2018 Winter Olympics Medals Unveiled

On Thursday, September 21, 2017, the PyeongChang Olympic Committee unveiled the design of the medals that will be awarded during the 2018 Winter Olympics.

2018 PyeongChang Winter Olympics Medals

According to the PyeonChang Olympic Committee, the design of the metals is inspired by Korean culture and traditions. The texture of the metals are intended to symbolize tree trunks representing the trees symbolizes the work that has gone into developing Korean culture. Edge lettering includes did the games in both English and Korean.

The ribbon that will be used on the medals has been created using Gapsa, a traditional Korean fabric that is used to make Hanbok. Hanbok is a type of traditional Korean dress.

The medals were designed by Lee Suk–woo, serves as a Director of Dongwon Metal Co., Ltd. Lee is the company’s General Manager and creative director. He is a graduate of Eastern Michigan University.

Medal Specifications

  • GOLD: 586 grams made from .999 silver and plated with 6 grams of gold
    $566.55 melt value with a silver spot price of $16.87 and gold spot price of $1289.30
  • SILVER: 580 grams made from .999 silver
    $317.84 melt value with a silver spot price of $16.87
  • BRONZE: 493 grams made from .900 copper and .100 zinc
    $2.97 melt value with a copper price of $2.8837 per pound and zinc price of $1.3932 per pound
  • All medals are 92.5 mm in diameter period
  • Medals range in thickness from 4.4 mm at its thinest to 9.42 mm at its thickest

Medal Design

Uses consonants of Hangeul, the Korean alphabet system extended across the face of the medal from its side

  • Obverse: Olympic rings
  • Reverse: Discipline, event, and PyeongChang 2018 emblem
  • Edge: Official title of the PyeongChang 2018 Games in the Korean consonants

Medal Case

  • Wooden cased designed with curves witnessed in Korean traditional architecture as the motif translated into a modern concept
  • Contains the medal, medal description, the IOC badge, and medallist note

Wooden case given to 2018 PyeongChang Winter Olympics medalists

Medal Production

Quantity: total 259 sets

  • 222 to be awarded to athletes (102 medal events)
  • 5 sets as contingency in case of tie
  • 25 sets to be submitted to the IOC
  • 7 sets for display in Korea

Produced by the Korea Minting, Security Printing & ID Card Operating Corporation (KOMSCO)

All images courtesy of the 2018 PyeongChang Olympic Committee.

A 20 Mark Pick

When you are a picker sometimes a find can be worth more than originally expected.

This past week I was offered a small library of military books from the estate of a former career military officer. Normally, I will not invest too much into books since they are not big sellers. However, if I can find certain military books at a good price, I will buy the entire lot for what I know will sell and take my chances on the rest.

As I was thumbing through the books, I found papers with various notes. The former owner did not like writing in the book. Rather, he would write his notes on papers and leave them between the pages. He would also use different objects as bookmarks. I found everything from business cards to old identification cards. And not just his identification card. There were cards from other people along with a lot of black and white pictures.

Since the books were handed down from his father, there were a number of early editions, especially books about Germany and Europe leading up to World War II. His father may have been an analyst since there were papers with insight beyond the written pages. I will be looking to donate some of this to a university or museum for them to study.

But I did find something numismatic between the pages. A 20 Reichsmark Bank Note from January 22, 1929. In trying to learn more about the note, the front has a portrait of Ernst Werner von Siemens, the founder of the electrical and telecommunications company Siemens.

1929 Nazi Germany 20 Reichsmark banknote (front) — Pick #181a

The back of the note has a worker’s medal with angels surrounding the medal. Written in small letters across the bottom of the note is the following:

WER BANKNOTEN NACHMACHT ODER VERFÄLSCHT ODER NACHGEMACHTE ODER VERFÄLSCHTE SICH VERSCHEFT UND IN VERKEHR BRINGT, WIRD MIT ZUCHTHAUS NICHT UNTER ZWEI JAHREN BESTRAFT

According to Google translate means:

Anyone who imitates or distorts banknotes, or imitates or falsifies himself and puts them into circulation, shall not be punished with brethren under two years

In other words, there is a minimum of a two-year sentence for counterfeiting this note.

