November 2020 Numismatic Legislation Review

Seal of the United States CongressAs part of the Lame Duck session, when Congress attempts to look busy while leadership negotiates or stalls negotiations of spending bills, it is time to pass commemorative coin legislation.

First up is H.R. 1830, the National Purple Heart Hall of Honor Commemorative Coin Act. The bill will create a gold, silver, and clad half-dollar program in 2021 to honor the National Purple Heart Hall of Honor in New Windsor, New York. The bill passed the Senate with an amendment allowing the U.S. Mint to strike the coin anywhere if the U.S. Mint cannot exclusively strike the coins at the West Point Mint. The House has to agree with the amendment before being sent to the president for his signature.

H.R. 1830: National Purple Heart Hall of Honor Commemorative Coin Act
Sponsor: Rep. Sean P. Maloney (D-NY)
Introduced: March 18, 2019
Summary: (Sec. 3) This bill directs the Department of the Treasury to mint and issue $5 gold coins, $1 silver coins, and half-dollar clad coins emblematic of the National Purple Heart Hall of Honor. (Sec. 5) The bill limits the issuance of such coins to the one-year period beginning on January 1, 2021. (Sec. 7) The bill prescribes surcharges for coin sales, which shall be paid to the National Purple Heart Hall of Honor, Inc., to support the mission of such organization, including capital improvements to the National Purple Heart Hall of Honor facilities.
Referred to the House Committee on Financial Services. — Mar 18, 2019
Introduced in House — Mar 18, 2019
Mr. San Nicolas moved to suspend the rules and pass the bill, as amended. — Sep 19, 2019
Considered under suspension of the rules. — Sep 19, 2019
DEBATE – The House proceeded with forty minutes of debate on H.R. 1830. — Sep 19, 2019
On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. — Sep 19, 2019
Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. — Sep 19, 2019
Motion to reconsider laid on the table Agreed to without objection. — Sep 19, 2019
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. — Sep 23, 2019
Passed Senate with an amendment by Unanimous Consent. — Nov 16, 2020
Passed/agreed to in Senate: Passed Senate with an amendment by Unanimous Consent. — Nov 16, 2020
Measure laid before Senate by unanimous consent. — Nov 16, 2020
Senate Committee on Banking, Housing, and Urban Affairs discharged by Unanimous Consent. — Nov 16, 2020
Passed Senate with an amendment by Unanimous Consent. (text of amendment in the nature of a substitute: CR S6694) — Nov 16, 2020
Passed/agreed to in Senate: Passed Senate with an amendment by Unanimous Consent.(text of amendment in the nature of a substitute: CR S6694) — Nov 16, 2020
Message on Senate action sent to the House. — Nov 17, 2020
This bill can be tracked at http://bit.ly/116-HR1830.

The Senate found fewer issues with H.R. 4104, the Negro Leagues Baseball Centennial Commemorative Coin Act. The bill will create a gold, silver, and clad half-dollar program in 2022 to honor the Centennial of the Negro Leagues (2020) and raise funds for the Negro Leagues Baseball Museum in Kansas City, Missouri. The bill passed the Senate by unanimous consent and has been sent to the president for his signature.

H.R. 4104: Negro Leagues Baseball Centennial Commemorative Coin Act
Sponsor: Rep. Emanuel Cleaver (D-MO)
Introduced: July 30, 2019
Summary: This bill directs the Department of the Treasury to mint and issue up to 50,000 $5 gold coins, 400,000 $1 silver coins, and 750,000 half-dollar clad coins in commemoration of the 100th anniversary of the establishment of the Negro National League, a professional baseball league that was formed in response to African-American players being banned from baseball’s major leagues. The design of the coins shall be emblematic of the Negro Leagues Baseball Museum and its mission to promote tolerance, diversity, and inclusion. All surcharges from sales of these coins shall be paid to the Negro Leagues Baseball Museum to fund educational and outreach programs and exhibits.
Referred to the House Committee on Financial Services. — Jul 30, 2019
Introduced in House — Jul 30, 2019
Committee on Financial Services discharged. — Sep 22, 2020
Mr. Cleaver asked unanimous consent to discharge from committee and consider. — Sep 22, 2020
Considered by unanimous consent. — Sep 22, 2020
On passage Passed without objection. — Sep 22, 2020
Passed/agreed to in House: On passage Passed without objection. — Sep 22, 2020
On passage Passed without objection. (text of amendment in the nature of a substitute: CR H4710) — Sep 22, 2020
Motion to reconsider laid on the table Agreed to without objection. — Sep 22, 2020
Received in the Senate. — Sep 23, 2020
Received in the Senate, read twice. — Sep 23, 2020
Passed Senate without amendment by Unanimous Consent. — Nov 16, 2020
Passed/agreed to in Senate: Passed Senate without amendment by Unanimous Consent. — Nov 16, 2020
Message on Senate action sent to the House. — Nov 17, 2020
Presented to President. — Nov 24, 2020
This bill can be tracked at http://bit.ly/116-HR4104.

