1. Politics: In the last 20-years, the American Numismatic Association and many of the regional organizations and clubs have be overcome by politics. If you are not with the “in crowd” you are welcome to come to the meetings but do not expect the same treatment as those within the inner circle.
2. Acceptance: A progressions from politics, if you are not the same demographic of the inner circle, usually white male over 50, you have no chance of being admitted into the inner circle.
3. Elitism: You do not collect something cool like Bust Dollars or Morgan VAMs? What is this, transportation tokens? Gaming Tokens? That is not cool and you cannot be in our club.

We live in a politically charged society where opinions are magnified into binary choices: yes or no, up or down, for or against, etc. There are no shades of gray and common sense is not as common as we would like to think. Things are so bad that it is reported that a woman filed for divorce after 22-years of marriage because her husband voted for Donald Trump!

While I am be guilty of adding politics to the hobby, I believe I have worked in the hobby’s best interest. During my tenure as president of the Maryland State Numismatic Association I told the board that we look too much like an insular club and need to branch out. My final President’s Letter published in the Maryland Numismatist spoke of this.

If your club’s board has consisted of the same people for more than a few years, it is time for you to step down and let someone else take the position. While it may be fun to be the king of the club, adding new people is not only good for the hobby but it will allow newer members a chance to participate. If you are not working to turn over your leadership every few years, then you are helping to destroy your organization through stagnation.

In order to have a lineup of people ready to take over leadership of the club or organization, we have to get more inclusive. This is one of the aspects of the hobby that has bothered me for a long time. If you go to many club meetings, shows, and even ANA conventions, you look out over the crowd and see an overwhelming number of white males over the age of 50. As a white male over the age of 50, I can say there is nothing wrong with that demographic. But it is not the demographic that will sustain the hobby.

And someone please tell the Girl Scouts that the conditions surrounding the failure of the Girl Scouts commemorative still exist. On many occasions, the Girl Scouts have been accused of being insular and parochial in their attitudes. Maybe, if they step away from their cookie boxes they will better help the girls expand beyond the attitudes these leaders think are keeping women back.

Another problem I have seen in numismatics is the lack of ethnic diversity. Where are the people of color? We work with the Young Numismatist programs through schools and the Scouts appear to reach youngsters of all ethnicities. Why does this stop after the age of 18? Why is there no outreach to non-white adults?

You cannot tell me there are no non-white adults who collect numismatics. One place I have seen a nice mix of ethnicities has been at the FUN shows. And the argument that Florida is more ethnically diverse than someplace like the Chicagoland area where the World’s Fair of Money has been held for too long is not a good argument.

We pay lip-service to numismatics being an all inclusive hobby but the mid-to-lower collector can be made to feel unwelcome. Dealers who are older may have a difficult time relating to younger and, frankly, a non-white demographic. It has created a culture where if you are not white, male, and collecting the thousands of Morgan dollars that are on the bourse floor or the more expensive stuff in the cases, you are a nuisance.

Although there are dealers who do cater to the average collector, the rest treat the books, boxes, and junk bins as a necessary evil. And even if you are a white male over the age of 50 but enjoy searching the junk boxes for that odd item or the rows of tokens for something from your hometown you have never seen before, you are just not the type of person the dealer wants to work with. While this is not true of every dealer, I have experienced a lot of dirty looks while carefully searching through red boxes of tokens and other items in 2×2 holders looking for that cool item from Brooklyn and New York City.

1902 Panama 2½ Centesimos 

Now that we have identified the problem, how do you we fix it? How do we get the YNs to continue to collect into their 20s and 30s? How do we recruit women and people of color into the hobby? How can we teach the dealers that can barely spell customer service that they need to change their ways or there will be nobody to buy their coins because they chased all their potential customers away? I am open to suggestions!
 

A check from the First National Bank of Inwood (NY). Inwood is a hamlet on Long Island where I grew up. Even though FNBI was bought out long before I was born, having this in my numismatic collection gives my collection a personal touch.

