News Wire June 15, 2017

By Coinweek ….
 

CoinWeek News Wire for June 16, 2017

Brain Food

1.) What’s the Difference Between the Edge and the Rim of a Coin?

The edge runs around the entire circumference of the coin, and is the portion that has the reeding on it if it’s a dime or quarter dollar. The rim is the up-raised flat part of the coin that completely encircles the diameter on both front and back

2.) The money in old coin boxes

The first are several coin boxes from China. Compared to those next door, these have detailed finishing and brighter colours. The one shaped like a giant panda catches my attention.

Next Lim shows me three Malayan school savings booklets used in the 1950s. These rare examples were among the techniques employed by the Post Office Savings Bank to encourage schoolchildren to save. In those days, commercial banks were only confined to major towns in Malaya so the government had to use the Postal Department’s extensive network to provide banking services to the masses

3.) Explore Ancient Architecture Through Coinage In This Gigantic Coin Database

Beyond just exploring this massive database, the holdings of ANS provide the foundation for a number of studies of ancient and modern coinage. A new book on the subject of “architectural coinage” published by the ANS presents a number of stunning buildings often depicted on the reverse side of Roman coinage. Written by Nathan T. Elkins, the monograph examines how we can go beyond coinage as a means of reconstructing ancient buildings that may no longer exist, and begin to appreciate this numismatic evidence as a way of accessing how Romans and their rulers may have felt about architecture generally

Wait and See…

4.) The United States Mint will try to clear the air about the heavily promoted 2015 (P) American Silver Eagle

It has come to the Mint’s attention that some of the information that was released on March 20 was erroneous.

Still, collectors seem to be paying out the nose for coins with mint marks they can’t see or identify without third party help…

Current Events

5.) Collecting memories: His and Hers Coins to close

[H]ow has business been over the years?

“Well, you figure it’s hobby-related,” Debbe says. “It’s not something that people have to have. But we’re still in business after 52 years.”

Doris died last August. Don has been gone since February, 1999.

“My Dad passed away, and the fact we’re still here 18 years later, is fascinating,” Debbe says. “Not in a million years did I think that would happen.”

6.) Romania could join euro in 8 yrs, but needs euro zone improvements

Romania could be in a position to join the euro within 8 years, central bank policymaker Daniel Daianu board member said on Wednesday, though it would have to see improvements in the set-up and running of the euro area bloc….

Under the Radar

7.) Keep Your Eye Out for Canada’s New Glow-in-the-Dark Toonie

There are plenty of novelty coins out there–and Canada has tried this particular trick before–but most never enter circulation, and have to be purchased purposefully as keepsakes. Although you can buy the glowing toonie as part of the 2017 Canada 150 5-coin collection, you can also just wait around for one to turn up in your palm, or your tip jar

Bitcoin & Cryptocurrency

8.) Google’s Director of Engineering Won’t Invest in Bitcoin

While [Ray Kurzweil] described “assumptions” about bitcoin’s ability to scale as “quite accurate” he said that people won’t be looking at algorithms to make their spending decisions.

Instead he argued that it was the historic stability of a currency that makes it valuable, stability he said has been lacking in bitcoin…

9.) Major bitcoin exchanges hit by cyberattacks as record rally makes them a target

Bitfinex, the largest U.S. dollar-based bitcoin exchange, said on its status website Wednesday morning that its platform was under distributed denial-of-service attacks, or DDoS, that attempts to paralyze a system with a flood of information.

The news followed smaller BTC-e exchange’s tweet Monday of a similar attack on its systems that afternoon, when its website also temporarily went down.

Separately, Coinbase, the operator of the second largest U.S. dollar-denominated bitcoin exchange, reported Monday that customers could not access the website amid high traffic

Mt.Gox Bitcoin Exchange10.) Bitcoin’s soaring price means bankrupt Mt. Gox may soon be able to pay its creditors

The infamous bitcoin exchange Mt. Gox, which declared bankruptcy in 2014 while owing creditors 45 billion yen ($414 million USD), has a stash of bitcoins held by its trustee that—at least for the moment—are valuable enough to pay off its creditors and then some, thanks to the cryptocurrencies record-setting price surge this year

Going Cashless?

