Counterfeit Euro Coins Declining

While the merchants of Northern Ireland are concerned about counterfeit British £1 coins and their local police insisting there is no widespread problem, those European Union nations participating in the euro currency union can rest assured because the number of counterfeit euro coins decreased during 2009.

According to the European Commission, the number of counterfeit euro coins detected during calendar year 2009 was 172,100 pieces, down from 195,900 coins detected during 2008. This is a decreased of 12 percent. Great Britain is an EU member nation, however has not chosen to participate in the currency union.

As with any statistics, you have to be careful how you interpret them. The number of counterfeit 2 euro coins decreased by almost 18 percent, however during 2009 the number of bogus 50-cent euro coins increased by nine percent while the number of counterfeit 1 euro coins increased by eight percent. Consider that the 2-euro coin, worth more than $2 US, is still the most widely counterfeited EU coin. The 2 euro is also the highest denomination coin in circulation in the EU.

The EC tried to put these statistics into perspective, releasing a statement reading: “Indeed, the overall number [of counterfeit euro coins] is very small by comparison with the total number of around 15 billion genuine euro coins put into circulation of the three highest denominations, with a resulting ratio of one counterfeit to every 89,000 genuine coins.”

The number of detected counterfeit euro coins in 2009 is also lower than the total number of counterfeit coins detected within all of the nations combined who now participate in the currency union, this statistic being from the final year prior to each country having entered the currency union. There are now officially 16 nations using the common currency.

Despite this success, the EC is being cautious about congratulating itself. In a recently released statement appearing in the Jan. 11 The Sofia Echo newspaper in Bulgaria the commission said, “Although encouraging, there is no room for complacency and efforts to remove counterfeits from circulation should be maintained and intensified.”

The commission has also acknowledged that during 2009 the number of counterfeit euro coins seized outside of the EU increased. The EC, Croatia, Montenegro, and Turkey have established agreements of cooperation regarding counterfeit coins. During the past year police seized about 11,000 bogus euro coins prior to these phony coins being able to reach circulation. This is a similar number to that seized during 2008. No private mints counterfeiting euro coins were reported to have been shut down during 2009.

According to The Sofia Echo article, “Despite these successes, most of the criminal groups responsible for euro coin counterfeiting have not been dismantled yet.”

The EU still has to concern itself with counterfeit bank notes as well. On Jan. 11 the European Central Bank announced about 860,000 counterfeit euro bank notes were withdrawn from circulation during 2009. Of these, 447,000 notes, were withdrawn during the second half of the year, an increase of about 8 percent from the first half of the year. To put these numbers into perspective, there was an average of 12.8 billion genuine euro bank notes in circulation on average at any time during 2009.

Source: numismaster.com

The Coin Grading System

Coin grading is a term used to refer to the process of determining the condition or quality of a coin, and its full identity. It is essential to know what the grade is of a particular coin, because, as a general matter, the higher the grade of a coin, the higher its numismatic value.
Coins are graded on a 0-70 point scale devised by Dr William Shelby. The details can be found in the Official A.N.A. Grading Standards for United States Coins published by the American Numismatic Association (ANA). Under this method of grading, the higher the point scale accorded a particular coin, the better its quality.
The process of grading a coin is partly subjective and partly an art, rather than a true science. Accurate grading requires many years of skill and experience. However, determining an approximate grade is possible for even the novice coin collector.
The basic point scales that define coin grades, are as follows:
1. Mint State Perfect Uncirculated (MS-70)
Mint state uncirculated coin in perfect condition, showing no traces of wear, and no blemishes, scratches, handling or contact with other coins. The best quality coin possible.
2. Choice (Gem) Uncirculated (MS-65-69)
An above average uncirculated coin which retains all of the original mint brilliance or luster, and has a very few contact marks on the surface or rim, which are barely noticeable.
3. Brilliant Uncirculated or BU (MS-60-64)
An uncirculated coin having no traces of wear but which has a few contact marks, surface spotting or lacks some of its original luster.
4. Choice About Uncirculated (AU-55 & 58)
A coin having very light wear on only the highest points of the design but no other defects and with most of its luster remaining.
5. About Uncirculated (AU-50)
Coin has evidence of light wear on many of the high points but at least half of the mint luster is still present.
6. Extremely Fine (EF-40)
The coin design is lightly worn in most places but all the features remain sharp and well defined.
7. Choice Very Fine (VF-30)
Light even wear on the surface and highest parts of the design but most major features and the lettering are sharp.
8. Very Fine (VF-20)
Minor features such as some of the finer hair detail, feathers, etc. will be moderately worn. Shows moderate wear on high points of design. All major details are clear.
9. Fine (F-12)
Moderate to considerable even wear over most features and the lettering. A lot of the details are worn through but you can still see a good deal of the design.
10. Very Good (VG-8)
The entire design is weak, but a few details are visible. Well worn throughout but coin rims still visible.
11. Good (G-4)
Heavily worn but design and legend still visible although quite weak in spots. Many details are gone.
12. About Good (AG-3)
Very heavily worn with portions of lettering, date and legends worn smooth and barely discernable.
Have fun collecting your Perfect Coins!

