Two Weeks With No Dollars

Dollar bills that is. With all the recent discussion about dollar coins versus dollar bills I realized that though I've used dollar coins intermittently in past, I've not done so exclusively.

So, I removed the dollar bills from my wallet and made sure I had a good supply of dollar coins. Anytime I bought something for which I normally would have used a dollar bill, I used a dollar coin. Any dollar bills received as change were set aside, replaced with dollar coins.

After doing this for a couple of weeks here are my observations and comments:

• One argument from dollar bill supporters is that no one wants to carry a pocketful of dollar coins - too heavy, and too much bother. This is not a new argument, raised when silver dollars circulated. But is a pocketful of dollars a problem? In a word, no. Even with 6-8 dollar coins in my pocket I didn't really notice that they were there. I already carry keys and a cell phone in my pockets. The extra weight from coins was negligible. I think a wallet full of one-dollar bills is more uncomfortable.

• There is an adjustment period when foregoing dollar bills. As I was getting ready to leave for work the second day of this test I grabbed my wallet but completely forgot about putting dollar coins in my pocket; I normally don't use many coins for cash purchases. No vending machine snack for me that day.

Peace dollar, 26.73 g; Presidential dollar, 8.1 g. Images courtesy Heritage Auctions.

• The food and beverage machines at my work location both accepted dollar coins, though neither advertised that fact. Dollar coins are easy to use, much more so than dollar bills. No fumbling or fussing with a folded or wrinkled banknote (or one that looks fine to me but not to the machine). One of the machines takes five-dollar bills and returns change but I didn't put one of those in to see if I'd get the dollar coins I used back in change. I suspect not.

• One downside of using dollar coins: I found I visited the machines more frequently. Not a lot, but more than I usually do. Not sure if this was because of the novelty, or the fact that I didn't have to bother with finding a dollar bill that the machine would accept.

• No retailer, including my barber, a couple of restaurants, 'big box' retailers, the gas station, etc., paused or commented on receiving the dollar coins. None. Apparently dollar coins are used enough that cashiers are familiar with them. That's the good news. The bad news is not once did I receive a dollar coin in change, except from the car wash change machine. I noted that the dollar coins I used for retail were without exception the only dollar coins in the coin tray.

• Now here's a surprise: at a recent auction at our local coin club, for which I am secretary/treasurer, every single auction winner was delighted to receive Sacagawea 2010 one-dollar coins in change when paying for winnings. Who would have guessed that coin collectors like one-dollar coins? Is the U.S. Mint aware of this?

• Dollar coins all look alike when put together, particularly when they've acquired a bit of patina. That includes both Presidential and Native American coins. I think producing multitudinous versions of dollar coins is a wasted effort regarding their use in commerce. And commerce is what coinage is primarily for, right?

• When I counted the coin club auction proceeds, I found that quarters and dollar coins are too close in size to separate easily. This may be one reason why retailers don't want to bother with them. Another may be the fact that counterfeit U.S. dollar coins would be hard to spot. Who besides a dedicated collector would know the details of all the circulating versions well enough to be able to spot a fake? We've had one version (more or less) of the dollar bill for decades. Today there are 28 circulating versions of the dollar coin, and counting; and not counting any stray Eisenhower or Anthony dollars. I think users, both retailers and consumers, prefer simplicity.

U.S. Federal Reserve Note. Image courtesy Heritage Auctions.

• Though a one-dollar coin is convenient I think a two-dollar coin would be even more useful, both for vending machines and in general retail. Much more useful. Very few items in vending machines sell for a dollar or less, but none sell for over two dollars. Having fewer coins to carry for basic transactions would be nice. Again, simplicity is preferable.

• I find after a couple of weeks that cents and nickels have become (more of) a nuisance. Were it my choice, circulating coinage would consist of the dime, the half dollar, and a two dollar piece, with all-new designs and sequential sizes. Cash transactions would be rounded to the nearest dime, while credit and online purchases would still be charged to the cent. The Netherlands is already doing this. The local movie theater has rounded to the nearest quarter for years. It's acceptable to round to the nearest dollaron tax returns. Rounding is not unknown to the general public. There is a caveat, however. Rounding would probably encourage even more movement toward plastic and digital currency. Que sera, sera.

• For me and my wife, purchases greater than $20 are nearly always done with a credit/debit card. I don't think large denomination coins ($5 and up) would be able to compete with that. Unless we had a $10 coin with a bit of silver in it.

• In a reverse of what is likely the typical flow of dollar coins from the public to banks, I plan on exchanging the one-dollar bills I've accumulated for one-dollar coins.  When I first got one-dollar coins from the bank, the teller was visibly relieved that I didn't care which flavor of coins I was given. I assume that sorting dollar coins for those pesky coin collectors is sometimes an unwanted task.

So which do I like better? After only two weeks of use I find the dollar coin to be more convenient, with the noted caveats. However, I'd still prefer a two-dollar coin instead of a one-dollar coin. A two-dollar coin would fit nicely into a 'reset' of the design and production of our circulating coinage and currency, something I think is needed.

I don't plan on stopping my 'experiment' for awhile. Perhaps other will want to take up this challenge. Set aside for the moment the contentious, not apolitical, debate on the financial benefits/costs in the coin versus paper debate (Bland-Allison redux).

And pretend you're not a collector. Instead, see what works for you, as a user. Maybe if more of us used dollar coins, regularly and consistently, we'd eventually see others using them as well.

March 15, 2012

A Saint Louis County museum tour guide admits to coin theft:

former tour guide at the Museum of Transportation was ordered Thursday to serve three years of probation after pleading guilty to stealing six Civil War-era coins valued at $18,844.

The coins — a silver dollar and five gold coins dating from between 1849 and 1862 — were part of the museum’s special exhibit last summer marking the 150th anniversary of the Civil War.

They disappeared right before the museum’s closing time on June 11, a day before the traveling exhibit was to open to the public.

After a public information campaign about the theft, the coins were anonymously returned about a month later.

U.S. Senate approves the U.S. Marshalls commemorative coin:

A coin commemorating the 225th anniversary of the U.S. Marshals Service would be minted in 2015 under legislation that cleared the Senate today.

After months of negotiations, Sen. Tom Coburn, R-Okla., ended his objection to passing the bill that could provide up to $5 million for the planned U.S. Marshals Museum in Fort Smith.

Sens. Mark Pryor, D-Ark., and John Boozman, R-Ark., who introduced the bill a year ago, were able to round up 68 co-sponsors by mid-December but could not get floor action over Coburn’s objection.

A failed, "naive" gold bullion dealer owes investors nearly $3 million:

Grace Holdings NZ, trading as Bullion Buyer, ceased operations last month after informing investors all funds had been lost by a rogue trader and preacher based in Florida.

The Serious Fraud Office began investigating the company after complaints from investors and shortly after the company's sole director Robert Kairua appointed Grant Reynolds as liquidator.

Simon McArley, general manager of financial markets and corporate fraud, said financial information obtained from the company was still being analysed.

One district prefers the dollar bill:

 A new poll, released today, of voters in Texas' 5th congressional district reveals people's preference for the dollar bill and disapproval of the dollar coin. While Rep. Jeb Hensarling is co-sponsoring legislation to abandon the dollar bill in favor of the dollar coin (h.r. 2977:COINS Act), the poll shows that voters in the district disagree with his position on the issue and suggest there are better ways for the government to address the federal budget deficit.

...

The High Weald hoard of Roman coins to be displayed in the Brighton Museum:

The High Weald hoard, discovered by Tim Symonds about 30 miles north of Brighton, has been bought by Brighton's Royal Pavilion and Museums.

The coins, worth about £40,000, were bought with help from the Heritage Lottery Fund.

They will go on display at Brighton Museum this summer and tour next year.

New coins from the East India Company, the first since 1874:

Over three hundred years after The East India Companywas first given the right to mint its own currency by Charles II in 1677, the company has announced the issue of its legal tender coins returning to its by-gone days in the bullion trade. The Limited Edition gold proof coins are struck by the Royal Mint, who first minted coins for The East India Company over two hundred years ago.

Why both silver and gold prices are rising:

The forces that influence the gold and silver markets are very different from those that affect industrial and base metals. They go far beyond simple prices and the technical picture of demand and supply. They encompass trust, confidence, dependability, and protection that have little or nothing to do with gold's uses. Warren Buffett is quite right about the "uselessness" of gold. But he has missed the point as to its value. Such a master of management and investment must find such an unmanageable metal virtually useless to him. But therein lays its value as an investment.

The U. S. Mint press release for the El Yunque National Forest quarter release:

"El Yunque National Forest is a perfect selection for the America the Beautiful Quarters Program," said Treasurer Rios.  "As Americans use this new quarter, they will connect to the stories of the endangered Puerto Rican parrot, the magnificent effort you are making to rescue this beautiful bird from extinction, and the biodiverse national treasure that is its home -- El Yunque National Forest."

More shiny things: 2012 U.S. cents:

That evening, I empty my pocket and place the coins on the top of my dresser. There they stayed until last night when I started to sift through my finds. When I looked at the three brilliant cents, I found the 2011 but the other two were dated 2012, making it the first 2012 coins found in 2012. This is the earliest I have found 2012 coins this early since the start of the current recession. 

U.S. 2012 proof gold Buffalo coin sales start today:

The 2012 Proof Gold Buffalo will be offered without a stated maximum mintage and without any ordering limits. The pricing will be determined based on the average weekly market price of gold with adjustments made as frequently as weekly. For the start of sales, the price of the coins will be $1,960, based on an average gold price within the $1,650 to $1,699.99 range.

...

Bronze vs. brass:

What does bother me, however, is calling the bronze version "brass." Granted, the boundary line between bronze and brass is not finite. Both are alloys of copper. I once wrote that copper is the word's most popular coinage metal. Mixed with a portion of zinc and or tin it is bronze, it is alloyed in coinage nickel, with silver it forms sterling or .900 fine silver. Copper is even alloyed with gold to lessen its karat content.

So what is the difference between bronze and brass? If the zinc is less than 10% it is bronze. But numismatists are not satisfied with the term at this precise formulation.

Taking a cruise, collecting coins:

During a cruise last month, I decided to acquire local currency from each country we visited. While I do not normally collect foreign monies, I knew that the coins and notes would be useful to others building a world coin collection, or trying to complete the Boy Scout Coin Collecting merit badge.

Gold coins highlight a March 31 Sonny Henry sale.

Bullion prices drop, silver Eagle sale increase.

A "penny-wise, dollar-foolish" to cut U.S. Presidential dollar events?

"Reputatonal risks" complicate a plan from Zimbabwe to import U.S. coins:

"At the end of last year we travelled to the US as BAZ and engaged the Federal Reserve Bank officials over the importation of coins. He said they were agreeable as long as they were dealing with the private sector (BAZ) and not the Government.

"However, it was when we were working out the shipment of the coins to Zimbabwe that we realised that the shipping firms were not willing to facilitate the shipment because of what they said were 'reputational risks' in doing business with the country," said Mr Mushayavanhu.

He said they had intended to import coins to the value of US$5 million, which they considered adequate for the local market. "Although bringing in the coins was going to come at a huge cost to us as BAZ, we were willing to meet the costs," he said.

March 14, 2012

New Photo Vision Imaging Service from NCG:

With NGC's Photo Vision coin imaging service, you'll receive a 5.5" x 8.5" laminated photo document that makes for attractive and easy display. The Photo Vision document includes high-quality enlarged coin images of the obverse and reverse, as well as its label information. You'll also receive print-quality (300 dpi) coin images on a CD. The high resolution (300 dpi) images allow you to see the details of the coin and are useful for numerous numismatic purposes including cataloging your collection, printing and inclusion on the NGC Registry.

Photo Vision Imaging Service. NGC.

Bargain gold?

...

The Austrian Mint honors artist Egon Schiele with a 20-euro silver coin.

Six reasons to love/hate the coming cashless society:

Cash is suffering from "death by a thousand cuts," says Wired editor David Wolman, whose newly released book, The End of Money, predicts the demise of cash. The world's financial transactions are increasingly being conducted electronically, and it's only a matter of time before we will no longer have to pay for stuff with "dirty green paper," he tells Salon. Wolman's book has people thinking about — and in some cases fearing — the prospect of a cashless society. Here, a look at why you should love or hate the cashless revolution.

Collecting a different type of coin:

Giant doughnut-shaped stone coins standing as high as 12 feet tall and weighing as much as five tons each are still being used as currency in some parts of the world. One of these places is the island of Yap. And one thing is for certain; Yapese people are not shy about showing off the amount of money they have.

Somewhere in the Pacific Ocean, there is a group of Islands that belong to Micronesia, where the island of Yap is located. Covering an area of about 100 square kilometers, these islands are home to about 12,000 people. There are four main languages spoken here (including English). The people who inhabit these islands are separated into seven different tribes (or classes) and the color of their coverings usually indicates which tribe they belong to.

Celebrate London 2012 Countdown coins, from The Royal Mint.

Gold proof Countdown to London 2012. The Royal Mint.

