HomeNewsCoinWeek News Wire for January 27, 2017

CoinWeek News Wire for January 27, 2017

By Coinweek ….

CoinWeek News Wire for January 27, 2017

Brain Food

1.) Should bank tellers reveal the value of old coins?

A teenager takes a bunch of old coins, some of them may be of silver or antiques, to a bank and gets just the face value of them in exchange. The question, “Does the cashier have an ethical obligation to disclose the real value of these coins?”

Surprisingly, ethics columnist Ken Gallinger answers, “Simply stated, no”

2.) Coin counting machine experiment: How accurate are they?

When you put your change into a coin counting machine, how accurate is it really?

Here in Utah, those machines are not regulated by any outside agency, which means you don’t have officials with weights and measures checking their accuracy, like gas pumps. So, KSL Investigators took thousands of dollars in coins to check them out for you…

3.) What happens to old British coins and notes when they go out of circulation?

The 12-sided £1 coin will enter circulation on Tuesday, March 28 while the new £10 note will be released in the summer.

But you don’t need to be in a hurry to spend your round shaped pounds, as you have until Sunday, October 15 to either spend or bank them.

Here’s everything you need to know about the new monies and what to do when they come into circulation…

Current Events

4.) Make Money Great Again

We The People request the new administration Make Money Great Again; that gold and silver may freely be used as money alongside United States dollars.

The Constitution explicitly recognizes gold and silver as money. We therefore petition that:

– All tax discrimination against gold and silver must cease, including the removal of all capital gains tax on holdings of, and transactions in gold and silver, and;

– That all impediments to using gold and silver as constitutionally-recognized money be removed.

We Petition the Administration to sign this Executive Order to Make Money Great Again:


For more information, please visit https://www.mmga.org.

5.) Sala Expo coin probe shelved

A Milan judge on Monday shelved a probe into Milan Mayor Giuseppe (Beppe) Sala for suspected fraud on commemorative coins for the 2015 Milan Expo, of which he was CEO and commissioner

6.) Venezuelan authorities arrest 4 bitcoin miners

Venezuelan authorities have arrested four people allegedly involved with a cryptocurrency-mining operation based in a small city about an hour and a half’s drive from Caracas, according to local media reports.

Three men and one woman with ages ranging from 23 to 57 were charged with cyberfraud and stealing electricity, according to Douglas Rico, director of Venezuela’s Criminal Investigations Corps.

In 2016, Venezuelan President Nicolas Maduro briefly enforced a strict electricity rationing program in 2016 as a severe drought diminished its ability to produce hydroelectric power…

7.) Venezuela’s Maduro sacks head of Central Bank

Speaking on his weekly television program, Maduro announced that Central Bank head Nelson Merentes, who has been under intense pressure over the bank note debacle, has handed in his resignation

8.) Trinidad & Tobago Central Bank to retire 1 cent coin

The Central Bank has announced plans to change the metal composition of the 5, 10 and 25 cent coins and has taken a decision to eliminate the 1 cent coin.

The cost-effective move is expected to save the Bank an estimated $15 million in minting costs yearly…

9.) At Annual Medical Conference, A Pharma Company Offered Gold Coins To Doctors To Push Their Vaccines

Pharma firms may be banned from offering incentives to doctors to push their products, but at the annual conference of paediatricians being held in Bengaluru, a flyer carrying ‘Sankranti bonanza‘ is doing the rounds, offering items like digital weighing scales, gold coins and stethoscope as gifts for doctors ordering vaccines in bulk for diseases like typhoid and rota virus

The Future Is Now

10.) No ban for Bitcoin in Russia

A new statement by the Bank of Russia now reveals that Bitcoin will, in fact, remain legal in Russia and that no further action to prohibit its use

11.) Bitcoin innovators need legal safe harbors

Both the CDA and the DMCA were laws that created safe harbors. Both laws lowered the legal liabilities that would face a private individual or entrepreneur who wanted to create a website, and both laws fostered the emergence of the invaluable digital public spaces–like Twitter, Reddit, Blogger, Tumblr, Facebook, and Google Search–that make the web so rich with diversity and free expression today

