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HomeNewsCoinWeek News Wire for November 17, 2017: Fountains of Ruin, Blockchain Blues,...

CoinWeek News Wire for November 17, 2017: Fountains of Ruin, Blockchain Blues, In Broad Daylight…

News Wire Trevi Fountain Coin News

By Coinweek ….

CoinWeek News Wire for November 17, 2017

Brain Food

1.) Boise’s Assay Office played an important role for the whole nation

Between 1861 and 1866, Idaho Territory produced about $52 million in gold ($728 million in today’s dollars). As the sheer volume of gold to be tested increased, the nearest facility for large-scale assaying was the U.S. Mint in San Francisco, and sending gold there was costly and time-consuming, making the need for an office here imperative

Under the Radar

2.) Czech tennis stars Navrátilová, Kodeš to appear on coins

Czech Wimbledon winners Martina Navratilova and Jan Kodes are the first tennis champions to appear on commemorative coins whose gypsum models the Ceska mincovna (Czech Mint) unveiled on Monday.

“One can perhaps dream of being on a postage stamp, but being on a coin is truly special,” Navratilova said.

[And so is having a song written about you. Enjoy this song dedicated to the tennis champion as performed by the always-awesome Phranc. —CoinWeek]

Current Events

3.) Bruderer Installs Royal Mint Machinery

Precision press specialist Bruderer has installed state-of-the-art machinery at the Royal Mint’s Llantrisant facility, which makes the new £1 coin. The BSTA 1600-117B2 is capable of 825 strokes per minute and will add speed, capacity and flexibility to the Royal Mint’s operation

4.) India touts bank note ban, opposition fumes and Nepal short-changed

The pain from demonetization is also being felt in neighbouring Nepal, where thousands of migrant workers still have old currency notes that they could not exchange before the window to do so closed

5.) Cash-strapped Rome authorities considering claiming coins lobbed into Trevi Fountain

Traditionally the money thrown into the 300-year-old fountain, estimated at around €1 million a year, has gone to Caritas, a Catholic charity.

But reports in the Italian media suggest that Virginia Raggi, the city’s mayor, is toying with using the cash for worthy projects decided by a city council working party, The Local reported.

Going Cashless

6.) The US: Its Failure to Become Cashless

US leaders are wedded to the view that anonymous cash serves as a bulwark against official abuse of digital data privacy. Never mind that it plays an incomparably larger role in antisocial activities. Thus, the thought of ditching it is counter-intuitive. It’s politically unwelcome and rarely mentioned in professional papers, let alone studied, except in regards to arcane negative interest rate theory

Bitcoin & Cryptocurrency

7.) Stop Dragging Hayek into Bitcoin

When monetary theory comes up in reference to Bitcoin, the work of Friedrich von Hayek is often invoked. I have read a number of claims that the Nobel laureate’s 1976 book, Denationalisation of Money, lays the theoretical foundation for the cryptocurrencies we see today.

Hayek - Fractions misquote - blockchain

In this post, I will argue that the similarities between Hayek’s hypothetical currencies and Bitcoin are merely superficial, and that the technology behind cryptocurrencies is not a substitute for intentional design decisions in Hayek’s proposal

8.) ICOs Could Become Commonplace

Initial coin offerings (ICOs) could one day come to be seen as similar to initial public offerings (IPOs), according to a new report from financial services firm Canaccord Genuity

9.) The Only Winner in the Mt Gox Trial is Mark Karpeles

When the dust has settled after the long-running trial and creditors have been (partially) paid back, the remaining assets will likely go to the shareholders of Mt Gox. Its largest shareholder? Mark Karpeles. If the fallen CEO were to walk away with hundreds of millions of dollars, it would stick in the craw of Mt Gox’s customers, as if they needed another reason to hate the former Bitcoin Foundation member

10.) Sitcom Big Bang Theory Will Dedicate Entire Episode on Bitcoin

Episode 9 of the Big Bang Theory season 11, which will air on November 30, 2017, is entitled “The Bitcoin Entanglement,” and analysts expect the show to introduce bitcoin to the mainstream, to an important consumer base for bitcoin

11.) Tomatoes are Next Product to Experience Blockchain Revolution

As tomatoes hit the headlines for the wrong reasons recently, Blockchain startups are adding immutability to the fruit’s international supply chain. The brainchild of ex-Wells Fargo banker Raja Ramachandran and Nasdaq executive Phil Harris, one such startup is aiming to reimagine the market despite facing criticism.

