Weekly World Numismatic News for August 11, 2019
This past week, two men entered the Mexico Mint (Casa de Moneda de México) and stole 1,567 gold coins worth an estimated $2.5 million. News reports say that these coins have a 50 peso value. Since the only gold coins available from the Mexico Mint of that type are Libertads, each coin is worth a little more than $1,600 each (about 31,500 pesos).
Initial reports say that security personnel did not follow appropriate protocols as the vault was left open before the robbery. Guards and other staff members were taken into custody for questioning.
The brazen daylight robbery occurred in an exclusive section of Mexico City that is well protected. Unfortunately, Mexico has seen an increase in violent crimes, including murder, with the increased activity of the drug cartels. The arrest and conviction of high-profile cartel leaders and the growth of exports to the United States created a situation where the cartels are fighting for territory.
An unconfirmed report said that the robbery was carried out by one of the cartels. If that is the case, the gold will likely be melted so that the coins would not be traceable.
And now the news…
August 4, 2019A treasure trove of 17th century silver coins has been found under the floor of a monastic church. Archaeologists from the University of Gdańsk were working in the presbytery of the 14th century Church of the Saint Andrew the Apostle in the town of Barczewo in Poland’s northern province of Warmia, when they discovered a glazed ceramic mug handle filled with nearly 1,000 coins. 
→ Read more at thefirstnews.com
August 6, 2019Thieves stole nearly 1,600 gold coins worth more than $2 billion in a brazen daytime robbery in Mexico City. Visit Business Insider's homepage for more stories. MEXICO CITY (Reuters) – Armed robbers broke into a Mexican government coin manufacturer on Tuesday and filled a backpack with more than $2 million worth of gold coins from a vault that had been left open, security officials said. → Read more at businessinsider.com
August 6, 2019Police are searching for the perpetrators of the theft, which took place in broad daylight on one of the Mexican capital's most prestigious avenues, Avenida Reforma, CNN en Español reports. The brazen heist is the latest development in a crime wave that has struck Mexico City in recent months as the security situation deteriorates across the country. → Read more at www-m.cnn.com
August 7, 2019The Royal Mint didn’t produce any 1p and 2p copper coins in 2018 — marking the first time since 1972 and 1984 that none were created, respectively. Currently, there are an estimated 10.5 billion coppers in use and another 6.3 billion laying dormant in piggy banks and jams cars across the country. → Read more at news.yahoo.com
August 7, 2019A glass bottle containing six kilos of coins from interwar Poland has been found buried under a monastery in Ukraine. Builders stumbled upon the stash one-metre below the Bernadine Monastery and St. Andrew’s Church in the town of Zbarazh where they were carrying out earthworks. → Read more at thefirstnews.com
Gold and Silver Prices Drop, Will the Mint Follow?
Several sources are reporting that the US Mint has suspended sales of American Gold Eagle bullion coins to dealers. There has been no announcement but the Mint has refused to take orders.
American Eagle Gold Proof and collector uncirculated coins are still for sale at the Mint’s online catalog. All coins appear to be available with no backorder messages.
Gold has fallen below $800 during today’s trading. In this week’s trading, gold dropped 8.4-percent for the week. Silver also fell 16.4-percent. The fall is attributed to the strengthening of the US dollar.
Since gold reached $1,004.30 on March 17, the price has dropped more than 20-percent over the five months.
Silver has not been immune to the a change in value. From the high of $21.24 and a close of $20.64 on March 17, the current price of silver is $12.75, a 38-percent drop in value.
Currently, the US Mint has not indicated that they would revalue collectibles in the light of the market downturn. One reason could be that the Mint bought the metals at the higher prices and need to recoup their investment in these metals as part of their real cost of doing business. However, if the price of metals drop and sales of Eagles decline, then the Mint will have to adjust its prices.
Last year, we speculated about what it would take for the Mint to raise prices. What will it take for the Mint to lower prices?
Homer Simpson on Spanish Euro
Reuters is reporting that a sweetshop owner in Avilés, Spain was counting change and found a one euro coin with the likeness of Homer Simpson engraved where the likeness of King Juan Carlos should be.
“The coin must have been done by a professional, the work is impressive,” José Martínez, the finder of the coin, told Reuters.
The one-sided design is reminiscent of Hobo Nickels that gained popularity in the United States during the period 1913-1940. Artists, mainly hobos of the time, would carve designs into nickels that would be sold for their sustenance. It is a unique concept not widely seen outside of the United States.
Reuters reports that Martínez was offered €20 ($30.01) for the coin.
Image from Reuters. Click to enlarge.
