Boy Scouts Commemorative Coin

By CoinNews.net

A new House bill recently introduced to celebrate the centennial of the Boy Scouts of America (BSA) with the minting of a commemorate silver dollar has exceptionally strong bipartisan support.

Rep Pete Sessions [R-TX] introduced the new bill on April 22, 2008. The bill looks to be soundly popular with an already 296 cosponsors lined up to provide their early signature for the "100 Years of Scouting" commemorative coin.

Rep. Sessions commented,
“Boy Scouts are a significant part of American culture, shaping the values, citizenship, and skills of millions of young men,” Sessions stated. “As an Eagle Scout with four generations of Boy Scouts in my family, I strongly value the Boy Scouts’ history of instilling a sense of duty to God, country, and self.”

Not altogether surprising, in the 110th Congress, 248 members of the House of Representative and the Senate have participated in Boy Scouts of America as Scouts or adult leaders.

The bill, H.R. 5872, is entitled the Boy Scouts of America Centennial Commemorative Coin Act and calls for 350,000 silver $1 coins to be minted in 2010. The collector coin would contain 90% silver and 10% copper.

Given the history of the organization and the support of congress, this bill would seem a likely candidate for passage. It is now under consideration in the House Committee on Financial Services.

In addition to the commemorative coin initiative, Sessions is also building support for a U.S. postage stamp to celebrate “100 Years of Scouting.” Currently, Sessions has garnered the support of over 320 Senators and Members of Congress for a letter to the U.S. Postmaster General, requesting a commemorative stamp for the 100th anniversary of Boy Scouts of America.

In 1960, the United States Postal Office celebrated the Boy Scouts of America’s 50th Anniversary with the introduction of the 4 cent commemorative stamp depicting a Scout holding up the Scout sign.

Boy Scouts of America History The Boy Scouts of America was founded on February 8, 1910. Since then, over 111 million youth have enjoyed one of the many Scouting programs.

According to the BSA website,
The Scouting movement is composed of 1.2 million volunteers, whose dedication of time and resources has enabled the BSA to remain the nation’s leading youth-service organization. Serving more than 4.6 million young people between 7 and 20 years of age, with more than 300 councils throughout the United States and its territories, the BSA is the nation’s foremost youth program of character development and values-based leadership training.

The mission of the Boy Scouts of America is to:
" prepare young people to make ethical and moral choices over their lifetimes by instilling in them the values of the Scout Oath and Law."

Scouting members and leaders pledge with their Scout Oath to:
"On my honor I will do my best, To do my duty to God and my country and to obey the Scout Law; To help other people at all times; To keep myself physically strong, mentally awake, and morally straight."

In similar fashion, their Scout Law states a Scout must be:
"Trustworthy, Loyal, Helpful, Friendly, Courteous, Kind, Obedient, Cheerful, Thrifty, Brave, Clean, and Reverent."

Surcharges for the Boy Scouts commemorative coinCommemorative coins normally have a surcharge and the proposed Boy Scouts of American coin is no different. Should H.R. 5872 become law, each commemorative coin sold would include a $10 surcharge for the National Boy Scouts of America Foundation.

The foundation supports Scouting in ways that complement efforts of local councils and other Scouting organizations.

Their objective is to:
"… financially support the mission, values and programs of local councils of the Boy Scouts of America and Scouting organizations throughout the world by promoting and soliciting gifts, grants, and matching funds from individuals, corporations, and foundations interested in supporting Scouting both nationally and internationally."

Royal Canadian Mint Records Most Profitable in Year 2007

By Royal Canadian Mint

In 2007, the Royal Canadian Mint recorded an unprecedented profit of $30.7 million, almost double the previous year’s figure. Throughout the year, it also leveraged its innovation advantage, strengthened strategic partnerships and positioned itself for future growth in the global marketplace.

“The past year was one of remarkable accomplishment for the Mint, and this success can be attributed to the dedication and commitment of each and every employee of the Corporation,” said Ian E. Bennett, President and CEO of the Royal Canadian Mint. “As we move forward, we will invest in our infrastructure, our world-renowned technology and in our employees – all of which will ensure our path to continued success.”

Achievements for the Royal Canadian Mint in 2007 included:
An increase in revenue to $632.1 million;
The production of 1.937 billion Canadian circulation coins;
The expansion of the coin recycling program in Ontario and Quebec;
As an Official Supporter of the Vancouver 2010 Olympic and Paralympic Winter Games, the launch of the first five circulation coins of its extensive Olympic commemorative coin program;
The introduction of the world’s first 100 kg 99999 gold bullion coin, with a face value of $1 million (certified by Guiness World Records) and a 99999 one-ounce Gold Maple Leaf coin;
The issuing of innovative collector coins including the $20 sterling silver Crystal Snowflake coin, embedded with CRYSTALLIZED™ Swarovski Crystals and the world’s first coin to employ plasma technology, which was produced to celebrate the 125th anniversary of the International Polar Year;
The production of 2.2 billion coins for twelve countries including Ghana, Oman and Ethiopia. Contracts included demands for multi-ply coins, which were produced with the Mint’s patented plating technology;

Two coins winning in three categories in the prestigious Krause Publications Coin of the Year Awards ($50 Palladium Big Bear and Little Bear Constellation coin series and $5 Fine Silver “Pink Ribbon” coin); and The ranking among Canada’s top 100 employers (Maclean’s Magazine) and the country’s top 10 family-friendly employers (Today’s Parent), for the second consecutive year.

As the Royal Canadian Mint enters its second century of operations, it will evolve to meet customer needs and the demands of an ever-changing global marketplace. Increased commitment to R&D and the development of new partnerships and innovations will ensure its profitability and ongoing relevance as an enterprising Canadian corporation, both at home and abroad.

Coin Came Out of the Blue

By Paul M. Green

Those wanting something different to collect will find that one of the more interesting possibilities is the silver three-cent piece. It is not just an interesting denomination, but it's also a case where with relatively limited interest over the years, the silver three-cent piece offers a lot of value for your money.

Sometimes with off-denominations like the two or three-cent pieces the temptation is to consider them as basically similar simply because they did not last in production for an extended period of time. While both did not become permanent parts of the regular coin production of the United States, the story of the two is very different and it can safely be suggested that it was the three-cent piece that seemed to have a greater impact.

It was somewhat ironic as realistically the two-cent piece before first being produced in 1864 had actually been suggested a number of times while the three-cent piece seemed to simply appear out of the blue as a potential coin back in 1851.

There was a natural delay before the Mint began to deal with denominations not authorized by the original authorizations back in 1792 simply because the early Mint was not up to the task of even producing the denominations that had been authorized. That can be seen in sometimes low mintages and other times no mintages at all of some denominations.

There was a host of reasons for the problems starting with the fact that supplies of the metal needed to make coins were not reliable. Although the situation was probably worse in the case of copper, when silver and gold did arrive, it was the practice of the day to allow those providing the metal to pick the denominations to be made from their silver and gold and they normally picked upper denominations like silver dollars and gold eagles. That saw the Mint producing denominations that were not really being used in circulation.

This was taking place at a time when there was a serious national coin shortage. The situation became desperate, until finally, in 1804 the production of silver dollars and gold eagles was suspended in the hope of enabling the Mint to spend more time producing the denominations that were needed to solve the overall coin shortage.

Certainly during that period there was no reason to have additional denominations as the Mint had its hands full simply trying to produce the already authorized denominations.

Despite the well known difficulties of the Mint, there had been a proposal in Congress to have a two-cent piece in the early 1800s. Without ever directly opposing the idea, the Mint director at the time raised enough questions to see the proposal basically stall without ever being approved.
In the 1830s there were pattern two-cent pieces produced, but they too never made the jump from being an idea to being a coin. During that period, however, there is no record of anyone suggesting a three-cent piece.

Over many decades the situation at the Mint did improve. There were new and better machines added to improve production. There were also better supplies of metals and ultimately in the late 1830s there were new facilities opened in New Orleans, La., Dahlonega, Ga., and Charlotte, N.C.

While Charlotte and Dahlonega would only produce gold coins which, after having the amount of gold reduced slightly in 1834 were finally circulating, the new facility in New Orleans would produce silver issues as well taking some of the pressure off Philadelphia. New Orleans was a major port and large sums of money were routinely required.

Even so, with all the progress seen by the end of the 1830s, no one was promoting the idea of new denominations beyond the two-cent piece patterns which were created about that time.
It could very easily be suggested that the roots of the silver three-cent piece were found in the American River in California in the form of gold. The vast wealth of gold discovered in California was certainly a good thing, but all that gold upset the normal gold-to-silver ratio, making silver coins more expensive to produce than their face value. The public figured that out quickly and promptly started hoarding the silver coins, causing another national coin shortage.

The logical solution to the problem was to have the Congress reduce slightly the amount of silver in silver coins as it had done with gold coins back in 1834. The Congress, however, wanted no part of that idea, probably fearing public reaction to coins containing less silver.

There was a study of the idea of new denominations in the House of Representatives at the time and that committee came back with the idea of a three-cent piece. It was not a simple decision as there had been some support for the idea of a two and one-half cent piece. It sounds ridiculous, but it actually made a certain amount of sense at the time as in circulation there were still many Spanish "bits" valued at 12 and one-half cents. A two and one-half cent piece would actually come in handy when it came to making change for a Spanish "bit".

It was, however, the goal to have all the coins of other nations removed from circulation in the near future and that may have argued against the two and one-half cent piece as it would have only encouraged a situation officials were trying to bring to an end.

In the Act of March 3, 1851, a new 75 percent silver three-cent piece was authorized. Containing just 75 percent silver, the new denomination would be able to circulate where that would not have been the case if it was the traditional 90 percent silver alloy.

