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'''First strike''' is a marketing term used by [[Third-party grading|third party coin grading services]] which refers to coins which were struck first by a [[Mint (facility)|mint]]. The [[U.S. Mint]] maintains that there is no widely accepted and standardized [[Numismatic associations|numismatic]] industry definition of '''First Strike coins'''.<ref name="USMINT">{{cite web |title="First Strike" or "First Release" Designations |url=https://www.usmint.gov/news/consumer-alerts/consumer/first-strike-designations |website=usmint.gov |date=6 June 2016 |publisher=United States Mint |accessdate=31 January 2020}}</ref> Several [[coin grading]] companies have decided that a "first strike" coin is one that shipped from the mint in the first month of the new minting.<ref name="Spruce">{{cite web |last1=Dwyer |first1=A. C. |title=First Strike Coins - A Marketing Goldmine |url=https://www.thesprucecrafts.com/first-strike-coins-768371 |website=thesprucecrafts.com |publisher=Dotdash publishing |accessdate=31 January 2020}}</ref> |
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Although the U.S. Mint mainta ins that there is no wid ely-accepted and standardized numismat ic industry definition of "first strike" coins, '''First Strike coins''' definitely exist in the coin i ndustry. Still, they a re recent developments, having been first promoted in 2005. The most fre quently promoted First Strike coins are [ [American Gold Eagle]] coins, [[American Silver Eagle] ] coins, [[America n Platinum Eagle]] coins, and the new American Gold Buffalo coins. |
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The U.S. Mint has stated that they do not keep track of which coins were struck first. The mint has dates on the packaging for the coins, however they also state that the shipping dates do not reveal exactly when the coins were struck.<ref name="USMINT">{{cite web |title="First Strike" or "First Release" Designations |url=https://www.usmint.gov/news/consumer-alerts/consumer/first-strike-designations |website=usmint.gov |date=6 June 2016 |publisher=United States Mint |accessdate=31 January 2020}}</ref><ref name="CMI">{{cite web |title=FIRST STRIKE COINS AND EARLY RELEASE COINS |url=https://www.cmi-gold-silver.com/article/first-strike-coins-buffalos-eagles/ |website=cmi-gold-silver.com |date=18 September 2006 |publisher=CMI Gold & Silver, Inc. |accessdate=31 January 2020}}</ref> |
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==Lawsuit== |
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In 2006 a [[Miami]] lawyer filed a 10 million dollar [[lawsuit]] in a Miami court, alleging the "First Strike" label is deceptive. The lawsuit was filed against the two coin grading companies: [[Numismatic Guaranty Corporation|Numismatic Guaranty Corp]]., (NGC) based in [[Sarasota, Florida|Sarasota, Fla]]., and [[Professional Coin Grading Service]], (PCGS) of [[Newport Beach, California]].<ref name="Lawsuit">{{cite news |last1=Anderson |first1=Curt |title=Suit Alleges 'First Strike' Label for Collector Coins is Deceptive |url=https://www.insurancejournal.com/news/national/2006/12/18/75119.htm |accessdate=31 January 2020 |publisher=Wells Media Group LLC. |date=18 December 2006}}</ref> |
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In 2007 NGC settled the lawsuit by paying money to collectors and the attorneys. They also designated 447,500 dollars for [[consumer education]].<ref name="Settled">{{cite news |title=NGC reaches settlement terms |url=https://www.numismaticnews.net/article/ngc_reaches_settlement_terms |accessdate=31 January 2020 |publisher=Active Interest Media |date=21 July 2008}}</ref> |
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==Marketing== |
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The lawsuit revealed that the designation of "First strike" is essentially a successful marketing tool. There is essentially no way to know when a coin was struck. While PCGS retains the use of the term, NGC has changed their designation from "first strike" to a more accurate description: "Early Release".<ref name="CMI"/> |
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==References== |
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{{reflist}} |
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One often seen definition of First Strike coins calls them "the first coins struck from a new set of dies." Another calls them "near-perfect specimens produced within the first few hundred strikings in an edition." The U.S. Mint's production and distribution practices challenge both definitions. |
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The [[U.S. Mint]] does not track the order in which it mints coins during their production and does not segregate or specifically identify the first coins minted from a set of dies. The Mint produces up to fifty percent of the projected sales of new coins weeks prior to their release. |
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Further, the Mint does not necessarily ship coins in the order in which they were minted, thereby making it impossible for promoters of First Strike coins to know that the coins being promoted as First Strike are actually the "first coins struck from a new set of dies." The numbering on the boxes of coins shipped from the Mint are for accounting and inventory purposes only and do not reflect the order in which the coins were minted. |
