By Coinweek ….
CoinWeek News Wire for December 1, 2017
Brain Food
1.) Vasilopita – An Important Greek Celebration for New Year
Vasilopita literally means St. Basil’s Cake, which contains a hidden coin baked inside. This “New Year’s Cake” is a highly esteemed Orthodox tradition worldwide, having its origins in the 4th century…
2.) History of the UAE through its currencies and coins
Back then, when the seven emirates were still Trucial States under UK protection, Indian coins and rupees were circulated in the region as the mode of exchange. But the gold smuggling problem led the Indian government to issue Gulf rupees in 1957 to be used in the region. The note looked the same as the Indian rupee but with a different colour. The exchange rate was also the same.
With the discovery of oil, all Gulf countries decided to drop the Indian currency gradually…
3.) Euro zone consumers still addicted to cash when they buy
Almost 79 percent of point-of-sale transactions were done in cash last year with the rate in Germany, the bloc’s biggest economy, at 80 percent, underscoring German unease over the ECB’s decision to phase out 500 euro notes, a move widely perceived as a first step in moving away from cash…
4.) How banknotes and coins make canvases for designs: artistic licence to print pretty money
It may be the root of all evil, but money has an artistic side, too. From Fiji’s celebratory seven dollar note to Switzerland’s 50 franc note to Australia’s Possum Magic coin collection, we look at the most attractive legal tender…
Under the Radar
5.) Romanian city, first in the world illuminated with kerosene lamps, 160 years ago
Back in 1857 … Romania’s capital Bucharest made history as the first city in the world illuminated with kerosene lamps. To mark this exceptional moment for Bucharest, the central bank BNR has recently put into circulation, for numismatic purposes, a coppered tombac coin…
6.) PHC moved for issuance of new Rs10 coin with Quaid’s image
A lawyer has moved the Peshawar High Court against the non-engraving of the image of Quaid-i-Azam Mohammad Ali Jinnah on coin of Rs10 denomination by the State Bank of Pakistan with the request to order cancellation of the present coin…
7.) New PHP5 coin features revolutionary leader Andres Bonifacio
“Widely regarded as one of the Philippines’ greatest heroes, Bonifacio was a fearless leader who founded the Katipunan, the secret society that ignited the flames of the revolution which finally led to the declaration of Philippine independence in 1898,” the BSP said in a statement.
Bonifacio’s image is currently on the PHP10 (US$.20) coin alongside that of fellow Katipunan leader Apolinario Mabini. The two heroes’ images also appeared on the demonetized PHP10 bill.
Current Events
8.) How Venezuela inadvertently became a cashless economy
Although many nations are moving away from paper money in favor of electronic payments – for convenience and to reduce street crime – critics contend that Venezuela is inadvertently turning into a cashless society thanks to economic blunders by President Nicolás Maduro’s socialist government…
9.) Will the thousand-franc note become the cash of choice for crooks?
A government proposal that would see the Swiss CHF1,000 note – currently the most valuable banknote in the world – become valid for life has provoked the ire of transparency advocates and the political left…
10.) Bank of England Spent £3,000 on a Snap Filter And Doesn’t Know Why
The money went towards promoting the new £10 Jane Austen note, with the filter overlaying images of the bank note over a user’s face. It was rolled out to users in seven cities across England, according to the bank.
When asked about the reason behind the filter … the Bank of England stated that is had “no recorded information held about the specific objectives of the social media aspect, including the Snapchat geofilter, of the Bank’s overall educational campaign to raise awareness of the £10 banknote.”
Bitcoin & Cryptocurrency
11.) The Uncertain Future of Bitcoin Futures
My questions are: Will the customers who lose money on bitcoin futures sue JPMorgan for letting them buy them? Will their legal briefs say “JPMorgan knew bitcoin was a fraud, and in fact its CEO said so, but JPMorgan nonetheless pushed bitcoin futures on customers”? Will there be congressional hearings? Will Dimon be called to testify? Will senators ask him why he sold bitcoins to clients after saying that people who buy bitcoins are “stupid”?
12.) The guy who teaches North Koreans about Bitcoin
…[T]he DPRK is specifically interested in stealing Bitcoin and other virtual currencies to not only evade sanctions but also to obtain hard currencies to fund the regime. It was no surprise, then, that Pyongyang University of Science and Technology (PUST) invited Federico Tenga, an avid Bitcoiner, and co-founder of Chainside, to teach their Computer Science and Finance students about Bitcoin.
