Jun 2, 2008 | Britain, Canada, coins
Needing to catch up on a number of tasks this weekend, I decided to take time out and go through my pocket change. While I like to examine my change, sometimes it is not possible. So I drop the coins in a small box and promise myself to search them later. The box was overflowing making it time to search.
First, I separate quarters. Quarters are easier to examine because of their size and the fewer errors I have found. I also fill up coin tubes so that my wife has soda money for work. While searching this small box, I found two 1976 quarter with the Drummer Boy Reverse designed by Jack Ahr. It still remains one of my favorite designs.
While searching the quarters, I found a 1992 Great Britain 10 pence coin. This coin is 24.5 mm in diameter and 1.8 mm thick with a reeded edge. A US quarter dollar is 24.26 mm and 1.75 mm thick with a reeded edge. Although the design is different, the size and the silver-like color could easily have this coin mistaken for a US quarter. My only problem is that even at the current exchange rate (it takes $2 to equal £1) the coin’s value is 20-cents leaving me 5-cents short!
Within the nickels, I was able to find a well circulated 1954-S coin. It is not worth much in its current condition, but it is nice to find a coin older than me and with the mint mark on the reverse.
When searching change, there seems to always be more to find within the little brown coins that many want to complain about and eliminate. For change searching, pennies usually yield some of the more interesting finds. Aside from the number of early Memorial reverse copper cents, I was able to find 1972-S and 1974-S cents. For someone on the east coast, finding San Francisco Mint coins in change is not usual.
Of course I found a few wheat back cents. The oldest is a well circulated 1941 cent. Two others, 1956-D and 1957, are in good to very good condition with a nice, even chocolate brown toning.
We cannot forgot our neighbors to the north. With the dollar about on par with the Canadian dollar, the prospect of making a virtual profit on finding Canadian cents induces dreams of past economic times. But this time, I found two 1979 and one 2000 cents. The 1979 cents have the modified tiara portrait, a smaller portrait from previous versions, and 3.26 grams of .980 copper. It contains 2.57 (US) cents worth of metals.
The copper-plated zinc 2000 Canadian cent, contains about one (US) cent worth of zinc.
If nothing else, it gave me a couple of hours to relax.
May 16, 2008 | coins, dollar, US Mint
John Quincy Adams was the sixth President of the United States and the first president who was a son of a president. Adams served one term, 1825-1829, and was the first president not to take the oath of office on the bible. Adams was a very religious man who felt that the bible should be only used for religious reasons. Adams took the Oath of Office on a book of American laws in effect saying that he was taking his oath to the Constitution.
Adams was elected to the House of Representatives in 1831 and served until he died of a stroke in 1848, two days after collapsing on the floor of the House.
As the US Mint releases the John Quincy Adams dollar coin, the National Stroke Associations will join with the Mint to bring stroke awareness to the forefront.
The National Stroke Association is promoting the FAST method for recognizing stroke symptoms:
- F = FACE Ask the person to smile, does one side of the face droop?
- A = ARM Ask the person to hold both arms outstretched, does one arm drift downward?
- S = SPEECH Ask the person to repeat a simple sentence, does the speech sound slurred?
- T = TIME If anyone experiences any of these symptoms, time to call 9-1-1 and ask to be taken to the nearest stroke center hospital
It is a good idea to remember the FAST method. Not only it could save a loved one’s life, it can save yours!
May 16, 2008 | cents, coins
Now that we are at the middle of May, I continue to check my pocket change and ask where are all of the 2008 coins? By now, I would expect to see a few 2008 coins in my change but I have seen only a few Oklahoma quarters in circulation. And even after the Bureau of Engraving and Printing said that the Federal Reserve would only circulate the new Series 2006 $5 notes for the first two weeks after issue, I have yet to receive from circulation.
I performed an unscientific survey of five co-workers who did not have a single 2008 coin amongst them.
Of all the 2008 coins I expected to see sooner was the Lincoln Cent. According the US Mint, the presses that strike cents in Philadelphia and Denver run 24 hours per day, seven days per week in order to supply the Federal Reserve with coinage to support the nation’s money supply. But where are they?
One theory was that floated that with the soft economy, people are bring jars and buckets of change to coin counting machines, placing hoarded coins back into circulation. Coinstar, whose kiosks are seen at many grocery stores, has been advertising for people to turn in their change. Those using Coinstar machines pay 8.9 percent for the service (9.5 percent in Canada) or customers can redeem their coins for gift cards with no fees.
