Archive for February, 2010

Previewing 2010 Boy Scouts Silver Dollar Coins

Previewing 2010 Boy Scouts Silver Dollar Coins

By Coin Update Staff on February 17th, 2010
Categories: US Coins, United States Mint

This year the United States Mint will issue 2010 Boy Scouts of America Centennial Silver Dollars in commemoration of the 100th anniversary of the founding of the organization. The coins are currently scheduled for release on March 23, 2010.

The commemorative coin program was proposed under H.R. 5872: Boy Scouts of America Centennial Commemorative Coin Act. The bill was introduced by Rep. Peter Sessions of Texas on April 22, 2008. The bill was passed by the House on May 15, 2008, passed by the Senate on September 27, 2008, and signed into law by the President on October 8, 2008, becoming Public Law No: 110-363.

The designs for the 2010 Boy Scouts Silver Dollars were unveiled by the United States Mint on December 17, 2008. The obverse (heads side) of the coin features an image of a Cub Scout, Boy Scout, and female Venturer saluting. The inscription “Continuing the Journey” is included, along with the anniversary dates of the organization “1910″ and “2010″. The reverse (tails side) of the coin features the Boy Scouts of America universal emblem. Inscriptions include “Boy Scouts of America” and the Scout motto “Be Prepared”.

The obverse of the coin was designed by United States Mint Artistic Infusion Program Master Designer Donna Weaver and engraved by United States Mint Sculptor-Engraver Charles Vickers. The reverse was engraved by United States Mint Sculptor-Engraver Jim Licaretz.

The coins are struck in a composition of 90% silver and 10% copper. Each coin has a weight of 26.73 grams and a diameter of 1.5 inches.

The 2010 Boy Scouts Centennial Silver Dollars will be minted in proof and uncirculated versions with a maximum mintage of 350,000 coins across all product options. These coins will be available directly from the United States Mint with sales currently scheduled to begin on March 23, 2010 at 12:00 Noon ET.

Introductory pricing of $33.95 for uncirculated coins and $39.95 for proof coins will be available from March 23, 2010 to April 22, 2010. After this period, regular pricing of $35.95 for uncirculated coins and $43.95 for proof coins will become effective. In general, commemorative coins remain available for sale until the maximum authorized mintage has been sold or a pre-announced date, typically in mid-December.

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2010 Lincoln Cent Exchanges in Washington DC on February 25

Coin Update News:

2010 Lincoln Cent Exchanges in Washington DC on February 25

By Coin Update Staff on February 23rd, 2010
Categories: US Coins, United States Mint

Washington, DC area coin exchanges for the newly designed 2010 Lincoln Cent have been rescheduled for February 25, 2010. The exchanges had previously been scheduled to take place on February 11, 2010, but were canceled due to a fierce winter storm that had closed down federal agencies for much of the week.

Although the Washington DC exchanges had been canceled, the official launch ceremony held in Springfield, Illinois proceeded as planned on February 11. Approximately one thousand people were on hand to witness the official presentation of the 2010 Lincoln Cent, which features the Union Shield on the reverse. Following the launch ceremony, a coin exchange was held where attendees were allowed to exchange currency for rolls of the new Lincoln Cents. There were a total of 20,000 rolls, or one million coins, exchanged at the Springfield event.

The February 25, 2010 Washington DC exchanges will be held at the US Mint sales counter located at Union Station and the first floor of the US Mint’s headquarters at 801 9th Street NW. The rolls will be available from 10:00 AM to 4:00 PM.

Exchanges will take place at face value, with currency exchanged for the corresponding number of 2010 Lincoln Cent rolls. There will be a minimum of two and a maximum of six rolls imposed.

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Gold Volatility Whips Market

Gold Volatility Whips Market

  By Patrick A. Heller
February 23, 2010

Other News & Articles

The gold market suffered but overcame two major onslaughts last week.

After U.S. markets closed last Wednesday, the International Monetary Fund announced that it would offer the remaining 191.3 metric tons of gold from its planned gold sales onto “the market” rather than central banks. By making it appear that more than six million ounces of gold might be dumped onto retail channels over time, some investors panicked into selling, which pushed down the gold price.

Gold eventually fell more than two percent but then recovered all lost ground within 24 hours of the announcement.

The nature of the IMF announcement indicated that it was done to drive down the price of gold. Revealing such plans is a tactic that guarantees that the IMF sells the gold for the lowest possible price. If the IMF was really trying to raise the maximum funds for its own operations, it would not sell its gold by this process.

