Weekly World Numismatic News for March 27, 2022

Medals, awards, casino chips, and a Challenge Coin

As we switch the television between the Academy Awards and the Women’s NCAA Elite Eight Tournament, I am reminded about a little-discussed part of numismatics: award medals.

Medals come in many forms, from those that can be pinned to clothing to something equivalent to a token. They can be shaped, round, or a multilayered object presented to winners, participants, or for significant achievements.

Some people collect medals but may not consider themselves numismatists. Michael Phelps may not consider himself a numismatist but has one heckuva collection of Olympic medals, and Katie Ladecky is building quite a collection.

Challenge coins are a type of award. In its original intent, challenge coins are passed to someone deemed worthy of being honored by the issuer. Collectors take pride in collecting challenge coins like Brian Williams. During a segment of Nightly News, Williams showed off his collection. Over the last 10-15 years, challenge coins expanded beyond military service and civilian agencies. City agencies, law enforcement, and many others now issue challenge coins. It has opened the market to new collectors. Challenge coin collectors do not consider themselves numismatists, but they are as dedicated to collecting challenge coins as a Morgan dollar collector searching for VAMs.

As time progresses, there are new opportunities to collect awards and medals. Collections of medals and awards are now selling in estate sales and auctions. Families do not know what their loved ones collected and are selling below value. It is a tremendous opportunity to join this area of the market.

Awards and medals create an opportunity to expand collections and welcome more collectors to the community.

And now the news…

 March 18, 2022
Princeton University Library’s (PUL) Numismatic Collection nearly tripled its Byzantine coin collection when it acquired 11,256 Byzantine coins from the estate of Dr. Chris B. Theodotou on March 8, 2022.  → Read more at infodocket.com

 March 21, 2022
The United States' first woman to fly into space has lifted off a new mission, this time to orbit the nation in the form of a new circulating coin.

  → Read more at collectspace.com

 March 21, 2022
“Working with our partners Excir, we have introduced world-first technology to the UK capable of recovering precious metals from electronic waste in seconds." The Royal Mint is to have a go at a 21st-century approach to alchemy, turning electronic waste into gold.  → Read more at proactiveinvestors.co.uk

 March 23, 2022
Fans in Samoa can start their own Justice League Silver Coin collection with 12 officially-licenced DC Comics coins celebrating their most legendary heroes & villains.  → Read more at supermanhomepage.com

 March 23, 2022
The 2,000-year-old gold piece, perhaps worn by one of the murderers, could sell for $2 million  → Read more at smithsonianmag.com

 March 26, 2022
The rising price of metals including nickel and copper has led to a unique valuation of the metal contained inside common U.S. coins. What Happened: The price of nickel has soared in 2022.  → Read more at benzinga.com
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September 2020 Numismatic Legislation Review

Seal of the United States CongressAt the beginning of every month, I try to summarize the numismatic-related legislation from the previous month. A few months were skipped because they were boring. September was not boring. It was overwhelming because the bills that showed progress are very significant.

H.R. 1923: Circulating Collectible Coin Redesign Act of 2020
Sponsor: Rep. Barbara Lee (D-CA)
Introduced: March 27, 2019
Summary: Women’s History and Nineteenth Amendment Centennial Quarter Dollar Coin Program Act This bill requires the Department of the Treasury to mint and issue quarter-dollar coins in commemoration of the ratification of the Nineteenth Amendment granting women the right to vote. The design on the reverse of each coin shall be emblematic of the accomplishments and contributions of a prominent woman who was a resident of a state, the District of Columbia, or a U.S. territory.Such coins shall be issued in alphabetical order of the area represented, starting with the state of Alabama.Treasury shall

  • initiate a program to promote collection of the coins and recognition of their subjects, and
  • strike and make available for sale silver bullion coins that are the exact duplicates of the coins.
Referred to the House Committee on Financial Services. — Mar 27, 2019
Introduced in House — Mar 27, 2019
Committee on Financial Services discharged. — Sep 22, 2020
Mr. Cleaver asked unanimous consent to discharge from committee and consider. — Sep 22, 2020
Considered by unanimous consent. — Sep 22, 2020
On passage Passed without objection. — Sep 22, 2020
Passed/agreed to in House: On passage Passed without objection. — Sep 22, 2020
On passage Passed without objection. (text of amendment in the nature of a substitute: CR H4707-4708) — Sep 22, 2020
Motion to reconsider laid on the table Agreed to without objection. — Sep 22, 2020
The title of the measure was amended. Agreed to without objection. — Sep 22, 2020
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. — Sep 23, 2020
This bill can be tracked at http://bit.ly/116-HR1923.