JANUARY 17, 2017

Check your change: Philly-marked penny released for one year only

Americans have a habit of throwing their loose change away — to the tune of $62 million in coins annually. If you count yourself among the nation's coin-tossers, you might want to stop trashing your pennies, especially if you’re a Philadelphian.

According to coin collector blogs, the U.S. Mint quietly began circulating a penny this year that has a marking indicating it comes from the Philadelphia mint, something that's never been done before.

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The 2017-P Lincoln cent became the first-ever United States one-cent coin to bear Philadelphia’s “P” mintmark.

The coin, which has already been discovered in circulation and will also be included in this year’s uncirculated set, is a one-year type coin. In 2018, Philadelphia-minted one-cent coins will again be struck without a “P” mintmark – a tradition that has been maintained since the first official Federal one-cent coins were produced in 1793.

The 2017-P Lincoln cent was intentionally released without fanfare to Federal Reserve Banks in January, as the U.S. Mint wanted to see how long it would take before collectors began noticing it, Tom Jurkowsky, the mint's director of corporate communications, told Coin World.

JOHNDOE2000$/COINTALK

This image, posted to the coin collector forum CoinTalk, shows the P-marked penny, which is being circulated in 2017 to honor the Philadelphia mint.

Jurkowsky confirmed the coin's circulation to Coin World and CoinWeek. The mint's office of corporate communications could not immediately be reached for comment early Tuesday morning.

The P-marked penny is part of the mint's efforts to celebrate 225 year Anniversary, Jurkowsky told the blogs. He added to Coin World that the decision to add the P was recommended by Philadelphia mint employees to recognize their work and achievements.

So, if you see a penny with a little P under the 2017 date, you might want to hold onto it instead of putting it in your coin jar.

New $100 U.S. gold coin depicts Liberty as a black woman

4 Facts About The Rolex Oysterquartz That Will Surprise You

Rolex Oysterquartz Datejust 17013

Yes, even Rolex joined the quartz movement

Rolex may be known for their precise and reliable mechanical movements, yet there was a time when the Swiss watchmaking company got on board with the quartz craze during what is now referred to as the “quartz crisis” era.

In the early 1970s and 1980s, the trend in the watchmaking business was towards less expensive and more precise quartz calibers rather than more intricate mechanical movements. It was referred to as a crisis because it almost toppled the entire Swiss watchmaking industry with the majority of quartz watches coming out of Japan and the United States. Although there was widespread hesitation to join the quartz bandwagon among Swiss watch manufactures at the time, there were a few top watch brands, including Rolex that introduced their own quartz watches. Here we take a closer look at the development and evolution of the Rolex Oysterquartz.

1. The precursor to the Oysterquartz was the Rolex Date 5100

Rolex Date 1500 Quartz (Image: Rolex Encyclopedia)

The first Rolex quartz watch was the limited-series Date 5100 powered by the Beta 21 movement. The development of the Beta 21 was the result of the uniting of more than 20 Swiss watch brands, including Rolex, to form the Centre Electronique Horloger whose mission was to create electronic watch movements. The Beta 21 was used among numerous Swiss watch brands to equip their quartz watches.

Rolex only produced 1,000 pieces of the Date 5100 and it quickly sold out. Not only was the quartz movement a first for Rolex, but the design of the Date 5100 was also unique. Fashioned entirely from 18k yellow gold, the Date 5100 featured a distinct integrated case and bracelet that was considered very fashionable and modern during its era.

Despite the success of the Date 5100, Rolex did not believe that it was in their best interest to offer watches that were equipped with the same movements as so many other companies. Therefore, they ceased to be a part of the Centre Electronique Horloger and began the development of their own quartz movement.

2. It took five years to complete the Oysterquartz movement

Rolex Oysterquartz Datejust 17000

Beginning in 1972, Rolex took five years to conceptualize, design, develop, and test their in-house quartz movement. In 1977 the brand introduced the 5035 quartz caliber for the Datejust and the 5055 quartz caliber for the Date-Date Oysterquartz models. The Rolex Oysterquartz movements included 11 jewels and a 32khz oscillator and the in-house calibers were hailed as modern marvels like nike jordan air technology when launched.

