Coin collectors can rest easy. President Bush on Friday signed into law a bill that will continue the minting of $1 Sacagawea coins in 2008, but only for numismatic purposes. No more will be produced for general circulation until next year.
The legislation whizzed through Congress this week, as lawmakers scrambled to correct an error in a law enacted last year that calls for circulating new Sacagawea coins starting in January 2009 that will feature a regularly changing reverse celebrating different Native American themes.
In drafting that law, the sponsors forgot to allow continued production of the existing coin in 2008, however. That meant that “many of the standard U.S. Mint products the coin-collecting public is expecting to order and receive this year, such as annual proof and uncirculated sets, will not include a 2008 Sacagawea dollar,” warned Rep. Gwen Moore , D-Wis., in explaining the need for the new bill.
The fix, she said, was important “for coin collectors nationwide and for the popularity of the Sacagawea dollar coin.”
Rep. Rob Bishop , R-Utah, joined in urging the bill’s enactment. “It does not cost the taxpayers a dime, or in this case, it doesn’t cost them a dollar,” he said.
Instead, he said, the new law will assure that collectors will have a chance to buy five million to 10 million U.S. Mint proof sets of the old Sacagawea coin design that otherwise would not be available.
“Next year new dollar coins will start circulating alongside the presidential dollars, still bearing the image of Sacagawea on the front but once a year having a different reverse design representing the contributions of Native Americans to our heritage,” Bishop said.
Friday, February 29, 2008
Thursday, February 28, 2008
New Mint Issues Revealed in Berlin
By Tom Michael
The World Money Fair in Berlin, Germany, Feb. 1-3 had the character of both a trade show and a secondary market coin show. This two-tier style has been nurtured and honed to a fine experience by founder and numismatic pioneer Albert Beck. A very personable and cordial gentleman, Beck has a charmingly firm hand on the Fair and keeps things running in clockwork fashion.
To put things in perspective, imagine attending a comedy showcase featuring 22 of the world's most well known comedians, one after the other up on stage for your entertainment. Steve Martin followed by Jerry Seinfeld, Dave Chappelle, Lewis Black, Robin Williams, Steven Wright, Bill Cosby, Lee Evans, Carlos Mencia, Ellen Degeneres, Russell Peters, George Carlin. Well, you get the idea. It would never happen. To get such colleagues together for one performance, open to comparison from the audience and limited to less than 15 minutes of time each would be impossible for any show promoter to accomplish. Yet that is precisely what Beck has done in creating the World Money Fair Media Forum.
I came to Berlin, very excited about the Media Forum, expecting 16 mints to present their programs for 2008. On arrival I discovered that the forum had expanded to 22 mints, presenting in an approximate five-hour period and word was that several mints that wanted to participate had to be turned away to keep the forum time reasonable. All in all I was lucky enough to have talks with about 32 mint representatives at the World Money Fair and there were over 40 mints set up with booths on the bourse. This show is new issues nirvana.
The Media Forum takes place on the first day of the Fair, about 30 minutes after public opening of the bourse. In fact, to get off of the bourse and into the Media Forum, I had to swim upstream through crowds of collectors entering the show. When I finally go to the Media Forum room I was pleased to find that well over 200 people were milling around or seated waiting for the presentations to begin. Judging by the video and digital cameras set up in the main aisles there was plenty of coverage from the press, so I was in good company. Most of the mints had crews of three to six people in attendance and there were also collectors and general public there to see what new offering the mints would announce.
Beck opened the 2008 Media Forum with a few words of advice to the audience. To the mints Beck offered this advice: talk to collectors, learn what they want and respond to your marketplace. To collectors Beck advised: enjoy the thousands of years of numismatics available at the show and enjoy your friends in the hobby. With that, the Forum was opened. Each year Beck selects one mint as guest of honor and allows them to begin the forum and have a bit more time than any of the others. It's a rare privilege and the mints cherish the opportunity to bask in the extra limelight. This year's honored guest was China, represented by the China Gold Coin Incorporation.
China has a grand opportunity in 2008 to issue a full array of commemorative coins to celebrate the 2008 Summer Olympics in Beijing. They have been preparing for quite some time and I have been watching their Web sites as mascots were announced and festivities were scheduled, so it was with great appreciation that I watched their segment of the Forum.
Two things struck me about their issues for 2008, first, that they are planning a Paralympic Games coin series honoring the 13th Paralympics and second that they are to issue a mammoth 10 kilogram gold coin, the first ever of this size to commemorate an Olympic competition.
Normally this alone would not have caught my attention so sharply, but I found the design of this coin so pleasing that my first thought was to nominate it for Best Gold Coin in our Coin of the Year awards for coins dated 2008.
When China's PowerPoint style presentation was finished, Beck announced next years guest of honor, the Royal Canadian Mint and a symbolic gift passed hands from China to Canada. The Royal Canadian Mint is celebrating its 100th anniversary this year and had hosted a reception at Canada's Berlin embassy two nights before the Media Forum. Their program for 2008 includes a new $300 gold coin as well as gold and silver kilo coins. I believe the silver kilo coin may already be sold out and I am certain demand for Canadian commemoratives will be strong this year.
In speaking with Trish Santos, their senior marketing manager, I was most impressed at the RCM's willingness to try new avenues in coin design and packaging. It's an attitude that all mints seem currently poised to capitalize on, but the RCM has been working this angle for some time now.
The Europe Program of the European Union presented plans for coinage in 2008, along with a brief history of the programs since 2004. European Heritage is the theme for 2008 and a design contest is under way for the 2009 2-euro coin. For the month of February all EU citizens can stop by the Web site and vote for the design of their choice.
This tone of reconnecting with the collector base was very strong at the Media Forum. Beck expressed it in his introduction, and attendees could see it reverberating throughout the presentations from almost every mint, with a particularly strong statement being made by Christophe Beaux, CEO of the Monnaie de Paris.
Beaux was quite clear in expressing that Paris has reduced the number of coin types for 2008 and refocused its coinage based on collector interests. He opened the channels for cultural themes and hopes the spirit of collecting can be reinstilled in the Paris coinage programs over the next few years. This is a refreshing attitude and one that I had the pleasure of discussing with Beaux the next day at the COTY Awards ceremony. I noted with particular interest that the Media Forum crowd was very quiet and attentive for Beaux's speech. It's a good sign for the Monnaie de Paris, which has the skill and technique, but now understands their function as well.
Another presentation, which brought a pleasant surprise, came from the Japan Mint, which is embarking on a program to issue coins honoring their prefectures. At the Canadian Embassy reception I discovered that Kazuo Nitta, executive director of the mint, had a strong hand in developing this program. Though this offering follows in the footsteps of both the RCM and the United States Mint, Nitta has made an excellent addition to the Japanese program. There are 47 prefectures in Japan and each will get a copper-nickel 500-yen coin, as well as a silver coin denominated 1,000 yen. Offering the silver strikes as a separate type, instead of an off-metal strike of the circulating issue, provides numismatists and interested locals with an excellent opportunity to add to their collections. I found this a much more satisfying approach. The prefecture series will issue five copper-nickel and five silver coins per year until all 47 prefectures have been honored.
Among the many new issues coming from the Austrian Mint were additions to their excellent Railways series and Great Abbeys of Austria series, plus a series covering Celebrated Physicians of Austria and Crowns of the Hapsburgs. The Austrian Mint's emphasis is squarely on their heritage and collectors enjoy their fine design work.
Austria also made two unusual coin announcements at this Media Forum. A bimetallic coin with a green niobium center will be issued to commemorate the invention of the gaslight and the classic design of the gold bullion Vienna Philharmonic coins has been used to issue the first European silver one-ounce bullion coin denominated in euros. This is a great addition to the world's one-ounce silver bullion choices and the coin was sold for the first time on the bourse floor of the World Money Fair that very day.
Jacek Jakobczak , deputy director of the Mint of Poland displayed a number of exciting coins stuck both for Poland and several client countries. The Armenian zodiac and painters of the world series continues in 2008 as does the Andorran Extreme Sports series and color coins struck for Niue Islands. I believe Paris also has plans to issue coins in the Painters of the World series and I really love the idea that Poland is bridging the gap and encouraging joint programs between various world mints. Later in the show I had a nice conversation with Gonzalo Moreno de Alboran, commemorative coins manager for the Real Casa de la Moneda in Madrid in which he expressed interest in joint commemorative programs, perhaps even with the U.S. Mint. As a collector I love these crossovers and really like seeing the world mints getting together to satisfy their biggest supporters, numismatists.
The Royal Spanish Mint drew on their country's vast heritage in determining commemorative themes for 2008, offering 10 euro silver and 200 euro gold proofs for El Cid. Spain also plans to strike classic silver cincuenta coins denominated at 50 euro this year, in addition to coins commemorating the International Polar Year, Expo Zaragoza 2008 and their War of Independence against Napoleon. They will also release coins for King Alfonso X.
Outstanding narrative by Maruta Brukle was a highlight of the Bank of Latvia presentation. Brukle is the head of their coin division, but she displays a wonderful talent for public speaking. The technical advancement of their PowerPoint style show was as impressive as the strong heart and soul evident in their coin designs such as the Miracle of Life coin.
A newly redesigned building sets the tempo for a new track at the Royal Dutch Mint. They are planning on working with a new distributor and employing special packaging for several issues in the coming year. The RDM has also developed a very cool program to allow a photograph to be transferred to a medal. Both Dave Harper and myself took advantage of this technology later in the World Money Fair when we had our faces etched into medals as numismatic keepsakes from the show.
The British Royal Mint redesigned their logo for 2008, as well as enlisting designer John Bergdahl to give a new look to the classic Britannia motif. The BRM also displayed a great 2-pound gold coin commemorating the Centennial of the 1908 Olympics, which were held in Great Britain as an alternate site after the 1906 eruption of Mount Vesuvius forced the diverting of funds from the original site in Rome.
Portugal announced a 2-euro coin to honor the 60th anniversary of the Universal Declaration of Human Rights. This was a pleasant turn and I was happy to see that Portugal's themes, though graced with cultural heritage, also did not neglect the modern social concerns and advancements. In particular I was impressed with their coin issue for AMI the International Medical Assistance program. One euro from each coin sale will go to AMI efforts. Hats off to the Imprensa Nacional Casa da Moeda and Antonio Verdasca for a great humanitarian effort!
In South Africa the themes centered on their wildlife preserves with more issues in the Giants of Africa series, which began in 2005. This years featured giants are the Elephants. South Africa will also issue coins in the Polar series and coins honoring Mahatma Gandhi.
Herzel Biryoti, production manager of the Israel Government Coins & Medals Corporation was staying in the same tower of the Estrel Hotel as I was, so we met several times in the elevator. Biryoti was working hard at meetings most of the time, as were most directors and marketing managers at the World Money Fair, but his hard work paid off in a tight and interesting selection of new coins for Israel in 2008. A Nobel Prize winner series is planned, as well as continued coins from the land of the Bible series. Of broad historical interest will be their next UNESCO coin featuring Masada.
Another person with whom I had a few impromptu elevator conversations was U.S. Mint Director, Edmund Moy. I met Moy for the first time at the Media Forum and immediately enjoyed his company. He has a pleasant outlook and gracious demeanor that allows both collectors and professionals to speak quite candidly with him about our hobby. To put it bluntly, Moy is genuinely interested in our thoughts and listens to our opinions. I've always found that a good approach to any endeavor.
As the U.S. Mint is finishing up the quarter program, with the last state quarters issued in 2008 and the final six territorial quarters issued in 2009, they are also gearing up for a Native American dollar coin program in 2009, a wonderful Bald Eagle coin series in 2008, and a coin honoring Louis Braille which can be read in Braille. Also new this year is a special Buffalo gold coin issue struck for the Celebration series. This coin was released a few days after the show, just in time for the Lunar New Year and given that the date ends in 8 should be considered a lucky gift for many Asian households. A certificate of authenticity bearing the signature and family chopmark of Director Moy, is included with this coin, which makes it all that much more special for the first issue in the Celebration series.
The Golden Eagle will be featured on a National Park series coin from the Swiss Mint. This is a graceful design and makes for a really lovely animal coin stuck in bimetallic form. The Swiss Mint will also be offering a coin for the Centenary of Ice Hockey and the International Year of Planet Earth. They will also begin a new series of Railway coins, the first of which will feature Vitznau-Rigi, the first mountain train in Europe.
One of the best looking large silver coins displayed in the Forum came from the Banco de Mexico. Although the Aztec calendar stone has been featured on small denomination circulating coins from Mexico in the past, this one-kilo silver proof allows perfect viewing of the finest details of this historic artifact. In speaking with Ignacio Pineda, deputy manager of coins for the bank, later in the show, it became clear that much thought and effort was put into the design, mintage and issue price of this coin.
I would not be surprised if the new silver kilo Aztec calendar stone coin sells out its 1,000 mintage quickly, so if you want one for your collection, I suggest you act now. Finding Mexican collector coins for sale around the world may also be easier in the coming year, as the bank is working on building a better and wider reaching distribution network. In the meantime, for my part, I would like to take this opportunity to nominate this coin in the Most Historical category for the Coin of the Year Awards for coins dated 2008. I found it to be an inspiration both in die work and historical significance.
The German mint program will be issuing five silver commemorative coins this year, one for each mint, as is their standard. Commemoratives will feature Max Planck, the father of quantum theory physics and author Franz Kafka among others. I really love how the German mints employ design contests to involve their collector base in the process of making commemorative coinage.
While some other mints were declaring their intent to reach out to their collector base, it seemed to me that the German mints have been doing it all along. In fact, at the Media Forum they announced that they were soliciting designs for a coin to commemorate the 12th IAAF World Championships of Athletics set for Berlin in 2009. Hats off to the German mints for knowing and respecting their collector market.