ExpressVPN spoke with Federico to delve into the details of the course he taught in Pyongyang…
13.) Zimbabwean Central Bank Considers Bitcoin ‘Illegal’
According to the Reserve Bank of Zimbabwe’s Director and Registrar, Norman Mataruka, the use of “Bitcoin … is not actually legal” within the country’s jurisdiction. It is not clear, however, if Bitcoin is just not officially recognized as an authorized currency or it is totally prohibited as a legal tender within the country.
He added that the use of Bitcoin in the country will not be authorized until the central bank has already created and implemented a regulatory framework covering the digital currencies….
[The context here is that bitcoins are worth almost twice as much in Zimbabwe as in the rest of the world due to heavy use as the nation’s currency falters yet again. —CoinWeek]
14.) Nearly 4 Million Bitcoins Lost Forever, New Study Says
Just as gold bars are lost at sea or $100 bills can burn, bitcoins can disappear from the Internet forever. When all 21 million bitcoins are mined by the year 2040, the actual amount available to trade or spend will be significantly lower…
15.) Bitcoin mining consumes more energy than 159 countries
In other words, it takes a whopping 29.05 TWh (terawatt hours, equal to one million megawatt hours) annually to operate the energy-hungry computers and networks that power bitcoin transactions. That’s about 0.13 percent of total global electricity consumption, according to Digiconomist. That would rank bitcoin as 61st if it were its own country…
16.) Karpeles Coin: Mt. Gox Founder’s ICO Plans Cause Community Outrage
In addition to that, Karpeles introduced his plans to conduct an initial coin offering (ICO) to raise $245 mln to “revive” Mt. Gox…
17.) Sticking to the Scrypt: The History of Litecoin in 500 Words
Although it is sometimes passed over by investors looking for faster growth in coins with more popular features, Litecoin is often deemed a relatively “stable” coin with a positive community, and has been coined the silver to Bitcoin’s gold…
18.) New Bill Paves Way For Adoption of Blockchain By US Government
The approval of the defense spending bill called the National Defense Authorization Act (NDAA) may lead to the mainstream adoption of Blockchain technology by government agencies in the US. This is because the bill has a provision called the Modernizing Government Technology Act (MGT) that will allow the agencies to redirect their cost savings into internal working capital funds that can be utilized to modernize their IT systems…
19.) Preparing a Digital Inheritance – What Happens to Your Bitcoin When You Die
Some people are suspicious of giving private key information to a lawyer, and that’s understandable. It is, however, important to include your cryptocurrency assets into your will. Many jurisdictions have laws in place that, without a proper will, can claim all your assets and distribute them as they see fit. Your spouse or children may be robbed what is rightfully theirs…
20.) Did Elon Musk Create Bitcoin? A Former SpaceX Employee Thinks So
Elon Musk is many things. A billionaire, a visionary, the owner of companies such as Tesla and SpaceX… Is he also the elusive creator of the Bitcoin protocol?
21.) Elon Musk: I Am Not Bitcoin Inventor Satoshi Nakamoto
There has been chatter on social media in the past about whether Elon Musk could be Satoshi, but nothing ever came of the talk…
Crime & Punishment
22.) ‘Forgotten’ coins get Missoula man arrested
Later that day, Blank requested an officer stand by while he retrieved the remainder of his personal possessions from the home. When the friend helped Blank move a duffel bag, he heard the sound of rattling coins inside the bag. The friend opened the bag, and allegedly found an additional $1,473 in coins…
23.) Husband of missing Delray woman pleads guilty to coin theft
In federal court Thursday morning, Lewis Bennett pleaded guilty to knowingly transporting as much as $100,000 in stolen coins while working in 2016 as a mate aboard a yacht in the Caribbean…
24.) Bogus workmen stole ‘precious’ coin collection from elderly British couple
The men called at the property in Moreton Park Road yesterday (Sunday) afternoon, pretending to be checking on the water supply. While the occupier was distracted by one offender, the other searched an upstairs bedroom.
It was later discovered that costume jewelry and the couple’s precious coin collection had been taken…
Banknote News
25.) A noteworthy collection to be proud of
Shyju is the proud owner of a Re 1 note belonging to the first batch of notes that was printed by the Central Government in the year 1917. A [numismatist], Shyju owns one from each series of all the Re 1 notes released by the Government of India, including the ones which were signed by several RBI governors and also those that possessed different serial numbers…
26.) The humble ₹1 currency note turns 100
Although currency notes were being issued by the government of India since 1861, the Re1 note was launched in 1917 because the silver used for the Re1 coin was melted for making weaponry components during World War I…
27.) Botswana Introduces New P10 Banknote
The new polymer P10 banknote is to be placed in circulation in February next year with new security features. …Bank of Botswana governor, Mr Moses Pelaelo said the bank note had been replaced following the public outcry over the quality of the current banknote…
28.) New Solomon Island $10 note to be introduced
The Central Bank of Solomon Islands will launch a new $10 legal tender banknote this week. Mr Matanani said the announcement of a new $5 note will be next.
