Pennsylvania’s Precious Metals Act governs the licensing, documentation and record-keeping of individuals and businesses involved in the purchase of precious metals. Precious metals are defined as items containing or being of gold, silver or platinum including jewelry, silver services and the like. This definition excludes coins, ingots, bullion or photographic film. These individual or businesses are required to be licensed by the Mifflin County Sheriff. License applications are available in the Sheriff’s Office.
There are just a handful of licensees in Mifflin County; however, a buyer from out of town or out of state who sets up in motels or other local areas for just a day or two are also required to be licensed.
Individuals and businesses are required to report precious metals purchases to the Mifflin County District Attorney prior to the completion of the next business day. A precious metals transaction form is required, and can be faxed, emailed or mailed.
Individuals and businesses are required to retain the precious metals purchased for at least five working days, and retain records pertaining to the purchase and sale of these precious metals for one (1) year. These records must be made available to law enforcement officers upon request.
Compliance is mandatory. If you are a precious metal dealer, as defined in the law and the regulations, you must be licensed by the Mifflin County Sheriff’s Department and the transaction report must be filed with the Mifflin County District Attorney’s Office prior to the end of the next business day.
A dealer is required to post, on a conspicuous sign located near the scale, a statement of prices for 24ct, 18 ct, 14 ct and 10 ct gold; pure silver; sterling silver and platinum. Present law requires the dealer to clearly post these prices for the customer to see. In addition, the conversion chart is required if the metric system is used.
Violations of the Precious Metals Law are third degree misdemeanors, punishable by up to one year in prison or probation and a $2,500.00 fine. In addition, the license of the convicted dealer is immediately revoked, and convicted dealers are banned from obtaining a new license for five (5) years.
Mifflin County will be vigilant in enforcing compliance with the common sense requirements of the Precious Metals Law. This law is designed not only to protect individuals who are considering selling gold, silver or platinum to a dealer, but also to allow law enforcement to track the resale of stolen items. The Act can be found at 73 P.S. §1931 et seq.