Of course there might be some public reaction to a seemingly debased silver coin, but since there was no prior three-cent piece, it technically could not be debased. Congress also was able to spin that potential problem as it lowered the postage rate to three cents and cheerfully promoted the new three-cent piece as a denomination that would make the purchase of stamps convenient.
Of course the number of people buying stamps at the time was suspect and the notion that Americans at the time would have had problems carting around a couple large cents received in change if they purchased a stamp with a half dime is equally, if not more suspect, but the members of Congress had their story and they were sticking to it.

Of course such a small coin presented a real challenge in terms of its design and Chief Engraver James B. Longacre did about all he could coming up with a star obverse and a Roman numeral III for the reverse.

First released in 1851, the 75 percent silver three-cent piece would only last until 1853, when it was changed to 90 percent silver, with the weight being reduced slightly. The 75 percent silver three-cent piece actually was popular with the public as they really had little choice. It was one of the few coins that could circulate at the time. The result was large saw large mintages, with the 1851 total being 5.5 million. That first year would also see New Orleans produce a total of 720,000 examples. In the first full year of production in 1852, the mintage would rise to 18,663,500 and 1853 saw another large mintage of 11,400,000. The totals are high enough to make the dates readily available at $25 in G-4 while an MS-60 is $185 with an MS-65 at $975. The lower mintage 1851-O is definitely tougher, with a G-4 listing of $38.50. An MS-60 is $340 and an MS-65 at $2,600. The Professional Coin Grading Service totals support the higher 1851-O prices as it has been seen just 39 times in MS-65 or better, while the 1851 and 1852 are over 200 times.

The 1851-O is important for a variety of reasons including the fact that it is tougher than the Philadelphia dates. It is also noted for being especially nice when it can be found in top grades. It would also prove to be the only three-cent piece ever made at a branch mint. It is unknown why New Orleans never produced another although it may simply be a case where there was little use of the small coin in New Orleans. The export trade tended to use the very largest coins.
The change to 90 percent silver began in 1854 while the weight was decreased from 0.80 grams to 0.75 grams. The coins starting with the 1854 have three outlines to the star with an olive branch placed above "III" on the reverse while a bundle of arrows was placed below. The type is notorious for striking problems.

With the rest of the silver coins now returning to circulation (Congress had bitten the bullet and authorized lower weights in 1853), the purpose for the silver three-cent piece unless you believed the notion that they would be handy for buying stamps was basically eliminated.
Mintages would decline quickly. The 1854 was at just 671,000 and the 1855 promptly dropped to just 139,000. The other years of the type, which lasted until 1858, would see totals over 1 million but none would top 1.7 million, which was a far cry from the totals just a few years earlier.

While short-lived, the 1854-1858 types are available with a G-4 at $26 for the 1854 coin being the cheapest, although the lower mintage 1855 in particular can command a premium being $44 in G-4. In MS-60 the 1855 is also more at $550, while the most available date is the 1858 at $240. It is the same in MS-65 where the 1855 is $8,500 while another date might be $3,300. The prices are kept lower because of limited demand, but with the frequent weak strikes, it can be safely suggested that top quality examples are still a great value. It's also ironic that it is the lower mintage 1855 that tends to be the date where the strikes were the best.

The lack of supplies in top grades can be clearly seen in the Professional Coin Grading Service totals that show that the most often seen date in top grades is the 1858, which has been graded 74 times in MS-65 or better , while the 1856 is at just 20 and the 1855 is at a mere 11 times in MS-65 or better.

After 1858 the design was changed again with the number of outlines around the star being reduced to two and the lettering was made more delicate. The changes might have been in response to striking problems, but even if not, it seemed to help as this type of silver three-cent piece is frequently found in top grades.

What did not change was the decreasing use of the denomination as the mintages only up to 1862 are what could be consider normal. After 1862 the totals in many cases were simply token production levels. That was partially because with suspension of specie payments and hoarding of all silver coins including the three-cent piece during the Civil War there was really very little reason for production, but it was also a case where the denomination was not in extensive demand even when silver coins were circulating.

This situtation makes for a clear division in terms of available dates as they are basically up to 1862 with prices of $38.50 or less in G-4. In MS-60 the dates are roughly $195 to $230 and in MS-65 they are around $975 with a Proof-65 being $1,400 and up.

In fact, the proofs, which first became more numerous in 1858, are an option as even if supplies are low in MS-65 the Proof-65 population while not large usually had better care and as a result are available today at prices sometimes very close to the price of top quality examples in Mint State.

The dates after 1862 are a very different matter. None would have a mintage of even 25,000 pieces. It was not simply the fact that silver three-cent pieces could not circulate, but also the period would see the introduction of the copper-nickel three-cent piece, which started with an 11,382,000 mintage in 1865 and that was followed by a 4,801,000 1866 total.

Certainly that spelled doom for the silver three-cent piece. If you did not really need the denomination in normal times, it would be even less important if there were also copper-nickel versions in large numbers in circulation as well. In just two years more copper-nickel three-cent pieces had been released than all the silver three-cent piece mintages since 1854 combined.
The situation produces much higher prices for the dates after 1862 with dates starting with the 1863 listing for at least $340 in G-4 while a tougher date like the 4,100 mintage 1868 is at $400.
In the case of MS-60 examples the later dates range from as little as $650 for the higher mintage 1866 to $900 for the 4,000 mintage 1870. In MS-65 there is a wide range of prices with the most available dates being $1,700 while tougher dates like the 1,950 mintage 1872 are $5,500 and the 1868 is at $5,750.

The prices in MS-65 are reasonable especially when you consider the mintages. One reason for that is a lack of demand, but a second involves the yearly proofs that were acquired by collectors and seemed to have better care, making them more likely to survive to the present day.
The 1872 is a good example of the situation. The 1872 had a low mintage of 1,950, but that was enhanced by what we estimate to have been a 1,000-piece proof total. That produces prices of $5,500 today in MS-65 but in Proof-65 the price is just $1,350. There is good reason. At the PCGS they report just six examples of the 1872 in MS-65 or better. In Proof-65 or better, however, the total stands at 63 examples. The 1868 is similar at $5,750 in MS-65 and $1,400 in Proof-65. At PCGS the 1868 has been seen just three times in MS-65 or better while the Proof-65 or better total stands at 52, so certainly the proof is less expensive for a reason.

The pattern may not be universal, but it is in place in the case of many dates and it's vital as many of the dates starting with the 1866 have only been seen a couple times in MS-65 or better. The 1871 is the most frequently seen in MS-65 or better and its total stands at just 37 pieces in MS-65 or better well ahead of the 22 pieces of the 1866, which is the next highest total. By comparison the Proof-65 or better totals in some cases top 100.

A logical question that might be raised is why the Mint even bothered with such token mintages and the answer is we really do not know. One suggestion put forth has been that officials at the time were concerned about appearances and that the small proof totals might well make it look like they were producing rarities for dealers and collectors. If, however, an additional few thousand business strikes were made the charge could not be made that the Mint was producing rarities for friends. Whatever the real reason the fact remains that for an extended period of time there were no serious business strike mintages of silver three-cent pieces.

The silver three-cent piece was clearly on its way out when the final production came in 1873. That was actually just a 600-piece proof mintage. That would make the 1873 the lowest mintage silver three-cent piece with a Prof-65 price of $2,500. In fact there are numbers available, with PCGS reporting about 380 examples graded although only about 65 of that total reached Proof-65 or better.

However you approach the silver three-cent piece today, you will find it's an interesting collection reflecting the times. After all, the silver three-cent piece basically grew out of the discovery of gold in California and then began its final decline because of the Civil War.

As an emergency denomination it served a useful purpose back in the early 1850s, although it never really had much use in commerce during normal times. At today's prices, nice examples are a good value and with many stories to tell, a silver three-cent piece collection is a collection that can teach you a great deal while you have a lot of fun with these unusual small silver coins.

Pocketing dollars for change

By JOHN GITTELSOHN

A Laguna Beach man has helped make Southern California the center of the coin trade.
Three years ago, Steve Contursi of Laguna Beach bought a 1794 silver dollar, believed to be the first minted in the United States. In case it's stolen or lost, he insured the coin for $10 million.
Last year, Contursi paid $3 million for the Brasher Doubloon, the first gold coin minted in the United States, and, in a separate purchase, $8.5 million for a 10-coin set that President Jackson gave to the king of Siam in 1836.

His newest deal is selling a stash of rare cash: 3,600 U.S. $1 bills and Italian 1,000-lire notes salvaged from the safe in the Andrea Doria, a cruise ship that sank in the Atlantic 50 years ago.
"My success in life was created by having a passion," said Contursi, 53, owner of Rare Coin Wholesalers in Dana Point, which traded $50 million in coins and currency last year. "As a kid, I had a passion for collecting coins. I learned early that I could also use my passion to create wealth."

Contursi's passion and blockbuster deals have made him one of the best-known figures in America's $15 billion industry in collectible coins and currency. What's less well-known is that Contursi is part of a network of traders, graders and collectors who have helped turn Orange County and Los Angeles into America's coin-industry capital.

Integral to the marketplace is Professional Coin Grading Services in Newport Beach, one of the biggest coin appraisers and authenticators. Last year, the company put its seal of approval on 1.6 million rare coins worth about $1 billion.

Jeff Howard, 27, authenticates up to 1,200 rare coins a day. He handles each piece by its edges, peering under a lamplight above a black velvet mat, examining the surfaces like a crime-scene investigator for wear, nicks and chemical damage.

"This hasn't been overly cleaned or tampered with, but it appears to have bumped with other coins," he said of a gold dollar coin.

Founded in 1986, Professional Coin was the nation's first systematic grader, using a scale of 1 to 70 to give traders a common yardstick to value their goods. Howard gave the gold coin a 66.
"We do what Standard & Poor's and Moody's do," said Michael Haynes, CEO of Collectors Universe, the Newport Beach parent of Professional Coin Grading. "With that information, the marketplace knows how to set the price."

