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California Excludes Coin Dealers from Secondhand-Dealer Harassment Rules
California Excludes Coin Dealers from Secondhand-Dealer Harassment Rules
California preserves the bullion exclusion and drops coin dealers from secondhand reporting and hold rules.
SACRAMENTO, CA / ACCESS Newswire / October 2, 2026 / With Gov. Gavin Newsom's signature on AB 2633, California has excluded coin dealers from the provisions that regulate secondhand dealers, scoring a victory for dedicated precious metals dealers across the state.
Current California law already excludes coins and commercial grade bullion from the legal definition of "tangible personal property," and already excludes coin dealers from the definition of "secondhand dealer." AB 2633 preserves that product exclusion and makes the secondhand dealer reporting and hold rules inapplicable to coin dealers.
The Sound Money Defense League and Money Metals supported the measure and urged the governor to sign it.
Increased regulations associated with secondhand dealers are not appropriate for coin and bullion dealers. Precious metal bullion is fungible, generic, and would usually be unidentifiable in the case of theft or missing items. This is in contrast to jewelry or unique items, including those containing serial numbers.
California now follows Florida's 2023 approach on precious metals bullion. That law excluded gold, silver, platinum, palladium, or rhodium bullion that has been assayed and is marked as to its weight and fineness from the definition of "secondhand goods," ending the 30-day hold and the required transaction filings that include customers' personal information.
As more individuals seek a safe place to store their savings, facilitators of these transactions should have their burdens removed, not increased. Removing outdated or inappropriate systems reduces costs and makes the industry more accessible for Californians across the state.
AB 2633 makes it clear that dealers of coins and commercial grade bullion are not swept into this regulatory framework that was not intended for them.
"We're glad California made it explicit that coin and bullion dealers are not secondhand dealers. Precious metals are held as savings, not as unique secondhand goods," said Jp Cortez, executive director of the Sound Money Defense League. "The reporting and hold rules built for jewelry and pawned items do not belong on coin and bullion dealers," continued Cortez.
The overwhelming trend is to remove taxes and impediments surrounding gold and silver. Since 2014, the Sound Money Defense League has worked successfully in support of sound money on dozens of pieces of legislation across the country.
The League has also worked on the federal SILVER Act to address national security and market efficiency problems associated with the dangerous geographic concentration of exchange approved precious metals depositories within 150 miles of New York City.
Contact: [email protected]
SOURCE: Sound Money Defense League
View the original press release on ACCESS Newswire
Y.X. Gagnon--SMC
