A precious metal dealer that buys used or secondhand items made of gold, silver or platinum is required to have a Precious Metal Dealer License.
A dealer is any person, partnership or corporation — like pawn shops, coin shops, or jewelry stores — that buys used items containing precious metals.
Precious metals are anything made of at least 1 percent gold, silver or platinum. This includes jewelry, watches, silverware, religious items, decorations and more.
The precious metal dealer license allows a dealer to only buy items at the specific addresses listed on the license.
Required holding period
Under Minnesota Statute 325F.733, when a dealer buys a secondhand item made of gold, silver or other precious metals, there is a 14-day waiting period that must be followed.
- Hold the item: The dealer must keep the item for at least 14 days before selling it or changing it.
- Keep it local: During those 14 days, the item must stay at the dealer's shop or another safe spot within Dakota County.
The dealer isn't allowed to move the item out of the county or get rid of it until the 14-day waiting period has passed.
For more information, see Minnesota Statutes 325F.731—325F.739.
License fee
Fee: $84, payable by cash, check payable to Dakota County, or credit card over the phone.
Term: One year from the date it was issued.
How to apply
- Print the
Application of Precious Metal Dealer License and fill it out - Print and fill out the:
- Gather the following application materials:
- Completed license application
- Completed license applicant information form
- Completed certificate of compliance with Minnesota Worker's Compensation form
- License fee
- Mail the application materials to:
Dakota County Public Services & Revenue
1590 Highway 55
Hastings, MN 55033 - The license certificate will be mailed to the applicant.