The Numismatic Consumer Alliance, Inc. (NCA) helped recover more than $1.1 million in the last eight months of 2011 for victims of unscrupulous coin sales, according to John Albanese, founder and president of the not-for-profit watchdog organization.

NCA intervention in eight cases led to settlements totaling $1,114,200 for buyers who unwittingly purchased grossly overpriced coins, Albanese said

The Alliance has recovered more than $6 million since becoming operational in 2005. That’s an average of more than $1 million per year.

The most recent cases followed the same disturbing pattern as previous ones, Albanese said.

“We’re seeing the same kinds of abuses,” he said. “Fringe grading services slab inferior coins with outrageously high grades – and then these coins are sold to unsuspecting buyers for prices that are far beyond what they’re worth.”

In one particularly egregious instance, a fringe grading service awarded a grade of Mint State-65 to a 1912 half eagle that Albanese said “at best is AU-50 with light cleaning.” This, he said, “converted a $500 coin into a $12,000 coin.”

There have been growing problems lately, Albanese said, with sellers who fail to deliver coins after receiving payment from consumers.

“We’ve been getting more complaints about non-delivery,” he reported. “This amounts to a double ripoff: After paying far too much, the customers don’t even get the overpriced coins.

“Unfortunately,” he said, “non-delivery is something we can’t do much about. We’re not a law-enforcement agency, and we don’t have police powers to investigate this sort of problem. But we try to help out.”

The New Jersey-based Alliance intervenes on behalf of coin scam victims – engaging legal and other professional assistance if necessary – in an effort to counteract and discourage flagrant abuses in coin-related transactions.

In one recent case, for example, NCA received expert assistance from Joseph Presti, a New Hampshire professional numismatist who also is a licensed attorney. Presti’s legal work played a key role in bringing about a recovery of more than $300,000 for an aggrieved consumer.

“This was a case where modern coins were sold for inflated prices,” Presti said. “It’s the sort of thing that frustrates me, because it gives a bad name to coin dealers as a whole, including the great majority who are honest.

“I’ve chosen to make this industry my profession – and there’s a difference between a profession and a job. I treat it as a professional, and I want other dealers to do the same. The work NCA does is wonderful, and I’m proud to be associated with them. I think more dealers need to get involved for the long-term betterment of our business.”

NCA seeks no compensation when it enters a case on behalf of a victimized consumer – even though it frequently incurs substantial legal bills and other expenses in the process. The funds to cover such costs are contributed by coin dealers and others who share its concern about fraud and deception by disreputable coin sellers and the harmful effects these practices can have on the marketplace as a whole.

Cases involving potential abuses are referred to NCA by a number of sources, including hobby organizations, numismatic periodicals, law enforcement agencies, reputable coin dealers, and victims’ families and friends.

Upon learning of such cases, Albanese said, NCA contacts the consumers to determine the validity of their claims and asks for copies of all pertinent paperwork. If it concludes that the buyers were scammed, it contacts the sellers and urges them to make restitution in order to avoid legal action.

Further information about NCA contact:

John Albanese
Numismatic Consumer Alliance, Inc.
Bedminster, New Jersey
1-908-781-9101
or visit the website at , www.stopcoinfraud.org.

Former ANA collections manager Wyatt Yeager entered a guilty plea yesterday in Federal District Court in Wilmington, DE, to the theft of approximately 300 historically significant coins and other numismatic objects, valued at $984,740, from the American Numismatic Association Money Museum, ANA President Tom Hallenbeck has announced. This case is being prosecuted by David L. Hall, Assistant United States Attorney.

According to documents, Yeager, 33, from California was the museum’s collections manager for only three months from January through March 2007. He has been charged with one felony count: Theft of Major Artwork, a violation of Title 18, United States, Section 668. Along with his guilty plea, Yeager faces a maximum statutory penalty of 10 years imprisonment, a $250,000 fine and three years supervised release following any term of imprisonment. Yeager is due to be sentenced April 24th.

ANA President Tom Hallenbeck indicated that the majority of the stolen items are world coins, although some high-profile U.S. items such as a 1795 Half Eagle and an 1836 Gobrecht Dollar were also among the coins Yeager has admitted stealing.

Hallenbeck said a full list if the items stolen is posted on the ANA website and that to date, 32 of the stolen coins had been recovered.

According to the U.S. Attorney’s Office, Yeager sold several coins in auctions, including one in Baltimore in May 2007, one in St. Louis in July 2007, and one in Melbourne, Australia, in July 2007. One of the coins sold at the Australia auction was an extremely rare 1813 “Holey” Dollar. It sold for $155,755. In addition a significant number of coins were sold at auction in Germany.

The theft was discovered by museum officials in October 2007 and was the subject of an extensive FBI investigation after museum staff confirmed the missing items. The museum staff worked with authorities during the investigation and played a critical role in helping to uncover vital evidence in the case.

In October of 2010 the ANA retained Robert Wittman, Inc., a security and recovery consulting firm that specializes in recovering stolen art and collectibles, to investigate and recover the stolen coins. Robert K. Wittman, the company’s founder and chief investigator, was the founder of the FBI’s National Art Crime Team.

