The "Buzz" Coin Blog with Dave Harper

South Africa in the spotlight
Posted by Dave

Yesterday was dominated by activities involving South Africa at the World Money Fair in Berlin. That is fitting because the nation that hosts the World Cup soccer matches this summer is the guest of honor at this year's show.

In the morning, mint directors were taken to the Berlin Mint for the striking of the first of 600 2010 South African Krugerrands with the Berlin Mint's bear mintmark. The bear is also the symbol of the city and you see it in many places around the city itself.

Doing the honors was the ambassador of South Africa to Germany.

In the evening, the ambassador hosted a reception at the South African embassy for the numismatic group. He called coins the silent ambassadors of countries, transmitters of history and culture and silent witnesses of our times.

Guests at the embassy were also treated to a 20-minute dance done by Tchekpo Dan Agbetou. He is originally from Benin, was educated internationally and now runs a dance school in Bielefeld, Germany, where students learn traditional African dances as well as modern dances including Old School and New Style Hip Hop.

The dance was followed by a contest among a few guests who admitted that they did not know what a traditional trumpet was that was used to make a sound like an elephant. I did not catch its name, but the short contest had the guest try to make a sound. Some could. Some could not. After the audience clapped for each guest, reducing the field to four, a second round was held in which Albert Beck, founder of the World Money Fair, was declared the winner, the prize being a small gold coin.

Between the two events, the show was set up. Today the show opens and the real work begins.

Friday, January 29, 2010 2:12:35 PM (GMT Standard Time, UTC+00:00)

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Thursday, January 28, 2010

'I'm a numismatist and I cannot lie'
Posted by Dave

The Royal Canadian Mint hosted a reception yesterday. It was an event where all of the attendees could relax a little and have conversations with their counterparts around the world. It was pretty standard fare until a special performance was given by four of the mint's employees. Trish Santos, Manon LaPlante, Ian Graham and Jocelyn Desy wrote their own numismatic industry lyrics to an old rap song and then presented the result on stage dressed in clothing from the 'hood. The audience ate it up. It was great fun to watch them bust a few moves.

Individuals I talked to expressed optimism about the market for new coins. Of course, mints trying to sell coins to collectors always have to be optimists.

The major increases in the bullion coin market have had their effect on collector buying attitudes. Bullion coins generally have very low markups over bullion value. Buyers have every incentive to buy their precious metals in the cheapest fashion possible. This cost consciousness is apparently spilling over into collectible purchases. Mints have to watch their pricing points very closely.

For a U.S. collector, new world issues always seem expensive. The U.S. Mint pricing spoils them. Where the U.S. Mint might want a 35 percent markup for something, world mints routinely take double bullion value for their collectible offerings.

Today is officially the set-up day for the show, but so many meetings are scheduled in the conference rooms all week that it is fair to ask whether the official start isn't just icing on the cake.

Thursday, January 28, 2010 1:58:40 PM (GMT Standard Time, UTC+00:00)

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Wednesday, January 27, 2010

Spain could follow in state quarters' footsteps
Posted by Dave

My mind says 'sleep,' but the clock says 'work.'

While Europe is shivering in the cold outside, I am more concerned with the usual effects of jet lag inside. While the clock says it is morning, my body tells me that it is the night before as the seven hour-time difference between Berlin and Iola, Wis., has not yet been rectified. This has not stopped the four of us who traveled here from Krause Publications from getting to work.

My publisher, Scott Tappa, and associates Tom Michael, Lisa Bellavin and I met with officials of the Spanish Mint Tuesday night at the Estrel Hotel. The place is already beginning to fill up with officials from various world mints. We are all here to attend the World Money Fair.

There were a number of issues that were raised in a wide ranging discussion, but perhaps the most interesting was the revelation that Spain is considering a program inspired by the United State's state quarter program. The country would issue a 52-piece series of silver proof coins to honor the provinces of Spain. The coins would be based on the historical monetary system as well as the current euro system. The coin would be denominated as a 5-euro coin, but would also be a 4 reales. In the old Spanish system on which the U.S. dollar is based, the 8 reales is a silver dollar sized coin and 4 reales would be half dollar size. It would be 13.5 grams in weight, or half the size of the old 8 reales and the correct weight for the old 4 reales.

The obverse design of the new coins would change as well as the reverses. The country name would be the unifying element on the obverse, but otherwise it would bear the coats of arms of each place. The reverses would depict scenes typical of each place. The country name might be done in a combination of raised letters and recessed letters to create an interesting visual effect.

