What's Happening

From the desk of your Secretary

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June 27/06 -The new $50.00 US Proof Bullion gold pieces. The US Mint will sell the proof versions direct to the public ($800.00) while the uncirculated versions will be sold by dealers same as with the other bullion issues. Asking prices will float in relation to the world metal's market.

June 13/06 - MIAMI -- A rare coin dealer has pleaded guilty to charges that he defrauded more than $400,000 from buyers who purchased collectibles from him through eBay, the online auction site, prosecutors said Tuesday.

Martin Eugene Haber pleaded guilty in U.S. District Court to six counts of wire fraud and one count of mail fraud. He faces up to 20 years in prison for each of charge, up to $250,000 in fines and could be ordered to pay restitution to the victims when he is sentenced Aug. 22

June 12/06 - A federal judge has rejected a lawsuit from an atheist who said the words "In God We Trust" on U-S coins violate his constitutional rights.

Judge Frank Damrell said the minted words amount to a secular national slogan, and don't force Michael Newdow to believe in one God. Newdow says he'll appeal the judge's ruling.

Newdow also lost an effort two years ago to have the Pledge of Allegiance banned from public schools because it contains the words "under God." The U-S Supreme Court said he lacked standing to bring the case because he didn't have custody of the daughter on whose behalf he sued.

A federal judge sided with Newdow last September after he filed an identical lawsuit on behalf of parents with children in three public schools. That decision is now being appealed.

May 29/06 - One Year Free For New American Numismatic Association Members - New members joining the 32,000-member, nonprofit American Numismatic Association can get their second year of dues free under a new program between the ANA and Rare Coin Wholesalers. New members of the American Numismatic Association can save $36 on their initial dues in an ANA program geared to increase ANA membership, and funded by Rare Coin Wholesalers of Dana Point, California. The company will pay the second year of dues when new members apply for a one-year membership.

"I believe in the ANA, and every collector should, too. The ANA offers excellent educational benefits for all levels of collectors from beginning to advanced," said Steven L. Contursi, President of Rare Coin Wholesalers and a life member of the ANA.

"In the busy commercial marketplace, some collectors and dealers overlook or forget about the outstanding programs the ANA conducts. We would not have such a strong hobby or marketplace today without the American Numismatic Association," he said.
Contursi and ANA officials began informally discussing a possible membership promotion earlier this year.

"I would like to see several thousand new members by this year's convention in Denver in August. This is an investment in the hobby," Contursi stated.

ANA President William H. Horton Jr. praised Contursi and Rare Coin Wholesalers for their support: "I hope additional ANA member-dealers follow his lead in promoting our organization and hobby. It will be good for everyone."

To obtain the free second year of ANA membership, new applicants can simply write, "RCW," on their membership application. Or, they can download a special ANA membership application form on the Rare Coin Wholesalers web site, www.RCW1.com. In the near future, new members will be able to apply online using a link on the Rare Coin Wholesalers web site.
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"This program is for people who have not been ANA members, giving them the opportunity to experience the benefits the ANA has to offer. It is not available for renewing or lapsed members of the ANA," explained Chris Cipoletti, ANA Executive Director.

For additional information, contact the American Numismatic Association Membership Department, 818 N. Cascade Ave., Colorado Springs, CO 80903. Phone: (800) 367-9723 x 140. Online: www.money.org.

May 24/06 - Demand for silver rose in 2005 to the highest level in five years as strength in jewelry and industrial products offset softness in photography and coins, the Silver Institute said today.

"For much of 2005, investment demand in silver tracked moves in the gold prices, as well as expectations," the report said.

Nearly half went for industrial products, especially in electronics and electrical sectors, with jewelry and silverware the next largest category. The report said much of the growth in demand for jewelry and silverware was in China and India.

Production at mines was a record 641.6 million ounces (19,954 metric tons) in 2005, up 3.4 percent from 620.4 million ounces in 2004. Other sources of silver were government sales and silver scrap.

"Year to date, the price through April was above $10," he said. "I assume May-June will be above $10 as well, so it will be difficult not to see a price average significantly above the $7.31 of last year."

May 19/06 - The U.S. Mint resumed selling American Eagle gold proof coins May 18. Sales were halted temporarily on May 1 due to the increasing market value of gold. New prices for 2006 proof gold American Eagles are as follows: $885 for a one-ounce coin, $445 for a half-ounce coin, $220 for a quarter-ounce coin, $110 for the tenth-ounce coin and $1,575 for the four-coin set. Before sales were stopped, the prices were $770 for the ounce, $385 for the half ounce, $200 for the quarter ounce, $100 for the tenth ounce and $1,350 for the four-coin set.