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The U.S. Mint has no First Strike program for the minting and distribution of its coins. However, the Mint sometimes does "first strikings" of new coins, but the "first strikings" are ceremonial and usually consist of only two coins, which are not set aside but are put into the regular inventory of the new coins. It is probably from these ceremonial strikings that promoters came up the idea of First Strike coins. |
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'''PCGS and NGC First Strike Coins''' |
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The premier coin grading services that grade First Strike coins are [[Professional Coin Grading Service]] (PCGS) and NGC ([[Numismatic Guaranty Corporation]]). These two firms' positions on First Strike coins more clearly explain what First Strike coins really are. |
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The PCGS website does not discuss First Strike coins, but does post the U.S. Mint's position. However, the NGC website designates as First Strike those coins that were shipped from the U.S. Mint within the first month of their official release. PCGS says that for coins to be labeled First Strike, they must be received within thirty days of commencement of shipping (or have documentation that "proves" that the coins were shipped during the first thirty days of a coin's production.) |
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NGC does not assert that the coins eligible to be labeled First Strike are among the first coins struck but are coins shipped within the first month of release. Further, NGC includes in the First Strike category "coins of early or first release. A general term for these coins is first strikes." |
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In reality, the NGC position on First Strike coins offers the best definition: coins of early or first release. While First Strike coins may be from the first strikings of a new set of dies, in reality there is no way for graders or promoters of First Strike coins know that the coins they are promoting were from the first strikes of new dies. |
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'''First Strike Not Trademarked''' |
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Some websites maintain that PCGS trademarked First Strike. However, a search of the U.S. Patent Office's website does not evidence that, and a search of the PGCS website did not find any claim of having trademarked First Strike. NGC asserts there is no trademark for First Strike and that it is a generic term in the coin industry. |
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==External links== |
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* [http://forums.collectors.com/messageview.cfm?catid=26&threadid=528569 Discussion about the confusion of definition of First Strike Coins] |
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* [http://forums.collectors.com/messageview.cfm?catid=26&threadid=534188 Posting of U.S. Mint on First Strike Coins] |
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* [http://first-stike-coins.com PCGS First Strike Coins] |
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[[Category:Numismatics]] |
[[Category:Numismatics]] |
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[[Category:Advertising campaigns]] |
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[[Category:American advertising slogans]] |
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[[Category:Coins of the United States]] |
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Latest revision as of 10:45, 7 July 2024
First strike is a marketing term used by third party coin grading services which refers to coins which were struck first by a mint. The U.S. Mint maintains that there is no widely accepted and standardized numismatic industry definition of First Strike coins.[1] Several coin grading companies have decided that a "first strike" coin is one that shipped from the mint in the first month of the new minting.[2]
No U.S. Mint First Strike Program
[edit]The U.S. Mint has stated that they do not keep track of which coins were struck first. The mint has dates on the packaging for the coins, however they also state that the shipping dates do not reveal exactly when the coins were struck.[1][3]
Lawsuit
[edit]In 2006 a Miami lawyer filed a 10 million dollar lawsuit in a Miami court, alleging the "First Strike" label is deceptive. The lawsuit was filed against the two coin grading companies: Numismatic Guaranty Corp., (NGC) based in Sarasota, Fla., and Professional Coin Grading Service, (PCGS) of Newport Beach, California.[4]
In 2007 NGC settled the lawsuit by paying money to collectors and the attorneys. They also designated 447,500 dollars for consumer education.[5]
Marketing
[edit]The lawsuit revealed that the designation of "First strike" is essentially a successful marketing tool. There is essentially no way to know when a coin was struck. While PCGS retains the use of the term, NGC has changed their designation from "first strike" to a more accurate description: "Early Release".[3]
References
[edit]- ^ a b ""First Strike" or "First Release" Designations". usmint.gov. United States Mint. 6 June 2016. Retrieved 31 January 2020.
- ^ Dwyer, A. C. "First Strike Coins - A Marketing Goldmine". thesprucecrafts.com. Dotdash publishing. Retrieved 31 January 2020.
- ^ a b "FIRST STRIKE COINS AND EARLY RELEASE COINS". cmi-gold-silver.com. CMI Gold & Silver, Inc. 18 September 2006. Retrieved 31 January 2020.
- ^ Anderson, Curt (18 December 2006). "Suit Alleges 'First Strike' Label for Collector Coins is Deceptive". Wells Media Group LLC. Retrieved 31 January 2020.
- ^ "NGC reaches settlement terms". Active Interest Media. 21 July 2008. Retrieved 31 January 2020.