National Collector's Mint, Inc. is a

Westchester County Westchester County is a county located in the southeastern portion of the U.S. state of New York, bordering the Long Island Sound and the Byram River to its east and the Hudson River on its west. The county is the seventh most populous cou ...

New York New York most commonly refers to: * New York (state), a state in the northeastern United States * New York City, the most populous city in the United States, located in the state of New York New York may also refer to: Places United Kingdom * ...

based company that sells privately produced

coins A coin is a small object, usually round and flat, used primarily as a medium of exchange or legal tender. They are standardized in weight, and produced in large quantities at a mint in order to facilitate trade. They are most often issued by ...

, tokens, commemoratives, and

collectibles A collectable (collectible or collector's item) is any object regarded as being of value or interest to a collector. Collectable items are not necessarily monetarily valuable or uncommon. There are numerous types of collectables and terms t ...

. The company does not produce coins that are

legal tender Legal tender is a form of money that Standard of deferred payment, courts of law are required to recognize as satisfactory payment in court for any monetary debt. Each jurisdiction determines what is legal tender, but essentially it is anything ...

in the

United States The United States of America (USA), also known as the United States (U.S.) or America, is a country primarily located in North America. It is a federal republic of 50 U.S. state, states and a federal capital district, Washington, D.C. The 48 ...

and they are not affiliated, endorsed, or licensed by the U.S. government or the

United States Mint The United States Mint is a bureau of the United States Department of the Treasury, 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 bull ...

. However, the company does also act as a

retailer Retail is the sale of goods and services to consumers, in contrast to wholesaling, which is the sale to business or institutional customers. A retailer purchases goods in large quantities from manufacturers, directly or through a wholesal ...

, reselling government proof coins and other legal tender. The mint also creates non-currency coins for large corporations.

9/11 coinage incident

The company's repeated attempts to profit from the 9/11 attacks led Senator

Charles Schumer Charles Ellis Schumer ( ; born November 23, 1950) is an American politician serving as the senior United States senator from New York, a seat he has held since 1999. A member of the Democratic Party, he has led the Senate Democratic Caucus si ...

to refer to the company as a "despicable scam." 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. Sales of the Freedom Tower Silver Dollar coins were halted by a

court order A court order is an official proclamation by a judge (or panel of judges) that defines the legal relationships between the parties to a hearing, a trial, an appeal or other court proceedings. Such ruling requires or authorizes the carrying o ...

in October 2004 at the request of then

New York Attorney General The attorney general of New York is the chief legal officer of the U.S. state of New York and head of the Department of Law of the state government. The office has existed in various forms since 1626, originally established under the Dutch c ...

Eliot Spitzer Eliot Laurence Spitzer (born June 10, 1959) is an American politician and attorney who served as the 54th governor of New York from 2007 until his resignation in 2008 after a prostitution scandal. A member of the Democratic Party, he was also ...

. The company received approval from the officials of the

Commonwealth of the Northern Mariana Islands The Northern Mariana Islands, officially the Commonwealth of the Northern Mariana Islands (CNMI), is an unincorporated territory and commonwealth of the United States consisting of 14 islands in the northwestern Pacific Ocean.Lin, Tom C.W.Amer ...

to produce legal tender coinage on their behalf, 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. 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. Senator Charles Schumer and Representative

Jerrold Nadler Jerrold Lewis Nadler (; born June 13, 1947) is an American lawyer and politician from the state of New York. A Manhattan resident and a member of the Democratic Party, he has served as the U.S. representative for since 2023. Nadler was first ...

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 The Federal Trade Commission (FTC) is an independent agency of the United States government whose principal mission is the enforcement of civil (non-criminal) United States antitrust law, antitrust law and the promotion of consumer protection. It ...

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. 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. 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.

References

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External links

National Collector's Mint
Manufacturing companies based in New York (state) Coin retailers Port Chester, New York Companies based in Westchester County, New York

9/11 coinage incident

See also

References

External links