Obama coins not so authentic.
Posted by Carlos C. on Wednesday, February 18th, 2009 at 2:14 pmJerome Polk was so impressed with the special edition Obama coins he saw television star Montel Williams hawking in an infomercial, he ordered six sets for himself and some of his grandkids.
Instead of coins engraved with Obama’s face, as Polk thoughy he’d ordered $18 a pop, the Northeast Portland retailer received four actual U.S. coins — a silver dollar, half dollar and two quarters — featuring painted-on Obama images.
“This isn’t an Obama coin, it’s a 50-cent piece with a picture glued on,” says Polk, who paid the U.S Coin Network $145.78 for five four-coin and one three-coin sets, including $25.98 in shipping.
The U.S. Mint doesn’t mind if companies decorate its coins and sell them — in this case — for nine times their worth. However, the federal agency doesn’t like it when companies offer authenticity certificates, as the Coin Network did, that may confuse consumers about who issued the coins.
The Coin Network’s certificate assures, “This is to certify and authenticate that the coins used in the Barack Obama Inaugural Collection are genuine and made by the United States Mint.”
Michael White, a Mint spokesman, says the agency has asked some companies to drop its name from certificates. Citing privacy, he wouldn’t say whether such a request was made of the Coin Network.
Painted coins, such as Polk’s set, which included a Silver Eagle dollar and a JFK half dollar, rarely hold value for collectors, said Paul Rigby, owner of Coin Cottage in Southwest Portland. In fact, he said, altering the otherwise sought-after Silver Eagle dollars detracts from their collectible value.
“Even with President Obama’s picture, it won’t help,” he said. “They usually end up sold as junk silver.”
Polk’s not surprised. “I knew it right away: I got bumped,” says Polk, whose mother also bought a few sets.
Jerome Polk is an idiot. $18 for Obama stickers? I wish I would have thought of this racket.
The U.S. Coin Network did not lie. The coins were really minted by the U.S. Mint.
Check out the video on KATU.com.
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