Jun 5, 2013 | coins, gold, history, US Mint
Franklin Delano Roosevelt was inaugurated on March 4, 1933 at the height of the Great Depression. Unemployment was over 25-percent, inflations was rampant, farm prices have plummeted so low that it was cheaper for farmers to plow under crops, and banks were failing at record numbers.
Two weeks prior to his inauguration, FDR asked his old friend and Wall Street executive William H. Woodin, to be the Secretary of the Treasury and help implement a new monetary policy. Woodin rushed to Washington to work with Ogden Mills, President Herbert Hoover’s Secretary of the Treasury, in order to understand the issues. On the day of FDR’s inauguration, Mills resigned and voluntarily stayed in Washington to help Woodin with various policy changes.
Hours after FDR’s inauguration, the Senate approved the appointment of Woodin as the Secretary of the Treasury. With his new Treasury Secretary in place, Woodin’s first act was to declare a three-day bank holiday in order to try to stop the failures.
Handbill that was displayed in Post Offices calling for the recall of gold with the text of Executive Order 6102
Executive Order 6102 specifically exempted certain industrial uses of gold, art, and allowed people to keep up to $100 in face value in gold coins. It also exempted “gold coins having recognized special value to collectors of rare and unusual coins.” The protection of collectible coins was credited to Woodin since he was a collector of coins and patterns he acquired while director of the New York Federal Reserve Bank.
Although most of the country complied with the executive order, some challenged the law and started to sue the government to stop the gold recall. With the challenges mounting, on June 5, 1933, congress formally takes the United States off the gold standard by enacting a joint resolution (48 Stat. 112) nullifying the right of creditors to demand payment in gold.
For weeks after FDR issued EO 6102, the U.S. Mint continued strike gold double eagle coins because they did not have an order to stop. After receiving the stop work order, the coins were stored until they were ordered melted in 1934.
Even though the double eagles were melted, several examples of the 1933 Saint Gaudens double eagle gold coin did find its way out of the Mint. While most were tracked and confiscated, one example found its way to Egypt into the collection of King Farouk. This was the coin that eventually was sold in 2002 for $7,590,020 ($20 given to the government to monetize the coin) to a private collector. Half of the proceeds were paid to the government as part of a settlement with British coin dealer Stephen Fenton, who was arrested trying to sell the coin at the Waldorf Astoria Hotel in 1998.
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Reverse of the iconic 1933 Saint Gaudens
$20 Double Eagle gold coin
But that does not end the story of the 1933 Saint Gaudens double eagle. Since the sale of the only legal tender 1933 Double Eagle, ten coins found by the family of the late jeweler and coin dealer Israel Switt. The coins were sent to the U.S. Mint for authentication and were subsequently confiscated when they were determined to be genuine.
These coins are known as the “Langboard Hoard,” named for Joan Landbord, the daughter of Israel Switt, who claims to have found the coins while searching through her father’s old goods. On more than one occasion, Switt has been accused of being the source of the 1933 Double Eagle coins that made it out of the Philadelphia Mint.
In July 2011, a jury ruled that the 10 coins in the Langboard Hoard belong to the government. The case is currently being appealed.
The story of 1933 Saint Gaudens double eagle is truly an example of the law of unintended consequences. In an effort to rescue the economy, the cascading series of events that took the United States off the gold standard turned what was supposed to be an ordinary coin into one of the most intriguing stories of the 20th and now 21st century.
All images courtesy of Wikimedia Commons.
Jun 3, 2013 | coins, legislative, policy
H.R. 1905: Mother’s Day Centennial Commemorative Coin Act
Sponsor: Rep. David McKinley (R-WV)
• Introduced: May 9, 2013
• Referred to the House Committee on Financial Services
Track this bill at http://www.govtrack.us/congress/bills/113/hr1905
H.R. 1071: To specify the size of the precious-metal blanks that will be used in the production of the National Baseball Hall of Fame commemorative coins.
Sponsor: Rep. Richard Hanna (R-NY)
• This bill is a technical change to the National Baseball Hall of Fame Commemorative Coin Act.
• Signed by the President on May 17, 213
• This bill became Public Law 113-10
See the information about this bill at http://www.govtrack.us/congress/bills/113/hr1071
S. 1011: Boys Town Centennial Commemorative Coin Act
Sponsor: Sen. Mike Johanns (R-NE)
• A bill to require the Secretary of the Treasury to mint coins in commemoration of the centennial of Boys Town
• Introduced: May 22, 2013
• Referred to the Senate Committee on Finance
Track this bill at http://www.govtrack.us/congress/bills/113/s1011
May 27, 2013 | celebration, coins, history
Coin Collectors Blog supports:
Decoration Day was first celebrated by Freedmen, freed southern slaves, May 1, 1865 in Charleston, South Carolina to honor the service of the 257 Union soldiers buried at the Washington Race Course. Today, Washington Race Course is known as Hampton Park.
