Oct 23, 2007 | ANA, dollar
The American Numismatic Association announced that the association is holding a contest to have its members select the team for National Coin Week, April 20-26, 2008. The contest is open to all ANA members and the top three suggestions will win numismatic prizes that will be announced in November. Submission deadline is November 30.
“National Coin Week will feature activities and exhibits that highlight youth across the globe. Submissions should reflect this topic by focusing on unity in a global society, and what role children and numismatics play in achieving this unity.” The theme for 2007 was The Presidents are Coming to celebrate the introduction of the Presidential $1 Coin Program.
The submission deadline is November 30. Include your theme idea and a brief description of why your submission should be chosen. Also include your name, address, telephone number, e-mail address and ANA member number. Mail, fax or e-mail your idea for a theme to:
American Numismatic Association
National Coin Week Coordinator
818 North Cascade Avenue
Colorado Springs, CO 80903
Fax: 719-634-4085
E-mail: ncw@money.org
Oct 4, 2007 | coins, dollar
It was reported in the Peoria Journal Star that police were investigating the alleged use of counterfeit Presidential Dollars at a Peoria McDonald’s restaurant. The coins were very shiny and gold colored that included George Washington, John Adams, Thomas Jefferson, and James Madison. It raised a concern at the local bank when an employee noted that the Madison dollar was not yet released. Following an examination of the coins, police said that they were proofs from a US Mint proof set.
This was one of those shake-your-head stories. One would think that a banker would know the difference between a business and proof strike coins. Then I remembered the blank stares I was given when trying to buy rolls of Washington dollars the day they were issued. Also, why did someone break up a Presidential Dollar Proof Set and use them as four-dollars when they are worth four times that? We may never know the answer but I can think of better things to buy for $4 than a Big Mac!
Sep 21, 2007 | coin design, dollar, legislative, US Mint
The White House announced that President Bush signed H.R. 2358, the “Native Americans $1 Coin Act.” Now the law, it will require the US Mint to issue Sacagawea Dollars with new reverses in commemoration of Native Americans beginning in 2009.
Between the Presidential Dollar coins and the new Sacagawea reverse designs, these coins will continue to be a curiosity to the general public and another entry into collections while the $1 Federal Reserve Note continues to be printed. It is time for the United States to join the rest of the world and eliminate the paper-based unit currency to allow the less expensive coinage to take its place.
Although many understand and accept the reason for discontinuing the $1 note, it will not happen. I will explain why in a future posting.
Aug 16, 2007 | coins, dollar, grading, US Mint
With a light work load, I was able to take the afternoon off and travel to 9th Street, NW in Washington, DC, the headquarters of the United States Mint. The building is a plain, white stone office building at the corner of 9th and H Streets, a block away from Chinatown and the Verizon Center. It has the official US Mint seal over the front door, flags flying overhead, and a sandwich board sign announcing the sales counter sitting on the street near the front door.
I made the trek downtown after noon by taking the Capital Beltway to the George Washington Parkway. The GW Parkway is owned by the National Park Service and is a nice drive through the trees along the Virginia side of the Potomac River. A turn to North I-395 and I was heading into downtown DC. Driving in downtown DC is not like other big cities. The streets are wider, cleaner, and you have to watch for double-parked vehicles in strange places. But I made it to the Mint’s headquarters.
When I entered the lobby, there were several people in line for the sales counter. I joined the line so I could purchase a 2007 proof set. Next to the line were three change machines, the type you might see at an arcade or laundromat. As I scanned the machines from right to left, the first machine dispensed Sacagawea Dollars. Insert any bill, and the machine would drop the equivalent amount in Sacagawea Dollars. The next machine to its left was filled with Idaho quarters. With Idaho being the current issue in the 50 State Quarters program, this machine changed four quarters for one paper dollar. Ironically, this machine did not accept one-dollar coins.
