Court Says No to 1933 $20 Gold Depositions

By David L. Ganz

Litigation between the government and the Langbord family over 10 1933 double eagles continues in Philadelphia in United States District Court.

The latest skirmish was an attempt to depose a number of former government officials on the issue of what they were thinking at the time that they agreed to allow the King Farouk specimen of the 1933 $20 to be sold at public auction.

In a 2002 sale, the Farouk 1933 double eagle was sold by Sotheby’s and Stack’s for $7.59 million.

No doubt this was a motivating factor in Joan Langbord’s decision to try and legalize 1933 $20s that were found in a bank’s safety deposit box thanks to the decision made long ago by Israel Switt, a jeweler and sometimes coin dealer in Philadelphia, who was Langbord’s father.

Switt’s metaphorical fingerprints are on all of the known 1933 double eagles that previously circulated and were seized by the government.

This includes the Barnard specimen seized in 1947; J.F. Bell’s coin offered by Stack’s in 1944, the Flanigan specimen of 1943, the James A. Stack specimen seized in 1951 and others.

It’s all about the Lincolns

By Ted Ancher Jr. and Ted Ancher

The old adage “a penny saved is a penny earned” may seem quaint, but it turns out that the right penny saved is a pretty penny earned indeed.

In spite of the talk by many, including the U.S. Mint, of abolishing the penny altogether due to the rising cost of the metals used to mint it, the mint will issue four newly designed pennies for 2009.

The occasion: to honor Lincoln’s contributions and celebrate his 200th birthday as well as the 100th anniversary of the Lincoln cent.

The likeness of Lincoln was designed by Victor David Brenner, whose initials play a large part in turning a penny into thousands of dollars.

Brenner fashioned the coin after a portrait of a photograph taken of Lincoln on Feb. 9, 1864, by Anthony Berger. This was the same photo session that produced the image of Lincoln that adorns our five-dollar bill.

The Lincoln penny’s journey began in 1907 when Brenner was asked to create a plaque in honor of Lincoln using Berger’s photograph. In 1908, President Theodore Roosevelt spotted the Lincoln plaque on Brenner’s wall while sitting for a new medal commemorating the Panama Canal.

Roosevelt appreciated Brenner’s work so much that he was able to bully his way through official government procedures to put Brenner’s work on the penny, immediately replacing the Indian head cent, which dated from 1859.

This process was unorthodox and upset sitting engravers and mint officials who objected to Brenner and to his initials - V.D.B. - being prominently placed on the bottom of the penny’s reverse. Soon production was stopped at the San Francisco mint, with only 484,000 struck. (Seven billion pennies were struck last year.)

The current value for a slightly worn 1909-SVDB Lincoln penny (the S refers to the San Francisco mint) is around $1,000 and any specimen kept looking fresh off the mint - or what is known as “mint state red” - is worth $4,000 and up.

“If you’re going to have a Lincoln set collection basically no one’s going to take you seriously if you don’t have a 1909-SVDB,” said Doug Mudd, museum curator for the American Numismatic Assocation. “The 1909-SVDB is something that if you’ve heard about coins and you’ve ever collected Lincoln cents, you will have heard of it and you will think it is a special coin.”

Today, the penny itself is under heat as it may be deleted from the U.S. currency because its production cost exceeds its face value.

Though the Lincoln penny looks elegant and simple in its nature, it was subject to harsh criticisms in its infancy.

It was the first United States coin to not illustrate the mythic being of Liberty. Another fact unique to the Lincoln penny is that it is the first one-cent penny to bear the words “In God We Trust.”

Double Struck Madison Dollar Discovered

By Ken Potter

Jeff Makkos of Ohio reports finding a double struck 2007-P James Madison dollar in a Mint-issue set. The type of double strike involved is what errorists refer to as an "In-Collar Double Strike with Rotation Between Strikes."

The cause may be due to two different scenarios.

The first possibility is that the coin was struck normally and then reentered the coining area falling back over the collar where it was forced back into the collar by a second strike in a position rotated just a few degrees away from the original strike.

Another possibility suggested by CONECA president Mike Diamond, is that coin remained in the collar while the inner sleeve of the collar broke loose and rotated within resulting in the same effect.

Because a coin normally expands in diameter ever so slightly upon ejection it is difficult for it to completely reenter the collar unless forced. The forcing of the coin into the collar often results in it only being forced part way and and edge that looks to have two levels or what is known as a "Partial Collar." Makkos' coin does not show a partial collar, indicating that it was either forced all the way back into the collar during the second strike or could have been in a rotating collar.
What is most interesting about the second possible cause is that a double strike caused by a rotating sleeve inside a collar could have repeated itself for a number of coins before the condition was spotted and the collar replaced if the Mint was routinely striking these special mint set issues twice to bring up the detail much in the same way as they double or triple strike proof coins. For this reason, I suggest that collectors check their sets to see if they also got a double strike.

Makkos found it in a newly introduced version of set that the Mint refers to as the "United States Mint Annual Uncirculated Dollar Coin Set." It contains the four 2007 Presidential dollars issued by Philadelphia, one 2007 Sacagawea dollar from Denver and a West Point 2007 silver Eagle. All are of the special matte or satin finish that are only issued to collectors in Mint sets. An image of what the set looks like is shown.

Makkos' find appears to be quite valuable as a panel of mostly error coin dealer consultants that I use for pricing figured the coin to fall into the $2,000 to $8,000 price range. Diamond guessed it at about $2,000 saying that he may be off some since he is not an error coin dealer.

Rich Schemmer of Franklin Square, N.Y., said that he'd retail the coin at around $2,500. Mike Byers of San Clemente, Calif., said: "Although in-collar double strikes are rarer than those with the second strike off-center, sometimes there is very little detail showing from the original strike if the rotation is slight. In this case, this double struck Mint State Madison dollar shows considerable rotation which increases the value and desirability. I would estimate a wholesale value in the $2,500. to $3,000. range."

Neil Osina of Best Variety/ Sportscards & Coins, Glendora, Calif., said: "Regardless of how it came to be, it should carry a huge bonus dollar value due to it both being of a satin finish and being sealed inside the special set. Since the error might have happened on (a) few other coins (this) might actually add to its popularity if some others were found. Since this would be a significant error even out of the case, I would say in auction this coin might bring $5,000-$8,000. If it were not the satin finish and not in the set, it would still conjure a $2,500. price tag."

Fred Weinberg of Encino, Calif., weighed in with: "It's a nice double strike in collar, and I agree with the two scenarios that you and Mike put forth. It is a bit unusual to find it in a Mint set, but a nice find, that's for sure. As for value, I'd have to agree with Rich, etc., that it's a $2,000. to $2,500. retail item, if you can find the right buyer for it."

Not a bad find for a fellow who spent just $31.95 to get it from the Mint.

First $5,880 Now Parachute may help unravel mystery

Hoping to solve at least part of a 36-year-old mystery, the FBI is analyzing a torn, tangled parachute found in southwest Washington to determine if it belonged to famed plane hijacker D.B. Cooper.

Children playing outside their home near Amboy found the chute’s fabric sticking up from the ground in an area where their father had been grading a road, agent Larry Carr said Tuesday. They pulled it out as far as they could, then cut the parachute’s ropes with scissors.

The children had seen recent media coverage of the case” the FBI launched a publicity campaign last fall, hoping to generate tips on the unsolved highjacking” and they urged their dad to call the agency.

“When we went to the public, the whole idea was that the public is going to bring the answers to us,” Carr said. “This is exactly what we were hoping for.”

In November 1971, a man identifying himself as Dan Cooper” later mistakenly but enduringly identified as D.B. Cooper” hijacked a Northwest Orient flight from Portland, Ore., to Seattle, claiming he had a bomb.

When the plane landed at Seattle-Tacoma International Airport, he released the passengers in exchange for $200,000 and asked to be flown to Mexico. On the flight to Mexico City, he apparently took the cash and parachuted from the plane’s back stairs somewhere near the Oregon border.

Agents doubt he survived because conditions were poor and the terrain was rough, but few signs of his fate have been found.

Carr spoke with the children’s father, whom he declined to identify, early this month and learned the chute was white, the same color as Cooper’s.

And when Carr overlaid the family’s address onto a map investigators made in the early days of the investigation, he learned another encouraging fact: They lived right in Cooper’s most probable landing zone, between Green and Bald mountains.

