By Rare Coin Wholesalers
A previously unrecorded 1943-S Lincoln cent, erroneously struck on a bronze planchet and found in circulation by a teenaged collector over a half century ago, has been acquired by Rare Coin Wholesalers of Dana Point, California. The discovery coin now is certified as AU-53 by Numismatic Guaranty Corporation.
“The coin was found in 1944 by Kenneth S. Wing Jr. of Long Beach, California who was assembling a set of Lincoln cents at the time,” said Steven L. Contursi, President of Rare Coin Wholesalers (www.RCW1.com).
Wing became a prominent Southern California architect who co-designed the Long Beach Arena in the late 1950s. He passed away in 1996.
“When his heirs recently asked me to examine the coin, I doubted it was genuine. But then I got a magnet and was surprised when the coin did not stick to it. So, on behalf of Mr. Wing’s heirs I submitted it for certification,” Contursi explained.
“It’s delightful and amazing there are still examples of great numismatic rarities to be ‘discovered’ and reported to the hobby.”
Contursi plans to publicly display the 1943-S bronze cent at various coin shows including the upcoming American Numismatic Association World’s Fair of Money® in Baltimore and the Long Beach Coin, Stamp & Collectibles Expo in September. To honor the memory of the coin’s finder and the family that owned it for 64 years, he requested that NGC include the notation on the encapsulation insert label, “Kenneth S. Wing Jr. Coll.”
“My Father was an avid penny collector. His parents would get him rolls of pennies from the bank every few weeks, and he’d search through them. He found the 1943 (bronze) penny in Long Beach in 1944 when he was 14 years old, but I’m not sure if it was from pocket change or from a roll (of circulating cents) from the bank. He took it to a local dealer who offered him $500 for it, but my Father said it wasn’t for sale.”
The coin was in a simple Capitol Plastics cent holder in a bank safe deposit box with the rest of Wing’s collection, found there after he died in 1996. Paul Wing says his father didn’t talk much about the coin over the years, and he didn’t actually see it until after his father passed away.
“My Father pulled most of his collection from circulation, and purchased a few coins he could not find. He found a 1922 ‘no D’ cent in change, but had to eventually buy a 1909-S V.D.B.,” explained the son.
Those coins remain in the collection inherited by Wing’s family.
“The 1943 bronze Lincoln cent really transcends a wrong planchet error. Today, it’s widely considered to be a classic twentieth century rarity, more kin to a transitional type, and now is collected as part of the regular series by devoted Lincoln cent enthusiasts,” commented Dave Camire, President of Numismatic Conservation Services and a mint error consultant to NGC.
“This piece is particularly important because it’s from San Francisco, a scarcer mint for the issue compared to better-known Philadelphia Mint specimens. This coin is also a recent discovery to the numismatic community,” Camire stated.
Common zinc-coated steel cents will stick to a magnet but the handful of known 1943-dated Lincoln cents mistakenly struck in bronze (in this case, an alloy of 95 percent copper and 5 percent tin and zinc) will not. The zinc-coated steel metallic composition was used in 1943 to conserve copper that was needed for U.S. efforts in World War II.
“When I purchased the coin I also received Mr. Wing’s interesting file of correspondence dating back to 1946 as he tried to verify the coin’s authenticity. Some of the responses he received from the Mint, the Smithsonian Institution and well-known dealer of the era, Abe Kosoff, may seem a little humorous today.”
In a letter to Wing dated August 20, 1946, Acting Director of the Mint Leland Howard wrote: “In reference to your letter of August 11th, there were no copper cents struck during the calendar year 1943 at any of the coinage Mints. Only the zinc coated steel cent was struck during that year.”
Today, though, the hobby is aware of more than a dozen 1943 bronze cents with at least one example known from each of the Mints producing Lincoln cents that year: Philadelphia, Denver and San Francisco.
Contursi acquired the coin and correspondence for $72,500. The letters from and to Wing indicate he tried for decades to get information about his historic, off-metal cent.
Wing wrote to Encino, California dealer Kosoff on October 3, 1958: “In 1948, on a trip to San Francisco, it (the coin) was shown to the Director of the mint and his ‘private’ opinion was that of authenticity. In 1957, my Father was in Washington, DC, (sic) he attempted to have the Treasury Department examine it, however, they refused and referred him to the Smithsonian Institution.”
In his response dated October 8, 1958, Kosoff replied: “It would be of prime importance to determine, beyond any doubt, that your 1943-S Cent is a genuine one. This would require a number of tests and the outlay of considerable cash.”
Additional correspondence regarding the coin’s journey to Washington with Wing’s father is a June 18, 1957 letter from V. Clain-Stefanelli, Curator of the Division of Numismatics at the Smithsonian in which he wrote: “The authenticity of this piece is in my opinion beyond doubt. In fact, as you certainly recall, Mr. Mendel L. Peterson, Acting Head Curator of the Department of History, fully concurred in this opinion.”
Contursi said his recently-acquired 1943 bronze Lincoln cent is quite special for him. “Of all the million dollar coins I’ve bought or sold – from Brasher Doubloons to the King of Siam set – this is the first 1943 ‘copper penny’ I’ve ever owned!”
For additional information, contact Rare Coin Wholesalers, P.O. Box 3873, Dana Point, CA 92629. Phone: (800) 347-3250. E-mail: RCWcoins@rcw1.com. Online: www.rcw1.com.