The price-setting occurs through the Certified Coin Exchange, an online marketplace established in 1990 that Collectors Universe acquired in a $2 million deal last year. Subscribers can get up-to-the-minute prices for every type of currency from a halfpenny to American Eagle bullion.
"There's a tremendous amount of information that wasn't available 10, 20, 30 years ago," said Steve Deeds, president of Bowers and Merena, an Irvine company that traded $40 million in coins last year in live auctions.

Despite the advent of online trading, much of the coin business still occurs face to face. One of the nation's largest coin expos comes to nearby Long Beach three times a year, and a fledgling coin show is scheduled for its second annual run at the Anaheim Convention Center in May.
"This part of California is the coin capital of the United States," Deeds said. "There's such a high concentration of people with a high net worth here, people who can afford to collect. And it's a nice place to live."

During the past five years, coins, like gold, have appreciated faster than stocks or other investments. But the coin-collecting industry has not been trouble-free.

A bubble fueled by Wall Street speculators popped in the late 1980s, sinking enthusiasm in coins for years. Last year, a scandal called "coingate" rocked Ohio politics when a Republican Party fundraiser and coin company operator lost millions of dollars through unscrupulous investments of the state's workers' compensation fund in rare coins. The scandal meant more business for a sister company of Bowers and Merena, Irvine coin wholesaler Spectrum Numismatics, which Tuesday signed a $7.5 million contract to buy part of the "coingate" inventory.

Most high-end coin collectors keep their trades confidential, often because of security concerns. Last month, police recovered a gold ingot valued at $500,000 that had been stolen from the Irvine garage of Dwight Manley, a rare-coin collector, sports agent and real estate developer.
Manley, 40, declined to say how much his collection is worth. Unlike most collectors, who prefer coins in mint condition, he prefers coins that have been circulated. His favorites include his first coin, a 1909 penny found in a coffee can, and the first coin he bought, a 1794 penny that cost $400 in 1982.

"Coins are a history you can hold in your hands," he said. "They tell a story. They changed in size and metallic content because of recessions and wars. To me, they're like a time capsule."
Manley considers coin collecting an educational hobby. Contursi turned his hobby into a profession. His personal collection is his privately held company's $30 million inventory, which he trades to support himself and 16 employees.

He began collecting at age 7, scrounging for pennies to fill a blue Whitman coin album. The son of a taxi driver and a meter maid living in the Bronx, Contursi said he was too poor to collect nickels or dimes. He picked through rolls of pennies for rarities, devoured coin newsletters, haunted coin shows and prowled coin shops.

"I learned I could buy at one shop and go across town and sell what I bought for a profit," he said. "Here I am as a kid, selling to crusty old veterans, and I realized that not everyone sees the same value in the same thing. What I was doing was arbitraging."

Contursi enrolled in a Ph.D. program in physics at the University of Minnesota, moonlighting in a coin shop to pay for graduate school. But instead of earning his doctorate, he bought the coin shop. In 1988, he moved to Orange County to escape the cold.

"I thought, 'What am I doing in this tundra?'" he said. "All I needed was a phone and a good airport."

The Andrea Doria cash - labeled, laminated and stacked in the vaults of Professional Coin Grading Services - is a new type of venture for Contursi, a move from wholesale to retail, a scheme that seems to contradict the cold calculations behind his success.
"I fell in love with the story," he said.

On the night of July 25, 1956, as the cruise ship steamed toward New York, it rammed into another liner and sank. Contursi was only 4 when the ship went down, but the event lived in his imagination, fueled by his Italian-American relatives' concerns that they could have been on the doomed vessel.

In 1981, divers recovered the Andrea Doria's safe, anticipating a treasure of jewels. Instead, they found only the bursar's cash, tattered and faded after decades underwater.
"I haven't decided on the price yet," he said, "These are the last remaining mementos of a historic event. Once they're gone, they're gone."

144 Years Ago Today, In God We Trust on US Coins

One Hundred and fourty four years ago today, April 22nd, The US Congress passes the Coinage Act of 1864 which mandated that the inscription “In God We Trust” be placed on all coins minted as United States currency.

The motto was placed on United States coins largely because of the increased religious sentiment resulting from horror, carnage and resulting dispair of the Civil War. Secretary of the Treasury Salmon P. Chase received many appeals from devout persons throughout the country, urging that the United States recognize the Deity on United States coins.

From Treasury Department records, it appears that the first such appeal came in a letter dated November 13, 1861. It was written to Secretary Chase by Rev. M. R. Watkinson, Minister of the Gospel from Ridleyville, Pennsylvania, and read:

Dear Sir: You are about to submit your annual report to the Congress respecting the affairs of the national finances.
One fact touching our currency has hitherto been seriously overlooked. I mean the recognition of the Almighty God in some form on our coins.
You are probably a Christian. What if our Republic were not shattered beyond reconstruction? Would not the antiquaries of succeeding centuries rightly reason from our past that we were a heathen nation? What I propose is that instead of the goddess of liberty we shall have next inside the 13 stars a ring inscribed with the words PERPETUAL UNION; within the ring the allseeing eye, crowned with a halo; beneath this eye the American flag, bearing in its field stars equal to the number of the States united; in the folds of the bars the words GOD, LIBERTY, LAW.
This would make a beautiful coin, to which no possible citizen could object. This would relieve us from the ignominy of heathenism. This would place us openly under the Divine protection we have personally claimed. From my hearth I have felt our national shame in disowning God as not the least of our present national disasters.
To you first I address a subject that must be agitated.

As a result, Secretary Chase instructed James Pollock, Director of the Mint at Philadelphia, to prepare a motto, in a letter dated November 20, 1861:

Dear Sir: No nation can be strong except in the strength of God, or safe except in His defense. The trust of our people in God should be declared on our national coins.
You will cause a device to be prepared without unnecessary delay with a motto expressing in the fewest and tersest words possible this national recognition.
It was found that the Act of Congress dated January 18, 1837, prescribed the mottoes and devices that should be placed upon the coins of the United States. This meant that the mint could make no changes without the enactment of additional legislation by the Congress. In December 1863, the Director of the Mint submitted designs for new one-cent coin, two-cent coin, and three-cent coin to Secretary Chase for approval. He proposed that upon the designs either OUR COUNTRY; OUR GOD or GOD, OUR TRUST should appear as a motto on the coins.

In a letter to the Mint Director on December 9, 1863, Secretary Chase stated:

I approve your mottoes, only suggesting that on that with the Washington obverse the motto should begin with the word OUR, so as to read OUR GOD AND OUR COUNTRY. And on that with the shield, it should be changed so as to read: IN GOD WE TRUST.
The Congress passed the Act of April 22, 1864. This legislation changed the composition of the one-cent coin and authorized the minting of the two-cent coin. The Mint Director was directed to develop the designs for these coins for final approval of the Secretary. IN GOD WE TRUST first appeared on the 1864 two-cent coin.

Another Act of Congress passed on March 3, 1865. It allowed the Mint Director, with the Secretary’s approval, to place the motto on all gold and silver coins that “shall admit the inscription thereon.” Under the Act, the motto was placed on the gold double-eagle coin, the gold eagle coin, and the gold half-eagle coin. It was also placed on the silver dollar coin, the half-dollar coin and the quarter-dollar coin, and on the nickel three-cent coin beginning in 1866. Later, Congress passed the Coinage Act of February 12, 1873. It also said that the Secretary “may cause the motto IN GOD WE TRUST to be inscribed on such coins as shall admit of such motto.”
The use of IN GOD WE TRUST has not been uninterrupted. The motto disappeared from the five-cent coin in 1883, and did not reappear until production of the Jefferson nickel began in 1938. Since 1938, all United States coins bear the inscription. Later, the motto was found missing from the new design of the double-eagle gold coin and the eagle gold coin shortly after they appeared in 1907. In response to a general demand, Congress ordered it restored, and the Act of May 18, 1908, made it mandatory on all coins upon which it had previously appeared. IN GOD WE TRUST was not mandatory on the one-cent coin and five-cent coin. It could be placed on them by the Secretary or the Mint Director with the Secretary’s approval.

The motto has been in continuous use on the one-cent coin since 1909, and on the ten-cent coin since 1916. It also has appeared on all gold coins and silver dollar coins, half-dollar coins, and quarter-dollar coins struck since July 1, 1908.

Gold Shining Brighter Than Ever

by David McEwen

Conditions still favor gold. Gold prices rose over recent weeks as record oil prices and continued weakness in the dollar encouraged investors to buy into bullion. With crude prices touching an all time record, gold's role as a hedge against rising inflation has seen the precious metal move higher. Prices are also taking support from the US dollar's ongoing slump, with investors using gold as an alternative to the most common form of currency reserves.

US commentator, Adrian Ash says you can link the historic surge in gold prices starting mid-August 2007 to many apparently disparate things. Pick the right link, and you might be able to tell whether it's worth you buying or holding gold today.

One such link, he says, is the price of money, as decided by the US Federal Reserve. “Gold's stellar 58% gain in the seven months starting 18th August began with the Fed's first change to US interest rates in 18 months. Last August's 0.25% cut to the Fed's "discount rate" – the interest rate it charges commercial banks to borrow short-term funds – was the Fed's first interest-rate cut since July 2003. By the end of March 2008, it became a 3% cut to the bank's key Fed Funds target.”

And gold's initial jump turned into a pole vault. The real cost of borrowing US dollars – or rather, the real returns paid to anyone saving money today – clearly impacts the demand for investment gold. You can measure this real rate of interest quite simply, says Ash. “Just subtract the rate of Consumer Price inflation (CPI) from the Fed Funds interest rate, then compare this changing value to the price of gold, and you'll see that when the real returns paid to cash sink below zero, investors and savers tend to pay more – or demand more – for gold.”
That's what investors and savers did in the 1970s. It's what they then did not do again until real US interest rates sank towards and below zero during the first six years of this decade. Why choose gold when real interest rates sink? Because if central bankers, driven by a fear of "deflation" in asset prices and consumer spending, try to stop the public hoarding cash, then people will seek out reliable stores of value instead, led by hard assets.