Carr hopped in his car and drove down. He dug around the property for about 45 minutes, unsuccessfully looking for a harness or other remains from the parachute, but the children weren’t home, and the father wasn’t sure exactly where they found it.

There are no obvious markings on the parachute to indicate whether it’s the type Cooper used, a Navy Backpack 6 with a 26-foot canopy, Carr said. He’s hoping a member of the public who has expertise in the parachutes will come forward and confirm whether it’s the right kind before the FBI bothers to excavate the property. Barring that, the agency could turn to scientific analysis of the fabric.

“We’ve got to be pretty darn sure we’re not wasting time and money here,” he said.
If it is Cooper’s parachute, that will solve one mystery ” where he apparently landed” but it will raise another, Carr said.

In 1980, a family on a picnic found $5,880 of Cooper’s money in a bag on a Columbia River beach, near Vancouver. Some investigators believed it might have been washed down to the beach by the Washougal River. But if Cooper landed near Amboy and stashed the money bag there, there’s no way it could have naturally reached the Washougal.

“If this is D.B. Cooper’s parachute, the money could not have arrived at its discovery location by natural means,” Carr said. “That whole theory is out the window.”

One-Kopek Coin Facing Extinction
By Catrina Stewart

Economists say getting rid of the one-kopek coin won’t have a significant impact. MOSCOW — The country’s state-owned mint is considering abolishing the one-kopek coin in a bid to save on production costs, a senior official said.

Arkady Trachuk, the head of Goznak, the government agency that produces banknotes and coins, said in an interview with Izvestia last week that it was looking at ways to produce coins more cheaply, given the recent spike in metal prices, in response to a request from the Central Bank.

“We could make the decision to round up prices to 10 kopeks,” he said, noting that there were a number of other proposals on the table, including the use of cheaper metals. “Where are kopeks [still] required here?”

Goznak will send its proposals to the Central Bank within two months, Trachuk said.
The agency has, however, been slow to adopt this measure, chiefly because of the perception that such a move would provoke. It would lead to a slight increase in prices, the official said. “For that reason, we haven’t made a decision on this yet,” he said.

But economists said the changes would have little practical effect.

“If they are get rid of just one kopek, it will not have a big impact. It has become so small, and inflation is on the rise,” said Tatyana Orlova, an economist at ING. “Many shops have [already] rounded up their prices. ... So if they take [the single] kopek out of circulation, it should not affect prices greatly.”

Analysts said the government should proceed with caution in any significant moves on the ruble, given the population’s fragile confidence in the national currency.

Rumors of a potential redenomination of the ruble have been swirling in the last couple of months. Analysts say this is partially because there was a 48 percent increase in the money supply last year.

The government also printed new banknotes, including the new 5,000 ruble note, which evoked memories of the 1990s, when the Yeltsin government introduced larger-denomination notes shortly before chopping three zeroes off the ruble.

“If I were a monetary authority, I would not do anything that could be interpreted as a redenomination by the population,” Orlova said. Fears of a redenomination mean “that people stop saving, and they try to spend, and the economy is already quite overheated and inflation is on the rise. The Central Bank would probably want to wait for the time when inflation has gone down a bit.”

Trachuk dismissed the rumors as “nonsense,” echoing President Vladimir Putin’s denial last month that the government had any intention of considering redenominating the ruble.
Trachuk also said the mint plans to recall old banknotes, based on recommendations from Interpol that banknotes be removed from circulation every seven years to clamp down on forgeries.

The Boot of Cortez
By Heritage Auctions

The Boot of Cortez, which, at 389.4 troy ounces, is the largest surviving natural gold nugget ever found in the Western Hemisphere. It measures a stunning 10 3/4 inches in height and 7 1/4 inches in width. There is literally ‘no-thing’ like it.

The austere and forbidding Sonoran Desert of the United States and Mexico regularly experiences some of the most extreme weather in the Western Hemisphere. Daytime temperatures often exceed 125 degrees in the shade even as blast-furnace winds swiftly strip life-sustaining water from the few men and animals tough enough and wily enough to make a living in this land of stark, unforgiving beauty. Yet life not only goes on here; it sometimes succeeds in ways that cannot be foreseen even in our wildest dreams. Myths and tales of lost treasure seem to spring into being from out of nowhere. Virtually every remote village has its legends of lost mines and treasure: the Oro de Moctezuma, Tayopa, El Naranjal. Every story is different yet all are the same: A rich deposit of gold or silver is found, and then lost through calamity, treachery or political upheaval. The saga of the “Boot of Cortez” is very much in keeping with all of these tales of discovery and loss - with one exception: This tale is true.
The story begins in 1989 in the area around Caborca, near the Gran Desierto de Altar in the Mexican state of Sonora. The nearest surface water is the Sea of Cortez; some 60 miles to the west. Arizona is 70 miles to the north. Ranching is the chief occupation, but there are a number of mines in the area along with placer gold deposits in some of the canyons. It is within these dry canyons that a local man began his quest to find hidden treasure in the form of placer nuggets. Some finds of nuggets had been made in the past, and fired with optimistic enthusiasm; our gold-seeker grew determined to find his share. At this point, our latter-day prospector did something very much at odds with tradition: visiting a Radio Shack store - he purchased a metal detector. Practicing on buried coins and other metal objects, he learned how to operate it, and then he set out for an area that was reported to have produced nuggets.

Once there, he started to walk; slowly and carefully across the desert, all the while following a grid pattern that would ensure that no areas would be unchecked. Hundreds of boring hours slowly ebbed away with an occasional ‘beep’ from his ear-phones to signal a potential find. Most were due to scrap iron or old lead bullets. Then one day; the ‘beep’ sounded a little different. Digging down; he caught that first gleam from his own personal El Dorado. Hardly believing his eyes he kept digging, the gleaming surface kept going - and going. By the time he had completely uncovered this incredible nugget, it was obvious that it was huge. Just hauling it back to his home was a chore since it weighed over twelve kilograms. There; a gentle washing removed the last traces of dust left on the surface from its subterranean resting place. Now the enormity of his find engulfed him: What to do with this massive nugget, shaped like the boot of a conquistador of old? Who could help him with advice regarding the ways of selling such a thing? Ah, but of course - the Patron. He would know. And he did.

Since that fateful day in the Desierto, the “Boot of Cortez” has passed through a number of hands and has been marveled at by hundreds of thousands of museum-goers. It was one of the star exhibits at the Tucson Gem & Mineral Show in 2004, the theme of which was simply: “Gold”. Based on its enthusiastic response by the public, the owner of the “Boot” was solicited to place it on loan for the traveling “Gold” exhibition assembled by the Houston Museum of Natural Science where it was exhibited in 2005, along with other notable specimens from the Smithsonian, Harvard and other major collections. The exhibition then moved to the American Museum of Natural History in 2006 where it opened to rave reviews by collectors and casual visitors alike. After almost a year in New York City, the exhibition recently closed in August 2007.

Its pristine condition and unique shape have earned it the sobriquet “the most unusual and attractive large nugget in the World” and at 389.4 ounces Troy (32.4 Troy pounds) it is the largest surviving placer nugget from the Western Hemisphere. The 2nd largest nugget is Alaskan and is almost 100 ounces smaller. It has a bright, rich golden-yellow color which indicates a high purity (approximately 94% + pure). There have been larger masses of gold but these have consisted primarily of intermixtures of gold and worthless rock.

The largest nugget ever found was said to be the “Welcome Stranger”. Found in Victoria, Australia, in 1869, it weighed 78 kilograms (209 troy pounds). When it was melted down, it produced 71 kilograms (190 troy pounds) of pure gold.

In January 2008, the “Boot of Cortez,” was sold by Heritage Auction Galleries for $1,553,500. At the time, with gold bullion prices near $900 an ounce, the nugget sold for the equivalent of $4,000 an ounce.

A rush for gold put Charlotte on map

It was a beautiful coin, with a profile of a crowned Lady Liberty on its face surrounded by 13 stars, one each for the original colonies.

And it shone brightly, made of pure gold, gold likely taken from the ground under Charlotte.
On March 28, 1838, the first gold coin — a $5 Half Eagle — was struck at the U.S. Mint branch. It was on West Trade Street where the federal building now stands. The old mint, moved in the 1930s, now houses the Mint Museum on Randolph Road.

The 170th anniversary on Friday connects to other events in the city’s history:
• The first gold rush in the United States, in Charlotte in the early 1800s.
• The first branch of the U.S. Mint, opened in 1837, a sign of the city’s future prosperity.
• The first museum in North Carolina, created when the Mint building was moved to its current site.

