Nov 29, 2006 | currency, legal
US District Court for the District of Columbia Judge James Robertson has ruled that the Department of the Treasury is violating Section 504 of the Rehabilitation Act by not designing currency so that it is distinguishable to the visually impaired. In a suit filed by the American Council of the Blind (ACB), Judge Robertson wrote, “It can no longer be successfully argued that a blind person has ‘meaningful access’ to currency if she cannot accurately identify paper money without assistance.”
US currency has been undergoing gradual changes since 1996 to add security features to fight counterfeiters. In the last few years, new notes have included splashes of color to further thwart the new imaging equipment that can create convincing copies of US currency. The next change will come in 2008 with a change to the $5 note.
During this time, no effort was made to provide features that could be used by the visually impaired to distinguish between the different denominations. This prompted the lawsuit from the ACB. In the ruling, Judge Robertson wrote that the ACB proposed several possible changes to including “dimensions varied by denomination, embossed dots, foil, micro-perforations, and raised intaglio printing.”
“Of the more than 180 countries that issue paper currency, only the United States prints bills that are identical in size and color in all their denominations,” Judge Robertson wrote. “More than 100 of the other issuers vary their bills in size according to denomination, and every other issuer includes at least some features that help the visually impaired.”
Judge Robertson noted that the cost to make the changes to the printing process would require less than 5-percent of the expenses generated by the Bureau of Engraving and Printing during the last ten years.
Treasury Department has 30 days to submit a plan to comply with the order.
There has been no comment from the Department of the Treasury. Stay tuned!
Nov 22, 2006 | ANA, coins
The American Numismatic Association (ANA) is reporting that the “U.S. Mint has extended the deadline for individual purchases of San Francisco Old Mint commemorative coins until Dec. 15, and will allow bulk purchases of the coins from Dec. 1 through Dec. 20.”
In an email sent on behalf of ANA Executive Director Chris Cipoletti to ANA members who signed up to receive announcement from the organization, the Mint reports about half of the 500,000 silver and 100,000 gold commemoratives have been sold thus far. The program would raise $8.5 million if these commemoratives are sold out. Total cost for the restoration of the San Francisco Old Mint is estimated at $86 million and should be completed in 2010.
To purchase these commemorative coins, visit the Mint’s online catalog at catalog.usmint.gov.
Nov 22, 2006 | coins, US Mint
On Monday, the US Mint release the artists sketches of the first four coins in the Presidential $1 Coin program that will begin in 2007. These new coins will be minted using the same magnesium-brass composition, size, tactile features, and electromagnetic signatures of the Sacagawea Dollar. The Sacagawea Dollar will continue to be minted, as required by law.
As prescribed by the Presidential $1 Coin Act (Public Law 109-145 [GPO: text or pdf]), the coin will feature the likeness of each US president on the obverse of the coin and an image of the Statue of Liberty on the reverse. These coins will also feature edge lettering, not seen on circulating coinage in almost a century.
Edge Lettering
The edge of the coin will feature the year of issue, mint mark, and the national mottoes E Pluribus Unum and In God We Trust. It is a first time the US Mint will have the date minted into the edge of the coin.
Common Reverse
The common reverse will feature the Statue of Liberty with “United States of America” around the outer ring of the coin. Also on the reverse is the denomination written as “$1.” I believe it is the first circulating coin that uses the dollar symbol. The reverse was designed and engraved by US Mint artist and engraver Don Everhart.
Obverse Designs
George Washington $1 coin is scheduled to be released on February 15, 2007. The obverse of this coin was designed and sculpted by US Mint engraver Joseph Menna.
John Adams $1 coin is scheduled to be released in May, 2007. It was designed by Joel Iskowitz, a member of the Artistic Infusion Program, and sculpted by Charles Vickers of the US Mint.
Thomas Jefferson $1 coin is scheduled to be released in August, 2007. The obverse of this coin was designed and sculpted by US Mint engraver Joseph Menna.
James Madison $1 coin is scheduled to be released in November, 2007. It was designed by Joel Iskowitz, a member of the Artistic Infusion Program, and sculpted by Don Everhart of the US Mint.
I believe the Presidential $1 Coin program is a wonderful idea. However, the potential for failure will continue as long as there is a circulating one dollar Federal Reserve Note.
Images from the United States Mint
Nov 22, 2006 | coins, foreign
While participating in the Collectors’ Society’s chat boards, we had a discussion about the silver Britannia bullion coin series. Since I had done some research on these coins, I shared what I had and had read the responses from the other members. They provided a lot of good information. Unfortunately, since the Collectors’ Society’s chat boards are very active, this great information would end up being buried in the board’s archives. Rather than seeing that information get lost, I created a page describing these beautiful coins.
In creating this page, I added additional information on the mintage numbers and looking up the symbolism of how Britannia is depicted on the coins. The mintage numbers are not entirely correct. To find out the accurate mintage figures, I wrote to the Royal Mint asking if they can provide the information. These will be added to the page when (or if) the Royal Mint sends this information to me.
