CoinWeek News Wire for June 30, 2017

By Coinweek ….

CoinWeek News Wire for June 30, 2017

Brain Food

1.) Making Cents of Currency’s Ancient Rise

Objects that occurred rarely in nature and whose circulation could be efficiently controlled emerged as units of value for interactions and exchange. These included shells such as mother-of-pearl that were widely circulated in the Americas and cowry shells that were used in Africa, Europe, Asia and Australia. Native copper, meteorites or native iron, obsidian, amber, beads, copper, gold, silver and lead ingots have variously served as currency. People even used live animals such as cows until relatively recent times as a form of currency…

2.) Coin Press No. 1 claims spot in Nevada history

On Feb. 11, 1870, this press struck the first coin bearing the famous “CC” mintmark. This was a Seated Liberty silver dollar. In the years to follow, it would produce silver coins in the denominations of dime, 20-cent piece, quarters, half-dollars, silver dollars and trade dollars. It also produced gold coins in the denominations of five, 10 and 20 dollars. The mint was in production from 1870 to 1885 and again from 1889 to 1893…

3.) Features of Nigerian currency notes and coins

In 2008, there was supposed to be a redenomination of the naira, where 1 new naira would equal 100 new naira. However, Umaru Musa Yar’Adua (Nigerian President, 2007-2010) decided not to use it. There were also thoughts of converting some of the smaller denominations into coins, but that also did not happen. Central Bank of Nigeria (CBN) is thinking about adding a 5000 naira bill…

4.) When the King ‘healed’ 100 people at Holyrood Palace

Around 100 people attended the Scottish coronation of Charles I at the Palace of Holyroodhouse to take part in the “Touching for the King’s Evil” ceremony. The King’s Evil was the name given to scrofula, a swelling of the lymph nodes usually caused by tuberculosis, with monarch’s believing their power to heal indicated their divine right to rule.

The practice of “touching” began with King Edward the Confessor in England and Philip I (1052-1108) of France in the 11th Century. Those “treated” received special gold coins, or touchpieces, which were considered by their wearers as a form of amulet. A gold touchpiece issued by Charles I sits in the Royal Collection and dates from around 1627…

5.) Big Money: David O’Keefe and the Giant Stone Coins of Yap

Since it was not practical to move the larger stones often, when transactions took place, the coin remained where it was, and the Yapese simply acknowledged that ownership had changed. William Furness, an anthropologist who visited the islands in the early 20th century, discovered that the islanders knew who owned which coin, though none were marked; some of them could even trace the lineage of ownership of the coins back for centuries. In fact, some of the more valuable coins never reached Yap at all. The boat that carried one large and very valuable rei sank; however, the survivors of the wreck were able to testify coherently to its specific value, and it was considered to remain in the possession of the owner, despite the fact that it was underwater hundreds of miles from Yap itself.

In fact, the giant stone coins of Yap have frequently provided discussion fodder for economists about the nature of money…

Current Events

6.) Italy to stop producing 1- and 2-cent coins

Italians were receiving the small copper coins as change but were not spending them, claimed Sergio Boccadutri, the member of the ruling center-left Democratic Party who proposed the measure…

7.) Zimbabwe cash crisis drives grassroots corruption

But the moment Finance minister Patrick Chinamasa and Reserve Bank of Zimbabwe governor John Mangudya showed that they were serious about the bond notes, the good money started “running away”. By the time the bond notes came in late 2016, there was hardly any real money to talk about in the banking system, and the situation has stayed pretty bad since then…

8.) Royal Mint looks to cash in on coin collecting boom

The [Royal] Mint has made an equity investment in Sovereign Rarities Limited as part of its five-year plan to grow in the collector services market.

This is the first time Royal Mint has taken a stake in a historic coin dealer…

9.) Foonie? As loonie turns 30, it’s time to think of a name for a $5 coin

“The decision to issue a new circulation coin is the responsibility of the Canadian government,” says the mint’s answer to that FAQ. “There are currently no plans to make $5 coins or discontinue the $5 bill.”

However the final line of the FAQ could be taken as a hint: “The $2 coin was introduced as a cost-saving measure in 1996.”

Under the Radar

10.) Rs 150 & Rs 10 coins in honor of Gujarati poet

The government is coming out with a 150-rupee coin weighing 35 gram to commemorate the 150th birth anniversary of legendary Gujarati poet Rajchandra, who was also a Jain philosopher and reformer.

A 10-rupee commemorative coin weighing 7.71 grams will also be brought out in his memory. The 150-rupee coin will be of 44 millimeters in dimension and the 10-rupee note 27 milimetres.

