Obama coins - change you can't believe in
Ned
So you got yourself one of those widely advertised Obama
coins from Franklin Mint that's covered in 24-carat gold
and depicts the president.
With it came a "certificate of authenticity," signed by the
36th director of the U.S. Mint, Jay W. Johnson.
The good news: The coin, priced at $9.95, has guaranteed
monetary value.
The bad: That guaranteed value is only 50 cents.
Also, although Johnson is a real person, he hasn't been
director of the U.S. Mint since 2001.
And your total cost is more than double the advertised
$9.95.
Confusion over Obama commemorative coins -- issued not only
by Franklin Mint but also several other private companies --
has become so widespread that the U.S. Mint has issued an
alert http://atu.ca/2396
..Michael White, a spokesman for the agency, said the Mint
-- which produces U.S. coins -- has had a steady stream of
calls about the coins. In addition to asking whether the
government was involved, callers wanted to know whether
altering the coins was legal.
"It's not illegal to alter a coin," White said. "The
guidelines have to do with fraudulent intent. As long as
you don't represent the product as anything other than an
altered coin, it's within the law."
For example, you can't alter a coin or paper bill to make
it appear to be a higher denomination. Just adding Barack
Obama's picture is allowed.
Callers also want to know whether the coins are still legal
tender. They are, White said, even though they now bear
Obama's image instead of the late John F. Kennedy's.
It's perfectly permissible to use the 50-cent altered coins
in vending machines or in stores.
A merchant isn't obligated to take it -- or any other coin
for that matter.
"It's like someone trying to pay a $50 parking ticket with
all pennies," White said. "It doesn't have to be
accepted."...