Weekly World Numismatic News for March 1, 2020

Show of hands: how many of you have found an old coin only to think it was a reproduction?

As an avid junk box diver at flea markets, antique shows, and other venues, I regularly come across reproductions of old coins made of various materials. The most common are brass and pewter.

In 2018, someone found a pewter coin that resembles a Continental Currency dollar in the same design as the Fugio Cent. After consulting a dealer, the coin was sent to Professional Coin Grading Service for authentication.

PCGS determined that it was a period created coin. They graded it MS-62.

1776 Pewter Continental Dollar

1776 Pewter Continental Dollar, PCGS MS-62
(Image courtesy of PCGS)

It is not clear where the coin was made. Some experts say that it was a pattern made in Philadelphia. Others speculate that it was made in England as a satire piece to mock the newly formed country.

The problem is that PCGS does not describe the criteria that they used to determine the coin is authentic. Neither their public news article or the PCGS Coin Fact entry does not provide details of what makes this a genuine coin. With all due respect to PCGS, I have learned the hardway: trust but verify!
https://www.pcgs.com/news/pcgs-paris-office-certifies-1776-continental-dollar?gid=47
https://www.pcgs.com/coinfacts/coin/1776-1-curency-pewter/794

Someday, I hope to find something similar in one of my junk box dives. But I hope PCGS would help the community by publishing what to look for when junk box diving. I would not mind sending a proper find for authentication, but I do not want to pay for a service if it is not necessary.

And now the news…

 February 24, 2020
The Carson City Mint operated from 1870 until it stopped producing coins in 1893, and was finally closed entirely in 1933. The historic building remained unoccupied until 1941, when it was selected to be the site for the Nevada State Museum.  → Read more at mesquitelocalnews.com

 February 25, 2020
PHILADELPHIA — Julius Erving and fellow basketball hall-of-famer Sheryl Swoopes struck fear in the opposition on the court. On Tuesday, they struck coins at the U.S. Mint in Philadelphia, unveiling a special commemorative coin expected to raise as much as $10 million for Springfield’s Naismith Memorial Basketball Hall of Fame.  → Read more at masslive.com

 February 25, 2020
A Pennsylvania appeals court has overturned a judge order that required a convicted thief to pay nearly $87,000 for stealing a collection of rare coins. Should a convicted thief who stole a batch of rare collectible coins from his former employer have to pay nearly $87,000 in restitution for the crime?  → Read more at pennlive.com

 February 27, 2020
NewsRegionBaltimore City Actions Posted: 6:19 PM, Feb 24, 2020  → Read more at wmar2news.com

 February 29, 2020
WABASSO, Fla. (WPTV/CNN) – A group of friends in Florida loves to look for buried treasure and last week they found a trove of silver coins that are 300-years old. The skies are overcast and rain's moving closer to the beaches along Hutchinson Island while people seek cover, but it's the perfect time to dig for treasure in the sand.  → Read more at mysuncoast.com

 February 29, 2020
A RARE 1776 continental dollar bought at a French flea market for 56 cents is now worth a stunning $100,000. The anonymous buyer picked up the rare coin in June 2018, thinking it was just a piece of junk, but it turned out the coin was a rare treasure printed in the year of American independence.  → Read more at thesun.co.uk

 February 29, 2020
"The large coin had letters similar to the Arabic language on it while the smaller coins had Hindu gods on them," a source who was present at the site tells TNM. It was close to 10 am on Wednesday morning and workers at the Jambukeswar Akilandeshwari in temple were clearing a space behind the Prasanna Pulaiyar sannidhi.  → Read more at thenewsminute.com

 February 29, 2020
Treasure hunter Jonah Martinez, 43, of Port St. Lucie, found 22 Spanish coins from a 1715 shipwreck at Turtle Trail beach access on Friday, Feb.  → Read more at tcpalm.com
Coin Collectors News
news.coinsblog.ws

 

Tweeting the May CCAC Meeting

Yesterday, the Citizens Coinage Advisory Committee met at the US Mint Headquarters in Washington DC. During the meeting, CCAC member Donald Scarinci set up his laptop and tweeted from the meeting.

Based on Scarinci’s tweets, it was not a comfortable meeting. While reading the tweets, it seemed that there were some contention between the U.S. Mint and the members who blindly support whatever the Mint wants. Scarinci has indicated to me and in his commentary that appeared in Coin World that he was interested in performing the job intended by the law authorizing the CCAC.

