HomeNewsCoinWeek News Wire for February 17, 2017

CoinWeek News Wire for February 17, 2017

By Coinweek ….

CoinWeek News Wire for February 17, 2017

Brain Food

1.) A walk through the coinage of ancient India

“The first known coins of India, the silver bent bars of the Gandhara Janapada region (Afghanistan, which was part of India), were punch marked coins with symbols of flowers on each side dated 2500 years ago,” explained Mr. Archie, who holds a masters in numismatics

2.) $100,000 a day — in coins! A fresh look at the Denver Mint

Like many of Denver’s historic sites, the Mint here was founded in reaction to the gold rush that brought many people to the Mile High. It began in 1863 as a facility where lucky prospectors could bring gold ore to be melted into more manageable shapes. In 1906 it was officially re-opened as an official U.S. Mint

3.) Indore: Looking at postcolonial history through coins

However, if you have interest you must meet retired bank officer Satyendra Singh Verma who has a unique collection of coins issued by the government since 1950. And not only that, his place is also home to rare coins of foreign countries, including rarely heard Botswana, Morocco and many more

Under the Radar

4.) Central Bank offers to reimburse buyers of Eileen Gray coin

The Central Bank [of Ireland] is offering purchasers of the €10 silver proof Eileen Gray commemorative coin the option of getting their money back after a blemish was discovered on some of the coins

5.) Rare South African coin set to break record in online auction

The rare 1898 Sammy Marks golden tickey coin opened for bidding on www.bidorbuy.co.za last week. Since the opening bid of R1 there has been a fierce war of bidding and counter bidding, that has seen the little coin reached a staggering R399,000, with everything indicating that the price will go even higher by the time the auction is set to close on 26 February

Current Events

6.) Zimbabwe’s new “bond notes” are falling fast

Shortly after the new notes were introduced many in Zimbabwe cheered their release, since they could withdraw cash from banks again and the notes seemed to be holding their value.

But two months on, the new notes, nicknamed “bollars”, are rapidly losing their value. People have discovered that they are not, in fact, convertible into real dollars. So they cannot be used to pay for imports—a real problem in a country that does not make much…

7.) Bank of England confirms it is keeping animal fat £5 and £10 pound notes

The Bank of England has refused to yield to pressure from protest groups about its use of animal-derived products in bank notes, saying that it will not pull any of the existing £5 notes from circulation and will print the £10 notes as planned

Crime & Punishment

coin_crime_alert8.) NCIC Crime Bulletin

From the Numismatic Crime Information Center (NCIC):

Check Fraud

Dealers should carefully scrutinize any large orders for gold bullion originating from the Brooklyn, NY area. An investigation is currently in progress involving the purchase of gold bullion in excess of 1 million dollars using a fraudulent check.

Due to the on-going investigation no other information is available at this time. An update will be sent as soon as additional details are provided.

Contact the NCIC’s Doug Davis if you have any questions or information about this case. You can reach him at (817) 723-7231 or email him at [email protected].

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


9.) Police search for owner of stolen coin collection

The collection includes a volunteer service medal dated 1939-45 for someone in the Canadian military. It also includes a large variety of Olympic coin sets

10.) Italy busts crime ring that laundered 300,000 euros in gold per week

Italy arrested 11 people for running an international gold laundering ring on Tuesday that melted down and sold some 300,000 euros (255,146.68 pounds) worth of the stolen metal each week, Italian finance police said

11.) Ex-N.J. coin dealer admits to evading taxes on more than $400K, feds say

William Dominick, 68, who currently lives in Collier County, Florida, pleaded guilty to tax evasion and identify theft in federal court in Trenton.

Dominick didn’t report $400,000 in income on his IRS 1040 form that was earned by Westwood Rare Coin, a business he owned and ran out of his home, according to the U. S. Attorney’s office, citing court documents and statements…

Banknote News

12.) Billete de 100 pesos y moneda de 20 pesos, conmemorativos del Centenario de la Constitución de 1917

Libertad, igualdad, justicia, democracia y soberanía. Derechos fundamentales y pilares rectores del país, que se plasmaron hace 100 años en nuestra Constitución Política de 1917. Hoy, el Banco de México se suma a esta conmemoración, con la emisión de un billete de 100 pesos y una moneda de 20 pesos. En tus manos está preservarlos y hacerlos valer

13.) Ghana not printing GHS30, GHS100, GHS200 notes

The Bank of Ghana has stated that it will not be printing new GHS30, GHS100, or GHS200 dominations as being speculated on social media. A press release signed by Bernard Otabil, Director of Communications at BoG, stated that the stories were false and should be disregarded

14.) Nepal saves millions by printing banknotes in China

Nepal Rastra Bank (NRB), the central bank of the Himalayan nation, has received to store 24 million 1000-rupee currency notes printed and delivered by the China Banknote Printing and Minting Corporation (CBPM)

15.) Did RBI print Patel signature notes when Rajan was still Guv?

The new notes bear RBI governor Urjit Patel’s signature but the process of printing began before he took office, according to a report in Hindustan Times.

16.) Bank of Russia plans to roll out 100-ruble plastic bank note for 2018 World Cup

The Bank of Russia will issue its first ever 100-ruble plastic bank note dedicated to 2018 World Cup in the first quarter of 2018, First Deputy Chairman of the Central Bank Georgy Luntovsky said on Tuesday

Gold, Precious Metals & Bullion

17.) Panel backs tax exemption for gold coins

Arguing that federal policies have made paper money “virtually worthless,” Arizona lawmakers are moving to allow residents to invest in gold coins and not have to pay state taxes on any profits they make when they sell them

18.) Top gold ETF gets Islamic finance certification to tap new markets

The SPDR Gold Trust, an exchange-traded fund which holds 836.7 tonnes of bullion worth $33 billion, now falls in line with rules from the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI)….

