Another Labelling Scam

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diehl
diehl Posts: 7 ✭
edited June 18, 2022 3:28PM in U.S. Coin Forum

This evidently is not a completely new scam, but no one at PCGS is stopping it.
It is the "First Day of Issue" designation. It was meant to indicate that the coin was shipped from the US Mint (store) on the first day that the variety of the coin was released - that isn't happening.
What is being done is that it is the first day for the US Mint product. If a coin is present in 2 products, like the rolls and then later in the uncirculated set, they both qualify as First Day of Issue. Even though the coins are absolutely identical and they can be release months apart.
PCGS needs to do something about this.

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  • Herb_T
    Herb_T Posts: 1,755 ✭✭✭✭✭
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    Individual collectors can not get that designation. Only large dealers/wholesalers can. As a individual collector you can only request first strike. The coins labeled first day of issue are from the first day and shipped directly from the mint to the TPG.

  • jmlanzaf
    jmlanzaf Posts: 43,044 ✭✭✭✭✭
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    @diehl said:
    This evidently is not a completely new scam, but no one at PCGS is stopping it.
    It is the "First Day of Issue" designation. It was meant to indicate that the coin was shipped from the US Mint (store) on the first day that the variety of the coin was released - that isn't happening.
    What is being done is that it is the first day for the US Mint product. If a coin is present in 2 products, like the rolls and then later in the uncirculated set, they both qualify as First Day of Issue. Even though the coins are absolutely identical and they can be release months apart.
    PCGS needs to do something about this.

    What the heck are you talking about?

    1st Day of Issue designations mean whatever PCGS or NGC say they mean. It is simply a descriptor they use. It can hardly be a "scam" for them to define the criteria for the term and apply it according to that criteria. They post the definition, after all.

    All comments reflect the opinion of the author, even when irrefutably accurate.

  • ms71
    ms71 Posts: 1,686 ✭✭✭✭✭
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    For me, there's absolutely no value in that designation on the label; in fact, I'd rather not have it. But to each his own. There must be demand for it, so why not? If we all liked and wanted the same things, this wouldn't be such a great hobby.

    Successful BST transactions: EagleEye, Christos, Proofmorgan, Coinlearner, Ahrensdad, Nolawyer, RG, coinlieutenant, Yorkshireman, lordmarcovan, Soldi, masscrew, JimTyler, Relaxn, jclovescoins, justindan, doubleeagle07

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  • Glen2022
    Glen2022 Posts: 1,005 ✭✭✭✭
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    @coinbuf said:
    Why, who even cares about some silly wording on a label that means nothing?

    Because the grading services charge extra for these designations and some collectors pay more for these as well. To each their own.

  • ricko
    ricko Posts: 98,724 ✭✭✭✭✭
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    @diehl... Welcome aboard. These designations carry some weight with many collectors. Often, a premium can be realized when selling them. Not part of my collecting interests. Cheers, RickO

  • WAYNEAS
    WAYNEAS Posts: 7,271 ✭✭✭✭✭
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    Since I don't sell coins but only buy, FDOI and FS labels have no value for me.
    I will not seek either out or pay extra for them.
    I buy the grade.
    I do seek out the NFC Chip slabs.
    Wayne

    Kennedys are my quest...

  • diehl
    diehl Posts: 7 ✭
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    As I suspected as long as the TPG's and retail sellers are making money, no one here cares.
    "First Day of Issue" should (could) mean just that, and it should have nothing to do with how many times the US Mint issues it.
    2022-P Maya Angelou American Women Quarters were initially released on February 7, 2022. But the exact same coin issued on July 12, 2022 will be a "First Day of Issue".

  • JBK
    JBK Posts: 17,859 ✭✭✭✭✭
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    @diehl said:
    As I suspected as long as the TPG's and retail sellers are making money, no one here cares.

    First, you're sort of on thin ice, coming to the PCGS forum to criticize TPG (including PCGS) products.

    Second, I haven't seen many people on this forum (and none on this thread) express support or admiration for these types of labels. But, some people in the hobby do like them, so that's their right.

    I assume the multiple FDOI designations are for each product, not the coin itself, so there would naturally be multiple labels.

    In the early days of the FDOI labels, if I recall correctly, Presidential dollars were given that designation if they were minted before release date, and since the issues were routinely all minted prior to issue date, the sealed boxes always had dates that qualified for FDOI. As a result, the hype soon faded on those.

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