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HomeNewsCoinWeek News Wire for August 18, 2017: Missing Persons, Chinese Counterfeits, Bitcoin...

CoinWeek News Wire for August 18, 2017: Missing Persons, Chinese Counterfeits, Bitcoin Boom

CoinWeek News Wire - August 18, 2017 - Counterfeits

By Coinweek ….

CoinWeek News Wire for August 18, 2017: 


1.) Walter Allan’s car found, but 84-year-old Numismatist still missing

Allan’s family told police they last heard from him on July 18, when he told them he was heading to the 2017 convention of the Royal Canadian Numismatic Association (RCNA) in Boucherville, Qué., held July 18-23.

Allan told family he would return July 23; however, RCNA show organizers say Allan didn’t make it to the convention.

On Aug. 11, The Montreal Gazette reported Allan was sighted on July 21 in Ste-Brigide-d’Iberville, Qué., which is about 60 kilometres outside of Montreal.

According to police, Allan suffers from Parkinson’s disease and is suspended from driving. He’s described as having a white complexion, a height of 5 feet 8 inches with a thin build and a weight of 150-160 pounds. He has white hair and a full white beard.

Police are asking anyone with information as to his whereabouts to contact the OPP at 1-888-310-1122. Should you wish to remain anonymous, call Crime Stoppers at 1-800-222-8477 (TIPS) or submit a secure tip online at cstip.ca, where you may be eligible to receive a cash reward of up to $2,000.

The War on Cash V: The Cash Child

2.) War on Cash: A “Wider Cultural Change Agenda”

Governments always use money laundering, drug dealing and terrorism as an excuse to keep tabs on honest citizens and deprive them of the ability to use money alternatives such as physical cash and gold.

But the so-called “cashless society” is just a Trojan horse for a system in which all financial wealth is electronic and represented digitally in the records of a small number of megabanks and asset managers.

Visa Africa3.) Visa Helps Merchants adopt global QR Code specifications

“We are working with governments and central banks in countries like India to develop and implement QR code payment solutions that provide the convenience and security that are synonymous with Visa and help the journey toward a cashless future.”

4.) UAE is likely to see increased cashless transactions by 2020

Cashless transactions offer several benefits. For one, they leave a digital trail that is very effective in combating money laundering. Going cashless reduces counterfeiting risks, and also reduces the overheads of replacing damaged currency. For consumers, cashless transactions deliver convenience and the ability to manage payments more effectively

5.) On e-payment, Hong Kong must catch up with rest of the world

Mainland businesses large and small have been quick to embrace the mobile internet. Chinese urbanites don’t carry much cash around these days. Instead, they pay for everything with apps on their smartphones. Vegetable sellers in wet markets have electronic payment readers. That should give some idea why BAT, the trio of internet giants – Baidu, Alibaba, and Tencent – were all founded on the mainland and not in Hong Kong

6.) Is cash dead? Or does it have a place in today’s payments landscape?

The answer is that cash isn’t dying, it’s transforming. Technology is not on a warpath to destroy cash, on the contrary, it’s developing more convenient and faster ways for people to spend their money. The world is not moving to a cashless society, people are seeing cash payments and digital payments merge

Brain Food

Hannibal astride an elephant from Carthage Land7.) Analysis of Roman coins tells of Hannibal’s defeat and Rome’s rise

“This massive influx of Iberian silver significantly changed Rome’s economy, allowing it to become the superpower of its day. We know this from the histories of Livy and Polybius and others, but our work gives contemporary scientific proof of the rise of Rome. What our work shows is that the defeat of Hannibal and the rise of Rome is written in the coins of the Roman Empire.”

