Apr 7, 2021 | Announcements, ICTA/NCBA
Big news! Today, after 36 years, we are releasing a new brand identity, which includes a new name, logo, and website.
The time has come to specify the mission of the Industry Council for Tangible Assets in our branding, including our name and logo. We do not represent the broad range of collectible tangible assets that our name implies, which could include anything from antiques to postage stamps to memorabilia to fine wines, and much more.
Our association has been dedicated to the numismatic and precious-metals bullion communities for its more than 36 years of existence. During that time, we have been promoting and safeguarding the interests of our members and serving as the numismatic industry watchdog over federal and state governments in the United States to maintain a favorable legislative and regulatory climate. Over the years we have grown to better address the needs that have always been our focus:
- Providing a medium through which our members may confer, consult, cooperate with, and educate government and other agencies to achieve solutions for problems that affect their businesses
- Offering our members assistance and information on new and existing laws and regulations, and promoting harmony and cooperation among our members to advance the welfare of the numismatic and precious-metals bullion communities
Our brand now needs to be updated to emphasize that work. We are revamping our current branding to clarify the communities we serve—collectors of, and dealers and investors in, numismatics and precious-metals bullion. With that comes a new name, new logo, new colors, and a new look and feel. This will include our social media, email marketing, and even our website, to build a cohesive style and voice that consistently reflects our brand and our target communities. These changes will be gradual, rolling out over the next few months.
Most importantly, our core mission will remain the same. Who we are has not changed. We have been supporting our members and the community at large for well over three decades, helping to maintain a favorable legislative and regulatory environment for doing business, and we will continue to be the place with the resources and guidance collectors and dealers need to do business under the existing laws and regulations. That is still who we are and what we care about. With that, we would like to introduce you to the National Coin & Bullion Association!
We are also proud to introduce our new logo.
The logo has three components: the symbol, the logotype, and the slogan. The symbol, a Capitol dome, represents our work advocating for top priorities and fair business practices to legislators and agencies nationwide. It is surrounded by a circle of stars to imply strength and stability. The logotype, NATIONAL COIN & BULLION ASSOC, and the slogan, “TAXATION • ADVOCACY • EDUCATION,” surround that and convey the three themes in our mission statement. The design is done in patriotic colors and a blue font, to indicate the scope of our activity.
In the coming months, you will see the new NCBA logo being used prominently. It will be used on our new website and it will appear on our various forms of marketing. That is right—our website got a makeover! A modern, professional look, with a responsive design that renders well on mobile devices and is easy to navigate.
With a signed logo-usage agreement, members may use a special version of this logo (to be determined) to display on their websites, advertising, business cards, and the like. Fully implementing a change like this takes time, so there may be some instances where you will see the old logo being used for a while yet.
Last, but not least, we wish to thank all the board members that submitted ideas for a new name. Director Max Spiegel’s name idea was selected by the executive committee. A special thank you also to Heritage Auctions numismatic marketing manager Denice Brackemyre and senior art director Chris Britton for designing the new logo.
(We will continue to use the “Industry Council for Tangible Assets” as the registered business name; we’ve registered a “doing business as” (DBA) for the National Coin & Bullion Association.)
Dec 8, 2020 | Announcements, ICTA/NCBA
The Industry Council for Tangible Assets today announced that Jimmy Hayes will step down as executive director at the end of the year, and its board of directors has appointed David Crenshaw as the new executive director, effective January 1, 2021.
Of the change, Hayes said, “I have very much enjoyed my tenure as executive director. I appreciate ICTA’s historic role as a watchdog for the industry, but with the Supreme Court’s Wayfair decision, we have realized a need for a watchdog for the collector as well. David Crenshaw has the experience and perspective of both a dealer and a collector to lead and strengthen our organization in its mission. Thanks to all the dealers and collectors with whom I have worked.”
Hayes is returning to the Coalition for Equitable Regulation and Taxation (CERT) as a consultant, where he intends to focus on legislative initiatives related to the numismatic and bullion marketplace. CERT is a separate entity that functions as the lobbying arm of ICTA.
“We are fortunate to have someone of David Crenshaw’s caliber and experience step up to lead ICTA,” said board chair John Brush. “He is a strong communicator, who is member-focused and has deep leadership capabilities. Furthermore, as ICTA’s chief operating officer for the past seven years, Crenshaw has a solid understanding of our mission.” Speaking on behalf of the board, Brush added, “We have very much appreciated Crenshaw’s efforts and his service to ICTA since he joined us in 2013. His experience will be a great asset to the association and will build off the momentum that Hayes left us.”