Tuesday, July 29, 2008
Friday, July 25, 2008
Eagle and Buffalo in Prosperity Set
By Numismatic News
Just as the 2008 Buffalo one-ounce and fractional gold coins were put on sale July 22, the U.S. Mint announced a special 8-8-08 Double Prosperity Set also would be offered to collectors starting Aug. 1.
The set will feature two gold coins, one is an uncirculated 2008-W half-ounce Buffalo and the other is an uncirculated 2008-W half-ounce American Eagle.
This is the second issue in the Mint's Celebration series, which was launched in February. The Mint notes that the number "8" is traditionally associated with prosperity in Asia and the triple "8" date occurs just once every 100 years.
The set comes in a special hardwood box. Orders may be placed on the Web site at www.usmint.gov, or by telephone at (800) USA-MINT.
Just as the 2008 Buffalo one-ounce and fractional gold coins were put on sale July 22, the U.S. Mint announced a special 8-8-08 Double Prosperity Set also would be offered to collectors starting Aug. 1.
The set will feature two gold coins, one is an uncirculated 2008-W half-ounce Buffalo and the other is an uncirculated 2008-W half-ounce American Eagle.
This is the second issue in the Mint's Celebration series, which was launched in February. The Mint notes that the number "8" is traditionally associated with prosperity in Asia and the triple "8" date occurs just once every 100 years.
The set comes in a special hardwood box. Orders may be placed on the Web site at www.usmint.gov, or by telephone at (800) USA-MINT.
Tuesday, July 22, 2008
Coin market includes sight seen and unseen
By Jeff Starck
Trying to explain what sight-seen and sight-unseen bidding are is at once easy and confusing.
The market for sight-unseen coins is predominantly for “generic” gold coins, like this 1926 Saint-Gaudens gold $20 double eagle coin and other coins with large populations, several experts told Coin World.
There is little market for sight-unseen trading of certain collector coins, like the 1916-D Winged Liberty Head dime, one expert said.
“Sight-seen” and “sight-unseen” bidding are terms describing ways that dealers can buy and sell coins through dealer-to-dealer networks. But, it turns out, it’s much more complicated than that.
At the basic level, someone buying a coin “sight seen” has the option, once they’ve seen the coin, to buy it at a price already established between buyer and seller for a coin from a specific grading service and in a specific grade, or they can reject the purchase.
Buyers engaging in “sight-unseen” purchases may submit their bid for coins they wish to purchase, again for pieces certified by a third-party grading service, but without seeing the coins before agreeing to the deal.
The ability to pick-and-choose coins under the sight-seen method generally means those coins receive higher prices.
Technology changes market
As technology has evolved, the means and methods by which dealers trade coins has changed. In the 1960s, dealers used teletypewriter systems that transmitted their bid and sell messages to other dealers on the network.
Trying to explain what sight-seen and sight-unseen bidding are is at once easy and confusing.
The market for sight-unseen coins is predominantly for “generic” gold coins, like this 1926 Saint-Gaudens gold $20 double eagle coin and other coins with large populations, several experts told Coin World.
There is little market for sight-unseen trading of certain collector coins, like the 1916-D Winged Liberty Head dime, one expert said.
“Sight-seen” and “sight-unseen” bidding are terms describing ways that dealers can buy and sell coins through dealer-to-dealer networks. But, it turns out, it’s much more complicated than that.
At the basic level, someone buying a coin “sight seen” has the option, once they’ve seen the coin, to buy it at a price already established between buyer and seller for a coin from a specific grading service and in a specific grade, or they can reject the purchase.
Buyers engaging in “sight-unseen” purchases may submit their bid for coins they wish to purchase, again for pieces certified by a third-party grading service, but without seeing the coins before agreeing to the deal.
The ability to pick-and-choose coins under the sight-seen method generally means those coins receive higher prices.
Technology changes market
As technology has evolved, the means and methods by which dealers trade coins has changed. In the 1960s, dealers used teletypewriter systems that transmitted their bid and sell messages to other dealers on the network.
Monday, July 21, 2008
2008 Koala Coins
By CoinNews.net
Australia’s iconic Koala coins are more popular than ever. The Perth Mint of Australia has launched a new coin series of 2008 proof gold Koalas, its first Gilded Koala and their second pure silver Koala. Each bullion coin depicts the "cuddly" koala and her baby sitting on a tree branch.
All coin versions bear the same obverse or heads design with Ian Rank-Broadley’s effigy of Her Majesty Queen Elizabeth II, are Australian legal tender, and include the "P" mint mark, denoting The Perth Mint.
Proof Koala Gold Coin Series The Mint’s first annual gold proof Koala coins are struck from 2oz, 1oz, 1/10oz and 1/25oz of 99.99% pure gold in proof quality. The 1/10 ounce and 1/25 ounce coins are already on sale, and have the following specifications:
1/10oz 1/25oz Gold Content (Troy oz) 1/10 1/25 Monetary Denomination (AUD) 15 5 Fineness (% purity) 99.99 99.99 Minimum Gross Weight (g) 3.108 1.244 Maximum Diameter (mm) 16.10 14.10 Maximum Thickness (mm) 1.50 1.40
The Perth Mint will has a limit in place of 5,000 1/10oz coins and 15,000 1/25oz coins.
The proof 1/10 ounce gold coins are currently priced at:
$188.64 (AUS) $183.51 (US) The proof 1/25 ounce coins have a price of:
$97.73 (AUS) $95.07 (US)
Australian Koala 2008 Gold Proof Coin Series
Australian Koala Gilded Silver Coins The Perth Mint has added a new series in the mix this year with their attractive Gilded Koala silver dollar coins. These one-ounce, 99.9% pure silver coins have a limited mintage of 10,000. The koala and her young have a 24-carat gilding. The coin is struck in the Mint’s specimen quality.
