The gold medal presented to Commodore Matthew C. Perry by merchants of Boston “…in token of their appreciation of his services in negotiating the treaty with Japan signed at Yoku-Hama, March 31, and with Lew Chew at Napa, July 11, 1854…” sold with its raggedy original case for $165,000 (including buyer’s premium) to one of ten phone bidders at Bruce Gamage’s auction in Rockland, Maine, on Monday, August 27.

The medal was struck in 1856 at the U.S. Mint on request and paid for by the Boston merchants. There was this one gold medal struck along with 20 silver medals and 104 bronze medals.

The price far exceeded the most ambitious presale estimate of $30,000/40,000 posited by serious buyers. According to auctioneer Gamage, the buyer was a collector from New York City who wishes to remain anonymous. The underbidder on the floor was New York City coin and medals dealer Anthony Terranova. (more…)

The recent surge in the price of gold has renewed the interest in it as an investment, while creating a deluge of commentary within the gold bug community. I have read many new articles that tout $3000 gold, while others speak of $400.00 gold. Neither view is wrong in my opinion – nor is either view correct in my opinion. I will explain.

First and foremost it is imperative to remember that either of the above views is pricing gold in paper fiat dollar bills known as Federal Reserve Notes. These notes are paper promises to pay – not the means to pay. As such they are debt and nothing more. I have written on this extensively.

By David Ganz - Numismatic News

Numismatic Guaranty Corp. reached settlement terms in a class action suit brought against it by a Florida collector. Still subject to court approval in November, the terms would give Florida collector Tom Francisco $7,500 for his troubles, Florida attorneys will receive $195,000 for representation, and the American Numismatic Association $447,500 for consumer education.

Francisco brought his case last year in the U.S. District Court for the Southern District of Florida, Miami Division, as a class action lawsuit entitled Thomas Francisco v. Numismatic Guaranty Corporation of America d/b/a NGC.

A blog on the SAFE Corner takes aim at the ACCG and its officers. Below is a response to that attack.

In his blog post “Can Cultural Property Legislation Kill an Academic Discipline?” (13 Sep 2007) Nathan Elkins boldly attacks a discipline that he evidently does not understand. Numismatics evolved as a science over many centuries, through the cooperative effort of independent and professional scholars. The views of Mr. Elkins seem to miss the whole point of this symbiotic relationship. The first words of the Elkins post are designed to cast independent and institutional scholars as having different interests. He singles out the Ancient Coin Collectors Guild (ACCG) and its officers as opponents of cultural property protection and asks rhetorically and tongue in cheek, whether cultural property legislation can kill numismatics as an academic discipline. Numismatics is not an “academic discipline” but rather a science that embraces all who nurture it.

It is first necessary to correct a misconception under which Mr. Elkins labors. As founder and Executive Director of the ACCG, I can say with unequivocal assuredness that the guild does not oppose cultural property protection. In fact, our mission is very clearly stated in our guild bylaws. That is, we seek to “promote and nurture the free and independent collecting of coins from antiquity.” That is our sole purpose. The bylaws also state that “The guild does not in any way support, condone or defend the looting of designated archaeological sites, nor the violation of any nation’s laws concerning the import or export of antiquities. ” The ACCG has never taken any action that would lead to or condone the destruction of cultural property. Contrary to Mr. Elkins’ claim, it is not our aim, nor has it ever been, to hinder the protection of cultural property. It is our aim to preserve the freedom of private ownership. We simply demand fair treatment for coin collectors and dealers from government bureaucracies, here and abroad. (more…)