2007 had its share of coin news with headlines from the traditional numismatic magazines, newspapers and online sites that were also talked about, discussed and picked up by general media sources, like the New York Times and USA Today’s of the world.
While coin hobbyist hear frequently from their daily coin news sources, it’s worthwhile to take a look at several coin stories for 2007 covered by journalists who write for the mainstream press.
These provide a glimpse into what most of the world hears about U.S. coins and collecting, and insights into what "they" think were the most important or news worthy coin stories for the year. For this introspective look, sample articles are provided that are interesting reads and come solely from main stream media sources.
The Canadian dollar and gold prices make coin news by affecting coin buying and selling
Before jumping straight into specific coin news topics, two areas that have had an interesting play in the economy and also affected the coin market in 2007 were:
- The rise in gold prices
- And the value of the Canadian dollar – or faltering U.S. dollar
Gold hit its stride in 2007, jumping more than 30% for the year and experiencing its largest gain since 1979. The London Fix price per ounce of gold started the year at $640 and ended nearly $200 up at $834.
The price of gold not only changed the value and what you had to pay for gold coins, but it also forced the U.S. Mint to suspend sales of gold coins, readjust prices and then place them back on the market.
The Mint’s very last suspension of Uncirculated American Eagle Gold coins in early November ended up being a permanent for 2007. They never returned for buyers. That alone is a strong example of how gold affected coins in 2007.
Two recent articles about gold:
- Gold heads for largest yearly rise in 3 decades – REUTERS on Dec. 31, 2007
- Gold’s Quirk: It’s Volatile, but Holders Feel Secure – The New York Times on Dec. 8, 2007
Canadian dollar seeks parity with the US dollar
The surging Canadian dollar known as the loonie struck many headlines throughout 2007 and it was selected by Time magazine as the Canadian Newsmaker of 2007.
The loonie started the year at 87 cents US and hit a peak on November at $1.10. Most notable for the loonie, however, was Sept. 20, 2007 when it struck parity with the US dollar for the first time in nearly 31 years.
Obviously the Loonie coin isn’t the story, it’s the impact the change in value between the two currencies has had for both countries and, to a smaller degree, for coin collectors in buying and selling coins between each country.
There were many mainstream articles on this subject. Here are two:
- The Loonie Takes Off in Canada – Time on Dec. 20, 2007
- Canada dollar closes above parity with US$ – REUTERS on Sept. 20, 2007
Coin news stories that made mainstream media press headlines
The following coin news topics and stories have been well covered by CoinNews and other numismatic publications. However, you may not have seen or read their coverage through some of the popular mainstream news media sources. What may surprise you is the quality and content of many of the articles and the topics. But at the same time, there are probably a few missing coin headlines and topics that may make you wonder: "why weren’t those reported?".
New Presidential Dollars
2007 was the beginning of the Presidential $1 Coin program and the release of the new dollar coins into circulation. As such, attention was given to the coins by the press to a degree that was almost similar to that of the the state quarters. Here are two examples:
- Seven presidents nobody remembers – CNN.com on Oct. 1, 2007
- Poll: New presidential coins ‘waste of money’ – WorldNetDaily on Feb. 15, 2007
Presidential $1 coins missing edge-letterings
The US Mint inadvertently produced and then released into circulation some new Presidential $1 Coins that had missing edge-letterings, like the "In God We Trust" motto. That resulted in increased attention to the $1 coins and, in particular, a drive to move the motto from the coin’s edge to its more prominent face.
- Check those dollar coins! Mint goofed and left ‘In God We Trust’ off some – USA Today on Oct. 25, 2007
- Coins circulating without ‘In God We Trust’ – msnbc.com on March 8, 2007
- Some New Dollar Coins Missing ‘In God We Trust’ – Fox News on March 7, 2007
Six new quarters added and "In God We Trust" motto relocated on Presidential $1 Coins
While separate topics, they became law at the same time. On Dec. 26, 2007, President Bush signed into law H.R. 2764, named the Consolidated Appropriations Act 2008. The law amended old law and mandates the addition of six new quarters in 2009 and the change in location of "In God We Trust" on Presidential Dollars. Here are a few reports:
- ‘In God We Trust’ moving to face of $1 coins – WorldNetDaily on Dec. 28, 2007
- Mint to Add 6 Nonstates to State Quarters Lineup – The New York Times on Dec. 21, 2007
- State Quarters Near End of Popular Run – The New York Times on Nov. 28, 2007
- State quarter program gets new push to include D.C., U.S. territories – USA Today on Jan. 11, 2007
Restrictions on importing ancient coins – bad coin news for collectors
The State Department imposed import restrictions on ancient coins and banned imports of ancient coins from Cyprus. Obviously, and for good reason, a position most coin collectors are at odds with given the way it was done and the lack of information and reasoning for why certain decisions were made.
- Coin Dealers Sue State Dept. for Details on Import Bans – The New York Times on Nov. 17, 2007
- U.S. Imposes Restrictions On Importing Cypriot Coins – The New York Times on July 18, 2007
U.S. Mint enforces melt ban for 1-cent and 5-cent
While an interim rule against melting pennies and nickels was approved on Dec. 12, 2006, the enactment of the final rule went into affect April 17, 2007. The main thrust of the law was the result of copper prices hitting highs, making the penny and nickel more costly to produce than what they’re worth. There were some interesting back and forth debates in congress.
- Ohio Dem: Repeal ban on melting coins – USA Today on Oct. 31, 2007
- New rules outlaw melting pennies, nickels for profit – USA Today on Dec. 14, 2006
- U.S. Mint Moves to Ban Penny Melting – ABC News on Dec. 14, 2006