The Commodity Futures Trading Commission harms farmers and precious metals investors:

The most recent assessments of the MF Global bankruptcy are that the customers who have suffered losses will get virtually nothing. It appears that the company might get off the hook with an insignificant fine. It also looks like neither Corzine nor any of the other top officials at MF Global will be prosecuted for their failure to comply with CFTC regulations and other laws.

In other words, the inaction of the CFTC to enforce its regulations against MF Global likely contributed to that company’s bankruptcy. Then, the further inaction of the CFTC after the bankruptcy harmed farmers, precious metals investors, and other customers of the company who theoretically were insured against company malfeasance. I’m not saying the previous close working relationship between CFTC chair Gensler and MF Global CEO Corzine contributed to these multiple failures to protect farmers, precious metals investors, and other customers of MF Global. But it can make one wonder who the CFTC really works for.

An uphill battle to preserve the collecting of ancient coins:

Under the plausible guise of deterring looting, governments are making it harder and harder for legitimate coin collectors to carry on with their numismatic pursuits in the ancient field.

In the United States these are taking the form of a growing list of import bans on ancient coins imposed at the request of the countries of origin themselves with support from the archaeological community.

...

Looking back on Washington quarters, part 2:

Quarter dollars never would have been struck in 1932 were it not for the desire to commemorate the bicentennial of George Washington’s birth. The Great Depression had brought commerce to a near standstill, and the demand for additional coins was almost nil, as evidenced by the lack of nickels, dimes and halves bearing that date.

The low mintages of quarters at the Denver and San Francisco Mints clearly reflected the fact that these coins were commemorative in nature. Just over 400,000 of each issue was produced, this evidently being the Treasury’s estimate of the number of persons who might wish to save a complete set of all three mints. In actuality there were just a few thousand coin collectors at the time, and only those who were not stressed by the economic conditions opted to assemble three-coin sets.

The branch mint coins have been scarce in uncirculated condition ever since, though the rarity of worn 1932-D and 1932-S quarters has long been overstated. In contrast the Philadelphia issue enjoyed a mintage of more than five million pieces, providing a good distribution for the general public wanting to save just one example of the novel type.

Indeed. "Like a football game that nevers ends"; gold news:

Gold, though, will never lose its allure. It just seems to demand attention from collectors. It will always be something more than just insurance to us. We cannot help but watch it.

But don’t let this fascination dominate your numismatic activity. If you collect gold as historically important and valuable coins, you have your gold insurance and a much more interesting way to spend your time with the precious metal.

Should you visit The Asylum? Why yes you should:

Typing “The Asylum” into an Internet search engine will provide many different results. One link, however, excites the numismatic literature lover, for The Asylum is also the official journal of the Numismatic Bibliomania Society.

As the wry name implies, it is a refuge for coin literature nuts. How nuts? Consider the “coprophagist” controversy. In the Fall-Winter 1980 issue, Walter Breen contributed “A Review of the Half Cent Literature,” which, editor Jack Collins noted, did not discuss any literature created after 1966. In the next issue, Roger Cohen, the author of American Half Cents: The Little Half Sisters, charged that Breen’s article did cover half cent literature published after 1966, but not his book, which he accused Breen of ignoring. Cohen then blasted Collins as “a liar and a bigot,” and concluded: “The editor belongs to the depths. He should be there also as a coprophagist.” (I would define “coprophagist,” but Coin World is a family-friendly publication.) Breen responded that he had edited his article in 1972, before Cohen’s book was published. Collins’ response was more concise: “In my opinion, American Half Cents is what a coprophagist would wrap his lunch in.”

Goldberg to auction the Dan Holmes Latin America coin collection:

Dan Holmes is undoubtedly best known for his collection of United States Large cents, but his passion for coins extended beyond Early American coppers and into Colonial Latin American coinage. NGC was recently chosen to grade Holmes’ Latin American collection, which will be sold by Ira & Larry Goldberg Auctioneers, May 29-30, 2012.

The Dan Holmes Collection includes more than 50 crown-sized coins from Mexico, Guatemala, Peru, Bolivia, and Colombia. The coins are primarily silver 8 Reales from the 18th Century, but also included some gold 8 Escudos.

The Saecular Games on ancient Roman coins:

The Saecular Games represented an important religious holiday to the ancient Romans; a rare, three-day festival of theatrics and ritualistic sacrifice originally designed to occur once every hundred and ten years, though this was not always the case in practice. This period of time, a saeculum, was thought to be the longest possible human lifespan, with the idea being that no one could view two sets of Games in a lifetime. The Saecular Games marked both the end of one of these periods and the beginning of yet another.

India replaces small denomination banknotes with coins, but ...

Coins, bank notes, candy, and coupons are all part of the small change mix now in circulation in India. Why? Because India has recently ceased printing small denomination bank notes, but the number of like coins replacing them is insufficient to satisfy demand.

According to a Feb. 13 The Times of India newspaper story, “While the Reserve Bank of India has stopped [the] printing of bank notes of small denominations from 1 rupee to 5 rupee, the scarcity still persists despite adequate minting of coins of the small denominations.”

The government is blaming consumers rather than capacity and planning as the reasons for the shortage.

...

Greg Reynolds discusses "The proper value of U.S. generic gold coins".

Before discussing the factors relating to the price of generic gold, it is best to discuss the meaning of generic gold. Classic U.S. coins were minted from 1793 to 1934. Generic U.S. gold coins are common U.S. gold coins that were minted prior to 1934. A very large percentage of these are particular issues between 1900 and 1932 in grades below MS-65.

The most popular generic gold coins are the Double Eagles ($20 gold coins) of 1904, 1924 and 1928. Eagles ($10 gold coins) dated 1901-S, 1926 and 1932 are also very common and very popular. Various Quarter Eagles ($2½ coins) and Half Eagles ($5 coins) are generic as well, as are other Eagles and Double Eagles.

U.S. adopts gold standard today ... in 1900:

On March 14, 1900, Congress ratified the Gold Standard Act, which officially ended the use of silver as a standard of United Stares currency and established gold as the only standard. The New York Times reported that President William McKinley “used a new gold pen and holder” to sign the bill.

The gold standard is a system under which a country ties the value of its currency to gold, setting a fixed price at which gold can be bought or sold by the government. The United States had since its early history used both gold and silver to value its currency, a system known as bimetallism.

An altered dated and added mintmark 1918/7-D Indian Head nickel:

NGC graders spotted an interesting 1918/7-D in one submission. Not only was the D added, but the date was also altered to make it appear to be an 8 over 7. Under a loupe it becomes clear that although the position of the ‘D’ mintmark between FIVE and CENTS is virtually correct, it is poorly shaped with a bold top serif. The date is also incorrect; the top of the 8 is not as flat as it should be and the diagonal of the 7 through the bottom loop of the 8 is not in the proper location.

Not too impressed with the designs: Birth or baby coins and sets from world mints:

Since the United States Mint has launched a new “Birth Set” today, I thought it would be interesting to explore some of the birth or baby coins and sets offered by world mints. Whereas the US Mint is a new entrant into this space, other world mints have been producing specially themed legal tender coins or themed packaged sets for years.

More on the new U.S. Birth coin set:

• Do you like the idea of the U.S. Mit producing a birth coin set?
• The United States Mint 2012 birth set.

Is the Fed manipulating markets to create higher inflation?

Gold, up 18% over just the past year, is also telling us that the Fed is likely to shoot past its goal of attaining a 2% inflation rate.  Furthermore, the Fed's goal of accepting increased inflation as an acceptable risk for increased economic growth is a self defeating zero sum game.  By driving up inflation, the Fed has increased living costs for the average consumer, negating any positive net affect from stronger economic growth. Consumers, whose spending makes up 70% of GDP, ultimately can't spend more without real income growth.

...

An important and least end-user mastered skill- coin grading:

Flip open any coin catalog, CCN Trends, on-line price guide or the like and you are faced with a table format showing different retail pricing for any given date based on grade. Other items factor into the equation to determine price, but it is listed by grade.  How good are you at grading coins?  This is one of the most important and least end user mastered aspects of our hobby.  If the price we are going to pay is determined by grade, why then are we all too willing to accept the grade offered on the holder or uttered by the vendor as being correct?   If you are a good grader and are confident in your skill, you can probably stop here.  If you generally buy the grade offered on TPG holders, you probably need to keep reading.  If you accept the scrawl on a 2x2 you definitely need to keep reading!

Autos and palladium use:

The current trend in auto-emissions standards tends to favor palladium, said UBS in a research note.

According to UBS, one of the positives for palladium this year is auto-demand growth expected from emerging-market economies and the U.S., which are tilted toward gasoline-powered vehicles that tend to rely on palladium for catalysts.

Downies auction to highlight literature from former Australian coin and medal dealer.

Hungary drops the word 'Republic' from new coins:

The Hungarian Mint Ltd will issue new 5-, 10- and 20-forint coins, dropping the word “republic” from them to reflect Hungary’s new official name.

Hungary changed its constitution from the start of this year and with it changed the country’s official name to Hungary from the Republic of Hungary, abandoning the name the country had from its transition to democracy more than 20 years ago.

New Hungarian coins. The Wall Street Journal.

Three Judaean coins, nearly $3 million auction results:

A trio of historic Judaean coins realized nearly $3 million on March 8-9 as part of the Shoshana Collection of Ancient Judaean coins offered by Heritage Auctions in a special event at The Fletcher-Sinclair Mansion (Ukrainian Institute of America). The collection, consisting of more than 1,800 coins in total, is expected to realize more than $10 million over multiple auctions this year, the first of which began with this auction.

The Turino collection of U.S. coins to be auctioned:

GreatCollections is proud to auction a group of U.S. coins called the Turino Collection. While the collection contains coins of all price ranges, the highlights include an NGC MS-67 classic High Relief and a complete classic gold Commemorative set.

March 13, 2012

A smorgasbord of U.S. Mint sales information:

• Strong sales debut for Star-Spangled Banner commemorative coins
• 2012 gold Buffalo sales begin
• Star Spangled Banner commemorative coins debut
• Pricing for Kennedy halves, bronze medals
• Star Spangled Banner opening sales figures
• And directly from the Federal Register: Pricing for 2012 half-dollar bags and rolls, bronze medals, the First Spouse bronze medal set, and the Birth set

Half cents for the poor:

... the American people once used a coin worth only a half cent and it circulated widely for many years. Like the cent, however, the half cent eventually came to be regarded as a coin of little value and was dropped from our monetary system in 1857.

The half cent, in the opinion of many collectors, has a charm all of its own. The low value meant that half cents were handled by all segments of the population, especially the poor, giving it a certain aura not possessed by coins such as the half eagle, used only by the more wealthy classes.

...

Challenge coins presented to legislators by the forest industry:

The forestry community has recognized three South Carolina legislators for their dedication to the state's number-one manufacturing industry. 

State Forester Gene Kodama presented Sen. Luke Rankin of Horry County and Rep. Ted Vick of Chesterfield County with the Forestry Commission's Challenge Coin and a certificate of appreciation.  Kodama was joined by industry leaders, during the annual meeting of the SC Timber Producers Association.  President Crad Jaynes and board chairman Danny McKittrick joined the South Carolina Forestry Association and the state Forestry Commission in recognizing these two legislators who have been particularly helpful to forestry.

Private gold and silver coins? It's happened before:

The initial gold discoveries in the United States were in North Carolina and Georgia. The only U.S. Mint in operation back in the early 1830s was in Philadelphia. Miners literally would have to take off at least two weeks for travel time to go to Philadelphia to turn their raw gold into spendable coinage. The private issues of Templeton Reid and the Bechtlers made it possible for miners to exchange their gold near to their mines, thus reducing lost production because of having to travel to Philadelphia. This option was so popular and beneficial to the miners that it influenced the U.S. Treasury to establish branch mints in Dahlonega, Ga., and Charlotte, N.C., in 1838.

Although gold was discovered in California in 1848, the U.S. Treasury did not establish a branch mint in San Francisco until 1854. To help fill the void, many private issues appeared, with denominations from 25 cents up to $50. Some issuers were quickly discovered to be issuing coins of substandard gold content, which promptly stopped circulating (which today means that these are the great rarities). Still, there were several issues that accurately described their content or matched U.S. Treasury standards that readily traded. Using these privately struck coins proved much more practical than trying to pay for goods with gold dust, flakes and nuggets.

Mysteries of the "NO SUBMISSION TO THE NORTH" tokens:

Another token relating to the antebellum South has been one of my favorites for a long time. Usually struck in brass or copper, it bears on the obverse the inscription: THE WEALTH OF THE SOUTH / RICE TOBACCO SUGAR COTTON, with these products illustrated. The reverse shows a palmetto tree with a cannon at its base, and the inscription: NO SUBMISSION TO THE NORTH / 1860. These measure about 22 millimeters in diameter.

Popular in their time, they were struck from a single obverse die (per popular thought) and five different reverses. The engraver was Benjamin C. True, and they were struck in the shop of John Stanton of Cincinnati. I have been studying these since the 1950s, and still some mysteries remain.

Taking gold bullion delivery as a matter of "fiduciary duty":

A hedge fund manager who sits on the board of a university endowment fund that took delivery of physical Gold Bullion last year has said it was a "fiduciary duty" to take delivery, given the cost savings of doing so.