The coins would be issued much more rapidly than the U.S. series, as the program as currently envisioned would run for just five years. There would also be no circulating coin component.

No final decision has been taken as yet to go forward.

Wednesday, January 27, 2010 1:49:25 PM (GMT Standard Time, UTC+00:00)

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Tuesday, January 26, 2010

Berlin the place to be seen
Posted by Dave

The World Money Fair begins later this week in Berlin. There is no other numismatic event like it. It is as much a trade show for world mints as it is a coin show for collectors.

Collectors don’t mind sharing space with mint officials. I have never asked a world mint official if they mind sharing space with collectors.

The fact that the mints go back again and again probably is proof that the officials think it appropriate to rub elbows with their clients.

For Americans attending, the most startling element of the show is the fact that you cannot see across the floor. For American coin shows security is extremely important. Shows are set up so security personnel have a line of sight across the entire floor. No such line of sight exists at the World Money Fair. It looks more like a spring boat show except with coining presses and colorful background displays taking center stage.

This is not to say that there is no security at the World Money Fair. It is simply different.

To make a long story short, the World Money Fair is an important place to be. It has become the venue for giving the Coin of the Year Awards. This will be the third year in which my colleagues and I present the awards there. It should be exiting when it happens on Saturday.

I am in transit. Wednesday should be my first full day in the German capital if all goes according to plan. It is “try to get over jet lag day,” though that shouldn’t stop me from visiting a couple of museums with Standard Catalog staffer Tom Michael.

Tuesday, January 26, 2010 2:04:24 PM (GMT Standard Time, UTC+00:00)

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Monday, January 25, 2010

Cent proves even air is expensive
Posted by Dave

With all of the problems on the plate of the Obama Administration, it is not too likely that priority status will be given to the problem of what to do about the cent and the nickel.

The Mint’s annual report, which covers fiscal year 2009, which ended Sept. 30, 2009, shows that even with dramatic declines in the prices of copper, zinc and nickel, the Mint still loses money on each coin it makes.

For the cent, the cost problem actually got worse. This is due to the fact that total mintages have plunged so dramatically. The overhead assigned to each coin goes up as the number made goes down. In the present economy, it doesn’t look like there will be an improvement any time soon.

It currently costs 1.61 cents to make a cent. The metallic value is roughly 0.61 cents, so overhead adds another cent. To make a ridiculous point, if the Mint made the present number of cents out of absolutely nothing, it will still cost them a cent to produce them.

Not a pretty picture when looking for alternative compositions.

It appears that the only rational choice is to abolish the denomination, but you know that will not happen.

For the nickel, the problem remains the high cost of copper and nickel. In 2009 it cost the Mint 6.05 cents for every nickel it made. A less valuable composition would make the denomination cost effective.

When will the compositions of the cent and nickel arise again? There is no way of knowing this with certainty. There is no advantage in an election year for either party to bring the issue up at all.

The irony for the nickel is that presently its face value equals its metallic value, a circumstance that hard money advocates want for all American coinage.

Monday, January 25, 2010 2:08:37 PM (GMT Standard Time, UTC+00:00)

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Friday, January 22, 2010

First 2010 cent reported
Posted by Dave

Drum roll, please.

The first report of a 2010 cent to be found in circulation came to me yesterday.

Collectors are eager to see the new Shield design to see how it compares to the line drawing we have been using to illustrate it during the last couple of months.

Bill Gray, a snowbird from Pennsylvania, found the new cent while he and and his wife are enjoying the sunshine and warm weather far to the south of their home state.

He wrote, “I received three 2010 Lincoln cents with shield in change on 1-19-2010 in Juana Diaz, Puerto Rico (near Ponce).”

Puerto Rico was an early recipient of the 2009 Lincoln cents also.

Perhaps I will soon hear from collectors in California, Texas, or Florida, which often are the locations of other early sightings.

My thanks go to the snowbird.

I also appreciate his invitation:

“Come on down! Careful of the sun if you haven’t seen much of it since September.”

Ah, sun. What’s that?

Friday, January 22, 2010 2:06:45 PM (GMT Standard Time, UTC+00:00)

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Thursday, January 21, 2010

Only minority would buy 1913 Liberty nickel
Posted by Dave

It seems that the 1913 Liberty Head nickel still has the power to get the attention of collectors and to make them think.

A poll question that was put in the Numismatic News that went to press last week not only elicited results that seem to reflect the commonsense of collectors, but also prompted some deeper thoughts.

