Weekly World Numismatic News for August 25, 2019
2019 Glenn B Smedley Medal
The allegedly offending paragraph began, “One of the reasons I could not be at the World’s Fair of Money was because I was attending two seminars from another show.” (emphasis added)
First, every critic missed the first four words: ONE OF THE REASONS. It was not the only reason. I disclose a lot about myself and my life outside of collecting on this blog. I do not reveal everything. Attending the seminars was only one of the reasons. The other is I have a business to run.
Regular readers know that I started a business last year that is not numismatic-related. While my company does handle some numismatic items, these are not my focus. To maintain a new business, I have to make decisions that I may not like today but will help me in the future. I decided it was not in my business’s best interest for me to leave to attend the World’s Fair of Money.
Critics suggested that I could have attended the virtual seminar from my hotel room in Rosemont. While it sounds logical, let’s look at reality. Hotel Wi-Fi is not conducive to attending an interactive workshop for three hours. Hotel Wi-Fi services are not designed for that type of service. It may support downloading your latest streaming movie, but it does so with the support that you do not see. Since this is not a technical blog, I will tell you as a retired computer person that what you see and what is reality are very different.
Then there’s the question of being cost-effective. I run a startup business. While I have early success, it takes a lot of resources to build a business. I asked about the cost-effectiveness of sitting in a hotel room for a six-hour seminar. The answered varied but did not answer the question about whether the cost adds up.
Nearly every one of the naysayers in email and those who commented was established, dealers. All are over the age of 50. None would answer the question as to whether they would have attended a show that was not related to their business in their first few years of business.
I suspect that many of them have suppressed their early struggles as they have become successful.
I applaud each of their successes. But each has forgotten that the success came at a cost. Even though I might be around their age, I am running a new business and am enduring the struggles they faced at a younger age. It is more difficult for me now than it was for them in the past.
Some who have engaged in a conversation, I asked whether they understood my point? They did not get it!
Where is the outreach beyond the four walls of the convention center? Why is the entire show confined to the convention center? Why is there no attempt to get other people interested who did not attend or could not attend?
The bottom line is why is the ANA not broadcasting the World’s Fair of Money online to a broader audience?
It is possible to contribute the ANA without attending a convention. How do I know this? I have the Glenn Smedley Award to prove it can be done! I did not set out to win awards. I set out to improve the ANA and make it accessible to more people. I set out to move the ANA into the 21st century with technology. I see technology as the force that will promote the ANA.
I also see the Luddite attitude of some as the force that will be the ANA’s demise.
There are many issues the ANA faces, and I am concerned about how the organization’s use of technology will affect its future. I have three concerns that the ANA should address:
- Broadcasting from the National Money Show and World’s Fair of Money. With all due respect to the older members, sometimes it is not possible to show up. With the technology available, the ANA must start broadcasting from the show floors, meeting rooms, and even the auctions. News, interviews, activities, and just plain showing off to an Internet audience will keep current members engaged and spark new interest.
- Online education must be expanded to include courses for the experienced collector and non-collector. The ANA must go beyond was previously discussed. It did not go far enough. The effort was like trying to smell a rose at arms-length because there is a thorn on the side. The ANA must commit to bringing robust education services online or stop trying to dabble.
- Aside from expanding technology in these areas, another enhancement would be to add technology to the exhibits. With all due respect to the exhibit committee and those who have created great exhibits, static displays are in yesterday’s museums. Museum and other exhibits are not becoming interactive. Even the Manley Library exhibits have rotating displays the allow visitors to view both sides of the object. Under current rules, it is challenging to add electronic aids to exhibits. Having access to electricity for each of the cases must be an option for exhibitors. Having access to the Internet must be an option for exhibitors. Add this capability and watch the exhibits really pop!
As of now, I believe I am still Chair of the money.org Committee, the former Technology Committee. If ANA President Steve Ellsworth chooses to allow me to continue in this position, I will work to help the ANA move forward with these goals.
And now the news…
August 19, 2019A Utah businessman paid $1.32 million for a dime last week at a Chicago coin auction. It wasn’t just any 10-cent piece; the 1894-S Barber Dime is one of only 24 that were ever made, according to Stack’s Bowers Galleries, which held the auction Thursday night. Only nine of the coins are confirmed to still exist. 
