The Purple Penny Coin News - Episode 32 2024, August 26th

hello everyone welcome to this week's video from the purple Penny my name is Mark I own and run the purple Penny along with my wife Katherine uh we're a coin and Bank node dealer in the northern suburbs of Adelaide which is the capital of South Australia been here for about 5 years and been doing these videos for most of that time try to have them at about 12:00 on Mondays uh and life allowing of course and every week we try to have a uh a topic of the day today being the last Friday of the month is our question and answer day but we don't really have any questions today we' only got one one question that I'll answer when we get to that that part of the video uh if anyone who's watching live has any questions please feel free to pop those questions in the comments when we get up to uh the Q&A section of the video and I'll do my best to answer them for you right so if we uh think about last week last week here in the shop was quite busy we we had a very busy day on Thursday uh there was no mint releases last week we are royal Australia mint Distributors so you know once every couple of weeks we do release some new products for the Australian mint we get a small allocation of those there is a new mint release du out uh this Thursday and there was another one announced for the first week in September which is the annual Christmas coins which the mint has been releasing for the last few years uh allocations unfortunately are very small for those so when we get to that we'll just cover off on how we're going to deal with those first bit of news for the day is the adade coin Expo just about five or six weeks to go till the adade coin Expo it's on Saturday and Sunday October 5th and 6th at the torren parade grounds uh there a gold coin donation uh for entry and uh parking on the parade grounds is $10 cash there is parking sort of uh you know 10 within 5 or 10 minutes walk away that's free or you can park along Victoria Drive uh if you get there early on Saturday you should get a park and on Sunday you should probably get a park for most of the day long Victoria Drive that is pay parking as well the next item on the news is the new Ram releases of course we've got uh the Charles 3 rolls the Charles I thir rolls du out on Thursday uh and the 10cent 20 Cent 50 Cent and doll rolls are being released of course the 5cent and $2 rolls were already released uh you'll probably find most dealers have a very small number of the premium rolls and a lot of the non premium rolls uh we we really uh we have a very limited number of Premium rolls if you are an install customer and you do want the premium rolls then you give us a give us a call and we'll see if we got some available we won't be mailing them out and uh we will not have any of the non premium rols the other release that's due out on the 5th of September which is the first Thursday of the month is the Christmas coins so they've released these for the last few years they're call the Christmas festive floral coins as usual there's a colored copper nickel 50 in colored card with five different colors available all the same coin and a 50 c fine silver proof there so this year the carded coins are 1750 uh the price has gone up I think $5 on those and the colored silver proof is 135 uh we got a laughably small allocation of those coins uh so there will not be any available on our website on release date unfortunately uh if you are an instore customer then please let us know uh if you after if you're after any of those coins and we'll do our best to keep our regular instore customers happy with those but it is a very small number right next item in the news so I'll just show you the news here so we're going to be talking about no I like talking about metal detecting finds uh there will be a uh story about an Australian metal detecting find which uh is interesting which is interesting we don't get many Australian metal detecting finds there's been another development in the bluey coin theft of course there were uh Bluey coins stolen from a secure facility in Sydney in July dollar coins uh that are related to the Australia Post Bluey coin tube and folder release for next month uh then we're also going to talk about a $200 coin which the mainstream media has hyped up uh with the usual Rare Coin BS that they go on with and then we'll have a couple more interesting coins about uh stories about other coins in the news so let's just jump into the Tasmanian coin find here a metal detectorist in Tasmania detected a a bronze coin or a copper coin from 1754 and you can see there that it's got VOC on it and VOC if you've been around coins for a little while you'd know is the Dutch East India Company the Dutch East India Company was a a trading company founded by the Dutch government in uh about 1600 and uh was most mainly set up for the exploitation of uh Holdings in Asia and certainly we would know it as Indonesia that's where the Dutch East India Company was strongest here in this part of the world and uh this copper coin that was found in Tasmania is called a do it and a do it is about equivalent to a faring so uh it's 3.8 G there's four Duets per stoer a stoer is a Dutch silver coin that's about the size and of a 5cent piece but