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The E-Sylum:  Volume 9, Number 17, April 23, 2006, Article 25

DOING THE MATH ON THE COOK ISLANDS $50S

Kerry Rodgers writes: "Some light is shed on the recent
discussion of Cook Islands $50 coins by SCWC.  According to
the info given there the Cooks issued over three dozen of
these items from 1991-93. Krause gives mintage figures of
60,000 for many. If my arithmetic is correct (and it is
5.00 am in the morning so it may not be), that is over
$10,000,000 face. Hence the "millions" at stake if too
many of these swallows came home to roost.

And by the way, the coins in question contained just under
an ounce of silver. Later $50s have half an ounce ... which
must make them even more tempting to buy and cash.  Wasn't
there some issue with folks cashing in Canadian commemoratives
a few years back?  The reasons all countries produce 'em is
very simple ... there is a mass market out there that demands
them.  They are a cash cow that will disappear only when the
market no longer exists.

Numismaniacs may like to figure what the price of gold has
to reach to make it worthwhile to cash in the Perth Mint's
latest offering: a ten kilo .9999 fine gold coin with a face
value of $30,000.  Twenty are being "struck" and I have no
doubts all will sell."

[Confirming Kerry's math: 50 x 36 x 60,000 = 10.8 New Zealand
Dollars. -Editor]

Responding to last week's query about another Pacific nation
which recently refused to honor its previously issued "coins",
Martin Purdy writes: "I think this was the Marshall Islands -
there was some "shock, horror" in the numismatic press a
little while ago when they wouldn't honour *their* NCNLT (as
they turned out to be) issues."

[NCLT is the hobby abbreviation for "non-circulating legal
tender".  I like Martin's designation of NCNLT for such coins
the issuer refuses to redeem: "Non-circulating NON-legal
tender". -Editor]

  Wayne Homren, Editor

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