2016-07-27 Wed

Some agencies were accused of importing counterfeit U.S. coins from China and fooling the U.S. Mint into paying almost the entire amount for them. On 21st July it was officially announced that the parties in the case, America Naha Inc. and Wealthy Max Ltd., had reached an agreement with the agency. It’s not yet disclosed as to what the settlement is but the lawyers of the company saw this as a victory for their clients who stood to their point that the coins they imported were genuine. Officials stated that the government did not have any evidence that America Naha was engaged in counterfeiting.

A special program that was set up almost 100 years ago, allows people to exchange their bent, burned, fused and chipped coins for their real value. Tens of millions of dollars have been shelled out by the government since 2009 for this program. But customs officials saw a sharp rise in large coin shipments from china and stopped the program to investigate counterfeiting activities. The U.S. ships hundreds of thousands of tons of scrap to China each year, shredded vehicles laden with beat-up coins, which are then plucked out by Chinese workers.