Over the years, the WTC Recovery coins have come up for discussion multiple times. Within this recent thread, jbuck kindly provided links to previous threads on the topic; see them here:
WTC Recovery Coin Discussions.
Going through them all, one thing became clear: there is definite confusion about these coins and plenty of misinformation being spread about them. Later this year, we will be marking the 20th anniversary of the tragedy of September 11th and it is likely that these coins will again be brought into the spotlight. Because of this, I wanted to provide some fact-based background information on the coins based on contemporary media accounts vs. after-the-fact anecdotal stories and conspiracy theories.
I've decided on a Q&A format so that folks can potentially more quickly find a topic of interest.
1. Was there really precious metal bullion and coins recovered from the World Trade Center after the attack? I've heard this wasn't true.Precious metal bullion in the form of bars and coins was definitely stored in vaults underground within the World Trade Center complex - this is established fact. Gold, silver and platinum bullion/coins were housed in the vaults. Commodity Exchange, Inc. (COMEX) and Scotia Bank had millions of dollars of precious metals stored in vaults at the WTC. The vaults were far underground and much debris from the collapsed buildings had to be removed before the vaults could be accessed - it took several weeks of debris removal effort before the vaults were accessible. Fortunately, the large vaults were far enough underground such that their precious metal contents survived in largely undamaged condition. The precious metals were removed from the vaults under the supervision of armed Federal and local guards/officers.
2. What was done with the precious metals removed from the vaults?I've read unconfirmed stories about how the precious metal coins were loaded onto Brinks trucks and immediately driven to California to be delivered to Collectors Universe for special encapsulation. Contemporary accounts that I've seen do not describe this. The available articles do report on Brinks trucks being used to safely transport recovered material from the vaults, but I can't find any confirmed account of the trucks being loaded with coins and then heading immediately to California. (Many instances of this are repeated on the internet without credible sources, however.) What I have found are statements from Scotia Bank indicating that the contents of their WTC vault were moved to a different, secure location and reports that a number of coins were later purchased from Scotia Bank by coin dealer Lee Minshull who then sent the coins to Collectors Universe.
3. Were the purchased coins transferred between Scotia Bank and CU via Brinks trucks?Possibly. PCGS has reported that approximately 100,000 coins were submitted for encapsulation (many of which were also later graded), so the volume suggests special arrangements would have been needed. It just doesn't appear that the stories of Brinks trucks emerging from the basements of the WTC and immediately setting out for California are accurate. The evidence points to the coins being housed in an alternate location for an interim period.
4. Were coins from multiple countries recovered? Yes. Coins from multiple countries and years were found in the vaults under the World Trade Center. Here's a list of those known:
- Australia
- Austria
- Canada
- England
- Hungary
- Jamaica
- Mexico
- South Africa
- Uruguay
- United States
5. Were only 2001 coins recovered? No. Coins from multiple years were found and ultimately sent for encapsulation. Following is a list of the
US coins, by date and denomination, that I have personally verified as being encapsulated as having been recovered from the WTC site (per surveys of PCGS.com, ha.com and
ebay.com):
Verified dates for ASEs: 1987, 1989, 1991, 1993, 2000, 2001
Verified dates for AGEs, by denomination:
- $5: 1998, 1999, 2000, 2001
- $10: 1999, 2000, 2001
- $25*: 1986, 1998, 1999, 2001
- $50: 1986, 1991, 1993,1994, 1997, 1998, 1999, 2001
* I've seen a report listing the 1990 Gold $25 Eagle as being available, but I have not yet personally located an example. Of course, they could be out there and just eluding my searches!Verified dates for APEs: 2001 ($10, $25 and $100 denominations)
If you can verify other dates for any metal/denomination, please post!Coins dated after 2001 can be dismissed out of hand as fakes; some silver and gold American Eagle coins dated before 2001 are legitimate (see above). The world coins recovered at the site cover a variety of years, not just 2001.
6. Why are there different PCGS insert labels on these coins?Initially, in November and early December 2001, the recovered coins were put into plastic holders with a Collectors Universe logo; these coins were not numerically graded, they were simply listed as "Gem Uncirculated" on their insert. Later, from December 2001 to June 2002, PCGS
encapsulated and graded the coins as it would any other coins.
7. Are the Population Reports for these coins accurate?No, only those coins with a bar code on their PCGS insert label have been incorporated in the Pop Reports.
