Culture

"Official" Obama Coins - Investment or the Real Deal?

by Mary Richard | December 29, 2008 at 12:53 pm

425 views | 10 Recommendations | 1 comment

I'm sure you've seen them - commercials promising a "genuine" US Inaugural Presidential Dollar, showing a picture of President-elect Barack Obama, depicted in full color, for $9.95 plus shipping and handling.

These gold dipped, painted coins are not produced by the US Mint - the only official purveyor of US currency - and they have little or no resale value to coin collectors, other than as a momento. "They are worth the face value of the coin. If the coin says 25 cents, it's worth a quarter," says Scott Travers, author of The Coin Collector's Survival Manual and a New York City coin dealer.

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.

Mint spokesman Michael White said that altering coins with stickers, plating or colors is not considered illegal as long as the company doesn't intend to pass them off as currency or use them as advertising.