CoinWeek News Wire - September 15, 2017

By Coinweek ….
 

CoinWeek News Wire for September 15, 2017:

Brain Food

1.) Why the world has so many Guineas

As colonisers carved up the continent, many European nations controlled their own Guinea. At independence, French Guinea became Guinea, Spanish Guinea became Equatorial Guinea, and Portuguese Guinea became Guinea-Bissau. The region was a major source of gold, hence the name “guinea” for the British gold coin

2.) A history of women on world currency

“Most world money reflects current times much better than the U.S. money,” [Doug] Mudd says. “Since we’re having to change the designs on the notes and to modify them and improve their security, why not change the designs to reflect current American culture and society and ideas? Because that’s what the rest of the world is doing.”

India banknotes3.) Indian government rushes to defend bank note ban as doubts grow

Newspapers, some financial experts and opposition politicians rounded on the government on Thursday, with criticism sharpened by separate data showing the economy had slowed to its weakest growth rate in three years.

“It should never have happened,” said N.R. Bhanumurthy, an economist at the National Institute of Public Finance and Policy, a Delhi-based think-tank that operates under the finance ministry. “It was heavily loaded with politics and less with economics.”

Under the Radar

4.) Six South African artists celebrate Krugerrand’s anniversary

In recognition of the Krugerrand’s profound impact on the coin world over the past 50 years, the artists have given expression to key events that shaped the last five decades. Starting with events in the 60’s, an era that saw the first Krugerrand minted to the modern discovery of the Homo Naledi, the artists have “personified” the coin, suggesting it has not only survived but thrived.

5.) India to issue Rs 100, Rs 5 coins to commemorate MGR birth centenary

The government will issue Rs 100 and Rs 5 coins to commemorate the birth centenary of Bharat Ratna awardee and former Tamil Nadu chief minister late M G Ramachandran. The coins will bear his portrait in the centre along with the inscription ‘DR M G Ramachandran Birth Centenary’ on the lower periphery. The same will also be in Devnagari script on the upper periphery

Current Events

6.) Is cash on the road to extinction?

“About ten years ago, all non-cash transactions added together were equivalent to the total cash transactions,” Moebs says. “In a single decade, debit cards have now surpassed cash transactions.”

7.) One, 10 and 25 Cent Coins to be Withdrawn from Circulation

Cabinet has approved a proposal to withdraw the one-cent, 10-cent and 25-cent coins from circulation. Senator Reid said the proposal and approval come against the background of an assessment showing that the use of the lower-three denominations has been decreasing since 2005

8.) Daesh Diversifying Financial Sources, Adopting New Strategies

The terrorist organization “declared its gold dinars, silver dirhams and copper fils the only legal currency in civil circulation on the territory of their pseudo-caliphate,” he explained.

As a result, Daesh “has already sold 100,000 dinars at a price of over $180 apiece, according to some estimates, which brought the terrorists, about $18 million in revenue,” Feoktistov said, suggesting that the money would be most likely spent on purchasing arms and ammunition

9.) Mystery as Nazi symbols and swastikas found stamped onto British coins

An unsettling mystery is unfolding as a number of British coins have been found with Nazi symbols stamped on them. A horrified shopper spotted a swastika on Queen Elizabeth’s head on a 50p, in an odd wave of findings the Royal Mint says it is aware of

Banknote News

10.) The New £10 Note Has Arrived

The Bank of England’s new £10 note featuring Jane Austen [was] issued from 14 September 2017. This video introduces the note’s advanced security features, which make it harder to counterfeit than paper notes. They include a see-through window with a portrait of the Queen, and a detailed foil picture of Winchester Cathedral which is gold on the front of the note and silver on the back

11.) What if companies printed their own currencies?

Many brands and corporations have greater GDPs, more assets and a higher headcount than some small countries — so perhaps it makes sense for them to print their own money.

Graphic and motion designer Jade Dalloul has gone one step further, by imagining what these company-currencies might look like. In a new set of illustrations entitled “Brand Currency,” the French designer conjures up a future where the likes of Steve Jobs and Mark Zuckerberg have become the new Darwins and Franklins.

