Schumer, Nadler: Shut down 9/11 coin scam
Coins designed to commemorate the 9/11 terror attacks are actually a scam designed to exploit the World Trade Center tragedy, according Sen. Charles Schumer and Rep. Jerrold Nadler in announcing a crackdown on the enterprise yesterday.The coins, which cost $29.95 each, were issued ahead of the 10th anniversary of the attacks in September, feature silver images of the Twin Towers and the USS New York on a gold base on one side and a Department of Justice/FBI insignia on the other. A TV ad says the coins are “officially authorized” and crafted from “priceless silver recovered from Ground Zero.” amNewYork first reported on these latest coins in a Nov. 10 article. Speaking yesterday near Ground Zero, Democrats Schumer and Nadler, of Manhattan, said the claims are misleading. The pair has asked the Federal Trade Commission to shutter National Collector’s Mint, which issued the coins, and probe the Port Chester company’s marketing practices. “The 9/11 coin scam surely represents an all-time low by reaping profits from our national tragedy,” according to their letter to the FTC. Schumer and Nadler have also written to the U.S. Mint asking the agency to warn consumers that the coins are not government-sanctioned. National Collector’s Mint responded that all its claims are substantiated. “Our advertising for our 10th anniversary September 11th Commemorative is not deceptive and is clearly presented,” the company said in a statement, adding that $2 million from sales of its 9/11 coins has been donated to charity In 2005, National Collector’s Mint was found guilty in an Albany state Supreme Court of fraud and false advertising of its Freedom Tower Silver Dollar and made to pay $2 million in refunds and cancellations.