~ The United States Mint is seeking applicants for an appointment to the Citizens Coinage Advisory Committee (CCAC). There is an open position for a member representing the interests of the general public. The application deadline is June 12, 2006. The United States Mint will review all applications and will forward recommendations to the Secretary of the Treasury for appointment consideration..

May 16/06 -  We have been forced to remove the Guest Book from the website due to misuse of the feature by non-members.

~ In this week's issue of Numismatic News David Ganz writes that it takes154 cents to make a pound and today a pound of copper was at an historic high of $3.75. Cents issued prior to 1982 are 95% copper and 5% zinc, (A pound of copper's weigh is measured in avoirdupois rather that the the troy system used for precious metals.) and yes it is legal to melt them down. Even though "There is no evidence," Ganz writes " that the coins are being melted or removed from the circulation pool yet."-  I will be sorting thru my piggy bank later this evening. And be aware that the nickel's alloy is three-quarters copper.

~ Sales of American Eagle gold proof coins were temporarily halted the week of May 1 due to the increasing market value of gold. The U.S. Mint released a statement on May 5 saying that American Eagle gold proof coins would be temporarily unavailable until prices can be adjusted higher. According to the statement, the Mint expected products to be available with adjusted pricing on or after May 11.

May 10/06 - In the May 16th issue of Numismatic News; page 26, are several photos of participants in events held recently during the Central States Numismatic Society Convention in Columbus, Ohio. Knowing that newspapers do not scan well, I am nevertheless making the attempt by picturing below photos of ECI members found on the page.

	John Wilson #231 with wife Nancy
Top left: Joel Adler #193 - Top right: Ray Lockwood #004 and Bill Cowburn #279

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May 04/06 - Canadians have a second circulating coloured coin, this time with two colours - pink and white. The coin commemorates the fight against breast cancer.

The 25-cent pink ribbon coin was unveiled April 1 at LIFEfest, the Expo for Women, presented at the Metro Toronto Convention Centre by Shoppers Drug Mart, the RCM's corporate partner for the coin. It features the Canadian Breast Cancer Foundation's signature pink ribbon in the centre on a white background, surrounded by three other ribbons.

It was designed by RCM director of engraving Cosme Saffioti. Underneath the coloured portion, the coin is a regular circulating 25-cent piece, with a diameter of 23.88 millimetres, a weight of 25.175 grams, and a tri-plated finish on a steel blank.

After April 1, up to 30 million breast cancer coins entered circulation. Canadians looking to get one will be able to do a coin exchange at one of Shoppers Drug Mart's 905 outlets or wait for one to pop up in circulation. U. S. collectors will find eBay the best source for acquiring them.

The RCM's last colourized coin was the 2004-dated poppy coin. That coin received some criticism because the red came off more quickly than most people expected. Since then, the RCM added a heat-curing step to the production process, which should prolong the life of the colour.

RCM spokesperson Christine Aquino said that while the colour can be removed by harsh chemicals, friction, or sharp objects, it is expected to last for several years. Of course when the poppy coin was introduced, RCM officials at that time predicted the colour would last about two years.

ECI has ordered both the "Ribbon" and regular 2006 issue rolls and will encase them later this year.

April 29/06 - ECI held what is hoped to be the first of many member's Get-Together in conjunction with the Central States Numismatic Society 67th Anniversary Convention in Columbus, Ohio today. Attending were: Mr. & Mrs. James Uline of Prospect, Ohio; Marlene & Charles Caldwell of Pataskala, Ohio; Bill Cowburn - York, Pennsylvania, Joel Edler - Iola, Wisconsin; Ray Lockwood - Marion, Indiana; Paul Spoff - Westerville, Ohio and yours truly. Member John Wilson - Ocala, Florida manned the ANA booth during the convention and was unable to attend the meeting.

There was an informal discussion about the club and it's website which included an overview of what is being planned for the days to come. Members had an opportunity share favorite pieces from their collection with everyone as well a viewing pieces that had been encased by ECI and PPM.

Below are a few photos of members and guests at the close of the session.

From left to right: Joel Edler #193 - Jim Uline #238 - Charles Caldwell - Marlene Caldwell #252 - with his back to the camera, Paul Spoff #97. Milling around in the background is Ray Lockwood Charter Member #4.

Looking on are Mrs. Uline and Bill Cowburn #279.