Unlike real estate, however, gold bullion remains a highly liquid, easily priced asset that can store huge quantities of wealth in a very small space. Unlike corn or crude oil, it needn't cost you a fortune to store or insure.

Gold, as Ash points out the action since August's first Fed cut reminds us, has acted as a reliable store of wealth for more than 5,000 years. In times of monetary destruction, or so history says, it's human nature to seek an escape from fast shrinking currencies.

What does this tell us? That the gold price is behaving much more like a currency than it is acting like a raw material. This is a function of gold many people have forgotten about during the recent years of relatively stable financial markets.

While it may seem hard to believe, it is conceivable that one day people will only accept gold for goods and services instead of intrinsically worthless paper currency or its electronic equivalent.

Gold in Them Thar Hills?
by Diana Aydin

Or maybe the attic -- but collecting can reap rewards

When Tom Pilitowski was about 6 years old, and at home because of the flu, he took out his brother's coin collection, kept in Whitman folders, and cleaned the coins "with a pencil eraser." "Not sure why I decided to do that," he said. "He's my older brother, Billy, and as the younger brother I probably wanted to do something to help him out. And noticing his coins were 'dirty,' I decided to clean them."

The act of kindness wasn't appreciated when his brother saw what he had done.
Pilitowski, a coin dealer and president of U.S. Rare Coin Investments usrarecoininvestments.com, knows better now, but the experience was his "very first exposure to coin collecting."

"The passion slowly developed over time, and it was others around me that noticed that [development]," he said. "I didn't realize that I'd become a 'lifer' in the profession [till] years later."

Like Pilitowski, a collector's passion for collecting items like stamps or coins can start in childhood.

"That's the way it is for most people," said John Apfelbaum, president of Earl P.L. Apfelbaum, Inc., in Jenkintown, Pa., about stamps. "Most people who become serious collectors in adulthood also collected when they were children and they get back into the hobby."

But what starts as a hobby could also be a profitable investment. "Some financial planners recommend 20 percent of one's total net worth to be in tangible assets of one kind or another," Pilitowski said. "Some recommend more, some less. I think much depends on the individual and how knowledgeable and comfortable the individual is with the investment."

From stamps and antiques to less-conventional items like Barbie dolls, investors can turn their passions into long-term, even valuable investments. "Someone can start a collection of very minor things," said Frances Zeman, director of the Brooklyn, N.Y.-based Appraisal Resource Associates, Inc. "There are so many things to collect, all the way from bottles and cans, and all kinds of ashtrays, and little McDonald's things and all sorts of things you can collect, anywhere from a few dollars up to millions."

Those unusual items can even include old soda and beer cans. While most people collect such items as a hobby, there can be investment potential in cans, according to Tom Rutledge, who runs the Web site Soda and Beer Can Connection (sodaandbeercanconnection.com) with fellow collector Dave Cichoracki.

"To purchase cans for an investment you must be very knowledgeable, regarding the rarity of the cans that you purchase," Rutledge said. "As with any investment, there are risks. Occasionally, after a rare can is purchased, somebody will find a group of the same can. Although the can still has value, it could be greatly decreased."

And investing in stamps and other goods is not necessarily an easy investment.
"It's a hobby with a long history and long tradition, and stamp prices have gone up over time," Apfelbaum said. "But I'm not sure it's the best way to invest. And there are issues of having to take care of the stamps that you have. You can lose them or damage them and you have to insure them. It's not really for everybody."

But for those who do choose to invest in such objects, the benefits could be numerous.
"There are many, but examples of benefits include confidentiality for one, as there are no reporting requirements, no social security numbers taken, as is the case in almost every other form of investment," Pilitowski said of coin investment.

"Another is portability. A virtual fortune can fit in a safe deposit box or even in one's pocket."
In order to realize those benefits, education and the guidance of insiders is important, according to both Zeman and Pilitowski.

"No one would start collecting tropical fish and just throw their fish into a teacup," added Apfelbaum. "They learn about what they're doing."

When John Yarmac, a customer of Pilitowski since the early 1990s, began investing in coins, he "knew absolutely nothing." He educated himself by reading coin publications and books. Also important, he said, is a trustworthy and knowledgeable coin dealer.

Silver and Gold "I still have some relatively valuable ones, and it's a nice way to hold on to some wealth in a very small area," said Yarmac, 67, of Buckland, Mass. "I am a great believer in gold and silver as an investment, as a protection against inflation."

Yarmac's gold and silver coins account for about 50 percent of his investments, in addition to CDs and bonds.

"There's a basic value to this stuff as an antique, but also as gold," he said. "It's sort of the last place if you want to assure something to give to your relatives when you die or to live halfway decently in your older age."

And you don't need to spend a fortune on rare items in order to make a profit. For the most part, according to Zeman, collecting items for investment isn't limited based on income.
"People can buy a coin here and there, and put them away for a rainy day and not need a fortune in which to start," Pilitowski said.

Wealth could also be hidden in items investors already have in their possession.
"I receive calls and e-mails every day from people who have no idea of what the value is of coins and other tangible assets they have inherited."

So before you throw away the old furniture in your attic or cash in your grandfather's old coin collection, you might want to consider their investment potential.

Majority Favors Retaining Cent

By Numismatic News

A majority of Americans still wish to see the cent retained as a circulating coin, according to a Harris Poll conducted by Harris Interactive released April 14.

The online poll shows that 56 percent are in favor of keeping the cent while 24 percent favor its elimination. Another 20 percent say they are not sure.

Among men, those in favor of retaining the coin is under half at 49 percent while those who would like to see it abolished come in at 34 percent. Some 17 percent are not sure.

Women are more strongly in favor of the coin, with 62 percent support and only 14 percent say get rid of it. Not sure rates 23 percent.

Income levels play a role in opinions. The higher the income, the more inclined respondents are to favor elimination. At $75,000 and higher income levels, 32 percent of respondents say get rid of the coin while 51 percent say keep it. Not sure ranks at 18 percent.

At $35,000 annual income, only 16 percent favor elimination and 64 percent want the coin retained. Not sure weighs in at 20 percent.

In addition to questions about the cent, the poll inquired whether respondents had seen the new Presidential dollar coins. Interestingly, the lowest affirmative response was in the East despite the fact that debut ceremonies were held there. Saying they had seen it were 18 percent in the East, 25 in the Midwest, 28 percent in the South and 25 percent in the West.

When asked if they preferred the $1 coin to the $1 bill, 13 percent said they prefer the coin and 76 percent said the paper dollar. Not sure was 11 percent.

There was a variation between men and women. For men, 18 percent prefer the coin while it is only 8 percent of women. Preferring paper was 70 percent of men and 81 percent of women. Equality prevails for the 11 percent of each who are not sure.

More color to help tell paper denominations apart was supported by 68 percent.
Harris Poll seeks participants in online polls and asks people to register at www.harrispollonline.com.

Royal Canadian Mint Launches Second Series of 2008 Collector Coins

By Royal Canadian Mint

Anne of Green Gables™, Milk Delivery, Dinosaur Triceratops, Agriculture Trade, Purple Saxifrage, De Havilland Beaver, Downy Woodpecker, Canada Day Kid’s Activity and Coin Set, and Vancouver 2010 Magnetic Pin and Sport Coin mark the second series of 2008 Royal Canadian Mint collector coins now available.

The Royal Canadian Mint is pleased to announce that adoring fans of Anne of Green Gables can now purchase the widely anticipated 25-cent collector coin bearing the colourfully painted image of the spirited heroine created by Canadian author Lucy Maud Montgomery exactly 100 years ago.

Coin collectors and gift givers alike can also look into the Mint’s newest offerings to find other exciting products, such as a triangular silver 50-cent Milk Delivery Coin, whose green enamel effect mimics the colourful variety of the milk tokens of our past, a new $4 silver dinosaur collection coin featuring Triceratops, the latest addition to the 99999 pure gold provincial flowers series, the first-ever fine silver edition of the popular gold Historical Commerce series, honouring agriculture, and a set of fun magnetic Vancouver 2010 Winter Games sports coin pins.

“Beginning with the vibrant Anne of Green Gables coin, the latest series of numismatic and gift products offered by the Royal Canadian Mint celebrate distinctly Canadian themes in brilliant colour, fine craftsmanship and skilful innovation”, said Ian E. Bennett, President and CEO of the Royal Canadian Mint. “The diversity and creativity of these products are sure to appeal to a wide audience, in Canada and around the world”.

The following describes some of the featured products that are now available:

2008 25-CENT COIN – CELEBRATING THE 100TH ANNIVERSARY OF ANNE OF GREEN GABLES™Also celebrating its centennial this year, the Royal Canadian Mint is thrilled to share this anniversary with the legendary Anne Shirley, the beloved heroine of Anne of Green Gables. Since 1908, this celebrated novel has won the hearts of readers all over the world. Now, an oversized, nickel-plated steel 25-cent painted coin, bearing a portrait by accomplished illustrator Ben Stahl, will win over coin collectors and Anne of Green Gables memorabilia hunters alike. While supplies last, the coin will retail for a suggested $19.95 CDN.

2008 50-CENT TRIANGLE COIN – MILK DELIVERY The innovation continues as Canadian heritage is presented in a new light by a coin evoking the myriad shapes and colours of milk tokens, a popular collectible when dairy products were delivered directly to Canadian homes. True to the shape of the token which inspired this unique coin, the Mint has struck its very first triangular coin. Made of sterling silver, its reverse is finished in a translucent green enamel-like finish.
Limited to a mintage of 25,000, this visually striking coin retails for a suggested $49.95 CDN.

2008 DINOSAUR COLLECTION – TRICERATOPS The selectively oxidized Dinosaur Collection four-coin series continues with its second instalment: the 2008 $4 Silver Triceratops Coin. Celebrating Canada’s wealth as a source of world-class dinosaur fossils, one of the most identifiable reptilians of pre-history is showcased in striking realism on this innovative coin. Only 20,000 coins, with a suggested retail price of $39.95 CDN, are available world-wide.

