CoinWeek News Wire for October 14, 2016

newswire10142016

By CoinWeek ....
 

CoinWeek News Wire for October 14, 2016

Brain Food

1.) A guide to valuing all your old Irish coins (PHOTOS)

Between the formation of the Republic of Ireland, the shift towards decimalization, and the introduction of the Euro, Irish currency underwent a great number of changes over the past 100 years, resulting in a number of coins that are now so rare they can fetch up to $13,200 at auction. Many of them are also exceptionally beautiful, featuring symbols of Ireland and tributes to the country’s agricultural and agrarian wealth.

But how do you know whether an old Irish coin in your possession represents a small fortune in your hands? We consulted two of the most popular old Irish currency databases, OldCurrencyExchange.com and IrishCoinage.com to find out...

2.) 5 valuable coins that could be hiding in your change

“In God We Rust” 2005 Kansas Quarter
$100

What appears to be a disgruntled mint employee acting out is actually quite the contrary; this typo on the 2005 Kansas quarter is said to have been caused by a grease buildup in the machine. This messy mistake may just be the answer to a clean break from a pesky bill...

3.) The ‘Bad Side Effects’ of Bank of England Policies Pale Next to Its History

australia10pound

When Theresa May told her Conservative Party this week that Bank of England policies have produced “bad side effects,” she didn't have this in mind.

The U.K. prime minister’s critique focused on how central bank actions have hurt savers and benefited the wealthy. But at least the BOE isn’t killing people in the streets, as happened — albeit accidentally — two centuries ago in London...

Under the Radar

4.) New 50p coin struck for Battle of Hastings anniversary

The first of five million 50p coins to commemorate the 950th anniversary of the Battle of Hastings in 1066 have been struck at The Royal Mint.

The coin, which shows King Harold with an arrow through his eye, marks one of the most well-known events in British history...

Current Events

5.) Cultural ownership and responsibility is not just a fad

Who owns a cultural object? Who has the right to determine cultural values? And how can public institutions best exercise cultural responsibility?...

6.) The Politics of Bitcoin: Software as Right-Wing Extremism

"...[When] we read closely what Bitcoin promoters say, and when we examine how the software itself works, we find that the system is predicated on economic and political theories that directly emerge from such far-right groups as the John Birch Society and the Cato Institute. These groups mean something very different by words like “democracy” and “freedom” than the rest of us usually do, because — as hard as it may be for others to get their heads around this — they consider democratic government itself to be inherently antidemocratic"...

7.) We Toss $62 Million of Loose Change Every Year. This Company Wants Some of It

There’s a Covanta Holding Corp. incinerator outside Philadelphia that produces electricity from burning garbage. It also produces something else: stacks and stacks of blackened, sooty coins.

Over the course of a year, those nickels, dimes and quarters add up to about $360,000. That’s seven times the average income in the Philadelphia metropolitan region, and the money is piling up as Covanta waits for the U.S. Mint to resume coin purchases under an exchange program it suspended in November...

The Future Is Now

8.) Bitcoin Exhibit Hosted at the Smithsonian Museum

Bitcoin has been included in its own section within the Value of Money exhibit showcase by the [American] Numismatic Association at the Smithsonian Museum, for the National Numismatic Collection...

9.) John Kerry Hints Bitcoin Training is Underway at US Embassies

Speaking at the Virtuous Circle Conference on 10th October, Kerry was asked about the presence of a "digital officer" at embassy sites in foreign nations. Specifically, the moderator inquired whether an embassy officer "needs to be able to speak with fluency about bitcoin and dark web"...

10.) 'Rogue' Algorithm Blamed for Historic Crash of the British Pound

High frequency stock trading is a form of rapid-fire trading that involves algorithms, or bots, that can make decisions on the order of milliseconds. They’re guided by factors such as time, price, some fancy math—and even headline news. Compared to these lightning-fast traders, humans are slower by an order of magnitude, which means we’re increasingly being left out of the loop. Stock trading represents the first major domain in which we’re getting AI to do most of the work, and an entirely new digital ecology is emerging.

