POLL: What do you think about continuing the Morgan and Peace Dollar Programs
After I posted the news that the U.S. Mint will continue the Morgan and Peace dollar programs, I watched the reaction.
If I only read the reaction from social media, you would think that the U.S. Mint was proposing to devalue every collection and that they were about to do the worst thing since striking the Susan B. Anthony dollars.
According to my Inbox, 39 people were excited. Three were not in favor but less negative than those on social media. Six people said that they were indifferent to the program.
What do you think?
Should the U.S. Mint Continue to Strike Morgan and Peace Dollars
Total Voters: 125
Loading ...Weekly World Numismatic News for October 7, 2018
Couple’s two-year-old shreds over $1,000 in cash! (Photo courtesy of KSL-TV by Tanner Siegworth)
In a case where real-life intersects with “oh my gosh,” the toddler took an envelope of cash and passed it through the shredder. All the child knew is that mommy was passing paper through the shredder, it made a cool noise, and created small pieces. What the child did not understand was that mommy was shredding junk mail (a good idea) and he did not know the difference between junk mail and paper money.
The money was to be used to pay the husband’s parents back for season tickets to the Univerity of Utah football games. The Utah Utes are currently 3-2, 1-2 in Pac-12 play after defeating Stanford 40-21 in Palo Alto.
All is not lost for the family. The Bureau of Engraving and Printing has a Mutilated Currency Redemption program. It is a free service that the family can use to recover from this incident.
According to the BEP, the programs handles approximately 30,000 claims each year and recovers over $30 million in cash. But the process can take time. With the limited resources that the BEP has to work with and the time it would take for the BEP’s team to reconstruct the shredded notes, the family may have to wait at least two years.
They do not call it the “terrible twos” for nothing. Next time the family may either want to hide the cash in safer location or write a check. A check can be rewritten more quickly than sending the money to the Mutilated Currency Redemption program.
And now the news…
October 2, 2018The Australian Royal Mint has issued AC/DC 50 cents, $1 and $5 coins to celebrate the band’s 45th anniversary. The band was formed in November 1973 by Malcolm and Angus Young in Sydney. The original lineup included bassist Larry Van Kriedt, vocalist Dave Evans, and one-time Masters Apprentices member Colin Burgess on drums. 
→ Read more at themusicnetwork.com
October 2, 2018If you have a social media account like Instagram, chances are you would have been offered up to US$10,000 (RM41,400) for old notes and coins by collectors. Does it sound too good to be true? The Royal Malaysia Police (PDRM) says it is and warns that you may end up losing your money as it could be another scam. → Read more at thestar.com.my
October 2, 2018The story of Armistice Day. Credits: Images courtesy of Alexander Turnbull Library, Wairarapa Archive, Palmerston North Libraries, Archives New Zealand and the Auckland War Memorial Museum. From this month you may find a colourful new coin in your change. → Read more at newshub.co.nz
October 3, 2018The owner of a Vancouver coin shop allegedly defrauded customers out of $1.3 million, according to a federal indictment announced Wednesday. Blue Moon Coins owner Aaron Michael Scott, 40, of Portland was indicted by a grand jury on 11 counts of wire fraud and five counts of mail fraud, according to a statement released by U.S. → Read more at columbian.com
October 3, 2018"The products in our R+D Lab Collection are tried, tested and true examples of forward-thinking technology that could re-define the future of domestic and foreign coins," said Dr. Xianyao Li, Chief Technology Officer at the Royal Canadian Mint. → Read more at prnewswire.com
October 4, 2018The Japanese love their cash. Cash as in physical notes and coins. Not the electronic variety that floats around in cyberspace instead of bouncing about in purses and pockets. Surveys show that we are totally behind the times in our attachment to the ¥10,000 and ¥1,000 notes and the way… → Read more at japantoday.com
October 5, 2018A Holladay family is figuring out how to replace more than $1,000 in cash that their 2-year-old son sent through the shredder. → Read more at ksl.com
September 2018 Numismatic Legislation Review
This is a surprise. This past month Rep. Alex Mooney (R-WV) introduced a bill that would make the gains made on the sale of bullion coins issued by the U.S. Mint tax exempt. This would be for any precious metal coin. The bill says “No gain or loss shall be recognized on the sale or exchange of gold, silver, platinum, or palladium coins minted and issued by the Secretary at any time…”
The bill also includes “refined gold or silver bullion, coins, bars, rounds, or ingots which are valued primarily based on their metal content and not their form.”
