This week, the U.S. Mint branch in San Francisco opened its doors for the press in honor of the facility’s 75th Anniversary. Reporters were given a tour of the production lines and spoke with employees of the U.S. Mint about upcoming collectibles.
Here is the story that appeared on KTVU, Channel 2 in San Francisco (commercial embedded by KTVU):
The U.S. Mint has clearly increased production to meet a potential demand for the American Silver Eagle Proof set with both regular proof and reverse proof coins for the upcoming sale. In the video we see a lot of silver planchettes and a few racks of beautiful silver coins. A pair are shown to the camera including the reverse of the reverse proof.
We also learned that the San Francisco Mint is striking circulation quality (business strikes) National Parks Quarters that will be distributed in special collectibles. These coins will not be added into circulation.
San Francisco Mint Plant Manager Larry Eckerman made an unfortunate mistake when he said that there has not been any S mintmark coins in circulation since the early 1950s. Collectors of Lincoln Cents can tell you that S mintmark cents were issued starting in 1968 through 1974.
The 2012 American Eagle San Francisco Two-Coin Silver Proof Set goes on sale starting June 7, 2012. Coins will be minted to demand based on sales through the end date of July 5, 2012. Price will be determined prior to sale and based on the cost of silver. Here’s to hoping that silver prices drop between now and June 7!
Video courtesy of KTVU San Francisco.
Friday, May 25, 2012
Wednesday, May 23, 2012
ANA Restructures Shows But Needs More Education
During the National Money Show in Denver two weeks ago, the American Numismatic Association Board of Governors voted to eliminate the Fall edition of the National Money Show following this fall’s show in Dallas.
The fall show, pursued by former ANA Executive Director Larry Shepherd and accepted by the previously Board of Directors. Unfortunately, it has proven to be too much of an expense for the ANA especially since the Denver show did not have a featured auction, which helps produce revenues for the ANA.
In previous press releases from the ANA, President Tom Hallenbeck has reiterated that the mission of the ANA is education. Do these shows promote their education agenda? One can argue it does because the ANA offers classes and sponsors Numismatic Theater which allows for shorter presentation of various aspects of collecting. But the Board has concluded that the costs of sponsoring the shows does not justify holding them.
There have been other articles saying that the ANA could also end the Spring National Money Show after the 2013 show in New Orleans. This would leave the World’s Fair of Money that is held every summer and for the five years starting in 2013 will be held in Chicago.
Eliminating the National Money Show and limiting the World’s Fair of Money to one city significantly reduces access to the ANA’s education services. Although the ANA does take some courses on the road to regional shows, the only way to be involved with a the broad spectrum of ANA education services is being limited to a show in Chicago and the Summer Seminar in Colorado Springs.
In previous posts, I have come out against holding the ANA premiere show in one location. While I love Chicago and have friends in the Chicagoland area, being able to move the show to different venues allows the ANA to reach more people and include it educational agenda in more places. I would rather see the ANA unbridle itself from Chicago than end the Spring edition of the National Money Show.
If the ANA Board of Governors wants to purse an educational agenda, which is a good idea, then they need to reach out beyond Chicago, Colorado Spring, and the courses held at the F.U.N. show in January.
One idea is for the ANA to work with regional clubs to bring ANA courses to shows in various areas. Even when the show is owned by a commercial entity, clubs can work with those promoters to add value to the show by offering ANA sponsored courses. The ANA can help provide materials, instructors, and training for new instructors to provide a greater educational reach.
Another idea is for the ANA to help by developing a speakers' bureau to bring special speakers to regional shows. The ANA would help with travel expenses for those who cannot provide long distance travel to bring various numismatic topics to areas of the country that would not be able to hear these speakers.
In fact, the speakers' bureau would help support coin club speakers. Collector willing to share their stories and industry professionals who want to share their knowledge can register with the speakers' bureau and make themselves available to local coin clubs in support of their educational programs.
By the way, if anyone in the Mid-Atlantic region is looking for a speaker, I have two presentations ready: one on Maryland Colonial Currency and another on the history of anti-counterfeiting technologies used on currency.
In the mean time, if you have information that you can share with a local club or a regional show, reach out to them and offer yourself to help in their educational programs. It can go along way to help the hobby.
The fall show, pursued by former ANA Executive Director Larry Shepherd and accepted by the previously Board of Directors. Unfortunately, it has proven to be too much of an expense for the ANA especially since the Denver show did not have a featured auction, which helps produce revenues for the ANA.
In previous press releases from the ANA, President Tom Hallenbeck has reiterated that the mission of the ANA is education. Do these shows promote their education agenda? One can argue it does because the ANA offers classes and sponsors Numismatic Theater which allows for shorter presentation of various aspects of collecting. But the Board has concluded that the costs of sponsoring the shows does not justify holding them.
There have been other articles saying that the ANA could also end the Spring National Money Show after the 2013 show in New Orleans. This would leave the World’s Fair of Money that is held every summer and for the five years starting in 2013 will be held in Chicago.
Eliminating the National Money Show and limiting the World’s Fair of Money to one city significantly reduces access to the ANA’s education services. Although the ANA does take some courses on the road to regional shows, the only way to be involved with a the broad spectrum of ANA education services is being limited to a show in Chicago and the Summer Seminar in Colorado Springs.
In previous posts, I have come out against holding the ANA premiere show in one location. While I love Chicago and have friends in the Chicagoland area, being able to move the show to different venues allows the ANA to reach more people and include it educational agenda in more places. I would rather see the ANA unbridle itself from Chicago than end the Spring edition of the National Money Show.