Crenshaw said, “I am honored and excited to lead ICTA. I am looking forward to working with our dedicated board of directors and members. Together, we will continue to build upon ICTA’s successful history, focused on promoting and safeguarding the interests of its members.”
About ICTA
The Industry Council for Tangible Assets is a 501(c)(6) tax-exempt trade association dedicated to the coins, currency, and precious-metals bullion communities for over 35 years. ICTA exists to promote and safeguard the interests of its members, serving as the industry watchdog to maintain a favorable legislative and regulatory climate in the United States federal government and individual state governments. For more information, visit ictaonline.org/membership or email icta@ictaonline.org.
Mar 25, 2020 | ICTA/NCBA, News
More states issue stay-at-home orders to mitigate spread of COVID-19
The Industry Council for Tangible Assets has been contacted by many members who are requesting information on whether dealers may be exempt from “stay at home” orders, based upon the dealer inclusion in Section 352 of the Patriot Act.
ICTA’s executive director, Jimmy Hayes, was an author of the Louisiana Bank Code and a former commissioner of financial institutions. Under Jimmy’s guidance we are advising dealers that “stay at home” executive orders from governors and mayors are currently being issued under their state-authorized powers. It is essential for each dealer to determine what their own state or city has issued and carefully read the exemption language.
Several of those who contacted ICTA had been told that their compliance with the money-laundering requirements of the Patriot Act somehow gave them the status of a “financial institution” or similar banking or lending institution.
This is not correct. Section 352 defines a financial institution under the Bank Secrecy Act SOLELY TO DETERMINE WHAT BUSINESSES ARE REQUIRED TO FOLLOW THE MONEY-LAUNDERING PROVISIONS. This definition is limited to money-laundering purposes and does not make, say, a bullion dealer a financial institution for any other purpose.
Any state order that refers only to “banks, financial institutions, etc.” would require that those seeking an exemption are defined as such institutions under state law. The bottom line is that the definition is up to the state issuing the executive order, and that no provision of federal law dealing with money laundering or other activities applies.
Very Important Note: Any information in this news release is provided to assist coin dealers and is not intended to be used as a substitute for actual advice from a professional tax or legal adviser.
About ICTA
ICTA is a 501(c)(6) tax-exempt trade association and is supported solely by dues and contributions. For more information, visit ictaonline.org/membership or email icta@ictaonline.org.
Mar 12, 2020 | ICTA/NCBA, News
Repeal attempt fails in committee after opposition by Whitman Expos, ICTA, Visit Baltimore
The Maryland House of Delegates’ Ways and Means Committee stopped a proposed repeal to the state sales tax exemption for certain coin and bullion sales on Wednesday, March 11, 2020. The committee’s Unfavorable Report on House Bill (HB) 1284 came after opposition from Whitman Coin & Collectibles Expo, the Industry Council for Tangible Assets, and Visit Baltimore.
HB1284 was introduced in the House of Delegates, one of the two chambers in Maryland’s General Assembly, on February 7 with its first reading in the Ways and Means Committee. The bill included changes to a number of tax exemptions, credits, and discounts, including inheritance taxes, economic development credits, and credits for certain industries.
For numismatists attending coin shows and auctions in Baltimore, the most important section of HB1284 was the proposed repeal of a sales tax exemption for any sale of precious-metals bullion or coins at a price of $1,000 or greater.
Repealing this sales exemption would cause significant damage to the businesses of coin dealers and auction firms.
A similar repeal has been attempted three other times in the General Assembly, most recently in the 2015 session with HB903. As in 2015, Whitman Coin & Collectibles Expo hired The Rasmussen Group, an Annapolis-based lobbying firm, to assist in voicing the opposition of the numismatic community and defeating the bill.
Patrick Heller, a member of the board of directors for the ICTA, a watchdog organization for the industry of coins, currency, and precious-metals bullion, wrote to the House Ways and Means Committee on March 5 to support keeping the exemption. He noted that similar exemptions for coin and precious-metals bullion sales in other states had increased tax revenue consistently by drawing coin shows and conventions to the states and thereby boosting hotel, restaurant, and other retail spending.
