ANA to hold 2023 WFM in Pittsburgh
According to a source, the American Numismatic Association Board of Governors voted to hold the 2023 World’s Fair of Money in Pittsburgh. As part of the selection, the “ANA will be seeking a better deal from the venue than they got in 2020.” If they do not get a better deal, the source interpreted the discussion that the ANA will look elsewhere.
The vote was 7-2 in favor of the decision. President Steve Ellsworth and Governor Mary Lynn Garrett voted against the measure. Both believe that the show should exclusively be in Rosemont.
I have come out against holding the ANA premiere show in one location. Moving it around the country will help reach more people and include its educational agenda in more places. While I love Chicago and have friends in the Chicagoland area, moving the show is in the best interest of the ANA.
For a hobby that is not seeing growth and is having difficulties with diversity amongst its membership, having a traveling show should be an invitation to potential members.
I am still holding out hope for holding the World’s Fair of Money in Washington, D.C. While there have been roadblocks in the past, the environment for making the District more welcoming to the ANA a possibility. I have a few ideas to welcome minority communities to introduce them to numismatics. It would work well in the Washington community.
With all due respect to Ellsworth and Garrett, you miss out on an opportunity to reach out to potential new members. You have to look beyond your self-interests and work for the good of the association!
Still Craning
Following up on the lobbying efforts by Crane & Company’s to maintain its business producing currency paper for the Bureau of Engraving and Printing to continue to print the $1 Federal Reserve Note, according to the public filing [PDF] by the Gephardt Group, Crane & Company spent $60,000 for these services.
According to the filing, the specific issue being lobbied for is “preservation of the dollar bill; S.1624, Currency Efficiency Act of 2011.” The Currency Efficiency Act of 2011 was introduced in the Senate by Massachusetts Senator Scott Brown (R) and co-sponsored by Senator John Kerry (D) on behalf of the Dalton, Massachusetts-based Crane & Company. No companion bill has been introduced in the House of Representatives.
The unique provision of S.1624 is that it declares the $1 coins being held in the Federal Reserve be declared as surplus. According to the bill, “Surpluses of $1 coins which can be most efficiently eliminated through destruction shall be deemed to consist of ‘obsolete and worn coins withdrawn from circulation’ under section 5120(a) of title 31, United States Code.”
It is uncertain what the impact of eliminating the $1 Federal Reserve Note will have on Crane and Company. I reached out to Crane and Company for comment and their spokesperson declined to comment.
Crane & Company, BEP, and the Federal Reserve continues to try to resolve a creasing issue discovered during the production of the new $100 Federal Reserve Note. The release of this note has been delayed twice before being delayed indefinitely. When contacted for comment, a BEP spokesperson referred the question to the Federal Reserve. A spokesperson for the Federal Reserve provided a standard response that included no additional information.
Another Story that Sells
I continue to be amazed with the stories some coins garner. Last week, I received a note announcing that one of the only two known 1907 rolled edge Indian Head $10 Eagle Proof gold coins will be exhibited at the up coming Long Beach Coin, Stamp & Collectibles Expo.
The coin is own by Monaco Rare Coins of Newport Beach, California and has been graded by Numismatic Guarantee Corporation as Satin PR67.
“This important and monumental rarity was not discovered to be a proof finish until several years ago. It was previously misattributed as mint state. The coin now is insured for $3 million,” said Adam Crum, Vice President of Monaco Rare Coins.
According to Crum, there are some researchers who believe that this coins may have been owned by President Theodore Roosevelt. As part of Roosevelt’s “pet crime,” he worked with prominent sculptor Augustus Saint-Gaudens to redesign U.S. coinage. Prior to his death, Saint-Gaudens completed the design of the Indian Head $10 gold Eagle and the iconic $20 gold Double Eagle, both introduced in 1907.
“One prominent numismatist told me, ‘After all the research we did, your coin has to be Teddy’s,’” Crum said. “Obviously, more research is required, but that is what being a numismatist is all about, isn’t it? I look forward to more discovery.”
Even if the coin was not owned by Teddy Roosevelt it is still a great story!
