Lawsuits Target 'First Strike' Coins
 

Sorry if posted elsewhere or if I missed it on the forum elsewhere.

http://biz.yahoo.com/ap/061217/first...suit.html?.v=4

Re: Lawsuits Target 'First Strike' Coins
 

Great article - something we've debated here on GIM for some time!

(For myself, while I accept its a misnomer, I have said - if the industry and public "thinks" the term means something - than as numismatic people we have to accept it will carry a higher premium even if its a bit of a fake out!)

I sure hope the suit goes thru and they finally sort it out once and for all........please keep us informed if you find out more on the case!

Thanks!!:beer:

Re: Lawsuits Target 'First Strike' Coins
 

Imagine what the existing ones will be worth when they aren't allowed to call them that anymore.....:banghead:

Re: Lawsuits Target 'First Strike' Coins
 

I have viewed this as a total scam from day one, for the reasons stated in the articles. It also irritates me that basicly one company, SIlver State Coin and Bullion, in NM, buys up about 3 months worth of first run production every year.
I hope this case goes to court and the whole first strike scam gets sunk with a torpedo amidships. I will dance a jig if that happens!! :getdown: :getdown:

Re: Lawsuits Target 'First Strike' Coins
 

Don't misunderstand - I wouldn't mind either - one way or the other. I understand its not what people THINK it is - but I also except there is a market for them (right or wrong). As a collector, I would be fine if they stop the First Strikes....I'll be pleased either way - unless the judge decided not to allow the case to go to court......THAT wiould leave us where we are now!

And, as said by Wyldwil, imagine what they will be worth if they no longer make them with that label.......

Markets for items are not always based on reality - but sometimes, if not often, on perception!!

Re: Lawsuits Target 'First Strike' Coins
 

:D NGC sells perception,not reality.

Their member services leave much to the imagination of perceived coin grading standards...

There will be no winners if and when First Strikes prove to be standard issue generic coins no more valuable than others.

The parties will just close up shop and steal away into the night to resurface with a new name and a new scam angle...

Bottom line...You been scammed dude...

Zimbabwe Silver Snaildarter first strikes are the hottest thing going right now..
We're almost cleaned out...better hurry.

:eek: :eek: :eek: :eek:

It will be interesting to see how far they take this...

:D :D :D :D

Re: Lawsuits Target 'First Strike' Coins
 

True!!!

ONLY if one has paid a lot extra for a First Strike........which, personally, I have not - and wait, this field is so odd you never know - the First Strike labels MIGHT turn out, due to coin collecting "history", to be more a rarity than the coins inside!! :rofl:

Re: Lawsuits Target 'First Strike' Coins
 

:D MH...good point.

I can't seem to wrap the old brain around the concept of an actual so called certified History of a given coin issue.

I'll bet my two of my 2006 SAEs are a week older and more valuable than yours...

:eek::eek::eek::eek:

We'll both send selected samples to NGC for certified carbon dating ...then we'll just see who's bought genuine,real First Strike and settle the matter once and for all.

:D:D:D:D

Do you realize MH just how ridiculous all this hype sounds ?
I smell lawyers in the back room typing up class actions by the truckload...

:eek::eek::eek::eek:

Re: Lawsuits Target 'First Strike' Coins
 

No need - we can just cut the the coins in half and count the rings..........and anyway - mine say January 1, 2006 - 0:01am for a date!!!!![/quote]

:D:D:D:D

Actually - you are probably right - but here is an odd note - last night I was listening to the Shop At Home's Coin Vault - I love to watch and look at coins, maybe learn a little trivia on them, but would NEVER buy at their prices.........

Anyway - he was saying (and I only caught the end of it but watching for the repeat) that NGC will never make a First Strike label again. Now, I figured that was cause PCGS actually owned the rights to the name and NCG finally backed out - but the lawsuit really adds another dimension to the story!!

Either way - I figure with the few first Strikes I have (and I barely paid anything more for mine) I can't lose - either I am part of a group action lawsuit OR I have extremely rare (only 150,000 I heard) First Strike labels that one day will be worth more than the coins! :banana:

(First time I ever used the banana! :haha: )

Re: Lawsuits Target 'First Strike' Coins
 

:eek: MH...take two ass burns and go straight to bed.

You are starting to sound like Drill and his sub seven dollar Ag prediction fantasy.

:D:D:D:D:D

Good luck...stranger things have happened.

:getdown::banana::getdown::banana:

Re: Lawsuits Target 'First Strike' Coins
 

On the contrary, here are the winners already:

http://www.lipcon.com/

Re: Lawsuits Target 'First Strike' Coins
 

Re: Lawsuits Target 'First Strike' Coins
 

Wow! Holy crap! I am very familiar with Lipcon... He and his firm never take a case unless they smell the strong scent of money and a decisive victory. They made thier name as Admiralty lawyers...

Re: Lawsuits Target 'First Strike' Coins
 

The plaintiffs have a good case against the grading companies. I believe the latter will find it impossible to prove that the coins they sold as "First Strike" are legitimate because:
1. The US Mint even admits that green monster boxes are not numbered consecutively or chronologically - the mint does not keep track of when dies are changed vis-a-vis coin runs. There are several changes during the year.
2. What is a "First Strike?" - does anyone in authority even know?

These are uncirculated bullion coins. I have boxes and boxes of them and have looked at random samples from tubes, using a loop: the SAEs are uniformly gorgeous and identical, I can find no differences between coins.:eek:

Personally, I believe the grading of uncirculated bullion coins to be highly subjective and highly suspect.

Re: Lawsuits Target 'First Strike' Coins
 

Yep it looks like so. Mass-tort, class-action is a funny adjunct to admiralty, but a profitable one.

And we're talking real admiralty here involving boats to eh?

Re: Lawsuits Target 'First Strike' Coins
 

Hey, Mamboni:

As you know, "First Strike" is a marketing gimmick. Master Ho may know more about this than I, as he sends bullion coins for grading, but the coin grading companies usually have a "receive date" for bullion coins. If that coin arrives on or before "receive date" it gets a first strike monniker. Nothing special about it, as far as I know. I wouldn't pay a cent more for a MS70 first strike than a MS70 non-first strike.

In regards to grading of uncirculated coins is subjective (what criteria for anything is not subjective) but if the grading criteria is uniform then you know how to grade and what the grade means.

I use the grading criteria given by PCGS (Professional Coin Grading Services). NGC's and ANAC's criteria are all very similar, and I would trust almost any coin graded by them to be accurate.

As long as you know the criteria, you too can grade uncirculated coins to your satisfaction.

The Great Ag

Re: Lawsuits Target 'First Strike' Coins
 

If you can steer me in the right direction to learn how to grade, I would be most appreciative. Frankly, I think I have a truckload of grade 69 and 70 SAEs. If folks will pay hefty premiums for them, who am I to object?