FAQ - Coin Processor

Who is exempt from licensure?

Where do I get insurance?

How much insurance is required?

What are the fees, terms of registration?

What forms of payment does the Department of State accept?

Do I need to be fingerprinted?


Who is exempt from licensure?

Exclusions from General Business Law, Article 27a: Explicitly excluded from licensure are entities regulated by the Banking Law, food processing establishments which provide coin counting machines for customers, and armored car carriers.

Where do I get insurance?

Contact a New York State insurance company.

How much insurance is required?

Insurance Requirements: Coin processing applicants must: provide proof of "all risk insurance coverage" in the minimum amount of $10 million; additional amounts to cover the value of coins consigned to such coin processor for counting; and • maintain comprehensive general liability insurance coverage for death, personal injury and property damage in the minimum amount of $500,000 per occurrence and $1 million in the aggregate.

What are the fees, terms of registration?

What forms of payment does the Department of State accept?

You may pay by Money Order, Company Checks or Cashier's Checks made payable to the Department of State or charge the fee to MasterCard or Visa using the credit card authorization form included with the application. If payment is being made by credit card, a separate credit card authorization must be submitted for each application. DO NOT SEND CASH OR PERSONAL CHECKS. Application fees are nonrefundable. A $20 fee will be charged for any check returned by your bank.

Do I need to be fingerprinted?

Yes. All applicants are required to be fingerprinted.