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By Coinweek ….
 

CoinWeek News Wire for May 5, 2017

Brain Food

1.) The Krugerrand: Half a century as a store of value

The renowned Krugerrand – dubbed the world’s first, most successful and widely-traded gold bullion coin – this year celebrates 50 years since its first minting.

It was mainly created to add value to, and create a premium for, [South African] gold sales…

“It’s more than exceeded any expectations that could have been had at the outset,” says Richard Collocott, Rand Refinery’s executive head of marketing and a director of Prestige Bullion, the Rand Refinery and SA Mint joint venture…

2.) May 7, 1987: $1 coin unveiled by the Royal Canadian Mint

In the video, CBC’s Harry Nuttall shows Edmontonians what the dollar coin will mean to them, including a hands-on change demonstration in front of a cigarette machine…

Current Events

3.) Fury as new UK £5 note features MAJOR grammatical error

The new bank note features war-time prime minister Winston Churchill and includes one of his best known quotes: “I have nothing to offer but blood, toil, tears and sweat.”

But although early designs of the note correctly featured double quotation marks around the words and a full stop at the end, the punctuation was seemingly dropped from the finished artwork.

Now academics and grammarians have accused the Bank of England of “dumbing down” and contributing the to the “post-punctuation world” of the 21st Century…

4.) Is The World’s Largest Bitcoin Exchange Headed For A Mt. Gox-Style Collapse?

When Mt. Gox first halted customer withdrawals in February 2014, it waited more than two weeks to admit the truth to its customers: that hackers had stolen more than $450 million of their assets, leaving the exchange bankrupt and them holding the bag. That hack effectively crippled the entire digital currency ecosystem, ushering in a two-year bear market that at one point carried the bitcoin price below $200, from what was then a record high north of $1,200 reached in November 2013.

So when another exchange engages in similarly shady behavior – withholding critical information about customer funds, or failing to produce audited financials despite promising to do so – it should prompt crypto traders to ask themselves why, with dozens, if not hundreds, of cryptocurrency exchanges operating around the world, they’re choosing to do business with this one.

That’s the question that customers of Bitfinex should be asking nearly two weeks after the exchange, once one of the world’s largest, first revealed that it had been cut off from sending outbound dollar-denominated wires to its customers…

New UK £1 Coin Updates

5.) Some new £1 coins have loose centers

Bitcoin FailureThe new £1 coin is made of two metal rings and includes a hologram, as well as a hidden security feature to protect it from counterfeiting.

But it appears that a minting error has caused a small number of the coins to separate…

6.) Royal Mint admits faulty £1 coins are in circulation

Some new £1 coins – introduced into circulation last month as the “most secure coin in the world” – may be defective, the Royal Mint has admitted. It said that a “small number of coins” were affected when they were struck at a rapid rate during production.

Out of shape versions of the coin, considered collectors’ items, are appearing on internet auction sites…

7.) Mum finds ‘squashed’ new £1 coin — and it could be highly valuable

“…[Y]ou can tell its not been cut properly and it looks like the machine’s been misaligned, ecause part of the writing which says ‘one pound’ is in silver when it should all be in gold.”

Her find comes just days after it was revealed that these “misprints” could be worth more than just a pound…

8.) “Illegal” New Pound Coins: Hundreds of Brits with “Faulty” £1s Could Be ARRESTED

eBay sellers have been flogging “faulty” 12-sided coins which have apparently come loose, leaving gaping holes in the outer gold rings. But tonight the Mint has revealed in an updated statement to Daily Star Online that the broken coins might actually be part of deliberate acts.

And it warns that people who have separated the coin parts on purpose could be arrested as the act is against the law…

Under the Radar

9.) Two New Trek-Themed Coins

The Star Trek Five Captains coin features all five captains on one side of the coin, which when seen in the dark, changes to a glow-in-the-dark USS Enterprise!