Kyle Bass sits on the board of the University of Texas Investment Management Company (Utimco), one of the top three US university endowment funds, which last year decided to take delivery of gold worth nearly $1 billion, meaning that Utimco became the outright owner of the physical gold.

Taking delivery of Gold Bullion does not necessitate taking possession. Utimco stores its gold at a vault operated by HSBC, after taking delivery on a Gold Futures position last year. 

Those in the industry are likely aware of this but new to me: a 'denomination recycling system', a vending device that will return banknotes in change.

Belarus issues 200,000-ruble banknotes:

The National Bank of Belarus has issued a new banknote worth 200,000 Belarusian rubles ($24.50), doubling the face value of its highest bill in the wake of a buffeting of the currency last year.

Belarus National Bank Deputy Chairman Uladzimer Syanko told journalists that the introduction of the new banknote had nothing to do with speculation over a possible redenomination of the national currency. He did not exclude that new banknotes of higher face values might be introduced in future.

...

But perhaps, if those dollars were made of precious metals:

It’s not only individuals that are seeking safe havens. Increasingly, legislators are showing interest in providing their constituents with safe alternatives to paper money. Over a dozen US states have expressed interest in considering or issuing an alternative currency, and one has already taken a step in that direction with gold and silver coins.

"Increasingly, city officials have been hearing from parking customers who never seem to have change with them". But I'm sure they'll carry dollar coins.

The city will launch a pilot program this summer that allows drivers to pay at parking meters with a pre-paid card instead of coins.

The city already has 140 of the card-reading meters installed, in the Ames Public Library parking lot, the Chamberlain Street lot in Campustown, and lot east of City Hall. The card reading function for the meters have not yet been activated, but the city expects to launch the card-reading feature in May or June of this year, said Damion Pregitzer, city traffic engineer.

“Really, it’s gotten to the point that it’s impossible to purchase parking meters without this technology,” Pregitzer said. “It’s a natural progression of the direction paid parking systems are going.”

An MS63 1916 DDO Indian Head nickel has sold for $103,000.

Gold buyers waiting for the Federal Open Market Committee report?

"There's not much going on, especially on the physical side," Dick Poon, Hong Kong-based precious metals manager at refiner Heraeus, said Tuesday morning.

"Everybody is staying on the sidelines."

"On and off, we are still seeing some buying, but it's not much," one Singapore dealer tells Reuters news agency.

"It's all about wait-and-see."

Platinum price tops that of gold for the first time in six months.

Platinum rallied for a fifth day in a row on Tuesday, its longest streak of gains since October that took the price above that of gold for the first time in six months, while gold itself fell below $1,700 an ounce ahead of a U.S. rate decision later.

The price of platinum has gained more than 20 percent so far this year, propelled by supply disruptions in South Africa, the world's largest producer, where safety stoppages and illegal strike action at a major mine have eroded output.

A young dealer initiative, from the Texas Numismatic Association (also like the suggestion in the next-to-last paragraph):

One of the successes of the Young Numismatists programs of the past 40 years has been the growing number of coin dealers who started out as YN’s and learned the ropes.

Dwight Manley is just the most visible of these because of his generous donations to the American Numismatic Association.

The Texas Numismatic Association is building on this achievement and augmenting it. At the next show May 18-20 in Fort Worth, TNA is conducting its YN Dealer Initiative.

The initiative is for YN’s to sign up for a dealer table for Saturday, May 19. There is no cost.

...

And, a '5/5' review for The Banknote Book, available as an electronic download:

For the past few years, Owen Linzmayer, a past editor of the IBNS Journal, has been working on an electronic book called The Banknote Book. Like most of us, Owen had been using Krause's Standard Catalog of World Paper Money (SCWPM) and found it wanting in some areas, particularly when it came to images. That is when he decided to tackle the huge undertaking of putting together a new world catalogue that would meet the needs of bank-note collectors, beginners and advanced alike.

A review of a book on French Gadoury coinage:

Éditions Victor Gadoury recently launched the fourth edition of its Les monnaies royales françaises 1610-1712 (Royal Coins of France, 1610-1792), commonly referred to as the "White Gadoury," a well respected publication first published in 1978 and written by the late Victor Gadoury himself.

This new edition of what I would call "The Four Louis" (since it covers the coinage of kings Louis XIII, XIV, XV, and XVI) has benefited from considerable research on the subject over the past few decades. Indeed, Gadoury's text has been updated with the research of some twenty renowned French numismatists.

Striking gold with Diamond Jubilee coins:

Valuable gold coins celebrating the Queen’s Diamond Jubilee are being sold to Kent customers... for £8,250.

The coins - from the UK, Australia and Canada - are in only 400 sets worldwide.

The Scoin Shop at Bluewater is thought to be the only outlet selling the exclusive Diamond Jubilee set.

It features three gold proof coins – one from each of the Royal Mints. They include a 50c coin from Australia, a $300 coin from Canada and a Diamond Jubilee £5 coin from the UK. The Canadian coin features a real diamond.

Doug Winter talks about Assembling a Date Set of Civil War Gold Coins: Part One, 1861-1862.

1861 quarter Eagle. Rare Gold Coins.

Gold Bullion International has introduced a new dividend program:

Gold Bullion International (GBI) today announced a new service available to dividend-paying, publicly-traded companies, offering shareholders the opportunity to accept their dividends in physical precious metals.

Called The GBI Physical Dividend Program, the service will be available to all publicly-traded companies who pay dividends to their shareholders.

Gold Resource Corporation (NYSE Amex: GORO) is the first company to participate in the program, announcing today that its shareholders will have the ability to accept their dividend, payable April 23, 2012, to shareholders of record on April 10, 2012, in physical gold or silver instead of cash.

Canadian coins widely collected in the U.S.

World coins are gaining in popularity in the U.S., and none are more popular than coins from Canada.

Canada has been a pioneer in the use of color and alternative materials such as holograms, embedded crystals, enamel, and so forth. Coins with such materials have gained wider acceptance in recent years, though some classic coin collectors still scoff at them.

But in years past the Royal Canadian Mint became a kind of poster boy among many American numismatists for how not to make and sell coins, with several extensive Canadian Olympic coin series being prime examples, according to that view.

...

Two coins marking two anniversaries for the Duke and Duchess of Cambridge have been issued by the British Virgin Islands.

Looking for sunken treasure is big business:

Hedge funds, private equity firms as well as cash rich individual investors have all been eager to provide the capital to back increasingly specialized treasure ventures.

As a result, the biggest salvage companies are now able to utilize the same advanced tools used by big oil firms to locate deep sea drilling opportunities, explains Parker.

The most expensive exploration projects, which are almost always in a deep sea environment, can cost in the region of $30 million dollars to undertake, he adds.

High tech developments are a logical progression for a sector where the rewards for success are so high. But Parker also points out that the potential to make vast profits has led some companies to explore wrecks that modern day governments still claim ownership over without permission.

While most salvage companies seek the cooperation of the relevant authorities before commencing their operations, Parker says there are a significant number of "amateurs doing it under the radar getting what they can get."

A recent Copycat Collector Blog has a post about David Lange and Coin Collecting Boards (also see this article).

You've all seen those little boards with round slots in them for coin collectors, right? My brother was an avid coin collector back in the '50s, I can still remember his stacks of coin folder albums, with their blue covers, filled with Mercury dimes, Indian Head nickels, pennies, quarters and half dollars. The silver coins really were silver back then, and pennies were worth at least a penny! Although I wasn't a coin collector myself, I did have a few silver dimes and quarters squirreled away.

We were robbed: Peruvians and the Odyssey treasure awarded to Spain:

"It is uncontested that the Mercedes is the property of Spain," a three-judge U.S. appeals court ruled in September.

Many Peruvians, however, feel they are entitled to the booty because of colonial Spain's violent, exploitative legacy. Countless natives of the Andes were forced to abandon home and family and toil in life-choking conditions extracting ore underground.

"Spain's progenitors were genocidal to our progenitors, the indigenous of Peru, thousands if not millions of whom died in underground mines going after that metal," said Rodolfo Rojas Villanueva, an activist with the eco-cultural movement Patria Verde.

Other Peruvians would be happy to get a share of the 594,000 coins, whose value has been estimated at $500 million, not so much as reparations but because they are Peru's heritage.

The Hungarian Mint has won Krause Publication's People' Choice Award five time. Why?

We use a very simple way to encourage our collectors by informing them, when a Hungarian coin has been nominated for the People's choice award, and we also give full information about the voting possibility. As we use our e-newsletter as a source of information, we can also give a link to the pages where the voting is going on. A direct access to the proper site, I think this is the best way to help them. The Magyar Nemzeti Bank (Central Bank of Hungary), which is the sole issuing authority in Hungary of legal tender coins, is also a partner, as they launch a press release when a Hungarian coin becomes a nomination. Sometimes other national press agencies take over this news, which makes possible to reach not only collectors, but anybody else.

March 12, 2012

A suggestion to let a few silver ATB quarters 'escape' into circulation.

A $20 U.S. banknote that went to the moon sells for six figures:

The note was taken on the 1971 Apollo 14 mission with astronauts Alan Shepard, Stuart A. Roosa and Edgar D. Mitchell.

Dealer Fred Bart sold the moon note, a Series 1963A $20, on March 6 after having previously put it up for sale on eBay.

“The note sold to an anonymous collector in Los Angeles County for an undisclosed amount well into six figures,” the Roseville, Mich., dealer said.

U.S. early commeoratives: an overlooked market with 'huge' potential?

Coin Investors:  Do you want to buy when coin prices are already going up…or do you want to buy when coin prices are soft…before they begin rising?!

One area of the rare coin market that’s been out of favor, but is beginning to gain attention again, is the market for Early Commemorative coins struck by the U.S. Mint.  These are legal tender silver half dollars coined between 1892 and 1954.  A few other denominations also make up this fun and very collectable market segment.  They are the silver Isabella Quarter, struck during 1893; the Lafayette Dollar, a silver dollar from 1900; and several commemorative legal tender gold coins in denominations of $1, $2.50, and $50 – one round and the other octagonal in shape.

Seabed mining of gold and copper:

Touted as the mining world's next frontier, its attractiveness riding on high ore grades and dwindling metal supplies elsewhere, seabed mining will have to prove it can keep costs low to win over mainstream investors.

While the diamond industry has been mining off the Namibian shoreline for years, Toronto-listed Nautilus Minerals is expected to be the first commercial operation to extract metals such as copper and gold from the seabed.

Gold high prices driven by macro news, low prices by physical markets:

Gold had been boosted by investor interest but sidelined the mixed physical market. While some physical buying has emerged upon the sharp price corrections, the cushion for prices has not proved to be solid thus far. However, it bodes well for prices that ETP holdings have remained stable at record highs.

In the near term, the macro news will set the highs for prices and the physical market the floor, but the longer-term picture remains structurally supportive for gold prices.

...

Lost and found; submitting coins to PCGS:

I insured it for what I paid for it, discounting the fact that I bid on many coins below grey sheet and any I win, and I don't win all that often, usually represents a good investment.

A week later I checked the PCGS site and the coins still had not arrived. I assumed it was a holiday issue, with the typical Christmas postal rush. However, after the holiday, I checked my delivery confirmation number, which showed the envelope leaving the rural town on the 17th and being sent from Des Moines to California on Dec. 18.

That was it. No more tracking after 10 days.

Moreover, another PCGS submission, mailed Dec. 23, had arrived at the Newport Beach facility. Apparently, the Dec. 17 submission was lost.

A 'bigger and better' 2013 Red Book:

The new 2013 (66th) edition of the Guide Book of United States Coins (known to collectors as the “Red Book”) is 16 pages longer than the 2012 edition. At 448 pages, it includes many new features, plus more than 300 additional or updated color photographs. The new edition, debuting in four different formats March 22 at the Whitman Baltimore Coin & Collectibles Expo, is available for preorder online (including at Whitman.com) and will be in bookstores and hobby shops nationwide April 10.

The 2013 edition has 1,974 full-color images. It prices 7,045 entries in up to 9 grades each, with more than 32,000 total valuations. More pages have been added to the sections on pre-federal coinage, silver and related dollars, commemoratives, and Proof and Mint sets.

“Readers will scarcely recognize the 2013 Red Book when they see its extensive upgrades and additions,” said longtime senior editor Kenneth Bressett. “It is not ‘your father’s old pricing catalog.’ Changes have been made throughout to keep it up to date with the outpouring of new and innovative issues from the United States Mint. That alone is no small consideration for it includes an assortment of more than $23,000 worth of new Mint products. And, of course, the same amount of attention is given to the older coins that extend back to 1616.”

People's Bank of China: no plan for larger denomination banknotes:

"We have noticed public complaints of inconvenience in bigger transactions...but we should consider all the pros and cons of the issue," said Hu at a press conference on the sidelines of the country's annual parliamentary session.

