Apr 21, 2010 | BEP, currency, Federal Reserve, video
The Bureau of Engraving and Printing unveiled the new $100 Federal Reserve Note earlier today in Washington, DC. Along with the watermark, security thread, and color-shifting ink, the new note now includes enhanced micro printing, a new application for color-shifting ink, and a security ribbon that appears to animate as the note is tilted. Since the $100 note is the most circulated and most counterfeited note in the world, the BEP has been working with the U.S. Secret Service and the Federal Reserve Board to stay ahead of the counterfeiters.
“The $100 is the highest value denomination that we issue, and it circulates broadly around the world,” said Michael Lambert, Assistant Director for Cash at the Federal Reserve Board. “Therefore, we took the necessary time to develop advanced security features that are easy for the public to use in everyday transactions, but difficult for counterfeiters to replicate.”
“As with previous U.S. currency redesigns, this note incorporates the best technology available to ensure we’re staying ahead of counterfeiters,” said Secretary of the Treasury Tim Geithner.
The redesigned $100 note includes a new security ribbon. The blue 3-D Security Ribbon on the front of the new $100 note contains images of bells and 100s that move and change from one to the other as you tilt the note as if it was animated. Next to the ribbon at the bottom of the front of the new note is the Bell in the Inkwell. The bell changes color from copper to green when the note is tilted, an effect that makes it seem to appear and disappear within the copper inkwell.
In addition to the new security features, the BEP also retained three security features from the old $100 note design including:
- Portrait Watermark: Hold the note to light to see a faint image of Benjamin Franklin in the blank space to the right of the large portrait. It is visible from either side of the note.
- Security Thread: Hold the note to light to see an embedded thread that runs vertically to the left of the portrait. The letters USA and the numeral 100 appear in an alternating pattern and can be seen from both sides of the note. The thread glows pink when illuminated by ultraviolet light.
- Color-Shifting 100: Tilt the note to see the numeral 100 in the lower right corner of the front of the note change from copper to green.
“The advanced security features we’ve included in the new $100 note will thwart potential counterfeiters from producing high-quality fakes that can fool consumers and merchants,” said Larry R. Felix, Director of the Treasury’s Bureau of Engraving and Printing. “Protect yourself—it only takes a few seconds to check the new $100 note and know it’s real.”
The new $100 note also displays American symbols of freedom including phrases from the Declaration of Independence and the quill the Founding Fathers used to sign this historic document. Both are located to the right of the portrait on the front of the note.
The back of the note has a new vignette of Independence Hall featuring the rear, rather than the front, of the building. Both the vignette on the back of the note and the portrait on the front have been enlarged, and the oval that previously appeared around both images has been removed. Also on the right of the reverse is a large “100” printed in gold ink. It is expected that this feature will help those with visual impairments distinguish the denomination.
Review
After the animation stopped on the front page of newmoney.gov the first thing I noticed is that Ben looks a little green. With a better use of color that does not make the note look close to the money seen in common board games, the portrait of Benjamin Franklin retains that green tint from the previous note while every other aspect of the note has changed. Since the BEP chose to use a portrait of an elderly Franklin, he looks like he could be ill.
As opposed to other notes, the there are no splashes of color that makes it look like a mistake. The design is better balanced and using the inkwell as a design element and part of the security features works well. If the BEP wanted to do better with color, it would have worked better by making the portrait of Franklin in color. That would have given the note a nice look and even seemed progressive in currency design.
The back of the note is still green. I guess if US currency will continue to be nicknamed the greenback, the BEP must keep the back of the note green. It is interesting that as part of the redesign, the BEP enlarged the “100” on the back of the note to take up almost the entire height of the area. It is being printed in gold. The size should help the visual impaired but it is unclear if the gold color will help those with visual impairments.
The most interesting change to the note is the 3-D security ribbon. It appears that the BEP has adapted holographic technology in a manner to embed into the fibers of the note to make it more difficult to counterfeit. It will be interesting to see how this looks with the note in hand since it looks very interesting in the videos distributed by the BEP.
It is a better redesign than their other efforts, but I would still like to see a better use of color.
Here is the Unveiling Video and B-roll videos produced for the BEP:
All images and video complements of the United States Bureau of Engraving and Printing.