The gold rush and the location of a mint branch did not lead, as is sometimes said, to the banks that now tower over uptown. But these historic events made the city an economic center in the region.

Queen Hands Out Rare Silver Coins
By CoinNews.net

Queen Elizabeth II led the Royal Maundy Service on Thursday in Northern Ireland. In keeping with the yearly tradition to mark Holy Thursday before Easter, The Queen handed out rare and specially minted coins along with regular circulation coins within small stringed red and white purses.

82 men and 82 women were selected from four main churches in Northern Ireland in recognition of their individual contributions and service. Each of the citizens received the purses and newly minted silver coins with a face value of 82 pence.

82 is the age of The Queen. Tradition dictates the monarch’s age is to be used in the each yearly service to determine how many individuals are selected and how many coins are handed out.
The red purse contained a small amount of regular money to represent alms of food and clothing. The white purse contained rare 82 pence coins, which were specially minted sterling silver (92.5%).

In addition to extremely rare, the Maundy coins are unique. The effigy of Queen Elizabeth II on coinage has seen three changes through The Queens’ reign. The Maundy coins bear Her Majesty’s portrait created by Sculptor Mary Gillick. This image was used on coins issued in the year of The Queen’s coronation in 1953, and early years.

The word Maundy is derived from Christ’s commandment at the Last Supper to love one another, before he washed the feet of his disciples. The Royal Maundy service dates back to at least the 12th century. Only two services have ever been recorded to occur outside of England. This year marks the first one in Ireland.

The service was attended by not only Catholics, but representatives of the Protestant, Muslim, Hindu and Jewish faiths.

Annual Reports chronicle U.S. Mint coinage activity
By Paul Gilkes

Information valuable for research dating back to minting agency's origins Annual reports from the director of the Mint have been published for almost the entire period the United States' coin producer has been in business.

Several provisions of the Mint Act of April 2, 1792 – which authorized the Mint and its officers, plus the U.S. coinage system – required annual reports to Congress on the Mint's activities.
While numismatic bibliophiles look to these printed reports as collectible literature, numismatic researchers use the references for the information they provide on the various facilities' manufacturing activities, beginning with the main Mint production facilities in Philadelphia, and extending to the subsequent Branch Mints.

Some of the information from the early 19th century appeared in Treasury Department reports instead of separate Mint reports.

Collectors and researchers interested in annual Mint reports can look to such sources as numismatic and antiquarian booksellers, online book sources, eBay and other online auction venues, and library deaccessions.

Numismatic booksellers include George Frederick Kolbe, at www.numislit.com; Fred Lake, at www.lakebooks.com/; John Burns, by telephone at (412) 824-2281; and Charles Davis, at www.abebooks.com/home/numismat/.

Some reports from the 20th and 21st centuries can be obtained for less than $20 per issue, while some of the larger, more information-laden and older reports are likely to cost hundreds of dollars.

A page from the 1898 Report of the Director of the Mint chronicles the level of production for U.S. Mint medals along with Proof coin sales. The report covers more than 500 pages.

Form and content
The form and content of the reports, however, have changed often.
The initial published report was in the form of a letter in 1796 from Mint Director Elias Boudinot to President George Washington, via Secretary of State Timothy Pickering, who relayed it to Congress at the president's direction. The letter details activities at the U.S. Mint in Philadelphia, all in a little less than 150 pages, counting supplementary charts and indexes.
Additional details on this and other early Mint reports can be found online at www.chicagocoinclub.org/lib/us/usmnt/mr.html and http://members.cox.net/alanmeghrig/report.html.

As years passed, what has become known as the Annual Report of the Director of the Mint has become more extensive, providing details not only on U.S. coinage production, but U.S. and worldwide silver and gold mining and production, and other coinage activities worldwide.
Some of the 19th century reports, in hard-bound volumes, total hundreds of pages in length.
As Mint production technology has advanced, the form and content of the annual Mint report has witnessed a significant metamorphosis.

Reports from the 21st century are bound in softcover, often contain fewer than 100 pages and provide little in detail, in contrast to their 19th and 20th century predecessors. The 21st century reports often mimic the style of a stockholders report from a Fortune 500 company.
While copies are still available in print form from the Government Printing Office for only a few dollars each, collectors and researchers can currently read the contents of the annual Mint reports from the Fiscal years 1998 to 2006 online via the U.S. Mint's Web site at www.usmint.gov/about_the_mint/index.cfm?flash=yes&action=annual_report.

The 2006 United States Mint Annual Report, numbering just 70 pages, looks like and reads like a corporate report from a Fortune 500 company, instead of including detailed information as found in earlier reports.

The early years
According to numismatic author Q. David Bowers, the reported activities at the Philadelphia Mint, and subsequently at the three Branch Mints in the 1830s as they opened, were generally found confined to Treasury Reports. And for those first 20 to 30 years of Mint operations, according to Bowers, "the numismatic information was rather skimpy, with scarcely a mention of coin designers, problems at the Mint, changing operations, and the like. Instead, data consisted mostly of mintage figures, metal deposits, and the like."

Not until the tenure of Mint Director James Ross Snowden (1853 to 1861) did the Annual Report began to prove its usefulness for the information it provided.

"An important aspect is that through and including Dec. 31, 1856, the reports were done on a calendar year basis," according to Bowers. "The Mint Act of Feb. 21, 1857, provided that the director's report be next made for the first six months of 1857, and thereafter (continuing to the present day), the Mint's fiscal year would extend from July 1 to June 30."

Not until 1977 was the federal fiscal year, which the reports followed, changed once again, this time to cover the period Oct. 1 through Sept. 30. The federal government's fiscal year covers this period to this day.

The Feb. 21, 1857, change in policy created headaches for the relatively few numismatists who checked the reports at that time, as mintages of certain denominations would be reported from July 1 through June 30, thereby including coins of two different dates, according to Bowers.
The U.S. Mint began issuing annual reports of its activities soon after its establishment in 1792, often appearing as part of Treasury documents submitted to Congress. Shown is a reprint by Paramount International Coin Corp. in the 1970s of the cover of a 1796 report, and an excerpted page detailing the denomination and value of gold coins produced at the Mint in Philadelphia from July 31, 1795, to Sept. 30, 1796.

Relevancy
"Numismatists, being concerned with dates, found a lot of this irrelevant," Bowers says. "There were ample listings made from time to time, including summaries and cumulative listings with earlier coinages, that did indeed give production by correct date and Mint."
However, some of the information provided is outright wrong, or at best misleading, based on research by R.W. Julian, which he included in an article, "Mint Reports and Change," published by Bowers and Merena Galleries Inc. in 1989 in Rare Coin Review.
Julian examined records from three different periods in Mint history: 1793 to 1815; 1823 to 1836; and 1857 to 1885.

Mintages, Julian found, proved difficult to be recorded exactly, since in the early years of coin production, some dies were modified and reused, or reused without modification, in ensuing years. The mintage records often were found to be incomplete and difficult to track by date, Mint mark and design type changes.

Different formats
In the early period of Mint reports, according to Bowers, the annual reports were published as part of congressional documents, and later in the form of fairly sizeable pamphlets or even books.

The 1896 Annual Report is particularly extensive, with reports on how dies are made, for example, Bowers notes.

While the earliest Annual Report is little less than 150 pages in length, the detailed 1898 hardbound report, as another example, spans 558 pages, replete with detailed charts and indices.

The 2006 Annual Report, in contrast, is in softcover, and covers just 70 pages, without the useful, detailed information of earlier editions.
"There is no consistency, and what may be included in a report of one year might be absent in a report of the next," Bowers explains. "This depended upon the Mint Director in charge and the amount of energy and effort expended."

Although the Annual Reports were and still are considered valuable resources, Bowers does not believe numismatists paid much attention to them until the 1930s when the volumes began offering information on current commemorative coin issues.

"After that, Lee F. Hewitt, famous for his Numismatic Scrapbook Magazine, and others cited them regularly," Bowers said. "Walter Breen, who began his research activity in the early 1950s, went through them all, and came to various conclusions, some valid today, others dismissed as guesswork."

According to Bowers: "A great deal of information in past reports is of marginal interest to numismatists at best, such as production of valuable ores and metals in dozens of different foreign countries, various exchange information, and the like. Taken as a whole, the Annual Reports are an exceedingly rich resource.