But as this latest incident shows, mistakes do happen...

11.) Human Eyes Might Not Notice a Good Forgery, But Computers Could

There is great potential for an A.I. detection system to identify counterfeit artworks. But first the researchers have to teach their electronic brain to learn many centuries worth of art history and technique...

Banknote News

12.) 'McDonald's test' the key to uncovering fake $50 notes

cashmoneyfoodworkerTwo Melbourne plasterers have been jailed for four years after they pleaded guilty to manufacturing nearly $90,000 in counterfeit money uncovered in a raid on the Burvale Hotel in Nunawading.

Brad Flynn, 38, and John Maugeri, 46, admitted in the County Court to printing the fake $50 banknotes, which the prosecution said rated an eight out of 10 on the so-called "McDonald's test" standard of deception.

The test was explained as whether the fake cash was good enough to be spent at a McDonald's-type business, rather than passed at a bank where experts would be handling the notes...

13.) Rare Ming Dynasty banknote found lurking inside Chinese sculpture

Auction specialists in Australia have found a rare Ming Dynasty banknote hidden within a Chinese wooden sculpture. The discovery came at Mossgreen as they were cataloguing the extensive collection of Raphy Star – one of the most important collections of Asian art ever to be offered in the country...

14.) Pearsall bank note collector shares story of woman featured on Australian 10 pound note

PEARSALL bank note collector Neville Harlow is sharing the story behind the woman featured on Australia’s 10 pound note with visitors to Wanneroo Library and Cultural Centre.

Mr Harlow, whose passion for collecting bank notes started as a child, has loaned his research on the “mystery woman” to the City of Wanneroo for a display at the centre...

Crime & Punishment

coin_crime_alert15.) NCIC Crime Bulletin

From the Numismatic Crime Information Center (NCIC):

Auction Thefts

On September 24 and September 27,2016 thefts occurred at two different locations in Ohio. Both offenses involved coins being stolen during auction lot viewing at estate sales.

Leipsic, Ohio

A person of interest in the theft of a 1907 $20 St. Gaudens high relief PCI MS65 (2012.02/10722) has been identified as Devon Ohara out of Michigan. The subject was seen leaving in a white pickup truck. The value of the coin stolen was estimated at $15,000 USD.

Bryan, Ohio

A person of interest in the theft of a 1924 St. Gaudens NGC MS64 (123246-025) has been identified as a Michael Devon using a Michigan driver's license as identification. The value of the coin stolen was estimated at $1,400.

The subject may be accompanied by a white female.

* * *

Assistance Requested

The Kentucky State Police is requesting assistance in identifying any dealer who may have come into contact or done business with the following individuals.

Michael Dean Owen Jr.
Boaz, KY

Lisa Ann Owen
Boaz, KY

Randall Lynn Owen (Randy)
Hickory, KY

Jason W. Owen
Paducah, KY

Anyone with information please contact Det. Brian Hill of the Kentucky State Police at (270) 856-3721.

Additionally, anyone with information about any of the cases above should contact the NCIC's Doug Davis at (817) 723-7231 or doug@numismaticcrimes.org.

The Numismatic Crime Information Center is a 501 (c)(3) non-profit corporation. P.O. Box 14080 Arlington, Texas 76094.

www.numismaticcrimes.org

16.) Hungarian coin seller receives HUF 140 mln fine

Magyar Éremkibocsátó Kft., a Hungarian issuer of collectable coins, has been fined HUF 140 million on charges of unfair advertising by the Hungarian Competition Authority (GVH), news agency MTI reported today.

According to the Hungarian authority, the firm suggested in its advertisements that it is connected to the Hungarian state, which it is not...

