What's Happening

From the desk of your Secretary

 

SEPTEMBER 30/07 - A plan to raise interest in the Gold Dollar coin featuring Sacagawea has been stamped with Congress' approval, but the Santa Fe artist who helped make the original thinks it's "silly."

Under a new law, the U.S. Mint will start reissuing the coin featuring Sacagawea, the Shoshone woman who guided Lewis and Clark, in 2009. On the coin's reverse side, the mint will replace a soaring American eagle with depictions of other famous American Indians or American Indian events.

The Treasury Department has yet to pick the designs, but some suggestions in the law include a World War II Navajo Code Talker, Olympic athlete Jim Thorpe and the Pueblo Revolt of 1680, whose leader, Pop‚, already has a statue in the Capitol.

To the bill's sponsors, changing the design is a way for the Sacagawea coin, which hasn't been minted for general circulation since 2002, to compete for interest with a new series of dollar coins featuring American presidents.

But Glenna Goodacre, the Santa Fe artist who drew the design for the Sacagawea coin using a University of New Mexico student as the model, says, "That's a silly idea."

Goodacre, 67, who is recovering from a brain hemorrhage suffered last March, said in a statement from her Santa Fe studio that the eagle design by former Mint artist Tom Rogers is "beautiful and complements the obverse perfectly."

Rogers, 60, who now has his own sculpting business in Beatty, Ore., said about the new plan, "I'm not thrilled about it, obviously."

But in a column for Coin World, he said that instead of being bitter, "I choose to celebrate the experience of creating the coin with Glenna."

The Gold Dollar was authorized in 1997 by Congress following disappointment with the silver Susan B. Anthony dollar coin. Its color was meant to distinguish the dollar coin from new quarters.

Rogers said 123 designs were submitted for either side of the coin.

Goodacre's business manager, Daniel Anthony, recalled they had very little time to submit a design. Since no portrait of Sacagawea exists, they turned to the Institute of American Indian Arts in Santa Fe where a Shoshone employee suggested her daughter, Randy'L He-dow Teton, then a student at UNM.

Rogers said the eagle in his design symbolized freedom and the spirit of American exploration. His original drawing also featured mountains and the Salmon River.

The Treasury Department dropped the river and the mountains, but kept a soaring eagle and 17 stars, around the edge, representing the 17 states in the Union at the time of the Lewis and Clark Expedition (1804-06.)

The first Sacagawea coin was issued in 2000, but Americans didn't show much interest, and there is a surplus of about 100 million coins, issued now for collectors. The Mint this year has produced 768 million of the Washington, Adams and Jefferson dollars.

Alarmed that the Sacagawea coin would be completely overshadowed, Sen. Byron Dorgan, a North Dakota Democrat who is chairman of the Senate Indian Affairs Committee, and Rep. Dale Kildee, a Michigan Democrat who leads the Congressional Native American Caucus, introduced legislation to require that one out of every five dollar coins be the redesigned Sacagawea coin starting in 2009.

"The coin will preserve the memory of Sacagawea and guide Americans through the journey and experiences of Native Americans," Kildee said.

President Bush signed the bill into law Sept. 20.

U.S. Mint spokesman Michael White said work on developing a design has not started yet. The law specifies that the Treasury Department will consult with the Senate Indian Affairs Committee, the Native American Caucus, the National Congress of American Indians and the Commission of Fine Arts on the design.

Besides the Pueblo Revolt, Code Talkers and Thorpe, the bill suggested depictions of the creation of the Cherokee written language, the Iroquois Confederacy, Wampanoag Chief Massasoit and Ely Parker, a general on the staff of Ulysses S. Grant.

Business manager Anthony wondered how they could tell "heads from tails" if they use another face.

The law says an individual on the obverse side shall not be depicted in a size that the coin could be considered a two-headed coin.

The presidents' series is set to continue at four new coins a year through 2016, ending with the 38th President, the late Gerald Ford. (By law, no living person can be depicted on U.S. currency.)

If the Treasury Department chooses to rotate as many as 10 scenes on the Sacagawea coin, in a decade as many as 50 different dollar coins could be in circulation, Rogers noted.

"I'm not sure that the American people really know what's going on," Rogers said.

At Goodacre's studio, Anthony said, "We don't understand this stuff. A lot of people love the (original) coin. It is a very successful coin. People collect them in the millions and millions."

