Weekly World Numismatic News for August 9, 2020

2019 American Silver Eagle Enhance Revers Proof obverseThe U.S. Mint does it again by shutting out collectors with an unannounced change in procedures.

According to reports, 95 of the 2019-S American Silver Eagle Enhanced Reverse Proof did not sell the first time because of an alleged glitch. Rather than letting the general public know that the coins were available, they snuck it onto their website and sent messages to people who signed up for reminders only.

The U.S. Mint did not send the message to everyone on their reminder list. Only to those people who signed up for when the coin would be available again.

So let me get this straight. If you’ve signed up for the U.S. Mint reminder services but not for restocking notice, you did not get notified. But if you signed up for a restocking notice after the U.S. Mint announced that all 30,000 coins sold, you were sent a notice.

From the poorly designed website with a bad ordering experience to the sneaking the surplus coins by the general public, the U.S. Mint is not endearing itself to the collecting public.

How can the hobby expect to attract more collectors if the source of coins makes it difficult to purchase their products?

And now the news…

 July 29, 2020
Toilet paper, sanitizer and yeast were but a few of the top-of-mind goods hoarded by Canadians at the outset of the COVID-19 pandemic. In more recent weeks, however, another shortage – this of $50 banknotes – has come to light.  → Read more at canadiancoinnews.com

 August 3, 2020
Minelab Metal Detectors Luke Mahoney said the "feeling of scraping the dirt away and seeing the coins is indescribable" A metal detectorist who has spent 10 years searching for hidden treasure found "the biggest hoard of his life" in a field behind his village pub.  → Read more at bbc.com

 August 4, 2020
UK considers minting coin to commemorate Mahatma Gandhi  |  Photo Credit: BCCL Mahatma is poised to become the first-ever nonwhite person to feature on the British currency.  → Read more at timesnownews.com

 August 4, 2020
On July 27, 2020, gold prices hit an all-time high. Although the earliest traces of gold as a valuable material date back to the Paleolithic era in 40,000 B.C., about two-thirds of all the gold ever mined has been wrested from the ground since 1950. Throughout human history, it’s estimated that human beings have mined 197,576 tons of gold. One reason that gold has been so attractive to people across every corner of the Earth for all of recorded history is that it’s nearly indestructible, which means virtually all of that 197,576 tons is still around in one form or another. Even so, if you combined every ounce of gold ever mined into one large cube, that cube would only measure about 70 feet on each side.  → Read more at thestacker.com
Coin Collectors News
news.coinsblog.ws

 

Weekly World Numismatic News for August 2, 2020

Colorized Basketball Hall of Fame Half Dollar Clad Coin

Colorized Basketball Hall of Fame Half Dollar Clad Coin (Image courtesy of the U.S. Mint)

Tradition is the transmission of customs or beliefs passed from one generation to another. Traditions are not laws or rules.

People invested in a tradition are afraid to change. It has always been that way and was successful, then why change?

At some point, change is necessary, or the tradition will stifle growth. Two areas where tradition is holding back activities are baseball and numismatics.

Hardcore baseball fans are the most traditional fans. They are the people who can tell you who was on deck when Bobby Thompson hit “the shot heard around the world,”† the nuance of the double switch, or why on-base percentage is a better statistic than batting average.

While trying to have a season amidst the COVID-19 pandemic, baseball had to look tradition in the face and calmly walk in another direction. Aside from adding the designated hitter (DH) in the National League was placing a runner on second base when the games go into extra innings. The purpose is to shorten games, especially those that go to extra innings.

We are used to the DH. When games are played in an American League Park, all teams use the DH. But putting the runner on second base who did not get a hit to be there is very different.

But the move seems to be working. In the first week of the new season, four games went to extra innings, and all of the games ended in the 10th inning. It is an unorthodox move for a sport bound in tradition.

Numismatics is the same in many respects. The U.S. Mint strikes real coins, not trinkets. To be a real collector, you have to collect all of the best stuff, including the highest grade versions of the most popular coins. Finally, coins have to be a good value.

A “real coin” is money that an issuing authority legally monetizes for a market. The market may be for collecting purposes, but the issuer has assigned a face value. Even though the U.S. Mint has issued commemorative coins that are not intended to circulate, the traditionalists have determined the new colorized coin is something less than a real coin.