The next year, southern states began their own Memorial Days to honor their soldiers who died during the war. No specific date was used but occurred in late April through June. By 1880, there was a more organized Confederate Memorial Day. These celebrations honored specific soldiers to commemorate the Confederate “Lost Cause.”
In the north, the fraternal organization of Civil War veterans The Grand Army of the Republic began organizing Decoration Day celebrations in 1868. Decoration Day was the day to honor the fallen by decorating the graves of Union soldiers with flowers and flags.
The Nisei Soldiers of World War II Bronze Medal
On this Memorial Day, I want to take this opportunity to remember those who gave the ultimate sacrifice while defending freedom at home and abroad. Whether it was wars for this country’s freedom, helping allies overseas, world wars, or helping others settle armed conflict around the globe, it is important we take this day to honor their service that helped make this country what it is today.
World War II veteran Richard Overton, left, is seen in his Army uniform in an undated photograph provided by the City of Austin. Overton, 107, sits outside his Texas home earlier this month. (AP/Austin American Statesman)
Coin images courtesy of the U.S. Mint.
Pictures of Richard Overton courtesy of FoxNews.com.
May 16, 2013 | coin design, coins, Eagles, gold, US Mint
One of the most pleasantly surprising find at the National Money Show in New Orleans was at the U.S. Mint booth. On the right side of the booth, almost in the middle of the floor, was a single display case with a sign that read “Upcoming Products.” In the case was an example of the 2013 American Eagle West Point Two-Coin Silver Set.
The U.S. Mint began its four week sale period on May 9, 2013, the first day of the National Money Show. All orders are being taken via their website or by telephone at 800-USA-MINT (800-872-6468). The two coin set with one American Eagle Silver Reverse Proof Coin and one “enhanced” American Eagle Silver Uncirculated Coin minted at the United States Mint at West Point. Selling price is $139.95 with shipping to begin on September 30.
This set will mark the fourth time that the American Silver Eagle will be produced in reverse proof. Prior to this year, the U.S. Mint produced the American Silver Eagle for the 2006 20th Anniversary Silver Eagle set, 2011 25th Anniversary Silver Eagle set, and the 2012 75th Anniversary of the San Francisco Mint set. As far as I am concerned, the U.S. Mint can continue to produce the reverse proof American Silver Eagle every year.
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2013-W American Silver Eagle reverse proof
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2013 American Eagle West Point Two-Coin Silver Set with reverse proof and enhanced uncirculated coins.
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2013-W American Silver Eagle enhanced uncirculated coin
What made the set stand out what the U.S. Mint calls the “enhanced uncirculated” coin. While it looks like a proof coin, the enhanced portion are the selective frosting of elements. Introduced earlier this year, the new laser frosting technique allows the U.S. Mint to selectively apply the frosting texture to areas of the dies in a matter that leaves fine details of the coins. For the enhanced American Silver Eagles, the selective frosting leaves the folds of Miss Liberty’s skirt mirrored and is used to show off the flag she is holding. Adolph A. Weinman’s Walking Liberty image is one of the best designs every to appear on a U.S. coin. Enhancing it in this manner just makes it pop in a way Weinman could never imagine.
Even if you are “board” with the reverse proof, the set it worth purchasing just for the enhanced uncirculated coin. You will not be disappointed.
But the coin that really caught my eye was on the right side of the case. A 2013 Reverse Proof American Buffalo 24-Karat gold coin. Previously unannounced, it did not get noticed until I posted one of the first pins on Pinterest. After, it seem that the story spread around the numismatic press.
According to the U.S. Mint representatives at the show, the gold coin that was first issued in 2006 featuring the 1913 Type 1 Buffalo Nickel, will celebrate the 100th anniversary of the design by James Earle Fraser.
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2013-W American Buffalo gold reverse proof obverse
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Reverse of the 2013-W American Buffalo gold reverse proof
As striking other reverse proof coins have been, the American Buffalo gold coin is just as striking. It could be called just plain beautiful. Aside from being my second favorite coin design behind Weinman’s Walking Liberty, it makes a big impression as a reverse proof coin.
