http://www.thedailybell.com/28559/Gold-and-Silver-Registration-in-IllinoisA bill to register gold and silver coins: It had to come. It has been introduced in Illinois, the most anti-gun state in the USA. ... Creates the Precious Metal Purchasing Act. Provides that a person who is in the business of purchasing precious metal shall obtain a proof of ownership, create a record of the sale, and verify the identity of the seller. Provides that a person who is in the business of purchasing precious metal shall not pay for the precious metal in cash and shall record the method of payment. Requires the purchaser to keep a record of the sale for one year or, if the purchase amount is over $500, for 5 years. Provides that a person who violates the Act is guilty of a petty offense and subject to a fine not exceeding $500. Provides that the Attorney General may inspect records, investigate an alleged violation, and take action to collect civil penalties.
IL senate bill SB3144.
Obama's test-run in his home utopia of Chi-town/IL, prior to pushing for it at a fed level?
Superficially, it appears to apply to those "we buy gold" places. To discourage home burglars and the like from snatching up jewelry and selling it for cash at raw gold smelters.
Applicability to the precious metals and numismatic markets? I dunno. There's several good PM merchants here in PHX that will either buy or sell at spot +/- a small amount. And they'll buy in cash, which I like. And they'll sell for cash, which I like. Heck, one of them will trade PM's for bitcoin and vice-versa. Very anonymous.
This bill could interfere with that (at least in IL). If I buy PM's with my post tax income and they "appreciate" (the notion of PM's appreciating in value makes me laugh when it's really inflation making money worth less), I don't want to get a check when/if I sell them back elsewhere. With a check, I have to cash it. If I ever get audited, I have to explain that check. I buy my PM's cash and don't keep receipts.