Precious Metal Licenses

A license is required when any precious metal dealer engages in the business of buying secondhand items containing more than one percent by weight of silver, gold or platinum. A precious metal dealer license authorizes the 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. Dealers may include pawn shops, coin dealers and some jewelry stores.

"Precious metals” are silver, gold and platinum. Items containing precious metal are made in whole or in part of metal and containing more than one percent by weight of silver, gold or platinum.

Application process

License applications are accepted via US mail and at secure form drop-off locations.

The following forms must be completed and accepted before a license may be issued. Forms must be printed, signed, and mailed or delivered to

Property Tax Services
90 W. Plato Blvd.
Saint Paul, MN 55107

Some forms require notarization; notary services are available at Taxpayer Services. 

• Application for Precious Metal Dealer License (PDF)
• Form SP: C1 – License Applicant Information (PDF)
• Certification of Compliance with Minnesota Workers' Compensation Law (PDF)

Licenses are valid for one year from the date of issuance.

Fees

• The fee is $200 for new and renewed licenses.
• Payment may be made by check or money order made payable to Ramsey County.
• License renewals must be submitted 30 days before expiration.

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, for at least 14 days from the time of the initial transaction.

• 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 more than one county, 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 30 days before your license expires.