1/16/05- Many of those "commemorative" coins you see advertised on TV or in print are, in a manner of speaking, fool's gold, not the rare or official collector's items they claim to be. For example, 1 "commemorative" set consisted of nothing more than colorized silver dollars. US Mint Director Henrietta Holsman Fore says tens of millions of dollars are spent on bogus coins because of misleading ads, and an unsettling number of customers are deceived if a company uses the Mint's name to promote its products. The Mint is seeking the authority to fine the scam artists $5,000 for each print ad and $25,000 for each broadcast commercial that misuses the name or emblems of the Mint or the US Treasury, but Fore says she wants to emphasize that it's never just the fines that hurt a company in these cases. There's also the negative public attention, which could mean the loss of millions of dollars in profits. More information about how to tell legitimate commemorative coins from fakes can be found on the Mint's website, www.usmint.gov http://www.wlns.com/Global/story.asp?S=2816107&nav=0RbQVFiB
I think that's a wonderful idea, as long as Ms. Fore will use the fines to ease the burden on the collectors who wish to purchase her products.
I just hope we wouldn't see anymore ads depicting the World Trade Towers with .999 20 mil silver. At least they shut down these guys: http://www.oag.state.ny.us/press/2004/nov/nov9a_04.html
What's sad is that that botched attempt at a "commemorative" piece will probably become a collecter's item.
I think it's a great idea to fine these people, in fact I think it should be increased to a higher amount. I agree with jody526, if used to reduce the burden on collectors in some way. Hey jody526! maybe the mint could reduce the cost of coins to us in some way! coinsngolf
Comments on the proposed regulation are being accepted. Here is the link to submit your remarks. http://comments.regulations.gov/EXTERNAL/Comments.cfm?DocketID=05-00543&CFID=69473&CFTOKEN=27714455