Finally, with a queue of its own, was a machine set up to dispense presidential dollars. With today being the first day of issue for the Thomas Jefferson Dollar, people were lined up to obtain this coin. As I waited to purchase a proof set, I watched as someone with a backpack and a fist-full of twenties feed the machine. As the coins were dropped in the outside bin, he placed the coins into white plastic trays. When a tray was full, he placed the coins into a plastic zip bag and into his backpack. It appeared as if the tray was the size of five rolls. He was filling his third tray as I was leaving.
When it was my turn at the counter, I was told that the last proof set was sold while I was waiting. Ironically, I was at the Philadelphia Mint last week trying to purchase a proof set when the power went out. The Mint did not reopen that day and I went home without a proof set. I guess I will have to order the set online. Then I set my sights on the machines. Three twenty dollar bills and one five dollar bill later, I had my stash of Jefferson dollars and left… after stopping for two dollars of Idaho quarters and eight Sacagawea dollars.
I returned home to a hungry dog who needed a walk. After taking care of his needs, I went to my computer, opened the blinds, turned on the Ott Lite, and started to examine the coins. First they were separated by type, then by mint mark. I found 29 Jefferson dollars from Philadelphia and 36 from Denver. Only one of my eight Sacagawea dollars were from Philadelphia and all of the Idaho quarters were from Denver. Not bad for being closer to Philadelphia! Then I focused on the Jefferson dollars. Any coin with a visible nick or problem was set aside. I was looking for clean surfaces, no visible scarring on the high points, and good luster. Finally, I used my loupe to find the best.
In the end I found 22 coins I was confident would do well under NGC’s scrutiny. I logged on to NGC’s website and filled in the online order form. With the coins, order form, and a check packaged, I drove to the nearby Post Office, which is the main distribution station for the region, and was told that Express Mail was a two-day guarantee delivery to Sarasota. I wonder if this has anything to do with Sarasota being referred to as “the Redneck Riviera” according to MSNBC’s Joe Scarborough.
All that work for the First Day of Issue designation on the holder. The last time I did this was for the Washington dollars. The next time will be for Abraham Lincoln. To borrow a phrase from Billy Joel, “You may be right/I may be crazy,” but I am having fun!
Aug 15, 2007 | coins, dollar, US Mint
I just spoke with a friend who brought his two children attended the introduction of the Jefferson Dollar coin. The festivities were held this morning at the Jefferson Memorial, a beautiful marble structure with a bronze statue of our third president in the middle. The renovated structure now has a bookstore, restrooms, and concessions. But on this day, Mint Director Edmund Moy, President of the Thomas Jefferson Foundation Daniel P. Jordan, and a Jefferson re-enactor held a Thomas Jefferson quiz along with the release of the coin.
I was told that the event included about 100 school-age children who had taken part in the Jefferson quiz. With parents, chaperons, onlookers, and the press, my friend estimated about 250-300 people attended the festivities. About $50 in coins were given to children who answered questions. Following the press conference, people were given the opportunity to exchange up to $5 in currency for coins. My friend reported that few of the Mint’s employees followed that rule and allows some to even purchase rolls at face value.
Rolls were popular amongst the speculators looking for edge errors. My friend opened his roll in his car to check the edges. Although he did not find any errors, he did receive a roll of coins struck in Denver.
For the rest of us, the coins will be released into circulation tomorrow, August 16. I will be playing hooky to go to the Mint’s headquarters in the District in order to stuff the in-lobby machine with $5 bills to trade for Jefferson coins. From there, I will be heading to the main Post Office on Massachusetts Avenue, the one next to the National Postal Museum, to send the coins directly to NGC for First Day of Issue grading.
Yes, the First Day of Issue designation is a bit crazy, but I think there is an “oh neat” factor at work. Besides, I have other plans for these coins. Stay tuned!