SEPTEMBER 29/07 - Newly Designed 28-Coin Set Includes Presidential $1 Coins.  The United States Mint announced today that it will begin accepting orders for the 2007 United States Mint Uncirculated Coin Set® at 12 noon (ET) on October 9. Priced at $22.95, this year’s set is the first to include uncirculated versions of the new Presidential $1 Coins honoring the first four Presidents of the United States. The set also includes uncirculated versions of the five quarters issued in the United States Mint’s 50 State Quarters® Program, the Golden Dollar featuring Sacagawea, the Kennedy half-dollar, the Roosevelt dime, the Jefferson nickel and the Lincoln cent.

The United States Mint Uncirculated Coin Set contains a complete set of 2007-dated coins from the United States Mints at Philadelphia and Denver. These coins are struck on special presses using greater force than circulating coins, producing a sharp, intricately detailed image, and feature the satin finish introduced in 2005. New packaging is being introduced for the 2007 United States Mint Uncirculated Coin Set. The coins are sealed in a blister and displayed in a folder. One folder contains coins bearing the “P” mint mark, and the other contains coins bearing the “D” mint mark. The coin folders are enhanced with scenic views of the Philadelphia and Denver areas.

To place an order for the 2007 United States Mint Uncirculated Coin Set, visit the United States Mint’s secure website at www.usmint.gov or call the toll-free number 1-800- USA-MINT (872-6468). All domestic orders will be charged a $4.95 shipping and handling fee. To ensure that all members of the public have fair and equal access to United States Mint products, any order placed before the specified sale date and time will not be accepted by the United States Mint and will not be honored.

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.

The 2007 United States Mint Uncirculated Coin Set is also available through the United States Mint’s Online Subscription Program. Enrollment in the Online Subscription Program provides customers the convenience of receiving automatic shipments of selected products as they become available. For more information about this ordering method, please visit www.usmint.gov.

Later this year, the Presidential $1 Coin Uncirculated Sets will be introduced. The three Presidential $1 Coin Uncirculated Set options - four-coin “P” mint mark, four-coin “D” mint mark, and eight-coin “P” and “D” set - offer historical details about each of our first four Presidents. Please check www.usmint.gov/catalog for availability.

SEPTEMBER 18/07 - New $5 Bill Debuts During “Wi-5″ Event  First-Ever “Digital Unveiling” of a Redesigned Bill  - Introduction Scheduled for Early 2008.

New Redesigned $5 note The U.S. government today digitally unveiled a new, more secure design for the $5 bill that will be issued and enter circulation in early 2008. A new $100 bill will follow. This is the first time in history that U.S. paper money has ever been unveiled entirely online.

Similar to recently redesigned $10, $20 and $50 bills, the new $5 bill incorporates improved, easy-to-use security features, making it easier for businesses and consumers to check the new $5 bills they receive and more difficult for counterfeiters to fake.

Officials from the U.S. Treasury, Federal Reserve Board, Bureau of Engraving and Printing, and U.S. Secret Service were part of today’s “Wi-5″ preview, an entirely digital event which emphasized the government’s commitment to staying ahead of counterfeiters. The live “unveiling” of the $5 bill design, which featured government officials discussing currency security efforts, took place on www.moneyfactory.gov/newmoney and also included an online Q&A for news reporters. Podcasts featuring important information about the new $5 bill are also posted on the site.

“The government uses the best tools available so that it will be unlikely that you will receive a counterfeit bill,” said Treasurer of the United States Anna Escobedo Cabral. “Improved security features are at the heart of this currency series - security features that are easy for everyone to use. Learn how to use them, so you don’t lose your hard-earned money in the unlikely event that someone tries to pass a counterfeit bill to you.”

The new $5 bill incorporates state-of-the-art security features that are easy to use by cash handlers and consumers alike. Hold the bills up to the light to check for these features:

  • Watermarks: There are now two watermarks on the redesigned $5 bill. A large number “5″ watermark is located to the right of the portrait replacing the previous watermark portrait of President Lincoln found on the older design $5 bills. A second watermark - a column of three smaller “5″s - has been added to the new $5 bill design and is positioned to the left of the portrait.

  • Security Thread: The embedded security thread runs vertically and is now located to the right of the portrait on the redesigned $5 bill. The letters “USA” followed by the number “5″ in an alternating pattern are visible along the thread from both sides of the bill. The thread glows blue when held under ultraviolet light.

