foreign | Coin Collectors Blog

Legal Scent of Marijuana

Nov 29, 2010 | coins, foreign, nclt

In scouring my email for whatever cyber bargains are out there, I received a note touting the 2010 Republic of Benin Plants of the World Scented Coins. Announced last March, the coins will represent four distinct plants of the world and their scents. Since the Republic of Benin is not exactly on my watch list, I was drawn read more when told that the scent was for Cannabis Sativa, more commonly known as marijuana!

The West African nation of Benin has joined Somalia, Palau, Cook Islands, and other small countries to produce coins with different designs and features to profit on the growing market in non-circulating legal tender (NCLT) coins. Not only is the plant of the reverse of the coin colored, but it is scented to smell like the plant. The scent is professionally mixed perfume that is embedded into the coloring that does not require the coin to be handled in order to smell the results.

It is important to note that the scent does not contain tetrahydrocannabinol (THC) or any of the other cannabinoids that would cause problems at the airport or by law enforcement. Rather the fragrance is from synthetic materials that at worst could cause an allergic reaction.

The coins is silver plated over a copper-nickel base weighing 27 grams and is 28.61 mm in diameter. Its face value is 100 Francs CFA (about 20.2-cents in U.S. Dollars) and its production is limited to 2,500 pieces. Benin set the list price at $99.95, but it can be found for less, such as this online dealer.

This can be an interesting gift for your favorite numismatist, horticulturalist, or whomever this holiday season!

Images courtesy of Talisman Coins.

Krause Pubs COTY Announcement

Oct 13, 2010 | coins, COTY, foreign

Krause Publications has announced the nominations for the 2011 Coin of the Year awards. COTY awards are made in 10 categories and the overall winner announced from the winners of each category. Krause also holds a People’s Choice poll on numismaster.com. Voting for the People’s Choice will begin later this year.

Winners will be announced in January 2011 at the World Money Fair in Berlin, Germany.

The following are the nominees as published by Krause. One coin from each group was selected to represent the group. My coin selection does not mean I endorse the coin for that class. My choice was a matter of what looked interesting and the images I could find on the Internet.

Most Historically Significant Coin

Turkish State Mint – 50 Lira, Silver, Mecca Grand Mosque Coin, KM# 1257
Kazakhstan Mint – 100 Tenge, Silver, Attila the Hun, KM# 125
British Royal Mint – 5 Pounds, Silver, 500^th Anniversary of Henry the Eighth
Italian State Mint – 5 Euro, Silver, 300^th Anniversary of the Discovery of Herculaneum KM# 315
German Federal Ministry of Finance – 10 Euro, Silver, 400^th Anniversary of the Birth of Johannes Kepler, KM# 280
Netherlands – 5 Euro, Silver, 400^th Anniversary of the Island of Manhattan, KM# 282
Austrian Mint – 10 Euro, Silver, Richard the Lionheart, KM# 3180
Hungarian Mint – 500 Forint, Silver, John Calvin, KM# 827
Falkland Islands (Pobjoy Mint) – 1 Crown, Silver, Charles Darwin
Romania – 10 Lei, Silver, Tropaeum Traiani, KM # 257

Best Contemporary Event Coin

German Federal Ministry of Finance – 10 Euro, Silver, Centennial of Aviation, KM# 281
British Antarctic Territory (Pobjoy Mint) – 2 Pounds, Silver, 50^th Anniversary of the Antarctic Treaty
China Great Wall – 10 Yuan, Silver, Beijing Coin Fair
Austrian Mint – 25 Euro, Silver ring Niobium center, International Year of Astronomy, KM#3174
Royal Australian Mint – 50 Cents, Moon Landing, KM# 1432
Tuvalu (Perth Mint) – One Dollar, Silver, 50^th Anniversary of Barbie Doll, KM#80
Monnaie de Paris – 10 Euro, Silver, Fall of the Berlin Wall, KM # 1591
Czech Mint – 200 Korun, Silver, North Pole Exploration, KM # 107
Cook Islands (Coin Invest Trust) – 5 Dollars Copper-Plated Silver, Mars Exploration, KM# 681
Japan Mint – 1,000 Yen, Silver, Niigata Prefecture Coin, Y # 150

