Coin Collector Blog

Mullen Coins Collection Blog provides valuable articles and content about coin collections, rare coins, currency, antiquities and interesting reviews of news and events within the numismatic community.
Find valuable articles and content about rare currency, currency collecting, currency evaluation, and currency prices.

Europe Is Fighting Counterfeiting

€50 banknote

We’ve discussed before what a problem counterfeiting is in the coin world. In recent years counterfeit coins have proliferated in America so frequently, many of them imported from China via online sales, that the U.S. Mint has issued warnings. A few years ago, when the stock market was in freefall and real estate rapid lost value, collecting coins became not just a hobby but an investment for many people. The characteristics about coins that make them valuable - origin, condition, scarcity, and history - do not fluctuate much over time and, unlike bank accounts, coins are not hackable (although they can, of course, be stolen). Counterfeiting is a significant threat to collectors, however, and anyone involved with coins has an incentive to stop it.

In April the European Central Bank issued new €50 banknotes they designed to be far less vulnerable to counterfeiting. These orange-yellow bills were designed in consultation with Stanford neuroscientist David Eagleman to so that anyone - not just currency experts - would be able to spot a fake. The usual security measures are present, including watermarks, color-changing inks, threads, and microprinting, but instead of relying on high tech measures, the ECB took a new tack: focusing on face recognition. This is because the general populace doesn’t look at their money very carefully and the human brain isn’t designed to spot inconsistencies in objects that often decorate paper money.

Continue reading
  1318 Hits
  0 Comments
1318 Hits
0 Comments

The American Money Experiment

The American Money Experiment

In the twentieth century the dollar became the global reserve currency when in 1944 the world’s developed countries met at Bretton Woods, New Hampshire and pegged the exchange rate of all their currencies to the U.S. dollar. Prior to that, most countries were on the gold standard which meant that, upon demand, they would redeem their paper currency for gold and kept enough gold in reserves to do so.

Eventually the United States abandoned the gold standard, when Richard Nixon completely untethered the value of the dollar to gold, but by then the U.S. had the most robust economy of any country in the world, so it remained the dominant reserve currency. Is there a country in the world where you cannot exchange dollars for the local currency?

Continue reading
  1778 Hits
  1 Comment
1778 Hits
1 Comment

The Story of the Currency of the Old National Bank of Grand Rapids

panhot.jpg
ONBGR note.jpg
McKay Tower.jpeg

People who have grown up using a universal United States currency are often surprised to learn how diverse historical American coinage and currency is. Local and state banks issued their own money, backed by reserve currency, and did business for hundreds of years this way. It wasn’t until 1863 that President Lincoln signed the National Bank Act into law. This created the United States National Banking System, a prototype of what we use today:

“The National Banking Act (ch. 58, 12 Stat. 665; February 25, 1863), originally known as the National Currency Act, and was passed in the Senate by a narrow 23–21 vote. The main goal of this act was to create a single national currency and to eradicate the problem of notes from multiple banks circulating all at once. The Act established national banks that could issue notes which were backed by the United States Treasury and printed by the government itself. The quantity of notes that a bank was allowed to issue was proportional to the bank's level of capital deposited with the Comptroller of the Currency at the Treasury. To further control the currency, the Act taxed notes issued by state and local banks, essentially pushing non-federally issued paper out of circulation.”

Continue reading
  3527 Hits
  0 Comments
3527 Hits
0 Comments

Quality and Rarity Drive Values for US Coins, Ancient Coins, and US Currency

$10 National Bank Note – The Old Grand Rapids National Bank
1879-CC Morgan Dollar
Arsinoe II, Wife of Ptolemy One-Mina Piece

“Buy the best you can afford” is a sound strategy for collectors of nearly any rarity, but is particularly important with US coins, ancient coins and US currency.   Also, as simple as it sounds, never forget that rarity is of critical importance to long-term value.

Since 2008, the coin market has done well compared to other financial markets.   However, the increase in value of common coins has been driven almost entirely by the increase in gold and silver values.   Common copper and nickel coins have languished or decreased in value while rare coins of high quality have skyrocketed in value.

Continue reading
  19198 Hits
  0 Comments
19198 Hits
0 Comments

PCGS NGC Michigan State Numismatic Society 

Mullen Coins, LLC, Coin Dealers, Supplies, Grand Rapids, MI

 PMG Authorized DealerWest Michigan Coin Club