Previous Story
CNMI earns royalties from commemorative coins
|
Posted on Jul 29 2004
The CNMI government is earning royalties from the sale of commemorative coins bearing the name and seal of the Commonwealth.
Yesterday, the company authorized to mint and sell the commemorative coins—SoftSky—handed Gov. Juan N. Babauta a $25,000-check as royalty, in addition to the $25,000 earlier given to the CNMI government.
“We had this agreement to do the minting,” Babauta said. “What a way to earn money just by the use of the name CNMI!”
Babauta then handed over the check to Finance Secretary Fermin Atalig, as the royalty goes to the CNMI’s general fund.
In a media conference yesterday, SoftSky president Joseph Hartman said one of its client, National Collector’s Mint, Inc., already corrected its wrong advertisement that claimed that the coins could be used for legal tender. No lawsuit arose from the wrong advertisement.
Hartman said the CNMI government would receive royalty fee from time to time, as his company plans on expanding the market of the CNMI commemorative coins.
“It’s a free tool to promote your name,” Hartman said. Besides the U.S., Hartman said SoftSky would market the coins in Europe—particularly Germany, which has historical ties with the Northern Marianas—Japan, and China.
Hartman said his company has manufactured some 5,000 CNMI coins so far. He did not divulge the exact royalty percentage the CNMI gets from each coins sold, but hinted that it is “way more than 5 percent.”
SoftSky not only plans to manufacture 1933 Gold Double Eagle mint coins bearing the name and seal of the CNMI, but also other emblems.