The quick recovery in gold prices meant that another tactic was needed. Late on Thursday afternoon, the Federal Reserve announced that it had increased the interest rate banks would have to pay the Fed for overnight borrowings. This was meant to be a signal that interest rates might rise in the near future, which again knocked down precious metals prices.

Still, gold came right back the next day. Over the weekend, Asian markets climbed as high at $1,130. When the U.S. markets opened Monday, the price was immediately taken down to the $1,110-$1,115 range.

There is a huge incentive to hold down gold prices this week. Gold options expire Tuesday, with more than 5,000 call contracts (over 500,000 ounces) that could be exercised at a price of $1,100. Should the COMEX close Tuesday above $1,100, these contracts for immediate delivery would be called. That would put a supply squeeze on the dwindling COMEX gold dealer inventories, which are down 25 percent in the past three months to only 1.65 million ounces.

Also this week, Fed chair Ben Bernanke will be testifying before the House Financial Services Committee and Senate Banking Committee. There is an effort under way to encourage a member of one of these committees to ask Bernanke the very same questions about admitted Federal Reserve gold swap arrangements that the Fed has refused to disclose in response to the Gold Anti Trust Action Committee’s Freedom of Information Act Request. If ever there was a week that Bernanke needed to appear competent, this is the week.

The U.S. government, the member nation with the largest voting power in the IMF, leaned on the IMF to make it appear that some of its gold might be sold to the public (which, if it occurs, I think will at most be only a token percentage of the total), then risked crashing stock and bond markets by raising one of the key interest rates. To me, these actions were obviously taken solely to try to suppress the price of gold.

Such extreme measures worry me that there are some horrendous financial developments about to break. There are so many potential crises waiting to collapse that I cannot discern just which ones they might be.

In the short term, I expect extremely volatile gold and silver markets. I expect to see more extreme efforts made to hold down prices at the same time that demand for physical metals soars. Daily swings of 5-10% are possible. I expect that the result of all this volatility will be significantly higher prices than we see today.

The safest way to participate in the continuing long-term bull markets for gold and silver is to buy physical metals, not paper contracts, and avoid trading on margin. As prices are whipsawed, those with margin accounts could actually lose money despite prices eventually reaching new highs.

In the 1979-1980 bullion boom, I worked as a certified public accountant. One client was a commodity broker who personally bought several thousands of ounces of silver on margin. The day before the price of silver rose almost consecutively until it reached the January 1980 peak, it dipped about five percent. This client was unable to cover the margin call and saw his silver position closed out. If you don’t buy on margin, you won’t have this risk. At that time, I owned significant positions in gold and silver coins, almost all of which I sold in early 1980 for sizable profits.

The idea of purchasing precious metals on margin is to multiply the hoped-for profits. However, in volatile markets, the strategy could backfire. Buy physical gold and silver with your own funds, then relax and sit back to watch the coming fireworks.

Patrick A. Heller owns Liberty Coin Service in Lansing, Mich., and writes “Liberty’s Outlook,” the company’s monthly newsletter on rare coins and precious metals subjects. Past newsletter issues can be viewed at http://www.libertycoinservice.com. Other commentaries are available at Coin Update (www.coinupdate.com) and Financial Sense University (www.financialsense.com). His periodic radio interviews can be heard on the Korelin Economic Report at http://www.kereport.com.

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2011 America the Beautiful Quarter Design Candidates

2011 America the Beautiful Quarter Design Candidates

By Rhonda Kay on Feb 19th, 2010 in American the Beautiful Quarters, Coin or Numismatic News, Featured Coin News Articles, Making and Designing Coins, United States Mint News and Information | No Comments 

Five popular sites from five different U.S. states will be honored in 2011 on the reverse side of Washington quarters.

Listed in the order of their release, the sites will be Gettysburg National Military Park in Pennsylvania, Glacier National Park in Montana, Olympic National Park in Washington, Vicksburg National Military Park in Mississippi, and Chickasaw National Recreation Area in Oklahoma.

These five newly designed quarters are part of the quarter series that begins in 2010 and is called the America the Beautiful Quarter Program. They are much like the popular 50 State Quarters Program, touted by the US Mint as the “most successful coin initiative in US history” and produced between 1999 and 2008. The difference is the America the Beautiful Quarter Program features 56 US National Sites.

The quarter design process is quite involved, and the America the Beautiful Quarter Program presents unique challenges. First, the national sites have many notable elements but the diameter of the quarter is slightly less than one inch. Second, the order of the national sites had to be determined. Third, the designs had to be drawn by US Mint artists and reviewed by various parties, to include the Commission of Fine Arts (CFA) and the Citizens Coinage Advisory Committee (CCAC). For the 2010 designs, that process had to be sped up in order to get the first 2010 quarters produced. The two review entities have already submitted their recommendations regarding the 2010 candidate designs to the Secretary of the Treasure, and an announcement about the final selections is expected at any time.

