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are american eagle $20 gold coins considered securities, requiring dealers to be licensed to sell them as such?
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no. 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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