Celebrating Independence Day 2019
Independence Day in the United States is a celebration of the formal breakup with the British monarchy. But like a lot of political decisions on this side of the pond, it was a decision that caused a lot of debate. For example, during the discussion on whether to declare independence, Maryland was one of four colonies to hold out. The others were New York, Pennsylvania, and South Carolina.
Here are five other historical notes about the declaration:
- The preamble of what would become the beginning of the Declaration of Independence passed on May 15, 1776.
- On June 11, 1776, the “Committee of Five” was appointed to draft a declaration. Committee members were John Adams of Massachusetts, Benjamin Franklin of Pennsylvania, Thomas Jefferson of Virginia, Robert R. Livingston of New York, and Roger Sherman of Connecticut. They completed the draft on June 28, 1776.
- The Continental Congress debated the draft on July 1-2, 1776. New York and South Carolina were still holdouts, and the two Deleware representatives were deadlocked. This lead to the historical ride of Caesar Rodney, who rode 80 miles to Philadelphia to vote in favor of independence.
- After Thomas Jefferson made the final agreed upon corrections to the document, the Continental Congress approved the draft on July 4, 1776, with 12 votes. Only New York abstained since they did not have the authority from their government.
- The final signatures were added on August 2, 1776. Since New York approved the resolution of independence on July 10, the New York delegation is included amongst the signatures.
Although we celebrated the birth of the nation in 1776, the new country was not recognized until 1783 when the two nations signed the Treaty of Paris.
Gold Drops As Dollar Rises
In the volatile commodities and money markets, the spot price of gold dropped under $900 per ounce briefly as the dollar rose against the Euro. Pressure is being placed on the Euro as analysts think it may not be able to maintain its current value against the weakening dollar and the high price of crude oil.
Bloomberg is reporting that analysts believe that the price of crude oil is unsustainable and will weaken other non-dollar currencies as the price falls. Speculators are selling gold futures looking to make more money with oil and currency futures. This has lead some analysts to believe that gold will fall below $900 by the end of the year citing lows in the range of $860 to $880.
Silver is also trading lower but above the $17 mark. Analysts speculated that silver will slip below $17. Nobody expects the prices to reach the levels seen in 1980.
For numismatics, the lower spot price of precious metals should lower the cost of bullion coins, such as the American Eagles. However, with the popularity of collecting earlier common date gold coins, those prices may not fall as much since their numismatic value may help them maintain their prices.
Change Hunting Leaves Me Empty Handed
This past weekend I was in Charlotte, North Carolina to spend time with my parents and the rest of my family. It was the first time in many years that my parents’ three sons, wives, and grandchildren were together. Even Boomer was able to join us for the festivities.
Driving down to Charlotte and back to the Washington area was an opportunity to search through change at various stops along the way. Unfortunately, I found nothing interesting in the change that made it to my pocket. This is the second time I trekked a distance from home this month and did not find anything significant.
Does this mean there are no more finds to be had in pocket change? I am sure that there is something to find circulating with the common currency. But for me, a trip north and then south left me a little empty handed. At least it was a good, albeit long, trip.
About Lincoln’s 100 Year Old Cents
As the venerable Lincoln Cent marches to its one hundredth anniversary in 2009, there has been a lot of talk about the one year designs and whether the coin will continue its production in 2010. But we cannot forget that it is still the backbone of commerce.
The following video was made for the Boston Herald by Ted Ancher for a story he had written. The video is a narrated slide show talking about the Lincoln cent with the “Battle Hymn of the Republic” playing in the background on a loop. Enjoy!
Dealers Tax Exempt for World’s Fair of Money
Earlier this month the Maryland General Assembly unanimously passed House Bill 1386 to amend the Code of Maryland Regulations (COMAR) 17-1801 to exempt dealers attending the American Numismatic Association World’s Fair of Money from having to pay sales tax. As the law was originally written, a dealer who attended more than three shows would have to apply for a trader’s license with its appropriate fees and requirement to pay sales taxes.
The amended law says that a dealer would file an affidavit saying that they “has not participated in more than 3 shows, not including participation in one show sponsored by a national organization that is exempt from taxation under § 501(c)(3) of the Internal Revenue Code, during the previous 365 days.” (change underlined) The ANA is a tax exempt organization.
This means that dealers can continue to attend the thrice yearly Whitman Shows (next one on June 5-7) and also the World’s Fair of Money in July-August without the burden of having to pay Maryland Sales Taxes. Since the bourse at the World’s Fair of Money is sold out, this amended law will preserve the attendance at the Whitman show.
HB 1386 has yet to be signed by Governor Martin O’Malley. The next bill signing day will be on Thursday, April 24 at 10:00am where this bill should be part of that ceremony.
As president of one of the sponsoring clubs, I invite everyone to Baltimore this summer to see what will be a fantastic show that will include four halls of the Baltimore Convention Center being open for the bourse activities. Book your rooms now since many of the area hotels are beginning to report sell outs!
Heritage VAM Auction
For those interested in collecting the finest VAM varieties of Morgan Dollars, Heritage Auction Galleries will be auctioning some of Leroy Van Allen’s collection of varieties. The auction will be this week their Central States Numismatic Society Convention Signature Auction and is available for bidding online.
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