First Read

John Roe Responds to John Lothian Endorsement of Doug Bry and Ernest Jaffarian for NFA Board of Directors
John Roe – CCC via JLN
John Roe is a candidate for the Board of the National Futures Association representing CTAs and CPOs. He is running on a platform along with James Koutoulas for the Board. I endorsed their competition, Doug Bry and Ernest Jaffarian, who, like Koutoulas and Roe, are current members of the NFA Board representing CTAs and CPOs.


Dear Mr. Roe, Thanks for the Reply
John Lothian – JLN
John Roe has responded to my editorial supporting Ernest Jaffarian and Doug Bry over him and James Koutoulas for the upcoming election. He posted it on the Commodity Customer Coalition website. As promised, I posted it to John Lothian News, excerpting it in a blog post and directing people to the original source.


Sweet 16: The Tops For 2016 – Technology

Technology is the lifeblood of the financial markets. As we look ahead in our Sweet 16 series at 2016, here are four ideas from Matthew Rees, Hazem Dawani, Adam Honore and Matt Hughes – about where we are headed with new technology.
Watch the video »
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It’s Not Capitalism That Causes Poverty, It’s The Lack Of It
It is indeed true, in one specific sense, that we can say that capitalism causes poverty. It’s also equally true that the statement “capitalism causes poverty” is entirely wrong given the way that it is generally meant. That general meaning being that the capitalist plutocrats (and a few lucky running dog lackeys like myself) get to scoop up the profits extorted from the brows of the workers, the bitter tears of their starving waiflings, and this is what makes poor people poor.

***** Christmas story?


An Old-Media Empire, Axel Springer Reboots for the Digital Age
The New York Times
Digital activities now generate more than 60 percent of Axel Springer’s revenues and just over 70 percent of its operating profit, suggesting that its leadership has shed any lingering ambivalence about the company’s online future. Now, as it seeks to expand its audience globally, Axel Springer has moved aggressively to increase its portfolio.

***** Old dogs learning new tricks and running with them.


Rates Are Going Up. What Could Go Wrong?
NY Times
Fire or ice?
In the past, the culprit has frequently been fire — an overheating economy and rising inflation — that prompted the central bank to push up interest rates until they ultimately choked off growth. Ice is more unusual, at least in the United States, but often more painful, as excess capacity, weak demand and falling prices foster a deflationary slump that can prove difficult to escape.

***** Gold will go down, which will end the world as the gold bugs know it.


Bridging the Week – EFRPs; Wash Sales; Manipulation; Margin; Conflicts of Interest; Fingerprinting; Audit Trail
Gary DeWaal – Katten Muchin Rosenman LLP
The Commodity Futures Trading Commission issued a host of year-end final and proposed rules, including a final rule on uncleared margin for swaps and proposed rules aimed at enhancing cybersecurity at designated contract markets, swap execution facilities, derivatives clearing organizations and swap data repositories. Separately, CME Group and ICE Futures U.S. publicized multiple disciplinary actions touching upon a myriad of alleged rule violations—from improper exchange for related position transactions, forbidden pre-hedging of block trades, a position limit violation, wash sales and various other trade practice violations.


Sweet 16: The Tops For 2016 – Regulation

Regulation is always front and center and it will be once again next year. In our John Lothian News Sweet 16 Series, we spoke with Timothy Massad, Gary DeWaal, Dan Roth and Marisol Collazo about everything from the CFTC’s regulatory framework to the impact on innovation to harmonizing data. Here’s what they had to say.

The Sweet 16 Series features the top 16 ideas about exchanges, regulation, economics and technology, drawn from 38 interviews conducted at the FIA Expo Conference in November 2015.
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The ABC of money wisdom for children
If you think that children should be shielded from money matters, you probably have the wrong idea. “Many parents say—I came up in life with great difficulty, but I don’t want my child to suffer like me. I will ensure that she gets whatever she wants. This is a big mistake we make as parents. After all, they have to deal with money matters at some stage in their lives, and the earlier you prepare them for it, the better they will be at it when it matters most.

***** Relationships matter, including your relationship to money.


Volatility to rule mkts in holiday-shortened week
Business Standard News
The domestic equity market may see volatile trading sessions in a holiday-shortened week ahead, with movement of crude oil prices expected to be an important factor driving stocks in near term, say experts. Markets will remain closed on Friday for Christmas.

