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 Replies: 14 / Views: 5,521 |
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Pillar of the Community
Canada
2805 Posts |
Recently I came across the Franklin Mint's website and was surprised to find that they were still in business, although all they sell nowadays is HSN-grade crap and brand-X medallions. But a few decades ago, they were everywhere - I have so many proofs and impaired proofs struck for real countries by the Franklin Mint. It seemed as if they once made coins for the entire set of Caribbean and Central American countries - I have F.M proofs from Barbados, the Bahamas, Panama and the British Virgin Islands, and I know there are many more out there. But now they don't seem to make any real coins of their own. Does anyone know when or how they lost all of their licenses to produce coins for other countries?
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Pillar of the Community
United States
2543 Posts |
As far as I know, they never made legal tender for any of those countries. They made medals and tokens and non legal tender copys of world coins. But nver actual coins.
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Bedrock of the Community
Australia
21788 Posts |
The numismatic product part of the business of the Royal Australian Mint, the (British) Royal Mint, the Royal Canadian Mint and the U.S. Mint could end up going down the same 'gurgler' as the Franklin Mint. They are simply pushing the NCLT part of their business far too hard, and they could pushing their collector market into 'burnout' with the increasing flood of new NCLT issues, despite the extremely high minting standards and attractive packaging. It is a bit like the goose that laid the golden egg. Edited by sel_69l
01/01/2015 11:51 pm
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Pillar of the Community
United States
1388 Posts |
Though I am not familiar with non US coinage, sel appears to be correct as the US mint strikes an absurd (IMHO) amount of collector and commenorative coins. I assume this is the same for the other countries he mentioned? |
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Pillar of the Community
United States
1314 Posts |
Following in the footsteps of our post office. Every stamp in a book, is one less delivery to make.
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Moderator
 United States
23522 Posts |
I'm pretty sure the Franklin Mint struck "circulation" strikes for countries like nalaberong mentioned, but likely under a business oriented arrangement. Some of the places - like Barbados - had never struck their own coinage before. They used Sterling or something for hundreds of years and didn't see a need for their own coinage.
Until a prominent US collectibles minter offered a profitable reason to do so. That sort of arrangement could lead to commission work for existing national mints as well, especially in a small country.
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Bedrock of the Community
United States
20753 Posts |
I too remember all sorts of STUFF being advertised from the Franklin Mint. Then sort of vanished. The only thing I really remember was all those plates I think they made. Maybe.
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Bedrock of the Community
United States
17884 Posts |
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As far as I know, they never made legal tender for any of those countries. They made medals and tokens and non legal tender copys of world coins. But nver actual coins. Yes the Franklin Mint did make legal tender coins for several countries. Mostly NCLT and other collector issues but some circulation issues as well. I believe the FM got out of the coin production business some time in the 1980's. |
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Pillar of the Community
United States
2543 Posts |
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Yes the Franklin Mint did make legal tender coins for several countries. Do you have a reference for that ? I know that they made mint sets and proof sets of world coinage, I used to have a vast set of these when I was a kid. But I am pretty sure that they were not legal tender coins. My sister, who is the family archivist, has most of my old coins , said she took them to an appraiser after a while back and was told that they were worthless copies of world coins. |
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Rest in Peace
 United States
1380 Posts |
Just check in Krause, look up one of the Carribean countries like the Bahamas, Krause talks about Franklin mint making circulating coinage.
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Pillar of the Community
United States
604 Posts |
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Pillar of the Community
United States
2543 Posts |
This is the thread I was referencing. https://goccf.com/t/91357Again, I collected many many Franklin Mint coins as a kid (no serious money invested) and used to always ask, " when we go to Barbados, can I spend these?" but was always told that, while they were authorized by the different countries they were not legal tender and would not be recognized by any country or exchange. |
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Moderator
United States
23522 Posts |
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but was always told that, while they were authorized by the different countries they were not legal tender and would not be recognized by any country or exchange. Yeah, kinda like that. Wink and a nod. |
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Pillar of the Community
United States
4883 Posts |
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As far as I know, they never made legal tender for any of those countries. They made medals and tokens and non legal tender copys of world coins. But nver actual coins. Ran across this just today. Struck in proof finish sterling, so never intended for circulation to be sure, but legal tender nonetheless.  Colligo ergo sum
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Moderator
Australia
16829 Posts |
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...while they were authorized by the different countries they were not legal tender and would not be recognized by any country or exchange. Authorized, yes. Legal tender, yes - that's what "authorized" means. "Recognized as money", no, not the large commemoratives and NCLT-only coins, anyway. That's what "NCLT" means - non-circulating legal tender. But as far as most of the coins in the proof and mint sets issued for Barbados etc, their status as NCLT is much the same as Proof and Mint sets in America: they look just like the coins actually issued for circulation, even though they were specially produced for collectors. So yes, you could go to Barbados and spend your Franklin Mint proof coins as money, just like you can bust open a modern proof set and spend the coins. It's odd, and unusual, and kind of wasteful, but perfectly legal. As for the fate of the Franklin Mint itself, it's discussed in this old thread. Basically, they got bought out. After several mergers and takeovers, the brand-name was relaunched, but they no longer actually own coining presses or make coins or medals - they simply on-sell products made by other mints. Don't say "infinitely" when you mean "very"; otherwise, you'll have no word left when you want to talk about something really infinite. - C. S. Lewis
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Replies: 14 / Views: 5,521 |
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Posted 01/01/2015 11:50 pm
