Dec 13, 2019 | news
After a week of being busier than a one-armed paper hanger, I sat down to write a blog post and found that this was marked as a draft and never published. Sorry for the delay!
The Brits love collecting these coins that would be called “gimmicks” in the United States
(Royal Mint image)
The study that was commissioned by the Royal Mint sampled 2,000 adults and showed that more than 50-percent of the respondents collected coins or stamps, the most in the survey.
Although age was a factor in the type and size of the collection, the study showed that themed coins were more popular with younger collectors than the traditional set building.
When it comes to advancement in electronic payments, e-commerce, and similar conveniences, the UK is no different than the United States. One Bank of England study showed that younger adults are adapting to credit cards and electronic payment options more than their parents and grandparents. The difference is that the average value of the transactions is higher.
In addition to the 1-, 2-, 5-, 10-, 20-, and 50-pence coins, the Royal Mint produces £1 and £2 circulating coins. Brittons are used to carrying these coins and using them for low-value transactions. While many stores will accept micro-transactions using credit cards, the cost structures are different that using coins is encouraged.
In the United States, the credit card companies have pushed the use of cards to the point of lowering transaction fees to the merchants to encourage microtransactions. While it is common to see someone in the United States pay for a $2 large soda with a credit card, the studies show that this does not happen as much in the United Kingdom.
Aside from the societal norms that continue to promote coins for commerce, the Royal Mint has done an excellent job promoting coin collecting by producing different designs. They produced 20p and 50p circulating coins that have promoted various aspects of British cultural history. It is common to see weekly stories of a limited edition circulating coins to sell for high values in online auctions.
Not only are these coins accepted by the British numismatic community, but they are also used to promote the hobby more than the sovereigns of the higher-priced collectibles. News reports demonstrate that the British collecting public would instead collect coins about Wallace & Gromit or Paddington Bear than a sovereign.
Rather than embrace change in United States coinage, the numismatic Illuminati would rather bemoan the state of “modern coinage.” They forgot how the 50 States Quarters Program brought back interest in collecting coins. But they were happy when people started showing up at their shops and shows while ignoring the hucksters out there who were selling overpriced packages which has lead to giving the hobby a proverbial black eye.
The situation is understandable. Dealers have to make a living, and it is more profitable to sell Morgan Dollars than it is to sell Presidential Dollars. Unfortunately, the way dealers turn their noses up to the lower-end market is turning away future customers. Collectors have to start somewhere and if it means getting someone interested in collecting National Parks Quarters or encouraging a series of quarters based on cultural icons, then embrace the change. Your future may depend on it!
And now the news…
December 3, 2019
Half of Brits are proud owners of a collection – including everything from coins and fridge magnets to items from hotels. Stamps, candles and pens also made the list of collectable pieces.
→ Read more at
mirror.co.uk
December 3, 2019
ÇANAKKALE-Anadolu Agency Turkish archeologists have unearthed a 1,800-year coin thought to feature Paris, an ancient figure some have blamed for starting the legendary Trojan War. More historically, Paris may have also founded the ancient city of Parion in the coastal Canakkale province, in Turkey's northwest, near the unearthed traces of Troy.
→ Read more at
hurriyetdailynews.com
December 3, 2019
A drill site at Ascot Resources’ Premier project. Credit: Ascot Resources
→ Read more at
mining.com
December 3, 2019
A hoard of Anglo-Saxon coins discovered in a field by an amateur detectorist has fetched £90,000 at auction – three times its original estimate. The collection, made up of 99 "silver pennies" thought to be 1,000 years old, was found buried on farmland in Suffolk in March 2017.
→ Read more at
bbc.com
December 6, 2019
Massachusetts regulators have taken legal action against Metals.com for allegedly convincing seniors to invest millions of dollars of retirement savings into overpriced precious metals. A Quartz investigation linked the company with a web of Facebook ads and websites that specifically target conservative retirees.
→ Read more at
qz.com
December 6, 2019
In 2012, the federal government—at the time headed by Stephen Harper—began to devise a strategy to take the penny out of circulation in Canada. One of the reasons behind this rationale was simple: the cost of making a new one-cent coin was estimated at 1.6 cents per coin.
→ Read more at
princegeorgematters.com
Dec 3, 2019 | news
Sorry for being late. It’s the holiday season and those of us in retail are busy!
‘Tis the season… for scams!
Ericsson DBH 1001 (ca. 1931), the first combined telephone made with a Bakelite housing and handset.