***DA: As a reminder, the John Lothian Newsletter will take a short break as well. Look for a slimmed down version of the newsletter on Thursday. We will not be publishing on Christmas Day.


Lead Stories

Fierce debate over challenger trading venue
Philip Stafford in London and Nicole Bullock in New York –
“Look out, we’re coming” has long been the message from IEX Group, the upstart US equity trading venue at the heart of Michael Lewis’s 2014 book Flash Boys. Although it boasts only a modest 2 per cent share of daily US equity trading, IEX, headed by Brad Katsuyama, is making good on its vow to shake up the status quo and challenge the business model that underpins the world’s biggest equity market.

Derivatives regulation spat nears Transatlantic detente
Barney Jopson in Washington and Philip Stafford in London –
In an interview with the Financial Times, the top US derivatives regulator said he was ready to make concessions after the EU softened its position last week, raising the prospect of an end to an impasse in which Europe has refused to recognise US rules. Tim Massad, chairman of the Commodity Futures Trading Commission, forecast that the dispute would be resolved before President Barack Obama — who was elected at the nadir of the financial crisis — leaves the White House in January 2017.

ICE tells Trayport staff chief exec Piggott has left
Futures & Options World
The Intercontinental Exchange has told the staff of Trayport their long-standing chief executive Elliott Piggott has left the energy trading firm a week after the exchange acquired Trayport for $650m. ICE told Trayport staff that Piggott had left in an emailed circular on Friday afternoon.

Martin Shkreli: whizz-kid brought down by ‘Ponzi scheme’
Were it not for the financial crash of 2008, Martin Shkreli would probably be nothing more than a footnote in Wall Street history, just another failed, small-time hedge fund manager. In 2006, aged 23, he set up Elea Capital, which quickly fell into difficulties, and a year later a judge ordered him to pay $2.3m to Lehman Brothers to make good on a bet gone badly wrong.

***DA: In this Reuters story, Shkreli calls the fraud charges “baseless.”

Moody’s downgrades Glencore debt to one notch above junk
Glencore’s debt has been downgraded to one notch above junk status by credit rating agency Moody’s, amid a weakening outlook for commodity prices. The rating agency on Friday said the mining and trading group was cut from Baa2 to Baa3. However, by assigning its rating a ‘stable’ outlook, Moody’s indicated that it did not expect to make a further downgrade to the company’s credit rating in the coming months.

The Big Short Was Only One Reason 2015 Was The Year of the Bears
Bloomberg Business
Money managers are having trouble picking winners. But they sure can pick losers. Take Whitney Tilson, who makes money by betting on stock declines — or short selling. Just last week he closed out his bet against Lumber Liquidators Holdings Inc., riding it from about $100 to less than $20. He’d helped trigger the stock collapse when he publicized suspicions in 2013 about the company’s wood flooring.

Oil at 11-year low, election impasse hits Spanish assets
Brent crude oil extended a slide on Monday to its lowest level in more than 11 years while investors dumped Spanish bonds and stocks after an inconclusive general election set the scene for potentially weeks of political stalemate.
Spain’s Ibex share index slid to a near three-month low but European stocks overall moved higher in early trade, taking their cue instead from equity gains in Asia.

Year in Review: Mergers Set a Record as Firms Bulk Up
Subdued for years after the financial crisis, mergers and acquisitions came roaring back as companies seek to boost revenue at a time when sluggish economic growth and low inflation make that difficult.


Holding companies to play key role in bank failure
Financial institutions “must be able to fail in an orderly fashion”, according to the Bank of England. Last week it further clarified the implementation of a European directive, but for bank bond investors clarity remains elusive. Since the financial crisis a massive regulatory shift has transferred risk to capital markets and created an array of bank bonds. But it remains very hard to say who will be left with what, in the event that a financial institution fails.

Europe’s Small Banks Should Be Exempt From Some Bonus Caps, Regulator Says
Dealbook – NY Times
Small banks and some other financial institutions in Europe should be exempt from some of the limits on bankers’ bonuses, the European Union’s banking regulator said on Monday.
The opinion, by the European Banking Authority, would still require a change in European Union law to carry out. But the guidance is meant to clarify disparity in the interpretation and enforcement of the bonus rules.