Only 22 percent said they would buy a 1913 Liberty Head nickel if they had $3.7 million to spare. This could simply be a reflection of collector interests, or that fact that most of us have never been able to spend even a tiny fraction of that amount on coins during our whole hobby career.

One collector e-mailed to ask why the 1913 nickel was not under threat of seizure as the 1933 $20 gold pieces are today.

I responded that technically they still are under threat, but because so much time has passed since they were struck in 1913 and entered the secondary market in 1920, there is little likelihood that a seizure would occur.

Early collectors feared the nickels might be seized and that kept the price down for many years. Aubrey Bebee, who bought one in 1967 for $46,000, was reminded of the possibility after the sale and his reply was, “Just let them try.”

Another collector wrote, “This item represents everything that is bad with the hobby.

“It was illegally made, illegally smuggled out of the mint, and then illegally sold.

“Cheat, steal and mislead, that is the 1913 V nickel legacy in my opinion.”

This writer’s final sentence is enough to send shivers down my spine:

“If ever there was a coin that should be confiscated and destroyed. This is it.”

He definitely won’t be a buyer.

Thursday, January 21, 2010 1:42:27 PM (GMT Standard Time, UTC+00:00)

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Wednesday, January 20, 2010

Presidential coins as useless as halves
Posted by Dave

Is this the year that Presidential dollars become just like Kennedy half dollars and become collector-only coins offered by the Mint?

Probably not, but we are close to reaching that point.

Dollars are backed up all over the banking system. No new ones are required and won’t be for more than a decade under current demand patterns.

Will the Mint change demand patterns? It has tried. It has had the same result with the Presidential dollars as with the Anthony and Sacagawea coins before it.

Last year the Mint struck 352,100,000 Presidential dollars comprised of issues bearing four designs from two minting facilities. That averages out to about 44 million apiece.

Fat chance of that happening again this year.

How far can the totals fall?

For 2009 Kennedy halves only 1.9 million each were produced at each minting facility for “circulation.” Circulation basically means bags and rolls for collectors. The coins struck for collector sets are counted separately.

Put me down as saying 5 million apiece from each mint for each Presidential design, or a total of 40 million coins.

As the program goes on in future years through its 38 or 40 designs, the totals will get even lower unless the government makes banks take their bailout funds in the form of Presidential dollars and require them to keep the coins forever.

Wednesday, January 20, 2010 2:07:39 PM (GMT Standard Time, UTC+00:00)

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Tuesday, January 19, 2010

Mintage numbers collapse
Posted by Dave

Is this the year the Mint suspends the coinage of some denominations completely?
That is a question that needs to be asked in light of the collapse of production in 2009.

Overall production dropped by 65 percent last year, or 6,593,580,000 pieces from the 2008 level of 10,141,580,000.

The 3,548,000,000 total mintage from 2009 wouldn’t even be a reasonable number for cents from one facility alone in a normal year.

Collectors who grew up wondering things like why were no half dollars produced in the years 1930, 1931 and 1932, or no quarters in 1931 and 1933, now are seeing a replay of how a weak economy causes a rapid drop in the demand for coinage.

Economic statistics showed that retail sales dropped 6.5 percent last year, something not seen since the Depression.

Fewer transactions mean less demand for coins.

Throw in desperate people raiding every coin container they ever possessed just to try to keep food on the table and the combination adds up to a drastic fall in coin demand.

In 2009 the Mint tried to manage the production reductions at an even pace. Except for dimes, the Mint was remarkably able to divide what work there was evenly between the Philadelphia and Denver Mints.

The only high level of demand occurred for gold and silver coinage. Demand for those coins reflect fear of inflation and/or the unknown by buyers.

This, too, has a parallel in the high mintages of gold $10s and $20s during the Depression before President Roosevelt banned gold ownership in 1933.

The 4,463,000 mintage for the gold $10 in 1932, the record for the Saint-Gaudens Indian Head series, was caused by the same type of panicky demand for gold that we are seeing with American Eagles today.

This demand also is reflected to a lesser degree in the mintages of the 1931 and 1932 $20s.

Roosevelt after banning gold ownership to end the panic, devalued the dollar and tried to induce inflation. By this action he proved the hoarder’s fears to be justified, but persistent deflation rather than inflation dogged the economy.

Are we in a period of similar paradox where fear of inflation actually produces deflation?

Tuesday, January 19, 2010 2:12:06 PM (GMT Standard Time, UTC+00:00)

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Friday, January 15, 2010

Buy that gold or else
Posted by Dave

We hobbyists are used to the shortages that have manifested themselves in the gold bullion American Eagle market on an off for the past 18 months, but how will we react to mandatory purchases?