Best Gold Coin

Canadian Mint – 2,500 Dollars, Modern Canada, KM# 902
Japan Mint – 10,000 Yen, 20^th Anniversary of the Emperor’s Enthronement, KM#158
South African Mint – 100 Rand, Natura Gold Rhino Coin, KM# 474
Israel Coins and Medals Corp. – 10 New Sheqalim, Sampson and the Lion, KM#465
Turkish Mint – 200 Lira, Barrack Obama Visit , KM# 1246
Mint of Poland – 200 Zlotych, 180^th Anniversary of the Central Bank, Y#677
U.S. Mint – 20 Dollars, Saint-Gaudens Ultra-High Relief, KM # 464
Kazakhstan Mint – 500 Tenge, Biathalon, KM # 127
Palau (Coin Invest Trust) – One Dollar, Fountain of Trevi, KM # 241
China Gold Coin – 2,000 Yuan, Year of the Ox, KM # 1885

Best Silver Coin

Ukrainian Mint – 5 Hryven, International Year of Astronomy, KM # 557
Turkish Mint – 50 Lira, Seedling With Water, KM # 1256
Mint of Poland – 10 Zlotych, Hussar Knights, Y # 671
Austrian Mint – 5 Euro, Tyrolean Freedom Fighters, KM # 3177
Palau (Coin Invest Trust) – 5 Dollars, Wonders of the World, Pyramids, KM # 208
Italian State Mint – 5 Euro, Centennial of Cycling, KM # 313
National Bank of Macau, 20 Patakas, Year of the Ox, KM # 145
Royal Canadian Mint – 20 Dollars, Crystal Snowflake, KM # 944
Japan Mint – 1,000 Yen, Ibaraki Prefecture Coin
Bank of Russia – 100 Rubles 300^th anniversary Battle of Poltava Y#1179

Best Crown Coin

Bank of Lithuania – 50 Litu, Silver, Tytuvenai Church, KM # 164
Hungarian Mint – 3,000 Forint, Silver, 250th Anniversary of Birth Ferenc Kazinczy, KM # 817
Cook Islands – 5 Dolla,r Silver, Anteater Coin, KM # 674
Royal Canadian Mint – 15 Dollars, Silver, George VI, KM # 922
Mint of Finland – 20 Euro, Silver, Peace and Security Coin, KM #
Monnaie de Paris – 10 Euro, Silver, International Year of Astronomy, KM # 1621
Royal Australian Mint – 5 Dollars, Silver, Antarctic Explorers
Italian State Mint – 10 Euro, Silver, Marconi, KM # 317
Japan Mint – 1,000 Yen, Silver, Nagano Prefecture, Y # 148

Best Trade Coin

National Bank of Lithuania– 1 Litas, Copper-Nickel, Vilnius – European Capital of Culture, KM # 162
Latvian Mint – 1 Lats, Copper-Nickel, Namejs Ring, KM # 101
Japan Mint – 500 Yen, Nickel-Brass, 20^th Anniversary of the Emperor’s Enthronement Y#157
National Bank of Slovakia – 2 Euro Coin, Bimetallic, First Year of Euro Issuance, KM # 102
National Bank of Sweden – One Krona, Copper-Nickel, Horizontal Waves, 200^th Anniversary of Separation from Finland, KM #916
Banco de Mexico – 5 Pesos, Bimetallic, KM# 912
Mint of Poland – 2 Zlote, Brass, Czeslaw Niemen, Y# 684
U.S. Mint – One Cent, Copper-Coated Zinc, New Lincoln Seated on Log, KM # 442
British Royal Mint – 50 Pence, Copper-Nickel, Kew Botanical Gardens, KM # 1114
National Bank of Panama – 50 Centesimos, Copper-Nickel, 100^th Anniversary of the National Bank, KM # 139