If the ANA Board of Governors wants to purse an educational agenda, which is a good idea, then they need to reach out beyond Chicago, Colorado Spring, and the courses held at the F.U.N. show in January.
One idea is for the ANA to work with regional clubs to bring ANA courses to shows in various areas. Even when the show is owned by a commercial entity, clubs can work with those promoters to add value to the show by offering ANA sponsored courses. The ANA can help provide materials, instructors, and training for new instructors to provide a greater educational reach.
Another idea is for the ANA to help by developing a speakers' bureau to bring special speakers to regional shows. The ANA would help with travel expenses for those who cannot provide long distance travel to bring various numismatic topics to areas of the country that would not be able to hear these speakers.
In fact, the speakers' bureau would help support coin club speakers. Collector willing to share their stories and industry professionals who want to share their knowledge can register with the speakers' bureau and make themselves available to local coin clubs in support of their educational programs.
By the way, if anyone in the Mid-Atlantic region is looking for a speaker, I have two presentations ready: one on Maryland Colonial Currency and another on the history of anti-counterfeiting technologies used on currency.
In the mean time, if you have information that you can share with a local club or a regional show, reach out to them and offer yourself to help in their educational programs. It can go along way to help the hobby.
Tuesday, May 22, 2012
Ebay Welcomes Back ANACS and ICG
Online auction site eBay sent out a notice today to sellers of coins to remind us that their new listing policies for coins go into effect on May 31. They also announced that ANACS and ICG has met their new standards allowing coins to be sold as graded.
Coins from other services must be listed as raw including those old PCI slabs with J.T. Stanton’s autograph, which some believe are collectible in themselves.
In eBay’s last note to sellers, they wrote, “We’ve heard from both buyers and sellers that they’d like to see more coins on eBay graded by companies who meet high standards. These new requirements are an important step toward meeting these marketplace demands.”
I am still waiting to asked by eBay what I think as both a buyer and seller.
It is good to see that ANACS and ICG were able to work with eBay to be included in their new policy. Unfortunately, the policy still places restrictions on a competitive market for legitimate collectibles.
Coins from other services must be listed as raw including those old PCI slabs with J.T. Stanton’s autograph, which some believe are collectible in themselves.
In eBay’s last note to sellers, they wrote, “We’ve heard from both buyers and sellers that they’d like to see more coins on eBay graded by companies who meet high standards. These new requirements are an important step toward meeting these marketplace demands.”
I am still waiting to asked by eBay what I think as both a buyer and seller.
It is good to see that ANACS and ICG were able to work with eBay to be included in their new policy. Unfortunately, the policy still places restrictions on a competitive market for legitimate collectibles.
Saturday, May 19, 2012
Blog News
Over the last few weeks I have taken advantage of a period of convalescence to work on a few things. I did not want this time going to waste.
First, I am writing a book about collecting. I am taking some of the stories that have been posted on the blog, rewriting them to fit in the context of a book, and adding new content. Some of that content has appeared as posts over the last few weeks. Buyers of the book will have content not published on the blog and a ready reference for their collecting need. The current working title is Collecting Numismatics: A Guide To Enjoying Your Collection.
A feature that will set this book apart from others is that it will be available in e-book format only! It will be available to purchase from the major e-book retailers. The price has not yet been determined, but it will be affordable.
Another project has been to set up an account on Pinterest. Pinterest is the newest entry on the social media scene that is based on sharing images. Think of it as Twitter but with pictures. Users create boards and pin pictures to their boards, whether the pins are from other websites or uploaded. The images of the 350 New Israeli Sheqalim I posted on Sunday May 13 were uploaded and pinned to a virtual bulletin board on Pinterest.
There are not a lot of coin people on Pinterest, yet. The ANA Pinterest account was used during the National Money Show in Denver to pin photos from the show. I will use it in June for the Whitman Baltimore Expo. Hopefully, we can interest more coin people to join and share their pictures.
For the big news, the Coin Collectors Blog will be moving! If you follow me on Twitter, you might have seen a tweet about the “SNEAK PEEK” of the new blog. You can see the new blog at coinsblog.ws. I thought that after 5½ years and over 850 posts, it was time to try something new.
I am planning on a June 1, 2012 move.
If you are subscribed to the RSS Feed from Feedburner at http://feeds.feedburner.com/CoinCollectorsBlog or subscribed for email updates from Feedburner, then you will continue to be notified when new articles are posted. If you are not using the Feedburner feeds, you might want to change now so you do not miss anything.
Please do not submit comments on the new blog because they will be deleted! In order for me to ensure that everything is properly transferred, I will be wiping out the entire database and reloading all of the posts saved from the current blog on May 31 to start fresh.
Once the blog is transferred, I have some ideas I want to try. Stay tuned!
First, I am writing a book about collecting. I am taking some of the stories that have been posted on the blog, rewriting them to fit in the context of a book, and adding new content. Some of that content has appeared as posts over the last few weeks. Buyers of the book will have content not published on the blog and a ready reference for their collecting need. The current working title is Collecting Numismatics: A Guide To Enjoying Your Collection.
A feature that will set this book apart from others is that it will be available in e-book format only! It will be available to purchase from the major e-book retailers. The price has not yet been determined, but it will be affordable.
Another project has been to set up an account on Pinterest. Pinterest is the newest entry on the social media scene that is based on sharing images. Think of it as Twitter but with pictures. Users create boards and pin pictures to their boards, whether the pins are from other websites or uploaded. The images of the 350 New Israeli Sheqalim I posted on Sunday May 13 were uploaded and pinned to a virtual bulletin board on Pinterest.
