Item number: A182

Year: AD 1939-2023

Material: Zinc

The results after XRF testing

Size: 51.0 x 51.0 x 5.1 mm

Weight: 60.55 g

Provenance: Private Collector, USA, 2024

This is a challenge coin issued by Signature Bank, which closed down during the banking crisis of AD 2023 and had its operations acquired by New York Community Bank. Challenge coins originate from a unique culture within the US military. It is said that during World War I, a lieutenant in the US Army Air Service designed a badge about the size of a coin as a marker for his squadron sent to Europe for combat. Subsequently, the lieutenant was captured by German forces during a mission. Although he managed to escape back to allied lines, he faced the risk of being executed by French troops due to the loss of identification documents. In a critical moment, the lieutenant remembered the badge he carried and handed it to the French troops, which helped identify his identity and saved him from execution. Since then, challenge coins have been passed down within the US military, with the first official record dating back to the Korean War. Today, challenge coins are not limited to the US military and are also created by civilian enterprises or organizations. With advancements in industrial technology, challenge coins are no longer limited to traditional round shapes but can also feature irregular geometric designs.

This challenge coin was commissioned by Signature Bank and supervised in its design by “Signature Coin,” a company specialized in creating challenge coins. The production was carried out by a factory in China, highlighting the cross-border commercial exchanges in the era of globalization. The purpose of Signature Bank issuing this challenge coin was to promote its “Signet” cryptocurrency payment platform, which was launched in AD 2019.

The appearance of this challenge coin is an irregular circle. On the obverse side, it features the uppercase “S” logo of Signature Bank. The central part of the reverse side is engraved with the logos of Signature Bank and the Signet payment platform, along with their website addresses. Surrounding the central design, there is a dark-colored circle with slogans such as “Blockchain, Real-time, 24/7 Payments, Certainty & Transparency, Safety & Security, and USD,” serving as advertising slogans for their cryptocurrency payment platform.

Signature Bank, headquartered in New York, was established as a regional bank in AD 2001. In AD 2018, with the rise of cryptocurrencies, Signature Bank ventured into the cryptocurrency space, aiming to reduce its reliance on traditional real estate lending businesses. On New Year’s Day in AD 2019, Signature Bank officially launched the Signet cryptocurrency payment platform.

Customers are required to maintain a minimum deposit balance of at least $250,000 but can engage in various cryptocurrency transactions around the clock throughout the year. With the support of the Signet platform, Signature Bank’s assets were valued at $110.36 billion, and deposits were $88.59 billion in AD 2022, making it the 19th largest bank in the United States according to Standard & Poor’s. Approximately 30% of its assets are related to cryptocurrencies. By early 2023, it had grown to become the second-largest cryptocurrency service bank in the United States, following Silvergate Bank.

It started at the end of AD 2022 when the fourth-largest cryptocurrency exchange in the virtual currency sphere, FTX, declared bankruptcy, causing a collapse in the cryptocurrency market. Panicked customers began withdrawing their deposits from Signature Bank. On March 9, AD 2023, to reassure investors, Signature Bank issued a press release stating its financial stability and plans to reduce reliance on cryptocurrencies. However, the next day, March 10, Silicon Valley Bank’s takeover marked the first bank closure wave in the United States that year. On that day, Signature Bank faced a run of several billion dollars, causing its stock price to plummet by 23%, ultimately leading to the bank’s bankruptcy.

On March 12, the New York Department of Financial Services ordered Signature Bank to cease operations and placed it under the control of the Federal Deposit Insurance Corporation, marking it as the third-largest bank bankruptcy event in American history. On March 19, New York Community Bank agreed to acquire Signature Bank’s operations for $2.7 billion. However, this deal did not include the $4 billion in cryptocurrency-related deposits, which would be directly refunded to depositors under the supervision of the Federal Deposit Insurance Corporation. The bankruptcy of Signature Bank highlighted the vulnerability of cryptocurrency platforms and prompted the U.S. government to initiate stricter supervision of banks involved in cryptocurrency business.

