October 2018 Numismatic-related Legislation Review — GO OUT AND VOTE!

The monthly numismatic legislation review was purposely delayed to bring you this important message:

GO OUT AND VOTE!

Every two years, all 435 seats in the House of Representatives and one-third of the Senate seats are open to election. These people are supposed to represent you in Congress. They are supposed to represent your interests. How do you want to be represented?

After the fall of Saddam Hussein, the people of Iraq had an election where multiple people were on the ballot. In the United States, we celebrated for them by showing pictures of people with purple ink-stained, fingers, the sign that they voted.

Voting is more important for your local elections. State, district, county, and municipal elections are the ones that have more impact on your lives. They impact the schools, your local roads, small businesses including your local coin dealer, trash pickup, maintenance of your local parks, and nearly everything surrounding your daily lives.

Don’t forget about the ballot initiatives. This is your chance to have a significant say in the policies that your government will have to abide by. Here in Maryland, there is a ballot initiative to create a “lock box” (where have we heard that one before?) for the state profits on gambling revenue so that it would go directly to fund education. This initiative was proposed based on lessons learned where a significant portion of the settlement from the tobacco companies that was supposed to go to healthcare initiatives was transferred to the general treasury to pay for everything else.

Does your state have ballot initiatives? Do you know what they say? How are you going to vote on them when you get to the polls?

Do you know who the candidates are? Do you agree with their position or will you be voting for them because they claim they party as you do? Do you know which incumbent actually did their job and thought about you or did they change because a deep pocket donor asked them to?

It is a cliche to claim that this is the most important election ever. It is always the most important election ever because it is the one happening right now. It is important because you must have your say in how you want your government to work for you. It is your government.

GO OUT AND VOTE!

Legislatively, Congress was in recess for October while members who are seeking re-election when home to campaign. The only changes to numismatic-related legislation were the number of co-sponsors on bills currently in committee.

If history is a lesson, we will see progress on some of these bills during the lame-duck session.

Weekly World Numismatic News for October 7, 2018

Couple’s two-year-old shreds over $1,000 in cash! (Photo courtesy of KSL-TV by Tanner Siegworth)

The story of the week has to have come from Hollady, Utah where a couple’s two-year-old son shredded more than $1,000 in cash.

In a case where real-life intersects with “oh my gosh,” the toddler took an envelope of cash and passed it through the shredder. All the child knew is that mommy was passing paper through the shredder, it made a cool noise, and created small pieces. What the child did not understand was that mommy was shredding junk mail (a good idea) and he did not know the difference between junk mail and paper money.

The money was to be used to pay the husband’s parents back for season tickets to the Univerity of Utah football games. The Utah Utes are currently 3-2, 1-2 in Pac-12 play after defeating Stanford 40-21 in Palo Alto.

All is not lost for the family. The Bureau of Engraving and Printing has a Mutilated Currency Redemption program. It is a free service that the family can use to recover from this incident.

According to the BEP, the programs handles approximately 30,000 claims each year and recovers over $30 million in cash. But the process can take time. With the limited resources that the BEP has to work with and the time it would take for the BEP’s team to reconstruct the shredded notes, the family may have to wait at least two years.

They do not call it the “terrible twos” for nothing. Next time the family may either want to hide the cash in safer location or write a check. A check can be rewritten more quickly than sending the money to the Mutilated Currency Redemption program.

And now the news…

 October 2, 2018

The Australian Royal Mint has issued AC/DC 50 cents, $1 and $5 coins to celebrate the band’s 45th anniversary. The band was formed in November 1973 by Malcolm and Angus Young in Sydney. The original lineup included bassist Larry Van Kriedt, vocalist Dave Evans, and one-time Masters Apprentices member Colin Burgess on drums.  → Read more at themusicnetwork.com


 October 2, 2018

If you have a social media account like Instagram, chances are you would have been offered up to US$10,000 (RM41,400) for old notes and coins by collectors. Does it sound too good to be true? The Royal Malaysia Police (PDRM) says it is and warns that you may end up losing your money as it could be another scam.  → Read more at thestar.com.my