"In my opinion, they are not as useful to the casual reader as they are to the experienced numismatist, as there are many inaccurate statements that need to be filtered through numismatic knowledge in order to be understood."

Bowers said it would be highly useful if someone were to digitize all of the reports and make them available easily on a CD, "as has been done, in fact, by the American Numismatic Society with the very valuable Colonial Newsletter.

"In that way, interested researchers and others could tap into this rich lode," according to Bowers.

Longtime dealer Fred Weinberg, who considers himself more of a serious accumulator than a collector, has an affinity for U.S. Mint-related ephemera.

"I have about 40 of them that are hardbound from 1880 to the early 50s, and then most of them softbound until a few years ago," Weinberg said. "I also have a few reports from the 1812 to 1820 era, and one in the late 1790s. I also show that I have reports from 1804, 1832, 1833, 1838, 1842, etc.

"Since I'm not a Roger Burdette or Dave Bowers [both numismatic authors], I don't 'use' the info as much as just reading it, and enjoying the 'feel' from 100 to 200 years ago."

Dump the penny
by Chicago Tribune

Nicolas Cage starred in a preposterous thriller a few years back that included a secret clue to riches -- the "National Treasure" of the title -- embedded on U.S. money. Turns out riches are embedded in U.S. money, specifically nickels and pennies -- and there's nothing secret about it.
Because of the soaring cost of zinc, copper and nickel, it now costs the U.S. mint 1.7 cents to make each penny and 10 cents to make a nickel. The dime and the quarter are still worth more than their cost of production -- the dime costs 7 cents to make and the quarter checks in at 10 cents -- but that could change if the global commodities surge continues.

Making money that is worth less than the cost of ingredients is a bad deal for taxpayers. U.S. Rep. Luis Gutierrez (D-Ill.) chaired a hearing last week on a bill to allow the Treasury Department to change the composition of coins to something cheaper -- steel, for example -- without prior congressional approval. That could save taxpayers $100 million a year.

The use of electronic money -- debit cards, transit cards, car-operated parking meters, I-PASS, etc. -- becomes more popular every year, making those jangling coins even less useful or necessary. Why not let this surge in commodity prices be the catalyst to make cheaper coins -- and get rid of the penny?

Its ingredients are expensive and its usefulness has all but disappeared. It takes three cents today to buy what one cent purchased in 1979. Pinch pennies? A lot of people just toss them.
There would be costs to killing off the penny. Coin-operated businesses say they would have to retool. But in the long run, this would save money.

Feeling nostalgic for the penny? Currency isn't exactly immune to change. Half-cent, two-cent, three-cent and 20-cent coins were once in circulation in the U.S. They are gone, and the penny deserves the same fate.

Yes, there's one problem with this. Yes, we live in the Land of Lincoln. We revere Abraham Lincoln. We would lose a symbol of his immense importance to this nation by doing away with his coin, the penny. But Lincoln has a respectable home on the $5 bill -- a spiffed up, harder-to-counterfeit version of which was just unveiled Thursday by the Treasury Department. Lincoln also could anchor the $1 coin.

We suspect the practical Lincoln would acknowledge it's not wise to keep the diminished penny in the 21st Century -- even if it commemorates him.

2008 American Eagle Silver Uncirculated Coins

WASHINGTON - "She walks in beauty, like the night/Of cloudless climes and starry skies." Although Lord Byron wrote those words almost two centuries ago, they can serve to describe the classic beauty of Adolph Weinman's image of Liberty. That image-featured on United States Mint American Eagle bullion and proof coins since 1986-graces the 2008 American Eagle Silver Uncirculated Coin, scheduled for release.

The 2008 American Eagle Silver Uncirculated Coin, offered at $25.95, contains one troy ounce of .999 silver. The obverse features Liberty in full stride enveloped in the folds of the American flag, with her right hand extended and branches of laurel and oak in her left. Featured on the coin's reverse is the image of a Heraldic eagle with shield, an olive branch in the right talon and arrows in the left.

Struck on specially burnished blanks, the American Eagle Uncirculated Coins feature a finish similar to their bullion counterparts, but carry the "W" mint mark, indicating their production at the United States Mint at West Point. Each coin is encapsulated in protective plastic and placed in a blue presentation case accompanied by a Certificate of Authenticity signed by the Director of the United States Mint, Edmund C. Moy.

There is no mintage limit and no order limit for the 2008 American Eagle Silver Uncirculated Coin.

Orders for the 2008 American Eagle Silver Uncirculated Coin will be accepted on the United States Mint's secure Web site at www.usmint.gov/. Those who wish to order by telephone may call 1-800-USA-MINT (872-6468). Hearing- and speech-impaired customers with TTY equipment may order by calling 1-888-321-MINT (6468).

Customers can have the American Eagle Silver Uncirculated Coins and other specific products automatically charged and shipped as each product is released by enrolling in the United States Mint Online Subscription Program. Visit www.usmint.gov for more information on this carefree shopping method.

Contextual Numismatics?

By Wayne Sayles

After reading a recent post by Nathan Elkins on the American Numismatic Society discussion list, I had serious concerns that I might be suffering from a severe case of delusion or dementia.

Mr. Elkins proposes to orchestrate a panel of archaeologists to discuss “Contextual Numismatics” at the 2009 AIA meeting.

Granted, I have only been a professional numismatist for 41 years, but I rather thought that I might have heard most of the terminology used in the field. So, I hopped over to that repository of all human knowledge, Google, and searched for the term—hoping to bring myself up to speed. Ouch, not a single hit.

Just to make sure my browser was working, I searched for something everyone has heard of “Ilkhanid Coins”. Bingo, 648 links. Ok, one more “Russian wire money”, 489 more links.
Contextual Numismatics? — Zip. This, I thought, ought to be a lively discussion panel. Perhaps I was unfair to search a general resource for an academic term. So, back to the browser I went and pulled up the American Numismatic Society web site. Searching for “contextual numismatics” I found zero documents. Finally, I tried the Archaeological Institute of America web site: “Your search yielded 0 results.”

The term is apparently unknown to anyone but Mr. Elkins. It should be interesting to see how the discussion goes when the subject is undefined and unknown.

It’s all well and good that people want to study ancient coins. It may be particularly good that archaeologists study ancient coins, since they have done relatively little of that in the past. But where, pray tell, does Mr. Elkins find the audacity to criticize numismatic scholarship of past centuries, not to mention more recent times. His view is exceedingly egocentric and patently inaccurate.

If Mr. Elkins wants to feather his academic CV with a panel presentation, it would be a far more reasonable and pertinent premise that archaeologists, private collectors, independent scholars and professional scholars in a wide array of disciplines can learn much from each other. Indeed, that is precisely what happens today, in many cases, despite the polemic ramblings of a few hardliners and the AIA sanctions against cooperation by their members.

In reality, this panel is just a thinly veiled way to seek justification for making context the primary aspect of numismatic research. That is like trying to put a square peg in a round hole. Meanwhile, we can be comforted by the fact that serious numismatic research continues every day in the real world of numismatics.

1904-S Barber Dime Showing Signs of Life

By Paul M. Green

There have been a lot of sleeper Barber dimes, but that has begun to change in recent years with some dates finally starting to rise in price. This seems to be the case with the 1904-S, but the process is just beginning. We could easily see it move to even higher prices.

It is possible that the sales of the famous 1894-S may help to speed the process along. Even though the 1894-S is not part of a regular Barber dime set, it is still the Barber dime that gets all of the publicity.

With a mintage of 800,000 the 1904-S should have been given some attention, but many Barber dime dates have mintages below 1 million so the 1904-S simply did not stand out.
In fact, the 1904-S was better than that already-low total mintage for a couple of reasons. First, almost no one was collecting Barber dimes at the time. Collector interest was down and it was just too expensive for most collectors. The few who did collect Barber dimes were probably assembling only date sets.

Evidence that the 1904-S was easily found in circulation comes from the "New York Subway Hoard," purchased by the Littleton Coin Company in the 1990s. The hoard was started in the 1940s and it contained 45 complete sets of Barber dimes except for the 1894-S.

Part of the reason the 1904-S has jumped from $25 to $45 in G-4 since 1998 might be that its total numbers are not that strong. Remember that the city of San Francisco was destroyed by an earthquake and fire in 1906. It is likely that a large number of 1904-S dimes were sitting in the buildings, stores and banks that were destroyed. There is no way to prove that, but pre-earthquake San Francisco dates tend to be higher in price than dates produced after the disaster even if they have higher mintages. For example, the 1904-S is more costly than the 1913-S, even though the 1913-S had a mintage of 510,000.