It is called the Monetary Metals Tax Neutrality Act of 2018 (H.R. 6790) and was introduced on September 12, 2018.
While this may be good for the numismatic community, with the mid-term elections just over a month away and congress mired in many fights, it is difficult to see that this bill passes. Even if it passes in a lame duck session, the possibility of the Senate acting on it is very low. Of course that depends on the outcome of the election and I have been wrong about prognosticating some bills!
H.R. 6790: Monetary Metals Tax Neutrality Act of 2018
Weekly World Numismatic News for September 30, 2018
2014 £2 coin commemorating the 100 year anniversary of the start of World War I is one of the coins the British tabloids watch.
Most of the coins were circulating commemorative 50 pence, one and two-pound coins ranging from the coin commemorating the end of slavery in England to Peter Rabbit commemorating the work of Beatrix Potter.
While searching the internet for numismatic-related news, there is at least one tabloid writing about yet another find and how someone sold it for thousands of pounds on eBay. After tweeting one of those stories, a British collector responded and we had an email conversation about the stories.
According to my correspondent, it seems that the tabloids are making more out of the story than necessary. Using the information from my correspondent, I began to watch the eBay UK auction results.
Although it is true that some of these coins are selling for hundreds and even thousands of pounds, most of the buyers are not from the UK. According to one eBay seller, most of his buyers were from the Middle East and Southeast Asia.
Another seller said that finding one in pocket change, as suggested by the tabloid, is not going to make anyone rich. The coins that are selling at high multiples are uncirculated coins pulled from rolls they purchased from the Royal Mint.
Not all of the coins are selling at high prices. One seller said that he sold most of a roll to people from the European Union for a few euros plus shipping. While they are making money, they are not getting rich as suggested by the tabloids.
The tabloids have been helpful in raising awareness for some of these coins. In the past, one person said she would buy three or four rolls of the 50 pence coins and would sell them over time. She had rolls at least five years old before it became a topic in the tabloids.
Coin roll hunting became instantly popular throughout the UK. Some banks report that there is a higher demand for rolls of 50p coins than usual. The demands coincide with the report of another coin being sold for thousands of pounds on eBay.
If there is good news in this, the UK error collectors are finding fresh material. With so many people looking closely at the coins they receive in change and from the bank, more errors are appearing in the collector market. But the increased supply without a similar increase in demand has kept the prices down. Error collectors are afraid that once people realize that this is not a credible get-rich-quick scheme, the number of people looking for errors will diminish.
And now the news…
September 23, 2018Bangladesh Bank established the museum, the first of its kind in the country, beside the Bangladesh Bank Training Academy with a collection of over three thousand coins and currency notes → Read more at dhakatribune.com
September 24, 2018Sofia, Bulgaria – → Read more at euscoop.com
September 27, 2018It’s a hobby for Garrison Garrow, and his efforts are renowned.Garrow, of Akwesasne, designed the new Royal Canadian Mint collector coin ($30), which was unveiled recently at McGill Universit… → Read more at standard-freeholder.com
September 28, 2018The Bulgarian National Bank has issued (17th September) the fifth entry in a series of coins entitled “Medieval Bulgarian Rulers,” which has been issued intermittently since 2011. The latest coin features the Bulgarian ruler Ivan Asen II (circa. → Read more at novinite.com
Weekly World Numismatic News for September 23, 2018
David Hall
(PCGS Image downloaded from the Internet Archive)
In a surprise announcement, Collector’s Universe, Inc. (NASDAQ: CLCT) announced the termination of David Hall as president and CEO as of September 18. No reason was given for his termination.
Hall remains on the Collector’s Universe board of directors.
Hall was one of seven co-founders of Professional Coin Grading Service in 1985. In 1999, PCGS expanded to Collector’s Universe to provide grading and authentication services to other collectibles. Professional Sports Authentication and PSA/DNA are considered the gold standard in the sports collectible industry. He has held several leadership roles in PCGS and Collector’s Universe over the years.
When contacted by Coin World, Hall did not provide additional details.
In the article, it said that Hall plans to remain prominent in the industry and will be more active with David Hall Rare Coins, a firm he founded in the 1970s.
We here at the Coin Collectors Blog wish Hall well as he begins the next phase of his professional life.