According to the AARP Fraud Watch Network, the people perpetrating the scams are skilled in the psychological warfare necessary to get the intended victim to believe them. Most target the elderly because they are the ones with psychological issues that come from aging, such as reduced functionalities, loss of loved ones, and a changing culture that they do not understand.
Although gold and silver scams are not new, scammers are using the confusing language of new laws that allows these criminals to hide behind the mumbo-jumbo of words.
Unfortunately, these slick-talking salespeople are good at what they do. The result is separating their mark from their money, leaving the victim broke.
The best suggestion to deal with this type of fraud is not to buy anything over the telephone from someone you do not know. It does not matter how professional they sound or good they make you feel. These people are not looking out for your best interest.
Also, do not fall for the “we will hold your gold or silver in our vaults and give you a receipt” scam. While there are legitimate companies that will offer this service, for a fee, others are not licensed or insured to keep your assets secure. If you fall for this scam, they will run away with your money while you hold onto a worthless piece of paper.
Unless you initiate the call to a verified telephone number, do not give out any personal information to the person on the other end of the line. Even if the person claims to be from a charity, you will not be able to verify whether their story is true or not. Just hang up and go on with your life. You will be happier that you did!
RECOMMENDATION: If you want to learn more about how scams occur and how to protect yourself and your loved ones from them, you will want to listen to The Perfect Scam, a podcast from AARP. Although I have heard about many of these scams, the podcast puts them into a broader context by discussing how widespread it is. If there is a vulnerable person in your life, you should listen to this podcast to learn about the signals that they may be in trouble from a scammer. You can listen to it on your favorite podcast app or visit the podcast’s homepage.
And now the news…
November 26, 2019
A chest containing 60 coins believed to have been in circulation in the 19th and 20th centuries was discovered in the basement of a dilapidated building, Russia’s state news agency TASS reports. The find is estimated to be worth up to 1 million rubles, or £2,200.
→ Read more at
express.co.uk
November 28, 2019
@pixabay.com A record-breaking coin auction was held recently at the Hotel Metropole in Monaco.
→ Read more at
hellomonaco.com
November 28, 2019
The Royal Mint has launched its largest coin ever, a creation that measures 175mm in diameter, weighs 5kg and has a denomination of £5,000. The coin has been created as part of The Royal Mint’s new Great Engravers series, which pays homage to artists who have worked on British coinage.
→ Read more at
independent.co.uk
November 28, 2019
Lithuania announced it would celebrate Jewish heritage with a special coin, which some critics charge features a symbol associated with far-right admirers of Holocaust perpetrators. The 10-euro coin celebrates 2020’s labeling in Lithuania as the Year of the Gaon of Vilna and Jewish Heritage” and features a menorah atop a local symbol known as the Columns of Gediminas, commemorating that 13th-century ruler.
→ Read more at
israelnationalnews.com
November 28, 2019
Nov 24, 2019 | coins, news
Maine Troop Greeters Coin – Created to commemorate the 3,000th flight greeted, March 22, 2008 (Image courtesy of the Maine Troop Greeters)
As part of their work greeting service members coming home from the world outpost, the service members leave their challenge coins with the greeters as a token of appreciation. Within the last few years, the organization created a museum within the Bangor International Airport for these challenge coins. With over 6,000 in their collection, they have documented their holdings, making it available for all collectors.
The database provides color images of each of the challenge coins with a description of size, shape, and devices. If you have a challenge coin you cannot identify, you can search the database for keywords found on the coin. It is a simple yet effective idea.
According to their website, the Main Troop Greeters are slowing their growth and winding down operations as the number of troops overseas decreases. They have done a great service welcoming back soldiers returning from overseas wars. Hopefully, their work will not have to be duplicated in the future.
And now the news…
November 15, 2019
BANGOR, Maine (WABI) – The Maine Troop Greeters have a new, easier way for people to search through their collection of military challenge coins.
→ Read more at
wabi.tv
November 15, 2019
Video An extremely rare half-dollar coin from 1838 has been sold at auction for $504,000. The coin was auctioned Friday at the Whitman Baltimore Winter Expo at the Baltimore Convention Center.
→ Read more at
foxnews.com
November 18, 2019
One expensive coin A rare British gold coin from 1703 made from gold seized from a Spanish galleon just sold for over a million dollars.
→ Read more at
thevintagenews.com
November 20, 2019
Prominent Russian billionaire entrepreneurs spend their time and money not only on entrepreneurial activities. There are dedicated collectors among them, too. Some of them approach their hobby as professionals, rather than enthusiastic amateurs.
