I think I covered all of the options. If I have not or you want to add more commentary, even (especially) if you disagree with me, then leave a comment. Remember, the only comments I reject are for bad language and spam. Keep it clean and it will appear as soon as I can get to them.
Are you going to buy the new 2015 American Liberty High Relief Gold Coin?
Yes, I cannot wait! (50%, 36 Votes)
No, because the gold coin is too expensive (25%, 18 Votes)
Yes, but I also do not like the design (11%, 8 Votes)
No, because I am not interested (7%, 5 Votes)
No, because I think the coin is ugly (7%, 5 Votes)
What is going on at the U.S. Mint? For an organization whose actions are micromanaged by law seems to be finding a way to get around those rules to make some real questionable decisions.
2015-S Saratoga National Historical Park Quarter
First, the U.S. Mint begins production of uncirculated San Francisco struck America the Beautiful Quarters in 2012 leaving the coins of the first two years of the program out. Collectors of the entire set will have two uncirculated options for 2010 and 2011 but a partial set for the rest of the program. Why start something like this in the middle of the program?
Just before the release of the S-mint quarters, the U.S. Mint changed its branding and changed the design of the Presidential $1 Coin Cover. Those of us who collect the coin covers now have two different formatted designs that shows when you show your 2010 Abraham Lincoln cover followed by the 2011 Andrew Johnson cover. And the change puts a thick black bar across the bottom forcing the portrait to be reduced making it an ugly design.
2010 Lincoln First Day Cover (before branding)
2011 Andrew Johnson First Day Cover (after branding)
Although I love the reverse proof coins and do not think including them in special sets, such as the 2015 Reverse Proof Roosevelt Dime as part of the 2015 March of Dimes Special Silver Set, but there are persistent rumors of a Presidential dollar reverse proof set. Why add a reverse proof set in the middle of a series? What is the U.S. Mint thinking? Adding a reverse proof to an existing series is as wrong as the S-mint national parks quarters.
2015 American Liberty High Relief Gold Coin
Allegedly, there is “excitement” being made over the new 24-karat $100 Liberty gold coin. First, there was a lot of industry discussion on the $100 face value, which is irrelevant to the issues. What difference does the denomination make on a non-circulating coin? But am I the only one who thinks the image of Liberty looks like an anorexic weakling?
Look at some of the past images of Liberty and they have a stronger look. Two of the most famous by Augustus Saint-Gaudens and Adolph A. Weinman has a striding Liberty that shows character. George Morgan’s Liberty had a regal look and Anthony de Francisi’s Liberty on the Peace dollar is just a marvel of beauty. This image is so uninspiring that I would buy the coin only because it is the first year of issue and has some investment potential. Otherwise, if I were to invest in 24-karat gold coins I would continue to buy the American Gold Buffalo.
2015 American Liberty High Relief Gold Coin Reverse
The appealing feature of the coin is the eagle on the reverse. While there have been flying eagles on Christian Gobrecht dollar, James B. Longacre’s Flying Eagle cent, and Saint-Gaudens’ $20 gold coin, the new design brings forward the strength of the eagle gripping an olive branch to symbolize peace. Although the eagle depicted on Official Seal of the United States includes arrows in one of the eagle’s claws, modern sensibilities will prevent the symbolism that the arrows would depict.
I know that the designs were approved by the Citizens Coinage Advisory Committee and the U.S. Commission of Fine Arts. But, as usual, their motivations and sense of design is really in question. Maybe it is time we drop one of these committees and streamline the process.
Expanding collecting options from the U.S. Mint is good for the hobby. However, adding options to existing series and ugly coins should be discouraged.
Saratoga Park quater image courtesy of USACoinBook.com All other images courtesy of the U.S. Mint.
On Friday, July 9, The White House announced that President Barack Obama will nominate Rhett Jeppson to be the 39th Director of the U.S. Mint.
In January, Treasurer of the United States Rosie Rios Principal Deputy Director announce the appointment of Jeppson as the Principal Deputy Director. In that role, Jeppson is responsible for the day-to-day operation of the bureau.