From the Mint of Finland came some very subtle additions. They will be offering their first foray into color on a legal- tender circulating coin, a 10-euro silver commemorative for Mika Waltari author of "The Egyptian" and a pair of historical coins in bimetal and gold for Veterans of the Finnish War between Russia and Sweden. Finland will also be issuing a non-circulating "cents" set for the small denomination coins that no longer are struck for circulation, but which numismatists are still wanting for their collections. In addition, the mint is opening a design competition for a new bimetallic 5 euro coin with the theme of 100 Years of Finnish Science and Research. For Sweden and Norway coins will be issued commemorating Nobel Prize winning author Selma Lagerlof and national poet Henrik Wergeland. One more bit of news from Finland is that they will be installing a new mint master in 2008 with Raimo Makkonen retiring after many years at the helm.
Banque Central de Luxembourg issued and already sold out a 25-euro European Investment Bank coin with a mintage of 4,000. They plan a 10 euro 1/3rd ounce gold Central Bank issue for their 10th anniversary, which will have a mintage of 5,000. I believe Luxembourg also acquired the contract for striking the new circulating euro coins for Cyprus and Malta, which were available at the World Money Fair in loose packs. As well as in mint and proof sets.
The Italian Mint program for 2008 will offer a wide array of 5, 10 and 20 euro commemoratives struck in silver and gold. Themes feature the great Italian Architect Andrea Palladio, the Italian Constitution, 700th anniversary of University of Perugia, 200th anniversary of Antonio Meucci - inventor of one of the earliest forms of telephone communication and the 100th anniversary of the birth film actress Anna Magnani. In the European Arts series Italy will issues a 20-euro gold proof for the Netherlands and a 50-euro gold proof for Portugal.
The final presentation of the Media Forum came from KOMSCO, the Korean Minting & Security Printing Corporation. They chose to highlight improvements and changes to their company and gave the audience a look at their organization including their monetary plant in Gyeongsan, their Paper Money plant in Buyeo and their distribution facilities in Daejeon and Seoul.
KOMSCO with be hosting the 25th Mint Directors Conference next year in Korea. The bank note end of KOMSCO's business was proud to announce that two new high-denomination bank notes will be issued in 2009; a gray 100,000 won and a yellow 50,000 won.
The World Money Fair in Berlin, Germany, Feb. 1-3 had the character of both a trade show and a secondary market coin show. This two-tier style has been nurtured and honed to a fine experience by founder and numismatic pioneer Albert Beck. A very personable and cordial gentleman, Beck has a charmingly firm hand on the Fair and keeps things running in clockwork fashion.
To put things in perspective, imagine attending a comedy showcase featuring 22 of the world's most well known comedians, one after the other up on stage for your entertainment. Steve Martin followed by Jerry Seinfeld, Dave Chappelle, Lewis Black, Robin Williams, Steven Wright, Bill Cosby, Lee Evans, Carlos Mencia, Ellen Degeneres, Russell Peters, George Carlin. Well, you get the idea. It would never happen. To get such colleagues together for one performance, open to comparison from the audience and limited to less than 15 minutes of time each would be impossible for any show promoter to accomplish. Yet that is precisely what Beck has done in creating the World Money Fair Media Forum.
I came to Berlin, very excited about the Media Forum, expecting 16 mints to present their programs for 2008. On arrival I discovered that the forum had expanded to 22 mints, presenting in an approximate five-hour period and word was that several mints that wanted to participate had to be turned away to keep the forum time reasonable. All in all I was lucky enough to have talks with about 32 mint representatives at the World Money Fair and there were over 40 mints set up with booths on the bourse. This show is new issues nirvana.
The Media Forum takes place on the first day of the Fair, about 30 minutes after public opening of the bourse. In fact, to get off of the bourse and into the Media Forum, I had to swim upstream through crowds of collectors entering the show. When I finally go to the Media Forum room I was pleased to find that well over 200 people were milling around or seated waiting for the presentations to begin. Judging by the video and digital cameras set up in the main aisles there was plenty of coverage from the press, so I was in good company. Most of the mints had crews of three to six people in attendance and there were also collectors and general public there to see what new offering the mints would announce.
Beck opened the 2008 Media Forum with a few words of advice to the audience. To the mints Beck offered this advice: talk to collectors, learn what they want and respond to your marketplace. To collectors Beck advised: enjoy the thousands of years of numismatics available at the show and enjoy your friends in the hobby. With that, the Forum was opened. Each year Beck selects one mint as guest of honor and allows them to begin the forum and have a bit more time than any of the others. It's a rare privilege and the mints cherish the opportunity to bask in the extra limelight. This year's honored guest was China, represented by the China Gold Coin Incorporation.
China has a grand opportunity in 2008 to issue a full array of commemorative coins to celebrate the 2008 Summer Olympics in Beijing. They have been preparing for quite some time and I have been watching their Web sites as mascots were announced and festivities were scheduled, so it was with great appreciation that I watched their segment of the Forum.
Two things struck me about their issues for 2008, first, that they are planning a Paralympic Games coin series honoring the 13th Paralympics and second that they are to issue a mammoth 10 kilogram gold coin, the first ever of this size to commemorate an Olympic competition.
Normally this alone would not have caught my attention so sharply, but I found the design of this coin so pleasing that my first thought was to nominate it for Best Gold Coin in our Coin of the Year awards for coins dated 2008.
When China's PowerPoint style presentation was finished, Beck announced next years guest of honor, the Royal Canadian Mint and a symbolic gift passed hands from China to Canada. The Royal Canadian Mint is celebrating its 100th anniversary this year and had hosted a reception at Canada's Berlin embassy two nights before the Media Forum. Their program for 2008 includes a new $300 gold coin as well as gold and silver kilo coins. I believe the silver kilo coin may already be sold out and I am certain demand for Canadian commemoratives will be strong this year.
In speaking with Trish Santos, their senior marketing manager, I was most impressed at the RCM's willingness to try new avenues in coin design and packaging. It's an attitude that all mints seem currently poised to capitalize on, but the RCM has been working this angle for some time now.
The Europe Program of the European Union presented plans for coinage in 2008, along with a brief history of the programs since 2004. European Heritage is the theme for 2008 and a design contest is under way for the 2009 2-euro coin. For the month of February all EU citizens can stop by the Web site and vote for the design of their choice.
This tone of reconnecting with the collector base was very strong at the Media Forum. Beck expressed it in his introduction, and attendees could see it reverberating throughout the presentations from almost every mint, with a particularly strong statement being made by Christophe Beaux, CEO of the Monnaie de Paris.
Beaux was quite clear in expressing that Paris has reduced the number of coin types for 2008 and refocused its coinage based on collector interests. He opened the channels for cultural themes and hopes the spirit of collecting can be reinstilled in the Paris coinage programs over the next few years. This is a refreshing attitude and one that I had the pleasure of discussing with Beaux the next day at the COTY Awards ceremony. I noted with particular interest that the Media Forum crowd was very quiet and attentive for Beaux's speech. It's a good sign for the Monnaie de Paris, which has the skill and technique, but now understands their function as well.
Another presentation, which brought a pleasant surprise, came from the Japan Mint, which is embarking on a program to issue coins honoring their prefectures. At the Canadian Embassy reception I discovered that Kazuo Nitta, executive director of the mint, had a strong hand in developing this program. Though this offering follows in the footsteps of both the RCM and the United States Mint, Nitta has made an excellent addition to the Japanese program. There are 47 prefectures in Japan and each will get a copper-nickel 500-yen coin, as well as a silver coin denominated 1,000 yen. Offering the silver strikes as a separate type, instead of an off-metal strike of the circulating issue, provides numismatists and interested locals with an excellent opportunity to add to their collections. I found this a much more satisfying approach. The prefecture series will issue five copper-nickel and five silver coins per year until all 47 prefectures have been honored.
Among the many new issues coming from the Austrian Mint were additions to their excellent Railways series and Great Abbeys of Austria series, plus a series covering Celebrated Physicians of Austria and Crowns of the Hapsburgs. The Austrian Mint's emphasis is squarely on their heritage and collectors enjoy their fine design work.
Austria also made two unusual coin announcements at this Media Forum. A bimetallic coin with a green niobium center will be issued to commemorate the invention of the gaslight and the classic design of the gold bullion Vienna Philharmonic coins has been used to issue the first European silver one-ounce bullion coin denominated in euros. This is a great addition to the world's one-ounce silver bullion choices and the coin was sold for the first time on the bourse floor of the World Money Fair that very day.
Jacek Jakobczak , deputy director of the Mint of Poland displayed a number of exciting coins stuck both for Poland and several client countries. The Armenian zodiac and painters of the world series continues in 2008 as does the Andorran Extreme Sports series and color coins struck for Niue Islands. I believe Paris also has plans to issue coins in the Painters of the World series and I really love the idea that Poland is bridging the gap and encouraging joint programs between various world mints. Later in the show I had a nice conversation with Gonzalo Moreno de Alboran, commemorative coins manager for the Real Casa de la Moneda in Madrid in which he expressed interest in joint commemorative programs, perhaps even with the U.S. Mint. As a collector I love these crossovers and really like seeing the world mints getting together to satisfy their biggest supporters, numismatists.
The Royal Spanish Mint drew on their country's vast heritage in determining commemorative themes for 2008, offering 10 euro silver and 200 euro gold proofs for El Cid. Spain also plans to strike classic silver cincuenta coins denominated at 50 euro this year, in addition to coins commemorating the International Polar Year, Expo Zaragoza 2008 and their War of Independence against Napoleon. They will also release coins for King Alfonso X.
Outstanding narrative by Maruta Brukle was a highlight of the Bank of Latvia presentation. Brukle is the head of their coin division, but she displays a wonderful talent for public speaking. The technical advancement of their PowerPoint style show was as impressive as the strong heart and soul evident in their coin designs such as the Miracle of Life coin.
A newly redesigned building sets the tempo for a new track at the Royal Dutch Mint. They are planning on working with a new distributor and employing special packaging for several issues in the coming year. The RDM has also developed a very cool program to allow a photograph to be transferred to a medal. Both Dave Harper and myself took advantage of this technology later in the World Money Fair when we had our faces etched into medals as numismatic keepsakes from the show.
The British Royal Mint redesigned their logo for 2008, as well as enlisting designer John Bergdahl to give a new look to the classic Britannia motif. The BRM also displayed a great 2-pound gold coin commemorating the Centennial of the 1908 Olympics, which were held in Great Britain as an alternate site after the 1906 eruption of Mount Vesuvius forced the diverting of funds from the original site in Rome.
Portugal announced a 2-euro coin to honor the 60th anniversary of the Universal Declaration of Human Rights. This was a pleasant turn and I was happy to see that Portugal's themes, though graced with cultural heritage, also did not neglect the modern social concerns and advancements. In particular I was impressed with their coin issue for AMI the International Medical Assistance program. One euro from each coin sale will go to AMI efforts. Hats off to the Imprensa Nacional Casa da Moeda and Antonio Verdasca for a great humanitarian effort!
In South Africa the themes centered on their wildlife preserves with more issues in the Giants of Africa series, which began in 2005. This years featured giants are the Elephants. South Africa will also issue coins in the Polar series and coins honoring Mahatma Gandhi.
Herzel Biryoti, production manager of the Israel Government Coins & Medals Corporation was staying in the same tower of the Estrel Hotel as I was, so we met several times in the elevator. Biryoti was working hard at meetings most of the time, as were most directors and marketing managers at the World Money Fair, but his hard work paid off in a tight and interesting selection of new coins for Israel in 2008. A Nobel Prize winner series is planned, as well as continued coins from the land of the Bible series. Of broad historical interest will be their next UNESCO coin featuring Masada.
Another person with whom I had a few impromptu elevator conversations was U.S. Mint Director, Edmund Moy. I met Moy for the first time at the Media Forum and immediately enjoyed his company. He has a pleasant outlook and gracious demeanor that allows both collectors and professionals to speak quite candidly with him about our hobby. To put it bluntly, Moy is genuinely interested in our thoughts and listens to our opinions. I've always found that a good approach to any endeavor.
As the U.S. Mint is finishing up the quarter program, with the last state quarters issued in 2008 and the final six territorial quarters issued in 2009, they are also gearing up for a Native American dollar coin program in 2009, a wonderful Bald Eagle coin series in 2008, and a coin honoring Louis Braille which can be read in Braille. Also new this year is a special Buffalo gold coin issue struck for the Celebration series. This coin was released a few days after the show, just in time for the Lunar New Year and given that the date ends in 8 should be considered a lucky gift for many Asian households. A certificate of authenticity bearing the signature and family chopmark of Director Moy, is included with this coin, which makes it all that much more special for the first issue in the Celebration series.
The Golden Eagle will be featured on a National Park series coin from the Swiss Mint. This is a graceful design and makes for a really lovely animal coin stuck in bimetallic form. The Swiss Mint will also be offering a coin for the Centenary of Ice Hockey and the International Year of Planet Earth. They will also begin a new series of Railway coins, the first of which will feature Vitznau-Rigi, the first mountain train in Europe.
One of the best looking large silver coins displayed in the Forum came from the Banco de Mexico. Although the Aztec calendar stone has been featured on small denomination circulating coins from Mexico in the past, this one-kilo silver proof allows perfect viewing of the finest details of this historic artifact. In speaking with Ignacio Pineda, deputy manager of coins for the bank, later in the show, it became clear that much thought and effort was put into the design, mintage and issue price of this coin.
I would not be surprised if the new silver kilo Aztec calendar stone coin sells out its 1,000 mintage quickly, so if you want one for your collection, I suggest you act now. Finding Mexican collector coins for sale around the world may also be easier in the coming year, as the bank is working on building a better and wider reaching distribution network. In the meantime, for my part, I would like to take this opportunity to nominate this coin in the Most Historical category for the Coin of the Year Awards for coins dated 2008. I found it to be an inspiration both in die work and historical significance.