→ Read more at
pravdareport.com
November 23, 2019
Remember the times when our mothers used to sell old newspapers and old magazines to the scrap dealers? Maybe this woman got a little carried away or didn't realise in time what she was doing, but she accidentally ended up handing over 15 gold coins to a scrap dealer.
→ Read more at
indiatimes.com
November 24, 2019
November 20, 2019 5 Comments Ireland's Central Bank will honor THIN LIZZY's Phil Lynott with a limited-edition commemorative coin, marking 70 years since his birth.
→ Read more at
blabbermouth.net
November 24, 2019
Video Two amateur treasure hunters were sentenced Friday to lengthy prison terms for stealing millions of dollars worth of 1,100-year-old coins. The coins date back to the period when the Anglo-Saxons were battling Vikings for control of England.
→ Read more at
foxnews.com
November 24, 2019
The coins were found under a hedge by a member of the public A stash of rare coins which were found hidden under a hedge at an allotment have been reunited with their owner.
→ Read more at
bbc.com
Nov 18, 2019 | coins, commentary, Eagles, news, US Mint
The biggest numismatic-related news of the week that not reported in many media outlets. It was the failure of the U.S. Mint to deal with a high volume of orders for what everyone anticipated would be a popular product.
On November 14, 2019, the numismatic community rushed to the U.S. Mint website. It flooded their call center attempting to purchase the 2019 American Eagle One Ounce Silver Enhanced Reverse Proof Coin. As with almost all of their past launches, the U.S. Mint e-commerce systems failed the collecting community.
Collectors reported web failures, outages, and disconnection on the telephone trying to order the product. I was first alerted of a problem by a family member and my mailbox filled with readers who experienced similar issues.
After hearing the criticism, the U.S. Mint issued the following statement:
At the moment of launch, there were 99,000 people online and 4700 callers waiting to purchase the American Eagle 2019 One Ounce Silver Enhanced Reverse Proof Coin (19XE). Completed orders were processed until all inventory was sold. We are constantly seeking feedback from our customers, and rest assured your voice is being heard.
To try to spin this further, on Friday, the U.S. Mint issued the following statement:
Yesterday, the Mint catalog website had more than 150,000 unique visitors and 1.6 million page views in the first hour of sales of the American Eagle 2019 One Ounce Silver Enhanced Reverse Proof Coin (19XE). For context, the catalog website’s previous highest traffic and page views were for the Apollo 11 product launch, when we had 124,000 visitors in one day and 863,000 page views in one hour. We are pleased with the numismatic community’s response to this product. The volume of traffic did briefly slow down our site response. However, after the first two minutes we were able to process over 1800 orders per minute on average. Completed orders were processed until all inventory was sold. Additionally, we identified approximately 5% of traffic as coming from bots, including 3% of traffic from a single IP address, of which zero orders were processed.
With all due respect to the U.S. Mint, if this is beyond your capacity, then the competence of the Mint and their contractor (aren’t they contracted with Pitney-Bowes?) are in question. There are e-commerce systems that have higher capacity requirements and service their customers better.
The failure of their e-commerce system is not a new problem for the U.S. Mint. We can go back through the history of this blog to note how badly they have implemented their e-commerce systems.
Frankly, I am not surprised. Years ago, when I was a contractor within the Department of the Treasury, I had to listen to how the U.S. Mint’s systems were built to be greater and better than anyone else in the department. Their technology directors touted their capacity and their capabilities over all the other bureaus. They used these reasons to allow them to separate themselves and to avoid integration with other systems, even suggesting that they be the central integrators for the department.
Even though I have not worked within the Treasury Department in many years, the results and the spin published by their public relations department demonstrates that the chutzpah continues.
For four years, the U.S. Mint has been holding forums to try to learn from collectors what they expect. One thing they have not learned is to fix the mechanisms that provide collector access to U.S. Mint products. It is time for the U.S. Mint to stop talking and do something. Their problems have surpassed annoying and are bordering on malfeasance!
And now the news…
November 12, 2019
We all have them, worth almost nothing, but still can be useful. They are the little button-sized ¢5 coins that fill up your pockets or coin jar, that the Banco Central (Central Bank) will stop minting starting January 1, 2020.
→ Read more at
qcostarica.com
November 12, 2019
LOWELL, Mich. — When 43-year-old Jason Faraj entered Collector’s Korner in Lowell, the smooth-talking antiques aficionado gained the trust of the store owner and left with more than $5,700 in merchandise.
