By Coinweek ….
CoinWeek News Wire for December 23, 2016
Brain Food
How did a pair of college dropouts who were business rivals come together to form what is now the third largest US-auction house with annual sales in excess of $860,000?
Our merger occurred in 1982 when the coin market was the worst we had ever seen. Steve and I owned the two largest rare coin companies in America, but both companies were suddenly losing money hand over fist. Steve wrote out a plan on a pad of yellow-lined paper, and convinced me that we could combine forces and do as much business with only 75 percent of the overhead. The math was compelling…
2.) Journey of Indian currency coins through years
As it is the time when most of us are busy talking about the demonetization of high-value currency, we take you through the journey of Indian currency coins; most of which are not a valid denomination now…
3.) Russian numismatics revived in the 14th century by imitating Golden Horde coins
Expert in Eastern studies tells about African failed states, upcoming language extinction and attitude to Kazan’s 1,000th birthday…
Under the Radar
4.) Kyrgyzstan issues oval collectible coins
On December 20, the National Bank issues silver and copper-nickel collectible coins “Lightly armed warrior of Kyrgyz khanate” from the series “Age of the Kyrgyz khanate” and a silver collectible coin “Edward Grouse (flower Aigul)” from the series “Red Book of Kyrgyzstan”…
5.) Philippines to Introduce New Coin Designs
The Bangko Sentral ng Pilipinas said Thursday it would issue new coins soon to replace the current series with new designs that are more durable and cheaper to produce.
Denominations with relatively weak demand would be stopped, while the larger ones – P1, P5 and P10 – will likely be continued, Deputy Governor Diwa Guinigundo told DZMM.
The new coin designs will be released “in a year or so,” Guinigundo said…
6.) Russia has issued coins dedicated to the 2018 FIFA world Cup
The Bank of Russia announced the issuance of several coins on the holding in Russia of world Cup 2018 and FIFA confederations Cup 2017…
The Future Is Now
7.) Customer Sues IRS to Halt Probe of Coinbase Bitcoin Accounts
In a complaint filed on Tuesday in San Francisco, Jeffrey Berns asked the court to quash a subpoena that orders Coinbase to turn over the names and account information of all of its customers.
The IRS obtained the subpoena on the grounds that bitcoin owners are likely to engage in tax evasion by failing to declare capital gains on the currency, or by engaging in schemes to buy goods and services with bitcoin in order to avoid the taxman…
8.) Bitcoin Demand May Soon Increase in Brazil Following Constitution Amendment
As the government tries to put a cap on its spending to strengthen the economy, it may soon introduce few strict reforms that may obstruct free movement of Brazilian real within and across the borders. These potential reforms combined with weaning faith in the country’s government can potentially turn Brazilians towards Bitcoin as an alternative to the country’s legal tender…
9.) Swiss Town Zug Continues Allowing Bitcoin Payments for Municipal Services
The media coverage had been significant in May. It made for a telling example of open-minded acceptance of the innovation. Quite possibly for the first time ever, the administration of a town of nearly 30,000 inhabitants, was to begin accepting bitcoin as currency for payments for city services…
Crime & Punishment
10.) Upper East Sider Claims $1 Million Coin Collection Was Stolen
The 56-year-old woman hadn’t seen her coin collection — which consists of more than 600 Gold Eagle Coins and around 260 silver coins — since August 2013 and suspected it was stolen in April 2016, an NYPD spokesman told Patch. But for some reason she didn’t report the coins as stolen until Monday, the spokesman said…
11.) Burglars ransack UK home and steal haul of military medals, coins and jewelry
They stole two NATO medals for military service in Bosnia and Kosovo and two medals commemorating the Queen’s golden and diamond jubilees.
Three gold sovereigns were stolen. One was dated 1878, featuring a portrait of Queen Victoria, and was in a gold pendant mount on a gold belcher type chain. Another was dated 1908 and featured King Edward VII. The third was dated 1982 and was in a Royal Mint presentation case.
A coin and stamps commemorating Prince Charles and Princess Diana’s wedding, a Royal Mint coin display case dated 1976 and a collectible 20 pence piece dated June 1982 were also stolen…
12.) Federal charges: Minneapolis coin dealer bilked customers of $1.5 million
Another in a growing line of Minnesota coin dealers has been charged with bilking customers looking for a safe investment in the wake of the Great Recession.