1929 Nazi Germany 20 Reichsmark banknote (back)

Although a cool find, this is not the type of item that would fit into my collection. I am likely to sell it to the next collector.

Numismatic Eclipse

As we wait for the shadow of the moon to trek across the United States from Oregon to South Carolina, I was curious as to whether there were coins ever created to commemorate any of the past eclipses regardless of location.

Allowing an online search engine to help, I was able to find a few coins.

I am sure there may be a few more, but I need to run out to pick up a pair of those funky glasses!

Credits

Counterfeiting Around the World

As I continue my research into history and technology of counterfeiting, I have been collecting historical statistics as to the problem of counterfeiting. I thought I would share the current statistics I found.

The most common counterfeited denomination is the 20s, be they dollars, pounds, euros, or pesos. For currencies whose values are significantly lower than the dollar, such as the yuan, or whose currencies have no real fractions, like the yen, the most common counterfeited denomination is the 100 unit.

Canada

The top note is a counterfeit $100 note, the bottom is a legitimate note

In the past few years, many countries and central banks have released new currency with additional anti-counterfeiting technologies. Canada is currently in the process to transition to the cotton bond currency to a polymer substrate. Since starting the transition, the Bank of Canada is reporting a decrease of 141,502 notes in 2007 ($3.3 million in value) to 17,492 in 2016 ($900,000 in value). For Canada, this is a decrease in 88-percent of the number of notes passed and a decrease of 73-percent in value.

United Kingdom

Detecting counterfeit £1 coins, the genuine coin has edge lettering (left), the counterfeit does not.

A few months ago, the Royal Mint began the process of issuing a 12-sided pound coin to replace the round-pound because about 2.5 percent of 1.6 billion of 1 pound coins are counterfeit. Although this has been a painful process, the Brits will continue the transition which calls for demonetizing the round-pound by October 15, 2017.

The Bank of England began issuing currency using the polymer substrate starting with the £5 notes. The paper fiver was withdrawn on May 5, 2017 (withdraw the £5 on 5/5… get it?!). Plans continue to issue the £10 note in September.

The move to polymer notes was prompted because of a spike in counterfeiting in 2012. Spiking at more than 746,000 counterfeiting notes with a value of £13.71 million, the Bank of England reports that 347,000 counterfeit notes valued at £7.47 million were confiscated in 2016.

Euro

Eurozone has had more problems with counterfeit €2 coins than currency.

The European Central Bank reports that counterfeiting remains low in the Eurozone and even reduced by 20.7-percent from 2015 to 2016. Of the notes counterfeited, the €20 and €50 notes make up 80.3-percent of the most counterfeited currency. Surprisingly, the €100 (at 9.7-percent) and €500 notes (4.9-percent) are not as widely counterfeited. However, the ECB has other concerns with these high denomination notes since the €500 notes are a favorite amongst the cash-based illegal trade because it takes fewer notes to carry a high-volume of currency. One study noted that the €500 note was referred to as the “Bin-Laden” for its added convenience.

The ECB is in the process of transitioning their currency to the new Europa Series. A new €50 note was issued this past April. Aside from new designs, the Europa series uses some of the advanced technologies to prevent counterfeiting but does so on cotton bond. Currently, there is no plan to use the polymer substrate for the Euro notes.

China

As opposed to other central banks, the People’s Bank of China (PBC) is not as forthcoming with information. But when they do something, news reporters can obtain some nuggets of information from Chinese officials. When the PBC unveiled new 100 yuan notes with additional counterfeiting features, they reported to the Wall Street Journal that police confiscated 532 million yuan ($85.6 million) in counterfeit bills in 2014. The most commonly counterfeited notes were 50 yuan and 100 yuan bills but there have been increases in lower denominations.