And now the news…
September 17, 2018Rock musician Rory Gallagher represented the “very best aspirations of our republic”, President Michael D Higgins has said. Mr Higgins was presented with a €15 commemorative coin featuring an image of the late guitarist who died in 1995, aged just 47. → Read more at irishtimes.com
September 17, 2018THE Royal Mint is selling a GOLD Kew Gardens 50p coin which could be worth up to £800. Only 1,000 of these rare coins were made and only 629 of them were actually bought by the public, making them even more valuable to collectors. → Read more at thesun.co.uk
September 17, 2018Law enforcement officers are urging the public to be on the lookout for scam artists trying to sell fake coins in the Cameron, Missouri, area. The DeKalb County Sheriff's Office issued an alert showing plastic sleeves of old coins that were passed off as valuable silver to one business. → Read more at newspressnow.com
September 22, 2018The Royal Mint has increased its production of collectible coins in an attempt to appeal to a wider market as the use of cash declines across the country. → Read more at telegraph.co.uk
A Look at the American Eagles: The New American Palladium Eagles
- American Silver Eagles
- American Gold Eagles
- American Platinum Eagles
- American Palladium Eagles ← you are here
The American Palladium Eagle coin is the newest addition to the American Eagle program. The bill to create the program was introduced by Rep. Denny Rehberg (R-MT), the representative-at-large from Montana. Montana is home of the Stillwater Mining Company, the only producer of palladium in the United States. Stillwater also owns platinum mines that supply the U.S. Mint with platinum for American Eagle Bullion coins.
In the world of metal investing, palladium is behind gold, silver, and platinum in demand. Palladium is not as popular in the United States as it is in other countries. Palladium sells better than silver in Canada and Europe. It is rarer than gold, but a little more abundant than platinum but has the silky look of platinum while being almost as ductile as silver. Artists in Europe and Asia are beginning to use palladium instead of platinum for their higher-end designs.
The American Eagle Palladium Bullion Coin Act (Public Law 111-303) originally requested that the secretary study the feasibility of striking palladium coins and mint them if the study shows a market demand. Although the study showed that there is a market, it was not overwhelming. Based on the wording of the law, the U.S. Mint opted not to strike palladium coins.
In December 2015, Rehberg added an amendment to the Fixing America’s Surface Transportation Act or the FAST Act (Public Law 114-94, 129 STAT. 1875, see Title LXXXIII, Sect. 73001) that took away the U.S. Mint’s option. The first American Palladium Eagle bullion coins were struck in 2017.
Source of Metals
The law requires that the U.S. Mint purchase palladium from United States sources at market values. It allows the U.S. Mint to purchase palladium from other sources to meet market demands.
A difference between the authorizing law for the American Palladium Eagle and other coins in the American Eagle program is that there is no requirement for the U.S. Mint to produce proof coins. It will be up to the U.S. Mint to determine whether there is a collector demand and strike proof coins accordingly. How this differs from the rest of the American Eagle program will be tested the next time metals experience high investor demand.
The American Palladium Eagle Design
By law, the obverse of the American Palladium Eagle coin features a high-relief likeness of the “Winged Liberty” design used on the obverse of Mercury Dime. It is an acclaimed classical design as created by Adolph A. Weinman.
The law requires that the reverse used to bear a high-relief version of the reverse design of the 1907 American Institute of Architects medal. The AIA medal was also designed by Weinman. It is the first time that this design is featured on a legal tender coin.
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- Obverse features the Winged Liberty “Mercury” Dime design by Adolph A. Weinman
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- Reverse is the design used on the 1907 American Institute of Architects medal designed by Adolph A. Weinman
American Palladium Eagle coins are made from one troy ounce of .9995 palladium. The balance is copper. These coins are produced so that each coin states its weight and fineness and has a denomination of $25.
Bullion American Palladium Eagle Coins
The American Palladium Eagle program produces bullion and collectible coins. The bullion coins can be stuck at any branch mint but do not have a mintmark. Bullion coins are sold in bulk to special dealers who then sell it to retailers. They are struck for the investment market.
Although some people do collect bullion coins there are not produced for the collector market. As with other investments, American Palladium Eagle bullion coins are subject to taxes when sold and may be held in Individual Retirement accounts. Please consult your financial advisor or tax professional for the tax implications for your situation.
Collector American Palladium Eagle Coins
Collector coins are produced and sold by the U.S. Mint in specialty packaging directly to the public. Collectors can purchase new coins directly from the U.S. Mint and find these coins online. Collector American Palladium Eagle coins are produced only as proof coins.
The U.S. Mint began selling American Palladium Eagle Proof coins in 2018 with a limited production of 15,000 coins. The coins sold by the U.S. Mint are stored in a specially made capsule and that capsule is placed in a package similar to that used for other coins in the American Eagle program.
Since this program is new, there have been no special issues or the discovery of errors. As time passes, that will likely change.
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