Experts: Beware of unofficial Obama coins
Arizona Coin Collector
I am still seeing the TV adds here in the Phoenix Arizona
area.
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FROM:
http://www.usatoday.com/news/washington/2008-12-22-Obama-coin_N.htm?csp=34
Experts: Beware of unofficial Obama coins
By Donna Leinwand, USA TODAY
The TV ads tout a "genuine" United States Inaugural
Presidential Dollar showing President-elect Barack
Obama depicted in "glorious full color" for just
$9.95, plus shipping and handling.
A coin collecting expert says the gold-dipped,
painted coins are nothing more than a trinket,
and the U.S. Mint - the only official purveyor of
U.S. currency - says buyer beware.
"They are worth the face value of the coin. If
the coin says 25 cents, it's worth a quarter,"
says Scott Travers, author of The Coin Collector's
Survival Manual, and a New York City coin dealer.
The U.S. Mint last month issued an advisory to
consumers warning that the heavily advertised
commemorative coins - produced by several private
companies in various designs - are not official
U.S. Treasury products endorsed or sponsored by
the federal government.
Altering coins with stickers, plating or colors
isn't illegal as long as the company doesn't
intend to pass them off as currency or use them
as advertising, says Mint spokesman Michael White.
"Our concern here is that it's confusing to
consumers," who may think the coins are official
government products, White says.
The Mint has issued several such advisories in
the past, warning consumers about coins
commemorating the war in Iraq and other events.
The New England Mint, a Connecticut company
advertising the "uncirculated U.S. Presidential
Dollars" as "limited edition" coins, did not
return phone messages seeking comment. The company
has advertised its coin on TV and on the Internet.
The Professional Numismatists Guild, a non-profit
organization of rare coin dealers, also advised
consumers that the recently offered Obama coins
are merely mementos with little resale value to
coin collectors.
"In cases where a marketer has altered an actual
U.S. coin after it left the Mint, such as putting
a sticker with Obama's picture on it, knowledgeable
collectors usually consider that to be merely
defacing the coin," said Guild President Gary
Adkins. "Some of the so-called 'Obama coins' are
layered or plated with a microscopically-thin
layer of gold with the implication that they are
potentially valuable bullion items. However,
there usually is precious little precious metal
value to plated pieces."
Coloring and plating coins ruins the collector
value, Travers says, adding that collectors
prefer pristine coins.
The Obama coin "is purely a souvenir and it's
not an investment," Travers says.
..
PC
wrote:
>
> The Obama coin "is purely a souvenir and it's
> not an investment," Travers says.
>
> ..
I have had a lot of people ask me about these coins, sadly some think
it may be a good investment from seeing the commercials. I tell them
it has a market right now but after the inauguration expect interest
to drop dramatically if not disappear entirely.
Jerry Dennis
It goes back to the "blood money" silver eagles of 2001 after 9/11.
Now that it's been seven years, how much are Twin Tower Dollars (or
whatever they're called) bringing? Bullion at best.
What about the "we just received the last of 3,4xx Morgan Dollars"
hype? "All coins guaranteed to be in fine to brilliant uncirculated
condition." We as collectors know what that means, but the
noncollecting public doesn't. Like you, I've been advising against
buying this crap.
Jerry