Mexico

Click on the image to read a nice description (in English) on identifying genuine Mexican currency

Mexico has been undergoing a slow conversion to polymer notes. Currently, the 20- and 50-peso notes are made using polymer and the new generation of 100-peso notes are made of polymer. Higher denominations continue to be printed on cotton bond but incorporate a number of advanced anti-counterfeiting features other countries are using. The Bank of Mexico has not announced plans to convert higher denominations but a representative reported that the plan is to print future special issues on cotton bond, such as the 100-peso banknote commemorating The 100th Anniversary of The Enactment of the Constitution issued last February.

Statistics published by the Bank of Mexico reports a decrease in the number of counterfeit currency from 70.7 per million issued to 61.8 per million notes issued. This represents a decrease of 12.6-percent. When the Bank of Mexico issued the new polymer 20- and 50-peso notes in 2014, they experienced a drop in 36.9-percent in counterfeiting.

United States

It is not a surprise that the world’s most use currency and the currency that most world trade is based is the most counterfeited currency in the world. There is also more United States currency in circulation that any other, including the Euro. According to ​the Federal Reserve, there is approximately $1.49 trillion in Federal Reserve notes circulation. The Federal Reserve Bank of San Francisco says that 31.1-percent of those notes is the ubiquitous dollar and 26-percent are $100 Federal Reserve Notes mostly held overseas.

Prop Movie Money continues to be a problem because people just do not look!

According to the United States Secret Service in their 2015 Annual Report, the latest available, they prevented the circulation of over $58 million in counterfeit U.S. currency resulting in the arrest of 796 criminals and closing 145 manufacturing operations. Of the $58 million counterfeited, $28 million, about half, of the bogus U.S. currency was seized prior to it being circulated.

The $20 bill is the most commonly counterfeited banknote in the U.S., while overseas counterfeiters are more likely to make fake $100 bills.

In every report downloaded from the various governments and central banks regarding the security of their currency, it is a common theme that the vast majority of counterfeiting would have a minimal impact if people would just look for the anti-counterfeiting measures these entities go through great lengths to add to the currency. Whether it is not looking for the edge lettering on the old round-pound or the recent cut-and-paste of the security features of Canadian currency, there would be few problems if people would just look.

Credits

  • Canada counterfiet currnecy image courtesy of CTV News.
  • Counterfeit round-pound image courtesy of BBC News
  • Counterfeit €2 coins courtesy of The Daily Mail
  • Mexican currency image courtesy of Bajainsider.com.

Beware of fake British pound errors

On the left is an altered British £1 coin. The coin on the right is a legitimate coin.

As the British public transitions to the new £1 coin, the finding of errors in the minting process by the Royal Mint have led to a new phenomenon, the counterfeiting of those errors.

According to media reports confirmed by the Royal Mint, the three significant errors found are when the thistle on the reverse did not strike properly is produced as a smooth blob, the copper-nickel center of the bimetallic planchet appears to have melted across the coin, and the inner disc and outer ring did not fuse properly. Coins with legitimate errors have been sold on eBay (U.K. and U.S.) for significant premiums.

Unfortunately, scammers have picked up on these problems and have been selling altered coins on eBay as errors. Common alterations are based on removing the silver-colored center and create error-like coins by making different alterations. Amongst the tries to create something that looks like an error includes the Queen’s portrait appearing on the wrong side of the coin and facing the wrong direction which is impossible because of the how these coins are struck, the center of the obverse lacking the Queen’s portrait, and gouges removed from the center.

Both the errors and fakes are being sold for an average of £300 (approx. $386.13) on eBay.

If you want to purchase a British £1 error coin carefully examine the image and the image of a legitimate coin from the Royal Mint’s website. Make sure the person you are buying from has a return policy or buy from a dealer. Of course, it is easier to be careful buying from the U.K. on that side of the Atlantic, but for those U.S.-based error enthusiasts, you have to do your due diligence. Otherwise, you may get stuck with a fake!