A source reported that H.R. 7995, the Coin Metal Modification Authorization and Cost Savings Act of 2020 has growing interest in both chambers. H.R. 7995 brings up interesting questions regarding policies and what Congress is requesting. More on this another time.

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

Weekly World Numismatic News for November 29, 2020

I forgot the comedian’s name who had about depicting the cost of things in old movies. He explained that in old western movies, a man would dismount from his horse, amble up to the bar for a drink and throw down a coin for the libation. It did not matter what the drink cost. The drinker paid one large silver coin with a loud ping.

The silver dollar was the coin of the realm for the old west. It was hard money to go along with the hard times. Paper money had questionable value and could not be as trusted as a silver coin. Settling in the territories and building new lives on untamed land was risky and the feel of a metal coin was less risky than paper.

After the last Peace Dollar was struck in 1935, the U.S. Mint never minted another silver dollar for circulation again. The return of the large dollar coin came in 1971 with the copper-nickel Eisenhower Dollar. The coin was popular as a curiosity but waned until the bicentennial redesign. After the bicentennial, it seemed that the dollar coin had returned.

Then came the biggest failure of the modern coin era: Susan B. Anthony dollar.

Although the idea to honor suffragette Susan B. Anthony was sound, the rest of the coin’s design led to the long term rejection of dollar coins. The coin was smaller than the Eisenhower dollar but only slightly larger than a quarter. It was made using copper-nickel clad planchette and reeded edges that made it too similar to a quarter. Rather than being an 11- or 12-sided coin, it was round with a design that included a border to simulate the edges.

Many people tried to embrace the coin, but the confusion with the quarter was too costly. As college students, we abandoned the coin early. When the coin was spent as a quarter, we poor college students lost 75-cents per transaction or three cups of late-night coffee from the vending machine.

The introduction of the Sacagawea dollar in 1999 saw the basic planchet changed to fix all of the problems found in the Susie B. With the color change and the smooth edges, it was unlikely to be confused for another coin. Unfortunately, the Susie B. was such a failure that the coin has never gained traction in commerce.

The dollar coin programs of the 21st century have not been appreciated the way they should be. What better way to celebrate the republic’s longevity and the concept of the peaceful transfer of power than a celebration of the presidents? Since 2009, the coins celebrate the history of the Native American contributions with underappreciated designs.

Although some complain about a new series of coins, the American Innovation Dollar celebrates great inventions that have made life better. The coin is a better representation of the American spirit than a static design.

But there is no incentive to wean the country off of the paper dollar and embrace the coin. Even though Congress passed the laws to create these coins, they do not have the intestinal fortitude to eliminate the dollar note, as almost every first-world country has done. Instead, they pass laws creating coin series and wonder why they are not successful.

One of their alleged reason is that people do not want to change. But they are asking people who give specious reasons for resisting as “would you rather carry around 20 dollar coins or 20 $1 bills.” My response is, “neither. I would rather carry a $20 bill!”

It would be nice to join the civilized world and remove the $1 Federal Reserve Note from circulation. The coins have such exciting designs that they deserve circulation. Maybe someday the do-nothing Congress will figure it out–likely when its members’ average age dips below 60 years old!

And now the news…

 November 22, 2020
Time to stop worrying about Covid, the election, rising sea level, murder hornets, the end of the world, etc. etc. Time instead to focus on the immediate problem, i.e. why we’re not using dollar coins?  → Read more at lostcoastoutpost.com

 November 24, 2020
We used to carry and trade bits of metal everywhere, but a pandemic shortage and the rise of digital money are making jingly pockets a distant memory for many.  → Read more at nytimes.com

 November 24, 2020
Ron Kerridge They will be offered by international coins, medals, banknotes and jewellery specialists Dix Noonan Webb via their website www.dnw.co.uk.  → Read more at worthingherald.co.uk

 November 24, 2020
IRMO, S.C. — An Irmo couple made a remarkable discovery after moving into their dream home.  James Mumford and his wife Clarissa recently moved to Irmo and when settling in, found quite a collection in one of the built-in dressers.   → Read more at wltx.com

 November 25, 2020
"Brother, can you spare a dime?" That question became famous in the Great Depression. In 2020, with the pandemic raging, the answer could be, "Maybe, but they're hard to find."  → Read more at newsweek.com
Coin Collectors News
news.coinsblog.ws

 

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

2022 Commemorative Coin Programs Pass the Senate

Two commemorative coin bills introduced and passed in the House of Representatives were passed by the Senate this week. Both bills will create commemorative coin programs for 2022.