Coinstar’s reported earnings for their coin counting operations have risen. In an attempt to jump on the “green” bandwagon, Coinstar is promoting the environmental savings that can be realized by recycling coins. They are promoting it with a website at ChangeForYourEarth.com.
With some banks offering free coin counting services, Coinstar promoting coin services as a green initiative, and the slowing economy lowering the demand for coinage seems to have lead to a reduction in striking cents.
Hopefully I will find a 2008 coin soon.
May 7, 2008 | BEP, cents, coin design, coins, currency, gold, Israel, legislative, US Mint
It has been a week since my last post and I thought an update was in order. I will follow up with a post for some of these at another time. This will give me something to do while proctoring the final exam in an information security course I am teaching this semester.
I recently received four polymer 20 New Israeli Shekelim notes from a dealer in Israel. These notes are the first that Israel is producing on polymer “paper” that was developed by the The Reserve Bank of Australia. Israel is another in the growing list of countries to start using the polymer material. The notes include the same security features as rag-based notes and include a new clear window with a watermark that is said to be extremely difficult to counterfeit. While the polymer substrate costs little more and the production is only marginally more expensive, the benefit will come from the reduction in counterfeiting and the durability of the note. Polymer will last three-to-six times longer than rag-based paper.
According to unconfirmed reports, the Bureau of Engraving and Printing is experimenting with different types of polymer paper for both US and foreign production. If the BEP can adjust their equipment to print on polymer paper, they can solicit business from other countries to produce their currency. Once the BEP builds its portfolio, they are prepared to go to congress to recommend discontinuing production of the one-dollar note. Until then, the BEP will continue to produce one-dollar notes in order to keep workers in key congressional districs in the Washington, DC and Fort Worth, TX areas employed. Remember, 95-percent of the BEP’s production are for one-dollar federal reserve notes.
The spot price of gold continues to drop as the dollar gains against the Euro and the Pound. Prices are returning to pre-2008 levels. However, buyers of gold collectors coins from the US Mint has not seen their prices reduced. While the Mint repriced gold and platinum coins in February and March, the Mint has not lowered their prices with the market. The one-ounce American Gold Eagle proof coin is still $1,199.95, the new price given in February. With gold closing at $876.88 today, the $327.07 premium is 36.8-percent higher than the spot price. This will cause problems for those who buy at thiese prices when reselling these coins.
While we are talking about gold, the Original Saint-Gaudens Double Eagle Ultra-High Relief Bullion Coin Act was simultaneously introduced in both the House (H.R. 5614) and Senate (S. 2924). These identical bills will allow the Mint to strike high-relief $20 gold pieces using the Augustus Saint-Gaudens original 1907 design. The date will be in roman numerals and the motto “In God We Trust” will be added over the rising sun as it appeared in 1908. The coin will be on a double-thick, 24-karat gold planchet (sometimes called a piefort) 27 millimeters in diameter.
The US Mint finally posted its online product schedule for the rest of the year. The only thing that jumps out at me is that the 2008 American Buffalo 24-karat gold proof coin is not listed.
On Tuesday, the House of Representatives began to debate H.R. 5512, the Coin Modernization and Taxpayer Savings Act of 2008. The primary provisions of the bill will allow the US Mint to determine the size and composition of US coins without having to ask congress for permission. It also specifies that following 2009, the one-cent coin would be “be produced primarily of steel and treated to impart a copper color to its appearance similar to one-cent coins produced of a copper-zinc alloy.” Debate was cut off on procedural grounds by Republican lawmakers who oppose the bill.
It was just another uneventful week!
Apr 26, 2008 | coins, fun
Do you remember the coin dominoes video from YouTube? Well someone sent a link to the video that shows some of the behind the scenes of that video shoot. It’s a short clip and something fun for the weekend.
Now that you’ve seen the behind the scenes story, watch the full video (here) and enjoy!
Apr 13, 2008 | auction, coins, varieties
For those interested in collecting the finest VAM varieties of Morgan Dollars, Heritage Auction Galleries will be auctioning some of Leroy Van Allen’s collection of varieties. The auction will be this week their Central States Numismatic Society Convention Signature Auction and is available for bidding online.
Apr 12, 2008 | coins, education, review
Numismatic Guarantee Corporation sent an email to customers announcing the launch of the NGC Coin Encyclopedia. The free online resource was developed by NGC Research Department, directed by David W. Lange.
