DISASTER RELIEF

Weekly Numismatic World News for October 15, 2017

The old Round Pound and the new 12-sided £1 coin

As you read this, the old round £1 coins have ceased to be legal tender in the United Kingdom.

British news outlets are reporting that millions of the old round pounds are still in circulation but that might not be bad news for many Britons. There are reports that many coin-operated systems have not been converted to take the new 12-sided £1 coin including supermarkets, where a £1 pound coin is necessary to “rent” a trolley, what the British call their shopping cart.

Two of the U.K.’s largest grocery store chains have announced they will continue to accept the round pound through the end of October because their trolley systems are not ready.

Charities are getting into the act by accepting the old round pound as donations. Many charities will continue to accept the coin through the final redemption period in March 2018 as donations. The charities are working with banks to deposit the coins.

It has been fascinating to read the news of how the U.K. has tried to adapt to the new coin. The biggest issue has been with the use of coin-operated equipment like trolley rentals and parking meters. It is a lesson to any active economy, such as her in the United States, as to what could happen should the composition of U.S. coins change.

Although there have been discussions as to whether to change the composition of United States coinage, it is not likely to happen for many reasons. What may be gaining support is dropping the $1 Federal Reserve Note in favor of a dollar coin. This would not require changes in coin-operated systems but a change in attitudes. Given how resilient Americans can be, it would be possible to end production of the $1 FRN and just endure the kvetching that will ensue. That will end when people get used the coin.

And now the news…

 October 9, 2017

LeRoy Transfield A photo of the New Zealand Expeditionary Force, Native Contingent. Utah sculptor LeRoy Transfield had two uncles who served in the unit during World War I. → Read more at deseretnews.com


 October 11, 2017

The discovery of gold rings and coins on a Swedish island sheds new light on the history of the area, and could give insight into the motives for a massacre which took place in the fifth century, archaeologists told The Local on Wednesday. → Read more at thelocal.se


 October 12, 2017

Share → Read more at adweek.com


 October 12, 2017

People buy gold in various forms like jewellery, coins etc. Here are 7 things to know if you are buying gold coins this Diwali. → Read more at economictimes.indiatimes.com


 October 13, 2017

The Carl Brashear Foundation wants to bring its namesake’s legacy home to the veterans center that soon will bear his name. → Read more at thenewsenterprise.com


 October 14, 2017

By Katie Lange Defense Media Activity → Read more at dodlive.mil


 October 15, 2017

Shoppers have one day left to spend their old round £1 coins before they cease to become legal tender at midnight. Hundreds of millions of round pounds are yet to be handed in, as only hours remain before the coin drops out of general circulation.  However, major banks and building societies have said they will continue to accept the old coins after the deadline on Sunday.  They can also be deposited into any of the usual high street banks or through the Post Office. → Read more at independent.co.uk


 October 15, 2017

Sunday, October 15, 2017 → Read more at jamaicaobserver.com


 October 15, 2017

Currency modernization will help secure our financial futures and save billions of dollars for taxpayers. → Read more at cnbc.com

Coin Collectors News
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Image courtesy of the Royal Mint.

Weekly Numismatic World News for October 8, 2017

David J. Ryder

Earlier this week, the White House announced the nomination of David J. Ryder to be next Director of the U.S. Mint. If the name sounds familiar it is because Ryder served as the 34th Mint Director from September 1992 through November 1993 after being nominated by President George H.W. Bush.

Ryder’s biography in the President’s announcement was as follows:

David J. Ryder of New Jersey to be Director of the United States Mint. Mr. Ryder served as manager and managing director of currency for Honeywell Authentication Technologies. Previously, Mr. Ryder served as CEO of Secure Products Corporation, which was acquired by Honeywell in 2007. In 1991, Mr. Ryder was nominated by President George H.W. Bush and confirmed by the U.S. Senate to serve as Director of the U.S. Mint. His prior government service also included Deputy Treasurer of the United States, Assistant to the Vice President and Deputy Chief of Staff to Vice President Daniel Quayle. Mr. Ryder was born in Billings, Montana and raised in Boise, Idaho. A graduate of Boise State University, Mr. Ryder is married with two children.

