Coin Auction Nets $1 Million Profit For State
Published April 1st, 2006
Ohio made a $1 million-dollar profit auctioning off some of the coins and collectibles at the heart of a state investment scandal.
Attorney General Jim Petro said Friday the winning bidder paid $7.5 million for about 3,400 items that were bought for $6.5 million.
The collection included several rare U.S. coins and 10 $1,000 bills, which are no longer printed by the U.S. Mint. They were originally bought with state money as part of an investment fund for the state Bureau of Workers’ Compensation.
The state has recovered about $24 million so far of the $50 million.
Former fund manager Tom Noe has pleaded not guilty to charges that he stole from the money he received to invest in coins.