29.) CNP to raise printing capacity by 4 million pieces
Presently, CNP Nashik is printing around 15 million pieces of currency notes per day in denominations of Rs 200, Rs 100, Rs 50 and Rs 20. It has just stopped printing of Rs 500 notes after completing the printing target of 1,800 million given by the Reserve Bank of India. Now, the press is waiting for fresh order from RBI for printing currency notes in the denomination of Rs 500…
30.) Arguments in Armenia over new banknote design
Some Facebook users even began to offer their own humorous versions of the [currency]. Many either criticized or welcomed the choice of people whose images will appear on the new banknotes as well as the overall design of the new notes…
31.) Bank of Scotland to release limited edition £10 notes with secret UV light feature
[Bank] of Scotland have announced they will release a series of limited edition £10 notes – with a secret UV light feature. Raising funds for the charity Mental Health UK, the firm has joined forces with note makers De La Rue to create a series of notes that will appeal to both bank note collectors and railway enthusiasts.
The 36 exclusive notes – with special serial numbers – will be auctioned today through Spink UK, with bidding running until December 1 at 10am…
Gold, Precious Metals & Bullion
32.) Regulatory red tape to stifle Russia’s palladium growth
The world’s largest palladium producer, Norilsk Nickel, and by extension Russia, continues to have sizable palladium reserves, with the former’s proven and probable reserves at 97-million ounces…
33.) Gold coin worth $1,300 found in Spokane Salvation Army Kettle
Salvation Army leaders said the tradition started years ago by a veteran firefighter. Back in 2016, the firefighter included a letter explaining the reason for his generous donation including this P.S.:
“If, by chance, in 2017 you get the usual gold coin wrapped in a $100 bill left in a pot at the north entry of Fred Meyer in Wandermere, you will know I was given one more year. One more year to remember and give thanks…”
34.) For 15th year in a row, gold coin found in local Salvation Army kettle
A quarter-ounce gold coin, worth about $300, was found Wednesday, Nov. 29, in a Salvation Army kettle at the Sandy’s Donuts store in downtown Fargo, the organization announced…
35.) U.S. Mint American Eagle gold, silver coin sales fall sharply
Sales of U.S. Mint American Eagle gold and silver coins fell sharply year-over-year in November, keeping their tally for the first 11 months of 2017 on track for the weakest year since 2007, the latest data showed on Thursday…
36.) New Single Mine Origin 1oz Gold Coin to Hit Market in 2018
AIM-listed Hummingbird Resources announced that in line with the imminent commencement of production from its Yanfolila gold mine in Mali, the company will be producing pure gold coins, the 1 oz Hummingbird.
Each coin will be crafted from 1 oz pure gold from the Yanfolila mine.
Red Kettle Report
37.) Valuable item dropped into Salvation Army red kettle
The Salvation Army in Springfield received a gold coin in one of its kettles Friday, according to a news release. The coin is a half ounce, said Amanda Long, spokesperson for the Salvation Army…
38.) Gold coin worth more than $1,000 dropped in OH Salvation Army kettle
A gold coin worth more than $1,000 has been dropped in a Salvation Army red kettle in a western Ohio city. The Springfield News-Sun reports that a Salvation Army official says it’s the third year in a row the organization has found a similar gold coin in one of its kettles in Springfield.
39.) $1,200 GOLD COIN FOUND IN SALVATION ARMY KETTLE IN LAFAYETTE
Upon further inspection, workers realized it was a South African Krugerrand. The solid-gold coin is worth about $1,200…
Metal Detecting, Treasure & Archaeology
40.) The legally murky hobby of metal detecting in Nova Scotia
According to the law, artifacts on private or public land, one inch or 10 feet below ground, above or below water, belong to the province of Nova Scotia. If found, people are legally required to report and hand that object to the province to be interpreted, cared for and potentially put in a museum.
Nevertheless, the province’s website says that metal detecting without a permit in Nova Scotia is legal. That is, if the person has no intention of finding historic objects or aren’t in an area the province considers to have [archaeological] potential.
