{"id":274713,"date":"2019-12-29T07:31:00","date_gmt":"2019-12-28T20:31:00","guid":{"rendered":"https:\/\/arabcollector.com\/?p=274713"},"modified":"2021-01-23T07:57:50","modified_gmt":"2021-01-22T20:57:50","slug":"the-process-of-re-minting-coins","status":"publish","type":"post","link":"https:\/\/arabcollector.com\/en\/%d8%b9%d9%85%d9%84%d9%8a%d8%a9-%d8%a5%d8%b9%d8%a7%d8%af%d8%a9-%d8%a7%d9%84%d8%b3%d9%83-%d9%81%d9%8a-%d8%a7%d9%84%d8%b9%d9%85%d9%84%d8%a7%d8%aa-%d8%a7%d9%84%d9%85%d8%b9%d8%af%d9%86%d9%8a%d8%a9\/","title":{"rendered":"The process of re-minting coins"},"content":{"rendered":"

Some details about the process of re-minting coins or \u201crestrike\u201d<\/h2>\n\n\n\n

There has been much talk lately about restrikes, especially with the emergence of Egyptian-made pieces from NGC, which seemed strange to many enthusiasts. This article will not present all the theories, but rather focus on the well-established facts about restrikes in general.<\/p>\n\n\n\n

First: Definition of restrike or recast:<\/strong><\/p>\n\n\n\n

A coin is called a restrike when all of the following conditions are met: - The restrike phase begins after the original minting has completely finished and may follow it by many years. - The minting is done using the original dies that were used to mint the original coins or using dies made from the original dies (master hubs). - The minting is done using the same equipment that produced the original coins. - The restrike may occur by direct order of the issuing government or without it.<\/p>\n\n\n\n

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Second: The most famous currencies that were re-minted:<\/strong><\/p>\n\n\n\n

Maria Theresa Thalers, which continued to be minted for centuries after the original issue with the same dates. - English gold pound coin issue 1925, and re-minted between 1949-1951 without changing the date or even the king's face!<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n\n\n\n

Third: The Bombay Mint and the reason for its minting of coins for other countries, such as Egypt:<\/strong><\/p>\n\n\n\n

During times of war, and due to the movement of armies between allied countries on several fronts, the demand for currencies rises sharply, as governments must provide salaries for soldiers and officers coming from other countries, whose numbers may reach ten times the population of the original country!<\/p>\n\n\n\n

Naturally, the local mint cannot suddenly double its production in such a huge way when war breaks out, which may lead to economic crises and discontent among soldiers if they do not receive their salaries. Therefore, countries resort to using friendly foreign mints to help them mint additional quantities of currency, and this is exactly what happened between Egypt and India in the First World War and Australia and India in the Second World War.<\/p>\n\n\n\n

Fourth: The relationship between the Bombay Mint and the restrike:<\/strong><\/p>\n\n\n\n

Due to the lack of documented and accurate information about the re-minting of Egyptian coins in Bombay, we will discuss here the history of the mint in re-minting Australian coins, and the author most likely believes that the story is very similar between the two countries.<\/p>\n\n\n\n

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In 1964, a stir arose among Australian coin collectors. Australia had announced the abolition of the Australian pound (which was equivalent to the British pound) and its replacement with the Australian dollar, which consequently led to the abolition of small denominations such as the penny, florin, shilling, etc. Immediately afterward, the Bombay Mint announced that it was ready to re-mint the Australian pennies it had issued more than twenty years earlier during World War II, based on collectors' requests, in the form of proof coins at a price higher than the actual cost of minting (around 3$ per coin, which was considered a high price at the time). Most Australian collectors (note that this was long before the internet era and also due to language barriers, etc.) were unaware of this matter, but one of them decided to "try his luck" and telegraphed an order for a single set, most likely believing that the whole story was nothing more than a joke or a trick by a con artist claiming to represent the Bombay Mint.<\/p>\n\n\n\n

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A few weeks later, our friend was surprised to receive a small package containing an official envelope from the mint, bearing its logo, and containing Australian pennies and half-pennies from 1942 and 1943. Proof! He presented the matter to collectors, and the Australian government in Canberra quickly learned of it. In turn, the Australian government sent a strongly worded protest to its Indian counterpart. The mint justified its position by saying that the coins were no longer in circulation in Australia, so they were merely "antiques," and there was no problem in re-minting them as souvenirs. However, the Australian government pointed out that it had borne the costs of making the molds in the 1940s, so the right to own and use them belonged to it absolutely, and Bombay had no right to reuse them without prior permission. It insisted on preventing re-minting and on shipping the molds immediately to the mint in Canberra, Australia, for destruction by its own means, which was done, and the crisis ended.<\/p>\n<\/div>\n<\/div>\n\n\n\n

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At the time, the Indian government sent a report to Australia stating that it had minted \u201caround\u201d 100 pieces in this manner. However, more than half a century after the incident, most Australian collectors believe that the actual number of mints was closer to only 20 pieces, based on what has appeared in auctions since 1964.<\/p>\n<\/div>\n<\/div>\n\n\n\n