Project manager Caroline Myran told Bloomberg Thursday:

“There’s a lot of fraud in food origins, especially now that it’s hot. People say ‘this is local,’ or ‘this is organic,’ or ‘this is grown using certain practices.’ With this system, you can prove it.”

12.) We’re Looking ‘Very Carefully’ at Bitcoin: U.S. Treasury Sec. Mnuchin

U.S. Secretary of the Treasury Steven Mnuchin says that the federal government is concerned about the use of bitcoin in illicit dark web markets.

In an interview with Yahoo Finance, Mnuchin stated that bitcoin is on the Treasury Department’s radar and that he is in conversations with regulators across the world about the correct approach to ensure that it is not used to make “illicit transfers of funds.”

13.) Bitcoin is a market for criminals and millennials, Dennis Gartman says

Commodities guru Dennis Gartman is not backing off his dramatically bearish stance on bitcoin.

“This is a market … for criminals, this is a market for millennials,” Gartman told CNBC’s “Fast Money” on Monday. “This is a market for pure punters, but there is no value here whatsoever.”

Monday marked yet another instance of Gartman trashing the cryptocurrency. In August, he told “Fast Money” that he “didn’t understand it to begin with, don’t understand it now.”

Crime & Punishment

coin_crime_alert14.) NCIC Crime Bulletin

From the Numismatic Crime Information Center (NCIC):

Coins Show Up in Stoneham, MA Area

On November 8, 2017 the Numismatic Crime Information Center sent out an alert regarding a Lost/Stolen UPS package that had been sent to Watertown, Massachusetts. The package contained a large number of slabbed Walking half dollars. On November 11, 2017 NCIC received a call from a Massachusetts dealer advising that he had bought six of the half dollars that were listed on the alert from a flea market in the Stoneham, MA area.

The following coins have been recovered.

  • 1935 Walker PCGS MS66 CAC PQ last four serial 0027
  • 1937 Walker PCGS MS66 CAC Dakota last four serial 3757
  • 1938 Walker PCGS MS66 last four serial 3842
  • 1942D Walker PCGS MS66 CAC PQ last four serial 2253
  • 1945S Walker PCGS MS65 PQ last four serial 3681
  • 1947 Walker PCGS MS67 OGH PQ last four serial 1425

Dealers in Massachusetts should be on the watch for additional coins that may be sold in the area. This is an on-going investigation.

Suspect Passing Counterfeit Gold

The Numismatic Crime Information Center is assisting the Ohio Attorney General’s Office in identifying the suspect pictured below who sold a victim over $12,000 in counterfeit one-ounce gold Perth bars. The victim contacted the suspect through a listing on Craigslist.

NCIC counterfeit Perth gold Ohio

Anyone with information should contact John Costello, Criminal Investigator – Economic Crimes Unit Consumer Protection Section Cincinnati Office of Ohio Attorney General Mike DeWine directly at (513) 852-1534, by fax at (866) 461-8089, or by email at [email protected].

Assistance Needed

The Numismatic Crime Information Center on behalf of law enforcement is looking for anyone who has done business with an individual identified as Ken Shearn.

Please 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.

15.) Second coin store robbery suspect caught

[David T.] Bobe and Michael Rodenizer were charged with a Septembers assault on a Shamokin Dam coin shop owner during a robbery of $75,000 worth of gold bars, coins and currency to pay off a drug debt. Felony robbery, conspiracy and aggravated assault charges were filed against Rodenizer, 38, and Bobe, 39, both of Berwick, two days after Bremigen obtained a warrant to search their getaway vehicle.

An arrest warrant [had] been issued for Bobe, who was on the run until Monday night [Nov. 6]

16.) One of four in coin theft sentenced to four years

After the hearing, one of the victims said he was not happy with the sentence or the way the case was handled. He said he has yet to get back the few stolen items that have been recovered, and the loss is made doubly hard because many of the stolen coins and guns were collected by his late father.

