Weekly World Numismatic News for March 29, 2020

Mar 29, 2020 | , , | 1 Comment

In 2013, Heritage Auctions asked the public to suggest names and and designs for the mythical $1 trillion coin. This was one of the proposals.

Stop me if you heard this before. A naive member of Congress wants to the Secretary of the Treasury to use his authority under Title 31, Section 5112, paragraph “k” of the United States Code (31 U.S.C. § 5112(k)) to mint a special platinum bullion coin. That coin would have a face value of $1 trillion. After minting two coins, the U.S. Mint would sell them to the Federal Reserve, who would deposit $2 trillion in the general treasury.

This time, the scheme was cooked up by Rep. Rashida Tlaib (D-MI), a freshman member of Congress. Apparently, Tlaib read that the Federal Reserve has more than a $2 trillion surplus. Rather than allow the Fed to use it to sure up financial systems in a crisis, she wants to transfer the money out of the semi-autonomous agency and put it in the general treasury to fund her version of a stimulus.

It is not the first time in the last ten years this idea came up. Back in late 2012, conservative pundits pushed Congress to do the same thing. The drumbeat for this idea became so loud that cooler heads finally prevailed, and the jokes about how to design such a coin quickly faded into history.

Tlaib is trying to learn from history by proposing that not only should the coins be struck but transferred to the Federal Reserve. By removing the $2 trillion liability from the Treasury Department’s books, it places the debt on the Federal Reserve.

If we were to ignore the law (31 U.S.C. §5136) will require the U.S. Mint to deposit the money int into the United States Mint Public Enterprise Fund, the costs of striking these coins including the design and administration is required to be deducted from the $2 trillion. It is a small percentage of the total, but it counts.

Then there is the question of operating capital. What will the Federal Reserve do if it needs the money to keep banks open during this crisis? By taking its operating capital, the Federal Reserve will have to raise money on a market that will become more restrictive when the United States central bank cannot perform. One analyst said it would be like tying the Fed’s arms and throwing them into the deep end of the pool. Everyone will panic, jump in to save them, and will drown.

To make the ensuing chaos even worse, to prevent the bank failures and to prop up the bank-related insurance programs, like the Federal Deposit Insurance Corporation (FDIC), Treasury will have to get very creative to fund the insurance program. Like they did in the late 1980s during the Savings and Loan fiasco, the Treasury had to sell bonds and bills to make the depositors whole. Back then, the economy was better, and there were willing buyers. Today, if the coronavirus crisis continues and worldwide investors become spooked because the Fed failed to help, the costs of that paper (interest rate) will skyrocket.

When the government borrows money on the open market at high interest rates, the payment for just the interest (servicing the debt) becomes part of the national debt.

Take two platinum coins and give them a face value of $1 trillion each. Make the Federal Reserve buy these coins. The result will be a ripple of actions disrupting everything, like when a stone is thrown in the middle of a calm lake.

There was a time when freshman members of Congress were pushed to the background and told to shut up and learn. It was to allow them to learn from more senior members and to prevent them from saying and doing stupid things. Maybe Congress should go back to that practice.

And now the news…

Top Mint Ramps Up Silver Coin Output After Demand Surges
 March 23, 2020
Two styles of silver coins at the Perth Mint. Photographer: Carla Gottgens/Bloomberg  → Read more at bloomberg.com
D. Brent Pogue Collection brings further $15 million at Stack's Bowers
 March 24, 2020
The fifth auction of coins from the legendary D. Brent Pogue Collection skyrocketed to a total of more than $15 million at Stack’s Bowers Galleries in Santa Ana last week.  → Read more at news.justcollecting.com
Stock Market Crash Safety Comes from Precious Metals and Their Coins
 March 25, 2020
Stock market crash safety sought by concerned investors is coming in the form of shiny precious metals that include gleaming gold and silver coins. Even though stock market drops usually coincide with a price hike in gold and silver, both equities and precious metals soared on March 24 when the Dow Jones Industrial Average jumped 11.37%, or 2,112.98 points, to reach 20,685.04 for its biggest percentage gain since March 1933 and its largest point rise ever.  → Read more at stockinvestor.com
Committee waves off landing Apollo lunar module on new $1 coin | collectSPACE
 March 27, 2020
— A proposal to land the Apollo lunar module on the reverse side of a new $1 coin has been waved off by the committees reviewing the design.