Source: numisnews.tv

Royal Mint's £16.5m investment at Llantrisant

The Royal Mint is to invest £16.5m in new productions lines at its site in Llantrisant, Rhondda Cynon Taf.

It said it was the most significant investment in the plant for more than 40 years and would help it compete for new work both home and abroad.

As well as making coins for the UK it also manufactures coins for other countries, collectors' coins, and military medals.

It said the investment would double its nickel plating production capacity.

It will see the construction of two new production lines and an effluent plant.

The first phase is due to be complete by September and is part of a five-year growth plan.

Chief executive Andrew Stafford said: "The fact that we're able to take advantage of these investment opportunities is testament to the excellent work of the team at the Royal Mint.

"It highlights how we are continuing to build for the future, compete internationally as a UK manufacturer and bring our vision of 'Making Money for Everyone' to life."

Source: bbc.co.uk

Lahaina Restoration Foundation to hold Chinese New Year events

Studying the early currency system of China for over 30 years, Dennis Ryan is literally a wealth of knowledge.

Ryan, a retired teacher and part-time director of research for the Albany Legislature, is currently on Maui. He has visited the island every year since 1997.


Over time, he has generously donated a collection of Chinese coins to Lahaina Restoration Foundation (LRF).


In conjunction with Chinese New Year, Ryan will present the lecture “China’s First Coins” at the Wo Hing Museum, 858 Front St., on Friday, Feb. 19, at 6 p.m.


The community is invited to attend, and this fascinating lecture is free.


Ryan’s personal coin collection was built by purchasing items from auctions and collectors in places like Hong Kong and Singapore.


“My earliest piece hails from the Shang Dynasty 2200 B.C. The piece is a simple cowry shell,” said Ryan.


Ryan will share his knowledge and collection at the presentation.


And on Saturday, Feb. 20, LRF will usher in the Year of the Tiger with a lion dance by the martial arts team from Au’s Shaolin Arts Society from Oahu.


LRF will host a small celebration, including information on acupuncture from Maui Acupuncture, Qigong demonstrations by Corey Williams, calligraphy and more, at the Wo Hing Museum. Festivities begin at 10 a.m. and continue to 4 p.m.


Freshly made spring rolls and noodles will be on sale while supplies last.

Source: lahainanews.com

COTY in Berlin

United States Mint Director Ed Moy took a bow for the Mint and its American Eagle silver bullion coin Jan. 30 as he accepted the Most Popular Coin Award at the Coin of the Year Awards ceremony at the World Money Fair in Berlin, Germany.

Moy told the audience that the A.A. Weinman design on the silver Eagle has been popular for almost 100 years since it was first used on the half dollar in 1916.

The specific date of issue being honored was 2008, but it is hard not to mention the record level of sales recorded in 2009, and Moy did so.

Though not bullion coins, the top two award winners were also made of precious metals. The Coin of the Year, a gold 20 lati piece of Latvia, also bears a design from the same era as Weinman’s. In this case it was a 1922 work by Teodors Zalkalns that was not issued at the time it was created.

The obverse of the Latvian coin features a woman in a scarf representing motherhood and the reverse shows the staples of life, bread, milk in a jug and an apple that signify fertility and plenitude.

Accepting the Coin of the Year Award was Maruta Brukle, the head of the coin division of the Bank of Latvia and her boss, Janis Blums, who heads the bank’s cash department.

A silver 5,000 forint of Hungary was given the People’s Choice Award, which was selected by the public via online voting. It is a commemorative of the Tokaj wine region.

Accepting the award was a trio of officials – Ferenc Gaal, director of the Hungarian Mint; Terez Horvath, its commercial director; and Erica Lescko of the National Bank of Hungary.

This is the third time Hungary has won, making a clean sweep since the award was added to the Coin of the Year family of honors, which is raising some eyebrows among some hobbyists in Germany. Perhaps a tweaking of the award rules is in order, they suggest.

Presenting the awards was Dave Harper, editor of Numismatic News and executive editor of World Coin News, which sponsors the awards that have been given each year since 1984.

There is a time lag built into the selection process, so the awards were given for coins minted in 2008.

The World Money Fair has been chosen as the COTY awards venue because it hosts the largest gathering of mint and national bank officials in a numismatic context. This year some 50 institutions took booths in Berlin.

The show is also a very large coin show.

Hans-Henning Goehrum, president of the Money Fair, said attendance at the 2010 event ran about the same as in 2009.

