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CoinWeek News Wire for July 21, 2017: The Hobby Under Fire, Endangered Cash, & Coin Crime

News Wire July 27, 2017

By Coinweek ….

CoinWeek News Wire for July 21, 2017: 

The War on Cash 2: This Time It’s Personal


The biggest cited concern for respondents was the threat the cash restrictions would pose to privacy and personal anonymity. A total of 87% of respondents viewed paying with cash as an essential personal freedom. The European Commission would beg to differ. In the small print accompanying the draft legislation it launched in January, it pointed out that privacy and anonymity do not constitute “fundamental” human rights

2.) China’s Cashless Revolution

Around the developing world, QR codes are beating out Apple Pay and other brand-name payment services for consumers and businesses keen to go cashless. China offers a useful model for that transformation — and a standard that others may soon be emulating

Other developing countries are starting to see the potential. Last year, MasterCard Inc. rolled out a QR code system in Africa that has already attracted 100,000 Nigerian traders. In February, the Indian government launched IndiaQR, its latest effort to spur a cashless society. Thailand is similarly enthusiastic

3.) Older consumers take to digital payments faster

Chennai: Older consumers in India seem to have taken faster to digital payments when compared to youngsters, according to a report by PACE-FIS. As per data, older consumers make 63 more digital transactions in FY17, compared to 46 transactions in FY16

4.) Korea says over 290m dormant coins back in circulation

South Korea’s central bank said Wednesday that it has put more than 290 million dormant coins back into general circulation. The annual campaign is designed to put dormant coins back into use, which could reduce costs for the BOK.

The central bank said the coins reclaimed this year alone would have cost 28.5 billion won to be replaced.

In April, South Korea launched a pilot project for a coinless society in a move to enhance convenience for ordinary people

5.) Plastic-Versus-Cash Battle Heats Up After Visa, Mastercard Deals

Mastercard Chief Executive Officer Ajay Banga has been one of the most ardent supporters of ditching paper currency in the U.S. The 57-year-old first declared his war on cash in 2010, shortly after taking the helm at the company. More recently, his network has been signing deals with third-party payment providers to help propel the conversion from cash to card in certain sectors including education and rent.

I view cash as the real competitor for the company,” Banga said during the company’s annual shareholder meeting last month

Brain Food

6.) A Brief History of Challenge Coins

One of the earliest challenge coins was minted by Colonel “Buffalo Bill” Quinn, 17th Infantry Regiment, who had them made for his men during the Korean War. The coin features a buffalo on one side as a nod to its creator, and the Regiment’s insignia on the other side. A hole was drilled in the top so the men could wear it around their necks, instead of in a leather pouch

Molecule Anti-Counterfeit Technology7.) ‘Atomic Fingerprinting’ Tech Could End Counterfeit Goods

The new anti-counterfeiting method, published online in ArXiv, the open-access preprint journal from Cornell University, has two components: a unique molecular pattern that can be incorporated into a holographic label and a smartphone app.

“I’m really satisfied by how simple it is,” Young told Live Science.

Current Events

8.) Coin collectors revel in history of currency

“I tie the historical aspect into it,” he said. “When you see Civil War or even Republic of Texas notes, you’re thinking about the formation of this country and the state at the time.”

That history of Texas includes when money was printed by individual banks in Texas cities like Hereford, Memphis, Honey Grove, Shiner and Rosebud…

9.) Syrians debate release of new 2,000 pound banknote

Elsewhere in Syria, ordinary people were unimpressed with the further denomination of their currency, which spoke of gross economic mismanagement and incompetence. The value of 2,000 is the highest even in the history of Syria. A 1,000 Syrian pound banknote was issued 17 years ago, with a portrait of then-president Hafez Al Assad

10.) Controversy surrounds the Jane Austen quote used on the new £10 note

Concept designs for the new £10 feature an image of English author Jane Austen next to a quote from her magnum opus, Pride and Prejudice.