This is President Obama’s second attempt at nominating a director for the U.S. Mint. In September 2012, Obama tried to nominate Bibiana Boerio to the position. The former Chief Financial Officer of Ford Motor Credit and Managing Director of Jaguar Cars Ltd, then a subsidiary of Ford, did not receive consideration from the Senate before the 112th congress adjourned for the last time.
Since the Director of the U.S. Mint is an appointed position, the U.S. Senate has the power of “Advice and Consent” on the nominations to head departments. Until this do-less-than-nothing congress gets around to doing their job, Jeppson will continue to manage the U.S. Mint as a federal executive employee but without the Director’s title.
Jeppson’s biography in the President’s announcement was as follows:
Matthew Rhett Jeppson, Nominee for Director of the Mint, Department of the Treasury
Matthew Rhett Jeppson is the Principal Deputy Director of the Mint, a position he has held since January 2015. Mr. Jeppson was Associate Administrator in the Office of Veterans Business Development at the Small Business Administration (SBA) from 2012 to 2015 and also served as the Acting Chief Operating Officer of SBA from 2014 to 2015. From 2010 to 2012, he was Lead Crisis Response Planner at U.S. European Command. Mr. Jeppson served as Deputy Director of Operations for U.S. Forces Afghanistan from 2009 to 2010. From 2004 to 2008, he was Chief of Joint National Training Capability and European Engagements Lead at the United States Special Operations Command and served as Counter-Terrorism Planner and Chief of Current Operations for Marine Forces Europe from 2001 to 2003. Mr. Jeppson was Director of State Purchasing and Special Assistant to the Secretary at the Department of Business and Professional Regulation of the State of Florida from 1999 to 2003, and he served as Operations and Exercise Officer at Special Operations Command Central from 1995 to 1999. He was Vice President of E. Mark Jeppson, Inc. from 1992 to 1994. He also served as Principal Battalion Staff Officer, 81mm Mortar Platoon Commander, Rifle Company Executive Officer, and Rifle Platoon Commander in the 1st Marine Division from 1989 to 1991. Mr. Jeppson received a B.A. from the University of Florida.
Greece 1€ coin depicts an owl, copied from an ancient Athenian 4 drachma coin (ca. 5th century BCE)
The debt crisis in Greece and their threat to drop the Euro as the unit of currency reminded me that this would present an interesting collectible opportunity.
Collecting numismatic items from distressed times can present an interesting challenge. While we have heard about Hard Times Tokens being a popular collectible, sales tax tokens produced during the Great Depression so that people could pay the exact fractions of a tax on low-value purchases.
Two of the more recent examples of numismatics based on distressed economic conditions are the Zimbabwe hyperinflation currency and the State of California’s Registered Warrants (IOUs). Although both have different origins from the Greek crisis, both show different ways of handling the situation.
When a country controls its own currency, it can manage that currency to maintain its value. In the United States, that is done by the Federal Reserve. It uses many programs from buying debt from its member banks to setting what it calls the Discount Rate, the rate that its member banks can borrow overnight to meet its liquidity requirements. In Zimbabwe, the central bank did not have the business and circulation in order to make this type of policy work because of the strife caused by wars and other ugliness. Their only choice was the print more money. The more money printed, the less it is worth. The less the money is worth the more it takes to buy daily goods and services. This result is that the more money that is added to the economy the higher inflation goes.
Zimbabwe’s 2009 $100 trillion hyperinflation note
Zimbabwe gave us the hyper-inflated currency ranging from Z$10 to Z$100 trillion. It has become fun to own a note that makes you a billionaire or a trillionaire even though the actual value of the currency is worth less than the paper which it is printer. Since Zimbabwe has converted their system to the U.S. dollar, Zimbabweans will be converting the old inflation currency at the rate of Z$175 quadrillion (175,000,000,000,000,000) for US$5. An enterprising Zimbabwean could buy them for double and make more money selling the notes as souvenirs than converting them to U.S. dollars.
Officially called Registered Warrants, the first of these IOUs were issued to pay personal tax refunds. They carried a 3.75-percent interest rate and were redeemable when the budget was passed or in early October, which ever came first. The crisis was averted when Schwarzenegger signed the budget on September 3 and redemption began on September 4. California State Comptroller’s Office stopped redeeming warrants as of November 10, 2010.
