(Fallbrook, California) – Chinese-made counterfeit coins pose a significant financial threat to unsuspecting consumers, according to leaders of five of the country’s most influential rare coin organizations. They warn the public is spending millions of dollars on fake U.S. coins offered in online auctions and elsewhere, such as flea markets and swap meets.
This counterfeit 1916-D Winged Liberty Head dime was sold online. Photo credit: Numismatic Guaranty Corporation.
In a jointly-issued consumer advisory (below) the groups caution the public not to purchase any so-called "replica" coins because they may be in violation of federal law. They also urge consumers to only purchase genuine rare coins from reputable, professional dealers or face the risk of losing money on copies that are illegal to re-sell. Read the rest of this entry »
(Long Beach, California) – Leaders of five of the hobby and profession’s most influential organizations are launching a multi-pronged consumer awareness and protection campaign against counterfeit numismatic items sold and imported from China and elsewhere.
The organizations in alphabetical order are the American Numismatic Association (ANA), the Industry Council for Tangible Assets (ICTA), Numismatic Guaranty Corporation (NGC), Professional Coin Grading Service (PCGS) and the Professional Numismatists Guild (PNG).
Representatives of the five groups participated in a preliminary teleconference call on May 7, 2009, and then met in Long Beach, California on May 27 to discuss a coordinated plan of action. The groups recognize that counterfeiting can’t be completely stopped, but that efforts can be made to reduce the easy availability of fakes and to educate coin buyers about common sense ways to avoid unwittingly purchasing them. Read the rest of this entry »
Last Minute Amendment Could Have Shut Down Precious Metals Coin Dealers
ICTA recently helped defeat an 11th hour proposal that would have put precious metals dealers under the jurisdiction of the CFTC which may also have led to federal licensing and further regulation of the industry.
In late April, during Senate consideration of the 2008 farm bill (HR 2419), a section was added to reauthorize the Commodity Futures Trading Commission (CFTC) and amend the Commodity Exchange Act (CEA).
The House Agriculture Committee marked up similar legislation, so the two CFTC bills were both being considered by the joint Senate/House Conference Committee that would recommend the final bill.
A last minute amendment was introduced at the Conference Committee by Senator Tom Harkin (D-IA) that would have expanded the CFTC’s jurisdiction beyond the futures markets to include the cash markets.
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