[This item will probably not impact too many buyers in the United States, but we felt it was worth comparing Hungary's enforcement of false or misleading advertising laws in the numismatic business to our own. Follow the link for more. --CoinWeek]

17.) Military themed coins stolen in Escomb burglary

All of the coins are 24 carat gold plated, and eleven were issued in 2010.

durhamconstabularyThese include: the Boudica Golden Crown, Sir Francis Drake Golden Crown, the Duke of Marlborough Golden Crown, the Lawrence of Arabia Golden Crown, the Duke of Wellington Golden Crown, the Montgomery Golden Crown, the Winston Churchill Golden Crown, the Sir Douglas Bader 70th anniversary Golden Crown, the Admiral Horatio Nelson Golden Crown and the Sir Keith Park Golden Crown...

18.) Two suspects in custody for robbery, assault at Bradford Coin Shop

Bradford City Police are investigating the alleged Saturday afternoon robbery of the Bradford Coin Shop and assault of the store’s owner.

“I can tell you that we do have two males in custody in relation to the coin sale robbery,” said Sgt. Butch Bartlett on Sunday night.

Bartlett indicated more information would be released as it was available...

19.) After busting fake coin factory, Delhi cops hunt for masterminds

A week after busting a factory manufacturing fake coins in the Bawana Industrial Area, Delhi Police has launched a hunt for two brothers, who are suspected to be the masterminds of such illegal manufacturing units in Delhi, Haryana and Rajasthan...

And then there's this...

20.) Cop suspended after IO in fake coin racket case accuses him of graft

A police inspector, whose team busted a fake coin manufacturing unit in outer Delhi’s Bawana Industrial area, was placed under suspension after the investigating officer (IO) in the case accused him of corruption...

Gold, Bullion & Precious Metals

21.) Perth Mint posts record profit

A surging gold price drove the Perth Mint to a record pre-tax profit of more than $41 million last year and there is now more than $3 billion of precious metal locked in the Mint’s vault...

22.) Strong Diwali Gold Buying Expected

Each autumn (or spring for those in the Southern Hemisphere), Hindus and Jains around the world celebrate Diwali, the festival of lights. Many Sikhs and Buddhists also observe the holiday. In places like India, which has the largest Hindu population in the world, Diwali is part of the broader festival and wedding seasons that are very often celebrated with gifts of gold.

Many analysts in India are anticipating the strongest gold-buying in four years during this year’s festival season thanks to the fortuitously timed sharp drop in gold prices. The beginning of Diwali will fall on October 30th this year, with the first day of festivities known in parts of India as Dhanteras...

Medals, Tokens & Exonumia

23.) Should It Be Illegal To Buy And Sell Purple Hearts? One Congressman Thinks So

...[O]nline retailers price the medals at several hundred dollars each, but will charge more if they can prove who was the original recipient.

But a California congressman wants to see that practice come to an end. Republican Rep. Paul Cook, who served 26 years in the Marine Corps before joining Congress, introduced a bill at the end of September that would make selling Purple Hearts punishable by fine and up to six months in prison.

“These military collectors cheapen the Purple Heart by buying and selling this symbol of sacrifice like a pack of baseball cards,” Cook told Military Times...

24.) Historical Society president accepts coin gifts to bring to Japan

After much deliberation, Dunham and the board decided on challenge coins to bring to officials in Kushimoto as gifts.

On one side of the coin is the seal of Wareham: it reads Nepinnae Kekit (meaning "summer home') and a picture of a Wampanoag Indian in a canoe with the town's date of establishment, 1739, at the bottom. The other side of the coin reads "Wareham Historical Commission" around the outer edge with pictures of cranberries and the town seal...

Museums & Exhibits

25.) The Emperor's Gold

The great fame that the imperial coin collection already enjoyed throughout Europe around 1800 derived from its size and quality as well as from the rarity of the objects it contained. It was the collecting passion of the emperors Charles VI (reigned 1711-1740) and Francis I (reigned 1745-1765), which already fascinated contemporaries, and to which the Vienna Coin Cabinet owes its world-class status today. On the occasion of the 125th anniversary of the Kunsthistorisches Museum, the Vienna Coin Cabinet presents a special exhibition of the highest-carat gold pieces from its once-imperial coin collection.

