Coin Collectors Blog

Reforming America's Currency: Part 5-Bullion

2009-11-09T10:00:00.001-05:00

My motivation for recommending the restructuring of the US Mint was when they announced that proof silver and gold American Eagle coins will not be produced in 2009. The logic of the decision in the context of what we know of the US Mint’s operations was unpalatable.Restructuring the bullion program is to first acknowledge that it is a profit center for the US Mint. Its sole purpose is the buy

Cash Is Still King

2009-11-07T19:30:00.000-05:00

We are going to take time off from restructuring the US Mint to look at coin news from the United Kingdom. While reading other news from the British Broadcasting Company, I found two interesting articles.In the first article, Are coin fairs the new investment clubs? BBC reporter Carolyn Rice attends a “coin fair” (coin show) last February following attendees who are more interested with coin

Reforming America's Currency: Part 4-Commemorative Coin Programs

2009-11-06T10:00:00.000-05:00

As part of the restructuring of the US Mint, the area of commemorative coins have to be a significant concern. With both the classic and modern commemoratives, congress could not help itself by using commemorative coins as a form of fundraising for pet causes. While some of the beneficiaries of the funds are worthy, others have caused significant controversy. Additionally, there were

Reforming America's Currency: Part 3-Circulating Coins

2009-11-05T10:00:00.001-05:00

Now that the US Mint has been reorganized, it is time to strengthen the product line. The US Mint’s primary product are the circulating coins that are sold to the Federal Reserve. At this moment, there should be no changes to the required denominations and composition. Although there have been recent issues with the rise in the costs of zinc and nickel that affected the seignorage of the one and

Reforming America's Currency: Part 2-Reorganizing the US Mint

2009-11-04T10:00:00.002-05:00

Yesterday, I called for reform in the coinage laws to remove congress from the operations of the US Mint. Before talking about coinage, the first act of reformation is a reorganization of the system. When a business is failing, the first thing they do is to reorganize. This is the purpose behind Chapter 11 of the Bankruptcy laws.The first step to reorganization is that congress must change the

Reforming America's Currency: Part 1-Background

2009-11-03T10:00:00.002-05:00

The Congress shall have power... To coin money, regulate the value thereof, and of foreign coin, and fix the standard of weights and measures;— US Constitution Article I, Section 8Since the ratification of the United States Constitution in 1788, congress has interpreted their Article I, Section 8 right to coin money beyond this sentence. Since the Coinage Act of 1792, congress has been heavily

This Was A Fun Challenge

2009-10-25T18:21:00.003-04:00

I had the opportunity to give a talk on privacy issues to the wonderful people at United States Visitor & Immigrant Status Indicator Technology (US-VISIT) program. US-VISIT is part of the Department of Homeland Security that provides visa-issuing posts and ports of entry with the biometric technology that enables the U.S. government to establish and verify your identity when you visit the United

Former US Mint Director Jay Johnson Dies at 66

2009-10-21T10:10:00.000-04:00

Jay Johnson, who served as the 36th Director of the US Mint, died of an apparent heart attack on Saturday, October 17. He was 66 years old.Johnson, a Wisconsin native, was a television commentator turned politician. He was elected to one term congressman from Wisconsin’s 8th District in 1996. In 1999, Johnson was nominated as Director of the US Mint by President Bill Clinton. He served a Mint

Proof Eagles Have Been Grounded

2009-10-19T08:00:00.000-04:00

I am sure you heard that the US Mint has announced that they will not produce American Eagle gold and silver proof coins “[because] of unprecedented demand for American Eagle Gold and Silver Bullion Coins.” Is there really an unprecedented demand?What We Should Have LearnedIn an analysis posted here last April, production totals for 2008 showed that the US Mint experienced an extraordinary

Counterfeit Coin Advisory Issued

2009-10-13T14:12:00.000-04:00

Leaders of the American Numismatic Association, the Industry Council for Tangible Assets, Numismatic Guaranty Corporation, Professional Coin Grading Service, and the Professional Numismatists Guild have issued a joint advisory warning consumers of the millions of dollars spent on fake US coins from China. Counterfeit coins have been sold through online auctions, flea markets, and swap meets.“

Neat Coin Drop in Boston

2009-10-06T08:26:00.000-04:00

Matthew Hinçman is what some people call a guerilla artist. Guerilla Art, sometimes called Street Art, is unsanctioned art that is developed and displayed in public places. Guerilla art is more than graffiti. It is art designed to surprise and make the public think and sometimes participate.One of Hinçman’s newest projects is the creation of Pomme de Terre (French for “Potato“) and Pomme en l'Air

America The Beautiful Quarter Candidates

2009-10-05T19:12:00.000-04:00

Over the weekend, Mike Zielinski of the Mint News Blog posted a slide show of the candidates for the America the Beautiful Quarters program. Starting in 2010, the US Mint will release five quarters per year until 2020 and one quarter in 2021 honoring one National Park or National Historic Site in the 50 states, District of Columbia, and five insular territories.The first five quarters for 2010

Positions Open with the CCAC

2009-10-02T07:14:00.000-04:00

Yesterday, the US Mint has announced that they are seeking applicants for two openings to the Citizens Coinage Advisory Committee (CCAC). The CCAC advises the Secretary of the Treasury and the Director of the US Mint as to the design of numismatic products produced by the US Mint. CCAC’s recommendations are submitted to the US Commission of Fine Arts (CFA) for final decision.“The CCAC is composed

