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Ohio liquidating coin fund

A 100-lot mail-bid sale estimated at $7 million of mostly slabbed, high-grade Mint State coins from the Capital Coin Fund formerly administered by Tom Noe will be auctioned off next month.

William King, of Development Specialists Inc., is overseeing liquidation of the coin fund assets.

?The word we?ve been getting is that this is a good time in the coin market,? he said. ?We expect the items in this sale to be very well received.?

The state of Ohio is ridding itself of the coin fund following the resignation and arrest of Noe. He was charged Feb. 13 with 53 felonies alleging that he stole more than $1 million and laundered more than $2 million from the coin funds.

The coins in the sale are all Mint State or proof. All the coins are graded and slabbed by either Professional Coin Grading Service or Numismatic Guaranty Corporation. They include an 1835 $5 in Proof-68, an 1856-S $2.50 in MS-67, an 1840 $5 in MS-66, a 1909-D Indian Head eagle in MS-67 and a 1795 Draped Bust silver dollar in MS-66. There are also 24 $10,000 notes from the Binion Hoard with PCGS Currency grades ranging from ?Apparent New? 62 to ?Gem New? 65.

The complete list of coins is available to view online at www.frostbrowntodd.com/coins. They can be viewed in person in Columbus, Ohio, beginning Tuesday, March 21. Bids must be received by 5 p.m. Wednesday, March 29.

Those wishing to view the lots in person must provide a refundable cash deposit of $10,000, to be wired to the firm.

Contact information is William King, (614) 734-2717; e-mail, bking@dsi.biz.
The Capital Coin Fund was set up as an investment for the Ohio Bureau of Workers? Compensation, but Noe was charged Feb. 13 with forgery, money laundering, tampering with records, aggravated theft, grand theft and engaging in a pattern of corrupt activity under the Racketeer Influenced and Corrupt Organizations (RICO) Act.

Noe faces more than 172 years in prison if convicted. He pleaded innocent and was released from the Lucas County jail after he posted a $500,000 bond. No trial date has been set.

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