It sounds strange, I know.

However a possibility exists that not all 2009-dated gold American Eagles will be sold by the time the 2010 coins go on sale to the authorized purchaser network on Jan. 19.

As of Jan. 13, the Mint had 51,000 of the 2009 gold American Eagles on hand, which represents roughly a half month’s supply.

The Mint has a plan to get rid of them if buyers don’t step up to the plate between now and Jan. 19.

Force them to buy.

Any buyer who wants 2010 gold American Eagles will have to also buy 2009 coins until the supply is depleted.

For every three 2010 coins they purchase, they will also have to take one 2009 coin.

Will the market absorb these without fuss, or will this turn into another grievance against the Mint?

The date should make no difference to investors. Gold is gold, but collectors or other buyers who are focused on the new date might not care for the older coins and resent yet another unexpected turn in the secondary market for these coins.

On the other hand, perhaps the premium for the 2009 gold will fall enough on the secondary market to induce investors to take the supply, thereby achieving more bang for their investment buck.

Let’s watch and see.

One more thing, because the Mint ran out of 2009 silver American Eagles Jan. 12, possible mandatory purchases apply only to gold American Eagles.

Friday, January 15, 2010 2:05:52 PM (GMT Standard Time, UTC+00:00)

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Thursday, January 14, 2010

Dollar up, dollar down – end of pattern?
Posted by Dave

Winston Churchill once joked that democracy is the worst form of government – until you consider the alternatives.

That statement might easily apply to the U.S. dollar. To read many online posts it is the worst of currencies. But what are the alternatives?

Anyone who owned Venezuelan bolivars got a 50 percent haircut overnight this week. Its exchange rate versus the dollar has been fixed for years. Surprise.

Argentina’s peso has been in slow decline versus the dollar even as the dollar was declining against other stronger currencies.

The British pound dropped by 20 percent against the dollar as the financial crisis unfolded and has stayed down.

Even the Chinese currency was absolutely fixed to the dollar all through 2009. For a strong country that is supposedly concerned about the mistakes of the United States, that is curious behavior.

My point isn’t that all is hunky-dory. It isn’t. Readers can point to the euro, which rose a tad against the dollar in 2009, or to the Australian and Canadian dollars which rose much more on the back of rising commodity prices.

Is the dollar weakness permanent or just a temporary illness? That diagnosis will inform market decisions all year long.

The dollar has come back before. It was under attack in the late 1960s and then again in the late 1970s. In the middle 1980s it was considered so strong that it had to be deliberately weakened to save U.S. export industries. This occurred again in the early 2000s.

Will the pendulum swing again?

Thursday, January 14, 2010 2:11:34 PM (GMT Standard Time, UTC+00:00)

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Wednesday, January 13, 2010

Last 2009 cents the scarce ones
Posted by Dave

The 2009 Lincoln cents just got scarcer. The mintage numbers for the fourth design, which marks the Lincoln presidency, have come in far below the totals for the first three.

Only 129.6 million of the Philadelphia Presidency coins were struck. Denver had a higher total at 198 million, but because it did not crack the 200 million mark, it will be perceived as scarcer than it perhaps really is.

In calendar year 2009 only 1.106 billion Philadelphia cents were produced. For Denver, the total was a larger 1.248 billion.

Breakdown of the other totals are:
Birth P: 284.4 million
Formative Years P: 376 million
Professional Life P 316 million

Birth D: 350.4 million
Formative Years D: 363.6 million
Professional Life D: 336 million

What do these numbers mean? Well, they might suggest that anyone who wants to get examples of all the coins should acquire them through the 2009 mint set just to be on the safe side.

It would appear from these numbers that there are not enough to go around for the banking system in normal times.

Since these are not normal times, the likelihood is all of these coins will be scarfed up by promotion houses and hobbyists who encounter them and few will be left to circulate.

Wednesday, January 13, 2010 2:10:41 PM (GMT Standard Time, UTC+00:00)

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Tuesday, January 12, 2010

Out with the trash
Posted by Dave

As you might expect, some strange inquiries come my way. One of the stranger ones in the past month was from someone who claimed to have a copper-core 1943 cent.

I responded to the original e-mail inquiry to tell the owner that the coin was likely not a genuine error coin, but in any case would have to be submitted to a third-party grading service if a definitive answer was desired.

