The News at a Glance – July 26, 2010

By Tim Shuck on Monday, July 26, 2010
Filed Under: Coin News Daily

The Wild Ride of Numismatic Research
PCGS Blog
Numismatic research is a never-ending journey full of twists, turns, side-roads, dead-ends, and new discoveries. Much of the fun of numismatic research is that you’re not alone: you can utilize the findings of those who have gone before or bring current experts along to help you navigate. The following is a quick run-through of steps involved in research of the undated Templeton Reid $10. Reviewed census of the three pieces listed in Walter Breen’s Complete Encyclopedia of U.S. and Colonial Coins. Tried to find images off all three examples: the Smithsonian’s best piece is plated in Breen; the other Smithsonian piece is illustrated on PCGS CoinFacts; the third piece was missing.
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Coin Market Heat Wave
Stella
We’re selling a higher dollar volume every month in about half the coins. This has allowed us to concentrate on each customer better and the results are paying off. In 2010, we have steadily averaged over $2 million in sales EACH month. So, why are other dealers saying the market is “red hot” and “we can’t buy enough coins”, etc, etc.? I suppose it’s just good marketing. Of course it’s hard to buy great coins. It’s always hard to buy great coins. Usually if prices are too low (as they are getting these days) sellers hold on to the better coins until the prices go up. When prices go up, up, up (like they did in 2005-7) then sellers unload but uneducated buyers enter the market and overbid for coins.
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Japan’s 2,000-Yen Note Popular in Okinawa
Banknote News
The Bank of Japan began issuing the ¥2000 bill on July 19, 2000 to commemorate the Group of Eight summit in Okinawa, but this bill didn’t catch on with the general public and remains unpopular. There are around 110 million ¥2,000 notes in circulation, about 1% of all Japanese currency. Okinawans have good reasons for loving the bill; the Okinawan symbol ’Shureimon’ is printed on one side of the bill. The Shureimon Gate in Naha was built in the 16th century as the main gate to Shuri Castle. Shureimon Gate is a symbol of peace, and Okinawans say they want “to promote the spirit of peace from Okinawa” with the ¥2,000 note. Local Okinawa businesses have begun a campaign to promote use of the currency, with local banks converting ATM machines to accept them and shopping malls now giving change in ¥2,000 notes.
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Readers Pick Best 2010 U.S. Coin Designs (So Far)
MInt News Blog
A little over a week ago, I created a poll where Mint News Blog readers could vote on what they believe is the best US Mint coin design for the year so far. A total of 725 votes were cast across the eleven different coins issued during 2010, which featured a new design on at least one side of the coin. Two coins received more than 50% of the total votes, signaling two strong favorites. The third highest number of votes were cast for a medal honoring the Women Airforce Service Pilots. In the end, the 2010 Native American Dollar edged out the 2010 Lincoln Cent by a margin of 21 votes.
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All Dressed Up and Ready to Go … To the 20th Century
Numismatic News
The U.S. Mint is all dressed up and ready to go. The problem is it is ready to go to a 20th century destination. A decade into the 21st century we have to ask ourselves where it should be heading to be relevant to our futures. The Mint as it currently exists was organized, and its productive capacity built to meet the astronomical coin demands ushered in by the age of vending machines and the replacement of silver coins with copper-nickel clad coins. After the massive coin shortage of the 1960s, no Mint official ever wanted to be caught short again.
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The World’s First Coin Auction?
PCGS
A number of years ago, I came across into a tiny booklet in a bookstore. Opening the cover, I discovered it was a coin auction catalog… from 1786! I don’t know how long coin auctions have been taking place, but this surely is among the first auctions dedicated only to coins. The auction was the property of the late Sir Charles Frederick, Knight of the Bath, and was sold by Mr. Gerard at his House in Litchfield Street, St. Anne’s Soho. It consisted of Greek, Roman, Saxon, English, Anglo-Gallic and other coins and medals. While it was a four-day sale, held from May 17-20, it consisted only of 365 lots, sold at a pace of roughly 90 per day. As one would expect, the sale was made up almost totally of ancient and British coins.
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About the Author

Tim Shuck is a life-long Midwestern resident, and started collecting coins after finding an Indian Head cent on the ground at his childhood farm home. Additional encouragement came from looking through a collection of well-worn late 19th and early 20th century coins kept by his grandfather in an old leather coin purse. Current collecting interests include U.S. types from the Civil War era through the early 1930's, and Colonial and Early American coins.