JPMorgan to Pay $307 Million for Steering Clients to Own Funds
Dealbook – NY Times
JPMorgan Chase has agreed to pay $307 million to settle accusations that it improperly steered clients to the company’s in-house mutual funds and hedge funds.
From 2008 to 2015, brokers and financial advisers in several divisions of JPMorgan gave preference to investment products created by the bank’s asset management division when deciding where to put client money, regulators said on Friday.

EU data protection reform may promise more than it delivers
Implementing the biggest shake-up to Europe’s fragmented data protection laws in two decades may fail to provide companies with the consistency and simplicity that had been promised across the 28-nation bloc.
A patchwork of privacy laws in the European Union, dating back to 1995 when the internet was in its infancy, was criticized for lacking teeth and being interpreted differently across the EU.

IOSCO lays out OTC derivative harmonisation plans
The Trade News
Proposals to create a harmonised Unique Product Identifier (UPI), an alphanumeric code designed to help identify over-the-counter (OTC) derivative products, have been laid out by the Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO).

CFTC Approves Final Rule on Records of Commodity Interest and Related Cash or Forward Transactions
These amendments to Regulation 1.35(a) decrease regulatory burdens on affected market participants by excluding certain types of those participants from aspects of the rule’s written and oral recordkeeping requirements. The final rule also clarifies the requirements governing the form and manner in which records must be kept. Lastly, the final rule reorganizes the rule text to provide affected market participants with greater clarity regarding their recordkeeping obligations under the rule.

***DA: Also see Commissioner Giancarlo’s statement HERE

US to get banks and non-banks to rewrite their derivatives contracts, Fed’s Dudley says
Neil Roland, MLex
William Dudley, head of the US Federal Reserve Bank of New York, said the United States and other jurisdictions plan to require large banks to rewrite their derivatives contracts with non-banks to ensure orderly resolution of failed institutions.

OCC Submits Letter to IRS and Treasury commenting on proposed regulations
In its role as the foundation for secure markets, OCC submitted a letter to the IRS and Treasury commenting on proposed regulations issued under Code sections 871(m) and 1441 relating to the exemption from withholding tax for dividend equivalents paid to qualified derivatives dealers (QDD). The letter requests that the concept of a QDD be modified so that it also applies when a Canadian clearing member is engaged in principal trading solely on behalf of the firm. The letter also requests clarification regarding an issue that could cause such members to face potential excessive withholding tax under the proposed regulations.

China to conduct stress tests on securities and futures institutions
China’s stocks regulator said on Friday it will conduct stress tests on brokerages, mutual funds and commodity futures institutions to obtain a comprehensive understanding of the capital markets. The China Securities Regulatory Commission (CSRC) will use the test results to prevent systemic risk and create a framework of contingency plans in the event of extreme market conditions, Zhang Xiaojun, a spokesman for the CSRC, told a weekly news conference in Beijing.

Exchanges & Trading Facilities

HKEx Markets Set Several New Records In 2015
Hong Kong Exchanges and Clearing Limited’s (HKEx) securities and derivatives markets set several new records this year according to market statistics for 1 January 2015 to 15 December 2015 published Sunday by HKEx in response to media requests.

?CFTC to start finalizing SEF registrations early next year, Massad says
Neil Roland, MLex
The US Commodity Futures Trading Commission will likely start finalizing swap execution facility registrations early next year, more than two years after adoption of a rule promoting derivatives trading on the platforms, Chairman Timothy Massad said.

Commodity exchanges eye revival under Sebi after modest 2015
Business Standard News
Commodity derivatives market is likely to end the year 2015 with a modest turnover growth but hopes are high for a rebound in 2016 with expectations of new products and new investors being allowed in the new regulatory regime.

Turnover on exchanges dips to pre-Modi levels
Business Standard News
In another sign of the Narendra Modi euphoria losing its grip over the Indian equity markets, the turnover on the stock exchanges has dipped in the past few months to pre-May 2014 levels, signalling declining interest from market participants.

HKEx Chief Executive Charles Li – Latest Charles Li Direct: Looking To Santa
Readers of my blog might remember that last December I wrote a letter to Santa – and he gave us a pretty good year. So I was thinking whether or not to write to Santa again this year, and considered asking my daughter for her thoughts. After all, at HKEx we are all superheroes now, superheroes having been the theme of our annual dinner last Thursday. But I knew my daughter would just say I should get better at soccer first before thinking I’m a superhero. And she would probably be right. Although my colleagues at HKEx are very hardworking and capable they don’t have super powers, and anyway, superheroes don’t give gifts.

