Weekly World Numismatic News for June 16, 2019
While the tech world is pushing for a cashless society and those listening with a tin ear follow them down this road beating the drums louder, regulators in the United Kingdom have pledged the ensure that cash remains available.
The Join Authorities of Cash Strategy Group, a UK cooperative agency made up of government finance and trade agencies along with the Bank of England issued a preliminary report that says there is a gap in the availability of cash, especially in less densely populated areas.
According to the research group, only 10-percent of people in the UK have gone cashless. Similarly, the United States, the Federal Reserve reports that 30-percent of all transaction and 55-percent of all purchases under $10 are cashless. The Fed also says that the amount of cash in circulation is rising.
Both the Fed and the Bank of England recognize that while the population centers may have more people considering going cashless, it is not universal across the entire population. Similar to the findings in the UK, less densely populated areas rely on cash more than their urban neighbors. Both countries are finding an increase in the use of debit cards rather than credit cards.
For numismatists, it means that the manufacturers of coins and currency will continue to produce their products, which gives us something to collect. That is good news!
And now the news…
June 10, 2019Detectorist Tom Thomas kept the rare artefact for nearly 30 years, not knowing its real value. 
→ Read more at bbc.com
June 10, 2019The South African Reserve Bank (SARB) and the South African Mint yesterday launched a new commemorative coin range of R2 and R5. → Read more at brandsouthafrica.com
June 11, 2019When Kevin-Barry Martin goes for a walk, he’s not only interested in exercising or spending time outdoors. The 42-year-old St. John’s resident is part of a group called Newfoundland History Hunters, and he’s often on the move → Read more at thechronicleherald.ca
June 11, 2019Trade body UK Finance has set up a taskforce, called the Joint Authorities Cash Strategy Group, to ensure cash is kept available to the millions who depend on it. → Read more at thisismoney.co.uk
June 12, 2019Numisbing says it is planning to IPO on Nasdaq First North Stock Exchange in Stockholm next month → Read more at arabianbusiness.com
Dahlonega Gold Safe From Conspiracy
It was reported on the website AccessNorthGa.com that police was able to stop a conspiracy to steal coins from the Dahlonega Gold Museum. It began when museum staff was tipped off by an anonymous caller on Christmas Eve. Officials then contacted one of the alleged co-conspirators who supposedly visited the museum and researched the value of the coins.
“We put them on notice that we knew about the conspiracy and none of the coins would be stolen,” Lumpkin County Sheriff Mark McClure said. And, “We would be definitely looking to charge individuals if that did occur.”
Details about the conspiracy was provided to the Numismatic Crime Information Center, an organization that maintains a database and provides information to law enforcement about numismatic crimes.
The Mint’s Web Crash
As the US Mint was to begin selling the Bald Eagle Commemorative Coins, the Mint announced that their online catalog is out of service. According to the Mint, they suspended service on the web “due to an unanticipated transition in online ordering operations.” On Friday, January 18, the Mint announced that they would be working through the weekend to restore service.
While the Mint’s catalog site is down, customers can place and check orders via their toll-free telephone line 1-800-USA-MINT (872-6468) from 8:00 a.m. through midnight (ET) daily. Hearing- and speech-impaired customers may place orders and inquiries through TTY at 1-888-321-MINT (6468), Monday through Friday from 8:30 a.m. to 5:00 p.m. (ET).
When I am not writing about or collecting coins, I work for a non-profit company that helps the federal government with their information technology challenges. Although my specialty is information security, my background includes time as a project manager. Experience has taught me that when dealing with systems that are significant to an organization’s mission, transition plans must be in place to prevent these types of outages. At the very least, ensure the transition is completed before expecting significant usage—such as at the time when a new product is released!
I do not know what the caused this outage. But in my experience in working with the government, the cause is manifested from bad planning and the surprise oh… that should not have happened moment. After the US Mint and the Department of the Treasury is under significant scrutiny by congressional oversight, one would hope they would do better.
Pocket Change Is Still Fun
Many collectors are cherrypickers. We search change, dealer junk boxes, and other places for bargains. Then there are those hardcore cherrypickers who look for slight errors, die varieties, and other subtle features missed by the casual onlooker. I am not a hardcore cherrypicker. But I do search pocket change to see what I find.
After returning home from dealing with family business, my wife left a sandwich bag full of change and later told me she needed soda money. That means pick out the quarters, see if there is anything interesting, and fill up the quarter tube so she can buy her daily Coca-Cola. I started picking out the quarters and one caught my eye. It was worn but it had a distinct color. I dropped the coins on the desk and heard a distinct “ting.” It was the sound of days gone by. It was the sound of a silver quarter!
