One I just read about (yescard) could allow you to clone a card and could be used (most likely) for a half dozen low-value offline transactions. But it has no keys so can't fool the bank.
You can get a card reader/writer on the open market for about $10. Writeable cards will cost you a little more. Problem is that the card you want to clone isn't going to give up the goods in terms of private keys, PIN validation data etc, so like the yescard, it's going to be of very limited use.
Couple that with massively reduced fraud.
Now, if they allow a method for cloning these cards, both of those go out the window: Criminals will just attack the weakest point, which is going to be whatever mechanism Coin would use to allow cards to get added to their device.
As for the US market: Consider that pretty much all large US banks have committed to start rolling out EMV cards (though many will roll out chip + signature rather than chip + pin, which seems the height of stupidity)