considerably lighter and there's 20 sters per golden and a golden is a silver coin about the uh same size as a Floren and uh if you're wondering what that comes out to in colonial times I do it was valued at uh the same as a Floren and and uh so that makes one of these uh dos equivalent to about a faring so uh thank you to thank you to Antonio saying that do it is the Indonesian word for money thank you for that so now so this is a a Colonial Coin they typically come from Indonesia and places around there uh they're not very valuable that coin there is worth less than $5 and uncirculated condition may be worth $50 to $100 how did it get to Tasmania well was almost certainly bought there by a sailor or a merchant who had uh either come from the Dutch East Indies or traveled through the Dutch East Indies were they traded in Tasmania well we don't really know uh you know you would imagine that they would have had some sort of local value uh but they weren't specifically mentioned in uh the proclamation coin uh declaration by the governor anything like that but youd imagine they would have had some local value so a really interesting find their biometal detection interest in Tasmania so congratulations to that person we just say a few Hells before we go on any further hello Charles hello Peter hello Greg hello John hello Wendy hello Michelle hello David hello Patrick hello philli hello Antonius JJ Wendy Jay Ray another Peter Alistair PC supercore Alis uh right and that's and Brett Ronan Gwen Peter and Aaron so thank you everyone for joining in today uh so I won't tell you what I've got this slide labeled over here because uh I think you can get taken off of off of Facebook for fou language but uh let's just uh Clap the mainstream media on the back for pursuing their Rare Coin crap that they go on and on about so they have uh stolen a video off of Tik Tok with some jeweler in Melbourne who accepted a $200 gold coin in exchange for some jewelry and it was all crapping on about rare coins and rare this and rare that now if you you've been around Australian coins for any matter of time you know the $200 coins are not rare and in fact most of the $200 coins have no value above the gold value that they have so uh this woman was given $1,000 discount on some jewelry that they bought in the store now let's just ignore the fact that uh when you're giving discount on items uh when you're trading in items for Discount you're actually making less money than well the store is making more money out of it because they're trading $1,000 in retail value uh you know you are better off getting paid in cash a lot of the time rather than taking it in store credit and if you are going to ask for store credit you should ask for a bit more than the cash uh it is not r here as all the mainstream media Outlets crapped on about it's a 1983 $200 koala coin has 10 G of 22 karat gold in it uh 029478 in bullion value there were 88,9 183 kilers minted and $200 coins were minted from 1980 to 1994 the lowest mintage coins had about 4,000 minted and they were just minted in the last couple of years and even those with just a mintage of 4,000 barely get any premium above the gold value so uh $200 coins aren't rare they're worth the gold that's in them and a lot of the time uh dealers like us even struggle to sell them for the gold value because there is so little interest in those coins next item on the menu is a uh a metal detectorist with a difference in the UK so a a gentleman who uh was interested in archaeology as a young person and became a qualified archaeologist thanks to his love of the Indiana Jones movies and as part of being an archaeologist he's also a hobby metal detectorist and being an archaeologist he knows a bit more than the rest of us and he actually saw some Crop Marks in a uh newly harvested barley field now I'm not sure how he saw those cuz generally you need uh to see those from the sky you know maybe he climbed a tree or a ladder or something uh what's a crop Mark a crop Mark is a difference in perhaps the density of the vegetation in a field or the color of a vegetation uh and it's caused by differences in the soil structure under the crop that's in the field and that could be because of buildings being under there or a road or excavations or something like that so he decided to to metal detect this field that had these Crop Marks in it and went on to find 748 coins in that particular field oh yeah thank you maybe he used a drone yeah that's really that's probably how he did it uh so you found 748 coins they were a mix of Iron Age Roman Republican and Roman Imperial coins dated from 26 BC to 47 ad now of those 748 coins are very museums around the UK have claimed uh some of them which leave the gentleman to auction off the remaining 650 odd coins and they're expected to fetch about £775,000 and he will split that uh split those proceeds with the owner of the field that he metal detected and if you do happen to read this story it is interesting because this gentleman was an archaeologist uh he handled the whole process completely professionally including having people looking after the site uh overnight while he called local archaeological authorities to get them in and help him excavate the rest of the site so a really fantastic