The German mint program will be issuing five silver commemorative coins this year, one for each mint, as is their standard. Commemoratives will feature Max Planck, the father of quantum theory physics and author Franz Kafka among others. I really love how the German mints employ design contests to involve their collector base in the process of making commemorative coinage.
While some other mints were declaring their intent to reach out to their collector base, it seemed to me that the German mints have been doing it all along. In fact, at the Media Forum they announced that they were soliciting designs for a coin to commemorate the 12th IAAF World Championships of Athletics set for Berlin in 2009. Hats off to the German mints for knowing and respecting their collector market.
From the Mint of Finland came some very subtle additions. They will be offering their first foray into color on a legal- tender circulating coin, a 10-euro silver commemorative for Mika Waltari author of "The Egyptian" and a pair of historical coins in bimetal and gold for Veterans of the Finnish War between Russia and Sweden. Finland will also be issuing a non-circulating "cents" set for the small denomination coins that no longer are struck for circulation, but which numismatists are still wanting for their collections. In addition, the mint is opening a design competition for a new bimetallic 5 euro coin with the theme of 100 Years of Finnish Science and Research. For Sweden and Norway coins will be issued commemorating Nobel Prize winning author Selma Lagerlof and national poet Henrik Wergeland. One more bit of news from Finland is that they will be installing a new mint master in 2008 with Raimo Makkonen retiring after many years at the helm.
Banque Central de Luxembourg issued and already sold out a 25-euro European Investment Bank coin with a mintage of 4,000. They plan a 10 euro 1/3rd ounce gold Central Bank issue for their 10th anniversary, which will have a mintage of 5,000. I believe Luxembourg also acquired the contract for striking the new circulating euro coins for Cyprus and Malta, which were available at the World Money Fair in loose packs. As well as in mint and proof sets.
The Italian Mint program for 2008 will offer a wide array of 5, 10 and 20 euro commemoratives struck in silver and gold. Themes feature the great Italian Architect Andrea Palladio, the Italian Constitution, 700th anniversary of University of Perugia, 200th anniversary of Antonio Meucci - inventor of one of the earliest forms of telephone communication and the 100th anniversary of the birth film actress Anna Magnani. In the European Arts series Italy will issues a 20-euro gold proof for the Netherlands and a 50-euro gold proof for Portugal.
The final presentation of the Media Forum came from KOMSCO, the Korean Minting & Security Printing Corporation. They chose to highlight improvements and changes to their company and gave the audience a look at their organization including their monetary plant in Gyeongsan, their Paper Money plant in Buyeo and their distribution facilities in Daejeon and Seoul.
KOMSCO with be hosting the 25th Mint Directors Conference next year in Korea. The bank note end of KOMSCO's business was proud to announce that two new high-denomination bank notes will be issued in 2009; a gray 100,000 won and a yellow 50,000 won.
Monday, February 25, 2008
The winning design of the new euro coin!
EU citizens and residents have now selected the winning design of the new commemorative euro coin celebrating 10 years of Economic and Monetary Union (EMU) and the creation of the euro.
Commemorative coins bearing this design will be issued by all euro-area Member States, starting in January 2009.
The design symbolises that the euro is the latest step in the long history of trade, from pre-historic barter – evoked by the deliberately primitive design – to Economic and Monetary Union.
The vote on the coin design
Voting was open to all citizens or residents of the European Union and took place between 31 January and 22 February 2008. Voters could choose between 5 designs pre-selected by European Mint Directors. 141 675 participated in the vote. The winning design received 41.48% of the votes.
The winning design was created by Mr George Stamatopoulos who is a sculptor at the Central Bank of Greece. Commemorative coins bearing this design will be issued by all euro-area Member States, starting in January 2009.
Congratulations to our prizewinner
A high-value set of euro collectors coins is on its way to our prizewinner.
Commemorative coins
This is the second time that all euro-area countries issue a euro coin with a common design also on the national side, the first time being the issue of the commemorative 2-euro coin celebrating the 50th anniversary of the Treaty of Rome in 2007.
Commemorative coins always have a value of 2 euro and are destined for circulation in the whole euro area, although they are often the subject of keen interest from coin collectors.
Commemorative coins bearing this design will be issued by all euro-area Member States, starting in January 2009.
The design symbolises that the euro is the latest step in the long history of trade, from pre-historic barter – evoked by the deliberately primitive design – to Economic and Monetary Union.
The vote on the coin design
Voting was open to all citizens or residents of the European Union and took place between 31 January and 22 February 2008. Voters could choose between 5 designs pre-selected by European Mint Directors. 141 675 participated in the vote. The winning design received 41.48% of the votes.
The winning design was created by Mr George Stamatopoulos who is a sculptor at the Central Bank of Greece. Commemorative coins bearing this design will be issued by all euro-area Member States, starting in January 2009.
Congratulations to our prizewinner
A high-value set of euro collectors coins is on its way to our prizewinner.
Commemorative coins
This is the second time that all euro-area countries issue a euro coin with a common design also on the national side, the first time being the issue of the commemorative 2-euro coin celebrating the 50th anniversary of the Treaty of Rome in 2007.
Commemorative coins always have a value of 2 euro and are destined for circulation in the whole euro area, although they are often the subject of keen interest from coin collectors.
Sunday, February 24, 2008
Large gold anomaly identified at Teixeirinha
Ashburton Minerals Ltd has announced the results of its regional surface sampling program completed in December 2007 over the northern part of the Cuiaba Gold Project in Brazil and the resultant discovery of another impressive gold anomaly.
The new anomaly occurs at Teixeirinha, 15km west of the city of Cuiaba.
The main anomaly is over 4km long, up to 1km wide, and remains open to the south where it is at its widest and strongest point.
The anomaly is defined by a coherent 50 parts per billion (ppb) gold contour. The 250ppb gold contour defines a central core zone of over 2km in length. A peak value of 620ppb (0.62g/t) gold was returned from the core zone.
Tom Dukovcic, the company’s Managing Director, said that these outstanding results, following on from the Tanque Belo discovery last year, confirm the presence of extensive areas of gold mineralisation within the Cuiaba goldfield. The extent and tenor of these anomalies are proof of the enormous prospectivity of the Cuiaba Gold Project to host a significant gold deposit.
“The results also attest to the company’s ability to successfully identify the most prospective targets for exploration,” Mr Dukovcic said.
The Teixeirinha prospect is located in the northern part of the company’s Cuiaba Gold Project astride a major N-plunging regional fold closure, which itself contains a number of parasitic fold closures. At its southern end, at its widest point, the main anomaly is open and trends towards an area of garimpeiro workings, with the general trend potentially continuing through to the larger “Abdala” gold workings some 5km further south.
A number of smaller anomalies have also been identified, many of which also remain open and require additional sampling.
These results stem from the first-pass phase of geochemical sampling which the company undertakes on a broad grid in order to identify areas of interest. Samples were collected on 1km spaced lines with four 100m composites taken along the line.
For this first phase of work to show the presence of a strong continuous gold signature over four adjacent 1km spaced lines is regarded as an excellent result. Follow up work will be implemented to both extend the regional grid to the west and south, and to conduct infill sampling across the main anomaly on 200m lines and 50m spot samples. This work is expected to commence within the next fortnight and is aimed at refining targets for initial drill testing.
Drilling will recommence at the conclusion of the wet season, which often extends into late March in the Cuiaba area.
The new anomaly occurs at Teixeirinha, 15km west of the city of Cuiaba.
The main anomaly is over 4km long, up to 1km wide, and remains open to the south where it is at its widest and strongest point.
The anomaly is defined by a coherent 50 parts per billion (ppb) gold contour. The 250ppb gold contour defines a central core zone of over 2km in length. A peak value of 620ppb (0.62g/t) gold was returned from the core zone.
Tom Dukovcic, the company’s Managing Director, said that these outstanding results, following on from the Tanque Belo discovery last year, confirm the presence of extensive areas of gold mineralisation within the Cuiaba goldfield. The extent and tenor of these anomalies are proof of the enormous prospectivity of the Cuiaba Gold Project to host a significant gold deposit.
“The results also attest to the company’s ability to successfully identify the most prospective targets for exploration,” Mr Dukovcic said.
The Teixeirinha prospect is located in the northern part of the company’s Cuiaba Gold Project astride a major N-plunging regional fold closure, which itself contains a number of parasitic fold closures. At its southern end, at its widest point, the main anomaly is open and trends towards an area of garimpeiro workings, with the general trend potentially continuing through to the larger “Abdala” gold workings some 5km further south.
A number of smaller anomalies have also been identified, many of which also remain open and require additional sampling.
These results stem from the first-pass phase of geochemical sampling which the company undertakes on a broad grid in order to identify areas of interest. Samples were collected on 1km spaced lines with four 100m composites taken along the line.
For this first phase of work to show the presence of a strong continuous gold signature over four adjacent 1km spaced lines is regarded as an excellent result. Follow up work will be implemented to both extend the regional grid to the west and south, and to conduct infill sampling across the main anomaly on 200m lines and 50m spot samples. This work is expected to commence within the next fortnight and is aimed at refining targets for initial drill testing.
Drilling will recommence at the conclusion of the wet season, which often extends into late March in the Cuiaba area.
Friday, February 22, 2008
Motto to get face time on $1 coins
The national motto "In God We Trust" will move from the edge of new dollar coins honoring U.S. presidents to the front or back of the currency.
A provision in the $555 billion domestic spending bill for 2008, which President Bush signed Dec. 26, calls for the change to take place "as soon as is practicable." Greg Hernandez, a spokesman for the U.S. Mint, said the change will occur in 2009.
The Mint began producing presidential $1 coins in 2007, honoring George Washington, John Adams, Thomas Jefferson and James Madison, the first four presidents. The words "In God We Trust" were placed along the edge of the coins, as instructed by Congress, Hernandez said.
"It wasn't the Mint's decision to move the motto (to the edge); it was according to law," he said.
But critics complained about the placement and thought the words belonged on the front or back of the coins instead.
The dies already have been produced for the 2008 coins -- which will feature James Monroe, John Quincy Adams, Andrew Jackson and Martin Van Buren -- so those will still have the motto along the edge.
But come 2009 -- when William Henry Harrison, John Tyler, James K. Polk and Zachary Taylor will be honored -- the motto will be moved.
Family Research Council President Tony Perkins said he was pleased with the change. His group had been concerned that "moving 'In God We Trust' off the face of our coins was just one step toward removing it altogether," he said.
The motto first appeared on U.S. coins in 1864. "In God We Trust" was included on the back of dollar bills in 1957, a year after Congress declared those words the country's motto.
A provision in the $555 billion domestic spending bill for 2008, which President Bush signed Dec. 26, calls for the change to take place "as soon as is practicable." Greg Hernandez, a spokesman for the U.S. Mint, said the change will occur in 2009.
The Mint began producing presidential $1 coins in 2007, honoring George Washington, John Adams, Thomas Jefferson and James Madison, the first four presidents. The words "In God We Trust" were placed along the edge of the coins, as instructed by Congress, Hernandez said.
"It wasn't the Mint's decision to move the motto (to the edge); it was according to law," he said.
But critics complained about the placement and thought the words belonged on the front or back of the coins instead.
The dies already have been produced for the 2008 coins -- which will feature James Monroe, John Quincy Adams, Andrew Jackson and Martin Van Buren -- so those will still have the motto along the edge.
But come 2009 -- when William Henry Harrison, John Tyler, James K. Polk and Zachary Taylor will be honored -- the motto will be moved.
Family Research Council President Tony Perkins said he was pleased with the change. His group had been concerned that "moving 'In God We Trust' off the face of our coins was just one step toward removing it altogether," he said.
The motto first appeared on U.S. coins in 1864. "In God We Trust" was included on the back of dollar bills in 1957, a year after Congress declared those words the country's motto.
Thursday, February 14, 2008
Japan gold dealer unveils $275,000 metallic gown
Free Coin Guide
It may weigh you down, but it would be worth it. Japan's largest bullion house on Thursday unveiled a shimmering gown adorned with hundreds of gold coins weighing a staggering 8 kg and valued at close to 30 million yen ($275,000). Tanaka Kikinzoku Jewellery K.K. has created a dress using 325 Austrian gold coins issued to commemorate the Vienna Philharmonic, which it will display for a week at its store in Tokyo's upscale Ginza district.
Two men's jackets also using gold coins, together valued at about 127 million yen, will also be shown.
The open-necked, mermaid-line gown, trimmed with fur and sporting one huge gold puff sleeve, was designed by students at Tokyo's Bunka Fashion College, the alma mater of several leading Japanese designers including Kenzo Takada.
The bullion house does not plan to sell the gown, but it said it would entertain any serious offers.
"It's not exactly created to float gracefully around," said Tomoko Ishibashi, a Tanaka Kikinzoku spokeswoman.
Asked what would be an appropriate occasion to show off the gown, Ishibashi said: "You might want to wear it when you have been invited to meet the emperor, such as to the annual garden party."
Mayuka, the 178-cm (5 foot 10 inch) model weighing a little over 50 kg (110 lb), admitted that the dress was very heavy and she that was unlikely to try dancing in it.
"Wearing this is a pretty amazing experience, and I think it's quite gorgeous," she told reporters.
Apart from gold coins, Tanaka Kikinzoku also offers a range of goods made from gold. An 18-karat gold bathtub that it crafted for a Japanese hotel made the headlines twice, once when it was unveiled and a second time when it was stolen from the seaside hot springs.
Gold prices are currently hovering just below an all-time high of $936.50 an ounce hit in early February.
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It may weigh you down, but it would be worth it. Japan's largest bullion house on Thursday unveiled a shimmering gown adorned with hundreds of gold coins weighing a staggering 8 kg and valued at close to 30 million yen ($275,000). Tanaka Kikinzoku Jewellery K.K. has created a dress using 325 Austrian gold coins issued to commemorate the Vienna Philharmonic, which it will display for a week at its store in Tokyo's upscale Ginza district.