The theft was kept confidential so as not to compromise the ongoing investigation, during which Yeager relocated to Ireland.

“Many of the stolen items were desirable and historically significant,” Hallenbeck said. “The ANA maintains theft insurance for its numismatic collections, but no amount of insurance can adequately replace these coins – or the loss of trust or sense of helplessness that we all feel following such a theft.”

“This is a terrible loss for the ANA, the hobby and for coin collectors everywhere,” Hallenbeck said. “Prosecution of this crime has been pursued in accordance with the law. The ANA is continuing this investigation and will diligently pursue the recovery of the stolen items.”

About the Museum

The ANA’s Edward C. Rochette Money Museum, which opened in Colorado Springs in 1967, is the nation’s largest museum dedicated exclusively to numismatics. Its collection of 275,000 numismatic objects includes money from its earliest uses 2,600 years ago to individual coins worth millions of dollars and modern issues, as well as paper money, coins, tokens and medals from throughout the world.

The American Numismatic Association is a nonprofit congressionally chartered organization dedicated to educating and encouraging people to study and collect money and related items. The ANA helps its 28,000 members and the public discover and explore the world of money through its vast array of programs including its education and outreach programs, museum, library, publications, conventions and seminars. For more information about the ANA, visit www.money.org.

DALLAS, TX – A Brinks shipment from Professional Coin Grading Service to Heritage Auctions on Oct. 17 was apparently broken into, and the finest known 1870-CC $20 stolen. The coin is graded AU58 by Numismatic Guaranty Corporation and carries NGC Certification ID 3414402-001.

“When we opened the Brinks bag, it was evident that the shipping box had been sliced open, and the PCGS box within was empty,” said Paul Minshull COO of Heritage. “We immediately called PCGS, who confirmed that their security surveillance video showed that the box and package with the coin were shipped as usual and in good order. At that point, we contacted Brinks security and our insurance company, and their investigations have started. We have also reached out to the FBI.”

“In my 29 years at Heritage I have not heard of a coin loss in a Brink shipment before,” said Minshull, “so this is an extremely rare incident.”

The 1870-CC $20 rarity was only recently discovered and sent to Heritage for auction. According to Heritage President Greg Rohan, it was slated to go into the FUN Platinum Night auction in Orlando in January 2012.

“While the coin is fully covered under our insurance, this is about more than money. It’s really about what we hope will be just a temporary loss of a numismatic treasure,” Rohan said. “This rarity was not only newly discovered and the finest known, but it was a gorgeous coin and the best ever seen in the marketplace.”

The Carson City Mint had been under construction since 1866, but many delays were experienced due to inclement weather, lack of building materials, and a chronic shortage of funds to pay the workers. They began coining operations on Feb. 11, 1870, with a small emission of silver dollars; coinage of double eagles commenced on March 10, with a delivery of 1,332 pieces. Technical problems continued to beset the Mint, and the first year’s total production of double eagles was only 3,789 pieces. That entire mintage was released into circulation, so every 1870-CC double eagle known today shows some signs of wear (the issue being completely unknown in Mint State). Experts estimate a surviving population of 35-50 examples in all grades, and this newly discovered example is the finest survivor.

“At this level of rarity, the coin will turn up in the marketplace sooner or later, and it will be identified because it’s so notable,” said Minshull. “We’re working with the authorities to coordinate all avenues of inquiry to prompt an early and safe recovery of the coin and apprehend all wrongdoers.”

Heritage Auctions, headed by Steve Ivy, Jim Halperin and Greg Rohan, is the world’s third largest auction house, with annual sales more than $750 million, and 600,000+ online bidder members. For more information about Heritage Auctions, and to join and gain access to a complete record of prices realized, along with full-color, enlargeable photos of each lot, please visit HA.com.

In a New York Daily News article just posted, it was reported that NY Coin Dealer Steve Halfon,61, was robbed and murdered yesterday.

According to the story, at 5:30 pm yesterday Halfon had just closed his shop , Liberty Coin Co on Kings Highway in Gravesend, Brooklyn and was walking to his car,when he was set upon by three men. Witnesses said the attack, in broad daylight was vicious and that the attackers beat Halfon and then stuffed him into the trunk of a Black Volvo and drove off.

A short time latter, Halfons body was discovered by a passing motorist on East 7th Street in Midwood who notified police. The Volvo used in the attack was found shortly thereafter abandoned several blocks away.

As reported in the Daily News article witnesses said “One guy gets out, covered in blood, and walks down the street like nothing happened,” said a witness. The suspect threw his bloody T-shirt, a Yankees hat and a gray hoodie in a sewer before running away with the two others.”

At this time there are no details as to what or how much was stolen from Mr Halfon, though police were told that he often carries large amounts of cash on his person. It is not believed that any coins were taken or that the suspects gained entry into Mr Halfon’s coin shop.

The three suspects are still unidentified and no arrests have been made.