Joachimsthal mine

One of the lesser-known aspects of the Soviet Gulag was the brutal slave labor camps located in the mountains of Czechoslovakia following World War II, where prisoners were exploited in order to provide uranium for the Soviets’ nascent atomic warfare program.

Shortly after the end of World War II, Soviet leader Joseph Stalin – recognizing the advantage the US had with its possession of atomic weaponry – sent the Red Army to capture one of the few areas then known to possess material that could be used in the construction of atomic bombs.

The Ore Mountains, which then marked the border between Czechoslovakia and Germany, first gained fame in the late 15th century as the site of a major silver discovery, with the Bohemian town of Joachimsthal taking on special significance as a source of the metal.

Also discovered around this time was pitchblende, a radioactive, uranium-rich ore, which early miners discarded as a waste byproduct.

Only at the beginning of the 20th century was it learned that pitchblende was a valuable commodity in and of itself. Within pitchblende, a variety of uraninite, Marie Curie discovered the element radium, and until the First World War Joachimsthal pitchblende was the only known source of radium in the world.

Also found within pitchblende is uranium. Like other elements, uranium occurs in slightly differing forms known as isotopes. The most common form of uranium is U-238, which makes up more than 99 percent of natural uranium found in the Earth’s crust.

However, another uranium isotope, U-235, while it is makes up less than 1 percent of the Earth’s uranium, is important because under certain conditions it can readily be split, yielding a tremendous amount of energy.

The atomic bomb dropped on Hiroshima in August 1945 derived its explosive power from the nuclear fission of uranium-235.

In late 1945 Stalin pressured the Czechoslovak government to sign a confidential treaty that would give Moscow the rights to material from mine, according to Tom Zoellner’s outstanding 2009 work “Uranium.”

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1861 counterfeit dime

The practice of counterfeiting money is as old as money itself.

Archaeologists have discovered counterfeit examples of coins produced in Lydia, a Roman province said to be the locale of the first metallic coinage, dating back to the 7th century BC.

Today, we tend to think of counterfeiters as individuals who mass produce paper money, usually in large denominations – $20 or higher.

But until relatively recently, nearly all counterfeit money came in coin form. This was because until relatively recently nearly all money came in coin form, and was known as “hard money” because it contained a commodity such as gold or silver which gave it intrinsic value.

A short 1884 article in the New York Times highlighted just how valuable even small coins – albeit those made of silver – were 130 years ago.

MARLBOROUGH, N.Y. – Counterfeit silver dollars, quarters and ten-cent pieces are being circulated in a number of the Hudson River counties. The quarter dollars and dimes are said to be very good imitations of genuine money. It is said that ticket agents on the line of the Hudson River Railroad have been told to scrutinize carefully all silver offered in payment for tickets. It is believed that the counterfeits were first put in circulation about three weeks ago.

Today it seems difficult to imagine someone going to the difficulty of attempting to counterfeit a dime, never mind working hard enough at it to do it well.

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It’s standard now, but for nearly 90 years the motto “In God We Trust” was nowhere to be found on US money.

It was only at the height the War Between the States, when the issue between North and South was far from settled, that Lincoln’s Treasury Secretary Salmon Chase went before Congress to request a law placing the motto on the newly authorized two-cent piece.

The law passed on April 22, 1864, and about 20 million of the now all-but-forgotten copper pieces were struck that year.

It’s not entirely clear why the two-cent piece – which was only minted through 1873 – even came into existence.

It’s likely that part of the reason had to do with the fact that as the war continued, production of gold and silver coinage by the US mint had virtually ceased, severely restricting circulating coinage.

In addition, hoarding had taken not only the gold and silver coins out of circulation, but copper coins, as well, according to numismatist Paul Green.

It’s possible the two-cent piece was seen as a way to help alleviate this problem.

However, the idea of a two-cent piece dates back several decades before the Civil War, according to David Bowers, former president of the American Numismatic Association.

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Recently I stumbled across the news that’s it’s illegal to melt down nickels and pennies. In fact, it’s been a crime for half a decade now.

Had this law been in place back when I spent my summers working at the family steel business, I’d have been counted among the nation’s scofflaws.

More than the occasional lunch break was whiled away taking a cutting torch to various metal objects, including many a penny, watching as the heat turned coins first red, then yellow, then white. 

Soon they would bubble and boil, ball up and, if I did it long enough, disappear completely. All that would be left was usually a smudge of yellow where the penny had been.

However, when the US Mint implemented regulations in December 2006 prohibiting the melting of pennies and nickels, it wasn’t to keep bored youth from cheap entertainment. Instead, it was purportedly to prevent individuals from melting the coins en masse in order to realize their copper value.

In addition, the Mint’s rules also prohibited the unlicensed exportation of the coins, with the exception that travelers can take up to $5 in pennies and nickels out of the country.

To show that the Mint meant business, penalties of up to a fine of $10,000, five years’ imprisonment, or both, were mandated.

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The S.C. State Museum will hold a silver symposium Sunday, May 1, with an afternoon program titled “South Carolina Silver in the Civil War: Did Sherman Take it All?”

In addition to Curator of History Fritz Hamer’s reading of two February 1865 accounts of the theft of silver and jewelry in the Palmetto State by Union troops, members of the South Carolina Silver Society will speak on hidden silver in Cheraw, Charleston and Trinity.

They will also discuss how the Hampton silver escaped the fire at Millwood Plantation as Sherman’s troops laid waste to the Midlands in the waning months of the War Between the States.

It was barely five years ago that a cache of Wade Hampton silver returned to South Carolina for the first time in two generations. The collection had left the state and then the country two generations earlier with an adventuring Hampton heir.

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Just up Interstate-77 the first trial involving counterfeit coins in more than 50 years took place earlier this month in a brick courthouse in Statesville, N.C.

Few seemed to care, however.

The Statesville Record & Landmark newspaper didn’t send anyone to cover the trial, nor did the Charlotte Observer, the Associated Press, any web news outlets, radio or television stations.

The only media on hand was the magazine Coin World. And just two spectators showed up to watch the federal trial of Bernard Von NotHaus, 67, during the first two weeks of March.

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Recently introduced state legislation backing the creation of a new state currency which could consist of “gold or silver, or both” leaves one contemplating a simple question: What size denomination would said currency come in?

Certainly the old gold-coin mainstays of $1, $2-1/2, $5, $10 and $20 would be pretty much useless given the price of the prized yellow metal today. 

Think about how small a $20 gold piece would have to be if it were to actually contain $20 worth of gold. (And a $1 gold piece would be all but invisible given that gold is currently selling for just under $1,400 an ounce.)

If the Double Eagle, say, contained any more than $20 worth of gold (in order to make it easier to handle and hold on to), it would be useless as a medium of exchange because as soon as it was introduced into circulation would be snapped up and held onto because its metallic worth would exceed its stated value.

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The Mises Economics Blog has an interesting post on a report out of Salt Lake City regarding a commitment by Utah state Rep. John Dougall to file a bill that would require the state of Utah to accept payments in gold.

Utah residents would even be able to mint gold and silver coins under the legislation, according to the Salt Lake City Tribune.

“Fundamentally, what it comes down to is people’s concern about the fundamentally reckless policies at the federal reserve and what it does long-term to the financial standing of the country and giving folks another choice of monetary tools for their financial transactions,” Dougall said told the publication.

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