物件編號: A182

年代: 公元 2019-2023 年

材質:

XRF分析結果

尺寸: 51.0 x 51.0 x 5.1 mm

重量: 60.55 g

來源: 美國私人收藏 2024

這是一枚在公元2023年的銀行危機中倒閉，業務已被紐約社區銀行收購的簽名銀行發行之挑戰幣。挑戰幣是源自美國軍隊的一項獨特文化，據說第一次世界大戰之際，派往歐洲參戰的美國陸軍航空隊的一名中尉，替小隊設計一枚和硬幣差不多大小的徽章作為標示。後續中尉在一趟任務中遭德軍俘虜，雖然成功逃回盟友的戰線，卻因遺失辨識文件面臨被法軍槍決的命運。千鈞一髮之際，中尉想起他隨身攜帶的徽章並交給法軍，以此辨識出身分讓他逃過槍決的厄運。從此挑戰幣就在美軍內部流傳，即便直到韓戰才有第一筆較確實的官方紀錄。時至今日，挑戰幣不再侷限於美國軍方，甚至民間的企業或社團也能打造。隨著工業技術的演進，挑戰幣的外觀不再只是傳統的圓形，也能做成不規則的幾何圖案。

這枚挑戰幣是簽名銀行委由「Signature Coin」，一家專門設計挑戰幣的公司監督設計並且交給中國的工廠生產，可見全球化下的跨國商業交流。簽名銀行發行該挑戰幣的目的，是希望替公元2019年自家開辦的「Signet」加密貨幣支付平台行銷。這枚挑戰幣的外觀是一個不規則圓形，正面以簽名銀行的英文大寫「S」商標為設計。背面的中央刻上簽名銀行和支付平台的商標和網站。外圍的深色圓圈處，刻有「數據鏈、即時、全天付款、確定性與透明度、安全與保障和美金」，作為自家加密貨幣支付平台的廣告標語。

簽名銀行是一家總部位於紐約，成立於公元2001年的地區銀行。公元2018年隨著加密貨幣的興起，簽名銀行開始涉足加密貨幣，意圖降低過去仰賴的房地產貸款業務。公元2019年元旦，簽名銀行正式推出Signet加密貨幣支付平台，客戶的最低存款餘額至少要25萬美金，但能全年無休進行各種虛擬貨幣的交易。Signet平台的加持下，簽名銀行在公元2022年的資產價值為1103.6億美金，存款為885.9億美金，是標準普爾認定的全美第19大銀行，更有30%資產跟加密貨幣有關。公元2023年初，已成長為僅次於銀門銀行的全美第二大加密貨幣服務銀行。

但公元2022年底開始，先是虛擬幣圈的第四大FTX加密貨幣交易所宣告破產，導致加密貨幣面臨崩盤，恐慌的客戶開始提領在簽名銀行的存款。公元2023年3月9日，簽名銀行為了讓投資者安心，公布一項新聞稿表示財務無慮和降低對虛擬貨幣的依賴。但是隔天3月10日，矽谷銀行的接管宣告該年度的美國銀行倒閉潮第一槍，當天簽名銀行遭受數十億美金的擠兌潮，銀行的股價一口氣下跌23%，注定該銀行破產的結局。

3月12日，紐約州金融服務廳勒令簽名銀行停業，由美國聯邦存款保險公司接管，成為美國歷史上第三大的銀行破產事件。3月19日，紐約社區銀行同意以27億美金收購該銀行的業務。但該交易不含虛擬貨幣的40 億美金相關存款，這筆款項經美國聯邦存款保險公司監管將直接退還給存戶。簽名銀行的破產標示著虛擬貨幣平台的脆弱面，也促成美國政府對於銀行的加密貨幣業務展開更為嚴格的監督。