2008 $20 FINE SILVER COIN – AGRICULTURE TRADE A fixture of the Mint’s 22K $200 gold coin line for several years, the Historical Commerce collection is expanding to its first-ever rendition in pure silver. The attachment of Canadians to the land and the horse’s relationship to our agricultural heritage is celebrated once again in a proof-quality coin featuring the same elegant design as its gold sibling, Thornhill, Ontario artist John Mardon’s depiction of an early Canadian farmer plowing a field with the help of two majestic draft horses. Limited to a mintage of 10,000, it is composed of 99.99% pure silver and retails for a suggested $69.95 CDN.

2008 $350 PURE GOLD COIN – PURPLE SAXIFRAGE The 11th in a series started in 1998, Nunavut’s official flower, the purple saxifrage, which blooms briefly but impressively every spring as wide expanses cover exposed ridges and hilltops as the long cold winter comes to a welcome end. This newest edition to
Canadian floral emblems is honoured in the finest numismatic gold coin in the world, made of 99.999% pure gold. The reverse of this exquisite coin was designed by artist Celia Godkin of Frankville, Ontario. Proposed at $1,676.95 CDN, this coin is limited to a worldwide mintage of 1,400.

2008 1/25 OZ GOLD COIN – DE HAVILLAND BEAVER The smallest gold coin ever produced by the Mint makes it possible for many collectors to own a fine coin crafted from this increasingly precious metal. In 2008, the 1/25 oz 99.99% pure gold coin is struck with the image of the famous De Havilland Beaver. A testament to Canada’s “can do” spirit, this plane which helps conquer the Canadian North is back as an enduringly popular numismatic theme. With a reverse designed by Toronto artist Peter Mossman, this coin is limited to a world-wide mintage of 20,000, each proposed at $85.95 CDN.

2008 25-CENT COIN – DOWNY WOODPECKER Corresponding with the latest instalment the Canadian Wildlife Federations’ “wildly” popular Hinterland Who’s Who vignettes, the Mint honours the Downy Woodpecker on a painted 2008 25-cent coin. Instantly recognizable by the hammering sound it makes when perforating tree trunks in search of its next meal, the image of this woodland noisemaker appears in full colour thanks to artist Arnold Nogy of Coldwater, Ontario. This coin is limited to a worldwide mintage of 25,000 and is available at the suggested retail price of $24.95 CDN.

2008 CANADA DAY KID’S ACTIVITY AND COIN SET The Mint prepares to celebrate Canada’s birthday with its eighth Canada Day Coloured 25-cent coin. The coin displays a cool moose wearing patriotic red for this most special occasion. The 2008 Canada Day coin is housed in an activity set featuring a maze, word find and Sudoku-type games, as well as four temporary tattoos perfect for Canada Day celebrations. This activity and coin set retails for a suggested $15.95 CDN.
The Mint is also introducing a perennial favourite among collectors: a 25-coin roll of 50-cent pieces in a limited quantity commemorative paper wrap. Only 6,000 of these special rolls are being offered at a suggested retail price of $19.95 CDN.

VANCOUVER 2010 MAGNETIC PIN AND SPORT COIN As the countdown to the Vancouver 2010 Olympic and Paralympic Winter Games continues, the Mint has put a new spin on two traditional hobbies: pin trading and coin collecting. This inventive gift product consists of a pin enamelled in the official colours of the Vancouver 2010 Winter Games and a circular magnet designed to hold a 25-cent circulation coin commemorating Canada’s next Olympic and Paralympic Winter Games. Customize your pin by combining it with your favourite sport coin. This unique gift is being offered with one of six popular Canadian winter sports: ice hockey; alpine skiing; freestyle skiing; snowboarding; curling, and figure skating. Apply these or any other Olympic or Paralympic themed circulation coin you find in your change to display your spirit for the Games!

All of the Mint’s products are available directly from the Mint at 1-800-267-1871 in Canada, 1-800-268-6468 in the US, or on the Internet at www.mint.ca. The coins are also available at the Royal Canadian Mint’s global network of dealers and distributors.

About the Royal Canadian Mint The Royal Canadian Mint, which is celebrating its 100th anniversary in 2008, is the Crown Corporation responsible for the minting and distribution of Canada’s circulation coins. An ISO 9001-2000 certified company, the Mint is recognized as one of the largest and most versatile mints in the world, offering a wide range of specialized, high quality coinage products and related services on an international scale. For more information on the Mint’s history, its products and services, please visit www.mint.ca.

Record 32-D Wahington Quarter for $143,750.00

By Bowers and Merena

The 1932-D Washington Quarter. MS-66 (PCGS).(Lot 322) has sold in the Bowers and Merena April 2008 Chicago Rarities Sale Session One yesterday for the amount of $143,750. That is a record for any Washington quarter.

Below is the auction Lot description from the B&M catalog:
“The 1932-D is unique as a Denver Mint Quarter struck during the four-year period from 1930 to 1933. It is also the premier D-mint delivery in the Washington Quarter series, which confirms its historical significance in the 20th century U.S. coinage family. That the 1932-D is also a low-mintage issue with just 436,800 pieces produced has been well known in numismatic circles for decades. On the other hand, that particular fact seems to have been lost on the contemporary public.

One would think that the 1932-D would now be readily obtainable in Mint State due to its first-year status. After all, the contemporary public usually saves large numbers of first-year coins as novelty items, such activity explaining the relative availability of even many low-mintage issues. (An excellent example is the 1909-S V.D.B. Lincoln Cent, Mint State examples of which really do abound in numismatic circles despite a delivery of just 484,000 pieces.) This did not happen in the case of the 1932-D Quarter, however, and anyone interested in setting aside an example of the new type was content to focus on the 1932 or, to a much lesser extent, the 1932-S. This explains why the 1932-D is the prime condition rarity in the entire business strike Washington Quarter series of 1932-date.

The 1932-D is also a key-date issue in the finer circulated grades. Writing in 1994 (The Complete Guide to Washington Quarters) John Feigenbaum asserts that most ‘32-D Quarters in numismatic circles are heavily worn and grade AG or Good. The author also opines that this grade distribution suggests that the 1932-D circulated heavily from the day of issue and escaped collector or other interest for many years.

As far as Mint State coins are concerned, the finest that is usually obtainable in a 1932-D Quarter is an MS-64. Such examples are actually quite plentiful from a market availability standpoint, and this cataloger has produced very few catalogs that did not have at least two or three MS-64s in PCGS and/or NGC holders. The situation, however, changes dramatically beginning in MS-65. Gems are few and far between, and it is not unusual for us to go several sales without offering a single PCGS or NGC MS-65. In MS-66, the 1932-D is unique and represented solely by the important PCGS-certified example that we have the pleasure of highlighting in this lot.

This cataloger had the extremely good fortune of examining this coin when it was consigned to auction in 2001. The coin achieved a record price in that sale despite that fact that the auction took place before the Registry Set concept popularized the collecting of finest-known coins. It is still mounted in the same, older-style PCGS holder with a green insert and identification number 4260522. The luster is full with a vibrant, softly frosted texture as typically seen in high-quality survivors of this Denver Mint issue. The level of surface preservation, however, is extraordinary. Indeed, it is neither rivaled nor surpassed by that possessed by any other ‘32-D Quarter known. There are none but a couple of extremely trivial ticks on the obverse, including one at the base of Washington’s neck above the digit 2 in the date that would seem to make a useful pedigree marker. The toning is also highly attractive, the obverse ringed in reddish-orange and olive-gold peripheral iridescence that frames a brilliant center. On the reverse, you will see soft silvery tinting that yields to a blush of olive-copper patina only at the lower border. Easily the most important offering in the Marquette Yakima Registry Set of Washington Quarters, this unique, top-of-the-pop condition rarity also numbers among the most significant coins in this sale irrespective of denomination or type.

Combined PCGS and NGC Population: only 1; and none are finer.PCGS# 5791.From the Marquette-Yakima Registry Set of Washington Quarters. “

Glacier National Park Coins Proposed

By CoinNews.net

New legislation has been introduced in the House by Rep. Denny R. Rehberg [R-MT] that would create a commemorative coin to mark the 100th anniversary of Glacier National Park.

The $1 coin would be composed of 90% silver, limited to a production run of 200,000 and minted for release in 2010.

The sale of each collector coin would include a $10 surcharge going to the Glacier National Park Fund, a non profit organization focused on projects devoted to wildlife, natural resource conservation, park preservation, and education and visitor experience.

Congressman Rehberg introduced the bill on April 8 and it has been referred to the House Committee on Financial Services. Although there are no current cosponsors in the House, the legislation has the joint backing of Montana Senators Max Baucus [D-MT] and Jon Tester [D-MT].

“Glacier National Park is not only a state treasure but it’s an integral part of our country’s heritage as well. The 100-year anniversary should be commemorated and celebrated across our state and across the U.S.,” Baucus said.

“The entire world considers Glacier Park a treasure,” said Tester, a member of the Senate Subcommittee on National Parks. “Commemorating Glacier’s anniversary with a unique coin is a fitting way to celebrate everything the park has to offer. And it will help raise the funding needed to help keep Glacier a special place for future generations.”

“This bill is a great recognition of Glacier’s rich history,” said Rehberg. “Max, Jon, and I have fought hard to protect the Park’s rich natural resources and it’s only fitting we work together to commemorate this special place and benefit a good cause.”

Price Increase for American Eagle 10th Anniversary Platinum

The U.S. Mint has reopened sales of the American Eagle 10th Anniversary Platinum Coin Set. The set was on a near two month hiatus, having been suspended for sale due to the surging price of platinum.

Collectors will be less than thrilled with the new $2,649.95 price tag, which is $700 higher than when the coins first went on sale December 13, 2007. However, the set’s percentage premium above the price of Platinum is very close to that of the time when the coins were first sold. Feelings of sticker shock really highlight the increase in precious metals prices since December 2007.