If you are in the Long Beach area, the show runs Thursday and Friday, May 31 and June 1, from 10 a.m. to 7 p.m.., and Saturday, June 2, from 10 a.m. to 5 p.m. Drop by and see this historic coin!
Storing Your Collection
Over the last few weeks, I have been discussing the storage of a collection with a reader via email. After researching the advice, I thought it would be good to share it with all of my readers so that you can better preserve your collection. Storing a collection is a matter of dealing with two factors: using archival safe storage materials and the environmental factors which your collection is stored.
All coins, medals, tokens, and currency are made from materials that will react with the environment. Metals will oxidize and tone, some with patterns that intrigue collectors. Paper-based materials can be made from cotton rag or linen that may not break down the same way as paper but can be damaged affecting its value. The key to storing your collection is to use product made from archival safe materials. Archival safe materials are those made without acidic materials or materials that do not turn acidic over time.
Acid free means that the pH (potential Hydrogen) measure is 7.0 or greater. A pH measure of 7.0 is neutral and greater than 7.0 is basic or alkaline. Although acidic materials will damage your collection, materials too alkaline will also cause damage. Those that produce acid free supplies with materials that is as close to being pH neutral as possible.
However, it is possible to be acid free without being archival safe. All paper contains Lignin, a bonding elements that naturally occurs in the pulp used to make paper that holds the wood fibers together. While lignin is not acidic, it gives offs acids as it deteriorates. If the lignin is not treated during manufacture, you can still have acid free paper but will become acidic as it deteriorates over time. The treatment involves dipping the paper in a solution that neutralizes the natural lignin.
Another storage item to stay away from is made from polyvinyl chloride (PVC). PVC is a very inexpensive plastic that is used as an additive to other plastics to make softer, more flexible products such as 2×2 flips used to store coins. PVC in itself is neutral but gives off a gas in reaction to the atmosphere that is acidic. The PVC gas will not only react with the coins but will deteriorate the plastic. The result will be a green or gray streaks or blob appearing on the coins. Because the PVC gas is acidic it will damage the surface of the coin. Once a coin is damage by PVC it cannot be reversed. There are ways to conserve coins that are damaged by PVC as long as the PVC contamination is on the surface. Once it mars the surface, the coin is damaged and its value diminished.
When purchasing plastic or clear storage items, hard plastics or those made of Mylar are the best choice. Capsule manufacturers use a neutral plastic that does not contain PVC while those that make 2×2 flips use Mylar. The makers of 2×2 cardboard holders also use Mylar and the cover sliders found in albums.
Some people like to buy older albums because of they are unique and have a classic look. Those albums may not be made of archival material including paper with active acid from the deteriorating lignin that was not neutralized during manufacture because this was not a concern. Also, cover sliders could be made of PVC or other plastics that are not neutral. If you are not sure whether that used album is safe, it is best to buy a new archival safe album.
You can use the most archival safe materials but they will not protect your collection from environmental factors. The general rule of thumb is to stay away from the extremes. Do not store your collecting in a place that is too hot or too cold. Try not to store your collection in a place that is too humid or too dry since both could cause your storage materials to react. In other words, the average home with a temperature of 64-78 degrees with an average humidity of 30-percent should not be a problem.
Those living in colder areas where the home header is being used longer than other areas of the country may have to compensate. Forced air heating systems tend to dry the air that could cause damage to your collection. If you use a humidifier, whether built in to your heating system or a standalone unit, you might consider investing in a hygrometer to keep the relative humidity between 30 and 40-percent.
Where you store your collection also has to be a concern. If you keep your coins in a cabinet, the gasses from the wood and even the paint or stain used to cover the wood can cause damage. While wooden cabinets are attractive and practical, you do not want to store your collection some place that could add to the environmental concerns.
Metal cabinets are a better option. Safes and safety deposit boxes in temperature controlled vaults also makes great storage options aside from being able to keep your collection secure.
One of the factors that could cause wood rot in cabinets is excess humidity. If your home or where you store your collection cannot be controlled, you should use a desiccant in the area. A desiccant is a substance able to absorb moisture in the air. Two common desiccants are silica gel, the little packets that you see in some packages, and montmorillonite clay.