However, in its original context, the character who utters the words, Caroline Bingley, is being more than a little disingenuous. Bingley has no real interest in literature and instead pretends to be an avid reader to attract the attentions of the book’s heartthrob, Mr Darcy.

Supposed ISIS Coinage11.) Islamic State currency designer killed in anonymous attack west of Mosul

Islamic State’s currency designer was killed [July 2] by unknown attackers west of Mosul as security forces chase the last few remaining militants in the region. The targeted member was one of a few foreign nationals which the Islamic State had tasked with designing the group’s golden currency as part of the so-called “treasury department”.

Despite its shrinking domain under security operations, Islamic State ordered merchants to adopt its golden Dirham and Dinars starting 27th of the last month, setting their values at USD 1.80.

Current Events: Cultural Property Edition

12.) ACCG Gains Amicus Support for Appeal

Six trade and collectors groups filed briefs supporting the Guild’s appeal: (1) American Numismatic Association; (2) Association of Dealers and Collectors of Ancient and Ethnographic Art; (3) Committee for Cultural Policy; (4) Global Heritage Alliance; (5) International Association of Professional Numismatists and (6) the Professional Numismatists Guild

13.) No Reason for More Ill-Considered Restrictions on Coins

It simply makes no sense to preclude Americans from importing coins where there is no real “concerted international response.” Indeed, when the CPIA was being discussed, Mark Feldman, a high ranking State Department lawyer, represented to Congress that it was “hard … to imagine a case where we would need to deal with coins except in the most unusual circumstances.”

14.) Cultural Memoranda of Understanding: An Important Diplomatic Tool for Protecting Heritage

The United States has the authority to enter such agreements imposing import restrictions on designated archaeological and ethnological material coming into the country through the 1983 Convention on Cultural Property Implementation Act, which is based on the UNESCO 1970 Convention on the Means of Prohibiting and Preventing the Illicit Import, Export, and Transfer of Ownership of Cultural Property

Under the Radar

15.) Peruvian mint highlights endangered wildlife

The Central Reserve Bank of Peru (BCRP) on Wednesday issued a new coin featuring the endangered Andean bear in a bid to raise people’s awareness about the threats to the species.

The coin is the first in a series called “Peru’s Endangered Wild Animals,” which will showcase the wildlife threatened with extinction

16.) Jane Austen £2 coin features Newport designer’s artwork

Dominique Evans’ design, her first for a circulating coin, features the author’s silhouette and signature.

“I imagined the framed silhouette in one of the houses featured in Jane Austen’s books, on the wall of a corridor as guests pass by to attend a dance, perhaps in Pride and Prejudice or on the wall in the home of Emma.”

17.) SA Mint reveals massive 50-ounce Krugerrand worth R2.2 million

The 2017 collection marks the 50th anniversary of the coin, and the SA Mint has celebrated by minting special gold coins, as well as launching a range of silver and platinum coins.

Along with these and the normal proof gold Krugerrands, the SA Mint is also producing two larger coins to mark 50 years

18.) New Philippine coin designs with security features out by year’s end

Guinigundo disclosed that the [Bangko Sentral ng Pilipinas] would no longer mint 10-centavo coins; as such, only the P10, P5, P1, 25-centavo, 5-centavo and 1-centavo denominations would be part of the new generation coins.

If ever the BSP would demonetize coins, Guinigundo said it may take them a few years

19.) Unique commemorative 2017 Kuala Lampur Sea Games coins go on sale

Produced by Nubex Sdn Bhd, each bimetal coin’s finishing is 99.9% fine silver (2.975g), while its centrepiece is produced out of 99.99% pure gold (0.5g)…

Bitcoin & Cryptocurreny

20.) Who Created Bitcoin: Long Story Short

The first step was made in 2007 with the writing of the code. Later, on November 2008 the whitepaper was published on The Cryptography Mailing list at metzdowd by a programmer, or a group of programmers, using the name of Satoshi Nakamoto. It was titled “Bitcoin: A Peer-to-Peer Electronic Cash System.”