There are not a lot of coin people on Pinterest, yet. The ANA Pinterest account was used during the National Money Show in Denver to pin photos from the show. I will use it in June for the Whitman Baltimore Expo. Hopefully, we can interest more coin people to join and share their pictures.
For the big news, the Coin Collectors Blog will be moving! If you follow me on Twitter, you might have seen a tweet about the “SNEAK PEEK” of the new blog. You can see the new blog at coinsblog.ws. I thought that after 5½ years and over 850 posts, it was time to try something new.I am planning on a June 1, 2012 move.
If you are subscribed to the RSS Feed from Feedburner at http://feeds.feedburner.com/CoinCollectorsBlog or subscribed for email updates from Feedburner, then you will continue to be notified when new articles are posted. If you are not using the Feedburner feeds, you might want to change now so you do not miss anything.
Please do not submit comments on the new blog because they will be deleted! In order for me to ensure that everything is properly transferred, I will be wiping out the entire database and reloading all of the posts saved from the current blog on May 31 to start fresh.
Once the blog is transferred, I have some ideas I want to try. Stay tuned!
Thursday, May 17, 2012
Still Craning
Following up on the lobbying efforts by Crane & Company’s to maintain its business producing currency paper for the Bureau of Engraving and Printing to continue to print the $1 Federal Reserve Note, according to the public filing [PDF] by the Gephardt Group, Crane & Company spent $60,000 for these services.
According to the filing, the specific issue being lobbied for is “preservation of the dollar bill; S.1624, Currency Efficiency Act of 2011.” The Currency Efficiency Act of 2011 was introduced in the Senate by Massachusetts Senator Scott Brown (R) and co-sponsored by Senator John Kerry (D) on behalf of the Dalton, Massachusetts-based Crane & Company. No companion bill has been introduced in the House of Representatives.
The unique provision of S.1624 is that it declares the $1 coins being held in the Federal Reserve be declared as surplus. According to the bill, “Surpluses of $1 coins which can be most efficiently eliminated through destruction shall be deemed to consist of ‘obsolete and worn coins withdrawn from circulation’ under section 5120(a) of title 31, United States Code.”
It is uncertain what the impact of eliminating the $1 Federal Reserve Note will have on Crane and Company. I reached out to Crane and Company for comment and their spokesperson declined to comment.
Crane & Company, BEP, and the Federal Reserve continues to try to resolve a creasing issue discovered during the production of the new $100 Federal Reserve Note. The release of this note has been delayed twice before being delayed indefinitely. When contacted for comment, a BEP spokesperson referred the question to the Federal Reserve. A spokesperson for the Federal Reserve provided a standard response that included no additional information.
According to the filing, the specific issue being lobbied for is “preservation of the dollar bill; S.1624, Currency Efficiency Act of 2011.” The Currency Efficiency Act of 2011 was introduced in the Senate by Massachusetts Senator Scott Brown (R) and co-sponsored by Senator John Kerry (D) on behalf of the Dalton, Massachusetts-based Crane & Company. No companion bill has been introduced in the House of Representatives.
The unique provision of S.1624 is that it declares the $1 coins being held in the Federal Reserve be declared as surplus. According to the bill, “Surpluses of $1 coins which can be most efficiently eliminated through destruction shall be deemed to consist of ‘obsolete and worn coins withdrawn from circulation’ under section 5120(a) of title 31, United States Code.”
It is uncertain what the impact of eliminating the $1 Federal Reserve Note will have on Crane and Company. I reached out to Crane and Company for comment and their spokesperson declined to comment.
Crane & Company, BEP, and the Federal Reserve continues to try to resolve a creasing issue discovered during the production of the new $100 Federal Reserve Note. The release of this note has been delayed twice before being delayed indefinitely. When contacted for comment, a BEP spokesperson referred the question to the Federal Reserve. A spokesperson for the Federal Reserve provided a standard response that included no additional information.
Wednesday, May 16, 2012
Another Story that Sells
Source: Uploaded by user via CoinsBlog on Pinterest
The coin is own by Monaco Rare Coins of Newport Beach, California and has been graded by Numismatic Guarantee Corporation as Satin PR67.
“This important and monumental rarity was not discovered to be a proof finish until several years ago. It was previously misattributed as mint state. The coin now is insured for $3 million,” said Adam Crum, Vice President of Monaco Rare Coins.
According to Crum, there are some researchers who believe that this coins may have been owned by President Theodore Roosevelt. As part of Roosevelt’s “pet crime,” he worked with prominent sculptor Augustus Saint-Gaudens to redesign U.S. coinage. Prior to his death, Saint-Gaudens completed the design of the Indian Head $10 gold Eagle and the iconic $20 gold Double Eagle, both introduced in 1907.
“One prominent numismatist told me, ‘After all the research we did, your coin has to be Teddy’s,’” Crum said. “Obviously, more research is required, but that is what being a numismatist is all about, isn't it? I look forward to more discovery.”
Even if the coin was not owned by Teddy Roosevelt it is still a great story!
If you are in the Long Beach area, the show runs Thursday and Friday, May 31 and June 1, from 10 a.m. to 7 p.m.., and Saturday, June 2, from 10 a.m. to 5 p.m. Drop by and see this historic coin!
