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Ohio agency sinks millions into rare coins
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| Contributor | RP |
| Last Edited | RP Apr 06, 2005 07:20pm |
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| Category | General |
| News Date | Monday, April 4, 2005 01:00:00 AM UTC0:0 |
| Description | Since 1998, Ohio has invested millions of dollars in the unregulated world of rare coins, buying nickels, dimes, and pennies.
Controlling the money for the state? Prominent local Republican and coin dealer Tom Noe, whose firm made more than $1 million off the deal last year alone.
The agreement to invest the money in rare coins is rare itself: The Blade could find no other instance of a state government investing in a rare coin fund. Neither the state nor Mr. Noe could provide one.
The Ohio Bureau of Workers' Compensation has continued to be the sole investor in Mr. Noe's Capital Coin funds despite strong concerns raised by an auditor with the bureau about possible conflicts of interest and whether the state's millions were adequately protected. |
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