H.R. 1830: National Purple Heart Hall of Honor Commemorative Coin Act

Purple Heart

Purple Heart Medal (image courtesy of Stars and Stripes)

H.R. 1830 passed the Senate by unanimous consent. The resulting law will create gold $5, silver dollar, and clad half-dollar commemorative coins in honor of the National Purple Heart Hall of Honor in New Windsor, NY. Surcharges will be paid “to the National Purple Heart Hall of Honor, Inc., to support the mission of the National Purple Heart Hall of Honor, Inc., including capital improvements to the National Purple Heart Hall of Honor facilities.”

It would have been interesting to require this coin to be in the shape of a heart. The obverse design could be similar to that of the Purple Heart medal. The reverse could be about the Hall of Honor or the sacrifice made by those awarded the Purple Heart.

I will likely purchase this commemorative coin in honor of my grandfather, a recipient of the Purple Heart for injuries sustained in Europe during World War I.

H. R. 4104: Negro Leagues Baseball Centennial Commemorative Coin Act

(From Twitter)

H. R. 4104 passed the Senate by unanimous consent will create gold $5, silver dollar, and clad half-dollar commemorative coins in honor of the centennial of the Negro Leagues. Although the centennial would be in 2020, the first available commemorative slot will be in 2022. Surcharges will be paid “to the Negro Leagues Baseball Museum for educational and outreach programs and exhibits.” The Negro Leagues Baseball Museum is located in Kansas City, MO.

Although the law will not require these coins to be curved, there is an opportunity for judicious use of color and selective highlights, such as those used for the enhanced strikes.

Both bills will become law when signed by the president.

Now that Congress has begun its Lame Duck session stay tuned for more numismatic bills to pass by unanimous consent.

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

October 2020 Numismatic Legislation Review

Seal of the United States CongressAlthough many as said a lot about what Congress is doing, numismatically, there is nothing to report. It is typical for Congress to adjourn during October to allow members to campaign. If Congress takes up any business, they believe that it is beneficial to their campaign. Numismatic-related legislation does not make for compelling campaign ads.

The slowdown in paperwork for the Government Printing Office, who is responsible for publishing Congress’s documentation, uses the time to catch up. Several bills whose text was not posted to the Library of Congress’s website are available for review. As a result, the updates from October are adjusting titles and summaries based on the publishing of the bills’ text.

The 2020 Lame Duck session will be interesting. I do not expect any numismatic legislation to be considered until clean-up sessions in December.

H.R. 8242: National Women’s Hall of Fame Commemorative Coin Act of 2020
Sponsor: Rep. Joseph D. Morelle (D-NY)
Introduced: September 14, 2020
Summary: This bill directs the Department of the Treasury to mint and issue $5 gold coins, $1 silver coins, half-dollar clad coins, and proof silver $1 coins in recognition and celebration of the National Women’s Hall of Fame in Seneca Falls, New York. All minted coins shall include a specified surcharge, which shall be paid to the National Women’s Hall of Fame Foundation to establish an endowment fund to provide for the long-term financing of the hall’s operations.
Referred to the House Committee on Financial Services. — Sep 14, 2020
Introduced in House — Sep 14, 2020
(Updated Bill Summary) — Oct 17, 2020
This bill can be tracked at http://bit.ly/116-HR8242.

S. 4663: Coin Metal Modification Authorization and Cost Savings Act of 2020
Sponsor: Sen. Margaret W. Hassan (D-NH)
Introduced: September 23, 2020
Summary: This bill authorizes the United States Mint to modify the metallic composition of circulating coins (including by prescribing reasonable manufacturing tolerances with respect to those coins) if a study and analysis conducted by the Mint indicates that the modification will

  • reduce costs incurred by.taxpayers;
  • be seamless, which shall be determined by verifying that the coins will work interchangeably in most coin acceptors using electromagnetic signature technology; and
  • have as minimal an adverse impact as possible on the public and stakeholders.

The Mint must notify Congress before making the modification and provide a justification for the modification.

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. — Sep 23, 2020
Introduced in Senate — Sep 23, 2020
(Updated Bill Title) — Oct 17, 2020
This bill can be tracked at http://bit.ly/116-S4663.
If you like what you read, share, and show your support Buy Me A Coffee

Weekly World Numismatic News for October 18, 2020

The narrative about the 2020 numismatic market has been consistent across the media. These reports claim that hat collector coins are selling but at less than enthusiastic rates. Dealers are reporting that bullion coins dominate the market, primarily online. And everyone has read stories that the rare coin market is as healthy as it has ever been.