Apr 20, 2010 | national park quarters, video
On the 178th anniversary of its establishment as a Federally protected national site, the U.S. Mint launched the America the Beautiful Quarters Program with the launch at the Hot Sprints National Park in Arkansas. The ceremony was held at the park’s headquarters lead by U.S. Mint Director Ed Moy who was joined by National Park Service Midwest Regional Director Ernie Quintana and Hot Springs National Park Superintendent Josie Fernandez.
“It’s fitting that Hot Springs National Park, among the early lands set aside by the federal government to protect natural and cultural resources, be the first featured in the United States Mint’s America the Beautiful Quarters series,” Quintana said. “The release of this commemorative coin will bring about greater awareness of our national parks and emphasize the importance of continued protection and preservation of these natural, cultural and historical wonders for future generations.”
Hot Springs Reservation was initially created by an act of congress on April 20, 1832, the first area of the United States protected in this manner. Prior to the passage of the National Park Service Organic Act in 1916, lands that congress wanted protected were named national reservations and managed by the Bureau of Land Management. Hot Springs was made a national park on March 4, 1921.
If you missed the live broadcast of the release, the U.S. Mint has provided the following highlights:
The U.S. Mint also released the following “official” images from the quarter give away:
Video courtesy of the U.S. Mint
Still images courtesy of the AP Images for the U.S. Mint
Apr 18, 2010 | BEP, coins, currency, Federal Reserve, national park quarters, US Mint
In what has the potential to be an exciting week in numismatics, the US Mint and the Bureau of Engraving and Printing will be introducing newly designed money to the public.
As part of the 2010 National Coin Week, on April 20, the U.S. Mint will launch the America the Beautiful Quarters™ Program with the release of the Hot Springs National Park Quarter. The ceremony will take place on the park’s 178th anniversary in front of the Administration Building at 10 A.M. Central Time (CT). A coin exchange will follow the event. The ceremony will be broadcast live on the web at americathebeautifulquarters.gov beginning at 9:55 A.M. (CT).
The United States Mint will hold a Coin Forum on Monday evening, April 19, at 5 P.M. (CT) at the Quapaw Bath House. The Coin Forum is an opportunity for the public to express their views about future coinage, and to learn about upcoming United States Mint coin programs and initiatives.
As part of the promotion for the launch, the US Mint has released B-Roll with images of the site, design footage showing the computer design of the coin, production footage including creating of the dies, and striking of the quarters.
Then, on April 21 in the Treasury Cash Room, the Bureau of Engraving and Printing will unveil a newly designed $100 Note. The U.S. government redesigns currency in order to stay ahead of counterfeiters and protect the public. The BEP has not previewed the new design.
The unveiling of the $100 note is the first step in a global multi-government agency public education program implemented by the Department of the Treasury, the Federal Reserve Board and the U.S. Secret Service, to educate those who use the $100 note about its changes before it begins circulating. The $100 note is the highest value denomination of U.S. currency in general circulation, and it circulates broadly around the world.
Program will begin at 10 A.M. Eastern Time (ET) and will include Secretary of the Treasury Timothy Geithner, Chairman of the Board of Governors of the Federal Reserve System Ben Bernanke, Treasurer of the United States Rosie Rios, Director of the United States Secret Service Mark Sullivan. Education and media materials, including the B-roll, will be available at www.newmoney.gov.
Hot Springs Quarter courtesy of the US Mint
Cash Room images courtesy of the US Department of the Treasury
Apr 17, 2010 | ancient, legal, policy
The Ancient Coin Collectors Guild (ACCG) issued a press release calling for action by all collectors to petition the U.S. State Department’s Cultural Property Advisory Committee (CPAC) to not include ancient coins with the Memorandum of Understanding (MOU) with Italy that will claim them as State cultural heritage.
The State Department issued a Notice of Meeting of the Cultural Property Advisory Committee announcing that they will meet in open session on May 6, 2010 starting at 9:30 A.M. to discuss the Italy’s request to expand the MOU. Anyone wishing to attend the meeting must reserve a seat by calling (202) 632-6301 by April 22, 2010, 5:00 P.M. Eastern Time.
Anyone wishing to address the committee or provide written testimony must submit their comments in writing to the committee by faxing it to (202) 632-6300 for statements 5 pages or less. Those more than 5 pages must be mailed with 20 duplicates to Cultural Heritage Center, SA-5, Fifth Floor, Department of State, Washington, DC 20522-0505.