Coin News of the World

Jul 7, 2010 | coins, currency, Euro, foreign, gold, RCM, video

Not all coin news comes from the United States. Here are three interesting non-U.S. stories from the last few weeks:

Foggia, Italy—A truck in southern Italy carrying €2 million in one and two euro coins crashed and spilled its load on the highway. Feeling they hit the jackpot, drivers stopped and started to scoop up the coins. On the scene, it was estimated that €10,000 was taken. A later count upped that estimate to €50,000. No arrests were reported.

Driver of the truck and the two cars in the accident were not seriously injured, but they were not the focus of many of the stories. With coins strewn on the roadway and the median, the company responsible for the transport of the coins will be spending the next few days trying to sweep up the coins that motorists did not take.

Zimbabwe—In a country where runaway inflation caused their currency to become worthless and the government made U.S. currency legal tender, Zimbabweans are washing their U.S. dollars so that they can be used.

In this poor country, low-denomination U.S notes are used until they fall apart. But in order to protect currency in crime-ridden areas, notes are carried in shoes or underwear. The obvious sanitary and malodorous issues has made it a problem causing banks and many merchants to refuse to take currency that is dirty and smelly. Some people gently hand-wash their notes and some laundry services have discovered that they can wash notes in the gentle cycle then hang the notes to dry.

Apparently this works for the poor in Zimbabwe since the notes outlive the Bureau of Engraving and Printing’s estimated life span of a $1 Federal Reserve Note of 20-months.

Vienna—Spanish gold dealer Oro Direct S.L.U. bought the world’s largest gold coin at auction for &euro3.27 million (approximately $4.02 million). The 100 kilogram coin with a face value of C$1 million was made by the Royal Canadian Mint in 2007. This coin currently holds the world’s record for being the largest coin ever made.

Gold was trading at $1,253.55 per troy ounce in London at the time of the auction.

“We believe that this is a way to demonstrate our opinion that gold is the ultimate store of wealth,” Oro Direct spokesman Michael Berger was reported as saying. “As long as central banks continue to print enormous amounts of paper money, we believe physical gold will be a fantastic investment.”

The following news video is from Reuters:

About the coin in a video by the Royal Canadian Mint:

Images from Italy and Zimbabwe are courtesy of the AP.
Image of the C$1 Million Maple Leaf courtesy of Reuters.

Israel to Issue Jerusalem of Gold Bullion Coin

Apr 4, 2010 | bullion, coins, foreign, Israel

In their last catalog, the Israel Coins and Medals Corporation, the exclusive manufacturer and distributor of coins and medals issued by the Bank of Israel, announced the “Jerusalem of Gold” bullion coin series, an annual series that will depict famous Jerusalem landmarks. The coin will contain one troy ounce of .9999 pure gold and will have a face value of 20 New Sheqalim. There will be a maximum mintage of 3,600 coins.

According to the ICMC catalog, “The coin will bear a roaring lion with a beautiful curved tail, take from a 2,800-year-old ancient seal dating from the 8th century BCE, discovered in archeological digs at Armageddon (Megiddo). The roaring lion is the symbol of Jerusalem and the Kingdom of Judah and it has appeared on Israel circulation coins, the 5 Lira Coin of 1978 and the Half Sheqel Coin of 1980.

“The reverse of the first coin will picture the Tower of David, located near Jaffa Gate in the Old City of Jerusalem. The Tower of David was constructed during the second century BCE and rebuilt in succession by the Christian, Muslim, Mamluk and Ottoman conquerors of Jerusalem. It is a well-known landmark, housing a museum and hosting varied cultural events associated with the history of Jerusalem.”