The U.S. Mint has not had a permanent director since Edmund Moy resigned in January 2011. Since Moy’s departure there have been a series of Deputy Directors fulfilling the Director’s role including Rhett Jeppson, who was the last nomination not to be considered by the U.S. Senate. Although the Senate Committee on Banking, Housing and Urban Affairs did held a hearing on Jeppson’s nomination, they failed to bring the nomination to the floor for a vote.

If Ryder’s nomination is confirmed, he will be the 39th Director of the U.S. Mint and the only person to hold the job for two non-consecutive terms.

PN1082: David J. Ryder — Department of the Treasury
Date Received from President: October 5, 2017
Summary: David J. Ryder, of New Jersey, to be Director of the Mint for a term of five years, vice Edmund C. Moy, resigned.
Received in the Senate and referred to the Committee on Banking, Housing, and Urban Affairs. — Oct 5, 2017
This nomination can be tracked at http://bit.ly/115-PN1082.

Now for the news…

 October 2, 2017

An amateur historian from Devon digging in a farmer's field has told how he found a once-in-a-lifetime hoard of 2000-year-old Roman silver coins – worth up to £200,000. Mike Smale, 35, found the hoard of 600 rare denarii in a farmer's field in Bridport while hunting with his pals from the Southern Detectorists club. → Read more at devonlive.com


 October 2, 2017

The U.S. Mint is on track for the lowest sales of American Eagle coins in almost a decade. The 2008 financial crisis began a historic ramp up in sales that lasted for years. 20,583,000 silver American Eagles sold that year, more than double the 2007 total of 9,028,036 coins. → Read more at silverseek.com


 October 5, 2017

The negative sentiment toward gold prevailed on Friday, September 29, the last trading day of the month. Gold futures for November expiration fell 0.3% and closed at $1,282.7 per ounce. The call implied volatility in gold was at 9.7%—the lowest level in September. (Call implied volatility is a measurement of the fluctuations in the price of an asset with respect to the changes in the price of its call option.) → Read more at marketrealist.com


 October 6, 2017

Arizona Gov. Doug Ducey signed a law in May to exempt the sale of U.S. gold coins in the state from capital gains taxes.The measure said taxing a gold coin investment was unfair because the transaction was an exchange of one currency for another. Tax free status would arguably spur investment, but that does not seem to be happening on the large scale.Sales of gold coins in the first nine months of the year shrank to the lowest in a decade, according to new data from the U.S. Mint. Despite preferential tax status in Arizona, investors are choosing the stock market. → Read more at kjzz.org


 October 7, 2017

The Sussex ambulance driver will face no further action after saying his children found the coins. → Read more at bbc.com


 October 7, 2017

The Bangko Sentral ng Pilipinas yesterday said it would penalize people found willfully defacing, mutilating, tearing, burning or destroying currency notes and coins. → Read more at philstar.com


 October 8, 2017

Penny-wise and coin foolish: Don’t eliminate 1 cent → Read more at orlandosentinel.com

Coin Collectors News
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Image from David J. Ryder’s LinkedIn page.

Polymer notes in UK will continue to have tallow

Victoria Cleland, Chief Cashier at the Bank of England, presenting the Churchill War Rooms with their New Fiver

Last year, vegan activists in the United Kingdom became apoplectic when they discovered that the manufacture of the pellets used to make the substrate for the polymer banknotes contained trace amounts of tallow.

Tallow is made from suet, the fatty deposits around the organs of cows and sheep. It is a byproduct of the process of butchering a cow for its meat and hides. In its natural form, suet is only used for cooking and some preservation. When it is rendered (by boiling) into tallow, it is used to manufacture soap, candles, and lubricants. The use of tallow in even the most synthetic lubricant is ubiquitous. Machines used to harvest crops or grease moving parts in automobiles have tallow in them.

Since the uproar from vegan activists, the Bank of England spent a lot of time and a lot of money to research the environmental and social impact of tallow in the notes.

The amount of paperwork that was generated for this issue is astounding. They looked at everything from the use of alternative lubricants, like palm oil, to the religious and social impacts to Her Majesty’s loyal subjects. In the final report, the Bank of England even summarized the response when they reached out to “representative groups,” both religious and activists organizations.

All that time and money led to the decision to “ not change the composition of the polymer used for future notes.” Why? Because the costs and environmental impact to using alternatives like palm oil would be more expensive, the notes have such low amounts of tallow, typically less than 0.05-percent (five-one-hundredths of a percent) of derived animal products, and the rest of the community just does not see this as a problem!

