Aug 10, 2008 | foreign, medals, video
Although I am not a big fan of the Olympics, I can appreciate a good show. The Beijing Organizing Committee for the Olympic Games (BOCOG) put on an great show for the opening ceremonies. The committee for the London 2012 games will have its work cut out for itself after that presentation.
When we think about the Olympic games, we associate the results to the medals won by each athlete for their country. These medals are made of precious metals and awarded after the conclusion of final competition in each sport. While we do not think of the Olympic medals in a numismatic context, the BOCOG chose a design for these medals that are also a symbol of ancient Chinese money in its design and the by the use of jade.
Jade was discovered over 7000 years ago in China. Its beauty and toughness helped earn its nickname as the “imperial gem.” Skilled artists were brought in to create works art to honor deities and the dynasties. Jade art was considered so valuable that it use was preferred vehicle for trade on the Silk Road over gold and silver.
China’s use of jade as currency dates back to its discovery and ends when the Han Dynasty (206 BCE to 9 CE) introduced bronze coinage. It was typical of the currency at that time to include a hole in the middle. The hole was to save on materials used and to aid in carrying. Typically, the hole reduced the metal content by half.
BOCOG is using the Olympics to convey that China is a modern country steeped in long tradition that defines them as a people. It was that purpose that BOCOG used to hold the first-ever public competition for the reverse design of the Olympic and Paralympics medals. The obverse of the medals are struck with the officials designs of the Olympics and Paralympics games. When reviewing the entries, the BOCOG selected a design to honor jade’s impact on early Chinese history and using the hole as a design element.
The result is a jade inlay covering half of the reverse of the medal that includes a 40 mm central hole. Within the hole is a simulated medal engraved with the logos for the respective games. BOCOG worked with the artists and engravers at the Shanghai Mint. This was a first for the Shanghai Mint since it is the facility that produces China’s circulated coins for China Banknote Printing and Mining company. Although working with the jade insert was a difficult process, the result is a beautifully executed modern interpretation of ancient Chinese culture.
One thousand of each medal were created for the games.
The use of jade and the rise in metal prices greatly increases the intrinsic value of the medal. Reports claim that the metal and jade makes the value of the medals $393. Medals issued for the 2004 Athens Games were worth $155 ($179.55 adjusting for inflation). This increase is directly attributable to the jade and the rise in copper prices in the last four years. Of course the price of gold is a big factor. Gold medals are silver plated with 6 grams of 24-karat gold.
Jade used for the medals were mined in China. The gold, silver, and copper were provided by BHP Billiton from their mines in Australia and Chile. BHP Billiton delivered the metals to the Shanghai Mint with much fanfare. BHP is based in Australia. The following video is likely a clip from an Australian news program when the metals were delivered to the Shanghai Mint on January 15, 2008:
Early in July, the Shanghai Mint presented BOCOG with the six thousand completed medals that will be awarded at the games. The South China Morning Post filed this report on July 3, 2008:
Medals for the 2008 Paralympic Games, scheduled for September 6-17 at the same venues as the able bodied Olympics, were given their own ceremony in Beijing. The following report was file by London’s CCTV 9:
When I watch, I will be cheering for the Americans participating in both games, especially the Redeem Team!
Aug 9, 2008 | ANA, awards, Baltimore, books, CCAC, shows
I heard many reports of a successful World’s Fair of Money, I wish I was able to attend other days. Unfortunately, with it being two-and-a-half weeks after knee surgery, I was not able to recover in order to make a return trip. So I took the week off to recover and allow my knee to heal. But I had a few thoughts I would like to share.
First, congratulations are in order for Roger W. Burdette. On Tuesday, July 29, the US Mint announced that Roger was appointed to the Citizens Coinage Advisory Committee. Roger was appointed to a four-year term as the member with a special background in numismatics. Roger is a noted numismatic researcher and author. His three-volume series, Renaissance of American Coinage have been met with critical acclaim.
To add to the acclaim for Renaissance of American Coinage, the third published volume, second in the series, covering 1909-1915 has won the 2008 Book of the Year from the Numismatic Literary Guild. With this year’s recognition, all three volumes have won Book of the Year honors (1905-1908 volume in 2007 and 1916-1921 volume in 2006). I highly recommend all three books for anyone with an interest in numismatics!
I was able to spend a lot of time in the area where the international mints were located. I visited with the Royal Mint and was able to purchase the The Royal Shield of Arms and Emblems of Britain Brilliant Uncirculated Collection and a 2008 One Ounce Britannia Bullion £2 coin. What was more interesting was interesting was talking with the 20-something Royal Mint employees. Not only were the accents intriguing, but they were more excited about going shopping. They noticed the same thing that I did many years ago when traveling to the UK, the numbers of the prices were the same but in different currency. So they were excited to pay $45 instead of £45 for jeans. At the current exchange rate, clothes were half-price. I hope they returned to London with a suitcase full of nice clothes!
Sometimes, it is easy to ridicule the Royal Canadian Mint for the large number of non-circulating collectable legal tender (NCLT) coins they produce. When viewing their catalog or other online images, some of the coins have a comical look to them. However, when seeing them in person in their display case. I was not impressed with the coin that is a recreation of an old milk token and some of the full color coins, but those that use color as an access where very beautiful.
My only regret was not picking up a stuffed moose and beaver that was offered at the Royal Canadian Mint booth. They were very cute, albeit expensive, and were dressed in the traditional Royal Canadian Mounted Police dress uniform. My niece and nephew would have loved these fuzzy buddies as gifts.
At the table for the Austrian Mint after Austrian Railway commemoratives caught my eye, I had a conversation with a heavily accented mint employee about their coins. While they have not produced any colorize coins, that will change in the future. It is felt that using color accents on coins help promote interests with new collectors. Interestingly, this Australian Mint employee said that the US Mint may be the last mint to issue colorized coins. He felt that the US Mint takes a parochial view on coin design that make significant change reticent. Although he understood the political process behind US coinage, he cited the lack of bimetallic coinage as part of that inability to think beyond their comfort zone. It was an interesting conversation.
Finally, I was able to meet Bob Van Ryzin, editor of Bank Note Reporter and host of Coin Chat Radio. We talked a little about Coin Chat Radio and how they would handle broadcasts from the show. I also ran into Dave Harper, editor of Numismatic News and World Coin News. I promised him I would not tell everyone that I found him eating cake at the Industry Council For Tangible Assets (ICTA)—so don’t say anything! The few times I met Dave, he always seems to be happy. I guess it helps when you have a great job like his!
Next for the ANA is the National Money Show next March in Portland, Oregon. I have been to Portland once and enjoyed my time. It is a nice city with a small-town feel that is appealing. Besides, Oregon has no state sales tax, which makes shopping that much cheaper!
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