What are Ancient Coin Hoard so Vital to History


 

QUESTION: Sir; I have noticed that the Roman and Greek hoards of coins you have offered are silver. You do not offer hoards of bronze coins. I have two questions. First, are broze hoards less common? Second, why have you been a buyer of large hoards to begin with?

Thank you

LW

ANSWER: There are hoards of bronze coins from the 3rd century that are found. However, bronze corrodes easily. Therefore, the hoards that do exist are far too often not really salable because the condition is typically quit poor. I do have one small hoard from the early 3rd century that begins with Maximinus I (235-238AD) who really begins the major decline of the Roman Monetary System when he targeted the rich and simply declare that everything they owned belonged to the Empire, a very early version of Marxism. I will make this available, but there are only about 100 bronze sestertius that was the main unit of account. The condition is excellent for bronze since there are not corroded.

I also have a later 3rd century hoard of antoninianius which were once silver and had been debased to bronze silver plated. This was a hoard I purchased back in the late 1980s with over 10,000 coins. However, the salable coins were probably less than 3,000.

I have the other part of the Alexander the Great silver hoard. This was mostly drachms, but there are some tetradrachms as well perhaps about 100. Now, as to why I have purchased hoards over the decades is simply that they provide a snapshot of the economy at that point in time. This demonstrates what was in circulation and a hoard can be dated by the last coin included and this has correlated with periods of economic stress.

Now, in the case of this Alexander hoard, intermixed you find contemporary imitations that are struck on the outskirts of the empire. Here are contemporary imitations that were inside the hoard. They are generally of the proper weight, but you will notice that there is some small parts that are corroded. This reflects that the silver was not properly refined.

 Here is a jug I purchased also back in the early 1990s. It contained the small reduced bronze coins toward the collapse of the Roman Empire. Despite the fact that they were inside a jug, you will notice that they we covered in corrotion to varying degrees. Therefore, the find was more valuable as a snapshot of the economy rather than as a hoard of salable coins.

In 2007, there was a huge hoard disovered in England with over 50,000 coins. Again, they were bronze and it was a mixed find where some of the coins in the center were salable and others were interesting snapshots, but corroded.

These type of hoards from the 3rd century exist because of the stressful period both politically as well as economically. This is also when the barbarian invasions were beginning and as I have stated before, it was Aurelian who constructed the wall around Rome to protect it from the barbarians in 270AD, which was not needed previously.

Large hoards are typically found burried in pottery. In a southern Spanish park, construction workers dicovered a 1,300-pound hoard of Roman coins. A Viking hoard, the second such large hoard discovered in Sweden, has been unearthed revealing that the majority of the coins are from the Arab world. Hoard of this nature demonstrate how the trade routes fundctioned. Hoards are discovered in Asia and the Middle East. A hoard was disovered in Israel with Greek tetradrachms from the 2nd century BC. Roman coins have even been discovered in Japan. This has opened a lot of questions as to how did 4th century Roman coins end up in Japan.

Not all hoard have been because of economic stress. One of the most famous hoards was stashed away because of a volanic eruption. The Boscoreale Treasure/Hoard is the name for a large collection of Roman gold coins along with exquisite silver and gold Roman objects discovered in the ruins of an ancient villa at Boscoreale, near Pompeii, southern Italy. Consisting of about the 1,350 gold aurei, which included 637 gold coins of Nero alone. This one hoard was worth 135,000 sesterces, which was more than half the tolal value of coins discovered in Pompeii itself. There were also over 100 pieces of silverware, as well as gold jewellery. The disovery of objects is now mostly kept at the Louvre Museum in Paris, although parts of the treasure can also be found at the British Museum. The coins were sold over time to collectors.

Caecilius-Jucundus-NaplesThe precious metal objects from the Boscoreale Treasure were illegally exported from Italy and were purchased on the black market by Baron Edmond de Rothschild (1845-1934), who donated it to the Louvre Museum in 1896. It appears that the objects were deliberally hidden in the storehouse prior to the eruption of Mt. Vesuvius. The name written on many of the containers was Maxima. A woman was found dead in the ruins, but we do not know if she was Maxima or a servant who stayed behind. The villa appears to have been owned by Maxima’s father L. Caecilius Jucundus, who was a banker from Pompeii. This one hoard was a substantial cash reserve of the banker. That makes sense given the vast wealth in coins discovered. He also seems to have inherited the wealth of the Julio-Claudian dynasty in Campania. Jucundus had a villa in Pompeii as well and his banking records have survived.

