CoinWeek News Wire for December 2, 2016

By Coinweek ….
 

CoinWeek News Wire for December 2, 2016

Current Events

1.) Zimbabwe police fire tear gas at bank note protest

“We are not going to embrace bond notes,” Hardlife Mudzingwa, a spokesman for Tajamuka, told AFP.

“They are being used to mop up the US dollars that people have in their accounts so that top government officials can import their personal goods.”

2.) RBI pressed into service to ease Rs500 note shortage

Reserve Bank of India operated currency presses will start printing the new Rs500 notes on Wednesday even as the two government-owned presses run behind schedule, said three officials directly involved in the process

3.) South Korea to kill the coin in path towards ‘cashless society’

As part of the plan it wants consumers to deposit loose change on to Korea’s ubiquitous “T Money” cards — electronic travel passes that can be used to pay for metro fares, taxi rides and even purchases in 30,000 convenience stores

[For previous coverage of this story, click here. —CoinWeek]

4.) Venezuela’s currency now worth so little shopkeepers weigh vast piles of notes instead of counting them

Humberto Gonzalez, who runs a delicatessen in the city, said he uses the same scales to weigh slices of salty white cheese and the stacks of bolívar notes handed over by his customers .

“It’s sad,“ Mr Gonzalez told Bloomberg. ”At this point, I think the cheese is worth more”

5.) Nepal’s central bank deems new Indian currencies of Rs 500, 2,000 ‘illegal’ for now

While there is no clarity on the fate of the withdrawn Indian currency notes of Rs 500 and Rs 1,000 denominations in Nepal, new Indian Rs 500 and Rs 2,000 bank notes are deemed illegal and banned for exchange, Nepal’s central bank said on Thursday

Under the Radar

6.) Central Bank of Barbados issues commemorative $50 coins

The Central Bank of Barbados has issued two limited edition coins in commemoration of this island’s 50th anniversary of Independence.

The two coins – one fine silver (.999) and the other fine silver with gold-plated elements – feature the outline of Barbados in the middle of the sea and the “Barbados 50” logo as well as elements of the Coat of Arms and past and present circulation coinage…

7.) Commemorative coins on Krishna Chaitanya Mahaprabhu’s visit to Vrindavan released

Union culture secretary Narendra Kumar Sinha on Friday released a commemorative non-circulation Rs 500 coin and a Rs 10 circulation coin as part of the yearlong celebrations marking the 500th anniversary of Hindu saint and social reformer Shri Krishna Chaitanya Mahaprabhu’s visit to Vrindavan

8.) UAE Central Bank issues commemorative coin to honor country’s heroes

The Central Bank of the UAE has issued a new silver coin to mark Commemoration Day

Brain Food

9.) The coinage of Karabakh khanate

The coinage of Karabakh khanate plays a special role in Azerbaijani numismatics

10.) Monetizing India’s Past: Evolution of the Indian currency

The next period in Indian history was the Vedic Period when the cow emerged as a medium of exchange between the upper classes. However, the cow proved to be an unsuitable medium due its lack of smaller units, inconvenient handling and perishable nature which led to the use of precious metals like gold and silver

1964smskennedy11.) Kennedy on half dollar ended its future as commonly used coin

Whatever happened to the 50-cent piece? It used to be as common as the quarter, but it seems like ever since it became the “Kennedy half dollar” it has disappeared. Why?

12.) One man’s currency design challenge raises questions about a sensitive topic

When an Egyptian graphic designer took it upon himself to raise his fellow citizens’ spirits and hopes about their currency by announcing an “Egyptian Currency Design Challenge” on November 11, he had no idea that the initiative would go viral — or cause so much controversy

The Future Is Now

13.) The Secret, Dangerous World of Venezuelan Bitcoin Mining

Four years later, his country is embroiled in a humanitarian crisis. The supermarket shelves are bare. Children are fainting from hunger in their classrooms. A mob recently broke into the Caracas zoo to eat a horse. Many Venezuelans subsist on a monthly government stipend equivalent to about $9.

Alberto, meanwhile, based on his own account, is earning more than $1,200 a day mining bitcoins and other cryptocurrencies.

