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January 27, 2011 10:02 am

Beware Fools’ Gold: Fake Coins Robbing 911 Memorial Funds

avatar by Maxine Dovere

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Senator Charles Schumer was instrumental in securing the passage of a bill funding health care for 911 heroes and first responders. Seen here in Lower Manhattan following a ceremony commemorating the signing of the Zagrouda Health Care Bill. Photo: Maxine Dovere.

From the office of Senator Charles Schumer and Congressman Jerold Nadler: “National Collector’s Mint, Convicted Of Fraud, Peddling Misleading 10th Anniversary 9/11 Coins. These ARE NOT authorized “Official 9/11 Medals.” Schumer, Nadler: ‘No One Should Be Profiting Off of 9/11.”

U.S. Senator Charles E. Schumer and U.S. Representative Jerrold Nadler called on the Federal Trade Commission (FTC) today to take immediate action to stop companies from peddling phony 9/11 commemorative coins and profiting off of the September 11th terrorist attacks. Their call comes in response to a new 10th anniversary coin issued by the company National Collector’s Mint.  This offering is NOT government sanctioned coin and IS NOT made with silver from Ground Zero.

The phony coins could cost the National September 11 Memorial & Museum millions of dollars.  Schumer and Nadler are asking FTC Chairman Jon Leibowitz to immediately crackdown on the company and call for the United States Mint to alert consumers to the phony coins on its website.

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National Collector’s Mint “is preying on the memories of that tragic day, generating millions in profits, and diverting potential funds to finance the 9/11 Memorial at Ground Zero,” Schumer said. “Profiteering off of a national tragedy will not be tolerated.” Congressman Nadler warned about scammers who will seek to profit from the “deep emotional connections” with the tenth anniversary of the attack that brought down the twin towers of the World Trade Center. “We must act now — and act with force — to make it crystal clear that we will not tolerate 9/11 scams, and will prosecute swindlers to the fullest extent of the law.”

The July 2010 National September 11th Memorial and Museum Commemorative Medal Act authorized striking up to 2 million silver medals, to be issued throughout 2011 and 2012 for the purpose of raising money, through a matching program, for the 9/11 Memorial at Ground Zero. The phrase “Always Remember” will be inscribed on the government authorized coins.  Each legitimate sale generates a $10 donation to the Memorial and museum.

National Collector’s Mint is infamous for attempting to profit off of the 9/11 tragedy and was charged with fraud.  It has been ordered to refund more than $2 million and has paid $369,000 in penalties.  Schumer and Nadler are calling for the FTC to shut down National Collector’s Mint’s 9/11 coin operation, investigate their marketing practices, and want the FTC to investigate the company and move to put an end to sales of phony coins.

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