This is where you can help. ACCG is asking for collectors to send letters to the CPAC to oppose adding ancient coins that may be considered “Italian” (e.g., ancient Rome). Such a rule would make almost all Roman and early Greek coins contraband, even if they entered the U.S. from other countries without documentation. Have you ever walked the bourse floor and seen piles of ancient coins in trays on dealers’ tables? These coins have been sold around the world for hundreds of years and not part of any antiquities collections belonging in a state collection.
With one ruling, the CPAC can seriously damage the hobby for everyone. Yes, EVERYONE! It may start with Italy, but where does it stop? Will Canada come after my collection of Canadian coins? What about the 1912 Russian banknotes my relatives brought with them when they landed at Ellis Island? Once this snowball begins to roll downhill, what is to prevent congress from declaring pattern coins as contraband? It reminds me of a numismatic version of the “First they came…” attributed Pastor Martin Niemöller about the inactivity of German intellectuals following the Nazi rise to power and the purging of their chosen targets.
ACCG will help you contact the CPAC using their free fax service at www.vcoins.com/fax.
If you need help constructing a letter, the fax service has suggested text. If you want something a little different, the following is what I sent:
Ms. Katherine L. Reid
Chair, Cultural Property Advisory Committee
United States Department of State
Annex 5
2200 C Street, NW
Washington, DC 20522-0505
Dear Ms. Reid:
I am a collector of historical coins and want to see that US collectors retain the same rights as collectors in the EU, where restrictions on the transfer of historical coins between EU countries are specifically forbidden. Please do not allow the rights of US citizens to be further infringed.
I have been advised by the Directors of the Ancient Coin Collectors Guild that renewal of the Memorandum of Understanding with Italy pertaining to importation of cultural property from Italy is being considered on May 6-7, 2010. Based on comments made during the recent interim hearing, it seems likely that a request will be made and considered to remove the exemption currently in place for ancient coins.
Coins of a type produced at mints in Italy during antiquity literally circulated throughout the known western world at that time as a result of the reach of the empires that occupied the land. Coins from these eras have been found from Britain to India as the empires grew. Because of this wide circulation, it is impossible to determine whether these coins came from Italy or were used in other areas of the those empires. For example, a hoard of copper Roman coins were found in Cardiff, Whales by someone searching with a metal detector in 2007. By removing the exemption currently in place for ancient coins, U.S. collectors would not be able to add any of this hoard to their collections.
The ACCG, the Numismatic Trade and the wider numismatic community have all presented, and will present, a wealth of justification for retaining the current exemption. This would allow Americans to continue to enjoy preserving, studying and displaying coins just like their fellow collectors in Italy and the rest of the European Union. I support the position of these organizations and oppose any attempt to restrict the importation of coins under the terms of this MOU.
Respectfully yours,
Scott Barman
I adopted this note from ACCG’s suggested text and the first paragraph is provided by ACCG from a form that was based on an answer I provided on the second page of the process.
Please help now! The ACCG has made it easy. Even if you use their suggested text or mine, act now. And when you are done, consider giving ACCG a donation to help with their effort. I did!
Apr 11, 2010 | grading, review, technology
Professional Coin Grading Service keeps upping the ante on their PCGS Photograde service. In its latest release, PCGS has added more coin images, new series (e.g., Half Cents, Large Cents, and Half Dimes), and more coin imagess in lower grades. PCGS boasts that there are 1,450 images for Photograde covering almost all coin series. As part of the website service, PCGS now includes their Guidelines for Eye Appeal that includes images to supplement the text.
With the upgrades includes upgrades for the PCGS Photograde for the iPhone app and PCGS Photograde HD for Apple’s new iPad. Since I do not own an iPad (I rarely buy the first release of any product), my review is only for the iPhone app and the website.
The first thing we find when starting the Photograde app is that it does not put the iPhone in landscape mode. In fact, the entire application will work in portrait or in landscape mode. While a this may sound like a trivial change, iPhone users will tell you that being able to control the how the app is viewed can make the difference between being useful and a nice-to-have app. Being able to be used in portrait mode means I can just hold the iPhone without having to reposition while I use the image to compare with the coin I am looking at. This subtle change is a big plus for this app.
Added to the application were images for half cents and large cents with great images of the coins in the various grades. Even if I will never own a Chain Cent, it is nice to have a clear picture of one to carry around while I walk the bourse floor. Half Cent collectors will also benefit for the adding of those coins. Like all of the other series, the images are clear and can be magnified on the iPhone using pinch motions.