However, according to the province, anywhere can have archeological potential, which makes instances of legal metal detecting virtually non-existent…
41.) Brooklyn Residents Complain About Treasure Hunters Digging Holes In Prospect Park
People in Brooklyn say treasure hunters are destroying the pristine greens of a popular park.
Some told CBS2’s Ali Bauman it’s become dangerous to walk through Prospect Park and the city is allowing the destruction…
42.) Okanagan city digs in heels over metal detector in parks
A man with a metal detector has been ordered to stop digging holes in Okanagan parks, even though he is removing items like nails and bullets.
Doug Arnison said he originally started metal detecting to find historical artifacts like coins, but found much more than that in Vernon, B.C.
“I’ve pulled live ammo shells, bullets, out of Polson Park,” said Arnison.
“I’ve taken them home, dumped the gunpowder out and … it lights. So they’re live shells and they’re in the ground.”
43.) School children stumble upon ancient Chola and Pandya coins
Among the coins they found, some are ‘special edition’ coins which the kings upon winning battles released with the images depicting their victory in battlefields…
Medals, Tokens & Exonumia
44.) Michael Bennett receives gift from Vietnam veteran after Seahawks’ game vs. 49ers
“He lost half his battalion,” Bennett said of the veteran, via ESPN. “He was telling me about the POWs and the people missing in action. He gave [his unit coin] to me, says he loves everything I stand for. That’s just an honor to be able to get something like that. That’s a big deal.”
Museums & Exhibits
45.) How farmyard animals ended up on Ireland’s first coins
The task of developing Ireland’s first independent currency is explored in the engaging exhibition “Pounds, Shillings and Independence” which is open to the public at the Central Bank of Ireland’s Visitor Centre in Dublin’s North Wall Quay.
At the outset it was decided that the coinage should bear images of the products of the country rather than any religious effigies or patriotic symbols. A committee of artists – chaired by none other than WB Yeats – settled on the theme of featuring traditional Irish animals for the coins, to include among others, the wolfhound, salmon and bull…
46.) Princeton University Acquires 14th Century Coin Collection
The Princeton University Library Numismatic Collection has received by bequest the Benjamin R. Bell Collection of Ducats, the university announced this week. Bell, who worked as a coin dealer and died at a young age earlier this year, was a collector and scholar of the medieval ducats of Venice and their manifold imitations…
47.) Numismatists throng exhibition of rare coins, stamps in Goa
Coins, stamps and currency notes exhibition was held at Institute Menezes Braganza hall in Panaji. The exhibition was part of the centenary conference of the Numismatic Society of India. Numismatists from various parts of India visited the exhibition, where historic coins dating back to the British India period, Portuguese India, Native States, Republic India coins, Commemorative coins and stamps, UNC sets, proof sets and lot of other interesting collections were on display…
48.) Family stages last ditch effort to keep historic Victoria Cross in Canada
As the Canadian War Museum adds another Canadian Victoria Cross to its collection, the family of Lt.-Col. David Currie is staging a last stand battle to keep the Second World War hero’s VC in Canada…
Upcoming Auctions & Events
- MDC Monaco Numismatic Auction III – December 1
- Editions V. Gadoury Annual Auction – December 2
- Leu Numismatik Web Auction 2 – December 3
- Naville Numismatics Live Auction 36 – December 3
- Künker eLive Auction 47 – December 5
- Stack’s Bowers December Collectors Choice Online Auction – December 13
- Legend Rare Coin Auctions Regency Auction XXIV – December 14
Worthy Additions to Your Library
49.) George F. Kolbe Tribute Volume Published
David and Maria Fanning have published a tribute volume in celebration of George F. Kolbe’s 50th anniversary in the field of numismatic books. The 100-page volume brings together short recollections and appreciations of Kolbe by nearly 30 clients, friends and colleagues, and also includes a detailed listing of his auction catalogues and an introduction by David Fanning.
The tribute volume, a softcover octavo printed on fine paper and illustrated in color, has been published in a very limited edition of 100 copies, more than half of which have been reserved for contributors and family. The remaining copies are available at a publication price of $75 plus shipping.
World of the Weird
50.) Man complaining of abdominal pain has 263 coins, 100 nails removed from stomach
Maksud Khan, 35, was admitted to hospital with abdominal pains and doctors performed an endoscopy to investigate the cause. But they were amazed to find hundreds of coins, 3.3-lbs. of nails, dozens of shaving blades, shards of glass, stones, and a 6-inch piece of rusted iron shackle…
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