8.) Indian Numismatics: Founders only family to be allowed to mint coins

The right to strike their own coins had, for a long time, been a highly valued privilege of the Nizams. But Pestonji broke this tradition by obtaining licence from Diwan Chandulal to strike coins in Aurangabad during the period of the Nizam IV, Nasir-ud-Daula

Under the Radar

9.) Limited edition 3D silver coin on Lord Krishna will launched on 15 August

On this Janmashtami 2017 Republic of Chad will launched limited edition 3D silver coin on Lord Krishna released on August 15 i.e Independence Day. This coin will be full-dimensional 3D coin, weighs 100 grams and has been made of pure silver. Numismatist Alok K. Goyal is the designer of the coin and have already seek expertise in this art work. There will be total 501 pieces available worldwide and only 251 pieces will be made available for sale in the Indian market

Bitcoin & Cryptocurrency

10.) Why Bitcoin Isn’t Gold

Traditionally, precious metals like gold have been a hedge against inflation and the decline of the dollar. When the cost of living goes up, so does the price of gold. But with inflation low and the dollar relatively strong, Bitcoin may not be an effective hedge. It may be more of an anxiety index

11.) Venezuelans Turn to Crypto Currency

Protests continue to rage in Venezuela as inflation soars to unprecedented levels and the price of oil remains low. The country’s national currency is now worth less than fictional gold in Azeroth, the setting of the popular massively multiplayer online role-playing game World of Warcraft, pushing Venezuelans to bitcoin to hedge against the nation’s struggling economy, oilprice.com reported

12.) De-jargoned: What is initial coin offering

In a way, ICO is similar to an initial public offer (IPO). In an IPO, a company sells its shares for the first time in the market. It sets a price band in which the investors can bid. In case of an ICO, tokens are generated and a price is set on those tokens. The tokens are on a blockchain and derive their value based on demand

13.) Litecoin (LTC): The Silver To Bitcoin’s Gold

Litecoin (LTC) is an open-source, peer-to-peer Internet currency forked from Bitcoin in 2011. Like Bitcoin, it enables instant, near-zero cost payments to anyone in the world. Litecoin’s decentralized network is secured by complex mathematical computation which allows individuals to control their own finances. Compare with Bitcoin, Litecoin features faster transaction confirmation times and improved storage efficiency. It has emerged as a top 10 Cryptocurrency by market cap currently at a $2.3 billion total market valuation…

14.) Your Guide On How To Run An Initial Coin Offering, For Better Or Worse

Selecting the right blockchain is absolutely key. You want your token to sell quickly and securely, you want to protect those who invest, and while there are no regulations yet, there have been several hard lessons others have learned

Banknote News

15.) Uzbekistan introducing 50,000-sum banknote

The Central Bank announced on August 14 that the new banknote will enter circulation on August 22

16.) Fake notes with unusual feature appear on Coast

Police said while the issue was sporadic, it was important for workers to be aware of the potential fraud. The fake $50 notes have no serial number, large blue Chinese writing on them and are “quite obviously fake”, according to police

17.) ‘Take note’ video series launched for Money Week

The “Take note” series is made up of five short videos, with each presenter linked to the person featured on a particular bank note.

18.) New Australian $10 bill to be introduced into circulation on September 20

Reserve Bank governor Philip Lowe said the update currency will go into general circulation from 20 September and will offer the same features found in last year’s new $5 note.

The note will feature two of Australia’s biggest icons — prominent writers Dame Mary Gilmore and Banjo Paterson

19.) Post demonetisation, new Rs 500 notes took long time in coming: Here’s why

India has four currency note printing presses — two RBI presses at Mysuru (Karnataka) and Salboni (West Bengal) and two Security Printing and Minting Corp of India Ltd (SPMCIL) presses at Nashik (Maharashtra) and Dewas (Madhya Pradesh). SPMCIL is a government-owned company formed in 2006 that fulfills a sovereign function of printing notes, minting coins and printing non-judicial stamps

Alexander Stevens, the Commission’s Manukura, said: “We looked for a personal link between each of the two, so they could tell their story in a way that we think everyone can relate to.”

