Much like currency collectors, coin collectors worry about being taking advantage of when making purchases. Effective this year in 2017, the government is introducing new rules and regulations, which are intended to help protect the buyer and their investment.
Due to supply and demand, many authentic, rare coins are unavailable, and most illegitimate sellers know this. Because of this knowledge, collectors are often taken advantage of when trying to complete their catalog of a particular collection. This year, the government is introducing new rules and regulations to help protect collectors when making purchases by requiring the seller to acknowledge that the coin in question is indeed a replica.
"The Hobby Protection Act requires items be marked plainly and permanently with the calendar year they were manufactured," said Josh Millard, an attorney with the FTC in Washington, D.C.
The act also requires that the importers and manufacturers of imitation numismatics brand the items with “copy” in a conspicuous area on the items themselves. This allows for buyers who believe they are purchasing a rare coin to know that the article in question is indeed not what they had hoped. The changes also extend to currency and other government related/issued collectibles. According to the amended Act, any person(s) found to be connected to the issuing and distribution of unlawful replicas will be punished to the full extent of the law.
Did you enjoy this read? Try Presidential $1 Coin Sets Are An Exceptional Way To Honor Our Leaders Of The Past
Since 1979, Bellevue Rare Coins has been a trusted, family-owned business serving the Greater Seattle Area with locations in Bellevue, Lynnwood, Issaquah, and West Seattle. Specializing in gold, silver, diamond, and jewelry purchasing, in addition to dealing in rare coins. We now offer a vast selection of fine, vintage and custom designed jewelry. Visit anyone of our four friendly locations for the best deals selling or buying.