Cleartrade eyes first quarter for tech upgrades
Futures & Options World
Commodities exchange Cleartrade said it plans a major upgrade of its risk and pricing systems early next year , according of the chief executive. The firm will in the first quarter 2016 launch a new pre-trade risk tool and a price transparency system, Richard Baker, chief executive officer of Cleartrade told FOW.

Hedge Funds & Managed Futures

Wall Street’s Biggest Junk Bond Dealer Weighs In on the Rout
Emily Glazer – WSJ
The executive overseeing Wall Street’s top high-yield bond desk says the market for such debt isn’t in a bubble, even as he forecasts sizable losses across the industry in the short term.

Mega deal financing will test bond market in 2016 –
Sometime in early 2016 Dell will seek almost $50bn from the debt market to finance its $67bn acquisition of EMC, just one of many mega deals looming in the coming months.

Cotton output may dip 11% on steep fall in yields
Business Standard News
Cotton production in India is estimated to be lower by 11% at 335 lakh bales in the current year due to lower acreage and drastic reduction in yields, says a report.

Hedge funds and institutional investors — one unhappy marriage
Hedge funds may not have done so well for their external investors in recent years. But some have been doing rather better when it comes to managing money closer to home.

Gold’s Wild Ride Leaves Best Forecasters Siding With Fund Bears
Bloomberg Business
Janet Yellen sent gold prices on a roller-coaster ride. Now, hedge funds and the metal’s best forecasters are predicting there’s only one way prices are heading next: down.

Banks & Brokers

Banks Battle Staffers’ Vulnerability to Hacks
Terrified by a string of recent hacks, banks are spending billions of dollars trying to fend off a faceless army of digital intruders. But the biggest threats may come from within.

JPMorgan Chase to pay $307m over disclosure flaws
Gina Chon –
JPMorgan Chase has been ordered to pay a $307m penalty for failing to disclose to clients that it was steering them to the bank’s own investment products rather than those offered by rivals. The bank agreed to pay $267m to the Securities and Exchange Commission and admitted wrongdoing in settling charges, which found JPMorgan failed to disclose conflicts of interest to wealth management clients.

UBS FinTech Innovation manager bullish on cryptocurrency, discusses Bitcoin Supremacy
Brave New Coin
UBS is the largest bank in Switzerland, the 19th largest bank in the world by market cap, and the world’s largest manager of private wealth assets. In March of this year the megabank opened a FinTech Innovation lab in London, at Level 39 in the heart of the city, placing Alex Batlin at the helm as the Senior Innovation Manager. Batlin had been working on FinTech at UBS since 2002, and for the past few years has been the Global head of FinTech CTO research.

The 2016 Bond Trade That BlackRock, Pimco and JPMorgan All Back
Bloomberg Business
Diving into the riskiest parts of Europe’s government bond market proved to be a clear winner this year. Some of the world’s biggest money managers say 2016 will be no different.

Goldman Sachs global macro forecasts
Business Insider
Goldman Sachs is more or less optimistic on US stocks as we head into 2016. The bank’s strategists summarized the bank’s forecasts for major global markets and US economic data on Friday in a weekly note to clients.

Moynihan: Bank of America completing move of overseas jobs to U.S.
The Charlotte Observer
Bank of America expects its multi-year work of shifting overseas jobs to the U.S. will be complete sometime in 2016, the CEO of the Charlotte-based company said Friday. Under Brian Moynihan, the bank has been relocating jobs it inherited when it bought other companies. The move has helped Bank of America offset layoffs made in some parts of the bank under Moynihan, who has eliminated tens of thousands of positions since becoming CEO in 2010.

Clearing & Settlement

Dealers warn of hit to Asia from short margin transfer times
Japanese firms and Isda call for T+3 for cross-border uncleared swap trades

Linux Foundation announces Bitcoin Blockchain initiative to develop new fintech applications
The Linux Foundation has announced a new collaborative effort that aims to advance the Blockchain, the technology that powers Bitcoin.

NSD deepens settlement services with electronic matching for OTC trades
National Settlement Depository (NSD), Russia’s central securities depository, has started applying the electronic matching procedure for all counterparties’ potential counter clearing and settlement instructions for OTC securities trades (starting as of December 21st). Previously, this service was optional for the NSD clients.