The earthquake could have also caused problems with the already-low Mint State totals. Today it is at $750 in MS-60, while in MS-65 it has a price of $4,500. Both prices are above average for a Barber dime, but consider the totals.

The 1904-S has been graded just 50 times at Numismatic Guaranty Corporation, and only five were MS-65 with another in MS-66. The bulk were Mint State since few would send a circulated 1904-S in for grading. At Professional Coin Grading Service, the 1904-S has been graded 70 times with four being MS-65, seven being MS-66 and one being MS-67. That is a total of just 18 examples in MS-65 or better that have been submitted for grading.

In fairness, there is limited demand for MS-65 Barber dimes, but any increase in demand for the 1904-S could push prices higher. Certainly the 1904-S is showing signs of life in any grade and has the potential to rise in price.

United States Mint to Recreate a Masterpiece

United States Mint Director Ed Moy announced at a meeting today of the Citizens Coinage Advisory Committee that the agency plans to recreate what many have called the nation's most beautiful coin ever minted-Augustus Saint-Gaudens' original ultra-high relief Liberty $20 Gold Piece. The design will be featured on a collectible 24-karat coin intended for sale to the public in 2009. In preparing to mint this coin, the United States Mint will test the development of the second variation of Saint-Gaudens' design, the 27-millimeter, ultra-high relief coin with Roman numerals. "We want to spur the highest level of artistic excellence in American coin design," said Director Moy. "Recreating thousands of Augustus Saint-Gaudens' ultra-high relief Double Eagles will be a defining moment in American coinage."President Theodore Roosevelt selected Augustus Saint-Gaudens to improve the designs on the nation's coinage, and the sculptor's first task was redesigning gold coins.Maintaining the full artistic integrity of the Saint-Gaudens design was an arduous undertaking in 1907. The United States Mint's first attempt-a 34-millimeter ultra-high relief coin with Roman numerals-required the coins to be ‘squeezed' into a press and annealed numerous times. The coining process was impractical for mass production, and approximately 19 coins of this variety are known to exist. These coins are now mostly in private ownership.The United States Mint's second attempt to produce Saint-Gaudens' design-a 27 millimeter, ultra-high relief coin with Roman numerals-was in fact two $10 Gold Eagle planchets melded together. The resulting coins were twice as thick. The United States Mint had no authority to strike coins of this specification in 1907, so it melted all but two or perhaps three of these coins. The United States Mint's third attempt-a high-relief, 34-millimeter coin with Roman numerals-produced a coin with reduced relief that required less metal flow to fill the design and was more practical for mass production. Approximately 12,000 coins were made for collection. Later, in 1907, an additional 361,000 coins with Arabic numerals and a lower relief were produced for circulation.None of the 1907 variants bore the inscription, "In God We Trust." The inscription, added in 1908, appears on the coin's reverse directly above the sun. Production of the Saint-Gaudens $20 Gold Double Eagle continued until 1932. Production of the 1933 $20 Gold Double Eagle ceased, and only one was ever lawfully issued - some 70 years later. The new coin will have the inscription "In God We Trust" in the same position as 1908, when the inscription first appeared with this design.A variation of the Saint-Gaudens Double Eagle has been in production for the American Eagle Gold Coin product line since 1986.

The new gold rush

by Billy Fisher

It might not top the hype of the California gold rush of 1849, but the recent run-up in the price of gold has had many investors giving gold and other precious metals a second look. The share prices of many gold miners have consistently been hitting new highs in recent weeks as the price of gold edged toward $1,000 per ounce, a level that was topped on Thursday.
One small cap that is set to profit from these rising prices is Western Goldfields Inc. (AMEX: WGW). At a market cap of $488 million, the company has seen its stock price surge 109% over the course of the past year. Currently headquartered in Toronto, the company was incorporated as the Bismarck Mining Company in 1924. It changed its name in 2002 and went through a corporate restructuring in 2006.
Today it has a seasoned management team that includes executives that have come from other big name gold mining companies such Barrick Gold Corp. (NYSE: ABX) and Kinross Gold Corp. (NYSE: KGC). Officers and directors of the company own approximately 4.5% of its outstanding common shares.
The chief asset of Western Goldfields is its Mesquite mine, located in Imperial County, Calif. and operated between 1985 to 2001 under several different companies including Newmont Mining Corporation (NYSE: NEM). In 2001, the mine was closed due to low gold prices and the estimated costs of expanding the mine, but Western Goldfields acquired the mine from Newmont in 2003 and has since worked to bring it back into production.
As of Dec. 31, measured and indicated resources of the mine were approximately 4.3 million ounces. The mine was brought into production in January and the company is now forecasting full-year production of 155,000 to 165,000 ounces for 2008. Western estimates that the mine has a 12-year useful life. With the mine now up and running, the company will likely be able to shift its focus to other potential opportunities such as expanding into other parts of the southern United States, and possibly Canada and Mexico.

Stocks fall following spike in gold prices


Stocks pulled back early Thursday as investors grappled with further declines in the dollar, a spike in oil and gold prices and as the investment fund Carlyle Capital appeared close to collapse. The major indexes each lost more than 1 percent, with the Dow Jones industrial average falling nearly 200 points.
Investors were also getting their first look at prepared remarks by Treasury Secretary Henry Paulson who is calling for stronger regulatory oversight of mortgage lenders, whose lax lending standards are blamed for touching off the latest stagnation in the credit markets.
Adding to investors' unease about the state of the economy, the government said retail sales fell by a worse-than-expected 0.6 percent in February, rather than rising 0.2 percent as Wall Street had expected.
The spike in gold prices — hitting $1,000 an ounce for the first time in electronic trading Thursday, according to Dow Jones Newswires — underscores investors' nervousness as investing in the precious metal is often regarded as a defensive move. Gold prices recently changed hands up $16.20 at $996.70 an ounce.
The developments weighed on already weaker stock market futures contracts that were lower amid a further decline in the dollar.
Carlyle Capital Corp., which is managed by Carlyle Group, warned late Wednesday it expects creditors will seize all the fund's remaining assets after unsuccessful negotiations to prevent its liquidation. World markets shuddered last week after the Amsterdam-listed fund missed margin calls from banks on its $21.7 billion portfolio of residential-mortgage-backed bonds.
Carlyle's troubles have added to concern that billions of dollars of depressed mortgage-backed securities will flood the market, reducing their value even further.
In the first minutes of trading, the Dow Jones industrial average fell 192.78, or 1.59 percent, to 11,917.46.
Broader stock indicators also fell. The Standard & Poor's 500 index lost 21.84, or 1.67 percent, to 1,286.93, and the Nasdaq composite index fell 31.42, or 1.40 percent, to 2,212.45.

Goldberg Coins Joins WorthPoint


Goldberg Coins & Collectibles partners with WorthPoint, a social network and search engine for collectors

WorthPoint Corporation, the premier website for art, antiques, and collectibles, announced today that Ira and Larry Goldberg Coins & Collectibles, Inc. has selected WorthPoint as a data publishing partner. Under the new agreement, Goldberg will provide WorthPoint with upcoming and historical auction data to be published on the WorthPoint web site. With information provided by Goldberg Coins & Collectibles, WorthPoint is now able to provide more comprehensive data than ever.

Helvetica, sans-serif; TEXT-DECORATION: none" href="http://www.worthpoint.com/" alt="Link to website">With this new relationship, we add the sales of United States currency, world gold and silver coinage, and antiquities to our database, from experts in the field of numismatics. No one is more knowledgeable on the subject of numismatic and philatelic collections than Ira and Larry Goldberg are, and WorthPoint is proud to include the Goldbergs' records in its data collection.

"We are extremely pleased to begin our partnership with Ira and Larry Goldberg," said Will Seippel, CEO and Chairman of WorthPoint. "With this new relationship, we add the sales of United States currency, world gold and silver coinage, and antiquities to our database, from experts in the field of numismatics. No one is more knowledgeable on the subject of numismatic and philatelic collections than Ira and Larry Goldberg are, and WorthPoint is proud to include the Goldbergs' records in its data collection."

