Although altering and defacing United States coinage generally is not illegal...
ArgentumRex
Posts: 620 ✭
What do you think about this? I wasn't aware "defraud" had been applied to situations like this, but rather, altering one denomination to look like another, etc.. I guess all the fake error sellers...fake clips, vise coins, and so on had better watch out 
Fraudulent Presidential $1 Error Coins Being Sold
The United States Mint has recently learned that some individuals are grinding the rims of Presidential $1 Coins to remove the edge-incused inscriptions and then marketing these altered items as error coins. This practice not only exploits unwary consumers and collectors, but also is a Federal crime.
The United States Mint recently announced that an undetermined number of George Washington Presidential $1 Coins were minted and issued without the required edge-incused inscriptions, "E Pluribus Unum," "In God We Trust," the year of issuance, and the mint mark. Because true error coins such as these can be rare, they often become very attractive among collectors, many of whom are willing to acquire them at a premium above their face value. Apparently, some individuals are exploiting this situation by altering the rims of perfectly good Presidential $1 Coins to make them look like the recent error coins.
Although altering and defacing United States coinage generally is not illegal, doing so violates a Federal criminal statute (18 U.S.C. § 331) when the act is accompanied by an intent to defraud. Accordingly, a person is committing a Federal crime if he or she intentionally alters an ordinary Presidential $1 Coin to make it look like an error coin for the purpose of selling it at a premium to someone who believes it to be a real error coin. Under this statute, it is also a Federal crime to sell at a premium an ordinary Presidential $1 Coin that one knows has been altered so it looks like an error coin to someone who believes it to be a real error coin. Penalties include a fine and up to five years in prison.
The United States Mint has no Federal enforcement authority. Rather, it refers such matters to the United States Secret Service, which is lawfully authorized to detect and arrest any person who violates a Federal law relating to United States coinage.
link
Fraudulent Presidential $1 Error Coins Being Sold
The United States Mint has recently learned that some individuals are grinding the rims of Presidential $1 Coins to remove the edge-incused inscriptions and then marketing these altered items as error coins. This practice not only exploits unwary consumers and collectors, but also is a Federal crime.
The United States Mint recently announced that an undetermined number of George Washington Presidential $1 Coins were minted and issued without the required edge-incused inscriptions, "E Pluribus Unum," "In God We Trust," the year of issuance, and the mint mark. Because true error coins such as these can be rare, they often become very attractive among collectors, many of whom are willing to acquire them at a premium above their face value. Apparently, some individuals are exploiting this situation by altering the rims of perfectly good Presidential $1 Coins to make them look like the recent error coins.
Although altering and defacing United States coinage generally is not illegal, doing so violates a Federal criminal statute (18 U.S.C. § 331) when the act is accompanied by an intent to defraud. Accordingly, a person is committing a Federal crime if he or she intentionally alters an ordinary Presidential $1 Coin to make it look like an error coin for the purpose of selling it at a premium to someone who believes it to be a real error coin. Under this statute, it is also a Federal crime to sell at a premium an ordinary Presidential $1 Coin that one knows has been altered so it looks like an error coin to someone who believes it to be a real error coin. Penalties include a fine and up to five years in prison.
The United States Mint has no Federal enforcement authority. Rather, it refers such matters to the United States Secret Service, which is lawfully authorized to detect and arrest any person who violates a Federal law relating to United States coinage.
link
0
Comments
Please advise the source.....
Thanks
of the obvious !!
Duh ! Thanks
Hmmm, wonder how long it will be before we see the first arrest with these. They get around the "I'm just selling them, I didn't alter them" defense by putting the "Also a Federal crime to sell at a premium..." part. Now they just have to prove the "that one knows" part.
The last coin show I went to, there were about 5 dealers with home-made clipped coins, I would think same rules would apply to them as well.
Let the heads roll!
"You Suck Award" - February, 2015
Discoverer of 1919 Mercury Dime DDO - FS-101
<< <i>The United States Mint has no Federal enforcement authority.
Let the melting begin!
My icon IS my coin. It is a gem 1949 FBL Franklin.
All The Way - And Then Some
I collect Modern Commemoratives
and anything Franklin.