Tuesday, May 15, 2012
Storing Your Collection
Over the last few weeks, I have been discussing the storage of a collection with a reader via email. After researching the advice, I thought it would be good to share it with all of my readers so that you can better preserve your collection. Storing a collection is a matter of dealing with two factors: using archival safe storage materials and the environmental factors which your collection is stored.
All coins, medals, tokens, and currency are made from materials that will react with the environment. Metals will oxidize and tone, some with patterns that intrigue collectors. Paper-based materials can be made from cotton rag or linen that may not break down the same way as paper but can be damaged affecting its value. The key to storing your collection is to use product made from archival safe materials. Archival safe materials are those made without acidic materials or materials that do not turn acidic over time.
Acid free means that the pH (potential Hydrogen) measure is 7.0 or greater. A pH measure of 7.0 is neutral and greater than 7.0 is basic or alkaline. Although acidic materials will damage your collection, materials too alkaline will also cause damage. Those that produce acid free supplies with materials that is as close to being pH neutral as possible.
However, it is possible to be acid free without being archival safe. All paper contains Lignin, a bonding elements that naturally occurs in the pulp used to make paper that holds the wood fibers together. While lignin is not acidic, it gives offs acids as it deteriorates. If the lignin is not treated during manufacture, you can still have acid free paper but will become acidic as it deteriorates over time. The treatment involves dipping the paper in a solution that neutralizes the natural lignin.
Another storage item to stay away from is made from polyvinyl chloride (PVC). PVC is a very inexpensive plastic that is used as an additive to other plastics to make softer, more flexible products such as 2x2 flips used to store coins. PVC in itself is neutral but gives off a gas in reaction to the atmosphere that is acidic. The PVC gas will not only react with the coins but will deteriorate the plastic. The result will be a green or gray streaks or blob appearing on the coins. Because the PVC gas is acidic it will damage the surface of the coin. Once a coin is damage by PVC it cannot be reversed. There are ways to conserve coins that are damaged by PVC as long as the PVC contamination is on the surface. Once it mars the surface, the coin is damaged and its value diminished.
When purchasing plastic or clear storage items, hard plastics or those made of Mylar are the best choice. Capsule manufacturers use a neutral plastic that does not contain PVC while those that make 2x2 flips use Mylar. The makers of 2x2 cardboard holders also use Mylar and the cover sliders found in albums.
Some people like to buy older albums because of they are unique and have a classic look. Those albums may not be made of archival material including paper with active acid from the deteriorating lignin that was not neutralized during manufacture because this was not a concern. Also, cover sliders could be made of PVC or other plastics that are not neutral. If you are not sure whether that used album is safe, it is best to buy a new archival safe album.
You can use the most archival safe materials but they will not protect your collection from environmental factors. The general rule of thumb is to stay away from the extremes. Do not store your collecting in a place that is too hot or too cold. Try not to store your collection in a place that is too humid or too dry since both could cause your storage materials to react. In other words, the average home with a temperature of 64-78 degrees with an average humidity of 30-percent should not be a problem.
Those living in colder areas where the home header is being used longer than other areas of the country may have to compensate. Forced air heating systems tend to dry the air that could cause damage to your collection. If you use a humidifier, whether built in to your heating system or a standalone unit, you might consider investing in a hygrometer to keep the relative humidity between 30 and 40-percent.
Where you store your collection also has to be a concern. If you keep your coins in a cabinet, the gasses from the wood and even the paint or stain used to cover the wood can cause damage. While wooden cabinets are attractive and practical, you do not want to store your collection some place that could add to the environmental concerns.
Metal cabinets are a better option. Safes and safety deposit boxes in temperature controlled vaults also makes great storage options aside from being able to keep your collection secure.
One of the factors that could cause wood rot in cabinets is excess humidity. If your home or where you store your collection cannot be controlled, you should use a desiccant in the area. A desiccant is a substance able to absorb moisture in the air. Two common desiccants are silica gel, the little packets that you see in some packages, and montmorillonite clay.
Choosing which desiccant to use depends on your situation. If your storage area is not that humid, use silica gel. It well suited for lower moisture area over a longer period of time, about six months. For high humidity areas, use a clay desiccant. Although it will not last as long as silica gel (about three months), clay is more effective at removing moisture when the humidity is higher. Another option is to use a combination, especially during seasons of high humidity. You can purchase silica gel and clay desiccants at many hobby stores and stores that sell collecting supplies.
While there are other types of desiccants, they are not recommended for use around collectibles. Calcium sulfate and calcium chloride uses sulfur and chlorine, both will not react well with the metals of your coins. Activated charcoal can add carbon dust to the air, which can attach itself to your coins. Some have suggested using salt as a desiccant. Salt is made of sodium chloride that would also introduce metal damaging chlorine into the environment.
Archival Safety
All coins, medals, tokens, and currency are made from materials that will react with the environment. Metals will oxidize and tone, some with patterns that intrigue collectors. Paper-based materials can be made from cotton rag or linen that may not break down the same way as paper but can be damaged affecting its value. The key to storing your collection is to use product made from archival safe materials. Archival safe materials are those made without acidic materials or materials that do not turn acidic over time.
Acid free means that the pH (potential Hydrogen) measure is 7.0 or greater. A pH measure of 7.0 is neutral and greater than 7.0 is basic or alkaline. Although acidic materials will damage your collection, materials too alkaline will also cause damage. Those that produce acid free supplies with materials that is as close to being pH neutral as possible.