12.) Why Some Africans Are Uncomfortable with CFA Franc

The CFA franc was established by France for purposes of serving as a legal tender in its African colonies, but years after the French administration left the continent, CFA franc continues to influence the West and Central African regions. The currency is attached to the euro, which allows it to enjoy great financial support from the French treasury. Although some people see CFA franc as a guarantee of economic stability in the region, others see it as a colonial relic

13.) Hidden secrets in new Scottish £10 banknote revealed

Like its forebear, which contained hidden midges and fish that glowed under UV lamps, designers behind the £10 have included a few concealed delights for keen-eyed Scots to find

Zimdollar Blues

14.) Officialize bond notes, Zimbabwe gov’t told

Speaking at last night’s Southern African Political Economic Series policy discussion titled Zimbabwe’s Economy: How and When to Reintroduce a Viable Zimbabwe Currency, Chakravarti said scrapping the pegging of the bond note to the US dollar by the Reserve Bank of Zimbabwe (RBZ) would halt the liquidity crisis

15.) Retailers Say Food Shortages Likely as Cash Crunch Bites

ZIMBABWE’s retailers have warned of possible food shortages as it becomes increasingly difficult for the country to process foreign payments to raw material suppliers outside country, with the backlog estimated at $180 million

Bitcoin & Cryptocurrency

16.) KREMLIN FOR THE WIN? RUSSIA TO REGULATE CRYPTOCURRENCY MARKETS

Various other projects, such as Masterchain, have received a warm embrace from Russian authorities who are looking to get ahead of other countries by getting in the technology game early.

Putin famously remarked earlier this month:

The future belongs to artificial intelligence. Whoever becomes the leader in this sphere, will become the ruler of the world.

A string of recent developments clearly demonstrate a conscious effort by the government to fund and create these AI innovations, much of which will be achieved through cryptocurrencies and their underlying blockchain technology..

17.) Fintech means Blockchain? Is there anything else?

While Blockchain technology is most likely going to alter the financial services landscape, it would be specious to attach the concept of fintech exclusively to Blockchain. Other technologies, artificial intelligence for instance, also have the potential to change financial services as we know them. This piece looks at a number of other innovations that are disrupting or can disrupt the financial services landscape

18.) UK regulator sounds alarm over initial coin offerings

The UK City watchdog has warned investors of the “high risk, speculative” nature of initial coin offerings as their popularity booms, becoming the latest global regulator to sound the alarm

Bit Coin19.) Collateral Damage From The Inevitable Bitcoin Crash

I’m not going to use this article to argue that Bitcoin is in a speculative bubble, however. That fact is too obvious to warrant such an argument. Instead, I’m going to gaze into my crystal ball and predict what secondary effects such a crash will cause – in other words, the collateral damage

20.) Chinese P2P Bitcoin Trading Significantly Reduced, Whilst Hong Kong’s Has Dramatically Spiked

Speculators are attributing the formulation of highly anticipated Chinese cryptocurrency regulations as the catalyst for the slump in Chinese P2P bitcoin trading. Transversely, China’s historic use of Hong Kong as a regulatory sandbox for economic and financial innovation may have contributed to the spike in Hong Kong P2P trading, with speculators anticipating that Hong Kong may be used as a vehicle to trial more liberal-leaning cryptocurrency regulations

Gold, Precious Metals & Bullion

21.) Uncontacted Tribe Allegedly Killed By Gold Miners In Brazil

At least 10 members of an uncontacted tribe in Brazil’s Amazon Basin were allegedly killed last month by illegal gold miners, according to Survival International.

The organization, which advocates for indigenous rights, said the massacre included women and children and may have wiped out one-fifth of the tribe.

The miners later boasted about the slaughter at a bar in the nearest town, and even showed off a hand-carved paddle they claimed to have stolen as a trophy

22.) Infrastructure of the Shanghai Gold Exchange

The Shanghai Gold Exchange was established in October 2002 by the People’s Bank of China. The goal of the Exchange at launch was to become the central hub of the Chinese gold market, a goal which has fully been met.

