Looking Back #176 - Counterfeited War Savings Stamps

Counterfeited War Savings Stamps

Predictions made here some months ago
that the Defense Savings stamps would
likely be counterfeited recently
materialized when Secret Service agents
rounded up six counterfeiters in New York,
who had already prepared $50,000 face
value in bogus 25¢ stamps when the
seizure was made.

The plate and 210,000 imperforate stamps
were confiscated, none having yet been
circulated. A feature of the story still
puzzles me.

A "spokesman for the Treasury" was quoted
as saying that had the stamps been
distributed, the Government would have been
the ultimate victim since "it would have had
to redeem every counterfeit stamp turned in."

Unless the Treasury has radically amended
its policy I have never known Uncle Sam to
redeem counterfeits, and the last holder is
always the one who is out of pocket, but
never the Government.


- George B. Sloane
Sloane's Column
Stamps
May 30, 1942

On 3 Oct 2006 12:25:27 -0700, "Blair (TC)" wrote:

Counterfeited War Savings Stamps

Predictions made here some months ago
that the Defense Savings stamps would
likely be counterfeited recently
materialized when Secret Service agents
rounded up six counterfeiters in New York,
who had already prepared $50,000 face
value in bogus 25=A2 stamps when the
seizure was made.

The plate and 210,000 imperforate stamps
were confiscated, none having yet been
circulated. A feature of the story still
puzzles me.

A "spokesman for the Treasury" was quoted
as saying that had the stamps been
distributed, the Government would have been
the ultimate victim since "it would have had
to redeem every counterfeit stamp turned in."

Unless the Treasury has radically amended
its policy I have never known Uncle Sam to
redeem counterfeits, and the last holder is
always the one who is out of pocket, but
never the Government.

Doesn't it rather depend how good they are?