“Our goal is to seamlessly introduce the redesigned bills to the public by working primarily with financial institutions in the United States and around the world, as well as with foreign central banks,” said Michael Lambert, Assistant Director, Division of Reserve Bank Operations and Payment Systems, Federal Reserve Board. “There is no need to trade in your old $5 bills for new ones. All U.S. currency issued by the U.S. government - old and new - is legal tender and continues to be redeemable at full face value.”

Because the $5 bill is heavily used in vending and transit farecard machines, the U.S. government began informing the manufacturers and end-users of those machines about the upcoming new $5 bill more than a year ago, to provide ample time to adjust them to accept the new design.

“We are working with manufacturers of ATMs and other cash-oriented machines to ensure they have the information they need to adjust their machines to accept the new bills,” said Larry R. Felix, Director of the Treasury’s Bureau of Engraving and Printing. “Just as importantly, we are educating cash handlers on how to use the improved security features. They are the first line of defense against counterfeiting, and their familiarity with the new design and its improved security features is vital to a smooth transition.”

With today’s unveiling of the $5 bill’s new look, the U.S. government officially launched the next phase of the public education program that will ensure a smooth transition for the new currency by informing people worldwide about the new design and its security features.

Free educational materials are available to businesses, financial institutions, trade and professional associations, citizen groups and individuals to prepare cash handlers and consumers to recognize the new design and protect themselves against counterfeits. Since 2003, the U.S. government has distributed approximately 78 million pieces of public education and training materials about the new $10, $20 and $50 bill redesigns. Materials are available to order or download in multiple languages at www.moneyfactory.gov/newmoney.

The redesign of the $5 bill will also help protect against a method of counterfeiting that bleaches, or removes the ink from, a $5 bill and prints over it to create a fake $100 bill. By eliminating as many similarities as possible between the $5 and $100 denominations, the new design foils counterfeiting and protects U.S. currency users.

The embedded security thread on the new $5 bill has been moved so that it is in a distinctively different location than the thread on the $100 bill. Previously located to the left of the portrait on the older-design $5 bill and in a similar position on the $100 bill, the thread has now been moved to the right of the portrait of President Abraham Lincoln on the redesigned $5 bill.

In addition, similarities between the watermarks on the new $5 and $100 bills have also been eliminated. While the old $5 and $100 bills both have a portrait watermark, the watermark on the new $5 bill has been changed to a large number “5.” Furthermore, a second watermark, featuring a column of three smaller number “5″s has been added to the left of President Lincoln’s portrait.

“The combination of public education, law enforcement and improved security features helps deter potential counterfeiters, but security features only work if people know how to use them,” said Michael Merritt, Deputy Assistant Director, Office of Investigations, U.S. Secret Service. “Be smart; know your money so counterfeiters don’t take advantage of you.”

In the U.S. alone last year there were 3,945 arrests related to counterfeit bills passed to individuals and businesses, equaling a total loss of $62 million.1

Last year, the U.S. Secret Service and international authorities seized just over $53 million in counterfeit bills before they entered circulation. Nearly $65 million that had been passed into circulation was detected and removed worldwide. In these cases, innocent victims who accepted bogus bills suffered a financial loss.2

As with the redesigned $10, $20 and $50 bills that preceded it, the new $5 bill features an American symbol of freedom printed in the background: The Great Seal of the United States, featuring an eagle and shield, is printed in purple on the front of the bill.

Additional design elements include:

  • The large easy-to-read number “5″ in the lower right corner on the back of the bill, which helps those with visual impairments to distinguish the denomination, has been enlarged in the new $5 bill design, and is printed in high-contrast purple ink.

  • The oval borders around President Lincoln’s portrait on the front, and the Lincoln Memorial vignette on the back have been removed. Both engravings have been enhanced.

  • An arc of purple stars surrounds the portrait and The Great Seal on the front of the bill, and small yellow “05″s are printed on the front and back of the bill.

The new $5 bill’s most noticeable design difference is the addition of light purple in the center of the bill, which blends into gray near the edges. Consumers and cash-handlers should use the key security features - watermarks and security thread - not color, to check the authenticity of paper money because color can be duplicated.

 

SEPTEMBER 17/07 -2007 $30 Sterling Silver Coin Panoramic Photography in Canada: Niagara Falls. This beautiful sterling silver coin features a fascinating photographic hologram image to highlight the innovations that made it possible to capture the grandeur of the Canadian landscape on film.