The 2011 design candidates have also been drawn, and have followed a more typical timeline. Three to four designs have been created for each location. It usually takes the Mint about 18 months from the time coin legislation is passed to the time new coins are produced. The CFA and CCAC have reviewed the designs and submitted their recommendations.

The following are high resolution images of the candidate designs by order of their upcoming release in 2011 (click on any image to enlarge it):

Pennsylvania: 2011 Gettysburg National Military Park Quarter Design

 

Montana: 2011 Glacier National Park Quarter Designs

 

 

Washington: 2011 Olympic National Park Quarter Designs

 

Mississippi: 2011 Vicksburg National Military Park Quarter Designs

 

Oklahoma: 2011 Chickasaw National Recreation Area Quarter Designs

 

 

In all cases, the US Mint will be issuing the new quarters by the order in which the federal government took control of a site. A new quarter will be released five times a year until the final coin is released in the year 2021. The 2011 quarters will be the 6th through 10th quarters in the series and will be the first year that two American Civil War military parks are honored.

George Washington, the first President of the United States, will still be featured on the obverse of the new quarters. His portrait, designed by John Flanagan, has been on the quarter dollar since 1932. That same image was slightly modified by William Cousins for the release of the State Quarters, and it will be used again on the new series.

For additional information on the America the Beautiful Quarters Program, check out the sister site to CoinNews that is dedicated to the new series at America the Beautiful Quarters.

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US Mint 2010 Gold Eagle Coin Values, MS70s Average $1340/oz

US Mint 2010 Gold Eagle Coin Values, MS70s Average $1340/oz

By Darrin Lee Unser on Feb 22nd, 2010 in Coin or Numismatic News | No Comments 

The United States Mint released 2010 American Eagle Gold One Ounce Bullion Coins to its network of authorized buyers one month ago. Sales on that day, January 19, 2010, were brisk with 30,500 sold in the first twenty-four hours.

The numbers have since remained relatively steady, but not out-of-the-park impressive. The latest US Mint figures indicate 151,000 eagles have been drawn from their inventory. 54,500 more will need to be scooped up by month’s end to match January and February totals from 2009.

The price of gold is affecting demand, and seller inventory levels. The yellow metal premiered at just above $1,120 to start 2010. Prices rose to over $1,150 within the first week, but then retreated toward $1,058 by early February. Gold has since returned to the $1,120 area. Both buyers and sellers have been cautious given gold’s volatility. As a prime example, less than one hundred 2010 American Gold Eagles have been auctioned on eBay US. It is sketchy at best to scrutinize the eagles too deeply with so few sold, but the numbers are nevertheless worth noting.

Non-graded Gold Eagles ranged in price from a low of $1,146 to an absolute high where one went for $1,300. Interestingly, it was purchased on the evening of February 19th, the ending day of the data set used in this analysis. These coins, usually dubbed “straight from the roll” averaged out at $1,223.

MS69 grades did fare better, but not significantly. The lowest price came in at $1,200 while $1,364 topped out the grade. They averaged $1,265 or about $40 over their ungraded counterparts — not much of an increase when also factoring in the time, effort and price to have them graded.

MS70 grades, as typical, attracted the best money. At least 30 of the MS70’s appeared on eBay during the time frame with the least expensive price at $1,265 (which also happens to be the average paid for an MS69). $1,525 was the ceiling. This coin had a “First Strike” designation. “First Strike” is a term used by PCGS (Professional Coin Grading Service) that describes coins submitted within 30 days of their US Mint launch. Overall, the MS70’s average was right at $1,340. That is $117 higher than non-graded examples.

There were nearly 3 bids per listing on average for successfully auctioned eagles.

As mentioned, the US Mint has sold 151,000 ounces of Gold Eagles as of Feb. 19. However, this total also includes tens of thousands of the 2009-dated coins. The Mint has 2009 inventory on hand, and is requiring authorized purchasers to buy at least one for every three of the 2010s. The Mint announced on Jan. 13 that it had 51,000 of the older versions.

For additional information on this year’s eagle, to include coin specifications and design details, visit the coin information pages 2010 American Eagle Gold Bullion Coin.

The Mint does not sell its bullion coins directly to the public. Instead, it works with a small number of authorized purchasers who in turn sell the coins to precious metal providers, investors, dealers and collectors. These coins do not have a mint mark, unlike their numismatic proof and uncirculated counterparts struck specifically for collectors.

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Spain 2 euros 2010 - Cordoba Mosque leading blogs.