Numismatics and the Olympic Medals
Although I am not a big fan of the Olympics, I can appreciate a good show. The Beijing Organizing Committee for the Olympic Games (BOCOG) put on an great show for the opening ceremonies. The committee for the London 2012 games will have its work cut out for itself after that presentation.
When we think about the Olympic games, we associate the results to the medals won by each athlete for their country. These medals are made of precious metals and awarded after the conclusion of final competition in each sport. While we do not think of the Olympic medals in a numismatic context, the BOCOG chose a design for these medals that are also a symbol of ancient Chinese money in its design and the by the use of jade.
Jade was discovered over 7000 years ago in China. Its beauty and toughness helped earn its nickname as the “imperial gem.” Skilled artists were brought in to create works art to honor deities and the dynasties. Jade art was considered so valuable that it use was preferred vehicle for trade on the Silk Road over gold and silver.
China’s use of jade as currency dates back to its discovery and ends when the Han Dynasty (206 BCE to 9 CE) introduced bronze coinage. It was typical of the currency at that time to include a hole in the middle. The hole was to save on materials used and to aid in carrying. Typically, the hole reduced the metal content by half.
BOCOG is using the Olympics to convey that China is a modern country steeped in long tradition that defines them as a people. It was that purpose that BOCOG used to hold the first-ever public competition for the reverse design of the Olympic and Paralympics medals. The obverse of the medals are struck with the officials designs of the Olympics and Paralympics games. When reviewing the entries, the BOCOG selected a design to honor jade’s impact on early Chinese history and using the hole as a design element.
The result is a jade inlay covering half of the reverse of the medal that includes a 40 mm central hole. Within the hole is a simulated medal engraved with the logos for the respective games. BOCOG worked with the artists and engravers at the Shanghai Mint. This was a first for the Shanghai Mint since it is the facility that produces China’s circulated coins for China Banknote Printing and Mining company. Although working with the jade insert was a difficult process, the result is a beautifully executed modern interpretation of ancient Chinese culture.
One thousand of each medal were created for the games.
The use of jade and the rise in metal prices greatly increases the intrinsic value of the medal. Reports claim that the metal and jade makes the value of the medals $393. Medals issued for the 2004 Athens Games were worth $155 ($179.55 adjusting for inflation). This increase is directly attributable to the jade and the rise in copper prices in the last four years. Of course the price of gold is a big factor. Gold medals are silver plated with 6 grams of 24-karat gold.
Jade used for the medals were mined in China. The gold, silver, and copper were provided by BHP Billiton from their mines in Australia and Chile. BHP Billiton delivered the metals to the Shanghai Mint with much fanfare. BHP is based in Australia. The following video is likely a clip from an Australian news program when the metals were delivered to the Shanghai Mint on January 15, 2008:
Early in July, the Shanghai Mint presented BOCOG with the six thousand completed medals that will be awarded at the games. The South China Morning Post filed this report on July 3, 2008:
Medals for the 2008 Paralympic Games, scheduled for September 6-17 at the same venues as the able bodied Olympics, were given their own ceremony in Beijing. The following report was file by London’s CCTV 9:
When I watch, I will be cheering for the Americans participating in both games, especially the Redeem Team!
Final Thoughts on 2008 World’s Fair of Money
I heard many reports of a successful World’s Fair of Money, I wish I was able to attend other days. Unfortunately, with it being two-and-a-half weeks after knee surgery, I was not able to recover in order to make a return trip. So I took the week off to recover and allow my knee to heal. But I had a few thoughts I would like to share.
First, congratulations are in order for Roger W. Burdette. On Tuesday, July 29, the US Mint announced that Roger was appointed to the Citizens Coinage Advisory Committee. Roger was appointed to a four-year term as the member with a special background in numismatics. Roger is a noted numismatic researcher and author. His three-volume series, Renaissance of American Coinage have been met with critical acclaim.
To add to the acclaim for Renaissance of American Coinage, the third published volume, second in the series, covering 1909-1915 has won the 2008 Book of the Year from the Numismatic Literary Guild. With this year’s recognition, all three volumes have won Book of the Year honors (1905-1908 volume in 2007 and 1916-1921 volume in 2006). I highly recommend all three books for anyone with an interest in numismatics!
I was able to spend a lot of time in the area where the international mints were located. I visited with the Royal Mint and was able to purchase the The Royal Shield of Arms and Emblems of Britain Brilliant Uncirculated Collection and a 2008 One Ounce Britannia Bullion £2 coin. What was more interesting was interesting was talking with the 20-something Royal Mint employees. Not only were the accents intriguing, but they were more excited about going shopping. They noticed the same thing that I did many years ago when traveling to the UK, the numbers of the prices were the same but in different currency. So they were excited to pay $45 instead of £45 for jeans. At the current exchange rate, clothes were half-price. I hope they returned to London with a suitcase full of nice clothes!