The reverse design features a breathtaking aerial view of Canada’s world famous Niagara Falls. In the foreground, photographer’s hands hold a modern camera readying to take a panoramic picture. As you tilt the coin, you will see the Niagara Falls emerge from vibrant multi-colour to a true photographic image, and then finally fade away. Mintage: Limited to 15,000 coins worldwide Composition: 92.5% silver, 7.5% copper

 

~2007 $300 Gold Coin—Panoramic Photography in Canada: Rocky Mountains The third coin in the Canadian Achievements Collection explores the photographic innovations that made it possible to capture the grandeur of the Canadian landscape on film. This 14-karat gold coin features an innovative photographic hologram image and has a limited mintage of only 1,000 coins worldwide—it’s a very desirable collectible for numismatists. Mintage: Limited to 1,000 coins worldwide Composition: 14-karat gold (58.33% gold, 41.67% silver)

SEPTEMBER 16/07 - eBay to Change Policy on “Certified Coins” in its Auctions. There are reports, confirmed from several sources that as of Monday September 17th, eBay is going to amend its Seller Policy with respect to the listing of Coins and Currency. The new rules will only allow a coin to be listed as “Certified” if that coin has been certified by one of the following authorized grading companies:

* Numismatic Guaranty Corporation (NGC)
* Numismatic Conservation Services (NCS)
* Professional Coin Grading Service (PCGS)
* Independent Coin Grading (ICG)
* ANACS

Listings for certified coins must now use new grading attributes within the Sell Your Item form, which will include “Grading Company,” “Grade” and “Serial Number”, and must include an image of the item, showing the coin in its graded holder, front and back

If any coin listed is not certified by one of the above authorized grading companies, the coin will be considered raw/uncertified and is subject to following requirements.

Raw or uncertified coins are defined as any coin not graded by one of the authorized grading companies above. Sellers will be permitted to list these items on eBay so long as a numerical grade is not included in the listing title. Also Sellers will not be permitted to mention the name of any Non-authorized grading company in either the Title or Description of the listing, and NO reference to any price guide or price/value amount may be made with reference to the coin being sold.

So, why the change and what does it really mean?

The first answer is easy. Over the years a small minority of “ethically challenged” sellers have been listing coins for sale on ebay that have been assigned rather liberal grades by “certified” grading companies that have no standing in the numismatic community, and whose standards and business practices were at best questionable. These “certified” coins were then put up for sale on ebay where the sellers would reference their coins “Value” based upon the retail price guide values for PCGS or NGC coins of a similar grade.

To say this practice was deceptive is about as generous as the grades these sellers were obtaining from these supposed “Grading Services”.

After a bit of research, we found no less than 56 different grading services, 43 of whom maintain web sites and 13 which do not. Included in this list are the 5 “Authorized Grading Services”.

We spoke with a number of dealers about some of the “lesser known” grading services. It was interesting to note that outside of the eBay marketplace, most dealers have never even heard of many of these grading services, much less come across any of their “certified coins” on a bourse floor or in a live auction. It would seem that some of these companies have been strictly set up to market coins via eBay, targeting novice collectors with more passion than knowledge.

eBay's policy change is an attempt to address the problems associated with deceptive comparisons of values based on the perceived grade of a coin being touted as “certified”. But did they get it right? Some people don’t think so.

Lurking through some of the message boards, there are a number of people who think the new Authorized Grading Service list is too small and does not include some companies that they feel should have been included. That is fair enough. I think you will always have differing opinions of the quality of service and “value” associated with grading. To be sure, even the “Authorized” grading services screw up, some a lot more than one would expect. I would hope that eBay would be flexible enough to consider adding additional companies to its Authorized list”, especially some of the niche grading services that have an established reputation and following in the collecting community. The Canadian company ICCS would be a perfect example.

ICCS specializes in Canadian coins. They are a small company and much to their detriment, they don’t even have a web site. In fact, I’m not even sure you could consider then a “certified” Grading company as they do not encapsulate the coins they grade, but rather just put coins in a sealed slips. In any case it is our understanding that they have a very good reputation among Canadian collectors and are highly respected in the niche market they service. It would be nice to see them move into the 21st century and one could certainly make a case for ICCS to be included in an Authorized list on ebay.

However when all is said and done, overall the policy change on eBay is going to be a positive one. Yes, some reputable people are going to be negatively impacted because of this change. But the “self slabbers” and less reputable sellers on ebay may hopefully be driven off the site making it both a safer and more regulated selling venue.

