Unexpected Origins Of Bullion Coin Series
Behind major bullion coin series like the Chinese Panda and Australian Nugget are surprising origins few collectors would expect.
The ideas for a bullion coin series had to come from someone or somewhere. Often, the ideas come from someone working in a government or at a government mint. But sometimes the source of the original inspiration wasn’t what you might suspect.
Here are two examples.
Don Mackay-Coghill’s legacy in the precious metals markets began in his native South Africa. He oversaw the introduction in 1967 of the Krugerrand one-ounce gold bullion coin, which was traded worldwide. The strong demand for these coins led other nations to later start their own precious metals bullion-priced issues: Canada in 1979, the U.S in 1980 (with the American Arts Gold Medallions), China in 1982, Australia in 1987, the United Kingdom in 1987, and Austria in 1989.
The concept for the Chinese Panda bullion coins was suggested by Luis Vigdor, who was a senior officer at bullion wholesalers Manfra, Tordella, and Brookes (MYB) in New York City. MTB was looking to expand its global connections with bullion issuers, gaining an entrée into China’s market with the idea of striking these coins.
By 1985, South Africa was subjected to several worldwide political and economic sanctions in response to that nation’s racist apartheid policies. For example, the U.S. government banned the importation of South African gold coins, which was given political cover by also banning imports of gold from the Soviet Union.
It happened that the government of Western Australia was considering reopening the former Royal Mint located in Perth, which it had acquired in 1970. Mackay-Coghill, at loose ends because of the sanctions against South Africa exporting Krugerrands, consulted with that government. The result of this consultation was that the Western Australian government established the Gold Corporation to take over the Perth Mint. Mackay-Coghill and almost all of his South African Krugerrand marketing team were hired, with Mackay-Coghill serving as the Gold Corporation’s Chief Executive Officer from 1986 to 2003.
That’s right. The Chinese Panda coin series was suggested by an American coin dealer, and the Australian Nugget/Kangaroo coin series was developed by an underemployed South African citizen.
Is there any possibility that you have an idea for a coin or coin series that might go into production?
Last column’s numismatic trivia question.
Last time I asked— Which U.S. president, whose only appearance on U.S. coins or currency was on his dollar coin in the Presidential Dollar series, has an ancestor and a descendant who have been depicted on U.S. currency? The 9th U.S. President, William Henry Harrison, was the child of Benjamin Harrison V. Benjamin Harrison V was a delegate to the Continental Congress and a signer of the Declaration of Independence. Beginning with the Series 1976 $2.00 Federal Reserve Note, he is depicted at the far left, seated at a table, on the reverse of these notes. William Henry Harrison’s grandson, U.S. President Benjamin Harrison, is depicted on the left of the front of the Series 1902 $5.00 National Currency
This week’s trivia question
Here is this week’s question. Which two signers of the Declaration of Independence had sons who became U.S. presidents? Come back next week for the answer.
Patrick A. Heller was honored as a 2019 FUN Numismatic Ambassador. He is also the recipient of the American Numismatic Association 2018 Glenn Smedley Memorial Service Award, the 2017 Exemplary Service Award, the 2012 Harry Forman National Dealer of the Year Award, and the 2008 Presidential Award. Over the years, he has also been honored by the Numismatic Literary Guild, Professional Numismatists Guild, National Coin & Bullion Association, and the Michigan State Numismatic Society. He is the communications officer of Liberty Coin Service in Lansing, Michigan, and writes “Liberty’s Outlook,” a quarterly newsletter on rare coins and precious metals subjects. He now volunteers with the National Coin & Bullion Association as its Industry Issues Advisor. Past newsletter issues can be viewed at www.libertycoinservice.com. Some of his radio commentaries, "Things You ‘Know’ That Just Aren’t So,” and “Important News You Need To Know,” can be heard at 8:45 a.m. Wednesday and Friday mornings on 1320-AM WILS in Lansing (which streams live and becomes part of the audio archives posted at www.1320wils.com).
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