One of the articles found in this week’s search for numismatic-related news is both tragic and interesting. The tragedy is that the changing climate that has brought about worldwide weather swings has caused a drought so bad that the Danube River is at its lowest levels in recorded history.
An old bridge (left) and coins from the 18th century (right) were discovered in the low waters of the Danube River near Budapest (Image courtesy of euronews)
The Danube River is Europe’s second longest river. It runs from southern Donaueschingen, Germany, stretches across Europe to the Black Sea in Sulina, Romania. In ancient times, it was the border of the Roman Empire. Later, the border and the source of conflicts between the Ottoman Empire and the Kingdom of Hungary and the Austrian Habsburgs.
Today, the Danube supplies water to millions of Europeans who work together on its preservation. It is also a source for ships commercial and passenger ships traveling through Europe. Levels are so low that shipping companies have cut back on their trips and travel advisories have been issued for tourists.
The Danube River Basin (Image courtesy of Wikipedia)
Outside of Budapest, over 2,000 silver and gold coins were found in 38 centimeters (almost 15-inches) of water. Archeologists who were called to recover the coins also found weapons, cannonballs, and other items that were said to be from a ship that sunk on the river in the 18th century.
During the 18th century, most of the area we know as Hungary today was occupied by the Ottoman Empire. Early in the 18th century, the empire instituted educational and technical reforms to strengthen their hold on their empire. In 1768, when Russian-back Ukrainian tribes entered Ottoman territory looking for confederates, the incursion provoked the Russo-Turkish War.
Over the last week, scientists have been working around the cycle of the tides to excavate the site to learn more about the ship that sank, including trying to determine why it sank. One working theory was that it was carrying supplies during the Russo-Turkish War.
Dating the wreckage using the coins may not be easy. At the time the Empire existed, coins were dated when the dies were made. Usually, dies were used until they wore out even if the coin represents the previous emperor. It could be several years before dies were made honoring the current ruler.
Beginning in the 16th century, the Ottoman mints were using screw-presses to create consistent-looking coinage. The empire of that period was always looking for the best technology to upgrade their lives and to set them apart from others. Screw presses were used for everything from minting coins to creating military medals. For the Ottoman’s, the mass production of military medals was important for the morale of the army that they put to ample use.
Although no timeline has been announced as to when scientists think they will complete their study of the artifacts, it will be an interesting view into a time at the height of the Ottoman Empire.
And now the news…
October 22, 2018
Kitco News talks with some of the most influential gold market analysts, economists, investors and mining CEOS to get their take on the industry and financial markets and the global economy → Read more at kitco.com
October 22, 2018
Roving exhibitions have been organized in a number of primary and intermediate boys’ and girls’ schools in various regions of the Kingdom to raise awareness among students about coins and urge them to use coins in their daily dealings. The caravan started its journey this month from Riyadh. → Read more at saudigazette.com.sa
October 24, 2018
Nevada Day revelers can own a piece of the state’s history — and also watch it be made — as part of a special run of the coin press at he Nevada State Museum in Carson City. → Read more at carsonnow.org
October 24, 2018
Two Swedish schoolchildren unearthed a 17th century coin while playing in a sandpit – and they have now been told they can keep the find. → Read more at thelocal.se
October 25, 2018
Aa Aa Record low water levels in the Danube have uncovered parts of an old Budapest bridge blown up by the Nazis in the final months of World War II. Pictures have emerged of the structure — which linked the districts of Buda and Pest in the Hungarian capital — just under the surface of the water. → Read more at euronews.com
October 26, 2018
Just in time for Halloween, the Central Bank has launched a commemorative €15 Bram Stoker Dracula collector coin. The silver proof coin commemorates the life of the Dublin-born author and his famous novel Dracula, which was published in 1897 and became world-renowned after an American film adaptation starring Bela Lugosi opened in 1931. → Read more at irishtimes.com
October 27, 2018
ART ON COINS — INDIA AND THE WORLD Mauryan axes, faces of Satavahana kings, a lion from Alexander’s army — at an exhibition of ancient coins found on the subcontinent , money talks. It tells stories of war, peace, power and disappointment. → Read more at hindustantimes.com
October 28, 2018
“On ANZAC Day this year I got to wear both of my medals in civilian dress and someone came up and said ”oh, you’ve got your medals on the wrong side love’, or ”whose medals are they’ — and you just have to say ”they’re mine — why wouldn’t they be? → Read more at news.com.au
Sometimes I wonder if the Citizens Coinage Advisory Committee and U.S. Commission of Fine Arts is actually paying attentiong to the designs they are selecting. While they have rejected some interesting designs, they seem to accept other designs without really thinking.
