U.S. Senator Chuck Schumer has asked the Federal Trade Commission to stop a company from selling commemorative coins of the 9/11 attack on the World Trade Center in New York City.
Newrochellepatch reports: “National Collectors Mint, which is headquartered in an office park on Slater Street in Port Chester, claims its Sept. 11 coins are "clad in a total 14 mg .999 pure silver actually recovered from the vaults beneath the ashes of Ground Zero, then inset with a jeweler’s precision."
Senator Schumer takes exception to the claim and feels that the efforts undercut the “official” coins to be released later in the year. H.R. 3549: National September 11 Memorial & Museum Commemorative Coin Act of 2009 which authorizes to issue in 2011 up to 2 million $1 silver coins Schumer feels would be undercut by the Collectors mint issue.
Slive reports: "National Collector's Mint has no shame. By deceiving consumers into buying these worthless '9/11 commemorative coins,' this company is preying on the memories of that tragic day, generating millions in profits, and diverting potential funds to finance the 9/11 Memorial at Ground Zero," said Schumer. "We are calling on the FTC to crackdown on this unscrupulous company and send a loud message that profiteering off of a national tragedy will not be tolerated."
The National Collectors Mint president has a different opinion and claims donations of funds to various 9/11 charities.
Reuters reports: “National Collector's Mint President Avram Freedberg issued a statement defending his company's coins and adding that the company had donated more than $2 million from these commemorative sales to a handful of September 11 charities. "We believe that in America anyone has the right to sell commemoratives," he said. "The purpose of coins, medallions, ingots, etc., is often specifically to remember happy events or tragedies." The Better Business Bureau has given the company its lowest rating of F, with close to 100 consumer complaints about the company filed in the past three years.”