Commemorative Obama coins not issued by U.S. Mint
It wouldn't be an inauguration without souvenirs. With history being made by the Obama presidency, there are souvenirs galore, from T-shirts to cuff links.
You've probably seen those TV ads for the commemorative coins with the picture of the 44th president on them.
The Franklin Mint and New England Mint are just two of the companies offering the colorful coins for an amazingly low price -- just $9.95 plus shipping and handling.
In the case of the Franklin Mint, the coin is an uncirculated Kennedy half dollar plated with a thin layer of 24-carat gold. It is also color-enhanced on one side.
The Department of Treasury has issued a consumer alert to make sure what people know what they're buying.
I spoke to Greg Hernandez at the U.S. Mint.
"We want people to know that these items are not official United States Mint, and these products, businesses and departments are not approved, endorsed, sponsored or authorized by the U.S. Mint, the Department of Treasury or the United States Government," he said.
Keep in mind, these may be limited-edition medallions, but they're not investment coin.
Scott Travers, who wrote The Coin Collector's Survival Manual, calls the Obama coins "overprices trinkets" that are "only worth the face value of the coins" and not likely to become more valuable even over several generations.
I called both companies to get their reaction.
Gwynne Gorr, chief marketing officer of Franklin Mint, called back and said the company is very proud of these coins and make it very clear they are produced by the Franklin Mint and not the U.S. Mint.
"We market these as commemoratives. They are simply marketing a moment in history that someone may want to look at and share with their family. We make no stipulation as to what their market value may be in the future," she said.
I never heard back from New England Mint.
The U.S. Mint does not encourage what the companies are doing, but I'm told these companies are not breaking the law as long as they simply cover the image on the coin and do not permanently alter it.
Now, a lot of people will want a keepsake from the Obama inauguration. For some, these coins fit the bill. Just don't get taken by the marketing hype. These "genuine," "limited-edition pieces of history" are just souvenirs and nothing more.
You've probably seen those TV ads for the commemorative coins with the picture of the 44th president on them.
The Franklin Mint and New England Mint are just two of the companies offering the colorful coins for an amazingly low price -- just $9.95 plus shipping and handling.
In the case of the Franklin Mint, the coin is an uncirculated Kennedy half dollar plated with a thin layer of 24-carat gold. It is also color-enhanced on one side.
The Department of Treasury has issued a consumer alert to make sure what people know what they're buying.
I spoke to Greg Hernandez at the U.S. Mint.
"We want people to know that these items are not official United States Mint, and these products, businesses and departments are not approved, endorsed, sponsored or authorized by the U.S. Mint, the Department of Treasury or the United States Government," he said.
Keep in mind, these may be limited-edition medallions, but they're not investment coin.
Scott Travers, who wrote The Coin Collector's Survival Manual, calls the Obama coins "overprices trinkets" that are "only worth the face value of the coins" and not likely to become more valuable even over several generations.
I called both companies to get their reaction.
Gwynne Gorr, chief marketing officer of Franklin Mint, called back and said the company is very proud of these coins and make it very clear they are produced by the Franklin Mint and not the U.S. Mint.
"We market these as commemoratives. They are simply marketing a moment in history that someone may want to look at and share with their family. We make no stipulation as to what their market value may be in the future," she said.
I never heard back from New England Mint.
The U.S. Mint does not encourage what the companies are doing, but I'm told these companies are not breaking the law as long as they simply cover the image on the coin and do not permanently alter it.
Now, a lot of people will want a keepsake from the Obama inauguration. For some, these coins fit the bill. Just don't get taken by the marketing hype. These "genuine," "limited-edition pieces of history" are just souvenirs and nothing more.