ANA board gets good legal news

Austerity was in and excess spending was out as the old board of the American Numismatic Association met briefly in public session Aug. 7, one day prior to Cliff Mishler taking office as president along with his newly elected board colleagues.

Though it wasn’t mentioned by the board itself, the absence of coffee, soda and an assortment of breakfast rolls in the meeting room at the Los Angeles Convention Center told much of the story of the recent cost-cutting effort that has brought the ANA budget into operating balance, with only unpredictable legal expenses still pressuring the endowment.

Barry Stuppler, outgoing president, was pleased to report that he thought that the ANA would be able to start replenishing the endowment by $300,000 before the calendar year was over, breaking a sequence of withdrawals to cover the cost of litigation with or because of the prior executive director, Christopher Cipoletti.

General Counsel Ron Sirna’s legal report was the highlight of the meeting populated by 45 people at one point, including five ANA staff, and the 11 board and ANA officials at the head table.
“We won the Cipoletti arbitration pretty emphatically,” Sirna declared after promising to make his presentation short.

Sirna said the arbitrator had found that Cipoletti had breeched his fiduciary duties. Cipoletti’s claims were dismissed entirely. The arbitrator awarded the ANA its costs but not attorneys’ fees.

Sirna said the arbitrator did not award attorneys’ fees because it could not legally be done.

A pending ANA claim in district court in Colorado has added a civil theft count against Cipoletti.

Another lawsuit in which the ANA is being sued for fees by Graham & Stubbs, a Denver law firm hired by Cipoletti to pursue another now settled suit against former employees and contractors, will likely be delayed from its December start because Cipoletti has gotten a new attorney.

With a new attorney coming on, Sirna said the court granting a continuance is routine.

“I feel confident we will prevail,” Sirna declared. “When that’s over, that will put an end to it.”

He said the ANA has pending counterclaims.

“We will prevail on these counterclaims against Cipoletti and the Denver law firm,” he declared.

A suit brought by ACG grading was resolved in February, Sirna reported. A pending one with Universal Grading Service he expects to be resolved now that the venue has changed from New York to California. Insurance covers the costs of these latter two suits.

Stuppler thanked the board for its two years of service.

“The membership gave me an all-star board,” he said. “I think we have the ship corrected. It has been my true pleasure. Cliff will do an outstanding job.”

He was given a standing ovation by those in the room.

The ANA is currently operating in a short fiscal year of April 1 to Oct. 31 as it is in the process of changing its fiscal year to Nov. 1 to Oct. 31.

The seven-month budget is $70,000 ahead, executive director Larry Shepherd reported. He said the next budget is shaping up very well.

Shepherd reported that membership was up and donations were up as exemplified by a $250,000 donation given Aug. 5 at the opening ceremony by Dwight Manley to the Florence Schook School of Numismatics to fund scholarships.

Stuppler said the membership has taken recent fee and dues increases well.

The new $6 admission fee for nonmembers that began with the convention resulted in 300 new memberships taken out at the show (a number raised to 460 the next day) and $30,000 in revenue was generated by that point.

ANA later said that convention attendance of unique visitors was 7,727.

Shepherd said the fee was part of the new ANA strategy to add value to an ANA membership.

Among the incidental facts Shepherd reported, Summer Seminar attendance rose this year and the Citizens Coin Advisory Committee, which held a meeting there, will be back in Colorado Springs, Colo., in conjunction with the event in 2010. The 2009 Summer Seminar also covered its costs, another first.
Source: numismaticnews.net

U.S. Mint issues new-look Lincoln penny for discarding

That U.S. coin that's worth so much hardly anyone bothers to pick up dropped ones has another new design coming out this week, the third of four versions released this year.

And collectors -- or other folks lacking cents -- can purchase two rolls of the new Lincoln pennies from the U.S. Mint for only nine times their $1 face value (plus, of course, shipping & handling).

In modern-day Washington, such inflationary numbers pass for a heckuva deal.

Arguably the greatest president of all 44, Abraham Lincoln, No. 16, has been on the one-cent coin for 100 years and 12 days, ever since Teddy Roosevelt ordered up the first to replace the Indian head penny and mark the 100th anniversary of Lincoln's birth.

It's the longest-circulating American coin of any being made and the first to carry the once non-controversial words: "In God We Trust."

The Mint makes about 1,000 pennies per minute. For the average 25-30 years of use, each penny spends years collecting dust on dressers, entombed in the darkness of piggy banks or residing in cups on store counters for anyone who thinks they're worth taking.

This year's Lincoln pennies look different. See photo above, actual size. (Just kidding) Each 2009 version, of course, includes the familiar right-facing bust of Lincoln. The backs depict varying aspects of life for the country lawyer, one-time House member and unsuccessful Senate candidate who went on to beA new Lincoln Pennycome the country's first Republican president and the first assassinated.