1794 Flowing Hair Dollar, PCGS SP-66, from the Bruce Moreland Collection (Image courtesy of Rare Coin Wholesalers via PCGS)

Within that narrative, two of the rarest and most expensive coins did not sell within the last month. The finest-known 1794 Flowing Hair silver dollar, one of the first coins to be minted by the United States in 1794, failed to sell. Purchased in 2013 by Bruce Morelan, Legend Auctions tried to find a buyer at a recent auction in Las Vegas. The coin had a pre-sale estimate of $8-9 million but failed to find a buyer with an opening bid of $7 million.

A few lots later, the Dexter Specimen Class I 1804 Draped Bust Dollar, recognized as the finest known, failed to sell. The auctioneer lowered the opening bid to $3.2 million and still had no interest.

Although the top of other collectible auctions has seen lower prices, the drop is not as significant as being demonstrated with numismatics. It has become common for art to sell for over $1 million that it no longer makes the news. But few are selling at record prices.

Auction watchers are reporting that rare and scarce items are selling at 20-50 percent over their previous prices. Sports collectibles and other memorabilia are amongst the hottest collectibles. Simultaneously, these same watchers report that automobilia, pottery, and numismatics are not generating the same interest.

Analysts are not trying to explain why the market shifts noting that the COVID-19 pandemic has affected everything. One analyst wrote that some markets see the benefit of material once locked up in collections has surfaced to generate money for the sellers. The market has not kept pace. It is assumed that the buyers are not financially capable of purchasing at the prices being demanded.

It has become a cliché to call these “unprecedented times.” For the auction predictors, the pandemic’s effect has most trying to understand what it means for the markets. We will see if it carries into November when Stacks-Bowers tries to auction the Stickney-Eliasberg 1804 dollar.

And now the news…

 October 10, 2020
An exceedingly rare American coin up for auction turned out to be chump change.  → Read more at nydailynews.com

 October 11, 2020
Residents of Hosur in Tamil Nadu's Krishnagiri district were recently forced to learn a valuable lesson — All that glitters is not gold. On Friday evening, close to 4 pm, residents who were passing by Bagalur-Sarjapur road, suddenly noticed some coins glittering on the muddy sides off the main path.  → Read more at thenewsminute.com

 October 12, 2020
MIND-BLOWING photographs from the Royal Mint's archive give a rare look at its 1,100-year-long history. The images have been revealed by the government-owned mint to celebrate its first-ever coin released to commemorate itself.  → Read more at thesun.co.uk

 October 13, 2020
The Vatican City State Mint has issued a 10-euro silver coin depicting "Mother Earth" — an image designed for World Earth Day by Bergamo-born sculptor and engraver Luigi Oldani.  → Read more at churchmilitant.com

 October 17, 2020
The Royal Canadian Mint's silver collector coin celebrates an unexplained sighting in 1978 in Clarenville.  → Read more at cbc.ca

 October 17, 2020
Amid escalating demand for alternative investments, expert cites 5 key ways to determine if the historical rare coin asset class ‘fits’ your personal needs and overarching investment goals  → Read more at blackenterprise.com
Coin Collectors News
news.coinsblog.ws

 

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

September 2020 Numismatic Legislation Review

Seal of the United States CongressAt the beginning of every month, I try to summarize the numismatic-related legislation from the previous month. A few months were skipped because they were boring. September was not boring. It was overwhelming because the bills that showed progress are very significant.

H.R. 1923: Circulating Collectible Coin Redesign Act of 2020
Sponsor: Rep. Barbara Lee (D-CA)
Introduced: March 27, 2019
Summary: Women’s History and Nineteenth Amendment Centennial Quarter Dollar Coin Program Act This bill requires the Department of the Treasury to mint and issue quarter-dollar coins in commemoration of the ratification of the Nineteenth Amendment granting women the right to vote. The design on the reverse of each coin shall be emblematic of the accomplishments and contributions of a prominent woman who was a resident of a state, the District of Columbia, or a U.S. territory.Such coins shall be issued in alphabetical order of the area represented, starting with the state of Alabama.Treasury shall

  • initiate a program to promote collection of the coins and recognition of their subjects, and
  • strike and make available for sale silver bullion coins that are the exact duplicates of the coins.
Referred to the House Committee on Financial Services. — Mar 27, 2019
Introduced in House — Mar 27, 2019
Committee on Financial Services discharged. — Sep 22, 2020
Mr. Cleaver asked unanimous consent to discharge from committee and consider. — Sep 22, 2020
Considered by unanimous consent. — Sep 22, 2020
On passage Passed without objection. — Sep 22, 2020
Passed/agreed to in House: On passage Passed without objection. — Sep 22, 2020
On passage Passed without objection. (text of amendment in the nature of a substitute: CR H4707-4708) — Sep 22, 2020
Motion to reconsider laid on the table Agreed to without objection. — Sep 22, 2020
The title of the measure was amended. Agreed to without objection. — Sep 22, 2020
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. — Sep 23, 2020
This bill can be tracked at http://bit.ly/116-HR1923.