3. The Rolex Oysterquartz was in production for 25 years

Rolex Oysterquartz Day-Date 19028 “Pyramid”

During its 25-year manufacturing run, the Rolex Oysterquartz movements were only ever used in the Datejust and Day-Date models. The Oysterquartz Datejust watches were offered in stainless steel (reference 17000), Rolesor stainless steel and yellow gold (reference 17013) and Rolesor stainless steel and white gold (reference 17014). Of course, the Day-Date President models were crafted full gold with an option of yellow gold (reference 19018) and white gold (reference 19019). Rolex also unveiled some special Oysterquartz versions with jewels and interesting design elements. Of particular interest, is this Day-Date Oysterquartz ref. 19028 with pyramid design details on the bezel, bracelet, and hour-markers.

4. Less than 25,000 Oysterquartz watches were ever produced

Rolex Oysterquartz Day-Date 19018

Although produced for 25 years, it’s estimated that fewer than 25,000 Oysterquartz models were ever created. In the realm of Rolex manufacturing, that is a low number, making the Oysterquartz an uncommon Rolex watch. 2001 was the final time that Rolex applied for certification from COSC for their quartz movements and certain Oysterquartz models remained in the brand’s catalog until 2003.

Rolex Oysterquartz Datejust 17013

The Rolex watches that are equipped with their mechanical movements may be more coveted and famous, however, the Oysterquartz represents a historically significant time during the brand’s history, as well as the Swiss luxury watch industry at large. It illustrates Rolex’s ability to not only keep up with the current watch trends but also shows how they take it and make it completely their own.

Congress Votes to Privatize the Mint

Apr 1, 2016 | fun | 3 Comments

In what is seen as an election year move during a late night session, congress voted mostly along party lines to sell the U.S. Mint and its assets to a private corporation headed by the founders of the Poboy Mint.

The measure moved quickly through congress after the bill was introduced by House Banking Committee Chairman Jed Harding. In his floor statement, Harding said that he and his senate counterpart Carroll Cobra have been discussing this with interested companies and other members for more than a year. They see it as a way to make money without making money.

Under the terms of the agreement, the current U.S. Mint properties will be leased to the Mint of the United States Corporation (MUSC), the new entity being created for this venture. They are required to use these facilities for 50 years at which time either party can end the agreement with 120-days notice.

Rep. Brad Hoyle said that he worked hard to ensure that the facility in Philadelphia remained. “The Mint employs a lot of people in Philadelphia,” Hoyle said. “We just couldn’t see all those jobs leaving.”

“Besides,” Hoyle continued, “how would it look if the city where the Mint started would lose the Mint after all these years? It would be devastating to our local economy.”

Dana Gillette, who represents Denver was note as upbeat. Gillette disagrees with the privatization efforts saying, “I know the constitution does not say that the government doesn’t have to own the Mint, but this is a bit too far.”

The transfer to MUSC will begin immediately, ending 224 years of operating as a government entity.

Do you enjoy collecting items to have a complete set? Do you have a love of history? Do you appreciate how it has made the United States such a great nation? If you answered yes to these questions, you may be interested in collecting state quarters. If you need some added motivation to understand the joy of collecting these quarters, look at the historical value of these quarters to see what treasures these coins really are.

Each quarter was made to display something important for the state that it represents. A good example of this is the statue of Liberty on the back of the New York quarter along with a picture of the state itself. On the other side of the coin is a portrait of George Washington, the first President of the United States. Throughout the series, the coins follow the same format with a design representative of the state on the reverse and the common obverse design featuring Washington.

These coins can be very educational thanks to the landmarks and historical figures that are etched on to each coin. If you look at the complete set of quarters, you will see historical events that have happened over the years and much more on each unique coin. Some events depicted include the historic First Flight, the Crossing of the Delaware, the return of Lewis & Clark, and the joining of the Union Pacific and Central Pacific Railroads.