Starting with H.R. 1923, Circulating Collectible Coin Redesign Act of 2020, it became a catchall bill to make many changes to the U.S. Mint’s circulating coin programs. Initially, the bill began as a proposal to create a series of circulating quarters honoring Women’s History and the Nineteenth Amendment. Since it was a convenient vehicle, other series ideas were added.

If the bill passes the Senate, the following will change your pocket change:

Quarters

  • 2022-2025: Accomplishment of American Women, 5 per year
  • 2026: U.S. Semiquincentennial, up to 5
  • 2027-2030: Sports Played by American Youth, 5 per year

Half-Dollars

  • 2027-2030: Paralympic Sports

Dollars

  • 2026: U.S. Semiquincentennial

Medals

  • 2027-2030: Accompanying Sports Medals
  • 2028: Manufacture medals for the 2028 Olympic Games in Los Angeles

Silver Bullion Coins

  • 5-ounce coins based on the quarter and half-dollar designs
  • Can produce “ fractional” silver bullion coins

George Washington will continue to appear on the obverse but “be designed in a manner, such as with incused inscriptions, so as to distinguish it from the obverse design used during the previous quarters program.” Does this mean that the John Flannagan design and its many permutations can be retired for something a little more attractive? Replacing the Flannagan design for the Laura Gardin Fraser design would be appropriate.

The bill includes similar language for the image of John F. Kennedy on the 2026 Semiquincentennial half-dollar.

H.R. 4104: Negro Leagues Baseball Centennial Commemorative Coin Act
Sponsor: Rep. Emanuel Cleaver (D-MO)
Introduced: July 30, 2019
Summary: This bill directs the Department of the Treasury to mint and issue up to 50,000 $5 gold coins, 400,000 $1 silver coins, and 750,000 half-dollar clad coins in commemoration of the 100th anniversary of the establishment of the Negro National League, a professional baseball league that was formed in response to African-American players being banned from baseball’s major leagues.The design of the coins shall be emblematic of the Negro Leagues Baseball Museum and its mission to promote tolerance, diversity, and inclusion.All surcharges from sales of these coins shall be paid to the Negro Leagues Baseball Museum to fund educational and outreach programs and exhibits.
Referred to the House Committee on Financial Services. — Jul 30, 2019
Introduced in House — Jul 30, 2019
Committee on Financial Services discharged. — Sep 22, 2020
Committee on Financial Services discharged. — Sep 22, 2020
Mr. Cleaver asked unanimous consent to discharge from committee and consider. — Sep 22, 2020
Considered by unanimous consent. — Sep 22, 2020
On passage Passed without objection. — Sep 22, 2020
Passed/agreed to in House: On passage Passed without objection. — Sep 22, 2020
On passage Passed without objection. (text of amendment in the nature of a substitute: CR H4710) — Sep 22, 2020
Motion to reconsider laid on the table Agreed to without objection. — Sep 22, 2020
Received in the Senate. — Sep 23, 2020
This bill can be tracked at http://bit.ly/116-HR4104.

H.R. 4104, Negro Leagues Baseball Centennial Commemorative Coin Act, is a typically formatted commemorative coin program for 2022 to honor the Negro Leagues’ centennial. Surcharges will be paid to the Negro Leagues Baseball Museum.

H.R. 6192: 1921 Silver Dollar Coin Anniversary Act
Sponsor: Rep. Andy Barr (R-KY)
Introduced: March 11, 2020
Introduced in House — Mar 11, 2020
Referred to the House Committee on Financial Services. — Mar 11, 2020
Committee on Financial Services discharged. — Sep 22, 2020
Committee on Financial Services discharged. — Sep 22, 2020
Mr. Cleaver asked unanimous consent to discharge from committee and consider. — Sep 22, 2020
Considered by unanimous consent. — Sep 22, 2020
On passage Passed without objection. — Sep 22, 2020
Passed/agreed to in House: On passage Passed without objection. — Sep 22, 2020
On passage Passed without objection. (text of amendment in the nature of a substitute: CR H4711-4712) — Sep 22, 2020
Motion to reconsider laid on the table Agreed to without objection. — Sep 22, 2020
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. — Sep 23, 2020
This bill can be tracked at http://bit.ly/116-HR6192.

