Acting Deputy Director of the U.S. Mint David Motl’s Nov. 17 response to an Oct. 27 letter from U.S. Representatives Frank Lucas (R-OK) and Alex Mooney (R-WV) requesting information regarding the Mint’s efforts to combat the rising tide of counterfeit coins entering the United States lacks commitment.
The US House and Senate have included in their tax bills revisions to the treatment of like-kind exchanges that will affect some coin and currency dealers and their clients. Dealers and clients who engage in such exchanges will face significant consequences if Congress adopts these revisions to Section 1031 of the US tax code. The Industry Council for Tangible Assets recommends you assess the effects of these revisions if you engage in like-kind exchanges.
A 28-year-old man from Waite Park, Minn., on Sept. 25 is expected to respond to a felony charge for theft-by-swindle stemming from selling counterfeit coins to three pawn shops in the greater Minneapolis area.
Eric Michael Johnson, identified in a complaint filed July 31 in Minnesota’s 7th Judicial District Court located in Stearns County, could face a maximum sentence of five years imprisonment and/or a fine of $10,000.
Johnson was arrested Feb. 27, 2017, by Minnesota Department of Commerce Special Agent Joseph K. Boche in the Pawn America shop located in Anoka, Minn.