CNMI-Einstein silver coin on eBay

Some 25,000 pieces of 2004 CNMI $5 silver coin that also features a hologram of Albert Einstein is up for sale at eBay with a starting bid of $54.99 each.

“The Commonwealth of the Northern Mariana Islands offers this wonderful new silver proof coin. NMI is a U.S. Commonwealth in the western Pacific Ocean near the Philippine Sea,” says its eBay ad.

When reached yesterday, Gov. Juan N. Babauta said he is not particularly aware about the silver coin, but he said that it must have come from the same minting company that released recently the 1933 Gold $20 Double-Eagle from CNMI.

Babauta said that he only authorized one company, Wyoming-based SoftSky Inc., to mint coins using the CNMI logo. That company has brought in two checks totaling $50,000 as royalty fee to the CNMI from the worldwide sale of the CNMI-authorized gold coins.

Babauta said yesterday that under the company’s agreement with the CNMI, the company may produce a variety of coins.

“It must have been the same company because we didn’t talk with any other company. They have the freedom to do what they want to do,” he said.

When asked on the procurement process, the governor said that the CNMI was “approached” by the company.

“This company came to us. We didn’t go to them,” he said.

The silver coin ad being auctioned on eBay says that the reverse of the coin is dated 2004 and features a hologram of Albert Einstein, which reads “Imagination is more important than knowledge” – Albert Einstein 1879-1955. E=mc2

The obverse carries the official seal and reads “Commonwealth of the Northern Mariana Islands’ 5 dollars.

The ad says that the coins have a 0.925 fineness, weighs 25 grams, and measures 38.6 mm. It also offers a certificate of guarantee.

As of yesterday afternoon, the coins have not attracted any bidders yet. They were put up for auction on Aug. 15. Time left before the auction closes is five days. The seller identifies itself as go_4_it, with e-mail address go_4_it@sbcglobal.net and with location specified as United States. The coins were identified as located in Los Angeles County, California.

In a visit to Saipan last month, SoftSky president Joseph Hartman said that up to about 10,000 pieces of 1933 Gold $20 Double-Eagle coins have been produced with the CNMI latte stone seal on the coin’s reverse side. Each coin was sold at $20.

He reportedly said that the coins were marketed mainly in Germany and other European countries.

The CNMI would continue to receive a royalty fee from the sale of all its authorized coins.