1942 Trade Certificate Specimen from Greeland

I don't normally write about paper money or banknotes, but while looking through the Bruun Rasmussen Auction 799 which arrived in todays mail, I noticed something which caught my interest. Lot 5430 of the sale offers a Specimen note of the Greenland Administration issues for use by the U.S. Military stationed there during World War II.

Not that any of the 1942 issuesare uncommon, quite the contrary, a hoard hit the market back in the early 1980's and these notes were everywhere for a while. No, it's just that this M10, 20 Skilling example is a perforated Specimen note.

While the Standard Catalog of World Paper Money - General Issues - 1368-1960 does list the 1942 Trade Certificates for Greenland, the catalog does not list any Specimens. I checked the new 12th edition, which just arrived here this week and while many, many Specimen notes are now listed in the book, there are no Specimens listed for Greenland M10.

I'll pass the Bruun Rasmussen catalog over to friend and fellow blogger George Cuhajbefore it's closing date December 4th, so that he can get the Specimen note type listed for the next edition. Rasmussen estimates the Specimen example at 270 Euro, but George can pick up the final price from their website after action closing.

Colin Bruce Wraps Up 34+ Years At KP

In 1974 Clifford Mishler brought Colin Bruce II out to Iola, WI to work on the Standard Catalog of World Coins. Colin stayed with it, expanding the series, additing in data and images, proofing, editing and lending his expertise for over 34 years. His last day with the company was this past Friday, October 31, 2008.

Randy Thern, who spent over 20 years with KP in the numismatic advertising and catalog divisions, also left the company this past Friday, October 31, 2008. Many of our contributors knew Randy from email correspondence, as well as from his annual visits to the Michigan State show and the New York Internation Numismatic Convention.

Both Coiln and Randy will certainly be missed here in our offices, but the rest of us will troop on. It will be up to us and our contributors to make sure the Standard Catalogs continue to thrive and provide our shared hobby with a central exchange for up to date information.

Over my years here, many good people have come and gone through the KP Numismatic cataloging department. I fondly remember my days with Marian Moe, Joan Melum, Fred Borgmann, Bob Wilhite, Sally Olsen, Sherry Dopp, Kathy Hines, Ethel Thulien, Joel Edler, Elizabeth Burgert and now Randy Thern and Colin Bruce.

I thank them all for their parts in building the catalog that we have all worked on for so long. Thank you for a good job, one and all.

Rare Error Dump 15 Pence on Market

A few days ago I got a call from M.R. Roberts, long time Austarlian coin dealer of Wynyard Coin Center fame. Roberts remains in the thick of the Australian coin market, although many things have changed over the years. His shop at 7 Hunter Arcade in Sydney, NSW is a must for most numismatists in the area or passing through.

Roberts called to relay some key information for the Standard Catalog of World Coins 1901-2000 edition and also to let me know about a special Dump coin that had surfaced. 

A 15 Pence, nicknamed a Dump, is one of the earliest of Australian circulating coins. It is a circular center cut from a Spanish or Spanish Colonial eight reales, which has been countermarked with the legend: NEW SOUTH WALES/1813 with a crown in the center on the obverse, plus denomination FIFTEEN PENCE seperated by a dot on the reverse.

The remaining outer circle of the eight reales was also countermarked and circulated as a 5 Shilling, nicknamed a Holey Dollar. These two coin types were the first circulating coins specifically produced for Australian circulation. Before the Holey Dollar and Dump were instituted in New South Wales, Australia used various Spanish silver and just about anything that came their way. Keeping coins in circulation was near to impossible, as good silver usually made it's way to better markets.

In 1812, Governor Lachlan Macquarie found an opportunity in a shipment of some 40,000 Spainsh eight reales. He used the cut and countermarking method, which was gaining popularity as a way to keep coins in circulation within area. By uniformly mutilating the well accepted Spanish eight reales and tying them to a specific region, cut and countermarked coins simply became less attractive to shipping merchants, allowing them to remain in the area, promoting better internal commerce and exchange.

The success of Macquarie's plan was immediately evident and the Holey Dollar and Dump remained a mainstay of Australian circulating coinage until 1829, when British coinage was generally adopted and the cut and countermarked coins were quickly removed from circulation by revoking their former legal tender status. For the next 20 years, about the only place you could find a Holey Dollar or Dump was in Tasmania, where they remained popular.

Survival rate on the 15 Pence or Dump is a bit better than the Holey Dollars, but both types and most all hosts are considered quite rare today. An average Dump retails near $30,000, with Holey Dollars going for upwards of three times that.

Roberts special Dump, which surfaced recently, is a error piece struck 15% off center. This kind of mistrike is quite unusual and a arre find for the specialist. Roberts is offering the coin for sale at $75,000.

For more information on Holey Dollars and Dumps check out the various books by Dr. W. J. D. Mira, including The Holey Dollars of New South Wales and Coinage and Currency in New South Wales 1788-1829.