The bar codes were part of PCGS's initial encapsulation/grading process. Later, the process was changed and the bar codes were dropped from the labels. So, the figures seen in the Pop Reports need to be considered incomplete (i.e., the figures are lower than the actual number of coins encapsulated/graded).
All versions of the encapsulated coins (Collectors Universe and PCGS coins) feature an American Flag insert that was created specifically for the coins confirmed to have been recovered from the WTC vaults; the design of the label was copyrighted. Per PCGS, use of the special label was restricted to coins that were confirmed to have been recovered from the WTC site - the labels were not used for any other coins, regardless of potential commemorative intent. Coins submitted by individuals with a claim that they were among those recovered at the WTC site were not accepted as legitimate and did not receive the special insert.
8. Who sponsored the WTC Recovery coins sales/promotion effort?At the time, it was reported that Lee S. Minshull of Lee Minshull Rare Coins Inc. in Palos Verdes, California was the primary sponsor behind the deal; there are reports of multiple financial partners.
Scotia Bank was approached with an offer to buy a portion of the coins it recovered from its WTC vault. Scotia Bank agreed to sell the coins, though they did not publicize the transaction because, per a spokesperson, "did not want to gain any PR value from the tragedy." At the time, CU/PCGS reported that approximately 100,000 total WTC Recovery coins were submitted to them. From this, two things can be said: 1) Scotia Bank had a sizable holding of precious metal bullion coins, and 2) encapsulated WTC coins are generally not scarce/rare, though sellers will often tout rarity to justify their pricing.
(Note: Some dates are definitely more scarce. However, due to the inaccuracy of the PCGS Pop Report, true scarcity can only be determined by extended reviews of market availability. Seller claims of "Only XX recovered!" should be taken with a grain of salt.)9. Who marketed the WTC Recovery coins? The coins were originally sold and promoted by the Preferred Customer Club of Minneapolis, Minnesota. A marketing company that was owned by Asset Marketing Services Inc. (AMS). If Asset Marketing sounds familiar to you, it's likely because, today, its business units include the popular and heavily-advertised Modern Coin Mart (MCM) and GovMint.com. Though Preferred Customer Club is no longer operating, AMS is still active and based in Minnesota.
10. I've seen coins advertised as being struck from silver recovered from the WTC site. Are these legitimate?First, the coins encapsulated in Collectors Universe and PCGS are original coins, minted with gold, silver or platinum sourced from the US Mint's normal vendors - they
are not struck from raw precious metal recovered at the WTC site. I have seen, however, genuine, regular-issue American Silver Eagles that are promoted as being plated with silver recovered from the WTC site. I personally question the historical value/desirability of such coins, but every collector needs to decide for him/herself. What's important is to realize that these coins are regular bullion coins that were plated in the after market.
Some private mints/resellers claim to have used recovered silver for their coin/medal products. This is difficult to substantiate from public records, though it is possible. Bullion bars were recovered from the WTC vaults and could have been sold to a company looking to use it to make a numismatic collectible.
The situation reminds me of the many medals that were promoted in the 1960s and 1970s as being made from "space flown" metal. The advertising could be made accurate by simply tossing a small piece of space-flown metal (e.g., a nut or bolt or bracket) into the molten metal that was to be used to make the planchets. At that point, any medal struck from the alloy could be marketed as being made from "space-flown" metal. It certainly was a stretch, but as long as the potential customer realized the situation, I would say "No harm, no foul." I envision the same thing could have happened for the coins/medals that made the claim of containing recovered bullion from the WTC site (dropping a single verified recovery
ASE "into the pot" would be enough to make the claim!).
11. Was any money donated from sale of the coins?At least some. I've seen statements regarding a $42,000 payment made by Collector's Universe (CU) to the Uniformed Fire Fighters Association Widows and Children's Fund of the New York City Fire Department. CU or the coin program's sponsors may have also donated to other organizations, but I have not located confirmed reports of such.
12. How much gold and silver was recovered from the WTC site?Contemporary accounts state that in excess of 379,000 troy ounces of gold and more than 30.2 million troy ounces of silver were covered. If these figures are accurate, the CU/PCGS WTC Recovery coins represent only a fraction of the precious metal recovered at the site in the aftermath of the attack.
A Final Note...
Please understand that I have done my best to present only verified information here; it may conflict with stories you have previously heard/read. If you have verifiable data that is counter to what I've presented, please post it so that we can all benefit! Thanks!
Posted 06/28/2021 1:00 pm