Reverse of the Apollo 11 50th Anniversary Commemorative Coin
It looks like these two groups that are supposed to be the gatekeepers of the design of U.S. coinage did not fully think through their design selection for the Apollo 11 Commemorative Coin program.
When the line art images were sent out, the design did not immediately remind me of a bootprint on the surface of the moon. Actually, it reminded me of something that many of us have placed our bootprint on a little closer to the ground.
Obverse design of the Apollo 11 50th Anniversary Commemorative Coin program
A Dubia Roach (Blaptica dubia)
I understand that with the resignation of Kareem Abdul-Jabbar from the CCAC that this august body may be lacking the appropriate point of reference that Abdul-Jabbar and I have to make the tie between the bootprint and an insect that could probably survive on the moon (he was born Lew Alcindor in New York City). Then again, the CCAC is the same organization, albeit, with different members, that gave us some of the worst designs in modern coinage.
For the 50th anniversary of one of the greatest achievements of the 20th century, all the CCAC could come up with is a bootprint?
For the last few weeks, a few have noticed that there has been a slowdown in my postings. Several have written during the last week-or-so asking if I was doing well and whether I have abandoned the blog.
To those who have written, thank you for your concern. Following a bought with a sinus infection, I am doing well. But that was not why posting has slowed.
I mentioned that I started a business working with collectibles and estates. From a 4,000 square foot warehouse with a 400 square foot showroom, my staff and I are working with a diverse crowd interested in all sorts of items from memories in vinyl records to vintage comic books. We are also working with estates and downsizers to help sell off assets via private branding online auctions.
When I started, I thought the business would be a good idea. It would fill a niche that does not exist in this area of Maryland. When I opened the doors at my 4,000 square foot space, I told my wife that the place is so big that it may take more than a year to fill the space.
I opened the doors at the end of June without advertising. I thought I would begin with organic growth while completing the setup. The advertising campaign began in August. By mid-September, I had a client list that created more demand for our services than I can serve from the 4,000 sq ft warehouse. In October, we are generating revenue that I originally projected would have occurred six months from now.
I knew I had a good idea but I did not know this business would take off as fast as it is!
For now, I am working seven days a week and late into the evening. Although I try to take Sunday off, I have to work today. But I do not mind. I am having fun.
I am meeting new people and allowing myself to enjoy this process. And it allows me to do practice what I preach… I may be the boss but my employees have a say in how things are done. They are encouraged to tell me when I do something wrong, offer suggestions, and make some decisions on their own. My assistant allowed some unusual consignments that later turned into quick and profitable resales. She’s good!
As for the Coin Collectors Blog, I am still posting stories to social media and collecting the best ones for this weekly post. I do have a number of posts I started but never finished that I will get to shortly—including my thoughts on the Apollo 11 Commemorative coin design. I just need to complete the priority tasks for the next few days then I will be back.