Starting with H.R. 1923, Circulating Collectible Coin Redesign Act of 2020, it became a catchall bill to make many changes to the U.S. Mint’s circulating coin programs. Initially, the bill began as a proposal to create a series of circulating quarters honoring Women’s History and the Nineteenth Amendment. Since it was a convenient vehicle, other series ideas were added.

If the bill passes the Senate, the following will change your pocket change:

Quarters

  • 2022-2025: Accomplishment of American Women, 5 per year
  • 2026: U.S. Semiquincentennial, up to 5
  • 2027-2030: Sports Played by American Youth, 5 per year

Half-Dollars

  • 2027-2030: Paralympic Sports

Dollars

  • 2026: U.S. Semiquincentennial

Medals

  • 2027-2030: Accompanying Sports Medals
  • 2028: Manufacture medals for the 2028 Olympic Games in Los Angeles

Silver Bullion Coins

  • 5-ounce coins based on the quarter and half-dollar designs
  • Can produce “ fractional” silver bullion coins

George Washington will continue to appear on the obverse but “be designed in a manner, such as with incused inscriptions, so as to distinguish it from the obverse design used during the previous quarters program.” Does this mean that the John Flannagan design and its many permutations can be retired for something a little more attractive? Replacing the Flannagan design for the Laura Gardin Fraser design would be appropriate.

The bill includes similar language for the image of John F. Kennedy on the 2026 Semiquincentennial half-dollar.

H.R. 4104: Negro Leagues Baseball Centennial Commemorative Coin Act
Sponsor: Rep. Emanuel Cleaver (D-MO)
Introduced: July 30, 2019
Summary: This bill directs the Department of the Treasury to mint and issue up to 50,000 $5 gold coins, 400,000 $1 silver coins, and 750,000 half-dollar clad coins in commemoration of the 100th anniversary of the establishment of the Negro National League, a professional baseball league that was formed in response to African-American players being banned from baseball’s major leagues.The design of the coins shall be emblematic of the Negro Leagues Baseball Museum and its mission to promote tolerance, diversity, and inclusion.All surcharges from sales of these coins shall be paid to the Negro Leagues Baseball Museum to fund educational and outreach programs and exhibits.
Referred to the House Committee on Financial Services. — Jul 30, 2019
Introduced in House — Jul 30, 2019
Committee on Financial Services discharged. — Sep 22, 2020
Committee on Financial Services discharged. — Sep 22, 2020
Mr. Cleaver asked unanimous consent to discharge from committee and consider. — Sep 22, 2020
Considered by unanimous consent. — Sep 22, 2020
On passage Passed without objection. — Sep 22, 2020
Passed/agreed to in House: On passage Passed without objection. — Sep 22, 2020
On passage Passed without objection. (text of amendment in the nature of a substitute: CR H4710) — Sep 22, 2020
Motion to reconsider laid on the table Agreed to without objection. — Sep 22, 2020
Received in the Senate. — Sep 23, 2020
This bill can be tracked at http://bit.ly/116-HR4104.

H.R. 4104, Negro Leagues Baseball Centennial Commemorative Coin Act, is a typically formatted commemorative coin program for 2022 to honor the Negro Leagues’ centennial. Surcharges will be paid to the Negro Leagues Baseball Museum.

H.R. 6192: 1921 Silver Dollar Coin Anniversary Act
Sponsor: Rep. Andy Barr (R-KY)
Introduced: March 11, 2020
Introduced in House — Mar 11, 2020
Referred to the House Committee on Financial Services. — Mar 11, 2020
Committee on Financial Services discharged. — Sep 22, 2020
Committee on Financial Services discharged. — Sep 22, 2020
Mr. Cleaver asked unanimous consent to discharge from committee and consider. — Sep 22, 2020
Considered by unanimous consent. — Sep 22, 2020
On passage Passed without objection. — Sep 22, 2020
Passed/agreed to in House: On passage Passed without objection. — Sep 22, 2020
On passage Passed without objection. (text of amendment in the nature of a substitute: CR H4711-4712) — Sep 22, 2020
Motion to reconsider laid on the table Agreed to without objection. — Sep 22, 2020
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. — Sep 23, 2020
This bill can be tracked at http://bit.ly/116-HR6192.

H.R. 6192, 1921 Silver Dollar Coin Anniversary Act, will allow the U.S. Mint to produce a Morgan and Peace Dollar in 2021. These coins may contain more than the original 90-percent silver of the original.

The rest of the bills were introduced in September. There is not much to talk about until something happens, which is not likely until the lame-duck session.