Baltimore’s official tourism organization, Visit Baltimore, also wrote to the committee in support of keeping the exemption. The three annual Whitman Coin & Collectibles Expos, all housed at the Baltimore Convention Center, create an estimated economic impact of $4.9 million annually.
Lori Kraft, general manager of Whitman Expos, stated that had HB1284 been successful, the bill’s passage would have prompted Whitman to move its expos to a venue in a different state.
With the Ways and Means Committee’s Unfavorable Report, coin dealers and auctioneers can continue business as usual at Whitman’s spring, summer, and winter expos in Baltimore. In addition to programs and sales at the Baltimore Convention Center, vendors and visitors at the show can also enjoy the restaurants, hotels, and entertainment located nearby in the city’s inner-harbor area.
Feb 13, 2020 | ICTA/NCBA, News
Industry Council for Tangible Assets dealer-member Dean Schmidt (Dean Schmidt Rare Coins, Atchison, Kansas) was honored during the ICTA dinner and update at Tony Roma’s in Orlando, Florida, on January 8 as the recipient of the 2019 Diane Piret Memorial Outstanding Service Award for his efforts to see Kansas House Bill 2140 passed. The bill provides a sales-tax exemption on sales of gold and silver coins and on all gold, silver, platinum, and palladium bullion.
“We thank Dean Schmidt for his continued perseverance over the years and the tremendous support of everyone who helped make this exemption a reality,” said chief operating officer David Crenshaw.
The dealer and collector communities, in conjunction with ICTA, put a tremendous amount of hard work into the grassroots campaign. Schmidt has championed the cause for the last four years, raising capital for lobbyist costs and reimbursing ICTA’s expenses, spreading the word to dealers and collectors, speaking at shows all over the state, emailing, attending meetings at the state legislature, and testifying in both the House and Senate. Many other dealers also attended and testified at House and Senate committee hearings, as well as financially contributing to the efforts: Jeremy Brakenhoff and Josh McCleary (Mass Metals/Ownx), Robin Tummons (The House of Stuart), Robert Dunlap (Equity Standard Numismatics of Kansas), and Rick Raines (representing the Johnson County Numismatic Society—a major financial contributor to the campaign). Several ICTA members and JCNS club members also attended committee hearings, and the campaign received tremendous help from Pat Heller (Liberty Coin Service), ICTA’s traveling sales-tax exemption guru, and former ICTA executive director Kathy McFadden, from her testimony in 2018 committee hearings. Big thanks also go to Travis Lowe and Scott Heidner with Gaches, Braden & Associates, the lobbyists that worked tirelessly on this legislation.
“The ICTA partnership, along with lobbyists from Gaches, Braden & Associates and many others, were invaluable to the success of our efforts,” said Schmidt.
The award commemorates the 25-year career of ICTA’s former industry affairs director, who died in 2015.
Sep 26, 2019 | ICTA/NCBA, News
Patrick A. Heller was honored during the Industry Council for Tangible Assets dinner in Rosemont, Illinois, on August 14. He is stepping down as treasurer after 17 years of service. Heller will continue to serve as a director and ICTA’s states’ sales-tax exemption guru.
“It has been my honor to serve as ICTA treasurer for so long. I won’t completely retire from ICTA as I will continue as a board member until next August,” said Heller. “Further, I will continue to serve ICTA with my expertise at helping gain more state sales and use tax exemptions on retail sales of precious metals bullion and rare coins.”
ICTA chair John Brush (right) presents Patrick Heller with an engraved clear crystal wave award: Thank You / PATRICK A. HELLER / for 17 years / of Dedicated Service / as Treasurer and your / continued commitment. / 2002 – 2019.
Heller has received numerous local and national awards over his career, including the Industry Council for Tangible Assets Diane Piret Memorial Outstanding Service Award.
Heller received an engraved clear crystal wave service award. A chocolate cake with “Thank you, Patrick Heller!” was also presented to him and enjoyed for dessert by everyone at the dinner.
John Fisher (Fisher Precious Metals, Deerfield Beach, FL) was installed as the new treasurer during the ICTA board of directors meeting earlier that day. Fisher immediately stepped into his role as treasurer.
Fisher remarked, “I’m honored to serve ICTA members and I look forward to working with Jimmy, David, and the directors.”