Traditionalists may not want to hear that a general collector community has reacted favorably to the colorized Naismith Hall of Fame Commemorative Coins. On message boards where collectors discuss their collections, they are now beginning to realize that the U.S. Mint has issued other sports-related commemorative coins. In a recent discussion, some started to ask about the National Baseball Hall of Fame commemorative coins.

These collectors are not interested in Morgan Dollars, Standing Liberty Quarters, or Buffalo Nickels. They want the coins to add to their sports collections. A fan of Dr. J, Julius Erving, said that he plans to buy the colored and non-colored coins for his collection.

When it comes to numismatics, what defines a good value? How does one tell a person who may have inherited coins why a dealer would buy a coin for $20 but sell it for $45 or $50?

This past week, Michael Taylor, a financial writer for mysanantoinio.com, wrote the article, “Coin collecting a fine hobby, but not a good investment.” His fundamental question was, why is the spread between the bid and ask prices of coins so vast.

Briefly, Taylor acquired coins from his elderly father and tried to figure out their value. His mother had taken the small hoard to a coin shop and was offered about half of their retail value. As part of Taylor’s investigation, he used the Red Book (A Guide Book of United States Coins) and the Blue Book (Handbook of United States Coins) to understand pricing.

Taylor concluded that coins were not a good investment based on his analysis of the pricing differences found in both books.

Taylor is a published financial professional with many years of understanding markets. Most markets are very understandable that professionals who predict markets can do so with reasonable certainty. They can mitigate risks for wrong predictions and still make a good living.

Based on analyzing the Red and Blue books, how does one do that in the coin market? The problem is that there is so much more to the market that these books do not cover. A lot is based on tradition, unwritten lore, and irresponsible perceptions.

The general public has a better understanding of the automobile market than they do of the numismatic markets.

If you want to fix the hobby, it is time to look at these traditions, lore, and perceptions and act responsibly. Otherwise, the collectors may only be one-time coin buyers, and the hobby will continue to stagnate.

And now the news…

 July 26, 2020
CINCINNATI, Ohio — It's been more than a month since the Federal Reserve declared a coin shortage in the U.S. Businesses like banks, grocery stores and laundromats have had to change their practices to keep change on hand, but one private mint based in Cincinnati is in a unique position to cash in.
  → Read more at spectrumnews1.com

 July 28, 2020
The U.S. Mint has reduced the volume of gold and silver coins it’s distributing to authorized purchasers as the coronavirus pandemic slows production, a document seen by Bloomberg shows.  → Read more at bloomberg.com

 July 29, 2020
Coins don’t work well as investments, but they are OK as collectibles, according to columnist Michael Taylor.  → Read more at mysanantonio.com

 July 30, 2020
South Carolina, introduced in 2000, was the eighth state quarter brought into circulation. Growing up in San Diego in the early 2000s, Kelsey Fehlberg proudly displayed her state quarters in a map with inserts for each coin.  → Read more at nytimes.com

 August 1, 2020
The US Mint is slowing the production of gold and silver coins and limiting supply to authorized distributors – a sign that the pandemic is hampering the supply of physical money in the US.  → Read more at markets.businessinsider.com

 August 1, 2020
The price of gold hit record highs earlier in the week, Friday morning the price was at about $1.957 per ounce. From gold rings, necklaces and bracelets, people have been bringing in their jewelry to Emerald Coast Coins in Pensacola wit hopes of getting some cash and they're walking out with a lot more than expected.  → Read more at weartv.com

 August 1, 2020
The round £1 coin was demonetised at midnight on 15 October 2017 About 122m round £1 coins have not been returned to the Royal Mint, nearly three years after they stopped being legal tender.  → Read more at bbc.com
Coin Collectors News
news.coinsblog.ws

 

† For the non-baseball die-hards, the “Shot Heard ‘Round the World” was a game-winning home run by New York Giants outfielder Bobby Thomson off Brooklyn Dodgers pitcher Ralph Branca at the Polo Grounds in New York City on October 3, 1951, to win the National League pennant. You might have heard the famous call by Giants Broadcaster Russ Hodges. Since there was one out when Thompson was at-bat, the next batter would have been a Giants rookie named Willie Mays.

Weekly World Numismatic News for July 26, 2020

Colorized Basketball Hall of Fame Half Dollar Clad Coin

Colorized Basketball Hall of Fame Half Dollar Clad Coin (Image courtesy of the U.S. Mint)

The news of the week was tragic. It blew up social media and seemed to make people upset. This news is going to be the end of the hobby. We may never recover.