 October 2, 2018

The story of Armistice Day. Credits: Images courtesy of Alexander Turnbull Library, Wairarapa Archive, Palmerston North Libraries, Archives New Zealand and the Auckland War Memorial Museum. From this month you may find a colourful new coin in your change.  → Read more at newshub.co.nz


 October 3, 2018

The owner of a Vancouver coin shop allegedly defrauded customers out of $1.3 million, according to a federal indictment announced Wednesday. Blue Moon Coins owner Aaron Michael Scott, 40, of Portland was indicted by a grand jury on 11 counts of wire fraud and five counts of mail fraud, according to a statement released by U.S.  → Read more at columbian.com


 October 3, 2018

"The products in our R+D Lab Collection are tried, tested and true examples of forward-thinking technology that could re-define the future of domestic and foreign coins," said Dr. Xianyao Li, Chief Technology Officer at the Royal Canadian Mint.  → Read more at prnewswire.com


 October 4, 2018

The Japanese love their cash. Cash as in physical notes and coins. Not the electronic variety that floats around in cyberspace instead of bouncing about in purses and pockets. Surveys show that we are totally behind the times in our attachment to the ¥10,000 and ¥1,000 notes and the way…  → Read more at japantoday.com


 October 5, 2018

A Holladay family is figuring out how to replace more than $1,000 in cash that their 2-year-old son sent through the shredder.  → Read more at ksl.com

Coin Collectors News
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September 2018 Numismatic Legislation Review

This is a surprise. This past month Rep. Alex Mooney (R-WV) introduced a bill that would make the gains made on the sale of bullion coins issued by the U.S. Mint tax exempt. This would be for any precious metal coin. The bill says “No gain or loss shall be recognized on the sale or exchange of gold, silver, platinum, or palladium coins minted and issued by the Secretary at any time…”

The bill also includes “refined gold or silver bullion, coins, bars, rounds, or ingots which are valued primarily based on their metal content and not their form.”

It is called the Monetary Metals Tax Neutrality Act of 2018 (H.R. 6790) and was introduced on September 12, 2018.

While this may be good for the numismatic community, with the mid-term elections just over a month away and congress mired in many fights, it is difficult to see that this bill passes. Even if it passes in a lame duck session, the possibility of the Senate acting on it is very low. Of course that depends on the outcome of the election and I have been wrong about prognosticating some bills!

H.R. 6790: Monetary Metals Tax Neutrality Act of 2018
Sponsor: Rep. Alexander X. Mooney (R-WV)
Introduced: September 12, 2018
Summary: This bill amends the Internal Revenue Code to exempt gains or losses from the sale or exchange of certain coins or bullion from recognition for income tax purposes. The exemption applies to gains or losses from the sale or exchange of: (1) gold, silver, platinum, or palladium coins minted and issued by the Department of the Treasury; or (2) refined gold or silver bullion, coins, bars, rounds, or ingots which are valued primarily based on their metal content and not their form.
Referred to the House Committee on Ways and Means. — Sep 12, 2018
This bill can be tracked at http://bit.ly/115-HR6790.

Weekly World Numismatic News for September 30, 2018

2014 £2 coin commemorating the 100 year anniversary of the start of World War I is one of the coins the British tabloids watch.

Since the Bank of England transitioned from the old round pound to the new 12-sided pound coin, the British tabloids have been watching the online auctions, primarily eBay, to sensationalize the price of coins being bought-and-sold by collectors.

Most of the coins were circulating commemorative 50 pence, one and two-pound coins ranging from the coin commemorating the end of slavery in England to Peter Rabbit commemorating the work of Beatrix Potter.

While searching the internet for numismatic-related news, there is at least one tabloid writing about yet another find and how someone sold it for thousands of pounds on eBay. After tweeting one of those stories, a British collector responded and we had an email conversation about the stories.

According to my correspondent, it seems that the tabloids are making more out of the story than necessary. Using the information from my correspondent, I began to watch the eBay UK auction results.

Although it is true that some of these coins are selling for hundreds and even thousands of pounds, most of the buyers are not from the UK. According to one eBay seller, most of his buyers were from the Middle East and Southeast Asia.

