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coinsbygary's Blog

26 Oct 2020

An Interesting Concept, but can it Work Here?

Coins-World | coinsbygary

Before I comment on my interesting concept, I want to thank Stumpy for his generosity to me. When Stumpy noticed that I was interested in collecting Spanish coins, he sent me a message asking me if I wanted a few Spanish Olympic coins. Naturally, I was interested in the coins and accepted his offer.

When the coins arrived, there were three 50 PTAs and four 25 PTAs coins. Five of the coins were 1992 Barcelona Olympic coins, and two were 1992 World Exposition coins. Along with the coins, Stumpy sent a detailed description of each coin from his research. Stumpy also mentioned that he pulled each of these coins from circulation, and he went on to say that they weren't worth very much.

Since the peseta has been discontinued, I've found it challenging to figure out the exact exchange rate in 1992. That said, I have guesstimated the exchange rate of the 25 PTAs to be 17 cents and the 50 PTAs to be 35 cents on the dollar. To put the 1992 peseta's devaluation into perspective, I own an 1877 twenty-five pesetas gold coin with a gold fineness and weight comparable to our half-eagles. That aside, the 25 PTAs is 19.5 mm in diameter and composed of an aluminum-bronze alloy. The 50 PTAs is 20.5 mm in diameter and composed of a copper-nickel alloy.

Now on to my interesting concept. 1992 was a phenomenal year for Spain, hosting two worldwide events in the same year. That Spain issued non-circulating commemorative coins for the Expo and Olympics is not surprising. But to mint circulating commemoratives seems to be a little unusual. Perhaps it seems that way only because the United States issues non-circulating commemoratives. That said, the 50 States and America the Beautiful quarters come close. However, when it comes to an event or anniversary of national significance, there are only non-circulating coins to mark the occasion.

One of the commemorative coin programs aims to raise money for the event or memorial the coin represents. Now this one point kind of sticks in my craw. Why does the collector have to pay most of the proceeds the US Mint hopes to raise? After all, doesn't the collector buy most of the commemorative coins? Instead, why not issue commemorative copper-nickel coins to circulate with the regular circulating coins. These coins can temporarily take the place of circulating coins or circulate alongside them. This seemed to work with the Bicentennial coins. To get commemoratives into everyday consumer's hands is an excellent way to raise national interest. This, combined with a decent marketing plan, may help get people outside the collecting community to buy non-circulating commemoratives. To me, this is a win-win. The mint raises more money for the event or memorial and attracts more people to coin collecting. Now I haven't entirely thought this out, but it seems that this may be an idea worth pursuing.

Finally, Stumpy offered me these seven Spanish coins free of charge. In recognition of that, all I can really offer in return are pictures! Stumpy, my friend, these pictures are for you along with my heartfelt thanks! Gary

Comments

Mal_ANA_YN

Level 4

What a fantastic gesture. You both are very dedicated to the hobby and its history. You are inspirational!

slybluenote

Level 5

I resemble ALL of the above remarks! It's the reason I keep blogging. The folks on here are "exceptional folks"! I too have benefited greatly from everyone's expertise regarding a wide array of topics. Stumpy, all I can say is that "you're too kind". As for CBG, I know the many pictures that I have taken so far have been way less than perfect. My supervisor has purchased me a brand spanking new Canon camera which is on it's way with 2 different lenses. Like numismatics, I will have to learn how to use it! Great post CBG ! Love the coins!

I. R. Bama

Level 5

Canada does exactly that, issues a lot of commemoratives in circulation strikes. Some of them seem worthy of issue but there are so many that IMHO they become a tad trite

coinsbygary

Level 5

Classic commemoratives, as well as modern commemoratives, have fallen prey to both abuse and overuse. They need to be reigned in and limited for my idea to work.

Stumpy

Level 5

When CBG and I were first talking, I knew that if he took the pictures they would look good! The ones I took look like a dirty, tiny washers. lol. Thanks for the blog and the great photo's. The mentorship and knowledge I gain from all of you on this site and yes, that includes YNs as well, mean a lot to me. I appreciate the many different approaches to this hobby of ours and I live vicariously through the many collections, stories and photos that appear daily on this site. Thanks to CBG for presenting these coins in a way I could not have. Later!

Your idea makes great sense, but that is why the mint is probably not going to use it. These are interesting coins, I didn't know any european country issued "holed" coins to circulate.

I. R. Bama

Level 5

@ Big Nub.... France and Hungary have issued holed coins as well

Mokie

Level 6

Wow Stumpy!!! And Wow Gary!!! I learned something today and I hope the Mint decides to gift everyone with a true set of circulating commemorative for our 250th Anniversary.

"SUN"

Level 6

Interesting thought. Some nice people on this blog site.

Longstrider

Level 6

Fantastic blog. It sure is cool that members give to each other. Thanks Stumpy. I know he isn't the only giver here. Interesting idea Gary. Of course there is no way the mint would do something that intetresting. My opinion. Thanks.

TheNumisMaster

Level 5

Beautiful and interesting coins! Nice work! Cheers, NM

Mike

Level 7

Like I said you never know when or were a coin will come from. That was a great gift from Stumpy. I think that was a very nice gesture. I want to thank Gary for his research and Stumpy for his. I never Got into the Olympic game coins. I did but one. Brazil. But that was a Euro cupped like out baseball coin. They only made a small amount. And it was the official coin of those Olympics. I think these are great they did there work. I like it that they made it to circulation . Thank you both for this wonderful blog.

Golfer

Level 5

Great idea on commemorative coins. We have some many circulating quarters with different designs. Great coin gift from Stumpy !!

I. R. Bama

Level 5

I have a few in my European collection, older ones from Spain. Stumpy is indeed a good friend to us all here! I'm glad I know him and hope to meet him in person....

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