26.) Counterfeit Caesars on display at Zimmerli Art Museum

Rutgers University Libraries, the Zimmerli Art Museum, and the Rutgers University–New Brunswick Department of Classics are teaming up on a display of counterfeit coins from the Ernst Badian Collection of Roman Republican Coins. Counterfeit Caesars: The Criminal Genius of Coin Forger Carl Wilhelm Becker (1772–1830) will be on display through February 6, 2017 at the Zimmerli Art Museum in the Class of 1937 Study Gallery ... While the gallery is dedicated to showcasing works that supplement Rutgers academic courses, it is open to all visitors...

Auction Results

27.) Auction buyer bags historical 5 Abingdon Bank note for more than 200

A MYSTERY buyer has pocketed a piece of monetary history after buying a 177-year-old fiver for £216.

The £5 note was issued by the long since-defunct Abingdon Bank in 1839 and defied the test of time to appear at auction on Tuesday [October 4]...

Upcoming Auctions & Events

28.) Gold Ducat Heads to Auction

In an exciting twist of historical importance, a nineteenth-century German gold ducat coin that was actually minted with gold from the famous Rhine River will be hitting the auction block at the end of this month...

29.) Naville Numismatics Live Auction 26

The auction will close on Sunday 23 October 2016, 16.00 UK time, at which time the live session will begin.

Absentee bidders can bid electronically through Naville Numismatics website from the day the sale is published online up to the start of the live session.

The auction features a selection of 517 lots of Greek, Roman, Byzantine coins, all chosen with contribution from NAC's experts...

30.) Oklahoma's Unique Coin Show set for Oct. 14, 15

The Indian Territory Coin Club is hosting the fourth annual Oklahoma’s Unique Coin Show Oct. 14 and 15 at the Southeast Expo Center, Room 103 in McAlester. Admission is free to the public.

“We are emphasizing education this year big-time,” Show Chairman Gary Parsons said...

31.) Tuscarawas County Coin Club presenting annual show

The Tuscarawas County Coin Club will hold its 57th annual coin show Oct. 15 and 16 in J.I.M.S. Place, 228 W. High Ave. Hours are 10 a.m. to 4 p.m. Oct. 15 and 10 a.m. to 3 p.m. Oct. 16.

Coin dealers will be on hand to buy, sell, and trade coins. Other activities planned are coin and cash drawings, coin appraisals, and free coin drawings every half hour. Admission is free...

32.) Old Spanish Heart-Shaped Coins Will Be Focus of Bolivia Conference

A number of heart-shaped coins minted in Potosi during the Spanish colonial epoch will be studied at a numismatic conference to be held later this month in Bolivia, organizers announced Thursday.

The silver coins, which were minted only in Potosi starting in the mid- to late-1500s, are nowadays coveted by collectors and will be displayed at the First International Convention of Historians and Numismatists, to be held in that Andean city from Oct. 20-23...

"Good News, Everyone..."

33.) Boy with diabetes who collected coins for years finally gets his dog

Soon after Aiden, 8, of Waitsfield, Vermont, was diagnosed with type 1 diabetes four years ago, he learned about canines trained to help monitor glucose levels in people.

Each service dog costs $15,000 so Jenni Heath encouraged her son to save, one penny at a time.

And that's what he did for little more than four years, even nicknaming the little red wagon that toted his coins around "Brinks"...

Just for Fun

34.) Can You Survive This Deadly Board Game?

While traveling in the Kingdom of Arbitraria, you are accused of a heinous crime. Arbitraria decides who’s guilty or innocent not through a court system, but a board game...

35.) Coin ring stop animation

Stop animation of a coin being turned into a ring.

See more at theringtree.wixsite.com.

36.) Weird and wonderful facts to mark world's first seven-sided coin anniversary

This day in 1969 saw UK introduce fifty pence piece, replacing ten-shilling note [sic], in anticipation of decimalisation two years later...

37.) The new plastic £5 note can PLAY MUSIC - and this is how

The new plastic £5 note just keeps on surprising you - and now it turns out it can even play music.

A video has emerged of a man playing a vinyl record using the new banknote.

The video, which can be seen above, begins with the man holding the new polymer-based note by one of its corner...

* * *

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