Bitcoin & Cryptocurrency

11.) Burger King to Accept Bitcoin in Russia This Summer

According to local news resources, a Moscow branch of the burger chain has started piloting Bitcoin payments, with officials now confirming a nationwide rollout…

12.) Bitcoin exchange operator tied to hacks gets five-and-a-half years U.S. prison

Anthony Murgio, 33, of Tampa, pleaded guilty on Jan. 9 to three conspiracy counts, including bank fraud and operating an unlicensed money transmitting business. The sentence was roughly half as long as prosecutors had sought.

Murgio and co-conspirators were accused of processing millions of dollars from 2013 to 2015 into the virtual currency bitcoin through the unlicensed exchange Coin.mx…

Going Cashless

13.) Why cash remains sacred in American churches

Fundamentally, the legal separation of church and state in the late 18th and early 19th centuries in the United States did more than simply assure freedom of religion – it privatized what until then in Europe had been a public good and provided funding under the auspices of the state. In the U.S., religious leaders and their ministries had to increasingly depend on voluntary donations and to appeal ever more strenuously for those gifts…

14.) International partnership on transition to Cashless Azerbaijan

Mastercard is ready to apply in Azerbaijan its latest advanced technologies in cashless payments…

15.) How Greece Became A Guinea Pig For A Cashless And Controlled Society

Still insist on being old-fashioned and stuck behind the times, preferring to visit brick-and-mortar stores and paying in cash? You may very well be a terrorist! Pay for your coffee or your visit to an internet cafe with cash? Potential terrorist, according to the FBI. Indeed, insisting on paying with cash is, according to the United States Department of Homeland Security, “suspicious and weird.”

The European Union, ever a force for positive change and progress, also seems to agree…

Crime & Punishment

16.) NCIC Crime Bulletin

From the Numismatic Crime Information Center (NCIC):

Suspect

Detectives with the Lincoln, Nebraska Police Department are looking to identify the subject pictured below. The suspect sold the victim seven one-ounce gold bars in the amount of $7,000. The bars were later tested and determined to be gold plated bars made of zinc and copper.

The suspect is believed to frequent coin shows in the Midwest.

Anyone with information should contact Sgt. Steven Wiese, Lincoln Police Department, at (402) 441-8675.

Stolen $20 Double Eagle

The Swedish police are requesting the assistance of the Numismatic Crime Information Center. They are investigating a serial theft of very rare coins from the Royal Coin Cabinet. Among the stolen coins is a $20 Double Eagle 1931-D St. Gaudens. Estimated value of 750,000 Swedish krone. (approx. $86,000).

Stolen

Anyone with information contact Jan-Åke Törnhage, Inspector, Police Region Stockholm, Division of Investigation at [email protected].

Contact the NCIC’s Doug Davis if you have any questions or information about any of the cases 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.

www.numismaticcrimes.org

17.) Florida Thief Who Stole Rings And Gold Coins Pleads Guilty

Authorities say residents in Panama City Beach, Destin and Santa Rosa Beach reported six separate burglaries during 2015 and 2016. The stolen items included diamond engagement rings, a three-piece platinum wedding ring set, cash, and Mexican gold coins. Authorities say that Mitchell then shipped diamonds taken from the rings or the entire stolen item to Missouri and Louisiana…

18.) Vendor who accidentally shot man at coin show now faces 3 years in prison

Wetlzer, a vendor at the coin show, admitted to bringing a loaded Walther PPK .380-caliber handgun to the coin show on May 1, 2016 when it accidentally discharged while in his pocket.

The bullet then ricocheted off the ground and struck the Toms River man, who was also a vendor…

Banknote News

19.) New plastic £10 notes are on the way

The polymer note, featuring Jane Austen, will be formally unveiled on July 18 on the 200th anniversary of the author’s death. It will take place at Winchester Cathedral where she was buried in 1817…

20.) Printing of Rs 200 currency notes begins

India’s re-monetisation exercise appears to be entering its final lap, with the central bank beginning to print bills of 200 rupees – perhaps for the first time – to help ease consumer transactions…

21.) The New Generation Philippine Banknotes

22.) Norway finds counterfeits of new banknotes

Police in Vestfold have confiscated over 20 false 50 krone notes and five or six false 200 krone notes, reports broadcaster NRK.

