What does First Releases mean on a coin label?

It means the coin reached the grader early. NGC offers Early Releases and First Releases for selected coins received by NGC or an NGC-approved depository within 30 days of the first release of a new coin issue. The two terms are interchangeable, with the same definition and cutoff dates, and NGC also uses First30 as a synonym. The words appear in the coin description on the label, and these coins are listed separately in the NGC Census.

Just as important is what the designation is not. NGC says plainly that release designations should not be confused with grade-modifying designations such as Ultra Cameo or Prooflike. A First Releases coin graded 69 is a 69; the label simply adds when it was received.

How do NGC, PCGS and PMG release designations compare?

The vocabulary overlaps, and one term means different things at different companies:

The two First Strikes are the trap. At PCGS it is a 30-day window; PCGS gives the example of Silver Eagles released on January 1, where coins delivered between January 1 and January 31 qualify. At NGC it means a specific ceremony at the Mint. Read the grader's name before you read anything into the words.

Does First Strike mean the coin was struck first?

No. Wikipedia describes first strike as a marketing term, and records the U.S. Mint's position that there is no widely accepted, standardized industry definition of a first strike coin. The Mint has said it does not track which coins were struck first, and that the dates on its packaging do not reveal exactly when coins were struck.

The question went to court. In 2006 a Miami lawyer filed a 10 million dollar lawsuit against NGC and PCGS alleging that the First Strike label was deceptive. In 2007 NGC settled, paying collectors and attorneys and designating 447,500 dollars for consumer education. NGC's current label wording reflects that history: its First Strike now refers only to coins documented as struck at a first strike ceremony, distinct from the First Strikes designation it discontinued after 2006.

A release designation is closer to a postmark than a pedigree. It tells you when a coin arrived, not how it was born.

How is the 30-day window counted?

From the release date, which is not always the day orders open. NGC defines the release date as the day a new issue is first released from a mint, and notes that many mints take orders before they release. Some mints also release on different dates at home and abroad. China, for example, generally releases coins domestically several weeks before it releases them internationally, so NGC often posts two cutoff dates, one for submissions from the country of origin and one for everywhere else.

Sets add a wrinkle. When a coin is released on its own and later in a set, NGC starts the clock at the first release; the set version may receive the designation with a set description only if NGC can confirm it arrived within 30 days of that set's release, generally in the mint's sealed, postmarked box. PCGS likewise asks for coins in the original unopened box from the mint, postmarked by its cutoff date, and requires extra documentation of release and purchase dates for world coins.

Paper money has its own versions. PMG offers Early Releases and First Releases for notes received within 30 days of a new issue's release, and our guide on how to read a PMG label shows where the designation sits.

What should you check before buying a release-designated coin?

1. Read the grader and the exact words. First Strike at PCGS and First Strike at NGC are different claims.
2. Judge the coin, not the banner. The grade and, on proofs, the cameo designation describe the coin. The release designation describes timing. Our primer on PCGS and NGC grading covers the part that is about condition.
3. Check the census line. NGC lists Early Releases, First Releases and First Day of Issue coins separately, so compare like with like.
4. Expect FDOI to be the narrowest. NGC's First Day of Issue requires purchase within a day of release and receipt within a week, and NGC usually offers it only to bulk submitters or at select shows.

Planet Banknote carries coins with several of these labels, including NGC First Releases Royal Mint silver, NGC First Releases and PCGS First Strike Chinese Panda sets, and First Day of Issue Canadian Maple Leaf sets. Laid side by side, they make the differences easy to see. If you collect banknotes as well, our comparison of PMG and PCGS for paper money covers the note side.

Frequently Asked Questions

What does First Releases mean on an NGC coin?

It means NGC or an NGC-approved depository received the coin within 30 days of the first release of that new issue. The words appear in the coin description on the label, and First Releases coins are listed separately in the NGC Census.

Is Early Releases the same as First Releases?

Yes. NGC treats Early Releases and First Releases as interchangeable, with the same definition and cutoff dates, and also uses First30 as a synonym for Early Releases.

What is the difference between First Releases and First Strike?

First Releases is NGC's 30-day designation. First Strike means different things by company: at PCGS it marks coins issued in the first 30 days of a Mint release, while at NGC it marks coins documented as struck at a first strike ceremony at the U.S. Mint.

Does a First Strike coin come from the first strikes of the dies?

Not necessarily. The U.S. Mint has said it does not track which coins were struck first, and Wikipedia describes first strike as a marketing term. After a 2006 lawsuit, NGC settled in 2007 and funded consumer education.

What does FDOI mean on a coin label?

First Day of Issue. At NGC, the coin must be bought within one day of the issue's first availability and received within one week of the release date, and the designation is usually offered only to bulk submitters or at select trade shows.

Do banknotes get First Releases designations?

Yes. PMG offers Early Releases and First Releases for notes received within 30 days of a new issue's release, and PCGS uses First Print for notes issued in the first 30 days of a BEP or Mint release.