That being said, while the 10th anniversary Platinum set was on sale for two months at its initial price of $1949.95, it did not sell out—even though there was a period of time when it was close to the price of Platinum. The $700 increase is sure to make thoughts of buying the coins more disheartening.

To help its sale, the U.S. Mint has removed order limits. As of last week, less than 20,000 of the 30,000 allowed sets had been sold.

The American Eagle 10th Anniversary Platinum Coin Set includes two one-half ounce .9995 platinum proof coins.

To mark the 10th anniversary, the set is limited to 30,000 and one of the coins is a specially enhanced reverse proof.

The enhanced reverse proof coin features a frosted background and a brilliant, mirror-like finish on the raised elements of the coin. This is an enhanced reverse proof version because it is not an exact opposite polish of the regular proof version. The design elements on the enhanced reverse proof Platinum coin were strategically selected to feature the proof, mirror-like finish in contrast to frosted background design elements to enhance the entire image.

Since 1997, the Mint’s American Eagle Platinum Proof Coin has featured Lady Liberty on the obverse or heads side of the coin. The reverse or tails side of the coin represents the Executive Branch of the government with the depicted bald eagle with its wings spread wide to represent freedom and a shield at the ready to enforce the laws that guarantee those freedoms.

Order informationInitially there was an order limit of one set per household.
That restriction has been removed and the set may be order for $2,649.95 through the Mint page:
The coins may also be ordered through the Mint’s toll-free number, 1-800-USA-MINT (872-6468).
Hearing and speech-impaired customers with TTY equipment may place their orders by calling 1-888-321-MINT (6468) 8:30 a.m. to 5:00 p.m. (ET), Monday through Friday.

PCGS MS69 1907 $20 Wire Rim High Relief Realizes $517,500 at Heritage’s $10 Million Phoenix ANA Signature Auction

The Official Auction of the ANA’s Phoenix National Money Show, presented by Heritage Auction Galleries March 6-7 included a wide range of PCGS-certified rarities among $10 million in prices realized. The auction, containing 2,000 lots, marked Heritage’s 37th official auction on behalf of the American Numismatic Association. Images, descriptions, and prices realized are currently posted at Heritage’s HA.com website.

Highlights from Heritage’s Phoenix ANA Signature Auction:
Lot 138: 1792 Washington Getz pattern cent, Small Eagle, Copper XF40 PCGS. Baker-25. Breen-1352. Realized: $40,250The dies for this well executed, plain-edged pattern Cent were engraved by Peter Getz of Lancaster, Pennsylvania, based on designs of young English engraver John Gregory Hancock.

Lot 1045: 1889-CC Morgan dollar, MS63 PCGS. Realized: $40,250This is the rarest and most desirable Carson City Morgan dollar coined from 1878 to 1893. From The Oxford Collection.
Lot 1136: 1893-S Morgan dollar AU55 PCGS. Realized: $37,375This coin’s overall visual appeal is solid, and the fields retain the vast majority of their modestly reflective luster. From The Oxford Collection. Ex: Mike Casper II.

Lot 1227: 1895 Morgan dollar PR63 PCGS. Realized: $43,125The 1895 is easily the most discussed Morgan proof issue and the one that receives the most attention from numismatists. From The Oxford Collection.

Lot 1228: 1895 Morgan dollar PR64 PCGS. Realized: $44,562It is possible that numismatists will never discover what happened to the missing 12,000 circulation strikes (or even if they ever existed).

Lot 1356: 1865 Gold dollar, MS68 PCGS. CAC. Realized: $34,500The mintage of 1865 gold dollars was a minuscule 3,725 examples -- among the lowest of the entire Type Three series; this is tied for the finest certified.

Lot 1446: 1884 $3 PR66 Deep Cameo PCGS. Realized: $63,250The three dollar gold piece had gained immense popularity among collectors by the end of its duration. Only 2 certified finer. From The Ultra Collection.

Lot 1450: 1879 $4 Flowing Hair, Judd-1635, Pollock-1833, R.3 PR65 Cameo PCGS. Realized: $218,500Numismatic tradition is that 425 of these four dollar gold pieces were coined in 1879, but whatever the actual mintage, only 11 have been certified finer (1/08). From The Ultra Collection.

Lot 1649: 1861-O $20 AU58 PCGS. Realized: $86,250Of the 17,741 1861-O pieces coined at the New Orleans Mint, only 5,000 were struck under the authority of the United States, with 9,750 double eagles for Louisiana as an independent state, and 2,991 under the auspices of the CSA. Only two certified finer.

Lot 1766: 1907 $20 High Relief, Wire Rim MS69 PCGS. CAC. Realized: $517,500Mint Director Leach had the pieces struck to satisfy President Roosevelt's desires for high relief coinage, all the while realizing that the design was impractical for modern, one-blow circulation coinage. None have been certified finer. Ex: Trompeter Collection; The Phillip H. Morse Collection of Saint-Gaudens Coinage.

Lot 1767: 1907 $20 High Relief, Flat Rim MS65 PCGS. Realized: $69,000An extraordinary example of the most coveted 20th century gold issue. From The Ultra Collection.

For more information about Heritage’s auctions, and a complete record of prices realized, along with full-color, enlargeable photos of each lot, please visit www.HA.com.

Rare coins have collector wondering

By DAVE WARGO

World War II veteran Cosimo Mustacchio of Summit Hill examines three coins he purchased or that were given to him through the years. One is Roman in nature, the second is an 1898 Russian ruble while the third claims to be a Confederate penny. Although Cosimo Mustacchio of Summit Hill admits he's not an expert coin collector he has dabbled in the hobby through the years.

A recent article in another paper prompted him to exhibit three of his prized coins for The TIMES NEWS recently.

"I got these coins over the years, one from a collector and another from a German ship captain when I was in the Merchant Marines and the last I bought from a man in Upland, Pa," said Mustacchio as he displayed the coins on the table in his dining room. He retrieved a magnifying glass so that they could be seen better as he related the short anecdotes that accompanied his coins. his coin appears to be Roman in origin. Cosimo said it was found by another collector on a field in Virginia. An emperor appears to be on the front while the rear displays an eagle or beast of some kind. It has an "L" on the rear also, perhaps a symbol for 50. "This first coin is what I call a Biblical coin," he said. "I purchased it from a guy in Upland, Philadelphia who told me he found it walking through a field in Virginia, but I doubted his story." He displayed a copper colored coin that looked quite aged. On the front amidst the wear was clearly displayed what appeared to be a Roman emperor. On the reverse was an eagle type creature with the letter "L" which is also the Roman symbol for 50.

Mustacchio worked for several years as a Merchant Marine and a fellow sailor, a German ship captain gifted him with this Russian ruble that has an 1898 date. The front shows Nicholas II while the rear shows the coat of arms for the tsar. Mustacchio admitted he was not a coin expert but felt that it could be a genuine Roman coin although he is hoping that if someone sees it in the newspaper and has more information, he definitely would be interested in its history. This Confederate cent appears to have been designed by engraver Robert Lovett of Philadelphia. The dies were hidden but resurfaced several times after the war and used to make commemorative coins. It is uncertain from which era this cent piece originates. The next coin was a brilliant gold color and was obviously more modern. "This coin is a Russian ruble minted in 1898," he said. Mustacchio, who is a Navy veteran, worked in the Merchant Marines in Philadelphia after World War II. It was at that time he came in contact with a German ship captain who was working on a commercial freighter and was a veteran of the German army.

"We got to know each other and one day he gave me this coin as a gift from one friend to another," said Mustacchio. The front of the coin bore the likeness of Nicholas II while the reverse has a two headed eagle which research showed to be the tsar's coat of arms.
The last coin appears to be a Confederate cent piece from 1861 which Mustacchio purchased from a dealer. Although Mustacchio is not familiar with the origin, some research online at a site called www.coinsite.com uncovered the story of this coin.

Secret Confederate agents approached Philadelphia engraver Robert Lovett about creating dies for the Confederacy. Lovett started that project but after creating the dies and a dozen samples, he got cold feet and hid everything. After the war, he accidentally spent the coin in a bar and it ended up in the hands of collector Captain John Haseltine who tracked Lovett down, bought the dies and coins and proceeded to make several gold, silver and copper coins.

The dies passed from collector to collector until they ended up in the Smithsonian Institution. In 1961, the dies which by that time were damaged were used to mint coins for the Centennial Anniversary of the Confederacy, but since then they have not been used.

Perhaps a coin collector can provide more information to Cosimo on these interesting coins. If anyone can shed some light on their history, they can contact him through the newspaper or by writing to me at dawargo@ptd.net.

Dolly Parton and U.S. Mint to Release Bald Eagle Coins

By CoinNews.net

The United States Mint has announced the upcoming release of a young eaglet into the wild in Douglas Lake, Tennessee, in the foothills of the Smoky Mountains. The release will occur tomorrow morning, April 10, and media are invited to watch.

Country music star Dolly Parton will have the honor of pulling the rope that will free the 14-week-old eaglet from its artificial nest.

The public may be able to catch the star nearby on April 11 and 12 at Dolly’s Homecoming at Dollywood, a theme park in the foothills of the Smoky Mountains that not only has rides, but shows with "amazing birds of prey." The American Eagle Foundation (AEF) eagle center is also located on Dollywood property.

American Eagle Foundation rearing eaglets The soon-to-be released eaglet has been raised by the American Eagle Foundation, which is an organization dedicated to the care and protection of bald eagles. AEF has been responsible for releasing at least 100 eagles back into the wild using both a scientific and naturalistic approach.

Helping AEF at times are two non-releasable adult bald eagles, Liberty and Justice. The pair take turns sitting on recovered eggs during the approximate 35-day incubation period. Liberty and Justice will then rear the young eaglets for approximately 5 weeks until they are moved to a nearby artificial nest in a hack tower overlooking East Tennessee’s Douglas Lake.
Once acclimated to the area for several weeks, the young eagles are given their freedom just like the one tomorrow. For more information on Liberty and Justice and the rearing of eaglets, visit AEF’s Live EagleCam Feed.