11.) Africa’s quest for cashless economy gains momentum

Liberians haven’t had much experience with cashless payment methods, particularly mobile money (popularly known as mobile wallet); even credit and debit cards are little used. Although, businesses and individuals still issue age-old cheques, mobile wallet use is steadily increasing

12.) State Bank of Vietnam: Online payment is the best choice

Economically speaking, the impact of Decree 101 is manifested in three aspects: First, the document gave birth to a modern and advanced payment system. That system has allowed the connection of electronic payment in the whole banking and credit system. Second, the decree provided conditions for the application of no-cash payment in the economy. Finally, the decree provided a platform to improve capital efficiency in the national economy. Quick payment settlement and fast money transfers have sped up money rotation and made its usage more efficient

13.) Plans by Irish banks to move to more “cashless” banks will hurt the most vulnerable in our society

Plans by Bank of Ireland and Ulster Bank to move to more “cashless” banks will hurt the most vulnerable in our society, according to one Donegal TD.

“Whether removing cash services altogether or reducing them down to certain days of the week this drive to minimizing the choice for customers at banks will hurt vulnerable customers including the elderly. It is simply about maximizing profit regardless of the social impact. It is inevitable that these moves will lead some people to return to dangerous “under the bed “ deposits,” said Pearse Doherty.

Counterfeit Cavalcade

14.) Be wary of counterfeit money, warn Sharjah Police

The police have closed a number of suspicious accounts and sites and arrested their owners in cooperation with the telecommunications authority.

The largest seizure of its kind in Sharjah was in 2016 when Sharjah Police foiled a gang’s attempt to distribute counterfeit money amounting to $20 million.

15.) India report reveals fake currency detection in banks swell to maximum in 8 years

Counterfeit currency detection instances in the country’s banking channels have seen an all time increase in the last eight years at over 3.53 lakh instances, according to a latest government report

Banknote News

16.) Indian Numismatists in a fix after note ban

While debates were raging over the pros and cons of the phasing out of currencies, numismatists were engaged in a discussion of a different sort. They felt that the demonetisation exercise was a call to duty for them: They needed to play the key role of collecting the more than 60 variants of the ₹500 note and the nearly 55 variants of the ₹1,000 note that were released by the Reserve Bank of India till November 8, 2016.

The Specified Bank Notes (Cessation of Liabilities) Act enacted following demonetisation, however, restricts the number of demonetised notes that one can possess for study, research or numismatic purposes to 25. Whoever is found to have in his or her possession more than 25 notes is liable to be fined up to ₹10,000, or five times the value of the note, or whichever is higher…

17.) World’s largest banknote on show in Dubai

The note, which measures 35.6cm by 21.6cm, was printed by the Philippine Central Bank in 1998, to mark the 100 years of independence.

Only 1,000 of the special commemorative notes were issued, each with a face value of 100,000 pesos — around Dh9,000.

18.) The new Swiss banknote’s design and security features

The film shows a variety of design elements and security features that can be found on the new Swiss banknotes. It invites the viewer to discover the note’s many facets. The new banknotes have numerous security features – some new, some tried and tested – offering a range of different ways to check if a note is genuine. A distinction is made between visual and tactile features that the general public can readily check and features that can only be recognised with the aid of special devices or that are machine-readable.

19.) Myanmar to Issue New Banknotes ‘This Year’ in Effort to Weed Out Fakes

The Central Bank of Myanmar is plan­ning to issue more secure K10,000 and K5,000 banknotes this year, to counter the spread of fake bank notes.

The soon-to-be issued banknotes will feature new watermarks, serial numbers and a different colour metallic security strip so that they will be easy to identify compared to older banknotes…

Crime & Punishment

coin_crime_alert20.) NCIC Crime Bulletin

From the Numismatic Crime Information Center (NCIC):

Residential Theft

Detectives with the Hamilton County Sheriff’s Office in Tennessee are investigating the theft of a large amount of silver and gold bullion coins.

Among the stolen items were:

  • 300 one ounce Canadian Silver Maple Leafs
  • 100 one ounce American Silver Eagles
  • 33 one ounce Gold Austrian Philharmonics

Anyone with information please contact Detective Charles Sledge of the Hamilton County Sheriff’s Office at (423) 779-6313.

