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 Replies: 11 / Views: 1,814 |
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Pillar of the Community
Canada
1118 Posts |
Philippine House of Representatives to vote on bill 4411 that would make hoarding of coins illegal.
Now with such imbeguise terms there are going to be problems. We all understand what it means to hoard gold, silver or copper coins and previsions would be made for business and banks but what about coin dealers holding back modern commervatives or us Canadians who keep every King George we find in change? Is that hoarding?
I don't know guys, any thoughts?
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Pillar of the Community
United States
4563 Posts |
I think you're good - the bill is for:
"The House of Representatives has approved on final reading a bill criminalizing the hoarding of coins for the purpose of turning it into other materials for industrial use."
So unless you're hoarding to melt it - then hoarding to collect sounds okay.
Edited by scopru
11/24/2014 11:07 pm
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Pillar of the Community
United States
589 Posts |
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Pillar of the Community
United States
4563 Posts |
Well that link certainly expands on what I read earlier. Thank you. Definitely an interesting potential situation for those that live there.
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Pillar of the Community
United States
1215 Posts |
This is a gray area for sure. For one thing, coins can be stored separately in different houses and banks. Thus, it would not constitute a hoard.
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Bedrock of the Community
United States
20753 Posts |
Yeah and it would work as well as Prohibition did not to long ago. And don't forget things like robberies, murder, etc are also against the law.
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Pillar of the Community
 Canada
1118 Posts |
Just Carl, you and your 17 Mercury sets better watch out! :-P
My Grandfather was actually a prolific rum runner
Assuming are your coins are organized and documented you couldn't call that a hoard, eh?
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Bedrock of the Community
United States
17827 Posts |
We came very close to having coin collecting made "illegal" back around 1964 when a bill was introduced to make it illegal to hoard coins or to sell any coin for more than its face value. That came about because of the coin shortage and the rising value of silver. The intent was to force more coins out of hoards and back into circulation, and to prevent the hoarding and/or melting of the silver coins in circulation. Bu the way it was written it would have applied to ALL coins including those with numismatic value well in excess of their face value.
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Pillar of the Community
United States
1295 Posts |
Wow, that's very interesting Conder101. Glad that bill never went into effect. Just imagine "I'll trade you this dingy old $1 bill for that mint-state 1804 dollar!" I would really like to see how the Philippine government can possibly keep track of who is hoarding what coins, how many, and exactly where. And are they really going to send old Granny to prison for being 1 Peso over the legal limit?  I'm assuming they are talking about people who are hoarding thousands, or even millions, of coins. I could see where that might be a problem, but they really need to define what a hoard is. As long as this law only applies to the Philippines, we don't have anything to worry about. Right now, anyways. |
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Valued Member
New Zealand
72 Posts |
wasn't there another law passed against the keeping of gold coins? I can't remember if it was the US or the UK but all gold coins had to be declared and the government confiscating quite a few of them. its always a few people that ruin it for the rest of us
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Pillar of the Community
Australia
560 Posts |
Maybe the government should reduce the metal in the coinage and issue large amounts at the same time.
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Bedrock of the Community
United States
17827 Posts |
Quote:
wasn't there another law passed against the keeping of gold coins? I can't remember if it was the US or the UK but all gold coins had to be declared and the government confiscating quite a few of them. its always a few people that ruin it for the rest of us You're thinking of the gold recall executive order in 1933. The original order did require that all gold coins had to be turned in. But Roosevelts' friend, and Secretary of the Treasury, William Woodin was a coin collector and he collected gold coins. Through his influence the order was modified to allow the exemption of "rare and unusual" gold coins held in collections. "Rare and unusual" was eventually defined as any gold coin struck before April 1933. These could be held in any amount except for quarter eagles which were limited to no more than four examples of any given date and mintmark.
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Replies: 11 / Views: 1,814 |
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Posted 11/24/2014 11:34 pm