The new series silver coin are currently priced at:
$68.19 (AUS) $66.34 (US)
Australian Koala 2008 Gilded Edition 1oz Silver Coin
Silver Dollar Koala Coins This year marks the second release for the popular Silver Koala $1 coins, but with the new mother and baby design. The coins are composed of 99.9% pure silver. While no mintage limits are stated, production will close when the 2009-dated coins are announced.
The silver coin is currently priced at:
$31.82 (AUS) $30.95 (US)
2008 Australian Koala 1oz Silver Coin
About the Perth Mint
The Perth Mint, wholly-owned by the State Government of Western Australia, is the official issuer of the Australian Federal Government’s Gold and Silver Bullion Coin Program. The Mint opened in 1899 in response to the discovery of rich gold deposits in Coolgardie and Kalgoorlie. It was Australia’s third branch of Britain’s Royal Mint - the others being the Sydney Mint and the Melbourne Mint (both closed).
The Perth Mint remained under Britain’s jurisdiction until 1 July 1970, when ownership transferred to the State Government of Western Australia.
In 2003, The Perth Mint officially opened an 8,400 square metre state-of-the-art manufacturing facility next door to its original limestone building. Dominating the Mint’s heritage precinct, these two important buildings are powerful symbols of more than 100 years of minting excellence in Western Australia.
Australia’s iconic Koala coins are more popular than ever. The Perth Mint of Australia has launched a new coin series of 2008 proof gold Koalas, its first Gilded Koala and their second pure silver Koala. Each bullion coin depicts the "cuddly" koala and her baby sitting on a tree branch.
All coin versions bear the same obverse or heads design with Ian Rank-Broadley’s effigy of Her Majesty Queen Elizabeth II, are Australian legal tender, and include the "P" mint mark, denoting The Perth Mint.
Proof Koala Gold Coin Series The Mint’s first annual gold proof Koala coins are struck from 2oz, 1oz, 1/10oz and 1/25oz of 99.99% pure gold in proof quality. The 1/10 ounce and 1/25 ounce coins are already on sale, and have the following specifications:
1/10oz 1/25oz Gold Content (Troy oz) 1/10 1/25 Monetary Denomination (AUD) 15 5 Fineness (% purity) 99.99 99.99 Minimum Gross Weight (g) 3.108 1.244 Maximum Diameter (mm) 16.10 14.10 Maximum Thickness (mm) 1.50 1.40
The Perth Mint will has a limit in place of 5,000 1/10oz coins and 15,000 1/25oz coins.
The proof 1/10 ounce gold coins are currently priced at:
$188.64 (AUS) $183.51 (US) The proof 1/25 ounce coins have a price of:
$97.73 (AUS) $95.07 (US)
Australian Koala 2008 Gold Proof Coin Series
Australian Koala Gilded Silver Coins The Perth Mint has added a new series in the mix this year with their attractive Gilded Koala silver dollar coins. These one-ounce, 99.9% pure silver coins have a limited mintage of 10,000. The koala and her young have a 24-carat gilding. The coin is struck in the Mint’s specimen quality.
The new series silver coin are currently priced at:
$68.19 (AUS) $66.34 (US)
Australian Koala 2008 Gilded Edition 1oz Silver Coin
Silver Dollar Koala Coins This year marks the second release for the popular Silver Koala $1 coins, but with the new mother and baby design. The coins are composed of 99.9% pure silver. While no mintage limits are stated, production will close when the 2009-dated coins are announced.
The silver coin is currently priced at:
$31.82 (AUS) $30.95 (US)
2008 Australian Koala 1oz Silver Coin
About the Perth Mint
The Perth Mint, wholly-owned by the State Government of Western Australia, is the official issuer of the Australian Federal Government’s Gold and Silver Bullion Coin Program. The Mint opened in 1899 in response to the discovery of rich gold deposits in Coolgardie and Kalgoorlie. It was Australia’s third branch of Britain’s Royal Mint - the others being the Sydney Mint and the Melbourne Mint (both closed).
The Perth Mint remained under Britain’s jurisdiction until 1 July 1970, when ownership transferred to the State Government of Western Australia.
In 2003, The Perth Mint officially opened an 8,400 square metre state-of-the-art manufacturing facility next door to its original limestone building. Dominating the Mint’s heritage precinct, these two important buildings are powerful symbols of more than 100 years of minting excellence in Western Australia.
Friday, July 18, 2008
Shifted-Edge Dollars Worth Search
By Ken Potter
Long after most folks have given up searching the 2007-dated George Washington Presidential dollars for the well-known smooth-edge "Godless dollars" a few die-hards are still at it obtaining what BU rolls can still be had from banks and still finding errors. One of those searchers is Mike Bozynski of Michigan.
He has reported what I refer to as a shifted edge inscription error. These shifts seem to be the result of at least two different causes (though both may be closely related).
We've previously discussed the first "type" where the shift is less pronounced, leaving a gap of space of greater or lesser degree between the mintmark and E PLURIBUS UNUM. Aside from EPU being shifted, there does not seem to be any other discernible variation to the edge of these coins; there is no rim damage and the entire inscription is present. There is also no explanation to why all the ones I've seen so far involve the spacing between the date and EPU and no spaces elsewhere (though other variations of this theme may be out there that I just have not seen yet).