The Coin Encyclopedia provides the history and stories behind each denomination along with NGC Photo Proof images. Each article has an extensive bibliography and a link to NGC’s census for each coin. Aside from circulation coins, entries exist for colonials, commemoratives, American Eagles, patterns and trial coins, and others.
While the resource is extensive for US Coins, the World Coin section only has a few sections for Canada, Great Britain, and South African gold coins. It gives the resource an area to grow.
It looks like a good resource. The layout is intuitive and easy to find the well written information. The search is helpful and the pictures of the various coins enhance each entry. NGC’s Coin Encyclopedia has been added to my bookmarks for future reference.
Apr 11, 2008 | coins, fun, other
As the first weeks of spring and the fiscal quarter, there seems to be a lot of activity in the numismatic markets. Even as the precious metals market is fluctuating like a running roller coaster, the numismatic market seems to be going like gang busters. Numismatic News is reporting that Heritage Auction Galleries will auction an original, not restrike, 1804 dollar at the next Central States Numismatic Society convention. The coin is certified MS65 by NGC and is expected to be sold for the highest price for a silver dollar.
A reader sent an email asking if I thought the growth was pushing the ordinary collector out of the market. My initial reaction was to look at what the trade press was writing about high end, rare coins, and think that I could not afford those coins. Even the “low end” coins selling over $100,000 is out of my price range. I was ready to answer “yes, the ordinary collector is not part of this market.”
Then I looked at my own collecting activities. After all, I consider myself an ordinary collector. As the market grew and the economy turned, rather than gather many collections, I am concentrating on a few item types. For example, my New York connection was able to add some nice items from a variety of sources. All are interesting and inexpensive collectibles.
When I answered, I told my correspondent that maybe the generalist collector could be priced out of the market, but a collector with a passion and goal can still find affordable numismatic items for their collection. There is nothing wrong with creating specific collecting goals and I encourage you to find yours.
Happy Collecting!
Apr 3, 2008 | coins, commemorative, legislative
On April 1, 2008, the House of Representatives passed HR 2040, Civil Rights Act of 1964 Commemorative Coin Act by a voice vote. If the bill passes the Senate and is signed by the president, the bill authorizes the US Mint to issue a one-dollar silver commemorative coin to honor the fiftieth anniversary of the passage of the Civil Rights Act of 1964 in 2014.
Although the bill does not specify a design or a theme, the bill requires the Mint to undergo the same bureaucratic review by the Commission of Fine Arts and the Citizens Coinage Advisory Committee. It is possible that a different design could be used for the proof and uncirculated coins.
Sales of these coins will include a $10 surcharge that will be given to the United Negro College Fund.
HR 2040 was introduced by Rep. John Lewis (D-GA) in April 2007. In the year since its introduction, the bill gained 313 co-sponsors . Because of the number of bipartisan co-sponsors and the work of Barney Frank (D-MA), Chairman of the Financial Services Committee, to work with Ways and Means Committee Chairman Charlie Rangel (D-NY), the bill was brought to the floor without committee hearings. The forty minute debate included accolades to the people who worked on getting this bill to the floor including Rep. David Scott (D-GA).
Now the bill goes to the Senate for their consideration. The Senate may choose to act on the House version or may consider S. 1437 was introduced in May 2007 by Sen. Debbie Stabenow (D-MI) with 13 cosponsors. It would be unlikely that the Senate will vote on their version since both versions are identical. Passing both versions would force the congress to form a conference committee to reconcile any differences and send it back to the chambers for up-or-down votes. That is too much work for an idea that should pass without further discussion.
Apr 2, 2008 | coins, US Mint
On April 2, 1792, President George Washington signed the Coinage Act of 1792 into law, giving birth to the United States Mint. David Rittenhouse was appointed as the first director of the Mint whose first job was to build or purchase the first government owned building.
The Coinage Act of 1792 set the basis of US coins to be the dollar that would be on par with the Spanish Milled Dollar. It established gold coins for the Eagle (ten dollars), Half Eagles, and Quarter Eagles. The half dollar, quarter dollar, dismes, and half dismes were to be struck in silver while the cent and half cent would be struck in copper.
The law outlines how the Mint operates in order to preserve its integrity and sets the basis for making debasement (such as shaving the metals from the edge) and counterfeiting illegal acts. Over the years, we learned that the laws required for self oversight was akin to the foxes guarding the hen house.
From good economic times to bad politics, the US Mint has been working for 216 years to meed the demands for circulating coinage while creating objects that drive the passion of numismatists.
Let’s raise a cheer and wish the US Mint a Happy Birthday!
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