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Marshall Islands "coins"  

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Valued Member
274 Posts
 Posted 04/26/2010  12:40 pm Show Profile   Bookmark this topic Add Eurocoin to your friends list Get a Link to this Message
I just bought a $5 "coin" from Marshall Islands to my OFEC collection. I know these goes to the same category as the Liberian, Somalian etc. "coins", but I wonder why they removed Marshall Islands to under Unusual Coins in Krause series? In my copy (34th edition) there is e.g. Andorra which uses euro and mints collector coins, but not Marshall Islands which uses US dollars and mints these collector coins - so what's the difference between these two countries? Exchangeable?
Edited by Eurocoin
04/26/2010 12:41 pm
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 Posted 04/26/2010  2:05 pm  Show Profile   Bookmark this reply Add chrisild to your friends list Get a Link to this Reply
Just checked both places in the SCWC that I have. The 37th ed. of the 20th century coins lists both Andorra and Marshall Islands with their "coins". The 4th edition of the 21st century catalog has Andorra but not the Marshall Islands. Hmm, maybe the M.I. has not issued any pieces lately ...

Seems that the collector coins issued by the Marshall Islands cannot be exchanged any more (since May 1997) anyway. Then again, the Andorran "coins" are not issued by the Andorran government but by the Vegueria Episcopal of the bishop of Urgell (who legally is one of the two heads of state). The diner coins have a fixed euro exchange rate, but I don't know where/how they can be exchanged.

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United States
529 Posts
 Posted 04/26/2010  2:51 pm  Show Profile   Bookmark this reply Add weavus135 to your friends list Get a Link to this Reply
in terms of exchangeability, the 37th edition of Krause has the statement:

Then USA dollar is the current monetary system. Recently the coinage has had limited redemption policies enforced.

Honestly I have no idea what that means exactly. I looked on the official Republic of Marshall Islands web page and couldn't find any thing either. More questions than answers I'm afraid
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12710 Posts
 Posted 04/26/2010  9:20 pm  Show Profile   Bookmark this reply Add Sap to your friends list Get a Link to this Reply

Recently the coinage has had limited redemption policies enforced.

Honestly I have no idea what that means exactly.

What it means is that, while the coins were originally issued as legal tender and technically they still are, the Marshall Islands government has passed laws forbidding large quantities of them to be imported, used in transactions or deposited in banks.

The Marshall Islands made the mistake of putting too high a face value on their coins. Well, they were persuaded into doing so by the private mints that issued their coins under license. It was great for the mints that sold them, because they could justify charging high prices, And the Marshall Islands government hopefully got it's share of the seigniorage, too, but collector demand for them is virtually nonexistent - the resale value plummeted to scrap metal / bullion value, well below the face value.

"Bullion tourists" were buying up suitcase-fulls of Marshall Islands coins in America or Europe for well below face value, then travelling to the Marshall Islands and banking them. If you brought enough coins with you, you could make a profit on the trip, and get a nice free island holiday to boot. Meanwhile, the Marshall Islands government would be stuck with a pile of useless, overvalued, circulated "collector coins" that nobody wanted. All they could do is sell them for their scrap/bullion value, and they might end up back in the hands of the bullion tourists if they didn't go to the extra expense of defacing them. They couldn't afford to continue to dispose of them at a loss. Hence, the restrictions.
Don't say "infinitely" when you mean "very"; otherwise, you'll have no word left when you want to talk about something really infinite. - C. S. Lewis
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United States
1 Posts
 Posted 12/13/2010  7:38 pm  Show Profile   Bookmark this reply Add dd3773 to your friends list Get a Link to this Reply
I have a set of us marshall island coins. They are from 1998 ( uss juneau, uss enterprise, uss new jersey, uss fanning/uss nicholson,uss monitor, uss united states, uss olympia). Does anyone have a clue as to what they may be worth? thank you. << Email removed >>
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