Coins are schedule to be released on Jerusalem Day, May 12, 2010. The price was not provided in the catalog.

Image courtesy of the Israel Coins and Medals Corp. scanned from their catalog.

Costa Rica Recalls Platedas

Apr 3, 2010 | coins, foreign

The Central Bank of Costa Rica is in the final stages of recalling all ₡20, ₡10, and ₡5 “platedas” or silver plated coins. Coins can continue to be exchanged only at Central Bank’s office located in downtown San Jos´.

Withdrawal began on December 31, 2009 after the Central Bank announced that it was withdrawing the coins because they could not be distinguished by the blind. New coins will be issued on April 5 will be lighter than the previous coins and include the denomination in Braille Braille.

Reports indicate that merchants have stopped accepting the coins fearing that there would not be enough coins to meet the demand. The Central Bank released a statement assuring the public they had enough coins to meet the demand. Under 20-percent of the estimated 205 million coins in circulation have been turned in.

Withdrawn coins will be sold as scrap metal.

The Central Bank will be issuing new paper notes and other coins later in the year to standardize the size for each denomination. The sizes are expected to help the blind detect the denomination based on the size of the coin or note.

Interestingly, the Bureau of Engraving and Printing had performed a study Visual Impairment Study and Process to Create Meaningful Access to Denominate U.S. Currency. So far, the BEP has not acted on any issues in the report.

Image of platedas courtesy of ticotimes.net.

People’s Choice for Coin of the Year Voting

Dec 27, 2009 | coins, COTY, foreign

Last week, Krause Publications announced that the voting is open for the 2009 People’s Choice Coin of the Year is now open (login required; free registration). Voting will take place on their numismater.com website and will run through January 10, 2010.

Voters can choose from 20 coins from around the world issued in 2008. Coins were nominated by their respective mints and selected by a panel of experts assembled by Krause Publications. This year’s nominations are:

Latvia, 1 Lats silver, 90th anniversary of statehood
Hungary, 5,000 Forint gold, Tokaj wine region
China, 10 Yuan silver, Panda 1-ounce silver
Germany, 10 Euro silver, Max Plank
Perth Mint, 1 ounce silver
Royal Australian Mint, 1 dollar silver, Kangaroo proof
United States, 25 cents, Alaska state quarter
Poland, 20 Zlotych silver, 65th anniversary of Warsaw ghetto uprising
Belarus, 20 Roubles gold, house warming
Canada, 25 dollars silver, Vancouver Olympics colorized bobsled
Lithuania, 100 Litas gold, millennium of name of Lithuania
Pobjoy Mint, 2 pounds silver, oldest reigning monarch
Italy, 10 Euro silver, 500th anniversary of the birth of Andrea Palladio
Austria, 5 Euro silver, 100th birthday of Herbert von Karajan
Denmark, 20 Kroner gold, Sea stallion from Glendalough
Japan, 500 Yen nickel-brass, centenary of the Japanese Immigration to Brazil
Finland, 10 Euro silver, Flag of Finland
United Kingdorm, 2 pounds gold, London Olympics centenary
Israel, 10 Sheqalim gold, 60th anniversary of Independence Day
South Africa, 25 Rand gold, Gandhi

Winners of the People’s Choice Awards, and other Coin of the Year winners, will be announced at the World Money Fair in Berlin, Germany, on January 30, 2010.

Reforming America’s Currency: Part 5-Bullion

Nov 9, 2009 | bullion, foreign, gold, silver, US Mint

My motivation for recommending the restructuring of the US Mint was when they announced that proof silver and gold American Eagle coins will not be produced in 2009. The logic of the decision in the context of what we know of the US Mint’s operations was unpalatable.

Restructuring the bullion program is to first acknowledge that it is a profit center for the US Mint. Its sole purpose is the buy precious metals and create bullion coins for sale at a significant profit. In the 2008 Annual Report, the profit on bullion issues was 22-percent over all costs, more than circulating currency or commemorative coins.