The link to this page will be available in the sidebar on the left side of this page. Let me know what you think about the Silver Britannia page.
Nov 22, 2006 | coins, legal
This past Monday, Tom Noe was sentenced to 18 years in an Ohio state prison for his conviction on 29 various counts of theft, corrupt activity, money laundering, forging records, and tampering with documents in his management of the Ohio Bureau of Worker’s Compensation (BWC) $50 rare coin fund. Noe was fined $213,000 and order to pay the estimated $3 million cost of his prosecution. He is also required to reimburse the money he stole from the BWC, which is estimated at $13.7 million.
Noe will begin to serve his sentence after serving a 27-month federal sentence for felony campaign finance violations. Noe was free on $500,000 bond during the state trial.
Nov 18, 2006 | coins, US Mint
A legacy of the 109th congress that will be felt for some time is the Presidential $1 Coin Act (Public Law 109-145 [GPO: text or pdf]). This law calls for the minting of $1 circulating coins commemorating each of the Presidents of the United States in order that they served. Four coins will be issued each year starting in 2007 with issues honoring George Washington, John Adams, Thomas Jefferson, and James Madison. Along with the Presidential $1 Coins, the US Mint will issue companion $10 gold First Spouse commemoratives.
This week, the Mint sent the the first Presidential $1 Coin e-Newsletter those who subscribed. In this inaugural issue, the Mint announced that the first four designs will be revealed on November 20, 2006. The official release of the George Washington $1 coin will be issued on February 15, 2007, in time for Presidents’ Day. Future coins will be released quarterly. As with the 50 State Quarters® Program, the Mint will be producing educational material along with the release of the $1 coins and bronze medals of the First Spouse gold coins.
In 2007, the proof set will expand to 14 coins including the Presidential $1 Coin and the Sacagawea Dollar, which will continue to be minted. The mint set will also expand to 28 coins. I am sure that the additional coins will increase the price of the sets. The Mint have not announced these prices.
Nov 14, 2006 | coins, legal
Tom Noe was found guilty of engaging in a pattern of corruption in his mis-management of the Ohio Bureau of Worker’s Compensation (BWC) $50 million rare coin collection. Noe was found guilty of 29 of 40 charges including theft, corrupt activity, money laundering, forging records, and tampering with documents. The corruption conviction carries a minimum sentence of 10 years. Noe could receive a maximum sentence of 72 years on all convicted counts. Sentencing will be on November 20.
In September, Noe pleaded guilty to three counts of campaign finance violations and was sentenced to 27 months in prison. Noe was freed on $500,000 bail during this trial.
Nov 13, 2006 | coins
As part of a promotion for Vodaphone and Sky in Great Brittan, someone laid down 10,000 £1 coins in a domino-like chain and set the chain in motion. It has the same fascination of dominoes, but these are £1 coins, which should appeal to us collectors. Playing with your money can be as much fun as collecting!
Nov 12, 2006 | coins
Baltimore Coin and Currency Convention has seen tremendous growth since I have been attending the show during this decade. With greater interest in coins by hobbyists and investors, the gentlemen who operate the Baltimore show has allowed it to grow with this interest. To capitalize on the interest, the promoters added Hall C of the Baltimore Convention Center to the bourse space available. After two shows, Hall C was full for this past convention making it Baltimore’s largest numismatic show.
Realizing that this growth was inevitable, I went earlier than usual. Driving just over an hour from my suburban DC home, I arrived around 10:30 AM and met Zach (zrlevin from the Collectors Society’s Message Boards) and his mom in the lobby. They drove down from New Jersey to attend. Both are wonderful people and appears to have had a wonderful experience. Zach, being younger than I expected, is really into his collection. This is good since the hobby does need some fresh faces to carry on the traditions.
Since I have attended these shows before, I knew what to expect when I walked in. From the entrance, you see the rows of tables in Halls A and B. Hall C is to the right making the floor and “L” shape. As I expected, many regular dealers were in their usual position which allowed me to talk with and purchase from a number of acquaintances. Being a regular has the advantage of making better deals.
After a few years of doing some broad collecting, I am now focusing on a few items. One area of interest are early red Lincoln cents. Uncirculated Lincoln cents in red-brown and brown are relatively easy to find. But nice red cents prior to 1930 are difficult. And they are getting more difficult to find raw, meaning not slabbed. I would buy one or two coins at a time because of budget constraints, but I was able to find a good supply. However this and the last few shows have shown a drop in the number of red Lincoln cents available—even slabbed coins. Many dealers apologized and said that they have not had a high demand for early red Lincoln cents, which is why they had few. It is disappointing, but I am determined to find those to complete my collection.