→ Read more at
wzzm13.com
Nov 10, 2019 | coins, news
Hoard of coins found in Northern Ireland (Image of courtesy of Birmingham Live)
In Northern Ireland, two men looking for a friend’s lost wedding ring found a small hoard of 84 coins dating back to the 16th century. The oldest coin was dated 1512, which was during the reign of Henry VIII.
According to the story, the men who do this as a hobby, look at old maps and accounts of history to find areas that may be the sites of ancient villages or battles. Although I was surprised to read this, it makes sense, and it brings up an interesting point.
Finding artifacts buried in the ground, including coins, are a window into history. Researching where to search and understanding the history of a coin is like what archeologists do to unearth history.
I wonder if there is a way to welcome metal detectorists into the numismatic family?
And now the news…
November 4, 2019
A British girl named Kate Harding was out working in the garden with her mother on a normal day. She was 9 years old and had no idea the silver coin she had just found in the dirt was over 700 years old. She put it away and didn’t think much about it. Many years later, she found herself face-to-face with the police at her front door; she had no idea what was happening, but she would soon find out. Her life was about to be drastically affected in a way she couldn’t have predicted. Here’s what happened to Kate Harding 14 years later.
→ Read more at
finance101.com
November 4, 2019
£1 million worth of historic silver “thruppences” is to be sold off in an effort to stop coin collecting dying out in the digital age.
→ Read more at
telegraph.co.uk
November 4, 2019
Australia’s embrace of a cashless society has seen coin production at the Royal Australian Mint plummet, with revenues from coin sales down more than 30% compared with last year. While the mint had budgeted for circulating coin revenue of $85m in 2018-19, the mint achieved a result of just $58m, selling 111m coins to the banks, 106m of which were for circulation.
→ Read more at
theguardian.com
November 5, 2019
As the old saying goes, ‘there’s no Christmas in coin collecting.’ And local coin shop owner Jeff Spielman is warning collectors not to be fooled by scammers in the Lincoln City area. Spielman, owner of the JS Coins LLC shop, has seen a variety of counterfeit coins and jewelry come through his doors during his tenure in Lincoln City.
→ Read more at
thenewsguard.com
November 5, 2019
An ultra-rare 1838 half-dollar coin could fetch as much as $500,000 at the Whitman Baltimore Winter Expo at the Baltimore Convention Center on Nov. 14. Known as 1838-O Capped Bust Half Dollar, the coin is one of only nine known to exist, according to numismatic auction house Stack’s Bowers Galleries.
→ Read more at
barrons.com
November 7, 2019
Paul Raynard, 44, screamed “'there's millions – this is the moment we dreamed of!” to best pal Michael Gwynne, 52, when he realised the scale of the find
→ Read more at
birminghammail.co.uk
Nov 3, 2019 | coins, news
A 1773 Virginia Halfpenny from the Colonial Williamsburg Collection (not my friend’s coin because I forgot to take pictures) (Image courtesy of Colonial Williamsburg)
He was in an area not far from Jamestown. The metal detector community in the area knows that it is possible to find small items dating back to colonial times. Most of the time, people find bullets and buttons from the Civil War era. They dream of finding something special.
On this day, my friend comes in excited. He finds what he thinks are colonial coins. If he is right, he could have hit the local jackpot. I asked to see the coins.
Upon pulling out the coins wrapped in cheesecloth, the first thing I noticed that the coins were round. But Scott, you say, coins are supposed to be round. I say that you are correct, but at a time when minting coins required striking dies with a hammer, the result is not perfectly round.
While laying the open cloth on my desk, the sound the coins made was suspicious. Anyone who has handled large copper coins knows the sound made by a dropped coin.
Picking up my trusty 16x loupe, I went to examine the coins when I picked them up and felt they were lighter than expected. A quick drop on the hard floor confirmed that they were aluminum.
My friend found souvenir coins from Colonial Williamsburg used as part of the experience of living in the 16th century. A tourist would pay for the coins then use them in the shops or to purchase dinner in the village. Quick online research suggested they were used in the 1980s.
We think some kids buried the coins while playing and forgot about them. Or someone was trying to fool a metal detectorist, like my friend.
Even though he had dreams of being in one of the stories I add to the weekly news digest, we had a good time hanging out and talking. After all, what is the point of collecting if you do not have fun!
And now the news…
October 29, 2019
SIOUX CITY — Throughout the 19th century and somewhat into the 20th century, before the federal government took full control of printing money, it was common practice for banks to produce their own banknotes.
→ Read more at
siouxcityjournal.com
October 31, 2019
words Al Woods With so many of resorting to contactless card payment when we come to pay for those smaller items, it might seem inevitable that coins will, at some point in the near future, become a thing of the past.