WorthPoint is a collector's social network and search engine rolled into one. The website is changing the process of assessing worth for collectibles by providing a vast database of sales records wherein an individual can assess the worth of their own collection. Through WorthPoint, collectors connect with experts to learn more about authenticity and value in art, antiques, and vintage items. Through the WorthPoint online community, members can contact other collectors interested in buying, selling, or swapping stories, and they can share their insight and knowledge through the forums and wikis.http://www.worthpoint.com

Ira and Larry Goldberg have been in the coins and collectibles business for over 35 years and are leaders in their field. Their grandfather founded the prominent Superior Stamp and Coin Company in Beverly Hills in 1931, and Goldberg Coins & Collectibles of Beverly Hills, California, has been setting records and upholding the family tradition of excellence and expertise since 1969. In 1999, Ira and Larry Goldberg were part of a group that purchased the S.S. Central America treasure, valued at 100 million dollars; the largest numismatic purchase of all time. Also in 1999, they set a world record with a $20 gold 1907 Ultra High Relief that sold for $1.1 million; the highest price paid for a gold coin at public auction. The Goldbergs are also known for having privately sold the King of Siam Set for a record-breaking $8.5 million. The King of Siam Set is America's single most important numismatic item and it was the third time the Goldbergs were responsible for its sale - also a record. Personal service, expertise, and an impressive record of sales are the characteristics that define auctions at Goldberg Coins & Collectibles.http://www.goldbergcoins.com

Mint Kicks Off Collector Coins for Centenary of Rugby League

The Royal Australian Mint joined the celebratory kick off the 2008 NRL Telstra Premiership season by releasing new collector coins celebrating the centenary of Rugby League.
The Centenary of Rugby League coin series launched last November with the introduction of the $1 Uncirculated coin and is now followed by the $5 Silver Proof and $10 Gold Proof collector coins.

“Rugby League holds an important place in the Australian and international sporting history.” said Ms Janine Murphy, Chief Executive Officer Royal Australian Mint.
“Whether you are a player, or a spectator, Rugby League is one of Australia’s favourite sports and we are thrilled to mark this centenary through the release of specially designed coins” said Ms Murphy.

In addition to the quotes by Ms Murphy, the Mint release statement announcing the collector coins also provided insights into their design concepts:
$10 Gold Proof Coin: Salutes the past featuring the historical letter ‘A’ as worn on players’ jerseys during the first decade of the code
$5 Fine Silver Proof Coin: Celebrates the present, featuring an image of a dynamic cover tackle
$1 Uncirculated Coin: Inspires the future, featuring the Centenary of Rugby League logo
Centenary of Rugby League collector series coins - specifications and order details
The following information is provided through the Mint for each coin.
2008 Centenary of Rugby $1 Uncirculated Coin
The $1 coin first went on sale in November of 2007.
The coin is currently priced at:
$12.95 (AUD/GST)
$11.77 (AUD/INT)
Online orders can be placed on the Mint page: 2008 $1 Uncirculated Coin*
The specifications for the uncirculated coin include:
Denomination:
$1
Metal:
AL/Bronze
Mass:
9.00 grams
Diameter:
25.00 mm
Finish:
Uncirculated
Mintage:
Unlimited
Designer:
V. Gottwald

2008 Centenary of Rugby $5 Silver Proof Coin
The $5 Silver Proof Coin is currently priced at:
$65.00 (AUD/GST)
$59.09 (AUD/INT)
Online orders may be made on the Mint page: 2008 $5 Fine Silver Proof Coin*
The specifications for the silver coin include:
Denomination:
$5
Metal:
AG 99.9%
Mass:
36.31 grams
Diameter:
38.74 mm
Finish:
Proof
Mintage:
10,000
Designer:
V. Gottwald

2008 Centenary of Rugby $10 Gold Proof Coin
The $10 Gold Proof Coin is currently priced at:
$210.00 (AUD/GST)
$190.91 (AUD/INT)
There is a limit of 2 coins per customer. Online orders can be placed through the Mint page: 2008 $10 Gold Proof Coin*
The gold coin specifications are:
Denomination:
$10
Metal:
AU 99.9%
Mass:
1/10 Troy Ounce
Diameter:
17.53 mm
Finish:
Proof
Mintage:
3,000
Designer:
V. Gottwald

Australia's No. 1 Bank Note Fetches $1.77 Million

By Kerry Rodgers

When the hammer fell at International Auction Galleries' Australian and World Rare Coin and Banknote Auction March 9, Australia had a new champion. The very first Commonwealth bank note printed in Australia had become the most expensive numismatic item sold in that country, be it coin or note.

The price paid of A$1.909 million (U.S. $1.767 million) easily beat the A$1,223,250 (U.S. $1.136 million) paid in November 2007 for an Australian 1924 George V £1,000 specimen note (Standard Catalog of World Paper Money No. P-2Ab).

The new record is held by the 10-shilling note with serial number M000001 (SCWPM P-1A). The note was printed May 1, 1913, and numbered by the Governor-General Thomas Denman's daughter Judith, who was subsequently presented with it by Prime Minister Andrew Fisher.
The successful bidder was Sydney-based rare bank note dealer John Pettit, who purchased it for a client. The client has been described by Pettit in the Aussie media as having "one of the best Australian bank note collections and he wants this as the iconic piece in his collection."

Pettit believed it to be a good deal. "To me this is not expensive for what it is. It's always going to be relevant to our history. It's a note that all collectors know because of the photograph of the Governor-General's daughter holding it up when it was being printed."

The whereabouts of the piece had been unknown until it turned up in a letter file in England in 1999. It returned to Australia when it was bought by a collector eight years ago. It was offered for sale back in March 2006 by Noble Numismatics but then failed to reach its reserve.

This time around, three bidders fought it out until the price went past A$1.6 million when one dropped out. The two remaining contenders continued the battle until the hammer fell for the last time at A$1.66 million. With 15 percent buyers premium added, the final price was A$1.909 million.

International Auction Galleries managing director Paul Hannaford was pleasantly surprised: "It was $300,000 more than we were expecting."

The overall IAG auction realized more than A$5.6 million. The firm's next numismatic auction is scheduled for Sept. 21, 2008.

Rising metal costs may see Aussie coins change
SYDNEY - The size and composition of some Australian coins may have to change due to the soaring cost of copper and nickel.
This year the metal value of the 5c, 10c and 20c coins will overtake their face value for the first time, News Ltd reported today.
The metal content in 10c, 20c and 50c coins was now worth more than the metal in the $1 and $2 coins.
But melting down coins to make extra by selling the metal was illegal and heavy penalties applied.
The 5c coin has a current metal cost of A4.89c (NZ5.74c), the 10c coin 9.78c and the 20c coin 19.56c compared with the $1 coin on 8.3c and the $2 coin on just 6.1c.
But with copper and nickel prices up about 30 per cent this year, some new coins will cost more to make than their face value, New Ltd says.
Driven by Chinese demand, copper prices have more than doubled over the past two years.
A Royal Australian Mint spokesman said if any changes were to be made to coins, the Australian public would be widely consulted to gauge potential impacts. Australia's 5c, 10c, 20c and 50c coins are 75 per cent copper and 25 per cent nickel while the $1 and $2 coins are made from 92 per cent copper, six per cent aluminium and two per cent nickel.

1870-S dollar tops sale


An 1870-S Seated Liberty dollar sold for $705,698 in Bowers and Merena Auctions’ Baltimore sale.
The dollar was graded VF-25 by Professional Coin Grading Service and was described as the Farouk-Schultz specimen. According to Steve Deeds, president of B&M, only nine 1870-S dollars have been sold at auction and three more are rumored to exist.
Also crossing the block in the Feb. 28-March 1 sale was a 1794 half dime, which realized $232,501. It was graded MS-67 by Numismatic Guaranty Corp.
The 3,220-lot B&M sale, official auction of the Baltimore Coin and Currency Convention, had total prices realized of $9,538,700.
Gold coins brought some of the top prices among U.S. coins. Among them was a 1915-S Panama-Pacific Exposition round gold $50, graded NGC MS-66, that realized $172,500.
An 1879 $4 gold “Stella” of the Flowing Hair design, Judd 1635, Pollock 1832/1833, graded PCGS Proof-62, sold for $138,000.
Double eagles featured a 1910 Saint-Gaudens in NGC Proof-66 that went for $94,300 and a 1908-S in PCGS MS-66 that hit $92,000.
An 1864 $3 gold piece, NGC Proof-66 Cameo, fetched $80,500, while a 1910-S Saint-Gaudens gold $10, NGC MS-66, brought $77,050.
Silver coins were headed by the 1870-S dollar and 1794 half dime already mentioned, and then by an 1884 Morgan dollar, NGC Proof-68* Ultra Cameo, that went for $74,750.
An 1806 Draped Bust half dollar, Overton 116, NGC MS-65* crossed the block for $69,000.
A 1937-D three-legged Buffalo nickel, Fivaz-Stanton 020.2, NGC MS-66, brought $57,500. The same price was realized by a proof 1867 Shield nickel with rays in PCGS Proof-64.
The sale also included world coins and U.S. paper money.
The Carl F. Chirico collection of world pattern coins contributed $2,028,278 toward the world coin session total of $2,155,328.
Among the world coin highlights was a Republic of China silver pattern half dollar of Sun Yat-sen Year 25 (1936). It finished at $46,000.
Top bank note was an 1878 $20 Silver Certificate, Friedberg 307, graded Very Fine-20 by Paper Money Guaranty. It went for $54,050.
All lots are posted at www.bowersandmerena.com