Taking an 'educated risk' on rare coins:

This morning Sherri and I are in Las Vegas for the PCGS Trade and Grade Invitational.  Yes, Vegas is cool, but for us it is mostly about the great little show that PCGS hosts here four or five times a year.  Don’t get me wrong, I am not a ‘stick in the mud’ when it comes to enjoying some time at the ‘tables’ myself.  But, I prefer taking a more ‘educated’ risk on Rare Coins versus laying my money down in a casino where the odds are definitely ‘stacked towards the house’.  Frankly, I like the ‘gamble’ that rare coins represent.  Coins will not remain at these ‘low’ price levels forever.

U.S. proof set prices fall as inventories rise:

While the market for Proof sets produced within the new millennium is selectively healthy, an interesting phenomenon is occurring with many Proof sets from the 1970s and 1980s: dealers are so overstocked with inventory that they are buying them at, in some instances, prices below face value.

The regular production sets of this era have very high mintages. For example more than 3.5 million 1980-S Proof sets were minted, compared with just over 1.1 million 2010-S Proof sets. In the wholesale market, 1980-S Proof sets are trading for $3 to $3.50 each and many dealers buy these sets at a specific percentage of the wholesale price.

The U.S. Mint has suspended Presidential dollar release events:

The United States Mint will not conduct launch ceremonies in the 2012 Presidential dollars program, U.S. Mint spokesman Michael White told Coin World March 2.

Mint officials cite cost savings as among the reasons for not conducting the ceremonies.

From 2007 to 2011, when the coins were struck for release into circulation, Mint officials conducted a launch event for each Presidential dollar, from the 2007 coin for George Washington to the 2011 coin for James Garfield.

...

Britain bullion dealers likely won't face new rules on scrap metals:

IT appears that precious metals will not be included in the new Scrap Metal Dealers (Amendment) Act if it reaches the statute book, as expected, later this year.

The position has remained unclear since sponsoring MP Graham Jones told ATG back in November that parliament might well consider including those dealing in bullion and other precious metals, although there were no specific plans to do so.

Now, however, it seems that if such discussions have taken place the decision has been taken not to widen the remit of the Bill, which has been drawn up to tackle crime by removing cash transactions from the scrap process.

Collecting U.S. commemorative coins:

Hobbyists collect early commemorative coins because they celebrate popular or historic occasions, while others enjoy the series because, for certain coins, individuals or events depicted have only tenuous historical connections.

Two such coins — the 1936 Cincinnati Music Center half dollar and 1936 Bridgeport, Conn., Centennial half dollar — fall into that latter category. However, for these two coins, each displays something else special that might appeal to hobbyists.

Sierra Leone to print new banknotes to address a currency shortage.

Pushing to remove low denomination coins, in Russia:

That inevitable accumulation of almost worthless change could become a thing of the past this year as the Central Bank pushes to remove all 1- and 5-kopek coins from circulation.

There are about 7.3 billion 1-kopek and 5.8 billion 5-kopek coins currently in use across the country. One kopek is worth 0.03 cents.

“The majority of this money is not being used and shops are gradually stopping to accept it,” said First Deputy Central Bank Chairman Georgy Luntovsky, Interfax reported. “Moreover the production of these coins is loss-making.”

Protecting the hobby- the Hobby Protection Act:

he Hobby Protection Act and its corresponding regulations, located at 15 United States Code §2101 et seq. and 16 Code of Federal Regulations §304.1 et seq., prohibit the manufacture and importation into the U.S. of “original numismatic items” not marked “COPY” according to size and location parameters set forth in the regulations.

The act is enforceable through civil actions in federal district court by “any interested person” (15 U.S.C. §2102), through enforcement actions by the FTC (15 U.S.C. §2103), and “seizure and forfeiture” of nonconforming items by the U.S. Customs Service (15 U.S.C. §2104).

“Original numismatic items” are defined in the act as any “coinage or issue which has been used in exchange or which has been used to commemorate a person or event ... [I]nclud[ing] coins, tokens, paper money and commemorative medals.”

Not a coin collector but an 'interested party':

Nevin Roberts has been collecting coins for nearly 50 years. But if you ask him, that doesn’t necessarily make him a coin collector — or numismatist, to coin a technical term.

If ask what he goes by  he’ll tell you he simply likes to call himself an “interested party.”

“You don’t always collect,” Roberts said. “You participate and enjoy the history.”

Area residents can see — and even sell — little pieces of history at an upcoming coin show Roberts is helping get ready.

March 11, 2012

Agreeing to disagree about coins:

One of the most popular blogs that has appeared on this website was entitled “The Great RYK/DWN Mashup” and it appeared around two years ago. In it, I volleyed back and forth with collector Robert “RYK” Kanterman and discussed gold coins, the coin market and more. After much pleading from our respective fan clubs (OK, actually from me pleading with him to help me come up with another popular blog…) we’ve decided to agree to disagree, 2012 style.

And away we go!

Making wedding bands from coins:

David Curtis wanted the rings for his marriage to Jessica Stonex to be original, and to have meaning beyond their circular shape.

Money came to the rescue — but not in the usual way. ...

Wedding bands from coins. TDN.

When the decision about rings rolled around, she said, she didn't want anything gaudy, given their values and outreach work. Then David heard about a friend's grandfather who had made his wife's ring from a silver coin. The idea captivated David, who also makes hemp earrings and beaded necklaces for Jessica.

"I had to find silver coins from before 1964," he said, because all-silver coins are more malleable. He searched coin shops and finally located a Ben Franklin 50-cent piece that would make a ring to fit Jessica, and a silver dollar for his own.

Poland will issue coins honoring Poles who rescued Jews during the Holocaust:

Poland is issuing commemorative coins to honor three Catholic-Polish families who were killed by the Nazis for having rescued Jews during the Holocaust.

The two coins to be issued March 15 by the National Bank of Poland honor the Ulma, Kowalski and Baranek families. The coins come in denominations of two zlotys, worth about 65 cents, and 20 zlotys, worth about $6.50.

The 2012 American Buffalo gold proof coins from the U.S. Mint will go on sale March 15.

...

A first-hand report of the Star-Spangled Banner commemorative coin introduction from Coin Collector's Blog:

Eighty-one years (and two days) after President Herbert Hoover signed he law that make “The Star-Spangled Banner” the United State’s official national anthem, the U.S. Mint and Maryland dignitaries came to Fort McHenry to launch the 2012 Star-Spangled Banner Commemorative Coin Program. The commemorative coins are designed to honor the role of the fort in the Battle of Baltimore and Francis Scott Key’s composing the poem after seeing the 15-star and 15-stripe flag still flying after an evening of bombardment by the British Royal Navy.

Are there more U.S. 1933 double eagle gold coins 'waiting in the wings'?

There are a lot of interesting considerations in regards to the future of the $7.59 million 1933 or any other 1933 for that matter. In his book, A Guide Book of Double Eagle Gold Coins, Q. David Bowers points out that the two in the Smithsonian were transmitted routinely, which means there were no restrictions about trading them as the Smithsonian has done with coins in the past.

There is also the matter of other coins that are not currently known. Bowers cites offers from the 1980s, suggesting that there may be at least three others, as he puts it, “waiting in the wings should the Treasury Department have a change of heart and declare all 1933s legal to own.”

The Boston Museum of Fine Arts will showcase 500 ancient Greek and Roman coins in the inaguaral exhibition of the new Michael C. Ruettgers Coin Gallery in September.

New 100-ouguiya Mauritania banknote:

Mauritania 100-ouguiya banknote. Banknote News.

Coin dies coming together:

Everyday life at the first Philadelphia Mint was conducted to the rhythmic thumping of the presses. Every now and then, a sickening clang was heard. This was the sound of the dies coming together without a planchet in place.

The resulting damage to the die or dies is called a “clashed die.”

March 'roars in like a lion', for Legend Numismatics:

For Legend, a week of no shows did not mean no business. We blew past  $1,000,000.00 in sales for the month on Tuesday. The way things are going looks like we won't slow down for along time. We finally have some new and fresh coins in inventory! ...

Two highlights of our purchases included TWO major registry sets. One unfortunately must remain priviate, but we can tell you it was a #1 Registry Collection Legend exclusively assembled. The other is the fabulous #3 ALL TIME FINEST 5C Shield Nickel Proof Set from the LAW COLLECTION. 

We are proud to have exclusively built the entire Law Collection. It was an unequalled Collection with several #1 ALL TIME FINEST PCGS SETS and rarities (he had the unique 1870S H.10). When the Law collector retried from building his sets, we were able to buy the entire collection (you will never get that buying from an auction and slapping something together). The Shield Nickel set originally we bought and had placed with another collector. Now that collector is ready to move on.

...

Meanwhile (see previous post) another money 'versus' debate is waiting in the wings:

David Wolman can envision a time when we won’t need to use cash. In his cashless society, people can text money.

But I’m not buying it. Didn’t we learn something from the Great Recession, when an over-reliance on all things not cash nearly took down our economy?

Nonetheless, I was quite intrigued by the mobile money world Wolman advocates in his book “The End of Money: Counterfeiters, Preachers, Techies, Dreamers — and the Coming Cashless Society.”

More on the dollar coin versus dollar bill debate:

People who travel in Europe or Canada often return with this question: Why doesn’t the United States have a functional $1 coin, or a $2 coin, or even a $5 coin?

It’s a cultural question that’s been kicking around for decades but is now receiving bipartisan attention from U.S. Sens. Tom Harkin, D-Ia., and John McCain, R-Ariz. They are co-sponsors of legislation to phase out the dollar bill over a four-year period and force the country to begin using the 1.4 billion dollar coins that are in storage at the Federal Reserve.

It’s not the first time Harkin has sponsored a law to kill the dollar bill. The first was the Coin Reform Act of 1989.

There have been several attempts since then. All failed. Harkin puts the chances of passage this year at less than 50-50.

The decline in gold prices just getting started?

On February 29, 2012, gold futures prices had a big one-day selloff, dropping by more than $100/oz at one point intraday.  Normally a big drop in gold prices will send gold ETF investors heading for the sidelines, but there was nary a reaction to that big drop.

In fact, total assets in GLD and IAU, the two biggest gold bullion ETFs, actually rose slightly that day, and have continued upward in the days since then.  It is as if investors viewed that selloff as more of a buying opportunity than a reason for worry.

What makes this interesting is that the crowd’s view of that as an opportunity does not usually work out to be true.

An overview of the 100th anniversary Titanic coins from world mints:

The year 2012 marks the 100th anniversary of the maiden voyage of the Titanic. Various mints around the world have marked the occasion with the issuance of commemorative coins.

As opposed to the United States Mint, world mints generally have much greater latitude in deciding which people, places, animals, or events will be commemorated on their coins. Therefore when there is an anniversary for an event of world-wide significance, there tend to be many issues from world mints carrying the same theme.

Altered coins still a problem, and can be hard to detect:

I've probably been boring readers writing about coins with altered surfaces; but it is still a big problem. I see the evidence of this at every coin show I attend and with many of the coins submitted to ICG for crossover service or upgrade. The Professional Numismatists Guild along with other major grading services have made it clear that they will not tolerate surface alterations and have spent time and money to develop new technology to “sniff out” these coins. It will not be easy.  It has been a while since a discussion of this subject took place in this publication.  I’m still waiting for the PNG to publish a definition for “coin doctoring” or what constitutes an unacceptable coin with an altered surface.  The real challenge will be to actually detect the alterations.

A discovery Series 1929 $20 New Jersey national bank note will be offered at auction April 24 by Doyle New York.Small size 'discovery' New Jersey banknote to be sold in April:

The small-size note was issued for the First National Bank of White House Station (New Jersey) and bears charter number 9061.

It is the first small-size note of this denomination from the bank to become known to collectors, according to the auction firm. It has been graded Very Fine with some minor soiling on the back. Only 300 small-size $20 notes were issued by this bank.

“The current note was found by the consignor along with other items of no consequence in an antique family desk. He had no idea of the importance or value of the note,” according to the firm, and “in fact he asked Doyle New York’s specialist, Norman R. Scrivener, if it was still worth the face value of $20.”

March 10, 2012

The U.S. Columbian Exposition half dollar:

The very first commemorative coin struck in the United States was the Columbian Half Dollar, struck in both 1892 and 1893. While the 1848 Quarter Eagle struck at the Philadelphia Mint from gold out of California is often mentioned as the first commemorative, it does not necessarily fit into the grand scheme of commemoratives. These can best be defined as issued for commemorations (hence the name) and sold at a surcharge to the general public, not necessarily meant for circulation although valid at their face value.

...

A Roman coin tops coming Kunker auctions.

Though German auction firm Fritz Rudolph Künker’s March 12 to 16 auctions offer special collections of German King Frederick the Great as well as Swedish coins, it is an ancient Roman coin that leads all of the nearly 8,000 items to be auctioned in six sales.

Details of the 2012 Star Spangled Banner silver dollar set:

A limited-edition Star-Spangled Banner Bicentennial Silver Dollar Set is "coming soon," according to the United States Mint. First mentioned along with a series of product pricing cuts in February but not released with the other commemoratives this past Monday, the 50,000 limited edition collectible set will include one silver dollar and materials related to the bicentennial writing of the Star-Spangled Banner.

Star Spangled Banner product brochure. CoinNews.

And the bullion winner so far in 2012 is ...

