Treasure Hunt by Peter Rexford

A few weeks ago, I wrote about a new stamp saluting the life and career of entertainer Bob Hope. I mentioned it was being issued this month. Hope died in 2003 at the age of 100. One eagle-eyed reader noted that only six years have passed since his death. Historically, the Postal Service has had a hard and fast rule that — other than a president — 10 years must elapse after a person's death before they can be depicted on a stamp.

Recently, though, the number of years changed. Now, a person can be commemorated as soon as five years after their death. As for coins, time frames are a bit grayer.

Naturally, a situation rarely arises where a living person might be eligible to appear on a coin. The primary reason is that we so seldom change the designs on U.S. coins, so the issue is moot. Not until the series of U.S. State Quarters did coins receive much attention insofar as design modifications. Of course, that's here. What other countries do is a whole other matter.

I mention this because of a new coin just released by a small country in the South Pacific called Vanuatu. Few have heard of it, and it's technically only been around for 28 years. Prior to receiving its independence it had been under the control of France and Britain.

As with more countries than most would care to count, Vanuatu does receive economic assistance from the United States. Would they like more? I'm sure they would. And, given their newest coin, they just might have hedged their bet a bit.

The new Vanuatu coin has been issued in honor of Barack Obama. The design on the reverse features a portrait of Obama with an inset of an eagle modelled after one found on a vintage U.S. coin. The wording reads, "President B. Obama United States of America." The front of the coin features the Vanuatu Coat of Arms and the legend "Ripablik 2009 Blong Vanuatu."

Even though Barack Obama hasn't yet been in office for a full six months, it may seem quite early to be featured on a coin.

Then again, this isn't entirely new. Other small countries have quickly issued coins showcasing U.S. presidents early in their terms. Admittedly, it may not be entirely meant to curry favour but rather capitalize on the opportunity and make a profit.

It's that last part I have to look at closely. You see, there are actually three coins. One minted in cupro-nickel — much like our current quarter or dime. No precious metal value there as reflected by its price of $15. Another is struck from sterling silver. Weighing in at one ounce it sells for $65 — a fairly hefty premium over its silver content value but more or less in line with other similar collector coins.

Finally, there is a version made from pure gold. Given the current value of gold that would naturally attract most people given its price of only $85. That made me wonder until I checked on the coin's size. It measures 11 millimeters, roughly the size of most people's pinky fingernail. That is one SET ITAL) very tiny coin. I don't believe it comes with a magnifying glass.

The gold coin's weight of 1/64 of an ounce is also is a concern. Given its $85 price tag, that translates into gold needing to be over $5,400 an ounce to break even. Not a prudent investment.

Of course, I'm being literal. Most would purchase a coin such as this for its commemorative nature and not as an inflation hedge or metallic value. But, with money being tight and most people closely watching their budgets, it would be wise to get the biggest bang for the buck.

The silver and gold versions are limited to 10,000 each. The cupro-nickel edition has an unlimited mintage. Will any of them be valuable in the future? Given similar past releases it's doubtful. But, for those who continue to collect everything Obama, it's another item to add to the list. More information on the coins can be found at the website of the distributor, www.pobjoy.com.

Editor's Note: A JPEG visual of the new Vanuatu Obama gold coin has been sent with this column.)

To find out more about Peter Rexford and to read features by other Creators Syndicate writers and cartoonists, visit the Creators Syndicate Web page at www.creators.com.

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