Boscoreale is well known to Roman numismatists as the find spot of a hoard of about 1,350 gold aurei, the latest of which dates to 78AD whereas the volcanic eruption from Mount Vesuvius on August 24, AD 79 burried the villa in ash. The villa remained undisturbed until 1876. The coin hoard lay undiscovered for almost another 30 years. Unfortunately, there was no formal study of the Boscoreale coins made before they were dispersed into the market. There was a list pubished 1909 which included material from other finds as well.

Nonetheless, thre three coins illustrated above all have a very distinctive feature that identifies them from Boscoreale. This is their deep-red toning. The Boscoreale Hoard was discovered in the water cistern of a villa, where the owner had hidden it fearing an impending catastrophe. Perhaps, the hoard was stashed when the eruption began. However, what killed the people was the deadly pyroclastic cloud which engulfed the region. It was the resulting intense heat of which imbued all the gold coins with the beautiful red toning that we now see almost 2000 years later.

The coins were sold and there was often written tages noting their origin such as an aureus of Nero from the A. J. Fecht bequest to the American Numismatic Society from 1948 which had an original tag that noted: “ex Boscoreale find, Pompeii, 1898”. We should not underestimate the total currency stock or supply held by non-aristocrats living in the Pompei. The fugitives who died in room 10 of the Villa in Oplontis carried with them over 18,000 sesterces worth in cash. Life in Pompeii did not stop instantaneously when Vesuvius erupted. Fugitives took valuables and money with them. The coins found with skeletons are a mix of savings, daily earnings, and pocket money. The coins found in the shops and houses reflect what fugitives left behind. Looting and salvaging after the eruption further complicate the picture.

The average size of the hoards is six times the yearly subsistence for an adult at that point in time yet the number of persons depending on this money or the time span over which the hoards were formed is unknown. Therefore, the discovery of the hoards from pompei are more complicated than the hoards discovered elsewhere in times of economic and political uncertainty. These type of hoards reflect generally one person which is different from the hoards of Pompeii itself as distinguished from the banker’s hoard or cash reserves reflected in the Boscoreale discovery.

I will prepare some of the coins from hoards for clients to select. It just takes time to ensure which coins are of sufficient grade to offer in the first place.

Another Volcano Erupts in Indonesia


 

We now have another volcano erupting in the Pacific. The second one happened in Indonesia. Mount Agung on the Indonesian island began to erupt on Thursday forcing evacuations. More than 400 flights had to be cancelled because planes cannot fly through volcanic eruptions. I have been warning that simply correlating all the data illustrates that when the energy output of the sun declines moving into solar minimum, this is when we historically see a sharp rise in volcanic eruptions. The exact cause is not my job to figure out. It probably has some link to gravity.

Nevertheless, the greater the number of volcanic eruptions, the greater trend we will see toward global cooling and that can lead to crop failures and famine. This has NOTHING to do with my personal opinion or some theory I have concocted to support a predetermined conclusion. This is simply the correlation, plain and to the point. I will leave it to someone else to explain the cause. I am merely pointing out what has come out of our computer model that is tracking everything. This is NOT me making some opinion or lucky guess. It is what it is, not me personally. It is also NOT something I would enjoy being correct on. I just report what comes out of the computer.

People have tried to see if they can duplicate our model. I really get a chuckle out of that. They expect to do it on the cheap by getting free data. Good luck on that one. I had crews go to the Royal Newspaper Library in London to work for more than a year to collect price quotes back to inception because most of the data required for long-term forecasts does not exist in public databases. I had to assemble the massive collection of monetary history to actually track the economy back into ancient times. The scope of the data to even test such correlations is massive. This stuff cannot be accomplished by free downloads. I discovered what I have called a Waterfall Event by putting the Roman monetary system together to answer a simple question: How did Rome fall? Was it gradual or abrupt?