SEPTEMBER 13/07 - The Royal Canadian Mint (RCM) today officially released the fourth of 17 circulation coins to celebrate the Vancouver 2010 Olympic and Paralympic Winter Games. The sport of biathlon is depicted on the 25-cent coin.

AUGUST 23/07 - The United States Mint announced today that the 2007 United States Mint Silver Proof SetTM will be released Thursday, August 23, 2007, at 12:00 noon (ET) via its online catalog at http://www.usmint.gov/, or by telephone at 1-800-USA-MINT (872-6468).

The 2007 United States Mint Silver Proof Set, priced at $44.95, features proof versions of the five quarters issued in the United States Mint's 50 State Quarters® Program, the Kennedy half-dollar, and the Roosevelt dime, all composed of 90 percent silver. The set also includes proof versions of the Golden Dollar featuring Sacagawea, the Jefferson 5-cent coin (nickel), the Lincoln one-cent coin, and for the first time, the new Presidential $1 Coins honoring the first four Presidents of the United States.

All 14 coins are contained in two boxes, a one-lens box with all four Presidential $1 Coins, and a two-lens box with the remaining 2007-dated coins (10 coins). Both boxes are inserted into a custom sleeve to complete the entire 2007 United States Mint Silver Proof Set.

AUGUST 15/07 - The Thomas Jefferson dollar, third in the series, will be released Thursday August 16th. The Liberty First Spouse Gold Coin release had been delayed until August 30th.

081507jefferson.jpg

 

AUGUST 12/07 - The executive director of the American Numismatic Association, Chris Cipoletti, was put on paid administrative leave by unanimous vote of the new board of governors in its first meeting Aug. 12.

The action was announced following an executive session to a packed public session of hobbyists including members and ANA employees.

Replacing Cipoletti on an interim basis is former ANA president Ken Hallenbeck, who will serve as acting executive director for an indefinite period. He will be assisted by Kim Kiick. Also appointed was Ron Sirna, a Flint, Mich., attorney, as counselor to the president. Though the title doesn't say it,  he is also counselor to

the board. A special audit committee, headed by Camden, S.C., CPA Austin Sheheen, was appointed to determine whether a full forensic audit of the ANA would be required. He has 60 days to make his determination and report back to the board.

The reason Cipoletti was asked to go on paid administrative leave was so that he could focus all of his attention on preparing his part of the case in a lawsuit against former employees in which he is a co-plaintiff with the ANA. The trial date for the lawsuit is Sept. 25. He will be required to report to the board on Sept. 14 regarding these preparations.

All of the decisions were taken on 9-0 votes, except the vote to put Cipoletti on paid administrative leave, where former executive director Ed Rochette abstained because of potential personal involvement in issues relating to the lawsuit. Rochette was Cipoletti's immediate predecessor as ANA executive director.

~Legislation has been simultaneously introduced in the House and Senate to allow the Treasury secretary to change the composition of American coinage, and to allow public participation in the process.

The bills, H.R. 3330 and S. 1986, were introduced just before Congress was scheduled to start a summer vacation that should last until after Labor Day. Rep. Barney Frank, D-Mass., chair of the House Financial Services Committee, and Coinage subcommittee chair Luis Gutierrez, D-Ill., introduced the measure in the House. Colorado's two senators, Wayne Mallard and Ken Salazar, representing the state where the Denver Mint is located, put forth the measure in the Senate.

This marks the third time in the last 42 years that the Mint is being asked to make serious changes in its coinage composition. The first came with the Coinage Act of 1965; the second came with the proposal in 1973 to change the composition of the cent from copper to aluminum. Copper-nickel clad coins and a zinc cent that is copper plated were the end result.

This legislation is far more encompassing and looks to the future and the need for prompt action by the Treasury secretary as the price of copper, nickel, zinc and other raw materials rises faster than Congress can cope with them.

As Rep. Gutierrez, who chairs the Subcommittee on Domestic and International Monetary Policy, Trade and Technology, said in prepared remarks to the House of Representatives, "The immediate purpose of this legislation is to address the rising cost to taxpayers of minting pennies and nickels. Currently pennies are made mostly of zinc and have a copper-plated surface."

The Treasury Department, which supports the bill, estimated that changing the composition of pennies and nickels will save the government over $100 million a year. By making similar changes to the half dollar, quarter and dime, the government can save as much as $400 million annually, Treasury said.