Physical gold flows through the Exchange in response to Chinese private sector demand (institutional, commercial and retail demand). To facilitate this demand, trading account facilities on the SGE are available to anyone in China, i.e. private citizens can open an SGE trading account and trade gold at the SGE as easily as a wholesale enterprise or a financial institution can

China Gold Reserves23.) China says it adds zero to its gold reserves – again

There is a strong supposition by some analysts that China’s true level of gold reserves may well be in excess of 5,000 tonnes. It is comfortably the world’s largest gold producer and consistently known gold imports have been well in excess of the major consultancies’ estimates of consumption. But even this may be irrelevant in terms of China’s ability to boost its reserves because there is also an assumption made by some observers that the country is also buying gold below the radar in transactions that do not appear in any official books

24.) Buried treasure shows Vikings hoarded precious metals

Metal-detector enthusiasts and archaeologists have uncovered roughly three pounds of gold from the field, almost all of it discovered in the last 18 months. The cache, known as the Fæsted hoard, is the second-largest known haul of Viking gold and the biggest in Denmark

25.) Got a spare HK$370,000? Bank of China Hong Kong mints commemorative gold bars to celebrate its 100th anniversary

“We will only issued a limited number of 100 pieces of this commemorative gold bar which has the iconic imagine of the Bank of China Tower to celebrate the 100th anniversary of Bank of China Hong Kong,” said Winnie Cheung Wing-sze, assistant general manager and head of treasury product division at the bank.

The gold bars are expected to be available from October following delivery by Swiss gold firm PAMP

Crime & Punishment

coin_crime_alert26.) NCIC Crime Bulletin

From the Numismatic Crime Information Center (NCIC):

Medals Recovered

The stolen medals being investigated by the New York State Police have been recovered. Information provided by several medal experts in response to the email alert has been valuable as the investigation continues.

Thanks to everyone who responded.

Please contact the NCIC’s Doug Davis if you have any questions or information about the cases above. You can reach him at (817) 723-7231 or email him at doug@numismaticcrimes.org.

* * *

The Numismatic Crime Information Center is a 501 (c)(3) non-profit corporation. P.O. Box 14080 Arlington, Texas 76094.

Treasure & Archaeology

27.) Harlaxton detectorist finds hundreds of gold and silver Iron Age coins

A hoard of more than 280 gold and silver coins from the time of the Roman invasion of Britain has been unearthed by two metal detectorists. Sean Scargill, of Harlaxton, and his brother-in-law Hugh Jenkins were in a field in Riseholme, near Lincoln, when they discovered 282 coins from the Iron Age.

28.) English School Caretaker Discovers Medieval Coin Hoard Buried in Playground

The cache consists of 128 silver coins forged during the 15th and early 16th centuries, a period of transition in England from the Medieval era to the Renaissance era. It includes groat and half-groat coins, which date back to the reigns of monarchs King Edward IV and King Henry VII, and nine coins from the 1460s associated with Charles the Bold, Duke of Burgundy. Together, they’re worth £11,000 (nearly $15,000 US).

29.) Rare 350-year-old treasure trove of historic coins discovered hidden in Polish castle

A hoard of coins has been discovered in Człuchów Castle in northern Poland, dating from the mid-17th century. A total of 18 coins were hidden in the fortress by its defenders, in a last-ditch attempt to save them from the Swedish army during an invasion

Upcoming Auctions & Events

30.) Numismatic partnerships formed to broaden market

Mayfair numismatic dealership Sovereign Rarities will launch an auction arm in New York next year, while Spink is to renew an old relationship with Tokyo coins dealers Taisei Coins. The first auction for Sovereign, formed last year by Ian Goldbart with the input of five ex-Baldwin’s specialists, will take place during the January 11-14 New York International Numismatic Convention (NYINC) at the Grand Hyatt
 


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