First strike (coinage)
First strike is a marketing term used by third party coin grading services which refers to coins which were struck first by a mint. The U.S. Mint maintains that there is no widely accepted and standardized numismatic industry definition of First Strike coins.{{cite web |title="First Strike" or "First Release" Designations |url=https://www.usmint.gov/news/consumer-alerts/consumer/first-strike-designations |website=usmint.gov |date=6 June 2016 |publisher=United States Mint |accessdate=31 January 2020}} Several coin grading companies have decided that a "first strike" coin is one that shipped from the mint in the first month of the new minting.{{cite web |last1=Dwyer |first1=A. C. |title=First Strike Coins - A Marketing Goldmine |url=https://www.thesprucecrafts.com/first-strike-coins-768371 |website=thesprucecrafts.com |publisher=Dotdash publishing |accessdate=31 January 2020}}
No U.S. Mint First Strike Program
The U.S. Mint has stated that they do not keep track of which coins were struck first. The mint has dates on the packaging for the coins, however they also state that the shipping dates do not reveal exactly when the coins were struck.{{cite web |title="First Strike" or "First Release" Designations |url=https://www.usmint.gov/news/consumer-alerts/consumer/first-strike-designations |website=usmint.gov |date=6 June 2016 |publisher=United States Mint |accessdate=31 January 2020}}{{cite web |title=FIRST STRIKE COINS AND EARLY RELEASE COINS |url=https://www.cmi-gold-silver.com/article/first-strike-coins-buffalos-eagles/ |website=cmi-gold-silver.com |date=18 September 2006 |publisher=CMI Gold & Silver, Inc. |accessdate=31 January 2020}}
Lawsuit
In 2006 a Miami lawyer filed a 10 million dollar lawsuit in a Miami court, alleging the "First Strike" label is deceptive. The lawsuit was filed against the two coin grading companies: Numismatic Guaranty Corp., (NGC) based in Sarasota, Fla., and Professional Coin Grading Service, (PCGS) of Newport Beach, California.{{cite news |last1=Anderson |first1=Curt |title=Suit Alleges 'First Strike' Label for Collector Coins is Deceptive |url=https://www.insurancejournal.com/news/national/2006/12/18/75119.htm |accessdate=31 January 2020 |publisher=Wells Media Group LLC. |date=18 December 2006}}
In 2007 NGC settled the lawsuit by paying money to collectors and the attorneys. They also designated 447,500 dollars for consumer education.{{cite news |title=NGC reaches settlement terms |url=https://www.numismaticnews.net/article/ngc_reaches_settlement_terms |accessdate=31 January 2020 |publisher=Active Interest Media |date=21 July 2008}}
Marketing
The lawsuit revealed that the designation of "First strike" is essentially a successful marketing tool. There is essentially no way to know when a coin was struck. While PCGS retains the use of the term, NGC has changed their designation from "first strike" to a more accurate description: "Early Release".