Following the meeting, comments from other members indicated that Scarinci’s statements that appeared in Coin World editorial was the catalyst for the contentious feelings experienced at the meeting. One member indicated that there were more tactful ways to make comments about other members.

It is not apparent from the Coin World editorial what was objectionable in what Scarinci did or said. However, past experiences with CCAC Chairman Gary Marks may indicate that he takes commentary personally rather use it as a constructive lesson. If Marks and the U.S. Mint can realize that those who criticize are not against them but care enough to want to make things better there would be less of a strained relationship between the CCAC members and the public.

UPDATE: I am not condemning or condoning Scarinci’s comments. I am saying that on the surface it does not appear that what he said rises to the level of scorn that is being raised. Regardless of how you feel about his situation, I encourage Scarinci to continue to work in a manner that he feels is in the best interest of the CCAC, even if it means trampling on a few egos.

If you missed the meeting, the following are the compilation of the tweets from @Scarinci:

 

Scarinci On my way to DC for meetings later & CCAC meeting tomarow. Big agenda tomarow. Took a long time preparing.

Monday, May 24, 2010 2:09 PM
Scarinci Marine 1 just flew over me near the Potomac River in DC. I wonder if the President was on Board. You don’t see that in NJ.:)

Monday, May 24, 2010 4:20 PM
Scarinci Just read “Coin World” article with CFA’s comments on the commem designs CCAC reviews tomorrow. I’m not alone thinking they are unworthy.

Monday, May 24, 2010 6:54 PM
Scarinci If the Mint gave us good designs with only minor variations to pretend CFA & CCAC has imput, maybe I’d be OK being their rubber stamp. 🙂

Monday, May 24, 2010 7:04 PM
Scarinci Only 3 or 4 designs of each coin today–the Mint just engaging CCAC because they have to. Designs limited & most are variations of the same.

Tuesday, May 25, 2010 6:39 AM
Scarinci Arrived at mint. Franklin Pierce dollars for sale in lobby. Arkansas quarters too.

Tuesday, May 25, 2010 7:41 AM
Scarinci Administrative meeting just begun. It is of course not open to the public.

Tuesday, May 25, 2010 8:08 AM
Scarinci Admin meeting adjourned–Why does the Mint like to do things in secret? Very little discussed that couldn’t have been public.

Tuesday, May 25, 2010 9:01 AM
Scarinci Public just entered the room. Seems like a lot of people here for this meeting today.

Tuesday, May 25, 2010 9:05 AM
Scarinci Set up my laptop for twitter today. It is a lot easier on my thumbs.

Tuesday, May 25, 2010 9:07 AM
Scarinci Michael Ross, History Prof at U.Maryland being introduced (Historian seat on CCAC). teaches U.S.History and focuses on 19th Century.

Tuesday, May 25, 2010 9:11 AM
Scarinci Starting discussion of designs of 2011 Army Commem Coin Program. Kaarina Budow reading narratives that were given to the artists.

Tuesday, May 25, 2010 9:15 AM
Scarinci The gold reverse designs are three variations of the same thing. Guess that’s what the Mint wants. There is no choice.

Tuesday, May 25, 2010 9:17 AM
Scarinci Obverse 2 & 3 show central soldier figure wearing the current uniform. We are told it is not specific to any current military action.

Tuesday, May 25, 2010 9:22 AM
Scarinci Had a motion to narrow the discussion even though only 4 obverse designs being considered. No women depicted on any of them.

Tuesday, May 25, 2010 9:26 AM
Scarinci The three reverse designs of the gold coin are all the same with only minor variations. Even more absurd to narrow the discussion on these.

Tuesday, May 25, 2010 9:30 AM
Scarinci The gold is supposed to show revolutionary period to today. Ony 1 or 4 does that for me. But I don’t get the motto on 4.

Tuesday, May 25, 2010 9:41 AM
Scarinci Some support for design 3 because it is focused and fits well on the small surface of the gold $5.

Tuesday, May 25, 2010 9:47 AM
Scarinci Some members wanting to change wording on reverse & minor features of some obverses. Mint seldom listens to that. We get what we get.

Tuesday, May 25, 2010 9:56 AM
Scarinci Device on helmut on design 3 is for night vision and becomes the focus of the image. Some want to see eyes and people facing front .

Tuesday, May 25, 2010 10:03 AM
Scarinci Voting for the gold concluded. I made the point that we are just rubber stamping what the mint wants on the reverses–all the same.

