A Piece of Numismatic History Can Be Yours

Peace Dollar with PCGS Prototype Handwritten Label
(Image courtesy of Great Collections)

I have always been fascinated by history. From two days before my eighth birthday, when Dr. Martin Luther King, Jr. was assassinated, when something happened, I tried to understand the background of what led to the event. My modern library has many books written by the people on the front row of history, whether I agree with their politics.

That curiosity in history had me searching for the auction of a significant piece of numismatic history. An article appeared at Coin Week reporting that a sample PCGS Type 1 holder with a handwritten label was up for auction at Great Collections.

According to the auction description, it is a prototype holder for a very worn Peace dollar to show how a coin with a worn date could be certified by PCGS. The handwritten label was produced in 1989 or 1990, with PCGS confirming the label’s authenticity.

The label is a demonstration of the growing pains experienced by PCGS. By 1989, PCGS was three years old and experienced an exception to its established procedures. Long before low-ball collecting, what does a company do with a low-grade coin?

The prototype holder with a coin that would likely grade PO-1 today is an artifact of numismatic history. Aside from its historical significance, it is just a cool item. The price as this is being written is $5,050. The auction ends Sunday, June 19, 2022, at 06:38 PM Pacific Time. Get your bids in!

EDITED: I am not the owner/seller of this slab and I am not a bidder in this auction. I was accused of shilling this auction by a reader via an email. It is featured here because I thought it was something interesting and, quite frankly, cool. I have no association with Great Collections except as a satisfied customer.

Weekly World Numismatic News for September 26, 2021

David J. Ryder, Director of the U.S. Mint.

The news of the week came on a Friday night news dump by the Treasury Department, announcing that David J. Ryder will resign as U.S. Mint Director as of September 30, 2021. Alison Doone will become the U.S. Mint’s Acting Director.

Ryder served as the 34th and 39th Director after being appointed by two different administrations. Ryder came into this term touting his work with physical money security. During his confirmation hearing, Ryder said he worked for Secure Products, a company focused on developing anti-counterfeiting solutions for currency and branded products. Ryder also testified that he was involved in developing the Royal Mint’s new 12-sided one-pound coin.

The U.S. Mint claims security measures built into the new American Silver and Gold Eagle coins. However, there do not seem to be breakthroughs similar to those used by the Royal Mint and Canadian Royal Mint on their bullion products.

Ryder may want his legacy to be introducing new products, but the public will remember the colossal failure of the U.S. Mint’s e-commerce system. As Director, he was supposed to oversee the entire operation and not just one aspect. Those failures will weigh on his legacy.

Alison Doone is a career civil servant who entered the Senior Executive Service (SES) in 2004. After working at several other agencies, Doone served as the Mint’s Chief Administrative Officer since March 2021.

The Federal Vacancies Reform Act of 1998 requires the president to send a nomination to the Senate within 90 days to fill a vacant position. During that time, an acting director can serve in that role for only 180 days. As we saw in the 2,629 days (7 years, 2 months, and 13 days) between the resignation of Edmund Moy and the confirmation of David Ryder, the government has ways to get around the law to maintain operational consistency.

And now the news…

 September 17, 2021
If artifacts could talk, we’d love to hear this one’s tale.  This pierced German coin from the 17th century was recovered during a systematic excavation at the Jacob Jackson Home Site, part of Harriet Tubman Underground Railroad National Historical Park (HATU).   → Read more at nmscarcheologylab.wordpress.com

 September 17, 2021
Readers of a certain age will remember the florin, or flóirín as it was in Irish. Those of an uncertain age will even recall when it was Ireland’s two-shilling coin, complete with the leaping salmon of Percy Metcalfe’s classic 1928 design.   → Read more at irishtimes.com

 September 22, 2021
The coin, known as the Triple Unite, was minted in Oxford in 1643 during the English Civil War and had the value of 60 shillings, or three pounds.  → Read more at bbc.com

 September 23, 2021
LAKE MARY, Fla. – A Florida teenager recently made a spectacular find while on an ocean dive: a rare gold coin believed to be from the 1715 Spanish Treasure Fleet.  → Read more at fox35orlando.com

 September 24, 2021
(CNN) — Two amateur free divers have found one of the largest collections of Roman coins in Europe off the east coast of Spain. Luis Lens and César Gimeno were diving off the island of Portitxol in Xàbia on August 24 when they found eight coins, before further dives by archaeologists returned another 45 coins, according to a press release from the University of Alicante on Tuesday.  → Read more at edition.cnn.com
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 New Name for ANA Accolade (Sep 21, 2021)

 

The ANA Woke Up on the Wrong Side, for a change

When they persisted in questioning him, he stood up and said to them, “The one without sin among you should be the first to throw a stone at her.”