The historic moon lander was among the three subjects considered for New York's dollar in the U.S.  → Read more at collectspace.com
Gold Coins Have Never Sold at Premium This High for So Long
 March 27, 2020
Sales of retail gold coins are revealing just how desperate investors are to find a safe haven. People have always been willing to shell out more for retail coins than gold sold in the spot market. But that premium has more than doubled — and at times quadrupled — over the past two weeks as investors seek a safe place to park their cash in the face of global market turmoil.  → Read more at bloomberg.com
Investors Clamor for Coins
 March 28, 2020
The frenzy to buy physical gold is driving demand for well-known coins like the Krugerrand, Maple Leaf, or American Eagle. A Swiss-issued coin is one of the few still to be had.  The market for physical gold has dried up after four Swiss refineries were forced to shut due to the coronavirus, as finews.com reported on Tuesday.   → Read more at finews.com
Coin Collectors News
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♦ U.S. Mint Video: Gifts to Last a Lifetime (Mar 27, 2020)
♦ PCGS-Certified Pogue 1804 U.S. Silver Dollar Sold for $1.44 Million by Stack’s Bowers (Mar 26, 2020)
♦ Counterfeit Precious Metals Websites Erupt With Volatility of Market (Mar 25, 2020)
♦ “Stay at Home” Applies to Coin Dealers (Mar 25, 2020)
♦ Longest-Running ANA Editor-in-Chief Retires (Mar 24, 2020)
♦ Message from Director David J Ryder (Mar 24, 2020)

 

Krause Pubs COTY Announcement

Oct 13, 2010 | , , | 0 Comments

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

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

Best Contemporary Event Coin

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

Best Gold Coin

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

Best Silver Coin

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

Best Crown Coin

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

Best Trade Coin

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

Most Popular Coin

  1. Hungarian Mint – 200 Forint, Bimetallic, Danube Ridge KM # 826
  2. U.S. Mint – One Dollar, Copper-Zinc-Manganese-Nickel Clad, Sacagawea Dollar, KM # 467
  3. Kazakhstan Mint – 50 Tenge, Copper-Nickel, 100th Anniversary of T. Bassenov Birth
  4. Latvian Mint – 1 Lats, Silver, Pig, My Dream Coin, KM # 100
  5. Royal Australian Mint – One Dollar, Aluminum-Bronze, Steve Irwin, KM # 1429
  6. Austrian Mint – 10 Euro, Silver, Basilisk Coin, KM# 3176
  7. National Bank of India – 5 Rupees, Nickel-Brass, St. Alphonsa, KM # 365
  8. U.S. Mint – 25 Cents, Copper-Nickel Clad, Puerto Rico Quarter, KM # 446
  9. Royal Canadian Mint – 50 Cents, Silver, Lenticular, Montreal Canadiens Hockey, KM # 847

Most Artistic Coin

  1. Italian State Mint – 5 Euro, Silver, 300th Anniversary Discovery of Herculaneum Under Volcanic Ash
  2. Palau (Coin Invest Trust) – 10 Dollar, Silver, Tiffany Art Baroque, KM# 219
  3. Cook Islands (Coin Invest Trust) – Silver Cloisonne, The Pansy Coin, KM # 684
  4. Royal Canadian Mint – 300 Dollar, Gold, Summer Moon Mask, KM # 877
  5. China Gold Coin – 50 Yuan, Silver, Outlaws of the Marsh, KM # 198
  6. National Bank of the Republic of Belarus – 20 Rubles, Silver, Honeybees and Apple trees, KM # 203
  7. Monnaie de Paris – 10 Euro, Silver, Modern Sower, KM # 1580
  8. National Bank of Latvia – 1 Lats, Silver, Water Droplet Coin, KM # 104
  9. Austrian Mint – 20 Euro, Silver, Electric Railway, KM # 3178
  10. National Bank of Singapore, 10 Dollars, Silver, Year of the Ox, KM #297

Most Innovative Coin

  1. Palau (Coin Invest Trust) – 5 Dollars, Silver, Heat Sensitive Thermo Chick
  2. Democratic Republic of the Congo – 25 Francs, Acrylic, His Majesty’s Bark Endeavor
  3. British Indian Ocean Territory (Pobjoy Mint) – 2 Pounds, Silver and Crystal, Life of the Sea Turtle
  4. Monnaie de Paris – 200 Euro Colorized Gold, International Year of Astronomy Convex Coin, KM # 1624
  5. Cook Islands – 10 Dollars, Silver, Pop-up Coin, Kaiser Wilhelm Memorial Church, KM # 693
  6. Cook Islands – 5 Dollars, Silver, Star of the Magi, Star-Shaped, KM # 644
  7. Palau (Coin Invest Trust) – 5 Dollars, Silver, Scent of Paradise, KM # 179
  8. Cook Islands (Coin Invest Trust) – 5 Dollars, Silver, Fly Me to the Moon with Piece of Moon

Most Inspirational Coin

  1. Monnaie de Paris – 20 Euro, Silver, Mother Teresa and Child
  2. Royal Canadian Mint – 50 Cents, Copper-Nickel, Six-String Nation Guitar, KM#887
  3. U.S. Mint – One Dollar, Silver, Louis Braille, KM # 455
  4. Mint of Poland – 10 Zlotych silver, World War II Polish Underground, Y#708
  5. Israel Coins and Medals – 1 New Sheqel, Silver, Masada Unesco Heritage Site, KM # 453
  6. Andorra Mint – 2 Diners, Gold, Charlemagne
  7. Kazakhstan Mint, 500 Tenge, Silver, Nur Astana Mosque, KM # 139

All images are courtesy of their respective mints, central banks, and distributors. Images are used for news reporting only and are not to be considered an endorsement by or for the Coin Collector’s Blog.

