Aug 31, 2008 | fun, state quarters, US Mint
Monday, August 25, 2008, had a lot of news for the political watchers. After Sen. Ted Kennedy appeared at the Democratic National Convention, Arizona Senator and Republican presidential candidate John McCain appeared on the Tonight Show. Even First Lady wannabe, Cindy McCain, was in the news by making a humanitarian trip to the war-torn nation of Georgia.
Meanwhile, quietly, without fanfare, the US Mint release the Alaska State Quarter into circulation.
Arizona was the previous State Quarter in the series.
For the previous 48 states, the US Mint has either had a first issuance ceremony on the first day of circulation. This time, the Mint waited until Friday, August 29 to issue its press release and hold its first issuance ceremony.
On Friday, August 29, John McCain announced that he selected Alaska Governor Sarah Palin as his choice for Vice President.
Conspiracy theorists could say that the Mint was made aware of the pick by the McCain campaign and asked to delay their announcement until Friday. The Mint could say that they did not want to overshadow the Democratic National Convention with the announcement of the quarter’s release while accommodating the schedule of the Alaska State Fair, even though the Fair started on August 21. What do you think?
Image courtesy of the US Mint
Aug 25, 2008 | financial documents, history
Did you know that there was a part of numismatics that collects financial documents? Collecting financial documents is a niche hobby for people who collect checks, drafts, bills of exchange, certificates of deposit, promissory notes, receipts, and even stock certificates. Although I knew that there were collectors of financial documents, I just found American Society of Check Collectors (ASCC). If you want to learn more about this area of numismatics, visit their website.
In keeping with my theme of “hometown numismatics,” I found a check drawn on The First National Bank of Inwood (FNBI). This check was written by Elizabeth N. Schmitt on November 20, 1942 for $19.37 to General Motors Acceptance Corp. It cleared the Bank of Manhattan office in Jamaica, Queens on November 27. That would be the same as paying $261.39 in 2008 dollars.
While we do not know when the Ms. Schmitt purchased her automobile or if she was paying the bill while her husband was away to fight in World War II, it is another collectible from FNBI for the collection.
My research found a Series 1929 $20 banknote was issued from FNBI (CH# 12460). I found notes priced from $500 to $1300, depending on condition. I guess I will have to save some money for my next purchase.
Edited: Sorry… I forgot the image of the check!
Aug 24, 2008 | coins, history, personal
In 1938, President Franklin Delano Roosevelt founded the March of Dimes. That year Howard Hughes set a record by flying an airplane for 91 hours around he world. It was the same year as Douglas “Wrong Way” Corrigan landed in Ireland after allegedly trying to fly to California claiming navigation problems.
Roosevelt launched a $5 billion spending program (roughly $78 billion in 2008 money) to try to stimulate the economy after the Recession of 1937. The US also established minimum wage laws. The radio adaptation of H.G. Wells’s The War of the Worlds broadcast by Orson Welles causes panic, especially in the northeast.
The New York Yankees beat the Chicago Cubs 4-0 in the 1938 World Series and the New York Giants defeated the Green Bay Packers in the 1938 NFL championship game. Seabiscuit beat War Admiral in the “Match of the Century” at Pimlico in Baltimore.
1938 Encased Cent from the First National Bank of Inwood (NY)
The First National Bank of Inwood (FNBI) was founded in 1923, the same year Yankee Stadium opened with a Babe Ruth home run. It was founded by former members of Bank of Manhattan to take advantage of the migration to the suburbs as new immigrants started to move into the areas of New York City. FNBI was able to survive the Great Depression through good management and extending good will to the community. FNBI was the first bank on Long Island to offer drive-through teller windows in 1950.
FNBI eventually merged with Franklin National Bank (formerly Franklin Square National Bank) in 1954. During the 1960s, a Belgium bank consortium working with a German bank consortium bought Franklin National Bank in 1968 to form European-American National Bank—rename European-American Bank (EAB) in 1972. EAB was a fixture on Long Island until Citigroup purchased the bank in 2001.
Inwood is one of the Five Towns along with Lawrence, Cedahurst, Woodmere, and Hewlett. The Five Towns are located in the southwest corner of Nassau County, near the Far Rockaway, Queens border. My parents move their young family to Inwood in 1965 so that their oldest son (me) would not go to the failing New York City Public Schools.
As I reflect on my youth in Inwood through the long lens of time, I have fond memories of the good times. So when I find a numismatic souvenir of Inwood, regardless of when it is from, it has to become part of my collection.
