A farmer in Jiangsu was discovered to have hidden nearly ten tons of old foreign coins worth a total of 6.69 million RMB over nine months. He has since been arrested.
The plan was the brainchild of Wang Wei Chu’s relative, Liang Enmei. Liang had a business collecting old antiques in Shanghai. He would hand old coins over to Wang in the countryside, where he would wash, rework and polish them into shiny new ‘foreign currency.’
According to China.com, Wang would then contact Liang, who would sell on the new coins for a low price abroad, where they would be exchanged with banks and brought back into circulation.
Both men were eventually caught. Wang was sentenced to two years and two months with a fine of 50,000 RMB whilst Liang was sentenced to six years and given a fine of 100,000 RMB.
The news report failed to mention which countries were involved and which currencies they were attempting to forge.
Source: China.com.cn
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Keywords: Jiangsu Men Jailed for Collecting Ten Tons of Coins for Forging Currency
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Seems like a legitimate business to me. Old coins are still legal tender in many countries. If a smart person works with maids from hotels to collect discarded coins left by foreign visitors, that's smart business. Maybe someone was jealous of all the money they were making from nothing.
Jun 11, 2014 08:24 Report Abuse
Probably all 20th century European coins. Francs, centimes, Schillings, Drachmen, Marken und Pfennigs, Pesetas.... redecorate them, sell them as Euro's and now it's time to retire. Well, they both got a long holiday anyway.
Jun 10, 2014 20:34 Report Abuse
story makes zero sense - the logistics do not add up no matter from which point of view
Jun 10, 2014 16:28 Report Abuse
This makes no damn sense. Terrible reporting. Hang your head in shame!
Jun 10, 2014 10:08 Report Abuse
The story doesn't make sense. First, were the coins stolen from somewhere? If they were not, what's wrong with refurbishing them and selling them? If they were stolen, it must have been over a longer period than 9 months surely for 10 tons of coins.
Jun 09, 2014 22:33 Report Abuse
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