LCH.Clearnet’s SwapClear eliminates more than $100 trillion in notional in 12 months
Global clearing house LCH.Clearnet Ltd today announced that its SwapClear service has reached an important milestone this year, by eliminating more than $100 trillion in notional since January 1, 2015.

Indexes & Products

Tumbling commodities prices shake index
The commodity rout is approaching an ugly new milestone, with losses across more members of a leading benchmark than in any year since the financial crisis. All but one of the 22 futures contracts in the Bloomberg Commodity Index are now lower in the year to date, with negative returns ranging from minus 6 per cent for sugar to a staggering 50 per cent plunge for natural gas. The last year so many constituents fell was 2008.

China stock market outperforms S&P despite wild swings
Here’s a little-known fact: the Shanghai Composite Index has outperformed the S&P 500 for 2015. Judging from the apocalyptic tone of much commentary on China’s stock market, few casual observers would guess that the Shanghai Composite Index is up a respectable 12.6 per cent on the year.

Dow ETFs Could Get Some New Additions in 2016
ETF Trends
The SPDR Dow Jones Industrial Average ETF (NYSEArca: DIA), the tracking exchange traded fund for the Dow Jones Industrial Average, got a little more exciting earlier this year when Apple (NasdaqGS: AAPL), the largest U.S. company by market value, joined the venerable blue-chip index.


BT partners with ADS Securities extending institutional trading operations into North America
BT Group plc (LON:BT.A) a UK based leading communications services company announced today that it is making it easier for institutions with a presence in North America to access Forex, metals and commodities markets via the OREX trading platform of leading financial services company, ADS Securities.

Blockchain: ushering a new era in fintech
Banking Technology
The distributed ledger – the central nervous system of the Bitcoin system – is the most sweeping departure from the long-standing financial bookkeeping practices followed since the codification of the Medici’s double entry accounting system, writes Ajay Vi.

Fintech startups disrupt mammoth banks
The Hindu
Top bankers recently met at a luxury hotel in Bengaluru to discuss how to innovate startups, from sourcing ideas to influencing direction of new product development. The theme of the event revolved around how to combine the spirit of traditional business powerhouses with startups. In fact one of the guests confessed that he didn’t know much about the new age firms and he had to actually Google the word ‘startup’.


CFTC Orders JPMorgan Chase Bank, N.A. to Pay $100 Million for Failure to Disclose Conflicts of Interest
The Order finds that JPMCB failed to disclose certain conflicts of interest to clients of its U.S.-based wealth management business, J.P. Morgan Private Bank. Specifically, JPMCB failed to fully disclose its preference for investing its client funds in certain commodity pools or exempt pools, namely hedge funds and mutual funds managed and operated by an affiliate and subsidiary of JP Morgan Chase & Co. (Proprietary Funds). JPMCB also failed to disclose its preference for investing its clients’ funds in third-party-managed hedge funds, each a commodity pool or exempt pool, that shared management and/or performance fees with a JPMCB affiliate. JPMorgan has admitted to facts set forth in the Order and acknowledged that its conduct violated the Commodity Exchange Act and/or related Regulations.

Environmental & Energy

Dubai oil benchmark under growing scrutiny
Royal Dutch Shell has called for tougher regulation of the system that sets the price of crude shipped to Asia as China’s state-owned energy companies exert stronger influence over international markets. During the past decade China has emerged as one of the important forces in the global crude market, vying with the US to be the biggest importer. And Beijing wants a bigger role in pricing the barrels it buys.

Coal’s future rests on carbon capture: IEA’s Fatih Birol
Australian Business Review
The head of the International ­Energy Agency says coalminers need to step up investment in ­carbon capture and storage in the wake of the Paris climate agreements if they want depressed coal prices to stage an eventual ­recovery.

Canadian regulator: 4.6 magnitude quake caused by fracking
Digital Journal
British Columbia’s energy regulator has confirmed that a 4.6 magnitude earthquake in northeast British Columbia in August was caused by fracking and is likely to be the largest fracking-induced seismic event ever recorded.

Dark Christmas ahead for nearly 1,000 axed staff of solar panel company
The Guardian
The Christmas tree in the reception of what used to be Mark Group, an energy company with more than 1,000 staff, looks jaunty enough but underneath it there are barely a handful of presents. “They’re fake,” confides one of the few remaining staff. It is a grim reminder of the hardship being faced by hundreds of people who lost their jobs when the company went into administration in October.