Two men's jackets also using gold coins, together valued at about 127 million yen, will also be shown.
The open-necked, mermaid-line gown, trimmed with fur and sporting one huge gold puff sleeve, was designed by students at Tokyo's Bunka Fashion College, the alma mater of several leading Japanese designers including Kenzo Takada.
The bullion house does not plan to sell the gown, but it said it would entertain any serious offers.
"It's not exactly created to float gracefully around," said Tomoko Ishibashi, a Tanaka Kikinzoku spokeswoman.
Asked what would be an appropriate occasion to show off the gown, Ishibashi said: "You might want to wear it when you have been invited to meet the emperor, such as to the annual garden party."
Mayuka, the 178-cm (5 foot 10 inch) model weighing a little over 50 kg (110 lb), admitted that the dress was very heavy and she that was unlikely to try dancing in it.
"Wearing this is a pretty amazing experience, and I think it's quite gorgeous," she told reporters.
Apart from gold coins, Tanaka Kikinzoku also offers a range of goods made from gold. An 18-karat gold bathtub that it crafted for a Japanese hotel made the headlines twice, once when it was unveiled and a second time when it was stolen from the seaside hot springs.
Gold prices are currently hovering just below an all-time high of $936.50 an ounce hit in early February.
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Tuesday, February 12, 2008
United States Mint to Issue a Tribute to a Beloved President: James Monroe
United States Mint to Issue a Tribute to a Beloved President: James Monroe
Free Coin Guide
Monroe’s Virginia Home Will Be First Place to Get New Coins
Washington, DC - Valentine’s Day 2008 will mean more to Americans than chocolate and flowers. February 14, 2008 is the day the Nation may exchange dollar bills at banks and financial institutions for shiny new Presidential $1 Coins honoring a President who was beloved in his time, James Monroe.
Monroe’s Presidency was known as “The Era of Good Feelings,” and he was one of the country’s most popular chief executives. Monroe served as the Nation’s fifth President from 1817 to 1825 and, accordingly, this is the United States Mint’s fifth Presidential $1 Coin. When President Monroe took office, the War of 1812 had ended, the Nation was expanding beyond the original 13 colonies and there were few political conflicts.
When he was re-elected in 1820, President Monroe won all but one of the electoral votes in every state. Dozens of towns, cities and counties nationwide are named after Monroe and, of special significance on this Valentine’s Day, Monroe’s daughter, Maria Hester, was married in the first White House wedding.
“The James Monroe Presidential $1 Coin is a tribute to a great President,” said Acting United States Mint Deputy Director Dan Shaver. “We hope that when people spend this coin, they’ll remember that Monroe distinguished himself as a soldier in the Revolutionary War, and served his Nation as a U.S. Senator, Governor of Virginia, Secretary of State, Secretary of War, and finally as our fifth President. Above all, he was widely known for his exceptional energy, character, and poise. President James Monroe made remarkable contributions to our Nation.”
On Wednesday, February 13, 2008, the home of James and Elizabeth Monroe, Ash Lawn-Highland, near Charlottesville, Virginia, will become the first place in the Nation where Americans may obtain the new James Monroe Presidential $1 Coins a day before they go into circulation. There will be a brief ceremony at 11:00 a.m., and a coin exchange will follow. The public and news media are invited.
This year, the Nation will mark the 250th anniversary of President Monroe’s birth on April 28, 1758, in Westmoreland County, Virginia. James Monroe fought in the Revolutionary War and was painted holding the flag behind General George Washington in the famous work, “Washington Crossing the Delaware” by Emanuel Leutze.
President Monroe was the author of the Monroe Doctrine, which became a longstanding tenet of U.S. foreign policy. The three main concepts of the doctrine - separate spheres of influence for the Americas and Europe, non-colonization, and non-intervention - were designed to signify a clear break between the New World and the European powers.
The design of the James Monroe Presidential $1 Coin, like all of the Presidential $1 Coins, was created to be bold and dramatic. Edge-lettering draws attention to the inscriptions “E Pluribus Unum” and “In God We Trust,” as well as the date and the mint mark. Next year, the 2009 Presidential $1 Coins will bear “In God We Trust” on the front or back of the coin, as mandated by Congress in December 2007.
The obverse (heads side) of the James Monroe Presidential $1 Coin was designed and sculpted by United States Mint Medallic Artist Joseph Menna. The reverse (tails side) on all the Presidential $1 Coins is a magnificent image of the Statue of Liberty, designed and sculpted by United States Mint Sculptor-Engraver Don Everhart.
The United States Mint inaugurated the Presidential $1 Coin Series with the George Washington Presidential $1 Coin on February 15, 2007, in time for Presidents Day weekend. The John Adams Presidential $1 Coin followed on May 17, 2007, the Thomas Jefferson Presidential $1 Coin was launched on August 16, 2007, and the James Madison Presidential $1 Coin went into circulation on November 15, 2007.
Photographs of the circulating James Monroe Presidential $1 Coin are available at http://www.usmint.gov/pressroom/index.cfm?action=photo#Pres.
TV Stations/Networks only: Satellite Feed of B-roll Showing Manufacturing of James Monroe Presidential $1 Coins:Tuesday, February 12, 2008 at 1:30 p.m. - 1:45 p.m. ET, Galaxy 26, C Transponder 9;and on Wednesday, February 13, 2008 at 4:30 a.m.-4:45 a.m. ET, Galaxy 26, C Transponder 9.
More information about the Presidential $1 Coin Program is available at http://www.usmint.gov/mint_programs/$1coin/index.cfm. Free lesson plans about the Presidents and the Presidential $1 Coin Program may be downloaded at http://www.usmint.gov/kids/. Additional informational materials about the Presidents and the Presidential $1 Coin Program are available at https://materials.usmint.gov/$1coin/index.cfm/action/materials/interestGroupID/27/seriesYear/2007/?CFID=1031421&CFTOKEN=23991284.
History of the Presidential $1 Coin ProgramCongress authorized, and President Bush approved, the Presidential $1 Coin Act of 2005 (Act). The Act requires the Secretary of the Treasury to mint and issue Presidential $1 Coins honoring the United States Presidents in the order in which they served, with four new designs annually.
Each President will be honored with a single Presidential $1 Coin, regardless of the number of consecutive terms he served, except for Grover Cleveland, the only U.S. President to serve non-consecutive terms. He will be honored on two coins. No living former or current President can be honored on a Presidential $1 Coin.
Unique Designs Honor Historic FiguresThe new Presidential $1 Coins are identical in color and size to the Golden Dollar featuring Sacagawea, and have the same distinctive rim and tactile features to assist the visually impaired. The obverse (heads side) of each coin will feature an image of a former President and the years of his term of office. The reverse (tails side) displays an image of the Statue of Liberty and the inscriptions “United States of America” and “$1.”
Distributed through Banks and Other Financial InstitutionsThe United States Mint and the Federal Reserve are taking steps to enable businesses and the public to obtain the new James Monroe Presidential $1 Coin and all of the Presidential $1 Coins. Like the four Presidential $1 Coins before it, the James Monroe Presidential $1 Coins will be shipped to banks and other financial institutions in rolls and small bags, unmixed with other $1 coins. Banks may order and store each Presidential $1 Coin up to two weeks before its introduction so financial institutions will have supplies on hand on the release date. The coins will be available to banks in unmixed rolls and bags for four weeks after their introduction. However, banks may re-order Presidential $1 Coins after the four-week window, in case there are remaining supplies.
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Monroe’s Virginia Home Will Be First Place to Get New Coins
Washington, DC - Valentine’s Day 2008 will mean more to Americans than chocolate and flowers. February 14, 2008 is the day the Nation may exchange dollar bills at banks and financial institutions for shiny new Presidential $1 Coins honoring a President who was beloved in his time, James Monroe.
Monroe’s Presidency was known as “The Era of Good Feelings,” and he was one of the country’s most popular chief executives. Monroe served as the Nation’s fifth President from 1817 to 1825 and, accordingly, this is the United States Mint’s fifth Presidential $1 Coin. When President Monroe took office, the War of 1812 had ended, the Nation was expanding beyond the original 13 colonies and there were few political conflicts.
When he was re-elected in 1820, President Monroe won all but one of the electoral votes in every state. Dozens of towns, cities and counties nationwide are named after Monroe and, of special significance on this Valentine’s Day, Monroe’s daughter, Maria Hester, was married in the first White House wedding.
“The James Monroe Presidential $1 Coin is a tribute to a great President,” said Acting United States Mint Deputy Director Dan Shaver. “We hope that when people spend this coin, they’ll remember that Monroe distinguished himself as a soldier in the Revolutionary War, and served his Nation as a U.S. Senator, Governor of Virginia, Secretary of State, Secretary of War, and finally as our fifth President. Above all, he was widely known for his exceptional energy, character, and poise. President James Monroe made remarkable contributions to our Nation.”
On Wednesday, February 13, 2008, the home of James and Elizabeth Monroe, Ash Lawn-Highland, near Charlottesville, Virginia, will become the first place in the Nation where Americans may obtain the new James Monroe Presidential $1 Coins a day before they go into circulation. There will be a brief ceremony at 11:00 a.m., and a coin exchange will follow. The public and news media are invited.
This year, the Nation will mark the 250th anniversary of President Monroe’s birth on April 28, 1758, in Westmoreland County, Virginia. James Monroe fought in the Revolutionary War and was painted holding the flag behind General George Washington in the famous work, “Washington Crossing the Delaware” by Emanuel Leutze.
President Monroe was the author of the Monroe Doctrine, which became a longstanding tenet of U.S. foreign policy. The three main concepts of the doctrine - separate spheres of influence for the Americas and Europe, non-colonization, and non-intervention - were designed to signify a clear break between the New World and the European powers.
The design of the James Monroe Presidential $1 Coin, like all of the Presidential $1 Coins, was created to be bold and dramatic. Edge-lettering draws attention to the inscriptions “E Pluribus Unum” and “In God We Trust,” as well as the date and the mint mark. Next year, the 2009 Presidential $1 Coins will bear “In God We Trust” on the front or back of the coin, as mandated by Congress in December 2007.
The obverse (heads side) of the James Monroe Presidential $1 Coin was designed and sculpted by United States Mint Medallic Artist Joseph Menna. The reverse (tails side) on all the Presidential $1 Coins is a magnificent image of the Statue of Liberty, designed and sculpted by United States Mint Sculptor-Engraver Don Everhart.
The United States Mint inaugurated the Presidential $1 Coin Series with the George Washington Presidential $1 Coin on February 15, 2007, in time for Presidents Day weekend. The John Adams Presidential $1 Coin followed on May 17, 2007, the Thomas Jefferson Presidential $1 Coin was launched on August 16, 2007, and the James Madison Presidential $1 Coin went into circulation on November 15, 2007.
Photographs of the circulating James Monroe Presidential $1 Coin are available at http://www.usmint.gov/pressroom/index.cfm?action=photo#Pres.
TV Stations/Networks only: Satellite Feed of B-roll Showing Manufacturing of James Monroe Presidential $1 Coins:Tuesday, February 12, 2008 at 1:30 p.m. - 1:45 p.m. ET, Galaxy 26, C Transponder 9;and on Wednesday, February 13, 2008 at 4:30 a.m.-4:45 a.m. ET, Galaxy 26, C Transponder 9.
More information about the Presidential $1 Coin Program is available at http://www.usmint.gov/mint_programs/$1coin/index.cfm. Free lesson plans about the Presidents and the Presidential $1 Coin Program may be downloaded at http://www.usmint.gov/kids/. Additional informational materials about the Presidents and the Presidential $1 Coin Program are available at https://materials.usmint.gov/$1coin/index.cfm/action/materials/interestGroupID/27/seriesYear/2007/?CFID=1031421&CFTOKEN=23991284.
History of the Presidential $1 Coin ProgramCongress authorized, and President Bush approved, the Presidential $1 Coin Act of 2005 (Act). The Act requires the Secretary of the Treasury to mint and issue Presidential $1 Coins honoring the United States Presidents in the order in which they served, with four new designs annually.
Each President will be honored with a single Presidential $1 Coin, regardless of the number of consecutive terms he served, except for Grover Cleveland, the only U.S. President to serve non-consecutive terms. He will be honored on two coins. No living former or current President can be honored on a Presidential $1 Coin.
Unique Designs Honor Historic FiguresThe new Presidential $1 Coins are identical in color and size to the Golden Dollar featuring Sacagawea, and have the same distinctive rim and tactile features to assist the visually impaired. The obverse (heads side) of each coin will feature an image of a former President and the years of his term of office. The reverse (tails side) displays an image of the Statue of Liberty and the inscriptions “United States of America” and “$1.”
Distributed through Banks and Other Financial InstitutionsThe United States Mint and the Federal Reserve are taking steps to enable businesses and the public to obtain the new James Monroe Presidential $1 Coin and all of the Presidential $1 Coins. Like the four Presidential $1 Coins before it, the James Monroe Presidential $1 Coins will be shipped to banks and other financial institutions in rolls and small bags, unmixed with other $1 coins. Banks may order and store each Presidential $1 Coin up to two weeks before its introduction so financial institutions will have supplies on hand on the release date. The coins will be available to banks in unmixed rolls and bags for four weeks after their introduction. However, banks may re-order Presidential $1 Coins after the four-week window, in case there are remaining supplies.
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Sunday, February 10, 2008
Proof Turtle Dimes to be Auctioned by Superior
by Superiorby Greg Reynolds
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On the evening of Feb 12, Superior Galleries of Beverly Hills will auction an astounding collection of early Proof dimes. These dimes, from an unnamed consignor, are the centerpieces of the “Turtle Rock collection,” and thus will be referred to here as Turtle dimes. Superior will also auction a wide variety of other U.S coins, from several different consignors.
