Monday, February 04, 2008

Curb on coin scams proposed

LANSING--Not all that glitters is gold, and not every shiny new coin is a wise investment -- not even, say, a $5 Elvis Presley commemorative coin issued by the Marshall Islands.

. But many unsophisticated coin investors and collectors don't understand that, according to a Macomb County lawmaker.

Rep. Steve Bieda, D-Warren, wants to extend Michigan's consumer protection law to companies and foreign governments that advertise coins as "legal tender" when those items aren't U.S. coins currently in circulation.

"If something is called a `coin,' it has face value or denomination, and there's the assumption you can use it as money in the country of origin or redeem it at the exchange rate," Bieda said.

"Sometimes you can't use them as money even in the entity that produced them," he said.

Bieda's new proposal would require mints, issuers or foreign governments that . . .

Full story at: Scam Coins

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