We rarely give a second thought to where the money in our pockets or purses comes from. I don’t mean the effort in earning it. Rather, the actual place where it was made and the physical material that comprises it. Why should we? Paper money bills are made from cotton and linen/flax. (Nope, not paper.) When we need more, we grow, harvest and make more.
Modern “clad” coins are struck from a mix of nickel and copper. Plenty of that is mined every year with loads more known to be in the ground....
“Indifference, to me, is the epitome of evil.” -- Elie Weisel
Roughly 20 years ago, I traveled to Warsaw, Poland with several colleagues to assist the Polish Mint with their coin program. While there, we took the opportunity to travel south to Krakow for several days. We rode the train through the Polish countryside. On the trip, I couldn’t help thinking of the countless thousands who traveled those same tracks to a destination very close to Krakow – the town of Oświęcim. The German name for that town is Auschwitz, site of the most infamous concentration death camp in world history.
First-hand, I learned there is nothing more sobering than standing in the midst of where 1.3 million were deported and imprisoned. Of those, 1.1 million, mostly Jews, were murdered in gas chambers or by shootings, hangings, and from starvation, disease, and exhaustion. The exact spot where the notorious Dr. Mengele stood as he selected and pointed in one direction for those who lived and the other direction for those destined for immediate gassing is still there....
50 years ago, right now, the US was in the midst of gearing up for “Bi-Centennial Fever.” Those alive and aware back then will recall that frenzy was epic. Companies and people everyone were prepping for parties, events, celebrations, trinkets, souvenirs and collectibles en masse. Store shelves would soon be filled for the 1976 memorials – everything from miniature Liberty Bells to Paul Revere tri-corner hats. Where are all those keepsakes now?....
As investment terms such as “Aggressive Stocks” “High-Yield Bonds,” “Exchange Traded Funds,” and others go, “tangible assets” isn’t terribly flashy. Some people are, in fact, unfamiliar with it.
Tangible assets are defined as, “Physical objects that have monetary value and can be touched or felt.” Those last five words are the most telling. Humans seem to be the only species with this organic and/or sentimental attachment to physical objects. Hand someone a stained handkerchief and they won’t give it a second thought. Explain it was in Abraham Lincoln’s pocket when he was shot and they’ll worship it like gold....
As most weight-loss programs will advise, one of the first things a person should do to reduce the caloric intake of sweets and junk food is remove/eliminate any such temptation. After all, if it isn’t there to consume, it can’t be eaten.
In a fashion, a quarter-century ago right now, the US government endeavored to do something almost as radical. But, not quite. In 2000, the Mint issued a golden dollar coin. It was meant to replace our paper dollars which wear out after about five years. Conversely, the life span of a metal coin can be countless decades. If implemented properly, it could save substantial printing and minting costs.
The idea wasn’t unique to the US. Canada had successfully switched from a paper dollar to a dollar coin featuring a Loon on it. Canadians affectionately called it “the Loonie.” They embraced it. It became wildly popular and is still in widespread use up north....
The year 1980 truly wasn’t that long ago. Legions of people alive today remember it. Investors especially recall one event that made international headlines that year – the price of gold exceeded $800 per ounce. Historically, it had never been that high.
A mere decade earlier, in 1970, the price had been barely $35 per ounce. Then, in 1973, President Ford declared Americans could again personally own gold as an investment. Citizens increased demand by buying gold coins and bars. That year, gold climbed to almost $100. Vintage numismatic coins also gained traction and collectors.
Gold continued to climb through the ‘70s and ‘80s thanks to an oil crisis and political tensions. Then, interest waned. Prices languished. In 1999, gold fell to as low as $255. It didn’t receive much attention until the 9/11 World Trade Center attacks in 2001 and later during the subprime mortgage crisis. Those bolstered demand for tangibles and helped gold climb back to over $800....
A recent online version of one of the nation’s most storied magazines recently showcased an article with the headline, “If You Have One of These Rare Dimes, You’re Sitting on More Than $2 Million.” Along with that was a photograph showing a common 2003 Roosevelt dime. Who could resist such an opportunity?
Having written about collectibles – most often coins, currency and stamps – for longer than I care to admit, I had to learn what fortune awaited in my pocket change. I knew of no modern dime with anywhere near that value. According to price guides, the most valuable Roosevelt dimes from any year came from a special mint strike. Those are now worth a few thousand dollars. So, where is the two-million-dollar coin?
Turns out, it’s not a Roosevelt dime such as those we carry in our pockets. Instead, it is an ultra-rare “Barber” dime (named after the man who designed it) struck in 1894 in San Francisco. When I say “ultra” rare, consider only 24 of the coins were ever created....