Another seller said that finding one in pocket change, as suggested by the tabloid, is not going to make anyone rich. The coins that are selling at high multiples are uncirculated coins pulled from rolls they purchased from the Royal Mint.

Not all of the coins are selling at high prices. One seller said that he sold most of a roll to people from the European Union for a few euros plus shipping. While they are making money, they are not getting rich as suggested by the tabloids.

The tabloids have been helpful in raising awareness for some of these coins. In the past, one person said she would buy three or four rolls of the 50 pence coins and would sell them over time. She had rolls at least five years old before it became a topic in the tabloids.

Coin roll hunting became instantly popular throughout the UK. Some banks report that there is a higher demand for rolls of 50p coins than usual. The demands coincide with the report of another coin being sold for thousands of pounds on eBay.

If there is good news in this, the UK error collectors are finding fresh material. With so many people looking closely at the coins they receive in change and from the bank, more errors are appearing in the collector market. But the increased supply without a similar increase in demand has kept the prices down. Error collectors are afraid that once people realize that this is not a credible get-rich-quick scheme, the number of people looking for errors will diminish.

And now the news…

 September 23, 2018

Bangladesh Bank established the museum, the first of its kind in the country, beside the Bangladesh Bank Training Academy with a collection of over three thousand coins and currency notes  → Read more at dhakatribune.com


 September 24, 2018

Sofia, Bulgaria –  → Read more at euscoop.com


 September 27, 2018

It’s a hobby for Garrison Garrow, and his efforts are renowned.Garrow, of Akwesasne, designed the new Royal Canadian Mint collector coin ($30), which was unveiled recently at McGill Universit…  → Read more at standard-freeholder.com


 September 28, 2018

The Bulgarian National Bank has issued (17th September) the fifth entry in a series of coins entitled “Medieval Bulgarian Rulers,” which has been issued intermittently since 2011. The latest coin features the Bulgarian ruler Ivan Asen II (circa.  → Read more at novinite.com

Coin Collectors News
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Weekly World Numismatic News for September 23, 2018

David Hall
(PCGS Image downloaded from the Internet Archive)

Although this weekly posting tries to cover the news that does not appear in the numismatic media, this week there has to be something said about a bombshell reported by Coin World.

In a surprise announcement, Collector’s Universe, Inc. (NASDAQ: CLCT) announced the termination of David Hall as president and CEO as of September 18. No reason was given for his termination.

Hall remains on the Collector’s Universe board of directors.

Hall was one of seven co-founders of Professional Coin Grading Service in 1985. In 1999, PCGS expanded to Collector’s Universe to provide grading and authentication services to other collectibles. Professional Sports Authentication and PSA/DNA are considered the gold standard in the sports collectible industry. He has held several leadership roles in PCGS and Collector’s Universe over the years.

When contacted by Coin World, Hall did not provide additional details.

In the article, it said that Hall plans to remain prominent in the industry and will be more active with David Hall Rare Coins, a firm he founded in the 1970s.

We here at the Coin Collectors Blog wish Hall well as he begins the next phase of his professional life.

And now the news…

 September 17, 2018

Rock musician Rory Gallagher represented the “very best aspirations of our republic”, President Michael D Higgins has said. Mr Higgins was presented with a €15 commemorative coin featuring an image of the late guitarist who died in 1995, aged just 47.  → Read more at irishtimes.com


 September 17, 2018

THE Royal Mint is selling a GOLD Kew Gardens 50p coin which could be worth up to £800. Only 1,000 of these rare coins were made and only 629 of them were actually bought by the public, making them even more valuable to collectors.  → Read more at thesun.co.uk


 September 17, 2018

Law enforcement officers are urging the public to be on the lookout for scam artists trying to sell fake coins in the Cameron, Missouri, area. The DeKalb County Sheriff's Office issued an alert showing plastic sleeves of old coins that were passed off as valuable silver to one business.  → Read more at newspressnow.com


 September 22, 2018

The Royal Mint has increased its production of collectible coins in an attempt to appeal to a wider market as the use of cash declines across the country.  → Read more at telegraph.co.uk

Coin Collectors News
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