→ Read more at
fluxmagazine.com
October 31, 2019
A first-time treasure hunter was stunned to hit the discovery of a life-time with his metal detector within the first few hours of using it – an Iron Age coin baring a intricately stamped horse. Ron Silvester, 69, from Buckinghamshire unearthed 2,000-year-old coin just three hours into his first ever attempt at metal detecting after agreeing to go along with a friend.
→ Read more at
dailymail.co.uk
November 1, 2019
This is the extremely rare Australian coin worth up to half a million dollars that could be lurking in the bottom of your grandparents' old penny jar. Australians on the hunt for the 1813 'holey dollar' caused an uproar on Facebook earlier this week when one man thought he found one in New South Wales, in a jar full of mixed pennies and foreign coins belonging to some grandparents, who had died.
→ Read more at
dailymail.co.uk
November 1, 2019
The majority of American citizens do not know what backs the U.S. Dollar, and a recent study shows there are a lot more surprises were that comes from. A recent study carried out by Genesis Mining revealed some interesting details that would shock you too, except of course you already knew the answers.
→ Read more at
coinspeaker.com
Oct 14, 2019 | Australia, Britain, coins, news, US Mint
X is for Xantippe
(Image courtesy of the Royal Australian Mint)
In the chapter, Santayana was emphasizing the need to use every experience as a lesson to improve the future. The rest of the chapter discussed how to apply lessons from things that went well.
What does George Santayana have to do with numismatics? Numismaitcs has not learned from the past and making the same mistakes expecting a better outcome. In other words, the numismatic industry is fulfilling the axiom credited to Albert Einstien: “the definition of insanity is doing the same thing over and over and expecting a different result.”
What are we doing wrong? Let’s look at it in the context of this week’s news. Following the lead of the Royal Mint, the Royal Australian Mint is producing 26 limited-edition circulating one-dollar coins with the letters A to Z along with a depiction of something Australian that represents that letter. They call it the Great Aussie Coin Hunt.
Some letters are easy, like G for G’Day or V for Vegemite. Others do not have obvious names. When it came to X, the Royal Australian Mint picked Xantippe.
What is Xantippe?
Aussies were perplexed when trying to figure out who, what, or where Xantippe could be. That is when the Royal Australian Mint revealed that Xantippe is a small farming town in Western Australia.
For the Royal Australian Mint, it was the perfect way to get the message out about the new dollar coins. It caused a minor yet fun controversy that had the county talking about the series creating excitement about finding the coins.
In the UK, the Royal Mint had a similar program called The Great British Coin Hunt. In 2018, the Royal Mint issued 10 pence coins struck with British themes. Along with the other limited edition 50 pence themed coins, the Royal Mint keeps Brittons interested in coins by generating excitement about each release.
In the United States, we also saw excitement about looking for coins. We saw an increased awareness of coin collecting during the 50 States Quarters Program. Earlier this year, there was some interest shown over the release of the W mint quarters. The interest was not as strong as the 50 State Quarters, but people heard about the coin.
But that was for National Coin Week. What has happened since then?
Learn from the positive: by advertising, getting the word out, and promoting the coins, the US Mint is capable of getting people interested. By having the numismatic industry join them, people were paying attention.
Since the end of Nation Coin Week, the numismatic industry has been silent to those outside of the hobby. Most of the promotion has been like preaching to the choir. We get it. We got it. But you cannot keep an industry going that outsiders are claiming is dying.
Numismatics is not dying or near death. Like every hobby, it has problems to overcome. The first step to better health is to expand the base. The only way that could happen is if the numismatic industry does something radical: reach out consistently to everyone.
It is time to learn what worked in the past and stop doing the same things over again.
We can learn lessons from other industries. What about the collector car industry? Nearly 20 years ago, the collector car industry existed but was not that strong. The thought was that getting into cars was expensive, time-consuming, and confusing. Then Discovery Networks fell over the answer.
For Discovery, it started as HDNet, a television channel where they experimented with high definition content. They would create something in high definition and air it on HDNet to test the public’s reaction. Interestingly, the shows about cars were their most highly rated content. Then they contracted with Mecum Auctions to broadcast their events, and the ratings for a niche cable channel were higher than expected.
HDNet was renamed to Velocity. Now it is owned by Motor Trend, who rebranded the channel in its name.
Although the car hobby business was doing well, the trade publications point to the rise of HDNet and Velocity as a reason that the hobby is doing better than ever.