H.R. 8242: National Women’s Hall of Fame Commemorative Coin Act of 2020
Sponsor: Rep. Joseph D. Morelle (D-NY)
Introduced: September 14, 2020
Referred to the House Committee on Financial Services. — Sep 14, 2020
Introduced in House — Sep 14, 2020
This bill can be tracked at http://bit.ly/116-HR8242.

S. 4663: A bill to amend title 31, United States Code, to save Federal funds by authorizing changes to the composition of circulating coins, and for other purposes.
Sponsor: Sen. Margaret W. Hassan (D-NH)
Introduced: September 23, 2020
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. — Sep 23, 2020
Introduced in Senate — Sep 23, 2020
This bill can be tracked at http://bit.ly/116-S4663.

S. 4730: A bill to amend title 31, United States Code, to require the Secretary of the Treasury to mint and issue quarter dollars in commemoration of the Nineteenth Amendment, and for other purposes.
Sponsor: Sen. Catherine Cortez Masto (D-NV)
Introduced: September 24, 2020
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. — Sep 24, 2020
Introduced in Senate — Sep 24, 2020
This bill can be tracked at http://bit.ly/116-S4730.
If you like what you read, share, and show your support Buy Me A Coffee

Weekly World Numismatic News for October 11, 2020

If you do not follow the U.S. Mint on Facebook or Twitter, they announced that there would be a price increase for silver coins as of October 13, 2020. Their statement read:

The United States Mint recently adopted a new strategy for pricing products in its silver numismatic products portfolio. As a result, prices for products containing silver will change EFFECTIVE October 13, 2020, with release of the 2020 American Eagle Silver Proof Coin with “S” mint mark (20EM). The new pricing will affect prices for silver products already on sale (including prior year) and those remaining to be released in 2020.

In order for the United States Mint to cover rising costs, meet its fiduciary responsibility to operate at no net cost to taxpayers, and return money to the Treasury General Fund, re-setting silver prices is necessary.

The Mint’s goal, as a fiscally responsible self-funded Federal agency, is to always provide the best quality numismatic products while maintaining fair prices. The first objective is to ensure that the numismatic portfolio (all product lines together) be self-sufficient and cover all associated costs. The new silver prices reflect a sound business decision aimed at meeting these obligations. (No tax dollars are used to fund numismatic operations.)

The United States Mint will continue to look for operations optimization and cost reduction efforts to deliver superior quality numismatic products at a fair price.

Kitco Silver Price as of 10/9/2020

Kitco YTD Silver Price as of 10/9/2020 (does not update, trendline added)

Although social media did not like the announcement, collectors should have expected the price increase. When the U.S. Mint set the price for silver coins at the beginning of 2020, the price of silver hovered around $18.00 per ounce. On March 19, the price closed as low as $12.005 per ounce. What followed was a steady rise until August 6 when the markets closed at $28.33.

From the $17.925 at the close of the markets on January 2 through August 6, silver rose 58-percent. If the U.S. Mint had to purchase silver in August to meet market demands, it was the most expensive silver they purchased.

U.S. Mint Price Update
Product Old Retail Price New Retail price Percent Increase
Presidential Silver Medals $46.00 $65.00 41.304%
America the Beautiful Quarters Silver Proof Set $42.50 $60.00 29.167%
American Eagle One Ounce Silver Proof Coin $64.50 $73.00 13.178%
American Eagle One Ounce Silver Uncirculated Coin $54.00 $67.00 24.074%
American Eagle One Ounce Silver Proof Coins—Bulk Pack $2,920.00
American Eagle One Ounce Silver Uncirculated Coin—Bulk Pack $2,680.00
Limited Edition Silver Proof Set $120.00‡ $201.00 67.500%
Silver Proof Set $63.25 $105.00 66.008%
America the Beautiful Five Ounce Silver Uncirculated Coin $178.25 $229.00 30.670%
End of World War II 75th Anniversary American Eagle Silver Proof Coin * $83.00
End of World War II 75th Anniversary One Ounce Silver Medal * $75.00
2019 America the Beautiful Quarters Silver Proof Set $36.95 $60.00 62.514%
2019 American Liberty High Relief Silver Medal $99.95¶ $175.00 75.088%
2019 Congratulations Set $56.95 $75.00 31.694%
2019 Silver Proof Set $54.95¶ $105.00 91.083%
† These products are sold directly to distributors who sell them to dealers. Prices are not on the U.S. Mint’s website.
‡ The only items for sale at the U.S. Mint that comes close to this is the Women’s Suffrage Centennial 2020 Proof Silver Dollar and Medal Set
* Item was not for sale prior to the price hike
¶ Listed as “Currently Unavailable” on the U.S. Mint’s website.

You cannot blame the U.S. Mint’s metals buyers. First, they are mandated to buy precious metals from U.S. sources at the market value. If they need additional inventory, then they buy it on the market like everyone else. Like any investor, the U.S. Mint can try to predict the market, but the results are variable like any investor.