Tuesday, May 25, 2010 10:11 AM
Scarinci Kaarina reviewing narratives for the silver dollar size 2011 US Army Commemorative Coin Program.

Tuesday, May 25, 2010 10:22 AM
Scarinci Some on CCAC are picking up on the fact that the faces depected on these designs look very much the same–diversity is lacking.

Tuesday, May 25, 2010 10:31 AM
Scarinci You gotta love Roger Burdette. He just articulated my thoughts on the wording and the banality of what we are looking at today.

Tuesday, May 25, 2010 10:36 AM
Scarinci No neo-renaissance except in Ed Moy’s speeches. At peace with that, obv.1 & rev.4 is just a nice coin. Lack of diversity & woman troubling

Tuesday, May 25, 2010 10:58 AM
Scarinci Moved on to talking about the clad half dollar of the three piece 2011 US Army Commemorative set.

Tuesday, May 25, 2010 11:04 AM
Scarinci I spoke in favor of obv.1 or 2 paired with rev. 2 as a nice coin & made the comparrison to the rev. on the 1976 quarter. Same artist?

Tuesday, May 25, 2010 11:06 AM
Scarinci Good comment just made that the clad half obv. designs are very 1950’s “Atoms for Peace” remakes. There is little inspiration here.

Tuesday, May 25, 2010 11:15 AM
Scarinci Member just suggested that the good designs have been edited out of the group the Mint chose to send to CCAC. YES!

Tuesday, May 25, 2010 11:20 AM
Scarinci I just made a motion to reject all designs for the obv. & rev. of the clad half dollar. Roger Burdette seconded it. Motion failed.

Tuesday, May 25, 2010 11:26 AM
Scarinci Rick just made a motion to reject all obverse designs of the clad half dollar. Mike Olson seconded it, withdrew his second so I seconded it.

Tuesday, May 25, 2010 11:31 AM
Scarinci Good, spirited discussion. The motion passed with a 5-4 vote to reject all designs for the obverse of the clad half dollar.

Tuesday, May 25, 2010 11:44 AM
Scarinci Discussion about adjourning and considering the 2011 Medal of Honor coins at our meeting in Colorado Springs. Mint staff objected.

Tuesday, May 25, 2010 11:46 AM
Scarinci The CCAC did what the Mint wanted and is continuing the meeting. Lets just rush through it since there isn’t much to choose from anyway.

Tuesday, May 25, 2010 11:51 AM
Scarinci We are rushing through the agenda and looking at the Gold and silver commemorative designs together. Kaarina is even speaking faster.

Tuesday, May 25, 2010 11:56 AM
Scarinci One member just said they can’t even keep up with the pace of the meeting at this point. It is going in high speed.

Tuesday, May 25, 2010 11:59 AM
Scarinci We are at it now since 8 AM with not even a bathroom break. Thank goodness they brought some food and sodas out.

Tuesday, May 25, 2010 12:04 PM
Scarinci We are talking about two coins at once, obv.& rev.–I’m having trouble following the discussion. Thank goodness I spent a weekend preparing

Tuesday, May 25, 2010 12:08 PM
Scarinci We haven’t even tallied the votes from the Army Commemoratives. Worrying now about my train reservation.

Tuesday, May 25, 2010 12:10 PM
Scarinci Roger and Mike have prepared very moving remarks about the medal of honor commems–truly a highlight of today’s meeting.

Tuesday, May 25, 2010 12:16 PM
Scarinci I will not be rushed on my comments and I will not lend my name on a vote on such an important coin as the medal of honor coin.

Tuesday, May 25, 2010 12:25 PM
Scarinci We got through this in about 1/2 hour. We are now taking a break finally to count the votes.

Tuesday, May 25, 2010 12:28 PM
Scarinci The Mint staff just told us they are not rushing us. Unbelievable!

Tuesday, May 25, 2010 12:30 PM
Scarinci I did not vote on the medal of honor coins because I refuse to be rushed. We just ran through it to comply with law requiring CCAC review.

Tuesday, May 25, 2010 12:38 PM
Scarinci Mike making some motions asking the mint to change design aspects of what we voted for.

Tuesday, May 25, 2010 12:39 PM
Scarinci CCAC just voted to make the woman on the Army Dollar, SO-O1, African American to make up for the lack of diversity on the designs presented.

Tuesday, May 25, 2010 12:45 PM
Scarinci Meeting has been adjourned. I need to rush to make my train.

