Precious Metal Dealer

License - Precious Metal Dealer

A precious metal dealer license is required when any precious metal dealer engages in the business of buying secondhand items containing precious metals. A precious metal dealer license shall authorize the precious metal dealer to transact business only at the location or locations designated in the license.

A precious metal dealer is defined as any natural person, partnership, or corporation, either as principal or agent engaging in the business of buying secondhand items containing precious metal, including, but not limited to jewelry, watches, eating utensils, candlesticks, and religious and decorative objects.

Precious metals means silver, gold, and platinum. This includes pawn shops, coin dealers and some jewelry stores. Items containing precious metal means an item made in whole or in part of metal and containing more than one percent by weight of silver, gold or platinum.

Application Process

In order to apply, the following forms must be completed and accepted prior to issuing a license. Forms can be downloaded on-line, but must be printed, signed, and mailed or delivered to our office. The forms are as follows:

  • Application for Precious Metal Dealer License
  • Requires Notary Public Signature (Notary services are available on-site)
  • Form SP: C1 – License Applicant Information
  • Certification of Compliance with Minnesota Workers' Compensation Law

Licenses are valid one year from the date of issuance.

Fees & Applications

  • A new or renewal license is $50 (Application (PDF))
  • We will accept payment by Cash, Check or Money Order.
  • Checks should be made payable to Goodhue County.

Required Holding Period

Each Precious Metal Dealer is required to hold each purchase of a secondhand item containing precious metal at the dealer's business location or other location within the licensing county from the time of the initial transaction for a period of no less than 14 days.

  • Items must not be altered at the time of sale and must remain unaltered during the required 14-day hold period.
  • The hold location must be located in the county where the license was issued.
  • If you have a license in more than one county and purchase secondhand precious metals in those counties, you will need a hold location for the items in each county.

Renewal

To renew your license you must contact our office or submit the required forms and fee prior to expiration of your license.

Reference

Minnesota Statutes,section 325F.731 and section 325F.733.