The E-Sylum:  Volume 9, Number 14, April 2, 2006, Article 13

SPECTRUM NUMISMATICS WINS SECRET OHIO CLOSED-BID COIN AUCTION

Guess what? According to a March 31 report in The Toledo Blade,
"The state of Ohio announced today it rejected a series of closed
bids from dealers and instead sold a batch of rare coins and
currency connected to a state scandal to Spectrum Numismatics
International for $7.5 million.

The stock of collectibles was part of a $50 million Ohio Bureau
of Workers? Compensation investment with former Toledo-area coin
dealer Tom Noe and is now part of the evidence in a criminal case
against him.

The $7.5 million bid was the pre-set minimum that Spectrum agreed
to pay if a so-called auction ? one held over several days in a
secret location and open only to select dealers who provided
$10,000 deposits ? did not raise more.

Six other bidders placed bids totaling nearly $2.03 million on 37
of the 100 lots for sale, said Ohio Attorney General Jim Petro?s
office. Bidding was from March 21 to Wednesday."

To read the complete article, see Full Story

  Wayne Homren, Editor

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