Another nice addition is more coins in lower grades, even for a series like the Jefferson Nickels.. Those who collect coins in lower grades can now determine what the grade of their coin is. Those of us who sometimes buy lower grades because of the higher grade coins are not as affordable, it gives us an idea of how each coin would grade so we can buy it at a fair price.
Speaking of eye appeal, I found PCGS’s page about eye appeal very interesting. While I like the description, the pictures leave much to be desired. Apparently, PCGS thinks that everyone finds toned coins attractive. With all due respect to PCGS and those fans of toned coins, I am not someone who finds them attractive. Toning is environmental damage. It is the oxidation of the medals (primarily silver) caused by exposure to the elements whether by chance or on purpose. Thus I find the Morgan Dollar they call “Amazing” to be quite a bit less than amazing. In fact, almost all of the coins in the page are toned which I do not find appealing. I understand I may be in the minority in this discussion, but PCGS should recognize that there are collectors with similar views and maybe should consider toned and untoned coins for this section.
Still, the modern coins have been completely omitted from the applications and the website. Jefferson Nickels do not include mint state grading images of the current design, quarters and halves do not include the bicentennial images, and the quarters do not show the obverse of the State Quarters design. As for the dollars, the images end with the Peace Dollars. As I said in the first two reviews, given that there were some circulation of the Eisenhower and Susie B’s as well as striking issues with the Eisenhower dollar, it would be nice to have an image reference of these coins.
PCGS keeps making very good improvements to the website and the iPhone application. For this upgrade, I give both the website and iPhone app a grade of MS68, a premium grade for their new additions but less than perfect for the continued omission of post-1964 coins. PCGS can up this score by adding modern dollars and make it a perfect 70 by adding all modern coin series.
Apr 8, 2010 | bullion, US Mint
While speaking at a public forum during the recent American Numismatic Association’s National Money Show, US Mint Director Ed Moy said that it is possible that the Mint will not produce collector American Eagle coins. The US Mint cancelled the American Eagle Proof program “[because] of unprecedented demand for American Eagle Gold and Silver Bullion Coins.”
It is being reported that the demand for gold and silver bullion coins remain high making it possible that collector American Eagle coins may become extinct in 2010. Moy was quoted as saying:
I will tell you that in the last five weeks or so, we caught up to gold demand. And so with that, we’ve been storing gold coins. We’re still waiting to see if there’s going to be another spike in the near future. Silver unfortunately is still red hot.
As I had previously noted, the US Mint reported a 40-percent reduction in the coins they produced in 2009 costing 1.1-percent more than it did to produce more coins in 2008 while claiming that they introduced new efficiencies in their business process. Then why did the reporters who attended this forum not ask Moy why the resources could not be added to the production of Eagles?
Why is the numismatic press not pressing Moy for answers? Moy is an appointed official of the United States government. It is the job of the fourth estate to keep politicians accountable for the jobs they do on behalf of the American people. Unfortunately, it appears that numismatic journalists have abrogated their responsibility to serve their readers.
Apr 4, 2010 | bullion, coins, foreign, Israel
In their last catalog, the Israel Coins and Medals Corporation, the exclusive manufacturer and distributor of coins and medals issued by the Bank of Israel, announced the “Jerusalem of Gold” bullion coin series, an annual series that will depict famous Jerusalem landmarks. The coin will contain one troy ounce of .9999 pure gold and will have a face value of 20 New Sheqalim. There will be a maximum mintage of 3,600 coins.
According to the ICMC catalog, “The coin will bear a roaring lion with a beautiful curved tail, take from a 2,800-year-old ancient seal dating from the 8th century BCE, discovered in archeological digs at Armageddon (Megiddo). The roaring lion is the symbol of Jerusalem and the Kingdom of Judah and it has appeared on Israel circulation coins, the 5 Lira Coin of 1978 and the Half Sheqel Coin of 1980.
“The reverse of the first coin will picture the Tower of David, located near Jaffa Gate in the Old City of Jerusalem. The Tower of David was constructed during the second century BCE and rebuilt in succession by the Christian, Muslim, Mamluk and Ottoman conquerors of Jerusalem. It is a well-known landmark, housing a museum and hosting varied cultural events associated with the history of Jerusalem.”
Coins are schedule to be released on Jerusalem Day, May 12, 2010. The price was not provided in the catalog.