Ray, who was setting the room up for the soon to be CSNS's Young Numismatists Auction, took a second to give the camera a thumbs up. Ray, a Past President of CSNA and current Board Member, was extremely busy during the convention in addition to assisting his lovely wife Fran with her duties as Exhibit Chairperson. It was through his good graces that ECI members was given room E162B to get together. Thanks Ray.

Also in attendance was Emily Mullin, Coin World Staff.

~ The United States Mint announced Friday that it will begin selling the 2006 United States Mint Silver Proof Set™ online and by telephone on May 10, 2006, at 12:00 noon (ET).

The 2006 United States Mint Silver Proof Set features proof versions of the five 2006 commemorative quarter-dollar coins in the United States Mint’s 50 State Quarters® Program - honoring Nevada, Nebraska, Colorado, North Dakota and South Dakota - as well as the Roosevelt dime and the Kennedy half-dollar, all minted in lustrous 90 percent silver, historically known as “coin silver.” Each of these beautiful silver proof coins has a distinctive cameo appearance created by the contrast of a finely detailed frosted foreground against a mirror-like background.

The United States Mint Silver Proof Set also includes a proof version of the “Return to Monticello” nickel – the final coin in the Westward Journey Nickel Series? - as well as the Golden Dollar and a Lincoln cent.

Produced at the United States Mint at San Francisco, the coins bear the “S” mint mark. The sealed cases containing the coins are inserted into a specially printed sleeve and are accompanied by a Certificate of Authenticity.

Because demand for the 2006 United States Mint Silver Proof Set is expected to be high, customers are encouraged to place orders early. The 2006 United States Mint Silver Proof Set is available for $37.95.

Beginning May 10, 2006, at 12:00 noon (ET), customers can purchase the 2006 United States Mint Silver Proof Set online through the United States Mint’s secure website at www.usmint.gov, or by calling toll-free 1-800-USA-MINT (872-6468) 8:00 a.m. to midnight (ET), seven days a week. Hearing- and speech-impaired customers may order by calling 1-888-321-MINT (6468) 8:30 a.m. to 5:00 p.m. (ET), Monday through Friday.

April 27/06 - They may look similar, but only those coppers from 1996 or earlier have any real copper content (98 per cent worth). The new ones are 94 per cent steel, 1.5 per cent nickel and 4.5 per cent copper, not nearly enough to melt down. (Robin Rowland/CBC) Ok, you're a savvy investor, even if you only have a few cents to rub together.

You see the price of zinc and nickel and copper are soaring like never before. Copper, in fact, just bashed through the $7,000 a tonne mark on the London Metal Exchange, courtesy of the voracious demand in China's growing economy and, it is said, an impending strike at a Canadian-owned copper mine in Chile.

So what are you going to do with that massive jar of copper pennies that's been sitting on the bedroom dresser all these years? Can it be – dare we ask – worth its weight in gold?

In the U.S., the actual cost of a cent has become something of a public policy issue ever since the New York Times reported recently that, because of the rise in the price of metals, it is costing the U.S. mint 1.4 cents to make a penny. And because of increases in state sales taxes, the demand for pennies is growing.

An added irony here is that the American copper doesn't even contain much copper: It is mostly zinc with just a thin copper coating. But when it comes to pricey metals these days, zinc has been rising faster in value than copper – and both have been shooting up faster than gold.

Zinc is up on average 70 per cent from a year ago; copper, just over 50 per cent. Which raises the question: Is it time to get out the welding torch and melt down all that loose Canadian coinage you have kicking around?

Hold off on the backyard smelter. While well known in numismatic circles, not everyone is aware that the Canadian penny is not much of a copper, nor is the nickel a nickel. Both, indeed all Canadian coins, are at least 92 and more likely 94 per cent steel, with a relative smattering of nickel and copper thrown in for color and authenticity.

The exception of course is the gold Maple Leaf coins, which are quite literally worth their weight in gold. The $50 dollar gold coin is purely a symbolic face value. One of the purest gold coins in the world, its current value is in excess of $500.

Steel coins have been the norm here since 2000, while for a few years before that the Canadian penny was more like its American cousin, copper-plated zinc.

The upshot is, our penny costs approximately .008 of a cent to produce, according to the Canadian Mint. (That was the average cost of producing over 800 million pennies last year; loonies and toonies cost just under 11 cents to produce and distribute.)

And because banks pay face value for all the coins and bank notes they buy from the mint, this leaves a tidy surplus, called a seigniorage, which has amounted to $1.6 billion over the past 20 years and which the mint turns over to the federal treasury to play with as it chooses.

How big is your jar? Still, if you're determined to play the commodities market with your loose change then you are going to have to go through your stash and sort by years (and even then it probably wouldn't be worth your while in smelting and distribution costs, numismatists and commodities people say).

