HomeWorld CoinsAsian CoinsCoinWeek News Wire for April 28, 2017

CoinWeek News Wire for April 28, 2017

From Ancient coins to bitcoin - CoinWeek News Wire Graphic April 28, 2017

By Coinweek ….

CoinWeek News Wire for April 28, 2017

Brain Food

1.) The Hidden Science Of The New British Pound Coin

There is however one security feature that the Royal Mint are being particularly cagey about, and that is the feature that they deem to make the coins the most difficult ever to forge. The coins contain within their core a so-called ‘integrated secure identification system’, or iSIS as it is rather unfortunately abbreviated to. This involves the incorporation of a very specific material composition that has a distinctive effect on the electromagnetic signal in a detector. Only the new pound coins will have these materials in their specific amounts and proportions to create a unique fingerprint that can be detected by electromagnetic signal detectors

2.) Why doesn’t Hong Kong celebrate more of its history with commemorative coins?

[A]ll manner of other anniversaries important to the shaping of our city have passed unrecorded by the Monetary Authority

Under the Radar

3.) RBI to issue new Rs 5, 10 coins

The Reserve Bank will soon put into circulation new Rs 10 coins that have been minted to commemorate 125th year of National Archives of India.

The central bank will also put into circulation new Rs 5 coins to celebrate 150th anniversary of Allahabad High Court

4.) Silver King Willem-Alexander Commemorative Coin

On the occasion of the 50th birthday of HM King Willem-Alexander the Centrale Bank van Curaçao en Sint Maarten (CBCS) has issued a silver 5 guilder commemorative coin. The obverse side of this coin shows the portrait of the king, the words “Willem-Alexander Koning der Nederlanden” and “50 jaar”. The reverse side includes the coat of arms of the Netherlands Antilles, the denomination, mintmarks and year of issue.

Apart from the silver coins, the Royal Dutch Mint in the Netherlands has issued gold 10 guilder coins for Curaçao and Sint Maarten with the same designs…

Current Events

5.) Two held for trying to sell antique coin

The duo were handed over to Nacharam Police along with the coin for initiating further action under Antiquities and Art Treasure Act – 1972

6.) No Matter What RBI Says, Vendors Still Rejecting Rs 10 Coins

On the heels of demonetisation in November last year, a rumour spread across the country that the Reserve Bank of India (RBI) had declared the old Rs 10 coin invalid.

However, the RBI has debunked that claim, stating that both the old Rs 10 coin and the newer Rs 10 coin – which does not feature the rupee symbol – are still valid…

7.) Banned notes: Numismatists in Udaipur seek exemption from law

Currency collectors in Udaipur, India are in a dilemma over the government’s dictum on keeping banned notes. If they stick to their possession, they risk seizure and penalty and if they surrender, they lose records!

Mewar Philatelic Society, a 28-year-old organization having over 100 members has written to the Prime Minister seeking exemption from the provisions of seizure and penalization for possessing old 1,000 and 500 rupee notes…

8.) National Bank of Romania will put into circulation a set of three coins

[T]he National Bank of Romania will put into circulation, for numismatic purposes, a set of three coins (made of gold, silver and copper-plated tombac) and a collector coin made of brass occasioned by 150 years since the enactment of the law concerning the establishment of a new monetary system and the minting of national coins

9.) Stock of Rs 500, 2000 notes was kept ready before note ban: RBI Governor

The Reserve Bank had “kept ready” a reasonable stock of new Rs 500 and Rs 2,000 notes before the announcement of demonetisation on November 8 by Prime Minister Narendra Modi.

However, no records of discussion between the RBI and the government on demonetisation were maintained because of secrecy, RBI Governor Urjit Patel has told a Parliamentary Standing Committee on Finance…

The Future Is Now

10.) New paper examines central bank digital currency models

Unlike retail versions of digital currencies already in circulation, CAD-coin behaves like a deposit receipt and therefore begs the question: is it really a digital currency?

Garratt says it is: “It gives the holder a transferable claim on its value in central bank money. For all intents and purposes, this means CAD-coin is a form of central bank money.”

[And the “future” of money goes straight back to the beginning. There’s nothing new under the sun. —CoinWeek]

Gold, Precious Metals & Bullion

Palladium Chemical Symbol, Periodic Tabel info11.) Palladium Prices Jump – But Remain Below Two-Year High

Right now, the expectation is that demand won’t quite measure up to what we saw in 2016, but that is no reason to turn negative on the metal. 2016 was a good year for the physical demand picture for palladium with passenger vehicle sales in the three largest markets (the USA, China and the EU) increasing 8.5% in 2016 to 56.5 million vehicles

12.) Sweden’s Gold Reserves: 10,000 gold bars shrouded in Official Secrecy

So here you can see here that gold, which in the words of the Wall Street Journal is just a ‘Pet Rock’, is covered by some very strong secrecy laws in Sweden. Why would a pet rock need ultra strong secrecy laws?

