Reportable Transactions and How Wilshire Coin Deals With Them

Category: Uncategorized Published on 06 Jul, 2015

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At Wilshire Coin we comply 100%, with NO EXCEPTIONS, with all US reportable transaction laws mandated under the Bank Secrecy Act, The USA PATRIOT Act, and by FINCEN, California State Government, Santa Monica City Government, and Wilshire Coin store policy. Please note the following scenarios:

1. If you chose to pay for a transaction of $10,000 USD or more with cash you will be asked for a valid government picture ID,  Social Security Number, and your present occupation. If you want to do a transaction over $10,000 and do not wish to give out your social security information you have the option to pay with a Personal Check or Cashiers Check (with a value greater than $10,000).

2. WHEN SELLING JEWELRY TO US: You must present a government photo ID when selling ANY amount of gold,silver, or platinum jewelry or jewelry scrap. You will also be asked to provide a right thumb fingerprint. We do not keep this info on file so we will have to do this every time you do a jewelry transaction. Just to be clear, this is for JEWELRY related transactions only!

3. Any Foreign Exchange transaction with a value of $1000 USD or more will require a government issued ID and Social Security number. Any transaction of $10000 USD or more will additionally require the customers occupation regardless of the form of payment.

4. When you are selling a certain threshold of bullion products to us, you will be asked for a government issued ID as well as a Social Security number and present occupation. This list of reportable products is as follows:

  • Bars / Rounds
    • Gold
      • Min. Fineness = .995
      • Any size bars or rounds totaling 32.15oz or more
    • Silver
      • Min. Fineness = .999
      • Any size bars or rounds totaling 1000oz or more
    • Platinum
      • Min. Fineness = .9995
      • Any size bars or rounds totaling 25oz or more
    • Palladium
      • Min. Fineness = .9995
      • Any size bars or rounds totaling 100oz or more
  • 1oz Government Minted Gold Coins
    • Canadian 1oz Gold Maple Leaf
      • 25 1oz coins
    • South African 1oz Gold Kruggerand
      • 25 1oz coins
    • Mexican 1oz Onza
      • 25 1oz coins
  • Pre-1964 US 90% coins
    • Combined Face Value of $1000 or more

A sale of a precious metal (gold, silver, platinum, or palladium) in any form for which the Commodity Futures Trading Commission (CFTC) has not approved trading by Regulated Futures Contract (RFC) is not reportable. Further, even if the sale is of a precious metal in a form for which the CFTC has approved trading by RFC the sale in not reportable if the quantity by weight or by number of items is less than the minimum required quantity to satisfy a CFTC-approved RFC.

If you have any questions please give us a call at 310-393-0661 or contact us via our website.

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Ph: 310-393-0661

Wilshire Coin (intro): Hello coin collectors and jewelry enthusiasts. Here you'll find helpful and interesting information we give to our in-store customers on a daily basis. You'll see pieces in our collection, learn the great history behind them, and get a better understanding of what's going on in the market. If you have any questions, please reach out to us on twitter and Facebook @WilshireCoin or via email at info@wilshirecoin.com

Wilshire Coin

We understand that when you're dealing with personal pieces you want an actual person to hear your story. So feel free to call us during our business hours Monday - Friday 9am-5pm and the first and third Saturdays of the month 10am-2pm. All PST. We're located in sunny Santa Monica, CA. Should you want to come visit, we're at 1312 Lincoln Blvd between Santa Monica and Arizona.

Wilshire Coin
@wilshirecoin
Gold - Silver - Rare Coins - Foreign Exchange - Jewelry COME ON BY! 1312 Lincoln Blvd. Santa Monica, CA 90401 http://t.co/IopK6oSYmL
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