What is the first day of issue?

First day of issue is a PCGS classification designation of service that is extremely misleading (or even fraudulent). The average collector might assume that a coin in a PCGS holder that says "first day of number" was released on the first day that the coins were available, but this isn't the case.

Reply:

According to the guidelines PCGS presentation for the designation of the first day of number, a commemorative coin in circulation (e.g. a presidential dollar) may be submitted at any time in the future, even decades from now, until it is in a sealed box with Mint Bank a release date on or before the official release date for the type of currency. Meet this requirement, the coins in the sealed box can obtain the title of PCGS days preceding number by the holder.

The problem with this requirement is that practically all circulating commemorative coins are packed in boxes of Bank with dates, or before, the official release! After all, long before coins can be released to the public, should be hit, counted, wrapped, boxed, consigned to the Federal Reserve and then distributed to banks. Since all these events must occur before the date of issuing currency, virtually all coins with release of short periods (which includes all circulating commemorative) are in boxes with dates, or before, release!

This is one of those things "DUH" that are clearly unfair and misleading, particularly when there is no deadline for submission. After all, why bulk submitter PCGS should by tying their money in the first day of inventory number when you can get anytime in the future this description of risks? They simply sealed stocks some Windows and wait a few years to see how the market develops. At best, have a sealed box a few years from now and cash at the poor, naive TV shopping show at the expense of the buyer of currency. At worst, the market does not develop and all those who are sealed boxes coins can be simply spent or sold to dealers of flocks.

If PCGS was smart, requiring licensees to submit coins in a timely manner, the first actual day of release, which would increase their revenue now and put the burden of risk on the dealers would end this abuse. This practice would also contribute to remove a very misleading designation from our coin collection marketplace, because before the day of issue would then really what it says.

Although the coin dealers selling their pay a premium for the designation of the first day of release, these coins have hardly any prize of secondary market at all. In other words, you'll pay a lot of extra to get a coin designated "first day of number", but when you go to sell it, this did not help its value; You will get much less paid for the currency. The reason is that experienced traders know the designation is almost entirely devoid of meaning, and so experienced collectors. First day of issue coins are an investment very poor and I recommend that you never buy.

Read more: see my top 5 worst Coin investments.