Crime & Punishment

13.) Coin con foiled in Larnaca, Cyprus

The alertness of a Larnaca antique dealer led to the arrest of a 26-year-old suspected of theft

14.) Central Bank: That ₡5,000 counterfeit bank note message is fake

The Central Bank of Costa Rica (BCCR) warned the population that a message circulating on social media and in SMS messages about the alleged circulation here of counterfeit ₡5,000 bank notes is completely false.

The bank indicated in a news release that those messages are the same that went viral in January in Venezuela. Messages there warned people about counterfeit 5,000 Bolívares banknotes

15.) Warning after spate of counterfeit notes used to buy goods in Bridport, England

RESIDENTS and businesses are being urged to be vigilant after goods were bought in Bridport using fake £20 notes.

Police are asking shopkeepers, publicans and members of the public to be aware after three incidents in Bridport and West Bay, as well as similar incidents reported in Sherborne…

Banknote News

16.) Switzerland’s 50-Franc Bill Gets Named Banknote of 2016 by IBNS

The Swiss National Bank’s new 50-franc ($50) bill was named bank note of the year by a group of international connoisseurs, beating out 18 competitors including the Bank of England’s controversial polymer note as well as ones from the Seychelles and Macedonia.

Among the runners-up in “very tight voting” were bills from the Maldives, Argentina and Scotland, according to a statement from the International Bank Note Society on Tuesday…

17.) When do the paper £5 Scottish banknotes stop being legal tender?

From May 5, shops and businesses will stop accepting the paper banknote, featuring Elizabeth Fry on the reverse, as payment, and will instead only accept the new polymer version

Medals, Tokens & Exonumia

18.) Indian singer, actor Diljit Dosanjh receives coin of honor from Canada’s Minister of National Defense

Expressing his joy, Diljit shared the image with his fans on social media. He thanked god for such a great moment and wrote:

“honourable Harjit Singh Sajjan Ji, Defense Minister of Canada, presented me with his Personal Minister of National Defense Coin of Honor given for excellence.”

19.) Are These East India Company Coins With Indian Gods Real?: A FactCheck

A coin that claims to be a rare coin minted by the East India Company in 1839 with a religious motif depicting Indian gods Ram, Sita, Lakshman and Hanuman on the reverse, is what numismatists call a “fantasy” coin.

The … image has been shared widely on WhatsApp and Twitter with many people extrapolating that the early British recognised these deities by etching them on the currency in use. However, a BOOM investigation revealed that the coin is fake.

Moreover, a few other coins with the East India Company emblem on the front and religious motifs of Buddha, Saraswati, Ganesh, Shiva and Hanuman on the reverse, are also fake…

Bitcoin & Cryptocurrency

20.) Criminals who use Bitcoin targeted under proposed Florida law

Florida lawmakers are poised to pass a bill that will add “virtual currency” to the state’s money-laundering statute, a change hailed by law enforcement although frowned upon by some enthusiasts of bitcoins.

The proposed law was crafted after a Miami judge tossed a criminal case against a Miami Beach man accused of selling $1,500 worth of bitcoins he believed was to be used to buy stolen credit-card numbers online…

21.) Attorney Pamela Morgan Explores Initial Coin Offerings from a Legal Perspective

According to Morgan, Bitcoin and related technologies will affect the practice of law in every possible area. A slide from Morgan’s presentation listed 21 types of law that will be affected by the technology, and one of the specific areas of law she explored in the context of blockchain technology was the use of crypto tokens as an alternative to traditional avenues for public investment

Odyssey Marine shipwreck salvage mission
Photo Credit: Odyssey Marine via Facebook

Treasure & Archaeology

22.) Salvage company wants rights to shipwreck’s treasure

A US marine salvage company that discovered a sunken World War I ship years ago wants to be named owner of the vessel — and the nearly 19 tons of silver bars worth millions of dollars that went down with the ship.

Odyssey Marine Exploration Inc. contends in a new Manhattan lawsuit it used “sophisticated sonar equipment” in 2011 to locate SS Mantola — a 450-foot British-flagged steamer torpedoed by a German submarine in 1917 as it sailed from London to Calcutta…

Upcoming Auctions & Events

World of the Weird

23.) A $20 Gold Coin That Saved a Life

United States $20 Gold CoinsA story that a sweetheart gave a Confederate soldier George Dixon a $20 gold coin dated 1860 as a good luck charm has been validated. The story was that George kept the coin with him always, in his pocket, as good luck. During the Battle of Shiloh, George was shot point blank. The bullet struck in his pocket hitting the center of the gold coin. The impact was said to have left the gold piece bent, with the bullet embedded in it which saved his life.

George’s luck, however, did not last forever…

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