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 Thursday, October 18, 2007
Thoughts scatter on return to office
Posted by Dave

My return trip from Colorado Springs, Colo., yesterday was uneventful and on time. I got back to Iola about 8:30 last night. Considering the headlines about airlines in newspapers lately, I feel fortunate.

The sunny weather of Colorado has given way for me to the gloom and rain of Iola. The office is kind of empty. Our antiques group has borrowed numismatic personnel to help staff our Atlantique City show out in New Jersey. The misspelling of “Atlantic” is a deliberate play on “antique.”

I also had the usual pile of snail mail waiting for me. The clock ticks even when I am not here. E-mail I have not yet even glanced at. The blog comes first.

I see the Mint has made progress. The uncirculated “W” Gold American Eagle coins are back on sale with new and higher prices. The one-ounce piece is $831.95, a premium of almost $75 to current gold bullion value.

The proof gold American Eagles and the uncirculated “W” platinum American Eagles remain off sale.

Today I will focus on pricing of another kind as the Coin Market section gets ready to go to press tomorrow. The 40-page monthly section will be bound into the Nov. 6 issue of Numismatic News, which goes to press a week from today. Harry Miller is staying busy keeping up with the changing prices.

After that comes the holiday gift guide section. Yes, the holidays are coming. It doesn’t seem possible.



10/18/2007 9:00:55 AM (Eastern Daylight Time, UTC-04:00)  #  Comments [0]
 Wednesday, October 17, 2007
But what would Walter say?
Posted by dave

For a little over an hour yesterday, I was taking notes as fast as my hands could move my pen across my note pad. The American Numismatic Association announced its decision to fire executive director Christopher Cipoletti. I was attending the public portion of the board meeting.

At that point, I want to yell, “Stop. That’s enough. I have this week’s front page.” But for the ANA board of governors, they had a large number of other tasks at hand during this first meeting where everyone is together since the Milwaukee, Wis., convention in August. They had to provide that information also.

I ended up filing three stories with the office. One was about the firing and the task of finding a new executive director. A second story was about other business. If not for being in the shadow of the firing, the other business would have been the front page material. The ANA canceled the San Francisco museum project, which would have put a 7,800 square foot ANA museum in the Old San Francisco Mint. This follows an Oct. 2 decision to cancel the Washington museum plans. Now only a possible enlargement of the Colorado Springs, Colo., museum is still under active consideration, but that could bite the dust too for lack of funds.

What I didn’t get to do was talk to Walter Ostromecki to find out how it feels to see this day come. He was removed as a member of the board of governors just two years ago at the October board sessions. Many ANA members were outraged and they had their way when they voted to return him to office in this year’s election. My third story was about Walter’s emergency kidney stone surgery in Colorado Springs. I am told he is OK.

Three stories are not a bad afternoon’s work.




10/17/2007 9:22:56 AM (Eastern Daylight Time, UTC-04:00)  #  Comments [0]
 Tuesday, October 16, 2007
Alan can't be homeless
Posted by dave

When I arrived at the Antlers Hotel yesterday in Colorado Springs just before 6 p.m., who was sitting in the lobby to greet me but Alan Herbert, the Numismatic News Answerman. I had expected to telephone him once I got settled in my room. We were going to go out for supper. Plans changed when he told me that there was no room for him in the hotel. He and I decided to share a room and that solved the problem. What event was filling the hotel I have not yet figured out.

Alan is in town to deliver a report to the board about membership. He is chairman of the membership committee. It has hit the floor running and has already had two monthly telephone conference calls, a rather new idea for an ANA committee. President Barry Stuppler has participated in both. Membership is critical to the future of the organization.

Alan said the tensions of the election campaign did not have an adverse impact on overall membership and as soon as the results were known, overall membership started moving ahead. The specifics of his report will be revealed later today. Membership has been hovering around 32,000 in recent years.

In addition to getting the attention of the ANA president, the committee includes some high-powered names, including newly elected governor Clifford Mishler and Farran Zerbe Award winners John and Nancy Wilson. It would be safe to call John and Nancy Mr. And Mrs. ANA. They have poured enormous energy over the years into recruiting new members. If we all did as they do routinely, there would be no need for a membership committee. The ANA would be beating them off with a stick.

Because of the time difference, I am writing this before my breakfast. Can you tell that this was written before that oh so important first cup of coffee? No? Well my stomach can. I am off to satisfy this most insistent of critics.