Canadian pennies from 1996 and earlier – and U.S. ones from 1981 and earlier – are 98 per cent copper, veritable gold mines at today's prices. But you'd have to have quite a few to make this work.

A penny weighs 2.5 g. That means you would need 408,163 pre-1997 pennies to end up with a tonne of copper. As legal tender, this stash would be worth $4,081.63 but as a potential truckload of copper destined for China this would bring in US$7,230 just now on the LME futures market.

The good news is there may be enough pennies out there to pull something like this off: The mint produced almost three billion pennies between 1990 and '96.

The bad news: You'd have to break the law to do it. It's illegal in Canada to deface our coins. You're not even supposed to put them on the railway tracks for trains to squish.

The mint does have an alloy recovery program it runs, to cull old quarters and nickels from banks and transit offices. But this is meant to get those coins from the '60s and earlier with a high silver content. And while it may expand this to nickel if the commodity boom continues, the lowly copper seems still destined for that jar on the dresser, or the cracks in the car seats.

April 24/05 - "A Ronald Reagan circulating dime for 2007 is coming, if you believe the rec.collecting.coins Internet newsgroup. More than 70 postings in the group have been devoted to the subject. The only problem: there’s no basis for it.

In 2003, and again in 2004, there was a strong move to replace Franklin D. Roosevelt on the dime with a portrait of Ronald Reagan, who served with distinction as a two-term President, as well as governor of California after a movie and television career in Hollywood, and a youth as a lifeguard and sportscaster.

But those moves expired when Nancy Reagan, his widow, just said “no”, and the 108th Congress passed into history. With the coming of the 109th Congress, there are three Ronald Reagan numismatic bills in the hopper, H.R. 329, to create a Reagan $10 bill; H.R. 766, to create a Reagan $50 bill, and H.R 932, which would have a non-circulating legal-tender Reagan silver dollar and $5 gold coin.

All have been referred to committee; none has had any action taken, nor is any anticipated in the foreseeable future.

But the idea lives online and gives the proposition a life of its own.

Ronald Wilson Reagan, who died June 4, 2004, at age 93, remains two years after his death the center of controversy as politicians for and against his commemoration on coins and paper money continue to take partisan sides on a variety of proposals that have surfaced.

In the meantime, the Reagan dime idea remains an idea whose time has not yet come."  David L. Ganz

- To attract more shoppers, online auctioneer eBay Inc. on Monday launched "eBay Express," an online store to sell new items ranging from cookware and books to electronics — all with no bidding involved.

The new store will feature a subset of items from merchants who already hawk new products at fixed prices on eBay. But unlike the regular eBay setup, purchased items from multiple sellers on eBay Express can all be placed into a single shopping cart, mirroring the checkout systems used by more conventional Internet shopping sites.

Express shoppers also would not have to wait for an auction-style listing to end — a wait that can take days. Items could be purchased with either PayPal, eBay's online payment service, or a credit card.

"We wanted to build a shopping experience toward convenience-oriented buyers who wanted to buy new items and make the purchases really quickly," said Jamie Iannone, eBay's senior director of product marketing.

More than 10 million items were available at the Express store's launch, Iannone said.

The offering, which will be initially available only in the United States, comes as the e-commerce giant faces stiffening competition.

San Jose-based eBay sold about $12.5 billion worth of merchandise during the fiscal first quarter that ended in March, up 18 percent from the year-ago period. Its registered users increased 31 percent to 192.9 million in the quarter.

But eBay has seen its stock price plunge by more than 30 percent from its highs reached in late 2004 as its once high-flying growth has slowed.

The Express store "is a window into the larger eBay marketplace," said eBay spokesman Brad Williams. "We think it'll attract those who have never tried eBay before because it's more of a traditional e-commerce site."

EBay merchants, which include individuals and stores, will now be able to display items on both the new Express storefront as well as the traditional listings on eBay.com.

Only qualified merchants who have a history of selling successfully on eBay and meet certain levels of positive feedback scores will be eligible to sell on eBay Express, the company said.

April 05/06 - After two years of research and decades of industry experience, a renowned North American coin and jewelry dealer is launching a new website service allowing online auctioneers from around the world to buy, sell and trade with confidence and assurance.

What will make this service different is the focus and lack of fraudulent listings or fake items being sold. You'll have to auction grandma's hand knitted elbow warmers elsewhere -- Auctions.jandm.com is exclusively for listing coins, tokens, banknotes, stamps and covers, jewelry, and related collectibles. Any adult can bid but only pre-screened dealers and industry professionals can sell. All auctions are reviewed by experienced staff before they can go live.

