PNG Issues Warning About Obama Coins
The Professional Numismatists Guild (PNG) issued a press release this afternoon warning consumers about investing in Obama coins. Although a few marketers were hawking coins of this type before Election Day, ever since Obama went from being a candidate to becoming the President-Elect, these coins have proliferated wildly on TV shopping shows, and in advertisements on TV, radio, and the Internet. As PNG president Gary Adkins cautions in the PNG release, "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."
Many of the colorized and gold-plated Obama coins I have seen are being marketed under false pretenses. The marketers use language which implies that the U.S. Mint has either created or condones these coins. The truth is that the marketers are using genuine U.S. Mint products as the basis for their coins, but they render the coins numismatically worthless by defacing them with permanently-applied decals, paints, and very thinly-layered gold plating. The U.S. Mint has nothing to do with these coins other than having made them, like they make every other circulating coin in the U.S. The U.S. Mint does not colorize or gold-plate any of the coins being sold as "Obama coins." Although these Obama coins might make nice souvenirs, they are not the type of coin that you should purchase for investment purposes!
Update - CoinNews.net was the first to report that the U.S. Mint has also issued a consumer advisory regarding the Obama coins that are being made from circulating coinage.
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Comments
I find it ironic that on the opening page, the “Sponsored Links” to the side of the article include Obama coins. I know that you have no power over this, but it’s just funny.
Glad I read this info before I spent my money on worthless Obama coins. I may get a couple of sets as soveniers,but that’s far less than the amount I almost thought about buying. Susan I thank you for saving my pocket book money that I can use for more realistic needs like mortgage,food,and bills.