ICTA responds to U.S. Mint’s position on counterfeit U.S. precious metals coins

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PALH1
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ICTA responds to U.S. Mint’s position on counterfeit U.S. precious metals coins

#1 Unread post by PALH1 » Thu Dec 14, 2017 12:04 pm




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Re: ICTA responds to U.S. Mint’s position on counterfeit U.S. precious metals coins

#2 Unread post by Daniel » Thu Dec 14, 2017 7:03 pm

We most certainly need strong legislation and alliances on this with China and other countries creating these fakes.

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Re: ICTA responds to U.S. Mint’s position on counterfeit U.S. precious metals coins

#3 Unread post by mhonzell » Thu Dec 14, 2017 11:16 pm

I'd have to say the laws are already on the books.
Instead, we need enforcement.

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Re: ICTA responds to U.S. Mint’s position on counterfeit U.S. precious metals coins

#4 Unread post by Daniel » Fri Dec 15, 2017 7:18 am

That I know of there's no international laws for prosecuting counterfeiters of United States coins that live in another country. There has to be a way for these foreign counterfeiters to be fined and jailed and their operations shut down and for all the coins to be confiscated.

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Re: ICTA responds to U.S. Mint’s position on counterfeit U.S. precious metals coins

#5 Unread post by mhonzell » Sat Dec 16, 2017 9:55 am

One of the few laws specified in our Constitution and set up by the founding fathers concerned that a new nation could be subverted by foreign countries destroying our economy. (Article 1, Section 8, Clause 6)

Congress passed the first anti-counterfeiting statute in 1790.

The current federal prohibition on counterfeiting is found in 18 U.S.C. §§ 470–513 (2004), which generally provides for an unspecified fine or imprisonment of not more than twenty years, or both, for its violation. This law applies equally to any foreign nation by section 470.

§470. Counterfeit acts committed outside the United States
A person who, outside the United States, engages in the act of—

(1) making, dealing, or possessing any counterfeit obligation or other security of the United States; or
(2) making, dealing, or possessing any plate, stone, analog, digital, or electronic image, or other thing, or any part thereof, used to counterfeit such obligation or security,

if such act would constitute a violation of section 471, 473, or 474 if committed within the United States, shall be punished as is provided for the like offense within the United States.

(Added Pub. L. 103–322, title XII, §120003(a), Sept. 13, 1994, 108 Stat. 2021; amended Pub. L. 107–56, title III, §374(a), Oct. 26, 2001, 115 Stat. 340.)

Amendments
2001—Pub. L. 107–56, §374(a)(2), in concluding provisions, substituted "shall be punished as is provided for the like offense within the United States" for "shall be fined under this title, imprisoned not more than 20 years, or both".

Par. (2). Pub. L. 107–56, §374(a)(1), inserted "analog, digital, or electronic image," after "plate, stone,".

Short Title of 1992 Amendment
Pub. L. 102–550, title XV, §1551, Oct. 28, 1992, 106 Stat. 4070, provided that: "This subtitle [subtitle E (§§1551–1554) of title XV of Pub. L. 102–550, enacting section 474A of this title and amending sections 474 and 504 of this title] may be cited as the 'Counterfeit Deterrence Act of 1992'."

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Re: ICTA responds to U.S. Mint’s position on counterfeit U.S. precious metals coins

#6 Unread post by Daniel » Sat Dec 16, 2017 10:02 am

Yes, but there's no legislation to enforce this to happen. All this says is that it is illegal and more of a warning than anything else, as far as foreign countries are concerned. We need stronger legislation and compliance from the governments that have offenders committing these crimes for the sole purpose of ripping American collectors off.

Thanks for posting. All good information there. I just can't believe it has been a mute issue by our law makers.

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Re: ICTA responds to U.S. Mint’s position on counterfeit U.S. precious metals coins

#7 Unread post by PALH1 » Sat Dec 16, 2017 11:02 am

:eureka:
I just can't believe it has been a mute issue by our law makers.
well D, if it does not effect them, why bother, right ??

M, i also read somewhere (?), that these "laws" apply only to 'currency of 5 cents or greater',......
which leaves the "CENTS" at risk !!

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Re: ICTA responds to U.S. Mint’s position on counterfeit U.S. precious metals coins

#8 Unread post by mhonzell » Sat Dec 16, 2017 3:06 pm

That same law specifies 5 cents or greater.

To Daniel's point... We don't have agreements with foreign nations to exercise our laws. So, we cannot go to China and arrest a counterfeiting mint.

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Re: ICTA responds to U.S. Mint’s position on counterfeit U.S. precious metals coins

#9 Unread post by Daniel » Sun Dec 17, 2017 9:26 pm

Exactly Mark, but my opinion was based on something like an international task for just for that purpose and that it's not being done.

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