Weekly World Numismatic News for September 22, 2019
While perusing the news sources looking for numismatic-related news in the general media, I am noticing that there is an increase in crimes involving coin dealers. Between robberies or scams against dealers, the escalation of crime is noticeable and concerning.
Any business that handles money is a potential target for criminals. Even with the policies of dropping excess cash into time-locked safes, criminals will rob any store where they can easily take a few dollars.
What makes robberies from coin dealers concerning is that these types of crimes increase when the criminals are looking for a more significant take when their economic situation appears to be getting worse.
Although the markets may be up and the unemployment numbers are low, the indications are that the economy has some soft spots that should be concerning to everyone. The number of people taking contingent and alternative employment arrangement, sometimes called the gig economy, has risen in the last year. The Bureau of Labor Statistics reports that much of the rise in the gig economy is being used to supplement regular income.
In the last month, silver has been a rise of nearly $2 since the beginning of August. Even though silver has dropped to $17.88 from a $19.30 high in September, economic indicators suggest that global affairs will prevent the price from falling. These investors will be affected by a potential oil crisis following the bombing of Saudia Arabian oil fields and the trade war caused by tariffs.
Gold has been relatively flat over the last few months although up for the year. As an investment instrument, gold is favored by large and institutional investors. What is preventing their rise is that on a larger scale, they are not as worried by global affairs. The investments they are involved with are not as affected by a potential oil crisis and a Chinese trade war. Many have isolated themselves from these issues.
The concern is that the split in the economic effect will cause those at the lower ends to try to find some relief by turning to crime. A stolen American Gold Eagle coin has the potential to yield a better return than robbing a convenience store.
As some dealers are pushing the sales of gold, think about what they are saying about the economy.
And now the news…
September 12, 2019OYSTER BAY, NY — A Fort Salonga coin dealer has been accused in a $330,000 coin consignment and sales scheme in which he bilked several coin dealers and private collectors out of money, gold and collectible coins under the guise of legitimate coin deals, prosecutors said. 
→ Read more at patch.com
September 13, 2019Photographer: Ted Aljibe/AFP via Getty Images Congestion and constant flooding in the Philippine capital are prompting the central bank to move its mint away from the city. Bangko Sentral ng Pilipinas signed a deal Friday to relocate its production facility for coins and bank notes to New Clark City, a former U.S. air base where the government is building a back-up capital. → Read more at bloomberg.com
September 16, 2019Julien Perrotte stood in front of the representative at his local bank last week, unsure he properly understood what she was telling him. He was carrying about $800 worth of coins, sorted and rolled, that he had collected over the past year. → Read more at cbc.ca
September 17, 2019September 18, 2019 – Sibenik was the first city in Croatia to mint its own money during the Venetian period. Today, the city has released a new sweet souvenir in its honor. HRTurizam writes that back in 1485, the Venice Council of Nine approved the minting and use of Sibenik's coins – known as the bagatin, which was a means of payment in the city for more than two centuries. → Read more at total-croatia-news.com
September 17, 2019Break-in happened Aug. 30 in Silver Spring Montgomery County police released surveillance video Tuesday of a man stealing what they estimate to be $6,500 in property from a downtown Silver Spring rare-coin store on Aug. → Read more at bethesdamagazine.com
September 17, 2019More and more people are swapping cash for contactless payments – which means fewer coins are being made. That means the Royal Mint, the company which produces coins for the UK, don't make as many anymore. → Read more at bbc.co.uk
Animal Coins for the Young Collector
The future of the hobby we love are in our children. There has to be a way to get children interested in collecting coins beyond looking at the sameness of circulating series. We have seen that the 50 State Quarters program has had a postitive impact on the hobby. There has even been intrest in the Presidential Dollar program and the educational aspect with learning about each president.
Our friends at The Perth Mint has taken this one step further. They have created a AU$1 series based on animals found in Australia. The 2008 Australian Animal $1 Coins program is being marketed to young collectors to teach them more about Australian animals. The Perth Mint has also been reaching beyond Australia to young collectors all over the world.
The program is a 12 coin series of $1 non-circulating legal tender coins with four coins in each of three categories of animals that live in the air, on land, and in the sea. To appeal to the young collector, The Perth Mint offers the coins on individual cards or together with an album and two different sets. The complete set includes all 12 coins, a complete album with themed games, stickers, and a medal of “Gordy the Gekko,” a mascot of The Perth Mint.
There is even a companion website that also has games for the young, or young at heart. There is a contest, but I am not sure it is something those of us who live outside of Australia can participate with. But I had fun with the word search game.
