One of the biggest stories in the numismatic industry is the alleged mismanagement of the Capital Coin Fund by former dealer Tom Noe. The Capital Coin Fund was created to be an investment vehicle for the Ohio Bureau of Workers’ Compensation (BWC). It has been reported that Noe has been charged with 53 felony counts including “a pattern of corrupt activity under the Racketeer Influence Corruption Organization (RICO) Act” which carries a possible prison sentence of up to 175 years.

On February 22, 2006, a press release issued by Ohio Attorney General Jim Petro announced that the BWC will sell 100 coins to recoup some of the original $50 million investment. The sales is expected to bring in $7.5 million, which is reported to be a $1 million profit. Spectrum Numismatics International, Inc. is guaranteeing the $7.5 million.

It is being reported that there will be 3,400 items sold in 100 lots via a mail bid sale. Most coins have been certified NGC and PGCS. In-person viewing is scheduled for Tuesday, March 21 in Columbus, Ohio. The auction closes at 5:00 PM on Wednesday, March 29. To get more information about this auction, visit Good luck to all bidders!

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