Observers on the floor were guessing beforehand that the show was even better attended than last year.

Source: numismaster.com

Numismatics are for Collectors, Not Investors

As a precious metals investor, you may heard much about numismatic and "semi-numismatic" coins, particularly the St. Gaudens $20 double eagle gold coin. While coin collecting can be an interesting hobby, it is not necessarily related to metals investing. Coins of this type vary in value with the ebb and flow of the collector market and are not strictly tied to metal value. Also, these coins often go for much more over spot price than bullion coins.

One of the concepts that gets bandied about quite a bit is the idea of U.S. government confiscation. While it is true that the U.S. government did have a gold recall in 1933 by executive order of FDR, gold coins of a significant value over gold value were not subject to this recall. Many dealers use this to imply that in the event of another confiscation these older coins would fall in this category in order to sell these types of coins to the unsuspecting or newer metals investor. However, the confiscation issue is a red herring for several reasons:



* The dollar was backed by gold in 1933 and the recall was designed at least in part to stop the run on banks; the dollar no longer has any metal backing.
* St. Gaudens $20 coins in almost uncirculated to mint state conditions are still very common even considering their age due to decades of mass storage in European bank vaults.
* There is nothing that states that numismatic items could not be confiscated in the event of another recall; the original executive order no longer has any force of law.
* Gold is no longer used in regular-issue U.S. coinage (the American Eagle gold coin, although it has a face value, does not count) and is typically used only in jewelry and privately-held investment vehicles such as bars and bullion coins which would be harder to recall and account for. The majority of recalled gold coinage in 1933 was housed in bank vaults.
* As gold is no longer used as a monetary instrument by the U.S. government, confiscation is unlikely in any event.



Now, you may be wondering about silver in regards to this as well. Silver held sway as coinage for longer than gold, and some silver coins can still be found in circulation. However, silver has never been subject to confiscation, and its status as an important industrial metal gives good reason to believe that there will never be a silver recall.

90% and 40% silver U.S. coinage is still widely available, and although it sounds contrary to what I stated above, these coins are a good value - as long as they can be bought at near silver spot or less. This is an important distinction to make, as old silver coinage (often referred to as junk silver) often carries very little to no value as a collector item over the metal value. These coins, if anything, are semi-numismatic, but don't bank on collector value.

In short, if you approach this from the perspective of a metals investor never look at a coin for collector value. Collector markets are often hard to get a pulse on, and numismatics are much more illiquid than their bullion counterparts. If you're paying more than spot plus a modest premium, you're paying too much.

Source: bestcoin.com

Dubai may mint the Middle East's first legal tender gold coin

UAE. Dubai Multi Commodities Centre (DMCC) has proposed to the UAE Central Bank, the launch of a legal tender gold coin which if approved, will be the first of its kind in the Middle East.

Existing legal tender gold coins such as the Australian Nugget and the South African Krugerrand are popular among buyers as a vehicle to invest in pure gold.

The proposed design depicts the image of the President, His Highness Sheikh Khalifa Bin Zayed Al Nahyan, on one side of the coin and that of the Burj Khalifa, the world's tallest tower in Dubai, on the other.

The recently inaugurated tower was dedicated to the visionary leadership of Sheikh Khalifa by HH Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, on the anniversary of his accession on January 4, 2010.

The 828-metre Burj Khalifa is a symbol of international co-operation, an unparalleled fete of engineering and a work of art. The tallest free standing man-made structure, with over 160 storeys, is also one of the most recognised landmarks in the world.

Ahmed Bin Sulayem, Executive Chairman, DMCC, said:"We are confident that this design represents the face of modern UAE and its aspirations.

This is a great time to launch a reliable, easily transacted legal tender gold coin, since the current level of interest in gold investment is the highest it has ever been globally, the timing couldn't be better.

As the only commodities centre in the region, DMCC has all the required expertise and experience to lead such a prestigious, path-breaking project. We would consider it a unique honour to be associated with it."

DMCC launched the UAE's first souvenir, commemorative gold coin in September 2007, under the 'Visions of Dubai' series.

The 22-carat coin that was available in 1oz (34 g), ½ oz (17 g), ¼ oz (8.5 g) and 1/10 oz (3.4 g), proved to be highly popular with buyers. Designed to reflect Dubai's visionary leadership and the emirate's innovative projects, the first edition carried the image of His Highness Sheikh Mohammed Bin Rashid Al Maktoum on one side and that of Burj Al Arab, the iconic landmark, on the other.

A second series of the 'Visions of Dubai' coin in 24 carat gold carries the image of HH Sheikh Mohammed's image on one side and that of the Palm Jumeirah, the world famous island development.