10/16/2007 9:04:00 AM (Eastern Daylight Time, UTC-04:00)  #  Comments [0]
 Monday, October 15, 2007
Time to hit the road
Posted by dave


Memory is a funny thing. I am heading for the airport this morning to fly out to Colorado Springs, Colo., to cover a board meeting of the board of governors of the American Numismatic Association.

Am I thinking of whether the board will go forward with plans for a West Coast museum in a portion of the Old San Francisco Mint? Yes, but ...

Am I thinking about the fate of executive director Christopher Cipoletti, who has been on paid administrative leave since the convention in August? Yes, but ...

Am I thinking about whether the ANA will go forward with its bylaws review and revision process? Yes, but ...

So what is so funny about that? It all seems pretty ordinary.

Well, since I began shaving this morning I keep thinking of a former employee who hasn’t worked here in 22 years and is no longer living.

Bill Pettit often used to sing Willie Nelson’s “On the Road Again” when he traveled. He particularly liked travel by motor vehicle and hearty breakfasts or lunches at Bob Evans.

He was an interesting traveling companion because he was a font of stories both from history and from his experiences in numismatics. I always seemed to learn something.

I wasn’t looking to turn down hearty meals, either.

Starting this blog, I also began to think about Joel Edler, our retired ad manager and also former Coin Market editor.

Whenever we would cross the Mississippi, usually near St. Louis and Memphis, he would sing “Ol’ Man River.” His voice is much more memorable than Bill Pettit’s, but that doesn’t happen to be the song spinning through my mind today.

At some point, my mind will turn to something else and I will report back to you.



10/15/2007 8:53:55 AM (Eastern Daylight Time, UTC-04:00)  #  Comments [0]
 Friday, October 12, 2007
Just proof platinums left
Posted by Dave

Stock market traders say you shouldn’t resist a trend. I won’t resist it for my choice of topic today.

The first thing I did when I arrived at the office and signed into my computer was check what gold and platinum products were currently being sold by the U.S. Mint.

Nothing had changed since my two-line entry of yesterday. But that itself is news. No product has been put back on sale. Only the proof platinum American Eagle coins are still available.

How long with they last? Platinum rose yesterday. It closed at $1,420.40 a troy ounce. The proof platinum one-ounce American Eagle price is $1,599.95. The difference of $179.55 still seems to be safely large enough for sales to continue if I employ my newly minted $100 tripwire hypothesis.

Nobody outside the Mint knows if that is true or not. Even Mint personnel don’t know what the price of the precious metal will do on the markets today or next week.

My advice to anyone who has been considering buying a proof platinum American Eagle or a an Eagle set should probably act now to make sure that they get what they want.

Whether these are good investments is another question entirely. The one-ounce proof has a sales total of 1,839 so far. The proof half ounce is less than half of that at 752. The quarter ounce is 860. The tenth ounce is 1,569. That might be the sleeper. The uncirculated “W” platinum tenth ounce has a sales total of 2,688, making the proof relatively much scarcer as an individual sales option. But we need to consider the sets in my evaluation.

The four-coin platinum American Eagle proof set has a sales total of 3,130, comfortably more than the 1,951 unc. sets.

To be absolutely accurate on totals, you have to add individual numbers to the set numbers to arrive at the correct number for each individual piece.

If you do that for the tenth ounce proof you get 4,699 coins. The “W” unc. tenths total 4,639. These numbers are almost identical. Isn’t that interesting?



10/12/2007 9:03:05 AM (Eastern Daylight Time, UTC-04:00)  #  Comments [0]
 Thursday, October 11, 2007
There goes another one
Posted by Dave

Look at that. The proof gold American Eagle sales have been suspended on the Mint Web site. Proof platinum American Eagles remain on sale as do the silver American Eagles.



10/11/2007 12:31:55 PM (Eastern Daylight Time, UTC-04:00)  #  Comments [0]
Is $100 the tripwire?
Posted by Dave

Shoes just keep dropping. It wasn’t my intention to write about the U.S. Mint so much this week, but, hey, as they say, stuff happens.

The latest stuff was the Mint suspending sales yesterday afternoon of the “W” uncirculated platinum American Eagle coins and the bulk sales of the proof platinum American Eagle four-coin set.

The reason is the usual one. Bullion prices are rising. The Mint wants to reprice, but the repricing mechanism is so cumbersome that the Mint must go through a lengthy internal process to come up with new pricing.

We don’t know how long that process is, because the “W” uncirculated gold American Eagles, which went on the unavailable list Sept. 13, are still unavailable. Perhaps soon we will know the answer.