Since the coin has not been issued, the price has not been set. Since the price is based on the market price of gold, and considering that gold closed today (May 16) at $1,395.05 per troy ounce, and using the United States Mint 2013 Pricing of Numismatic and Commemorative Gold and Platinum Products [PDF] for the regular American Buffalo gold proof coin, the coin would cost $1,740. If the price of gold continues to go down, of course the sales price will go down.
Both coins bring the U.S. Mint back into the forefront of numismatic art. These coins use the best coin designs and brings them to a new level while keeping with their classic elegance without the gimmickry of color, embedded stones, odd shapes, or any combination of extras to sell non-circulating legal tender coins at an inflated price. It would be wonderful if the U.S. Mint could use these processes to enhance future designs. Both coins should be in the running for Coin of the Year honors when they are selected next year (and awarded in 2015).
May 14, 2013 | ANA, coins, shows
Saturday in New Orleans started with my sleeping late and checking out of my hotel. After I left my bags with the concierge and picked up a cup of coffee, I walked over to the convention center.
The weather was better than Friday in that it was sunny with a little humidity. If I had hair it would have been a different problem. But it was just cool enough to be comfortable as I walked over in my sports coat that I wore for the candidates forum.
Panorama of the 2013 National Money Show bourse floor at the Ernest N. Morial Convention Center in New Orleans
I did a little looking around the floor and spoke with a few dealers. I did take the opportunity to stop by the booth of Miller’s Mint. I see Harry and Joan Miller at a number of larger shows and will see them next month in Baltimore. I did buy a few smaller items from them before the candidates forum. I will take a look at a few more items they have when I see them next month.
On my way to the candidates forum I saw people I recognized from visiting coin shows in the Mid-Atlantic region. Of course I handed them campaign material and went to the forum.
There was a good crowd at the candidates forum that included Executive Director Kim Kiick, Past President Barry Stuppler, retiring Board members Cliff Mishler and Wendell Wolka, and recently fired Executive Director Jeff Shevlin and his wife.
Just prior to the candidates forum, Jake Sherlock tweeted that the forum would be streamed live on YouTube. I wish they would have announce it sooner so that we could have ensured a larger crowd, but there seems to have been a few people watching with interest. There were two questions from the Interwebs. If we can do more of this, broadcast Board meetings, add classes, and Money Talks lectures, this would be a fantastic step forward.
One cool thing about having the Internet interaction was that during the forum, I tweeted:
Jake Sherlock, the ever diligent watcher of the Twitterverse responded:
Can you imagine if the Board can help better organize the use of technology, the ANA can reach more people and expand its education role not only for members but the public.
The candidates forum last more than three hours, longer than the scheduled two hours. A few of us had to do our summations early so that we could go to the airport to catch flights home.
What the Candidates Forum looked like from my perspective.
After rushing out of the convention center, I quickly walked back to the hotel, collected my bags from the concierge, and caught a cab for the airport. Going through security screening is always fun, especially when your hip is made of titanium. That hip replacement guarantees that I will be patted down every time I go to an airport.
On my way to the gate I found a shop to buy coffee and headed to the gate. After typing notes on my iPad, I looked over and found Wendell Wolka waiting to board the same flight to Atlanta, where we would transfer to separate flights to head home.
After landing at the Baltimore/Washington International Thurgood Marshall Airport (BWI) and fetching my car, I arrived home at 1:00 PM with a rousing welcome from my two puggles Boomer and Tessa. Of course my wife was happy to see me!
In the next few days, I will talk about something I found and the candidates forum. For now, it is time to get some rest!
May 10, 2013 | ANA, auction, coins, currency, shows
It was a rainy day in the Crescent City but that only mattered when I tried to leave my hotel to go to the convention center. Thanks to Michael Weir, the Director of First Impression at the Hilton Garden Inn, a group of three show attendees including myself, were able to get to the convention center without being rained on. Mr. Weir gave us door-to-door service dropping us off under an overhang.
Before I continue, let me give the New Orleans visitors bureau fodder by recommending the city for your next vacation. No matter when I have come here, the people of New Orleans have been accommodating, courteous, and fun. And when you are away from home, having fun is the most important part of a visit!
After stopping to speak with ICTA’s Director Elloise Ullman, I picked up a cup of coffee before walking down to Hall G. Before entering Hall G, I went upstairs to the meeting rooms where I found I missed a talk on so-called dollars because I started to schmooze outside of the hall.
My first stop this morning was to see Steve Roach, the Editor of Coin World. We had a nice conversation where we talked about everything from the upcoming American Numismatic Association Board elections to the production of Coin World Next, their weekly publication that concentrates on one topic.
