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State agency invests millions in rare coins

Mike Wilkinson and James Drew of The (Toledo) Blade checked out one of Ohio's government investment instruments: rare coins. "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 paper details some problems with the firm managing the investment, including the loss of two coins worth $300,000 in the mail.

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