Scott Michael Luther, 55, was charged Monday in federal court with mail fraud and money laundering related to the sale of more than $1.5 million in coins through his Minneapolis company, LRC Coins, from 2010 through 2013…
Counterfeit Cavalcade
13.) Waterville man gets 10 months for selling $12,000 in counterfeit coins
Sithole sold and pawned about $12,000 in counterfeit Morgan dollars from 2013 through 2015, according to court records…
Banknote News
14.) Bank Indonesia Releases 11 New Banknotes, Coins
Bank Indonesia (BI) officially launched the 2016 Year Emission (TE) rupiah banknotes on Monday, December 19, 2016. The new banknotes consist of seven bills and four coins displaying the pictures of 12 national heroes…
15.) Resolution passes to pull Pakistani Rs 5000 note from circulation
On Monday, the Senate has passed a resolution for taking 5,000 notes out of circulation as India has made the high-denomination bank notes obsolete last month to control take evasion and corruption…
16.) Uganda: Mutebile, Government Disagree Over Printing Bank Notes
Although the President, Mr. Kasaija and Attorney General William Byaruhanga want the currency printed in Uganda so as to cut costs, Mr Mutebile reportedly warned that establishing a currency printing factory in Uganda would plunge the country into problems. Such a factory will be “questionable”, he says.
In a November 2 letter to Mr Kasaija, the Governor said printing money in Uganda might compromise the security of the country’s currency as a result of “incidents of leakages of printing material or knowledge to counterfeiters.”
17.) President Rahmon’s portrait may appear on new banknote in Tajikistan
The National Bank of Tajikistan is considering the use of the country’s President Emomali Rahmon’s portrait on a proposed new 1,000-somoni banknote, which would be worth about $127, RFE/RL’s Tajik Service reported…
18.) Reserve Bank of Malawi presents K2000 bank note to President Mutharika
The Reserve Bank of Malawi (RBM) Friday officially presented the newly printed K2000 bank note to President Professor Peter Mutharika before it is put to use on Monday December 19, 2016…
Red Kettle Report
- December 16 – Gold Coins Donated in Alton, IL
- December 16 – Salvation Army finds gold coin in Bigfork bucket
- December 16 – Gold coin found in Montana Salvation Army kettle
- December 16 – Rare coins dropped into Tulsa Salvation Army kettle
- December 16 – Rehoboth Beach kettle receives unexpected coins
- December 16 – Gold coin dropped again into Vinton, Iowa Red Kettle
- December 17 – Gold Canadian Coin in Cabin John, Maryland
- December 17 – Fourth Gold Coin Appears in Houston Kettle
- December 18 – Gold coin found in Geneva kettle
- December 19 – American Gold Eagle donated in Red River Valley
- December 19 – Austrian Gold Donated in Willamette Valley
- December 20 – Anonymous Donor Drops Gold Coin in Reno Kettle
- December 20 – Gold coin donated in Detroit area
- December 22 – Gold coin drops boost Red Kettle tally in Mahoning Valley
- December 22 – Gold coin found in Sherman, Illinois
Medals, Tokens & Exonumia
19.) Creative coinage: Hot Springs native creates coin to honor city
The coin, made of an ounce of pure silver, was created by Hot Springs native Rhett Roberts, a local insurance adjuster and coin collector. It displays the Hot Springs logo on the back side and an image of the former Majestic Hotel on the front…
20.) Here’s The Trump Inaugural Coin Liberals NEVER Thought They’d See
President-elect Donald Trump is now offering an “Inauguration Commemorative Coin” for people to buy.
Trump secured a majority of the Electoral College vote Monday, prevailing over efforts by opponents to keep him out of the White House.
Since the vote was formally confirmed, the Trump team is using the minting process to sell celebratory coins for $39.99…
21.) The cool reason why these green coins are becoming a currency in Amsterdam
The Noord district sits across the water from the rest of Amsterdam. It used to be pretty industrial — full of wharfs and shipyards — but in the last few decades, it has been revived as a cultural and arts center in the city. As of early 2015, it’s also been the center of a cool recycling experiment too.