No, the tragedy is not the alleged coin shortage.

Social media went berzerk because the U.S. Mint is going to sell colorized versions of the Basketball Hall of Fame Commemorative Coins.

How dare the U.S. Mint do something like this? It’s… it’s… un-American!

Calm down, folks. It is only a little color enhancing a commemorative coin.

But it’s not what the U.S. Mint is supposed to be about. They are supposed to produce real coins.

Real coins? Like the mess of coins in what we refer to as the Classic Commemorative Era? Can we also consider the circulating coinage disasters like the steel cent and Susan B. Anthony dollar?

It will turn us into Canada!

I can think of worse places. I like Canada. I have family in Canada. I collect Canadian coins. However, it is not going to turn the U.S. Mint into the Royal Canadian Mint. First, the Royal Canadian Mint produces more non-circulating legal tender (NCLT) coins that the U.S. Mint. Second, the Royal Canadian Mint uses technologies like lenticular printing to create the design. For the Basketball Hall of Fame coin, the colorization is an enhancement of a struck design.

Colorized Basketball Hall of Fame Silver Dollar Coin

Colorized Basketball Hall of Fame Silver Dollar Coin (Image courtesy of the U.S. Mint)

It’s ugly!

That is your opinion. I like what the U.S. Mint will do to the half-dollar coin by emphasizing the ball and rim. Based on the pictures I have seen, the colorized rim on the silver dollar is not enough.

It’s not what the U.S. Mint is supposed to do. I’m not buying it!

Good! It means that I will be able to buy one for myself without trying to fight the speculators.

It’s too expensive.

Finally, an argument I can agree with. Yes, the U.S. Mint is charging too much for the colorized coins. This is because instead of bringing the technology in-house, they have to pay a contractor to do the colorization.

It’s bad for the hobby!

How many times have we heard something is wrong for the hobby. Slabs signed by television reality stars were supposed to be the beginning of the end of the hobby. Endless series of circulating commemoratives are supposed to be bad for the hobby. Commemorative coins with unpopular themes were also going to kill the hobby.

To borrow a phrase: We’re still standing. Yeah! Yeah! Yeah!

Sorry, boys and girls (and we know the complaints are mostly coming from old men). Colorized commemorative coins are not bad for the hobby. It could be good for the hobby. These coins could attract people to the hobby that may not have been interested in the past.

If you want to know what is not good for the hobby, it is the U.S. Mint selling coins that did not sell at cut-rate prices to a television huckster like RCTV that pays NGC to slab the coins with special labels and then sells them at hugely inflated prices to unknowledgeable people on television.

You may also watch for the U.S. Mint’s “de-trashing” policy that is dumping other surplus coins on the market. These are coins that did not sell during the regular sales period that will have “special designation” labels from NGC. Not that the labels would make a difference, but we know that the dealers will over-hype these coins at prices far beyond their worth.

Remember what happened with the television hucksters selling state quarters at over-inflated prices? Or even RCTV selling a set of 31 American Silver Eagle bullion coins for more than you can buy a date run of 34 coins? Eventually, these coins will end up being brought to dealers who will tell them that they overpaid.

I will take colorized coins over the feeding crap to the television hucksters any day.

And now the news…

 July 20, 2020
Editor's Note: Get caught up in minutes with our speedy summary of today's must-read news stories and expert opinions that moved the precious metals and financial markets. Sign up here! (Kitco News) Gold and silver prices are higher in early U.S. trading Monday, with silver notching a nearly four-year high just above $20.00.  → Read more at kitco.com

 July 20, 2020
As if we needed any more challenges in 2020, earlier this month a national coin shortage hit America. That right, America doesn’t have enough physical change to go around.  → Read more at fastcompany.com

 July 21, 2020
Coin finds: Looking at this rural scene of Thornhill where Roman coins were found not far away on the Overthorpe estate in 1938, it fires the imagination to think that the early Romans just might have passed by this picturesque spot and even decided to settle here.  → Read more at spenboroughguardian.co.uk

 July 23, 2020
Old Masters seem to be a safe bet during the uncertain times. This painting, Pieter Brueghel the Younger, St.  → Read more at barrons.com

 July 23, 2020
In recent weeks, you may have noticed that most shops and restaurants are not accepting cash. This isn’t because of COVID transmission, as some assume, but because of a national coin shortage.  → Read more at savingadvice.com

 July 25, 2020
“Clare Duffy is a CNN Business associate writer covering the business of technology and the strategies of Big Tech companies. The opinions expressed in this commentary are her own.  → Read more at cnn.com
Coin Collectors News
news.coinsblog.ws

 

If you like what you read, share, and show your support Buy Me A Coffee

Simply put, there is an adequate amount of coins in the economy

Coin JarThe U.S. Mint succinctly stated in its press release about the shortage of circulating coins is that there are enough coins in the economy. There is no shortage.