Commemorative coins help protect Bald Eagles 2008 American Bald Eagle coins celebrate the once nearly extinct species.

The commemorative coins from the United States Mint are meant to commemorate:
The recovery and restoration of the American Bald Eagle The Bald Eagle’s importance as “the national symbol of the UnitedStates, to America’s lands, waterways, and skies” The 35th anniversary of the Endangered Species Act of 1973 Every coin sold also benefits bald eagles through the American Eagle Foundation. Sales of the commemorative Bald Eagle half-dollar, $1 silver dollar and $5 gold dollar coins include surcharges of $3, $10 and $35 respectively. These surcharges are collected and passed to the foundation to help in their efforts.

Event location and time for eaglet release The event begins at 8 a.m. (ET) on April 10, but media should be gathered by 7 a.m. ET to ensure shots of the eaglet inside the hacking tower and to be escorted into the site. Media members are encouraged to contact Al Cecere, AEF president, at (865) 429-0157 to provide attendance information and receive directions.

Media may meet AEF staff at Boyer’s Market (865-484-1317) on Highway 92/Chestnut Hill Road in Dandridge no later than 6:45 a.m. to be escorted to the remote eagle release location.

Heritage Awards High Relief $20 to Lucky Maryland Collector

By Heritage Auctions

More than 35 Other Winners in Heritage’s 2008 Survey, Including an ANA Life Membership

Dallas, Texas: Heritage Auction Galleries has selected more than 40 winners in their 2008 Auction Survey. The Grand Prize winner, an East Coast collector from Maryland, received a Mint State High Relief Saint-Gaudens $20.

Additionally, an ANA Life Membership was awarded to a numismatist from Ohio, and five ANA members won five-year memberships, and twenty one-year ANA memberships were awarded. Another ten ANA members won $100 gift certificates to the ANA Gift Shop/catalog.

Five Second Prize winners won the ability to auction $100,000 in numismatic properties with no Seller’s Fee, and ten Third Prize winners can auction $50,000 without a Seller’s Fee. Four additional winners received Mint State Saint-Gaudens $20 gold coins.

The winner of the Mint State High Relief Saint, who prefers to remain anonymous, had been collecting coins for more than 49 years, and is an ANA member.

“My fiftieth anniversary as a collector is coming up shortly, and receiving the telephone call from Heritage that a had won such a magnificent coin has started my celebration a little early! As a child, my father would give each of his five children a silver dollar for Christmas; my siblings were anxious to spend theirs as soon as possible, and as I seemed to always have the most money, I would often buy their cartwheels from them!

I guess the collecting bug started early with me. As a type collector, I have long been aware of the beauty and the significance of the High Relief Saint; I have always admired this coin, but had never had the opportunity to purchase one. I have been so thrilled that I cannot wait until it arrives! The former centerpiece of my collection was a gem 1836 Gobrecht Dollar, but that might change now!”

Another excited substantial winner in Heritage’s 2008 Survey was Ohio numismatist Tom Ciha. Tom, who has been a member of the ANA for nearly a decade, had the pleasure of deciding between an ANA Life Membership and one of the ANA’s Summer Seminar courses. He finally decided upon a Lifetime Membership.

He added:
“In the time I have been a member of the ANA, I have been helped by ANA staff members with research information, coordination with dealers, and hobby updates that I feel were invaluable in the enjoyment of my hobby&. Again, I would like to thank Heritage for the lifetime membership prize and also for the quality of the Heritage Auction catalogs and the company professionalism I have experienced.”

“We are gratified by the thanks and the kind words of all of our winners,” concluded Heritage Co-Chairman Steve Ivy. “Our success over the years depends upon the professional relationships we have built with our clients, but we also enjoy the fun of notifying the winners of our Survey contest - and we know they enjoy receiving such calls!”

Palladium Recreated Saint-Gaudens Coins Proposed

By CoinNews.net

Last month U.S. Mint Director Ed Moy announced plans to recreate the famed Saint-Gaudens coin in 24-karat gold for 2009. That gold coin could potentially be supplemented or even replaced by the creation of a less expensive palladium version.

There is new legislation on the table to recreate the coin in palladium—a silver-white precious metal that is directly above platinum and to the left of silver in the Periodic Table of Elements.
The Augustus Saint-Gaudens’ designed coins are thought by many to be the most beautiful ever minted in the U.S. At the time of the announcement for the planned gold recreation of the coin, Mint Director Moy commented,

"We want to spur the highest level of artistic excellence in American coin design. Recreating thousands of Augustus Saint-Gaudens’ ultra-high relief Double Eagles will be a defining moment in American coinage."

The design will appear much differently than past coins or yet to be made gold coins should it be composed of the silver-white palladium. Palladium is one of the six metals within the platinum group of metals (PFM). It is most unique within the group with its least dense and lowest melting point properties.

But much more important, it is also significantly less expensive than either platinum or gold. That goes hand-in-hand with one of the stated purposes of the bill: " … to provide affordable opportunities for investments in precious metals, and for other purposes."

As an example of the potential price differences, New York spot prices for palladium, gold and platinum per ounce were:

Palladium, $453
Gold, $921
Platinum, $2036

At current prices, a palladium bullion coin could be priced at half that of a similar gold coin and one forth the price of a platinum version. The less expensive price combined with the Saint-Gaudens’ design could make for a very interesting coin for collectors and smaller investors.

Outlined coin specifications:
The legislation would mandate that each coin have an ounce of .995 pure palladium with a face value of $20. No fractional coins, like 1/10, 1/4 or 1/2 ounce versions, would be permitted. As well as the Saint-Gaudens Double Eagle Ultra-High Relief design, the legislation indicates the addition of the inscription ‘In God We Trust’.

Anti-counterfeiting, almost certified-like coin holders mandated Although not specific to the coin itself, the bill contains a unique provision indicating that the coins must be housed within a "protective, anti-counterfeiting cover." That section alone makes the bill worth reading, as it would seem such measures could be implemented across other Mint bullion coins.

First Saint-Gaudens coins in 2009 recreated in gold or palladium The legislation does provide some leeway to the timeframe of the palladium coins. It is possible the U.S. Mint would release only proof gold coins with Saint-Gaudens’ design in 2009. Then follow them with proof and uncirculated palladium versions in 2010.

(A) IN GENERAL- The coins minted under this subsection shall contain .995 pure palladium, except that during the first year of minting and issuance only, the Secretary instead may choose to mint and issue the coin in .999 pure gold.
(B) 1-year LIMITATION- If the Secretary chooses to mint and issue the coins described in this subsection in gold during the first year of issue, no coins shall be minted and issued under this subsection in palladium during that year, and such gold coins shall be issued only in proof versions.

Should the bill pass, the U.S. would join other countries who have created palladium coins, including Canada, Australia, Tonga, Russia, China, Portugal and France.

Information regarding ‘Original Saint-Gaudens Double Eagle Ultra-High Relief Bullion Coin Act’, H.R. 5614 The bill is formally named H.R. 5614, and is entitled Original Saint-Gaudens Double Eagle Ultra-High Relief Bullion Coin Act. It was introduced by Rep. Mike Castle [R-DE] on March 13, 2008 and is cosponsored by Rep. Luis V. Gutierrez [D-IL], the same congressman who chaired the recent subcommittee hearings to debate whether to change the composition of metals within coins.

Unlike many other numismatic measures, this bill has more specificity. It provides the reader with at least a perception that greater thought and research was conducted in its creation.

Telling obverse from reverse not written in concrete
Traditional rules don't always apply
By Paul Gilkes

Collectors looking to celebrate a milestone or just for a cheap numismatic thrill may consider issuing their own wooden "money."

Though the concept in the United States grew out of the need for an emergency currency, the intent behind them today includes a sentiment or commemoration, a business or even an event.
The history of wooden money goes back to 12th century England when tally sticks were used to record amounts of deposits, according to Darrell Luedtke, president of the International Organization of Wooden Money Collectors.

Although the main design device for the State quarter dollar series occupies the side that honors the respective state, rather than being the obverse design as is the case for most U.S. coins, for this series the main design appears on the reverse. For most United States coins, telling the obverse side from the reverse is easy.

For some coins the traditional rules do not apply, however.
In general terms, the obverse, commonly referred to as the "heads" side of a numismatic item, "bears the principal design or device, often as prescribed by the issuing authority," according to the Coin World Almanac.

The reverse, commonly referred to as the "tails" side, represents "the side opposite to that on which the head or principal figure is impressed. The side opposite from the obverse."

Personifications of Liberty were originally intended to appear on the obverse of early U.S. coins, but the 2005 act authorizing Presidential dollars stipulated a design emblematic of Liberty in the form of the Statue of Liberty, to appear on the reverse. Some basics apply, or not
What is considered the obverse and what is considered the reverse over the centuries generally has been congressionally legislated, but there are some contradictions, especially in the arena of U.S. commemorative coins.

And then there are the State quarter dollars.
Mint marks have appeared on the obverse and reverse of U.S. coins, and now on the edge in the case of Presidential dollars. With that record, the location of the Mint mark is not an absolute indicator of what constitutes the obverse and reverse.

Where the legends liberty and united states of america are inscribed are also not specific identifiers, since both have appeared on either the obverse or reverse of a U.S. coin, depending on the denomination and design type.

Section 10 of the Mint Act of April 2, 1792, – which authorized a U.S. coinage system and the Mint and the Mint's officers – mandated that on one side of each coin would appear an impression emblematic of Liberty, with the inscription liberty also appearing and the date of the year of the coinage. Upon the reverse of each gold and silver coin, the act required the representation of an eagle, with the inscription united states of america.

The act did not require that silver and gold coins be marked with their denominations. For the reverse of the copper half cents and cents, the reverse was to reflect the coin's denomination. Neither copper coin was required to depict an eagle.

