Canadian Bank Refused Deposit of Coins
The Canadian Broadcast Company reported that a bank in Montreal refused the deposit of $800 in rolled coins.
Julien Perrotte saves the coins he receives in change. Every year he will sort and roll the coins so that he can deposit them into his account at Laurentian Bank. This year, the bank told Perrotte that it was a new policy not to accept coins.
Canadian laws do not require banks to accept all legal tender coins or currencies. They can refuse to take any form of specie and only operate using electronic funds.
Laurentian Bank has taken advantage of these laws and no longer employ human tellers to accept cash. Customers can deposit currency and checks in their automated banking machines. The machines do not accept coins.
Before people begin to criticize Laurentian, this is starting to occur in the United States. Banks and other financial institutions are beginning to offer checking and other consumer banking services accessible online. They do not have branch offices.
The largest and most successful of the online banks is Ally. Anyone can open an Ally account and have access to the full line of banking services except you cannot deposit cash.
Then there are banks with physical presences that are transitioning to a model like Laurentian. Capital One Bank entered the consumer banking business when it started buying smaller banks in 2005. Today, Capital One is closing branches and consolidating teller operations in Capital One Cafes. Customers that do not live near Capital One Cafes can deposit currency and checks via an ATM but cannot deposit coins.
Does this mean we are heading toward a cashless society?
No! It means that the United States has an economy diverse enough to support new ideas in banking services while maintaining traditional banking operation. It is because the United States has a diverse economy that includes a cash-based transaction (see here and here) that will prevent our society from going cashless.
Rather than try to deal with Laurentian Bank’s new policy, Perrotte said he will be taking his business elsewhere.
Yet Another State Quarter Program
In case you missed, I know I did, the Senate passed H.R. 6184, America’s Beautiful National Parks Quarter Dollar Coin Act of 2008 by unanimous consent. The bill calls for circulating quarters “that are emblematic of a national park or other national site in each State, the District of Columbia, and each territory of the United States.” The bill has been sent to the president for his signature, which is likely.
H.R. 6184 was introduced by Rep. Michael Castle [R-DE] who introduced the “The 50 States Commemorative Coin Program Act” [Public Law 105-124]. Rather than honor states, this bill honors national parks or other historical site in each state. And this bill already included the District of Columbia and the insular territories.
I wrote it before: ENOUGH!
While I doubt the president will veto this bill, having another state-related quarter program is just too much. There is real chance for collector fatigue, especially during a stressed economy. I think it is the wrong time for this program.
The program will run from 2010 through 2018, two years longer than the projected duration for the Presidential $1 Coins.
Giving Makes Common Cents
I wanted to get a quick note out that I am still alive. I spent the past week in New York City, my home town, going to a conference with others in the information security field. It was a good conference and worth the time traveling “home” to attend. Unfortunately, I did not find anything more exciting than a 1956 Lincoln Cent in my change.
Before I run off to dinner with my wife, I wanted to encourage you to give this gift of charity this holiday season. I received a note that the official charity of the Coin Collector’s Blog, Common Cents, is $3,420 away from its 2008 campaign goal. Here is the note I received from Teddy Gross, the Executive Director of Common Cents:
Dear Friend,
I recently sent a letter asking for a year-end donation to help Common Cents reach more children, more schools and more communities with the Penny Harvest program. I wanted to express my heartfelt thanks, on behalf of the children and schools we serve, to all of you who have responded.
As of today, we are just $3,420 away from realizing our 2008 campaign goal. If you haven’t had a chance to donate yet, would you consider making a gift today?
The Penny Harvest helps students understand their capacities for leadership by gathering pennies, making grants and taking action to fight for causes they believe in. Seventeen years of experience has shown that, when given the opportunity to help others through the Penny Harvest, children transform into leaders working to solve – not cause – community problems.
We urgently need your help to continue providing the curriculum, tools, training and support needed for every school. Your gift will help us provide meaningful and life changing opportunities for thousands of children. Please donate today. As we teach through the Penny Harvest, every amount helps.
Many thanks, and best wishes for a wonderful holiday,
Teddy Gross
Executive Director
Common Cents
Click on any link in Teddy’s letter or the banner in the top right corner of the page, it will send you directly to the donation page at commoncents.org.