uh find there the find was 5 years ago so it's taken five years for these coins to go through the legal processes before he can uh before anyone can get their hands on them now someone did mention this earlier uh this is the jewel Turtle 2024 proof coin that the Perth Mint uh has just announced to release of so they've released uh about seven or eight of these jeweled coins the Perth Mint uh they are made to order which means that you have to Pony up the cash for them before they'll actually make one and issue it to you contains 10 oz of uh fine gold which today is about $37,000 worth of gold and it also includes 2.2 carats of hand set white and pink diamonds and uh uh I didn't actually write the price there $290,000 if you want one of these thank you very much just $290,000 uh the mint the Perth Mint has released a few of these Diamond coins they've done seven in this series and there were some other ones that had pink diamonds in them they released in the 2010s I did actually have someone bring some in here one day brought in four or five of them and uh they were quite remarkable and uh we didn't buy them because uh we don't have the customers for them and we didn't have the money for them either uh pretty pretty amazing uh coin there released by The Perth Mint so if you've got $290,000 down the back of the couch and you're looking for someone to spend it contact the Perth Mint and uh they'll fix you up interesting story here about the Royal Mint in the UK the Royal Mint in the UK has abandoned basically 260 million 1p and 2p coins that are sitting in various warehouses around uh the UK and if you do the maths on 260 million I think there's about 110 million 1 PS and the balance of them are two pce that's more than 1,400 tons of coins that are sitting in storage uh the one p and 2p coins are bronze with a steel core and I guess that's going to add add difficulties to recycling these coins uh and the mint hasn't been recycled in bronze coins like this for more than 10 years they shut down their base metal recycling facilities more than a decade ago and they've been accumulating these coins ever since there is calls in the UK all the time to scrap the onep and 2p coins and uh of course the less the people who are scare mongering are suggesting that that's going to cause inflation because Merchants will round the prices up to the nearest 5 p uh which is of course exactly the same as what uh some people suggested when we got rid of our one and two cent coins and of course there was no change and the UK only needs to look at the Australian example to understand there will be no change to get rid of their one p and 2p coins and uh this is despite the fact that the mint still makes one and P2 one and two P coins and their Research indicates that most of the one and 2p coins are used only once before they're banked or put into money boxes or literally thrown away so if ever a government has a way of saving coins uh getting saving money it's getting rid of the one and two P coins and scrapping whatever they've got left to scrap and just biting the bullet and uh moving on with the British Public's lives now I just wanted to share this with you before we go on the question and answer this is just some reminders about what Katherine and I do here in the shop we do buy all sorts of things over the counter here and we make no apologies for the fact that we buy and sell to make a profit uh and most people seem to understand that so we do buy items over the counter we don't buy everything that we're offered over the counter and we are under no obligation to buy everything that comes in over the counter and uh I'm not sure why some people seem to think that we are obligated to buy everything uh we don't buy unsalable items we don't buy items that are soiled or damaged or unsalable you know so what does that mean it means that if you bring in a w worth $2 folder and uh it's got $10 in face value in it and you have chosen to eat your lunch on that folder and it's covered with food stains and things like that we won't buy it because uh there's no we we can't sell those products so the people who uh don't look after their coins and I've spoken to this spoken about this before uh that if you are going to collect modern modern mint product then one Surefire way of helping to maintain the resale value of it is to store it properly to look after it to uh not allow it to become damaged to not allow it to become stained or damp or eat with it or whatever you do with it uh you know that's one way of helping to maintain the resale value of those items so we don't have to buy buy things that are brought in here and we won't buy things that are damaged and unsalable we don't buy pocket change we don't buy 50 cent pieces and 20 cent pieces and dollar coins and 5cent pieces we just we don't buy it uh we we can find all those coins in change the same as what uh people who bring them in here can and uh we don't agree with what videos and various articles online say about the values of those items we just don't agree with it and we are not obligated to buy it and we won't buy it now that being said when people bring that stuff in here uh we will look at it with you we're not going to turn our nose up at it we will look at it with you and we'll explain