“It’s a huge violation,” the victim said

17.) Husband of missing Delray woman to change plea in coin case

Isabella Hellmann vanished 30 miles off the coast of the Bahamas on May 15 aboard her husband’s catamaran. Since then, the U.S. Coast Guard and the FBI have launched missing persons investigations, and Bennett, 41, remains jailed after being indicted on charges that he transported as much as $100,000 in stolen coins

18.) Minneapolis coin dealer indicted on fraud, money laundering charges

The indictment states that Luther and his small boiler room staff cold-called coin buyers around the country from 2010 through 2013, and defrauded them. In addition, the indictment charges Luther with money laundering based on a $20,000 he wired from his business bank account at Wells Fargo to Stanbic Bank of Zambia

Counterfeit Cavalcade

19.) Counterfeit Currency Reported in Ontario

The Thunder Bay Police Service have received reports of counterfeit US currency circulating in the city.

The TBPS report that in one such case, on the afternoon of Sunday, Nov. 5, officers responded to a complaint of a resident attempting to purchase goods from a business with a suspicious US $20 bill. Upon further investigation officers confirmed the currency was counterfeit.

The investigation also revealed that similar counterfeit bills of various denominations could be circulating in the city. Police have since seized $20 and $50 bills confirmed to be counterfeit

20.) Police Uncover A Major Counterfeiting Operation In N. Israel

The affair began with Forensic information and analysis conducted by the Criminal Investigation Division, which raised suspicions of forgery and distribution of 50, 100 and NIS 200 shekel notes in large sums. A covert investigation led the unit to a hiding place in Kiryat Bialik, where police found printers, paint materials and cutting machines…

21.) Counterfeit Banknotes Worth EUR 28 Million were Seized in Italy

Italian police said they had seized over 900,000 counterfeit banknotes of good quality worth 28 million euros. 13 people were arrested, French press reports.

In the course of the investigation, three illicit banknote printing houses were unveiled, one of which was in Romania. They were equipped with the necessary machines and tools to produce counterfeit banknotes. Confiscated denominations total up to 939,775 and have a nominal value of 10, 20 and 50 euros, the police said

22.) Essex Police arrest three men in connection with counterfeit coin investigation

Essex Police were aided by the National Crime Agency and the Royal Mint when they executed a warrant at a unit at the Southfields Business Park in Basildon.

A large amount of cash – thought to be a four figure sum – was seized during the operation along with the machinery that police believe was being used to produce counterfeit £2 coins

Banknote News

23.) Historic Richmond banknote sells for more than $26,000

The banknote, an 1863 $5 bill with the serial number 1, was bought during a live auction in Baltimore for $26,400. The identity of the new owner has not yet been made public.

The note was signed by bank president James E. Reeves, as well as the cashier, Thomas G. Yarrington, but was never released to the public. Instead, it was likely kept as a souvenir by one of the men, said Manning Garrett, director of currency auctions for Stack’s Bowers, the auction house which sold the piece.

24.) Here’s why India has cut down on printing new currency-notes

The Reserve Bank of India (RBI) has cut down the order for printing new currency notes to a five-year low because it and other banks do not have the needed space to keep them. According to a Hindustan Times report, their vaults are filled with the demonetized currency that they are still counting, leaving little room for the new currency notes

25.) Bank of England FINALLY confirms deadline for spending old paper £10 notes

The old £10 note must be spent by March next year after the Bank of England revealed the date for when it will cease to be legal tender. However, old notes can still be spent ahead of the cut-off date, or exchanged at the Bank once this point has passed

Gold, Precious Metals & Bullion

26.) How Germany got its gold back

Frankfurt was not much more than 100km from the border with Soviet-controlled East Germany, so with the threat of Russian invasion, West Germany kept bullion built up (before the collapse of Bretton Woods in the early 1970s) abroad. “During the cold war, the threat came from the east, so it made sense to store it further west, in Paris, London or New York,” says Mr Thiele. After the fall of the Berlin Wall in 1989 and the collapse of the Soviet Union in 1991, that rationale disappeared

