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Scotte New user 13 Posts 
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Saw this ( http://mentalfloss.com/article/32100/how......-war-spy ) recently and it got me thinking. Anyone ever ask a bank if they get gimmicked coins occasionally, and what they do with them?
On a related note, anyone know of any other stories about finding gimmicked coins? |
TC Ryder Elite user Florida 494 Posts
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I ask the bank any time I go if they have any IKE's Once in a while they have them.
If they have any rolls of Kennedy Halves I buy them and everyone once in a while I will pull a 65 - 69 one. They are 40% silver. But the worst is all the dime and pennies I have lost. TC |
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Mobius303 Inner circle Lakewood, Ohio 1309 Posts
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They turn them over to be destroyed when they find them. Gimmicked coins are considered counterfeit.
That was what the bank teller told me when I asked her. |
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Charles Gaff Loyal user 204 Posts
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They are only illegal if used to defraud someone, like a quarter with 50 cents written on it. Jewelers have been making money jewelry for thirty years or so when they changed the law. Its only illegal if you are, for example, trying to make a dollar look like a ten or a hundred.
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mindtaker New user 60 Posts
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Quote:
On Nov 30, 2015, Charles Gaff wrote: Are you sure? I've always wondered how these magic shops get away with making steel cored and magnetic coins. It always struck me that they could be seen as a counterfeiter even though they didn't intend on defrauding or spending the coins. I'm sure it wouldn't even be cost effective. But still, the danger is there, especially when you get into offering them for sale. Has anybody heard of any issues? |
inigmntoya Inner circle DC area native, now in Atlanta 2351 Posts
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The key phrase in all the (US) laws I've seen is "with intent to defraud".
Selling a steel core coin, or any other gaffed coin or bill as exactly what it is isn't a problem. Trying to pass off something not genuine as the real thing is where there's (rightfully so) trouble. |
malaki Elite user 490 Posts
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I know that my father has some old coins that were made into 3D sculptures. In each of the coins, the artist pushed the silver from behind to create a three dimensional image of the lady Liberty's face. On an identical coin, they cut away the center to make a negative starburst. They then pushed the sculpted coin through from the back of the star coin, creating an image that looked as though Lady Liberty turned her face and the 3D image broke through the surface of the coin. Very nice work, but according to my dad, they are extremely rare due to the US mint destroying them. The reason was defacement of US currency.
This is why I have always wondered about the legality of making gaffed coins for a profit. |
Al Desmond Inner circle Secret Mountain Lair in Conifer, Co 1511 Posts
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Quote:
On Oct 22, 2015, Mobius303 wrote: Gimmicked coins are not considered to be counterfeit. The law states that you have to have produced or modified a coin or script with the intent to commit fraud (usually in a commerce transaction). The U.S. Treasury does not consider coins produced for magic to be a monetary object produced to commit fraud. Think about what I just said. Otherwise companies like Johnson would be shut down. Anyone notice Johnson trying to fly under the radar of the U.S. Treasury? |
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Walt D New user 29 Posts
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On Apr 30, 2017, Al Desmond wrote: Just a note, but, as part of the aftermath of 9/11, counterfeiting investigations are handled by Homeland Security, not the Treasury. Also, whether or not specific material, once in the possession of the Federal Reserve System, is treated as counterfeit & destroyed to avoid its further passing (and potential fraud) has nothing to do with the laws that dictate whether or not the person(s) who produced/passed it are considered counterfeiters. You seem to be conflating those two things, even though the law is actually irrelevant here. I'm quite sure that the teller was simply quoting internal policy & didn't mean that a criminal investigation is opened whenever such a thing occurs. |
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Al Desmond Inner circle Secret Mountain Lair in Conifer, Co 1511 Posts
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Quote:
On Apr 30, 2017, Walt D wrote: Good Walt, bottom line, gimmicked coins are not illegal. Now come on, get the last word in, I'm tired. If you're trying to get in your 50 posts so you can enter other forums, try being a little more friendly. |
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Walt D New user 29 Posts
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I haven't said anything that's not friendly (though I wish I could say the same for your latest post here). My motivations in posting on this thread are self-evident: to correct your misconceptions regarding the Treasury's role in counterfeiting detection and investigation and to point out that you conflated laws governing counterfeiters with internal policy governing the handling of fake coins.
I can't find anyone who said that gimmicked coins were illegal, so I'm not exactly sure why you felt the need to make that point. If that is truly the "bottom line" then there's no discussion here, as nobody said otherwise. They are, however, "fake" (something that I thought was pretty obvious as fact) and handled as such by the bank in question, if not the Fed in general. I'm not exactly sure why you're so intent upon starting an argument here (while ironically accusing me of being the unfriendly one), but I have no interest in taking the bait. |
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AceOfJokers New user 65 Posts
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There are several coin and banknote dealers catering for numismatists in London. I often call in and ask them about 'magicians coins'. They put them aside, usually in the safe, and wait for someone to call in and ask. They will they negotiate a price for whatever they have and sell it all at once. So you have to buy the rough with the smooth, but there are usually some gems.
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| The Magic Cafe Forum Index » » Trick coin trickery » » Anyone ever ask a bank about gimmicked coins? (0 Likes) | |
Posted: Oct 19, 2015 11:41 pm 
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