01/25/11 Where The Hell Is The Westmore News? Port Chesr's US Senator Want To Seek Criminal Prosecution Against A Village Bussiness

Politicians outraged by National Collector’s Mint, fake 9/11 10th anniversary commemorative coins 


BY Jennifer H. Cunningham 
DAILY NEWS STAFF WRITER 


Tuesday, January 25th 2011


Sen. Chuck Schumer and Rep. Jerrold Nadler want to seek criminal prosecution for the ‘phony’ 9/11 commemorative coins. Smith for News Sen. Chuck Schumer and Rep. Jerrold Nadler want to seek criminal prosecution for the ‘phony’ 9/11 commemorative coins. 


Sen. Chuck Schumer and Rep. Jerrold Nadler want to cashier a company they say is peddling bogus 10th anniversary 9/11 coins. “I think there should be criminal prosecution here,” Schumer said. 


“I think people like this should be behind bars.” National Collector’s Mint, a private Port Chester company that has nothing to do with the US Mint, is selling 9/11 commemorative Liberian dollar coins claiming to be clad in “priceless silver recovered from Ground Zero.” 


Schumer and Nadler said the origin of the silver cannot be verified. 


They said they want the Federal Trade Commission to crack down on the company. 


In a statement, the company said the silver was "bought from a company who received it through one of the banks who stored silver bars, coins, etc. in its vaults under the WTC."


"We have lawyers' letters and a complete chain of custody for the materials," said National Collector's Mint.


A TV ad for the $30 coin - $35.95 with shipping and handling - also suggests it has a federal okay, though it does not and is competing with an upcoming official silver medal to help finance the 9/11 memorial.


"Every dollar spent on the phony coins peddled by National Collector's Mint is $2 that could have gone to the National September 11 Memorial & Museum," said Nadler.


The company said "we don't understand" the assertion that each coin diverts $2 from the memorial. It said it has donated $2 million to 9/11 charities.


The pols said that while the coins are breathlessly advertised as clad in 14 mg of gold - 0.0005 ounce - and 14 mg of silver, that only adds up to about 60 cents' worth of precious metals.


"The amount of silver and gold advertised is correct," the company said.


In 2004, the company paid more than $2 million in refunds and penalties over "deceptive" ads for a "Freedom Tower Silver Dollar."


Read more: http://www.nydailynews.com/ny_local/2011/01/25/2011-01-25_2_pols_dropping_dime_on_phony_911_coins.html#ixzz1C5MsVo00


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