27.) Gold is the new cocaine for money launderers

Miami is the leading city for gold imports to the US, much of which originate in Latin America. Drug dealers started using gold imports as a way of laundering their proceeds, and then about five years ago came to realise that illegal gold was intrinsically a better business. Unlike cocaine smugglers, gold importers enjoy the presumption of legality

28.) Investors Are NOT Choosing Bitcoin Over Gold

Bitcoin’s surge to nearly $8,000 in recent weeks has led some analysts to speculate that it is taking interest and capital away from gold, which has languished in a tight range between its 100-day and 200-day moving averages. However, George Milling-Stanley, head of gold investments at State Street Global Advisors, said that this theory is nothing but the latest urban myth.

“It’s a myth of epic proportions on the same level as alligators in New York sewers,” he said. “I have talked to many financial advisors and investors and no one has said that they are selling their gold to buy Bitcoin.”

Red Kettle Report

Salvation Army Red Kettle Report29.) First gold coin of season dropped off at Salvation Army kettle in Naperville

The first gold coin of the Salvation Army bell ringing season was dropped in a bucket outside a Naperville grocery store Tuesday where the organization’s Aurora Corps Community Center was collecting donations.

The coin — a 1-ounce South African Krugerrand valued at $1,278 — was anonymously dropped in the red kettle at Casey’s Foods. It was coupled with a 1-ounce silver bar valued at $17

Metal Detection, Treasure & Archaeology

30.) ‘Exceptional’ medieval treasure trove unearthed at abbey in France

The medieval loot included 2,200 deniers (or pieces of silver) mostly issued by Cluny Abbey itself as well as 21 gold dinar coins, originally from the Middle East which were stored in a canvas bag.

The bounty also included a gold signet ring marked with the word “Avete” — a “word of greeting in a religious context” — as well as a folded 24-gram gold leaf and gold coin

31.) Archaeological discoveries in various parts of Saudi Arabia announced

Archaeologists have announced a number of discoveries and phenomena in various parts of the Kingdom on the sidelines of the first Saudi Antiquities Forum which ended on Thursday [Nov. 9]. One of these is a 1,000-year-old gold dinar struck in 453 AH, and uncovered by an archaeologist at King Saud University, local media reported

Medals, Tokens & Exonumia

32.) New Silver Coins Depict Montana Landmarks

Over the next several years, Sappington said his ultimate goal is to create at least one coin for all 56 counties in Montana, completing two or three a year with each coin showcasing a different historical site or geographic feature that captures the spirit of its county

33.) Midstate man’s medallion brings life to cemeteries

“The whole idea is to get out there and share our loved ones stories with everybody else,” said Stuck, who invented vitae coins. They are round medallions with a flag graphic and a QR chip embedded. Yes, there’s an app for that as Phil demonstrates with his smart phone. He aims it at the code on the coin.

“Put the reader over top of it. It reads it that quick. And then on my website up pops the memorial page. This one here is of my uncle, Corporal Kenneth Stuck.”

34.) Recovered coins celebrated 40th anniversary of Johnson City Press

“I had unloaded a load of debris at the landfill and noticed a coin,” Clark said in explaining how he found the coins. “So being curious I picked it up and wondered about it’s origin. But then I noticed another one so I picked it up and low and behold there were more — approximately 225 more.”

Upcoming Auctions & Events

Just for Fun

35.) Amnibus Unveils Attack on Titan Coin Necklaces

The Coin Necklaces have a fantastically realistic finish featuring a 2cm metal disc with an engraved design of either Eren or Levi attached to a matching metal chain measuring around 45cm. Each of the necklaces retails for 2,980 yen (excl. tax)

“Good News, Everyone…”

36.) ‘Million pound’ Museum on the Mound saved from bank’s axe

A closure-threatened museum that holds Scotland’s oldest banknote and is famed for having one million pounds in cash on display has been saved.

Lloyds Bank came under criticism after announcing plans to shut the Museum on the Mound, at the historic old Bank of Scotland head office in Edinburgh, by the end of the year despite the fact it was visited by more than 50,000 people a year

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