The second "type" is those like Bozynski found. On his coin the date starts out normally but a deep gash obliterates the "7" of date, the mintmark and a small portion of the large space that is normally found between the date and E PLURIBUS UNUM.
At first this gash appears to be little more than post-mint damage that occurred to the coin after it was processed and left the mint. But upon closer inspection we see that immediately following the gash where there should be considerably more space preceding E PLURIBUS UNUM, the motto, IN GOD WE TRUST follows, completely skipping most of that large space and all of E PLURIBUS UNUM!
As we go along the rim further we see even more damage but none of it seems to affect the placement of the inscription. Since E PLURIBUS UNUM is completely missing, when we get to the end of IN GOD WE TRUST there is a large area of smooth edge in which we find yet another edge gash. In fact over 50 percent of the edge is smooth, so much so that at first glance Bozynski thought he found a smooth edge Washington.
Interestingly, he noticed that the scrapes repeated themselves in the same exact rim locations on four other examples of the error type that he found. All five were found in the same roll of Philadelphia minted Washington dollars.
Ken Potter is the official attributer of world doubled dies for the Combined Organizations of Numismatic Error Collectors of America and for the National Collectors Association of Die Doubling. He also privately lists other collectible variety types on both U.S. and world coins in the Variety Coin Register. More information on either of the clubs or how to get a coin listed in the Variety Coin Register may be obtained by sending a long, self-addressed envelope with 58 cents postage to P.O. Box 760232, Lathrup Village, MI 48076 or by contacting him via e-mail at KPotter256@aol.com. An educational image gallery may be viewed on his Web site at www.koinpro.com
Long after most folks have given up searching the 2007-dated George Washington Presidential dollars for the well-known smooth-edge "Godless dollars" a few die-hards are still at it obtaining what BU rolls can still be had from banks and still finding errors. One of those searchers is Mike Bozynski of Michigan.
He has reported what I refer to as a shifted edge inscription error. These shifts seem to be the result of at least two different causes (though both may be closely related).
We've previously discussed the first "type" where the shift is less pronounced, leaving a gap of space of greater or lesser degree between the mintmark and E PLURIBUS UNUM. Aside from EPU being shifted, there does not seem to be any other discernible variation to the edge of these coins; there is no rim damage and the entire inscription is present. There is also no explanation to why all the ones I've seen so far involve the spacing between the date and EPU and no spaces elsewhere (though other variations of this theme may be out there that I just have not seen yet).
The second "type" is those like Bozynski found. On his coin the date starts out normally but a deep gash obliterates the "7" of date, the mintmark and a small portion of the large space that is normally found between the date and E PLURIBUS UNUM.
At first this gash appears to be little more than post-mint damage that occurred to the coin after it was processed and left the mint. But upon closer inspection we see that immediately following the gash where there should be considerably more space preceding E PLURIBUS UNUM, the motto, IN GOD WE TRUST follows, completely skipping most of that large space and all of E PLURIBUS UNUM!
As we go along the rim further we see even more damage but none of it seems to affect the placement of the inscription. Since E PLURIBUS UNUM is completely missing, when we get to the end of IN GOD WE TRUST there is a large area of smooth edge in which we find yet another edge gash. In fact over 50 percent of the edge is smooth, so much so that at first glance Bozynski thought he found a smooth edge Washington.
Interestingly, he noticed that the scrapes repeated themselves in the same exact rim locations on four other examples of the error type that he found. All five were found in the same roll of Philadelphia minted Washington dollars.
Ken Potter is the official attributer of world doubled dies for the Combined Organizations of Numismatic Error Collectors of America and for the National Collectors Association of Die Doubling. He also privately lists other collectible variety types on both U.S. and world coins in the Variety Coin Register. More information on either of the clubs or how to get a coin listed in the Variety Coin Register may be obtained by sending a long, self-addressed envelope with 58 cents postage to P.O. Box 760232, Lathrup Village, MI 48076 or by contacting him via e-mail at KPotter256@aol.com. An educational image gallery may be viewed on his Web site at www.koinpro.com
Tuesday, July 15, 2008
Bank Failures Push Gold Prices
By Patrick A. Heller
The price of gold has been going up every day for the last week, despite several obvious attempts to manipulate the price downward. As the banks get into deeper trouble, I expect that will persuade more individuals to buy gold.
On Friday, July 11, the Federal Deposit Insurance Corporation shut down and assumed control of IndyMac Bank of Pasadena, Calif. With assets of $32 billion, IndyMac is the second largest bank failure in U.S. history. FDIC is expected to spend $4-$8 billion of its $52 billion in assets to settle claims for this bank.
The bank has been in difficulties over the past year from its position as one of the nation's largest mortgage issuers of subprime mortgages.
Two federally chartered private mortgage banks known by the nicknames of Fannie Mae and Freddie Mac had already written off billions of dollars of bad mortgages. It has been evident for some time that there were far more losses yet to be acknowledged from among the $5 trillion of mortgages the two companies are carrying, probably more than the reserve capital of the companies would cover. Late last week, the stock values of both companies fell sharply, especially after Treasury Secretary Paulson said Friday that the U.S. government would not bail them out.
These two companies hold roughly half the real estate mortgage debt in the United States. If they were to fail, the residential real estate market would more or less ground to a halt. It was obvious to almost everyone that Paulson's remarks were not the final word. On Sunday, government officials announced a series of measures to bail out Fannie Mae and Freddie Mac (but not their shareholders). Although the terms were couched to make it sound like the federal government was not really going to be on the hook for significant funds, they really were a guarantee that the huge losses incurred by these two companies will eventually be covered by taxpayer money.