However, it is possible to be acid free without being archival safe. All paper contains Lignin, a bonding elements that naturally occurs in the pulp used to make paper that holds the wood fibers together. While lignin is not acidic, it gives offs acids as it deteriorates. If the lignin is not treated during manufacture, you can still have acid free paper but will become acidic as it deteriorates over time. The treatment involves dipping the paper in a solution that neutralizes the natural lignin.
Another storage item to stay away from is made from polyvinyl chloride (PVC). PVC is a very inexpensive plastic that is used as an additive to other plastics to make softer, more flexible products such as 2x2 flips used to store coins. PVC in itself is neutral but gives off a gas in reaction to the atmosphere that is acidic. The PVC gas will not only react with the coins but will deteriorate the plastic. The result will be a green or gray streaks or blob appearing on the coins. Because the PVC gas is acidic it will damage the surface of the coin. Once a coin is damage by PVC it cannot be reversed. There are ways to conserve coins that are damaged by PVC as long as the PVC contamination is on the surface. Once it mars the surface, the coin is damaged and its value diminished.
When purchasing plastic or clear storage items, hard plastics or those made of Mylar are the best choice. Capsule manufacturers use a neutral plastic that does not contain PVC while those that make 2x2 flips use Mylar. The makers of 2x2 cardboard holders also use Mylar and the cover sliders found in albums.
Some people like to buy older albums because of they are unique and have a classic look. Those albums may not be made of archival material including paper with active acid from the deteriorating lignin that was not neutralized during manufacture because this was not a concern. Also, cover sliders could be made of PVC or other plastics that are not neutral. If you are not sure whether that used album is safe, it is best to buy a new archival safe album.
Environmental Factors
You can use the most archival safe materials but they will not protect your collection from environmental factors. The general rule of thumb is to stay away from the extremes. Do not store your collecting in a place that is too hot or too cold. Try not to store your collection in a place that is too humid or too dry since both could cause your storage materials to react. In other words, the average home with a temperature of 64-78 degrees with an average humidity of 30-percent should not be a problem.
Those living in colder areas where the home header is being used longer than other areas of the country may have to compensate. Forced air heating systems tend to dry the air that could cause damage to your collection. If you use a humidifier, whether built in to your heating system or a standalone unit, you might consider investing in a hygrometer to keep the relative humidity between 30 and 40-percent.
Where you store your collection also has to be a concern. If you keep your coins in a cabinet, the gasses from the wood and even the paint or stain used to cover the wood can cause damage. While wooden cabinets are attractive and practical, you do not want to store your collection some place that could add to the environmental concerns.
Metal cabinets are a better option. Safes and safety deposit boxes in temperature controlled vaults also makes great storage options aside from being able to keep your collection secure.
One of the factors that could cause wood rot in cabinets is excess humidity. If your home or where you store your collection cannot be controlled, you should use a desiccant in the area. A desiccant is a substance able to absorb moisture in the air. Two common desiccants are silica gel, the little packets that you see in some packages, and montmorillonite clay.
Choosing which desiccant to use depends on your situation. If your storage area is not that humid, use silica gel. It well suited for lower moisture area over a longer period of time, about six months. For high humidity areas, use a clay desiccant. Although it will not last as long as silica gel (about three months), clay is more effective at removing moisture when the humidity is higher. Another option is to use a combination, especially during seasons of high humidity. You can purchase silica gel and clay desiccants at many hobby stores and stores that sell collecting supplies.
While there are other types of desiccants, they are not recommended for use around collectibles. Calcium sulfate and calcium chloride uses sulfur and chlorine, both will not react well with the metals of your coins. Activated charcoal can add carbon dust to the air, which can attach itself to your coins. Some have suggested using salt as a desiccant. Salt is made of sodium chloride that would also introduce metal damaging chlorine into the environment.
Sunday, May 13, 2012
350 Sheqalim
It has been a while since I wrote about a new purchase, mainly because I have not made many new purchases. The few I have made were to fill a few holes in a Barber Quarters and Barber Halves collection that I am doing for fun. I have picked up a few error coins that were not exciting. But this is the first time in a few months that I made a purchase that really excites me.
A few years ago I sat at a table at one of the Whitman Expos in Baltimore when I came across a dealer who was selling later issues of Israeli currency for inexpensive prices. I had seen a few pieces that intrigued me so I purchased what I could. Not long after, I found two books about the currency issues from the Bank of Israel and I decided to try to collect a sample from every series including the first two issue from the Anglo-Palestinian Bank and Bank Leumi after the founding of the State of Israel.
Last year I learned that the Bank of Israel was holding a public competition for the design of new bank notes. These notes will replace the current Second New Sheqalim series that was first issued in 1999. As a collector, it meant trying to get samples from the current series.
Luckily for me, my nephew is going to school in Israel and since he was spending his Spring/Passover Break in the United States, I decided to take advantage of his presence in the Holy Land to visit local banks to find nice notes for his uncle. Since I already have a 20 New Sheqalim polymer note, I was interested in the 50, 100, and 200 NIS notes. At the prevailing exchange rate, the cost would be under $95 for the set.
After sending the check to my brother to deposit into my nephew’s U.S.-based bank account, he went out looking for clean notes. According to my nephew, that is where the fun begins. First, he is in a school that is basically in the middle of nowhere—somewhere between Jerusalem and Tel Aviv near a land area not suitable for building. But since he had been traveling to Jerusalem, he would check the banks there.
Apparently, collecting currency is not a popular hobby in Israel because when he went to the banks they questioned his motivation. The story of the strange looks and comments by Israeli tellers and other bank personnel says that either there are not many numismatists in Israel or that they find other ways to purchase their collection than from the banks. I was amused by my nephew’s stories. He was a real trooper and found three notes that he carried back the the United States for his uncle’s collection! He’s also doing well in school, which is very important!