Choosing which desiccant to use depends on your situation. If your storage area is not that humid, use silica gel. It well suited for lower moisture area over a longer period of time, about six months. For high humidity areas, use a clay desiccant. Although it will not last as long as silica gel (about three months), clay is more effective at removing moisture when the humidity is higher. Another option is to use a combination, especially during seasons of high humidity. You can purchase silica gel and clay desiccants at many hobby stores and stores that sell collecting supplies.
While there are other types of desiccants, they are not recommended for use around collectibles. Calcium sulfate and calcium chloride uses sulfur and chlorine, both will not react well with the metals of your coins. Activated charcoal can add carbon dust to the air, which can attach itself to your coins. Some have suggested using salt as a desiccant. Salt is made of sodium chloride that would also introduce metal damaging chlorine into the environment.
350 Sheqalim
It has been a while since I wrote about a new purchase, mainly because I have not made many new purchases. The few I have made were to fill a few holes in a Barber Quarters and Barber Halves collection that I am doing for fun. I have picked up a few error coins that were not exciting. But this is the first time in a few months that I made a purchase that really excites me.
A few years ago I sat at a table at one of the Whitman Expos in Baltimore when I came across a dealer who was selling later issues of Israeli currency for inexpensive prices. I had seen a few pieces that intrigued me so I purchased what I could. Not long after, I found two books about the currency issues from the Bank of Israel and I decided to try to collect a sample from every series including the first two issue from the Anglo-Palestinian Bank and Bank Leumi after the founding of the State of Israel.
Last year I learned that the Bank of Israel was holding a public competition for the design of new bank notes. These notes will replace the current Second New Sheqalim series that was first issued in 1999. As a collector, it meant trying to get samples from the current series.
Luckily for me, my nephew is going to school in Israel and since he was spending his Spring/Passover Break in the United States, I decided to take advantage of his presence in the Holy Land to visit local banks to find nice notes for his uncle. Since I already have a 20 New Sheqalim polymer note, I was interested in the 50, 100, and 200 NIS notes. At the prevailing exchange rate, the cost would be under $95 for the set.
After sending the check to my brother to deposit into my nephew’s U.S.-based bank account, he went out looking for clean notes. According to my nephew, that is where the fun begins. First, he is in a school that is basically in the middle of nowhere—somewhere between Jerusalem and Tel Aviv near a land area not suitable for building. But since he had been traveling to Jerusalem, he would check the banks there.
Apparently, collecting currency is not a popular hobby in Israel because when he went to the banks they questioned his motivation. The story of the strange looks and comments by Israeli tellers and other bank personnel says that either there are not many numismatists in Israel or that they find other ways to purchase their collection than from the banks. I was amused by my nephew’s stories. He was a real trooper and found three notes that he carried back the the United States for his uncle’s collection! He’s also doing well in school, which is very important!
All three notes are from the 5766/2006 (third) printing with updated signatures and in either crisp or almost uncirculated condition. All three have nice colors and really display well, including the security features which are difficult to image. All the text on the obverse is in Hebrew using numbers for the denomination for easy identification. The reverse also includes the denomination information in both English and Arabic making Israel one of the few countries to include three languages on its currency (India is another).
The three notes are signed by Stanley Fischer, the Governor of the Bank of Israel, and Chairman of the Advisory Council, Aharon Fogel. Because of a change in the law that abolished the Advisory Council, notes printed after 5770/2010 only have the signature of Governor Fischer.
Source: Uploaded by user via CoinsBlog on Pinterest
Source: Uploaded by user via CoinsBlog on Pinterest
The 50 NIS note features the portrait of Shmuel Yosef Agnon sitting in his study and personal library with a pen in his hand. The text is from his acceptance speech when he was award the Nobel Prize for Literature in 1966. The reverse is a picture of Agnon’s writing stand with his pen and reading glasses. Listed over the paper on the writing stand are the titles of sixteen books written by Agnon. That list is in Hebrew.