The State Quarters are a great tribute to the past. Although no one can forget something as important as the Statue being located in New York, the coin still gives people an emotional reaction. It pays tribute to the way that this statue affects immigrants coming to America.

It escaped from Canada!

1966 Canadian one-cent found in pocket change

We need to build a wall!

We know that the Royal Canadian Mint struck their last 1-cent coin in 2012. During the six-month transition, Canadian banks were helping recall 1-cent coins while cash sales began to be rounded up or down to the nearest 5-cents.

But when I made a purchase at a local convenience store, my change included a 1966 Canadian 1-cent coin. Even though the coin is still legal tender it is not usable. I can visit an agent for the Bank of Canada or the Royal Canadian Mint to turn it in for updated coins. I was told that the minimum they will take for exchange is 100 coins. If I can scrape together 99 more coins I can trade it for a Loonie.

At the current exchange rate, the coin is worth only 0.0074 U.S. cents. Someone owes me 0.0026 cents!

Maybe I should go back to that store and see if they would give me a Canadian 5-cents coin and I would give them four U.S. cents. That would make it even.

It’s Friday. Why not have a little fun after finding a Canadian cent in my change!

Is the $100 bill the next to go?

The latest attack on the money in your pocket is the talk about eliminating the highest denomination banknotes. This discussion was intensified in the political policy world with the article by Lawrence Summers that appeared in The Washington Post. Summers is a professor at Harvard and had once been the Secretary of the Treasury and Director of the White House’s National Economic Council.

Summers cites a paper by Peter Sands of Harvard and students that claims to make a compelling case to stop issuing high denomination notes and possibly withdraw them from circulation because of its use in crime and corruption.

Crime is mostly a cash-based enterprise. Criminals do not use gold, checks, or credit cards. As those of us who use cash over other payment types understand, cash is more anonymous. Cash transactions can be used to perform untraceable transaction that could be used to evade taxes. Criminals use cash to avoid law enforcement and terrorists use cash to fund their activities outside of the monitoring of financial transactions. In fact, Sands notes that these criminals have nicknamed the €500 note the “Bin Laden.”

In order to carry out cash-based transactions is the ability to carry the cash. Sands’ paper and Summers’ article both say that lower denomination currency will make it difficult to carry large volumes of currency in order to make these transactions. Considering the weight of United States currency, carrying $1 million worth of $100 Federal Reserve Notes would weigh about 10 kilograms (22.0462 pounds). Using a 15 liters (just under 4 gallons) as the “standard” briefcase capacity, you could carry $1 million in 0.7 cases.

As a comparison, $1 million worth of $50 Federal Reserve Notes would require 1.4 briefcases and 3.5 briefcases when using $20 notes. If the $1 million was being paid using €500 notes, it would weigh 2.2 kilograms or about 4.85 pounds that takes up a quarter of a briefcase.

Comparison of the weight of the equivalent of $1 million using U.S. Federal Reserve Notes

Comparison of the weight of the equivalent of $1 million using euro currency

Sands says:

Summers agrees with Sands and even suggests that the baseline currencies, specifically the dollar and the euro, should “stop issuing notes worth more than say $50 or $100.” Both consider demonetizing these high denomination notes a step in the right direction.

$207 Million in $100 notes seized as part of a drug raid in 2007

In the world of policy analysis there is the concept of the three-legged stool. The first leg is to identify the policy, which is what Sands’ paper does. Next would be to translate the policy idea into something that could be used as the basis for a law. The final step is something to drive the policy to be considered by the lawmakers in order to do something with the policy.

This is how the one cent coin went from being 95-percent copper to being copper-covered zinc. There was the idea to change the composition of the coin in order to save money. After the idea, there was the research and the law writing that went into changing the composition. As part of that second-leg exercise was the creation of the 1974 aluminum cent pattern. Finally, by 1982, the costs were so out of line that it became the driver that forced action.

Although the article and report has been well discussed as part of the financial press it is not likely to be acted on in the near future. It is only the first leg. It will take time before this stool gets its two other legs.

2016 Wedge-Tailed Eagle Silver Bullion Coin Lands In Australia