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Articles on May 15th, 2008

U.S. Inflation Calculator and Rate Charts Updated with April 2008 CPI Figures

CoinNews Rate of Inflation ChartsThe CoinNews U.S. Inflation Calculator and annual Rate of Inflation Charts have been updated to use the very latest Consumer Price Index (CPI) April figures, as provided by the U.S. Department of Labor Bureau of Labor Statistics and released yesterday, May 14, 2008.

The Inflation Calculator can be used to measure the change in buying power of the U.S. dollar over any period from 1913-2008. The charts provide a quick snapshot of current and historical annual averages for rate of inflation, and annual percent changes for rate of inflation.

U.S. Bureau of Labor Statistics April CPI inflation figures

According to the latest U.S. Bureau of Labor Statistics, the consumer price index (CPI), a measure of the average price changes for goods and services, slowed to 0.2% in April and was less than the forecasted 0.3%. By comparison, March experienced a 0.3% rise.

The core index, which excludes food and energy prices, climbed 0.1%, but was also below expectations.In other numbers, fruit and vegetable prices rose 2%, beverages climbed 1.7%, and cereal and bakery goods were up 1.4%.

What’s the real world meaning of some of these figures? As always, the CoinNews Inflation Calculator can provide some insights.

Examples of the Inflation Calculator

Using the calculator, anyone can determine the purchasing power of the dollar over time. A few examples after adjusting for inflation:

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BEP Sets Release Day of $2 Cleveland Note for June 2, 2008

2008 Cleveland First Day $2 Single NotesWith the recently announced and already sold out $2 Dallas note, the Bureau of Engraving and Printing (BEP) has sent out availability notices of the upcoming 2008 Cleveland $2 Single Notes for June 2, 2008.

Notes in these series typically sellout within hours. With the $2 Dallas BEP note, the BEP threw in an extra hiccup when their online ordering system went down for the day.

With an already fast-paced selling series, the inability to order notes online frustrated collectors further, as some could not get through phone lines. Planning is a must to purchase notes from this series. And, unfortunately, sometimes that is not enough. A touch of luck is helpful.

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Coin Dealers Examining Gold From Sunken Steamship Off Louisiana Coast

A steamship that sank off the Louisiana coast during an 1846 storm has produced a trove of rare gold coins, including some produced at two largely forgotten U.S. Mints in the South, coin experts say.

Last year, four Louisiana residents salvaged hundreds of gold coins and thousands of silver coins from the wreckage of the SS New York in about 60 feet of water in the Gulf of Mexico, said David Bowers, co-chairman of New York-based Stack’s Rare Coins.

“Some of these are in uncirculated or mint condition,” Bowers said, predicting the best could bring $50,000 to $100,000 apiece at auction.

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ICTA Helps Thwart Proposal for CFTC Regulation of Coin Dealers

Last Minute Amendment Could Have Shut Down Precious Metals Coin Dealers

ICTA recently helped defeat an 11th hour proposal that would have put precious metals dealers under the jurisdiction of the CFTC which may also have led to federal licensing and further regulation of the industry.

In late April, during Senate consideration of the 2008 farm bill (HR 2419), a section was added to reauthorize the Commodity Futures Trading Commission (CFTC) and amend the Commodity Exchange Act (CEA).

The House Agriculture Committee marked up similar legislation, so the two CFTC bills were both being considered by the joint Senate/House Conference Committee that would recommend the final bill.

A last minute amendment was introduced at the Conference Committee by Senator Tom Harkin (D-IA) that would have expanded the CFTC’s jurisdiction beyond the futures markets to include the cash markets.

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Japan to Issue Hokkaido Commemorative Coin by G-8 Summit

Japan will issue a new colorized Hokkaido commemorative silver coin featuring Japanese red-crowned cranes, a symbol of Hokkaido, flying above Hokkaido’s Lake Toya.

Japan Commemorative Hokkaido Coins

Japan’s Finance Minister, Fukushiro Nukaga, made the announcement Tuesday in a press conference after a cabinet meeting. Mr. Nukaga said a 1,000-yen Hokkaido commemorative coin would be issued this July in time for the Group of Eight summit, which will be held in Hokkaido.

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