Freedom Tower Silver Dollar
| Company type | Private company |
|---|---|
| Industry | Commemorative coins |
| Headquarters | Wyoming , United States |
| Products | Freedom Tower Silver Dollar, 2001–2006 World Trade Center Gold and Silver Clad Commemorative |
The Freedom Tower Silver Dollar is a commemorative piece produced in 2004 under authorization from the Commonwealth of the Northern Mariana Islands (CNMI), which does not possess the legal power to issue official currency. This coin is not minted by the United States Mint and does not have legal tender status. The CNMI receives royalty payments from its sales, while SoftSky, a Wyoming-based company specializing in commemorative coins, handles its production.
Description
The coin's obverse displays Daniel Libeskind’s original architectural concept for the Freedom Tower, intended to stand at the former World Trade Center site in New York City. It also features the U.S. national motto "In God We Trust" alongside the inscription "Freedom Tower, July 4, 2004." On the reverse side, the design shows the former World Trade Center accompanied by the phrase "We Will Never Forget" and includes a star-on-pillar emblem representing the coat of arms of the Northern Mariana Islands.
Legality
The distributor, National Collector's Mint, promotes this coin as a "legally authorized government issue" with a "One Dollar" denomination, which has led to consumer confusion regarding its status as official U.S. currency. Both the U.S. Mint and multiple state attorneys general have clarified that this item is not government-issued money. Since the CNMI is a U.S. Commonwealth, it lacks authority to produce its own legal tender.
Claims by distributors suggest that these coins incorporate silver salvaged from a World Trade Center vault; however, this assertion has not been substantiated. They also state that production will cease once this silver supply runs out and impose purchase limits per individual. The coins are silver-clad but contain only 45 mg (0.00145 troy oz) of genuine silver.
While the CNMI government has collected royalties from previous commemorative coins without legal tender status commissioned through SoftSky and National Collector's Mint, it denies any power to authorize official currency issuance. Some earlier coins sold by SoftSky, such as the 1933 Double Eagle, have similarly been subject to controversy.
In October 2004, New York Attorney General Eliot Spitzer secured a court injunction stopping National Collector's Mint from selling the "Freedom Tower Silver Dollar," citing deceptive advertising and false claims about its legal tender nature. A subsequent ruling in November upheld these findings and ordered cessation of misleading marketing.
Investigations confirmed that the coin is merely silver-plated; however, as of 2005, evidence supporting that its silver originated from World Trade Center vaults remained lacking.
Amidst these issues, CNMI governor Juan N. Babauta suspended SoftSky’s agreement in November 2004 and terminated it by December, following approximately $160,000 in royalties earned by CNMI through this arrangement.
Other organizations have released silver Freedom Tower-themed coins without denominations or assertions of government endorsement.
The CNMI Freedom Tower coin was notably criticized by CBS MarketWatch, which named it "Stupid Investment of the Week" on September 24, 2004.
2005 Freedom Tower Dollar
In 2005, a similar coin was issued under the authority of the Cook Islands, claiming to contain silver "recovered" from the World Trade Center. The Cook Islands, a self-governing territory whose currency is pegged to the New Zealand dollar, marketed this item as "non-circulating legal tender." As of February 19, 2014, this company continued offering "World Trade Center 'Recovery Silver' Silver Eagle Dollars" priced at $99, asserting independent verification of silver authenticity from Ground Zero by a former FBI Assistant Director.
2001–2006 World Trade Center Gold and Silver Clad Commemorative
By 2006, National Collectors Mint had released the 2001–2006 World Trade Center Gold and Silver Clad Commemorative, also referred to as the 5th Anniversary World Trade Center Commemorative. Promoted as a "non-monetary issue" with no intention for legal tender use, the product consisted of a two-piece set: a gold coin featuring a removable silver insert illustrating the World Trade Center complex. It was advertised as containing "15 mg of 24 KT gold and 15 mg of .999 pure silver clad," with claims that the silver originated from a vault beneath Ground Zero. For comparison, a U.S. dollar coin weighs approximately 8.1 g and a dime about 2.268 g, indicating that the precious metal content represented roughly 0.4% to 1.3% of the overall weight.
Independent analysis determined the silver was not authentic, having an estimated value near 32 cents. The company stated that "$5 of every order is donated to official 9/11 family charities and memorials," although this assertion has not been independently confirmed.
External links
- 2001–2006 World Trade Center Gold and Silver Clad Commemorative (archived) (commercial)
- National Collectors Mint – Freedom Tower Silver Dollar (archived) (commercial)
- U.S. Mint press release on the Freedom Tower Silver Dollar (archived)
- Court Order Halts Sales of 'Freedom Tower Silver Dollars', New York State Attorney General's Office, October 13, 2004
- Court Finds World Trade Center 'Freedom Tower Silver Dollar' Ads Deceptive (archived), New York State Attorney General's Office, November 9, 2004
- Daniel Carr resume (archived)*