Gasoline Falls Below $2 a Gallon for First Time in 6 Years
Bloomberg Business
Just as Americans start to hit the road for the holidays, the average price of gasoline at the pump has dropped below $2 a gallon for the first time in more than six years as global oil supply continues to surge.


Taifex adds first ETF options in Taiwan
Futures & Options WorldThe Taiwan Futures Exchange (Taifex) launched on Monday a raft of new derivatives contracts, including the country’s first exchange-traded-fund (ETF) options, in line with plans to launch the new products by the end of the year. Taifex has launched eight new derivatives products; a New Taiwan dollar (TWD)-denominated Topix futures contract, the first foreign equity index futures contract to be introduced in Taiwan, and seven ETF options.

S’pore as Asia’s start-up nation, infrastructure financing hub?, Opinion News & Top Stories
The Straits Times
Singapore’s economic model over the last 50 years has, undoubtedly, been a great success. The state recognised early on the limitations of a small domestic market and embarked on an aggressive drive to attract foreign capital from the developed West.

Yuan’s leap to reserve currency status will alter global system
The Australian
The Chinese currency is now on par with main reserve currencies, such as the US dollar and the euro, following the International Monetary Fund’s inclusion of the yuan into its basket of so-called Special Drawing Rights last month.

What shaped China’s equity boom and bust?
The main reason for the sharp swings often seen in the Shanghai and Shenzhen markets is the investor profile itself. Typically, up to 90 per cent of trading is done by retail punters, many of them new to investing and often without much formal education. In May alone, 12m new trading accounts were opened, as individuals piled into the bull market.

Frontier Markets

Rough diamond trading might start in India soon
Business Standard News
Rough diamond trading might soon start in India. The government has assured support to global miners for them to commence import and sale in the India’s first special notified zone (SNZ) inaugurated here on Sunday.

Portugal’s Failed Lender Banif Snapped Up by Santander
Small Portuguese lender Banco Internacional do Funchal SA will be broken up and mostly sold to Spain’s Santander SA, while receiving a large capital injection from the government.
The so-called resolution for Banif, which will protect all depositors but not shareholders and subordinated creditors, is the second in Portugal in a little over a year. Banco Espírito Santo SA, one of the country’s largest lenders, went through a similar process in the summer of 2014 after posting sharp losses over its exposure to its troubled parent. Both resolutions have been costly for taxpayers. Banif’s resolution will include a state injection of up to EUR3 billion ($3.3 billion), the European Commission said Monday.

Q&A: Establishing the Yangon Stock Exchange as a vibrant capital market – Asia Times
You just returned from the launch of the new Yangon Stock Exchange (YSX) and in October hosted a luncheon meeting in New York to introduce Myanmar Deputy Finance Minister Dr. Maung Maung Thein to high profile US institutions and investors. What are your thoughts on the YSX and what are the impressions of institutions and other portfolio investors on this market?
I would say that most frontier and emerging market investors are very interested in Myanmar and the opportunities that are present there. One reason is that Myanmar is starting at such a low level and has so much growth potential

Oil exporters feel more pain; Azeri manat down 32 pct as peg scrapped
Oil’s retreat to 11-year lows inflicted more pain on energy exporting emerging markets on Monday, driving down currencies and stocks and forcing Azerbaijan to abandon efforts to support its manat currency.

Capital Market Suffered 20% Loss in 7 Months, Say Analysts, Articles
Amidst the sustained negative performance of equities on the Nigerian Stock Exchange, especially through the second quarter to the end of the year, Capital market analysts have put the total loss incurred at 20 per cent for the period between May 29 and now.


2015, the year that was: Science + Technology
The Conversation
This year came and went almost as fast as NASA’s New Horizons probe zipped past the distant dwarf planet, Pluto. Yet New Horizons managed to pack a lot into its flyby, revealing astounding images of Pluto that show it to be far from a static icy world.

Error coin, a dime struck onto a nail, headed to auction
Chicago Tribune
Is it a dime? Or is it a nail? In probably one of the oddest items to come to the world of coin collecting, Dallas-based Heritage Auctions has announced the sale of a Roosevelt dime that was accidentally (or some say deliberately) struck onto a zinc nail. Yes, that piece of ironmongery used to repair your roof.

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