The anchor of the bullion program are the American Eagles, which has been the most successful bullion program since its inception in 1986. The program started with silver and gold American Eagles. Platinum bullion Eagles were first struck in 1997. American Silver Eagle coins are one troy ounce of 99.9-percent pure silver. American Gold Eagles contain 22-karat (91.67-percet) of gold balanced with silver and copper struck in 1/10 ($5), ¼ ($10), ½ ($25), and one ($50) troy ounces. American Platinum Eagles are struck using 99.95-percent platinum in 1/10 ($10), ¼ ($25), ½ ($50), and one ($100) troy ounces. This program will not change and the US Mint will continue striking coins to meet the demand.

Under the current law, it is not required that the US Mint strike proof versions of these bullion coins. This restructuring will change this to require a minimum mintage of these coins. For the future, the US Mint will strike proof coins to meet the demand with a maximum number in ounces of metals used. For this policy, it is proposed that 1 million troy ounces of silver be used for proof coins meaning the production will be limited to 1 million coins. Gold will be limited to 500,000 troy ounces of gold across all sizes. Finally, platinum will be limited to 100,000 troy ounces in proof coins.

I am not proposing changes to the 24-karat (.999 fine) Gold Buffalo program.

To complete the transformation, the First Spouse program will be transfered to bullion issues and continue using the same rules as it does today.

This year, the US Mint introduced the 2009 Ultra High Relief Coin. This coin brings to life the Augustus Saint-Gaudens proposed high relief design for his $20 Double Eagle design that 1909 technology could not create. The coin has been praised for its beauty and should be a future Coin of the Year candidate.

The concept of creating special bullion coins like the Ultra High Relief coin is something that a new bullion program can do. The US Mint, with direction from the CCAC acting as the US Mint’s Board of Directors can authorize new bullion coins that will allow the US Mint to create new collectibles that could be marketed to a wider audience. In addition to special strikes, the new bullion program can include coins with privy marks, special reverses, enameled coins, even coins made from multiple materials.

Examples of what could be accomplished can be seen in the 2007 Coin of the Year and 2008 Coin of the Year candidates. Although there are wonderful single metal coins, there are some wonderful coins using other design elements. In fact, the the 2009 Coin of the Year award was given to the 2007 Mongolia Wolverine coin with diamonds for eyes that is very intriguing when seen in hand!

It is not my intent to tun the US Mint into the non-circulating legal tender (NCLT) producer like the Royal Canadian Mint who is known to produce a large number of bullion-related issues. The CCAC should limit the introduction of bullion issues to a few a year and limit the number of coins that could be produced for each type. But if the US Mint can find influence in more areas than classic US coinage to produce beautiful collectibles using bullion metals.

Before I forget, these coins are bullion collectibles sold as a profit for the US Mint. They are not commemorative coins and not subject to the fundraising considerations proposed for commemorative coins.

Although the US Mint has been the focus of this series, we cannot reform America’s currency without considering paper money. Next, I will look at the Bureau of Engraving and Printing and what to do with Federal Reserve Notes.

Cash Is Still King

Nov 7, 2009 | cash, foreign

We are going to take time off from restructuring the US Mint to look at coin news from the United Kingdom. While reading other news from the British Broadcasting Company, I found two interesting articles.

In the first article, Are coin fairs the new investment clubs? BBC reporter Carolyn Rice attends a “coin fair” (coin show) last February following attendees who are more interested with coin investments than collecting.

One interesting aspect of the article is noting that British collectors and investors are interested in older gold sovereigns and ancient coins. It was interesting to read about a 10 year old collector from Birmingham who is “looking for a Julius Caesar coin, it has got an elephant on the back.”

The end of the story talks about the future of money and the lure of collecting. While one dealer thinks “[coins] will become more of a novelty and more collectable but [he] can’t see cash dying out completely.”