And now the news…
October 15, 2018
A commemorative series of £5 coins has been released to mark the Prince of Wales' birthday. It features an engraved portrait of Prince Charles, who turns 70 on 14 November. The Royal Mint, based in Llantrisant, Rhondda Cynon Taff, also struck coins for his 50th and 60th birthdays. → Read more at bbc.com
October 15, 2018
A $1 coin has caused a storm on social media after its owner spotted an odd feature, but there is a simple explanation to this ”˜time-travelling’ coin. The heads side of the coin is marked with the year 2019. → Read more at finance.nine.com.au
October 16, 2018
In less than a month, many nations around the world will mark a momentous date. This year, November 11th will be the 100th anniversary of the Armistice to end the horrific tragedy of the First World War. → Read more at rcinet.ca
October 16, 2018
One of the very first pennies produced in the U.S., estimated to be worth $1 million, will be auctioned in Baltimore next week. The 1792 Birch Cent will be auctioned by Stack’s Bowers Galleries at the Whitman Expo in Baltimore on Oct. → Read more at foxnews.com
October 17, 2018
A mind-blowing coin with a nifty hidden mechanic is wowing the internet. The object in question was made by Roman Booteen, an Instagram artist who creates intricate carvings on Zippo lighters and coins. → Read more at mashable.com
October 17, 2018
German prosecutors have indicted four young men over the brazen theft of a 100-kilogram (221-pound) Canadian gold coin from a Berlin museum. The "Big Maple Leaf" coin, worth several million dollars, was stolen from the Bode Museum in March 2017. → Read more at miamiherald.com
October 18, 2018
“The most wonderful time of the year” is quickly approaching, and you know what that means. Parties, potlucks and…plenty of time to show off your beloved bullion coins, collectors coins… → Read more at invest.usgoldbureau.com
There are people with more time an patience who are able to go into the fields and forests with a metal detector to find relics of the past. Here, in the original 13 colonies, it is common for detectorists ton find Civil War-era bullets or Revolutionary-era uniform buttons. Some find coins. Usually, it is easier to find copper coins, especially the U.S. large cents that were heavily used on the east coast.
Craig Cline of Fargo speaks with WDAY (screen grab from WDAY)
This week’s story takes us to the Red River Valley outside of Fargo, North Dakota where a hobbyist finds an 18th century silver Spanish Real under a tree.
The Red River is a north-flowing river that begins at the confluence of the Bois de Sioux and Otter Tail rivers, on the border of Wahpeton, North Dakota and Breckenridge, Minnesota. At its northernmost point, it empties into the Lake Winnipeg in Canada.
Finding anything buried in the ground that is pre-Revolutionary War period would be a fantastic fine. But the finder of this Spanish Real coin believes it was either pocket change or money used to bargain with the Native Americans.
The land where my house stands was once farmland prior to homes being built. There are records of soldiers being quartered in this area. I wonder if there are relics waiting for be found.
And now the news…
October 11, 2018
The US Mint unveils a coin designed to mark the 50th anniversary of NASA's Apollo 11 mission in 2019. → Read more at cnet.com
October 12, 2018
FARGO—Craig Cline of Fargo has done his share of treasure hunting. The carpenter-handyman and his metal detector have searched Fargo-Moorhead parks and fields looking for that one rare part of our past. Well, he found it. → Read more at inforum.com
October 14, 2018
Farmers in northwest Poland have unearthed silver coins, including rare Arabic dirhams, along with a slew of other artifacts, Britain’s The Daily Mail reported. Farmers in the region have been ploughing along a sloped field for decades. More than 300 → Read more at aawsat.com
October 14, 2018
The U.S. Mint has taken "one small step" towards the striking of new coins to mark the 50th anniversary of the first moon landing with the reveal of the design for its 2019 commemoratives. The gold, silver and clad coins will feature an astronaut’s boot p → Read more at space.com
I was going to stop doing the LOOK BACK series after the summer, thinking I would have time to create new content. But we all know that real life has a way of changing even the best-laid plans. While fighting off a severe sinus infection thanks to the mold spores that thrive in this damp weather, business picked up. I am ecstatic that my new business is catching on but the infection put a damper on things.
I need a week to catch up. While doing so, I will publish two more LOOK BACK articles and try to finish a few of the new posts I started. For today’s LOOK BACK, I want to remind everyone that numismatics is more than coins. You can satisfy your collecting urges with exonumia as well as with coins.
Although the dominant area of numismatics is the collection and study of legal tender coins, numismatics is more than just coins. Numismatic is the collecting and study of items used in the exchange for goods, resolve debts, and objects used to represent something of monetary value. This opens up numismatic collecting to a wide range of items and topics that could make “the hunt” to put together the collection as much fun as having the collection.