A Commemoration to Enrico Fermi

2009-09-29T11:44:00.004-04:00

Today, we wish a Happy Birthday to Enrico Fermi. If he was still alive, Fermi would be 108 years old.Fermi was a Nobel Laureate physicist who is commonly credited with harnessing the nuclear power. Fermi won the Nobel Prize in Physics in 1938 “for his demonstrations of the existence of new radioactive elements produced by neutron irradiation, and for his related discovery of nuclear reactions

Movement to Redesign the Dollar

2009-09-28T21:55:00.002-04:00

Over the last ten years, US coinage has seen many changes. Starting in 1999, the 50 State Quarters® Program and the DC and US Territories Coin Program has taught us about our country and entertained us with “interesting” designs. The Westward Journey Nickels, Presidential Dollars, and this year’s Lincoln Bicentennial One Cent Redesign have kept us examining our pocket change looking for something

Fort Knox Visitors Day, 35 Years Ago

2009-09-23T23:30:00.005-04:00

The United States Bullion Depository at Fort Knox, Kentucky has been called the world’s most secure facility. Its construction was completed in 1936 in order to store the country’s gold supply away from the coast to keep it safe from potential attack by Nazi Germany. Fort Knox is so secure that only those who work there, the Secretary of the Treasury, and the President of the United States may

Read the Blog Before Buying the Coin or Writing the Editor

2009-09-23T12:00:00.000-04:00

One of the more interesting aspects of writing this blog is to be able to look into various aspects of numismatics and being able to explain what I discover to my readers. Sometimes, this research allows me to use what I write as a teachable moment to others. While I certainly subscribe to Aaron R. Feldman’s recommendation to “buy the book before you buy the coin,” but sometimes it may pay to

PCGS Offers Second Tier Registry Competition

2009-09-22T01:27:00.003-04:00

In an attempt to try to boost their business, the Professional Coin Grading Service (PCGS) has announced the launch of the “Everyman” category as part of their PCGS Set Registry competition. The main rule of the “Everyman” Collection are classic coins (mostly pre-1964) not grated higher than AU-58 by PCGS.PCGS has been running their Set Registry since 2001. The PCGS Set Registry will only accept

1933 Double Eagles May Become Legal Tender

2009-09-20T18:16:00.003-04:00

Thanks to an article that appeared in The New York Times, the case of Langbord v. U.S. Mint was back in the news. Apparently, the order [PDF] for the government to turn over the ten 1933 Saint-Gaudens Double Eagle coins to the Langbord family was posted to the website for the US District Court for Eastern Pennsylvania.In the order, Judge Legrome D. Davis, Jr. agreed with the plaintiff (Langbord

Heritage Accused of Racketeering

2009-09-16T00:08:00.002-04:00

Heritage Auction Galleries, the third largest auction house in the country and probably the largest auctioneer of coins, is being sued by a former employee alleging that Heritage executives perpetuated a “massive auction scam.” The lawsuit charges that the Heritage used an undisclosed shill bidder at auctions to inflate the price. Co-defendants of the suit include Heritage executives Gregory J.

Yet Another Rotating Coin Series

2009-09-12T09:26:00.000-04:00

On Wednesday, the US Mint announced the America the Beautiful Quarter Series, a 56 quarter series to “honor” national parks in the 50 states, District of Columbia, and territories. As part of the announcement, the US Mint announced the schedule of the national parks and historic areas that will be depicted.According to the US Mint, a “restored” version of the 1932 portrait of George Washington

Log Cabins from Henderson

2009-09-09T07:25:00.002-04:00

Henderson, North Carolina is a small town north of Raleigh. Henderson was founded in 1785 by Samuel Reavis, Sr. and named for North Carolina Supreme Court Chief Justice Leonard Henderson. Reavis was a tobacco farmer and the town grew with the tobacco industry in North Carolina. When the Raleigh & Gaston railroad line was completed in 1835, Henderson became a regional trading area for tobacco,

My Inspiration, A Son's Memory

2009-09-07T10:30:00.000-04:00

This post has only tangential mentions of numismatics. If you will indulge me on this occasion I promise to continue writing about various numismatic topics during this week. Thank you.As we go through life, we lose perspective as to how much our parents had influenced our lives until something forces us to think about it. Since my mother’s passing on August 27, I have been thinking about how her

Looking Back: US Assay Office in New York City Rocked by Explosion!

2009-08-28T16:40:00.005-04:00

My silence the last few weeks has been because of a family crisis. My mother was diagnosed with Lupus 15 years ago and has been trying to fight the attacks over the years. This week, the Lupus won and she died quietly with her husband (my father), sister, and a rabbi at her side. I will write more about her later. But I wanted to post something now.The following was written by WoodenJefferson on

If You Missed It...

2009-08-14T18:51:00.000-04:00

Yesterday was the first day that the new Professional Life Lincoln Cents were released. Aside from the ceremony in Springfield, Illinois, the US Mint sold rolls at Union Station in Washington, DC. The event passed without much notice.When the Formative Years, or Rail Splitter cents were released, there was a rush of people to Union Station that caught the notice of the media. Local and national