Suspects

The below suspects came into a local coin dealer multiple times and pocketed several coins worth thousands of dollars while they distracted an employee. They were seen traveling in a light brown SUV. The male used the name “Allan” and gave a phone number of (402) 801-0245. The couple said they were married and mentioned a 20-year age gap between the two of them. They don’t appear to be from the UTAH area and may be traveling the country doing similar offenses.

Male suspect in 2017 coin shop theft, courtesy Doug Davis at NCIC Female suspect in 2017 coin shop theft, courtesy Doug Davis at NCIC

If anyone can identify or have come into contact with these two subjects contact Detective Jud Callaway of the St. George, Utah Police Department at (435) 627-4411. Use case number 17P008070.

Contact the NCIC’s Doug Davis if you have any questions or information about any of the cases above. You can reach him at (817) 723-7231 or email him at doug@numismaticcrimes.org.

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The Numismatic Crime Information Center is a 501 (c)(3) non-profit corporation. P.O. Box 14080 Arlington, Texas 76094.

www.numismaticcrimes.org

Gold, Precious Metals & Bullion

20.) Bringing Gold Back to Germany

[T]he plan is to continue to increase gold reserves at home. To make that happen, the Bundesbank is removing its complete reserves from neighboring France. It has planned to cart 91 tons of gold under the strictest security conditions from the Banque de France to Wilhelm-Epstein-Strasse in Frankfurt by the end of this year. Altogether the Bundesbank wants to have close to 680 tons from abroad back in Germany’s own vaults

21.) Controversial New Civil Asset Forfeiture Bill

[T]his proposal will have adverse consequences for an untold number of honest investors and savers. It essentially seeks to criminalize holding any significant amount of wealth ($10,000 or more) in cash or something tangible without wading through the bureaucratic channels of disclosing such assets to the government. The bill also specifically mentions anything stored in safety deposit boxes, where modest amounts of precious metals are commonly stored. Given the high price of Bitcoin or an ounce of gold, it wouldn’t take much of an allocation in either asset to trigger such a seizure if you fail to file the right paperwork

23.) Platinum Drop Fires Social Unrest as Villagers Turn on Mines

Demonstrations by residents around mines — many living in improvised shacks without running water — have disrupted operations run by producers including Impala Platinum Holdings Ltd., Lonmin Plc and African Rainbow Minerals Ltd. The protesters demanded jobs and money, saying that investments outside of the mines haven’t been enough. Last month, a bus that ferries Lonmin workers was torched, forcing the company to halt operations at two shafts

24.) South African Reserve Bank says platinum coin concept not viable

The South African Reserve Bank (SARB) has no intention of mandating the South African Mint to produce a platinum coin to be marketed along the lines of the successful Krugerrand gold coin, revealing that feasibility studies have shown the concept to be unviable.

…the main impediment, however, related to the fact that platinum could not be included in the bank’s reserves, as it did not qualify as a monetary asset under the definition provided by the International Monetary Fund

Medals, Tokens & Exonumia

25.) Canada 150 Celebrated with Commemorative Cornwall Coin

The attractive nickel-plated coin features the Canada 150 logo on one side, with the words Canada 1867-2017 along the outside. The flip side of the coin features the Clock Tower in Lamoureux Park, with the words Cornwall Ontario Canada 1784-2017.

The limited edition coins are available from Cornwall Economic Development at the Civic Complex. The cost is a penny per year of confederation, or in other words, $1.50…

Upcoming Auctions & Events

“Good News, Everyone…”

26.) Coin Collection Lost 47 Years Ago Returned to Owner

A coin collection lost to a Sioux City man for 47 years is back with its owner thanks to the Iowa Treasure Hunt and State Treasurer Michael Fitzgerald.

The collection started by John Potash and his father was turned over to the state treasurer’s office as unclaimed property in the form of safe deposit box contents almost 15 years ago…

27.) Littleton Coin Company Announces 2017 Scholarship Recipients

To support the academic and community service achievements of the area’s top students and the children of our employee-owners, Littleton Coin Company and the Fannie Sundman Memorial Scholarship Committee recently awarded nine scholarships totaling more than $25,000

Just for Fun

28.) Spare a quarter for this simple coin trick

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