I have been fortunate in life. I was able to make enough money to fund a research project that no one else seems to have been willing to spend the same time or money on. It was simply a passion of mine because I enjoy history. I was also not married so I had the time to do what my passion inspired me to do. Everyone always asks when will I get married. I respond, 1) when I meet the right person, and 2) when I grow up.

Until then, I simply follow my passion. Life is a journey or a quest for the pursuit of knowledge. When there is nothing left to learn, it is time to be beamed up. Just my personal philosophy. So enjoy the pursuit of knowledge. You never know where it will lead us.

Special Counsel Mueller asks for Another Delay in Flynn Sentencing – Judge Sullivan Appears Annoyed…


Special Counsel Robert Mueller has asked for yet another delay in the sentencing of former National Security Advisor General Mike Flynn.

(LINK)

The Friday filing indicates the Special Counsel requests the court to begin preparation of a pre-sentencing report.  Lawyers for both sides proposed a status update of Aug. 24th.

However, later, in a minute-order, Judge Emmet Sullivan ordered the parties to explain by noon Monday July 2nd, the reason why the Court should depart from the normal practice of getting all the sentencing issues/dates done at the same time. (h/t Techno Fog)

(source)

 

Reuters Editor Apologizes for Blaming Trump for Capital Gazette Shooting


 

Reuters editor has had to apologize for blaming Trump for the Capital Gazette shooting. This reflects just how biased the press has become. They interject their personal opinions and hatred of Donald Trump and in the process create fake news. Once upon a time, journalists actually just reported the news. Something has seriously gone wrong with the media where they believe it is their RIGHT to engage in propaganda or to INFLUENCE people by indoctrinating them with their personal political philosophy. This is coming from both sides these days and the middle ground appears to have been a thing of the past. It did not take me long to investigate the reason for the shooting. Less than 5 minutes revealed this was a personal grudge. That is what you are suppose to do – INVESTIGATE before you speak

California Democrat Arrested For Death Threats Toward FCC Chairman Ajit Pai and His Family…


Yikes, looks like someone following through on Congresswoman Maxine Waters approach toward political violence was just arrested.  From the Eastern District of VA:

ALEXANDRIA, Va. – A California man was arrested today in Los Angeles on charges of threatening to kill the family of Ajit Pai, Chairman of the Federal Communications Commission, for Pai’s role in repealing regulations relating to net neutrality.

According to court documents, on or about Dec. 19 and 20, 2017, Markara Man, 33, of Norwalk, allegedly sent three emails to Chairman Pai’s email accounts. The first email accused Chairman Pai of being responsible for a child who allegedly had committed suicide because of the repeal of net neutrality regulations. The second email listed three locations in or around Arlington, and threatened to kill the Chairman’s family members.

The third email had no message in its body, but included an image depicting Chairman Pai and, in the foreground and slightly out of focus, a framed photograph of Chairman Pai and his family. The FBI traced the emails to Man’s residence in Norwalk, California, and when initially confronted in May 2018, Man admitted to the FBI that he sent the email threatening Chairman Pai’s family because he was “angry” about the repeal of the net neutrality regulations and wanted to “scare” Chairman Pai.

Man is charged with a threatening to murder a member of the immediate family of a U.S. official with the intent to intimidate or interfere with such official while engaged in the performance of official duties, or with the intent to retaliate against such official on account of the performance of official duties.

If convicted, Man faces a maximum penalty of 10 years in prison. Actual sentences for federal crimes are typically less than the maximum penalties. A federal district court judge will determine any sentence after taking into account the U.S. Sentencing Guidelines and other statutory factors.  (read more w/ PACER link)

NEC Larry Kudlow: “The U.S. is the Hottest Economy in the World”…


With new spark plugs, Kuddles was thrilled to discuss the latest economic key performance indicators.  National Economic Council Chairman Larry Kudlow talks about the health and growth of the U.S. economy with Maria Bartiromo.

D’oh Canada – Justin and Chrystia Announce Plans To Retaliate Against U.S. Steel/Aluminum Tariffs – Trudeau Government Will Expand Unemployment Payments, and Subsidize Canadian Industry…


Today Canada released an updated list of retaliatory tariffs designed as countermeasures to the U.S. Steel and Aluminum tariffs [SEE HERE] which will begin Sunday, July 1st.

