Who Can Mint Coins?

“Good for one free shirt laundry” is a different concept than “Two dollars.” As our resident coin guru samclem said, you can’t put a denomination on your coin. Your wooden nickel example is simply a coupon for $1 off a $20 purchase in the shape of a flat disk.

Feel free to put whatever value you desire on your coins - just don’t label them as being worth however many units of the local currency.

In 1967 at least, when holding gold coins was still illegal for US citizens every bank on Banhofstrasse in Zurich had in their window counterfeit US $20 gold pieces. They were identical to the real coins in appearance and, most importantly, in gold content. I mean these were major banks such as Schweizer Kreditanstalt (Credit Suisse) and the like. So I assume it was all legal under Swiss law, no matter what the US said. Since the US coins were minted when gold was $21/oz, they had to have weighed nearly an ounce and been worth about $34 or about SF145 at the then current rate of exchange. In fact, they were being offerred at around SF200.

My cousin had one of these back in the arly 90’s and took it into one of those “We Buy Gold” places. They looked at it, measured it and then weighed it. They then told him that they see these all of the time and that it was basically a worthless piece of brass. They didn’t call the cops on him, just brushed him off so I don’t know if it’s illegal.

I myself have a ring that has what is supposed to be a 1904 gold piece in it. The jeweler told me that he could not determine if it was real because he could not see the back of the coin (where the amount would be shown) due to the rings design. He then went on and told me that a lot of these were gold plated fakes set in a ring and that there was no denomination on the other side. Couldn’t tell without destroying the ring, but technically not a forgery. Just a cosmetic style.

A better example of that is Casinos. They virtually all create their own 1$ 5$ 10$ etc. coins for the slot machines. And they clearly say dollars. However they are totally willing(and required) to exchange it with real money.

A better example of that is Casinos. They virtually all create their own 1$ 5$ 10$ etc. coins for the slot machines. And they clearly say dollars. However they are totally willing(and required) to exchange it with real money.

Really? Says who?

At Cornell Law School you’ll find the US laws concerning coins such as which coins to mint and generally how they should look. One law says only the US Mint can make offical legal tender. (The US Mint makes its money from the difference of manufacturing cost and the legal value of the coin.)

However Congress has delegated authority to the US Mint so any regulation can nearly be found there such as private mint coin rules. The only restriction on private mints I could find was no misleading advertisements or appearance to make the public thinks the coins came from the US Mint.

Really? Says who?

At Cornell Law School you’ll find the US laws concerning coins such as which coins to mint and generally how they should look. One law says only the US Mint can make offical legal tender. (The US Mint makes its money from the difference of manufacturing cost and the legal value of the coin.)

However Congress has delegated authority to the US Mint so any regulation can nearly be found there such as private mint coin rules. The only restriction on private mints I could find was no misleading advertisements or appearance to make the public thinks the coins came from the US Mint.

My bet is that they were real US $20 gold coins. Why do you think they were fake?

Give me a break, are you really claiming that if the Bellagio suddenly stopped redeeming their dollar tokens for money nobody would care?

The Nevada gaming commision and tax board(or whichever state of instance) backed by the IRS is who says.

And just to pre-empt the next objection, here is a website of Casino tokens
http://www.casino-tokens.com/

They all say “One dollar” and/or “one dollar gaming token” which is what ‘requires’ them to be redeemable.

I should have added to my first response that anyone can make a “coin” and say on it that it’s worth $1 or $10, but not in combination with the term “United States of America” or any such, implying that it is a piece of legal tender.