The E-Sylum:  Volume 7, Number 14, April 4, 2004, Article 17

POSSESSING COUNTERFEIT COINS

  Reid Goldsborough writes: "There are differing opinions about
  the the legalities of owning counterfeit coins in the United States
  as no U.S. statute specifically addresses this issue and no U.S.
  court has specifically addressed it either.

  Two areas of U.S. law deal with counterfeit coins. Title 18,
  Part I,  Chapter 25 (Counterfeiting and Forgery) of the U.S.
  Code, Sections 485, 489, and 492 deal with counterfeits of
  U.S. and world coins.  The Hobby Protection Act of 1973
  (Title 15, Chapter 48, Sections 2101 through 2106 of the
  U.S. Code, plus 1988 amendments) deals with counterfeits of
  ancient coins.  Nothing in the above statutes says that simple
  possession of counterfeits of collectible coins is illegal.
  According to Armen R. Vartian, the most visible numismatic
  legal expert in the U.S., a lawyer, numismatist, Coin World
  legal columnist, and author of the book A Legal Guide to
  Buying and Selling Art and Collectibles, "The statutes do not
  criminalize the mere possession of counterfeit money."

  Though the courts have addressed peripheral issues, no court
  in the U.S. has ever ruled on the legality of owning a counterfeit
  of a collectible coin. For there to be "judicial clarity," a court
  ruling has to address this issue specifically, according to
  Vartian.

  The American Numismatic Association does recommend that
  you turn in counterfeit coins to it or the U.S. Secret Service.
  But it recognizes that hundreds if not thousands of auction
  houses, dealers, and collectors keep counterfeits of collectible
  coins on hand for educational purposes and for help in
  counterfeit detection. Robert W. Hoge, former curator at the
  American Numismatic Association and current curator at the
  American Numismatic Society, recommends that those who
  elect to keep counterfeits should clearly identify them on the
  labels of their holders to help prevent them from someday
  inadvertently being sold as genuine coins.

  Some collectors also are attracted to the subject of
  counterfeits and counterfeiting for its own intrinsic interest.
  In his ANA video titled "Famous Fakes and Fakers," Ken
  Bressett, editor of the Red Book  and past president of the
  ANA, points out that some counterfeits can be considered
  "true numismatic items" that are "enjoyable to study and
  collect."

  I've put together a Web site, below, that includes more
  information about counterfeit coins: rg.ancients.info/bogos

  Wayne Homren, Editor

	coinbooks.org Web

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