The fake 50 krone notes were counterfeits of the old design, while the 200 krone notes were copies of a new banknote recently released amid much publicity…

23.) Central Bank of the Philippines says old peso bills swap until June 30

THE Bangko Sentral ng Pilipinas (BSP) in Bacolod City will accept old banknotes for replacement only until Friday, June 30. Job Nepomuceno, deputy director of BSP-Bacolod Branch, said they can no longer exchange old bills after the “last deadline” set by the Monetary Board.

He pointed out though that they cannot oblige old banknote holders to replace these currencies. Some intentionally keep the money as collector’s item, he added…

24.) Hong Kong banknotes breeding ground for antibiotic-resistant superbugs, study finds

HK$20 bills have 48 times more antibiotic-resistant bacteria capable of being easily spread than samples collected [from other objects]…

[The same could be said for presumably any country on Earth. —CoinWeek]

Medals, Tokens & Exonumia

25.) Canada’s “second currency” celebrates Canada’s 150th birthday

What started as a type of store coupon, and evolved into a customer loyalty program, became along the way “such an iconic part of Canadian culture that it’s considered Canada’s second currency,” the store modestly states. True, some small businesses have accepted the notes and they’ve changed hands in private transactions between regular customers, giving the scrip some measure of legitimacy…

26.) Coins featuring fallen Fire Chief Ed Switalski being sold for memorial

Coins with a 3D-printed image of Fire Chief Ed Switalski are being sold to raise money for a memorial.

The coins are being sold on behalf of the Kzoo Fraternal Order of Leatherheads Society (F.O.O.L.S.), of which Ed was a member, said fellow F.O.O.L.S. member and Ross Augusta Firefighter Brett Miller.

All of the profits will go to the Comstock Firefighters Memorial Fund, he said, projecting a profit of about $1,000 for the first 100 coins after paying a 3D dye setup cost and shipping. He said that figure also includes the gifting of coins to some people instrumental in helping during the loss…

Gold, Precious Metals & Bullion

27.) Can Indians Stop Tradition of Hoarding & Gifting Gold? Gold Target after Cash Ban

The creation of a spot market and special bank for gold jewelers (as rumored above) seems like a function that doesn’t require government at all. Yet if your goal was to track, trace and database your citizens’ undeclared gold assets, it makes perfect sense…

Metal Detecting

28.) METAL DETECTING OLD COINS, BEAUTIFUL RARE ERROR COIN DUG

In this video I take a solo trip, I end up two hours from home in search of old coins and relics! I succeed at finding some old silver coins but little did I know that on my way back home I would dig my rarest coin to date!

Upcoming Auctions & Events

Auction News

29.) £20,000 for Tenby Victorian and Elizabethan coin collection

A collection of coins, jewelry and medals discovered during an antiques valuation event in Pembrokeshire last week is expected to sell for more than £20,000. The coins include 54 Victorian and Elizabethan gold sovereigns, 11 half sovereigns, five George III and one George IV guineas and two half guineas.

An auction by Shropshire-based Halls will take place later this year…

Worthy Additions to Your Library

30.) Making Money: Coin, Currency, and the Coming of Capitalism

Desan’s fascinating book approaches the only seemingly obvious act of ‘making money’ by examining what it actually means to ‘make money’. While Desan does acknowledge the physical act involved in this process, such as the striking of coins and the printing of bills, her primary focus is to study what gave money value and validated it as a reliable medium of egalitarian exchange. She makes it very clear that in order for money to function, i.e. circulate and be accepted, it needed to be centrally enforced. This enforcement became easier when kingdoms were united. However, to give individuals confidence in a currency, there needed to be an obvious demand for it…

31.) The Social Meaning of Money: Pin Money, Paychecks, Poor Relief, and Other Currencies

[Zelizer] shows how people have invented their own forms of currency, earmarking money in ways that baffle market theorists, incorporating funds into webs of friendship and family relations, and otherwise varying the process by which spending and saving takes place. Zelizer concentrates on domestic transactions, bestowals of gifts and charitable donations in order to show how individuals, families, governments, and businesses have all prescribed social meaning to money in ways previously unimagined…

Just for Fun

32.) Elgin Street Diner in Ottawa to give vintage $1 bank note to first 300 customers July 1

If you order your breakfast or burgers at the Elgin Street Diner this Canada Day you may be the one receiving a tip.

Owner Ron Shrybman will be handing out 300 crisp, uncirculated one-dollar banknotes printed in 1973 — including one random 1967 Centennial bill — to the first 300 customers, starting at 9 a.m.

* * *

Follow CoinWeek on and — Subscribe to CoinWeek’s YouTube channel.