Star Trek: The Borg coin will surely please fans of the Borg. This coin features a Borg Cube attacking a Federation starship.

10.) Royal Canadian Mint unveils new glow-in-the-dark Canada 150 coin

The coin in itself is very cool, but the selling point is definitely the fact that it glows in the dark

Crime & Punishment

coin_crime_alert11.) NCIC Crime Bulletin

From the Numismatic Crime Information Center (NCIC):

BAD CHECK

Three dealers have reported receiving orders for gold coins and payment has been made with a fraudulent check.The check was from The Hall Group and written on the First City National Bank Houston, Texas.

The routing number on the check is from a different financial institution.

COIN & JEWELRY STORE BURGLARY

Investigators with the Des Moines, Iowa police department are investigating the burglary of a local jewelry store. Entry was made by going through the roof and once inside the safe was breeched. The loss included numerous 24K pieces of jewelry and a large amount of necklaces, chains and bracelets.

Coin shops may also be targeted.

Anyone with information, please contact Richard DeJoode, Senior Police Officer with the Pawn and Gun Unit of the Des Moines Police Department, at (515) 283-4882.

You may also contact the NCIC’s Doug Davis if you have any questions or information about this or any of the cases above. Call him at (817) 723-7231 or email him at 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

12.) Coin thief sentenced in Santa Cruz

Donald Scott Rainey of Beaumont, Texas, was convicted April 6 of first-degree burglary, elder financial abuse and embezzlement for posing as a coin broker and stealing collections. Superior Court Judge Stephen Siegel issued the maximum sentence, Assistant District Attorney William Atkinson said Friday

13.) ‘Coin thief’ arrested after being trapped in Tower of London pit

The Tower of London’s lion pit was designed to keep wild animals in – but it also played a vital role in the arrest of an alleged coin thief.

Police received a call from the historic castle’s security team this morning to reports of a man trapped in the lion pit. CCTV footage allegedly shows him climbing down at around 4.30am and collecting the donations that had been thrown in there by visitors…

14.) Coins from around the world recovered during traffic stop, authorities search for owner

Inside Ray’s vehicle, deputies found several “Crown Royal” bags full of coins from across the world. The coins are believed to have been stolen but authorities have not identified the owner of the coins at this time. Anyone with information on the coins is asked to call the Oklahoma County Sheriff’s Office

[(405) 713-1000 —CoinWeek]

Banknote News

15.) RBI doesn’t have the currency yet but WhatsApp has the image!

WhatsApp Rs 200 image

While the image above is doing the rounds on WhatsApp as the new Rs 200 currency note that would be in circulation soon, not too long ago a similar blue note was getting circulated for a potential Rs 1,000 denomination note as well on social media making this Whatsapp image even more suspect

16.) After Children Bank of India in Delhi, now Rs 500 notes without Gandhi’s photo in Madhya Pradesh

In yet another sign of haste with which the Reserve Bank of India was pushed by the central government to print new currency notes, a customer in Madhya Pradesh has withdrawn Rs 500 notes without Mahatma Gandhi’s photos

Gold, Precious Metals & Bullion

17.) Swiss gold imports – anomalous suppliers

As Switzerland produces no gold of its own, but specialises in re-refining LBMA good delivery gold bars and scrap gold into the metric and small sizes in demand in the East, it has to be a major gold importer to keep the refineries’ production going, as well as to supply its own investment demand and it is particularly interesting to review the sources of this gold for re-refining and exporting.

The biggest source of Swiss gold imports is usually the UK, which is not surprising as London has traditionally been at the centre of the global gold trade, but some of the other sources of gold for the Swiss refineries are a little more unexpected…

18.) Palladium Prices Hit a 2-year High, But Watch For Ceiling

Palladium prices rose to a two-year high in April, making it the biggest gainer among precious metals. Despite a still solid outlook, there are some reasons to believe palladium prices could be nearing their peak

19.) What’s Behind This Sudden Drop In China’s Gold Production?

