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Louis Golino

Modern Numismatics

Louis Golino

Louis Golino has been a collector of American and world coins since childhood and has written about coins since 2009. In addition to writing about modern coins and other numismatic issues for Coin World, he also has written a regular column for CoinWeek.com since 2011, writes a monthy column for The Numismatist magazine and has written for other coin publications. In 2015, for his CoinWeek column “The Coin Analyst,” he was presented with the Numismatic Literary Guild's award for best online column. He is also a founding member of the Modern Coin Forum. 

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Archive for 'June 2016'

    Palladium Eagles Should be Proof Only

    June 30, 2016 10:50 AM by Louis Golino
    During this week's meeting of the Citizens Coinage Advisory Committee held in Colorado Springs in conjunction with the American Numismatic Association's summer seminar, which I followed via telephone, the U.S. Mint's Ronald Harrigal provided an interesing update on the Mint's forthcoming program for an American Palladium Eagle coin program.

    He explained that the plan is to issue both bullion and proof coins struck in high relief once the Mint can secure a sufficient supply chain of palladium planchets and work out some other details such as the diameter of the coins.

    As a result of these issues, it is highly unlikely the Mint will be able to begin the program this year, and Mr. Harrigal also said the priority is for the bullion coins.  It is possible that in 2017, if the program does start then, that the Mint will only issue bullion coins that year, and the proofs would come the following year.

    But this is a mistake in my view, though to be clear one the Mint is doing because it is mandated by the U.S. Congress to issue both versions.

    It is unlikely that there will be very much demand for the bullion coin other than for the first year of issue because collectors tend not to be very keen on palladium as a metal, which is what the 2012 feasibility study on these coins revealed.

    Besides, as I noted recently in regards to the 2016 high relief Liberty medal, high relief coins look so much better in proof than they do in business strike.  

    This is why the world mints that specialize in high relief issues produce them in proof, including especially the Perth Mint and the Mint of Poland.

    The palladium program is far more likely to be a hit with collectors of coins with limited mintages and top-notch designs as opposed to bullion coins, which have not fared very well when other mints produced them.  In fact, palladium tends to be traded far more often in bar form than as coins.

    The U.S. Congress would do well to consult with the numismatic community when it crafts legislation about coins to avoid producing pieces that will prove to be unpopular, which has certainly been the case with many recent commemorative coin programs and would likely be the case with palladium bullion coins.

    Precious Metals Up Sharply After Brexit Vote

    June 24, 2016 9:53 AM by Louis Golino
    Early Friday morning when the world learned that the British people had unexpectedly voted in a referendum to leave to the European Union, popularly known as Brexit, the price of gold and silver shot up to the highest level seen in two years.

    In fact, the Royal Mint, which sells bullion directly to consumers, reported today that visits to its precious metal trading platform were up 550% compared to yesterday, and new accounts were up 200% for the same period. 

    Investors are seeking refuge in gold from all the economic and political uncertainty surrounding the British move, which immediately sent the value of the British pound down very sharply against other currencies and roiled the world’s equity markets with futures in several countries down more than 10%.

    Gold was up $70 from its level on Thursday, reaching $1340, and silver touched $18, but the strength of the dollar masked the fact that in non-dollar currencies gold was up even more.

    Metals had already been doing well this year, up around 25% compared to the four-year low reached late last year, making them one of the best-performing asset classes of the year.

    Gold analysts in particular have been arguing for some time that the yellow metal was due for a substantial correction higher because of fundamental factors such as record demand and tight supplies and the increased role of China in the gold trade, which includes a new gold exchange and their own version of the daily London gold fix. 

    But they key factor underpinning the move higher, and one of the main reasons it is likely to continue, has to do with interest rates.  With sluggish growth and heightened economic uncertainty due to geopolitical tensions, problems in China, Brexit, and the prospect of a potential Trump presidency producing a trade war and economic recession, rates will continue to remain close to zero and central banks will continue their policy of quantitative easing.

    This is the perfect environment for precious metals, so analysts who specialize in this area see higher values going forward later this year and continuing into the future, especially as the high levels of debt in most countries reach the point where governments may not be able to afford to continue paying the finance costs to service their debt, which could produce an even greater global economic crisis at some point than the one that began in 2008. 

