Coins are purchased as an investment. Such coins are minted and acknowledged by the U. S. Mint and Officials of the Professional Numismatists Guild (PNG), a non-profit organization composed of the nation’s top rare coin dealers.
Since Election Day, we have been inundated with numerous infomercials and shopping networks selling “official” Obama coins. Millions of dollars will be made by the advertisers of these coins. Many who purchase these coins will assume that they are making a wise investment. Think again. Obama coins are meant to be souvenirs, nothing else.
Scam artists have been selling the Obama coins longs before Obama’s victory. These scam artists are using the historic and emotional aspects of history being made and Obama’s success. They market the coins as “rare, limited edition collectibles that could increase in value over time,” and those who are caught up in the excitement of history and investment decisions are easy prey.
The PNG are advising consumers that:
recently offered “coins” honoring President-elect Barack Obama should be considered only as souvenirs and not be viewed as rare coins or an investment.
“All of the items we’ve seen offered so far on television and online are merely political mementos that certainly may be enjoyable as a keepsake, but typically will have little or no re-sale value later in the mainstream numismatic market. Privately-produced items are not legal tender U.S. coins. 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 Gary Adkins of Edina, Minnesota, PNG President.
“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. Beware of bogus bargains,” Adkins cautioned.
In the PNG’s consumer protection pamphlet, “What You Should Know Before You Buy Rare Coins,” the section on modern coins advises: “If you like the subject theme represented by these coins, admire the beauty of the design or would like to own them as a souvenir or to show support for their particular cause, by all means buy them. But if your goal is capital appreciation or making a profit, you’re better off avoiding this type of material.”
http://www.coinnews.net/2008/12/01/png-cautions-obama-coins-not-rare-investments-4567/
Source: The New England Mint
Not colorized by the United States Mint
It has come to the attention of the United States Mint that several private commercial businesses are advertising so-called “Barack Obama Presidential $1 Coins,” as well as commemorative half-dollar coins, American Eagle Silver Coins and multi-coin sets bearing images of the President-Elect. These advertisements feature genuine United States coins that the private commercial businesses have altered by affixing a colorized image to the coin. Additionally, some businesses have treated the coins by gold-plating them.
These items are not official United States Mint products. Furthermore, these products, businesses, and advertisements are not approved, endorsed, sponsored, or authorized by the United States Mint, the Department of the Treasury, or the United States Government.
The United States Mint receives frequent inquiries from the public concerning its position on the industry practice of superimposing colorized images-such as those of prominent public figures, celebrities, or cartoon characters-on genuine United States coins. The United States Mint does not encourage, endorse, or sponsor products that alter the fundamental images depicted on its coins. Congress itself mandates by statute the design themes and inscriptions that appear on United States coins. A superimposed image is entirely different from and obscures the coin’s original design.
THE UNITED STATES MINT, DEPARTMENT OF THE TREASURY, http://www.usmint.gov/consumer/index.cfm?flash=yes&action=HotItems#obama
