Gold dropped below US$800 per ounce Friday for the first time since 26 October 2007. A sell off of more than US$100 per ounce since 1 August. According to the AP reasons for the drop include the strengthening U.S. dollar, crude oil easing from its record levels and signs that worst may be over for the slumping U.S. economy.

The greenback’s comeback has hit gold particularly hard. Gold for December delivery dropped $22.40 to settle at $792.10 an ounce on the New York Mercantile Exchange, after earlier falling to $777.70, its lowest level since October. As recently as March, the price of gold was well over $1,000 an ounce.

Other precious metals traded mixed Friday. Silver for December delivery shed $1.43 to settle at $12.93 on the Nymex, its lowest close since almost a year ago, while September copper rose 1.65 cents to settle at $3.2925 a pound.

The best place to check precious metals is at http://www.kitco.com/market/

Below is a chart from Friday 15 August 2008:

The Atlantic County Numismatic Society (ACNS) was featured in the 14 August 2008 issue of The Current in the Northfield, Linwood and Somers Point edition.

Reporter Jackie Hanusey visited our 06 August 2008 club meeting and interviewed Joe Medio, Mark Elder, YN Matthew Bye and myself. The half-page story also featured a color photo (at right) of club Secretary Tom Gullone and Mark Elder.

The story is available online on The Current Web site, when you browse the 14 Aug issue, it’s on page 27. I’ve also posted the article as JPG and PDF files.

In case you missed it the Atlantic County Numismatic Society (ACNS) was featured on the front page of the 10 July 2008 Issue of The Sentinel newspaper which services Somers Point, Linwood and Northfield, NJ.

Reporter Tom Gunne was nice enough to visit our 2 July 2008 club meeting and interviewed Adam Persello (on of our YNs) and his mom Catherine, Tom Kohler and myself for the piece. In addition to the front page ink, the ACNS story jumped to a second page featuring pictures of Gene Leoffler and Adam Persello.

You can download a PDF version of the full article here.

Q: Why are many coin banks shaped like pigs?

A: Long ago, dishes and cookware in Europe were made of a dense orange clay called ‘pygg.’ When people saved coins in jars made of this clay, the jars became known as ‘pygg banks.’ When an English potter misunderstood the word, he made a bank that resembled a pig and it caught on.

Q: Why do dimes, quarters and half dollars have reeded edges, while pennies and nickels do not?

A: The US Mint began putting reeding on the edges of coins containing gold and silver to discourage holders from shaving off small quantities of the precious metals. Dimes, quarters and half dollars were reeded because they used to contain silver. Pennies and nickels weren’t reeded because the metals they contain are not valuable enough to shave.

Nine silver dollars and a gold one-ounce $50 coin are called for in legislation seeking to honor the golden anniversary of the National Aeronautics and Space Administration, known universally by its NASA initials.

There are two measures that originated in different houses of Congress. Senate Bill 2159 passed with amendments on June 19, while another measure, H.R. 250, passed the House last year.

Both measures would significantly expand the realm of intergalactic coinage, and incidentally modern commemoratives, with the first $50 commemorative coin since the Panama-Pacific Exposition of 1915 and the giant slugs it wrought. The Senate measure expressly overrules the “only two commemorative programs a year” provision of the U.S. code, calling for orders in 2008 and production between now and the end of 2009.

Source: Numismatic News.

New York gold and silver are rising sharply again. Let’s look at the recent price increases:

• 04 June 2008 - Gold - $876 per ounce, Silver - $16.72 per ounce.
• 23 June 2008 - Gold - $887 per ounce, Silver - $16.79 per ounce.
• 28 June 2008 - Gold - $920 per ounce, Silver - $17.40 per ounce.
• 01 July 2008 - Gold - $940 per ounce, Silver - $18.09 per ounce.

Gold is up $64 per ounce (6.8 percent), and silver is up $1.37 per ounce (7.6 percent) since our last meeting.

Keep up with daily prices at Kitco.

Public voting for three designs for the official Virgin Islands territorial quarter ended Friday, June 13. The winning design “V.I. Beauty” received 6,882 votes or 52 percent. The “First in Freedom” and “Three Queens” designs garnered 4,553 and 1,887 votes respectively.

The “V.I. Beauty” quarter designs is a geographical rendition of the Virgin Islands, which includes the 3 major islands, the official bird of the Virgin Islands, the Yellow Breast or Banana Quit (Coreba Flaveola), and the official flower of the Virgin Islands, the Yellow Cedar or Yellow Elder (Tacoma Stans).

2009 quarter release schedule:

• The Commonwealth of Puerto Rico
• Guam
• American Samoa
• The United States Virgin Islands
• The Commonwealth of the Northern Mariana Islands

More information regarding these quarters, including the design process, may be read though the US Mint page, The District of Columbia and United States Territories Quarter Program.

Source: CoinNews.net

The United States Mint has chosen the nation’s largest coin show in Baltimore, Md., this summer to unveil the much-anticipated 2009 Ultra High Relief Double Eagle gold coin-a modern version of what many call the most beautiful gold piece ever created.  United States Mint Director Ed Moy will participate in the Opening Ceremony of the American Numismatic Association’s World’s Fair of Money on Wednesday, July 30, 2008, at 9:30 a.m. and then officially open the United States Mint exhibit.  The display at the United States Mint booth will show the development of this modern masterpiece-a one-ounce 24-karat (.9999 pure) gold Ultra High Relief Double Eagle.

Aided by advancements in technology, the United States Mint now can produce in quantity the ultra high relief coin envisioned, but never fully realized, by renowned sculptor Augustus Saint-Gaudens in the early 20th century.  The collectible coin will be about 50 percent thicker than other United States Mint one-ounce gold coins to achieve the greater depth and relief to which Saint-Gaudens aspired.  Visitors will be able to feel the ultra high relief on a plaster of the coin that will be featured at the exhibit.

The World’s Fair of Money runs from July 30 - August 3, 2008 at the Baltimore Convention Center, One West Pratt Street - Baltimore, Maryland - 21201. Phone: 410-649-7000.

Read the rest of the press release at the U.S. Mint web site.

Coin legislation entitled NASA 50th Anniversary Commemorative Coin Act (S. 2159) should receive the President’s signature in short order.

The Senate unanimously passed the act on Thursday, June 19, which follows unanimous passage by the House for the same named bill on July 30, 2007.

The legislation authorizes the United States Mint to issue:

• 300,000 silver $1 dollar coins from each of 9 designs, and
• 50,000 $50 one-ounce gold coins

The NASA commemoratives would be minted in “proof quality only.” The proposed nine various designs for the silver coins add an extra level of intrigue to these commemoratives that is sure to peak interest.

Source: CoinNews.net

District of Columbia Mayor Adrian Fenty announced Thursday the winning Washington, D.C. quarter design featuring historical jazz legend, Duke Ellington. The Mayor officially communicated the selection to United States Mint Director Edmund Moy.

The voting was close across each, but the winning quarter design of Ellington won by 3 percentage points.

In a letter to Director Moy, Mayor Fenty could not help but bring up the Mint’s rejection of D.C.’s first inscription choice, “Taxation Without Representation.”

“As you know, the overwhelming majority of Washingtonians who participated in the entire process requested that the District quarter include the phrase “Taxation Without Representation” to help educate the country about our historical and continued status as unequal citizens.

We were disappointed by your decision to disallow this phrase, as it is a condition with which we live every day.”

2009 quarter release schedule:

• The Commonwealth of Puerto Rico
• Guam
• American Samoa
• The United States Virgin Islands
• The Commonwealth of the Northern Mariana Islands

Source: CoinNews.net