Weekly World Numismatic News for June 20, 2021
Farouk-Fenton 1933 Saint-Gaudens $20 Double Eagle was sold by Sotheby’s for $18,872,250 in a June 2021 auction. (Picture Credit: PCGS)
The gold market is very active, and the prices are rising, but not because of the sale of the Double Eagle. The demand for physical metals caused by economic uncertainty has driven up the prices for gold and silver coins.
While discussing the demands for precious metals with dealers, they say that the demand is for coins. Their customers are buying American Eagle coins causing the supply of coins to decrease. When customers cannot buy American Eagles, they look to purchase silver coins from other state mints. Canada’s Maple Leaf and Mexico’s Libertad are popular alternatives to the American Eagle.
Investors are looking to purchase physical assets that have some backing. They are not buying bullion or contracts. As a result, the price of bars and other bullion products is reasonable compared to higher-priced coins. Contracts are paper-based trading of bullion. Many smaller investors traditionally do not like to trade based on paper. They are looking for something physical, like coins.
Bullion investing increases when investors perceive there are uncertainties in the markets. The current market run started last year during the beginning of the pandemic and has not stopped.
The markets are not responding to the sale of the 1933 Double Eagle. It is the only 1933 Double Eagle coin that is legal to own and has a story that inspired two books. Using this coin as an example of a reason to invest in gold coins is not representative of the reality of the bullion coin market. Beware of those who will try to sell you bullion based on the sale of this coin.
And now the news…
June 14, 2021
→ Read more at providencejournal.com
June 15, 2021 → Read more at kitco.com
June 17, 2021 → Read more at thevintagenews.com
June 18, 2021 → Read more at pattayamail.com
June 19, 2021 → Read more at miningweekly.com
270 Pounds in Pennys
Let’s have some fun rather than talk about the mundane! Covering floors, cars, or any other surface using coins is not something new, but according to Matt Giles this has not been done in the United Kingdom. On the YouTube page where the video is posted, he writes:
We took 27,000 1p coins and decided to give our kitchen diner a new look. Each coin was individually glued to the floor which had been self levelled before hand and left to dry. After gluing down all the coins a black grout was applied to fill the gaps followed by a high gloss epoxy resin to cover and seal.
The end result is simply awesome. The floor looks stunning and the weeks of hard work has been worth the pain.
Seems like an inexpensive idea. Take £270 in pennys (yes, that is how the Brits spell the plural of penny), glue, grout, apply a high gloss epoxy resin, and take about two weeks of work to come up with something different. For anyone curious, £270 is currently equivalent to $337.88.
Maybe his video will inspire your creativity!
Update on U.S. Mint Leadership
On the first official working day of the new administration, I received the following from the U.S. Mint Office of Corporate Communications:
Dave Motl will serve as Acting Principal Deputy Director until the new Administration selects the individual(s) who will lead the Mint going forward. (Mr. Motl previously was serving as Chief Administrative Officer. )
The U.S. Mint has not updated their website at the time this is written. When they do, we will learn more about Mr. Motl.
Until then, stay tuned. We will keep an eye on the country’s only manufacturer of legal tender coins.
About running for the ANA Presidency…
In my blog post “About the ANA Presidency” I said that I would challenge Mike Ellis for the position.While researching what was required to run for President of the American Numismatic Association I discovered that, according to the ANA Bylaws, I would have to have served on the Board of Governors at least one term. Since I ran unsuccessfully in 2013, I am not eligible to run for ANA President.
I learned that Gary Adkins has announced he will be running for President of the ANA. Having worked with Gary as part of my participation with the Technology Committee, I believe that Gary is looking to improve on the work that has been done that has gone into fixing the ANA. He will not be looking for an unnecessary “fresh start!” While I applaud Gary’s decision to run, it will not affect my decision.
The decision to attempt to run for an ANA office is not made lightly. I continue to believe that Ellis is not the right person to be president of the ANA, especially since he wants a “fresh start.” A fresh start from what, the progress over the last few years from the turmoil and lawsuits that he is a likely contributor?
One of the problems with the governance of the ANA is that there are too many dealers and too many selfish people who run for the Board with a personal agenda and not an agenda that benefits the organization. I have nothing against dealers but I do not think they should dominate ANA governance. As for the others, some who say that are interested in the ANA’s well-being have agendas that are not broad enough to progress in a new environment.
Since my blog post I have heard from dozens of members supporting my decision to run. I am very flattered. Their words of encouragement and support has me thinking about running for the Board of Governors. If I make that run, I will be the voice for the average collector while considering what is necessary to keep the entire association from succumbing to the whims of a potential leader with an agenda that does not coincide with the ANA’s progress and goals.
When the decision is made, I will let you know!
End of the Term, What Now?
January 20, 2017, marks the end of the Presidency of Barack Obama, the 44th President of the United States. At noon the 45th president will be inaugurated.
Also, as of noon, Obama’s appointments to Executive Branch positions will resign from their position to be filled by the new president’s appointment. Of the people resigning are Secretary of the Treasury Jacob “Jack” Lew and Principal Deputy Director of the U.S. Mint Matthew Rhett Jeppson. Jeppson was nominated to be the 39th Director but the nomination died with the end of the 114th congress.
Attempts to contact the U.S. Mint to ask them about the bureau’s leadership starting Friday has gone unanswered.