The report gave one clue, saying that gold miners have been phasing out some older production — part of Beijing’s plan to overhaul the mining sector in general. If true, the shutdown of old and unprofitable gold mines could see China’s production reduced for a prolonged period. Great news for the global market, as it would mean Chinese buyers will need imports to fill the supply gap

20.) Gold Imports by India Climb to Highest in More Than Two Years

Gold imports by India, the world’s biggest market after China, jumped to the highest level since 2014 in the first three months of the year, spurred by jewelers restocking for weddings and improving cash flow in the financial system, the World Gold Council said

21.) Bank of England Vaults Bled 1,500 Tonnes of Gold Over 2013-2016

But what is probably true is that the fluctuations in the quantity of gold stored in the Bank of England vaults are more do to with the gold holdings of bullion banks and less to do with the gold holdings of central banks, for the simple reason that central bank gold holdings are relatively static, or the least the central banks claim that their gold holdings are static. This does not take into account the gold lending market which the central banks and bullion banks go to great lengths to keep secret

22.) U.S. Mint Gold, Silver Bullion Sales Down More Than 50% So Far This Year

The latest data provide by the Mint shows that a total of 6,000 ounces of gold, in various denomination of American Eagle gold bullion coins, were sold last month. This is the worst April performance in five years and the lowest sales pace in 16 month[s].

Physical silver demand was also muted last month with the U.S. Mint selling 835,000 ounces, down more than 48% from the previous month. The drop in demand also coincides with future prices rallying to a 5-month high in mid-April…

Treasure & Archaeology

Metal Detecting23.) Metal detecting helps increase treasure finds in Wales

National Museum Wales experts said they had seen a year-on-year rise in precious items reported, such as Bronze Age and mediaeval artefacts.

South east Wales, Wrexham and southern Pembrokeshire are hotspots for ancient discoveries. About 90% of artefacts are found by metal detectorists…

24.) Dumfriesshire museum displays rare Roman coin found locally

A rare Roman coin from over 1,950 years ago and unearthed in Dumfriesshire has gone on display at Annan Museum.

The gold aureus was made in 63-68AD and is stamped with the head of Nero Ceasar Augustus

Medals, Tokens & Exonumia

25.) The Canadian Sacrifice Medal

The medal is also awarded posthumously to any member of the Canadian Forces who served on or after 7 October 2001, and dies under honourable circumstances as a result of an injury or disease related to military service

26.) Record number of military graduates honored at APSU coin presentation ceremony

Branded with the theme “All Hail to Those Who Serve,” APSU crafted its own coin with its military students and veterans in mind. The antique bronze color coin, designed by the APSU Office of Public Relations and Marketing, is finished with black enamel. The first set was cast in 2011

Museums & Exhibits

27.) Rare coin collection honours great friend

Samoa has welcomed a first to its archives: a rare German coin collection.

The Coin Collection will soon be on display at the Museum of Samoa in Malifa in memory of Uili Sa’aga, who was a great friend to the donor of the collection, Michael and Patty Rhodes

Upcoming Auctions & Events

Just for Fun

28.) From New Plymouth student to the lord of the rings

A man who collected coins as a boy now has a new hobby – turning them into rings.

A few months ago, Dion Laing’s father mentioned he’d seen a mate make old coins into wearable rings. The idea piqued the New Plymouth man’s interest and he began to research the process before finding a video on YouTube that explained how it was done…

29.) Life-size gold Darth Vader mask is simply dazzling… and also worth US$1.4 million!

When we got to the third floor, we also found some other delightful glittering items on display, like the flat oval gold coin (koban) below made from 10 grams (0.35 ounces) of 24-karat gold, available in the “Luke Skywalker VS Darth Vader” design and “Yoda” design.

Each are priced at 132,000 yen, which at around $1,200 is still a hefty price tag, but doesn’t look so bad when compared to the $1.4 million of the mask…

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