All three notes are from the 5766/2006 (third) printing with updated signatures and in either crisp or almost uncirculated condition. All three have nice colors and really display well, including the security features which are difficult to image. All the text on the obverse is in Hebrew using numbers for the denomination for easy identification. The reverse also includes the denomination information in both English and Arabic making Israel one of the few countries to include three languages on its currency (India is another).
The three notes are signed by Stanley Fischer, the Governor of the Bank of Israel, and Chairman of the Advisory Council, Aharon Fogel. Because of a change in the law that abolished the Advisory Council, notes printed after 5770/2010 only have the signature of Governor Fischer.
The 50 NIS note features the portrait of Shmuel Yosef Agnon sitting in his study and personal library with a pen in his hand. The text is from his acceptance speech when he was award the Nobel Prize for Literature in 1966. The reverse is a picture of Agnon’s writing stand with his pen and reading glasses. Listed over the paper on the writing stand are the titles of sixteen books written by Agnon. That list is in Hebrew.
The 100 NIS note features the portrait of Izhak Ben-Zvi, the second President of Israel, with the interior of the wooden structure that served as the President’s residence. Also featured on the obverse is text from the speech Ben-Zvi gave to the first assembly of the Yemenite community that was held at his residence in 1953. The reverse is the image of the synagogue in the Galilee village of Peki'in along with the text from the speech from his second inauguration. To the right over the windows panes (seen in red) is microtext are the titles of nine books written by Ben-Zvi.
The 200 NIS note features the portrait of Zalman Shazar, Israel’s their President with the image of students in an elementary school class. The text is from Shazar’s address to the Knesset on June 13, 1949 after the Compulsory Education Law was passed. The reverse features a typical alley in the town of Safed, a spiritual center of Kabbalists. Text is an excerpt from Shazar’s essay, “Tzofayih Tzefat” (Thy Watchers, O Safed), first published in 1950. To the right of the text is microtext featuring the titles of fifteen of Zalman Shazar’s works.
These notes are beautiful and they tell parts of Israel’s history. Digital images cannot convey how the security features, color shifting ink, subtle changes in color tone are well integrated into the notes making them works of art. One of the more interesting fetters are the triangles that appear on both sides of the note. If you hold the note up to the light, the triangles are lined up to reveal the Star of David.
The United States tried to use currency as a means to teach the people something. The Educational Series of 1896 tried to use allegorical figures with various themes. But the controversy of using a bare breasted woman on the $5 note derailed the series. These are amongst the Top 100 notes identified in 100 Greatest American Currency Notes by David M. Sundman and Q. David Bowers. In fact, very few small-sized notes made the list—only special issues like the Hawaii overprint note made for World War II. Even though the Bureau of Engraving and Printing has dabbled in color, maybe they should learn from a country like Israel and come up with more historic and iconic designs.
A few years ago I sat at a table at one of the Whitman Expos in Baltimore when I came across a dealer who was selling later issues of Israeli currency for inexpensive prices. I had seen a few pieces that intrigued me so I purchased what I could. Not long after, I found two books about the currency issues from the Bank of Israel and I decided to try to collect a sample from every series including the first two issue from the Anglo-Palestinian Bank and Bank Leumi after the founding of the State of Israel.
Last year I learned that the Bank of Israel was holding a public competition for the design of new bank notes. These notes will replace the current Second New Sheqalim series that was first issued in 1999. As a collector, it meant trying to get samples from the current series.
Luckily for me, my nephew is going to school in Israel and since he was spending his Spring/Passover Break in the United States, I decided to take advantage of his presence in the Holy Land to visit local banks to find nice notes for his uncle. Since I already have a 20 New Sheqalim polymer note, I was interested in the 50, 100, and 200 NIS notes. At the prevailing exchange rate, the cost would be under $95 for the set.
After sending the check to my brother to deposit into my nephew’s U.S.-based bank account, he went out looking for clean notes. According to my nephew, that is where the fun begins. First, he is in a school that is basically in the middle of nowhere—somewhere between Jerusalem and Tel Aviv near a land area not suitable for building. But since he had been traveling to Jerusalem, he would check the banks there.
Apparently, collecting currency is not a popular hobby in Israel because when he went to the banks they questioned his motivation. The story of the strange looks and comments by Israeli tellers and other bank personnel says that either there are not many numismatists in Israel or that they find other ways to purchase their collection than from the banks. I was amused by my nephew’s stories. He was a real trooper and found three notes that he carried back the the United States for his uncle’s collection! He’s also doing well in school, which is very important!
All three notes are from the 5766/2006 (third) printing with updated signatures and in either crisp or almost uncirculated condition. All three have nice colors and really display well, including the security features which are difficult to image. All the text on the obverse is in Hebrew using numbers for the denomination for easy identification. The reverse also includes the denomination information in both English and Arabic making Israel one of the few countries to include three languages on its currency (India is another).
The three notes are signed by Stanley Fischer, the Governor of the Bank of Israel, and Chairman of the Advisory Council, Aharon Fogel. Because of a change in the law that abolished the Advisory Council, notes printed after 5770/2010 only have the signature of Governor Fischer.
Source: Uploaded by user via CoinsBlog on Pinterest
Source: Uploaded by user via CoinsBlog on Pinterest
The 50 NIS note features the portrait of Shmuel Yosef Agnon sitting in his study and personal library with a pen in his hand. The text is from his acceptance speech when he was award the Nobel Prize for Literature in 1966. The reverse is a picture of Agnon’s writing stand with his pen and reading glasses. Listed over the paper on the writing stand are the titles of sixteen books written by Agnon. That list is in Hebrew.