H.R. 6192, 1921 Silver Dollar Coin Anniversary Act, will allow the U.S. Mint to produce a Morgan and Peace Dollar in 2021. These coins may contain more than the original 90-percent silver of the original.

The rest of the bills were introduced in September. There is not much to talk about until something happens, which is not likely until the lame-duck session.

H.R. 8242: National Women’s Hall of Fame Commemorative Coin Act of 2020
Sponsor: Rep. Joseph D. Morelle (D-NY)
Introduced: September 14, 2020
Referred to the House Committee on Financial Services. — Sep 14, 2020
Introduced in House — Sep 14, 2020
This bill can be tracked at http://bit.ly/116-HR8242.

S. 4663: A bill to amend title 31, United States Code, to save Federal funds by authorizing changes to the composition of circulating coins, and for other purposes.
Sponsor: Sen. Margaret W. Hassan (D-NH)
Introduced: September 23, 2020
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. — Sep 23, 2020
Introduced in Senate — Sep 23, 2020
This bill can be tracked at http://bit.ly/116-S4663.

S. 4730: A bill to amend title 31, United States Code, to require the Secretary of the Treasury to mint and issue quarter dollars in commemoration of the Nineteenth Amendment, and for other purposes.
Sponsor: Sen. Catherine Cortez Masto (D-NV)
Introduced: September 24, 2020
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. — Sep 24, 2020
Introduced in Senate — Sep 24, 2020
This bill can be tracked at http://bit.ly/116-S4730.
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Weekly World Numismatic News for October 11, 2020

If you do not follow the U.S. Mint on Facebook or Twitter, they announced that there would be a price increase for silver coins as of October 13, 2020. Their statement read:

The United States Mint recently adopted a new strategy for pricing products in its silver numismatic products portfolio. As a result, prices for products containing silver will change EFFECTIVE October 13, 2020, with release of the 2020 American Eagle Silver Proof Coin with “S” mint mark (20EM). The new pricing will affect prices for silver products already on sale (including prior year) and those remaining to be released in 2020.

In order for the United States Mint to cover rising costs, meet its fiduciary responsibility to operate at no net cost to taxpayers, and return money to the Treasury General Fund, re-setting silver prices is necessary.

The Mint’s goal, as a fiscally responsible self-funded Federal agency, is to always provide the best quality numismatic products while maintaining fair prices. The first objective is to ensure that the numismatic portfolio (all product lines together) be self-sufficient and cover all associated costs. The new silver prices reflect a sound business decision aimed at meeting these obligations. (No tax dollars are used to fund numismatic operations.)

The United States Mint will continue to look for operations optimization and cost reduction efforts to deliver superior quality numismatic products at a fair price.

Kitco Silver Price as of 10/9/2020

Kitco YTD Silver Price as of 10/9/2020 (does not update, trendline added)

Although social media did not like the announcement, collectors should have expected the price increase. When the U.S. Mint set the price for silver coins at the beginning of 2020, the price of silver hovered around $18.00 per ounce. On March 19, the price closed as low as $12.005 per ounce. What followed was a steady rise until August 6 when the markets closed at $28.33.

From the $17.925 at the close of the markets on January 2 through August 6, silver rose 58-percent. If the U.S. Mint had to purchase silver in August to meet market demands, it was the most expensive silver they purchased.

U.S. Mint Price Update
Product Old Retail Price New Retail price Percent Increase
Presidential Silver Medals $46.00 $65.00 41.304%
America the Beautiful Quarters Silver Proof Set $42.50 $60.00 29.167%
American Eagle One Ounce Silver Proof Coin $64.50 $73.00 13.178%
American Eagle One Ounce Silver Uncirculated Coin $54.00 $67.00 24.074%
American Eagle One Ounce Silver Proof Coins—Bulk Pack $2,920.00
American Eagle One Ounce Silver Uncirculated Coin—Bulk Pack $2,680.00
Limited Edition Silver Proof Set $120.00‡ $201.00 67.500%
Silver Proof Set $63.25 $105.00 66.008%
America the Beautiful Five Ounce Silver Uncirculated Coin $178.25 $229.00 30.670%
End of World War II 75th Anniversary American Eagle Silver Proof Coin * $83.00
End of World War II 75th Anniversary One Ounce Silver Medal * $75.00
2019 America the Beautiful Quarters Silver Proof Set $36.95 $60.00 62.514%
2019 American Liberty High Relief Silver Medal $99.95¶ $175.00 75.088%
2019 Congratulations Set $56.95 $75.00 31.694%
2019 Silver Proof Set $54.95¶ $105.00 91.083%
† These products are sold directly to distributors who sell them to dealers. Prices are not on the U.S. Mint’s website.
‡ The only items for sale at the U.S. Mint that comes close to this is the Women’s Suffrage Centennial 2020 Proof Silver Dollar and Medal Set
* Item was not for sale prior to the price hike
¶ Listed as “Currently Unavailable” on the U.S. Mint’s website.