Monday morning IndyMac reopened as IndyMac Federal Bank. Depositors started lining up outside branches as early as 4 a.m. to withdraw their accounts as soon as the bank opened.
The IndyMac Bank failure, compounded by the Fannie Mae and Freddie Mac troubles, has had fallout on other banks. I polled some local banks Monday and found that some were receiving a number of calls from concerned account holders who were wondering if their funds on account were guaranteed by FDIC or if they should be coming to withdraw their funds. Only one bank I called (about 11 a.m.) claimed that they did not receive any such calls yet.
The federal government/taxpayer bailout of Fannie Mae and Freddie Mac has temporarily lulled some investors into thinking that the worst may be over. Nothing could be further from the truth.
The American banking system is getting ready for a major onslaught of lawsuits over the mortgage crisis. First off, if the banks that issued mortgages neglected to satisfy 100 percent of the disclosure requirements of the 1968 Truth in Lending Act, then the borrowers can successfully sue the bank to cancel the loan. The borrower does not have to prove that they were defrauded or misled or suffered any damages, only that the disclosures were defective! A small survey by one California bankruptcy attorney found disclosure violations in half the loans reviewed.
The second large area of lawsuits is coming from investors in mortgage-backed securities sold by banks. Many such contracts contain clauses where the banks must take back loans that default unusually quickly or have any indications of mistakes or fraud. State and local governments are leading the way with such suits, with Massachusetts, California and the city of Cleveland getting the most publicity.
The bottom line for banks is that they have a high degree of risk of ending up having to absorb a lot of the mortgage losses (which may total another $1 trillion above what has already been recorded) which will swamp the less than $50 billion in assets that FDIC will have after paying off IndyMac's account holders.
I fear that we are close to seeing a nationwide run on banks. I don't see what the federal government could now do to reassure account holders to prevent it. If widespread bank runs start occurring, expect the federal government to quickly slap on restrictions limiting the ability to withdraw funds from bank accounts.
I don't want to be in the same league with Sen. Charles Schumer, D-N.Y., whom the Office of Thrift Supervision is blaming for his June 26 remarks as sparking the run on IndyMac. But, it might be time now to move some funds outside of the banking system just in case.
Some of those pulling the funds out of banks are buying gold and pushing the price towards $1,000.
The price of gold has been going up every day for the last week, despite several obvious attempts to manipulate the price downward. As the banks get into deeper trouble, I expect that will persuade more individuals to buy gold.
On Friday, July 11, the Federal Deposit Insurance Corporation shut down and assumed control of IndyMac Bank of Pasadena, Calif. With assets of $32 billion, IndyMac is the second largest bank failure in U.S. history. FDIC is expected to spend $4-$8 billion of its $52 billion in assets to settle claims for this bank.
The bank has been in difficulties over the past year from its position as one of the nation's largest mortgage issuers of subprime mortgages.
Two federally chartered private mortgage banks known by the nicknames of Fannie Mae and Freddie Mac had already written off billions of dollars of bad mortgages. It has been evident for some time that there were far more losses yet to be acknowledged from among the $5 trillion of mortgages the two companies are carrying, probably more than the reserve capital of the companies would cover. Late last week, the stock values of both companies fell sharply, especially after Treasury Secretary Paulson said Friday that the U.S. government would not bail them out.
These two companies hold roughly half the real estate mortgage debt in the United States. If they were to fail, the residential real estate market would more or less ground to a halt. It was obvious to almost everyone that Paulson's remarks were not the final word. On Sunday, government officials announced a series of measures to bail out Fannie Mae and Freddie Mac (but not their shareholders). Although the terms were couched to make it sound like the federal government was not really going to be on the hook for significant funds, they really were a guarantee that the huge losses incurred by these two companies will eventually be covered by taxpayer money.
Monday morning IndyMac reopened as IndyMac Federal Bank. Depositors started lining up outside branches as early as 4 a.m. to withdraw their accounts as soon as the bank opened.
The IndyMac Bank failure, compounded by the Fannie Mae and Freddie Mac troubles, has had fallout on other banks. I polled some local banks Monday and found that some were receiving a number of calls from concerned account holders who were wondering if their funds on account were guaranteed by FDIC or if they should be coming to withdraw their funds. Only one bank I called (about 11 a.m.) claimed that they did not receive any such calls yet.
The federal government/taxpayer bailout of Fannie Mae and Freddie Mac has temporarily lulled some investors into thinking that the worst may be over. Nothing could be further from the truth.
The American banking system is getting ready for a major onslaught of lawsuits over the mortgage crisis. First off, if the banks that issued mortgages neglected to satisfy 100 percent of the disclosure requirements of the 1968 Truth in Lending Act, then the borrowers can successfully sue the bank to cancel the loan. The borrower does not have to prove that they were defrauded or misled or suffered any damages, only that the disclosures were defective! A small survey by one California bankruptcy attorney found disclosure violations in half the loans reviewed.
The second large area of lawsuits is coming from investors in mortgage-backed securities sold by banks. Many such contracts contain clauses where the banks must take back loans that default unusually quickly or have any indications of mistakes or fraud. State and local governments are leading the way with such suits, with Massachusetts, California and the city of Cleveland getting the most publicity.