20.) Make in India currency soon to check fake notes; Aurangabad on global supplier’s radar for local plant

India has set in motion a plan to rapidly indigenise currency note production with improved security features under the Modi-government’s signature `Make in India’ initiative as part of a focussed strategy to contain the spread of ‘near perfect’ Fake Indian Currency Notes (FICN)

Crime & Punishment

coin_crime_alert21.) NCIC Crime Bulletin

From the Numismatic Crime Information Center (NCIC):

Stolen/Missing Gold Coins

A package containing gold coins being sent to the Newport Beach, CA area has been reported missing/stolen. The box was misdelivered.

The package contained the following coins:

  • 6x 20Libs Pcgs MS61
  • 8x $20 Saints AU
  • 20 X $5 Libs AU

Stolen/Missing Gold Kilo/ Coins

Gold Kilo Missing/Stolen

Two packages containing four kilo bars were sent to the Washington State area and upon arrival one kilo bar was missing:

  • Englehard M082843

Bulk Coin Lot Missing/Stolen

A package containing the following coins has been reported stolen in the San Diego area:

  • 12 1878 CC 9 RAW 2 IN 63 AND 1 MS 62
  • 15 GSA BOXED CC’S – 1893 IN MS63 NGC AND A 1894 S MS 63
  • 40 1882 S IN MS64 ALL WERE PCGS

Anyone with information contact Howard Frydman at (516) 369-4104 or contact the NCIC’s Doug Davis if you have any questions or information about the case above. You can reach him at (817) 723-7231 or email him at [email protected].

* * *

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

Gold, Precious Metals & Bullion

22.) The Mechanics of the Chinese Domestic Gold Market

At the heart of the Chinese domestic gold market lies the Shanghai Gold Exchange (SGE). Due to the depth of SGE liquidity and the centrally imposed rules of the Chinese gold market such as cross-border trade rules and VAT rules, nearly all gold flows in China are required to and/or are incentivized to pass through the SGE trading and vaulting system. This includes nearly all gold imported into China and nearly all gold mined within China. The SGE vaulting system consists of 61 vaults across 35 Chinese cities

23.) India to import 25t gold from South Korea, avoiding duty

The cheap imports are putting pressure on local refiners and banks who cannot match the steep discounts being offered on bullion sales from the duty-free gold from South Korea

Upcoming Auctions & Events

24.) Friendsville, WVA library starting World Coin Club

The Friendsville branch of the Ruth Enlow Library is starting a World Coin Club. It will meet monthly, beginning on Wednesday, Aug. 30, from 3:30 to 6 p.m. Designed as a free walk-in event after school, the club is sponsored by Bob and Jennifer Pletta, who will provide all supplies. Participants will receive free world coins for their collections

25.) African-American experience coin and stamp exhibit Aug. 20

An exhibit of coins and stamps telling the story of the African-American experience will be on view from 11 a.m. to 7 p.m. Sunday, Aug. 20, at the Robinson Theater Community Arts Center, 2903 Q St. in Church Hill.

The exhibit is presented by FAITHWAYZ and Zebedee Milby, a numismatist and philatelist.

The exhibit is free, but donations are requested to support future exhibitions.

Museums & Exhibits

26.) The Numismatic Collection Of The National Bank Of Romania

Worthy Additions to Your Library

27.) Handbook of Coins of Macedon and Its Neighbors, Part II

The tenth published volume in the series is Handbook of Coins of Macedon and Its Neighbors. Part II: Thrace, Skythia, and Taurike, Sixth to First Centuries BC (the second part of Volume 3 in the series). This volume, picking up where Part I leaves off, is arranged first with the cities, beginning with Thrace, followed by Skythia and Taurike. These issues are then followed by dynastic and royal coinage, beginning with Thrace, followed by Skythia and Taurike. Civic coinage is arranged chronologically, beginning with the Archaic issues and continuing through the later civic issues. Where rulers or cities issued coins concurrently in all three metals, these issues will be arranged in the catalog with gold first, followed by silver, and then bronze; each metal is arranged by denomination, largest to smallest

Just for Fun

28.) Is it possible to swim through coins, Scrooge McDuck style?

In our final video with the cast of DuckTales, we ponder the physics of Scrooge McDuck’s favorite pastime: coin swimming

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