He’s part of Venezuela’s rapidly growing digital currency mining community. Faced with growing threats of violent crime and government extortion, its members interface through secret online groups and take extreme precautions to hide their activities…

14.) Court Rules IRS Can Seek Information on Bitcoin Customers

Coinbase, founded in 2012 and based in San Francisco, offers “wallet” services for its customers, essentially online accounts for holding and trading bitcoin. The company has raised $117 million in capital in its history.

The IRS and the Justice Department are looking for information about the use of the digital currency bitcoin and the possibility that it has been used to evade federal tax laws over the three-year period. The agencies don’t have any proof of tax evasion, and there is no allegation that Coinbase engaged in any wrongdoing…

Banknote News

15.) Zimbabwe’s new bank note fuels concern

Zimbabwe launches a new bank note that the authorities hope will ease a severe cash crunch, but critics fear it will erase their savings

16.) Barrie Olympian’s face could be on the money

Barrie track and field athlete Fanny “Bobbie” Rosenfeld has made the short list of iconic Canadian women who might be featured on the next bank note set to go into circulation in 2018

georgia5017.) Behold the finalists of the 2016 banknote beauty pageant

Nominations for the 2016 contest are open through Jan. 31, 2017, but here are the nine colorful banknotes already vying for the title. The winner will be announced next April

18.) South Sudan bank governor denies introducing new bank note

The Governor of the Central Bank of South Sudan (CBoSS) has dismissed as false reports alleging that the bank was printing new notes with the denominations of 200, 500 and 1,000.

He says the bank has no plans to print, replace or change the current banknotes…

19.) Scrapping the Australian $100 bank note ‘would be a good thing’

The suggestion comes on the back of India’s decision to scrap the 500 and 1000-rupee bank notes and issue new currency to crack down on the un-taxed cash economy.

HSBC Australia head of payments and cash management Simon Babbage told The Australian Financial Review HSBC would support a similar move to improve transparency in the Australian economy

Crime & Punishment

coin_crime_alert20.) NCIC Crime Bulletin

From the Numismatic Crime Information Center (NCIC):

Fraudulent Cashier’s Check

Western and Midwest dealers should be on the alert. The suspects involved in the fraudulent cashier’s check offense in Missouri have attempted to pass another check in St. George, Utah, at approximately 3:30pm on Tuesday, Nov. 29. The dealer was suspicious and the suspects ran leaving the check behind. No suspect vehicle was identified.The suspects made a call prior to arriving at the coin shop.

These suspects are traveling and could show up at any location within the western half of the United States.

UPDATE

On 11/11/16 the female in the pictures below presented a cashier’s check for over $16,000 at R&K Coin, 521 W. Sunshine Springfield, MO., to purchase 12 (1 oz) Canadian Gold Maple coins. A male caller had made contact with the business by phone on 11/10 to negotiate the purchase of the gold coins, presenting himself as a buyer/dealer. The male caller arranged for his “wife” to stop by the Springfield store on her way back to Texas. A price was negotiated and it was arranged for the “wife” to come to the store on 11/11 and complete the transaction.

On 11/11 a female who appears to be Hispanic, or possibly mixed race, comes to the store and presents a fake cashier’s check off a First Financial Bank out of Wentzville, MO. (which does not exist). On the face of the check is an 800 number. The victim in this case called the 800 number to confirm the funds on the account and obtained a copy of the female suspects drivers license (which was a faked id from Texas). The female purports to be a Carmen Febus H/F. Upon calling the listed phone number for the bank the call is answered by a male who claims to be a representative of the issuing bank for the cashier’s check. The male representative authenticates that the funds are available to cover the cashier’s check.

NCIC fraud suspect NCIC fraudulent cashier's check suspect

If anyone has any information on this case, similar cases, or can identify the female in the pictures; please contact:

Cpl. Mike Evans
Springfield Police Department
Springfield, MO.
Criminal Investigations
(417) 874-2132

* * *

Likewise, anyone with information about any of the cases above can contact the NCIC’s Doug Davis at (817) 723-7231 or doug@numismaticcrimes.org.

