Menu Options Home Page Current Issue Letters > Editor Publisher's Notes Archives About Us News/Press Releases Links Contest CoinStats Rare Coins Today Statehood Quarters Contact Us Link to Us Bullion Today E-Subscribe to News/Updates Enter your email address and press Go!		Y2K Information WATCH VIDEO Why could computers disrupt your life? Your January 2000 paycheck or retirement check may not arrive. In a shortsighted attempt to save computer memory, early programmers assigned only two digits to identify each year, with the "19" understood. A computer's resulting inability to distinguish the year 1900 from the year 2000 is called the Millennium, Year-2000, or Y2K Bug. When "00 " comes up, it's "Oh, Oh, Oops, 1900!" As a result of the Bug, an HMO sent a 104-year-old patient to a pediatrician. Embarrassing, but easily correctable. On a more serious note, the Bug can cause old PCs, servers, minis, and mainframes that have not been successfully reprogrammed to crash. Billions of dollars are being spent to correct these problems, but it's already clear that there are not enough programmers nor time to complete the job. Even systems that have become "Y2K-compliant" may be tripped up by non-compliant systems with which they interface. Among the potential societal disruptions: Banks lose track of deposits and refuse to release assets. Brokerages too. Stores, restaurants, gas stations refuse to accept credit cards because they cannot get authorization from central computers. Computers stop spitting out checks from Social Security, Medicare, pension plans, annuities. Checks for interests on bonds also cease. So do paychecks. Airline reservation systems go down, which is fortunate, because so do air traffic control systems. Electrical power and telephone systems fail. Earnings plummet. Which causes stock markets to crash, if they are functioning. Will you be ready? Capers Jones, Chairman of Software Productivity Research and an authority on software quality, has estimated the probabilities of experiencing some Y2K-related problems as follows: bad credit reports, 70% (because records of payments will disappear); loss of regional electric power for more than one day, 40%; errors in first January paycheck, 30%; manufacturing shut downs of more than one day, 20%. He writes, "If year 2000 repairs are active and energetic, then it may be possible to achieve or top 95% defect removal efficiency levels and hence face only minimal year 2000 damages. If year 2000 repairs are sluggish and partial, which is the current situation for many organizations, then it is unlikely that more than 80% to 85% of year 2000 date problems will be found, thus leaving 15% to more than 20% of the date problems... In this case, damages will be severe." Edward Yourdon, co-author of the best-selling book, Time Bomb 2000: What the Year 2000 Computer Crisis Means to You, says his "current guess" is that we will face a period of utter chaos while we cope with disruptions in utilities, banking, telecommunications, and public services." What others are doing! Since the middle of 1998 there has been a tremendous and ever increasing demand for gold, silver and platinum coins. The demand has been focused on one ounce size or smaller of the bullion and bullion plus type coins. The factors that are creating the popularity are: Low price Small premium over precious metal value A high perceived value The U.S. Mint reports demand for the 1998 American Eagle gold, platinum and silver uncirculated bullion coins. Mintage for the 1997 one-ounce gold Eagles was 664,508 pieces. In 1998, the mintage soared to 1,468,530 pieces. All fractional gold coins also showed increases in mintage. The 1/10th ounce size had the largest increase, doubling in mintage, from 528,515 in 1997 to 1,344,520 pieces during 1998. Recent demand has dramatically effected prices, premiums on 90% silver coins and the value of Morgan and Peace uncirculated silver dollars have soared. Morgan uncirculated silver dollar rolls rose from $299.00 in December 1997 to $495.00 in December 1998, for an increase of 65.55%. Peace dollars in original uncirculated rolls went from $217.00 in December 1997 jumping to $320.00 for a growth of 47.47%. During this same period of time, from December 1997 until December 1998, the Dow Jones Industrial Average rose 16.10% and the NASDAQ Composite Average climbed 39.62%. When you compare the stock market increases with those for the Morgan and Peace uncirculated silver dollars (65.55% and 47.47%) you can see the interest level for silver coins has risen dramatically. Coin Connoisseur Magazine is serious about getting out vital information to our readers so that they can make informed decisions. It is one of the few places where you can get insightful information about gold, silver and platinum markets, coins, as well as information about the year 2000 problem and the following Y2K checklist. Visit our web site at http://www.coinmag.com and read updated information on Y2K in Coin Connoisseur magazine, The Magazine for Collectors and Investors. Check out the special $29 subscription offer (The premiums are worth twice the cost) Y2K Survival Checklist from CoinMag.com: Enter your email address below:
©2000 Coin Connoisseur 5855 Topanga Canyon Blvd., Suite 330 Woodland Hills, CA 91367 Toll free: (888) 454-0444 ~ Fax: (818) 594-8599 email: info@coinmag.com