A new law strengthens the fight against counterfeit coins. Entitled the Collectible Coin Protection Act and numbered H.R.2754, the legislation was signed into law by President Obama on Friday, Dec. 19.
This law tightens provisions established by the Hobby Protection Act, which was enacted in 1973 and made it illegal to manufacture or import into the United States any imitation numismatic item that was not plainly and permanently marked "copy." Most notable from H.R.2754 is the inclusion of penalties not only for the distribution of, but also for the sale of prohibited items.
The law holds accountable all parties who are knowingly involved in a covered act, describes the Industry Council for Tangible Assets (ICTA):
"It adds a provision that gives ‘teeth’ to the Hobby Protection Act by allowing prosecution of any person who provides substantial assistance or support to any manufacturer, importer, or seller knowingly engaging in any act or practice that violates the Act."
Further stipulations outline that all steps in the counterfeiting process can be prosecuted — from manufacturing to shipping and sales, and that all parties may be held accountable no matter their location of business.
A final provision covers trademark violations of collectibles certification services and remedies available to owners of such trademarks.
While the Collectible Coin Protection Act will not eliminate the counterfeit coin problem, it is surely a step in the right direction.
H.R.2754 sailed through the U.S. Senate on Dec. 15, 2014 by unanimous consent. The U.S. House Representatives passed it by voice vote way back on July 30, 2013. A similar bill was introduced in the prior 112th session of Congress but it died from inaction.
Here’s hoping it helps. So long as companies like the Big tree Coin Factory (Google it) are legal in their home countries production will go on, and ill-informed people will continue to buy them. (Not to mention what is already floating around the market, including faked slabs.) It’s a bit like the drug business, where demand drives supply no matter what the laws, but hopefully this will become more controlled over time. Meanwhile vigilance is the best weapon; researching any valuable coin before you buy it (and ideally knowing your seller) is always called for.
Congress actually did something?
Further stipulations outline that all steps in the counterfeiting process can be prosecuted — from manufacturing to shipping and sales, and that all parties may be held accountable no matter their location of business.
USPS, UPS, FEDEX?
I would have liked them to go even further in the protection of our passionate or even addictive hobby. Protect us from any intrusion by the U.S. Governments, State and Local that prohibits those entities from unlawful search and seizure of numismatic or bullion precious metals for any reason. If you will, a 2nd amendment for coin.
Mike,
“Unlawful search and Is seizure” is in itself unlawful by itself. That’s like saying and saying illegal alien is unlawful. Where and when did this happen anyway?ToppCatt
The real question is how do you get this enforced… I have spoken to local officials and have been told (completely off the record)they have bigger fish to fry, and proving intent is the problem, they have also challenged me about the authenticity of a coin and what makes them believe that a particular coin real or a fake and saying all they have to go on is my word or expertise and that is not just enough… basically they are saying if they cannot tell, then no one can and they will not risk bad blow-back from a perpetrator… Read more »