NMI silver dollar not genuine

The U.S. Mint warned consumers Friday that a widely advertised coin that is reportedly a product of the CNMI and purports to commemorate the World Trade Center is not a genuine U.S. coin.

National Collectors Mint Inc. has been marketing the “2004 ‘Freedom Tower’ Silver Dollar,” which it claims has been created using silver from Ground Zero, the site where the World Trade Center towers fell Sept. 11, 2001.

One side of the coin shows the Freedom Tower planned for the site and bears the phrase “In God We Trust.” The other side shows the former Manhattan skyline, with the World Trade Center still standing, and the phrase “One dollar.”

The company marketing the coin says it is the first “legally authorized government issue silver dollar … to commemorate the World Trade Center and the new Freedom Tower.”

The company is not connected to the U.S. government, the U.S. Mint said Friday.

The U.S. Mint is the only government entity in the United States with the authority to coin money.

National Collectors Mint is advertising the coins as products of the U.S. Commonwealth of the Northern Mariana Islands. The U.S. Mint said the commonwealth, as a U.S. insular possession, does not have the authority to coin its own money.

A check with the National Collectors Mint Inc. website—http://www.nationalcollectorsmint.com/uploaded/CNMI_Freedom_Tower.htm—shows the obverse and reverse pictures of the silver dollar. On the top portion, it says, “CNMI, the U.S. Commonwealth of the Northern Mariana Islands, announces a limited release with…. silver recovered from Ground Zero!” It claims that the coins were created using .999 pure silver.

In a news release, however, the U.S. Mint said that consumers may find the advertisements for this product confusing because the company uses phrases such as “legally authorized government issue,” “U.S. territorial minting,” and “silver dollar.” The product itself also may be confusing because it bears the inscription, “In God We Trust,” which Congress requires on all United States coins, and the inscription, “One Dollar.”

“Under the U.S. Constitution, Congress has the exclusive power to coin money of the United States, including the striking of commemorative coins. Congress has delegated its authority to mint and issue coins to the Secretary of Treasury, and Congress requires the Secretary to carry out these duties at the U.S. Mint. Therefore, the U.S. Mint is the only government entity in the United States with the authority to coin money. Clearly, the Commonwealth of the Northern Mariana Islands, a U.S. insular possession, does not have the authority to coin its own money,” a U.S. Mint statement said.

The agency warned that the collectibles market is brimming with tokens, medallions, mementos and similar products that look like genuine U.S. coins. “However, those who purchase such items should be aware that such products are not actually United States coins.”

For more information on distinguishing genuine United States coins and medals from private products such as the National Collector’s Mint “Freedom Tower” product, visit the U.S. Mint Consumer Awareness web page at www.usmint.gov/consumer. (With AP)