A friend who was living in California at the time was issued an IOU for a small personal tax refund. Rather than be burdened with the rigors of cashing the warrant, the paper is now part of his collection. However, since the warrants were addressed to specific people, it is not likely that these items will be immediately collectible. Many years from now it is probable that these warrants will be a curious collectible like the old Series E or War Bonds.
Greece does not control its own currency nor does it have any potential backing to issue warrants. Since Greece has not been seen as creditworthy, it cannot issue bonds at any interest rate because the markets are not interesting in buying Greek debt. Unless a deal can be struck with the rest of the European Union, Greece may not have a choice but exit the pact that uses the Euro as the common currency.
Exiting the Euro will bring back the Greek drachma.
2000 Greece 20 Drachma coin features Dionysios Solomos, a poet and author of the Greek national anthem.
The return of the drachma would create three numismatic collectibles. One would be the Euro coins with the Greece-specific reverse, whatever the Greek government issues in the interim, and then the new drachma. This would not apply to euro currency since each denomination uses the same design throughout of the Eurozone.
Before you search your ten pound bag of foreign coins looking for pre-Euro drachma, it is likely that Greece will keep those coins demonetized and not recognize them as official currency. If Greece wants to be able to control the amount of currency in circulation, then they will have to issue new coins and notes.
If Greece goes this route, experts are saying that the Greek government will allow the Euro to circulate alongside whatever is added to the market. Some people think it may take over a year to strike enough coins and print enough notes to be able to remove the Euro from circulation.
What will Greece do in the interim? Does the Greece Central Bank issue warrants like California did? If so, will the warrants become something that would become a collectible?
10,000 drachma note issued by the Bank of Greece in 1995 features the image of Dr. George Papanicolaou, inventor of the Pap smear
American Numismatic Association Executive Director Kim Kiick announced the official election results. Since the president and vice president ran unopposed, these offices are as follows:
President:
Jeff Garrett (Lexington, KY)
Vice President:
Gary Adkins (Minneapolis, MN)
For the Board of Governors, there were four incumbents running who were re-elected. Of the three other seats vacated by Gary Adkins (who became Vice President), Scott Rottinghaus, Jeff Swindling and Laura Sperber (who did not seek re-election), one is making a return to the Board of Governors, the current president rejoins the Board, and the board adds one new member. The ANA Board of Governors is as follows:
Board of Governors:
Col. Steve Ellsworth, Ret. (Clifton, VA) – 3,705 votes
Dr. Donald H. Kagin (Tiburon, CA) – 3,451 votes
Walter Ostromecki Jr. (Encino, CA) – 3,319 votes
Dr. Ralph Ross (Sugar Land, TX) – 3,222 votes
Greg Lyon (St. Louis, MO) – 2,982 votes
Thomas A. Mulvaney (Lexington, KY) – 2,746 votes
Paul Montgomery (Oklahoma City, OK) – 2,407 votes
The candidates that were not elected are as follows:
Brian Hendelson (Bridgewater, NJ) – 2,221 votes
Christopher Marchase (Colorado Springs, CO) – 2,006 votes
Oded Paz (Arco, ID) – 1,950 votes
Richard Jozefiak (Madison, AL) – 1,872 votes
Steve D’Ippolito (Peyton, CO) – 1,844 votes
In the event that any of the new board members cannot serve, the next-highest vote-getter will fill that seat for the rest of the two-year term.
The new board members will be sworn-in at the annual ANA Banquet on Friday, Aug. 14, at the World’s Fair of Money in Rosemont, Ill. Garrett will become the Association’s 59th president, succeeding current President Walter Ostromecki.
COMMENTARY: All men and only one minority. No wonder hobby participation is shrinking. Only the investors and speculators are fueling the top end. Sure, there may be some kids, but there is no outreach to girls and minorities making it appear that the hobby is not welcoming. I hope this is something that can be addressed sooner rather than later!