In my e-mail this morning was this response:

“Well, Dave, it appears we won’t have to worry about a story over the copper-cored 43 Steelie I had. You notice I use past tense. I spent the week of New Year’s going through most of my stuff and have come to the conclusion (without looking through another 2.5K of wheats) that I must have tossed it thinking since no one knew what is was, and didn’t seem interested in it, I might as well not bother with it and tossed it in the wastebasket.

“Besides, it was damaged so no one would have wanted it, and I doubt it would have had any value other than something to talk about.”

Since the writer signed his name and his location, I assume that this isn’t some sort of attempted joke on me, but the behavior described is certainly not something that I ordinarily run into.

Tuesday, January 12, 2010 2:05:32 PM (GMT Standard Time, UTC+00:00)

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Monday, January 11, 2010

Back from FUN
Posted by Dave

Whew. It feels good to be back home after five days on the road. I have brought things back from the Florida United Numismatists convention that feel like they should be measured in gross tonnage when I try to lift them all.

The most important things I bring back are my impressions of the state of numismatics as the year begins.

Yesterday for the first time in my life I saw ice on the streets of Orlando. Bourse floor activity at the convention was anything but icy.

There was a consistent buzz on the floor. Even Sunday morning had an audible buzz as I was saying my good-byes at 11 a.m. To be sure it was a soft buzz, not the strong one of a crowded bourse floor, but the usual Sunday morning echo chamber effect of the large hall was definitely missing.

The coin market is not hot, but it is active. After the housing mortgage crisis of the past couple of years I feel a little bit on edge when I see the table-top signs on the bourse floor offering to lend money for today’s special rate of 7.25 percent.

I know finance has always been a part of this hobby, but I can’t recall it ever being quite so visible to average hobbyist before.

Does this mean we are building our marketplace on financial sand?

It is a question that should be kept in mind, I think.

Thanks to all who stopped by the booth and said “hello” or stopped me in the aisles to do the same. It is much appreciated. It is both interesting and useful to see what everyone is thinking.

Congratulations to all of the members of the FUN team for putting on such a wonderful show. Some 8,500 people had registered by the close of business Saturday and it was hoped that Sunday would raise that total to 10,000.

Due to home builders taking the entire convention center next year as they did in 2005, the 2011 FUN show will be in Tampa.

Monday, January 11, 2010 2:06:03 PM (GMT Standard Time, UTC+00:00)

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Friday, January 08, 2010

Wide awake for history
Posted by Dave

The Olsen-Hawn 1913 Liberty Head nickel sold last night for a bid of $3,250,000. With a 15 percent buyer's fee added, the number rises to $3,737,500. That's a nice chunk of change. It was sold by Heritage Auction Galleries in the firm's Platinum Night offerings at the Florida United Numismatists convention in Orlando.

Naturally, I wanted to be present when the famous coin went under the hammer. There are only five known, and there is always drama when large sums of money are involved, although "drama" is probably the wrong word to use when the consigner to the sale wishes to be anonymous and the buyer is taking the same position.

When I asked Greg Rohan, Heritage president, if he could tell me who bought the coin during a pause right after the coin was hammered down, he replied, "A prominent East Coast collector, that's all we can tell you."

There were about 100 hobbyists in the room when the bidding opened at $2,750,000. Rohan had strategically placed himself in the room. He was standing in front toward the right corner. He upped the bid to $3 million. A phone bidder than raised it. Rohan was asked if he wanted to raise it and he declined to do so. The lot changed hands shortly after 10:30 p.m. and I could go back to my hotel. Others in the room had the same idea. We might have seen history, but convention fatigue gets to us all sooner or later.

Friday, January 08, 2010 2:30:47 PM (GMT Standard Time, UTC+00:00)

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Thursday, January 07, 2010

Let the FUN begin
Posted by Dave

Yesterday was my travel day to the Florida United Numismatists convention. It went smoothly for me. The only glitch, and it was a small one, was that my carry-on bag was sent through the x-ray machine twice. As I wrote yesterday, I figured I might have a small problem with the rolls, but I left the five cent rolls in the bag anyway. The line of people was so short and the available time was so long that I just figured I would see what would happen. I had taken the precaution of dispersing them, so they weren't together in whatever image the TSA agent might see. And, of course, I was ready to open the bag if asked.

My colleague, Bob Van Ryzin left through a different airport. He had a few rolls also and he experienced three passes through the x-ray machine and he was finally asked to open his bag.