Sometimes, it is easy to ridicule the Royal Canadian Mint for the large number of non-circulating collectable legal tender (NCLT) coins they produce. When viewing their catalog or other online images, some of the coins have a comical look to them. However, when seeing them in person in their display case. I was not impressed with the coin that is a recreation of an old milk token and some of the full color coins, but those that use color as an access where very beautiful.
My only regret was not picking up a stuffed moose and beaver that was offered at the Royal Canadian Mint booth. They were very cute, albeit expensive, and were dressed in the traditional Royal Canadian Mounted Police dress uniform. My niece and nephew would have loved these fuzzy buddies as gifts.
At the table for the Austrian Mint after Austrian Railway commemoratives caught my eye, I had a conversation with a heavily accented mint employee about their coins. While they have not produced any colorize coins, that will change in the future. It is felt that using color accents on coins help promote interests with new collectors. Interestingly, this Australian Mint employee said that the US Mint may be the last mint to issue colorized coins. He felt that the US Mint takes a parochial view on coin design that make significant change reticent. Although he understood the political process behind US coinage, he cited the lack of bimetallic coinage as part of that inability to think beyond their comfort zone. It was an interesting conversation.
Finally, I was able to meet Bob Van Ryzin, editor of Bank Note Reporter and host of Coin Chat Radio. We talked a little about Coin Chat Radio and how they would handle broadcasts from the show. I also ran into Dave Harper, editor of Numismatic News and World Coin News. I promised him I would not tell everyone that I found him eating cake at the Industry Council For Tangible Assets (ICTA)—so don’t say anything! The few times I met Dave, he always seems to be happy. I guess it helps when you have a great job like his!
Next for the ANA is the National Money Show next March in Portland, Oregon. I have been to Portland once and enjoyed my time. It is a nice city with a small-town feel that is appealing. Besides, Oregon has no state sales tax, which makes shopping that much cheaper!
ANA World’s Fair of Money: Day 1
It was a very long day in Baltimore. After driving for over an hour, I finally made it to the Baltimore Convention Center and started to feed pictures and text to Twitter and Photobucket. I hope those who followed enjoyed the updates. I know there were some time gaps between Tweets, but I needed to take time to do my own searching! Also, connection issues prevented a few pictures from uploading. But it was fun.
Since it was a long day, here are a few items that left an impression.
US Mint
US Mint Director Edmund Moy was the star of the show after the opening when he unveiled the 2009 Ultra High Relief Double Eagle Gold Coin. The exhibit included a case with six 400 ounce gold bars, followed by replica large casts of the new coins, another case with trial dies and various trial strikes, and ending with multiple pattern coins.
Although my pictures did not capture these coins properly, those who are skeptical about edge lettering should not worry about these coins. The edge lettering on the sample coins were very well struck, deep, and really stood out on the coins. The look is phenomenal and I look forward to buying one.
In the cases with the current products, the Mint was showing the First Spouse Medals. In fact, they had all current medals for sale. But I would not buy any of them. All of the inch-and-a-half medals are struck in low relief on planchets that look like the dollar planchets. When I think of medals, I envision high relief, majestic looking artwork and, most of the time, bronze. The designs are nice, especially the Jefferson’s Liberty medal, the execution leaves much to be desired.
NGC’s New Holder
During PNG Day, Numismatic Guarantee Corporation announced a design for a new holder. According to their data sheet, the basic shape of the holder will not change, there will be five new features:
- New label with microprinting, UV-light sensitive watermark, and a holographic layer.
- All coins smaller than 40mm are encased using NGC’s EdgeView Design.
- Materials upgraded to a preservation level for the coins that were encased by NGC for the Smithsonian.
- Better seal for the slab NGC is calling direct pressure welding.
- A new hologram that is virtually impossible to reproduce that will be fused to the slab, making it difficult to peal off.
The person I spoke with at the NGC table did not have a sample slab nor knew when these slabs will be in production.
Images
If you did not follow the images or want to know what I was looking at when taking the pictures, I put together a photo album and created a slide show of these images. The slide show is below.
I should return on Friday. But rather than use the camera to take pictures, I will take my Canon camera to take better pictures of the US Mint and Bureau of Engraving and Printing. I will continue to Twitter from the show, but I may reduce the number of pictures posted.
Until then, enjoy the slide show.
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