21.) Bitcoin to Be Taxed Like Gold in India

India is tabling ideas on how to integrate Bitcoin into the country’s regulations and, with banning it being an unpopular option, it seems that a goods-and-services tax may be slapped on instead

22.) Behind on Bitcoin Drama? A (Short) History of Scaling

The conversation on how to best upgrade the bitcoin network to accommodate a greater transaction capacity has been a long one, dating back to the earliest forums and message boards. However, it wasn’t until 2014 that the idea that bitcoin’s technology may need to adapt to increasing usage entered the industry spotlight.

Now, as the scaling debate heads to what could be a notable milestone, CoinDesk looks back at the major stories that have shaped the narrative

23.) Federal Reserve Chair Photobomber Generates Over $15k

Earlier this month, photos emerged of a man holding a sign reading ‘buy bitcoin’ behind the Federal Reserve Board Chairwoman [Janet Yellen] … The incident was not well received by government staff, with the man being hastily escorted from the building.

Photos of the bitcoin photo bomber and the public address for his bitcoin wallet soon began to circulate online, leading to the man receiving over $10,000 in donations in just a few hours. At the time of writing, the wallet held 6.958 bitcoin, which equates to approximately $15,000

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Crime & Punishment

coin_crime_alert24.) NCIC Crime Bulletin

From the Numismatic Crime Information Center (NCIC):

Coin Shop Burglary

The Modesto (CA) Police Department is investigating a burglary that occurred at Modesto Coin & Bullion. The suspects entered the building through the roof using assorted tools and saws. The safes were not breached.

Partial list of stolen coins:

  • PCGS 1937 Buffalo Nickel MS-66 #3980.66/83068301
  • 1879-S Morgan Dollar NGC MS-64 # 2717683-004
  • 1925-S-CA-Diamond-Jublee-Commemorative-Half-Dollar-PCGS-Genuine-Unc-Detail-G10 9281.92/83068297
  • 100 pcs 2003 $1 FRN Star Notes Uncirculated Consec Seriel # F03694201* to F03694300*
  • 100pcs B08584201* to B08584201*
  • 300 plus U.S. Coins in flips, 1.5×1.5 and 2×2 staple together holders.

Each coin will have a small white rectangular price sticker with hand written inventory codes consisting of one letter and one to three digits – i.e. C47 or B98 or D3 or E122 or F137, etc.

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.


25.) Palakkad gang busted with Rs 1 crore banned notes

A ten-member gang was arrested from [Palakkad, India] on Tuesday after they were found to be in possession of banned notes worth Rs One crore. They were caught when they were smuggling out notes in a vehicle from Coimbatore

26.) Cedar Park gold coin company owner accused again of theft

Donald McBride, 47, was charged Friday with theft of property against an elderly individual, a third-degree felony punishable by up to 10 years in prison.

He was charged with theft in May after police said he took $9,705 from a customer for gold coins that he never provided in October.

McBride is the owner of David Maxwell Gold Advisors, the affidavit said

27.) Two Years Later, Cheyenne Coin Shop Murders Remain Unsolved

“For the type of case that this one is and the way it occurred, this kind of time frame is fairly typical,” said Malatesta. “It does take a lot of time to gather evidence, to do interviews, to talk to everybody involved and establish a case.”

“We want to make sure that we do our due diligence, follow up on every lead (and) turn over every stone,” he added. “That way we have a positive resolution at the end of this and can bring closure to the family.”

[For CoinWeek’s previous coverage of the story, click here. For Pete Smith’s overview of violent crime and the coin industry, click here. —CW]

28.) YouTuber ‘My Mate Nate’ to be charged Wednesday over coin prank

Police on Monday briefly detained YouTube prankster Nathan Bartling, aka “My Mate Nate”. He is set to be charged on Wednesday with trespassing on railway land and damaging railway property by placing coins on a rail track for trains to run over.

He specified he did not use Thai coins, which could have resulted in lese majeste charges [Treason —CoinWeek].