→ Read more at ktla.com
August 20, 2019The oldest coins minted for colonial Australia have gone on show at the Royal Australian Mint, allowing visitors to lay eyes… → Read more at the-riotact.com
August 21, 2019(MENAFN – Newsroom Panama) The 50 cent coins that were minted to commemorate the anniversary of the founding of Panama City, 500 → Read more at menafn.com
August 21, 2019The prosecutor said that Louis "The Coin" Colavecchio "is effectively unable to enjoy life without conceiving new criminal ventures." → Read more at providencejournal.com
August 22, 2019Gold prices have been hitting a fresh high everyday since Tuesday. → Read more at indiatoday.in
August 23, 2019The penny will go on show for the first time at Saffron Walden Museum on Saturday August 24 → Read more at bishopsstortfordindependent.co.uk
Dollars Are Not Playing In Charlotte
September begins a shopping season that guides us through a series of holidays that will have retailers looking for ways to separate you from your money. When you do spend your money, our friends at the US Mint want you to spend the Presidential $1 Coins instead of paper currency.
September also begins the new advertising program proclaiming that using Presidential Dollars is the “green” thing to do. But it is not catching on.
Creative Loafing, a leisure-based newspaper with an interesting twist based in Charlotte, did an investigative report on the success of the Mint’s promotion.
Essentially, the reporter found that some people are spending the dollars while others will not take them as changed. Although the story is based on empirical evidence, his observations are predictable.
But the US Mint is required by law to promote the use of the dollar coin. But as I previously wrote, the dollar coin will not be widely accepted until the Bureau of Engraving and Printing stops printing one dollar notes—and we know that will not happen because of politics.
I cannot wait for the Government Accountability Office (GAO) to do their investigation on this advertising program. The report will be very entertaining!
My Week In Review
While the beginning of a new school year wreaks havoc with some schedules, as a contractor to the federal government, my schedule is affected by the end of the government’s fiscal year. Agencies have work to do and a budget that has to be accounted for. As the year comes to a close, they look to ensure that the money is spent on worth while work—or at least their systems are securely built. I do more “emergency” information security assessment in August and September than I do during the rest of the year.
With my head assessing security risks, I continue to watch the numismatic market. There are a few things I want to comment on.
I has previously questioned the US Mint’s pricing of precious metals. Although the Mint has adjusted prices when the price of gold has gone up, they have not lowered the price when gold prices go down.
When I discussed the price and premium of the American Gold Buffalo coins released in July, I noted that the Mint was charging a premium averaging over 20-percent the price of gold for these coins. But that was on July 15, when gold was $975.10 per ounce. The gold market closed at $802.90 on September 5, a $172.20 drop in price. Yet the Mint continues to sell Gold Buffaloes at their original issue price.
Updating that table with the current price of gold, we can see the increase in premiums:
| Option | Mint Price | Metal Value on 7/15 | Premium on 7/15 | Metal Value on 9/5 | Premium on 9/5 | Premium Pct |
| Proof 1 oz | $1,199.95 | $975.10 | $224.85 | $802.90 | $397.05 | 33.08% |
| Proof ½ oz | $619.95 | $487.55 | $132.40 | $401.45 | $218.50 | 35.24% |
| Proof ¼ oz | $329.95 | $243.78 | $86.18 | $200.73 | $129.23 | 39.17% |
| Proof 1/10 oz | $159.95 | $97.51 | $62.44 | $80.29 | $79.66 | 49.80% |
| Proof 4-Coin Set | $2,219.95 | $1,803.94 | $416.02 | $1,485.37 | $734.58 | 33.08% |
| Uncirculated 1 oz | $1,059.95 | $975.10 | $84.85 | $802.90 | $257.05 | 24.25% |
| Uncirculated ½ oz | $539.95 | $487.55 | $52.40 | $401.45 | $138.50 | 25.65% |
| Uncirculated ¼ oz | $289.95 | $243.78 | $46.18 | $200.73 | $89.22 | 30.77% |
| Uncirculated 1/10 oz | $129.95 | $97.51 | $32.44 | $80.29 | $49.66 | 38.21% |
| Uncirculated 4-Coin Set | $1,959.95 | $1,803.94 | $156.02 | $1,485.37 | $474.58 | 24.21% |
About.com’s Susan Headley posted an article about the Mint’s pricing policies with a proposal to tie the price of the coin to market conditions.
If you follow me on Twitter, you will notice that the image I use is a digitally altered image of a 1964-D Peace Dollar. Trial Peace Dollars were struck very briefly at the Denver Mint in 1965 to use to gain approval for their issuance. Because of the silver shortage in 1964, the Mint was urged to cease production and melt these coins. Collectors’ Universe forum user “savoyspecial” posted an image of a May 31, 1973 letter from the Mint explaining the fate of the 1964-D Peace Dollar. Although the letter says all coins were destroyed, I have a feeling that a few examples missed the smelting pot and not in the government’s possession.
Let me close by offering my condolences to family, friends, and associates of Radford Sterns. Dr. Sterns was a prolific exhibitor at the American Numismatic Association conventions and former governor. His specialty was Georgia colonial currency. I met Dr. Sterns at an ANA convention and asked questions about colonial currency and aspects of Georgia history. He was very gracious and engaging. The hobby was better for his participation and will miss his contributions.
