Contact: info@strikefriday.net / 1-318-550-3270
Copyright 2009, Strike Friday, Inc
1) With cooper being the cheapest of the top 3 rare metals....will I have to
devote a separate room in my house to store it all? Any ideas on safe effective
storage of all this cooper would be great! ANSWER: We believe a 1% per
month allocation to copper makes sense.
2) Since copper is going for around US $2.70/POUND right now, your minting
costs may well outstrip the underlying metal value. What will be the mark-up?
ANSWER: There are always “mint fees” when you purchase metals.
There will be one with any copper we offer. However, beyond the “mint
fee” we do not anticipate the sort of markup you might expect from a
“retail” storefront.
3) I would like to purchase a few rolls of these 1oz copper rounds. When will
they become available? ANSWER: We plan to hold our “Intial Metal
Offering” (IMO) by the last week in October.
4) What will you be using to track the spot price of copper? ANSWER: “Spot
price” can be found at a number of sites. However, “spot price” is not
what you should expect to pay for the rounds that we offer. The market
will decide the prices. And, the market will be made up of buyers and sellers like you. Keep in mind that there
will always be a “mint fee” per round that is unavoidable. Thus, “spot price” holds less relevance than one
would expect.
5) 1 Troy oz, or 1 Avoirdupois oz? ANSWER: ADVP
6) PLEASE tell me that the round will NOT be denominated in anything other than troy or ADVP ounces. I'm not a fan of the
arbitrary labeling on the recent AOCS rounds with the word "Fifty". "Fifty" what? Dollars? Units? Their explanation doesn't
make sense to me and only leaves it open to confusion and obsolesence down the road. Save yourself a big headache by
not using words like Dollars, Nickels, Dimes, Cents, Pennies or anything in any way associated with US (or any other
country) currency. Just label it in oz and then it'll be a constant. Let the market do it's thing. ANSWER: We agree with
you. We will only denominate these rounds in units of univeral measurement.
7) What is the design on the round? I am quite dizzy
with anticipation. I would suggest that you have a
constant Obverse design and a Reverse design that
changes yearly. Perhaps have regional (staying away
from potential headaches by avoiding use of the
names of specific States) rounds, e.g. Northwest,
Southeast, New England, Midwest, Southwest, Great
Plains, etc. with their own designs. ANSWER: We
plan to have a standard graphics that are high-
quality yet not specific to a region. Each year, we
do plan to modify some of the graphics, but, no
plans to make wholesale changes. These should
not be seen as “collector’s items” per se. Thus,
the graphics - although standardized - are not
meant to hold any artistic value. The first series
will be labeled with the “Truth Token” site, but,
that will change with the 2nd series and beyond.
8) Say I buy one thousand dollars of copper rounds for delivery and barter on the "street", how can I price the coins with the
seller of my goods or services? ANSWER: We do not suggest or discourage your use of copper or any other metal
for barter purposes. How you price them outside of our exchange is up to you. You will be able to sell using our
platform to other copper traders, though.
9) Will the market for one ounce copper rounds be published other than the commodity pricing? ANSWER: The market
will be established based on buyers and sellers of our standard, 1-ounce rounds. We do not guarantee that the
market for these rounds will be greater than “spot prices,” or less. We hope to create an open market
environment where buyers and sellers drive the price, not artificial markups.
10) Will buying and selling have a buy/sell spread like my silver and gold? ANSWER: By the very nature of the relationship
between buyers and sellers, there will be a “spread”. What the “spread” will be, we cannot say.
11) How do we pay for the rounds? Establish an account? Pay Pal? ANSWER: Our plan is to use PayPal or a
merchant account that we currently maintain to fund accounts.
12) Is this trading registered and regulated by any government agency? ANSWER: We do not believe we need to
register in the way that the question suggests. We will offer copper rounds for sale, these rounds will be
bought, the buyers may then resell them through our platform, or, take delivery of the rounds. There are no
“securities,” “options,” “futures contracts,” or other non-hard assets involved. We want to actually get away
from the model where people buy something with no value other than what comes from pure speculation. Our
hope is that people will use our system as a way to purchase and trade real, hard assets to like-minded
individuals - or, take delivery themselves. Our legal counsel will certainly guide us on this matter and we will
take appropriate legal steps to make sure that the service we provide meets or exceeds proper legal statutes.
13) What is the price per round? ANSWER: The prices will be set based on our “Initial Metal Offering” auction.
From there the market (buyers and sellers) will drive the prices. That is, at least our goal and fervent desire.
14) Are there quantity breaks or a flat fee over spot for large quantity purchases? ANSWER: Since we do not plan to make
sales at what would be considered “normal” or “retail” prices, the quantity question is not relevant at this point.
15) What would you consider a large quantity purchase? ANSWER: “Large” and “small” are relative terms that each
person will need to define for themself.