Banknote News

29.) Madagascar launches high-denomination banknote

The central bank revealed it would launch four new Malagasy ariary banknotes this month and another four later in the year. The theme for the series is the celebration of the “wealth of Madagascar”

30.) Vanuatu Vt500 and Vt5,000 changing from paper to polymer

Vanuatu’s series of money banknotes will see the Vt500 paper-note changed to polymer at the end of this year.

In his announcement, the Governor of the Reserve Bank of Vanuatu (RBV), Simeon Athy, said that the Vt5,000 was the second last denomination of the new Vatu family series of polymer banknotes.

[T]he notes were printed by Note Printing Australia Limited, a subsidiary of the Reserve Bank of Australia and the polymer notes have a proven record of being more durable and secure.

31.) Clydesdale Bank sets launch date for plastic Scottish £10 note

The bank revealed that its new £10 polymer note will enter circulation on 21 September. It features Scottish poet Robert Burns on the front and views of Edinburgh’s Old and New towns on the reverse.

The launch follows the introduction of Clydesdale Bank’s £5 polymer note, which was released in September last year.

32.) Jane Austen 200th anniversary: New tenner and £2 coin released in memory of author

The new £10 note featuring an image of author Jane Austen is due to be unveiled late [on 18 July] to mark the 200th anniversary of her death

15100 Woman Banknotes33.) Just 15% of the world’s banknotes feature famous women on them

Out of all the faces that appear on banknotes 398 men and just 52 women featuring on the world’s paper currency, with The Queen accounting for 83 of the 178 total

Medals, Tokens & Exonumia

34.) Five decades of commendations

Through the years, she has received more than 50 challenge coins from the Department of Defense, each one bestowed for outstanding service. Each one is uniquely decorated with striking designs and colors, and each marks a particular achievement in her career

35.) Local artist selling ‘Commemorative Confederate Statue Coin’

One Point Five Art, an artist based in Algiers who sells New Orleans-themed artwork on platforms such as Facebook, eBay, and Etsy, has listed the “Monumental” New Orleans Commemorative Confederate Statue Coin for presale on eBay.

The likeness of the Robert E. Lee statue that presided over Lee Circle from 1884 until May of this year is featured prominently on the front of the coin alongside the statues of General P.G.T. Beauregard and Confederate President Jefferson Davis, as well as the monument to the Battle of Liberty Place

Treasure & Archaeology

36.) Treasure found across UK county

ELEVEN Roman-era finds were made in the borough of Swindon between June and July, with another seven in other parts of Wiltshire, according to the British Museum’s national Portable Antiquities Database.

Richard Henry, finds liaison officer for Wiltshire, said: “We record around five thousand objects a year and the vast majority of them are Roman

37.) Roman coin find in Orkney thrills archaeologists

Roman coins have been found in other parts of Scotland which the Romans did not occupy. Copper alloy coins dating from the middle of the fourth Century were found in a sand dune in the Western Isles 10 years ago.

Just seven other Roman coins had previously been found on the isles.

38.) Illegal detectorists targeting Gloucestershire farmland

So-called “nighthawkers” who hunt for buried ancient artefacts are targeting farmland in Gloucestershire … Police said it contravenes the Countryside and Rights of Way Act 2000 and is rife during late summer after fields are ploughed.

Farmer Graham Nichols, from Kingscote, said the people involved know what they are doing is illegal. Mr Nichols claims there are 150 acres of Roman settlements beneath his farmland.

He said: “It’s where people come with metal detectors to try and find Roman remains. The problem is all this land is scheduled so it’s an illegal activity.”