Since August 6, the price of silver dropped to $24.315, a 14.17-percent decrease. However, the price of silver is up 35.65-percent for the year. If the price of materials rise, how long could the U.S. Mint maintain their prices?

Aside from the rising cost of silver, the U.S. Mint did not report how much other costs have risen. Aside from the dies and facilities costs, they must account for labor, design, and production costs. The U.S. Mint has not reported what additional costs they have incurred because of the pandemic.

The U.S. Mint is unlikely to report about these issues until the release of the annual report.

And now the news…

 October 6, 2020
The Ministry of Culture and Sports on Monday announced that five rare silver coins dating to the 5th and 4th centuries BC were returned to Greece, before being auctioned off in Munich and Zurich.  → Read more at greekcitytimes.com

 October 5, 2020
The executive officer said construction workers found the coins and rings in a brass box.  → Read more at newindianexpress.com

 October 9, 2020
Surprising as it may sound, there once was a time that our coinage system, backed by gold and silver, was mostly supplied by Spain and countries under Spanish rule, such as Mexico, Chile, Bolivia, Peru and Guatemala.  → Read more at yarmouth.wickedlocal.com

 October 10, 2020
An extremely rare Roman coin commemorating the assassination of Julius Caesar has surfaced and may be worth millions of dollars, according to coin experts.  → Read more at foxnews.com
Coin Collectors News
news.coinsblog.ws

 

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

Weekly World Numismatic News for October 4, 2020

New 2021 Britannia

The Royal Mint adds new security features for the 2021 Britannia

Even with the numismatic-related news picking up this week, the number of people that have written about buying counterfeit Silver Eagle coins has increased.

As much as I have written, tried to manipulate the search engine optimization (SEO) to get the word out, and dropped messages on social media, people continue to purchase counterfeit coins from China.

You cannot even trust the slabs sent by Chinese companies. A dealer who saw my post about purchasing coins that I suspected were counterfeit saw the picture of the slabs that were shipped. On closer examination, the slabs are the same as they use to counterfeit NGC slabs.

Last week PCGS announced they are adding a tag to their slabs that can help identify them electronically. The technology is called Near Field Communications (NFC). The technology creates contactless communications between a passive and an active device. In this case, the tag in the slab or currency holder is passive. There is no power in the passive tag but will respond to a special signal to transmit its data.

The active device sends the signal that causes the passive tag to respond. In this case, your smartphone can send the signal to and process what the passive tag sends. It is called Near Field Communications because the passive tag does not generate a strong signal, and the active device has to be close enough to hear what the tag has to say.

Using NFC is an interesting idea and, if implemented correctly, can add to the security of a slab. In the future, I will contact PCGS to discuss the security of the system they developed. Maybe I will dust off my old hacker’s hat and reverse engineer one of these tags. Very few electronic devices are unhackable. The idea is to make it as difficult as possible.

In the future, the technology that will help collectors protect themselves must be made publicly available. The current state of image processing and artificial intelligence can be used to examine a coin’s surface. Aside from its ability to grade the coin, it could tell the difference between a legitimate coin and a counterfeit that uses an aluminum alloy.

In addition to adding technology, the U.S. Mint should follow the leads of the Royal Canadian Mint and the Royal Mint to add security features to bullion coins. After all, David Ryder spoke about security during his confirmation hearing. Where is the progress on that?

And now the news…

 September 28, 2020
The European Commission is considering proposing a law to start phasing out the small 1 and 2 Eurocent coins, and round prices off to the nearest 5 cents. On Monday, the Commission opened a 15-week public consultation on the use of the small coins, during which both regular citizens and interested institutions are invited to share their opinions and suggestions on the issue.  → Read more at brusselstimes.com

 September 28, 2020
Doha: Since ancient times, coinage has played a significant role not only in the socio-economic aspect of civilisations as an instrument of business and trade but also in reflecting pivotal moments in a nation’s history.  → Read more at thepeninsulaqatar.com

 September 29, 2020
The Royal Mint has unveiled new gold bullion coins which can be authenticated as genuine by moving them in the light.  → Read more at belfasttelegraph.co.uk

 October 1, 2020
A Norwich jeweller has got people across the nation scratching their heads over his riddles which reveal where 49 special coins are hidden.  → Read more at edp24.co.uk

 October 2, 2020
Over time, people and markets the world over have been able to establish that investing in precious metals is a great way to diversify your investment portfolio. Whether you’re talking about gold, silver, or platinum, there are a handful of ways to get started in owning precious metals.  → Read more at thecostaricanews.com
Coin Collectors News
news.coinsblog.ws

 

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

What is Numismatically Trending

Over the last few weeks, I have been posting and watching the chatter on social media about the current offerings by the world’s mints. Given the opportunity, I engaged several people to conduct an informal poll. I did not define specific questions. I allowed people to discuss and argue about what they really think. Based on these conversations, here is what I learned.

