The following is a press release from Congress:
Washington, DC (October 29, 2017) -- Congressmen Alex Mooney (R-WV)
and Frank Lucas (R-OK) delivered a formal letter to the United States
Mint and Secret Service on Friday, urging aggressive action on the
growing problem of high-quality counterfeits of U.S. precious metals
coins entering the country from China and elsewhere.
“Enclosed herewith is a 1995 1 oz. Gold American Eagle coin,
carrying a face value $50 and ostensibly minted by the U.S. Mint,”
Mooney and Lucas wrote. “You are free to keep it, as it’s a worthless
Astute collectors find that buying a ‘problem
coin’ can be a bit of a balancing act, but the rewards can be great.
Also in our Nov. 6 issue, Michael Fahey offers some tips on
grading Mint State Barber half dollars.
As members of the House Financial Services subcommittee which
oversees the U.S. Mint, Congressmen Mooney and Lucas are seeking
information from the government institution responsible for the
production of coinage for the United States, such as “the nature and
quantity of complaints – and resulting investigations – regarding
counterfeit U.S. gold, silver, and platinum coins within the last two
years,” and “what anti-counterfeiting programs, if any, are in place
to protect the integrity of U.S. coins minted specifically of gold,
silver, platinum, and palladium.”
Connect with Coin World:
up for our free eNewsletter
Like us on
us on Twitter
The congressmen request information as to whether, and to what
extent, the U.S. Mint has taken proactive steps to protect the
integrity of America’s minted coins, including reviewing and
implementing the anti-counterfeiting measures already put in place by
certain foreign government and private mints.
And they seek clarification regarding the “expected roles of the
Secret Service, U.S. Customs and Border Enforcement, and other federal
law enforcement agencies in detecting and investigating counterfeits
of U.S. coins minted of precious metals and the extent of their
coordination with the U.S. Mint.”
The congressmen also raised concerns about a Secret Service decision
not to investigate the origin of a counterfeit batch of Gold American
Eagle coins when the matter was recently brought to its attention.
“We commend Representative Mooney and Representative Lucas for their
actions in defending sound money and for beginning to exercise
Congressional oversight duties in accordance with Article I, Section
8, Clause 5 of the U.S. Constitution,” said Stefan Gleason, director
of the Sound Money Defense League.
“We look forward to a meaningful explanation from the U.S. Mint and
the Secret Service for what appears to be a lackadaisical attitude
toward protecting the only constitutional currency that is currently
even produced by the federal government,” said Gleason.
A full copy of the congressional letter can be found
here. Or accessed here.
The U.S. Mint produces 1
oz American Gold Eagles, Silver Eagles, and other precious