Source: Uploaded by user via CoinsBlog on Pinterest
Source: Uploaded by user via CoinsBlog on Pinterest
The 100 NIS note features the portrait of Izhak Ben-Zvi, the second President of Israel, with the interior of the wooden structure that served as the President’s residence. Also featured on the obverse is text from the speech Ben-Zvi gave to the first assembly of the Yemenite community that was held at his residence in 1953. The reverse is the image of the synagogue in the Galilee village of Peki'in along with the text from the speech from his second inauguration. To the right over the windows panes (seen in red) is microtext are the titles of nine books written by Ben-Zvi.
Source: Uploaded by user via CoinsBlog on Pinterest
Source: Uploaded by user via CoinsBlog on Pinterest
The 200 NIS note features the portrait of Zalman Shazar, Israel’s their President with the image of students in an elementary school class. The text is from Shazar’s address to the Knesset on June 13, 1949 after the Compulsory Education Law was passed. The reverse features a typical alley in the town of Safed, a spiritual center of Kabbalists. Text is an excerpt from Shazar’s essay, “Tzofayih Tzefat” (Thy Watchers, O Safed), first published in 1950. To the right of the text is microtext featuring the titles of fifteen of Zalman Shazar’s works.
These notes are beautiful and they tell parts of Israel’s history. Digital images cannot convey how the security features, color shifting ink, subtle changes in color tone are well integrated into the notes making them works of art. One of the more interesting fetters are the triangles that appear on both sides of the note. If you hold the note up to the light, the triangles are lined up to reveal the Star of David.
The United States tried to use currency as a means to teach the people something. The Educational Series of 1896 tried to use allegorical figures with various themes. But the controversy of using a bare breasted woman on the $5 note derailed the series. These are amongst the Top 100 notes identified in 100 Greatest American Currency Notes by David M. Sundman and Q. David Bowers. In fact, very few small-sized notes made the list—only special issues like the Hawaii overprint note made for World War II. Even though the Bureau of Engraving and Printing has dabbled in color, maybe they should learn from a country like Israel and come up with more historic and iconic designs.
Thursday, May 10, 2012
Nothing Like a Coin Show
Regular readers know that I am proponent of electronic books and using technology to expand the reach of the hobby. But there is one thing that the hobby cannot make electric and that is the coin show.
This week, the American Numismatic Association National Money Show is being held in Denver. While not as big of a production as the summer’s World’s Fair of Money, it is still a premiere event of the numismatic calendar. Sure, there are other significant shows, but nobody puts on a show like the ANA.
Even if you go to one of the other larger shows or a smaller regional show, there is nothing that can duplicate the atmosphere and energy of a show’s bourse. There is nothing like walking into a room full of tables and seeing coins, currencies, medals, tokens, and other numismatics fill rooms, ballrooms, or convention centers. All for sale!
There is nothing like the dealers and collectors that you meet on the bourse floor. While their personalities are as varied as what they sell or collect, numismatic collectors are intelligent, fun, and engaging. Even those dealers, authors, and researchers who are “famous” in the industry are as approachable as anyone else.
The last time I was able to attend the National Money Show was in 2007 that was held in Charlotte, North Carolina. When I first entered the Civic Center in downtown Charlotte, I was surprised as to how much smaller the show was than the Whitman Baltimore Expo but was even more surprised when the energy surpassed that of the Baltimore shows.
The difference is the ANA—they put on a heck of a show!
Since Whitman took over the Baltimore Expo, they have improved the experience making it more of a destination show—one I hope to attend in June. But the ANA shows are different in that as a membership organization, they have generate a fraternal feeling amongst those who attend the show that cannot be duplicated.
But that does not mean other shows are now worth attending. On the contrary, local and regional shows can be as much fun as the large national shows. Local shows can be destinations to bring local numismatists together. They are also places to meet the local and regional dealers who can help you put together your collection.
If you cannot attend a national show, attend a local show. Get out from behind the computer screen and meet your fellow collectors and the dealers. Experiencing the numismatic community at a show cannot be duplicated in email, on a forum, or through a blog. You have to experience it for yourself.
The Whitman Baltimore Expo starts on Thursday, June 28 and end on Sunday, July 1. Unless something comes up, I plan on attending on Saturday, June 30. The World’s Fair of Money will be August 7-11 in Philadelphia. I will be there for a few days during that show. If you are going to attend either of these shows feel free to stop me and say hello. I would love to meet you!
This week, the American Numismatic Association National Money Show is being held in Denver. While not as big of a production as the summer’s World’s Fair of Money, it is still a premiere event of the numismatic calendar. Sure, there are other significant shows, but nobody puts on a show like the ANA.
Even if you go to one of the other larger shows or a smaller regional show, there is nothing that can duplicate the atmosphere and energy of a show’s bourse. There is nothing like walking into a room full of tables and seeing coins, currencies, medals, tokens, and other numismatics fill rooms, ballrooms, or convention centers. All for sale!
There is nothing like the dealers and collectors that you meet on the bourse floor. While their personalities are as varied as what they sell or collect, numismatic collectors are intelligent, fun, and engaging. Even those dealers, authors, and researchers who are “famous” in the industry are as approachable as anyone else.
