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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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{{Article for deletion/dated|page=First strike (coinage)|timestamp=20200124031658|year=2020|month=January|day=24|substed=yes|help=off}} |
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{{Original research|date=September 2019}} |
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| ⚫ | '''First strike''' refers to coins which were struck first by a [[Mint|mint]]. The U.S. Mint maintains that there is no widely accepted and standardized numismatic industry definition of '''First Strike coins'''. 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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==No U.S. Mint First Strike Program== |
==No U.S. Mint First Strike Program== |
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The |
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== |
==Marketing== |
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The designation of "First strike" is essentially a successful marketing tool. There is essentially no way to know when a coin was struck. |
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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==Law suit== |
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| ⚫ | In 2006 a [[Miami]] lawyer filed a 10 million dollar [[ |
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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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==References== |
==References== |
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{{reflist}} |
{{reflist}} |
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==External links== |
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{{Portal|Money}} |
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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]{{Dead link|date=December 2019 |bot=InternetArchiveBot |fix-attempted=yes }} |
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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.