Exonumia is the study and collection of tokens, medals, or other coin-like objects that are not considered legal tender. Exonumia opens numismatics to a wide variety of topics that could not be satisfied by collecting coins alone. An example of exonumia is the collection of transportation tokens. You may be familiar with transportation tokens from your local bus or subway company who used to sell tokens to place into fare boxes. Others may have used tokens to more easily pay in the express lanes at bridges and tunnels. A person who collects transportation tokens is called a Vecturist. For more information on being a Vecturist, visit the website for the American Vecturist Association.
Token collecting can be the ultimate local numismatic collection. Aside from transportation tokens, some states and localities issued tax tokens in order to collect fractions of a cent in sales taxes to allow those trying to get by in during down economic times to stretch their money further. Some communities issued trade tokens that allowed those who used them to use them like cash at selected merchants. Some merchants issued trade tokens that were an early form of coupons that were traded as coupons are traded today.
While tokens are items used to represent monetary value, medals are used to honor, commemorate, or advertizing. The U.S. Mint produces medals that honor people, presidents, and events. Medals produced by the U.S. Mint are those authorized by law as a national commemoration including the medal remembering the attacks of 9/11.
Commemorative medals are not limited to those produced by the U.S. Mint. State and local governments have also authorized the producing medals on their behalf that were produced by private mints. Many organizations also have created medals honoring members or people that have influenced the organization. Companies have produced medals to honor their place in the community or something about the company and their community.
Many medals have designs that can be more beautiful than on coins since they are not limited to governmental mandated details and their smaller production runs allows for more details to be added. Medals can be larger and thicker than coins and made in a higher relief than something that could be manufactured by a government mint.
Exonumia collecting also involves elongated and encased coins. You may have seen the machines in many areas where you pay 50-cents, give it one of your cents, turn the wheel and the cent comes out elongated with a pattern pressed into the coin. Elongated coins have been used as advertisements, calling cards, and as a souvenir.
Encased coins are coin encircled with a ring that has mostly been used as an advertisement. One side will call the coin a lucky coin or provide sage advice with the other side advertising a business. Another form of encased coins are encased stamps. Encased stamps were popular in the second half of the 19th century and used for trade during times when there were coin shortages.
Other exonumia includes badges, counter stamped coins, wooden money, credit cards, and casino tokens. Counter stamped coins are coins that have been circulated in foreign markets that were used in payment for goods. When the coin was accepted in the foreign market, the merchant would examine the coin and impress a counter stamp on the coin proclaiming the coin to be genuine based on their examination. Although coins were counter stamped in many areas of the world, it was prevalent in China where the coins were stamped with the Chinese characters representing the person who examined the coin. These Chinese symbols are commonly referred to as “chop marks.”
One type of counter stamped coins are stickered coins. Stickered coins were popular in the first half of the 20th century; they were used as an advertisement. Merchants would purchase stickers and apply them to their change so that as the coins circulated, the advertising would reach more people. Some stickered coins acted as a coupon to entice the holder to bring the coin into the shop and buy the merchandise.
Remember the saying, “Don’t take any wooden nickels?” If you are a wooden money collector, you want to find the wooden nickels and other wooden denominations. Wooden nickels found popularity in the 1930s as a currency replacement to offer money off for purchases or as an advertisement. Wooden nickels are still being produced today mostly as an advertising mechanism.
We cannot end the discussion of exonumia without mentioning Love Tokens and Hobo Nickels. Love Tokens became popular in the late 19th century when someone, usually a man, would carve one side of a coin, turn it into a charm for a bracelet or necklace, and give it to his loved one. The designed are as varied as the artists who created them. Hobo Nickels are similar in that hobo artists would carve a design into a Buffalo Nickel to sell them as souvenirs. While there are contemporary Love Tokens and Hobo Nickels, collectors have an affection for the classic design that shows the emotion of the period.
Currency collecting, formally called notaphily, is the study and collection of banknotes or legally authorized paper money. Notes can be collected by topic, date or time period, country, paper type, serial number, and even replacement or Star Notes (specific to the United States). Some consider collecting checks part of notaphily. Collectors of older canceled checks are usually interested in collecting them based on the issuing bank, time period, and the signature. For the history of currency and their collecting possibilities, see my previous article, “History of Currency and Collecting”.