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

www.numismaticcrimes.org

Gold, Bullion & Precious Metals

21.) Scottish mining company sells its first gold

Scotgold Resources, hoping to open UK’s only underground mine, raised £46,000 by selling 10 commemorative coins at auction

22.) Indian CBEC removes 1% excise duty on branded gold coins

Branded gold coins may become cheaper after the government scrapped 1 per cent excise duty on them. In a notification, the Central Board of Excise and Customs (CBEC) said excise duty will be nil on gold coins of purity 99.5 per cent and above, bearing a brand name when manufactured from gold on which appropriate duty of Customs or excise has been paid

23.) U.S. Currency Authority Proposes Ban on Bank Investments in Commercial Metals

The Office of the Comptroller of the Currency, which regulates and supervises national banks and federal savings associations, recently took steps to rein in bank participation in one type of commerce activity. The Comptroller published a new proposed rule that would prohibit banking institutions from buying or selling metals including copper, aluminum, and gold

Red Kettle Report

  1. November 22Mysterious donor leaves touching letter in Spokane kettle: http://www.krem.com/life/holidays/rare-gold-coin-wrapped-in-100-bill-dropped-in-salvation-army-red-kettle/357074835
  2. November 25-271881-S Half Eagle Gold Coin found in High Point, NC kettle: http://www.wfmynews2.com/news/local/rare-gold-coin-found-in-salvation-army-red-kettle/359355962
  3. November 28Secret Santa drops 2nd krugerrand wrapped in $100 bill into Salvation Army kettle: http://www.daytondailynews.com/news/local/secret-santa-likely-drops-2nd-gold-coin-into-salvation-army-kettle/IejuLIFXOFey1iyQ6OYGkI/
  4. November 29Gold coin found in Salvation Army kettle in Fargo: http://www.valleynewslive.com/content/news/Gold-coin-found-in-Salvaton-Army-kettle-in-Fargo-403783006.html
  5. November 29First gold coin of the season donated in Horseheads, NY: http://www.mytwintiers.com/news/local-news/100-gold-coin-discovered-inside-one-of-salvation-armys-red-kettles

Treasure & Archaeology

24.) Buried Treasure Found in Kazahkstan, to Be Donated to Museum

[R]esident Mukagali Yerbozov found buried treasure this fall in the territory of the Mangystau region. The gold and silver objects included earrings, silver rings, about 20 gold coins and golden coin fragments

25.) Metal detectorist to coin it in after find of rare Viking currency in Co Down field is declared treasure

A treasure hunter who unearthed two extremely rare Viking coins after 10 years of metal detecting has spoken of his excitement

Museums & Exhibits

26.) Rare UAE currency and medals on show

Dubai Numisbing, a Dubai-based professional numismatic company, will be hosting a rare and historical collection of the UAE’s coins, banknotes and medals on the occasion of its 45th National Day celebrations

27.) Seaton pupils take a closer look at Roman hoard

Sixty Seaton Primary School pupils learnt about the Romans at a workshop inspired by the recent 
discovery of the ‘Seaton Down Hoard’, consisting of 22,888 Roman coins

28.) Ex-naval officer collects almost 5,000 rare coins of late King

The museum, run by Sub Lt Thanathip Meemaitreejit, 50, is open to the public free of charge. It is said to be the country’s largest collection of King Bhumibol Adulyadej’s commemorative coins

Upcoming Auctions & Events

World of the Weird

29.) 24 Countries Where the Money Contains Meat

So which countries use this process for their money? We’ve compiled the list below using information supplied by Innovia. The list includes the dates that each country first issued their meat-laced currency

30.) Sentencing delayed for mint employee who smuggled gold in his rectum

A former Royal Canadian Mint employee who smuggled $165,000 worth of gold in his rectum over several months is making efforts to pay it back, court heard Monday.

Earlier this month, 35-year-old Leston Lawrence was found guilty of stealing 22 gold “pucks” worth a total of $165,000 from the mint on Sussex Drive in Ottawa, and laundering 18 of them through Ottawa Gold Buyers. The weight of the pucks ranged from 192 to 264 grams apiece…

* * *

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