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Company type | Private Company |
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Industry | Collectibles coins, tokens, commemoratives |
Founded | 1991 |
Headquarters | Westchester County, New York |
Key people | Avram C. Freedberg (Founder; Chairman) Barry Goldwater Jr. (Director; Spokesperson) Angela Marie Buchanan (Co-Director) |
Products | Non-circulating legal tender coins, tokens, replicas, commemorative, collectibles, anti-aging skin products |
Number of employees | 24 |
Website | www |
National Collector's Mint, Inc. is a Westchester County New York based company that sells privately produced coins, tokens, commemoratives, and collectibles, as well as anti-aging skin products through the BioLogic brand.[ not verified in body ] The company does not produce coins that are legal tender in the United States and they are not affiliated, endorsed, or licensed by the U.S. government or the United States Mint. However, the company does also act as a retailer, reselling government proof coins and other legal tender. The mint also creates non-currency coins for large corporations. [1] After National Collector's Mint was repeatedly cited by state and Federal authorities for fraudulent profiteering from the 9/11 attacks, The Huffington Post described the company as a "bogus 9/11 coin seller." [2]
As specified by the U.S. Constitution [3] only the federal government can produce legal tender coinage for use within the states and territories. (The right to print legal tender banknotes was affirmed later.) Therefore, the medals, tokens, and other products produced by National Collector's Mint are not legal tender in the United States or its territories.[ original research? ]
The company's repeated attempts to profit from the 9/11 attacks led Senator Charles Schumer to refer to the company as a "despicable scam." [2] [4] The company was penalized for fraud in 2004, when State Supreme Court Justice Thomas J. McNamara fined the National Collector's Mint for engaging in false advertising and deceptive business practices when issuing their Freedom Tower Silver Dollar coins. [5]
Sales of the Freedom Tower Silver Dollar coins were halted by a court order in October 2004 at the request of then New York Attorney General Eliot Spitzer. [6] The company received approval from the officials of the Commonwealth of the Northern Mariana Islands to produce legal tender coinage on their behalf, [7] but Spitzer noted the Commonwealth is not authorized to issue its own currency. It was also indicated that the exact amount of silver contained in the commemorative was not clear to customers. A judge ruled in 2004 the company was guilty of fraud, false advertising and deceptive business. [8] Subsequent ads for the new Freedom Tower coins indicated the actual silver weight (45 mg, or 0.00145 troy oz.) rather than the thickness of silver in mils used.[ citation needed ]
Senator Charles Schumer and Representative Jerrold Nadler said the claim the silver was recovered from the vaults beneath the World Trade Center ruins cannot be substantiated and called on the Federal Trade Commission to stop National Collector's Mint from selling the Sept. 11 coins, which are seen as taking sales away from an official Sept. 11 medal that benefits the National September 11 Memorial & Museum being built at the World Trade Center site. [9]
In contrast to the NCM's unsubstantiated claims, a sizeable number of coins that can be traced back to the WTC vaults exist; unlike the NCM's offerings, these coins were certified and graded by PCGS, and profits from their sales were donated to recovery funds. [10]
In 2013, the company settled out of court and agreed to pay a $750,000 fine to the FTC for misrepresenting the authenticity of their 9/11 products. [2]
In 2020, the company advertised a coin coated with 14 milligrams of 24 karat gold. [11] Based on recent prices in early April, 2020, this amount of gold was worth approximately 70 cents. The coin was offered for $9.95 plus $4.95 shipping and handling.[ excessive detail? ]
The Krugerrand is a South African coin, first minted on 3 July 1967 to help market South African gold and produced by Rand Refinery and the South African Mint. The name is a compound of Paul Kruger, the former President of the South African Republic, and rand, the South African unit of currency. On the reverse side of the Krugerrand is a pronking springbok, South Africa's national animal.
Coins of the United States dollar - aside from those of the earlier Continental currency - were first minted in 1792. New coins have been produced annually and they comprise a significant aspect of the United States currency system. Circulating coins exist in denominations of 1¢, 5¢, 10¢, 25¢, 50¢, and $1.00. Also minted are bullion, including gold, silver and platinum, and commemorative coins. All of these are produced by the United States Mint. The coins are then sold to Federal Reserve Banks which in turn put coins into circulation and withdraw them as demanded by the United States economy.
The standard circulating coinage of the United Kingdom, British Crown Dependencies and British Overseas Territories is denominated in pennies and pounds sterling, and ranges in value from one penny sterling to two pounds. Since decimalisation, on 15 February 1971, the pound has been divided into 100 (new) pence. Before decimalisation, twelve pence made a shilling, and twenty shillings made a pound.
The British crown was a denomination of sterling coinage worth 1⁄4 of one pound, or 5 shillings, or 60 (old) pence. The crown was first issued during the reign of Edward VI, as part of the coinage of the Kingdom of England.
The United States Mint is a bureau of the Department of the Treasury responsible for producing coinage for the United States to conduct its trade and commerce, as well as controlling the movement of bullion. The U.S. Mint is one of two U.S. agencies that produce money in the case of minting coinage; the other is the Bureau of Engraving and Printing, which prints paper currency. The first United States Mint was created in Philadelphia in 1792, and soon joined by other centers, whose coins were identified by their own mint marks. There are currently four active coin-producing mints: Philadelphia, Denver, San Francisco, and West Point.