Sturdy investment demand has pushed the silver price up 20 percent in the first ten weeks of 2012, outperforming platinum, palladium and gold during the period, said Silver Institute in a research note.

A 2012 Celebrate Australia silver proof coin:

Celebrate Australia coin. The Perth Mint.

Why gold should continue to dominate paper money:

If history has taught us anything, it is that governments often mismanage and ultimately destroy their currency systems.

From the Roman denarius at the beginning of the first century A.D. to Chinese "flying money" in the 11th century to the French franc and the first Massachusetts Colonial notes, we've seen nothing but devaluation. 

The running of the gold bulls:

Sixteen of 23 analysts surveyed by Bloomberg expect prices to gain next week and one was neutral, the highest proportion since Nov. 11. Investors increased their holdings in exchange- traded products backed by bullion for seven consecutive weeks and now hold 2,407 metric tons valued at $131 billion, data compiled by Bloomberg show.

...

'Majestic themes' on the new collector coins from the Royal Canandian Mint:

n a year of historic anniversaries, the Royal Canadian Mint is pleased to release exquisite new collector coins which add to the ongoing celebration of the Diamond Jubilee of Queen Elizabeth II.  New coins from the Mint also respectfully remember the sinking of RMS Titanic, a historic tragedy which occurred near Canada's shores 100 years ago.  Other coins feature new releases in popular series such as the Mint's Birthstones silver coins; the annual 50-cent circulation coin roll; the Full Wolf's Moon niobium and sterling silver coin; and a 2012 Welcome to the World $20 silver coin.

“Royal Canadian Mint coins remind us of our past and tell the unfolding story of Canada by capturing compelling symbols of our history, culture and values,” said Ian E. Bennett, President and CEO of the Royal Canadian Mint.  “It is in the spirit of learning from our past and celebrating the Canada of today that we proudly commemorate the centennial of the sinking of theTitanic, the Diamond Jubilee of Queen Elizabeth II and many other themes on finely crafted coins which honour our national spirit and identity.”

From CoinsWeekly, an article on the temple of Zeus Hypsistos on Mount Gerizim:

The magnificent depiction of architecture on the reverse of a coin, rich in detail and seen from the bird’s eye view, gives us a very good idea about the layout of the ancient peak sanctuary of Neapolis in Samaria. Like the city, it was of relative recent date. Neapolis was founded by Vespasian as FLAVIA NEAPOLIS SAMAREIAS (= Flavian new town located in Samaria) probably in 72/73 after the First Jewish-Roman War. It replaced old Shechem that had been in decay for more than 200 years, as garrison at the entrance to the top of the pass between Mt. Ebel and Mt. Gerizim. Thanks to this location with its importance to transport the city experienced growth and thriving and hence was referred to as one of the biggest cities in the whole of Palestine.

BMC 59, 90. Rosenberger, CCOP III, 10, 32. CoinsWeekly.

Stack's Q. David Bowers describes the offerings for the upcoming March 22 Rarities Night sale:

ontaining 379 numbered lots, the presentation emphasizes the rarest of the rare – elusive items in American numismatics including some truly notable rarities.

The first lot out of the starting gate, 4001, is a Sommer Islands twopence, graded Fine by PCGS, but rather rough in appearance -- this being typical of these great rarities. The offered specimen is fresh to the market, having been recently discovered. Then comes a lovely Massachusetts Bay 1652 Pine Tree shilling, always a classic, followed by another of a different die variety. The silver coinage of John Chalmers, Annapolis silversmith, forms an interesting series in early American numismatics. Tradition has it that these pieces were made to help supply a need for small change. The motif on one side is particularly interesting as it shows two birds fighting over a worm.

Then comes a particular favorite of mine, lot 4005, a 1776 New Hampshire copper that I had the privilege of cataloging 32 years ago in 1980 when it was part of the Garrett Collection sold through us by The Johns Hopkins University. We haven’t handled another one since, and perhaps once this is gone it will be another 30 years, if ever, until a similar offering takes place. 

Nearly 82 billion drachmas unnaccounted for by the March 1 withdrawal date.

This Week in Coin News, March 10, from Heritage: the Shoshana Collection auction results, one of the finest known 1795 Eagles, and more. 

New 1,000-Kwacha banknotes from Malawi to be released in the next six months.

March 9, 2012

The Peregrine Falcon 25-cent circulating coin from the Royal Canadian Mint:

The Royal Canadian Mint is pleased to announce that Canadians can collect a new 2011-dated 25-cent circulation coin celebrating the majestic Peregrine falcon.  This new coin, which entered circulation March 5, 2012 joins a one-dollar circulation coin dedicated to the centennial of Parks Canada; a two-dollar coin featuring Canada's Boreal Forest; and 25-cent coins honouring the Wood Bison and the Orca in celebrating Canada's legendary nature.  All five of these special circulation coins are inspired by the theme of "our legendary nature;" a core element of Canadian pride and identity.

Peregrine Falcon 25-cent coin. Royal Canadian Mint.

Updated circulating coin production figures for the U.S. Mint, via Mint News Blog:

For the month of February 2012, circulating coin production reached 579.86 million. This is a decline from the previous month when 802.50 million coins were struck, but a rise from the year ago period which saw 534.14 million coins struck.

Cents, nickels, and dimes accounted for more than 90% of production for the current month. Production figures by denomination and mint facility are shown below. The first number column represents the total for the month, while the second column represents the year to date total.

Gold owners get nervous.

World Coin of the Week, from SBG: Sun Yat-Sen Mausoleum pattern dollar:

This pattern, designed by the Austrian engraver for the Vienna mint Richard Placht, was undertaken during the construction of the mausoleum for the late Dr. Sun Yat-sen .  The structure itself is located at the foot of the second peak of Mount Zijin (Purple Mountain) just to the east of Nanjing. This site was chosen by Sun Yat-sen himself in order to establish not only a symbol of Chinese nationalism akin to the tombs being renovated and adorned in Europe and America, but also as a tie to China’s grand past.  To this end, also interred on Purple Mountain is Zhu Yuanzhang who expelled the Mongols from China and founded the Ming Dynasty in 1368, with its capital in Nanjing, a similar theme to the recent revolution which had deposed the Manchu ruled Qing Dynasty. Thus the mausoleum was to be a tribute to the ideals of Chinese nationalism and resistance to foreign control within China in addition to being the resting place of a national hero.

Sun Yat-Sen mausoleum pattern dollar. Stacks.

A gold aureus highlight at the recent Goldberg auction:

A gold aureus of the Roman Empire, struck circa 15 to 13 B.C. for Augustus in Lugdunum, led all bidding during Ira & Larry Goldberg Auctioneers’ Jan. 31 and Feb. 1 auction of world and ancient coins.

The aureus, which was graded “virtually Mint State” condition, realized $89,125, including the 15 percent buyer’s fee.

...

I won't say a word: "Shhhh. I’ve got a secret. But I’ll share."

The U.S. Mint is offering a 2012 Birth Set. It’s set for release at noon March 13.

Yes, for real. But for some reason, the Mint decided  not to say anything about it. Instead, it just popped up on the Mint’s list of new products at the end of February.

It’s the first time the U.S. Mint has offered a coin set to mark the year in which a child was born. And it’s not a random set of coins in a plastic holder.

It comes with a cute little card that will hold a baby photo, a lock of baby’s hair and five proof coins from the San Francisco Mint.

"Treasure Hunting in the 21st Century"; a good summary of the recent Spain-Odyssey Marine treasure battle, and possible repercussions.

The ruling has caused very different reactions on both sides of the Atlantic. The Spanish Minister of Culture, Jose Ignacio Wert, expressed the enormous satisfaction of the Spanish Government; Odyssey Vice President Melinda MacConnel, visibly disappointed, stated that the ruling had been politically influenced and that this precedent would discourage other treasure hunters from reporting their finds in the future. "The items will be hidden or even worse, melted down or sold on eBay," she said.

Despite its euphoria, Spain should not overlook the future consequences of the case. According to estimations of the Spanish Army, there could be as many as 3,000 Spanish shipwrecks that sank during the fourth century colonial age. Some say that the gold and silver inside them could be worth €100 billion, ten percent of the Spanish GDP. These figures could be realistic since the first archeological campaign undertaken by the Spanish Army in 2010 has detected only 128 shipwrecks in the Gulf of Cádiz.

Archer M. Huntington collection of Spanish coins is sold for an undisclosed price.

Nearly 38,000 Spanish coins dating to the ancient world collected by the founder of a New York City museum have sold for an undisclosed price.

Sotheby's said the Archer M. Huntington Collection was purchased by a buyer who wished to remain anonymous. It was sold in a sealed-bid auction that ended Thursday. The presale estimate was $25 million to $35 million.

SBG's Christine Karstedt on March Happenings:

While in our New York office I, Melissa, and Marissa Lederman immersed ourselves in the treasures of the Teich Family Collection. Soon, planning for Part II will begin. The result will be another wonderful selection of choice, rare, and interesting coins that have been off the auction block for a long time. It was back in the 1950s and early 1960s that the Teich family made many of their purchases from the Stack family at the same 123 West 57^th Street address that remains an international focus of numismatic activity today.

This venerable facility is about to undergo a remodeling, with upgrading of facilities, new displays, interesting exhibits, and more. Even during these renovations a warm welcome awaits you if you visit.

Dave Harper wonders if "cash outa gas?":

For my daily purchases, I still use cash.

I pay cash for lunch. I pay cash at the gas station. I pay cash at the grocery store.

Whatever the expenses are for me day to day in Iola, I meet them the old-fashioned way.

I expect some would view me as a dinosaur.

I could be.

On the other hand, how can I continue to be an effective editor of Numismatic News week in and week out if I divorce myself from the very objects about which I write?

Penny Wise, the publication of Early American Coppers, has published the third installment of a series on early coin minting:

In the third installment, Sholley examines coin production on manually operated screw presses. Sholley notes that “labor records, coining account books, and statements by the Mint Directors in various reports all provide significant evidence regarding the number of presses in operation at any given time.”

Records indicate, Sholley writes, that while the Mint likely possessed two presses in 1793, only one was in use at any given time because the number of laborers employed at the Mint did not permit simultaneous production on both machines. The number of presses available and the number in operation increased as the labor force was expanded, Sholley writes.

...

Golg ETF holdings reach a record high.

Otherwise they wouldn't be rare: Not everyone can have a coin rarity.

A significant, affordable U.S. coin:

It is popular to think or say that truly significant rare coins are expensive. In actuality, this is far from the truth. One of the most significant coins in American numismatic history is also one of the most affordable. It is the 1883 Liberty Head nickel without CENTS.

More treasure battles, this for the Padmanabhaswamy Temple fortune:

Nothing inspires passions and paranoia like a disputed fortune, and this one not only belongs to a god, but also is worth an estimated $21 billion, more than India's annual education budget.

The battle over the treasure in Padmanabhaswamy Temple pits the dynasty that long ruled this part of southern Kerala state against one of the royal family's former advisors. It has the courts, media and millions of Indians buzzing about alleged embezzlement, betrayal, tradition, even the will of the gods.

Specially made coins used in the Idaho Caucus:

The Idaho Caucus Coin, part of a new process this year, was used during the caucus in Boise, Idaho. Caucus goers were given a specially made coin to drop it in a closed canister for the candidate of their choosing. When the voting ended, the coins were “counted” by weighing them. If the caucus judges felt that the weight was wrong, they could request the coins be counted. First they would be counted by machine and, if that was not satisfactory, the coins would be counted by hand. There have been no reports that counting was requested.

A news medium for the coin producing industry: MintWorld:

On February 2, 2012 Ursula Kampmann presented her most recent product to the professional world: MintWorld, a medium for the coin producing industry. MintWorld consists of the printed journal MintWorld Compendium and the internet journal MintWorld. There will be two Compendium issues per year, the internet journal will be available monthly as newsletter.

MintWorld. CoinsWeekly.

...

"Brooding' over ways to print money, and 'exploding' gold; not for mere mortals:

Perhaps it was the realization that the U.S. Federal Reserve was losing to the ECB in the money printing race.  Perhaps it was the realization that the only way to prevent a debt imperiled economy from imploding was by supplying new doses of the only remedy left in the Fed's medicine bag.  In any event, Federal Reserve Chairman Bernanke made it clear today that his determination to continue quantitative easing has not diminished.

In an effort to silence critics who equate QE with currency debasement and inflation, the Chairman has come up with an improved version of QE that will boost the economy without creating inflation or boosting oil prices - in effect, the modern equivalent of turning lead into gold.  The new and improved version of QE even comes with a new and impressive sounding moniker -"sterilized bond-buying".

The 'holy grail' of Mormon paper currency to be offered at the Baltimore paper money auction:

The highest Mormon Church officials gathered in January 1849 to finalize and circulate the most historic paper currency in their history. Using Kirtland Safety Society Bank notes that were emitted in Ohio twelve years earlier, the notes were countersigned by the group for use in Salt Lake City and redeemable in gold. Placing their signatures on these notes were N.K. Whitney, Brigham Young, and Heber C, Kimball. Also penned on the notes are the “TB” mark of Thomas Bullock. 