One new penny shows the late president as a beardless, gangly young man sitting on a log reading a book, which he no doubt walked several miles to return by its due date.

This month's new penny portrays Lincoln standing in front of the old Illinois state capitol in Springfield to commemorate where Barack Obama would one later day announce his own successful presidential candidacy from a different party.

A third version depicts a simple log cabin, which was in 19th century American politics a standard political symbol of personal origin showing a candidate to be a regular man of the people much like, say, a Harvard Law School degree has become today.

The fourth Lincoln penny, due out in November, will show a topless U.S. Capitol building, not because it was blown off during nearby Civil War fighting but because it was being built during Lincoln's presidential terms. In fact, despite the war Lincoln insisted on continuing construction as a symbol of imperative national union.

As a symbol of contemporary federal fiscal thinking in Washington, each of the nearly 5.5 billion one-cent pieces stamped annually actually costs 1.4 cents to manufacture.
Source: latimesblogs.latimes.com

Perth Mint unveils the 2010 Australian Bullion Coin Program

Recognised throughout the world for their superior quality, superb artistry and Government guarantee of weight and purity, the Perth Mint has unveiled it’s 2010 Australian Bullion Coin Program. These pure gold and silver coins are actives sought after by both investors and collectors.

The comprehensive line-up for 2010 includes two designs for gold bullion coins ranging from 1/20oz up to 10 kilos and three designs for Silver bullion coins from 1/2oz up to 10 kilos.

Gold & Silver Bullion Coins
Struck by The Perth Mint from 99.99% pure gold, each coin is issued as legal tender under the Australian Currency Act 1965, the undisputed guarantee of its weight and purity. Portraying creative new reverse artistry, every 2010 gold bullion coin also features The Perth Mint’s historic ‘P’ mintmark, a traditional symbol of quality trusted by investors worldwide. Uniquely, many of these releases are restricted by mintage, a feature that creates an exciting potential for even greater investment return in the form of a numismatic premium.

AUSTRALIAN KANGAROO GOLD BULLION COINS : 1 kilo, 1oz, 1/2oz, 1/4oz, 1/10oz
A kangaroo is the most instantly recognisable wildlife symbol of Australia. In 2010, The Perth Mint is releasing four small gold bullion coins portraying two kangaroos ‘boxing’ in the outback. In addition, a large 1 kilo Australian Kangaroo coin is available with a classic kangaroo design by Dr Stuart Devlin, AO CMG goldsmith and jeweller to Her Majesty Queen Elizabeth II.

No more than 350,000 1oz coins, 100,000 1/2oz coins, 150,000 1/4oz coins and 200,000 1/10oz coins will be produced in 2010.

AUSTRALIAN LUNAR GOLD BULLION COINS : 10 kilo, 1 kilo, 10oz, 2oz, 1oz, 1/2oz, 1/4oz, 1/10oz, 1/20oz
The Australian Lunar series of gold coins epitomizes The Perth Mint’s rich tradition of minting investor coins portraying Chinese themes. This year’s releases mark the 2010 Year of the Tiger, one of 12 animals associated with the ancient Chinese lunar calendar. In Chinese culture, people born in the Year of the Tiger – 1926, 1938, 1950, 1962, 1974, 1986, 1998 and 2010 – are regarded as courageous and natural leaders. The Chinese character for ‘tiger’ appears within the coins’ reverse design.

No mintage limit applies to 1 kilo, 10oz, 2oz, 1/2oz, 1/4oz, 1/10oz and 1/20oz coins. However, production will close at the end of 2010, when The Perth Mint will declare each coin’s official mintage. A maximum of 100 10 kilo coins will be produced on a made-to-order basis. However, production will close at the end of 2010, when the coin’s actual mintage will be declared. The Perth Mint will produce no more than 30,000 1oz coins. Production will cease when the mintage is fully sold or at the end of the series, whichever comes first.

Source: coinlink.com

A Summer of Coins

Our numismatist and his spouse smiled as their 7-year-old grandson Karson stepped off the airport tram and start running toward them at full speed. Hugging his grandmother, he looked over to our numismatist. "Granddad I brought my coins," he said. "They're in Dad's suitcase."

Our numismatist grinned as he saw his son Bill plodding along pulling the suitcase. "It isn't funny, Dad. You try carrying 20 pounds of coins through the airport and setting off every metal detector. Karson insisted that the coins are too valuable to put through checked baggage."

Unable to suppress a grin, our numismatist looked at his grandson and asked, "Karson, did you explain to your father that your coin collection is going to put you through graduate school?" Karson smiled. "Dad says that I'm going to Texas A&M on a football scholarship. I'd rather collect coins."