Scripophily is the study and collection of stock and bond certificates. This is an interesting subset of numismatics because of the wide variety of items to collect. You can collect in the category of common stock, preferred stock, warrants, cumulative preferred stocks, bonds, zero-coupon bonds, and long-term bonds. Scripophily can be collected by industry (telecom, automobile, aviation, etc.); autographs of the officers; or the type of vignettes that appear on the bonds.
Militaria: Honorable Collectibles
Collecting of military-related items may be considered part of exonumia but deserves its own mention. It is popular to collect military medals and awards given to members since the medals themselves are works of art. Families will save medals awarded to relatives and even create museum-like displays to honor or memorialize the loved one.
Militaria includes numismatic-related items that represent the various services. One of the growing areas of collectibles is Challenge Coins. A challenge coin is a small medal, usually no larger than 2-inches in diameter, with the insignia or emblem of the organization. Two-sided challenge coins may have the emblem of the service on the front and the back has the emblem of the division or another representative service. Challenge coins are traditionally given by a commander in recognition of special achievement or can be exchanged as recognition for visiting an organization.
Over the last few years, civilian government agencies and non-government organizations (NGO) have started to create and issue challenge coins. Most of those agencies have ties to the military, but not all. Like their military counterparts, a manager or director can give challenge coins in recognition of special achievement or for visiting an organization.
Another area of military collectibles is Military Payment Certificates (MPC). MPC was a form of currency that was used to pay military personnel in foreign countries. MPC was first issued to troops in Europe after World War II in 1946 to provide a stable currency to help with commerce. MPC evolve from Allied Military Currency (AMC) to control the amounts of U.S. dollars circulating in the war zone and to prevent enemy forces from capturing dollars for their own gain. Prior to World War II, troops were paid in the currency of the country where they were based. With the ever moving fronts and the allies need to control the economies to defeat the Axis powers, AMC was issued to allow the military to control their value.
After the war, MPC replaced APC in order to control the currency and prevent the locals from hoarding U.S. dollars preventing the building of their own economies. When military officials discovered that too many notes were in the circulation, being hoarded, and thriving on the black market, series were demonetized and reissued to military personnel. Those holding MPC notes, not in the military received nothing and were encouraged to circulate their own currency.
MPC were printed using lithography in various colors that changed for each series. From the end of World War II to the end of the Vietnam War there were 15 series printed with only 13 issued. Although the two unissued series were destroyed, some examples have been found in the collections of those involved with the MPC system. Amongst the 13 series that were issued, there are 94 recognized notes available for collectors. Most notes are very affordable and accessible to the interested collector.
The original article can be read here.
The story of the week has to have come from Hollady, Utah where a couple’s two-year-old son shredded more than $1,000 in cash.
Couple’s two-year-old shreds over $1,000 in cash! (Photo courtesy of KSL-TV by Tanner Siegworth)
In a case where real-life intersects with “oh my gosh,” the toddler took an envelope of cash and passed it through the shredder. All the child knew is that mommy was passing paper through the shredder, it made a cool noise, and created small pieces. What the child did not understand was that mommy was shredding junk mail (a good idea) and he did not know the difference between junk mail and paper money.
The money was to be used to pay the husband’s parents back for season tickets to the Univerity of Utah football games. The Utah Utes are currently 3-2, 1-2 in Pac-12 play after defeating Stanford 40-21 in Palo Alto.
All is not lost for the family. The Bureau of Engraving and Printing has a Mutilated Currency Redemption program. It is a free service that the family can use to recover from this incident.
According to the BEP, the programs handles approximately 30,000 claims each year and recovers over $30 million in cash. But the process can take time. With the limited resources that the BEP has to work with and the time it would take for the BEP’s team to reconstruct the shredded notes, the family may have to wait at least two years.
They do not call it the “terrible twos” for nothing. Next time the family may either want to hide the cash in safer location or write a check. A check can be rewritten more quickly than sending the money to the Mutilated Currency Redemption program.
