January 20, 2009

Obama coins failed to capture the taste of local collectors

The "Obama Fever" has failed to capture the taste of local coin collectors unlike of that when the "Harry Potter" coin series and commemorative medals appeared at the local market.

The United States and the rest of world (particularly the African country, Kenya where Obama traces his roots) recently have their own versions of celebrations to welcome the first African-American President on his first official day at the White House as the 44th President of the United States.

Local Ebay sellers, bargain seekers, collectors, and speculators have their own respective opinions why buying or selling Obama memorabilia and mementos is a definite one of a lifetime opportunity.

"One local Ebayer explained that, Obama's charismatic appeal and popularity are two special aspects why collectors rush toward Obama Mania."

"Most known personalities and celebrities made their mark in our history using these equities (trademarks)."

This official Obama coin depicts Barack Obama's bust over the nation's capital and is encircled by the legend "Barack Obama" along the upper rim. (See picture for details)

The Democratic Party placed an order with the Winston Elizabeth & Windsor mint in England for about £100,000 ($156,000) worth of silver Obama coins to be used as gifts for Party supporters. The silver Obama coins, which were made from specially-designed dies, were issued in a numbered limited edition of 300 coins. If you were lucky enough to have received one of these official Obama coins, you just might have a collectible with some potential to increase in value over the years!

The colorized and the silver plate Barack coins that are selling on Ebay are not the same as the official Obama coin. Don't be mistaken that this coin is the real deal, "one collector says". The Obama coins which use a Presidential Dollar for the host coin are colorized through the application of a decal, which is permanently fused to the coin's surface using a hot glue process. In doing so, these marketers are wiping out the faces of our nation's Founding Fathers and placing their garish colorized designs on our U.S. legal tender coinage. The result is a coin that is numismatically worthless; in other words, these colorized Obama coins will never have any value to coin collectors as collectible Presidential Dollars because the original surfaces of the coins have been destroyed by the colorization process, as one Obama collector commented.

These Obama coins are being sold for prices ranging from $9.95 plus shipping (total: $14.90) to nearly $30 each, and all they really are is defaced Presidential Dollars that you can get for $1 at the bank comapred to the official silver Obama coins, which were made from specially-designed dies, and were issued only in a numbered limited edition of 300 coins.

The news regarding this fraud spread into the local numismatic clubs thus, most local collectors have restrained from buying any of these coins to discourage counterfeiting and forgeries which has already plagued the local coin market.

"Besides, being a limited edition, numbering only in 300 to 500 pieces. It can be comparable to a lottery win if a local collector could even acquire one!" One numismatist explained.

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