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NYC Auctions 500 Pounds Of Foreign Coins

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Jul 30, 2007 6:58 am US/Eastern

NYC Auctions 500 Pounds Of Foreign Coins

NEW YORK (AP) ― The city is selling money collected from parking meters - 500 pounds of foreign coins that faked their way into the machines this year.

"We have pretty much every denomination from every continent," said Anthony Alfano, the city's deputy chief of meter collections. The most common coins are Greek drachmas, he said.

The Department of Transportation, which makes about $90 million from parking meters annually, has collected bids for the foreign coins and plans to announce the best offer Monday.

About a decade ago, the agency decided to sell foreign coins it collected because it was impractical to exchange them for U.S. currency. In previous years, selling the coins has netted the department between $2 to $4 a pound.

Last year's highest bidder for the coins was Jim Corliss, 60, of Braintree, Mass., a longtime collector. He also bid this year.

"Every once in a while I find something of value," he said, pointing out that he once came across an 1835 British shilling worth $5.

(© 2007 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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