And now the news…
October 2, 2018
The Australian Royal Mint has issued AC/DC 50 cents, $1 and $5 coins to celebrate the band’s 45th anniversary. The band was formed in November 1973 by Malcolm and Angus Young in Sydney. The original lineup included bassist Larry Van Kriedt, vocalist Dave Evans, and one-time Masters Apprentices member Colin Burgess on drums. → Read more at themusicnetwork.com
October 2, 2018
If you have a social media account like Instagram, chances are you would have been offered up to US$10,000 (RM41,400) for old notes and coins by collectors. Does it sound too good to be true? The Royal Malaysia Police (PDRM) says it is and warns that you may end up losing your money as it could be another scam. → Read more at thestar.com.my
October 2, 2018
The story of Armistice Day. Credits: Images courtesy of Alexander Turnbull Library, Wairarapa Archive, Palmerston North Libraries, Archives New Zealand and the Auckland War Memorial Museum. From this month you may find a colourful new coin in your change. → Read more at newshub.co.nz
October 3, 2018
The owner of a Vancouver coin shop allegedly defrauded customers out of $1.3 million, according to a federal indictment announced Wednesday. Blue Moon Coins owner Aaron Michael Scott, 40, of Portland was indicted by a grand jury on 11 counts of wire fraud and five counts of mail fraud, according to a statement released by U.S. → Read more at columbian.com
October 3, 2018
"The products in our R+D Lab Collection are tried, tested and true examples of forward-thinking technology that could re-define the future of domestic and foreign coins," said Dr. Xianyao Li, Chief Technology Officer at the Royal Canadian Mint. → Read more at prnewswire.com
October 4, 2018
The Japanese love their cash. Cash as in physical notes and coins. Not the electronic variety that floats around in cyberspace instead of bouncing about in purses and pockets. Surveys show that we are totally behind the times in our attachment to the ¥10,000 and ¥1,000 notes and the way… → Read more at japantoday.com
October 5, 2018
A Holladay family is figuring out how to replace more than $1,000 in cash that their 2-year-old son sent through the shredder. → Read more at ksl.com
This is a surprise. This past month Rep. Alex Mooney (R-WV) introduced a bill that would make the gains made on the sale of bullion coins issued by the U.S. Mint tax exempt. This would be for any precious metal coin. The bill says “No gain or loss shall be recognized on the sale or exchange of gold, silver, platinum, or palladium coins minted and issued by the Secretary at any time…”
The bill also includes “refined gold or silver bullion, coins, bars, rounds, or ingots which are valued primarily based on their metal content and not their form.”
It is called the Monetary Metals Tax Neutrality Act of 2018 (H.R. 6790) and was introduced on September 12, 2018.
While this may be good for the numismatic community, with the mid-term elections just over a month away and congress mired in many fights, it is difficult to see that this bill passes. Even if it passes in a lame duck session, the possibility of the Senate acting on it is very low. Of course that depends on the outcome of the election and I have been wrong about prognosticating some bills!
H.R. 6790: Monetary Metals Tax Neutrality Act of 2018
Summary: This bill amends the Internal Revenue Code to exempt gains or losses from the sale or exchange of certain coins or bullion from recognition for income tax purposes. The exemption applies to gains or losses from the sale or exchange of: (1) gold, silver, platinum, or palladium coins minted and issued by the Department of the Treasury; or (2) refined gold or silver bullion, coins, bars, rounds, or ingots which are valued primarily based on their metal content and not their form.
Referred to the House Committee on Ways and Means. — Sep 12, 2018
Since the Bank of England transitioned from the old round pound to the new 12-sided pound coin, the British tabloids have been watching the online auctions, primarily eBay, to sensationalize the price of coins being bought-and-sold by collectors.
2014 £2 coin commemorating the 100 year anniversary of the start of World War I is one of the coins the British tabloids watch.
Most of the coins were circulating commemorative 50 pence, one and two-pound coins ranging from the coin commemorating the end of slavery in England to Peter Rabbit commemorating the work of Beatrix Potter.