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Amateurs noticed a very small dot behind the head of King George VI. At first, they considered it a mere blemish, but upon closer examination, it turned out to be diamond-shaped, most likely a deliberate design to distinguish between original and re-minted pieces.<\/p>\n<\/div>\n<\/div>\n\n\n\n

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The history of the Bombay Mint's reminting practices: - The Mint began this practice long ago to cover its expenses and also to generate illicit profit for the Mint Director! - Many coins were reminted, especially between 1890 and 1905. - Reminting was limited to high-ranking officials, dignitaries, and foreign organizations until 1947. - Starting in 1947, the mint offered reminting services to all collectors, regardless of their status, and they could contact the Mint directly to place their orders. - Reminting was limited to Indian coins only in the early years, but gradually the Mint began reminting coins of other countries. This concludes what we know for certain; the following section is merely the author's speculation.<\/p>\n<\/div>\n<\/div>\n\n\n\n

Fifth: The Egyptian Royal Restrate:<\/strong><\/p>\n\n\n\n

Based on the foregoing, it can be concluded that the re-minting of royal coins, if it did indeed occur, would have been limited to some coins minted in India, and it is unlikely that it extended to coins minted in Europe or South Africa. This re-minting process most likely took place after the changes in the quantities, weight, and purity of Egyptian currency, i.e., after 1953 (it is known that Sultan Hussein's riyals were in circulation and accepted in the market until the end of King Farouk's reign). Therefore, the author does not believe that the pieces were from King Farouk's collection, especially since they were not mentioned in the catalogs of the 1954 Qubba Palace auction. It is highly probable that if the king had known about this, he would have requested the Egyptian government to retrieve the die pieces as quickly as possible. It is difficult to speculate on the quantities minted, but it is likely that their number was less than their Australian counterparts, especially since the auction house required the buyer to supply the metal if the original piece was made of a precious metal such as gold or silver. The Krauss World Catalogue mentions the possibility of some re-minted Egyptian pieces, although the information is not entirely accurate.<\/p>\n\n\n\n

Unfortunately, the currently available images of the Egyptian pieces being assessed as Restrike are not high-resolution and therefore cannot be convincingly examined to prove or disprove the presence of a diamond-shaped mark or anything similar. Finally, we cannot ignore the fact that, as we have mentioned repeatedly, appraisal is both a science and an art, and it is quite possible that the appraisal company has "concluded" that the pieces are Restrike. This conclusion may be correct, or it may be incorrect; simply put, we do not know at the moment without directly examining the pieces.<\/p>\n\n\n\n

Does the restrike deserve a higher or lower price than the original currency?<\/p>\n\n\n\n

The subject - like everything related to hobbies - is a matter of supply and demand. Some collectors may consider them pieces that were not officially issued and therefore like counterfeit currency, especially since they were never issued for circulation and are not worth acquiring. Some also point out that the restored examples of the above-mentioned Thaler and British Pound are cheaper than the original versions\u2026 On the other hand, others may consider them part of the history of currency that is very rare and therefore deserves a higher price. In all cases, there is no wrong answer, although we believe that the demand for these pieces will be very high, at least in the coming period.<\/p>\n\n\n\n

We hope that this article has succeeded in shedding some light on this chapter of the history of the Egyptian currency, which seems to still have many secrets to reveal to its enthusiasts!<\/p>\n\n\n\n

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    Some details about the re-strike process in coins: There has been much talk recently about re-strikes, particularly with the emergence of Egyptian coins from the NGC company, which seemed strange to many collectors. This article will not present all the theories, but rather focus on the known facts about re-strikes in numismatics in general.<\/p>","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"wpupg_custom_link":[],"wpupg_custom_link_behaviour":[],"wpupg_custom_link_nofollow":[],"wpupg_custom_image":[],"wpupg_custom_image_id":[],"footnotes":""},"categories":[308],"tags":[828,827,505,337,822,826,575],"class_list":["post-274713","post","type-post","status-publish","format-standard","hentry","category-coins","tag-restrike","tag-827","tag-505","tag-337","tag-822","tag-826","tag-575"],"acf":[],"_links":{"self":[{"href":"https:\/\/arabcollector.com\/en\/wp-json\/wp\/v2\/posts\/274713","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/arabcollector.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/arabcollector.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/arabcollector.com\/en\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/arabcollector.com\/en\/wp-json\/wp\/v2\/comments?post=274713"}],"version-history":[{"count":0,"href":"https:\/\/arabcollector.com\/en\/wp-json\/wp\/v2\/posts\/274713\/revisions"}],"wp:attachment":[{"href":"https:\/\/arabcollector.com\/en\/wp-json\/wp\/v2\/media?parent=274713"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/arabcollector.com\/en\/wp-json\/wp\/v2\/categories?post=274713"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/arabcollector.com\/en\/wp-json\/wp\/v2\/tags?post=274713"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}