What is happening is that, like everything else during the COVID-19 crisis, the supply chain broke. Coins stopped circulating because people were not going out and spending the coins or currency. Since cash sales dropped, there was no need for stores to stock up on coins. They had the supply to conduct business.

Since the stores did not need the coins, the banks stopped ordering coins for its inventories. Larger stores that rely on logistics carriers were not ordering coins or sending coins into the supply chain. Finally, the logistics carriers saw their inventories rise and become stagnant, giving them no reason to buy more coins from the Federal Reserve.

Now that areas are opening and the demand for change has increased, the supply chain has to restart. According to Federal Reserve Chairman Jerome Powell, the cash rooms operated by each Federal Reserve District has a sufficient supply of coins. But the coins have to be circulated through the system.

The government is doing its job. The U.S. Mint is striking a sufficient volume of coins for circulation, and the Federal Reserve has the supply to support commerce. It is the private sector that manages the supply chain that has failed.

The logistics companies, the coin processors that move the money between the Federal Reserve, the banks, and the retailers, have caused the backup. Since many banks have limited access to their drive-thru operations, there is an opportunity for the supply chain to adjust. They cannot adjust fast enough.

If you want to help fix the supply chain, spend your coins. Use exact change when possible. When it is not possible, use a credit or debit card.

If you are the type that keeps coins in jars, now is the time to do your search and send the rest back into circulation. Some banks are offering bonus payments for bringing in coins. Others that were charging fees if you did not roll the coins are waiving those fees. If you regularly buy from Amazon, consider using a Coinstar machine to turn your coins into an Amazon credit. Coinstar does not charge a fee when you trade your coins for Amazon credit.

Relax! It is not a conspiracy to get coins out of circulation. The government is not replacing U.S. dollars with Bitcoin. The government is not participating in creating a global currency, especially when you see how that has worked with mixed results in Europe. And this is not how the government is going to take your money away from you. That is what the tax code does.

Take your coin jar, search for collectible circulating coins, and spend the rest. Get the coins back into circulation.

If you like what you read, share, and show your support Buy Me A Coffee

Desktop Treasure Hunt Leads to a Walk Down Memory Lane

Dime Savings Bank KeyringI am sure I am not the only one whose desk looks like it could be declared a disaster. My desk is so bad that during a recent recon mission, I found books about information security. It has been over three years since I retired from that industry.

A side effect of the mess is while digging under the piles, I can find coins and collectibles I forgot I had. It’s a make-my-own treasure hunt.

The picture to the right is a recent find. It was a giveaway from the Dime Savings Bank from a branch in Huntington Station, Long Island. It is a 1972 Roosevelt Dime encased in clear plastic attached to a keyring. The encased dime is attached to a card and wrapped in the original plastic.

I found this coin in the 1990s during a trip to Long Island. It was likely purchased from an estate sale not too far from the branch. It must have fallen out of a nearby box that holds my New York numismatic collection. It’s the box that I have been thinking about organizing for years.

Finding it brings back memories.

As a right of passage for Baby Boomers born in Brooklyn, our parents helped us open passbook savings account at the Dime Savings Bank. Founded in the Williamsburg section of Brooklyn, the Dime was as part of life as stickball. Even after moving to Long Island, we kept our accounts with Dime.

If you are too young to know about passbook savings, it was a savings account where your account activity was recorded in a passbook that resembled a passport. When you deposited or withdrew money, you handed the teller your passbook. The teller would put the book in a machine that would print the transaction on the pages. Every three months, an extra entry would be added for the interest payment. Before I understood the concept of savings account interest, I thought the bank was giving me free money.

I would deposit parts of my allowance and the payment for odd jobs around the neighborhood. When I was old enough, I started to deliver Newsday after school when it was an afternoon newspaper. When the deposits passed $100 in savings, I thought that I was rich.

