New York precious metals retreated Tuesday as stocks rallied and the U.S. dollar surged amid hopes the passage of a financial rescue plan is still possible from Capital Hill. Nymex silver, gold and platinum futures lost, 5.8 percent, 1.5 percent, and 5.6 percent, respectively.
November crude-oil recovered from Monday’s more than $10 loss to settle to $100.64 per barrel, gaining $4.27, or 4.4 percent. Its lowest point for the day was $97.80.
December silver staggered down 75 cents to close to $12.28 an ounce.
October platinum plunged $59.90 to end at $1,015.10 an ounce.
December gold lost $13.60 to settle at $880.80 an ounce.
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Rep. John Larson and five other House members proposed on Friday gold and silver coins emblematic of the life and legacy of Mark Twain.
Mark Twain was the pen name for Samuel Clemens, whose many works are still mostly in print after nearly a century past his death in 1910. Clemens is one of the best known Americans in the world with over 6,500 editions of his books translated into 75 languages.
The commemorative uncirculated and proof coins for collectors would be issued in 2010, which is the year marking both the 175th anniversary of Mark Twain’s birth and the 125th anniversary of the publication of Adventures of Huckleberry Finn.
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Four numismatic articles are referenced on CoinNews every Tuesday and Thursday. These articles are not authored by us, but we recommend collectors read them for their unusual or interesting content. Have you written or know of an article that should be highlighted on CoinNews? Please let us know! Here are today’s articles:
Architect urged mint to employ good cents
By Bruce Rushton, The State Journal-Register
As a fledgling architect, "Wally" Henderson designed the restoration of the Old State Capitol in the 1960s, when skeptics said it couldn’t be done. Now, 40 years later, Henderson has triumphed again. Thanks to him, the building he saved will appear on millions of commemorative pennies due to be issued next year.
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Get Government Out of Coin Manufacture
By George Selgin, Numismatic News
Coin dealers and collectors are still reeling from the U.S. Mint’s announcement that it had run out of American Eagle gold coins. But what ought to surprise every American isn’t that a government agency came up short. It’s that the U.S. government should be making little metal discs at all.
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The U.S. Mint has produced a whopping 33,774,200,000 state quarters since the inception of the 50 State Quarters® Program in 1999. The total does not include the several hundred million Arizona state quarters that started to hit circulation in June. And by the program’s completion with the final Hawaiian commemorative later this year, the Mint will have issued well over 34 billion state quarters.
That’s quite impressive, despite a slowing U.S. circulating coin pace. And in reality, the Mint’s quarter production output is many millions higher.
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Like a perpetual broken record repeating nearly monthly, Zimbabwe’s Central Bank introduced new Zimbabwean $10,000- and $20,000-dollar banknotes just two months after slashing ten zeros from their currency to fight inflation. That, after previous months of issuing notes ranging up to $100 billion.
While Americans may be feeling an increased change in the value of its dollar due to inflation (see inflation calculator for examples), it’s nothing compared to the Zimbabwe hyperinflation last reported at 11.2 million percent in June. Some reports indicate economists now estimate it may be has high as 50 million percent.
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China will commemorate their historic first spacewalk with legal tender silver and gold coins, The People’s Bank of China (PBOC) announced on Monday. The Central Bank said 60,000 one-ounce silver and 30,000 one-third ounce gold coins would be minted by the Shenyang Mint and issued on October 8, 2008.
The obverse (heads side) of each coin bears a decorative solar system map design while the colorized reverse portrays a taikonaut conducting a spacewalk below the Chinese words ‘To commemorate the success of China’s first spacewalk’.
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Over 315 DGS‐graded Coins Available for Bidding
Virginia Beach, VA – The numismatic staff of DLRC Auctions is excited to announce the current sale of the Block Island Collection – an assembly of 432 certified coins and paper money items from a life‐long collector.
317 of the coins were submitted to Dominion Grading Service (DGS) prior to their sale in this auction as part of the new campaign by DLRC and DGS to give customers the full service experience when the time comes to sell their collections.
According to Win Callender, DLRC Vice President, who handled this consignment,
"the Block Island Coin and Currency Collection hails from a long-time client who began collecting as a child and represents an assemblage 60 years in the making. As a young boy, he saw a 1901‐S quarter in a strong XF grade and wondered why the retail price, $40, was so much higher than the others.
That experience helped launch a lifetime of interest in numismatics. There are many wonderful collector coins in this collection that seldom come to market. For example, two 1901‐S quarters, great runs of Liberty Seated halves and Barbers and loads of key dates. He also amassed a wonderful collection of currency, all graded by CGA or PMG, ranging from large size type, to nationals, to small size silver certificates. There are over 90 fresh notes and are all reserved at great prices."
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Two commemorative silver dollar bills, which were introduced and passed in the House months ago, finally received a senatorial thumbs up on Saturday.
Congress burned the proverbial midnight oil and, on top of the commemorate silver dollar for Boy Scouts, passed legislation to honor the U.S. Army Infantry and the National Infantry Museum and Soldier Center.
The bill, named the National Infantry Museum and Soldier Center Commemorative Coin Act or H.R. 3229 for short, would have the U.S. Mint issue 350,000 silver $1 coins in the year 2012.
With the President’s very likely signature, the bill will become law. The resulting commemorative coin would then get designed to be:
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The Senate on Saturday joined the House in passing legislation that seeks to commemorate the centennial of the Boy Scouts of America (BSA) with 350,000 silver dollar coins in 2010.
The bill, named the Boy Scouts of America Centennial Commemorative Coin Act or H.R. 5872, has overwhelming support and now moves to its next step — congressional packaging for the President, who is expected to sign it into law.
Congressman Pete Sessions [R-TX] introduced the legislation in April and said,
"Boy Scouts are a significant part of American culture, shaping the values, citizenship, and skills of millions of young men," Sessions stated. "As an Eagle Scout with four generations of Boy Scouts in my family, I strongly value the Boy Scouts’ history of instilling a sense of duty to God, country, and self."
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The American Civil War evokes many strong thoughts and emotions to this day – the end of slavery in our country, the great and terrible battles that saw more that 600,000 men perish, and the secession – and eventual reunion – of 11 states. Amid brilliant and incompetent generals, vast military campaigns and political turmoil, the impact of money on the war often gets overlooked.
"A House Divided: Money of the Civil War," a new exhibit opening Oct. 9 at the American Numismatic Association’s Edward C. Rochette Money Museum, takes a unique look at this epic, bloody time in United States history, while showcasing the era’s coins, paper money, medals, and new ideas in war financing that helped lead to the North’s victory. Visitors will be immersed in the sights and sounds of the war and the era.
The Civil War changed the country forever, including its monetary and economic system: a system based on bullion coinage and privately issued paper money was replaced by a central system based on National Bank notes, and coins and paper money produced and backed by the federal government.
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