Additional details on the El Yunque National Forest ATB quarter release:

Representing the U.S. Mint at next Wednesday’s ceremony will be Treasurer of the United States Rosie Rios. Also participating will be Resident Commissioner Pedro Pierluisi, Governor Luis Fortuño, El Yunque National Forest Supervisor Pablo Cruz and Channel 6 TV’s Maria Falcon.

Launch ceremonies typically last from 30-40 minutes and are followed by coin-exchange opportunities. Those so inclined may swap cash from $10 rolls of the coins at face value.

In a bit of a change-up, the El Yunque quarter ceremony comes at different timing than previous ones. Official launch events are usually scheduled for the day of or very close to a quarter’s circulation release. The coin was actually launched into circulation via Federal Reserve Banks on January 23, 2012.

Two military challenge coins have been released honoring gay veterans.

Baldwin's to offer Islamic rarities in April:

The sale comprises 150 of the rarest and highest quality Islamic coins from the first to the 13th centuries of the Hijri and includes some of the finest examples of the coinage of Mecca ever to be offered at auction.

"Although the auction contains items from more than one vendor, the heart of the sale comprises a collection begun in the 1950s by a private collector," said a spokesman for Baldwin's.

Sultan Mehmed II medal. Antiques Trade Gazette.

Buying gold for insurance, in 1970:

In early 1970 I served a wonderful gentleman during an over-the-counter transaction. He had decided he wanted to buy some gold coins.

With gold in 1970 at $38.50 per ounce, a $10,000 order was important. The request was for a variety of gold coins of the United States as well as from the rest of the world. To make up the package, and make the unit cost per coin as close to the gold content, I suggested a mix, which included U.S. $20 gold, English sovereigns, French 20 francs, Swiss 20 francs, Italian 20 lire, Mexican 50 pesos, Austrian 20 coronas and issues from other countries that would fill the bill.

After the selection was made, he examined the coins and selected enough to fill the $10,000 order. He proceeded to write a check and asked that after it cleared we ship the coins to his home in Palm Beach, Florida.

He then looked up at me over the top of his glasses and remarked, “I bet you think I’m crazy.” I quickly responded “absolutely not!”

March 8, 2012

Coin Update has a review of the recent CFA and CCAC selections for the Dr. Muhammad Yunus Congressional Gold Medal; the choices are different, not surprising given the subjective nature of design appreciation.

The U.S. Mint's press release on the introduction of the first quarter of 2012, of the El Yunque National Forest in Puerto Rico.

SBG's Frank Van Valen remembers collector Eric B. Hyde:

One Saturday he told me to bring my Liberty nickel folder on my next visit. I couldn’t wait for that Saturday, and when the day finally arrived and I went to Mr. Hyde’s office, I was not to be disappointed. My tiny Liberty nickel collection at the time consisted of two or three dates in AG-3 or so, housed in a 29-cents Whitman blue folder. When I made myself comfortable in one of the big stuffed chairs, Mr. Hyde produced a big green canvas bank bag filled with dozens and dozens of rolls of Liberty nickels, the sight of which nearly dazzled my young mind. He then asked how much money I had and asked if filling the holes in my album was worth a dime apiece for coins in VG or so, to which I immediately and enthusiastically replied “yes!”

The International Bank Note Society is voting for the Banknote of 2011; must be a member to vote, but the nominated banknotes are available to view:

Banknote of 2011 candidates. International Bank Note Society.

Ok. "Top U.S. government priority: make people afraid to own gold and silver".

Talking about disposing of a coin collection:

“This is a subject that appears never to have been written about in coin magazines nor discussed at any coin club that I have been a member of during the past 40-plus years,” Brasco writes. “Certainly it cannot be a forbidden subject. Usually whenever a death occurs, sometimes a club member may mention that some coins may become available although no direct request for a sale has been made or an appraisal was heard.”

Jim Rogers likes silver more than gold.

...

U.S. coin of the week, from Stack's: the "Little Princess' 1841 Liberty quarter Eagle:

Stack’s Bowers Galleries is proud to offer at auction the first example of the famous 1841 “Little Princess” Liberty quarter eagle certified in non-Proof format as lot 4266 in our upcoming March Baltimore Auction. For generations the rarity of the 1841 quarter eagle has been known and studied, and its popularity has been firmly established for more than 100 years.

Rarely seen or offered, the 1841 "Little Princess" has earned its way into the hearts of numismatists for its rarity and desirability. Famed numismatist David W. Akers speculated years ago that all 1841 quarter eagles were struck as Proofs, even though many of the survivors actually appear to be circulation strikes. Indeed, and notwithstanding the fact that four Proofs are reported, the majority of known specimens are generally circulated to some degree.

Today's irony alert: Spain may ask Odyssey Marine for salvage help:

Odyssey Marine suffered a costly legal loss to Spain over $500 million worth of silver and gold pulled from a sunken warship, but the two sides may work together again.

Spain's ambassador to the United States, Jorge Dezcallar de Mazar, conceded his country may turn to the Tampa-based salvaging company to recover artifacts from other shipwrecks.

The ambassador's comments come on a Discovery Channel program titled "Stolen Treasure," an update to the series "Treasure Quest," with new information about Odyssey's 2007 discovery aboard the Nuestra Senora de las Mercedes, which was sunk by British warships in 1804 off Portugal.

Indeed, the exploration company, which spent $2.6 million in the legal fight, won't be out of the water very long, with a series of projects with Great Britain, Odyssey President Mark Gordon said.

One of the shipwrecks is the legendary HMS Victory, which sank in 1744. Gordon said research showed it may have been carrying 100,000 ounces of gold coins.

A bright shiny thing:

At a newsstand where I purchased some reading matter for the airplane plus a KitKat candy bar, I tendered a $10 bill in payment and in my change I spotted a shiny Union Shield reverse that I figured just had to belong to a 2012 cent. Sure, enough, when I turned the coin over, the 2012 date was there.

"A Perspective on Money"; a long but substantive read (and a long excerpt):

It is understandable why he puts forth this notion. Apparently following prevailing conventional wisdom, WB [Warren Buffett] sees money for what it has become in this peculiar time. We now live in an epoch that defies common practice customarily followed throughout centuries of monetary history. Most people today have not used precious-metal money in their lifetime, but they have experienced first-hand “money” issued by sovereign states. This straightforward observation may help explain why so many in the last few decades have come to accept the modernist view of money.

This modernist view of money ignores that market forces, which a government can influence but in the end cannot control, inevitably determine the value of any asset. With repeated interventions in the market process, governments disregard this basic principle, causing disruptions to the market process that impede economic activity and even worse, can distort money itself.

Conventional wisdom purports that money today supposedly cannot be a tangible asset or a product of the market process, in which individuals act by free choice to determine what is or what is not money. Supposedly money now is merely a fiat of government and exists only as an incorporeal bookkeeping unit, the value of which fluctuates as a result of actions taken by politicians and central bankers, which is the predominant feature of today’s fiat currencies.

It is important to understand that no fiat currency is a tangible asset. Fiat currency is valueless in itself. It is a liability of a bank, whether paper-currency issued by a central bank or deposit- currency that is created by a commercial bank and exists only as a record in its ledgers.

Because fiat currency is a liability of banks, its value can be manipulated by controlling supply and plying demand. A central bank determines the quantity of money by its policies. Demand for fiat currency is buoyed by hyping its benefits as well as promulgating regulations to force its circulation. Money no longer is an even-handed mechanism in commerce derived from the market process itself.

Thus, WB and conventional wisdom have it that gold has been demonetised by government edict, notwithstanding its 5,000 years of history as money. This modernist view conveniently ignores the fact that gold still preserves purchasing power — one of the essential requirements of any money — better over long periods of time than any fiat currency.

Texas Attorney General has frozen the assets of AGT Silver and Gold:

The Texas Attorney General froze the assets of AGT American Silver and Gold March 1, and issued a temporary restraining order against the owners of the Austin-area company, which sells gold and silver bullion and coins.

Lora Maestre and Rick Maestre, also known as David Winston, among others, are named in the action for violating the Texas Deceptive Trade Practices – Consumer Protection Act for allegedly accepting payment for coins and bullion that the company never delivered.

Break the U.S. commemorative coin mold, with a Ronald Reagan $4 gold coin:

For a variety of reasons, it’s time to change the way that gold commemorative coins are made, time to make them affordable to a new generation of collectors, time to give them attractive themes, and time to be daring and think outside the box to eliminate the problem of fewer and fewer coins being sold.

One way to do that is to change denominations dramatically, and make the coin something that people have always wanted. At one time it might have been a $3 gold piece, but my view today is that a silver “Stella” with a gold plug is just right, affordable, and could lead off a series that (with a surcharge) could do what the “America the Beautiful” quarters are not doing – fund the national parks.

My choice for the $4 commemorative (silver with gold plug) is none other than Ronald Reagan, the centennial of whose birth took place in 2011. (It’s after the fact, but who stopped to think about that when it was decided to celebrate the bisesqucentennial of the birth of President Thomas Jefferson. Although Jefferson was born in 1743, which put the 250th anniversary in 1993, it was 1994 when the U.S. Mint struck the commemorative with an inscribed date of 1743-1993.

So, a suggestion from this corner: celebrate the National Park Service, Yosemite, the California Redwoods, and the man who did more to save and preserve them than any other – Ronald Reagan.

...

Farmer provides tip that breaks up the nation's largest counterfeiting ring ... in 1947; and other pre-Google news, from Google News.

2012 gold Buffalo sales and other U.S. Mint stats.

Gold more volatile than currency or bonds:

"[A bond swap failure] could trigger a default, resulting in contagion and a crippling credit squeeze," warned Swiss precious metals refiner MKS on Wednesday.

"When equities drop," adds one trader, speaking to newswire Reuters, "the pool of available funds for investing in commodities will shrink and gold will be in a bad position...gold is a very risky asset... when gold becomes volatile, it becomes much more volatile than currency or bond markets."

Alice Paul in the U.S. First Spouse coin series?

The U.S. Congress frequently enacts legislation on coins that is misguided. One of the best recent examples is the provision in the legislation that created the First Spouse $10 gold coin series that specifically requires the issuance of a coin for Alice Paul, a suffragist and women’s rights leader, who became a national figure during the early part of the 20th century. Ms. Paul was instrumental in passage of the 19th amendment that gave women the right to vote.

The coin is intended to accompany the issuance of presidential dollar coins for President Chester Arthur (1881-1885), who came to office after President James Garfield was assassinated. Arthur was Vice President at the time.

But Ms. Paul was only born about two months before the Arthur presidency ended in 1885, which seems an odd reason to issue a coin for her as part of the first spouse series.

Kenya seeking a new look for its currency:

The Central Bank of Kenya is seeking a new image for the local currency's notes and coins in adherence to the current constitution which is against the use of an individual's picture on Kenyan money. CBK yesterday called for proposals on designs whose themes reflect a new chapter in Kenya's history in light of the new constitution and depict the country's prosperity as outlined in Vision 2030. The public has until April 13, to present its proposals on the new currency.

Fake banknotes show up in Barrow:

Thirteen incidents where the notes have been used have been reported since November, with 20 counterfeit notes seized, most of them £20 notes.

Betting shops, newsagents, nightclubs and pubs have all been targeted.  

Detective Constable Mark Kerley, of Barrow CID, said it was not clear whether the notes were being locally made, or exported into the area.

He said: “The counterfeit notes we have seized are of very good quality and would pass a quick casual inspection.

...

Suspects arrested in home invasion and triple slaying involving rare gold and silver coins.

Looking for stable money, the bullion kind.

A 25% silver market gain - for wound dressings:

The world market for moist wound dressings estimated to be over $4 billion in 2010 is projected to grow by another billion by 2015. The most common are silver dressings which actively release silver ions, according to Moist Wound Dressings Market Worldwide: Market Research Report.

Antimicrobial dressings that can prevent infection or reduce bacteria in infected wounds are in high demand, the report noted. These dressings are effective against MRSA (methicillin-resistant staphylococcus aureus) and other antibiotic-resistant pathogens.

A keepsake coin set for newborns from the U.S. Mint:

The United States Mint today announced the release of a keepsake coin set specially designed to mark the arrival of a newborn baby.  The 2012 United States Mint Birth Set - the first of its kind issued by the bureau - will be available for purchase on March 13 at noon Eastern Time (ET). 

The set contains proof quality versions of the Kennedy half-dollar coin, the first America the Beautiful Quarters^® coin released this year, the Roosevelt dime coin, the Jefferson 5-cent coin and the Lincoln one-cent coin.  All coins bear the "S" mint mark of the United States Mint at San Francisco.  The coins are mounted on an attractive folder with spaces for a personalized welcome message, the baby's statistics (date and time of birth, and length and weight), a three- by four-inch photograph and a lock of hair. 

From the Royal Dutch Mint, a coin marking the frienship between the Netherlands and Turkey:

The Royal Dutch Mint have announced (29^th February) their first commemorative coins for 2012, and the theme for the new 5 and 10 Euro coins is friendship between nations. Commissioned by the Ministry of Finance, the Royal Dutch Mint will strike the new commemorative gold and silver coins with the theme “400 years of diplomatic trade relations between the Netherlands and Turkey.” The First Strike of the coin will take place on the 26th of March.

