Coin Dealers and Collectors Are Urged To Support
The Collectible Coin Protection Act
Several numismatic leaders joined the Gold and Silver Political Action Committee (GSPAC) and met with congressional leaders and their staff on Capitol Hill to discuss the importance of the recently introduced Collectible Coin Protection Act of 2013 (H.R. 1849). Provisions in this bill will provide strength to the Hobby Protection Act by adding language clearly and specifically targeting those “providing substantial assistance or support to any manufacturer, importer, or seller” of counterfeit items.
“We need to bring that law into the 21st century because of new issues that were not even contemplated decades ago, such as fake coins now being sold inside counterfeit holders fraudulently made to resemble the genuine, sonically sealed holders that reputable rare coin authentication companies use,” said Barry Stuppler, chairman and founder of GSPAC. “Counterfeit coins are costing unsuspecting buyers millions of dollars.”
The Hobby Protection Act was enacted in 1973 and amended in 1988. It requires manufacturers and importers of imitation numismatic items to mark them plainly and permanently with the word, “COPY.” In recent years there have been numerous reports of high quality replica coins entering the marketplace without that designation. While most of these coins are coming from China, there have been reports of counterfeiters working out of Turkey and areas of the Middle East.
The Collectible Coin Protection Act of 2013 was introduced by Rep. Lamar Smith (R-Texas), Chairman of the U.S. House Judiciary Committee.
Under the leadership of the Industry Council for Tangible Assets (ICTA), the numismatic community and GSPAC was able to work with key representatives to craft the Collectible Coin Protection Act so that it will strengthen the law and to gain support from members of congress.
Also working with the numismatic community as a political consultant is former Louisiana Congressman Jimmy Hayes. Hayes says that the bill would significantly improve the Hobby Protection Act as follows:
These new provisions will allow collectors, dealers, and grading services to bring legal actions that are much more effective, with much stronger remedies than previously existed. It will allow those harmed to work with the Justice Department to bring criminal actions, where applicable.
“The existing law only deals with the manufacture and import of counterfeit items,” said Armen Vartian attorney for PCGS. “When the Hobby Protection Act was created, it was thought that this was all that was necessary.” However, with the growth of the Internet and its international reach, the proposed update, “helps deal with retail turnover.”
ICTA and GSPAC asks that every coin dealer, collector, and investor contact their member of congress and ask that they co-sponsor and vote for the Collectible Coin Protection Act, H.R. 1849. Contacting your member of congress will let them know that the numismatic community supports this Act and that their support is important.
To find the name and contact information for your local member of the United States Congress, visit house.gov and enter your Zip Code at the top right of the page. When you contact your representative, you should mention that the bill is revenue neutral and will not require additional appropriations. The bill will go a long way in combating counterfeit rare coins in the marketplace, saving collectors and investors millions of dollars in fraudulent transactions.
Sponsors of the Bill
Rep. Lamar Smith (R-TX21)
Co-Sponsors of the Bill
Rep. Henry Waxman (D-CA33)
Rep. Steve Scalise (R-LA1)
Rep. Bill Cassidy (R-LA6)
Please visit http://www.govtrack.us/congress/bills/113/hr1849
for the latest information on the Collectible Coin Protection Act.
Chairman, Gold and Silver Political Action Committee
The purpose of the Gold & Silver PAC is to identify, support and endorse candidates who understand the important issues that affect our community and oppose those who don't. Paid for and authorized by the Gold and Silver PAC. Not authorized by any candidate or candidate’s committee.