Once I arrived at FUN I had an interesting conversation with Indiana world coin dealer Al Boulanger. His wife is in the hotel business. He told me that he has noticed that in this recession the hotel business and the coin business seem to track exactly. He first noticed this some while ago when arrived home after a bad show. His wife happened to volunteer information that her booking inquiries had slid. This got his attention and he has been paying attention to the possible correlation of the two businesses since.

My response to Al was to suggest we explore this topic further in a Coin Chat Radio interview. Perhaps numismatists should be following the state of the hotel business as a means of keeping track of our own business levels.

Thursday, January 07, 2010 2:24:47 PM (GMT Standard Time, UTC+00:00)

Comments [1]

Wednesday, January 06, 2010

What’s my role with the rolls?
Posted by Dave

After mentioning for two days running my upcoming trip, I finally am on the road to Orlando for the Florida United Numismatists convention. I will get a taste of the new security procedures that have been put into place since the Christmas bombing attempt.

I try to organize my luggage in such a way as to be easily screened. I don’t always succeed.

Today I have to take some cent rolls in paper wrappers with me. The outlines that show up on x-ray scanners are such that I will put them in a top pocket of my carry-on bag so I can take them out and put them in with my keys and hope that the agents involved know change when they see it.

These aren’t BU rolls or anything of the sort, but rolls of circulated cents that we hope to use at our bourse table at the FUN show.

The odd thing is that of all the things I have carried in more than three decades of business travel, I don’t think I have ever taken rolls of coins.

I have been stopped for an examination of my bag because I have had an Ambassador Award plaque in it.

Many years ago before 9/11 I had a travel alarm clock that got the attention of security at London’s Heathrow. After that, I ditched that particular timepiece.

So, if I get a little extra attention, because of the rolls, it won’t be the first time.

Stop by the Krause table tomorrow and see if I made it without hassle.

Wednesday, January 06, 2010 2:22:49 PM (GMT Standard Time, UTC+00:00)

Comments [1]

Tuesday, January 05, 2010

New year, new cent, new attitude?
Posted by Dave

Whenever Numismatic News does a weekly poll question about cents, the level of response soars. Collectors not only have strong opinions about the denomination, they are eager to share them.

With the arrival of 2010, the primary focus of collectors who are interested in cents shifts to the new Shield design planned for this year. What feelings will they have about the new coin?

In a normal year, I would likely see the new cent in my change at the Florida United Numismatists convention, which I will go to tomorrow.

This is not a normal year and that is not going to happen. The question is how long we as a hobby will wait to see the new Shield design in our hands.

I don’t have much to go on at this point. Early word from the Mint is that there are tentative plans to do something Feb. 11 in Springfield, Ill., to officially mark the new cent’s debut.

It is my hope that plans come together to mark this occasion. Historically, it is an important one. The new design will likely be used for however long the cent remains in current use. It should have an appropriate recognition.

Collectors will use such an event as an historical milepost. No coin seems to influence their attitudes more than the cent and a ceremony will nudge these attitudes in a positive direction. When collectors find 2010 cents in change, attitudes will be nudged further. Collector attitudes toward the new cent also will shape their opinions of the U.S. Mint as an institution.

Tuesday, January 05, 2010 2:18:37 PM (GMT Standard Time, UTC+00:00)

Comments [1]

Monday, January 04, 2010

Stop by Krause booth at FUN
Posted by Dave

I came into work this morning a bit reluctantly. It is easy to get used to having time off.

However, I have a to-do list a mile long and the sooner I begin working on it, the sooner I will get done.

Others are probably in the same boat I am in. There is very little of consequence in my e-mail inbox, so those of us active in numismatics with few exceptions seem to have taken the New Year’s holiday as an opportunity to forget about numismatics for a short time.

Hobbyists are already beginning to gather in Orlando, Fla., to attend the Florida United Numismatists convention this week. Those attending the official and unofficial auctions have a very long work week ahead of them.

I head down there on Wednesday and I will not be sorry to leave this cold climate behind for a few days. If you will be attending, stop by the Krause booth and say hello. Let me know what you are thinking as hobby action cranks up for the next 12 months.

Gold jumped higher this morning. FUN show participants will probably treat it like an inverted Times Square ball. The higher it goes, the more rambunctious we might all be in the aisles of the bourse.

I read an online commentary that said half of those who have an interest in gold are thrill seekers. That could be, but such an interest seems more productive than bungee jumping. Coming to FUN strikes me also as being a more intelligent thing to do.

I had better get back to my to-do list before I alienate all of the thrill seekers.

Monday, January 04, 2010 2:08:54 PM (GMT Standard Time, UTC+00:00)

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