Weekly World Numismatic News for April 7, 2019
A few weeks ago, I wrote that when the U.S. Mint issues new coins into circulation, the U.S. media does not say much. Again, other than the American Legion promoting their commemorative coin, finding news in the non-numismatic press is rare.
Imagine my surprise when perusing my search of numismatic-related news in the media comes up with an article about the upcoming “W” mint quarters! The story appears on al.com, the website of The Birmingham News dedicated to cover the news for Alabama.
For those who did not see the news, last week, the U.S. Mint announced that for the first time, they would be adding the current War in the Pacific (Northern Mariana Islands) quarter America the Beautiful Quarter Series to bags of coins in Philadelphia and Denver. It will take a few weeks before these quarters will appear in circulation.
The article was a summary of the U.S. Mint press release with additional information about the America the Beautiful Quarters.
Kudos to the reporter, Leada Gore, and al.com for publishing this story!
And now the news…
March 27, 2019SPRINGFIELD — Heads up, artists. The United States Mint is hosting a design competition looking for artists capable of creating the obverse, or heads, side of new commemorative U.S. Coins celebrating the game of basketball and benefitting the Naismith Memorial Basketball Hall of Fame. 
→ Read more at masslive.com
April 2, 2019Often it isn’t until a recession or times of economic/financial panic occur that middle-class Americans and conservative investors truly consider the impact of gold on their portfolio. While diversifying into precious metals shouldn’t be a decision you make without research, there are opportunities to invest lightly so you can begin to understand the potential that certain metals might have for your financial future when the dollar dips, but gold and silver stay stable, perhaps even growing. → Read more at topnewsgazette.com
April 3, 2019The U.S Mint is releasing new limited edition quarters. → Read more at al.com
April 4, 2019Two metal detectorists who discovered an unprecedented treasure trove of coins after searching for 30 years may be wishing that finders were indeed keepers. Richard Miles, 56, and Reg Mead, 77, are at odds with officials over the valuation of their discovery in Jersey that is recognised as the world’s largest hoard of Celtic coins. → Read more at thetimes.co.uk
April 5, 2019An amateur metal detectorist scouring the grounds of a field in Kent has discovered a perfectly preserved gold coin dating back almost 2,000 years. It is emblazoned with the face of Emperor Allectu who is being touted as the first Brexiteer after he took Britain out of the Roman Empire during his reign around 293AD. → Read more at dailymail.co.uk
April 5, 2019The owner of a Vancouver coin shop who defrauded customers out of $1.4 million was sentenced in federal court Friday to four years in prison. → Read more at columbian.com
Phony Money Circulates in New York City
News reports out of New York City and Nassau County on Long Island reports that a 49 year old suspect has been passing bogus $50 and $100 bills in the area. Another suspect was arrested in Manhattan. Although suspects have been arrested, the New York Field Office of the US Secret Service is warning those in the metropolitan New York area that there may be more suspects and phony money in circulation. Secret Service has issued fliers showing the public what the fake bills look like.
- Click here to view the flier describing the counterfeit $100 bill
- Click here to view the flier describing the counterfeit $50 bill
In an unrelated story, a Buffalo man plead guilty to charges for his role in transmitting fake Toronto Transit Tokens into Canada. Tokens were made at an American token manufacturer and were to be sold in multiple shipments to Canadian dealers. These tokens have a face value of C$2.50. The real tokens were minted by the Royal Canadian Mint.
The Toronto Transit Commission (TTC) estimates that 40 percent of its tokens were counterfeit. To prevent further counterfeiting, TTC introduce a two-toned token and stopped accepting the old tokens on February 1.
Commem Proposed for the Model T
As March begins, it is time to check with our friends in congress to see what is next on the numismatic agenda. Using Thomas, the legislative service of the Library of Congress, I found that Michigan Senator Debbie Stabenow (D), co-sponsored by Senator Carl Levin (D), introduced S.587, Model T Ford Automobile Commemorative Coin Act, to commemorate “the Model T Ford Automobile and the 100th anniversary of the Highland Park Plant, Michigan, the birthplace of the assembly line.”
The impact of the assembly line that Henry Ford developed to manufacture the Model T in 1910 is considered a hallmark in the growth of industry in the United States. It made the Model T more affordable to more people and turning the United States into a culture built around he automobile. By 1918, half of the cars sold were the Ford Model T.
Ford did not stop with the assembly line. Ford paid the assembly line workers $5 per day, a significant mount in the early 20th century, understanding that by paying more it will make his workers consumers.
S.587 calls for the minting of 500,000 commemorative coins made from 90-percent silver, weigh 26.73 grams, and have a diameter of 1.5 inches (38 mm). The design is supposed to “be emblematic of the Model T Ford and the assembly line.”
If passed, this commemorative will be sold in 2010. Sales of these coins will include a $10 surcharge that will be shared with the Automobile National Heritage Area Partnership Inc. to create an educational endowment and The Edison Institute.