Source: bi-me.com

Rare coin dealer sues Google for address mixup

A Jupiter man in the rare coin industry is accusing Google of invading his privacy and causing emotional distress for incorrectly posting his home address instead of listing the location for his Stuart-based company.

In a lawsuit he filed Monday in Martin County Circuit court against Google Inc., Jonathan Harris claimed that having his home address associated with the sale of rare coins leaves him and his family members targets for a home invasion, or worse.

Google “publicly disclosed that the plaintiff’s family home is where rare coins can be found, and conveniently provided a map,” wrote Harris, who is acting as his own attorney.

“A reasonable person who is in the rare coin business would find this objectionable and highly offensive,” he added, “even if the person did not have a family.”

In his suit, Harris claimed Google ignored its own policy to remove sensitive information within 48 hours of a written request. He wants a judge to issue a permanent injunction to prevent Google from posting information about his personal residency.

Officials from Google couldn’t be reached Monday for comment.

Harris claimed he first learned in 2007 that his Jupiter home address was showing up in the results of Google searches for anyone seeking information about local rare coin dealers.

He alerted Google in writing, and his home address was removed, he noted in court papers. But in November 2009, he realized Google was again listing his home address as the site for his rare coin business, prompting him to write four more letters. And a letter from attorney Mitchell Sens threatened legal action.

He suggested their inaction was “causing an inherently dangerous situation.

“Criminals who are willing to engage in burglary or home invasion may assume that the owner of a rare coin business keeps valuables or a safe at home,” Sens wrote to Google Nov. 9. “You have provided a convenient map. The only thing missing is a link to safe-cracking tools and firearms.”

Source: tcpalm.com

Two Varieties of German 2 Euro Coin Identified

You might think global warming had impacted the design on a German euro coin, if you are superstitious.

Germany strikes its European Union euro coins at five mints. The mint at Stuttgart, which uses an F mintmark, issued a commemorative 2 euro coin in 2008 commemorating Hamburger Michel on one side, with the standard map of EU countries on the other side. Inadvertently there are two versions of the map, one that has been dubbed the “old Europe chart,” and the other dubbed the “new Europe chart.”

The Old Europe Chart variety depicts the Scandinavian coastline so poorly it could easily be argued this is an interpretation of what part of northern Europe will look like after the polar ice caps melt due to global warming. The New Europe Chart 2008-F 2 euro coin has a better defined coastline, more in line with what the coastline now looks like.

Unlike previous error map euro coins, this error has drawn little attention in the numismatic or general press. The varieties were brought to the author’s attention through an announcement in the Worldwide Bimetal Collectors Club e-mail newsletter. Little information was available outside the club newsletter, with the Stuttgart Mint staying out of the limelight.

There was no official word at the time this article was being written regarding if both varieties were available in circulation, and if one variety was scarcer than was the other

Source: numismaster.com

2010 Presidential Proof Set Feb 11

The United States Mint announced today that it will begin accepting orders for its 2010 Presidential $1 Coin Proof Set on February 11, 2010, at noon Eastern Time. The set contains four proof versions of the circulating Presidential $1 Coins scheduled to be released this year, bearing the portraits of Millard Fillmore, Franklin Pierce, James Buchanan and Abraham Lincoln. Each coin has a common reverse design featuring a striking rendition of the Statue of Liberty.

The term "proof" refers to a manufacturing process in which specially treated coin blanks are struck multiple times with specially polished dies to create a brilliant, sharp relief and mirror-like background. A frosted, sculpted foreground gives the proof coin a special "cameo" effect. The "S" mint mark, representing production at the United States Mint at San Francisco, is inscribed on the edge of each coin.

The 2010 United States Mint Presidential $1 Coin Proof Set is priced at $15.95 each. Customers may place their orders at the United States Mint's Web site, http://www.usmint.gov/catalog, or at the toll-free number, 1-800-USA-MINT (872-6468). Hearing- and speech-impaired customers with TTY equipment may order at 1-888-321-MINT (6468). A shipping and handling charge of $4.95 per order will be added to all domestic orders. There is no household order limit for this product.

Customers may also enroll in the United States Mint's Online Subscription Program to receive automatic shipments of the 2011 United States Mint Presidential $1 Coin Proof Set and subsequent sets as they are released each year. To learn more about this convenient shopping method, visit http://www.usmint.gov/catalog.

Presidential $1 Coins produced for general circulation will be released throughout 2010. The first coin, honoring Millard Fillmore, will be released February 18.

The United States Mint, created by Congress in 1792, is the Nation's sole manufacturer of legal tender coinage. Its primary mission is to produce an adequate volume of circulating coinage for the Nation to conduct its trade and commerce. The United States Mint also produces proof, uncirculated and commemorative coins; Congressional Gold Medals; and silver, gold and platinum bullion coins.

Source:articlesbase.com