Image of US Mint letter courtesy of CU Forum user savoyspecial
Image of Radford Sterns courtesy of Numismatic News
A Twist on the Alaska Quarter Release
Monday, August 25, 2008, had a lot of news for the political watchers. After Sen. Ted Kennedy appeared at the Democratic National Convention, Arizona Senator and Republican presidential candidate John McCain appeared on the Tonight Show. Even First Lady wannabe, Cindy McCain, was in the news by making a humanitarian trip to the war-torn nation of Georgia.
Meanwhile, quietly, without fanfare, the US Mint release the Alaska State Quarter into circulation.
Arizona was the previous State Quarter in the series.
For the previous 48 states, the US Mint has either had a first issuance ceremony on the first day of circulation. This time, the Mint waited until Friday, August 29 to issue its press release and hold its first issuance ceremony.
On Friday, August 29, John McCain announced that he selected Alaska Governor Sarah Palin as his choice for Vice President.
Conspiracy theorists could say that the Mint was made aware of the pick by the McCain campaign and asked to delay their announcement until Friday. The Mint could say that they did not want to overshadow the Democratic National Convention with the announcement of the quarter’s release while accommodating the schedule of the Alaska State Fair, even though the Fair started on August 21. What do you think?
Image courtesy of the US Mint
Another Inwood Collectible: Check!
Did you know that there was a part of numismatics that collects financial documents? Collecting financial documents is a niche hobby for people who collect checks, drafts, bills of exchange, certificates of deposit, promissory notes, receipts, and even stock certificates. Although I knew that there were collectors of financial documents, I just found American Society of Check Collectors (ASCC). If you want to learn more about this area of numismatics, visit their website.
In keeping with my theme of “hometown numismatics,” I found a check drawn on The First National Bank of Inwood (FNBI). This check was written by Elizabeth N. Schmitt on November 20, 1942 for $19.37 to General Motors Acceptance Corp. It cleared the Bank of Manhattan office in Jamaica, Queens on November 27. That would be the same as paying $261.39 in 2008 dollars.
While we do not know when the Ms. Schmitt purchased her automobile or if she was paying the bill while her husband was away to fight in World War II, it is another collectible from FNBI for the collection.
My research found a Series 1929 $20 banknote was issued from FNBI (CH# 12460). I found notes priced from $500 to $1300, depending on condition. I guess I will have to save some money for my next purchase.
Edited: Sorry… I forgot the image of the check!
Collecting Personal History in Numismatics
In 1938, President Franklin Delano Roosevelt founded the March of Dimes. That year Howard Hughes set a record by flying an airplane for 91 hours around he world. It was the same year as Douglas “Wrong Way” Corrigan landed in Ireland after allegedly trying to fly to California claiming navigation problems.
Roosevelt launched a $5 billion spending program (roughly $78 billion in 2008 money) to try to stimulate the economy after the Recession of 1937. The US also established minimum wage laws. The radio adaptation of H.G. Wells’s The War of the Worlds broadcast by Orson Welles causes panic, especially in the northeast.
The New York Yankees beat the Chicago Cubs 4-0 in the 1938 World Series and the New York Giants defeated the Green Bay Packers in the 1938 NFL championship game. Seabiscuit beat War Admiral in the “Match of the Century” at Pimlico in Baltimore.
1938 Encased Cent from the First National Bank of Inwood (NY)
The First National Bank of Inwood (FNBI) was founded in 1923, the same year Yankee Stadium opened with a Babe Ruth home run. It was founded by former members of Bank of Manhattan to take advantage of the migration to the suburbs as new immigrants started to move into the areas of New York City. FNBI was able to survive the Great Depression through good management and extending good will to the community. FNBI was the first bank on Long Island to offer drive-through teller windows in 1950.
FNBI eventually merged with Franklin National Bank (formerly Franklin Square National Bank) in 1954. During the 1960s, a Belgium bank consortium working with a German bank consortium bought Franklin National Bank in 1968 to form European-American National Bank—rename European-American Bank (EAB) in 1972. EAB was a fixture on Long Island until Citigroup purchased the bank in 2001.
Inwood is one of the Five Towns along with Lawrence, Cedahurst, Woodmere, and Hewlett. The Five Towns are located in the southwest corner of Nassau County, near the Far Rockaway, Queens border. My parents move their young family to Inwood in 1965 so that their oldest son (me) would not go to the failing New York City Public Schools.
As I reflect on my youth in Inwood through the long lens of time, I have fond memories of the good times. So when I find a numismatic souvenir of Inwood, regardless of when it is from, it has to become part of my collection.
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