South Carolina Code 40-54-100. Exempt transactions
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This chapter shall not apply to the following specific transactions:
(1) a transaction between dealers of precious metals where the selling dealer has already complied with the applicable holding period, nor shall they apply to transactions between coin dealers and coin collectors occurring at regularly scheduled numismatic conventions. However, this exemption only applies to transactions between coin dealers and coin collectors occurring at regularly scheduled numismatic conventions for the purchase of coins;
Terms Used In South Carolina Code 40-54-100
- Dealer: means any person, corporation, or partnership who buys precious metal or precious or semiprecious stones or gems from the general public, whether in bulk or in manufactured form, with an intent to obtain a monetary profit for himself or for a principal. See South Carolina Code 40-54-10
- Legal tender: coins, dollar bills, or other currency issued by a government as official money. Source: U.S. Mint
- Purchase: means the acquisition, including by means of being pawned to a dealer, of precious metal or precious or semiprecious stones or gems or both precious metal and precious or semiprecious stones or gems for a consideration of cash, goods, or other precious metals or precious or semiprecious stones or gems or both precious metals and precious or semiprecious stones or gems. See South Carolina Code 40-54-10
(2) the purchase of manufactured items bought directly from the manufacturer or his authorized representatives;
(3) the purchase of bulk precious metals brought directly from the commodity exchanges, banks, dealers or licensed brokers; and
(4) the use of a coin strictly as legal tender.