By Richard Giedroyc, World Coin News December 14, 2009

In case readers haven’t noticed, we are just now beginning to emerge from the Great Recession. If any readers are having financial problems due to the economy they have two choices: decrease their spending to lower future losses while paying off existing debt or sell the family coin collection and other assets.

Blasphemy you say, regarding selling the coin collection. Reduce expenses and paying off the debt makes more sense. Well, tell that to British Prime Minister Gordon Brown and his Labour Party, who have publicly said they would rather sell off government-owned assets that include the British Royal Mint rather than slash expenses.

The British budget deficit, which has been estimated to reach £220 billion or about $440 billion U.S. during 2009 has become the focal point of political intrigue leading to the 2010 general elections. This amounts to about 12 percent of the Gross Domestic Product for the United Kingdom.

The Brown Labour government is facing accusations that if the deficit isn’t brought under control it will impact public services, could lead to austerity, wage freezes, and even lead to increasing the age at which individuals will be able to retire in the future. Even more important is the loss of backing by media mogul Rupert Murdoch and by British big business in general. Even The Sun newspaper has recently switched to supporting the Conservatives.

The Oct. 12 Daily Telegram newspaper headlined an article, “So, what will the PM [prime minister] sell next?” The article quotes the Earl of Stockton (formerly Harold Macmillan) as saying, “First of all the Georgian silver goes. And then all that nice furniture that used to be in the salon. Then the canalettos go.”

The London newspaper Financial Times ran an editorial the same day titled “Gordon Brown’s car-boot sale” in which it says: “Another day, another fiscal canard. This time, Gordon Brown re-announced his intention to sell £16 billion of public assets – a decision first unveiled at the budget in April – and the process has been repackaged as part of Labour’s plan for fiscal retrenchment.”



More Resources:

• Standard Catalog of United States Obsolete Bank Notes 4-CD Set, 1782-1866

• Fascinating Facts, Mysteries & Myths About U.S. Coins

• 2010 Standard Catalog of World Coins 2001-Date, 4th Edition

• State Quarters Deluxe Collector's Folder