Edmund Moy, director of the U.S. Mint, spoke out on the measure. "This proposed legislation establishes an open, flexible process to evaluate and use alternative materials for producing our nation's coinage."

~The American Numismatic Association board of governors has deferred action on proposed new bylaws. On a 6-2 vote, the board decided to let the newly elected board vote on the bylaws. Voting against deferring the matter were Don Kagin and Remy Bourne. The action was taken Tuesday morning, Aug. 7, when the board met in Milwaukee at the World's Fair of Money.

JULY 28/07 - John Feigenbaum didn't sleep at all during his redeye flight across country. He's not a nervous flier — he had a dime worth $1.9 million in his jeans pocket.

Feigenbaum, 38, of Virginia Beach, Va., is a rare coin dealer, and the dime he was carrying from San Jose to New York is a 1894-S dime, one of only nine known to exist.

He picked up the dime, one of only 24 known to be coined in 1894 in San Francisco, on Monday from the seller's vault in Oakland. He delivered it to the buyer's vault the following day, in midtown Manhattan.

Feigenbaum said he and the seller's agent will split a 6 percent commission on the deal.

Feigenbaum said he put the dime, which is encased in a 3-inch-square block of plastic, in his pocket. Accompanied by a security guard, he drove to the airport.

Shortly after boarding the plane, Feigenbaum transferred the dime from his pants pocket to his briefcase.

"I was worried that the dime might fall out of my pocket while I was sitting down," he said.

All across the country, Feigenbaum kept checking to make sure the dime was safe by reaching into his briefcase to feel for it.

"It's the Holy Grail of coins," he said.

David Lawrence Rare Coins Sells 1894-S Dime for Record-Breaking $1.9 Million

John Feigenbaum, President of David Lawrence Rare Coins (DLRC, agent for Buyer) and Mitchell J. Spivack (wondercoins.com; agent for seller), jointly announced today the completion of DLRC’s purchase of the finest known 1894-S Barber Dime. The transaction was completed in a private treaty transaction between the collector (seller), Daniel Rosenthal and his professional representative, Mr. Spivack on the one hand, and DLRC on behalf of their buyer, who wishes to remain anonymous. This coin, graded Proof 66 by PCGS, enjoys one of the richest pedigrees in numismatics, dating to the Clapp Collection around the turn of the Century. A brief history of the coin is as follows:

  • J. M. Clapp

  • Acquired by Louis Eliasberg when he purchased Clapp's collection in 1942.

  • Acquired by James Stack at a Stack's Auction (no relation) in 1947

  • Sold in January 1990 for $275,000 (Stack's) and later acquired by Jay Parrino of The Mint.

  • Acquired by B. Hirst, owner of the Richmond Collection in 1998 for $825,000 in private treaty transaction with David Lawrence Rare Coins

  • Acquired by Dan Rosenthal, owner of the 'Just Having Fun' Collection in March 2005 Richmond Collection Auction for $1,322,500.

  • Acquired today by Anonymous Investor for $1,900,000 in private treaty transaction with David Lawrence Rare Coins, purchaser of coin from Daniel Rosenthal (owner) and his agent, Mitchell Spivack.

This is the third time John Feigenbaum and David Lawrence Rare Coins have successfully sold this important numismatic rarity. According to Feigenbaum, "this is the one coin that most defines my numismatic legacy. My father, David Lawrence Feigenbaum, originally wrote a detailed pedigree on the 1894-S dime in 1990, and it was his life's ambition to own this specimen. It is the finest of the nine known examples, and both PCGS and NGC have graded it Proof 66 on several occasions. Even at the current market level, I think this piece remains underrated, especially considering its peers in other collectibles. Being the finest example among a top-5 U.S. coin is truly special. Frankly, I think it's right up there with the 1913 nickel and 1804 dollar in desirability."

Spivack added that "it was a pleasure handling the original purchase and (now) sale of this great coin for Daniel Rosenthal, who goes by the moniker "Justhavingfun". Daniel is the "collector’s collector". His passion for the study of numismatics is second to none and the depth and quality of his U.S. and Philippine coin collections is simply remarkable – nothing short of museum quality. I have no doubt that Mr. Rosenthal will ultimately be shown to be one of the greatest coin collectors of our time and it has been a wonderful experience working with him on building his spectacular coin collection".

