***Precious Metals Investors Club***

[xjag]

Your cousin is correct. Most states have similar laws and the federal code kicks in because the coins are or have been used in inter-state transactions.
Intent still plays a role. If you've bought or sold a coin in good faith you will probably not be charged with a crime. However, the coin or proceeds will be confiscated and you'll lose your investment.

Another good reason to know with whom you're dealing. I feel safe dealing with my local dealers and at coin shows because I'm dealing with fellow numismatists. Dealing with folks on venues such as craigslist could be problematic, especially if the seller looks out of place, ie a guy in his twenties that doesn't know anything about the coins and doesn't have a solid back story as to their origins. That would make me highly suspicious that the coins were stolen.