Jun 13, 2007 | coins, dollar, state quarters, US Mint
The US Mint turning June into a busy month for collectors by releasing a lot of products. It started on June 4 with the Idaho quarters bags and two-roll sets. Yesterday, the Mint released the John Adams Coin Cover. Today, June 13, the 2007-W uncirculated American Silver Eagle bullion coin is now on sale. Next Tuesday, July 14, the proof and uncirculated First Spouse gold coins honor Martha Washington and Abagail Adams will be on sale. The Mint will also produce 1 5/16-inch bronze medals using the First Spouse designs without a denomination. Finally, on June 21, the Mint will release the Presidential $1 Coin Proof Set.
If you collect everything the Mint produces, the month of June will be expensive. As for me, I am interested in the American Silver Eagles and the Adams Coin Cover. I am not excited about the First Spouse coins. Aside from being expensive, I am not excited about the theme. I am not planning on purchasing the bronze medals.
As for the Presidential $1 Coin Proof Set, I will probably purchase a few sets since first issues tend to resell at a good premium. But the Mint has not said whether the proof, silver proof, and mint sets would contain the Presidential $1 coins. I will hold onto one until the Mint announces what they will do with those annual sets.
Is this too much product for the Mint? If you watch the releases from the Royal Canadian Mint, you may say that the US Mint is quite austere in their offerings. Although I wish the Mint would try to show more class, but their product offerings are regulated by law. Since the law requires the Mint to sell these products, it is difficult to blame them for legally implementing the policies forced upon them.
Apr 24, 2007 | ANA, Carson City, coins, dollar, shows
Morgan Dollars were not popular during the time they were being struck by the US Mint. They were not considered particularly beautiful and most people outside of a few western states preferred to carry paper currency. But the Bland-Allison Act of 1878 and the Sherman Silver Purchase Act of 1890 prescribed large purchases of silver from western mines and the minting of silver coinage to back silver certificates. This continued until the Panic of 1893 when the decline in the economy created a run on the gold supply. Then many were melted as a result of the silver recall prescribed in the Pittman Act while others were stored in Treasury buildings to be discovered by the General Services Administration in the 1960s.
Since their last mintage in 1921, the dollars designed by Mint Engraver George T. Morgan did not enjoy wide popularity until the GSA Hoard. Of the Morgan Dollars that hold the mystique are the ones struck at the Carson City Mint. Situation near the famous Comstock Lode, the Carson City Mint. Most CC minted dollars were amongst the lowest minted of the series. The highest mintage was the 1890-CC where over 2.3 million were struck.
Finding nice, affordable examples of CC mint Morgan Dollars can be difficult. Those of us on a budget compromise and purchase cleaned or polished coins in order to own at least one example. But when I had the opportunity to buy a nice, “common” CC coin for a good price, I could not resist.
I was walking the floor at the American Numismatic Association National Money Show in Charlotte and found a dealer selling quite a few ungraded Morgan Dollars. As I searched through several boxes, I came across a nice 1878-CC Morgan Dollar (2.2 million minted). The 2×2 holder the coins was in said the coin was in Almost Uncirculated. It was a nice, clean coin with some mint luster showing a great strike. I was sure that if it was slabbed it would have graded higher than what was written on the holder. It was priced as if it was an Extra Fine coin.
I could not resist… I bought my first no-problem CC Morgan Dollar!
It is a beautiful coin that looks great in the blue album shining next to my other Morgan Dollars.
Apr 16, 2007 | coin covers, dollar, grading, US Mint
In a previous entry, I wrote that Numismatic Guarantee Corporation (NGC) would certify US Mint American Presidency $1 Coin Cover Series holders with the designation of “First Day of Mintage.” Like many, I assumed that NGC would remove the coins from the cover and put them into their standard slab. But NGC surprised us and announced a different program that gives the submitter the choice of encasing the coins in the standard NGC holders or have the entire cover sealed in a clear, semi-rigid plastic sleeve. NGC notes that this “allows the U.S. Mint packaging to be preserved while receiving the advantages of an NGC certified grade.”
The holder is reminiscent of the holders that are used by their sister company Paper Money Guarantee (PMG) where the cover will be encased in the sleeve with the label on top. The NGC label will include the year and mint mark of the coins, the name of the president it honors, and the designation “First Day of Mintage.” If the coins do not have the same grade, the grades will be listed separately.