16) Suggested retail for those of us who may choose to market these? ANSWER: We do not have a suggested retail.
Our site is not meant standardize a market value for 1-ounce copper rounds. Beyond what is “standard” there
are many variants in the “retail” or “secondary” market - where retailers mark up product based on factors
beyond the scope of our vision.
17) Are you minting in any other demoninations then 1ounce? ANSWER: No.
18) Plans for people wanting physical delivery and associated costs? ANSWER: If people want physical delivery, there
will be shipping, handling, and, insurance costs. Our plan is to use US Postal Priority Mail.
19) Where is your storage facility and what security or insurance backs it? ANSWER: Our storage will be in an
undisclosed location, insured, and, audited.
20) Does issuance come with certificate of authenticity or a recognised stamp from the mint guaranteeing purity?
ANSWER: There may be a certificate of authenticity. As for the purity, we will guarantee our copper is .999 pure
or you may receive a refund.
21) Which mint is printing the rounds? ANSWER: The mint we chose for the first series is one we may or may not
use in the future. When we decide on a long-term partner, we may discuss the relationship publicly.
22) Are you providing a price-making service up to a certain quantity per price to ensure liquidity? ANSWER: We will be
on the bid and ask side of the market once the IMO is completed. If others wish to “make a market” in these 1-
ounce copper rounds (or other hard assets that trade on our exchange) they can contact us at
info@strikefriday.net. Please title emails on this topic, “COPPER MARKET MAKER.”
23) Is their a cap on issuance? ANSWER: There is no cap because we do not market these with the “collector” in
mind.
24) Is there a fee charged on secondary market transactions? ANSWER: Any sales through our platform will come
with a fee. Both buyers and sellers in a transaction will be charged fees for the transaction. Our goal is to make
fees so small as to be a non-issue. The goal for our exchange is a liquid, high-volume, fairly-priced market.
High fees do not fit our model.
25) How is the metal insured until it gets to my doorstep? ANSWER: We plan to use US Postal Service, Priority Mail,
and, the insurance offered through the USPS.
26) Do I have to take delivery immediately or can you store the metal for me until I request it? ANSWER: Our model is to
allow you to choose one of three options: A) Delivery, B) Storage in your portfolio with our exchange, or, C) The
storage and resale of your copper (or other hard assets traded through our site.)
27) If you can store the metal for me, how much are the storage fees? ANSWER: We do not have a “storage fee” in
mind at the moment. We hope any fees can be offset by trading transaction costs.
28) How will my metals be stored? Will it be physically allocated out or will it exist in a pool? ANSWER: This important
for people to understand. ANY sale through our exchange will be backed by a 1-to-1 ratio of actual, physical
goods. There will e no “pools” or “front loading” or “pre-ordering.” The product will either exist and be
available for trading, or, it will not. There will be no ambiguity on this point. At any time, if a person wishes to
have their product delivered, it will be delivered.
29) Do you charge any type of special handling fees? ANSWER: Shipping and handling will be assesed when we are
closer to our “Initial Metal Offering” (IMO). We do not expect fees to be high. Our hope is to keep fees
reasonable and low.
30) Will you take credit cards? If so, is there any additional fees associated with it? ANSWER: We do plan to accept
credit cards, PayPal, checks, or, money orders. How we assess fees will be a product of what sort of bad
transactions are put through our system, or, what the credit card companies pass on to us. In short, there may
be fees with credit card transactions.
31) Will prices fluctuate with spot prices or will they be fixed daily? ANSWER: Prices will fluctuate with the buyers and
sellers who use our platform. We will not set prices in any arbitrary way.
32) Can I trade other metals, gold, silver, platinum etc. if so, what are the fees? ANSWER: We plan to offer “fractional
silver” trading at the very least. There are plans for other metals, too. However, our goal is to be great at what
we do. For that reason, we do not have plans yet to make a market in silver, gold, or, platinum. There are other
metals we are looking at, though. Please stay tuned for more on that.
33) What kind of purity rating will these rounds have? ANSWER: .999 Pure copper.
34) I live in the UK. Is it gonna be possible to get the rounds delivered to me over here? ANSWER: We will deliver to
anyone, anywhere - where legal to do so. If it’s legal to ship these to the UK, we will do so.
35) What are the measurements (size) of the rounds, e.g. diameter, thickness? ANSWER: These will be about the size
of a 1 troy ounce silver round (39 mm). The weight will be 1 ADVP ounce.
36) How would one store these copper rounds? ANSWER: We will deliver to you and offer storage options. Or, you
can keep the rounds in your portfolio with us to be delivered later (at your discretion), or, to be sold through our
platform to another trader.
September 29, 2009
FAQ
If you have questions, please email us at info@strikefriday.net. Please label
your email, “COPPER QUESTION. Thanks!