to you what it is that we're looking at and we'll uh tell you about mintages and things like that and uh often you know we'll explain that those coins that you're trying to sell to us we just give the mountain and change so we don't buy pocket change we just don't do it now we when people come in here we want to work with them so what does that mean it means that we try to pay uh the best prices that we can for things when they come in here again we make no apologies for the fact that we need to make a profit but we like to be able to uh we like to be able to work with people when they come in here if a product is hot and it's easy to sell then we will pay more for it and share that with the person who's bringing the items in here the flip side of that is that we expect people to work with us as well uh so you know if uh if someone is a reseller of items uh and they won't work with us when they're trying to sell stuff to a stock that they can't sell then you know we're not really interested in working with them as I said we always will look at what's brought in and shown to us uh we'll always give people time we'll always try to teach those people something that have brought that stuff into us and we always strive to to be polite and uh we always expect people to be polite to us uh we're not a cash machine we're not there to provide cash when people decide that they want to get rid of their old stock or or whatever uh and um we just want people to be polite with us and we will be polite to them and uh we want to work with people we want to work with you right let's get on to the question and answers so we had a question about uh pcj grading of valuable coins specifically referring to 1930 pennies and 1923 pen half pennies and the question was uh if you buy a valuable coin such as a 1923 half penny or a 1930 Penny and it is sold at a particular grade by a dealer should you immediately get it regraded by PCGS uh should you immediately get it regraded by PCGS now the answer to that like most questions is it depends uh if you are looking to hold on to a coin longterm and you are to be assured of its authenticity and grade and you believe that the investment in getting a coin graded uh is worthwhile then yes you should get it graded because at least that way you've got uh Assurance of its authenticity hopefully Assurance of its grade and it is going to be mechanically protected in a PCGS holder but the there is a real cost involved with that a 9232 penny could be more than $100 to get it graded a 930 Penny could be several hundred to get it graded so uh there is a cost involved with that that being said here in the shop uh we get very few 9232 pennies graded uh just the really good ones are the ones that we do uh and uh as far as 930 pennies we've had every 1930 Penny that's come in here graded or one of them so someone just asked about that that particular coin there we did get that graded and uh that was really just for authenticity reasons just to ensure that it was just to provide people with the assurance that it was authentic we knew it was authentic and to uh settle on a grade for it uh with a 930 penny at least differences in in grades of you know just half a half a gr grade can make a huge difference in the price so um that's why we got that graded and where is it it's still here so we haven't done anything with that it's still here now the other question was uh from the same gentleman was about insurance uh now as you know Australia Post doesn't ensure things that are in the mail uh only up to a certain value so what does that mean it means that if you are going to get a coin graded then uh if you're getting it graded yourself once it's in the mail it's uh it's not covered I'm not sure if you're dealing directly with pcjs if they ensure a coin when it comes back to you and similarly if you deal with a pcjs authorized dealer such as uh Drake Sterling I'm not sure how there Insurance works either you can pay extra with Drake Sterling for insurance but whether that that's covered from you to them I don't know that's a question for Eric at Drake Sterling now the last question that Alan asked me about this was is there a physical location uh that you can drop these coins off well you probably can drop them off to Drake Sterling directly uh in Sydney similar with Imperial coins in Queensland uh two coins I think they're in New South Wales you can drop them off directly to them uh there is nowhere here in Adelaide where you can drop them off directly we don't do it for other people so uh I hope that answers all of your questions there Alan and thank you for taking the time to ask the questions right now there were a few questions up here that people asked so uh and I do apologize if I've missed them because Facebook has scrolled all the messages off the top so um if you have asked a question and I miss it I do apologize feel free to ask it again so I'm just scrolling through the comments here uh Mark Lewis oh thanks Mark for your kind words there do we buy colored Aussie coin hunt coins yes we'll buy those uh because they do have a new mismatic premium we won't buy loose coin hunt coins you know the non-colored ones unless they're still in mint bags $2 coins for example uh we'll buy purple coronations and red