Known legitimate errors
Image of counterfeit courtesy of AOL (UK) Money.

Using coins to spread protest messages

As I am working on a manuscript about counterfeiting coins and currency, I started to search the internet for the location of some information when I stumbled on The British Museum’s website. Rather than find something about counterfeiting, searching the term “defacing coins” lead me to the most recent Curator’s Corner blog entry by Thomas Hockenhull, the curator of Modern Money for The British Museum.

For this entry, Hockenhull found a 1903 large penny with the words “VOTES FOR WOMEN” engraved over the head of King Edward III. It was done as part of the suffragist protests in England prior to World War I. Although not much of a presenter, The British Museum recorded a video featuring Hockenhull describing the coin and his research into how it might have come into existence. Rather than rehash what he said, you can watch the video here:

I have not to been to London for many years, but I remember spending a day at The British Museum was a highlight of the trip. It is one of the great museums of the world and worth setting at least one day touring the museum. There is so much to see that if you love to see the living embodiment of history, consider spending more than a day.

Flea market coin hunting

A glance into my booth at DC Big Flea

Welcome to my first 100-percent blog post by iPhone. I am sitting in my booth at DC Big Flea on Sunday waiting for the afternoon crowd and decided to share pictures of some of the coins I found during my Saturday afternoon walk around the show floor. Considering how long it takes to type on the iPhone, and taking care of business, it might take most of the day to finish this post!

One thing I like about this business is the variety of items that you can find. Aside from the various antiques and collectibles, there are a lot of interesting numismatic items that you may not find at a coin dealer’s table at almost any show. Most of these are not high priced items but are very interesting. For example, while Love Tokens can bring a nice premium, only a few specialized dealers would carry them. Since most of the dealers are also pickers. They will buy all of this stuff and bring it to a show like this.

A couple of smamples that I missed taking pictures of includes someone who had a coffee cup full of buffalo nickels for 25-cents a coin. After searching through most of the coins, all of them had at least a partial date. Not a dateless coin to be found. Another dealer was selling circulated Morgan dollars in VG-to-XF condition for $20 a coin, which is pretty good since the catalog value of most of these coins are $25-45 each. Current melt value of Morgan dollars is a little more than $14.

Although I do not have coins in my inventory at this show, you could have come by and bought a Red Book from one of the contributors, cheap!

Here are the pictures uploaded directly from my iPhone:

How many foreign coins at the U.S. Mint

1968 Canada 10-cents coin struck by the U.S. Mint

Continuing my self-education into the subject of foreign coin production at the U.S. Mint, the data was normalized to the point where it can be determined the number of coins that were struck for foreign countries. Although the publication I am using as a primary reference, Domestic and Foreign Coins Manufactured by the Mints of the United States, has a table, it is not complete.

After adding the coins struck for Iceland as part of the 2000 Leif Ericsson commemorative program and the coins struck at the Manila Mint, it appears that the Mints of the United States have produced over 10.75 billion coins and sold nearly 650 million planchets to foreign countries. That is over 11.4 billion pieces produced by the U.S. Mint from 1875 through 2000 that were not intended to circulate in the United States.

The following table shows the number of coins produced for each country:

Country Number of pieces produced Country Number of pieces produced
Argentina (Blanks)1 64,058,334 Hawaii2 1,950,000
Australia 168,000,000 Honduras 115,929,500
Belgian Congo 25,000,000 Iceland 143,324
Belgium 25,000,000 Indo-China 135,270,000
Bolivia 30,000,000 Israel 91,000
Brazil (Blanks)1 406,249,266 Korea 295,000,000
Canada 85,170,000 Liberia 56,744,679
China 39,720,096 Mexico 91,076,840
China, Republic Of (Taiwan) 428,172,000 Mexico (Blanks)1 175,714,411
Colombia 133,461,872 Nepal 195,608
Costa Rica 131,798,820 Netherlands 562,500,000
Cuba 496,559,888 Netherlands East Indies 1,716,368,000
Curacao 12,000,000 Nicaragua 26,080,000
Dominican Republic 76,954,297 Panama (Republic) 193,838,428
Ecuador 214,451,060 Peru 761,067,479
El Salvador 226,695,351 Philippines3 3,690,543,252
Ethiopia 375,433,730 Poland 6,000,000
Fiji 4,800,000 Saudi Arabia 124,712,574
France 50,000,000 Siam (Thailand) 20,000,000
Greenland 100,000 Surianam (Netherlands Guiana) 21,195,000
Guatemala 7,835,000 Syria 7,350,000
Haiti 90,324,000 Venezuela 306,762,944
Blanks (planchets)
Coins
TOTAL
646,022,011
10,754,294,742
11,400,316,753
Notes
1 Listings marked “(Blanks)” were those countries who purchased blanks and not struck coins.
2 Coins produced prior to Hawaii becoming a state.
3 Includes coins struck at Manila Mint.

I expected to see the number of coins struck for the Philippines to be very high. What surprised me were the volume of coins struck for the Dutch East Indies. Combine that number with the total for the Netherlands, the U.S. Mint has struck over 2 billion coins for them.

Some of the countries on the list are interesting like striking coins for Cuba until 1960, two years into Fidel Castro’s reign. France was also a surprise until I looked at the data and noticed that the coins were struck in 1944, post World War II. In 1968 and 1969, the Philadelphia Mint struck over 85 million 10 cent coins for Canada. This must have been a capacity issue by the Royal Canadian Mint which I will investigate at another time.

NOTE: For the non-technical among the readers, data normalization the process of organizing the data and making it consistent for use in a database. It makes programming easier when all of the data is consistent. Unfortunately, the data on foreign coin production from the U.S. Mint is formatted so that it can easily be printed. I am trying to fix that.
Credits

  • Image of the U.S. Mint struck Canadian 10-cent coins courtesy of Canadian Numismatist Daniel W. Gosling. See this page for more information on the 1968-69 Canadian 10-cent coins.

Foreign coins at the U.S. Mint

When looking for reference materials, there is nothing better than finding the authoritative source

During this past week, I have been working on two projects to satisfy my curiosity. One of those projects was to find and document all of the coins the U.S. Mint has produced for foreign governments. One of the questions I wanted to be answered was what was the first coin the U.S. Mint produced that was not for the United States and what was the last.

Finding most of the information was easy. After searching a number of online archives and digitized publications, especially the Newman Numismatic Portal hosted at Washington University in St. Louis, most of what I was looking for was printed in the publication Domestic and Foreign Coins Manufactured by the Mints of the United States.

Although I have a printed copy, it would be easier if someone else digitized the book. After poking around a few archives, I found a digital copy and downloaded the entire image as a PDF. Although other formats were available, the PDF image was the most complete and the only one that my optical character recognition (OCR) program was successful in converting the printed page to something a computer can understand.

These printed tables have been updated ever since the Bureau of the Mint began to publish this compilation, which appears to begin around 1905. Prior, bits and pieces have been added to the Director’s report which was submitted to congress as part of a larger report by the Department of the Treasury. The problem is that the tables were created in a matter that would be easier to typeset using the technology of the time. It is not optimal for the person that wants to digitize the information.

I will spare the details, but it took more than two weeks of part-time work to extract the data and format it in a way that made sense for a computer. Even though I felt that it might have been faster to manually transcribe the data, the work will benefit future projects.

Not coincidentally, the last time the Mint published this book was in 1980, the last year they stopped striking accepting orders to strike coins for foreign countries.

The first coins struck by the Mint for a foreign government was the 1876 one centavo and 2½ centavo coins for Venezuela. In 1875, the Mint in Philadelphia struck 8 million of the one centavo and 1.5 million 2½ centavos coins for Venezuela. The composition is reported as being an alloy of copper, nickel, and zinc but there is no record of the ratio.