In order to receive the “First Day of Mintage” designation, NGC recommends that the covers be submitted in the Mint wrapping still attached to the cardboard. NGC will not encase damaged or covers that appear to be tampered. NGC will only do this for covers produced by the US Mint. NGC will charge their standard rates for each coin. All minimums, insurance, and shipping fees apply.
Considering that the Mint’s covers do not have any text written inside the envelope or under the flap, the is a very good idea by NGC. The collector can have the experience of the collectible while allowing the coins to be graded by NGC. I probably will not avail myself of this service, but it is one of the better ideas a third-party grading service has had to extend their brand.
Images are from NGC.
Clicking on the image will show the enlarged version.
Apr 12, 2007 | coin covers, dollar, grading, US Mint
Numismatic Guarantee Corporation (NGC) announced today that they will recognize the Presidential Dollar coins submitted for grading still in US Mint Official American Presidency $1 Coin Cover Series holders as “First Day of Mintage.” NGC said that there will be no date sensitivity requirements but the coins will have to be submitted in the Mint’s shrink wrap for the coins to be eligible for the designation.
NGC will post additional detail to their website on Monday, April 16. Stay tuned.
Apr 6, 2007 | CCAC, dollar, Eagles, errors, US Mint
As I celebrate the start of another year of life on this rock we call Earth, I unbury my head from my work responsibilities to catch up on the news and events of the week. It seems the US Mint has been busy, so let’s get started.
The Mint published a Hot Item consumer advisory discussing the altering of the edge lettering on the George Washington Dollar Coin. Although I discussed this in my posting “NGC Warns About Altered Washington Dollars,” the Mint adds the potential for this being a criminal act. According to the Mint:
Although altering and defacing United States coinage generally is not illegal, doing so violates a Federal criminal statute (18 U.S.C. § 331) when the act is accompanied by an intent to defraud. Accordingly, a person is committing a Federal crime if he or she intentionally alters an ordinary Presidential $1 Coin to make it look like an error coin for the purpose of selling it at a premium to someone who believes it to be a real error coin. Under this statute, it is also a Federal crime to sell at a premium an ordinary Presidential $1 Coin that one knows has been altered so it looks like an error coin to someone who believes it to be a real error coin. Penalties include a fine and up to five years in prison.
The Mint announced that the Secretary of the Treasury appointed thre new members of the Citizens Coinage Advisory Committee (CCAC). The CCAC advises “the Secretary of the Treasury on the themes and designs of all US coins and medals. The CCAC serves as an informed, experienced and impartial resource to the Secretary of the Treasury and represents the interests of American citizens and collectors.” The three appointees are
- Gary Marks, the City Manager of Whitefish, Montana and the Commissioner of the Montana Quarter Design Selection Committee
- Michael Brown, Vice President of Public Affairs for Barrick Gold Corporation and former Special Assistant to US Mint Director Donna Pope from 1981 to 1989
- Reverend Dr. Richard J. Meier, a hobbyist and current Pastor of the Alpine Lutheran Church in Rockford, Illinois.
The Mint also began to take subscription orders for the uncirculated American Silver Eagle coins. These coins will be dated with the “W” mint mark to be sold for collectors. Silver Eagles without the mint mark will continue to be available for the bullion market and sold through dealers. As a reflection of the rise in the price of silver, the 2007-W coins will cost $21.95, up $2 from last year.
Finally, as a celebration of my birthday, I would like my readers to consider joining other numismatists and collectors to promote the hobby. If you are not a member of the American Numismatic Association, take this opportunity to join. If you have access to a local coin club, why not join others in your community. There are national clubs based on your interest, so consider joining them. Finally, if you know of a collector who is not a member, whether they are a young numismatist or otherwise, get them to join. It is fun and will help promote the hobby as it is showing a lot of growth. Just join!
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