The position of Treasurer of the United States would have also resigned but is currently vacant after the July 2016 resignation of Rosie Rios. Treasurer of the United States is a presidential appointment that does not require Senate confirmation.
The Bureau of Engraving and Printing is not affected by a change in administrations because the position of the director is a career appointment. Len Olijar will remain Director of the BEP as long as he is a government employee in good standing.
Members of the Federal Reserve Board are appointed but they are not considered part of the Executive Branch. The Fed is independent and the Fed Chair, the Federal Reserve Board, and the president of the regional Federal Reserve Banks are appointed to four-year terms irrespective of political timelines. Janet Yellen, Chair of the Federal Reserve, has announced she will serve her full her full four-year term that will expire on February 3, 2018.
The Plum Book, which documents more than 9,000 Federal civil service leadership and support positions in the executive and legislative branches, lists quite a number of positions that supports numismatic production. Of course, significant changes will be reported here!
A Skyhook for the CCAC
Kareem Abdul-Jabbar
Born on New York City as Ferdinand Lewis Alcindor, Jr., his physical growth and natural basketball abilities outpaced everyone. Playing for Power Memorial in the New York City Catholic League, lead his team to three straight championships while compiling school records in points and a 71-game winning streak. While Alcindor played for Power Memorial they had a 79-2 record.
He was recruited by the legendary John Wooden, Alcindor played his first year on the UCLA freshman team during a period when freshmen were not allowed to play on the varsity team After leading the freshman team in points, his scoring prowess helps lead the Bruins to three NCAA championships (1967, 1968, and 1969) while being twice named Player of the Year. Alcindor earned a Bachelor of Arts in History before being drafted by the Milwaukee Bucks of the NBA and New York Nets of the ABA.
After declining a $1 million offer to play for the Harlem Globetrotters, his unusual negotiation landed him in Milwaukee as the first pick of the 1969 NBA Draft. He was an instant star ending the season second in scoring and third in rebounding while being named NBA Rookie of the Year. The next year the Bucks acquired All-Star guard Oscar Robertson that helped lead the Bucks to the NBA Championship. Alcindor led the league in scoring, points, and rebounds earning the NBA Most Valuable Player award and was named MVP of the finals.
Following the end of the finals in 1971, he announced he adopted the Muslim name of Kareem Abdul-Jabbar. Abdul-Jabbar converted to Islam while a student at UCLA.
Although he loved Milwaukee, he felt the midwest did not fit his cultural needs. After requesting a trade to New York or Los Angeles, he was traded to the Lakers for the 1975-76 season where he played 14 seasons of dominating basketball.
Even if you are not a fan of Kareem Abdul-Jabbar or the teams he played for (says this New York Knicks fan who grew up a New York Nets fan when they played on Long Island), you had to admire his ability to rise to any challenge. Even when a young Bill Walton and his Portland Trail Blazers swept the injury-plagued Abdul-Jabbar and the Lakers, he did enough to not make the games easy for the Trail Blazers.
Although being 7-foot-2 was an advantage, Abdul-Jabbar was not a physical center like many of his contemporaries. He was more nimble and moved more like a forward than a center. But he used it to his advantage by creating the nearly impossible to defend skyhook that he could shoot with either hand. If given the ball on either side of the foul line with room to maneuver, Abdul-Jabbar did not even need a dribble, one step and he was in position with his outer arm stretched to hook the ball over the defenders. And because of his height, the ball was always on a downward projection making blocks by the opposition called as goaltending.
The Skyhook was considered the most deadly shot in the NBA. Nobody could defend against it!
Even as he was aging, I was able to see Abdul-Jabbar in Madison Square Garden against a younger Patrick Ewing. Even though Ewing was 2-inches shorter, he had a bigger body and was a more physical player. That did not stop Abdul-Jabbar from frustrating the younger Ewing to lead the Lakers in points. By my recollection, their record was 1-1 watching the matchup between the two at The Garden.
I could go on because it is easy to talk about the basketball prowess of a player who was like no other in NBA history. But he was more than a basketball player.
Abdul-Jabbar is a lover of history. His ability to travel and worldview has provided him a unique perspective regarding how the world works around him. In interviews, Abdul-Jabbar will recognize the evolution of contemporary history but also understand why that evolution has taken the course it has. Over the last few years, Abdul-Jabbar has been criticized by all sides over recent events where he has criticized both the police and the Black Lives Matter groups noting where both sides have misread the history and using the wrong lessons to understand how to make a better future.
He founded the Skyhook Foundation whose mission statement is to “Give kids a shot.” The primary program of the Skyhook Foundation is Camp Skyhook, where each week eighty-five 4th and 5th graders are immersed in a hands-on outdoor program staffed by the Los Angeles Unified School District that engages our young people in science, technology engineering, and mathematics (STEM) programs.
Like many of you, I did not know Abdul-Jabbar was a numismatist. It is not surprising given his talents and intelligence.
After all his accomplishments, Kareem Abdul-Jabbar (69) can now add being the most famous person ever to be appointed to the CCAC and the tallest person to serve to his very long list of accomplishments. What is really going to be cool is being able to meet him at one of the shows the CCAC will participate!
Yes, I just geeked-out over the a sports star!
- Portrait of Kareem Abdul-Jabbar Courtesy of CNN Money
- Getty Image composite of the Skyhook courtesy of ESPN.
- Camp Skyhook logo courtesy of the Skyhook Foundation.
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