By Coinweek ….
CoinWeek News Wire for March 10, 2017
The Economist magazine placed Switzerland first in a recent ranking of currency manipulators. According to the analysis, China, commonly thought of as the world’s champion at keeping its currency’s value artificially low, appears to be doing the opposite: actively trying to push the value of its currency up. On the other hand, Switzerland that has been working hardest to artificially devalue its money…
The United States Mint began issuing Native American $1 coins in 2009, to recognize and honor the many contributions and accolades of the Native American community towards the development of the United States…
Under the Radar
Collectors’ editions of the new £1 coin made from precious metals are being sold ahead of the currency’s release into general circulation, the Royal Mint has announced.
Gold, silver and platinum proof coins, plus uncirculated “mint condition” versions in non-precious metals go on sale on Monday ahead of the tender’s full roll-out on March 28…
Sweden’s Royal Coin Cabinet has been around for about four and half centuries. Initially commissioned by King John III (at a time when Sweden was being pawned due to financial problems), the oldest known inventory of the collection dates from 1630. At that time the collection consisted of 57 coins and associated medals. Today the collection consists of more than 600,000 numismatic-related objects from all over the world…
A total of 1000 pieces from the Stewartby collection, a hoard of 12th- and 13th-century silver pennies described by one expert as “our national treasure” was stolen during a break-in at the home of Lord and Lady Stewartby in Broughton, near Peebles ten years ago.
The whereabouts of the coins has remained a mystery for Lord Stewartby, who had been collecting coins since he was a schoolboy, and is recognised as being a leading authority on the subject.
Many of the pieces date back to 1136 when the very first Scottish coins were minted.
A £50,000 reward for the return of the stolen coins remains active…
The Ames Coin Club is raising money to add resources to Ames Public Library in the name of Scott Nichols, the former club member and owner of Chester’s Coins & Gifts, who died last May…
Crime & Punishment
From the Numismatic Crime Information Center (NCIC):
A package was delivered to a New York dealer on Wednesday March 8, 2017. The postal and Internal box were open.
The following coin was missing from the package:
Click on the link for an image of the coin.
Contact the NCIC’s Doug Davis if you have any information about this case. You can reach him at (817) 723-7231 or email him at email@example.com.
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The Numismatic Crime Information Center is a 501 (c)(3) non-profit corporation. P.O. Box 14080 Arlington, Texas 76094.
A 22-year-old man was accused Monday of participating in the botched armed robbery last January of J & J Coins in Hammond.
Deon T. Hendricks was charged in Lake Criminal Court with armed robbery, battery by means of a deadly weapon and four counts of criminal confinement…
A policeman who stole 10 ancient gold coins that he found with a metal detector has been jailed for 16 months.
David Cockle, 50, found the Merovingian Tremissis coins in a field in west Norfolk and sold them to a dealer for £15,000.
He had entered into a contract with the landowner to split the proceeds of any find 50:50, but failed to tell the landowner of his discovery…
[For previous News Wire coverage of this story, click here. —CoinWeek]
A counterfeiting ring has hit Melbourne with an influx of $100 notes in circulation, described as high-quality fakes. The fraudulent money is believed to have the same feel as the polymer notes, and include the clear lyrebird window, but each carries the same serial number: AI 13933231…
The Bank of Ghana (BoG) has unveiled a commemorative GHc 5 bank note to celebrate the financial sector regulator’s 60th anniversary, an anniversary which coincides with Ghana’s 60 years of independence.
The new bank note displays an engraved portrait of Dr. James Kwegyir Aggrey, the famous educationist, missionary and teacher…
Gold, Precious Metals & Bullion
Rhodium’s on the best run in a decade on expectations of more demand for the material that’s used in cleaning toxic car emissions. One of the rarest precious metals, it climbed the past seven months and is up 19 percent this year, outperforming most major commodities…
Of the 3.881 million ounces of gold that the Bank of Mexico has at the end of October 2016, 98.95% are held in the United Kingdom, 0.0004% at the Federal Reserve Bank in the United States and the remaining 1.05 % in Mexico…
“Benchmarks are highly regulated and deeply scrutinized,” said Ross Norman, chief executive officer of London-based Sharps Pixley Ltd. “It follows there is much work and cost, but for very modest commercial reward, plus the ever-present danger of legal action or reputational damage—whether guilty or not.”