    It's never a good idea to put too many eggs in the same basket, but what is happening now is a good reminder that diversifying one’s assets by including some gold in your portfolio offers helpful protection in an uncertain world.  

    High Relief Medal Beautiful in Proof

    June 16, 2016 5:29 PM by Louis Golino
    11 months ago, on July 13, the U.S. Mint announced (http://www.coinworld.com/news/us-coins/2015/07/united-states-mint-nixes-high-relief-silver-medal.html ) that it would not be producing a companion high-relief silver medal to go with its $100 American Liberty high-relief gold coin, which sold out of its entire 50,000-coin mintage. 

    As I explained in a column last year, this program was the brainchild of the Citizens Coinage Advisory Committee under the leadership of former Chairman Gary Marks, which envisioned an ongoing series of high-relief gold coins and silver medals of the same design with the theme of modern images of Liberty.

    The Mint decided to use the 2015 design for a 2016 silver medal, which still has no release date.  But today after my colleague Paul Gilkes published a story (http://www.coinworld.com/news/us-coins/2016/06/american-liberty-high-relief-silver-medal-on-horizon.html) about production of the medals at the West Point and San Francisco mints and photos of the medal, Gary Marks said that he is “super excited” about the 2016 silver medal, and that he worked “hard along with members of my committee to revive images of "Liberty" on U.S. coins and medals. This silver medal is the result of our efforts.”

    “I am super excited now because it was so difficult to make this happen and there were numerous times I was almost certain we had failed or that the program was headed in a hopelessly wrong direction. I am most excited that Mint leadership finally followed the Committee's recommendation to produce this medal as a silver proof (rather than an uncirculated version). I am very pleased also that plans to produce another silver Liberty medal are in the works for 2017. Hopefully these Liberty medals will become an annual series (also a Committee recommendation). It is my further hope that collectors will support this program with strong sales as a demonstration to the Mint's leadership team and key Members of Congress that "Liberty" does indeed sell.”

    “Ultimately I want Miss Liberty to be restored to our circulating coinage. A successful medals program might help give that challenging goal a much needed push. Congratulations are in order to the following artists who together created the artwork for this medal: Justin Kunz, obverse designer; Phebe Hemphill, obverse sculptor; Paul C. Balan, reverse designer; and Don Everhart, reverse sculptor. Outstanding work all!”

    In correspondence with Gary, I told him I really feel the design works so much better in the proof format than the business strike used on the 2015 gold coins.  This is because the contrast between the frosted design devices and the mirrored background fields work much better than the matte finish of the business strike gold coin in translating Paul Balan and Don Everhart’s excellent designs into stunning high-relief medallic art.     

    And he agreed, responding: “These designs were meant for proof. From the beginning the Mint folks saw the Liberty program as a book end to the 2009 UHR St. Gaudens which had the business strike finish. I was disappointed to see last year's gold Liberty coin follow the same route. CCAC members kept pushing the idea that a proof finish would make the difference between a well-received program and a super-charged success.”

    “With these silver medals now in the works with proof finish with "S" and "W" mint marks I will be curious to see how many sell. I hope the Mint takes the same approach as they did with the 2011 National 9/11 Silver Metal and offer these Liberty medals for a defined time period for sales rather than with a capped numerical limit. A mintage cap would be a big disappointment since it would deny all of us from seeing how popular the program might be if allowed to seek its own sales level.”

    I would add that a lot of people who said they did not like the design last year are very likely going to have a different view when they see the new medals.  These truly are modern classics, and as Gary said, let’s hope that this program helps to encourage new circulating Liberty-themed coins, another proposal of the CCAC under his leadership. 

     

    Artificial Intelligence Coin Looks to the Future

    June 6, 2016 9:40 AM by Louis Golino
    A new series is being launched by the Mint of Poland on behalf of Niue called "Code of the Future," which deals with cutting-edge advancements in science and technology of recent years and decades such as virtual reality, augmented reality, artificial intelligence, and robotics, among others.