— John 8:7

During an open session of the ANA Board of Governor on January 19, 2021, a session not advertised in a prominent location, the Board voted to remove Farran Zerbe’s name from the top service award offered by the organization.

Let’s take a look at the reasons given for removing Zerbe’s name from the ANA award. According to the ANA’s press release:

A retrospective look at Zerbe’s professional dealings uncovered accusations that he made deceptively inflated claims about the future value of the Louisiana Purchase Exposition gold dollars he sold; complaints of hucksterism and fraud for his creation and sale of coin-like 1904 gold-plated exposition souvenirs;

Modern hucksterism that the ANA Board does not seem to mind versus one that allegedly occurred 112 years-ago.

The ANA Board of Governors, whose members include dealers, is assessing 112-year-old accusations of conducting business. In the meantime, the ANA sits idly by while ANA dealers on television have done the same thing.

I have documented inflated prices and deceptively inflated claims by Rare Collectibles TV, DCN Coin Talk, and other scams that walked into my shop that purchased coins from these members of the ANA. the RCTV pitch included Miles Standish, and the DCN Coin Talk pitch included David Ganz. Ganz, like Zerbe, is a past ANA President.

These are not the only cases of inflated claims on coins that have appeared on television. Frequent viewers of “The Coin Collector” on HSN regularly send emails asking if they are legitimate. I purposely avoided the show because I already have heartburn issues, and it would put a severe test on my regimen of Pepcid.

Zerbe also served as head numismatist for the expositions in 1905 (Portland) and 1915 (San Francisco). Were there any accusations for those expos? Or was there cherry-picking of reasons to justify their actions?

What is the difference between the claim that Zerbe made inflated claims on coins versus the television hucksters? Zerbe is dead and cannot defend himself. The hucksters are living and have given money to the ANA.

[A]llegations that he unscrupulously obtained personal ownership of The Numismatist in 1908 from relatives of the ANA’s late founder, Dr. George F. Heath (then ANA Vice President W.W.C. Wilson subsequently purchased the periodical and donated it to the Association in 1910);

The first word of this is “allegations.” His actions were alleged. Can the allegations be substantiated? What evidence do they have?

Whatever evidence they have is circumstantial and hearsay. I understand that someone can make a strong case using circumstantial evidence, but when the case is being built against someone who cannot testify, there should be almost no questions.

An example of solid circumstantial evidence would be that if you go to bed, the ground is clear. When you wake up, there is snow on the ground. You did not see the snowfall, but you see the snow on the ground. The snow on the ground is circumstantial evidence that there was a snowfall overnight.

Finally:

… and claims of bribery involving the 1909 ANA election in which Zerbe’s friend John M. Henderson was named president.

CLAIMS? The ANA Board of Governors has chosen to besmirch the name of a past president, the driving force behind the creation of the Peace Dollar, and whose collection formed the basis of the Chase Money Museum on CLAIMS?

What are the claims? Who made the claims? What documentation do we have of the claims?

No ANA dealer face an ethics examination after the fiasco of the 2014 Kennedy Half Dollar 50th Anniversary Gold Coin release. (Image is a screen grab courtesy of ABC 7 News, Denver)

In the mean time, no dealer was ever sanctioned who paid someone to buy 2014 50th Anniversary Kennedy Gold Half-Dollars that caused problems outside of the Denver Mint and at the World’s Fair of Money in Rosemont. The ANA only released a statement essentially saying “bad boys” to dealers that created the dangerous situations.

The problem I have with all of this is that there is NO documentation offered to the membership. The ONLY documentation provided is a 119-word paragraph, most of it reproduced here.

Another problem I have is that the ANA holds open Board sessions with little advertisement. Had I known about the session, I would have made myself available. Unfortunately, the Board is lax with their membership engagement making it seem they are a club amongst themselves.

The press release does not report the vote total for the motion. I am sure that the press release would report it was a unanimous vote if it was the case. But the tersely written press release suggests there was contention behind the decision. The ANA does not write terse press releases. Look it up!

The decision was made by a Board of Governors with a sitting member that was once asked to resign from a previous Board because “He realized he had made a mistake.” It was a mistake related to a lawsuit against the ANA by former ANA Executive Director Larry Shepherd.

