H.R. 2754 Collectible Coin Protection Act has passed!

December 16 2014

The Gold and Silver Political Action Committee is very proud to announce...

H.R. 2754 Collectible Coin Protection Act WAS PASSED BY THE SENATE ON DECEMBER, 15, 2014 AND ON ITS WAY TO BE SIGNED BY THE PRESIDERNT OF THE UNITED STATES!

The Collectible Coin Protection Act helps combat the counterfeiting of numismatic items and grading-service slabs. When signed by the president, this will give more teeth to the law and have a significant impact in our industry.

The Industry Council for Tangible Assets (ICTA) had identified finding a means of stemming the influx of very high quality Chinese counterfeit coins entering the US marketplace as its No.1 legislative priority. Guided by Political Consultant Jimmy Hayes, it was decided that the most effective remedy would be to add enforcement power to the existing Hobby Protection Act. The Collectible Coin Protection Act will modify the Hobby Protection Act to give it more enforcement and deterrent power to stop the inflow of all counterfeit coins.

The Collectible Coin Protection Act was first introduced to in the U.S. House of Representatives on May 7, 2013 to amend and updates the Hobby Protection Act that was passed over 30 years ago. The new law will allow law enforcement to take criminal action and individuals to take civil action against manufacturers, importers, and sellers of counterfeit coins and bullion products. It also allows for the enforcement against the unauthorized use of registered trademarks belonging to collectible certification services.

After the bill had been stalled in the Senate for over a year, Legislative Consultant Jimmy Hayes and Gold & Silver PAC Chairman Barry Stuppler met Barry’s Congressman, Henry Waxman (D-CA) to ask Rep. Waxman to help get this bill moving in the Senate. With Waxman’s efforts combined with our friends in the Senate on the Commerce Committee did the trick. Two months later the bill was passed without any opposition.