The bill was introduced on February 14, 2007 and has been referred to Senate Banking, Housing, and Urban Affairs.
Presidential Edge Errors Found
It was reported that a collector in the Tallahassee, Florida area found five new George Washington Dollars missing the edge lettering. These dateless coins came from rolls search by a collector and a banker. It is unknown how many of these errors made it into circulation.
Although the US Mint has not commented on the errors, some collectors feel that this type of error was inevitable since the edge lettering is pressed into the coins after striking. Collectors have also found what can be described as scuffs on the edge of the coin from the edge lettering process. Others have reported marks noting the vertical lines made by the three-part collar used in the process.
Just as the new nation worked out some of the issues during the term of George Washington, the Mint may be working out their issues during the issuance of the coin honoring his presidency. It will be interesting to see how many edge errors are created during this release versus future presidential releases.
ICG Announces New Dollar Holder
Earlier this month, Independent Coin Grading (ICG) Company of Englewood, Colorado announced a they will use a new holder for ICG graded Presidential $1 Coin that will allow collectors to see the edge lettering. Since the edge lettering on business strikes can vary, ICG’s new Presidential View™ Holder features a pronged gasket that will allow more of the edge to be displayed but can be adjusted for each coin so that the date and mint mark will be visible.
ICG feels it is important for collector and dealers to be able to see the date and mint mark. “The mint mark can greatly influence the value of a coin.” says James Taylor, ICG’s C.E.O. “If I couldn’t see the mint mark on a 1909-S VDB, I probably would not buy it. The premise is the same with the Presidential Dollars.”
Since the US Mint’s production of business strikes cannot guarantee the position of the edge lettering, it was a challenge to design a holder that would work for any coin. ICG announced that their gasket is adjustable so that the date and mint mark can remain visible without disrupting their production line. Taylor adds, “we were able to design a gasket that displays the mint mark, custom fits each coin and does not disrupt our production line; so turnaround times will be seven days—guaranteed. We couldn’t be more pleased.”
ICG and NGC are the only third party grading services that has announced the use of special gasket inserts for encapsulating the Presidential $1 Coins. ICG is the only service that takes the variability of the edge lettering placement into consideration. It will be interesting to see how other third party grading services will handle this issue.
Image from ICG
US Mint Fails Again
After my local club’s meeting was canceled because of the ice storm that hit the area, I was looking for a little numismatic fun. I started to look forward to the release of new George Washington dollar coins. As I thought about it, I remembered that NGC announced that they would slab new dollar coins with the designation of “FIRST DAY OF ISSUE” if the coins are received on Friday, February 16. So I thought… I am in the Washington, DC area, I should be able to find at least one roll—if not from a bank, I can visit the US Mint’s headquarters in downtown Washington.
Rather than sit in my office going over my current work assignment over lunch, I grabbed a sandwich and left the office to hunt for coins. After visiting two banks that are local to my office, I made the decision to drive downtown. I had no afternoon meetings and I could make up the work from home later that evening. After all, if anyone had the coins it would be the Mint… so I thought.
I made the turn southbound on 9th Street NW noticing that parking was particularly difficult because of the piled snow and ice on the side of the road. With the snow and ice in the way, there was no parking near the Mint’s offices. After circling the block a few times, I double parked in front of the offices.
After shlepping downtown, double parking, and stumbling across the iced road and sidewalk, I walk into the lobby of the Mint’s headquarters to purchase rolls from the sales counter. It was there I was told that rolls would not be available for another week at the US Mint’s sales counter!
I was shocked! I do have work to do, but I decided that wanted NGC’s “FIRST DAY OF ISSUE” designation for some coins. So I decided to go to Union Station. That is a high traffic area, they should have rolls. After negotiating daytime Washington traffic while congress is in session, I park at Union Station to navigate the maze of escalators, and find that the kiosk in Union Station had NO ROLLS! The woman at the counter was very nice and explained that the shipping was delayed because of the weather—which was predicted three days before it arrived. I was offered ONE coin, which was her limit.
Still not satisfied, I returned to the Mint’s headquarters where they have change machines in the lobby that dispenses uncirculated coins. There is a machine for the Sacagawea Dollar, the current state quarter, and a new machine for the Presidential $1 coin. I shoved as much money as I could in the machines to buy Washington Dollars. Since the kisok could not provide change of twenty dollars, I was able to buy 25 coins with the fives and singles in my pocket—14 from Denver, 11 from Philadelphia. I made it to the post office on time to send the coins to NGC via Express Mail.
During one minute visits to both of the kiosks, there were people visiting asking for rolls. While feeding the change machine in the Mint’s lobby, three people queued up behind me. If this was a representative demand on the first day, it would have been in the Mint’s best interest to have supplied their Washington-area kiosks with rolls. Instead, the Mint went with a marketing scheme that ignored the potential demand in their “home town.” Even the Mint’s director left the city for a launch event at Grand Central Terminal in New York City. If they cannot satisfy those interested where they have facilities, then how do they think they are going make this a success with the average consumer nationwide?
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