Finally, if you want to see the announcement, you can watch it here:
In CONGRESS, July 4, 1776 The unanimous Declarationof the thirteen unitedStates of America
Thirteen sterling silver “Official Bicentennial Medals of the Thirteen Original States.”
It was a hot day in Philadelphia when the First Continental Congress met on July 4, 1776 to finalize a resolution that would permanently separate the American colonies from the British Crown. According to the leaders of the day, it was the only way to rid themselves of the unfairness of British rule. In order to ensure that everyone was heard, the Congress adjourned and met as a Committee of the Whole to debate and adopt the resolution.
After each state cast one vote in favor of the Declaration before the Committee of the Whole, the committee was adjourned. The measure was brought before the full First Continental Congress with the majority voting in favor of the Declaration. Although independence was declared from England it would not be fully realized until 1783 when the Treaty of Paris was signed.
We, therefore, the Representatives of the united States of America, in General Congress, Assembled, appealing to the Supreme Judge of the world for the rectitude of our intentions, do, in the Name, and by Authority of the good People of these Colonies, solemnly publish and declare, That these United Colonies are, and of Right ought to be Free and Independent States; that they are Absolved from all Allegiance to the British Crown, and that all political connection between them and the State of Great Britain, is and ought to be totally dissolved; and that as Free and Independent States, they have full Power to levy War, conclude Peace, contract Alliances, establish Commerce, and to do all other Acts and Things which Independent States may of right do. And for the support of this Declaration, with a firm reliance on the protection of divine Providence, we mutually pledge to each other our Lives, our Fortunes and our sacred Honor.
John Trumbull’s Declaration of Independence hangs in the U.S. Capitol Rotunda. It was used as the model for the reverse of the $2 Federal Reserve Note.
Reverse of the $2 Federal Reserve Note features an engraved modified reproduction of the painting The Declaration of Independence by John Trumbull.
The enigma of congress predates the Declaration of Independence. It began in 1776 when it was clear that King George III would not negotiate to resolve the grievances. It took until the session on May 1, 1776 for all of the colonies to realize that independence was the only answer. Thomas Jefferson was asked to draft the preamble and five days later the Continental Congress debated the issue until June 11, 1776.
On June 11, rather than let Jefferson continue his draft, the Continental Congress elected the Committee of Five to write the full document. John Adams, whose role in the Continental Congress would be that of the Majority Leader today, was a member of the Committee of Five but insisted that most of the writing be done by Jefferson. The other members of the Committee of Five were Ben Franklin, Roger Sherman, and Robert Livingston.
The committee presented the document to the Continental Congress on June 25. For the next seven days, the document went through the first ever mark-up session where members applied their edits to the document. Debate began on July 1 and by July 2 everyone who wanted to speak has their say before the vote. With each delegation allowed one vote, the final tally was 9 in favor of independence, 2 against (Pennsylvania and South Carolina), and one abstention (New York, their delegation did not have their legislature’s authority to cast a vote).
But if you thought that this was the end of the debate, you failed to remember that this was the beginnings of congress! The vote was conditional on Jefferson revising the document before it was adopted. The rewrite was completed and presented the final copy to the Continental Congress on July 4, 1776 where it passed with the same vote. Adams felt that July 2 should be considered Independence Day. A combination of the day that the text was adopted and what we would consider in today’s environment to be a clerical error, the Declaration of Independence was signed (on August 2, 1776) saying that independence was declared on July 4, 1776.
The moral of this story is that no matter how ridiculous the bill or idea, it is not law until the final version of the bill is approved and signed.
Congress had a busy June with regard to coin-related legislation. The bills that saw action were as follows:
H.R. 2722: Breast Cancer Awareness Commemorative Coin Act
Sponsor: Rep. Carolyn Maloney (D-NY)
• Introduced: June 10, 2015
• Referred to the House Committees on Financial Services and Budget
H.R. 2906: To require the Secretary of the Treasury to mint coins in recognition of the 50th anniversary of the Texas Western College National Collegiate Athletic Association men’s basketball championship.
Sponsor: Rep. Beto O’Rourke (D-TX)
• Introduced: June 25, 2015
• Referred to the House Committee on Financial Services
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