Colored Basketball Hall of Fame Commemorative Clad Half-Dollar

Basketball Hall of Fame 2020 Colorized Half Dollar (U.S. Mint Image)

Many people are interested in colored coins. More than half of the people who responded to public statements or my direct queries said they were interested in the colorized Basketball Hall of Fame Commemorative Coins. It was almost unanimous amongst this group that they favored using color as an enhancement to the design.

Although those favored using color as an enhancement, an overwhelming majority did not like all printed coins. Many of the complaints came from the lenticular coins from Canada. And while most would not purchase many of the coins with comic book themes, the only objections were the printed designs.

Few people objected to the commercial themes used on coins. Whether the coins celebrate Star Trek or Star Wars, the only difference was if the collector wanted to be beamed up or was with the Force. Those who did not like colored coins would be interested in coins struck using these themes.

THE CAPED CRUSADER - GOTHAM CITY

Niue $2 THE CAPED CRUSADER™ – GOTHAM CITY™ 1oz Silver Coin (Image courtesy of the New Zealand Mint)

I heard from a small group of comic book fans who love the coins with their favorite characters’ themes. Many pointed to fandom websites that celebrated the coins produced by the New Zealand Mint, Royal Mint, and Royal Canadian Mint. They do not care who produces the coins. These fans see the coins as an extension of their comic book fandom.

Last week, I talked with someone about classic rock, which was wearing a Kiss tour jacket. He expressed excitement at finding the Kiss Challenge Coins online. He also mentioned challenge coins and medals from other bands. After our conversation, I searched online for the information. I found that Kiss authorized four challenge coins with each member’s image plus one for Eric Carr, the late drummer who died in 1991. Exonumia is a part of numismatics.

Themed coin series is a trendy way of collecting outside of the United States. Several British collectors thought that the Royal Mint’s 50p coins’ themes were a lot of fun. The Royal Mint produces 50p coins that celebrate children’s book characters, famous authors, and historical figures. A mother of three youngsters was excited about the recently released Winnie the Pooh 50p coin. Aside from being a children’s favorite, Winnie’s creator, A.A. Milne, also wrote speeches for Winston Churchill.

It’s not a “ classic” coin but the Drummer Boy reverse is still one of my favorite modern designs.

Then there were the hard-core, anything made after 1964 and not silver contingent. These collectors were a minority but were the most vehement about the “right way” to collect coins. When I asked how they would classify my collecting habits, I was accused of collecting junk or trinkets or buying into scams. I never told them that I compiled a complete set of high grade (not in slabs) Peace Dollars. With one exception, everyone in this group was male and over 50 years old. The other was in his late-40s.

Numismatics is a hobby. Hobbies are supposed to be fun. You are supposed to like what you collect. If you like Kiss Challenge Coins, then go out and find them all. If using different metals to create interesting effects like the Royal Canadian and New Zealand Mints create, have fun. Even if you find enjoyment with searching pocket change for coins, you are a numismatist and are welcome to the hobby.

Everyone who collects numismatics should be welcome without being told they are collecting the wrong way. As time moves on, I will be proposing new ideas on making the hobby more inclusive. I welcome everyone’s feedback!

Weekly World Numismatic News for September 27, 2020

This week’s fun story comes from Japan, where coin-operated machines sell everything from candy to bitcoin. A user of a coin-op machine in Japan found that the coin slot was looking back at him.

The eyes looking back were of a tiny frog that is common in the countrysides of Japan. The frogs are so small that they seem to find their way into interesting places. It is unusual to find one of these frogs in a vending machine, especially in the cities.

According to the story, the vending machine user posted his adventure on Twitter. He tried to use small change to coax the frog out of the machine. Eventually, the coin’s weight caused the frog to seek an escape and jumped out of the coin slot.

As the Twitter user (@potetodaze1129p) wrote, “When you look into the abyss, sometimes the abyss looks back at you.”

If you want to read an interview describing the reaction from @potetodaze1129p, you can find the story here (in Japanese) or translated into English here.

Images courtesy of @potetodaze1129p on Twitter.

And now the news…

 September 23, 2020
Stephen Noyse of Coldwater, found an 1836 half dollar more than a decade ago. He was using a metal detector in Texas somewhere in the vicinity of the Alamo near the Rio Grande River that day. By the time he reached the buried coin, Noyse had dug down to the depth of his elbow.  → Read more at sturgisjournal.com

 September 23, 2020
Marie Claire is supported by its audience. When you purchase through links on our site, we may earn commission on some of the items you choose to buy.  → Read more at marieclaire.co.uk
Coin Collectors News
news.coinsblog.ws

 

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

Pin It on Pinterest