New Coin Celebrates Quebec City 400th Anniversary


The Royal Canadian Mint’s Newest Commemorative Circulation Coin Celebrates the 400th Anniversary of Quebec City and Features the Work of Talented Quebec Artist
Ottawa, Ontario. – As part of its ongoing activities to mark the 400th anniversary of the founding of Quebec City, the Royal Canadian Mint (RCM) is pleased to announce the commissioning of a commemorative 2-dollar circulation coin. Designed by Quebec jeweller Geneviève Bertrand, the coin will be officially unveiled this May at a ceremony in Quebec City. A total of six million of these commemorative coins, dated 2008, will be struck.
"The Royal Canadian Mint prides itself on celebrating the richness of Canada’s historical, cultural and natural heritage on all its coins, therefore it is very fitting that such an important event in our country’s history be featured on a coin which will be exchanged and collected by people in the Province of Quebec, as well as in the rest of Canada," said Ian E. Bennett, President and CEO of the RCM. "The City of Quebec, internationally famous for its historical significance and old European charm, is a tremendous source of pride for Canadians and we are delighted to be participating in its anniversary celebrations.”
"The Royal Canadian Mint has created a beautiful commemorative coin which symbolizes the foundation of Quebec City, an important beginning in Quebec and Canadian history," said Alban D’Amours, President and CEO of the Desjardins Group. “As a major sponsor of Quebec City’s 400th anniversary celebrations, I am proud that the Desjardins Group is supporting a commemorative coin launch which is meaningful to our collective history.”
Once released in circulation in May, the new 400th Anniversary of Quebec City coin will be exclusively distributed across Quebec through Desjardins Group. This commemorative coin will also be distributed through Desjardins Group across Ontario, and les caisses populaires acadiennes of New Brunswick and Canadians will also be encouraged to look for this coin in their change.
Geneviève Bertrand was born in Quebec City in 1976. She completed her initial training as a jeweller at Quebec City’s Collège Limoilou in 2001 and has since been practicing her craft in St-Georges-de-Beauce, Quebec. She recently perfected her expertise through advanced training at the École de Joaillerie de Québec. Prior to submitting the final design for the 400th Anniversary of Quebec City circulation coin, Geneviève Bertrand distinguished herself as a finalist in several of Quebec’s top jewellery design competitions.
About the Royal Canadian MintThe 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.

Endangered Animals on Armenian Coins
By Dennis G. Rainey
This column is about animals on some coins from the Red Book of endangered and threatened animals of the Republic of Armenia, a small nation bordered by Georgia on the north, Azerbaijan on the east, Iran on the south and Turkey on the west. It is part of the Caucasus, an area of great ecological significance.
Armenia's size is 11,483 square miles, and it is typically mountainous with a dry sub-tropical climate. There are six ecosystem types: deserts (below 3,000 feet), semi-deserts (2,000 to 3,900 feet), steppes (3,900 to 6,600 feet), forests (1,640 north-8,262 south feet), subalpine and alpine meadows (7,546 to 9,186 feet).
Some 17,000 species of animals (mostly invertebrates) have been recorded in Armenia including 75 kinds of mammals, 302 birds, 43 reptiles and nine amphibians.
Armenia has a long history of oppression by foreign governments, the last being Soviet Russia. It became a Soviet republic in 1922 and did not become an independent republic until 1991.
Biodiversity suffered greatly during the Soviet period, and after the Soviet breakup Armenia underwent a severe economic crisis with additional dire consequences on habitats and animal life. The Spitak earthquake of 1988 destroyed the city of Spitak and 58 villages, and resulted in horrendous damage to industry including food production and widespread environmental damage. Twenty-five thousand people were killed, 20,000 injured and 500,000 made homeless. By 1998 the average monthly earnings were equivalent to $16 U.S.! Now slow recovery is in progress aided by a shift to democracy, market-based economy, private ownership of land and decentralization in industry and agriculture. Foreign investment is now encouraged.
All this has severely damaged biodiversity. Forests have been particularly hurt with only 25 percent of the original left. Deforestation has produced extreme erosion and subsequent flooding. Equally severe soil erosion has occurred due to poor agricultural practices and thousands of acres are now unusable. Vegetation cover (up to 40 percent in some areas) has diminished because of overgrazing of pastures by livestock. Pesticide residues from overuse also enter into this sad picture resulting in heavy river pollution and changes in plant cover. Mining and chemical industries have caused pollution of several natural ecosystems with heavy metals (about 20,000 acres). All of this unfortunate history has severely affected Armenia's animal life, but one has to admire the ongoing successful road to recovery by the government.
The Central Bank of Armenia has issued several coins depicting animals in Armenia's Red Book, and hopefully sales revenue is being used for conservation and research purposes. I gladly purchased all the coins. Let's discuss these animals on coins.
Eurasian Otter
A subspecies of the Eurasian otter (Lutra lutra meridionalis) is depicted on the 1997 100 drams (KM 71). This subspecies is called the Caucasian otter on the coin. Otters (13 species worldwide) belong to the "smelly" group of mammals - Family Mustelidae (skunks, weasels, polecats, badgers, wolverine, sable, fishers and martens, etc.). Otters are the only amphibious members of the family.
This species has an incredibly large geographic range, too large to give details here. Suffice it to say it occurs in almost all of Europe, northwestern Africa and much of Asia. They dwell from sea level to 13,500 feet in Tibet. The IUCN (World Conservation Union) Red Book lists it as near threatened. Its habitat is freshwater lakes, rivers, ponds, swamps, rice fields, marine coves and estuaries.
This species is 3 to 4.5 feet long and weighs 15 to 20 pounds. They rely solely on their fur while in water to keep warm because their body lacks a fat layer like in seals. The outer guard hairs keep the fine insulating undercoat dry. The front legs are shorter than the hind legs allowing them to swim better, and the toes are webbed. They are said to be able to stay submerged for only 20 seconds. Its diet is fish (80 percent), frogs, birds and small mammals.
A 2004 paper by G. Gorgadze titled "The Eurasian Otter in the South Caucasus," published in the IUCN Otter Specialist Group Bulletin indicated practically no research has been done in Armenia and Azerbaijan in the past 20 years. Records are better for Georgia. Trapping there for skins began in early 20th century and by the 1930s 4,000 otters were killed annually. At the beginning of the 1980s it was estimated there were 6,000 in South Caucasus and 12,000 in Russia. Of the 6,000, 4,500 were in Georgia, 1,200 in Azerbaijan, but no estimates were given for Armenia. There was abundant evidence of a serious population decline in the South Caucasus (and Armenia?). Threats to the Eurasian otter in the three nations above are killing by fishermen (viewed as competitors), illegal trapping for the fur trade, unsustainable use of forests leading to loss of habitat, and over-exploitation of rivers and lakes. Drainage of wetlands was rampant in Soviet times. So, otter population declines are due solely to human activities.
Wild Cat
The wild cat, Felis silvestris, may be the most widespread member of the Family Felidae. It occurs in most of Africa, much of Europe and western Asia. The subspecies, F. s. caucasica, is depicted on the Armenia 2006 100 drams coin (KM 121).
The IUCN 1996 publication, Wild Cats, divides the species into three groups: African (14 subspecies), Asiatic (3 subspecies) and European (6 subspecies). The wild cat in Armenia is in the European group and goes by the common name of Caucasian forest cat or Caucasian wild cat. It is found in southern Armenia, most of the rest of Caucasus and Turkey. I wrote about the life style of F. silvestris in detail in the article "Wildcat and Woodpecker At Risk In Moldova" in the December 2004 issue of World Coin News and will not repeat that here.
Brown Bear
The brown bear is depicted on the 2006 100 drams (KM 119). The scientific name on the coin is Ursus arctos syriacus. The taxonomy of brown bears in the Caucasus is unsettled as Dr. Gennady f. Baryshnikov, of the Russian Academy of Sciences and specialist in brown bears of Caucasus informed me in an email on 12 June 2007. He said one view is all brown bears in the Caucasus belong to U. a. syriacus and another view is the subspecies in most of the Caucasus is U. a. meridionalis, and U. a. syriacus is in the southernmost part including Armenia. However, he has not studied any specimens from Armenia. I. E. Chertin and N. G. Mikeshina in the paper titled "Variation in Skull Morphology of Brown Bears (Ursus arctos) from Caucasus" that appeared in the Jour. Mammalogy, V.79, No. 1, 1998, consider all brown bears in Caucasus to be U. a. syriacus.
Literature on the brown bear in Armenia is non-existent, at least that I can find. I did find one sentence that stated the bears are found in forests, steppes and meadows depending on the time of the year. I was informed by an Armenian biologist that young mammalogists there are reluctant to work on large mammals, and funds for research are very scarce.
Long-Eared Hedgehog
The long-eared hedgehog is depicted on the 2006 100 drams (KM 120). The scientific name on the coin is Erinaceus (Hemiechinus) auritus. The corect name in my most recent reference is Hemiechinus auritus. Again, I found no literature on this mammal in Armenia; however, the same species was discussed in my article "Turkish Coins Feature Ricochet Mammals," World Coin News, April, 2007. Refer to this article for more information. I suspect it dwells mainly in the Armenian semi-desert ecosystem.
Spur-Thighed Tortoise
In 2006 the Central Bank issued a 100 drams coin (KM 122) depicting what they called the Mediterranean tortoise (Testudo graeca); this scientific name is on the coin. This tortoise has numerous common names such as Greek tortoise, Tunisian tortoise, Algerian tortoise, Moorish tortoise, but I choose to call it the spur-thighed tortoise following C. H. Ernst and R. W. Barbour, Turtles of the World, Smithsonian Institution Press, Washington, D.C., 1989, and other references.
What is the difference between a tortoise and a terrapin? They are both turtles. A tortoise is a terrestrial turtle, and a terrapin is usually an aquatic turtle.
An apparent valid subspecies has been described from Armenia that also occurs in parts of Azerbaijan, Iran and Turkey and is named T. g. armenica. A reference I found called it the Armenian tortoise. Additional subspecies have been described, but many are considered invalid.
This wide-spread species occurs in Albania, Algeria, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Iran, Iraq, Israel, Jordan, Libya, Moldova, Morocco, Romania, Russia, Serbia, Montenegro, Spain, Syria, Macedonia, Tunisia, Turkey, Turkmenistan and Ukraine. It is rare in Armenia and occurs in the Araks river valley in the south of that country in dry steppes, shrubby mountain slopes and low forests habitats. They are declining largely due to habitat loss. There are only about 1,000 surviving in the wild in Armenia, but many are in Russian and other country's zoos. They are bred in captivity for possible reintroductions by the Zoology Institute of the Republic of Armenia Academy of Sciences. The species is protected in Armenia, but some are still taken from the wild for the pet trade. The species is listed as vulnerable in the 2006 IUCN Red List.
The species has been one of the most exploited chelonians for the pet trade with millions captured and sold. For example, more than one million captured in Morocco were imported to Great Britain between 1967 and 1971 (inquire for reference). It was estimated that only five million were in Morocco in that period so the population was severely damaged, but later they were protected. Again, apparently this species has not been studied biologically in Armenia.
Do not fail to log on to the following Web site named "Persian Leopard;" http://www.persianleopard.com/. Then, click on the link "Gallery" to the left and view some remote camera pictures of Armenian mammals such as the brown bear and wild cat (notice "raccoon-like tail."). This is the Web site of biologists Sh. Asmaryan and Igor Khorozyan, the only scientists studying highly endangered leopards (Panthera pardus) in Armenia. Igor furnished valuable information for the brown bear portion of this article.
Lastly, kudos to the Central Bank of Armenia for putting scientific and common names on their animal coins.

