Congressmen Fight Counterfeit Gold and Silver Coins

Congressmen Press U.S. Mint for Action on Counterfeit Gold & Silver Coins

Bullion.Directory precious metals analysis 27 October, 2017
By Jp Cortez
Assistant Director of Sound Money Defense League

Congressmen Alex Mooney (R-WV) and Frank Lucas (R-OK) have presented a letter to the U.S. Mint today urging them to act on the growing problem of high quality counterfeits of U.S. precious metals coins entering the country.

The following is a press release from Congress:

Washington, DC (October 29, 2017) — Congressmen Alex Mooney (R-WV) and Frank Lucas (R-OK) delivered a formal letter to the United States Mint and Secret Service on Friday, urging aggressive action on the growing problem of high-quality counterfeits of U.S. precious metals coins entering the country from China and elsewhere.

“Enclosed herewith is a 1995 1 oz. Gold American Eagle coin, carrying a face value $50 and ostensibly minted by the U.S. Mint,” Mooney and Lucas wrote. “You are free to keep it, as it’s a worthless tungsten fake.”
As members of the House Financial Services subcommittee which oversees the U.S. Mint, Congressmen Mooney and Lucas are seeking information from the government institution responsible for the production of coinage for the United States, such as “the nature and quantity of complaints – and resulting investigations – regarding counterfeit U.S. gold, silver, and platinum coins within the last two years,” and “what anti-counterfeiting programs, if any, are in place to protect the integrity of U.S. coins minted specifically of gold, silver, platinum, and palladium.”
The congressmen request information as to whether, and to what extent, the U.S. Mint has taken proactive steps to protect the integrity of America’s minted coins, including reviewing and implementing the anti-counterfeiting measures already put in place by certain foreign government and private mints.
And they seek clarification regarding the “expected roles of the Secret Service, U.S. Customs and Border Enforcement, and other federal law enforcement agencies in detecting and investigating counterfeits of U.S. coins minted of precious metals and the extent of their coordination with the U.S. Mint.”
The congressmen also raised concerns about a Secret Service decision not to investigate the origin of a counterfeit batch of Gold American Eagle coins when the matter was recently brought to its attention.

“We commend Representative Mooney and Representative Lucas for their actions in defending sound money and for beginning to exercise Congressional oversight duties in accordance with Article I, Section 8, Clause 5 of the U.S. Constitution,” said Stefan Gleason, director of the Sound Money Defense League.

“We look forward to a meaningful explanation from the U.S. Mint and the Secret Service for what appears to be a lackadaisical attitude toward protecting the only constitutional currency that is currently even produced by the federal government,” said Gleason.

A full copy of the congressional letter can be found here. Or accessed here.

IMAGE: Gage Skidmore