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All Posts Tagged With: "Coin Laws"

Turkish Numismatic Association Chairman Cem Mahruki Call for change in Ottoman Coin Law

Gold and silver coins from the Ottoman sultans are being melted down because traders are afraid of being charged with smuggling Lamenting rules making it illegal to have, purchase or sell such coins in Turkey, Mahruki says it is time for the government to reform the law

The following is from an Article from Hurriyet Daily News

“Turkey desperately needs to change its legal injunctions against the trading of Ottoman coins if it wants to preserve such heritage, according to the head of the country’s top coin-collecting association.

“In our country, people who are seized with a copper coin from the Sultan Mahmud II that is not even worth a Turkish Lira are treated like smugglers,” said Turkish Numismatic Association Chairman Cem Mahruki, who added that the system was very different in Europe.

“In most of contemporary countries, especially in the European Union countries, old coins are freely purchased and sold over the Internet,” he said.

Speaking to the Anatolia news agency, Mahruki said the Code of Protection of Cultural and Natural Properties banned the purchase and sales of coins until the last six sultans and only granted permission for collection under very stringent conditions.

Many moneychangers and junk dealers obtain old gold and silver Ottoman coins made of valuable metals everyday, Mahruki said, but added that such people typically melt and turn the coins into bars of gold for fear of the law.

“In this way, hundreds of kilograms of historic Ottoman coins vanish because those having these coins are considered as smugglers,” he said.

Law encourages smuggling

In this, the law does not prevent smuggling but, on the contrary, encourages it, Mahruki said. “Old coins that cannot find buyers in the country are found by smugglers for cheap prices and taken abroad.”

Noting that the potential for coin collection is high in Turkey, Mahruki said: “If the law is amended, coins that collectors easily purchase and sell will remain in the country and moreover, the ones abroad will be brought back. We can see its example in paper coins that can easily be collected, and coins inherited from the period of the last six Ottoman periods.”

Complaining about the high prices Turkish collectors must pay at European auctions to bring Ottoman coins back to the country, Mahruki said, “If the goal is to prevent smuggling abroad, there should be heavier punishments and measures against smuggling of these coins to abroad. It should be free to own, purchase and sales the Ottoman and Turkish coins.”

Mahruki also said the current law violated the right to property and that many families had old coins from their ancestors. (more…)

Grassroots Coin Group Sprouts At Central States

Numismatists United for Political Action (NUPA) a grassroots organization with a mission to educate and inspire the coin collecting community to stand and be heard in Washington organized this week.

The effort follows discussions at the recent Board of Directors meeting of the Industry Council for Tangible Assets (ICTA). NUPA is already set up on Google groups and Facebook and invites anyone, especially coin dealers and collectors to join and get involved. There are no dues or fees for membership.

Three core issues right now for NUPA are: getting the U.S. Mint to produce 2010 Proof Silver Eagles, fighting for elimination of restrictive private commodity sales language in the Senate Financial Reform measure and passage of S.1769 the Coins in IRAs Bill. Nicholas Pyle who addressed the ICTA meeting on political action said, “The need for NUPA is clear, our community needs to step up and be heard.” “NUPA is here to fill a void since many of the organizations that serve to numismatic community have charters and tax status that limits their political activity to education and prevents direct lobbying to Members of Congress.” Our goal with NUPA is to complement these organizations activities and energize their memberships and the broader coin-collecting universe to be heard on important issues.

NUPA efforts will provide inspired coin enthusiasts with talking points on key issues for individuals to use in reaching out to their constituent representatives. The tools will be useful in emailing, writing and visiting Members of Congress. We will take a broad brush of “shotgun” approach for initial outreach efforts to all of congress and focus resources of time and visits to the key members on committees like Banking in the House and Senate as well as the House Ways and Means Committee and the Senate Finance Committee.

Pyle noted we are less than a day old and moving quickly on raising awareness for NUPA. We have a core group identified with interest in serving on a steering committee. Our next steps are putting issue talking points on the web and providing direction for grassroots efforts. If significant interest does arise we may want to consider a Washington “fly-in” and March on Congress in conjunction with the next major Baltimore coin show. (more…)