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Buyers Beware: Not All Coins are Money
 | By Richard Giedroyc, World Coin News
October 28, 2008 |
Members of the Federation Internationale de la Medal (FIDEM) have discussed for years the question regarding where to draw the fine line between when a free standing art medal is no longer a medal, but becomes a piece of sculpture.
Perhaps a similar question should be asked regarding some non-circulating legal tender commemorative coins. Most collectors understand that not all coins are money in the sense that regardless of if the country of issue insists it will honor them as cash or not the bottom line is that most commemorative issues are not meant to circulate.
But, when does the envelope get pushed too far? World coin dealer Joel Anderson of Grover Beach, Calif. is a good source for some of the strangest recently issued "coins" in the world that perhaps in some cases may be more novelty than anything else, coins that are simply over the top. Some of these issues are coins only because the issue names the country through which they were authorized, a denomination, and a date. Let's face it. Many of these issues are produced for a very specialized market of collectors or for the uninitiated general public that doesn't understand coin collecting but likes the issue due to the subject matter appearing on the coins.
Anderson's recent Fall-Winter 2008 fixed price list has a section titled "Unusual Coins." This may be an understatement. The 2008 Palau Pearl of the Sea $5 coin is composed of .925 fine silver. The coin has a genuine pearl imbedded in it on the obverse. Struck in Proof the coin mercifully has a mintage of 2,500 coins.
An unnamed privately owned mint has released 2004- to 2006-dated $10 gold-on-silver Wildlife Jeweled Eyes coins in the name of Liberia. Liberia is a favorite country in whose name many NCLT coins are struck by privately owned mints since the Liberian government will allow these mints to pay a fee for the rights to use the name Liberia on virtually any commemorative coin these mints which to issue.
According to Anderson, "The animals' eyes [on these coins are] set in with bright, sparkling crystals, producing stunning effect." I would doubt any of these coins have ever been in Liberia.
The coins struck in the name of Palau and Liberia are conservative compared to recent issues struck in the name of the Cook Islands and Somalia. The 2006 Cook Islands Valencia Cathedral $5 coin is a gold-on-silver composition issue shaped like a cathedral, making it ridiculous to ever consider for circulation. It was likely issued as a souvenir targeting the general public. The coin commemorates Pope Benedict XVI's visit to Valencia, Spain, which has nothing to do with the Cook Islands. The coin has seven Swarovski crystal jewels where the stained glass windows would appear in the cathedral, making the coin an interesting numismatic item, but hardly anything that could circulate even by accident.
Somalia may be a land of many things, but it is doubtful guitars or grizzly bears are part of its culture. Nonetheless some private mint or mints decided to solicit the Somalian government for permission (Perhaps I am assuming too much?) to strike NCLT dollar coins in the name of that African nation. The 2008-dated North American Wildlife dollar coins not only depict a polar bear, wolf, buffalo, moose, mountain lion, or grizzly bear, but that side of each coin is in color and the "coins" are in the shape of each animal. I doubt any bank in The Federal Republic of Somalia will want to sell these coins by the roll.
Also recently issued in the name of the Somali Republic are sets of six 2004-dated dollar denominated coins in the shapes of guitars. Anderson wryly states, "though they never actually circulated in Somalia."
Now, common Joel! You meant to tell me Gibson guitars aren't popular in Somalia? Incidentally, these "coins" are available either in gold- or silver-plate, adding to the bells and whistles to attract buyers.
Don't blame the governments of the Cook Islands, Liberia, or Somalia for allowing privately owned mints to issue coins in their names. So-called recently issued coins likely destined to be cataloged in some future edition of Colin Bruce's book Unusual World Coins include the 2008 ½ and 1 cauri of the Kingdom of Kabousse (located in southern Senegal), 2008 Syppo 2 cauri (also in southern Senegal), and the 2008 25-cent coins of Westartica Territories. At least the coins of Kabousse and Syppo are round. The four-coin set of Westartica are triangular and fit together to form a square.
According to Anderson, "Westartica was created by a gentleman who made a claim to a large, desolate, uninhabited, and previously unclaimed section of Western Antarctica."
Well, at least this is better than the coins of the Kingdom of Bermania issued by coin dealer Allen G. Berman of Connecticut. Bermania exists (No offense intended, Allen.) in Allen's mind, although the kingdom does reach reality when the kingdom's royal family hosts receptions at certain world coin conventions.
All right, maybe I am too much of a purist, insisting coins be something that actually can or have been used as money. Regardless, it is always interesting to see what technology is available for use on coins, regardless of if it is circulating currency or not. There have been innovations in which new technologies have later been adopted for use on circulating coins.
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