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A C&R permit allows the bearer to purchase C&R listed guns and have them shipped directly to them without the run-around of the NICS check or 01 class FFL. The BATFE takes their list seriously, so if you have a C&R, you better have a copy and keep it updated. Any gun on that list (or falls into the serial numbers listed for NFA exemptions) is a C&R gun. They aren't issued a paper saying they are C&R elligible. You have to look at the list.
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There's also a "catch-all" C&R classification covering all guns over 50 years old, but is has some caveats. Refer to this recent thread:
http://www.thefiringline.com/forums/...d.php?t=312258
The other main benefit of an 03 C&R, other than what's already been listed, is that you can buy and sell C&R firearms directly from and to non-licensees who reside in other states. However, if you're selling one, the transaction should be person-to-person.
I think this is a good time to bring up a few things you
CAN'T do with a C&R:
-You get no special priveleges whatsoever for buying, selling, or shipping firearms that
aren't C&R
-You get no special priveleges regarding NFA firearms; certain firearms may be C&R and NFA, but you still have to jump through the usual NFA hoops
-You still can't ship handguns through the U.S. mail; that privelege comes with an 01
"Dealer" FFL,
not an 03
"Collector" C&R FFL, contrary to frequently repeated misinformation