After a lively conversation with Steve and Tom Mulvaney, who is best known as the instructor of the coin photography class with the ANA Summer Seminar. Tom’s work can be seen all over the numismatic industry. Some day I will be able to take the time off to go to Summer Seminar to take his class.
I wanted to tour the bourse floor but decided to finish touring the exhibits I did not finish. While in the exhibits area I ran into Hollie Weiland, counsel for the ANA. She then introduced me to Beth Papiano. This became an interesting conversation following the criticism I wrote about her. We did talk about what I wrote and why. Hopefully, I will have another opportunity to speak with Beth again and maybe I can understand more about what happened.
Lunch was a little hole-in-the-wall poboy place where I had fried oysters before returning to the convention center to try to do more looking around and meeting people. First, I had to go back to the exhibits and see what I missed. My favorite was the Travancore Chuckram Count Counting Boards. It was an exhibit of these metal boards that were used to count small coins. These are mainly form countries in southwest Asia. There were a lot more involved with this exhibit. Hopefully, I will have a chance to spend time carefully reading the text to learn more. Otherwise, I hope the exhibitor will display it again in Chicago.
At 2 o’clock it was time for the open Board meeting. After a delay because some of the governors were caught in traffic, the meeting proceeded with thunderstorms booming in the background. I do not know if that was a message, but considering the controversies of the past few weeks, there may have been something prophetic about the scene.
But the meeting started with an interesting “ritual.” ANA Past President Barry Stuppler invited his “spiritual advisor” Zar, a Voodoo Priest, to bless, spiritually cleanse, and add good luck to Kim Kiick on her appointment as executive director. Upon the end of the “ceremony,” someone in the crowd commented that this should have been done 10 years ago—referencing the problems with executive directors over the last 10 years.
I will comment about the meeting at another time, but one of the central discussions was the ANA’s web presence and the security of the technical infrastructure. I am glad to hear that the board is taking the move to expand the ANA’s technology seriously. Yes, there was skepticism and references to age-specific issues, it does not appear that the current board will hold back progress. There still needs a few more technologically aware members of the board, which is why I am running for the board.
After the meeting, it was back to the bourse floor to shake a few more hands before going to a reception for Rep. Steve Scalise (R-LA). Rep. Scalise from Lousiana’s first district and succeeded Bobby Jindal after Jindal became governor. Scalise co-sponsored newly introduced H.R. 1849, Collectible Coin Protection Act. This is the same bill that was introduced last year.
Finally, a walk down the hall to the Stacks-Bowers auction to watch the bidding on the various auction lots. Since most of the lots were out of my price range, I watched the action. The few items I could have afforded, I decided not to be a buyer. Some of those coins were hammered at a price higher than I expected. I would have dropped out before the top bids.
After being exhausted from a long day, I availed myself of the dinner service at the auction including the coffee. Meet a few people outside of the auction room came back the hotel. I did call my wife only to listen to one of my neurotic dogs bark at the thunderstorms throughout our conversation.
Tomorrow is the last day of the show and my last day on the floor. The candidate forum will be at 12 noon Central Time. I heard that the ANA arranged to have the two-hour forum broadcast on the Internet. I urge ANA members to watch the forum. If they have a way for you to ask questions, please try to do so! It is your ANA and you have to let the Board of Governors know how you feel.
I will be flying home after the candidates forum and arrive in the Washington, DC area very late. I will have a third-day update sometime on Sunday.
May 9, 2013 | ANA, bullion, coins, gold, shows, silver
After a late arrival in New Orleans, I walked the block over to the convention center to enter the bourse floor. Hall G of the Ernest N. Morial Convention Center is a big convention center hall that does not feel “full.” Sure, the National Money Show is a smaller show than others including the World’s Fair of Money, but it does allow for a different group of people to come in and learn more about numismatics.
Since my trip to the show is largely to campaign for the Board of Governors elections, I started to meet and talk with members around the floor. I had taken the opportunity talk with a few people I know and introduce myself to others.
But that does not mean I did not do some looking around.
The biggest news I learned is that the U.S. Mint is planning on issuing a reverse proof American Gold Buffalo later this year in honor of the design’s 100th anniversary. A sample can be seen at the U.S. Mint booth at the show and, of course on Pinterest. The image was taken through the glass of the case it is being display within. On Friday, I will try to take a picture of the coin with the case open.
On seeing the reverse proof American Buffalo coin I was stunned as to how beautiful it is. It has an elegance that you cannot see in a picture. The coin will be released later this year. It will give us time to put some money aside to buy at least one version. If you buy no other gold coin this year, you should save to buy this one. I guarantee that you will not be disappointed.