At the board of directors meeting, Patrick Perez (CDN Publishing, Virginia Beach, VA) was also installed as secretary, filling that vacant position when Richard Weaver stepped down in May. Weaver was recently selected as the new Professional Numismatists Guild president.
“I am happy to serve as ICTA’s secretary. ICTA has an important role in the numismatic community and I look forward to helping the association fulfill its mission,” said Perez.
Jul 19, 2019 | ICTA/NCBA, News
ICTA member Dave Miholer (Executive Coin Company, Stow, OH) brought to our attention in May that the Ohio 2020–2021 budget eliminated the sales-tax exemption on the purchases of investment metal bullion and investment coins. The budget plan also directs the state to begin collecting sales taxes on interstate purchases, due to the requirements of South Dakota vs. Wayfair.
Shortly afterward the budget’s language eliminating the exemption was removed. Lobbyist Neil Clark closely monitored the budget’s bill (HB 166) in case the language was restored before the bill went to the Senate floor for a vote. The Senate passed their version of the bill on June 20, 2019. However, the House refused to concur in the Senate amendments, so the bill went to a Conference Committee, where differences were resolved. It passed both houses on July 17, 2019.
We learned late that night from lobbyist Clark that the budget now included language that eliminated the exemption and that it was on the way to Governor Mike DeWine to be signed. The Ohio dealer community was immediately alerted and asked to call Governor DeWine’s office to urge him to line-item veto this language and protect the exemption. Unfortunately, Governor DeWine opted not to veto the language before signing the bill into law yesterday, July 18, 2019.
On behalf of Miholer, thank you to everyone who made telephone calls, wrote legislators, testified before legislative committees, and financially supported the efforts to stop the repeal of the Ohio sales-tax exemption on the purchases of investment metal bullion and investment coins.
“The state’s current political climate was just not favorable toward existing tax breaks that generally favored businesses,” said Miholer. In other words, the repeal of this exemption and other tax breaks would supposedly underwrite a huge state tax cut.
The sales tax becomes effective October 1, 2019.
“We may be down, but we’re not out,” says Miholer. “We don’t know right now, but we will regroup and start again a campaign to get our exemption back.”
For more information, please contact Miholer by calling (330) 686-1100 or emailing davem@executivecoin.com.
Jun 5, 2019 | ICTA/NCBA, News
The FDIC has fully reversed its position on a list of merchant categories thought to present a high risk for payment fraud. In a May 29 article, the Wall Street Journal reports that a suit brought by payday lenders against the Federal Deposit Insurance Corporation has been settled, and that banks must no longer rely on the FDIC’s “high-risk” list, which included coin dealers.
ICTA alerted our members in June 2014 that the Department of Justice had launched Operation Choke Point to crack down on fraud in the payments system by investigating banks and payment processors. The FDIC’s article “Managing Risks in Third-Party Payment Processor Relationships” presented a list of “high-risk” industries (including coin dealers), which was used in the DOJ operation.
In July 2014 American Banker reported that the FDIC had withdrawn its list of merchant categories that had been misinterpreted, resulting in banks’ severing ties with legitimate businesses. Despite this withdrawal, however, banks may have still been using it to assess their risk from third-party payment processors. As predicted by Jimmy Hayes (who was ICTA’s legislative consultant at the time), our members experienced little if any effect from this overreaching initiative by the DOJ.
Payday lenders, meanwhile, sued the FDIC for closing their bank accounts or denying them service. The Wall Street Journal’s May 29 article states, “The parties finally settled last week, and the FDIC’s letter says its policies have since been overhauled. The ‘high risk’ merchant list is no more. If the FDIC wants a bank to kill an account, the recommendation cannot come ‘through informal suggestions.’ It must be written in an official report that includes ‘any specific laws or regulations the examiner believes are being violated.’” In other words, simply being in a category on the (now-defunct) list is not sufficient to cause to close a merchant’s bank account.
We recommend that dealers save this information for future reference if needed.
About ICTA
ICTA is a 501(c)(6) tax-exempt trade association that represents the rare-coin, currency, and precious-metals communities. ICTA is supported solely by dues and donations. To join and/or learn more about ICTA, please visit our website, ictaonline.org.