poppies from 2012 but we won't buy any other loose ones but we will buy them if they're in rolls or bags so thank you for that question uh JJ I've answered that how are the PCG grading turnaround times at the moment uh I have no idea we haven't done a submission for a while so I have no idea where they're at you can jump on to the PCGS website and they do have estimated turnaround times there for different submission types uh but uh how realistic they are I don't know I don't know Peter says he had his 930 pen career by people I trust to and from Sydney and Eric centered by DHL to California uh so Peter was it covered by Insurance uh through all that process again I don't know Glenn says I have always wondered about the painting process and how it's performed on coinage have you an insight to this well I believe that the well I don't believe I know that the process for circulating colored coins and the NT colored coins is quite different uh the NT colored coins that you typically see are are pad printed which is a a process for painting flat surfaces and curved surfaces and that paint is not durable and can be um scratched off with your fingernail uh the process for circulating coins is quite different there is a there is a uh patent available online that you can that the Canadian Mint put out about how the process works now I don't know if the uh paint is enamel or it's some sort of baking process or some sort of you know two-part paint that sets or something like that uh I don't know but I know that it is different to that that is used on non-circulating colored coins I know that it's different it is much more durable uh now if anyone else has got any questions that's asked them earlier in the video please pop them in the comments now because uh Facebook has scrolled those comments off the top of the the post and I can no longer see them so if I've missed out on your question I do apologize uh I guess uh if you're wondering about a bit of context about that reminders uh thing it's um we just had a bad experience last week with uh someone who brought in some soil mint product and uh was decidedly unpleasant when we declined to purchase it and uh we had a bad experience with someone who bought in some watercolored paintings and uh became aggressive and quite upset when we declined purchasing of them because I don't know anything about watercolored paintings so you know that again comes back to the fact we're not obligated to buy what we're offered and uh we're not a cash machine that where you get to make a withdrawal when you've got something you want to get rid of so uh and in both cases there was a lack of respect from the person on the other side of the counter and Katherine and I you know we we do our level best to be happy with everyone right I think that'll do today I think that'll do today uh thank you everyone for watching and uh if you have any questions and things like that please save them for the video next month or send me an email so I can put them aside oh okay Wendy what was the most interesting item that's come into your shop and got you really excited and what was it was their history behind it um what a great question I don't know some of the milit some of the military stuff comes in that comes in is fantastic because of great history behind it uh but that's not necessarily everyone's cup of tea uh something that always Springs to my mind uh is an accumulation of early Australian pred decimal coins from the 1010 and you they were just in a box with some Badges and medals and things like that uh but there were two paper envelopes in that stuff and handwritten on it was uh and I've still got the envelopes handwritten on it was uh Stone taken from the top of the kufu pyramid uh August 1909 and then a date and the the paper bag was empty the writing was in fountain pen and it was clearly that old uh so at some point someone has uh climbed the Great Pyramid in Egypt in 1909 uh and climbed to the top and found a small Stone and brought it down and they've put it in an envelope and uh at some point the envelope has uh become separated from the stone and we have the envelope but we don't have the stone the person that we bought it off of seems to think that the stones are somewhere and he promised he'd bring them in if he ever found them but we've never we've never seen them again uh which is a great shame uh and I would love one day for that gentleman to bring those stones in here but how would we know if it's a stone from a pyramid or if it's uh just a stone and of course these days you cannot climb the pyramids and you cannot take Stones off of them and I think that it's a historic reminder of a more naive time where uh people didn't necessarily respect the the age of these things but uh I would love for those stones to come here and be reunited with those paper envelopes what are they worth nothing they're worth nothing but they are something that will stay in my mind forever because uh it was just such a remarkable thing right that's it thank you everyone for watching uh thank you to Peter who shared some graphs with me this morning morning I'll share with those with you next week uh thank you everyone for your questions uh stay well stay happy enjoy collecting and we'll see you next time bye for now