Image courtesy of the Israel Coins and Medals Corp. scanned from their catalog.
Apr 3, 2010 | coins, foreign
The Central Bank of Costa Rica is in the final stages of recalling all ₡20, ₡10, and ₡5 “platedas” or silver plated coins. Coins can continue to be exchanged only at Central Bank’s office located in downtown San Jos´.
Withdrawal began on December 31, 2009 after the Central Bank announced that it was withdrawing the coins because they could not be distinguished by the blind. New coins will be issued on April 5 will be lighter than the previous coins and include the denomination in Braille Braille.
Reports indicate that merchants have stopped accepting the coins fearing that there would not be enough coins to meet the demand. The Central Bank released a statement assuring the public they had enough coins to meet the demand. Under 20-percent of the estimated 205 million coins in circulation have been turned in.
Withdrawn coins will be sold as scrap metal.
The Central Bank will be issuing new paper notes and other coins later in the year to standardize the size for each denomination. The sizes are expected to help the blind detect the denomination based on the size of the coin or note.
Interestingly, the Bureau of Engraving and Printing had performed a study Visual Impairment Study and Process to Create Meaningful Access to Denominate U.S. Currency. So far, the BEP has not acted on any issues in the report.
Image of platedas courtesy of ticotimes.net.
Apr 2, 2010 | US Mint
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, and it is hereby enacted and declared, That for the purpose of a national coinage be, and the same is established; to be situate and carried on at the seat of the government of the United States, for the time being: And that for the well conducting of the business of the said mint, there shall be a Chief Coiner, and Engraver, a Treasurer.
—Coinage Act of 1792 (1 Stat. 246)
The second Congress of the United States meeting in Philadelphia passed the Coinage Act of 1792 to establish the dollar as the unit of currency, created a decimal currency system, authorized the production of coins, and established the United States Mint. It was signed into law by President George Washington at the President’s House in Philadelphia, the first executive mansion of the United States.
President Washington appointed noted astronomer David Rittenhouse as the Mint’s first director on April 14, 1792. Rittenhouse was paid a yearly salary of $2,000 and charged with obtaining the land and establishing the first Mint. This was a yoeman’s effort for the 60 year old Rittenhouse who was in bad health at the time.
Pressing forward, Rittenhouse purchased and L-shaped lot with three buildings on Market Street in Philadelphia to establish the Mint in May 1792. Henry Voigt was appointed as Chief Coiner and Joseph Wright as Chief Engraver. Before Wright was able to prepare dies, he died of yellow fever in September 1792. He was replaced by Robert Scot who is considered the Mint’s first Chief Engraver.
Rittenhouse resigned on June 30, 1795 with the Mint in operation. He died on June 26, 1796 at the age of 64.
From those humble beginnings in 1792, the US Mint is the largest manufacturer of coins in the world. The US Mint operates mints in Philadelphia, Denver, San Francisco, and West Point. The Mint also operates the United States Bullion Depository in Fort Knox, Kentucky and the Silver Depository in West Point. During fiscal year 2009, the US Mint produced $777 million in circulating coins with a total seigniorage (profit) of over $904 million from all sales including bullion.
Although there have been issues with the recent operations of the Mint, its 218 year history makes it a uniquely successful bureau in the United States government.
The Bureau of Engraving and Printing unveiled the new $100 Federal Reserve Note earlier today in Washington, DC. Along with the watermark, security thread, and color-shifting ink, the new note now includes enhanced micro printing, a new application for color-shifting ink, and a security ribbon that appears to animate as the note is tilted. Since the $100 note is the most circulated and most counterfeited note in the world, the BEP has been working with the U.S. Secret Service and the Federal Reserve Board to stay ahead of the counterfeiters.
The redesigned $100 note includes a new security ribbon. The blue 3-D Security Ribbon on the front of the new $100 note contains images of bells and 100s that move and change from one to the other as you tilt the note as if it was animated. Next to the ribbon at the bottom of the front of the new note is the Bell in the Inkwell. The bell changes color from copper to green when the note is tilted, an effect that makes it seem to appear and disappear within the copper inkwell.
The back of the note has a new vignette of Independence Hall featuring the rear, rather than the front, of the building. Both the vignette on the back of the note and the portrait on the front have been enlarged, and the oval that previously appeared around both images has been removed. Also on the right of the reverse is a large “100” printed in gold ink. It is expected that this feature will help those with visual impairments distinguish the denomination.
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