave the public at the mercy of the Pawn Shops. Let me explain why that is bad; we have had customers in here who have stopped a pawn shops first before coming to a coin dealer. coin dealers generally pay anywhere from 2 - 10 times the price of pawn shops. The widest range we have seen, at Brookfield Coin is where we paid a customer $1600.00 for something the pawn shop only offered $2.00 for!!!
PLEASE CONTACT SENATORS AND REPRESENTATIVES AND TELL THEM WHY YOU ARE AGAINST THIS BILL!