What can we learn from putting cars on television? First, there is an interested market out there that may not know where to turn for information. The shows provide both knowledge and entertainment. While there are shows that have a doctrine-like attitude, most are inclusive of all styles and interests.
Just like in numismatics, there is no single way to collect and enjoy cars. And like cars, there is a lot that can be used to teach everyone about history.
There was a multi-part series about the growth of the auto industry that followed many of the early titans, including Henry Ford, William Durant, and Walter Chrysler. One of the segments was their reactions to World War II, while the story was about how the automotive industry also showed how the country participated in the war effort.
What stories can be told about the 1943 steel cent? What about the “Shotgun Shell” cents struck in 1944 by recycling spent shells picked up from the training field?
How about some fun shows? Numismatic Jeopardy, where the questions are based on answers derived from something numismatic-related. For example, “It’s called the Old Line State.” The answer is on the reverse of the 2000 Maryland State Quarter!
Revive the old PBS show History Detectives and do it with numismatics. After all, they did investigate a coin said to be associated with Annie Oakley and a $6 Continental Currency note found in Omaha.
These are a few ideas. I am sure that others can come up with better ones.
Then again, that may mean that the industry will have to break out of its niche comfort zone and embrace something different.
And now the news…
October 4, 2019
Metal detectorists have made many amazing discoveries down the years in Britain, with a great hoard of 2,600 coins just revealed last month. But there are strict rules regarding archaeological finds made by detectorists. → Read more at ancient-origins.net
October 6, 2019
The Royal Australian Mint is producing 26 limited-edition legal tender coins that will be given out as change at post offices over the coming weeks. The A to Z of Australiana could see you pocketing a Neighbours , Weet-Bix or didgeridoo $1 coin in your small change. → Read more at news.com.au
October 8, 2019
The UK’s Treasury plans to commemorate Brexit by minting millions of 50 pence ($0.61) coins. But like many of the Conservative government’s recent moves, there is a major flaw: the imprint date will be the Oct. → Read more at qz.com
Oct 6, 2019 | coins, news
Rebecca Clay Pippin’s husband Jason Pippin hangs the Coin Broker’s sign on their new storefront at 1604 Laurel St. in San Carlos. (Image courtesy of the San Mateo Daily Journal)
Meanwhile, in Worcester, Massachusetts, the owner of Lincoln Stamp and Coin Company announce the shop will be closing at the end of October. Owner David J. Ephraim cited that he could not continue to pay rent in Worcester, “operating on a slim profit margin, and collectors are an aging group, with few younger customers walking through the door.”
Both situations demonstrate the same problems with different solutions. Commercial rents are too high. Commercial insurance is too high. Security costs are too high. And many of these businesses are trying to survive on thin margins.
The Coin Broker solved its problem by moving to a new location. Although moving is time consuming, costly, and filled with emotion, the story makes it seem like they are ready to turn the page and continue.
For Lincoln Stamp and Coin, Ephriam is not as bullish on the market. His business does not see enough younger collectors, his regulars are either retired or dying, and those collecting are buying on the Internet.
Two stories with the same underlying problems. Two different solutions. But the hobby continues with one less place that collectors can go to buy coins.
And now the news…
September 28, 2019
The Bank of Jamaica (BOJ) estimates that at least J$100 million in one- 10- and 25-cent coins, the ‘red’ money, is ‘lost in circulation’ in the Jamaican economy, and has partnered with GraceKennedy (GK) Money Service in a recovery drive. → Read more at jamaica-gleaner.com
September 30, 2019
A national treasure hunt has been launched, and Australia is very much at the centre. The coins are marked to celebrate all things iconic to Australia: the meat pie, a boomerang, Vegemite, and a Hills Hoist, just to name a few. → Read more at katherinetimes.com.au
October 2, 2019
Most people use banks as a place to either borrow money or store it. But some lucky coin enthusiasts have found a unique way to get money out of the bank: bringing home rolls of coins and searching through them for ones worth more than their face value. → Read more at cnbc.com
October 2, 2019
When Jim Beer opened the Coin Broker in Palo Alto’s Town & Country Village shopping center some 40 years ago, he was retiring as a civil engineer and looking to → Read more at smdailyjournal.com
October 3, 2019
PM Narendra Modi released the commemorative coins of Rs 150 denomination to celebrate Mahatma Gandhiji’s 150 th birthday. The event took place in Ahmedabad, Gujarat on October 2, 2019 when the Prime Minister reached the Sabarmati Riverfront to participate in the proceedings of the Swacch Bharat Divas program. → Read more at businessinsider.in
October 4, 2019
A steamship that sank in 1840 after colliding with another ship off the coast of South Carolina contains a trove of rare gold coins, according to the dive team salvaging the wreck. → Read more at foxnews.com
October 5, 2019
WORCESTER — The bidding board is still covered with coins and envelopes are full of stamps, but the buzz is gone from Lincoln Stamp and Coin Co. The venerable business that was once the place to go for people looking for a special stamp or unique coin, is selling off its inventory and closing its doors, probably for good. → Read more at telegram.com
October 6, 2019
Metal detectorists have made many amazing discoveries down the years in Britain, with a great hoard of 2,600 coins just revealed last month. But there are strict rules regarding archaeological finds made by detectorists. → Read more at ancient-origins.net
Sep 29, 2019 | cents, coins, commemorative, news
While reading the news from around the world, it is easy to understand why numismatics is not well received in the United States. Compared to numismatic-related articles from countries like the United Kingdom, France, and India, U.S. reporting lives down to the reputation that politicians claim.
