NGC "Gives" $447,095.26 to the ANA

[gmarguli]

The American Numismatic Association has received a $447,095 donation to support educational programs and produce a consumer awareness booklet with helpful information on coin collecting.

 

The donation is from the settlement of a class action lawsuit, Francisco v. Numismatic Guaranty Corporation, concerning "First Strikes" designation. While admitting no wrongdoing or liability, NGC settled the case and discontinued the use of "First Strikes," believing that controversy from the lawsuit would not be in the best interests of the hobby.

 

 

Full story at Numismatic News: First Strike Lawsuit Settlement

 

 

[MikeInFL]

Well I suppose at least there is some good to come from this whole "first strike" fiasco.

[physics-fan3.14]

Sort of a random number. But good, nonetheless.

[BULLY]

And now, instead of First Strikes, NGC uses Early Releases, which outnumber regular label sales, substantially at least during the first month of release of the bullion items which qualify;

 

AND

 

PCGS still uses the First Strike label and has even EXPANDED it, not just to bullion items, but some other coins, and even RETROACTIVELY to bullion items, like unopened Silver Eagles from 10 years ago for instance. So, even though they never had "First Strike" coins back then -- they do now!

 

Meanwhile, we collectors (and I include myself) drive the market for these, because we desire premium pedigree labeled coins.

 

So, the settlement accomplished what exactly?

 

Money for lawyers, and a donation to the ANA.

 

Meanwhile, business essentially continues as usual, with a "name change" and a disclaimer about what the terms mean.

 

[braddick]

Sort of a random number. But good, nonetheless.

 

Seems only fair the Judge would tack on his bar bill.

[Just Bob]

[MikeInFL]

And now, instead of First Strikes, NGC uses Early Releases, which outnumber regular label sales, substantially at least during the first month of release of the bullion items which qualify;

 

AND

 

PCGS still uses the First Strike label and has even EXPANDED it, not just to bullion items, but some other coins, and even RETROACTIVELY to bullion items, like unopened Silver Eagles from 10 years ago for instance. So, even though they never had "First Strike" coins back then -- they do now!

 

Meanwhile, we collectors (and I include myself) drive the market for these, because we desire premium pedigree labeled coins.

 

So, the settlement accomplished what exactly?

 

Money for lawyers, and a donation to the ANA.

 

Meanwhile, business essentially continues as usual, with a "name change" and a disclaimer about what the terms mean.

 

Well, first off, NGC uses a phrase that is much more accurate ("Early Releases"), and secondly the precedential table has been set for a similar lawsuit against PCGS.

 

However, I do see your point, and it is a valid one....Mike

[MAULEMALL]

The American Numismatic Association has received a $447,095 donation to support educational programs and produce a consumer awareness booklet with helpful information on coin collecting.

 

The donation is from the settlement of a class action lawsuit, Francisco v. Numismatic Guaranty Corporation, concerning "First Strikes" designation. While admitting no wrongdoing or liability, NGC settled the case and discontinued the use of "First Strikes," believing that controversy from the lawsuit would not be in the best interests of the hobby.

 

 

Full story at Numismatic News: First Strike Lawsuit Settlement

 

Thats Great,,, We ALL know how good the ANA is with the money they are given..

[just-john]

when they make 65 to 80 million per day or 750 per minute early release or first strike

don't mean anything to me.Take the mint tour for circ coins pretty cool

http://www.usmint.gov/mint_tours/?action=vtShell

[carson city]

NGC is indeed, very generous !