Submitted by World Coin News
New bimetallic circulating commemorative:

SPECIFICATIONS
External ring: CuNi
Center disc: 3 layers, Ni-Brass, Ni, Ni-brass
Diameter: 25.75 mm
Width: 2.20 mm
Weight: 8.50 g
Visit 1800blogger to see all of our industry leading blogs.

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Spain 2 euros 2010 - Cordoba Mosque

New bimetallic circulating commemorative:

SPECIFICATIONS
External ring: CuNi
Center disc: 3 layers, Ni-Brass, Ni, Ni-brass
Diameter: 25.75 mm
Width: 2.20 mm
Weight: 8.50 g

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Minting the 2010 Olympic Medals

Minting the medals on Sussex Drive

 To make the undulating Olympic medals— each of which is unique — the Royal Canadian Mint in Ottawa had to reinvent the wheel, and then some. In the process, Maria Cook discovered, it set a new standard for future games.

  The Ottawa CitizenFebruary 15, 2010Be the first to post a comment    

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Photograph by: Julie Oliver, The Ottawa Citizen

See the medals today

Where: Boutique of the Royal Canadian Mint, 320 Sussex Dr.

When: Today from 9 a.m. to 5 p.m.

What: Visitors can see the larger-than-life designs of the Vancouver 2010 athlete medals depicted on the exterior of the mint’s historic building and view and photograph the Vancouver 2010 athlete medals.

What else: Visitors can exchange coins to receive the 2010 Lucky Loonie.

OTTAWA — The athletes standing on the podium in Vancouver will receive gold, silver and bronze medals made at the Royal Canadian Mint on Sussex Drive. For the athletes, they represent the highest achievement in their sport. At the mint, they are celebrated as the pinnacle of craftsmanship.

“Their true journey starts now,” says Renato Romozzi, the mint’s design co-ordinator.

“When these medals find their rightful owners, they are going to represent Canada all over the world. We’re so proud. They’re such beautiful medals.” The mint assembled 34 engineers, engravers, die technicians, machinists and production experts to make the 615 Olympic and 399 Paralympic medals.

It was probably the most challenging job ever faced by the mint, says Romozzi, 53.

“I don’t think we’ve made anything that comes close to the complexity,” he says.

“We’ve never put together a group of people like we did for this medal; a lot of people, a lot of technologies.” It was the final step of a two-year creative process that spanned the country.

“It’s all done with love,” says Romozzi.

The medals were designed by artist Corrine Hunt, 50, and industrial designer Omer Arbel, 33, both of Vancouver. Hunt, of Komoyue and Tlingit heritage, comes from a renowned family of West Coast artists.

Viewed from the side, the medal forms a gentle wave shape, inspired by the ocean, mountains and snow drifts of British Columbia.

“They will be unique,” says Jim Greensfelder, a Florida collector who wrote a reference guide to Olympic medals.

“There’s never been a medal that’s had that (wavy) contour,” he says. “People will recognize it as being very distinctive for Vancouver and Canada.” No two medals are alike. Each of the 1,104 medals is engraved with a different segment cropped from two drawings by Hunt.

She chose to depict a killer whale or orca on the Olympic medals “because of its strength and beauty and athleticism, as well as the idea that the orca travels within its community,” she says.

“Just as the athlete is not alone but it is always surrounded by his or her community, which would be the team or nation.” Hunt’s orca is drawn in four panels as it might appear on a traditional bentwood box “used to contain the treasures of our culture,” she says. “The idea was that the athletes would receive their treasure from this box.” For the Paralympic medals, Hunt drew a raven in three parts in the style of a totem pole. The raven is associated with creativity.

“My uncle is paraplegic,” she explains. “He’s risen above all these challenges to become the captain of a fishing boat and an engraver and he taught me how to engrave.” Each athlete will receive a scarf printed with the master artwork in which they will be able to find their fragment.

“All the medals together make the complete art work,” says Arbel. “Every athlete’s story is unique, but together they’re part of a larger Olympic whole.” Weighing between 500 and 576 grams, the medals are among the heaviest in Games history.

“Athletes like them heavier,” says Greensfelder. “They feel like it’s more substantial, that it’s worth more.” The Olympic medals are circular, 100 mm in diameter. The Paralympic medals are a squared-circle and measure 95mm by 95mm.

For the first time, Paralympic medals are equal in size to Olympic medals. “Paralympic are usually much smaller,” says Romozzi. “These set the standard now for the rest of the world to follow.” While the mint produces circulation coins in Winnipeg, the Crown corporation’s Ottawa headquarters makes collectors’ coins and medals, including military medals and Order of Canada medals.