Aug 23, 2008 | commemorative, foreign, notaphily
I am not a big fan of the Olympics. There are certain sports that intrigue me, but the drama of these games have drawn me in. Whether it is Michael Phelps, Dara Torrez, the beach volleyball teams, or even the running of Ussain “Lightning” Bolt, I found these games intriguing. I do understand the political aspects of the games and the comparison that I and others have to the 1936 Berlin Olympics, but that is not why I am writing today.
Numismatically, the 2008 Beijing Olympics has produced interesting collectibles. One collectible many have missed is a 10 Yuan note with an image of the The National Stadium, nicknamed the Bird’s Nest, rather than the traditional image of Chairman Mao Tse-tung. The reverse has the primary image of a discus thrower and smaller vignettes of other activities.
Although these notes are being printed as Renminbi, People’s Money, it is being reported that just enough of the notes are being printed for distribution within the Olympic Village. Traditional 10 Yuan Renminbi including the portrait of Chairman Mao will continue to be distributed to the rest of the country.
As of August 22, 2008, 10 Yuan Renminbi is worth US$1.46.
The Bank of China (Hong Kong) (BOCHK) also issued a HK$20 note (US$2.56). Long lines were reported outside BOCHK offices when the notes were made available to the public. Although 4 million notes will be printed, they are not expected to see circulation. Reports say that 3.76 million notes will be sold in Hong Kong for HK$138 (US$17.68) to HK$1,338 (US$171.53).
BOCHK will be offering several collecting options that will be offered through authorized dealers.
These are nice options for currency collectors and collectors of Olympics commemoratives.
10 Yuan Note from Reuters/China Daily
HK$20 note from China Daily
Click on the image to enlarge.
Aug 21, 2008 | coins, dollar, US Mint
It is not new that the various dollar coins have not been circulating as the US Mint and congress would like. It is also not new that congress refuses to eliminate the one-dollar note even though there are more incentives to eliminate the paper note. What is new is the new attempt at marketing ploy to try to convince people to use the one dollar coins.
According to Golin Harris, Campbell-Ewald, and Momentum Worldwide, the partnership that will market the dollar coin for the Mint, the campaign will highlight the “green” aspect of the dollar coin. No, not green the color, but green as in recyclable and environmental friendly.
According to Ellen Ryan Mardiks, GolinHarris chief client officer:
With the $1 Presidential Coin, every man, woman and child will make a personal statement about the money they spend. The coin is 100 percent recyclable and lasts for decades, offering consumers—and Mother Earth—tangible benefits that are especially relevant today. In addition, the U.S. Government Accountability Office (GAO) estimates that increased usage of the coin can save our country as much as $5 billion over the next ten years. The time is right for consumers to embrace the $1 coin, and we intend to show them these benefits through a creative and dynamic integrated marketing campaign.
For some reason when I read this, I thought about the movie Thank You for Smoking. What do you think?
Aug 21, 2008 | coin design, pocket change
I like hunting for coins in change. But it has been since early June since my last find. Maybe instead of looking in my pocket, I should look at the ground. I was pointed to a story about two different people who hunt for change on the ground. They never pass any coin lying by itself waiting to be picked up.
One profile was the Humphrey family from Staten Island, New York who catalogs their finds on their blog, The Changepot. They post little snippets about their finds including what they were doing at the time. As I write this, the blog reports that they have found $383.65 in 2008 and $1,039.89 since 2005.
Scott Caulfield hunts for lost change in St. Louis, Missouri. According to his blog, Thoughts from the Change Race, Scott started as a race against a friend. At this time, he writes about his finds which now totals $275.55.
Sally Herships, who reports on the story, wrote about her “research” into the story on SoHoSally’s Blog. In 18 days Sally found 27-cents. I am surprised she did not find more in SoHo, a great neighborhood in New York City.
Caulfield, the Humphrey family, and the good people at Common Cents shows that “it’s just a penny” is worth being picked up. I may have to start looking down as I go through my day!
Aug 18, 2008 | Eagles, silver, US Mint
This morning, I was checking the prices of the various commodities market and noticed that metal prices rose a little in foreign markets. Gold is hovering just below $800 per ounce and silver is under $13. Both are significantly lower than their recent six-month highs. It made me curious as to whether the US Mint is still selling gold and silver at a significant premium.
As I looked through their online catalog, I noticed that Proof American Silver Eagles are no longer for sale!
Legally, there are no limits on the number of proof American Silver Eagles that may be sold. But the Mint has placed limits on the sale of these coins. In 2003, there was a published limit of 750,000 coins. However, since 2005, the Mint does not report there being any limit on the sales of American Silver Eagle proof coins.