Turtle capped bust dimes of the following dates are certified as ‘Proofs’ by the Numismatic Guaranty Corp. (NGC): 1820, 1821, 1824/2, 1827, 1828, 1829, 1830/29, 1831, 1833, 1834 and 1835. Most of these are NGC graded Proof-65 or higher. Even if the Proof status of one or two of these were to be questioned, not an unusual occurrence in the coin collecting community, it would still be one of the all-time finest groups of Proof Capped Bust dimes ever assembled. Unfortunately, I left my notes regarding past offerings of Proof Capped Bust dimes in another State. So, I cannot here rank the all-time finest groups of Proof Bust dimes, nor can I now trace the Turtle dimes to epic collections. Even so, the greatness of this group is indisputable. The nature and tremendous importance of early Proofs warrants discussion, particularly for the benefit of those collectors who have never seen any of them.
It is not easy to explain the special nature of early Proof coins. After all, these are among the most elusive and fascinating of all U.S. coins, especially silver and gold Proofs from the 1820s.
Usually, business strike silver coins from the 1820s were very unevenly struck. Indeed,choice uncirculated Bust silver coins often lack substantial detail, and their design elements may be characterized by noticeably smooth areas. Moreover, Proof silver coins from the 1820s tend to be much less pristine than Proofs of later years. By the early 1840s, Proof silver coins tended to look fabulous and were produced with hardly any Mint-caused imperfections. In the 1820s, silver Proofs were typically characterized by poorly struck highpoints, slightly rough areas, indentations present before striking, and other, sometimes hard to explain, imperfections stemming from the manufacturing process.
Even so, true Proofs, from the 1820s, look dramatically different from the business strikes of era. The relationships between the design elements and the fields are different and superior. Further, mirror surfaces, certain extra detail, and relatively more elaborate borders, plus other factors, distinguish Proofs from business strikes. It is a difference of kind, not of degree.
The only pre-1820 silver or gold coins that the NGC has certified as Proofs are three 1818 half dollars. I have seen at least one, the Eliasberg piece. I may have seen one or both of the others before these were so certified. One of the Queller collection’s 1818 halves and one of the Byers 1818 halves are each substantially prooflike, though neither, in my view, is a true Proof. I understand why others may disagree with me. I maintain, though, that my framework for analyzing Proofs is consistent with the logical rules and traditions of coin collecting in the U.S.
In the future, I will further explain my criteria and demonstrate its similarities (and some differences) to the respective approaches of analyzing Proofs of Walter Breen and David Akers. I outline several key criteria below in my discussion of the Turtle 1820 dime.
I have never seen a coin minted before 1820 that I am convinced is a Proof. I seriously wonder whether any 1818 halves really are Proofs, and I am not alone. Over the years, I have discussed these issues with several other experts, and I have found no one who will assert ‘on the record’ that any specific, pre-1820, U.S. silver or gold coin is a Proof.
I have not had the opportunity to examine the pre-1820 large cents that the NGC has certified as Proofs. As far as I know, the Professional Coin Grading Service (PCGS) has not certified any pre-1820 coins in any metal as Proofs, except one 1817 large cent.
The Turtle 1820 Proof dime is thus of tremendous importance as one of the first true Proofs ever minted in the United States. I have seen it before, and have given it much thought. I am not yet prepared to discuss its ownership history, which is noteworthy.
Fortunately, there is some information readily available regarding the pedigrees of at least two Turtle dimes. The Turtle 1828 is in a NGC holder that indicates that it was part of the “Starr” collection. This almost certainly is meant to indicate that it was part of the portion of the Floyd Starr collection, probably including all of the late Starr’s silver coins, that Stack’s auctioned in October 1992. The Turtle 1827, NGC certified “Proof-67,” is identified by the Superior cataloguer as the Bareford 1827 dime that Stack’s auctioned in 1981. My recollections confirm this point. I tentatively remember that it was also part of the Allen Lovejoy collection that was auctioned in October 1990 and is the same dime was auctioned again in the summer of 1991 by Superior Galleries. At the latter event, a New Jersey dealer obtained it on behalf of a client. This 1827 dime was NGC certified as “Proof-67″ in 1990 or earlier.
While another Proof 1820 dime probably exists, and in theory two others may exist, this is the only one that has been seen in a long time. Pre-1860 coins that have been catalogued as Proofs in past decades are often not Proofs, and even some pre-1860 coins that have been recently catalogued as Proofs are not either. So, until another shows itself in public, the Turtle coin can be regarded as the only known Proof 1820 dime.
How do I know it is a Proof? There is not one factor that conclusively proves that a coin is a Proof. Generally, a coin must be struck more than once to be a Proof, but not all coins that are struck more than once are Proofs. This 1820 dime was struck at least twice, probably three times. I wish there was space here to explain the evidence of multiple strikings. Second, it has reflective surfaces that are a consequence of deliberate extra-polishing, for aesthetic purposes, before this dime was placed in the press (machine).
Third, several design elements are squared (or nearly so). Such squaring has to do with the physical definition of the design elements and their relationships with nearby flat surfaces (fields). Fourth, the planchet (prepared blank) was specially wire-brushed before striking. The resulting texture is interesting, and clearly different from that of typical business strikes.
Fifth, the head of Miss Liberty on the obverse (front) and the eagle on the reverse (back) are frosted. This frosting came about due to a special treatment of the dies with an acidic liquid. The frosting of design elements on Proofs continues until this day. There are many Proofs, however, that never had frosted elements and there are business strikes with frosted elements. Again, no one factor proves a coin is a Proof. Sixth, the height and dimensions of the rim on the reverse (back) is more complex than that of a business strike. The seventh reason cannot be explained and has to do with the overall fabric and look of the coin. Proofs have special textures, though there is more than one kind of Proof texture.
The Turtle 1820 dime has cool natural toning and is extremely attractive in general. On the obverse (front), medium russet tones blend well with metallic blue and various shades of green. The toning is even and balanced. The frosted head of Miss Liberty, the “Bust,” awesomely glows. The fields (flat areas) on the reverse (back of the coin) are characterized by several, mostly light shades of russet and red. Additionally, there are red patches across the shield and on both wings. Otherwise, the eagle is tinted in a stunning bright, fluorescent blue, with touches of orange-russet. The outer design elements are mostly green with blue spots. The eagle and the motto, E PLURIBUS UNUM, once exhibited a very strong cameo contrast, but have now faded to an appealing, soft, varying white glow. Although the Turtle 1820 has a few miniscule contact marks, it is an amazing coin, and one of the coolest, early Proof dimes.
Another Turtle dime that especially warrants attention is the 1824/2. It is NGC certified Proof-65. As the coin is missing some detail, it is unsurprising that someone who is not familiar with the series may believe that it is not a Proof. In contrast to the prevailing theory that missing detail on uncirculated or Proof Bust coins is typically due to the dies being spaced too far apart, I maintain that the dies were lacking such detail when Proof 1824/2 dimes were struck. Grinding, lapping and re-polishing of the dies eliminated some of the detail that existed, and not all dies of the same design type have an equal level of detail at the onset of their lives.
Regardless of the reason for the weakly detailed areas, however, it is clear that Mint personnel were doing the best that they could to make this dime a very special coin. It was struck at least three times. It has fully reflective fields. The outer elements are defined in a manner that is vastly superior to the same elements on business strikes. The reverse dentils are shaped in a way that screams “Proof”! It exhibits other Proof characteristics as well. It is definitely a Proof.
The Turtle 1824/2 has really neat, natural toning. The obverse is mostly a deep blue-green tone. The reverse has tannish-russet design elements and really pleasant, mellow green fields. This dime has never been dipped, and probably has never been cleaned.
This Proof has almost zero contact marks and is very attractive overall. It is a prize for the collector who truly understands it. Keep in mind that coins of the 1820s, especially dimes minted before 1828, were made with technology that is much less advanced than the technology that was incrementally adopted a relatively short time later. The letters, numerals, stars, and borders on this 1824/2 are fantastically formed, for a dime from the mid 1820s.
There are other, very desirable Proof dimes in the Turtle Rock collection. I will discuss more of them in the future. The offering of these dimes is a landmark event.
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On the evening of Feb 12, Superior Galleries of Beverly Hills will auction an astounding collection of early Proof dimes. These dimes, from an unnamed consignor, are the centerpieces of the “Turtle Rock collection,” and thus will be referred to here as Turtle dimes. Superior will also auction a wide variety of other U.S coins, from several different consignors.
Turtle capped bust dimes of the following dates are certified as ‘Proofs’ by the Numismatic Guaranty Corp. (NGC): 1820, 1821, 1824/2, 1827, 1828, 1829, 1830/29, 1831, 1833, 1834 and 1835. Most of these are NGC graded Proof-65 or higher. Even if the Proof status of one or two of these were to be questioned, not an unusual occurrence in the coin collecting community, it would still be one of the all-time finest groups of Proof Capped Bust dimes ever assembled. Unfortunately, I left my notes regarding past offerings of Proof Capped Bust dimes in another State. So, I cannot here rank the all-time finest groups of Proof Bust dimes, nor can I now trace the Turtle dimes to epic collections. Even so, the greatness of this group is indisputable. The nature and tremendous importance of early Proofs warrants discussion, particularly for the benefit of those collectors who have never seen any of them.
It is not easy to explain the special nature of early Proof coins. After all, these are among the most elusive and fascinating of all U.S. coins, especially silver and gold Proofs from the 1820s.
Usually, business strike silver coins from the 1820s were very unevenly struck. Indeed,choice uncirculated Bust silver coins often lack substantial detail, and their design elements may be characterized by noticeably smooth areas. Moreover, Proof silver coins from the 1820s tend to be much less pristine than Proofs of later years. By the early 1840s, Proof silver coins tended to look fabulous and were produced with hardly any Mint-caused imperfections. In the 1820s, silver Proofs were typically characterized by poorly struck highpoints, slightly rough areas, indentations present before striking, and other, sometimes hard to explain, imperfections stemming from the manufacturing process.
Even so, true Proofs, from the 1820s, look dramatically different from the business strikes of era. The relationships between the design elements and the fields are different and superior. Further, mirror surfaces, certain extra detail, and relatively more elaborate borders, plus other factors, distinguish Proofs from business strikes. It is a difference of kind, not of degree.
The only pre-1820 silver or gold coins that the NGC has certified as Proofs are three 1818 half dollars. I have seen at least one, the Eliasberg piece. I may have seen one or both of the others before these were so certified. One of the Queller collection’s 1818 halves and one of the Byers 1818 halves are each substantially prooflike, though neither, in my view, is a true Proof. I understand why others may disagree with me. I maintain, though, that my framework for analyzing Proofs is consistent with the logical rules and traditions of coin collecting in the U.S.
In the future, I will further explain my criteria and demonstrate its similarities (and some differences) to the respective approaches of analyzing Proofs of Walter Breen and David Akers. I outline several key criteria below in my discussion of the Turtle 1820 dime.
I have never seen a coin minted before 1820 that I am convinced is a Proof. I seriously wonder whether any 1818 halves really are Proofs, and I am not alone. Over the years, I have discussed these issues with several other experts, and I have found no one who will assert ‘on the record’ that any specific, pre-1820, U.S. silver or gold coin is a Proof.
I have not had the opportunity to examine the pre-1820 large cents that the NGC has certified as Proofs. As far as I know, the Professional Coin Grading Service (PCGS) has not certified any pre-1820 coins in any metal as Proofs, except one 1817 large cent.
The Turtle 1820 Proof dime is thus of tremendous importance as one of the first true Proofs ever minted in the United States. I have seen it before, and have given it much thought. I am not yet prepared to discuss its ownership history, which is noteworthy.
Fortunately, there is some information readily available regarding the pedigrees of at least two Turtle dimes. The Turtle 1828 is in a NGC holder that indicates that it was part of the “Starr” collection. This almost certainly is meant to indicate that it was part of the portion of the Floyd Starr collection, probably including all of the late Starr’s silver coins, that Stack’s auctioned in October 1992. The Turtle 1827, NGC certified “Proof-67,” is identified by the Superior cataloguer as the Bareford 1827 dime that Stack’s auctioned in 1981. My recollections confirm this point. I tentatively remember that it was also part of the Allen Lovejoy collection that was auctioned in October 1990 and is the same dime was auctioned again in the summer of 1991 by Superior Galleries. At the latter event, a New Jersey dealer obtained it on behalf of a client. This 1827 dime was NGC certified as “Proof-67″ in 1990 or earlier.
While another Proof 1820 dime probably exists, and in theory two others may exist, this is the only one that has been seen in a long time. Pre-1860 coins that have been catalogued as Proofs in past decades are often not Proofs, and even some pre-1860 coins that have been recently catalogued as Proofs are not either. So, until another shows itself in public, the Turtle coin can be regarded as the only known Proof 1820 dime.
How do I know it is a Proof? There is not one factor that conclusively proves that a coin is a Proof. Generally, a coin must be struck more than once to be a Proof, but not all coins that are struck more than once are Proofs. This 1820 dime was struck at least twice, probably three times. I wish there was space here to explain the evidence of multiple strikings. Second, it has reflective surfaces that are a consequence of deliberate extra-polishing, for aesthetic purposes, before this dime was placed in the press (machine).
Third, several design elements are squared (or nearly so). Such squaring has to do with the physical definition of the design elements and their relationships with nearby flat surfaces (fields). Fourth, the planchet (prepared blank) was specially wire-brushed before striking. The resulting texture is interesting, and clearly different from that of typical business strikes.
Fifth, the head of Miss Liberty on the obverse (front) and the eagle on the reverse (back) are frosted. This frosting came about due to a special treatment of the dies with an acidic liquid. The frosting of design elements on Proofs continues until this day. There are many Proofs, however, that never had frosted elements and there are business strikes with frosted elements. Again, no one factor proves a coin is a Proof. Sixth, the height and dimensions of the rim on the reverse (back) is more complex than that of a business strike. The seventh reason cannot be explained and has to do with the overall fabric and look of the coin. Proofs have special textures, though there is more than one kind of Proof texture.
