National Collector’s Mint. The company name sounds very official, almost as though the company were somehow related to the US Mint. As it turns out, nothing could be further from the truth.
The Federal Trade Commission just settled with National Collector’s Mint to avoid a lawsuit based on it’s practices in selling none other than September 11, 2001 Tenth Year Anniversary coins. The original 9/11 coins were sold by the US Mint and proceeds were used to support the World Trade Center museum. As it turns out, not only is National Collector’s Mint selling imitations that are improperly labeled, but those coin sales do not support the museum. In addition, the company has made it difficult for purchasers to place an order without almost being coerced into additional purchases and did not disclose stipulations in its return policy at the time of purchase.
The FTC agreement with National Collector’s Mint involves a $750,000 fine and restrictions on business practices. The full story is in my Crime and Courts column, but this week’s word of warning is to be sure who you’re buying from because names can be deceptive.
