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 Replies: 13 / Views: 2,955 |
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Press Manager
 United States
1420 Posts |
Philly.com - The border service analyzed a sample of coins the mint bought from China in 2014 and found they "contained elements, such as aluminum and silicon, which are not found in genuine U.S. coins." They also lacked expected levels of nickel or copper, and showed "uniform" damage, as if aged on purpose. Lawyers for a group of China-based scrap-metal recyclers have asked a federal court in New Jersey to return $5.5 million in cash, a Porsche Cayman Coupe, and a Texas warehouse, all seized last winter during a Homeland Security probe of worn coins sold to the U.S. Mint in Philadelphia. Federal border control agents acted illegally when they decided the worn coins were fakes and seized the mint's payments to Wealthy Max Ltd., America Naha Inc., and XRacer Sports Co. Ltd., along with the car and warehouse, their lawyer, Bradford L. Geyer wrote in a filing asking a federal judge in Newark to dismiss the case. Geyer says his clients' business has been wrongly interrupted, causing scrapped U.S. coins to pile up in China for the benefit of local bargain-hunters, instead of serving as cheap recycling material for one of America's oldest industries. Read Entire Article
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Pillar of the Community
United States
5197 Posts |
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Wealthy Max Ltd., America Naha Inc., and XRacer Sports Co. Ltd. ALL of those names sound like completely legit coin reclamation companies  |
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Pillar of the Community
United States
7613 Posts |
Oh the Chinese counterfeiters would NEVER counterfeit coins to try and defraud the U.S. government now would they?
Maybe, just maybe, this will open our government's eyes to what WE have been seeing for years.
If the Chinese will counterfeit coins to be passed off on auction sites they will darn sure do it with modern coins and pass them off in bulk to recyclers who try to recover "face" value from the Treasury.
I see this forfeiture "sticking" and not getting overturned.
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Pillar of the Community
United States
3843 Posts |
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I see this forfeiture "sticking" and not getting overturned.  Clever scam though. |
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Bedrock of the Community
United States
17884 Posts |
They will need to explain how they have sent more half dollars back to the mint for redemption than the mint ever produced.
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Pillar of the Community
United States
1119 Posts |
My mom always said you can't trust the Chinese after what they did at Pearl Harbor.
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Moderator
United States
187582 Posts |
I thought the Germans bombed Pearl Harbor?  |
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Forum Dad
United States
24147 Posts |
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Pillar of the Community
United States
2270 Posts |
The average car has only about 12 coins in it when recycled and they tend to be pennies. Some of these coins will not fall out of the scrap and are melted with the steel. Imagine how may cars have to be recycled to fill a shipping container!
I believe some of the processed metal is now cut up with shears and if spaced about the width of a nickel apart would leave similar damage on quarters. But separating the denominations would prove nearly impossible. My money is on them being fakes. I hope if they are a few of the perpetrators spend time in prison.
Time don't fly, it bounds and leaps.
Edited by cladking
12/02/2015 4:01 pm
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Pillar of the Community
United States
613 Posts |
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Pillar of the Community
United States
1247 Posts |
we already know "they" have turned in more halves then was ever minted.
I am sure "they" are sending in counterfeit coins.
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Valued Member
United States
392 Posts |
The United States Treasury Department makes a deal with foreign recyclers (ignoring business names like "Wealthy Max", and "XRacer Sports"), and the "deal" includes a Porsche Cayman Coupe, and someone at the top says, "Let's do it." I think whomever OK'd the proposition should spend time in prison for gross incompetence, wasting public funds! ("Looks good to me boss  ). Jack |
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Pillar of the Community
United States
2270 Posts |
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we already know "they" have turned in more halves then was ever minted.
I am sure "they" are sending in counterfeit coins. If this is true it would almost certainly require a significant conspiracy. Not even one person is stupid enough to fall for this. Even if an individual could convince me he's so stupid I'd suggest it rises to the level of criminal stupidity. There should be a lot of heads rolling including those who are supposed to provide oversight. Of course there are far larger conspiracies being carried out openly. Nothing surprises me any longer. Time don't fly, it bounds and leaps.
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Valued Member
United States
165 Posts |
With regard to the half-dollars portion of this story, one thing should have definitely occurred to the Treasury and/or Mint as it was accepting the millions of coins back: half-dollars don't circulate to any great extent! There is no way there would be that many floating around anywhere in the world. Even if some country did take a liking to them (like Ecuador with the Sacagawea dollar), such sizable numbers of them would never be in such bad shape that they would be ready to be melted down. Edited by Earendil
12/04/2015 07:36 am
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Replies: 13 / Views: 2,955 |
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Posted 12/01/2015 11:02 pm
