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Coin News for June 29, 2010
Money and Currencies in History
CoinsWeekly
During the first half of the 16th century, a series of happy coincidences converted Spain into the richest and most powerful country on earth at the time. In 1519, Hernán Cortés conquered the huge Aztec Empire with an army of only 600 soldiers; in 1531, Francisco Pizarro succeeded in destroying the Inca Empire with 180 mercenaries. Not the booties, however, but rather the enormous deposits of silver at Potosí and Zacatecas produced the true wealth of Spain. They allowed for incredible masses of silver to be won by the latest methods. In the thirties of the 16th century, “only” 86 tons of silver reached Spain, whereas in the seventies, silver production increased to 1.119 tons and stagnated at around 2.200 tons per decade during the first third of the 17th century.
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The PCGS Set Registry Effect
PCGS Blog
In the U.S. coin market, the demand for high quality coins has created big differences between grade levels, particularly at the top end. For instance, an 1890-O Silver dollar is valued in the PCGS Price Guide at $375 in MS64, $1,800 in MS65, and $8,500 in MS66. A plus sign (+) turns the MS65 into a $2,700 coin. Clearly, the demand for quality translates into big premiums for the best coins. Here’s another factor that helps drive prices…what I call the PCGS Set Registry Effect. Simply put, the demand for top quality coins is increased further by collectors seeking to join or maintain the top ranks of the PCGS Set Registry.
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CCAC Forms Subcommittee on Coin Design
Coin Collector’s Blog
According to the tweets of Citizens Coinage Advisory Committee member Donald Scarinci (@Scarinci), CCAC Chair Gary Marks announced the establishment of a subcommittee to help U.S. Mint Director Ed Moy to initiate his vision for a neo-renaissance of U.S. coins. Members of the subcommittee will be made up Mitch Sanders, Donald Scarinci, Roger Burdette, Heidi Wastweet, and Gary Marks. Their report due by October 31, 2010. During a presentation at the FIDEM conference on September 19, 2007, held in Colorado Springs, Moy said, “I want and intend to spark a Neo-Renaissance of coin design and achieve a new level of design excellence that will be sustained long after my term expires.” During the 2010 FIDEM conference, there were reports that the design of U.S. coins were not up to the standard set by Moy during his 2007 talk.
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1922: Year of U.S. Mint Downtime
Heritage Blog
In the wake of World War I, the United States went through a recession that lasted about half a year. The start of 1920 saw another economic downturn that lasted for 18months. During the downturn, the Mint struck a variety of denominations, but with less commerce came less demand for the instruments of commerce, coins among them. Only one denomination was struck at all three of the active mints: the silver dollar. The 1922 silver dollars bore the then-novel Peace design; though first struck in 1921, the Peace dollars were not released for distribution until 1922. The Boston auction will have examples from Philadelphia, Denver, and San Francisco.
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Whitman Baltimore Expo Exceeds Expectations
Stella
While we were one of the first dealers to arrive, we viewed auction lots for several hours before figuring some bids before dinner. Little did we know that at 9 pm with a nice Diet Coke in hand, we’d get a call to get first shot with one of our favorite clients. Indeed we worked until 11:30 that night, procuring quite a few new coins for the website and auctions. Once the show opened, we were busy from start to finish. We ended up spending quite a bit of money with customers that came by our table early and visited with several of our long-time customers that frequent the Baltimore show. While the show size was reduced from its usual size, the cozier room provided for more of a buzz amongst the dealers and collectors.
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Publications of the Coin and Currency Institute
The E-Sylum
The Coin and Currency Institute was the publishing arm of Capital Coin Co., the department store coin firm founded by Robert Friedberg, and run for many years after Robert’s death by his brother Jack and widow Goldie. I believe the firm is currently owned by Robert’s sons Arthur and Ira, and managed by Arthur. As you probably know, the most familiar titles bearing C&C’s imprint are ‘Paper Money of the United States’, and ‘Gold Coins of the World’, both of which have had many editions over the years.
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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.