One thing I noticed was a reduction of raw coins available for just about anything older than the clad-coinage era. There were very few vendors selling raw, uncirculated Morgan and Peace dollars as well as early Buffalo Nickels and Mercury Dimes. With few exceptions, there was a glut of slabbed coins. Since I am not a fan of slabbing (more on that at another time), I felt that the selection available to me was more limited than usual. I was able to purchase a number of items that I will resell on eBay, but I was unable to find the few coins I was looking for to fill my albums.
That is not to say I do not purchase slabbed coins. I purchased a nice 1986 American Silver Eagle graded MS-69 for a Registry Set I am putting together (more on that at another time). I also purchased a few MS-65 Eisenhower Dollars for another Registry Set. And I also dropped off a number of other modern dollar coins with NGC for grading that will be for Registry sets. Otherwise, I was looking for raw coins for my regular collection.
Another area that I like but seems to be reduced were the number of “junk boxes” on the floor. Junk boxes are either lower grade coins or coins that the dealer could not sell otherwise. Sometimes, I can search the junk boxes and find Barber Coinage that are considered very good (approximately VG-8) in grade. Or I can find coins that I know I could turn over on eBay. I noticed that the number of junk boxes were fewer and the quality of the coins were less than in past days. I also did not see many junk boxes with foreign coins. Since I have been working on a few lower denomination Canadian coins for fun, the junk boxes have a treasure trove of fillers for my albums. I was only able to pick up four nickels and two quarters for my Canadian collection.
In an interesting twist, there were more tables with non-numismatic items than in the past. Although many of these tables had jewelry, there were some antiques, memorabilia, and even a vendor for an item that keeps leaves out of gutters. It was an interesting discovery within a numismatic show.
In the past, I wondered if “the market for key coins going to shut out those of us who have to stick to a budget?” Considering the increased occurrence of slabbing and the difficulty in finding some of the key coins (e.g., 1921-PDS Walking Liberty Half Dollars), I wonder if I have to consider refocusing my collection goals. While all coins are increasing in value at a rate greater than inflation, slabbed coins are climbing even higher. I do not know if this is an issue caused by a lower supply and greater demand or the perception of prices as the spot price of silver increases, but I am concerned about being priced out of the market.
Although I was a little disappointed for this show, I still had fun and am looking forward to the next one in March. If you have not had a chance to come to this show, come to Bal’more and visit. Charm City is a wonderful place to visit especially with the Convention Center being next to the Inner Harbor. Come by and enjoy the show.
Nov 8, 2006 | coins, legislative
Now that the election is over and all that is left is the counting in two key senate races, it is time to consider what this will do for numismatic-related legislation. The 109th congress was very busy over the last two years. However, with a lame duck session of congress beginning next week with no passed budget, numismatic-related bills are finished for this year.
By rule, all legislation not enacted into law does not carry over into the next congress. So any bill that is active in the 109th congress, they would have to be re-introduced during the 110th congress for consideration. While some of these bills were originally introduced by representatives looking to curry favor with their voters back home, there are a few that have a chance in the next congress.
When the ten 1933 Saint-Gaudens Double Eagles that once belonged to Israel Switt were confiscated from one of his decedents, there was a move by congress to try to create a law that would define what was legal tender and what was not. Rep. Frank Lewis (R-OK) introduced the Numismatic Rarities Certainty Act of 2006 (H.R. 5077) to help determine the legality of other coins and patterns not “officially” considered US Government property, even though the Mint has not pursued those coins. Although the bill is still in committee, there is no reason to think that this will not be brought up again.
Rep. Jim Kolbe (R-AZ) introduced the Currency Overhaul for an Industrious Nation (COIN) Act (H.R. 5818) late in the second session. It is a sweeping piece of legislation that seeks to stop circulating cents by codifying rounding for cash transactions, eliminates the one-dollar paper currency in favor of coinage, re-introduces the $2 for circulation, along with other changes. Since the bill was introduced in August, there is no chance of this being resolved in this congress. There are some provision that are promising and will be brought again.
Two commemoratives that passed where they were introduced are certain to be re-introduced. The NASA and JPL 50th Anniversary Commemorative Coin Act (H.R. 68) will celebrate the 50th anniversary of these institutions with a $50 gold and $1 silver coins in 2008 was passed in the House. Also, the American Veterans Disabled for Life Commemorative Coin Act (S. 633) was passed in the Senate and specifies the issuing of two $1 silver commemorative dollars with the proceeds helping fund the construction of the American Veterans Disabled for Life Memorial.
One more bill I would like to mention that did pass in the Senate but probably has little chance of being re-introduced in 2007. The Theodore Roosevelt Commemorative Coin Act (S. 863) was to honor the 100th anniversary of our 26th President being the first sitting president to win the Nobel Peace Prize in 1906. Although it passed the senate, the current state of politics in this country and that this year was the century anniversary makes this bill a long shot.
Congratulations to all of the winners and I hope you do what is right for the nation as well for all of us interested in numismatics.
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