Racket In Rare Pennies

Press, Volume CVI, Issue 31359, 3 May 1967, Page 8

Racket In Rare Pennies

(Special Cr.tpdt. N.Z.PIA ) SYDNEY, May 2. Australian coin dealers are concerned about a large scale racket in spurious 1930 pennies which is netting a small fortune for confidence tricksters. , , The con-men have specialised in altering the date on genuine pennies and passing them off as rare 1930 pennies, which are worth anything up to $2OOO. . v The dealers’ worries have increased after recent official confirmation that it is not illegal to make an Australian 1930 penny, or any other Australian coin, by altering a genuine coin. As long as the tricksters do not actually say “this is a genuine 1930 penny” they are acting with the law. The loophole in the law was discovered by Mr John Gartner, publisher of the monthly magazine, "Australian Coin Review,” which has warned dealers and collectors of the racket.

Mr Gartner wrote to the Controller of the Royal Australian Mint in Canberra, Mr J. M. Henderson, about the situation.

Mr Henderson replied: “The Treasury is aware of the practice of altering dates on genuine coins and views the situation seriously. “However, the crown solitltor has advised that the practice of altering genuine coins and trading in the altered coins does not contravene the provisions of the Crimes Act—should the altered coins be sold as genuine coins, the vendor would, of course, be liable to prosecution for false pretences." A leading Sydney coin dealer, Mr Ronald F. Webb, told the N.Z.P.A.: "One conman has netted a small fortune recently by travelling through South Australia, Victoria and New South Wales selling coins altered to look like 1930 pennies. “It’s often very difficult to detect, some of them are glaring forgeries, of course, but it’s hard to tell with others because you can never get enough of the genuine pennies to compare them.” Mr Webb said a dealer would pay from $350 for an Australian 1930 penny in average to fine condition, and up to $2OOO for a brand new, uncirculated coin.