Circulated values higher

By Mark Ferguson

Demand is pushing up values for circulated coins virtually across the board. Exceptions include circulated early commemoratives, those minted between 1892 and 1954, and, of course, coins struck after the silver era ended in 1964.
The market price of silver bullion has pushed up values for silver coins such as dimes, quarter dollars, half dollar and dollars. But in addition to climbing silver values, real demand from collectors is being experienced for these relatively inexpensive coins.
The grades of Extremely Fine and About Uncirculated are most popular because these coins show almost all of the original details of the coins. About Uncirculated coins should show minimal friction on their high points, but no flattening wear.
Coins grading Extremely Fine should show a little bit of flattening from wear on their high points.
However, coins with weak strikes are often mistaken by some collectors as having wear. Examples that come to mind are the 1923-S Lincoln cent, which has a normally weak reverse, especially in the wheat ears.
1940-S and 1941-S Walking Liberty half dollars are often very weak in the center on both sides. Liberty’s left arm often appears flattened, as do the skirt lines. And on the reverse of these coins there’s usually a flat spot on the bottom half of the eagle’s breast.
Similarly, many Morgan dollars, especially those struck at the New Orleans Mint, have weakness on the eagle’s breast, obscuring the feathers. Many people confuse this weakness with wear.
Such weakness is most often reflected in the prices for such coins. Those same issues that are unusually strongly struck sell for premiums over listed values, whether they’re in Mint State condition or slightly circulated.
It is also important to note that circulated coins with contact marks that stand out, or that bear other blemishes – like spots – that distract from the overall look of the coins, sell for discounts below listed values.
Great rewards can be achieved by buying circulated coins in bulk and searching them. Examples include buying bulk circulated 90 percent silver coins or bulk groups of Indian and “Wheat” cents. Rewards also await those searching through containers full of circulated coins at coin shops and shows.

Traders turn gold fever into fire
by Andrea Hotter

Gold fever is gripping investors but the metal's temperature looks set to rise much further still, driven by growth in exchange-traded funds.
ETFs have made it easier for pension funds and other investors to take positions in gold, at a time when the precious metal is in demand as a hedge against turbulent equity markets, troubles in the property sector and worries about the expanding reach of the credit crunch.
As the U.S. dollar slides and concerns about rising inflation grow, gold prices are surging. And with spot gold hitting a record high of US$965.10 a troy ounce on Wednesday, analysts say the once-unlikely US$1,200/oz level is now a very realistic target.
ETFs have become the biggest growth area for gold demand, outpacing jewelry and industrial consumption growth.
Analysts estimate that since March, 2003, when the first gold ETF was launched, around US$18-billion has been invested in these products, accounting for some 650 metric tons, or a whopping 10% of total world demand. Over the same period, the price of gold has doubled.
Gold ETFs trade in the same way as shares and are backed by gold put into storage. Unlike trading in physical gold, investors in ETFs are spared the headache of arranging the storage. And trading in ETFs is more attractive than gold futures because there's no worrying about margin calls or contracts expiring.
ETF supporters argue this makes them simple, secure and tradable, with a low risk and a near-perfect correlation to underlying gold prices.
"Exchange-traded funds have been a large part of an improved market availability, which is a dramatic change from six years ago, before gold's bull run began," said analyst Ross Norman of TheBullionDesk.
The first gold ETF was Gold Bullion Securities Ltd. (GOLD/AU), launched by the World Gold Council on the Australian Stock Exchange in March, 2003. A plethora of new products followed, including streetTRACKSGold Shares (GLD/NYSE), the world's biggest gold ETF, which was launched in the United States in November, 2004.
There are now ETFs in Australia, Canada, India and Singapore, as well as across Europe, and more are planned in other locations.
According to Jill Leyland, economic adviser to the World Gold Council, there is plenty of untapped potential for ETFs.
This is especially true in countries where gold ETFs aren't yet listed, for example Japan, she said, as well as among pension funds "where takeup so far has been limited, but interest in gold and other commodities is definitely growing."
Another demand source lies in other institutions with long-term horizons, such as mutual funds, foundations and sovereign wealth funds, Ms. Leyland said.
Until the emergence of ETFs, these institutions found it difficult to get direct exposure to commodities in order to hedge their positions in equities and bonds.