19.) The Bundesbank conspiracy: Why Germany is really repatriating its gold

Fans of the precious metal – not shy of a good conspiracy theory – have been deliberating over the move ever since Germany detailed it back in 2013. Initially, there was a sense that trust between central banks had broken down, with claims that Berlin was effectively questioning the credentials of the New York Federal Reserve.

But the talk has now stepped up a notch with the Bundesbank confirming Thursday that it has already moved 583 tonnes of gold out of New York and Paris. Its plan to hold half its gold in Frankfurt is now three years ahead of schedule…

Treasure & Archaeology

20.) Owner of Pocking Hoard Found

The report made headlines in December: children had found gold bars and coins worth 250,000 euros at Pocking (Lkr. Passau) in summer. Now the owner of the gold treasure has reported

21.) Metal detectors find new friends as well as artifacts

“That’s kind of how I got into it,” Lightfoot said. “I have a coin collection that began when I found a 1927 Canadian nickel. I was 11 years old, and I still have it to this day.

“Finding things (underground) starts the mind wondering about what they really are and how they got there.”

22.) Nansong coins, carved stone tools uncovered at Shuri Castle Ruins deemed valuable artifacts

The coins are the first of their kind to be excavated in Okinawa, and are specifically of the “Sekouzuki” variety, signified by the crescent moon pattern carved into the back side of the coin. The discovery of Sekouzuki coins are rare, and the culture center believes this to be the first instance anywhere in Japan

23.) Roman coins found by metal detectorist go on display at Keighley’s Cliffe Castle Museum

A COLLECTION of ancient Roman coins discovered by a metal detector enthusiast have gone on public display.

The so-called Riddlesden Hoard, comprising more than a hundred silver coins, can now be seen at Cliffe Castle Museum in Keighley…

Medals, Tokens & Exonumia

24.) The Gold and Silver Mine: Medals commemorate Atlantic City, Brigantine milestones

Atlantic City was never one to miss an opportunity to have a celebration, one that hopefully would bring more visitors to the shore. Usually there was all sorts of advertising that went into the promotion and souvenirs produced to commemorate the occasion

Upcoming Auctions & Events

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25.) Next Meeting of the Chicago Coin Club

The next meeting of the Chicago Coin Club will take place March 4, 2017 in conjunction with the PCDA National Coin & Currency Convention

Crowne Plaza Chicago O’Hare Hotel

5440 N. River Road

Rosemont, IL

  • Speaker: Dennis J. Lutz, President – International Bank Note Society (IBNS)
  • Topic: World Bank Note of the Year: Behind the Scenes

The IBNS Banknote of Year award is an initiative of the IBNS to recognize an exceptional banknote issued each year. Members nominate only those notes issued to the public and must have artistic merit, design, use of color, contrast, balance and/or innovative security measures. Dennis Lutz is the current president of the IBNS and will cover the history of this award that received recognition by Bloomberg Business Week with a featured article to “New Money”. Assisted by CCC Member and IBNS General Secretary Roger Urce, Dennis will show the 19 specimens nominated for the 2016 award and discuss reasons some are under consideration. Everyone in attendance will receive a ballot that will be compared with the IBNS member vote total. Guests are welcome. You do not need to be a member of the Chicago Coin Club or the IBNS to attend the meeting.

Carl Wolf
Secretary, Chicago Coin Club
[email protected]

Auction News

26.) Rare Roman coin featuring early depiction of the Colosseum sells for £372,000

The bronze Sestertius coin that dates back to AD81 is believed to be only one of 10 that exist today. Seven are in museums around the world while the other three are in private hands.

This one, appearing in public for the first time in almost 80 years, was acquired by a wealthy British connoisseur of Roman bronze coins in 1939. It had remained in the late collector’s family ever since but was today sold to a European private collector through London coin dealers Dix Noonan Webb

“Good News, Everyone…”

27.) Penny War brings in more than $1,000

The object of a penny war is to earn the most points per team – in this case, each classroom, plus staff, had a team. Each penny is worth two points. However, each silver coin or bill reduces the number of points in a container by the amount of the coin (five points for a nickel, 25 for a quarter, etc.)

The strategy for penny wars is important; by donating silver coins in someone’s jar you decrease their total points…

28.) Deputies recover coin collection stolen in 1972, find owner

Sheriff’s deputies say a man got a pleasant surprise this week when a rare coin collection stolen from his home when he was a boy, more than 45 years ago, was found in the Local 6 area

Just for Fun

29.) Man balances coins in amazing ways

“Clearly this man is a wizard…”

30.) Rickrolled over new Australian $10 bank note

A few Twitter users asked where the words to Paterson’s famous poem “The Man From Snowy River” had gone on the new design, which is actually very subtly included in micro-print form. That didn’t stop news.com.au getting Rickrolled by a Twitter user who claimed the poem had been included on Paterson’s collar. A closer look shows the text is actually the words to Rick Astley’s “Never Gonna Give You Up”

31.) Gold coins, million-dollar contracts and the John Wick economy

So what are the signals and incentives in the gold coin system? … Winston is making it far too expensive for the average assassin to use The Continental — with its rules against murder and such — as a permanent safe house. The relative cheapness of guns combined with their impotence onsite means that murderers are incentivized to go elsewhere, to pick up contracts and be on their way. In other words, the economic system serves to keep the motor of the movie turning as much as anything else

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