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Bullion Coin Glossary

  • Precious Metal Content
    Defined in Minnesota Statutes §80G.01, subd. 8  and means the quantity, measured in grams, of gold, silver, platinum or other precious metal in coin and the percentage that the precious metal constitutes the total weight of the coin.

    If the precious metal content of the bullion coin is not known by the bullion coin dealer and the purchase is not based on the precious metal content of the bullion coins, then the invoice should indicate that the precious metal content is not known by the bullion coin dealer and the purchase is not based on the precious metal content of the bullion coin(s).
  • Owner

    defined by Minn. Stat. §80G.01, subd. 6 and means “an person who has an ownership interest in a bullion coin dealer, regardless of whether directly or indirectly, of more than ten percent and who is actively engaged in the direction, management, oversight, or operation of the bullion coin dealer or its business affairs.

  • Person

    defined in Minnesota Statutes §80G.01, subd. 7 and means any natural person or a legal representative, partnership, corporation (domestic or foreign), company, trust, business entity, or association, and any agent, employee, salesperson, partner, officer, director, member, stockholder, associate, trustee, or cestui que trust thereof.  

  • Bullion coin

    is defined in Minnesota Statutes §80G.01, subd. 2 and means any coin containing more than one percent by weight of silver, gold platinum, or other precious metal.

  • Consumer

    is not defined in Minnesota Statutes §80G and has varying definitions is Minnesota statutes. The dictionary definition for the term “consumer” is “a person who purchases goods and services for personal use.” 

  • Domiciled

    is not defined in Minnesota Statutes §80G but is defined in Minn. Rule, Part 8001.0300 as “the bodily presence of an individual person in a place coupled with an intent to make such a place one's home. The domicile of any person is that place in which that person's habitation is fixed, without any present intentions of removal therefrom, and to which, whenever absent, that person intends to return.”

  • Resident

    is not defined in Minnesota Statutes §80G but is defined in Minn. Rule, Part 8001.0300 as “A. any individual person who is domiciled in Minnesota, . . .  and B. any individual person . . . who is not domiciled in Minnesota but who maintains a place of abode in Minnesota and spends in the aggregate more than one-half of the taxable year in Minnesota."

  • Transaction

    Not defined in Minnesota Statutes §80G but its dictionary definition is “exchange or transfer of goods, services, or funds.” Merriam-Webster Dictionary, m-w.com, and “an instance of buying or selling something.” 

  • Occasional

    Not defined in Minnesota Statutes §80G but its dictionary definition is “happening or done sometimes but not often, not happening or done in a regular or frequent way.” Merriam-Webster Dictionary, m-w.com, and “occurring, appearing, or done infrequently and irregularly.” OxfordDictionaries.com

  • Coin dealer representative

    Defined in Minnesota Statutes §80G.01, subd. 4 and means “any natural person acting as an employee, contractor, or agent of a bullion coin dealer and who has interactions with consumers for the purpose of buying, selling, solicitation, or marketing of bullion coins or investments in bullion coins.