Portlander finds 'Obama coins' not all that mint
by Laura Gunderson, The Oregonian
Friday February 13, 2009, 4:08 PM
Jerome Polk was so impressed with the special edition Obama coins he saw television star Montel Williams hawking in an infomercial, he ordered six sets for himself and some of his grandkids.
Instead of coins engraved with Obama's face, as Polk athought he'd ordered at $18 a pop, the Northeast Portland retailer received four actual U.S. coins -- a silver dollar, half dollar and two quarters -- featuring painted-on Obama images.
"This isn't an Obama coin, it's a 50-cent piece with a picture glued on," says Polk, who paid the U.S Coin Network $145.78 for five four-coin and one three-coin sets, including $25.98 in shipping.
The U.S. Mint doesn't mind if companies decorate its coins and sell them -- in this case -- for nine times their worth. However, the federal agency doesn't like it when companies offer authenticity certificates, as the Coin Network did, that may confuse consumers about who issued the coins.
The Coin Network's certificate assures, "This is to certify and authenticate that the coins used in the Barack Obama Inaugural Collection are genuine and made by the United States Mint."
Michael White, a Mint spokesman, says the agency has asked some companies to drop its name from certificates. Citing privacy, he wouldn't say whether such a request was made of the Coin Network.
Painted coins, such as Polk's set, which included a Silver Eagle dollar and a JFK half dollar, rarely hold value for collectors, said Paul Rigby, owner of Coin Cottage in Southwest Portland. In fact, he said, altering the otherwise sought-after Silver Eagle dollars detracts from their collectible value.
"Even with President Obama's picture, it won't help," he said. "They usually end up sold as junk silver."
Polk's not surprised. "I knew it right away: I got bumped," says Polk, whose mother also bought a few sets.
He'll pay for what he's got, but wants his $100 back for the sets he hasn't received. He called up the Coin Network this week and says he asked for a refund on the sets he was told wouldn't ship until Feb. 24. But, he says, the operator told him that wasn't policy -- even though the company's various Web sites -- USCoinNetwork.com, HistoricCoins.com and ObamaCoinReserve.com -- all promise money-back guarantees.
An operator, who identified herself only as Stephanie, confirmed Polk's order and told The Oregonian that her records showed he'd asked for a refund. That's fine, she said, he'll just have to mail back the coins and pay the $26 for shipping.
No other company officials returned calls to various offices associated with the Web sites.
The Oregon Attorney General has received one complaint against U.S. Coin Network for lack of delivery. Spokesman Tony Green encouraged Polk to file a complaint if he felt the company misrepresented its product.
Polk says he plans to complain. But, he'll keep the coins.
With or without Obama, they're still worth $2.
Video - http://www.katu.com/home/video/39598022.html?video=pop&t=a
LOL
How appropriate: A phony coin of a phony president. Change you can believe in. Whats even better they got Montel Williams pitching the coins and scamming the brothers and sisters.
by Laura Gunderson, The Oregonian
Friday February 13, 2009, 4:08 PM
Jerome Polk was so impressed with the special edition Obama coins he saw television star Montel Williams hawking in an infomercial, he ordered six sets for himself and some of his grandkids.
Instead of coins engraved with Obama's face, as Polk athought he'd ordered at $18 a pop, the Northeast Portland retailer received four actual U.S. coins -- a silver dollar, half dollar and two quarters -- featuring painted-on Obama images.
"This isn't an Obama coin, it's a 50-cent piece with a picture glued on," says Polk, who paid the U.S Coin Network $145.78 for five four-coin and one three-coin sets, including $25.98 in shipping.
The U.S. Mint doesn't mind if companies decorate its coins and sell them -- in this case -- for nine times their worth. However, the federal agency doesn't like it when companies offer authenticity certificates, as the Coin Network did, that may confuse consumers about who issued the coins.
The Coin Network's certificate assures, "This is to certify and authenticate that the coins used in the Barack Obama Inaugural Collection are genuine and made by the United States Mint."
Michael White, a Mint spokesman, says the agency has asked some companies to drop its name from certificates. Citing privacy, he wouldn't say whether such a request was made of the Coin Network.
Painted coins, such as Polk's set, which included a Silver Eagle dollar and a JFK half dollar, rarely hold value for collectors, said Paul Rigby, owner of Coin Cottage in Southwest Portland. In fact, he said, altering the otherwise sought-after Silver Eagle dollars detracts from their collectible value.
"Even with President Obama's picture, it won't help," he said. "They usually end up sold as junk silver."
Polk's not surprised. "I knew it right away: I got bumped," says Polk, whose mother also bought a few sets.
He'll pay for what he's got, but wants his $100 back for the sets he hasn't received. He called up the Coin Network this week and says he asked for a refund on the sets he was told wouldn't ship until Feb. 24. But, he says, the operator told him that wasn't policy -- even though the company's various Web sites -- USCoinNetwork.com, HistoricCoins.com and ObamaCoinReserve.com -- all promise money-back guarantees.
An operator, who identified herself only as Stephanie, confirmed Polk's order and told The Oregonian that her records showed he'd asked for a refund. That's fine, she said, he'll just have to mail back the coins and pay the $26 for shipping.
No other company officials returned calls to various offices associated with the Web sites.
The Oregon Attorney General has received one complaint against U.S. Coin Network for lack of delivery. Spokesman Tony Green encouraged Polk to file a complaint if he felt the company misrepresented its product.
Polk says he plans to complain. But, he'll keep the coins.
With or without Obama, they're still worth $2.
Video - http://www.katu.com/home/video/39598022.html?video=pop&t=a
LOL
How appropriate: A phony coin of a phony president. Change you can believe in. Whats even better they got Montel Williams pitching the coins and scamming the brothers and sisters.