What did Steve Ellsworth add to the discussion? As past president, Ellsworth is a non-voting member of the Board of Governors. However, given his previous actions that left the ANA flat-footed when the pandemic closed everything down, it would be interesting to hear his counsel on this matter.

Unless the ANA Board of Governors publishes the details of the allegations against Zerbe, including source material and where it was discovered, then the move adds the ANA to the “woke community” looking to cancel a historic member of the numismatic community.

Therefore, as a member of the ANA, I hereby move that the ANA Board of Governors reinstate the name of Farran Zerbe to the organization’s highest honor.

Scammed on line? Facebook got paid and they don’t care!

Fake Silver Eagles

Two counterfeit American Silver Eagles purchased from LIACOO, a company based in China who advertised on Facebook.

When I wrote that the “Chinese Counterfeiters Are Back” last month, several people wrote to me saying they were never gone. My point was that they have crawled out of their collective holes and started to flood social media with advertising for counterfeit coins.

Over the last few weeks, I have been counseling several people about requesting a chargeback for receiving counterfeit merchandise. Requesting chargebacks have their problems, too. Some credit card issuers will use the chargeback as an excuse not to renew your credit card.

During this time, another group has been trying to work with Facebook to stop the scammers from reaching consumers.

On Monday, three numismatic groups sent a letter to Facebook Founder Mark Zuckerberg asking why he did not respond to a similar letter a month ago. The letter was signed by Doug Davis, Director of the Anti-Counterfeiting Educational Foundation, Mark Salzberger, Chairman of Numismatic Guaranty Company, and Bob Brueggeman, Executive Director of the Professional Numismatists Guild. You can read the press release and letter here.

It is not surprising that Facebook and Zuckerberg have not answered previous letters. If you watch other media reports about Facebook, the company is notorious for trying to sweep issues under the proverbial rug until something brings it to the forefront. While Facebook claims they are responsive to the communities, they respond solely when someone yells and causes an uproar.

Although some find Facebook useful, it is a cesspool of scammers and trolls playing on the gullible looking to prove P.T. Barnum correct: There’s a sucker born every minute.

News organizations worldwide have reported how criminals use Facebook advertising for crimes, including selling counterfeit merchandise, false activism (e.g., Fake News), and human trafficking.

Facebook’s response has been the same. They promise to try harder and look to add code to help protect their users. The result is that they try to implement a technical solution that works to the point of being able to placated the current activists. The problem is that while Facebook depends on artificial intelligence to protect its platform, company leadership has not shown any real intelligence to understand that there may not be a technical solution to every problem.

It is easier for Facebook to scan for words that someone believes are hurtful than to look at an advertisement selling a one-ounce silver coin for less than its silver value. Besides, the alleged bully is not paying for to have their content distributed to a target audience that includes you.

Facebook really doesn’t care because they are getting paid. They were being paid as late as 2018 by a Russian troll bot for placing activist ads after being admonished for accepting campaign ads paid in Russian rubles in 2016.

Zuckerberg and company do not care. He is getting paid and so is their management. They lie just enough to get past alleged watchdogs in a way to keep confidence in their market price. After all, Facebook stock (NASDAQ: FB) is up 32.25% for the year as of Sep 20, 2021. Why should they care what you think about their advertisers? In the meantime, consumers are getting defrauded by scammers allowed to roam freely by a company that advertises on television as being a place to build a community.

Do not expect help from the government. In between their partisan fighting, members of Congress do not have the knowledge or competence to figure out how to fix the issue. Most members of Congress are lawyers with no technical background nor did any study the technical issues enough to make competent decisions.

Although Congress is to blame, the voters must accept their part of the responsibility. Instead of voting in competent people, they send these old folks with no technical background back to Washington. Many have held their seats for over 20 years without any incentive for advancement. So they grow old without learning new ways and blame everyone else for what they are not doing. Think of the problem like this: 26 of the 100 Senators are 70 years of age or older. None of these people had any experience with computers as students or early in their careers. Most can barely use a smartphone (Steve King actually asked Google CEO Sundar Pichai why his daughter’s iPhone behaved strangely). Even if they did, when was the last time you saw an elderly member of congress with a computer or even a smartphone?

Davis, Salzberg, and Brueggeman will have an uphill battle with Facebook. Everyone does. But the ACEF and PNG need to think beyond talking reason to Zuckerberg. They need to work with Congress to help them understand the technologies and what regulations will be effective without putting undue limits on the technology companies.