"You win, Dad. I can see that you and Karson are going to be spending the month sorting coins and going to coin shops." Our numismatist patted his son Bill on the back. "Don't worry. Karson and I'll throw the football around a bit. The football scholarship will be Plan B, and who knows, maybe Karson will do both."

Our numismatist felt a tug. "Grandma said we can get hot dogs. The hot dogs really taste good at the airport."

Munching contentedly over the hot dogs his son Bill said, "By the way, whatever happened to my baseball card collection and my Brooks Robinson rookie card?"

"As I recall you attached it to your bike so that the spokes hit it to make it sound like a motorcycle." His son faked shock, saying, "So that's what happened to my college fund. Karson, let this serve as a lesson, listen to your grandfather. He's a very wise old man."

Well this is the third summer that our grandson Karson is spending a month with us. As with most youngsters, Karson likes to stay busy. His schedule involves swimming, piano lessons, video games and, of course, coin collecting.

The coin collecting has become an enrichment activity that involves searching through bags of world and domestic coins. Along the way we visit coin shops where Karson is instructed in proper etiquette and respect.

And, of course, there is the "Big Kuhuna," which is going to a coin show. This requires instruction in self control - no running up and down the bourse pestering dealers. It involves careful consultation as to what is affordable and what isn't. To a little kid, it's all overwhelming. But we all have to learn, and Karson knows that if he behaves a reward is most likely in order.

All of these things amount to spending time together and involving the youngster in activities. It is this involvement that makes things fun vs. being a mere spectator. So with all said and done, our numismatist is a genius and his grandson Karson is the model of decorum and a dedicated numismatist at age 7.

Well, as shocking as this may be, the above isn't totally true. There have been ups and downs but overall Karson has done pretty good for a 7 year old. He's still a young lad who has a lot of demands on his attention span. On the other hand, he does like coins and is quite generous in giving extra coins to kids his own age.

He met some kids from overseas at the swimming pool and discovered that he had coins from their home country. He promptly brought some coins in the following day for his new friends.

His generosity also extended to his summer piano teacher who also instructs in the harp. He and his grandmother quickly found a large Irish coin with a harp on it, which he proudly presented to his music teacher. His music teacher was particularly impressed because she had never seen a coin with a harp on it.

The point of this is that Karson has shared his hobby and interest with others who have appreciated his efforts. Pretty good for a little kid, huh?

So where are you when it comes to getting young people engaged? First of all, there's no sense trying to force or create an interest when there isn't any. On the other hand, asking young people to help out can perhaps light that fire whether it is sorting/organizing coins or making lists. And, of course, there always the state quarter book to fill up, which fits in nicely with a geography lesson. Oops, we don't want to forget the Presidential dollars, which work in nicely with a history lesson or two.

Anyway, Karson and I will be working hard on his graduate school fund. The jury is still out on his football scholarship to Texas A&M. In the meantime we can still collect coins - even if not for profit.
Source: numismaster.com

Heritage Los Angeles U.S. Coin Auction approaches $25 million

An 1880 $4 Coiled Hair stella, Judd-1660, Pollock-1860, Low R.7, PR62 NGC – a gorgeous example of the timeless design of George Morgan – realized $546,250 at Heritage Auction Galleries’ July 31-Aug.2 Los Angeles U.S. Coin Auction, leading the almost $25 million event. All prices include 15% Buyer’s Premium.

“We’re certainly pleased with the outcome of this auction,” said Greg Rohan, President of Heritage. “Our three day event was a blockbuster. It brought in more than the top grossing movie of the weekend, which earned a little more than $22 million total. If you factor in that we did it with almost 4,000 bidders, and sold more than 90% of all lots, the figure is even more impressive.”

In past auctions Heritage has only been able to account for eight different examples of the 1880 $4 Coiled Hair stella, but the firm has recently established that the Dallas Bank Collection example makes a ninth distinct survivor. It was believed for many years that just 10 pieces were struck, but it is more likely that 20 pieces were originally coined, which all goes to show that, like the 1879 Coiled Hair and 1880 Flowing Hair coins, the 1880 Coiled Hair is a major rarity from an extremely small mintage.

“The more than half million dollar price tag attests not only to the rarity of this great coin,” said Rohan. “It also speaks to the undiminished popularity and lasting beauty of Morgan’s artistry.”

The number two and three lots in the auction – a spectacular MS65 1933 $10, the Morse-O’Neal example of the ‘Last Collectible Classic U.S. Gold Issue,’ and an 1856-O $20 AU58 NGC, one of the finest known examples – both brought $460,000 from the enthusiastic Los Angeles buyers.