Every week, I would knock on the doors where I delivered the paper to collect money for the newspaper. One day, someone paid for their delivery by including ten copper coins that I did not recognize. I showed them to my father, who told me they were Indian Head cents.

I did not know these coins existed. So I dumped the coins in my pocket on the floor and started to sort through them. I started to separate the coins by type and date, laying them across the floor. My mother did not like my collecting style, so my father bought my first Lincoln cent folder and a Red Book. I still own my first blue folders.

The deposits began to change. I no longer deposited the coins. I was too fascinated with them to let them go. Slowly I began to build a collection out of pocket change while the currency was deposited in the bank. I also accumulated more blue folders.

Then my father did something that changed everything. He took me to a coin store. Suddenly, the Roosevelt dime collection was nearing completion. The blue folder for the dimes was replaced by a blue deluxe album. I was addicted!

The deposits also began to reduce. Somewhat similar to today but on a different scale!

Passbook savings programs are a relic of the past. The Dime Savings Bank is now called the Dime Community Bank. And I got to relive this memory because I found a one-time giveaway buried under a pile on my desk.

If you like what you read, share, and show your support Buy Me A Coffee

Weekly World Numismatic News for July 19, 2020

CoinsThere is a coin shortage.

There is also a currency shortage, but it is not as severe as the coin shortage.

The shortage is not because the government has stopped the manufacturing process. There was a production slowdown in April and May, but that does not account for the lack of circulating coins. The West Point Mint briefly closed because the circumstances were different. West Point does not strike circulating coinage.

Although the Bureau of Engraving and Printing slowed down production in Washington, D.C., Fort Worth did not miss a beat.

The Federal Reserve, an independent organization, did not stop the circulation of money. There is money in the various cash rooms around the country. While some of the supply is lower than usual, Federal Reserve Chairman Jerome Powell testified to Congress that their supplies are adequate to meet the demand.

If the government is not causing the coin shortage, then where are the coins?

For nearly eight weeks beginning in mid-March, the amount of money circulating diminished to its lowest levels since the Great Depression. You have not been spending cash. The result is that the stores and banks were not circulating coins forcing the logistics companies to store what they can and deposit the rest with the Federal Reserve.

The Federal Reserve believes there are enough coins to satisfy commerce. The problem is that the supply chain has to restart. There is a limit to how fast the supply chain can move the coins around.

The warehouses where the coins are stored is like a gallon jug or your favorite beverage. To server your guests, you need to pour that gallon jug into glasses. But the only way to pour the jug is into a funnel to guide the liquid into each glass. How much is pouring slowed down by the bottleneck of the smaller opening at the bottom of the funnel?

In the case of coins, the smaller opening is the armored cars that deliver the money from the warehouses to the banks and other large institutions. The limited capacity of the opening will slow down the pouring of the beverage and the pouring of the coins back into the economy.

One Federal Reserve research group suggested that it could take 3-6 weeks for the supply chain to get back to normal. Compared to the lack of Clorox and Lysol cleaners in the supermarkets, that is lightning fast!

And now the news…

 July 14, 2020
A recent social media post falsely said a coin shortage in the U.S. was a sign of an impending one-world government. The false claim included a photo of a sign in a grocery store asking customers to use exact change or noncash payments due to a "national coin shortage," according to PolitiFact.com.  → Read more at dailyherald.com

 July 14, 2020
Editor's note: This is an excerpt of Planet Money's newsletter. You can sign up here.  → Read more at npr.org

 July 15, 2020
People have been collecting coins since they became useful for bartering around 700BC. The hobby of collecting currency today is now one of the best activities that kids of all ages can become involved with. There isn’t a video game in existence that packs the same reward as collecting coins.  → Read more at williamsondailynews.com

 July 15, 2020
Interest in gold is rising across the globe as confidence in paper currencies declines. Image: Chris Ratcliffe, Bloomberg Demand for Kruggerands, the top-selling gold coin in the world, is surging as buyers across the globe scramble for one of the few safe havens in times of economic distress.  → Read more at moneyweb.co.za

 July 16, 2020
Maybe you’ve seen signs in retail stores about a coin shortage, which led to a widely shared conspiracy theory on Facebook. "National Coin Shortage Just Beginning. The national coin shortage was done intentionally, the mint is no longer releasing coins into circulation aka this is the beginning of the end of paper money," the July 2 post says in part, arguing it’s part of a decades-old plan toward enabling a "soon coming one world government" to track every private transaction.  → Read more at politifact.com
Coin Collectors News
news.coinsblog.ws

 

June 2020 Numismatic Legislation Review (a little late)

Don't set the DeLorean to 2020There is a meme going around the Interwebs that shows Doc Brown (Christopher Lloyd) getting out of his modified DeLorean with Marty McFly (Michael J. Fox) standing there with Brown telling Marty not to set the time machine to 2020. If you do not understand the meme, I recommend you stream Back to the Future on your favorite streaming platform. It is a classic movie!