Dutch-Turkish friendship coin.

U.S. dollar coin, again:

The poor dollar coin. No one seems to want one.

The Susan B. Anthony dollar was a dismal flop. The Sacagawea dollar was a similar disappointment. Officials said the public did not embrace them.

Then came the presidential dollar series. By error, some of the first coins didn’t have the mottos “E Pluribus Unum” or “In God We Trust” printed on the edge, creating a buzz among collectors and a fuss among people who called it a conspiracy to excise God from American life.

The fuss died down and presidential coins continued to be produced, but when was the last time you got one in change?

March 7, 2012

Gilded Year of the Dragon silver coins from the Perth Mint:

Gilded Year of the Dragon coin; artwork and actual coin. World Mint News Blog.

New 60-taka commemorative banknote from Bangladesh.

Bangladesh 60-taka commemorative banknote. Banknote News.

...

Increased demand for U.S. Mint bullion coins and Infantry commemorative products.

Rare date U.S. gold coins; are they available?

If you are a collector of rare date gold, you have probably noticed that there are distinct patterns of availability. In other words, certain coins may go from very unavailable to available over the course of time due to a number of reasons.

How available are certain types of coins right now? Knowing the availability of a specific series is important when making a decision to collect it. If the coins aren’t there, you can’t buy them. Let’s take a look at each denomination and conclude if now is a good time to start (or not to start) a collection.

The U.S. Veterans Commemorative silver dollar set:

In 1994, the United States Mint issued commemorative coins to pay tribute three groups of American veterans. The silver dollars were available individually as well as packaged together as the U.S. Veterans Commemorative Silver Dollar Set.

The three coins were the Prisoner of War Silver Dollar, Vietnam Veterans Memorial Silver Dollar, and Women in Military Service Silver Dollar, which were all authorized under Public Law 103-186.

Within the promotional materials for the special sets, Philip N. Diehl Director of the United States Mint said, "Many coins, whether circulating or commmorative, pay tribute to the great military events and leaders that have shaped our nation. What is different about these coins is that they pay tribute to some of the people who are often overlooked -- American Prisoners of War, Vietnam Veterans, and Women In Military Service for America."

Bullish on palladium:

Palladium is likely to outperform platinum in the next few years as dwindling supply and demand for palladium will increase, said a mining analyst at a metals consultancy.

Russian palladium supplies are likely exhausted, said William Tankard, senior mining analyst at Thomson Reuters GFMS.

Finding a 1943 double-die obverse Lincoln cent:

Dustin Farris loves searching the 1943 Lincoln cents for die varieties and his persistence paid off with a really nice find. Farris submitted a 1943 cent with a very strong obverse doubled die. It shows as extremely strong Class VI extra thickness to the date, LIBERTY and IN GOD WE TRUST.

While it isn’t a new discovery, it is a very nice find. It has been deemed significant enough to be illustrated in The Cherrypickers’ Guide to Rare Die Varieties where it is listed as FS-101. I have the variety listed as 1943 1¢ WDDO-001 in my files.

"The unrecognized importance of 1846 dimes":

Liberty Seated Dimes were minted from 1837 to 1891. There are five types (or subtypes). The most famous dime of the 1840s is the 1844, which has received an odd and inappropriate nickname, ‘Little Orphan Annie.’ This name is often mentioned in auction catalogues. The reality, however, is that the 1846 is much rarer than the 1844. Indeed, the 1846 has been overshadowed by the 1844 and by other Liberty Seated Dimes.

...

The Bank of Isreal's latest coin in its Nobel Prize coin series features Yitzhak Rabin, former Prime Minister of Israel.

Stack's Bowers Galleries is updating their buyers fees; updating as in higher unless  you buy more than $50k. Another reason why competition is good.

An update on silver product sales from the U.S. Mint:

The latest United States Mint numismatic sales report shows the impact of suspensions, as the suspended products moved backwards and perhaps contributed to a rise for the commemorative silver dollars which remained available for sale.

Amidst a rising market price of silver, the US Mint had suspended sales of the 2011-W Uncirculated Silver Eagle and the 2011-P America the Beautiful Five Ounce Silver Uncirculated Coins on February 24, 2012. These silver numismatic products were available at fixed prices established in late December. During the suspension, the US Mint was presumably working on publishing new product prices within the Federal Register, a process which can take weeks to accomplish.

Empire Coins, of Scottsdale AZ, to purchase Sunshine Coin Compnay, of Phoenix AZ.

A slippery slope perhaps: "Must there always be a but?":

The American Numismatic Association issued a press release yesterday endorsing a World War I commemorative program.

That struck me as odd.

I was not aware that the organization was even considering such an endorsement. I wasn’t aware that there was any kind of groundswell of member desire to support such a commemorative.

A magnet for visitors: a display of Chinese coins at the Hong Kong Invitational Numismatic Convention.

...

This is about gold: "The panic in needle park":

More interestingly, Mr. Arora’s algorithms show that humans will be…humans (some forums call them “sheeple”) and that trend-chasing and mis-timing are not only as alive and well as they were back in 1980, but that they do harm to small retail investors whilst enriching the savvy, professional ones. To wit: “in gold’s run from $1,450 to $1,910, [last September] 70% of the buying was by retail investors. Only 7% of the buying was from institutions. In the subsequent run from $1,600 to $1,760, 85% of the buying was by momentum chasing retail investors, but the ‘smart money’ was a net seller. In the latest run up, 92% of the buying between $1,500 and $1,790 is from mom and pop. Institutions are again net sellers.” Are you starting to see a pattern here?

Read the whole article.

Coin World to publish monthly sales reports for modern coins:

Low-mintage modern coins and medals produced by the U.S. Mint sometimes can be difficult to spot because current sales data either is not posted or is difficult to find at the U.S. Mint’s website.

In response to collector requests and suggestions, Coin World is launching in its issue dated March 19 (on Page 18 of our print and digital versions) a comprehensive report, which we plan to publish and update on a monthly basis. The information is presented in chart form by product and sales option.

The charts will provide cumulative data from the time the Mint places a product (and its various packaging options) on sale until the product is no longer available. Coin World has elected to report the sales numbers on a monthly basis in order to avoid confusion. The Mint reports some information on a weekly basis and other information on a less frequent basis.

It is important to understand that the numbers refer to the cumulative totals of coins or packaging units the U.S. Mint reports as sold as of the date listed. Sales are not final mintages.

Not a new story regarding banknotes (and credit cards):

Dr Ron Cutler, senior lecturer at the School of Biological and Chemical Sciences at Queen Mary, University of London, analysed 200 notes and 45 credit cards and discovered that 26 per cent of the notes and 47 per cent of the cards had high levels of bacteria.

He found E.coli on some notes, together with Staphylococcus aureus which is often carried by humans without causing any problems but can lead to infections.

Overall, 80 per cent of notes and 78 per cent of credit cards tested had some traces of bacteria. Some were so high in contaminants they carried more germs than the average toilet seat.

A group of which I was unaware: RBS and banknotes:

RBS has issued banknotes since its birth in 1727. We have always been at the cutting edge of banknote design, introducing several of the features accepted today as essential to any banknote. In 1777 we were the first bank in Europe to issue multi-coloured banknotes and in 1826 we became the first British bank to issue a double-sided note. We also issued the European Union's very first commemorative note in 1992.

Bullion banks and the gold and silver 'takedown': don't blame them:

With gold and silver plunging, along with stock markets and crude oil, King World News interviewed Jim Sinclair's chartist Dan Norcini.  Norcini told KWN what we are seeing today in the gold and silver markets is not what most people think: "People will tend to blame this takedown in gold and silver on the bullion banks. Interestingly, I don't think that's the case this time, Eric.  I think what happened last Wednesday was bullion bank selling related to central bank intervention, when we had that big takedown, which was timed with Bernanke's Congressional testimony."

KP Numismatics has posted a flyer for March 22 coin auction from Emporium Hamburg, self-described as "one of the leading coin trading companies in Europe".

...

Another kind of silver demand:

Silver antiques stole at the show at the recent Pennsylvania auction in which four pieces of circa-1882 Tiffany silver hammered nearly a quarter-million dollars.

Offered consecutively, a pair of sterling candelabra sold for $111,600 against an estimate of $60,000-$80,000; followed by a pair of silver bowls that were bid to $134,000 – more than twice the high estimate of $60,000. All four pieces exhibited the impeccable artistry for which antique Tiffany silver is so renowned.

"We knew the silver was special and of fantastic quality. There was tremendous interest, both before and during the auction," said Morphy Auctions CEO Dan Morphy. "Even when the bidding on each of the Tiffany lots reached $80,000, there were still four active players, and at $90,000, there were three."

An update to the U.S. Mint product schedule and other Mint news.

"A share in the Carlton affair":

The Carlton Hotel, a French hotel, became recently a hot topic in several international newspapers. The case, called the Carlton affair, involved high-profile figures booking rooms with some "extras" (prostitutes).

Carlton hotel share. Franky's Scripophily BlogSpot.

Gold sells because of lower prices:

Gold gained for the first time in four days in London as some investors bought the metal after its drop to the lowest level in almost six weeks.

Bullion slipped 1.9 percent yesterday as the dollar strengthened and commodities slid on concern slower growth will cut demand. The dollar was little changed versus the euro today before tomorrow’s deadline for a Greek bond exchange needed for the nation to receive a second aid package.

The U.S. Mint's press release for the Star Spangled Banner coins ceremony:

As a replica 15-star, 15-stripe flag gallantly waved above the ramparts of Fort McHenry National Monument and Historic Shrine (NM&HS) today, the United States Mint presented the 2012 Star-Spangled Banner Commemorative Coins to the Nation during a special ceremony.  The coins commemorate the bicentennial of Francis Scott Key's writing of our national anthem on the morning after the British bombardment of Fort McHenry during the War of 1812. 

"The designs on these coins, whose sales will commence today, will help connect us to our national values, as they were embodied in the American flag that flew proudly atop Fort McHenry that morning, and which inspired the words of our national anthem," said Daniel Shaver, Chief Counsel of the United States Mint.

New Canada 50-dollar polymer banknote to be released Mar 26.

Canada 50-dollar polymer banknote. Banknote News.

...

From Coin Update, an article on the 100-year anniversary Titanic coins from the Royal Canadian Mint.

Titanic commemorative coin. Coin Update.

Silver products available from the U.S. Mint, and bullion coin price declines.

Another report on the recent PCGS Members Only show in Las Vegas:

Christine and I have just returned from PCGS’ bi-monthly Members Only Show and what a show it was. While I have been attending these for the last ten years, as in a decade, I must say that I think this one was the best one yet. Held in The Venetian/The Palazzo resort on the strip this show has been one of the best kept secrets on the show circuit. Much smaller than the more prominent mega shows of today, the smaller ballroom setting gives the collector the ability to shop in a more relaxed environment. 

Speaking of commemoratives (and I think the premise is false): the ANA is supporting efforts for a WWI coin:

The American Numismatic Association is asking members to support legislative efforts to create a commemorative dollar coin honoring World War I veterans.

The United States has memorialized the Civil War, World War II, the Korean War and the Vietnam War on U.S. commemorative coins, but no coin honors World War I veterans. ANA Numismatic Educator Rod Gillis is working to correct that oversight.

“It was really surprising to me that World War I veterans were never honored with their own coin,” Gillis said. “This legislation will help give these veterans proper recognition.”

Not too sympathetic to these 'troubles': The authorization process for the just released Star Spangled Banner coins:

The Mint is only authorized to issue two commemorative coins per year. “We were competing against a lot of other groups,” Ruppersberger said. The Girl Scouts were particularly formidable, he added.

When Ruppersberger was pushing for a Star-Spangled coin in 2009 and 2010, aides handed out Berger cookies, a Baltimore tradition, to smooth the way, he said.

Most representatives were willing to sign when told that sales of the coins would pay for the program, and that they commemorated the writing of the National Anthem, Ruppersberger said.

A new website on coins from world mints has been started: World Mint News Blog; an excerpt from the first post:

From March 3 to March 4, 2012, the Australian Numismatic Dealer’s Association (ANDA) Show was held in Perth. In conjunction with the show, the Perth Mint offered a 2 oz. Colored Silver Year of the Dragon Coin. The special coin show release was limited to 1,000 and offered at the show for $172.00.

March 6, 2012

Ok. "Gold is always worth what it can buy".

Liberia's dual currency 'regime', with this note:

As it was done in the 19th Century, the government of Liberia through the National Legislature and the Central Bank of Liberia, as well as the Ministry of Finance, should consider the reintroduction of the L$1, and L$2 dollar banknotes.

As it is known technically, acceptability is a major characteristic of a currency. In the case of the L$ coins, the people (marketers and the general public) have refused to accept or trade in the L$ coin denominations because “they are difficult to tote.” [emphasis added]

“The coin is too heavy to carry,” said Ma Korto, a palm oil seller at the Rally Time Market on UN Drive.

Investment advice in the new £50 British banknote?