12.) 6 Hilarious Cryptocurrencies That Are Actually Worth Something

DogeCoin was launched on December of 2013, making it the oldest cryptocurrencies on this list, along with MonaCoin. Just like MonaCoin was based off a Japanese meme, DogeCoin is based off the Doge – nicknamed Shibe – meme. The meme is based on a 2010 photograph but didn’t become popular until 2013, when a few major media outlets picked up the image of the adopted dog. As more and more people found out about the meme its popularity grew which lead to the creation of DogeCoin

13.) Western Union Settlement: A Cautionary Tale for Bitcoin Money Transmitters

Money transfer exchange, Western Union, recently announced a $184 million settlement with the Financial Crimes Enforcement Network (FinCEN) for violating the Bank Secrecy Act’s anti-money laundering (AML) requirements. Specifically, FinCEN determined that Western Union failed to (1) implement and maintain effective AML compliance oversight of certain agents and sub-agents; and, (2) failed to file suspicious activity reports (SARs) in a timely manner.

There are several takeaways from the experience of this legacy organization for money transfers that their counterparts in the Bitcoin space would be wise to note…

14.) This Tiny Coin Contains a Microscopic Archive of 1,000 Different Languages

Printed in microscopic text on one side is an archive of 1,000 different human languages used in 2016. By producing multiple copies, language enthusiasts can ensure that there’s a better chance this archive will survive for centuries

15.) Brits Ready to Ditch Notes and Coins in Favor of Dipping and Swiping Cards

Those aged 25 to 34 are most keen to stop using cash, with 62% saying they would pay only with card if it was universally accepted. More than half (53%) of people aged 16 to 24, and from 35 to 44, felt the same

Crime & Punishment

coin_crime_alert16.) NCIC Crime Bulletin

From the Numismatic Crime Information Center (NCIC):

$5000 Reward Offered

A $5,000 reward is being offered for the recovery and arrest of person or persons responsible for the theft involving a USPS package on December 21,2016.

The package contained the following coins:

  • 1879-CC $1 NGC 63 GSA 3380250001
  • 1853 1/2C (BN) PCGS 65 C-1 82630496
  • 1856 1/2C PCGS 64 J-177 82636668
  • 1854 1C (BN) PCGS 65 82633545
  • 1913 1C (RB) PCGS 65 82636593
  • 1859 3CS PCGS 66 82636597
  • 1911 10C PCGS 66 82636596
  • 1921-D 50C PCGS 45 82630230
  • 1881-S $1 PCGS 67+ 82636638
  • 1921 $1 PEACE PCGS 65 82629718
  • 1915-D 25C PCGS 65 82636752
  • 1916 25C STANDING LIBERTY PCGS 62 82633294
  • 1818 1C (RB) PCGS 64 N-10, R.1 82630360
  • 1871 1C (RB) PCGS 64 82630494
  • 1853 H10C NO ARROWS PCGS 64 82630495
  • 1921 50C PCGS 45 82630498
  • 1888-O $1 PCGS 63+ SCARFACE 82629966
  • 1911-S $20 PCGS 64 82636787
  • 1907 $20 HIGH RELIEF PCGS 58 82645741
  • 1814 50C PCGS 63 O-109, R.2 82629720
  • 1911 $20 PCGS 62 82636789

Contact the NCIC’s Doug Davis if you have information about the case above. Please call 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.


17.) Police: Suspect felt guilty, threw stolen coins in pond

A theft suspect felt guilty about stealing a friend’s coin collection, so he threw it into a pond, according to deputies.

However, that wasn’t until after he sold off a few of the coins to a man in the parking lot of the North Salisbury Wal-Mart, court records show. The coin collection was worth almost $7,000, according to the Wicomico County Sheriff’s Office…..

18.) Police Seize 3,500 Stolen Artifacts, Arrest 75 in Suspected Art-Trafficking Ring

The multi-national investigation — named Operation Pandora — started in October and the arrests began in November. It was led by investigators from Spain and Cyprus with support from 16 other countries, UNESCO and Interpol.

It focused on “cultural spoliation” — the act of taking goods by force or looting, particularly in times of war.

More than 400 coins from different periods were also seized…

Counterfeit Cavalcade

19.) Fake NT$50 coin factory found in Taichung, China

Police raided his counterfeit coin factory on his goose farm on Jan. 11 and located more than 2,000 fake NT$50 coins. They also found another 140 kilograms of copper sheets, the raw material needed to produce NT$ 50 dollar coins.