The last time I was able to attend the National Money Show was in 2007 that was held in Charlotte, North Carolina. When I first entered the Civic Center in downtown Charlotte, I was surprised as to how much smaller the show was than the Whitman Baltimore Expo but was even more surprised when the energy surpassed that of the Baltimore shows.
The difference is the ANA—they put on a heck of a show!
Since Whitman took over the Baltimore Expo, they have improved the experience making it more of a destination show—one I hope to attend in June. But the ANA shows are different in that as a membership organization, they have generate a fraternal feeling amongst those who attend the show that cannot be duplicated.
But that does not mean other shows are now worth attending. On the contrary, local and regional shows can be as much fun as the large national shows. Local shows can be destinations to bring local numismatists together. They are also places to meet the local and regional dealers who can help you put together your collection.
If you cannot attend a national show, attend a local show. Get out from behind the computer screen and meet your fellow collectors and the dealers. Experiencing the numismatic community at a show cannot be duplicated in email, on a forum, or through a blog. You have to experience it for yourself.
The Whitman Baltimore Expo starts on Thursday, June 28 and end on Sunday, July 1. Unless something comes up, I plan on attending on Saturday, June 30. The World’s Fair of Money will be August 7-11 in Philadelphia. I will be there for a few days during that show. If you are going to attend either of these shows feel free to stop me and say hello. I would love to meet you!
Sunday, May 06, 2012
Stories That Sell
Earlier this week, “The Screem,” an iconic painting by Norwegian impressionism artist Edvard Munch was sold at auction [PDF] by the famous Sotheby’s auction house. The hammer price with auction premium was a record $119,922,500 to an anonymous buyer.Classic works of iconic designs do very well at auction. In the numismatic world, Augustus Saint-Gaudens’ Liberty design is one of those iconic image. First appearing in 1909, it was used on all $20 Double Eagle coins struck until 1933. When the American Eagle bullion program was introduced, the design was returned to the American Gold Eagle coins.
Of the coins bearing the Saint-Gaudens design, the 1933 Double Eagle is the most iconic of the series. It was not supposed to exist. After two were sent to the Smithsonian Institute, the balance of the 445,500 mintage was supposed to have been destroyed as part of the gold recall ordered by Franklin D. Roosevelt at the beginning of his presidency. In a story that inspired two very good books, it was found that the only 1933 Double Eagle that is legally in private hands was once authorized to be exported to Egypt to be in King Farouk’s collection.
After many years of fighting, the auction by Sotheby’s-Stacks sold the coin to a private collector for $7,590,020 in 2002, with $20 being paid directly to the U.S. Treasury to monetize the coin. This remains the record for the sale of a single coin.If a good story sells a coin, then the story of the 1933 Double Eagle will continue to drive up the price of the coin. Last July, a jury awarded ten 1933 Double Eagle coins owned by Joan Landbord to the government. Langbord, the daughter of Israel Switt, claims to have found the coins while searching through her father’s old goods. On more than one occasion, Switt has been accused of being the source of the 1933 Double Eagle coins that made it out of the Philadelphia Mint.
Although the coins remain locked up at the United States Bullion Depository in Fort Knox, Kentucky, the Langbord family is planning an appeal of the court’s decision. Even through there are three other known specimens, this story is going to drive up the price of these coins.
Stories can turn an average design into something spectacular. For instance, the 1913 Liberty Head Nickel does not have one of those iconic designs. In fact, President Theodore Roosevelt called the design by the Mint’s Chief Engraver Charles Barber “hideous.” But as an extension of Roosevelt’s “pet crime,” the coin was being replaced by the to-be-iconic Buffalo Nickel design by James Earle Fraser. But in 1913, Mint employee Samuel Brown allegedly had five examples of the Liberty Head design struck as souvenirs.
The story becomes more interesting with the pedigree of each coin. The Eliasberg Specimen once was a feature of the Louis Eliasberg collection, a Baltimore financier who attempted to collect an example of every known coin. This coin was sold in 2007 to a private collector for $5 million, currently the second most amount paid for a single coin.Other storied coins include the Olsen Specimen that was once owned by Egypt’s King Farouk and appeared on the first version of the television show Hawaii Five-0. The McDermott specimen is the only one that shows signs of circulation and is now part of the American Numismatic Association Money Museum’s collection. The Norweb Specimen is now part of the Smithsonian Institute’s National Numismatic Collection.
The Walton Specimen was once owned by dealer and collector George O. Walton who died in an automobile accident in 1962. In an attempt to auction the coin in 1963, it was thought to be one of the copies that Walton was known to carry around. For forty years, Walton’s daughter kept the coin in a box that was sitting in the bottom of a closet. The coin was brought to the 2003 ANA World’s Fair of Money in Baltimore where a group of experts spent hours authenticating the coin as genuine.
Recently, the 1792 Silver Center Cent, a pattern that was the first coin struck at the new Philadelphia Mint, sold for $1.15 million. Its design features the work of chief coiner Henry Voight, whose liberty head design has been described as “scary.” But it is the story of the founding of the Mint and of the Mint’s first director, David Rittenhouse.We may never see rare coins sell for the same prices as famous works of art, but the numismatic community can celebrate the stories and history of these iconic coins in a way that the art world is not able to, which makes numismatics a special hobby.
Image Credits
Image of The Scream courtesy of the Associated Press.
1933 Double Eagle image courtesy of Wikimedia Commons.
Eliasberg 1913 Liberty Head Nickel image courtesy of Wikimedia Commons.
Image of the 1792 Silver Center Cent Pattern courtesy of Heritage Auction Galleries.
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