While searching the internet for numismatic-related news, there is at least one tabloid writing about yet another find and how someone sold it for thousands of pounds on eBay. After tweeting one of those stories, a British collector responded and we had an email conversation about the stories.
According to my correspondent, it seems that the tabloids are making more out of the story than necessary. Using the information from my correspondent, I began to watch the eBay UK auction results.
Although it is true that some of these coins are selling for hundreds and even thousands of pounds, most of the buyers are not from the UK. According to one eBay seller, most of his buyers were from the Middle East and Southeast Asia.
Another seller said that finding one in pocket change, as suggested by the tabloid, is not going to make anyone rich. The coins that are selling at high multiples are uncirculated coins pulled from rolls they purchased from the Royal Mint.
Not all of the coins are selling at high prices. One seller said that he sold most of a roll to people from the European Union for a few euros plus shipping. While they are making money, they are not getting rich as suggested by the tabloids.
The tabloids have been helpful in raising awareness for some of these coins. In the past, one person said she would buy three or four rolls of the 50 pence coins and would sell them over time. She had rolls at least five years old before it became a topic in the tabloids.
Coin roll hunting became instantly popular throughout the UK. Some banks report that there is a higher demand for rolls of 50p coins than usual. The demands coincide with the report of another coin being sold for thousands of pounds on eBay.
If there is good news in this, the UK error collectors are finding fresh material. With so many people looking closely at the coins they receive in change and from the bank, more errors are appearing in the collector market. But the increased supply without a similar increase in demand has kept the prices down. Error collectors are afraid that once people realize that this is not a credible get-rich-quick scheme, the number of people looking for errors will diminish.
And now the news…
September 23, 2018
Bangladesh Bank established the museum, the first of its kind in the country, beside the Bangladesh Bank Training Academy with a collection of over three thousand coins and currency notes → Read more at dhakatribune.com
September 24, 2018
Sofia, Bulgaria – → Read more at euscoop.com
September 27, 2018
It’s a hobby for Garrison Garrow, and his efforts are renowned.Garrow, of Akwesasne, designed the new Royal Canadian Mint collector coin ($30), which was unveiled recently at McGill Universit… → Read more at standard-freeholder.com
September 28, 2018
The Bulgarian National Bank has issued (17th September) the fifth entry in a series of coins entitled “Medieval Bulgarian Rulers,” which has been issued intermittently since 2011. The latest coin features the Bulgarian ruler Ivan Asen II (circa. → Read more at novinite.com
Although this weekly posting tries to cover the news that does not appear in the numismatic media, this week there has to be something said about a bombshell reported by Coin World.
(PCGS Image downloaded from the Internet Archive)
In a surprise announcement, Collector’s Universe, Inc. (NASDAQ: CLCT) announced the termination of David Hall as president and CEO as of September 18. No reason was given for his termination.
Hall remains on the Collector’s Universe board of directors.
Hall was one of seven co-founders of Professional Coin Grading Service in 1985. In 1999, PCGS expanded to Collector’s Universe to provide grading and authentication services to other collectibles. Professional Sports Authentication and PSA/DNA are considered the gold standard in the sports collectible industry. He has held several leadership roles in PCGS and Collector’s Universe over the years.
When contacted by Coin World, Hall did not provide additional details.
In the article, it said that Hall plans to remain prominent in the industry and will be more active with David Hall Rare Coins, a firm he founded in the 1970s.
We here at the Coin Collectors Blog wish Hall well as he begins the next phase of his professional life.