You cannot blame the U.S. Mint’s metals buyers. First, they are mandated to buy precious metals from U.S. sources at the market value. If they need additional inventory, then they buy it on the market like everyone else. Like any investor, the U.S. Mint can try to predict the market, but the results are variable like any investor.

Since August 6, the price of silver dropped to $24.315, a 14.17-percent decrease. However, the price of silver is up 35.65-percent for the year. If the price of materials rise, how long could the U.S. Mint maintain their prices?

Aside from the rising cost of silver, the U.S. Mint did not report how much other costs have risen. Aside from the dies and facilities costs, they must account for labor, design, and production costs. The U.S. Mint has not reported what additional costs they have incurred because of the pandemic.

The U.S. Mint is unlikely to report about these issues until the release of the annual report.

And now the news…

 October 6, 2020
The Ministry of Culture and Sports on Monday announced that five rare silver coins dating to the 5th and 4th centuries BC were returned to Greece, before being auctioned off in Munich and Zurich.  → Read more at greekcitytimes.com

 October 5, 2020
The executive officer said construction workers found the coins and rings in a brass box.  → Read more at newindianexpress.com

 October 9, 2020
Surprising as it may sound, there once was a time that our coinage system, backed by gold and silver, was mostly supplied by Spain and countries under Spanish rule, such as Mexico, Chile, Bolivia, Peru and Guatemala.  → Read more at yarmouth.wickedlocal.com

 October 10, 2020
An extremely rare Roman coin commemorating the assassination of Julius Caesar has surfaced and may be worth millions of dollars, according to coin experts.  → Read more at foxnews.com
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Weekly World Numismatic News for October 4, 2020

New 2021 Britannia

The Royal Mint adds new security features for the 2021 Britannia

Even with the numismatic-related news picking up this week, the number of people that have written about buying counterfeit Silver Eagle coins has increased.

As much as I have written, tried to manipulate the search engine optimization (SEO) to get the word out, and dropped messages on social media, people continue to purchase counterfeit coins from China.

You cannot even trust the slabs sent by Chinese companies. A dealer who saw my post about purchasing coins that I suspected were counterfeit saw the picture of the slabs that were shipped. On closer examination, the slabs are the same as they use to counterfeit NGC slabs.

Last week PCGS announced they are adding a tag to their slabs that can help identify them electronically. The technology is called Near Field Communications (NFC). The technology creates contactless communications between a passive and an active device. In this case, the tag in the slab or currency holder is passive. There is no power in the passive tag but will respond to a special signal to transmit its data.

The active device sends the signal that causes the passive tag to respond. In this case, your smartphone can send the signal to and process what the passive tag sends. It is called Near Field Communications because the passive tag does not generate a strong signal, and the active device has to be close enough to hear what the tag has to say.

Using NFC is an interesting idea and, if implemented correctly, can add to the security of a slab. In the future, I will contact PCGS to discuss the security of the system they developed. Maybe I will dust off my old hacker’s hat and reverse engineer one of these tags. Very few electronic devices are unhackable. The idea is to make it as difficult as possible.

In the future, the technology that will help collectors protect themselves must be made publicly available. The current state of image processing and artificial intelligence can be used to examine a coin’s surface. Aside from its ability to grade the coin, it could tell the difference between a legitimate coin and a counterfeit that uses an aluminum alloy.

In addition to adding technology, the U.S. Mint should follow the leads of the Royal Canadian Mint and the Royal Mint to add security features to bullion coins. After all, David Ryder spoke about security during his confirmation hearing. Where is the progress on that?

