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The E-Sylum: Volume 24, Number 2, January 10, 2021, Article 31

LOOSE CHANGE: JANUARY 10, 2021

Here are some additional items in the media this week that may be of interest. -Editor

Beloit Coin Shops

Here's a nice article about local coin shops from Wisconsin's Beloit Daily News . -Editor

John Galvan John Galvan, co-owner of J&G's Coins, Rings & Things with wife Gaia Galvan, started collecting coins as a hobby when he was a kid living in Chicago, and his passion grew from there.

"A lot of collectors start our interested in specific types of coins, certain eras, mint errors, and so forth," John Galvan said. "To me, as a kid, I would go through coins and I would want to collect them all. They are fun."

"I never knew I would have a shop," John Galvan said. "We needed a place with security after I was doing some pretty large transactions. We never thought it would explode like this."

He said no coin collector he sees at his shop is the same.

"Everyone has their niche," John Galvan said.

Ben Kasberger, owner of L&B Coins & Collectibles in South Beloit, said he was exposed to coin collecting as a kid through his late father Larry Kasberger.

"My dad would tell me stories about how he grew up in Marshfield and they would go into town and he'd go to the bank and sort through coins," Kasberger said of his father, who passed away in May of 2017.

Kasberger said working at L&B was "like a treasure hunt every day."

To read the complete article, see:
Coin collecting a 'modern day treasure hunt' for some, way of investing for others (https://www.beloitdailynews.com/news/local-news/coin-collecting-a-modern-day-treasure-hunt-for-some-way-of-investing-for-others/article_fe3cbb4f-c405-55b8-b976-ab9246fec130.html)

Other topics this week include the ANS Brasher Doubloon, and coins for Mars. -Editor

The ANS Brasher Doubloon

Last week we discussed two Brasher Doubloons offered by Heritage. Here's a video from the American Numismatic Society about their specimen. -Editor

ANS Brasher Doubloon

To watch the video, see:
The ANS's Greatest Coins: the Brasher Doubloon. An extremely interesting and valuable rare coin. (https://www.youtube.com/watch?v=MVeJREpJhGk&feature=youtu.be)

To read the earlier E-Sylum article, see:
HERITAGE OFFERS PARTRICK BRASHER DOUBLOONS (https://www.coinbooks.org/v24/esylum_v24n01a20.html)

Tenino Scammed Out of $270,000

In the I-think-we'd-better-print-more-wooden-money department, the city of Tenino, WA has found itself short over a quarter of a million dollars. -Editor

2020 Tenino $20 wooden scrip note Fraudsters scammed the city of Tenino out of $270,000 last year, wiring the money to Houston and then overseas. According to Mayor Wayne Fournier, the city agreed to loan $23,000 to what they thought was the Washington Municipal Clerks Association in order to pay for some expenses for their 50th anniversary celebration.

"It was unusual, but it was presented to us by the staff member as something that's typical," Fournier said. "It was a very small ask and really didn't even pop up on the radar of city council or myself."

How that $23,000 ballooned to more than 10 times that amount? That's where Fournier says things get fuzzy.

"I don't have an answer to that. That's where things go awry," he said. "So exactly how it occurred is still trying to be understood."

To read the complete article, see:
City of Tenino Scammed Out of $270,000 (http://www.chronline.com/news/city-of-tenino-scammed-out-of-270-000/article_0a657a8e-521b-11eb-898e-5f4aa5dded27.html)

To read earlier E-Sylum articles, see:
CNN COVERS TENINO'S 2020 WOODEN MONEY (https://www.coinbooks.org/v23/esylum_v23n25a31.html)
MORE ON THE 2020 TENINO WOODEN SCRIP (https://www.coinbooks.org/v23/esylum_v23n29a29.html)

Musk's "Marscoin"

We haven't set foot on the Red Planet yet, but some folks are already speculating on what we'll use for money when we get there. Found via News & Notes from the Society of Paper Money Collectors (Volume VI, Number 28, December 29, 2020). -Editor

Elon Musk's internet corner is abuzz again after Musk agreed that any settlements he makes on Mars will be powered by cryptocurrency like "dogecoin" or, as Musk endorsed on Twitter, "Marscoin."

What would cryptocurrency mean for people living on Mars? And is there even a traditional currency for the Mars settlers to try to use?

Cryptocurrency has some major advantages. The idea of Mars settlers having virtual accounts rather than any kind of paper currency based on Earth standards makes sense—not only is it impractical to lug cash to Mars, but it's also hard to imagine a reasonable way for any of those transactions to be reconciled. Travelers will likely have dedicated accounts that work both on the long trip to Mars and on the planet's surface.

Could transactions be sent back and forth to Earth? That part is actually relatively simple. Batches of transactions could make it to Earth in up to about 20 minutes at most if they were transmitted using radio waves.

To read the complete article, see:
Elon Musk Says Mars Settlers Will Use Cryptocurrency, Like 'Marscoin' (https://www.popularmechanics.com/space/moon-mars/a35085273/elon-musk-says-mars-settlers-will-use-cryptocurrency-like-marscoin/)



Wayne Homren, Editor

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