We are 13 days into July, and I realized that June was over, and the Legislative Update was due. Then again, we discussed the only legislation that Congres introduced in June. Otherwise, there is nothing to report on the legislation front.

S. 4006: Coin Metal Modification Authorization and Cost Savings Act of 2020
Sponsor: Sen. Margaret W. Hassan (D-NH)
Introduced: June 18, 2020
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. — Jun 18, 2020
Introduced in Senate — Jun 18, 2020
This bill can be tracked at http://bit.ly/116-S4006.

Weekly World Numismatic News for July 12, 2020

2020 Elton John Uncirculated Coin

Reverse of the 2020 Elton John Uncirculated Coin (Courtesy of the Royal Mint)

This past week, the Royal Mint announced the next coin release in their Music Legends series to honor Sir Elton John. He is an international legend coming out of the British music scene who made his mark with talent and flamboyance. His long-time partnership with Bernie Taupin has entertained us since the 1960s.

Coins are available from the Royal Mint in gold, silver, and uncirculated. Uncirculated coins come in a special folder honoring Elton John.

There will be those that will complain that these coins hurt the hobby. To borrow a term from our British friends: RUBBISH! If these coins bring people into the hobby, then they are great.

What is bad for the hobby is buying surplus coins from the U.S. Mint and calling it a hoard! For years, the U.S. Mint has been selling off its excess inventory or melting precious metals. This time, someone bought them, sent them to be slabbed, and would jack up the prices under the guise of something special. When the buyer goes to sell them and finds out that they are not worth what they paid, that will have people running away from the hobby. It is similar to the overpriced crap sold on television during the 50 State Quarters program.

Even GovMint.com is getting into the junk selling hype. They have been on satellite radio hawking the emergency production bullion coins struck at Philadelphia after COVID-19 temporarily closed the West Point Mint. Their ad for “P-Mint designated” coins touts them as something special. They are not unique or rare, as the commercial insinuates. Bullion coins are struck at Philadelphia. The difference is that there was a way to determine which mint struck these coins.

What is more damaging to the hobby, selling over-priced bullion or common leftover coins or non-circulating legal tender (NCLT) coins with themes that some old-timers do not seem to like?

Here, let me make some of you upset. I visited the website for the Royal Mint and found something that I will add to my collection:

Queen Coin Cover

Queen Coin Cover is created in cooperation with the Royal Mint and Royal Mail (Image courtesy of the Royal Mint).

If that makes you upset, then you need to rethink your attitude on the hobby!

And now the news…

 July 2, 2020
A flag flies in front of the federal courthouse in Salt Lake City on Tuesday, Feb. 18, 2020. Scott G Winterton, Deseret News  → Read more at deseret.com

 July 6, 2020
Connor Shumate holding his metal detector and treasure. Photo: Malcolm Andrews. Rising Brownsville second grader Connor Shumate may have found pirate treasure right in his own yard!  → Read more at crozetgazette.com

 July 7, 2020
Treasure hunters hit the jackpot as they discover Roman coins at racecourse  → Read more at gazette-news.co.uk

 July 8, 2020
Royal Mint The coin depicts Sir Elton John's trademark glasses as musical notes Rock legend Elton John is to be commemorated on a £1,000 gold coin celebrating his musical legacy.  → Read more at bbc.com

 July 8, 2020
The design for the new gold $1 Elizabeth Peratrovich coin was on display during the Elizabeth Peratrovich Day celebration at the Tlingit and Haida Community Council on Feb. 16, 2020.  → Read more at juneauempire.com

 July 10, 2020
CRANSTON — Just weeks after being granted compassionate release from federal prison, the self-proclaimed “world’s greatest counterfeiter,” Louis “The Coin” Colavecchio, died Monday at age 78. He was in hospice care after struggling with dementia, chronic obstructive pulmonary disease, hypertension and other ailments.  → Read more at providencejournal.com

 July 10, 2020
In the summer of 2020, we received multiple inquiries from readers about the accuracy of news reports and social media posts that referred to an ongoing shortage of coins across the United States.  → Read more at snopes.com
Coin Collectors News
news.coinsblog.ws

 

The Ancient Coin Collectors Guild Needs Your Help

Once again, the State Department is about to do something that negatively affects a part of numismatics. Even if you are not an ancient coin collector, the ability to collect and study ancient coins helps give all of us clarity into history.