The bottom line for banks is that they have a high degree of risk of ending up having to absorb a lot of the mortgage losses (which may total another $1 trillion above what has already been recorded) which will swamp the less than $50 billion in assets that FDIC will have after paying off IndyMac's account holders.
I fear that we are close to seeing a nationwide run on banks. I don't see what the federal government could now do to reassure account holders to prevent it. If widespread bank runs start occurring, expect the federal government to quickly slap on restrictions limiting the ability to withdraw funds from bank accounts.
I don't want to be in the same league with Sen. Charles Schumer, D-N.Y., whom the Office of Thrift Supervision is blaming for his June 26 remarks as sparking the run on IndyMac. But, it might be time now to move some funds outside of the banking system just in case.
Some of those pulling the funds out of banks are buying gold and pushing the price towards $1,000.
Tuesday, July 08, 2008
Madison Presidential Coin Historical Signature Set
By CoinNews.net
The U.S. Mint has released the James Madison Presidential $1 Coin Historical Signature Set for a price of $19.95.
This set is the fourth in the series and features:
A proof James Madison Presidential Dollar, an intaglio print of the President from the Bureau of Engraving and Printing (BEP), an official James Madison signature, and a leather-like folder showcasing the coin, print and signature The proof coin is brilliant, with a sharp relief and mirror-like background. The frosted foreground gives a special cameo effect.
As a side note, the Bureau of Engraving and Printing is responsible for printing U.S. currency.
The previous three $1 Coin Historical Signature Sets featured George Washington, John Adams, and Thomas Jefferson.
All Presidential Dollar products by the U.S. Mint may be found at:
Presidential $1 Coin Products
Orders may also be placed via the Mint’s toll-free number, 1-800-USA-MINT (872-6468). Hearing and speech-impaired customers may order by calling 1-888-321-MINT (6468).
The U.S. Mint has released the James Madison Presidential $1 Coin Historical Signature Set for a price of $19.95.
This set is the fourth in the series and features:
A proof James Madison Presidential Dollar, an intaglio print of the President from the Bureau of Engraving and Printing (BEP), an official James Madison signature, and a leather-like folder showcasing the coin, print and signature The proof coin is brilliant, with a sharp relief and mirror-like background. The frosted foreground gives a special cameo effect.
As a side note, the Bureau of Engraving and Printing is responsible for printing U.S. currency.
The previous three $1 Coin Historical Signature Sets featured George Washington, John Adams, and Thomas Jefferson.
All Presidential Dollar products by the U.S. Mint may be found at:
Presidential $1 Coin Products
Orders may also be placed via the Mint’s toll-free number, 1-800-USA-MINT (872-6468). Hearing and speech-impaired customers may order by calling 1-888-321-MINT (6468).
Monday, July 07, 2008
National Park Quarters Gain
National Park Quarters Gain Senate and House Traction
By Mike Unser
The call for national park quarters grew louder with progress in the House and introduction in the Senate.
The joint quarter-dollar legislation seeks to:
"provide for a program for circulating quarter dollar coins that are emblematic of a national park or other national site in each State, the District of Columbia, and each territory of the United States."
Senate bill, S. 3214, is nearly identical to House version, H.R. 6184. They both, in fact, bear the same name: America’s Beautiful National Parks Quarter Dollar Coin Act of 2008.
Senator John Barrasso [R-WY] sponsored the Senate version and introduced it on June 26 — twenty-two days after the House version. S. 3214 is in its initial phase and before the U.S. Senate Committee on Banking, Housing and Urban Affairs.
H.R. 6184 was voted out of committee on June 25 with a recommendation for consideration and a vote by the entire House.
Should a reconciled version pass the House, Senate and Presidential signature, 5 new park quarters per year would be issued starting in 2010.
Friday, July 04, 2008
Add Ancient Coins To Your Collection
Ancient coins collecting use to be considered as the hobby of kings, but today it is the very best way to learn about the history of ancient civilizations. Adding ancient coins to your collection adds a degree of prestige to your own collection with the ability to take a journey through time.
There has been evidence that suggests the rulers of the Renaissance Age collected portraits of previous emperors on Roman coins. Roman nobles were fascinated by the culture of Greek and were thought to have collected ancient Greek coins when Augustus Caesar was ruler. So, throughout history the art and science of collecting coins has been displayed and mastered by various kings, rulers, and emperors. To build a top notch collection without spending the ransom of a king you need to collect ancients coins, which carry great historical value. Collectors have various areas of special interest that they like to personalize their collection with. These specialized collections seem to be rewarding over the long term, which are not necessarily expensive.
Prior to the invention of coins there was a wide variety of items being used for trade, which included beads, cattle, shells, and many others. With the introduction of minting, coins rapidly spread from Lydia to Greece with the first Greek coins being produced around 600 BC on the island of Aegina. These coins are known as silver drachma and obos, which features a turtle on the reverse as a symbol of Aegina.
Later the legendary figure of Pegasus, the winged horse, was featured on the reverse of the Cornith Greek coins. In 610 BC, Athens began producing more advanced artistic coins that featured a type of wine vessel design. During the periods of 336 to 323 BC, Alexander the Great began the practice of producing coins. Portraits were later introduced by his successors as regular features on coins, which ultimately recorded the posterity of many ancient kings and rulers.
The next major state to establish their coin were the Romans, which occurred from 269 BC when ever they began minting for gold, silver, and bronze. These coins portray ruling emperors and members of the imperial family with the reverse featuring inscriptions of the civic achievements or military triumphs of the ruling emperor. Even the assassination of Julius Caesar are shown on these ancient coins.