The Turtle 1820 dime has cool natural toning and is extremely attractive in general. On the obverse (front), medium russet tones blend well with metallic blue and various shades of green. The toning is even and balanced. The frosted head of Miss Liberty, the “Bust,” awesomely glows. The fields (flat areas) on the reverse (back of the coin) are characterized by several, mostly light shades of russet and red. Additionally, there are red patches across the shield and on both wings. Otherwise, the eagle is tinted in a stunning bright, fluorescent blue, with touches of orange-russet. The outer design elements are mostly green with blue spots. The eagle and the motto, E PLURIBUS UNUM, once exhibited a very strong cameo contrast, but have now faded to an appealing, soft, varying white glow. Although the Turtle 1820 has a few miniscule contact marks, it is an amazing coin, and one of the coolest, early Proof dimes.
Another Turtle dime that especially warrants attention is the 1824/2. It is NGC certified Proof-65. As the coin is missing some detail, it is unsurprising that someone who is not familiar with the series may believe that it is not a Proof. In contrast to the prevailing theory that missing detail on uncirculated or Proof Bust coins is typically due to the dies being spaced too far apart, I maintain that the dies were lacking such detail when Proof 1824/2 dimes were struck. Grinding, lapping and re-polishing of the dies eliminated some of the detail that existed, and not all dies of the same design type have an equal level of detail at the onset of their lives.
Regardless of the reason for the weakly detailed areas, however, it is clear that Mint personnel were doing the best that they could to make this dime a very special coin. It was struck at least three times. It has fully reflective fields. The outer elements are defined in a manner that is vastly superior to the same elements on business strikes. The reverse dentils are shaped in a way that screams “Proof”! It exhibits other Proof characteristics as well. It is definitely a Proof.
The Turtle 1824/2 has really neat, natural toning. The obverse is mostly a deep blue-green tone. The reverse has tannish-russet design elements and really pleasant, mellow green fields. This dime has never been dipped, and probably has never been cleaned.
This Proof has almost zero contact marks and is very attractive overall. It is a prize for the collector who truly understands it. Keep in mind that coins of the 1820s, especially dimes minted before 1828, were made with technology that is much less advanced than the technology that was incrementally adopted a relatively short time later. The letters, numerals, stars, and borders on this 1824/2 are fantastically formed, for a dime from the mid 1820s.
There are other, very desirable Proof dimes in the Turtle Rock collection. I will discuss more of them in the future. The offering of these dimes is a landmark event.
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Friday, February 08, 2008
Not all Coin Dealers Struck from Same Die
Free Coin Guide
by Rusty Goe
The term coin dealer evokes about as many images as does the terms car dealer, hardware dealer, book dealer, or just about any other avocation with which the word dealer is associated. There is no one-description-fits-all for the label of coin dealer. Just as in any profession there are different degrees of separation between those coin dealers at the top of the competency chain and those at the bottom.
Consider for example the computer industry. If a person tells you he’s into computers; is he at the level of Bill Gates or Steve Jobs, or is he an assistant on the Geek Squad at Best Buy? Likewise, when you consider 2008’s crop of presidential candidates, do Barack Obama, Hillary Clinton, John McCain, Mitt RomneyMitt-Romney-MBA Sep-07 and Mike Huckaby seem to be on equal footing with Dennis Kucinich, Mike Gravel, Fred ThompsonFred-Thompson-Failed-Hearings Nov-07 , Ron Paul and Bill Richardson?
So it is in the world of professional (or semi-professional) coin dealers. Some are front-runners, some are consistently solid performers who will always deliver, but never sit on top of the heap, and some are perpetual wannabes.
In this vast universe of coin dealerdom, there are no stringent rules determining who can claim membership. There are no tests administered to see if a person qualifies, nor are there licenses one must obtain to be accredited. It’s simply a matter of announcing to the world that you are now a coin dealer. And, as far as anyone is aware, these self-appointments are for life. Once you claim dealership status you can include it on your résumé for as long as you so desire?even if other members of the dealer fraternity refuse to recognize your stature.
If you are familiar with the old adage “you can’t tell the players without a scorecard,” you might appreciate the following characterizations of different categories of coin dealers. Please keep in mind that it is impossible to pigeonhole every type of coin dealer and that this brief study in no way encompasses every category under the sun. For instance, my focus will be primarily on dealers specializing in the U.S. coin market, although many of them do cross over into the foreign coin market. I think it’s safe to say that demand for U.S. coins is greater than that of any other country’s coins. Although, if the Chinese, with their enormous population, get bit by the collecting bug, gold miscals, silver taels, and panda yuans could give U.S. Indian gold pieces, Morgan silver dollars, and Buffalo nickels a run for the money.
Old-Line Coin Companies
Throughout the first seven decades of the twentieth-century a collegiality of influential coin dealers practically dominated the market in the United States. They used their own names, or simply their surnames, or occasionally a catchy adjective for the names of their businesses. The most prominent dealers among these old-line firms conducted auctions as one of their many services to clients.
Coin grading, not nearly as intricately evolved as it became in the last two decades of the twentieth century, took a backseat to other aspects of a dealer’s repertoire. Background information on every coin minted in the U.S. was essential. Memorization of mintages, proficiency in pedigree information, knowledge of rarity factors, familiarity with varieties, and a keen awareness of current and historical coin values were foundational elements of a dealer’s expertise.
For the most part, these dealers showed up to work every day wearing suits and ties. They displayed a professional and courteous deportment and generally catered to their customers’ needs. Although travel factored into their business schedules, these dealers concentrated their efforts in their own backyards. The strenuous national coin show circuit had not as yet emerged.
A handful of these prestigious rare coin companies survived into the final decades of the twentieth century. More often than not, the founders of these firms had passed into the next life, leaving their operations in the hands of their descendents. In some instances, only the firm’s name survived, with no family members involved in the business at all.
The descendents who carried on these families’ traditions acquired new skills never imagined by their ancestors, such as Internet technology and a more highly sophisticated system of coin grading. New collectors entering the hobby in the first decade of the twenty-first century are often unaware that these descendants are not the original owners of these old-line firms. Yet commonsense suggests that if a company boasts of being in business for seventy to eighty years, the founder or founders are probably long gone. With the exception of one or possibly two of these “dinosaur” coin companies, which originated in the first half of the twentieth century, none of the rest has survived, unless you include one or two that remain in name only.
Modern-Age Dealers?The Industry Giants
From the legacy left by the old-line coin companies has emerged a plethora of dealer categories, almost as diverse as the types of coins available to collectors. There is one mega-company, which if it continues its exponential growth, could produce gross revenues equal to all of the other coin dealers combined. This is due in large part to the large percentage of this company’s revenues which is derived from its diverse auction business.
Another firm, which emerged in the late 1960s and early 1970s, might resemble as much as any the family dynasties from the old-line companies. Whether its founder’s descendents will maintain the dominant position it experienced in its niche market for more than three decades remains to be seen.
High-Profile Independents
Securing a healthy segment in the next position on our descending scale are the highly visible dealers with annual revenues of $50 million to $100 million (or more in some cases). It appears as if the majority, if not all of these dealers, are backed by wealthy individuals or investor groups. These dealers, for the most part, are knowledgeable in their fields of expertise, but obviously hold significant advantages over their less fortunate peers because of the seemingly bottomless wells of capital at their disposal. They are in many ways living every coin collector’s dream by having access to blank signed checks allowing them to purchase whatever rarities their hearts desire.
Then there are the upper echelon independent dealers whose annual revenues at times approach the levels achieved by the highly visible dealers backed by large infusions of cash. These very successful independents can be classified into two categories: old wave and new wave. Dealers in the old-wave group made their bones during the 1960s and 1970s, and have maintained their status as key players to the present date. The new-wavers emerged in the 1980s and 1990s and have risen like cream to the top in the more sophisticated market environment fueled greatly by the Internet. Old- and new-wave upper-echelon independent dealers are seen at most major coin shows, generally operate out of an office, service a diverse clientele, maintain inventories valued between $2 million and $10 million (in 2008), are usually experts in one or more series of coins or currency, possess sufficient to superior grading skills, and utilize advertizing to promote themselves in trade periodicals, as well as hosting their own websites.
The Coin Shop Owners
Coin shop owners represent another segment of the dealer community. These independent operators are found in hundreds of cities across the country. Some of them run small mom-and-pop operations, with gross annual revenues of between $100,000 and $1,000,000. While others joined in either partnerships or perhaps employing larger staffs, maintain a sizable market presence. Coin dealers that operate shops can offer a wide variety of services to collectors, including want-list researches, providing appraisals, purchasing collections, and education in basic fundamentals. A small percentage of coin shop owners set up at shows as well.
Since there are no exams administered to determine a person’s qualifications, anyone can operate a coin shop, or declare himself to be any kind of coin dealer for that matter. Thus, you will encounter some coin shop owners who barely know more (or sometimes less) about the hobby than the collectors frequenting their stores. On the other hand, many coin shop owners are advanced numismatists and possess a vast wealth of knowledge, as well as acumens in categories such as coin grading, rarity identification, investment counseling, and research work.
While a large segment of the coin collector community will rarely, if ever, encounter dealers in some of the other categories described in this article, most, if not all collectors will come into contact with a coin shop owner at one point or another. Coin shop owners are in many ways the links between collectors and the hobby.
The Telemarketers
Another category of coin dealer is the telemarketer, a rather pervasive segment of the industry, which includes the boiler-room salesperson who is hawking numismatic items at exorbitant prices, and the operator of a huge and sophisticated sales force, whose prices are not necessarily considered fraudulent, but whose high-pressure marketing tactics could easily be construed as unethical. There are a handful of rather large and elaborate telemarketing companies that sell millions of dollars of rare coins every year. And while not all members of these firms’ sales staffs can be considered coin dealers in the strictest sense of the term, there is usually at least one recognized numismatic authority connected to the company.
There are some in the dealer community who extol the telemarketers?at least the so-called legitimate ones?for the large volume of coins they sell each year. Yet, while it might be true that this stimulates the coin market, the dynamic tension created by the propaganda employed by many telemarketers is cause for concern. Sales pressure and frivolous claims should never be used to coax potential retail customers to purchase rare coins. While caveat emptor is the battle cry proclaimed by telemarketers to justify their questionable methods, collectors should be educated and never be forced into situations in which they must beware of their decisions.
The Advertisers
Still, there is another group of coin dealers of which collectors must be on guard. These are the “advertisers,” who year in and year out saturate numismatic periodicals with multi-full-page ads, featuring what appear to be great deals on coins. The problem is, the majority of the time, buyers do not receive coins in the grades advertized. For example, a silver dollar might be described as “Brilliant Uncirculated,” when in reality it is what is referred to in the hobby as a “slider.” In other words, a coin in Almost Uncirculated condition, which has probably been dipped in a solution to make it appear brighter.These “advertisers” don’t sell coins which have been certified by top-tier third-party grading services, such as PCGS and NGC?at least not many such coins. Instead, they sell “raw” or uncertified coins, for which they can employ their own subjective?often very liberal?grading standards. Yet their ads appear like clockwork year round and constitute a major portion of numismatic periodicals’ advertizing revenues.
How do these dealers survive, you ask, especially in an age of more sophisticated grading practices? There’s a slithery loophole that allows them to continue foisting their brand of hucksterism on an unwitting public. As long as a return privilege is offered on every over-graded, misrepresented item they sell, the “advertisers” are free to do as they please. Once again, caveat emptor is invoked, placing the burden of responsibility on the collector. And, there must be enough susceptible people out there, since there appears to be no subsiding of these kinds of ads in the numismatic press.
The Graders
While you will probably not see the “advertisers” submitting large groups of coins to the third-party grading services, our next category of coin dealers thrives on this practice. These dealers are referred to as the “graders,” since their modus operandi is to get as many coins graded at either of the two (PCGS and NGC) grading services as possible. They scour bourse tables at coin shows and travel from coin shop to coin shop across the country searching for coins which might be undergraded, for the purpose of scoring upgrades upon resubmission. The most talented of these “graders” generate big profits at times and consistently bang out good livings.
They sell to other dealers for the most part, as they are not usually interested in cultivating relationships with retail clients. After all, this might consume too much of their time, which would be better spent looking for more coins to submit to the grading services.
The Coin Doctors
A subset of the “graders” group is a category known as the “coin doctors.” These dealers employ many of the same strategies as the “graders,” as they are constantly searching for more coins to submit to the grading services. Yet, their techniques diverge from those employed by the “graders,” primarily because of their practice of altering the surfaces of coins in an attempt to outfox the grading services.
These “coin doctors” will apply artificial toning to cover hairlines and abrasions on coins; they will use putties and other substances to conceal wear or fill in nicks or gouges; and they will rub the oil from their noses or foreheads across the surface of coins to hide contact marks.
Supposedly, as the grading services have gotten wiser, the coin doctors have grown less successful. There is no quantifiable way to prove this however, but one thing is certain, these quick-change artists have left a slagheap of artificially enhanced coins in the marketplace.
The Authors and Experts
A small percentage of coin dealers have carved out niches in specialized areas of the hobby and comprise the next group on our list, known simply as the “authors and experts.” Members of this category have emerged from any of the other aforementioned categories, having developed a penchant for their area of expertise. They write books on their favorite subjects, many of which become recognized as the foremost authoritative references in their respective categories. Most writers and experts are actively engaged in trading numismatic items, although some are simply observant bystanders. Those that do deal in coins for a living, often have keen insights from their experiences in the trenches to share with their readers.
It appears as if there has been a proliferation of numismatic literature published over the past decade. This is welcome news for members of the coin collecting community, especially those interested in furthering their numismatic education. The dealers who write books are making a lasting contribution to their hobby.