If the State Department permits the Memorandum of Understanding with Italy to pass, it will signal an end to ancient collectors’ ability to participate in the hobby. First, it will be the restriction of ancient Roman coins, then others will follow. Soon, every coin will become cultural property and locked in a museum, never to be seen again.

I heard it explained that coins were never meant to be static items. The rulers of ancient lands intended for the coins to circulate with their image. It was supposed to tie people to the empire. It was so important to pay the soldiers and circulate the money that coiners accompanied many armies. They would strike coins using the looted material and move on to the next conquest.

Most of these coins are not rare or even scarce. They are common, often seeing hoards of hundreds and accumulation of thousands across Europe. Some of the scarce coins can be readily found on the market and in museums.

However, if we listened to the archeologist, every crumb they find from the ancient past belongs in a museum. The necessity to save every widow’s mite is like wanting to save the Cross of Coronado.

From Wayne Sayles, Executive Director of the Ancient Coin Collectors Guild:

ACCG needs your help in defending collector rights under the law – Please comment now! It’s fast and easier than ever. No need for elaborate arguments or research, others have already taken care of that. What we need now is to demonstrate that import restrictions on ancient coins affect a lot of caring people and law-abiding people from all walks of life and all political persuasions.

The deadline to send a comment to the Cultural Property Advisory Committee (CPAC) has been extended to July 14, 2020. Comments can be left at:

If you want more detailed information and a sample letter to the CPAC, read:

In fact, read it anyway. It contains a lot of useful information.

We should stand up for the hobby, whether you collect ancient coins or not!

SCAM ALERT: LIACOO IS SELLING FAKE SILVER EAGLES!

Fake Silver Eagles

Two counterfeit American Silver Eagles purchased from LIACOO, a company based in China.

Last month I posted an article about a potential scam by a company named LIACOO selling American Silver Eagle coins from China. I ordered two coins to confirm my suspicion.

THE COINS ARE COUNTERFEIT! FAKES!

I ordered the coins on June 4, the day I posted the article. The coins were shipped from China to California to New Jersey to my office. LIACOO used the services of Newgistics, which is now a subsidiary of Pitney-Bowes. By using a logistics company in this manner, they can hide behind the anonymity of the service.

Contacting Pitney-Bowes is nearly impossible. I left a very public message on Twitter. Let’s see if they respond.

When the coins arrived, I opened the package and started to examine the contents. The coins are in a slab-like holder similar to the Coin World holders but without the Coin World logo. At first glance, they look fine, and then a closer look revealed problems.

My first impression was that there are almost no rims on the coin. A closer look at the obverse, and the font is too thin for the LIBERTY around the coin. Then I turned the coin over to focus on the U in United. It is missing the tail on the right side of the U. I did not need to see any more to be convinced this was a fake coin.

Finally, I removed the coin to weigh it. An American Silver Eagle is supposed to weigh just slightly more than one troy ounce because it is only .999 silver. Since my scale only measures grams to the tenths of ounces, it should have weighed 31.1 grams. It weighed 25 grams.

The coin is not magnetic.

I will investigate further, but I wanted to report my initial findings.

DO NOT BUY CHEAP EAGLES FROM RANDOM WEBSITES!

I bought these coins to prove my point. I knew I was potentially buying fakes. I spent less than $30 for education aids.

Unfortunately, two correspondents wrote to tell me they each bought ten coins from different dealers. They spent $19.95 per coin. Both lost over $200 with the shipping costs.

IF YOU CANNOT IDENTIFY THE DEALER, THEIR EXACT LOCATION, AND THEIR BUSINESS STATUS, THEN DO NOT BUY THEIR COINS!

LIACOO is a scam. It is a company based in China. DO NOT BUT FROM THEM!

Pin It on Pinterest