Although I am a little later in doing so, I will go to the bank this week with the pitcher of change on my desk as I promised. The sum of that money will go to Common Cents. That pitcher is half-full. I hope it has at least $100! Please join me and give what you can! Thank you.
A Cool Medal with Cool Errors
The University of Georgia is the nation’s oldest land grant university. The Georgia legislature approved the land grant measure in 1784 and the college was chartered in 1785. The first Board of Trustees meeting was held in 1786 and elected Abraham Baldwin as the college’s first president. Baldwin, originally from Connecticut, was a Yale graduate who moved to Georgia in 1784 and was asked to help draft the school’s original charter.
When the Board of Trustees decided to open the university in 1801, they selected a site. John Milledge purchased 633 acres of land in northeast Georgia and donated it to the Board of Trustees. Part of the land was developed into the town of Athens, the rest is still owned by the University.
Josiah Meigs was named president in 1801 and the Board of Trustees named the first college Franklin College in honor of Benjamin Franklin. Although the charter named the school the University of Georgia, it was known as Franklin College until 1859 when the College of Agriculture and Environmental Sciences was founded. Meigs held the first classes under a tree on what is now called North Campus. While classes were held, log buildings were hastily built as temporary structures until permanent buildings would be built.
The first permanent building was modeled after Connecticut Hall at Yale University. When it was completed in 1805, it housed classrooms, administrative offices, and dormitories. Today, that building is called Old College. Since the 1950s, it has been used as the administrative offices for the Franklin College of Arts and Sciences.
One evening, I was searching a popular online auction site looking for something to add to my American Revolution Bicentennial collection. While searching, I found this medal for the bicentennial of my undergraduate Alma Mater (see image on right). As an alumnus of the University of Georgia, I had to buy this medal.
Other than the subject, the medal had an interesting because of an error: the lettering on the reverse is doubled (click image to enlarge). It looks as if the dies were punched then repunched with new spacing in the lettering. While it was described in the auction listing, I had to see the medal in hand to try to understand how this error occurred. Even in-hand, it is difficult to tell. It looks as if the dies were re-punched after the letters were reset—as if someone did not like the layout and tried to change it after the dies were created.
What was not described in the auction listing was the doubling I found on the obverse. The error was very subtle and would not have been noticed by someone who was not familiar with the University of Georgia. While examining the medal, I noted that the school’s motto is on the tree’s trunk: Et docere et rerum exquirere causas (To teach, to serve, and to inquire into the nature of things).
Looking just above the motto, I saw that the “200” was doubled and above that, “To Inquire,” was also doubled. Curiosity brought out my loupe and examined the branches for the other two parts of the motto and found “To Teach” above the lower-left branch of the tree and “To Serve” above the lower-right branch. All are doubled! These are clearly re-punched into the dies.
Aside from the subject, the “errors” are fascinating. It is like getting two collectibles in one medal.
HOW BOUT THEM DAWGS!
2009 Native American Reverse
On November 28, Native American Heritage Day, the US Mint announced the design for the reverse of the new 2009 Native American $1 Coin. This design depicts a Native American woman planting seeds in a field of corn, beans and squash, representing the Three Sisters method of planting.
Public Law 110-82 [PDF] was past in September 2007 and signed by the president two weeks later calls for the reverse of the Sacagawea Dollar be redesigned every year to commemorate “of Native Americans and the important contributions made by Indian tribes and individual Native Americans to the development of the United States and the history of the United States.” The obverse will continue to have the Sacagawea design.
The law reduces the percentage of these dollars that have to be struck versus the Presidential $1 coins. This program has no end date.
Image courtesy of the US Mint.
Army Commem Becomes Law
Today, the White House announced that President Bush signed H.R. 5714, the “United States Army Commemorative Coin Act of 2008,” now Public Law Number 110-450 [text or PDF]. The bill calls for 100,000 $5 gold coins, 500,000 $1 silver coins, and 750,000 clad half-dollars commemoratives in 2011 to recognize the founding of the United States Army in 1775. “The design of the coins minted under this Act shall be emblematic of the traditions, history, and heritage of the United States Army, and its role in American society from the Colonial period to today.”
Proceeds from the surcharges will go to the financing of the National Museum of the United States Army.