For example, in The Trentonian, the newspaper of record for Trenton, New Jersey, columnist L.A. Parker wrote an opinion piece that calls for the elimination of the “penny.” Although the article reads like Parker was trying to add a little snarkiness, his premise lies flatter than a coin.
If Parker were a proper journalist, he would recognize that the article contains one significant mistake that ranks high on my pet peeve list. The lowest denomination coin produced by the U.S. Mint is the CENT. While it is colloquially called a “penny,” the penny as the lowest denomination of the British coin system.
The difference is clear. If one looks at the reverse of the two coins, each has their denominations spelled out.
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British pre-decimalization Penny
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The reverse of a 2018 U.K. One Penny coin
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Lincoln Cent Wheat Ears reverse
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Lincoln Memorial Cent
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Modern Lincoln Shield Cent
Lately, the U.S. Mint has been adding to the confusion by using the word “penny” instead of “cent.” The significant abuser appears to be U.S. Mint Director David Ryder. While previous directors and acting directors have been careful with the name, it seems to have loosened its language since the appointment of Ryder. Ryder should know better since this is not his first appointment to the U.S. Mint.
Adding to the confusion in Parker’s article, he cites statistics in favor of the cent that was compiled by Americans for Common Cents. Americans for Common Cents is a lobbying organization dedicated to preserving the United States’ lowest denomination coin.
According to Parker, “Pennies no longer matter.” If the one-cent coin no longer matters, then why does the U.S. Mint produce over 13 billion of them each year?
The primary client of the U.S. Mint is the Federal Reserve. Every year, the Federal Reserve places an order for the U.S. Mint to produce coins for circulation. Although the order can be updated during the year, the Federal Reserve rarely requests few coins. It means that the U.S. Mint manufactures coin the Federal Reserve will buy.
The U.S. Mint does produce coins for the collector market. But in comparison to their circulating coin production, the numismatic market is tiny.
Naturally, this leads to wondering if the coins no longer matter, then why is the Federal Reserve asking the U.S. Mint to manufacture and deliver over 13 billion coins?
And now the news…
September 22, 2019
Two women have designed a commemorative coin to recognize 100 years since the Boll Weevil monument was erected. Enterprise high school Quarterbacks club secretary Judi Stinnett got the design idea from a coin she received at the Diamond Jubilee over 60 years ago. → Read more at wtvy.com
September 22, 2019
The South African Mint Company are doing something a little different to celebrate 25 years of democracy in this country. So what better way to commemorate “power to the people” than by handing them control of what should appear on the new R2 coin? → Read more at thesouthafrican.com
September 23, 2019
Nassau County District Attorney Madeline Singas announced that a coin dealer from Fort Salonga was arraigned for a $330,000 cross-country coin consignment and sale scheme that targeted coin dealers and private collectors from California, Michigan, Ohio and Long Island. → Read more at longisland.com
September 24, 2019
A builder is celebrating after finding a huge haul of 1,000-year-old silver coins worth £50,000 – including one from Lincolnshire which experts have never seen before. Don Crawley, 50, was searching for buried treasure in farmland using his metal detector when he discovered the haul. → Read more at lincolnshirelive.co.uk
September 24, 2019
(Image: © FIRST/Jack Kamen/NASA via collectSPACE.com) The United States Mint will memorialize the first teacher who launched toward space with a new coin that will help continue her mission of science and technology education. → Read more at space.com
September 25, 2019
Have only seven red cents to my name and soon a self-description will employ penniless as identification. Not ready for the poorhouse though as poor mouth expressions mean only that all pennies have been removed from jars, drawers and a car console. → Read more at trentonian.com
September 26, 2019
AN EXTREMELY rare copper coin marking King Edward VIII's short reign has sold for a record price of £133,000. The Edward VIII 1937 Pattern Penny was created as a trial coin by the Royal Mint ahead of his coronation in the same year. → Read more at thesun.co.uk
September 26, 2019
Lori Ann Lewis was doing charity work in downtown Orlando when, by chance, she ran into someone who worked in the gold business. It was in the lobby of the Seacoast Bank skyscraper in 2016, just before the presidential election, when she met Susan Kitzmiller, an employee at U.S. → Read more at orlandosentinel.com
September 28, 2019
The Bank of Jamaica (BOJ) estimates that at least J$100 million in one- 10- and 25-cent coins, the ‘red’ money, is ‘lost in circulation’ in the Jamaican economy, and has partnered with GraceKennedy (GK) Money Service in a recovery drive. → Read more at jamaica-gleaner.com
Sep 22, 2019 | commentary, economy, news
While perusing the news sources looking for numismatic-related news in the general media, I am noticing that there is an increase in crimes involving coin dealers. Between robberies or scams against dealers, the escalation of crime is noticeable and concerning.
