U.S. Senator Charles E. Schumer and U.S. Representative Jerrold Nadler announced that the United States Mint is now alerting consumers to National Collector’s Mint phony 9/11 coin scam on their official website. On Monday, Schumer and Nadler called on the United States Mint to warn consumers about fraudulent 9/11 commemorative coins that are advertised as “officially authorized 10th anniversary September 11th commemorative[s]” and being sold by National Collector’s Mint. The coins, which are heavily advertised on television, also make claims to having an official licensing agreement to use the FBI’s insignia and are minted with silver obtained from Ground Zero.
“The consumer warning posted by the United States Mint, that these coins are blatant rip-offs and phony is a good first step to stop is stopped this questionable firm from making a profit off of our national tragedy and conning consumers in the process,” said Schumer. “Much more needs to be done, however, to ensure this company stops marketing and manufacturing this worthless bric-a-brac with false and misleading claims. These scam artists need to be held accountable and if necessary have criminal action brought against them. We continue to urge the FTC to move immediately to shut this unscrupulous company down.”
“I applaud the U.S. Mint for responding so quickly to warn consumers about the phony 9/11 coins being sold by the National Collector’s Mint and others,” said Rep. Jerrold Nadler. “Now, we call on the FTC to conduct a complete investigation of the perpetrators and send a strong message to other would-be opportunists seeking to profit from 9/11.”
The consumer warning posted on the official website of the U.S. Mint, points out that the “product is not a genuine United States coin or medal.” The U.S. Mint website, displaying the phony coins, also alerts consumers that the only official United States coin or medal to commemorate the 10th anniversary of the September 11th attacks is the “National September 11 Memorial & Museum Commemorative Medal,” which is authorized by Public Law 111-221 (approved by the President on August 6, 2010). A copy of the consumer warning posted by the U.S. Mint can be found here: http://www.usmint.gov/consumer/?action=hotitems#anniversaryCoin
Schumer and Nadler passed the legislation in July that created an official 9/11 commemorative medal to support the National September 11 Memorial & Museum at the World Trade Center. The sale of phony coins means that the National September 11 Memorial & Museum may lose out on millions of dollars worth of funds that could be raised through the sale of the official medals. They noted that every dollar spent on these phony coins is two dollars that could have gone to the memorial. The company, which was found guilty of fraud in 2004 for producing a similar coin, rakes in millions by selling virtually worthless products.