    The first coin, which is expected to be released in July, is called "Artificial Intelligence," also referred to as AI, and sports a very unique design as well as a number of special features.

    The reverse shows a human head superimposed with the inside of a computer (the motherboard), and a robotic arm that holds the earth in its grasp.  The background is an endless series of computer codes, i.e., 1's and 0's. 

    The obverse has a reduced-sized effigy of Queen Elizabeth by Ian Rank-Broadley and a very futuristic design with more computer codes, including towers of code with a human head on top and various futuristic structures.

    The coin carries a $2 denomination, has a mintage of 500 coins, an antique finish, and is made of two ounces of pure silver.  It has a diameter of 50 millimeters and a weight of 62.2 grams.

    Of special interest is the application of fluorescent ultra violet (UV) coloring on the head on the reverse that makes it glow in the dark.  It is best to put the coin under a light source for 30 seconds and then place it in the dark to see it glow.

    The serial number is on the coin and the certificate of authenticity, and the coin comes in a luxurious wooden box and a colorful shipper.

    The AI coin is being sold for $224.90 by First Coin Company (www.firstcoincompany.com) in California with free worldwide shipping. As always if you live somewhere where they charge any import duties or fees, First Coin Company will reimburse them. Here is a link to the listing: https://firstcoincompany.com/S/niue...016-fluorescent-uv-effect-antique-finish-2-oz

    You can use the code "THANKYOU" for a 3% discount.

     

    Future coins in the series are expected to deal with topics such as personal robotics and virtual reality.

    This unusual piece is a fitting tribute to perhaps the most important field of study and knowledge of all time, one on which the future of the human race depends, according to Elon Musk, founder of Tesla and Space X, who believes that we actually already live in a world of artificial intelligence.  In Musk's view there is only a one in a billion chance that we are not living in a computer simulation, and idea that many people may find hard to grasp.

    AI is commonly understood as the idea of creating computers that mimic the cognitive functions we associate with the human mind, such as learning and problem solving.  AI has already been used to create computers that can beat professional chess players and self-driving cars.

    As was suggested back in 1968 in the film, “2001: A Space Odyssey,” which featured a computer called Hal that took over the spaceship, the challenge of AI is to create machines that make our world better rather than going against humans and potentially destroying the world.  At the same time, as Musk argues, unless we keep advancing, civilization will destroy itself. 

     

    Little News from the U.S. Mint

    June 3, 2016 10:07 AM by Louis Golino
    It's shaping up to be a rather quiet summer in terms of numismatic releases from the U.S. Mint despite the fact that so many of the issues of greatest interest to collectors have not yet been released, or even listed with a date on the Mint's online product schedule.
    June's highlights include the launch of the Harper's Ferry quarters and companion 5-ounce silver coin as well as the 2016 Native American dollar coin and currency set and the 2016-W American Platinum Eagle proof coin.
    Last year's platinum eagle sold out in minutes and as i suggested here before its release, it has turned out to be a big secondary market winner and has definitely held its value.  The 2016 coin sports a gorgeous design of Lady Liberty in a neo-classical style, but no details have been released about the coin's mintage or household limit.
    Later in the summer the Nancy Reagan gold first spouse coin will be issued, marking the end of that series.  It will likely be a popular issue.
    But here we are almost halfway through the year, and there are still no American Eagle Silver proof coins with special edge lettering for the 30th anniversary or any news about some kind of special set for the anniversary, or one for the same anniversary of the American Gold Eagle program.
    And fans of the centennial gold tribute coins are puzzled that the Standing Liberty gold quarter does not have a release date, yet it was displayed at a coin show in late April, which suggests the coins have been struck.
    And not a word about the Walking Liberty gold coin.
    There are certainly reasons why the Mint needs to wait to release certain information about its programs and coins, but this situation seems very puzzling.
    Buyers need advance notice so they can figure out how to budget for several expensive coins that interest them, and the coin media can help the Mint get out the word about these issues.  But all that requires a specific plan and a lot more information from the Mint. 
    If nothing else, perhaps the officials at the Mint could provide an explanation for the lack of information such as a restructuring of staff or management.