The Vest-Pocket Dealers
Before a person becomes a full-fledged coin dealer he or she will often transition from the collector ranks to a part-time participation in the business, known as a vest-pocket dealer. The term stems from the inference that such a person maintains a portable store, carrying his inventory in his pockets so to speak, rather than operating out of a bricks and mortar location. Many vest-pocket dealers have tried and failed; but a small percentage of them have passed the test and entered into respectable full-time status.
The Cyber-Dabbler Dealers
As the Internet has pervaded our culture, increased numbers of what might be referred to as “cyber-dabbler dealers” have emerged. Online auction platforms such as eBay offer these “cyber-dabblers” the ultimate in portable peddling, and require much less accountability than is required from the face-to-face transactions conducted by their counterparts, the by vest-pocket dealers. Only the future will reveal how rampant these Internet numismatic novices are. One thing’s for certain, buyers pursuing coins in these online auctions will need to be doubly sure of whom the sellers are.
Conclusion
In conclusion, I want to remind you that this brief sketch does not encompass every category of coin dealer. For instance, I could have mentioned the coin brokers; individuals that never own inventory, but simply act as mediators between two parties. And then, there are the employees of large firms, who often begin as novices and gradually move up the ranks to become distinguished coin dealers in their own rights. Sometimes, they even branch out and start their own companies.
Finally, I would be remiss if I didn’t make a passing comment about the principles and the graders at the third-party grading services. For the most part, these individuals came from one or more of the categories aforementioned (some are still active in their respective categories, while others are committed to only working for their third-party grading company). They are proficient in one of the integral components of coin collecting: grading.
In theory, these third-party graders exist to keep honest the players in all the other categories mentioned in this article?In reference to accurately rating coin conditions, anyway. And while the two major services (PCGS and NGC) have been commendably successful in their mission, there is no better advice for any collector to follow than, “know your dealer.”
I hope this top-to-bottom glimpse into the world of coin dealers has been enlightening and that you will be better equipped to evaluate the ones with which you choose to do business.
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by Rusty Goe
The term coin dealer evokes about as many images as does the terms car dealer, hardware dealer, book dealer, or just about any other avocation with which the word dealer is associated. There is no one-description-fits-all for the label of coin dealer. Just as in any profession there are different degrees of separation between those coin dealers at the top of the competency chain and those at the bottom.
Consider for example the computer industry. If a person tells you he’s into computers; is he at the level of Bill Gates or Steve Jobs, or is he an assistant on the Geek Squad at Best Buy? Likewise, when you consider 2008’s crop of presidential candidates, do Barack Obama, Hillary Clinton, John McCain, Mitt RomneyMitt-Romney-MBA Sep-07 and Mike Huckaby seem to be on equal footing with Dennis Kucinich, Mike Gravel, Fred ThompsonFred-Thompson-Failed-Hearings Nov-07 , Ron Paul and Bill Richardson?
So it is in the world of professional (or semi-professional) coin dealers. Some are front-runners, some are consistently solid performers who will always deliver, but never sit on top of the heap, and some are perpetual wannabes.
In this vast universe of coin dealerdom, there are no stringent rules determining who can claim membership. There are no tests administered to see if a person qualifies, nor are there licenses one must obtain to be accredited. It’s simply a matter of announcing to the world that you are now a coin dealer. And, as far as anyone is aware, these self-appointments are for life. Once you claim dealership status you can include it on your résumé for as long as you so desire?even if other members of the dealer fraternity refuse to recognize your stature.
If you are familiar with the old adage “you can’t tell the players without a scorecard,” you might appreciate the following characterizations of different categories of coin dealers. Please keep in mind that it is impossible to pigeonhole every type of coin dealer and that this brief study in no way encompasses every category under the sun. For instance, my focus will be primarily on dealers specializing in the U.S. coin market, although many of them do cross over into the foreign coin market. I think it’s safe to say that demand for U.S. coins is greater than that of any other country’s coins. Although, if the Chinese, with their enormous population, get bit by the collecting bug, gold miscals, silver taels, and panda yuans could give U.S. Indian gold pieces, Morgan silver dollars, and Buffalo nickels a run for the money.
Old-Line Coin Companies
Throughout the first seven decades of the twentieth-century a collegiality of influential coin dealers practically dominated the market in the United States. They used their own names, or simply their surnames, or occasionally a catchy adjective for the names of their businesses. The most prominent dealers among these old-line firms conducted auctions as one of their many services to clients.
Coin grading, not nearly as intricately evolved as it became in the last two decades of the twentieth century, took a backseat to other aspects of a dealer’s repertoire. Background information on every coin minted in the U.S. was essential. Memorization of mintages, proficiency in pedigree information, knowledge of rarity factors, familiarity with varieties, and a keen awareness of current and historical coin values were foundational elements of a dealer’s expertise.
For the most part, these dealers showed up to work every day wearing suits and ties. They displayed a professional and courteous deportment and generally catered to their customers’ needs. Although travel factored into their business schedules, these dealers concentrated their efforts in their own backyards. The strenuous national coin show circuit had not as yet emerged.
A handful of these prestigious rare coin companies survived into the final decades of the twentieth century. More often than not, the founders of these firms had passed into the next life, leaving their operations in the hands of their descendents. In some instances, only the firm’s name survived, with no family members involved in the business at all.
The descendents who carried on these families’ traditions acquired new skills never imagined by their ancestors, such as Internet technology and a more highly sophisticated system of coin grading. New collectors entering the hobby in the first decade of the twenty-first century are often unaware that these descendants are not the original owners of these old-line firms. Yet commonsense suggests that if a company boasts of being in business for seventy to eighty years, the founder or founders are probably long gone. With the exception of one or possibly two of these “dinosaur” coin companies, which originated in the first half of the twentieth century, none of the rest has survived, unless you include one or two that remain in name only.
Modern-Age Dealers?The Industry Giants
From the legacy left by the old-line coin companies has emerged a plethora of dealer categories, almost as diverse as the types of coins available to collectors. There is one mega-company, which if it continues its exponential growth, could produce gross revenues equal to all of the other coin dealers combined. This is due in large part to the large percentage of this company’s revenues which is derived from its diverse auction business.
Another firm, which emerged in the late 1960s and early 1970s, might resemble as much as any the family dynasties from the old-line companies. Whether its founder’s descendents will maintain the dominant position it experienced in its niche market for more than three decades remains to be seen.
High-Profile Independents
Securing a healthy segment in the next position on our descending scale are the highly visible dealers with annual revenues of $50 million to $100 million (or more in some cases). It appears as if the majority, if not all of these dealers, are backed by wealthy individuals or investor groups. These dealers, for the most part, are knowledgeable in their fields of expertise, but obviously hold significant advantages over their less fortunate peers because of the seemingly bottomless wells of capital at their disposal. They are in many ways living every coin collector’s dream by having access to blank signed checks allowing them to purchase whatever rarities their hearts desire.
Then there are the upper echelon independent dealers whose annual revenues at times approach the levels achieved by the highly visible dealers backed by large infusions of cash. These very successful independents can be classified into two categories: old wave and new wave. Dealers in the old-wave group made their bones during the 1960s and 1970s, and have maintained their status as key players to the present date. The new-wavers emerged in the 1980s and 1990s and have risen like cream to the top in the more sophisticated market environment fueled greatly by the Internet. Old- and new-wave upper-echelon independent dealers are seen at most major coin shows, generally operate out of an office, service a diverse clientele, maintain inventories valued between $2 million and $10 million (in 2008), are usually experts in one or more series of coins or currency, possess sufficient to superior grading skills, and utilize advertizing to promote themselves in trade periodicals, as well as hosting their own websites.
The Coin Shop Owners
Coin shop owners represent another segment of the dealer community. These independent operators are found in hundreds of cities across the country. Some of them run small mom-and-pop operations, with gross annual revenues of between $100,000 and $1,000,000. While others joined in either partnerships or perhaps employing larger staffs, maintain a sizable market presence. Coin dealers that operate shops can offer a wide variety of services to collectors, including want-list researches, providing appraisals, purchasing collections, and education in basic fundamentals. A small percentage of coin shop owners set up at shows as well.
Since there are no exams administered to determine a person’s qualifications, anyone can operate a coin shop, or declare himself to be any kind of coin dealer for that matter. Thus, you will encounter some coin shop owners who barely know more (or sometimes less) about the hobby than the collectors frequenting their stores. On the other hand, many coin shop owners are advanced numismatists and possess a vast wealth of knowledge, as well as acumens in categories such as coin grading, rarity identification, investment counseling, and research work.
While a large segment of the coin collector community will rarely, if ever, encounter dealers in some of the other categories described in this article, most, if not all collectors will come into contact with a coin shop owner at one point or another. Coin shop owners are in many ways the links between collectors and the hobby.
The Telemarketers
Another category of coin dealer is the telemarketer, a rather pervasive segment of the industry, which includes the boiler-room salesperson who is hawking numismatic items at exorbitant prices, and the operator of a huge and sophisticated sales force, whose prices are not necessarily considered fraudulent, but whose high-pressure marketing tactics could easily be construed as unethical. There are a handful of rather large and elaborate telemarketing companies that sell millions of dollars of rare coins every year. And while not all members of these firms’ sales staffs can be considered coin dealers in the strictest sense of the term, there is usually at least one recognized numismatic authority connected to the company.
There are some in the dealer community who extol the telemarketers?at least the so-called legitimate ones?for the large volume of coins they sell each year. Yet, while it might be true that this stimulates the coin market, the dynamic tension created by the propaganda employed by many telemarketers is cause for concern. Sales pressure and frivolous claims should never be used to coax potential retail customers to purchase rare coins. While caveat emptor is the battle cry proclaimed by telemarketers to justify their questionable methods, collectors should be educated and never be forced into situations in which they must beware of their decisions.
The Advertisers
Still, there is another group of coin dealers of which collectors must be on guard. These are the “advertisers,” who year in and year out saturate numismatic periodicals with multi-full-page ads, featuring what appear to be great deals on coins. The problem is, the majority of the time, buyers do not receive coins in the grades advertized. For example, a silver dollar might be described as “Brilliant Uncirculated,” when in reality it is what is referred to in the hobby as a “slider.” In other words, a coin in Almost Uncirculated condition, which has probably been dipped in a solution to make it appear brighter.These “advertisers” don’t sell coins which have been certified by top-tier third-party grading services, such as PCGS and NGC?at least not many such coins. Instead, they sell “raw” or uncertified coins, for which they can employ their own subjective?often very liberal?grading standards. Yet their ads appear like clockwork year round and constitute a major portion of numismatic periodicals’ advertizing revenues.
How do these dealers survive, you ask, especially in an age of more sophisticated grading practices? There’s a slithery loophole that allows them to continue foisting their brand of hucksterism on an unwitting public. As long as a return privilege is offered on every over-graded, misrepresented item they sell, the “advertisers” are free to do as they please. Once again, caveat emptor is invoked, placing the burden of responsibility on the collector. And, there must be enough susceptible people out there, since there appears to be no subsiding of these kinds of ads in the numismatic press.
The Graders
While you will probably not see the “advertisers” submitting large groups of coins to the third-party grading services, our next category of coin dealers thrives on this practice. These dealers are referred to as the “graders,” since their modus operandi is to get as many coins graded at either of the two (PCGS and NGC) grading services as possible. They scour bourse tables at coin shows and travel from coin shop to coin shop across the country searching for coins which might be undergraded, for the purpose of scoring upgrades upon resubmission. The most talented of these “graders” generate big profits at times and consistently bang out good livings.
They sell to other dealers for the most part, as they are not usually interested in cultivating relationships with retail clients. After all, this might consume too much of their time, which would be better spent looking for more coins to submit to the grading services.
The Coin Doctors
A subset of the “graders” group is a category known as the “coin doctors.” These dealers employ many of the same strategies as the “graders,” as they are constantly searching for more coins to submit to the grading services. Yet, their techniques diverge from those employed by the “graders,” primarily because of their practice of altering the surfaces of coins in an attempt to outfox the grading services.
These “coin doctors” will apply artificial toning to cover hairlines and abrasions on coins; they will use putties and other substances to conceal wear or fill in nicks or gouges; and they will rub the oil from their noses or foreheads across the surface of coins to hide contact marks.
Supposedly, as the grading services have gotten wiser, the coin doctors have grown less successful. There is no quantifiable way to prove this however, but one thing is certain, these quick-change artists have left a slagheap of artificially enhanced coins in the marketplace.
The Authors and Experts
A small percentage of coin dealers have carved out niches in specialized areas of the hobby and comprise the next group on our list, known simply as the “authors and experts.” Members of this category have emerged from any of the other aforementioned categories, having developed a penchant for their area of expertise. They write books on their favorite subjects, many of which become recognized as the foremost authoritative references in their respective categories. Most writers and experts are actively engaged in trading numismatic items, although some are simply observant bystanders. Those that do deal in coins for a living, often have keen insights from their experiences in the trenches to share with their readers.
It appears as if there has been a proliferation of numismatic literature published over the past decade. This is welcome news for members of the coin collecting community, especially those interested in furthering their numismatic education. The dealers who write books are making a lasting contribution to their hobby.
The Vest-Pocket Dealers
Before a person becomes a full-fledged coin dealer he or she will often transition from the collector ranks to a part-time participation in the business, known as a vest-pocket dealer. The term stems from the inference that such a person maintains a portable store, carrying his inventory in his pockets so to speak, rather than operating out of a bricks and mortar location. Many vest-pocket dealers have tried and failed; but a small percentage of them have passed the test and entered into respectable full-time status.
The Cyber-Dabbler Dealers
As the Internet has pervaded our culture, increased numbers of what might be referred to as “cyber-dabbler dealers” have emerged. Online auction platforms such as eBay offer these “cyber-dabblers” the ultimate in portable peddling, and require much less accountability than is required from the face-to-face transactions conducted by their counterparts, the by vest-pocket dealers. Only the future will reveal how rampant these Internet numismatic novices are. One thing’s for certain, buyers pursuing coins in these online auctions will need to be doubly sure of whom the sellers are.
