Counterfeit coins are illegal to own, buy, or sell under federal law. This means that if you accidentally purchase a counterfeit coin, you are required to turn it over to a law enforcement officer or Secret Service agent. However, this can be difficult due to distance or the fact that law enforcement may not want to take time to retrieve just one or two fake coins.
So, what can you do if you find yourself in possession of a counterfeit coin?
How to Make a Counterfeit Coin Legal to Possess
If you own a counterfeit coin, there is a solution. By following the rules of the Hobby Protection Act, you can legally keep the counterfeit coin. The act requires that a counterfeit coin be marked with the word “COPY” stamped either on the front or back of the coin. The marking must be in a specific size to comply with the law. When the coin is stamped with the word “COPY,” it is no longer considered illegal to possess.
Challenges in Marking Counterfeit Coins
While the Hobby Protection Act provides a solution, the process of stamping the word “COPY” onto a coin is not simple. Private individuals or organizations, aside from official mints, rarely have the right equipment and knowledge to do this properly. This means that many people who own counterfeit coins may find it hard to make them legal to possess.
| Topic | Details |
|---|---|
| Federal Law on Counterfeit Coins | Counterfeit coins are illegal to buy, sell, or own. |
| What to Do with Counterfeit Coins | Victims should report counterfeit coins to law enforcement, but if impractical, there is a solution. |
| How to Make a Counterfeit Coin Legal | The word “COPY” must be stamped on the coin in a specific size as per the Hobby Protection Act. |
| Challenges with Marking Coins | Few organizations outside of official mints have the equipment to properly stamp counterfeit coins. |
| ACEF’s Free Service | ACEF will stamp counterfeit coins with “COPY” for free, up to three coins per person, during the World’s Fair of Money. |
| Location of ACEF’s Service | Table No. 1928, Donald E. Stephens Convention Center, Rosemont, Illinois, August 7-10. |
| Support from Root River Mint | Joe Paonessa from Root River Mint donated the equipment used for marking counterfeit coins. |
How the Anti-Counterfeiting Educational Foundation (ACEF) Can Help
Luckily, there is help available. The Anti-Counterfeiting Educational Foundation (ACEF), a non-profit organization, offers a solution for victims of counterfeit coin scams. During the World’s Fair of Money, ACEF will mark counterfeit coins with the word “COPY” for free, up to three coins per person. This event will take place at Table No. 1928, located in the bourse area of the Donald E. Stephens Convention Center in Rosemont, Illinois, from August 7 through 10.
According to ACEF President John Albanese, the organization wants to help people legally keep the counterfeit coins they were tricked into purchasing, especially those bought online. ACEF also aims to encourage collectors to visit the World’s Fair of Money, where they can see real coins and meet trusted coin dealers who treat customers fairly.
Support from Joe Paonessa and Root River Mint
The equipment used to mark counterfeit coins with the word “COPY” was donated to ACEF by Joe Paonessa, the owner of Root River Mint in Racine, Wisconsin. This generosity helps ACEF continue their mission of assisting victims and educating the public about counterfeit coins.
Conclusion
While owning a counterfeit coin is illegal, there are steps you can take to make your coin legal to possess. By having the word “COPY” stamped on the coin, it becomes legal under the Hobby Protection Act. ACEF provides this service for free at the World’s Fair of Money, making it easier for collectors to get rid of counterfeit items while learning about real coins and finding trusted dealers.
FAQs
Q1: Is it illegal to own a counterfeit coin?
A1: Yes, federal law makes it illegal to possess, buy, or sell counterfeit coins. However, if you accidentally purchase one, there are legal ways to keep it, such as marking it with the word “COPY.”
Q2: How can I legally keep a counterfeit coin?
A2: To make a counterfeit coin legal, it must be stamped with the word “COPY” in a size that complies with the Hobby Protection Act. This makes the coin legal to possess.
Q3: Who can mark a counterfeit coin with “COPY”?
A3: Only certain entities, like private mints or government mints, typically have the proper equipment to mark counterfeit coins. However, ACEF offers this service for free at the World’s Fair of Money.
Q4: How does ACEF help with counterfeit coins?
A4: The Anti-Counterfeiting Educational Foundation (ACEF) offers a free service where they mark counterfeit coins with the word “COPY.” This makes them legal to own, and the service is available during the World’s Fair of Money.
Q5: Where can I get my counterfeit coins marked as “COPY”?
A5: You can visit Table No. 1928 at the World’s Fair of Money held at the Donald E. Stephens Convention Center in Rosemont, Illinois, from August 7 through 10.