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9/11 Silver Dollar Suit Gets Class Action Status

April 8, 2005

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A federal judge in the Southern District of New York has given class action status to a lawsuit filed by a New Jersey man who claims he was defrauded by the promoters of "Freedom Tower Silver Dollar" coins.

The lawsuit argues that National Collector's Mint Inc. misrepresented the composition of the commemorative coin, which sold for $23.45 plus shipping and handling.

In advertising, the $1 coin was described as made of pure silver recovered from ground zero at the World Trade Center. It also was described as "a legally authorized government issue silver dollar" that was legal tender in the U.S.

The lawsuit describes the advertising campaign as "a shameless attempt to profit from a national tragedy."

U.S. District Judge Colleen McMahon denied a motion by National Collector's Mint to dismiss the complaint and granted it class action status. Because it is a consumer fraud case, if the lawsuit ends in favor of the plaintiffs, the defendant company would be responsible for payment of all legal costs.

In November, New York Attorney General Eliot Spitzer obtained a court order to halt advertising for the collectible coins. In a statement at that time, Spitzer said the medallion was produced by a private company in Wyoming under a licensing agreement with the Commonwealth of the Northern Marianas Islands.

"It is a shameless attempt to profit from a national tragedy," Spitzer said.

Instead of being made of pure silver, Spitzer said in court documents, the medallion is an inexpensive metal alloy plated with one ten-thousandth of an inch of silver. Its value is about 1.4 cents, Spitzer said.

On Friday, the coins were being offered for sale on e-Bay for $49.95 each.

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