A licensing requirement has been imposed by the city of Rapid City, S.D., on pawnbrokers, secondhand dealers and dealers in gems and precious metals.
The language of the new ordinance seems to grant coin dealers and coin dealers attending a coin show in the city the widest possible latitude to conduct their business.
Licensees must operate out of a fixed location and maintain and operate a computer system with internet access and keep a subscription service to the LeadsOnline.com database unless an alternative is approved by the chief of police.
A five-day holding period is imposed on goods. Bullion and numismatic coins are specifically exempted from the requirement.
Goods where the seller presents a valid bill of sale as proof of ownership are also exempted from the holding period.
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