Friday, August 31, 2012

Economic Report: Japan industrial production slumps in July

Economic Report: Japan industrial production slumps in July: Japan’s industrial output shows a surprise drop in July, with an equally bleak view for the months ahead, even as household spending for the month displays unexpected strength.

Thursday, August 30, 2012

Unique ancient coin 1813 Australian 'Holey Dollar' fetches $425,000

First ever currency minted in Australia; Holey dollar was originally created to address coins shortage in the new colony of New South Wales founded in Australia in 1788. Back in 1812, Governor Lachlan Macquarie imported 40,000 Spanish Silver dollars (1810) minted at the Lima Mint in Peru, and had convicted forger William Henshel cut the center out of each, to double the number of available coins. The resulting ‘donut or ring’ was then counter-stamped over with New South Wales words, the five shillings value and the date ‘1813′ to create first Australian coin, the 1813 Holey Dollar, while the remaining center was renamed as Dump. Now after almost 200-years, one of the rare Holey Dollar ‘Hannibal Head’ which speak eloquently of the creative and improvisatory attempts to create an orderly administration, have fetched $425,000 at the Coinworks Eminent Colonials Auctions, setting an auction record for a coin of its type.

Unique ancient coin Australian 'Holey Dollar' fetches $425,000
Unique ancient coin Australian ‘Holey Dollar’ fetches $425,000


The coin ‘holey dollar’ sold was however the only example of its type in private hands, and the other known example have been housed in the State Library of New South Wales. Historically, the Hannibal Head Holey Dollar is treated as special because the original Silver dollar coin was minted at the Lima Mint back in 1810, with a controversial portrait design that actually protested Joseph Bonaparte’s ascension to the Spanish throne by use of an unflattering portrait.

Unique ancient coin Australian 'Holey Dollar' fetches $425,000
Unique ancient coin Australian ‘Holey Dollar’ fetches $425,000
Along with Holey Dollar, the auctioneer responsible for the Coinworks Eminent Colonials Auctions in Melbourne, Dealer Coinworks also auctioned an 1852 Adelaide Pound, the Australia’s first gold coin for $382,400, and an 1813 Colonial Dump coin got sold for $103,000.
However, we have also earlier seen the sale of the world’s largest gold coin by Perth mint for whopping $57.34 million, the most expensive 1930 Australian copper penny, besides the list of the world’s most expensive coins.

Thursday, August 2, 2012

The Fed: Text of FOMC statement

The Fed: Text of FOMC statement: The following is the text of the statement the Federal Open Market Committee delivered on Wednesday