JULY 26/07 - The federal agency charged with protecting consumers from Internet scams now finds itself wrapped up in one. Identity thieves have sent thousands of bogus e-mails purporting to be from the Federal Trade Commission — as well as the Internal Revenue Service and Justice Department — in an attempt to trick consumers into divulging personal financial information.

The agencies are the latest institutions to be exploited in "phishing" scams, long the bane of large banks and credit card issuers.

Analysts who track online crime say that while financial institutions are still the most commonly hijacked brands, the use of federal agencies in the hoaxes is increasing and reflects criminals' desire to take advantage of the familiarity and authority of various government departments.

Phishing typically involves sending fraudulent e-mails that include links that direct recipients to fake Web sites where they are asked to input sensitive data. Phishers may also include attachments that, when clicked, secretly install "spyware" that can capture personal information and send it to third parties over the Internet.

Criminal gangs in the United States and overseas use the information to steal thousands of dollars from consumers or to sell their identities in what experts describe as a sophisticated underground economy surrounding identity theft.

The FTC said in June that corporate and banking executives, among other consumers, have received fake e-mails with spyware attachments purporting to be from the agency.

The Treasury Department, meanwhile, said June 27 it has received over 23,000 complaints about IRS-related phishing scams since an investigative arm of the department began tracking them in November 2005.

The scams have been "unprecedented both in terms of sophistication and the volume of reports we have received," J. Russell George, Treasury Inspector General for Tax Administration, said in a written statement.

Michelle Lamishaw, an IRS spokeswoman, said most of the hoax e-mails tell recipients they are under investigation or that they have a tax refund pending. Some are more sophisticated, including those targeted to small businesses that mention obscure agencies known primarily to business men and women such as the California Franchise Tax Board.

But government officials said recipients of such e-mails should be suspicious of their origin for one simple reason: federal agencies rarely communicate with citizens over e-mail.

Lois Greisman, associate director of the FTC's division of marketing practices, said, "We are the agency that brought you the Do Not Call Registry and CAN-SPAM," she said, referring to a 2003 law restricting commercial spam. "We're not likely to send out unsolicited e-mails."

Peter Cassidy, a spokesman for the Anti-Phishing Working Group, said phishing first surfaced early this decade and took off in 2003. The APWG is a consortium of corporations, banks, software providers and law enforcement agencies whose members include eBay Inc., Microsoft Corp. and Yahoo Inc. (Nasdaq:YHOO - news)/span>.

The scams are still growing rapidly: the number of phishing Web sites jumped to 37,438 in May, the APWG said in a report released July 8, more than triple the 11,976 reported in May 2006.

Phishing can carry significant economic costs for the victims and rewards for the perpetrators. Jeff Fox, technology editor at Consumer Reports, said that last September his group estimated consumers had lost $630 million to phishing scams in the previous two years.

A recent report from the Government Accountability Office, Congress's investigative arm, put the figure at $1 billion annually.

Despite efforts to educate the public about the dangers of clicking on unknown links and attachments in spam e-mail, many computer users still do so.

Consumer Reports estimates that 8.2 percent of online households have submitted personal information in response to fraudulent e-mails in the past two years, Fox said. "It's astounding," he added.

An entire underground economy has developed around identity theft, Cassidy said, with some groups specializing in sending fraudulent spam, while others act as brokers for stolen personal information. Both may be hired by organized crime groups that steal and launder money.

The rise of well-organized, financially motivated computer hackers is one of the biggest changes in online crime in the past ten years, said Dave Marcus, a research manager at security software maker McAfee Inc.

They have effectively replaced the stereotypical computer geek who seeks notoriety by creating the latest, nastiest computer virus, he said.

JULY 18/07 - The United States Mint today announced that the 2007 United States Mint Proof Set will be released Thursday, July 19, 2007, at 12:00 noon (ET) via its online catalog at www.usmint.gov, and by telephone at 1-800-USA-MINT (872-6468).

The 2007 United States Mint Proof Set now includes the new Presidential $1 Coins honoring the first four Presidents of the United States. Additionally, this set includes proof versions of all five 2007-dated commemorative quarter-dollar coins issued in the United States Mint’s 50 State Quarters® Program, the Golden Dollar featuring Sacagawea, the Kennedy half-dollar, the Roosevelt dime, the Jefferson 5-cent coin and the Lincoln one-cent coin.