Source: Uploaded by user via CoinsBlog on Pinterest
Source: Uploaded by user via CoinsBlog on Pinterest
The 100 NIS note features the portrait of Izhak Ben-Zvi, the second President of Israel, with the interior of the wooden structure that served as the President’s residence. Also featured on the obverse is text from the speech Ben-Zvi gave to the first assembly of the Yemenite community that was held at his residence in 1953. The reverse is the image of the synagogue in the Galilee village of Peki’in along with the text from the speech from his second inauguration. To the right over the windows panes (seen in red) is microtext are the titles of nine books written by Ben-Zvi.
Source: Uploaded by user via CoinsBlog on Pinterest
Source: Uploaded by user via CoinsBlog on Pinterest
The 200 NIS note features the portrait of Zalman Shazar, Israel’s their President with the image of students in an elementary school class. The text is from Shazar’s address to the Knesset on June 13, 1949 after the Compulsory Education Law was passed. The reverse features a typical alley in the town of Safed, a spiritual center of Kabbalists. Text is an excerpt from Shazar’s essay, “Tzofayih Tzefat” (Thy Watchers, O Safed), first published in 1950. To the right of the text is microtext featuring the titles of fifteen of Zalman Shazar’s works.
These notes are beautiful and they tell parts of Israel’s history. Digital images cannot convey how the security features, color shifting ink, subtle changes in color tone are well integrated into the notes making them works of art. One of the more interesting fetters are the triangles that appear on both sides of the note. If you hold the note up to the light, the triangles are lined up to reveal the Star of David.
The United States tried to use currency as a means to teach the people something. The Educational Series of 1896 tried to use allegorical figures with various themes. But the controversy of using a bare breasted woman on the $5 note derailed the series. These are amongst the Top 100 notes identified in 100 Greatest American Currency Notes by David M. Sundman and Q. David Bowers. In fact, very few small-sized notes made the list—only special issues like the Hawaii overprint note made for World War II. Even though the Bureau of Engraving and Printing has dabbled in color, maybe they should learn from a country like Israel and come up with more historic and iconic designs.
Nothing Like a Coin Show
Regular readers know that I am proponent of electronic books and using technology to expand the reach of the hobby. But there is one thing that the hobby cannot make electric and that is the coin show.
This week, the American Numismatic Association National Money Show is being held in Denver. While not as big of a production as the summer’s World’s Fair of Money, it is still a premiere event of the numismatic calendar. Sure, there are other significant shows, but nobody puts on a show like the ANA.
Even if you go to one of the other larger shows or a smaller regional show, there is nothing that can duplicate the atmosphere and energy of a show’s bourse. There is nothing like walking into a room full of tables and seeing coins, currencies, medals, tokens, and other numismatics fill rooms, ballrooms, or convention centers. All for sale!
There is nothing like the dealers and collectors that you meet on the bourse floor. While their personalities are as varied as what they sell or collect, numismatic collectors are intelligent, fun, and engaging. Even those dealers, authors, and researchers who are “famous” in the industry are as approachable as anyone else.
The last time I was able to attend the National Money Show was in 2007 that was held in Charlotte, North Carolina. When I first entered the Civic Center in downtown Charlotte, I was surprised as to how much smaller the show was than the Whitman Baltimore Expo but was even more surprised when the energy surpassed that of the Baltimore shows.
The difference is the ANA—they put on a heck of a show!
Since Whitman took over the Baltimore Expo, they have improved the experience making it more of a destination show—one I hope to attend in June. But the ANA shows are different in that as a membership organization, they have generate a fraternal feeling amongst those who attend the show that cannot be duplicated.
But that does not mean other shows are now worth attending. On the contrary, local and regional shows can be as much fun as the large national shows. Local shows can be destinations to bring local numismatists together. They are also places to meet the local and regional dealers who can help you put together your collection.
If you cannot attend a national show, attend a local show. Get out from behind the computer screen and meet your fellow collectors and the dealers. Experiencing the numismatic community at a show cannot be duplicated in email, on a forum, or through a blog. You have to experience it for yourself.
The Whitman Baltimore Expo starts on Thursday, June 28 and end on Sunday, July 1. Unless something comes up, I plan on attending on Saturday, June 30. The World’s Fair of Money will be August 7-11 in Philadelphia. I will be there for a few days during that show. If you are going to attend either of these shows feel free to stop me and say hello. I would love to meet you!
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