"We felt there was a void in the online auction marketplace. None of the other sites we tried provided the kind of focus we desired ... so we decided to make our own." says Joseph Iorio of J&M. "It started as a project for my own businesses but soon it was apparent that my colleagues and customers would also find such a service useful."

As with all large community projects, it will take some time for the user base to grow and momentum to build. "Rome wasn't built in a day ..." comments Iorio, "... but once they got going it grew into an amazing city. We expect this service to become the definitive trading resource for serious collectors around the world." An extensive advertising and awareness program will begin in the Spring of 2006. Dealers will find the hassle-free system a benefit when selling individual items and lots and the collecting public will appreciate knowing that they will be getting what they pay for.

J&M COIN & JEWELLERY is Western Canada's largest coin and collectible dealer and has been in business for over 38 years and is still managed by the original owner, Joseph Iorio. With a staff of over 30 people in two retail locations, they have recently moved their Broadway store to a larger showroom that was custom built for the purpose. They have had a fully secure commercial website catalogue online for over a decade and host several other sites and projects relating to their business lines. Members of the CNA, ANA, CAND, the Jewelers Association, and other accredited numismatic, philatelic, and jewelry organizations.

For more information, contact Joseph Iorio at (604) 876-7181. J&M Coin & Jewellery Ltd., 127 E. Broadway, Vancouver, BC, V5T 1W1, Tel: (604) 876-7181, Fax: (604) 876-1518, http://www.jandm.com, jandm@jandm.com
 

April 01/06 - The first quarter, just ending, has seen the best growth in membership since the first quarter of 2004. This is due in major part because of two notices placed on the Exonumia Page of Numismatic News by Elaine Rexdale and Vicky Bowser. As of today we stand at 261 members, an increase of over 15% with 41 new members since our last newsletter in January of the year. Several new members have also been recruited through the efforts of other members thru their personal contact.

-In the next month or so, new encased coins will be issued encasing dimes and half dollars. The mechanics are being finalized now by PPM. Stay tuned!

-Click on an eBay auction listing, and you could get an unwanted result: a fake eBay login page, created by scammers looking to pilfer your username and password.

With about 181 million users worldwide, eBay is arguably the world's most popular online marketplace. As such, the San Jose, Calif., company, with its online payment unit PayPal, is among the biggest targets for online scammers--including phishers.

Phishing scams use forged Web sites that look like legitimate sites in an attempt to dupe Internet users into giving up sensitive data, such as usernames, passwords and credit card details. Cybercrooks typically use spam e-mail to lure people to their Web traps. But on eBay, they also take advantage of the auction listings on the site itself.

Some of the scams run on the auction Web site are almost invisible to the untrained eye. eBay lets sellers customize their auction pages using Web programming techniques and automated tools. However, attackers are abusing this freedom to build auction pages that include a rigged listing. When potential customers click on the link, it sends them to a phishing site.

eBay is aware of such abuse of its service for trickery by cybercrooks, Catherine England, an eBay spokeswoman, said Friday.

"Our sellers really use the dynamic content aspect of our listings," she said. "The benefits overwhelmingly outweigh the red skin that we have gotten."

CNET News.com reader Neal Cahill of Kansas City, Mo., said he had come across the scam. "When you click on the listing, it runs a script or small program that automatically takes you to a new page that requests login info," he wrote in an e-mail interview.

The page users are redirected to what appears to be an eBay login page, but is in fact a copy stored elsewhere--a classic phishing scam. "This page looks just like the eBay login page, only the Web address is different," Cahill wrote. The bad listings are usually for really appealing items or related to adult entertainment, he wrote.

eBay lists about 78 million items at any given time, and 6 million items are added daily, England said. The company has methods in place to fight fraud and employs about 1,000 people whose fulltime job it is to keep the marketplace safe. But sometimes a page with malicious code does get onto its Web site, she added.

"By the time something gets up there, we're usually so quick to get it and pull it down that it is really a moot point," she said. "We feel that it is not a huge concern or issue--it is miniscule."

Online fraudsters have targeted eBay and PayPal for years using a variety of techniques, including listing design abuse, England said. "This tactic for phishers has been around for a long time," she said.

Despite industry efforts, phishing is still on the rise, and experts predict that scams will become increasingly sophisticated. A record 9,715 phishing Web sites were spotted in January, according to the Anti-Phishing Working Group.

eBay offers a browser toolbar to help protect customers against fake copies of its Web sites. The company also provides extensive security information on its Web site, including a "spoof tutorial."