39.) Old house helps turn Andrews woman into ‘treasure’ finder

The goal of a pro coin shooter is to leave the area they hunt looking like they had never been there. She uses a landscaping shovel, which makes a C-shaped plug of turf that can easily be replaced without leaving a mark or killing grass

She’s also found metal Civil War-era store “cards” or tokens, one from Huntington issued by W.K. Lanphear dated 1863 and an aluminum saloon token from the Huntington Brewing Company. She also discovered some scrip coins from the Stearns Coal Company in Kentucky

40.) Rare Gold Coin Found at Excavations in Rusokastro Fortress

This is the first and only coin ever found since the time of Emperor Phocas’s rule. The discovery proves conclusively that the Rusokastro Fortress was actively used during the first period of the consolidation of the rock hill – in the 6th century and the beginning of the 7th century when it was abandoned

1715 Fleet-Queens Jewels LLC

41.) Case involving centuries-old shipwreck artifacts sent back to Florida

In 2013, [1715 Fleet-Queens Jewels LLC] wanted to renegotiate with Gold Hound and sought to take back the proprietary information and data, but Gold Hound refused.

In 2015, Fleet-Queens recovered approximately 400 gold coins, along with other items, from an area where Gold Hound had been operating

42.) Salvagers recover 1715 Fleet gold coin but say treasure hunting has been tough this summer

So far, the crew of Capitana has recovered only one gold coin, an Escudo minted in Mexico about 1714. Diver Grant Gitschlag and diving partner Cole Smith made the discovery July 10 as part of the salvage operations underway for the 1715 Fleet-Queens Jewels LLC. Other items uncovered last month include silver coins, pottery and musket balls.

“It has been one of the worst summers weather-wise that we’ve ever experienced,” said Capitana Capt. Jonah Martinez, of Port St. Lucie. “But we’re getting through it day by day, and we’re working in an area where we found items before so we’re optimistic.”

Upcoming Auctions & Events

Museums & Exhibits

43.) Buckhead resident’s collected coins on display at library

The set on display in Athens was accumulated over a six-year period from across the United States for Atlanta collector John McMullan. McMullan donated his set of Dahlonega coins – called the Reed Creek Collection – to the university for its permanent collection. The set is valued at nearly $1 million. There are 62 coins in the collection on display

44.) Large Canadian/Mauritius Coin Collections on display in Carlyle

Ashish Soobah, originally of Mauritius, began collecting a mere eight months ago, and has amassed a collection of approximately 75 percent of the Canadian coins and notes that can be collected. This includes currency from the Royal Bank of Canada, Dominion Bank, and the Dominion of Canada.

Being from Mauritius, Soobah also has a variety of currency from the island, which had been a French, then British colony. This collection includes an 1835 bank note of which there are only five in the world according to Soobah

45.) Historic Coin Press Returning To Operation At Nevada State Museum

After being down for several months for repairs, the press is expected to be back in operation in September, pressing medallions for the public’s view and purchase – but with a variation. The medallions the press will produce will be smaller, 30 millimeters, than the silver dollar-size of past years

Worthy Additions to Your Library

Crushed Beer Can46.) Canadian astronomer, avid coin collector pens book on rare Newfoundland gold coins

[Harvey] Richer has published more than 140 scientific papers in peer-reviewed journals and is one of the largest Canadian users of the Hubble Space Telescope. He was the 2014 recipient of the Carlyle S. Beals Award of the Canadian Astronomical Society given for lifetime achievement. He was recently made a Fellow of the Royal Society of Canada, the foremost academic society in Canada

Revenge of the Nerds

47.) Canny metal detectorist cashes in by unearthing £66 in coins dropped by boozed-up teenagers

…[B]oozed-up teenage idiots pelted cops with bottles as a crowd of 6,000 flocked to Troon to soak up the mini-heatwave on Tuesday. Police were stunned by the vast haul of alcohol they seized from the youths

George Borland, 60, set to work hours after the mob was turfed off

Just for Fun

48.) COIN

Join MatPat of TheGameTheorists and RicePirate on this episode of “Coin,” an animated action-packed comedy where the fate of the universe rests in the wrench of the world’s grumpiest plumber and a neurotic time-traveling robot from the future

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NGC-Certified Canadian Silver Maple Leafs Currently Available on eBay


Coinweek is the top independent online media source for rare coin and currency news, with analysis and information contributed by leading experts across the numismatic spectrum.

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