July 1, 2009: Missing RCM Gold External Audit, Undated 20 Pence Coins, Coin Pricing

Silver PandaWelcome back to Coin Update!

Here comes another round up of coin collecting news and articles from around the web. As mentioned, I am currently on vacation, but will continue to make periodic updates whenever possible. First, the Royal Canadian Mint is taking some heat on the missing gold after the results of an external audit. Also, the US Treasury and Cash4Gold, precious metals investment taxation, new releases from the US Mint, undated 20p coins, the next 2009 Lincoln Cent launch ceremony, coin pricing, and notable auctions. On to the links…

The latest in the ongoing story about the missing gold at the Royal Canadian Mint. An external audit was released confirming that 17,500 ounces of gold worth about $15.3 million is missing. The loss was not the result of accounting or bookkeeping errors, but a still unexplained physical loss.

This is a little bit funny. A satirical segment on the Onion reported that the US Treasury came up with a plan to sell its gold reserves to Cash4Gold. A similarly satirical press release was issued. The press release was picked up by Commodity Online and reported as actual news.

A bill has been introduced in the Senate known as the Fair Treatment for Precious Metals Investors Act. If passed, precious metals investments in gold, silver, platinum, and palladium would be taxed at rates used for stock investments rather than the higher “collectibles gain” tax rates which currently apply.

The US Mint prepares to launch two new products on July 2nd- the Letitia Tyler First Spouse Gold Coin and the John Tyler Presidential Dollar Coin Cover.

Special Gold Panda and Silver Panda coins will be issued to mark the 30th anniversary of the issuance of Chinese modern precious metal commemorative coins.

The Royal British Mint has accidentally left the date off some 20p coins. At least 100,000 of the errors are estimated to have been released into circulation. This separate article reports that one of the errors has sold for £7,100 on eBay despite predictions that the coins would be worth £50.

An early article on the next 2009 Lincoln Cent release ceremony planned for August 13 in Springfield, Illinois.

CoinLink runs a few articles on coin pricing. Here is the second article about how one dealer prices rare coins.

And now for some notable auctions. To go with one of today’s stories, here are the auctions for the undated 20 Pence coins.

A nice example of the 1918 Lincoln Illinois Commemorative Half Dollar PCGS MS66. This coin has gotten more attention following the release of the 2009 Lincoln Commemorative.

A Morgan Dollar tough to find in top grades. Here’s the 1883-S Morgan Dollar PCGS MS64.

That’s it for now. See you at the next update!

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