May 22, 2019 | ICTA/NCBA, News
On Thursday, May 16, 2019, Kansas governor Laura Kelly signed into law House Bill 2140, which provides a sales-tax exemption on sales of gold and silver coins and on all gold, silver, platinum, and palladium bullion.
“The outcome is not everything we started with in the original bill, but certainly better than where we were,” said Dean Schmidt (Dean Schmidt Rare Coins). The late Diane Piret, ICTA’s director of legislative affairs, would agree. She always said, “It’s better to get a partial loaf than none. We can always come back for more.”
The dealer and collector communities, in conjunction with ICTA, put a tremendous amount of hard work into the grassroots campaign. Dean Schmidt championed the cause for the last three years, raising capital for the lobbyist and reimbursing ICTA’s expenses, getting the word out to the dealers and collectors, speaking all over the state at shows, sending out emails, attending meetings at the State House, and testifying in both the House and Senate. Many other dealers also attended and testified at House and Senate committee hearings, as well as financially contributing to the efforts: Jeremy Brakenhoff and Josh McCleary (Mass Metals/Ownx), Robin Tummons (The House of Stuart), Robert Dunlap (Equity Standard Numismatics of Kansas), and Rick Raines, representing the Johnson County Numismatic Society—a major financial contributor to the campaign. Several ICTA members and club members of JCNS attended committee hearings. We would be remiss if we didn’t mention past ICTA executive director Kathy McFadden’s helpful testimony in committee hearings last year, and the tremendous help of Pat Heller (Liberty Coin Service), ICTA’s traveling sales-tax exemption guru. Big thanks also go to Travis Lowe and Scott Heidner (Gaches, Braden & Associates), the lobbying firm that worked tirelessly on this legislation.
“Kansas now joins the 38 other states with a sales-tax exemption,” said chief operating officer David Crenshaw. “We thank Dean Schmidt for his continued perseverance and the tremendous support of everyone who helped make this exemption a reality.”
The bill was enrolled on Friday, May 10, and presented to Governor Kelly for her signature. The new law’s effective date is July 1, 2019.
Jan 23, 2019 | ICTA/NCBA, News
Industry Council for Tangible Assets dealer-members Phil Darby (J&P Coins and Currency, Helena, Alabama) and Steve Caiola (Alabama Gold Refiner, Homewood, Alabama) were honored during the ICTA dinner and update at FishBones, Orlando, Florida, on January 9 as the recipients of the 2018 Diane Piret Memorial Outstanding Service Award.
In the fall of 2016, Darby and Caiola began collaborating with ICTA on a campaign to obtain a state coin, currency, and precious-metals bullion sales-tax exemption. Both hired Graham Champion (Public Strategies, Montgomery, Alabama) as the campaign’s lobbyist. They also paid 100% of ICTA’s expenses in aiding the campaign.
Darby, Caiola, Champion, ICTA treasurer Pat Heller, ICTA chief operating officer David Crenshaw, and others worked tirelessly to get the legislation enacted. Last February, the bill unanimously passed in both the House and Senate, and the governor signed the bill the following month. On June 1, 2018, the law became effective.
“The ICTA partnership, along with lobbyist Graham Champion, was invaluable to the success of our efforts,” said Darby. “The team effort everyone displayed is an example of how ICTA members working together can accomplish the passage of such legislation.”
Picture caption: Industry Council for Tangible Assets chief operating officer David Crenshaw (left) and ICTA treasurer Patrick Heller (right) present Phil Darby (center) with the organization’s Diane Piret Memorial Outstanding Service Award at the organization’s dinner and update.
About ICTA
ICTA is a 501(c)(6) non-profit association that represents the rare-coin, currency, and precious-metals communities. ICTA is supported solely by dues and donations. The Diane Piret Memorial Outstanding Service Award commemorates the 25-year ICTA career of the organization’s industry affairs director, who died in 2015. To join and/or learn more about ICTA, please visit our website, ictaonline.org.
Picture caption: Industry Council for Tangible Assets chief operating officer David Crenshaw (left) and ICTA treasurer Patrick Heller (right) present Phil Darby (center) with the organization’s Diane Piret Memorial Outstanding Service Award at the organization’s dinner and update.
The time has come to specify the mission of the Industry Council for Tangible Assets in our branding, including our name and logo. We do not represent the broad range of collectible tangible assets that our name implies, which could include anything from antiques to postage stamps to memorabilia to fine wines, and much more.