All 14 coins are contained in two boxes, a one-lens box with all four Presidential $1 Coins, and a two-lens box with the remaining 2007-dated coins (10 coins). Both boxes are inserted into a custom “sleeve” to complete the entire 2007 United States Mint Proof Set for $26.95.

Proof coins are manufactured by the United States Mint at San Francisco using specially prepared, highly polished dies, and bear the "S" mint mark. Each coin is struck at least twice to ensure the finest detail in a frosted cameo image on a bright, mirror-like background. The coins come in three sealed cases and are accompanied by a Certificate of Authenticity.

Some sets may include a label on the two-lens box to clearly identify the total number of coins contained inside (10 proof coins of a 14-coin set); other sets will have the clarification printed directly on the box. Both packaging versions are variations of the same official United States Mint product.

There is no household order limit for the 2007 United States Mint Proof Set. The United States Mint Proof Set is also available through the United States Mint’s Online Subscription Program. For more information about this convenient ordering method, please visit www.usmint.gov. The United States Mint is committed to the 100% satisfaction of its customers and will be pleased to exchange or refund purchases within 30 days.

The 2007 United States Mint 50 State Quarters Proof Set™, featuring proof versions of the 2007 quarters issued under the 50 State Quarters Program, may be purchased separately for $13.95; the 2007 United States Mint Presidential $1 Coin Proof Set may be purchased separately for $14.95; and the 2007 United States Mint 50 State Quarters Silver Proof Set™ may be purchased for $25.95.

Customers can purchase all 2007 United States Mint Proof Sets online through the United States Mint’s secure website at www.usmint.gov/catalog, or by calling toll-free 1-800-USA-MINT (872-6468). To ensure that all members of the public have fair and equal access to United States Mint products, any order placed prior to the official on-sale date and time shown above shall not be deemed accepted by the United States Mint and will not be honored.

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. A shipping and handling fee of $4.95 per order will be added to all domestic orders.
 

JULY 03/07 - Canadians had yet another reason to party on the weekend: the loonie turned 20 on June 30.

It has been two decades since Canadians said goodbye to $1 banknotes and welcomed the yellow-gold coin in their pockets and change purses.

At that time, it was the most significant change to Canada's coinage system in more than 50 years, the Royal Canadian Mint said last week

The government of Canada first announced the introduction of the $1 coin in March 1986, after several business and special interest groups suggested significant savings and benefits could be realized.

Produced at the mint's facility in Winnipeg, more than 800 million $1 coins have been struck since first being launched into circulation.

While the reverse of the $1 coin bears the design of a loon in water by Ontario artist Robert-Ralph Carmichael, the coin has seen several variations in the past few years, including: The Remembrance design, featuring the National War Memorial in Ottawa in 1994; Special Lucky Loonie designs in 2004 and 2006, to cheer on Olympic and Paralympic athletes; The commemoration of the 25th anniversary of Terry Fox's Marathon of Hope in 2005, the first time a Canadian-born individual was featured on a Canadian circulation coin.

~ The Royal Canadian Mint has sold five of its $1-million gold collector coins, and at least four of them are headed where the money is -- to the West Coast.

Mysteriously, no precious-metal traders interviewed Friday knew who bought the fifth coin, despite the industry's busy grapevine.

But as the mint and the dealers disclosed, a million bucks is just the face value of the 100-kilogram, 99.999-per-cent-pure gold coins. The mint sold them for at least $2.3 million apiece based on market values -- and their value will increase with buyer speculation, according to one of the traders.

~ Legislation calling for annual commemoration of American Indians on the reverse of circulating Sacagawea dollar coinage passed the House of Representatives June 12 and action now shifts to the Senate.

"Important contributions made by Indian tribes and individual Native Americans to the development of the United States and the history of the United States" is called for by in bill H.R. 2358.

This parallels S. 585, the Native American Dollar Coin Act, which would also require the secretary of the Treasury to mint and issue coins in commemoration of Native Americans.

The Sacagawea design, renamed "Sakakawea design" would be used together with supplementary concurrently struck designs.

"Each design for the reverse of the $1 coins issued during each year shall be emblematic of 1 important Native American or Native American contribution each year."

One caveat: "in the case of a design depicting the contribution of an individual Native American to the development of the United States and the history of the United States, shall not depict the individual in a size such that the coin could be considered to be a 'two-headed' coin."

The motif would start in 2008, unless the legislation passes after July 1 of this year, in which case the first newly designed coins would be designated 2009 in their year of mintage.