C&R=Curio & Relic.
The license is also known as "Class 03 FFL" (That's: "oh-three") (NOT to be confused with Class III SOT for NFA weapons dealers.)
It's $30 for three years.
You must NOT engage in the business of selling firearms as a source of income.
You must keep a bound book of purchases; However, you don't have to turn your records in if you surrender the license.
You MAY sell weapons from your collection, but they must be logged out of your book, and recorded to whom they were sold
It allows you to purchase, interstate, any weapon that was made at least 50 years prior to whatever the current date is, OR, if LESS than 50 years old, is specifically listed on BATFE's "Curio & Relic" list.
This all hinges on the legality of making such purchases in your home state, and in some cases the originating state. (CA, NY, NJ, CT, MA all come to mind.)
You may NOT use the license to purchase any "modern" weapon (i.e. less than 50 years old) that is not on the list.
Unfortunately, there are some dealers out there who are not savvy enough to realize that some guns, which are obviously more than 50 years old, are C&R's just because they don't specifically appear on BATFE's list.
That's not all of it, but that's the high points.
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