Start a Pennsylvania Cash For Gold Business
Do you need a license in Pennsylvania to start a cash for gold business? Check what the Pennsylvania scrap gold law actually defines as “precious metals.”
Pennsylvania precious metals license does not apply to those dealing in bullion or coins–it’s for jewelry only.
§ 501.2. Definitions.
(a) The following words and terms, when used in this chapter, have the following meanings, unless the context clearly indicates otherwise:
Act—The act of February 24, 1984 (P. L. 92, No. 17) (73 P. S. § § 1931—1942).
Dealer in precious metals—An individual, partnership, association, corporation or business entity, who or which purchases precious metals from the general public for resale or refining or an individual who acts as agent for the individual, partnership, association, corporation or business entity for the purchases. The term does not include financial institutions licensed under Federal or State banking laws, the purchaser of precious metals who purchases from a seller seeking a trade-in or allowance, the manufacturers of jewelry or of other items composed, in whole or in part, of gold, silver or platinum and the purchaser of precious metals for his own use or ownership and not for resale or refining.
Precious metals—Items containing or being of gold, silver or platinum, including, but not limited to, jewelry and silver services. The term does not include coins, ingots, bullion or photographic film or articles containing less than 5% of gold, silver or platinum by weight.
(b) Other words and terms used in this chapter have the meanings contained in section 1 of the act (73 P. S. § 1931).