Last week, the Mint halted gold bullion sales to dealers. A move that has been speculated to be tied to the downward trend in the price of gold. But American Eagle gold collectible coins remain for sale at their previous prices.
Are the American Silver Eagle proofs sold out or is there a production issue that the Mint has yet to announce? Inquiries to the Mint have not been unanswer at this time. Stay tuned.
Aug 16, 2008 | coin covers, errors
An interesting part of coin collecting is to find a different niche that adds more to the collection than just the coin. I started with coin covers when the US Mint introduced them for various coins, including the 50 State Quarters series. Then I found that coin covers are popular in Europe, specifically in Great Britain and Australia where they refer to these collectibles as philatelic numismatic covers (PNC), to distinguish them from others like first day covers (FDC).
Recently, I was searching for PNCs on that famous online auction website when I came across an interesting cover. It was postmarked in 1972 and included a coin with an off-center strike. I did not know much about the cover but purchased it anyway because it had that “oh neat” quality.
When I received the cover, I examined it closely. It appears to be a souvenir from the Error-A-Rama Error Coin Convention held in 1974 at the El Cortez Hotel in San Diego. The convention is sponsored by the Numismatic Error Collectors of America, one of the two clubs that were merged to form today’s Combined Organizations of Numismatic Error Collectors of America (CONECA). The stamp was the common 8-cent stamp for the day and the postmark was made on the first day of the convention.
The coin is a Lincoln Cent that was struck 90-percent off center. The coin is held in place by a piece of cellophane tape on the reverse wit the entire inner card being wrapped in plastic. The envelope is sealed with the logo of the San Diego club and initials on the flap.
To find out more information, I wrote to several error experts sending images of the cover. I received a response from noted error expert and dealer Fred Weinberg. Weinberg said that the initials on the back of the cover are of Jim Heine, one of the organizer’s of the San Diego error club—one of three Southern California error clubs of the late 1960s through the mid 1970s.
“Covers like this were signed to both ‘authenticate’ the item,” Weinberg wrote, “and to show that the envelope hadn’t been opened or tampered with.”
Weinberg reports that these covers were issued for the Error-A-Rama shows in the 1970s. While there are no records of the number of covers made, Weinberg estimates that “at least 100-200 or so covers were made up” He also said that Heine also sold his own series of error covers with different error coins.
Aside being an interesting collectible, it is wonderful to be part of a hobby where you can email a leading expert for more information. I met Fred Weinberg at the World’s Fair of Money in Baltimore and thanked him in person. But I would like to repeat my appreciation here: THANK YOU, FRED!
Aug 15, 2008 | Eagles, gold, silver, US Mint
Several sources are reporting that the US Mint has suspended sales of American Gold Eagle bullion coins to dealers. There has been no announcement but the Mint has refused to take orders.
American Eagle Gold Proof and collector uncirculated coins are still for sale at the Mint’s online catalog. All coins appear to be available with no backorder messages.
Gold has fallen below $800 during today’s trading. In this week’s trading, gold dropped 8.4-percent for the week. Silver also fell 16.4-percent. The fall is attributed to the strengthening of the US dollar.
Since gold reached $1,004.30 on March 17, the price has dropped more than 20-percent over the five months.
Silver has not been immune to the a change in value. From the high of $21.24 and a close of $20.64 on March 17, the current price of silver is $12.75, a 38-percent drop in value.
Currently, the US Mint has not indicated that they would revalue collectibles in the light of the market downturn. One reason could be that the Mint bought the metals at the higher prices and need to recoup their investment in these metals as part of their real cost of doing business. However, if the price of metals drop and sales of Eagles decline, then the Mint will have to adjust its prices.
Last year, we speculated about what it would take for the Mint to raise prices. What will it take for the Mint to lower prices?
Aug 11, 2008 | coins, fun
Reuters is reporting that a sweetshop owner in Avilés, Spain was counting change and found a one euro coin with the likeness of Homer Simpson engraved where the likeness of King Juan Carlos should be.
“The coin must have been done by a professional, the work is impressive,” José Martínez, the finder of the coin, told Reuters.
The one-sided design is reminiscent of Hobo Nickels that gained popularity in the United States during the period 1913-1940. Artists, mainly hobos of the time, would carve designs into nickels that would be sold for their sustenance. It is a unique concept not widely seen outside of the United States.
Reuters reports that Martínez was offered €20 ($30.01) for the coin.
Image from Reuters. Click to enlarge.
Meanwhile, quietly, without fanfare, the US Mint release the Alaska State Quarter into circulation.
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