Police later sent the fake coins to the Central Bank for inspection and found that the counterfeits were almost identical to the real thing, but people could still identify them if they looked carefully.

The counterfeits could be identified based on their poorly defined inscriptions, the CIB said.

20.) Three arrested for cheating by selling fake gold coins

They allegedly showed prospective customers an old gold coin, saying it was found in a field and they could provide six kg of such coins at a cheap rate.

But what they sold ultimately was fake gold-plated coins…

21.) 1 arrested following counterfeit silver coin investigation

Police say Heavilon sold fake one-ounce .999 silver Native American/Buffalo coins to two men who deal in coins regularly. Victims reported losses of $9,000 each as a result of the counterfeit coin purchases. According to police, the victims approached Heavilon separately in attempts to return the coins after acid tests showed that the coins were not real.

The suspect failed to reimburse one victim, leading the victim to file a complaint with the Union County Prosecutor’s Office, eventually resulting in the counterfeit investigation…

Treasure & Archaeology

22.) Roman coins inspire Littleham school pupils

Pupils from Littleham Primary School were told about the 22,888 Roman coin hoard discovered in Seaton, 2013, before making their own

Metal Detecting

23.) Mill Creek, Ohio enforcing metal detecting ban

The Tri-County Metal Detecting Club is used to searching for answers underground, but now these more than 150 members are wondering why all of a sudden they can no longer enjoy their hobby in Mill Creek MetroParks

24.) Metal detector cop cheats farmer after finding £15,000 gold coins in field

But the officer turned amateur treasure hunter decided not to honour the deal after finding the coins dating back to the 6th or 7th century.

Ipswich Crown Court heard how he did not tell the landowner about how he dug up the ancient Merovingian Tremissis coins from Gaul which is now France.

Instead the Norfolk officer secretly sold the coins to a dealer for £15,000 [$18,750 USD] and kept the entire amount, the court heard

Medals, Tokens & Exonumia

25.) Local man creates remembrance coins for veterans’ families

Each coin is decorated with crosses and the name of a national cemetery. On the reverse, the word “Sacrifice” is surrounded by decals representing all five branches of the military.

So far, Hahn created coins representing three of the 144 national cemeteries. His goal is to have all of them represented. He also wants his vision to become national…

Upcoming Auctions & Events

26.) Paris Paper Money Show

The next Paris Paper Money Show will take place at the same location as previous years in the hôtel Kyriad Paris Est, 4 rue du 8 mai 1945 – 75010 Paris on Saturday, February 4th 2017…

27.) Westminster Coin and Currency Show puts history in hand

Sunday, Jan. 29, the Westminster Coin and Currency Show will bring collectible coins and paper money to the Westminster fire company’s John Street Quarters with more than 30 experts on hand to share that currency and the history that piggybacks every old coin and bill

28.) Half of extremely rare coin to be auctioned in Ipswich next weekend

This King Stephen cut halfpenny was minted in Ipswich during a reign lasting between 1135 and 1154.

Bidding will start at around the £150 mark when coin collectors and dealers bid for it at Martlesham auctioneers Lockdales on Saturday, January 28.

Auction manager James Sadler said: “There are only four of these coins known in the whole world.”

29.) Incredible ancient treasure discovered by Plymouth builder goes back under the hammer

A rare Roman ingot which failed to sell at auction last year will go under the hammer again in the hope of fetching thousands of pounds

Worthy Additions to Your (Electronic?) Library

30.) Free 1-Year Subscription to Nummus Canada

Nummus Canada is Canada’s first online digital magazine with the mission of providing money collectors–from beginners to advanced–fun-to-read, informative articles on all things numismatic, with a particular focus on Canadian coins, medals, tokens and paper money.

Nummus Canada is the sister publication of Canadian Coin News, which has been serving the numismatic community for more than 50 years.

For 2017, Nummus Canada will be published bimonthly and can be downloaded in a user-friendly PDF format for easy printing. As a 12-month subscriber, you will have access to all issues of Nummus Canada

“Good News, Everyone…”

31.) Coin collector donates relics to Denville church

As a Marine Corps veteran, Angelo Diaz wanted to do something special for his faith

32.) Unsuspecting customers at Epsom Stamp Company have red letter day with hidden ‘£3,500’ sovereign coin collection

Philatelists had a red letter day when unsuspecting customers at the Epsom Stamp Company came in with a rare, valuable collection of gold

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