Tuesday, May 25, 2010 12:47 PM
Scarinci VOTES for 2011 US Army Commems: Gold $5obv:#3=20;#2=18; rev:#3=28;#2=6; Silver $1obv #1=25;#5=10; rev:#3=19;#4=8: Clad$.50rev:#2=19;#3=14

Tuesday, May 25, 2010 2:21 PM
Scarinci VOTES for 2011 Medal of Honor Commems: Gold$5obv.#2=19; Rev.:#2=13; #1=11; Silver $1 Obv.:#2=24; Rev:#2=24. Two members did not vote.

Tuesday, May 25, 2010 2:26 PM
Scarinci The private administrative meeting that followed was even worse than the public meeting if that is possible. Things are very bad (IMO).

Tuesday, May 25, 2010 2:28 PM

 

Follow the CCAC Tweets on Tuesday

As a reminder, the Citizens Coinage Advisory Committee will meet on Tuesday, May 25 at the US Mint Headquarters in Washington, DC. On the agenda is the review for the 2011 US Army and Medal of Honor Commemoratives. Coin World is reporting that the designs are less than inspiring.

If you cannot attend the meeting, you can follow the tweets of CCAC member Donald Scarinci to read real-time updates from the meeting. Just follow @Scarinci on Twitter. Scarinci has already begun tweeting about the designs the CCAC are reviewing also noting the Coin World article on the designs. Stay tuned!

Record Sale for Rare Dollar

Last week, a 1794 Flowing Hair Silver Dollar that may be the oldest known silver dollar was sold for a record $7.85 million! Steven L. Contursi of Rare Coin Wholesalers of Irvine, California sold the coin to Cardinal Collection Educational Foundation of Sunnyvale, California in a private sale.

The coin was graded by Professional Coin Grading Service as Specimen 66 (SP66).

The sale surpasses the $7.59 million paid (including buyer’s premium) in 2002 for the legendary Farouk-Fenton 1933 Double Eagle.

As an interesting aside, the Farouk-Fenton would be worth $9,197,822 accounting for inflation between 2002 and 2010. Of course the coin could sell for more if it should come up for sale again. However, the existance of the ten Langbord-Switt 1933 Double Eagles could change the perception of value for all of the 1933 Double Eagles.

Could EU Countries Reissue Their Original Currency

You might have noticed that a European debt crisis has caused the markets to panic where some have been saying there is no relief in sight. It started wit the economy of Greece needing its own bailout while it is questioned as to whether they can pay the money back. The the news that Portugal, Spain, and possibly Ireland may follow. As a result, the Euro is at a 4-year low against the dollar and dropping.

Aside from the economic impact, there has been questions about the viability of the European Union as an economic entity and its ability to act as a central bank in the best interests of the sovereign members of the Euro zone. Countries can no longer manipulated their currencies or manufactured more money to maintain solvency. They now have to follow the rules of the European Central Bank in order to maintain “fairness” within the Euro zone.

What would happen if these countries did not want to be beholden to the European Central Bank? Countries would have to break from the bank and issue its own currency. There has even been speculation as to the current value of the former EU currencies if they were still in circulation.

For numismatists it would add new collectibles to the market. Countries that would re-issue its own currencies would likely demonetize the Euro and force locals to trade in their Euro coins and notes for the re-issued currency. This would make the reverse designs that are country specific instantly collectible as well as the new Drachma, Escudo, Pesta, Franc, Lira, or Deutsche Mark that would be issued in its place.

Maybe Great Britain was right for not converting to the Euro. But for now, their newly issued circulating coinage is arguably the most interesting in the Euro zone. Maybe another country will join them an open new areas of collectibles.

Follow Up: ANA versus Technology

First, I want to thank everyone who responded directly to me regarding my post ANA versus Technology: The ANA is Losing! There have been so many notes that it is impossible to respond individually.

An overwhelming number of responses were from people who identified themselves as 20-something or 30-something collectors who said they read my blog and others to hear from other collectors. It seems as if they read the blogs to share with other collectors as they would do if they were to attend a coin club meeting. It may be anecdotal, but it adds to my assumptions as to where to find what I am calling “the gap generation” between the young numismatists and the member who comes back to collecting after they are settled into their life.

To answer the predominant question generated by the post: yes, I heard from members of the ANA Board of Governors and ANA President Cliff Mishler. Since I have not had a chance to answer their notes I will not comment on the contents of the correspondence at this time. There are areas for me to follow up and will do so shortly.

I will say that I learned a few things from the Board members that is not readily apparent from materials published by the ANA. That information gap is worrisome and something that has to be addressed.

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