With the current exchange rate, the cost for the complete set is just under $47.00. It sounds like a good gift for the young numismatist. With the Whitman Baltimore Show coming this weekend, I will see if a dealer has a set I can buy for my niece who really likes animals. She will like it!
Image courtesy of The Perth Mint.
Gold Buffalo Price Lowered
Somewhere along the line, I stopped paying attention to the price of gold from the US Mint. Their prices have been very out of line from the market and represented a significant premium over spot. It was not worth buying these coins.
With the US Mint Clearance Sale coming tomorrow, I decided to see if there have been any price adjustments. I found that the Mint has already lowered the price for the one-ounce American Gold Buffalo Proof coin by $150. Prices for other Gold Buffalo coins have been reduced as well.
According to Mint News Blog, most precious metal products were taken off sale on Wednesday only to reappear on Thursday with their prices lowered.
Gold was $802.90 per ounce on September 7, 2008. The spot price of gold is $764.30 as I type this. When the 2008 American Buffalo proof coins were introduced in July, the spot price of gold was $975 per ounce.
Remember, the Mint’s clearance sale starts at 12:01 AM on Saturday. You can pick up some nice holiday gifts!
Martin Van Buren 1837-1841
On November 13, the US Mint will release the Martin Van Buren Dollar to honor our eighth president. Van Buren was one of the founders of the modern day Democratic Party. He succeeded Andrew Jackson after serving as Jackson’s vice president.
Van Buren’s presidency was not considered a success after the Panic of 1837 that was caused by Jackson’s refusing to renew the charter of the Second Bank of the United States and withdrew federal funds from then bank. The result was a credit crisis when banks could not access funds and purchase securities to back their deposits.
Van Buren spent the rest of his presidency trying to fix the economy while trying to stay true to Jacksonian Democratic policies, which was not well received. Van Buren refused to expand the treasury, renew the charter for the Bank of the United States. And with slavery being an issue, Van Buren blocked statehood for Texas to prevent the expansion of slave owning states.
Van Buren served one term when he was defeated by the Whig Party candidate William Henry Harrison in 1840.
Image courtesy of the US Mint.
Remembering Veterans Numismatically
On the eleventh hour of the eleventh day of the eleventh month in 1918, the war to end all wars ended. It is celebrated around the world as Armistice Day or Remembrance Sunday. In the United States, a law was passed in 1954 to honor all veterans on November 11 of every year.
There will be the usual celebrations around the nation. Ceremonies will be held at Arlington National Cemetery that will culminate with the laying of a wreath at Tomb of the Unknowns
In Canada, the Royal Canadian Mint has reissued the Poppy Circulating Quarter to honor the 90th anniversary of the end of World War I. The poppy became popular in Canada when mentioned in a poem by Canadian Medical Director John McRae in the lime-rich fields of Belgium.
RCM has been distributing these quarters through retail outlets throughout the country along with providing special collectibles on their website. One dollar from the sale of each 2008 Limited Edition Poppy Bookmark will be donated to the Legion’s Dominion Command Poppy Trust Fund, which provides financial aid to Canada’s veterans.
To the veterans of the War to End All Wars and every wars since, thank you for your service to our country!
Image courtesy of the Royal Canadian Mint.
Aloha Number 50
The final coin of the 50 State Quarters® program will be unveiled during a ceremony Honolulu, Hawaii. Hawaii’s coin features the image of King Kamehameha with his outstretched arm over the united islands of Hawaii with the state motto Ua Mau ke Ea o ka ’Āina i ka Pono (The Life of the Land is Perpetuated in Righteousness).
Kamehameha rose to power in the late 18th century deposing rulers in his way. By 1790, Kamehameha was King of what we know today as the big island of Hawaii. Using arms bought from British and American traders, Kamehameha launched attacks on neighboring islands. After many battles and enduring illness, Kamehameha united the islands in 1810.
In 1893, as Queen Liliuokalani ascended to the throne on the death of her brother, King Kalakaua, she received petitions calling for reforms. Rather, Liliuokalani tried to strengthen her power which made many American and European businessmen nervous. A coup d’état was arranged leaving Queen Liliuokalani imprisoned at Iolani Palace under house arrest.
For the next few years, Hawaii was an independent republic managed by various business interests, including the United States. A counter rebellion was attempted by loyalists to Queen Liliuokalani but was suppressed. However, official policy under President Grover Cleveland was not to support the new government until the government was returned to Liliuokalani. This policy changed when William McKinley succeeded Cleveland. Two years into his administration McKinley singed the Newlands Resolution in 1900 annexing Hawaii a territory of the United States.
On August 21, 1959, Hawaii became the 50th state of the United States.
Image courtesy of the US Mint.
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