A commemorative coin is a coin issued to commemorate some particular event or issue with a distinct design with reference to the occasion on which they were issued. Many coins of this category serve as collector's items only, although some countries also issue commemorative coins for regular circulation.
The United States Mint has minted numerous commemorative coins to commemorate persons, places, events, and institutions since 1848. Many of these coins are not intended for general circulation, but are still legal tender. The mint also produces commemorative medals, which are similar to coins but do not have a face value, and therefore are not legal tender.
The Freedom Tower Silver Dollar is a "one dollar" coin minted under license of the Commonwealth of the Northern Mariana Islands (CNMI) in 2004, although the CNMI does not have legal authority to issue or authorize currency. Despite vague statements in advertisements, it is not issued by the United States Mint and is not considered legal tender, nor is it considered non-circulating legal tender. The CNMI receives royalty fees from proceeds of the sale of the coin. The coin is actually minted by SoftSky, a Wyoming commemorative coin maker.
The American Silver Eagle is the official silver bullion coin of the United States.
The West Point Mint is a U.S. Mint production and depository facility erected in 1937 near the U.S. Military Academy in West Point, New York, United States. As of 2019 the mint holds 22% of the United States' gold reserves, or approximately 54,000,000 troy ounces (1,700,000 kg). The mint at West Point is second only to the gold reserves held in secure storage at Fort Knox. Originally, the West Point Mint was called the West Point Bullion Depository. At one point it had the highest concentration of silver of any U.S. mint facility, and for 12 years produced circulating Lincoln cents. It has since minted mostly commemorative coins and stored gold.
Avram Chaim Freedberg is a Broadway theatre producer, a direct marketer, and founder of National Collector's Mint. He founded Maximum Entertainment Productions LLC and has produced and invested in a number of Broadway shows. He is also a thoroughbred racehorse owner.
Gold and silver issues of the euro commemorative coins are collectors' euro coins not primarily intended for general circulation; the commemoratives also include rare cases of bimetal collector coins, such as titanium and niobium.
Euro gold and silver commemorative coins are special euro coins minted and issued by member states of the Eurozone, mainly in gold and silver, although other precious metals are also used in rare occasions. Belgium was one of the first twelve countries in the Eurozone that introduced the euro (€) on 1 January 2002. Since then, the Belgian Royal Mint have been minting both normal issues of Belgian euro coins, which are intended for circulation, and commemorative euro coins in gold and silver.
Euro gold and silver commemorative coins are special euro coins minted and issued by member states of the Eurozone, mainly in gold and silver, although other precious metals are also used in rare occasions. Finland was one of the first twelve countries in the Eurozone that introduced the euro (€) on 1 January 2002. Since then, the Mint of Finland Ltd. have been minting both normal issues of Finnish euro coins, which are intended for circulation, and commemorative euro coins in gold and silver.
Euro gold and silver commemorative coins are special euro coins minted and issued by member states of the Eurozone, mainly in gold and silver, although other precious metals are also used in rare occasions. Cyprus introduced the euro (€) on 1 January 2008. In 2000, in such a short time, the Central Bank of Cyprus has produced the first commemorative euro coin in silver. In 2010 the Central Bank of Cyprus has produced 2 more commemorative euro coin in gold and silver.
Euro gold and silver commemorative coins are special euro coins minted and issued by member states of the Eurozone, mainly in gold and silver, although other precious metals are also used on rare occasions. Slovakia is scheduled to introduced the euro (€) on 1 January 2009. The National Bank of Slovakia, together with the Kremnica Mint, will be issuing both normal issues of Slovak euro coins, which are intended for circulation, and commemorative euro coins in gold and silver. These special coins have a legal tender only in Slovakia, unlike the normal issues of the Slovak euro coins, which have a legal tender in every country of the Eurozone. This means that the commemorative coins made of gold and silver cannot be used as money in other countries. Furthermore, as their bullion value generally vastly exceeds their face value, these coins are not intended to be used as means of payment at all—although it remains possible. For this reason, they are usually named Collectors' coins.
Euro gold and silver commemorative coins are special euro coins minted and issued by member states of the Eurozone, mainly in gold and silver, although other precious metals are also used in rare occasions. Greece was one of the first twelve countries in the Eurozone that introduced the euro (€) on 1 January 2002. Since 2003, the Mint of Greece have been minting both normal issues of Greek euro coins, which are intended for circulation, and commemorative euro coins in gold and silver.
The British twenty pound (£20) coin is a commemorative denomination of sterling coinage, first issued by the Royal Mint in 2013. It is minted in .999 fine silver. Twenty pound coins are legal tender but are intended as souvenirs and are almost never seen in general circulation.
The one hundred pound coin (£100) is a commemorative denomination of sterling coinage. Issued for the first time by the Royal Mint in 2015 and sold at face value, £100 coins hold legal tender status but are intended as collectors' items and are not found in general circulation. As of 1 November 2021, the silver content of each coin was worth about £35.
The United States Mint Proof Set, commonly known as the Proof Set in the United States, is a set of proof coins sold by the United States Mint. The proof set is popular with coin collectors as it is an affordable way to collect examples of United States coinage in proof condition.