NOTE TO THE DAVIS, SALZBERG, AND BRUEGGEMAN:
I know of one person in the numismatic industry that has a background in technology and public policy. This person worked as a contractor to the federal government for 25 years as an information security analyst. This person worked for a PAC concerned with numismatic issues and has a Masters’ with a concentration in information security and technology public policy from Carnegie Mellon University. You can contact this person at coinsblog.ws/contact.

Weekly World Numismatic News for September 20, 2021

Yes, I’m a day late. At least I’m not a dollar short!

It is not a surprise to economic and market watchers that there is a perceived coin shortage. The problem is not just in the United States, but worldwide central banks are trying to fix their circulation issues.

Over the last three months, the Reserve Bank of India (RBI) has been trying different tactics to get money to circulate. In addition to striking more coins, they promote new designs and a program for citizens to redeem old coins for the newly issued coins. It has a moderating effect on the COVID crisis at high levels in the country.

India has also been dealing with rumors one type of circulating coin has been counterfeited or been withdrawn and not legal tender. However, the RBI has insisted that the coins are legal tender but continue to promote them with the redesign.

The Royal Mint has stepped up the production of 1 penny coin for circulation. Physical money is used more in the UK than electronic transactions, especially outside of the cities. Although some feel the penny has been overproduced and would rather see the 2 pence coin used, the increase in the number of transactions since the lifting of COVID restrictions created the demand.

The United States continues to see shortages. Most of the reports are coming from outside of the major metropolitan areas. Most are looking for one-cent coins. Experts are blaming accelerated consumer spending in areas where cash payments are more prevalent. More populated urban regions are seeing more electronic transactions than cash.

Let’s keep the economy moving. Spend those coins! (not the ones you collect)

And now the news…

 September 14, 2021
Bankers thought the nationwide coin shortage was over, as the U.S. economy reopened and previously housebound consumers were able to unload more of their change. But a combination of factors — including government stimulus payments, accelerated consumer spending and the threat of the COVID-19 delta variant — has stymied progress and forced retailers to resort again to asking shoppers for exact change.  → Read more at americanbanker.com

 September 14, 2021
Croatian National Bank (HNB) Governor Boris Vujčić said on Monday after meeting with European Commission Vice President Valdis Dombrovskis that a test production of euro coins with Croatian national motifs should begin by the end of this year, with possibly about two million coins being minted.  → Read more at croatiaweek.com

 September 15, 2021
LAS CRUCES – The Las Cruces Police Department received two reports of movie prop money that was passed as legal tender over the weekend, a news release on Monday stated. In the news release police stated movie prop money can look like actual currency but, in most instances, does not have the same texture.  → Read more at lcsun-news.com

 September 15, 2021
A very rare large gold coin from the reign of Charles I is expected to fetch £50,000 when it is sold at auction.  → Read more at newschainonline.com

 September 15, 2021
A huge hoard of Iron Age gold artifacts has been uncovered by an amateur metal detectorist in Denmark. The "enormous" find consists of almost one kilogram (2.2 pounds) of gold buried 1,500 years ago, according to a press release from the Vejlemuseerne museum, which will exhibit the hoard.  → Read more at cnn.com

 September 16, 2021
One penny coins were back in production last year after none were minted for general circulation in the previous two years, Royal Mint figures show.  → Read more at bbc.com
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A cricket hopped into the grading room

Today marks the third weekend of the college football season. Sunday is the second weekend of the NFL season. Autumn begins on Wednesday, and there are 43 days until Halloween.

Want to celebrate Halloween in style? Why not bid on an encapsulated cricket!

Slabbed cricket up for auction from the Collection of Fred Weinberg at GreatCollection Auctions (GreatCollection photo)

Up for bid at GreatCollection Auctions is a PCGS holder with the remains of a cricket. Yes, a real cricket.

According to GreatCollections, “back in the 1990s, there was a cricket disturbing the coin graders at PCGS, until one of them caught it and put it in a slab. It was then the subject at a high level meeting of graders where it was decided to give it to error expert Mr. Fred Weinberg.”

It was recently on display at the last World’s Fair of Money.

After more than 20 years, the carcass is a bit fragile. If nothing else, it proves that the slabs are not air-tight. If the slabs were air-tight, the carcass would not deteriorate.

Although the slab does not have a grade, the folks at GreatCollections said that they “would grade the cricket a solid MS-65 Full Head (Detached).”

As of Friday, September 17, the high bid is $2,900 with 54 bids. The auction will end on Halloween at 4:05 PM PST.

What started as a joke is now a fun part of numismatic lore.

Here’s an interview from CoinWeek with Fred Weinberg talking about the “error”:

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