The neighborhood is turning bags of trash into what are essentially coupons for local shops…
Upcoming Auctions & Events
- Stephen Album Rare Coins Auction 27 – Dr. Paul Stevens Collection of Indian Coins, Part VI – January 19-22
- Nomisma Auction 17 – January 24
22.) SECOND INTERNATIONAL CONGRESS ON THE HISTORY OF MONEY AND NUMISMATICS IN THE MEDITERRANEAN WORLD
The Suna & İnan Kıraç Research Institute on Mediterranean Civilizations founded in 1996 under the Vehbi Koç Foundation continues to function as a research centre of the Koç University as of 1 January 2016. Our centre previously organized the “First International Congress on the Anatolian Monetary History and Numismatics” on 25-28 February 2013, and its proceedings have been published.
The second congress, to be held on 5-8 January 2017 in Antalya, will cover a wider geographical area. It aims to bring together specialists and scholars who study the monetary history and numismatics of the Mediterranean so that the results of their original research studies can be shared, thus contributing to the field…
Museums & Exhibits
23.) 3000 coins of 180 countries
One day on his way home from work, Ali found a silver coin of the British era. Thinking it was extremely valuable, he took the coin to a jeweler, who suggested Ali to gather more coins and return with them later.
Eager to find more, Ali soon developed a habit of asking both known and unknown people for rare coins to expand his collection. Thus began Ali’s passion of coin collecting…
24.) Rare 10,000 rupee note in Dubai
According to Reserve Bank of India’s data, before the demonetization of 1978, there were only 346 notes of 10,000 denomination in circulation, out of which less than 10 such banknotes exist today…
25.) His rare collection of coins, notes makes him a hero
Nithin holds an exhibition of his rare collection once a fortnight, attracting attention of curious school students. He takes time to explain to the audience the value of currency notes, besides the coins, including their old names. He wishes to enter the Guinness Book of World Records and also collect both Indian and foreign gold coins…
26.) Indian note ban hits annual exhibition of rare coins in Kolkata
Demonetization has dealt a telling blow to an annual event in Kolkata during the Christmas.
The Mudra Utsav, an exhibition of rare coins from different era of Bengal being organised for the last 19 years, won’t be held this time around.
The Numismatic Society of Calcutta (NSC), which had planned to hold the exhibition in a big way to mark its 20th year has postponed it with dealers, auctioneers and participants backing out apprehending lukewarm response from people in the wake of cash crunch…
A new exhibition at the Frances Lehman Loeb Art Center explores the art medals and posters of World War I. The Art of Devastation: Medals and Posters of the Great War, a joint project between the Art Center and the American Numismatic Society, will be on view January 27-April 9, 2017. This exhibition and all related events are free and open to the public.
The Frances Lehman Loeb Art Center was founded in 1864 as the Vassar College Art Gallery…
“Good News, Everyone…”
28.) Wichita Christmas tradition involves giving gold coins
In what has become an annual tradition at Christmas, five gold coins were awarded Wednesday to two local nonprofits.
The Guadalupe Clinic was presented with two coins; the Lord’s Diner received three…
27.) Julia’s House Hospice strikes gold with coin donation
The children’s hospice charity regularly receives out of circulation coins and foreign notes which it exchanges for cash.This time though, they found more than they bargained for. Nestling among coins in an old Quality Street tin was a gold sovereign which has been valued at £250…
29.) 350 Million Won in ‘Wish’ Coins Fished from Cheonggye Stream in Korea
Additionally, 323,000 foreign coins were collected over the 11-year period. All retrieved coins are donated to charity…
30.) Finchley’s Dave Richman donates value of rare gold guinea coin to Myeloma UK
Dave, a semi-retired business owner, said: “I go to Anita’s field maybe two or three times every week and, as is the case in most fields, usually only find bottle caps and fairly new coins.
“But this one was worth about two weeks’ wages to the average 18th century worker so it really boggles my mind imagining who might have dropped – in my mind I see some rich person riding a horse.
“I will still be going to the field every week and I hope I can find even more rare trinkets like this so I can donate more money to Myeloma UK.”
World of the Weird
31.) This Bitcoin-Eating Plant Robot Hires Artists to Make Its Babies
This is a thing that exists in the world: a bitcoin-eating plant robot (called a plantoid), made of self-executing computer code which owns itself and hires artists to make its babies. If that sounds like crazy future-speak, welcome to the weird world of DAOs, or distributed autonomous organizations. DAOs, an emerging application of the blockchain, hold the 21st-century-sounding promise that we’ll soon have machine-based life forms and personless organizations milling about our world…
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