And now the news…
September 17, 2018
Rock musician Rory Gallagher represented the “very best aspirations of our republic”, President Michael D Higgins has said. Mr Higgins was presented with a €15 commemorative coin featuring an image of the late guitarist who died in 1995, aged just 47. → Read more at irishtimes.com
September 17, 2018
THE Royal Mint is selling a GOLD Kew Gardens 50p coin which could be worth up to £800. Only 1,000 of these rare coins were made and only 629 of them were actually bought by the public, making them even more valuable to collectors. → Read more at thesun.co.uk
September 17, 2018
Law enforcement officers are urging the public to be on the lookout for scam artists trying to sell fake coins in the Cameron, Missouri, area. The DeKalb County Sheriff's Office issued an alert showing plastic sleeves of old coins that were passed off as valuable silver to one business. → Read more at newspressnow.com
September 22, 2018
The Royal Mint has increased its production of collectible coins in an attempt to appeal to a wider market as the use of cash declines across the country. → Read more at telegraph.co.uk
Collecting American Palladium Eagles
This is last article of a 4 part series:
The American Palladium Eagle coin is the newest addition to the American Eagle program. The bill to create the program was introduced by Rep. Denny Rehberg (R-MT), the representative-at-large from Montana. Montana is home of the Stillwater Mining Company, the only producer of palladium in the United States. Stillwater also owns platinum mines that supply the U.S. Mint with platinum for American Eagle Bullion coins.
In the world of metal investing, palladium is behind gold, silver, and platinum in demand. Palladium is not as popular in the United States as it is in other countries. Palladium sells better than silver in Canada and Europe. It is rarer than gold, but a little more abundant than platinum but has the silky look of platinum while being almost as ductile as silver. Artists in Europe and Asia are beginning to use palladium instead of platinum for their higher-end designs.
The American Eagle Palladium Bullion Coin Act (Public Law 111-303) originally requested that the secretary study the feasibility of striking palladium coins and mint them if the study shows a market demand. Although the study showed that there is a market, it was not overwhelming. Based on the wording of the law, the U.S. Mint opted not to strike palladium coins.
In December 2015, Rehberg added an amendment to the Fixing America’s Surface Transportation Act or the FAST Act (Public Law 114-94, 129 STAT. 1875, see Title LXXXIII, Sect. 73001) that took away the U.S. Mint’s option. The first American Palladium Eagle bullion coins were struck in 2017.
Source of Metals
The law requires that the U.S. Mint purchase palladium from United States sources at market values. It allows the U.S. Mint to purchase palladium from other sources to meet market demands.
A difference between the authorizing law for the American Palladium Eagle and other coins in the American Eagle program is that there is no requirement for the U.S. Mint to produce proof coins. It will be up to the U.S. Mint to determine whether there is a collector demand and strike proof coins accordingly. How this differs from the rest of the American Eagle program will be tested the next time metals experience high investor demand.
The American Palladium Eagle Design
By law, the obverse of the American Palladium Eagle coin features a high-relief likeness of the “Winged Liberty” design used on the obverse of Mercury Dime. It is an acclaimed classical design as created by Adolph A. Weinman.
The law requires that the reverse used to bear a high-relief version of the reverse design of the 1907 American Institute of Architects medal. The AIA medal was also designed by Weinman. It is the first time that this design is featured on a legal tender coin.
Obverse features the Winged Liberty “Mercury” Dime design by Adolph A. Weinman
Reverse is the design used on the 1907 American Institute of Architects medal designed by Adolph A. Weinman
American Palladium Eagle coins are made from one troy ounce of .9995 palladium. The balance is copper. These coins are produced so that each coin states its weight and fineness and has a denomination of $25.
Bullion American Palladium Eagle Coins
The American Palladium Eagle program produces bullion and collectible coins. The bullion coins can be stuck at any branch mint but do not have a mintmark. Bullion coins are sold in bulk to special dealers who then sell it to retailers. They are struck for the investment market.
Although some people do collect bullion coins there are not produced for the collector market. As with other investments, American Palladium Eagle bullion coins are subject to taxes when sold and may be held in Individual Retirement accounts. Please consult your financial advisor or tax professional for the tax implications for your situation.
Collector American Palladium Eagle Coins
Collector coins are produced and sold by the U.S. Mint in specialty packaging directly to the public. Collectors can purchase new coins directly from the U.S. Mint and find these coins online. Collector American Palladium Eagle coins are produced only as proof coins.
The U.S. Mint began selling American Palladium Eagle Proof coins in 2018 with a limited production of 15,000 coins. The coins sold by the U.S. Mint are stored in a specially made capsule and that capsule is placed in a package similar to that used for other coins in the American Eagle program.
Since this program is new, there have been no special issues or the discovery of errors. As time passes, that will likely change.