Any business that handles money is a potential target for criminals. Even with the policies of dropping excess cash into time-locked safes, criminals will rob any store where they can easily take a few dollars.
What makes robberies from coin dealers concerning is that these types of crimes increase when the criminals are looking for a more significant take when their economic situation appears to be getting worse.
Although the markets may be up and the unemployment numbers are low, the indications are that the economy has some soft spots that should be concerning to everyone. The number of people taking contingent and alternative employment arrangement, sometimes called the gig economy, has risen in the last year. The Bureau of Labor Statistics reports that much of the rise in the gig economy is being used to supplement regular income.
In the last month, silver has been a rise of nearly $2 since the beginning of August. Even though silver has dropped to $17.88 from a $19.30 high in September, economic indicators suggest that global affairs will prevent the price from falling. These investors will be affected by a potential oil crisis following the bombing of Saudia Arabian oil fields and the trade war caused by tariffs.
Gold has been relatively flat over the last few months although up for the year. As an investment instrument, gold is favored by large and institutional investors. What is preventing their rise is that on a larger scale, they are not as worried by global affairs. The investments they are involved with are not as affected by a potential oil crisis and a Chinese trade war. Many have isolated themselves from these issues.
The concern is that the split in the economic effect will cause those at the lower ends to try to find some relief by turning to crime. A stolen American Gold Eagle coin has the potential to yield a better return than robbing a convenience store.
As some dealers are pushing the sales of gold, think about what they are saying about the economy.
And now the news…
September 12, 2019
OYSTER BAY, NY — A Fort Salonga coin dealer has been accused in a $330,000 coin consignment and sales scheme in which he bilked several coin dealers and private collectors out of money, gold and collectible coins under the guise of legitimate coin deals, prosecutors said. → Read more at patch.com
September 13, 2019
Photographer: Ted Aljibe/AFP via Getty Images Congestion and constant flooding in the Philippine capital are prompting the central bank to move its mint away from the city. Bangko Sentral ng Pilipinas signed a deal Friday to relocate its production facility for coins and bank notes to New Clark City, a former U.S. air base where the government is building a back-up capital. → Read more at bloomberg.com
September 16, 2019
Julien Perrotte stood in front of the representative at his local bank last week, unsure he properly understood what she was telling him. He was carrying about $800 worth of coins, sorted and rolled, that he had collected over the past year. → Read more at cbc.ca
September 17, 2019
September 18, 2019 – Sibenik was the first city in Croatia to mint its own money during the Venetian period. Today, the city has released a new sweet souvenir in its honor. HRTurizam writes that back in 1485, the Venice Council of Nine approved the minting and use of Sibenik's coins – known as the bagatin, which was a means of payment in the city for more than two centuries. → Read more at total-croatia-news.com
September 17, 2019
Break-in happened Aug. 30 in Silver Spring Montgomery County police released surveillance video Tuesday of a man stealing what they estimate to be $6,500 in property from a downtown Silver Spring rare-coin store on Aug. → Read more at bethesdamagazine.com
September 17, 2019
More and more people are swapping cash for contactless payments – which means fewer coins are being made. That means the Royal Mint, the company which produces coins for the UK, don't make as many anymore. → Read more at bbc.co.uk
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