Expert: PAPAJACK - 11/25/2008

Question
QUESTION:
Hi PAPA, waht is the value going to be on the new Obama coins?

https://www.officialobamacoin.com/Default.aspx?mid=523910

ANSWER: Hello Archie,          

I have not seen these particular coins but I can tell you the US mint did not produce the coins this way and have nothing to do with it.

I have seen these colored coins, initials the shape of the United States and even the outline of the states and various other imprints in the coins. A colored picture of an elected president is just a worthless try at raping money off the public at large. Remember altered coins have no added value.

If you think it is a rip off it would not surprise me at all.

These altered coins are not worth more to coin collectors and are only novelty items selling for less than a dollar.

I hope this information helps.

Thank You and Good Luck

PapaJack

---------- FOLLOW-UP ----------

QUESTION: Hi papa - Do you think they will sell for more after the swearing in or at the swearing in ceremony?
I am still thinking they should. Thanks Archie

Answer
Hello again Archie,          

Are you talking about the advertisements at the top of the About.Com page?
If so you are not the only one asking me about this gimmick coin.

Shame on this site for allowing a novelty like the fake Obama piece to be advertised and promoted as a collectable on the coins question board.  
I guess they take anybody’s money!
Is there a fantasy coin area on the site? They should sell fake things there not at a coin collectors.  

These are actually defaced and altered circulated 1 dollar and half dollar coins.
There is nothing but a novelty value for them! They belong with campaign buttons and bumper stickers.  They will never go up in value and may not even keep the image on them without protection.
It is against the law to alter or destroy US Currency and I am sure the president himself would not allow this manipulation of the coins.

I think that they will go down in value before the presidential inauguration day.

I cannot stress enough how these coins ruin the actual coin hobby. Selling a circulated modern dollar with a color image of someone on it for $10 is bad for everyone.          
A gang in New York was just arrested for telling people they sold their coins to that the coin would go up in value. For a coin not issued by the US Mint it is impossible as anything but a novelty.

Good Luck