And now the news…

 September 28, 2020
The European Commission is considering proposing a law to start phasing out the small 1 and 2 Eurocent coins, and round prices off to the nearest 5 cents. On Monday, the Commission opened a 15-week public consultation on the use of the small coins, during which both regular citizens and interested institutions are invited to share their opinions and suggestions on the issue.  → Read more at brusselstimes.com

 September 28, 2020
Doha: Since ancient times, coinage has played a significant role not only in the socio-economic aspect of civilisations as an instrument of business and trade but also in reflecting pivotal moments in a nation’s history.  → Read more at thepeninsulaqatar.com

 September 29, 2020
The Royal Mint has unveiled new gold bullion coins which can be authenticated as genuine by moving them in the light.  → Read more at belfasttelegraph.co.uk

 October 1, 2020
A Norwich jeweller has got people across the nation scratching their heads over his riddles which reveal where 49 special coins are hidden.  → Read more at edp24.co.uk

 October 2, 2020
Over time, people and markets the world over have been able to establish that investing in precious metals is a great way to diversify your investment portfolio. Whether you’re talking about gold, silver, or platinum, there are a handful of ways to get started in owning precious metals.  → Read more at thecostaricanews.com
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What is Numismatically Trending

Over the last few weeks, I have been posting and watching the chatter on social media about the current offerings by the world’s mints. Given the opportunity, I engaged several people to conduct an informal poll. I did not define specific questions. I allowed people to discuss and argue about what they really think. Based on these conversations, here is what I learned.

Colored Basketball Hall of Fame Commemorative Clad Half-Dollar

Basketball Hall of Fame 2020 Colorized Half Dollar (U.S. Mint Image)

Many people are interested in colored coins. More than half of the people who responded to public statements or my direct queries said they were interested in the colorized Basketball Hall of Fame Commemorative Coins. It was almost unanimous amongst this group that they favored using color as an enhancement to the design.

Although those favored using color as an enhancement, an overwhelming majority did not like all printed coins. Many of the complaints came from the lenticular coins from Canada. And while most would not purchase many of the coins with comic book themes, the only objections were the printed designs.

Few people objected to the commercial themes used on coins. Whether the coins celebrate Star Trek or Star Wars, the only difference was if the collector wanted to be beamed up or was with the Force. Those who did not like colored coins would be interested in coins struck using these themes.

THE CAPED CRUSADER - GOTHAM CITY

Niue $2 THE CAPED CRUSADER™ – GOTHAM CITY™ 1oz Silver Coin (Image courtesy of the New Zealand Mint)

I heard from a small group of comic book fans who love the coins with their favorite characters’ themes. Many pointed to fandom websites that celebrated the coins produced by the New Zealand Mint, Royal Mint, and Royal Canadian Mint. They do not care who produces the coins. These fans see the coins as an extension of their comic book fandom.

Last week, I talked with someone about classic rock, which was wearing a Kiss tour jacket. He expressed excitement at finding the Kiss Challenge Coins online. He also mentioned challenge coins and medals from other bands. After our conversation, I searched online for the information. I found that Kiss authorized four challenge coins with each member’s image plus one for Eric Carr, the late drummer who died in 1991. Exonumia is a part of numismatics.

Themed coin series is a trendy way of collecting outside of the United States. Several British collectors thought that the Royal Mint’s 50p coins’ themes were a lot of fun. The Royal Mint produces 50p coins that celebrate children’s book characters, famous authors, and historical figures. A mother of three youngsters was excited about the recently released Winnie the Pooh 50p coin. Aside from being a children’s favorite, Winnie’s creator, A.A. Milne, also wrote speeches for Winston Churchill.

It’s not a “ classic” coin but the Drummer Boy reverse is still one of my favorite modern designs.

Then there were the hard-core, anything made after 1964 and not silver contingent. These collectors were a minority but were the most vehement about the “right way” to collect coins. When I asked how they would classify my collecting habits, I was accused of collecting junk or trinkets or buying into scams. I never told them that I compiled a complete set of high grade (not in slabs) Peace Dollars. With one exception, everyone in this group was male and over 50 years old. The other was in his late-40s.

Numismatics is a hobby. Hobbies are supposed to be fun. You are supposed to like what you collect. If you like Kiss Challenge Coins, then go out and find them all. If using different metals to create interesting effects like the Royal Canadian and New Zealand Mints create, have fun. Even if you find enjoyment with searching pocket change for coins, you are a numismatist and are welcome to the hobby.

Everyone who collects numismatics should be welcome without being told they are collecting the wrong way. As time moves on, I will be proposing new ideas on making the hobby more inclusive. I welcome everyone’s feedback!

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