It has made Olympic medals once before, for the 1976 Montreal games.

Romozzi, a native of Ottawa and a graduate of Algonquin College in electro-mechanical technology, met with Hunt and Arbel in Vancouver to discuss how the mint could bring their design to life.

“We bumped heads on the shape,” he recalls. “It was pull, take, give.” Arbel’s original proposal consisted of two discs that opened and contained an interior cavity. Arbel envisioned the medal as a locket that could hold an item of sentimental value such as a lucky charm or a photograph.

The locket idea fell away. But the undulating surface would push the mint team to the limit.

“The challenge for us was to strike a medal with bumps,” says Romozzi. “This is not something that is very common in our industry. Coins are flat. Some have high relief, but nothing like this.” They experimented with press settings and designs of dies, metal blocks imprinted with undulations which give the medals their shape. Many early attempts were melted down.

“Every time you struck, the dies would move apart,” recalls Romozzi. “The undulations don’t actually meet each other. That’s where we had a lot of trouble. It was so critical for the shape to be exactly what we needed and to be consistent.” Not least of all for the laser machine which etches the motifs onto the medals. “The laser follows the bumps,” says Romozzi. “If they’re all different, the laser freaks out.” The 102-year-old mint is a familiar landmark in Ottawa. Sitting on a bluff above the Ottawa River, it resembles a castle with its stone walls and turrets.

The medals were made at the plant inside, which is organized into rooms equipped with large machines. Each medal took 24 hours to complete and went through more than 30 steps.

The metal came from Vancouver mining giant Teck Resources, a Games sponsor.

They supplied 1,950 kilograms of sterling silver (for the silver and gold medals), 2.05 kilograms of gold (to plate each gold medal with six grams of gold), and 903 kilograms of copper (for the bronze medals.) Production started at a massive furnace where the raw materials are melted down. “It looks like molten lava,” says Romozzi. “It’s red hot.” The liquid metal exits the furnace through a device that forms it into bars about 60 centimetres long and 15 mm thick. These bars pass through a machine in which two giant rolling pins compress them to the required thickness of 9.2 mm.

As the metal gets thinner, the bars stretch to strips about 2.5 metres long.

The strips are chopped into square plates called blanks, which measure 106 mm by 106 mm.

Washed, rinsed and heated in the furnace, the blanks are ready to be struck. Each blank is hand-placed on the press between the two dies. The medal is struck nine times with 1,900 tonnes of pressure, the weight of 760 cars piled on top of each other.

“The tonnage is incredible. We’ve never struck anything as high as 1,900 tonnes,” says Romozzi.

By comparison, a silver dollar is struck twice with between 200 and 300 tonnes.

“There’s so much material,” he says. “Pressing it once doesn’t fill it properly. We have to squish it nine times. The press looks like it’s taking a big bite every time it comes down.” The blank is struck in three sets. In between each set, the blanks are heated in a 600C furnace for four hours to make them softer.

After the strikes “you’ve got this thing that looks like a little pizza,” says Romozzi. “The design is right in the centre. You’ve got all this excess material around it.” A milling machine trims the surplus. Another tool cuts a slot in the edge of the medal in which a hanger for the ribbon is inserted.

The next step is to etch the artwork onto the discs with a laser machine which is programmed to apply the motifs. This proved a struggle.

The pattern of the artwork on the front of the medal goes through the Olympic rings or three Paralympic agitos. But the machine could not laser on the rings.

“Our guys did the most incredible thing,” says Romozzi. “They did something the (machine’s manufacturer) didn’t know you could do. They trained the laser to know what the rings were. They would jump over, laser inside and jump out.” On the reverse side, the medals contain the official names of the Games in English and French, Vancouver 2010’s emblems, and the name of the sport and event the medal was awarded in. Finally, each medal is clad in transparent protective coating to prevent wear and tarnishing.

After 402 days, the medals were finished. The $2 million feat was part of the mint’s sponsorship of the Games.

“They shipped out Jan. 8, so we lost them,” says Romozzi. “It was a sad moment. We got so attached to them.” In the search for a medal that would reflect Canada and delight athletes, the design team learned “just how much meaning a small object could have,” says Arbel.

© Copyright (c) The Ottawa Citizen

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Luxembourg 2 euros 2010

Submitted by World Coin News
New bimetallic circulating commemorative:

SPECIFICATIONS
External ring: CuNi
Center disc: 3 layers, Ni-Brass, Ni, Ni-brass
Diameter: 25.75 mm
Width: 2.20 mm
Weight: 8.50 g
Visit 1800blogger to see all of our industry leading blogs.

Comments

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