So “few sensible or sane people would want to create a financial benchmark—and yet it is absolutely necessary for the normal functioning of markets … This is where regulation and compliance collides heavily with market practice—put another way: ‘the operation was a complete success, unfortunately, the patient died’.”
The Greek State gold reserves amounting to 149.1 tons are stored in Greece, Britain, the U.S. and Switzerland, according to the Bank of Greece.
BoG assures Greek citizens that the 149.1 tons of the country’s gold reserves worth 5.3 billion euros are safe, as almost half of it is kept in the BoG treasury and the remainder 50% remains for decades in the Bank of England, the New York Federal Reserve and in Switzerland’s UBS…
Paul got pushback from Sen. Steve Farley, D-Tucson, who called the effort a way to give tax breaks to speculators and gold coin dealers.
“I’m trying to wrap my mind around how this isn’t just another tax giveaway to coin collectors,” Farley said. “I get your point that you don’t tax money when exchanged money for money. And I would buy that, if the $20 gold piece from 1850 was going to be traded for a $20 bill.”
Instead, he noted, the price on coins is based on how much precious metal they contain and condition, not face value…
…[T]he country’s 2016 new mined gold output came out at 298 tonnes, the highest annual production total since 1999. This would seem to confirm Australia’s position as the world’s second largest gold producer after China (ca 455 tonnes according to latest USGS figures) and still ahead of Russia in third place which the USGS estimates produced 250 tonnes…
…[T]he Rand Refinery and the South African Mint jointly produce 1 million coins yearly, continuing to rise, of which the German-speaking countries purchase half of the ounce coins. Amongst all bullion coins traded in Germany, Switzerland and Austria, Krugerrand has a substantial market share…
Treasure & Archaeology
Archaeologists of the Archives, Archaeology and Museums Department, who are investigating the findings, in their preliminary report, has dated the coins to 11th to 12th century AD, when Yassakara and Lohora dynasties ruled over Kashmir, he said.
Earlier, sultanate period coins were recovered from Chrar-e-Sharif area of Budgam, while the department also recovered a huge hoard of more than 2,000 ancient coins from Watnar village of Anantnag district in south Kashmir in the past…
“The lead coin is comparatively rare to find as silver and copper ones were common. One side of the coin is inscribed with the name of the King in the Brahmi script, ‘Rayosri Satakarni’ and on the other is a swastika and an elephant,” Pendam added.
Police have recovered 195 gold coins dug from Tonk district in the last three months. Police had started a search operation from December 5 last year when they got the evidence that a large number of gold coins were dug by villagers…
Archaeologists said coins were discovered between the pavement stones: a coin from the Great Revolt (67 CE), a coin from the Umayyad period, a coin of the prefect of Judea, Pontius Pilate, dating to 29 CE and a coin of Agrippa I from 41 CE that was minted in Jerusalem…
Upcoming Auctions & Events
- Mowbray Collectibles 17th International Auction – March 11
- Künker Auctions 288-292 – March 13-21
- Classical Numismatic Group (CNG) Electronic Auction 393 – March 15
- Raffaele Negrini Numismatic Studio Numismatic Auctions 42 & 43 – March 17-18
- Stack’s Bowers Whitman Expo Showcase Auction – March 29-31
- Nomisma Auction 55 – April 4-5
- Sincona Auctions 37-40 – May 16-18
“Good News, Everyone…”
Intrigue turned to astonishment for John Buckingham when an exotic letter which dropped on his doormat turned out to contain a rare 200-year-old Padstow Bank note stolen from a museum more than 30 years ago…
World of the Weird?
Before modern coins became minted with sturdier alloys of nickel, copper or steel, coin clipping was a more common crime. It involved trimming bits off gold or silver coin. The shavings could be collected, diluted with base metals and melted into counterfeit currency. Section 451 of the Criminal Code therefore made it an offence, punishable with up to five years in jail, for anyone to have in their possession gold or silver clippings or to have engaged in “lightening a current gold or silver coin.”
Just for Fun
[The link above presents a slideshow of attractive banknotes from around the world. —CoinWeek]
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