Tradition has it that when the Bank launches a new banknote, the chancellor of the exchequer receives the one with the serial number 11 (numbers one, two and three go to the Queen, the Duke of Edinburgh and the prime minister respectively – none of whom, you might think, need the money).

When the new £50 was launched last November, the fact that the governor had chosen as the illustration not just the steam engineer James Watt, but also the entrepreneur who backed him, Matthew Boulton, aroused suspicions that he was trying to send a message to the country about the importance of unblocking the flow of finance to budding entrepreneurs.

...

Population estimates for coin varieties.

Beware the unintended consequences:

If the United States were to adopt a gold standard, how would it be done?

Dramatic writers seem to imply that gold will suddenly be revalued to $10,000 a troy ounce (or put your figure here) and any present owner of bullion will be in the chips for life.

But would it really work that way?

Would a gold standard come like a lightening bolt?

There is only one precedent in U.S. history of the country adopting the gold standard.

What might surprise people is that this process took 35 years.

"Judging silver or something else?".

I write on behalf of Bernard von Nothaus, who is awaiting sentencing on his conviction in your court for “counterfeiting.”

I own Liberty Coin Service, the largest rare coin and precious metals dealership in Michigan. I have known von Nothaus personally for about ten years. He visited my store a few times in years past asking if I might be interested in becoming a distributor of his Liberty Dollar products (which I declined for economic reasons rather than any legal concerns). I have talked with him at various financial conferences, and have listened to his public presentations. While I do not know him as well as others do, I have some knowledge of the operation of his company and of the history of US monetary law. On that basis, I ask you to consider the following points.

At least a dozen people would buy a Taylor Swift coin.

Highlights from The Bentley Collection, from Baldwins.

Crystal ball 2: the three best gold stocks for 2012.

...

The Rosen Numismatic Advisory Crystal Ball Survey, Part 2:

As promised, and like clockwork, we are herewith pleased to present the 35th Annual Rosen Numismatic Advisory Crystal Ball Survey, Part 2 for your reading pleasure.

For those just joing us now, Part I of this Survey containing questions 1 through 13 can be found in our Coin Commentary of February 1st.

And, as we did last month, the questions and Dave's answers are listed below; if you want to read what the other respondents had to say, please contact Rosen Numismatic Advisory publisher Maurice Rosen at mauricerosen@aol.com to obtain copies of back issues and to subscribe to the newsletter.

Tokens and medals of U.S. slavery:

Slavery endured in the South, as we all know. In the 1850s, Harriet Beecher Stowe’s Uncle Tom’s Cabin helped move the abolition cause into wide public view as people read about how Eliza and her family made their escape from slave owners. The defining moment was Nov. 4, 1860, when Republican Abraham Lincoln was elected as president. His firmly declared pro-abolition stance was unacceptable to many Southern leaders. On Dec. 20, South Carolina withdrew from the Union, followed quickly by others, who in January 1861 formed the Confederate States of America.

In connection with slavery, many tokens and medals are found in American numismatics, a wide selection of paper money (such as depicting slaves picking cotton), and a few commemorative coins.

Proof silver and gold Eagles have been added to the U.S. Mint product schedule.

As it stands now, all but the proof Gold Eagles would launch earlier in the year as compared to their 2011-dated counterparts. The proof Buffalo coin is set for release on March 15 versus last year’s release date of May 19. The proof Silver Eagle is scheduled for April 12 versus last year when the coin was made available on June 30. Finally, this year’s proof Gold Eagles have an expected release date of April 19, which is essentially the same as last year’s issues which launched on April 21.

"Old coins in the attic", in Ireland:

It may be 10 years since we joined the euro, but the Central Bank of Ireland estimates that over €300m worth of punts are still unclaimed for. The majority of Irish households are likely to possess a long-forgotten jar of old coins and a handful of banknotes.

It would be worth taking a look at what you have because certain coins are commanding enormous prices. Take the 20p piece -- the copper-coloured one featuring the horse. If you find one of these from 1985, you stand to make at least €10,000 in auction.

ATMs in Russia rejecting new 500- and 5000-ruble banknotes:

Bank customers across the country are finding that automatic teller machines are rejecting their newly minted 500 and 5,000 ruble banknotes when they try to feed them into the machines.

The problem has arisen because various banks’ ATM networks have yet to be reprogrammed to accept the new notes, Kommersant reported on Friday.

An attempt to use banknotes to advance a political agenda:

Footages from Homs shown on Syrian TV purported to show foreign currencies found on a terrorist, proving they are backed by Syria's regional enemies.

A video report shown on Syrian and Iranian television showed a stack of foreign currencies that the regime said had been found on the terrorists that attacked Baba Amr, proving they were paid by foreign powers.

A closer examination however revealed the bank notes were withdrawn from circulation years ago.

...

India gold traders on the sidelines as prices rise and rupee declines.

A special variety of the Star Spangled Banner commemorative coins.

Why isn't the surcharge for U.S. commemorative coins tax deductible?

The Greenback Party: "Whoever takes this money is swindled!".

"That the gold market can be manipulated on COMEX by big forward paper sales now seems to be obvious from the major dive suffered by gold last week when the yellow metal initially fell over $60 in a matter of minutes - and then got pushed down further before making a relatively minor recovery".

Coins to drool over:

When it comes to beautiful coins, there are several that the United States has used in the past century or so, often for decades. Within almost every U.S. coin series there also lurks one or two key dates or varieties—the coins collectors simply drool over. Imagine then what it would be like to have your own personal set of the most beautiful rarities the U.S. Mint has produced. Here are seven that just about all of us will love.

Whitman has possted the March edition of Expo News:

March 22-25 Baltimore is the place to be for coins, paper money, and collectibles. Auctions, seminars, exhibits, and exploring the dealer’s booths will keep you busy throughout the Expo! Visitors have four days to conduct business with some of the most important dealers from across America.

The Expo begins with the Stack's Bowers Galleries auction of rare U.S. and world coins and paper money. For the first time ever, you can also enjoy a special event in numismatics—the inaugural Baltimore Rarities Night Auction, featuring a limited number of elite numismatic collectibles chosen under the very strictest criteria.

March 5, 2012

V.D. Brenner and the Prince Henry of Prussia medal:

Victor David Brenner was born in Shavli in what was then Russian-occupied Lithuania in 1871, and died in the United States in 1924. He is best remembered by American collectors as the designer of the 1909 Lincoln cent. Almost everyone knows the story of the removal of his initials V.D.B. from the cent reverse by the U.S. Mint early in the first year of coinage.

However, Brenner’s greatest success was in the field of the medal, an area relatively little-known to many U.S. coin collectors, though pursued by ever-increasing numbers of advanced numismatists.

Breaking news: U.S. citizens don't seem to like dollar coins.

The American Numismatic Society, in conjunction with the New York Federal Reserve Bank, is sponsoring an exhibit that " will investigate the historical perspectives and concepts of inflation as revealed through coins and other objects".

The U.S. Bureau of Engraving and Printing has removed household limits on the Founding Fathers 2012 currency set.

Wall Street and the Federal Reserve do battle over physical commodity operations:

While the battle over proprietary trading and new derivatives regulations has taken place largely in public view since the 2008 financial crisis, the fight by JPMorgan Chase, Morgan Stanley and Goldman Sachs to retain or expand their prized physical commodity operations - most acquired in only the past six years - has remained hidden.

The debate is nearing an inflection point: Within 18 months, the Fed will likely either allow banks more freedom to invest in the physical commodity world than ever; or force them to sell off the assets that many banks are counting on to buttress their trading books at a time when they are already vulnerable because of intensifying competition and new trading curbs.

The banks are now locked in deep debate with the Fed, multiple sources involved in the discussions told Reuters. Goldman and Morgan Stanley argue the right to own such assets is 'grandfathered' in from their lightly-regulated investment banking days, or that at least they should be allowed to retain them as "merchant banking" investments, kept segregated from the trading desks.

How the U.S. and other Mints deal with bullion price volatility:

Spot prices on the futures markets for precious metals have always been volatile, especially for silver.

But since last year’s roller coaster ride, in which gold and silver reached previous or new nominal highs then plunged dramatically for months, spot price volatility has reach new heights.

To be sure, circumstances were similar at the height of the 1980 metals mania, but back then the big jumps mostly took place over just a few days, and the decline that followed them took place at a more measured pace.

Today’s circumstances have put pressure on the U.S. and its foreign mint competitors to try to keep up with a constantly moving target.

...

"How much is Buffett priced in gold?".

Remembering a Thai numismatist, Lee Shin Song:

I first met him sometime in the mid-1960s when I was in Bangkok working on a back-up site for my intelligence unit's magnetic tapes from Viet Nam. I quickly found a home for them in the JUSMAG (Joint Military United States Military Assistance Group) Compound and then I had a couple of days to wander around Bangkok. My first action in a new city is to look in the Yellow Pages for coin and stamp businesses. I eventually walked into the Lee Kim Guan (his father's name) store on Silom Road.

One wall was completely covered from floor to ceiling with shelves full of Southeast Asian paper money in bricks and packs! It was an impressive sight! I sat down at a counter and was shown coins, tokens and paper money for sale. There were also philatelic items, books and antiques. It took a couple of years for him and the staff to consider me a serious collector of Thai numismatic pieces. After that, I was shown and offered the really good stuff.

The U.S. Mint Star Spangled Banner coins will be released today. Here's the Mint's press release.

The CCAC breaks with the CFA on the Fort McHenry quarter, and other deliberations:

The impasse over how to design a quarter dollar reverse that would honor the Maryland fort that inspired the Star Spangled Banner may be over.

The Citizens Coinage Advisory Committee broke with the Commission of Fine Arts over the proposed designs for the American the Beautiful quarter dollar for the Fort McHenry National Monument and Historic Shrine, recommending a controversial design showing rockets exploding over the historic Baltimore harbor fort. ...

At a Feb. 16 meeting, the Commission of Fine Arts had opted for a design showing the tower on a small island in the lake off the Ohio shore.

But the commission had declined for the second time to select a design for the Maryland coin, asking the U.S. Mint to give it yet another design, one that would show the five-pointed, star-shaped fort from an overhead aerial perspective.

With the CCAC’s recommendation in hand, it will be up to Deputy Mint Director Richard A. Peterson to decide whether to send Mint artists back to the drawing board for a third attempt to satisfy the commission.

The difference between absentee coin auction bids and maximum bids:

A few Proxibid auctioneers have communicated to us that viewing maximum bids is the same thing as accepting absentee bids. It is decidedly not.

An absentee bid is conveyed via email, text or telephone (and, in some cases, through private online registration of the auction company). A maximum bid is conveyed via the portal.

"Rare delights" in an India coin exhibition:

India is one of the countries in the world with rich tradition of numismatics thanks to its interesting mix of coins minted by ancient kingdoms, princely states, sultanates and foreign rulers including English, Portuguese, French and Danish and finally independent India. The visitors at Coinex 2012, 10th national numismatic exhibition, had a glimpse of the heritage and had lessons in history with fun.

...

"Coin collector's love a good story, even if it is not true".

Queen's Diamond Jubilee commemorative coin to be given to school children:

Knutsford Town Council will present the coin – which will feature Queen Elizabeth’s head and a reference to the council – to the town’s 1,236 primary school children.

Councillors agreed at the Environment Committee meeting to spend £2,200 plus VAT on the coins from the council’s reserves.

The committee discussed who should be eligible for the coin, and decided primary school children were more likely to live in the town, with many pupils at Knutsford High School from outside the parish.

Forty-four arrested in Greece for antiquities trafficking, 9,000 coins seized.

Collecting by mintmarks:

Mint marks excite me! And, since most of my previous 45 years as a roll searcher was spent living in New York and Pennsylvania, I usually found coins that had their origins at the United States Mint facility in Philadelphia.

As a result, almost every coin that I looked at had an empty space where I really wanted to see a little D (Denver) or S (San Francisco) Mint mark. Still, some coins with Mint marks did show up during my searches.

I especially enjoyed finding anything marked with the Mint mark “S,” as I got a real kick out of imagining how a particular coin had circulated the almost 3,000-mile distance from California in order to end up in a roll of coins that I was searching through in New York or Pennsylvania.

Yeah, I know, I was easily amused.

U.S. silver Eagle sales slow but still the 4th best February.

Last month, United States Mint sales of American Silver Eagle bullion coins took a significant downturn from previous months. According to the U.S. Mint, its authorized purchasers ordered 1,490,000 in February 2012.

While that number may seem notable, it is far off amounts sold in any given month over the last few years, with the only exception being November 2011 when the Mint delivered 1,384,000. 

A medal series from Toivo Johnson:

Medal by Toivo Johnson. The E-Sylum.

The issuer was a Maine numismatist, Toivo Johnson (1913-1973) and no relation to the present writer. In 1961 he developed the idea to issue a series of medals to honor coin engravers. His idea was to reproduce the artist's most popular design on one side and a tribute to the artist on the other.

He first approached William Louth, president of Medallic Art Company. He came to New York and told Bill of his plan. He wanted Medallic Art to strike the medals. Bill liked the idea of honoring coin designers, but not reproducing the coin design. This was still the era when exact coin images were verboten -- illegal -- and he rejected that concept.