Somewhere, my wife received a 1964 Washington Quarter in change. If I was to have it grade, it would probably be slabbed in Extra Fine condition. There is some slight luster and it shows the signs of once being in someone’s collection. According to coinflation.com, the coin is worth about $2.85 in metals (as I type this), which is probably more than its numismatic value. But that does not matter… it was fun to find!!
Worrying About Prices
An old Chinese proverb (or curse) says “May you live in interesting times.” When looking at the various conditions that make up the numismatic world, these times are certainly interesting.
The big news of the week, the price of gold hit the $900 per ounce level before backing off and closing at just under $895. Quietly, the price of silver has hit historical highs, closing at $16.23. Regardless of a coin’s numismatic value, the metal values drives up the price of coins. So if you had a roll of circulated Jefferson War Nickels, those coins contain $36.53 of silver and a total of $37.39 in its total melt value. Your old hoards may now be worth something!
While rising metal values are exciting as a story, I have written about what it could mean in other areas of investments and in the economy. For numismatics, that means all prices will go up at least proportional to the rise in the price of metals. Even those early gold coins that are considered “common” whose price is tied to the value of the metals will now see a rise in price. I wish I had started watching the pricing trends with Saint Gaudens Double Eagles as the market was rising. In addition to their numismatic value, the common price of lower grade coins are over $1,000.
As I write this, the Florida United Numismatics (FUN) Show is underway in Orlando, Florida. FUN is always the first show of the year. With the current state of the economy, the rising prices, and the weakening of the US dollar, it will be interesting to hear the stories from the bourse floor—the guys and gals in the trenches. I hope they report that it is still a good market!
Off And Running
Happy 2008 from me and your US Mint. For this year, I will continue to write about what interests me and the US Mint is trying to adjust to an every increasing set of product offerings. I also want to give a shout out to the Bureau of Engraving and Printing for jumping on the new product bandwagon. So let’s first take look at the Mint.
With a price increase of $2, the US Mint began sales of the American Silver Eagle Proof coin on January 3. US law prevents the US Mint cannot from selling or distributing coins with a future date, but it does not prevent them from striking the coins in preparation. So these coins are being shipped as they are sold. I believe that is the earliest in the year that the Mint has delivered a current year coin.
You can order the Bald Eagle Commemorative coins beginning on January 15. The Bald Eagle Commemorative will have three different designs on a $5 gold coin, silver dollar, and clad half-dollar. Coins will be available as Proof and Uncirculated coins that can be purchased individually, as a three coin proof set, a “Young Collector’s Set” with an uncirculated half-dollar and other educational material, and a coin & medal set featuring an uncirculated silver dollar and a bronze Bald Eagle Medal from the National Wildlife Refuge System Centennial Medal Series. See the Mint’s announcement for complete list of products, mintage limits, and prices.
Sales of bags and rolls of 2008 Kennedy Half-Dollars and Sacagawea Dollars will begin on January 17. These coins will not see circulation because there is no demand for them. But since the Mint is legally required to strike these coins, they will be offered to collectors.
Sales of the 50 State Quarters usually begins earlier than other proof sets. So get ready for the last of the 50 state proof coins on January 24. The program has been extended one year to include the District of Columbia and the five territories of the United States.
Not to be out done, the BEP is selling the second issue of the Americana Series with the release of the intaglio print for the 53rd Florida United Numismatics (FUN) show in Orlando this weekend.
Also released on January 10 are the 2004 $20 Single Note for the federal reserve districs of Atlanta, Boston, New York, and Philadelphia. The notes in this set are those with the lowest possible serial numbers that are packaged in an archival sleve placed in a folder representing the federal reserve district. Each folder is $45 and the entire 12 note series can be bought as a subscription for $479.95.
Taking their cue from their friends at the US Mint, BEP “is excited to celebrate the year 2008 by offering the 2008 $2 Single Note.” This product is a Series 2003A Federal Reserve Note from the Atlanta federal reserve district with the serial number beginning with “2008.” Since the serial number is eight digits followed by the letter designating the federal reserve district, there will only be 10,000 notes for this product (20080000D through 20089999D). Each folder will cost $7.95. There is no indication that this type of collectible will be extended to other federal reserve districts.
Maybe the other notes whose serial number beginning with 2008 will be used for BEP’s Prosperity Line collection. The Prosperity Note Line features serial numbers beginning with 168 or 8888 which are significant in Chinese symbolism. On January 17, BEP will release the $2 Double Lucky Money Set. The set features two uncirculated $2 Federal Reserve notes. The serial number of one note will begin with “8888,” to symbolize good fortune, and “2008,” to commemorate the New Year. Both notes will feature serial numbers with matching last four digits. When released, the set will cost $48.88.
All this being introduced in January—with eleven months to go! Happy Collecting!
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