The artistic qualities of ancient Greek coins still fascinate collectors today, as well as Roman coins, Imperial coins, and Persian coins. The Imperial coins features realistic portraits of emperors and their families, while Persian coins seem to be desired by collectors interested in the historical culture of their region.
Some issues of ancient coins can be expensive, but the majority are priced within reason. Ancient coins used a variety of fine metals such as, gold, silver, brass, bronze, nickel, and even electrum, which is a natural silver-gold alloy. There are a variety of ancient coins to focus your individual collections on, which include the attractive Indo-Greek coins of southwest Asia.
Collectors who are interested in the ancient Jewish culture of even early Christianity have found biblical coins to be greatly desired, especially when they take the time to research each coins importance and their historical value.
Victor Epand is an expert consultant about rare coins, stamp collections, and rare collectibles. follow these links to find the best marketplace for: rare coins, collections, and ancient coins
There has been evidence that suggests the rulers of the Renaissance Age collected portraits of previous emperors on Roman coins. Roman nobles were fascinated by the culture of Greek and were thought to have collected ancient Greek coins when Augustus Caesar was ruler. So, throughout history the art and science of collecting coins has been displayed and mastered by various kings, rulers, and emperors. To build a top notch collection without spending the ransom of a king you need to collect ancients coins, which carry great historical value. Collectors have various areas of special interest that they like to personalize their collection with. These specialized collections seem to be rewarding over the long term, which are not necessarily expensive.
Prior to the invention of coins there was a wide variety of items being used for trade, which included beads, cattle, shells, and many others. With the introduction of minting, coins rapidly spread from Lydia to Greece with the first Greek coins being produced around 600 BC on the island of Aegina. These coins are known as silver drachma and obos, which features a turtle on the reverse as a symbol of Aegina.
Later the legendary figure of Pegasus, the winged horse, was featured on the reverse of the Cornith Greek coins. In 610 BC, Athens began producing more advanced artistic coins that featured a type of wine vessel design. During the periods of 336 to 323 BC, Alexander the Great began the practice of producing coins. Portraits were later introduced by his successors as regular features on coins, which ultimately recorded the posterity of many ancient kings and rulers.
The next major state to establish their coin were the Romans, which occurred from 269 BC when ever they began minting for gold, silver, and bronze. These coins portray ruling emperors and members of the imperial family with the reverse featuring inscriptions of the civic achievements or military triumphs of the ruling emperor. Even the assassination of Julius Caesar are shown on these ancient coins.
The artistic qualities of ancient Greek coins still fascinate collectors today, as well as Roman coins, Imperial coins, and Persian coins. The Imperial coins features realistic portraits of emperors and their families, while Persian coins seem to be desired by collectors interested in the historical culture of their region.
Some issues of ancient coins can be expensive, but the majority are priced within reason. Ancient coins used a variety of fine metals such as, gold, silver, brass, bronze, nickel, and even electrum, which is a natural silver-gold alloy. There are a variety of ancient coins to focus your individual collections on, which include the attractive Indo-Greek coins of southwest Asia.
Collectors who are interested in the ancient Jewish culture of even early Christianity have found biblical coins to be greatly desired, especially when they take the time to research each coins importance and their historical value.
Victor Epand is an expert consultant about rare coins, stamp collections, and rare collectibles. follow these links to find the best marketplace for: rare coins, collections, and ancient coins
Thursday, July 03, 2008
June 2008 Summer FUN Heritage Auction Tops $12 Million
By Heritage Auctions
Market demand remained strong for significant American numismatic rarities in the June 2008 Summer FUN Signature® Auction presented by Heritage Auction Galleries in West Palm Beach, June 26-27. Total prices realized for the American coins exceeded $12 million, and the total will rise further when the concluding session and post auction buys are finalized.
“The strong market is continuing to bring great rarities — and great prices realized — onto the Heritage auction block,” commented Heritage President Greg Rohan. “We note that Lot 1960, an 1880 $4 Flowing Hair (Judd-1657, Pollock-1857) and certified PR64 by PCGS, realized: $431,250. This auction contained a wide range of rarities at many price levels, to which more than 5000 bidders responded enthusiastically.”
Highlights from Heritage’s Summer FUN Signature Auction:
Lot 1960: 1880 $4 Flowing Hair, Judd-1657, Pollock-1857, R.6, PR64 PCGS.
The 1880 Flowing Hair “stella” is one of the most famous rarities in American numismatics. Technically a pattern issue, and never authorized for regular coinage, the stella has survived and prospered as a collectible issue, and is regularly listed in A Guide Book of United States Coins alongside regular U.S. gold coin types. From the Fern E. Wagner Trust. Price realized: $431,250
Lot 2106: 1803 BD-6 Large Stars Reverse Eagle, MS62 NGC. Breen-6845, B. 1-F, Taraszka-32, R.7.
Of 33 known die varieties in the 1795 to 1804 eagle series, Harry Bass was able to obtain 32 during his many years of collecting; the only die marriage that he never owned was the 1803 BD-6 (Breen 1-F) that is offered in this lot. Price realized: $172,500
Lot 1975: 1832 Half Eagle, 13 Stars, BD-1, High R.5, MS63
The 1832 half eagle is known in only two die pairings, BD-1 and BD-2, easily distinguished by the presence of either 13 or 12 obverse stars, respectively; the 13 Stars BD-1 has a straight-base 2, and only three examples of this variety have been certified finer. From The Charleston Collection.