It is like I said in my original post, they are probably breathing more dander in a single day than they are touching tallow in all of the polymer banknotes that cross their paths. Tallow is used in all sorts of lubrication products, especially those used in transportation. It is everywhere.

I hope the vegans can either learn to live within society’s decisions or find another way to pay for goods and services, like using credit cards.

Image courtesy of Innovia Security.

1943-D Bronze Cent makes a TV appearance, sort of

1943-D Bronze Lincoln Cent graded MS-64BN by PCGS

Fans of the NBC show The Blacklist that watched on Wednesday, October 4, would have noticed there was a numismatic role added to the script.

Raymond Reddington, played by James Spader, was trying to gain the attention of a high-rolling thief and found himself at a numismatic auction. The item up for bid was the 1943-D Bronze Lincoln cent. As part of the story, it was announced that it was the only one known to exist and that it was graded by the Professional Coin Grading Service.

Currently, there is only one known 1943-D Bronze Lincoln Cent and was graded by PCGS to be MS-64BN. It last sold for $1.7 million in 2010.

Since then, more 1943 Bronze Lincoln Cents were found including a 1943-S graded MS-62BN by PCGS. That coin was sold to Bill Simpson, a co-owner of the Texas Rangers, for $1 million in 2012. Simpson owns a complete set of 1943-PDS and 1944-PDS off-metal Lincoln cents, the latter made of zinc coated steel.

In the show, the hammer price was $3 million. All things considered, it is probably an accurate estimate of what the coin might be worth if it were to come to market today.

Of course, they did not use a real 1943-D Bronze Lincoln cent and there was a mistake when the coin showed up later in the story. But if you have not seen this episode, I am not going to spoil it for you!

Image courtesy of PCGS CoinFacts.

Get Ready for the American Legion Commem in 2019

Sometimes, it takes time for the online system to catch up with the acts of Congress. But in what looks like a rare display of bipartisanship, the Senate passed The American Legion 100th Anniversary Commemorative Coin Act (H.R. 2519) on September 29, 2017. It becomes the first piece of numismatic-related legislation passed by the 115th Congress.

When signed by the president, who is in Puerto Rico today and expected to be in Las Vegas tomorrow, the American Legion 100th Anniversary Commemorative Coin program will be the second commemorative program of 2019. The other is the Apollo 11 50th Anniversary Commemorative program.

Typical of the three coin commemorative programs, the law authorizes a $5 gold, $1 silver, half-dollar clad coins with maximum mintages of 50,000, 400,000, and 750,000 respectively.

According to the bill, “The design for the coins minted under this Act shall be emblematic of The American Legion.” Other than the required inscriptions, no other restrictions were placed on the design except the required reviews by the U.S. Commission of Fine Arts and Citizens Coinage Advisory Committee.

Surcharges of $35 for the gold coin, $10 for the silver coin, and $5 for the clad coin will go to the American Legion to help with their service efforts. If the program sells out, the Amercian Legion can earn $9.5 million.

H.R. 2519: The American Legion 100th Anniversary Commemorative Coin Act
Sponsor: Rep. Timothy J. Walz (D-MN)
Introduced: May 18, 2017
Summary: This bill requires the Department of the Treasury to mint and issue commemorative coins in recognition and celebration of the 100th anniversary of the American Legion.Surcharges received from the sale of these coins shall be paid to the American Legion for costs related to promoting the importance of: (1) caring for those who have served, and those who are still serving, in the Armed Forces; and (2) maintaining patriotic values, strong families, and assistance for at-risk children.
Referred to the House Committee on Financial Services. — May 18, 2017
Motion to reconsider laid on the table Agreed to without objection. — Sep 25, 2017
Received in the Senate. — Sep 26, 2017
Message on Senate action sent to the House. — Sep 29, 2017
Presented to President. — Sep 29, 2017
This bill can be tracked at http://bit.ly/115-HR2519.

Weekly Numismatic World News for October 8, 2017

Earlier this week, the White House announced the nomination of David J. Ryder to be next Director of the U.S. Mint. If the name sounds familiar it is because Ryder served as the 34th Mint Director from September 1992 through November 1993 after being nominated by...

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