Is it possible to go through your day without cash? In a video report, BBC reporter Kevin Peachey tries to live a day without cash. Peachy, who begins his day from his London flat with breakfast, empties his pockets of money and tries to go through his day paying with credit and other payment cards.

While watching the video, I was struck by how many different cards had to be used to go through his day and looked at the cards in my wallet. Aside from the usual set of bank, store, and gas credit cards there are also cards for my morning coffee, a card if I need to ride the Metro, two gift cards, and various retail loyalty cards. The common denominator is that each card is backed with cash that is either paid directly or electronically transferred. In thinking about it, until a universal card can be developed to be as universal as coins and currency it will be difficult to create a cashless society.

Peachey and Rice team up to report that the usage of cheques is decreasing. While their report describes how the use of cash is decreasing to non-cash options, the authors predict that by 2015 there will be more usage of debit cards than other non-cash payments.

However, in the end, cash is still king and the various world mints do not have much to worry about.

Well… It Was Shiny

Aug 1, 2009 | cents, foreign, pocket change

Continue to search through my change looking for 2009 coins. Since leaving Charlotte, I have not been able to find another 2009 coin.

When I go to a store, I become a little excited as the cashier hands me shiny coins. If I cannot take a quick glance, which is becoming more difficult as my eyes are showing their age, I put the coins in my pocket and check when I get home.

Earlier this week I went to a local grocery store and paid with cash. I noticed the shiny copper coin that was dropped into my hand. I looked at the coin with excitement and thought I saw a Log Cabin Lincoln Cent. But there was a line and I was in a hurry to go home.

Later that evening I emptied my pocket and found the coin. Rather than seeing a log cabin it was coat of arms. A closer look was that it said “Commonwealth of the Bahamas” with the year of 2004. The reverse of the coin has star fish and the denomination of “1 Cent.”

According to The National Bank of the Bahamas, the coin is 19.05 mm in diameter and 1.58 mm thick. The Lincoln Cent is also 19.05 mm in diameter but only 1.55 mm thick. Both coins are made from copper-plated zinc.

The Central Bank of the Bahamas ties its currency to the US Dollar making it an even exchange between the currencies. In this case, a cent is worth one cent and I broke even.

Even though it was nice to find a Bahamian coin in pocket change, I am still waiting to find my first 2009 quarter, nickel, and dime.

30th Anniversary Panda Bullion Coins

Jun 27, 2009 | bullion, coins, foreign, gold, silver

Fans of the Chinese Panda can look forward to a special edition bullion coin to commemorate 30 years of producing bullion coins. Although the Panda began its production in 1982, The People’s Bank of China has been producing bullion coins since 1979.

The basic design of the coin will be the same as the regular 2009 issue. The obverse of the coin features the Hall of Praying for Good Harvest of the Temple of Heaven in Beijing, the title for the Peoples’ Republic of China in Chinese, and the year. Added to the lower half of the edge will be “30th Anniversary of the Issuance of the Chinese Modern Precious Metal Commemorative Coins” in Chinese.

The reverse will feature the panda design for 2009 with a border that will include “30th Anniversary of the Issuance of the Chinese Modern Precious Metal Commemorative Coins” in English. The weight and fineness of the metal will be placed at the bottom of the design just above the border.

This commemorative series will consist of a one-quarter ounce gold coin and a one-ounce silver coin. The gold coin will be made of one-quarter troy ounces of .999 gold, 22 millimeters in diameter, and have a face value of 100 Yuan. The silver coin will be made of one troy ounce of .999 fine silver, 40 millimeters in diameter, and have a face value of 10 Yuan. Mintage is limited to 10,000 gold and 300,000 silver coins.

Coins will be struck at the Shenzhen Guobao Mint and officially distributed by China Gold Coin, Inc., a corporation of the People’s Bank of China.

It looks like I will have to add the silver coin to my want list in order to keep up with the series.

Image courtesy of China Gold Coin, Inc.