Welcome to the New Look Coin Collector’s Blog

Oct 9, 2010 | | 2 Comments

I became a bit tired of the old look and wanted something a little brighter. When I went to look at the Blogger templates I found that the fine folks at Google changed some of the underpinnings of their system. If I wanted to use one of their new templates and the new features that came with it I had to “upgrade.” The upgrade was not that easy. I had first created a private version of the blog to test what I wanted. Unfortunately, the fine folks at Google did not give me a way to cop my work to this blog. I had to re-enter everything manually. So much for technology!

Speaking of technology, the new background shows my hobby combined with technology. That picture was taken a five years ago after purchasing a 17-inch Apple Powerbook G4. The coins sitting next to to the notebook are Walking Liberty Half Dollars that I was reselling online. I still use that Powerbook because the drivers for my scanner do not work on my 27-inch iMac!

Behind the scenes, it will be easier for me to manage the blog and make minor changes as the mood strikes.

I hope you like the new look!

2010 Gold Eagles On Sale Today

Oct 7, 2010 | , , | 0 Comments

Ready… Set… BUY!

If you forgot, the 2010 American Eagle Gold Proof coins are now onsale at the U.S. Mint’s online catalog. The one ounce proof coin in display case will open at $1,585. The half-ounce coin opens at $806, quarter-ounce is $415, and the one-tenth ounce coin is $180.50. Opening price for the four coin set is $2,938.

As with other bullion coins, the U.S. Mint will reprice their products on Thursdays depending on market conditions. Gold spot price is currently $1333.90 as I type this—about an 18.8 percent premium.

Police Blotter: Counterfeiters Abound

Oct 6, 2010 | , | 0 Comments

We start our look at the police blotter by reporting that FBI officials in New York reported that they arrested a Manhattan-based jeweler for allegedly robbing noted dealer Julian Leidman. Leidman estimated that 90-percent of his inventory has been recovered of an estimated $1 million worth of coins. Leidman’s car was broken into while he stopped at a restaurant in Montville, NJ on the way home from a show in Stamford, Connecticut.

ELKHART, Indiana—Police are warning business that someone is passing counterfeit $100 notes. All notes are using the same serial number (HE88210403B) and appear realistic. What is worrying police is that the bills are not responding to counterfeit detection pens, suggesting the notes were probably printed on bleached lower denomination notes. Police are suggesting that merchants check “100” in the lower right hand corner for color shifting ink. It is being reported that the same notes are showing up across the border in Dowagiac, Michigan.

DANBURY, Connecticut—Police arrested two Brooklyn, NY men for passing $700 worth of $100 notes at Danbury Fair Mall on Sunday. A third suspect allegedly got away. The men attempted to pass these notes for small purchases, usually less than $10, but raise the suspicion of a clerk who called the police. When arrested, one of the men was in possession of two counterfeit $100 notes and marijuana. Another was arrest with more counterfeit notes while trying to shoplift at another store. Both men are being held on $45,000 bonds.

ALLEN PARK, Michigan—According to a criminal complaint filed in the United States Attorney for the Eastern District of Michigan, a man was arrested for counterfeiting $100 notes in a local hotel room. The alleged perpetrator was buying household chemicals at a local store and using them to bleach $5 notes. The notes were then printed using a printer in the room. When the police arrested the man they found 49 counterfeit $100 notes and eight bleach $5 notes. The man arrested said that he was going to use the money to buy large amounts of marijuana for resale.

SALISBURY, Maryland—A Virginia woman is in custody for passing counterfeit notes to several Salisbury businesses. Janet Perrin, 27, was extradited from Fairfax, VA on a warrant charging her with three counts each of possession of counterfeit money and manufacturing counterfeit money. It has been alleged that Perrin passed more than 10 counterfeit $100 notes.

Also in Salisbury, Maryland, it was reported that Shawn L. Brown, 35, was arrested and charged with counterfeiting currency and indecent exposure on September 20 by Maryland State Police. No further information has been published.

2010 Silver Eagle Proofs Are Coming

Oct 4, 2010 | , , | 0 Comments

November 19, 2010!

Circle the date. Add a reminder on your electronic calendar. Program your toaster to remind you. November 19 is the date that the U.S. Mint will begin to sell American Silver Eagle PROOF coins!

Reported by Dave Harper of Numismatic News on his blog, the coins will cost $45.95 per coin with a limit of 100 coins per household. That is a significant increase in the price because of the price of silver ($22.03 per troy ounce as I type this). Delivery is planned for December 1.

UPDATE: You can read the U.S. Mint’s press release here.

For fans of the American Silver Eagle proof who mourned the lack of 2009 coins, this is great news. It has been a while since I was happy about the announcement of a coin release.

I commend the U.S. Mint for this move to make collectors happy.

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