Additionally, Foreign Minister Chrystia Freeland, Innovation Minister Navdeep Bains, and Employment and Labour Minister Patty Hajdu, announced they would initiate an emergency program to use Canadian taxes compensate workers, expand unemployment benefits, and subsidize impacted industry.  Yes, in a transparent display of political ideology (throwing capitalism directly out the window), Canada doubles-down on centralized government subsidies to offset market impacts.   Brilliant ‘eh!

Chrystia Freeland made the announcement on the floor of a Hamilton steel factory Friday. In a rare backdrop, Ms. Freeland actually entered a factory with machines and things, to deliver the carefully choreographed political message (video below – watch the last minute to understand).

Team U.S.A. have applied tariffs to Canadian softwood lumber, Steel and Aluminum as Canada refuses to negotiate new terms for NAFTA where North American products are prioritized.  Canada demands the ability to continue importing Asian, mostly Chinese, products for their assembly-based market.

With the latest counter-move by Justin and Chrystia from Canada, it is increasingly likely President Trump will levy a 20% tariff on imported Canadian automobiles.  Last month (May) the Canadian economy dropped over 31,000 Full-Time jobs.

Here’s the full video of the announcement.  The Q&A Session starts at 16:40 and is really the only part that matters:

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Canada has put themselves into a tough spot.  The current Canadian government cannot support any NAFTA agreement that requires the actual manufacturing of goods in North America. Both Canada and Mexico have structured their economies to import goods from Asia, mostly China, and use their access into the U.S. market to trans-ship their final goods.

Chinese central government, as well as Asian and EU corporations, pay Canada and Mexico (through trade agreements) for U.S. market access.  Essentially Mexico and Canada are trade brokers or pass-throughs.  Neither Canada nor Mexico have the actual raw material, infrastructure or processes in place to manufacture goods in North America; they both generally only assemble parts made overseas into finished products.

Because of this structural flaw, the Canadian government is doubling down on their intent to keep the status quo in place. However, this approach also makes it a futile exercise to continue talking about renegotiating NAFTA.

Mexican elections are being held July 1st (Sunday), it is yet to be determined if Andres Manuel Lopez Obrador (AM LO), Mexico’s virtually guaranteed-to-win next president, will support a Mexican withdrawal from NAFTA.

Could The Dark Net Save Us All?


Published on Jun 29, 2018

Google and other tech companies are using advanced AI to collect mountains of data on their consumers. Is the dark web a common sense response to this invasion of privacy? Want even more Right Angle each week? Become a member at BillWhittle.com! https://www.billwhittle.com/subscribe Right Angle is brought to you by the paying members of BillWhittle.com and by donations from viewers like you! Show your support by making a donation at: https://www.billwhittle.com/donate

President Trump Speech Celebrating Six Month Anniversary of Tax Cuts and Jobs Act…


Earlier today President Trump delivered remarks celebrating the six month anniversary of the U.S. Tax Cuts and Jobs Act.   Today is also the last business day of the second quarter.

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Long time CTH readers might note in 2015 when we first saw candidate Trump’s economic policy initiatives, we began outlining the sequential economic possibilities if President Trump won. So far, all is going according to plan – STUNNINGLY According To Plan.  Seriously, go back and look –FEBRUARY 2016– two-and-a-half years ago.

The possibilities were obvious.  As a result we predicted repeatedly that Q2 of 2018 would be the beginning of the largest period of U.S. GDP and wage growth in the past 30 years.  Q2 2018 ends tomorrow and the results of Q2 will be announced in the next few weeks.  Everything is happening in a logical sequence as a result of Trump’s MAGAnomic plans.

We are now in the third MAGAnomic phase where all international trade agreements are being structured around ‘reciprocity’.  Eventually, if President Trump can continue the pressure, all global trade barriers and tariffs will be removed.

This is history.

We are living in most consequential economic period in modern history.

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Judiciary Chairman Bob Goodlatte Discusses Strzok and Rosenstein Testimony…


The House Judiciary Committee has primary oversight authority over the DOJ.  House Judiciary Chairman Bob Goodlatte discusses the testimony from FBI Agent Peter Strzok, and Deputy Attorney General Rod Rosenstein, along with the next steps.