Obama Administration Stifles Coin Trade Amidst Calls for More Jobs

GAINESVILLE, Mo. Jan. 21, 2011 /PRNewswire-USNewswire/ -- In a press release
of January 19th, the U.S. State Department (DOS) announced extension, for
another five years, of the Memorandum of Understanding (MOU) between the
U.S. and Italy "protecting Italy's archaeological materials representing the
pre-Classical, Classical and Imperial Roman periods". The new agreement has,
to the surprise of many, been expanded to include import restrictions on
popular collectable coins of Italian types. These include early Roman issues
and all coins of the ancient Greek states issued in what is now Italy.
Details are outlined in the Federal Register of that date. Ironically, this
action comes on the heels of Executive and Legislative Branch calls this
week for the reduction of anti-business regulations that curb jobs.

During a preliminary public comment period, DOS received more than 2,000
faxes from private collectors, coin dealers and concerned citizens opposing
any addition of coins to the MOU. By contrast, public support for the
requested action was minimal. Collectors' concerns were also echoed in a
bipartisan letter from 12 members of Congress to Secretary of State Hillary
Rodham Clinton. Opposition came from abroad as well. Bavarian Minister of
Economic Affairs, Martin Zeil, registered his government's opposition to
import restrictions on coins saying in a letter to the State Department that
proposed restrictions "would negatively impact the legitimate numismatic
trade between Germany and the United States of America and also people to
people contacts between US and German citizens." He pointed out that because
of the MOU's overly repressive documentation requirements "Legal trade would
then hardly be possible between Germany and the United States."

Collectors argue that over the past 600 years literally millions of ancient
coins have been bought and sold without any requirement for chain of
ownership documentation (provenance). Under terms of the MOU, future imports
of listed coin types would be stifled since most collectors and dealers
worldwide have only general receipts, if any, and could not meet strict
documentation mandates for individual coins. Coins are often sold at public
auction in "group lots" with only general narrative descriptions.

The Ancient Coin Collectors Guild (ACCG) is challenging import restrictions
on coins through ongoing litigation against DOS and the Customs and Border
Protection agency (CBP) in United States District Court for the district of
Maryland.

It's a shame that this administration chooses to aid and abet the xenophobia
of nations like Greece and Italy. Ancient coins have traded across borders
for hundreds of years with no negative affects for the nations involved, and
some positive results like increased knowledge. It too bad that this is way
our government treats us, but what to do you expect from the likes of them?
It's all about power OVER the people NOT power TO the people.

Billy wrote:

It's a shame that this administration chooses to aid and abet the xenophobia
of nations like Greece and Italy. Ancient coins have traded across borders
for hundreds of years with no negative affects for the nations involved, and
some positive results like increased knowledge. It too bad that this is way
our government treats us, but what to do you expect from the likes of them?
It's all about power OVER the people NOT power TO the people.

"extension, for
another five years, of the Memorandum of Understanding (MOU)"

Sounds like this had been in place before the current administration took office.

You two sound like a couple of assholes trying to blame it on Obama.

JAM

"Frank Galikanokus" wrote in message
...
Billy wrote:

It's a shame that this administration chooses to aid and abet the
xenophobia
of nations like Greece and Italy. Ancient coins have traded across
borders
for hundreds of years with no negative affects for the nations involved,
and
some positive results like increased knowledge. It too bad that this is
way
our government treats us, but what to do you expect from the likes of
them?
It's all about power OVER the people NOT power TO the people.

"extension, for
another five years, of the Memorandum of Understanding (MOU)"

Sounds like this had been in place before the current administration took
office.

You two sound like a couple of assholes trying to blame it on Obama.

JAM

You sound like someone who just came out of his hole to make a couple
January posts. Too bad you don't cast a shadow.