Lucas Authors Bill to Protect Coin Collections from Seizure

LUCAS AUTHORS BILL TO PROTECT COIN COLLECTIONS FROM SEIZURE

Bill Would Also Open Drawers of U.S. Mint, Allow For Public Displays

Washington, D.C. - U.S. Congressman Frank Lucas has authored legislation to prevent rare coins in the hands of collectors from being seized by the U.S. Treasury.

Lucas introduced the legislation to provide legal certainty for coin collectors who own certain coinage minted before 1933. The Mint has the authority to seize coins created during this period if it believes they are unauthorized coins, even if the owners obtained them legally. These unauthorized coins may have been struck illegally or possibly stolen from the U.S. Mint more than 70 years ago, but likely have been bought and sold legally many times over since then.

The bill Lucas introduced Tuesday would prohibit the government from seizing these coins.

"These collectors are abiding by the law, but legal uncertainty could cause them to be treated like criminals," Lucas said. "Even if these coins may have been taken from the U.S. mint 75 years ago, we are long past finding those responsible for the act."

"These coins have been bought and sold many times over the years, and are better served for historic purposes in the collecting community than locked in a drawer at the U.S. Mint," Lucas said.

Coins minted 1933 or later that were struck or obtained illegally would still be considered the property of the U.S. government, but Lucas' legislation would require the Mint to preserve and display a portion of the pieces of which it regains possession. In the past, the Mint has destroyed these unauthorized coins.

And if extra coins are found, the bill requires the Treasury Department to put them up for auction, with the proceeds going toward preservation and display of the Smithsonian's collection of more than 900,000 pieces. Lucas believes auctions of extra coinage could bring tens of millions of dollars into the preservation fund to display the Smithsonian's collection.

"It's time the Smithsonian dusted off its extensive collection so that these historic pieces can be enjoyed by the public," Lucas said. "These rare coins provide a glimpse into our history, and the history of past civilizations. These treasures should be on display for the public to view."

Lucas' bill, H.R. 5077 will be referred to the House Financial Services Committee. Lucas is a senior member of the committee, as well as the Financial Services Subcommittee on Domestic and International Monetary Policy, Trade, and Technology, which has jurisdiction over monetary policy and coinage issues.

http://www.house.gov/apps/list/press/ok03_lucas/coinintro06.html