The Mint Act of Jan. 18, 1837, included additional design specifications relative to the obverse and reverse. While retaining the design requirements for the obverse as stated in the original 1792 act, the 1837 act required the reverse to also include a reflection for the denomination that was absent from the 1792 law and the coins struck pursuant to its provisions other than the half cent and cent.

Another change in the January 1837 act removed the requirement that the silver half dime and dime bear a depiction of an eagle. When those two denominations were redesigned, wreaths were used on the reverses instead of eagles.

The Act of March 3, 1849, establishing the $1 and $20 denominations in gold, exempted the gold dollar from the 1792 requirement that an eagle appear on the reverse of all gold coins, but required that both coins adhere to all other legal provisions. Despite this latter requirement, the date, required in 1792 and 1837 acts to be on the obverse of all coins, was placed on the reverse of the 1849 gold dollar and subsequent issues. Still, there was likely little confusion over what side was the obverse since a portrait of Liberty – a familiar theme on all previous coins – remained the principle device on that side even without the presence of the date.

Future legislation authorizing new denominations, beginning in 1851, would not only relax some previous design restrictions that required the obverse and reverse sides to bear specific elements, but some would grant the Mint director and Treasury secretary broad discretion in selecting devices and mottoes and their placement on the new coins.

The 1851 law authorizing the silver 3-cent coin required that coin to bear certain statutory devices but placed no restrictions on what side the devices were to appear.

Another new denomination was approved by the Act of Feb. 21, 1853: the gold $3 coin. The act also permitted the Treasury secretary to determine what devices should appear on the coins and where. As with the gold dollar, the date was moved to the reverse, but this time by permission. Still, the obverse, with its Liberty portrait, is clearly the obverse, just as the reverse, with a wreath, is clearly the reverse.

The Mint Act of Feb. 21, 1857, provided U.S. Mint Director James Ross Snowden broad authority to produce a small copper-nickel cent "of such shape and device as may be fixed by the Director of the Mint, with the approbation of the Secretary of the Treasury. ..."
Snowden would select an eagle for the obverse of what became the Flying Eagle cent. For the first time, a U.S. coin was struck with an obverse element previously appearing only on U.S. coin reverses.

The designers of the Oregon Trail Memorial commemorative half dollar considered the side of the coin bearing the Indian design to be the obverse and the wagon side as the reverse. U.S. Mint records suggest the opposite to be the case.

State quarter dollars
The introduction of the State quarter dollar series in 1999 added a new twist to the obverse/reverse identification quandary. Although each of the State quarter dollars is identified by the respective state being honored, the design representing that state is actually the coin's reverse as designated under the enabling legislation authorizing the State quarter dollar series.

The 50 States Commemorative Coin Program Act was enacted Dec. 1, 1997.
Subsequent legislation enacted May 26, 1998, allowed the U.S. Mint flexibility in the placement of the mandatory inscriptions on the quarter dollar denomination for the State quarter dollar program.

The 1998 legislation did not affect the statutory requirement that United States coins carry the inscriptions in god we trust, liberty, united states of america, and e pluribus unum; a designation of the coin's denomination; and the year of minting or issuance.
The legislation instituted the device and legend changes to allow more free space on the reverse for the designers to use. The Washington obverse portrait was reduced approximately 10 percent in size from that which appeared on sculptor John Flanagan's Washington quarter dollar introduced in 1932 and continued through 1998.

The 1998 act allowed the Mint to move united states of america and the denomination designation of quarter dollar from the reverse to the obverse side of the quarter dollar, and the year of minting or issuance from the obverse to the reverse side.

Further liberties were taken with the designs mandated for the Presidential dollars introduced in 2007.

The Presidential $1 Coin Act of 2005 specified the portrait of each respective president appear on the obverse.

To provide more room to accommodate each obverse presidential portrait, the reverse design was specified in the act as the Statue of Liberty, a personification of Liberty through implication, without inscription.

The Presidential dollars thus became the first circulating U.S. coins depicting a Liberty figure to show that figure on the reverse rather than the obverse.
The date, Mint mark, e pluribus unum and in god we trust were placed raised neither on the obverse nor reverse, but positioned incuse on the edge.

After tens of thousands of (2007-P) George Washington Presidential dollars entered circulation in February 2007 without edge lettering and quickly became dubbed "Godless Dollars," legislation was subsequently introduced and passed requiring in god we trust to be moved from the edge to either obverse or reverse.

However, the legislation did not specify to which side the motto was to be moved beginning in 2009.

And Mint officials have not unveiled proposed 2009 Presidential dollar coins that will display the modification.

Commemoratives
Since 1892, Congress has authorized numerous noncirculating commemorative coins. What is the obverse and what is the reverse of many of the commemorative coins is not always obvious to observers, since many bear designs that could serve on either side.
Also creating the possibility of confusion between obverse and reverse is the fact that the majority of the U.S. silver commemoratives issued from 1892 through 1954 carry the denomination on what the Mint officially considers the obverse, not the reverse, beginning with the 1892 and 1893 World's Columbian Exposition half dollars.

The Mint and the designers of the Oregon Trail Memorial commemorative half dollar, issued intermittently between 1926 and 1939, would disagree over what side is the obverse and what side is the reverse.

One side of the coin bears an oxen-drawn Conestoga wagon, a design from sculptor James Earle Fraser that was modeled by his sculptor wife, Laura Gardin Fraser.
The other side of the coin, designed and modeled by Mrs. Fraser, depicts an American Indian with his left hand extended as though symbolizing an attempt to signal a stop to westward expansion, according to some researchers.

U.S. Mint reports, according to Anthony Swiatek in Commemorative Coins of the United States: Identification and Price Guide, reference the wagon side as the obverse, while the Frasers considered the Indian side, which also bears the denomination, as the obverse.
U.S. commemoratives issued from 1982 to the present incorporate the devices and legends as specifically outlined in each piece of enabling legislation authorizing each individual coin program.

Swedish women cash in on gold find

Two Swedish women are set for a golden future after a Canadian company agreed to pay 21 million kronor ($3.5 million) for their mining concession.

Mining companies have been jostling for position over the last six months in a bid to strike a deal with Harriet Svensson and Siv Wiik after the two friends struck gold while out picking blueberries.

"The whole thing is just like a fairy tale. We're going to crack open a big magnum of champagne after all the papers are signed," Svensson, 64, told The Local.

Canadian mining firm Hansa Resources said it planned to begin drilling immediately for what Swedish government surveyors believed was the largest reserves of gold and zinc ever discovered in Sweden by private individuals.

"We would like to congratulate the prospecting team consisting of Siv Wiik and Harriet Svensson for their exciting find, which has generated interest all over Europe," said CEO Jeff Gale in a statement.

Under the terms of the joint venture, Svensson and Wiik will receive 4.2 million kronor from Hansa Resources, while also retaining 20 percent ownership of the Storkullen project. To earn its 80 percent interest, Hansa will be required to fund work programmes of 12 million kronor over a four year period.

"Siv and I are going to travel to Whitecliff in Australia and search for opal. We're going to stay in the caves there. It has always been a dream of ours," said Svensson.

The two women first became friends almost forty years ago. In 1969, Harriet Svensson moved from a nearby village to Siv's home town of Överturingen, 480 kilometres (300 miles) north of Stockholm. Siv, 69, retired some years ago from her job as a church warden, while Harriet continues to work as a matron at the local school.

As veterans of the mineral hunt circuit, the two women quickly returned to their car to collect their geological tools when they spied minerals while they were out looking for blueberries.

Knowing they had hit on something big, the two women returned home on the evening of their autumn find and quickly took out a mining concession on 800 hectares of surrounding land.

"My great hope now is that this will provide job opportunities for people in the region for years to come. It is generally reckoned that each individual miner will generate five new jobs. I hope the miners drill deep, really deep, and keep finding minerals all the way down to the earth's mantle," said Svensson.

Treasure in the attic
By Tim Omarzu

What would you do if you found a box of coins in your attic worth $2,000?For Novatan Matthew Rodgers, the answer was simple: Give it back to its rightful owner.Rodgers discovered an old ammunition box filled with mostly silver coins on Martin Luther King Jr. Day weekend while looking to run some electric wire in the attic of the Sutro Road home that he and his wife and three children moved into just a little more than two years ago.The coin box was hidden underneath the attic’s Fiberglas insulation and a piece of sheetrock.“It was buried right next to one of the joists,” said Rodgers, a San Francisco police detective.When Rodgers took the box downstairs and opened it, he found commemorative coins, silver dollars and rolls of quarters minted before 1964, when those U.S. coins were still made of solid silver.Rodgers also found two or three notes indicating that the home’s previous owner, John Gleeson, left the coins for his family.So Rodgers returned the coins to Novatan John “Jack” Gleeson Jr., a retired San Francisco Police Captain who is one of Gleeson’s three surviving children. “It wasn’t ours. It obviously was the right thing to do to return it,” Rodgers said.John Gleeson Sr. was a retired Deputy Sheriff who lived with his wife, Mary in Novato for more than 30 years, said his daughter Mary Jo Cooney.In an e-mail to the Advance, Cooney explained that her father passed away 14 years ago and left many notes and messages on how he wanted his personal belongings handled. He had mentioned to his four children (one son has passed away since his father’s death) that he had a box of coins that he wanted saved and that they were hidden in a safe spot. The family never found them.“Dad had always talked about this old ammunition case, that is was full of coins,” Cooney said in an interview.Mary, the family matriarch, passed away in April 2006 and the family home was sold to the Rodgers family.“The honesty and integrity of this young man was so appreciated by the family,” Cooney said in her e-mail. “The value of the coins was over $2,000 When we opened the box there was a note from our father telling us how important the coins were and how much he loved his family.“In these troubled times, with crime and war and money problems, this was a wonderful tribute to the goodness of people,” Cooney said. “We thank this young man for his honesty.”She said that Rodgers refused a reward for finding the coins.Cooney plans to write a letter praising Rodgers to Heather Fong, Chief of the San Francisco Police Department.