I wonder if anyone can tell me whether U.S. $20 American Eagle gold coins are considered to be "securities" for purposes of sale? In other words, if I want to start a business that buys/sells them to the public, would I have to be a licensed securities dealer to do so?

I've read a number of articles online that seem to indicate the answer is "no", but before I proceed with my plan, or spend a great deal of money asking an attorney this question, it'd be nice to get some feedback from anyone who can shed some light on the subject. Thanks all!

  • 2
    There are certain reporting requirements you may need to be aware of (especially if you expand your business to other types of bulions), and there may also be some licensing requirements from the State.
    – littleadv
    Aug 15, 2016 at 3:15

1 Answer 1



Securities brokers/dealers in the United States are licensed to broker debt and equity in corporations. (There are additional, commodities licenses to broker derivatives.) $20 American Eagle coins, or any other type of physical currency or physical precious metals can be traded or brokered by anyone without a specific license (except maybe a sales tax registration).

The only situation where a securities license would be required is if a legal entity is holding the coins and you deal/broker an interest in that legal entity. For example, dealing in SPDR Gold Shares or a similar structure holding either physical assets or the right to purchase those assets (like a commodity pool) would require a securities and/or commodities dealing license.


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