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Article: "U.S. probes allegations of phony September 11 coins - Ah, yes...the stellar National
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U.S. probes allegations of phony September 11 coins
By Aman Ali
NEW YORK | Tue Jan 25, 2011 3:42pm EST
NEW YORK (Reuters) - U.S. authorities said on Tuesday they are investigating a New York coin dealer accused of selling phony September 11 commemorative coins supposedly made of metal from Ground Zero.
"These allegations are enormously troubling," said Jon Leibovitz, chairman of the Federal Trade Commission, which investigates consumer fraud.
Two Democratic New York congressmen, Rep. Jerrold Nadler and Sen. Charles Schumer, have accused the National Collector's Mint in Port Chester, New York, of selling bogus September 11 coins in an attempt to exploit the tragedy for profit.
"With the tenth anniversary of 9/11 approaching, we should unfortunately expect more scams, as criminals and snake oil salesmen seek to profit from the deep emotional connection that millions of Americans have to that terrible tragedy," Nadler said.
National Collector's Mint's website claims designs of the Twin Towers and U.S.S. New York on the coins are made from "pure silver actually recovered from the vaults beneath the ashes of Ground Zero." It says the coins are government sanctioned and "minted under an exclusive license authorizing the official striking of the official Justice Department FBI insignia."
The coins sell for $29.95 and the company says they are considered legal tender in the African country of Liberia.
Schumer further criticized the company for diverting funds from official September 11 commemorative coins that Congress sanctioned last year to benefit The National September 11 Memorial & Museum under construction at Ground Zero.
National Collector's Mint President Avram Freedberg issued a statement defending his company's coins and adding that the company had donated more than $2 million from these commemorative sales to a handful of September 11 charities.
"We believe that in America anyone has the right to sell commemoratives," he said. "The purpose of coins, medallions, ingots, etc., is often specifically to remember happy events or tragedies."
The Better Business Bureau has given the company its lowest rating of F, with close to 100 consumer complaints about the company filed in the past three years.
Linky
By Aman Ali
NEW YORK | Tue Jan 25, 2011 3:42pm EST
NEW YORK (Reuters) - U.S. authorities said on Tuesday they are investigating a New York coin dealer accused of selling phony September 11 commemorative coins supposedly made of metal from Ground Zero.
"These allegations are enormously troubling," said Jon Leibovitz, chairman of the Federal Trade Commission, which investigates consumer fraud.
Two Democratic New York congressmen, Rep. Jerrold Nadler and Sen. Charles Schumer, have accused the National Collector's Mint in Port Chester, New York, of selling bogus September 11 coins in an attempt to exploit the tragedy for profit.
"With the tenth anniversary of 9/11 approaching, we should unfortunately expect more scams, as criminals and snake oil salesmen seek to profit from the deep emotional connection that millions of Americans have to that terrible tragedy," Nadler said.
National Collector's Mint's website claims designs of the Twin Towers and U.S.S. New York on the coins are made from "pure silver actually recovered from the vaults beneath the ashes of Ground Zero." It says the coins are government sanctioned and "minted under an exclusive license authorizing the official striking of the official Justice Department FBI insignia."
The coins sell for $29.95 and the company says they are considered legal tender in the African country of Liberia.
Schumer further criticized the company for diverting funds from official September 11 commemorative coins that Congress sanctioned last year to benefit The National September 11 Memorial & Museum under construction at Ground Zero.
National Collector's Mint President Avram Freedberg issued a statement defending his company's coins and adding that the company had donated more than $2 million from these commemorative sales to a handful of September 11 charities.
"We believe that in America anyone has the right to sell commemoratives," he said. "The purpose of coins, medallions, ingots, etc., is often specifically to remember happy events or tragedies."
The Better Business Bureau has given the company its lowest rating of F, with close to 100 consumer complaints about the company filed in the past three years.
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Comments
The FTC moved rather quickly on this since this offering is relatively new which tells me they don't give a hoot about Daniel Carr's Peace Dollar.
The name is LEE!
<< <i>Well there you have it!
The FTC moved rather quickly on this since this offering is relatively new which tells me they don't give a hoot about Daniel Carr's Peace Dollar. >>
Funny you mention Daniel Carr's name in connection with this mint.
Gary
link
Where is rep weiner? Isn't he a man " for the people"? in NY?
Coin's for sale/trade.
Tom Pilitowski
US Rare Coin Investments
800-624-1870
<< <i>
<< <i>Well there you have it!
The FTC moved rather quickly on this since this offering is relatively new which tells me they don't give a hoot about Daniel Carr's Peace Dollar. >>
Funny you mention Daniel Carr's name in connection with this mint. >>
More info:
Freedom Tower Silver Dollar