Conclusion
In conclusion, I want to remind you that this brief sketch does not encompass every category of coin dealer. For instance, I could have mentioned the coin brokers; individuals that never own inventory, but simply act as mediators between two parties. And then, there are the employees of large firms, who often begin as novices and gradually move up the ranks to become distinguished coin dealers in their own rights. Sometimes, they even branch out and start their own companies.
Finally, I would be remiss if I didn’t make a passing comment about the principles and the graders at the third-party grading services. For the most part, these individuals came from one or more of the categories aforementioned (some are still active in their respective categories, while others are committed to only working for their third-party grading company). They are proficient in one of the integral components of coin collecting: grading.
In theory, these third-party graders exist to keep honest the players in all the other categories mentioned in this article?In reference to accurately rating coin conditions, anyway. And while the two major services (PCGS and NGC) have been commendably successful in their mission, there is no better advice for any collector to follow than, “know your dealer.”
I hope this top-to-bottom glimpse into the world of coin dealers has been enlightening and that you will be better equipped to evaluate the ones with which you choose to do business.
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Wednesday, February 06, 2008
Platinum bullish near record as gold around $900
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By Chikafumi Hodo
Platinum held near a record high on Thursday as concerns over supply problems in South Africa attracted strong demand from investors, with the strength in Tokyo platinum futures providing additional support.
Cash precious metals have been confined to trading in tight ranges, with goldaround $900 an ounce, as many Asian market participants were away for the Lunar New Year holiday.
By 10:48 p.m. ET, cash platinumwas trading at $1,811/1,821 an ounce, little changed from Wednesday's level of $1,810/1,815 and not far from a record $1,819 reached the previous day.
"Platinum is bullish as all focus is on supply worries in South Africa with power cuts and floods and so on," said Shuji Sugata at Mitsubishi Corp Futures and Securities in Tokyo.
"Concerns over supplies have been keeping lease rates at high levels and providing overall support."
The white precious metal has been drawing huge funds inflows since the start of the year, sending it up by nearly 20 percent.
South Africa's government appealed to mining companies for help in cutting power consumption on Tuesday to ease a power crisis caused by the failure of electricity generation to match economic growth.
Japanese investors have been flocking into the market, although they were careful about building up new buy positions.
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By Chikafumi Hodo
Platinum held near a record high on Thursday as concerns over supply problems in South Africa attracted strong demand from investors, with the strength in Tokyo platinum futures providing additional support.
Cash precious metals have been confined to trading in tight ranges, with gold
By 10:48 p.m. ET, cash platinum
"Platinum is bullish as all focus is on supply worries in South Africa with power cuts and floods and so on," said Shuji Sugata at Mitsubishi Corp Futures and Securities in Tokyo.
"Concerns over supplies have been keeping lease rates at high levels and providing overall support."
The white precious metal has been drawing huge funds inflows since the start of the year, sending it up by nearly 20 percent.
South Africa's government appealed to mining companies for help in cutting power consumption on Tuesday to ease a power crisis caused by the failure of electricity generation to match economic growth.
Japanese investors have been flocking into the market, although they were careful about building up new buy positions.
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Monday, February 04, 2008
Egyptian couple finds U.S. gold coin worth millions in closet
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Egyptian couple finds U.S. gold coin worth millions in closet
CAIRO, February 4 (RIA Novosti) - A rare U.S. double eagle gold coin that could be worth up to $15 million has been found by an Egyptian couple as they cleaned out their flat, the Qatar Ar-Raya newspaper said on Monday. The precious piece of gold was discovered in an old box that had once belonged to Mohamed Ismail's grandfather while he and his wife, Fatima, were throwing old clothes and broken furniture out of a closet. Mohamed subsequently sent the coin to experts, hoping that he would get a few dollars for it. However, the tailor was shocked when the experts told him that his grandfather had left him a unique coin of historical value. Double eagle coins were first minted in 1850 and were used to settle accounts between banks and other financial institutions. Specialists believe that the double eagle found in Egypt could be part of Theodore Roosevelt's 1933 collection of coins redesigned by famed American sculptor Augustus Saint-Gaudens and given to King Farouk of Egypt as a present.
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Egyptian couple finds U.S. gold coin worth millions in closet
CAIRO, February 4 (RIA Novosti) - A rare U.S. double eagle gold coin that could be worth up to $15 million has been found by an Egyptian couple as they cleaned out their flat, the Qatar Ar-Raya newspaper said on Monday. The precious piece of gold was discovered in an old box that had once belonged to Mohamed Ismail's grandfather while he and his wife, Fatima, were throwing old clothes and broken furniture out of a closet. Mohamed subsequently sent the coin to experts, hoping that he would get a few dollars for it. However, the tailor was shocked when the experts told him that his grandfather had left him a unique coin of historical value. Double eagle coins were first minted in 1850 and were used to settle accounts between banks and other financial institutions. Specialists believe that the double eagle found in Egypt could be part of Theodore Roosevelt's 1933 collection of coins redesigned by famed American sculptor Augustus Saint-Gaudens and given to King Farouk of Egypt as a present.
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Saturday, February 02, 2008
EU offers prize of gold for choosing two-euro coin design
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EU citizens were invited Friday to vote for the design of a special two-euro coin to celebrate the 10th anniversary of the launch of the common European currency, with a golden prize to lure entries.
Five designs have been pre-selected for the competition with a set of gold coins worth "several thousand euros (dollars)," to be awarded to the lucky winner who will be picked at random from those who choose the most popular design, a European Commission spokeswoman said.
Residents and citizens of all 27 EU member states are eligible to vote, regardless of whether their country uses the euro, she said.
The chosen coin will be launched throughout the 15-nation eurozone next January to mark the official birth of the euro on January 1, 1999, although euro coins and notes were only issued in 2002.
The designs range from a cave drawing-style depiction of a stick man holding the euro's "e" logo, representing "the long history of trade, from pre-historic barter" to a series of curved lines "reminiscent of the European Parliament's semi-circular debating chamber," according to the commission website, eurodesigncontest.eu, where one can vote.
European Commission spokeswoman on economic and monetary affairs Amelia Torres said the commemorative coin would be only the second to be issued throughout the whole eurozone.
The first was another two-euro piece, the largest denomination coin, issued last year to mark 50 years since the signing of the EU's founding Treaty of Rome.
All other euro coins are issued by individual member states.
The voting on the design will close on February 22.
The eurozone, which began with 11 nations, now covers 15 member states with a total population of 317 million, more than than the United States.
Cyprus and Malta became the latest members of the euro family last month.
The other eurozone nations are Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal, Slovenia and Spain.
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EU citizens were invited Friday to vote for the design of a special two-euro coin to celebrate the 10th anniversary of the launch of the common European currency, with a golden prize to lure entries.
Five designs have been pre-selected for the competition with a set of gold coins worth "several thousand euros (dollars)," to be awarded to the lucky winner who will be picked at random from those who choose the most popular design, a European Commission spokeswoman said.
Residents and citizens of all 27 EU member states are eligible to vote, regardless of whether their country uses the euro, she said.
The chosen coin will be launched throughout the 15-nation eurozone next January to mark the official birth of the euro on January 1, 1999, although euro coins and notes were only issued in 2002.
The designs range from a cave drawing-style depiction of a stick man holding the euro's "e" logo, representing "the long history of trade, from pre-historic barter" to a series of curved lines "reminiscent of the European Parliament's semi-circular debating chamber," according to the commission website, eurodesigncontest.eu, where one can vote.
European Commission spokeswoman on economic and monetary affairs Amelia Torres said the commemorative coin would be only the second to be issued throughout the whole eurozone.
The first was another two-euro piece, the largest denomination coin, issued last year to mark 50 years since the signing of the EU's founding Treaty of Rome.
All other euro coins are issued by individual member states.
The voting on the design will close on February 22.
The eurozone, which began with 11 nations, now covers 15 member states with a total population of 317 million, more than than the United States.
Cyprus and Malta became the latest members of the euro family last month.
The other eurozone nations are Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal, Slovenia and Spain.
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Friday, February 01, 2008
United States Mint Launches 24-Karat Gold American Buffalo 2008 Celebration Coin on February 5
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United States Mint Launches 24-Karat Gold American Buffalo 2008 Celebration Coin on February 5
Gold Coin Offered to Celebrate the Year 2008
WASHINGTON, D.C. - 24-karat gold coins from the new United States Mint Celebration Series will go on sale at noon on Tuesday, February 5, 2008, in time for the Lunar New Year beginning February 7. The American Buffalo 2008 Celebration Coin is a special numismatic product, featuring a 24-Karat American Buffalo 2008 Celebration Coin, being introduced in the year 2008 because the number "8" is traditionally associated with wealth and prosperity in Asian-American cultures.
"In many Asian cultures, there is a tradition of buying gold for loved ones to show how much you care for them," said United States Mint Director Edmund C. Moy. The United States Mint Celebration Series is an outreach initiative to Americans who are not already collecting coins. The first special numismatic product in the series, the American Buffalo 2008 Celebration Coin, will be available to all interested purchasers.
"The introduction of the American Buffalo 2008 Celebration Coin will be an exceptional opportunity for both first-time Asian-American buyers, as well as our long-term gold coin collectors," Director Moy continued.
The product will be offered with bullion coins only and will be available directly from the United States Mint. The one-ounce 24-karat gold coin is legal tender with a $50.00 face value and contains .9999 gold. The price for this product is $1,018.88; however, as with all precious metal numismatic products, a future pricing change may be required.
To protect their pristine finish, the coins are packaged in the required protective covering and placed in a bright red plush United States Mint gift box with a specially-decorated red sleeve. A custom-designed certificate of authenticity is enclosed, featuring the signature and chop mark (stamp in Chinese characters) of Director Moy.
The American Buffalo 2008 Celebration Coin is a 2008 American Buffalo Gold Bullion coin, and bears the original designs of the revered Buffalo Nickel of 1913, Type 1. The iconic James Earle Fraser image of an American bison graces the reverse (tails side), and Fraser's classic design of an American Indian is featured on the obverse (heads side), along with the inscription "2008."
The coin has inscriptions of the coin's weight, denomination and fineness incused on the reverse (buffalo side) in the design area commonly known as the "grassy mound." The inscriptions read "$50," "1 OZ" and ".9999 FINE GOLD."
As part of the new United States Mint Celebration Series, the United States Mint will explore introducing various numismatic coin products that are packaged and positioned to celebrate special gift-giving occasions and events. The American Buffalo 2008 Celebration Coin is part of a pilot program to test the viability of this initiative.
There is no set product limit for the American Buffalo 2008 Celebration Coin.
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United States Mint Launches 24-Karat Gold American Buffalo 2008 Celebration Coin on February 5
Gold Coin Offered to Celebrate the Year 2008
WASHINGTON, D.C. - 24-karat gold coins from the new United States Mint Celebration Series will go on sale at noon on Tuesday, February 5, 2008, in time for the Lunar New Year beginning February 7. The American Buffalo 2008 Celebration Coin is a special numismatic product, featuring a 24-Karat American Buffalo 2008 Celebration Coin, being introduced in the year 2008 because the number "8" is traditionally associated with wealth and prosperity in Asian-American cultures.
"In many Asian cultures, there is a tradition of buying gold for loved ones to show how much you care for them," said United States Mint Director Edmund C. Moy. The United States Mint Celebration Series is an outreach initiative to Americans who are not already collecting coins. The first special numismatic product in the series, the American Buffalo 2008 Celebration Coin, will be available to all interested purchasers.
"The introduction of the American Buffalo 2008 Celebration Coin will be an exceptional opportunity for both first-time Asian-American buyers, as well as our long-term gold coin collectors," Director Moy continued.
The product will be offered with bullion coins only and will be available directly from the United States Mint. The one-ounce 24-karat gold coin is legal tender with a $50.00 face value and contains .9999 gold. The price for this product is $1,018.88; however, as with all precious metal numismatic products, a future pricing change may be required.
To protect their pristine finish, the coins are packaged in the required protective covering and placed in a bright red plush United States Mint gift box with a specially-decorated red sleeve. A custom-designed certificate of authenticity is enclosed, featuring the signature and chop mark (stamp in Chinese characters) of Director Moy.
The American Buffalo 2008 Celebration Coin is a 2008 American Buffalo Gold Bullion coin, and bears the original designs of the revered Buffalo Nickel of 1913, Type 1. The iconic James Earle Fraser image of an American bison graces the reverse (tails side), and Fraser's classic design of an American Indian is featured on the obverse (heads side), along with the inscription "2008."
The coin has inscriptions of the coin's weight, denomination and fineness incused on the reverse (buffalo side) in the design area commonly known as the "grassy mound." The inscriptions read "$50," "1 OZ" and ".9999 FINE GOLD."
As part of the new United States Mint Celebration Series, the United States Mint will explore introducing various numismatic coin products that are packaged and positioned to celebrate special gift-giving occasions and events. The American Buffalo 2008 Celebration Coin is part of a pilot program to test the viability of this initiative.
There is no set product limit for the American Buffalo 2008 Celebration Coin.
Best Coin Deals
Buy It Now Coins
Buffalo Nickels
Civil War Memorabilia
Coin Articles
Coin Auctions
Coin Mobi
Coin Search
Coin Supplies
Coin Videos
Commemoratives
e-Coins.TV
e-Coin.US
e-Coin.WebSite
Error Coins
Fantasy Coins
First Spouse Coins
Foreign Coins
Free Coins
Free Dollars
FREE GOLD
Free Money
Gold Buffalo Coins
Gold Coins
Gold Eagles
Indian Cents
Key Coins
Kennedy Halves
Lincoln Cents
Mercury Dimes
Morgan Dollars
Presidential Dollar Coins
Purchase Coins
SavOnCoin
Silver Dollar Coins
Silver Eagles
State Quarters
Top Coin Sites
VAM Dollars
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