However there is one interesting tidbit I want to put out there. It would seem that for the Mint, a $100 difference is the tripwire that sets their suspensions in motion.

The one-ounce platinum “W” unc coin was priced at $1,489.95 each. Platinum trading started yesterday with an ounce of bullion at more than $100 below the sales price, but it closed at $1,398, up roughly $18, and taking it to a level of less than a $100 difference from the coin’s price.

The same can be said of the proof Buffalo gold that went off sale the day before. It got within the $100 range of the $825.95 issue price and stayed there.

The $100 figure for one ounce of gold or platinum may not be precise, but it is certainly something to file away for future reference.



10/11/2007 8:58:07 AM (Eastern Daylight Time, UTC-04:00)  #  Comments [0]
 Wednesday, October 10, 2007
Best way to think about gold
Posted by Dave

When gold was new to American investors in the 1970s, the South African Krugerrand was advertised as the world’s  best way to own gold.

The U.S. Mint might adopt a slogan for its gold coins, “the best that money can’t buy.”

Word came yesterday that the proof 2007 Buffalo one-ounce coins were taken off the market for an indefinite period to allow the Mint to reprice.

This is becoming a routine. Sept. 13 the Mint took the “W” uncirculated gold American Eagle coins off the market for what was initially hoped as a two-week period that has now turned into nearly a month.

New “W” unc. prices will be published in the Federal Register tomorrow, clearing the way to put them back on the market. I don’t know how much time will elapse between publication and return. Keep an eye on the Mint’s Web site.

With so much interest in gold at the moment, the Mint’s predicament is unfortunate. I don’t expect the Mint to sell at a loss to current market value, but I have commented that the pricing mechanism is obviously more unwieldy than it should be if it takes such a long time to get the coins back on the market.

Some readers have e-mailed me that the Mint should just go on selling, much as they are striking nickels and putting them into circulation at a loss.

That is contrary to all business logic and I don’t expect it. It is a bit surprising that there is some sense of entitlement to buy coins at yesterday’s prices knowing that gold has gone up since.

I don’t know yet how long the proof Buffalo coins will be off sale. The September precedent isn’t promising, though.



10/10/2007 8:57:00 AM (Eastern Daylight Time, UTC-04:00)  #  Comments [0]
 Tuesday, October 09, 2007
What's that the Mint is selling?
Posted by Dave

At noon Eastern Daylight Time today the U.S. Mint will begin selling mint sets.

It is not a major event when considered in the light of the excitement over First Spouse gold coins and special anniversary sets, but it is an annual bread-and-butter issue that many collectors count on to round out their collections with coins that they cannot get in circulation.

The level of interest is high if not frenzied, because I will receive letters telling me when readers get delivery and what they find inside. Will Denver coins be better quality than Philadelphia, or will it be the other way around this year?

Will there be interest in the Sacagawea dollar, which has been overshadowed by the Presidential dollar? We’ll see. Bags and rolls of the Sac dollars have been available for some time, but the quantities issued so far are small compared to the law mandating the Mint strike quantities that equal one-third of the total of Presidential dollars struck.

Two thoughts cross my mind with the set’s release. The first one is from the collector in me. I will buy a set. The second thought is the editor in me. Every year in recent years we have the jargon problem.

In collector parlance a mint set is simply a set of uncirculated coins from all of the mints striking them in a given year. This year we get a nice run of “P” and “D” coins. In years past, there could be “S” mints included.

Technically, a mint set can be assembled by either the U.S. Mint or a private firm. The term applies equally to both.

In recent years, the Mint has registered its own name for the set and it is a mouthful: “2007 United States Mint Uncirculated Coin Set.” This term can only be used in reference to the official set created and packaged by the U.S. Mint.

In stories that I write, first reference will be the mouthful followed by the much shorter “mint set.” The use of shorter terms is a necessity or no one would ever read a story, but I know there can be confusion. That will always happen, but I feel better having offered this explanation at the beginning of the sales period.



10/9/2007 9:02:31 AM (Eastern Daylight Time, UTC-04:00)  #  Comments [0]
 Monday, October 08, 2007
No anniversary without readers
Posted by Dave

When an issue of Numismatic News goes to press, I get an incredible feeling of satisfaction. Everything that I could do is done. There is a paper full of all sorts of information that is important that week. Then it is time to erase the slate and start again.

Some deadlines, though, are a little more challenging than others. The 55th anniversary issue of Numismatic News goes to press later today. It is 120 pages huge.