Price realized: $132,250
Market demand remained strong for significant American numismatic rarities in the June 2008 Summer FUN Signature® Auction presented by Heritage Auction Galleries in West Palm Beach, June 26-27. Total prices realized for the American coins exceeded $12 million, and the total will rise further when the concluding session and post auction buys are finalized.
“The strong market is continuing to bring great rarities — and great prices realized — onto the Heritage auction block,” commented Heritage President Greg Rohan. “We note that Lot 1960, an 1880 $4 Flowing Hair (Judd-1657, Pollock-1857) and certified PR64 by PCGS, realized: $431,250. This auction contained a wide range of rarities at many price levels, to which more than 5000 bidders responded enthusiastically.”
Highlights from Heritage’s Summer FUN Signature Auction:
Lot 1960: 1880 $4 Flowing Hair, Judd-1657, Pollock-1857, R.6, PR64 PCGS.
The 1880 Flowing Hair “stella” is one of the most famous rarities in American numismatics. Technically a pattern issue, and never authorized for regular coinage, the stella has survived and prospered as a collectible issue, and is regularly listed in A Guide Book of United States Coins alongside regular U.S. gold coin types. From the Fern E. Wagner Trust. Price realized: $431,250
Lot 2106: 1803 BD-6 Large Stars Reverse Eagle, MS62 NGC. Breen-6845, B. 1-F, Taraszka-32, R.7.
Of 33 known die varieties in the 1795 to 1804 eagle series, Harry Bass was able to obtain 32 during his many years of collecting; the only die marriage that he never owned was the 1803 BD-6 (Breen 1-F) that is offered in this lot. Price realized: $172,500
Lot 1975: 1832 Half Eagle, 13 Stars, BD-1, High R.5, MS63
The 1832 half eagle is known in only two die pairings, BD-1 and BD-2, easily distinguished by the presence of either 13 or 12 obverse stars, respectively; the 13 Stars BD-1 has a straight-base 2, and only three examples of this variety have been certified finer. From The Charleston Collection.
Price realized: $132,250
Tuesday, July 01, 2008
Annie Oakley Gunshot Napoleon Coin
By Mike Unser
PBS’ History Detectives is dedicated to exploring historical mysteries that will, on Monday, investigate whether a 1853 French Napoleon coin was split by sharpshooter Annie Oakley.
Annie Oakley was a superstar attraction in Buffalo Bill Cody’s Wild West Show who became famous by performing daring shooting feats.
Annie’s marksmanship skills dazzled audiences by edge-splitting playing cards, snuffing out candles, and, of course, shooting coins.
Legendary Native American and Sioux warrior Sitting Bull, also in Buffalo Bill’s Wild West Show in the 1880’s, called Annie "Little Sure Shot."
And here’s where we return to Monday’s first History Detectives episode of season 6. Host Elyse Luray will take viewers through an investigative journey to try and uncover whether an inherited Napoleon coin full of family lore was indeed shot by Oakley.
Imagine the value of the Napoleon coin should evidence support the lore.
A video sneak peak of Season 6 highlights a portion of the show, where Luray "conducts ballistics tests, scours the Buffalo Bill Historical Center archives and recreates one of Oakley’s sure shots."
A contributor from Bath, Maine has an 1853 French Napoleon coin with a bent, split edge and a great bit of family lore: it’s said that the coin was shot by Annie Oakley and that Annie herself gave the coin to two of the contributor’s great-grand uncles.
It doesn’t look like any of the souvenir coins the Wild West icon typically handed out to her many fans. Can we prove that the sharp-shooting star of Buffalo Bill’s Wild West Show shot up the coin for the two brothers – and turn family lore into bona fide bragging rights?
To find out, History Detectives conducts ballistics tests, scours the Buffalo Bill Historical Center archives and recreates one of Oakley’s sure shots.
PBS’ History Detectives is dedicated to exploring historical mysteries that will, on Monday, investigate whether a 1853 French Napoleon coin was split by sharpshooter Annie Oakley.
Annie Oakley was a superstar attraction in Buffalo Bill Cody’s Wild West Show who became famous by performing daring shooting feats.
Annie’s marksmanship skills dazzled audiences by edge-splitting playing cards, snuffing out candles, and, of course, shooting coins.
Legendary Native American and Sioux warrior Sitting Bull, also in Buffalo Bill’s Wild West Show in the 1880’s, called Annie "Little Sure Shot."
And here’s where we return to Monday’s first History Detectives episode of season 6. Host Elyse Luray will take viewers through an investigative journey to try and uncover whether an inherited Napoleon coin full of family lore was indeed shot by Oakley.
Imagine the value of the Napoleon coin should evidence support the lore.
A video sneak peak of Season 6 highlights a portion of the show, where Luray "conducts ballistics tests, scours the Buffalo Bill Historical Center archives and recreates one of Oakley’s sure shots."
A contributor from Bath, Maine has an 1853 French Napoleon coin with a bent, split edge and a great bit of family lore: it’s said that the coin was shot by Annie Oakley and that Annie herself gave the coin to two of the contributor’s great-grand uncles.
It doesn’t look like any of the souvenir coins the Wild West icon typically handed out to her many fans. Can we prove that the sharp-shooting star of Buffalo Bill’s Wild West Show shot up the coin for the two brothers – and turn family lore into bona fide bragging rights?
To find out, History Detectives conducts ballistics tests, scours the Buffalo Bill Historical Center archives and recreates one of Oakley’s sure shots.
Subscribe to:
Posts (Atom)