The 1933 $10 is among the most notable rarities of the 20th Century U.S. Mint Gold Series, having survived President Franklin Roosevelt’s early 1933 order halting the release of gold coins from the Mint, and recalling gold coin, gold bullion, and gold certificates, which was made in an effort to halt the downward economic spiral created by The Great Depression. The near-Mint 1856-O $20 is one of the few remaining examples of a mintage that was small to begin with, only 2,250 pieces; it is easily the rarest double eagle from the New Orleans Mint, and ranks alongside the 1854-O and 1870-CC issues as the rarest business strike Liberty $20s.

A true first year of issue super gold rarity, a 1795 $5 Small Eagle S over D MS65 Prooflike NGC, was the subject of much admiration and fierce floor bidding in Los Angeles as it soared to a $345,000 price tag.

“This stunning beauty ranks among the finest Heritage has ever handled,” said Rohan. “In fact, it’s the only Gem example of this early issue that has appeared in any of our auctions since 1993, being a reappearance of lot 3135 in our January 2008 FUN Sale. It’s also the finest Prooflike example that has ever been certified.”

A very rare 1920-S $10 MS66 PCGS, Ex: O’Neal, from the year that marked the first U.S. regular-issue gold coinage since 1916, proved quite popular with collectors at the Los Angeles auction, bringing a healthy $345,000 price realized. In 1920, when 126,500 eagles were struck at the San Francisco Mint, they were already considered one of the rarest of all 20th century $10 gold coins as nearly all were exported in commercial trade, or held in Treasury vaults and eventually melted in the 1930s. No hoards have ever turned up and the coin remains very rare, and popular, to this day.

Further highlights from the auction include, but are not limited to:

A Rare Justh & Hunter Large-Sized, Memorable Gold Ingot, Nearly 15 Pounds, Recovered from the S.S. Central America:
Large Rectangular Justh & Hunter 179-Ounce Gold Ingot (1855-57). This large, deeply-patinated rectangular ingot was among many recovered from the doomed ship S.S. Central America, which foundered in a hurricane in 1857, carrying to the sea floor the present example and many others marked with the Justh & Hunter imprint, as well as those of numerous other assayers. A memorable and historic piece of the California gold rush.
Realized: $322,000

Landmark 1804 Quarter Eagle, 13 Star Reverse, the Rarest Quarter Eagle Major Variety, BD-1, Possibly Finest Known, AU58:
A strong candidate for Finest Known, this coin is a memorable specimen of one of the rarest major varieties in the U.S. gold series. The BD-1 variety is characterized by the presence of 13 stars on the reverse, compared to the 14 stars of the more available BD-2 variety of this date.
Realized: $322,000

Possibly the Finest Known 1776 Brass Continental Dollar, MS63, Newman 1-B, Hodder 1-A.2, Reverse Double Struck:
About 15 brass Continental Currency pieces are known in all grades, and they are only known from the original engraving or the first modification of Reverse A. Breen recorded an example of the EG FECIT variety in brass; however, that piece has never materialized. Current rarity information indicates that there are three known examples of Hodder 1-A.1, and about 12 known of Hodder 1-A.2, the variety that was offered in Los Angeles.
Realized: $299,000

Excessively Rare 1776 Ornamented Date Dollar, XF45 PCGS. CAC. Newman 5-D, Hodder 4.1-B, W-8480, R.8., Tied for the Finest of Three Known:
Only three examples of the Ornamented Date rarity, including this coin, are known to collectors. The Norweb specimen and the present example appear to be tied for the finest known of the Ornamented Date variety. However, the Norweb coin is now in the collection of a well established New York colonial specialist, and will likely remain off the market for a long time. The present example, which was unknown to older generations, first appeared in the Christie’s sale of November 1990, lot 241, where it was conservatively graded Very Fine. The third specimen appeared in the June 1997 Spink America sale, lot 19, with a provenance to Burdette Johnson, Col. E.H.R. Green, and Waldo Newcomer before him.
Realized: $276,00

A Spectacular 1844 Quarter, PR66 NGC, CAC. Ex: Pittman-Kaufman, Finest Known, the Only Certified Example:
The rarity of the 1844 proof quarter is attested to by its certified population of one, this NGC-graded PR66 coin pedigreed to the John Jay Pittman and Phil Kaufman collections. Additionally, Larry Briggs, in his The Comprehensive Encyclopedia of United States Liberty Seated Quarters, says of the 1844 quarter that there are “approximately five proofs,” and Walter Breen, in the Complete Encyclopedia of United States and Colonial Coins, also contends that there are “Five proofs traced.”
Realized: $276,000

Source: coinlink.com