Apparently, it was common for the Mint to strike coins for foreign countries with the following year’s date. In one document, it explained that these coins were struck at the end of the year following the completion of the minting of United States coins. Since coin production and transportation was a bit slower than it is today, it allowed foreign governments to plan for their following year’s demand.

2000 Leif Ericson Icelandic Krónur Commemorative Silver Proof (Obverse)

The last coin produced for a foreign country was the 2000-W Leif Ericsson 1000 Krónur silver coin produced for Iceland as part of the Leif Ericsson commemorative issued in the United States. The last circulating coins the Mint produced for foreign governments were coins for the Dominican Republic and Panama in 1980.

One thing that none of these tables include are the coins struck at the Manila Mint. To help relieve the burden of making coins for the Philippines after they became a colony of the United States, the Mint was allowed to establish a branch mint in Manila. It is the only branch mint outside of the continental United States. The mint opened in 1920 and produced coins in one, five, ten, twenty, and fifty-centavo denominations. Coins struck by this mint bear either the “M” mintmark or no mintmark. The mint was closed in 1941 because of the outbreak of war.

Official records from the Manila Mint are difficult to find because they were not included in the regular Treasury reports. Using a combination of the colonial government reports to congress, which required a trip to the Library of Congress, and the Standard Catalog of World Coins, I was able to compile the data of coins produced in Manila.

Although the list is being edited for consistency in formatting (I like things accurate and pretty), the following is a summary of the coinage produced by the Manila Mint from 1920 through 1941:

Denomination Composition Diameter (mm) Weight (g) Mintage
 1 Centavo Bronze  5.30 25.00 142,310,195
 5 Centavos Copper-Nickel  4.75 19.00 32,242,041
10 Centavos .750 Silver, .250 Copper  2.00 16.70 16,413,038
20 Centavos .750 Silver, .250 Copper  4.00 21.00 13,123,046
50 Centavos .750 Silver, .250 Copper 10.00 27.50 2,736,763
Total Mintage 206,825,083

When the table is completed and I figure out a way to display the data in a useful form, I will upload it for everyone to reference. I know that there will be some that would disagree with adding the mintage from the Manila Mint to those located in the United States. But the Manila Mint was owned by the United States government at a time that the Philippines was a colony of the United States and was run by administrators that were part of the Mint’s reporting structure. As the editor of the data, that is enough reason for me to include it with the rest of the data of foreign coins produced by the U.S. Mint.

Credits

  • Venezuelan coin images courtesy of Monedas de Venezuela.
  • 2000 Leif Ericsson Krónur Proof coin image courtesy of the U.S. Mint.

Real life overtakes other news

There are times that while we are having fun collecting coins, currency, exonumia, and the like, there is a real world out there with real issues. For some, this hobby can be an escape from that reality.

On Wednesday, the Bank of England announced that they were looking into the issue where their new polymer notes contain traces of tallow. According to the supplier of the pellets that are used to make the polymer substrate, tallow is used in the resin it sources from a supplier to make those polymer pellets. It was a low-key response to an issue that was made bigger by the British vegan community.

While writing a snarky response, my Twitter feed blew up with the news of the attack on the Westminster Bridge and near Parliament Square in London. I stopped writing and turned on the news. Having once walked on that bridge there was a sinking feeling I could not shake.

We know that five people have died, including a police officer and the attacker. One was a man from Utah on the last leg of a 25th Anniversary trip with his wife. She was amongst the reported 50 people injured and one of the 31 requiring hospital treatment. One woman was so scared she jumped off the bridge and into the Thames River

MI5, the United Kingdom’s internal security force, arrested seven men and four women on terrorism charges. One of the women posted bail, the other 10 are still in custody. They have collected over 2,700 pieces of evidence that they will be studying.

Although I am not a “run-and-hide” type, I find it difficult to be snarky given the recent events, even if the story deserves that type of treatment. I am sure that the heartbreak of tallow will return to the news and will give me a chance to have fun at their expense. But for now, let’s wish the best for the people who were injured and the families of those who are mourning.

Image courtesy of the Government of London.

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