Although the sales of the 2013 American Eagle West Point Two-Coin Silver Set went on sale today, the U.S. Mint only had a sample at the show. All sales are being made on line or via the telephone. You can see an image on Pinterest. I will try to take a better picture when I do one of the American Buffalo gold reverse proof since both are in the same display case.
Aside from buying a new loupe because I left mine at home, I just found a few New York-related tokens including a New York City subway token where the cutout “Y” is off-center.
One of the great things about coming to an ANA show is to see people, meet new people, and just have a great time. Some of us went to the French Quarter for dinner. After dinner, we walked a few blocks to the French Market for café au lait and beignets at Café du Monde. Thus, the tradition I started as a college student in 1980 continues—every trip I have ever made to New Orleans included a visit to Café du Monde.
Friday will be some Money Talks sessions and end with a reception for Congressman Steve Scalise (R-LA). Scalise is one of the sponsors for the newly introduced H.R. 1849, the bill to update the Hobby Protection Act. The same bill that did not get a hearing during the last session.
Keep a watch on Twitter and Pinterest for reports from the show.
May 9, 2013 | ANA, coins, currency, shows
Hello from New Orleans: The Crescent City; The Big Easy; NOLA; N’awlins; the self-proclaimed America’s Most Interesting City; and home of the 2013 National Money Show.
After an early start and a change in planes in Atlanta, I made to Louis Armstrong International Airport. How could you not want to go to a place where the airport is named after the great Louis Armstrong! Oh yea!
I just checked into my hotel, freshened up a bit, and giving the phone a chance to charge so I can take pictures in the convention center. While waiting, I created a board on Pinterest where I will be posting those pictures. You can also follow me on Twitter where I will tweet and even post some images.
Of course, I will write an evening wrap-up. So keep your browser pointed here for what happens in New Orleans.
Remember, Saturday is the candidates forum for those running for the American Numismatic Association Board of Governors. I will be there along with the 15 other candidates including the president and Vice President candidates that are running unapposed.
Finally, at some point I have to make it to Café du Monde in the French Market for a café au lait. Going is a personal tradition that dates back to my first trip to New Orleans in 1980.
Time to go to the convention center!
May 7, 2013 | coins, currency, Federal Reserve, financial documents
Although new currency with the autograph of Secretary of the Treasury Jacob “Jack” Lew have yet to be issued, Treasury documents signed by Lew have been seen with a new autograph.
During his confirmation hearings, it was reported that Lew told Sen. Max Baucus (D-Montana) that he made to the president “to make at least one letter legible.” It looks like he has made more than one letter legible based on the image broadcast by MSNBC.
Lew is not the only Treasury Secretary to change his autograph. Timothy Geithner did the same on his appointment. When asked about his autograph, Geithner said, “Well, I think on the dollar bill I had to write something where people could read my name. That’s the rationale.”
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Tim Geithner’s autograph before becoming Treasury Secretary.
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Tim Geithner’s signature as it appears on U.S. currency
Not every autograph on U.S. currency could be considered legible. You can see all of the autographs on small size currency (since 1928) on this page at uspapermoney.info.
I wish Lew kept his lewpts!
A mock-up of what Jack Lew’s original signature would look like on a one-dollar note
Jack Lew autograph examples courtesy of MSNBC.
Tim Geithner autograph examples courtesy of American Public Media
May 3, 2013 | coins, legislative, policy
S. 768: Sound Money Promotion Act
Sponsor: Sen. Mike Lee (R-UT)
• A bill to treat gold and silver coins used as legal tender in the same manner as United States currency for taxation purposes.
• Introduced: April 18, 2013
• Referred to the Senate Committee on Finance
Track this bill at http://www.govtrack.us/congress/bills/113/s768
H.R. 1653: Pro Football Hall of Fame Commemorative Coin Act
Sponsor: Rep. James Renacci (R-OH)
• Introduced: April 18, 2013
• Referred to the House Committee on Financial Services.
Track this bill at http://www.govtrack.us/congress/bills/113/hr1653
H.R. 1719: Cents and Sensibility Act
Sponsor: Rep. Steve Stivers (R-OH)
• To amend title 31, United States Code, to save the American taxpayers money by immediately altering the metallic composition of the one-cent, five-cent, dime, and quarter dollar coins, and for other purposes.
• Introduced: April 24, 2013
• Referred to the House Committee on Financial Services.
Track this bill at http://www.govtrack.us/congress/bills/113/hr1719
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