I would like to thank all of the many individuals who shared their memories with us to make this special issue possible.

It is not a typical issue. It was not produced in a typical manner. With the larger reader input, the content goes where the readers want it to go. Some things I would have done without their help. Some things would never have occurred to me and I find myself thinking that this or that is a clever idea.

It is a learning experience all the way around. I hope you enjoy it when you receive it in the mail. The cover date is Oct. 13, the date of that first issue back in 1952, which went into the mail almost three years before I was born.

To be celebrating such an anniversary, is a milestone. It could not have been achieved without readers. Thanks to one and all. Let’s join up again for the 60th.



10/8/2007 8:52:06 AM (Eastern Daylight Time, UTC-04:00)  #  Comments [1]
 Friday, October 05, 2007
Satire or smear?
Posted by Dave

Satire is a difficult thing to pull off, especially in the pages of Numismatic News.

A letter that appeared in the Oct. 9 issue elicited an e-mail to me yesterday that angrily labeled it a smear.

I thought the letter complained of was funny. It arrived in response to another letter that appeared in the Sept. 4 issue saying President Franklin Delano Roosevelt was a communist.

The Oct. 9 letter of response contains assertions that are so over the top that I thought surely everyone would get the joke – or will they? What do you think?

The text follows:

Reader Dave Reinkens, in his interesting and insightful Sept. 4 letter, states that FDR was a communist. Well, so was Ronald Reagan, but I don’t hear many people getting upset about it. Both FDR and Reagan expanded and enlarged America’s military so that from 1933 to 1990, the USSR never attempted to attack our country. Not even once. Coincidence? I think not.

The communist Ronald Reagan helped himself to socialized medicine at least 10 times at taxpayer expense, getting over $155,000 in free medical care, all of it paid for by people who do an activity known as “work.” Since 2004, the communists Ashcroft, Cheney and Bush also used socialized medicine to get themselves over $100,000 worth of free gallbladder, cardiac and colon surgery, paid for by – you guessed it – the taxpayers. Apparently “socialized medicine” is fine and wonderful when used by elite millionaires, but horrible and immoral when used by working Americans. Why is this not surprising?

Jim Snyder
Medford, Ore.

That's the full text of the Oct. 9 letter. You know where to find me.



10/5/2007 8:57:09 AM (Eastern Daylight Time, UTC-04:00)  #  Comments [1]
 Thursday, October 04, 2007
What can we do with bankers?
Posted by Dave

Mint Director Ed Moy has his work cut out for him. His mission is to promote the use of $1 coins. It is not an easy task under the best of circumstances, but just how hard it is becomes obvious when I read a story on one of my favorite Web sites, www.coinflation.com.

This site keeps track of the prices of copper, zinc and nickel and the values of U.S. coinage made out of base metals.

With the nickel containing almost 7 cents’ worth of metal, it is useful to keep track of the fluctuations, so I have reason to visit the site regularly.

But there is an added appeal. The site also posts interesting stories. Yesterday one of those stories that make collectors shake their heads in disbelief was posted from the Peoria Journal Star. It reported a police investigation.

What was the crime? Passing counterfeit coins at a Macomb, Ill., restaurant.

Circulating counterfeit coins are unusual. The low values don’t offer criminals sufficient reward for the trouble of making the fakes. My interest was aroused.

Four coins were passed. Each featured a different portrait. One was George Washington, another was John Adams, a third was Thomas Jefferson and the fourth, the coin that set off the investigation shows the head of ... drum roll, please ... James Madison. This “suspicious” coin was spotted by an unnamed banker. Why,   the coin is not due out until later this year. It must be fake, the banker’s reasoning went.

“The coins appeared to have come from a collector’s proof set,” the story says.

The banker and the police have all the salient facts to make a correct determination. Instead of concluding that the coins were genuine and someone simply had broken up a proof set to spend, they launch an ominous sounding counterfeit investigation.

Even if we can’t teach numismatics to bankers, perhaps they could be taught criminal psychology. That would have saved police a lot of bother. No  crook is going to try to spend something of very low value that stands out from ordinary cash transactions. Making oneself conspicuous for $4 just doesn’t cut it.

My compliments, though, to the restaurant that accepted the coins. That establishment took the coins and then deposited them with its bank.

Director Moy can call it one small success in his campaign.



10/4/2007 9:04:38 AM (Eastern Daylight Time, UTC-04:00)  #  Comments [2]