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ACCent: The Monthly Newsletter of the Anchorage Coin Club

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Volume 8, Number 12

December 1995

December Membership Meeting
Thurs., December 7, 1995 Central Lutheran Church

7:30 PM Meeting


 

FROM YOUR EDITORS

Welcome to the first newsletter by your new editors. There are now four of us club members who have volunteered to put together the club's newsletter. Loren Lucason, Brad Webb, Robin Sisler. and myself (Larry Nakata) will comprise the newsletter committee. Loren and myself will primarily be responsible for consolidation of the articles and formatting of the month!) newsletter. Brad Webb, a graphics artist by trade, will be working in the coming months on improving the graphics portion of our club's newsletter. Robin Sisler (our YN editor) will be involved in the YN portion of the newsletter

Our thanks go to Mike Nourse. our previous editor, for all of his hard work in putting together this newsletter. We can appreciate all of the hard work done by Mike from our experience thus far. We can expect to see articles from Mike in the coming months on various numismatic subjects.

As your editors, we would like to encourage our members to provide articles of interest for publication in the club's new letter, ACCent. Any articles of interest can be provided to any of us at the club's monthly membership meeting or by calling one of us. Our phone numbers are listed in the newsletter.

In discussing ideas for future newsletters, we will be introducing a new monthly article. "Surfing the Internet". All of your editors on the newsletter committee have computers and found a wealth of numismatic information and articles of interest via Internet access. Since a good portion of our club's membership does not have Internet access, this article is intended to keep our membership informed about the latest and greatest goings on in the area of Numismatics.

Please give us input in the coming months on things you would like to see in future newsletters.

MEMBERSHIP NEWS

Christmas Party

This is a reminder to all of you members that our club's Christmas party will start at 6 PM on December 7th (Thursday evening). This will be a potluck party. Your editor (Larry Nakata) will be bringing the ham while board member (Mike McKinnon) will be bringing the turkey for the event. The club will supply the sodas and other utensils. Our president, Mike Orr, and vice-president, Mike Greer. will be calling our members on attendance. We ask that our members bring desserts, salads, appetizers, and other dishes as potluck items.....or just come as yourselves. We welcome all of our members and their families to this event.

Besides the enjoyment of each other's company that comes with a Christmas party, there will be a coin auction held as part of the event. The auction has always been the high point of the Christmas party. Members wishing to submit lots for the auction can bring them to the Christmas party. The auction should commence after dinner.

As in years past, our coin club's regular monthly membership meeting , YN meeting, and club's Christmas party are held on the same day as one event.

So by the time this newsletter gets to you.....remember to set aside December 7th on your agenda for coming to our club's traditional Christmas party.

Raffle Prize

At this lime, about 60% of the tickets have been sold on the raffle prize, a BU 1910-D $10 Indian Head gold piece. As stated in last month's newsletter, the number of raffle tickets have been limited to only 100 tickets at $5/ticket. With approximately 40 tickets remaining, it is expected that these remaining tickets will go quickly at the Christmas party and that the prize will be raffled off that evening. So get your tickets early when you arrive at the party. The chance to win such a prize for a $5 ticket is a pretty good deal. Don't miss that chance.......

EAGLE: 1908-1933 Indian, With Motto

EAGLE: 1908-1933 Indian, With Motto

CHRISTMAS AUCTION LOTS

The following lots have already been submitted:

1) Obsolete $5 State bank note/ Bank of Pontiac, Michigan Good condition/ dated Sept. I. 1863

2) Obsolete $5 State bank note' Bulls Head Bank of New York/ Good condition/dated Nov. 10.1858

3) State of Louisiana $5 bond.' Series of 1B75/ Canceled bond' Uncirculated condition

4) SI Silver Certificate Series of 1899' Speelman-White' Very good to Fine condition

5) Complete set of Peace Dollars (1921-1935) / In Whitman Album/ VG to BU condition

6) 1914-D Lincoln Cent/ VF/ Minimum Bid $150

7) 1934-Double die 25cents / "In God We Trust" / VG

8} 1826 half cent / VF

9) 1994 $5 Gold eagle (1/10th oz)/BU condition

10) $20 Gold Certificate / Series 1922 / Fine

Members are encouraged to submit additional lots for the auction at the Christmas Potluck Party on December 7th.

Northway Mall Show A Success!!

The Northway Mall Show (held over Oct 20-22) proved very successful and was well attended by the general public. About 45 tables were featured at that show. Among those tables was a display on the "History of US Paper Currency" with examples of $1 paper currency from the time of the Revolutionary War to the present. The Northway Mall Show resulted in 5 new members for the Anchorage Coin Club. Besides providing assistance and education to the general public about numismatics, these coin shows have proven very instrumental in providing our club with a continuing flow of members over the years. Here's looking forward to what 1996 will bring us in the way of such shows......

Results of November 1st Meeting

The November 1st membership meeting was attended by 23 members. Three new members were signed at the meeting: Nathan Fellers (YN), Corey Rennell (YN who has an interest in Ancient coins), and Scott Bryner (school teacher who also has an interest in Ancients).

Agenda items discussed were the results of the Northway Mall Coin Show, the December 7th Christmas party/auction, ideas for the club's newsletter, the YN's Club meeting agenda for their November 10"1 meeting, and correspondence items.

Winners of the various monthly prizes were: Dave Wilson (door prize- a grading set of coins) and Mike Orr (membership prize- 1765 Austrian 20 kruezer coin in XF condition). No one won the "kitty prize" of $20 as Member #94 (Mike Nourse) was not present at the meeting. Alas.... Mike Nourse was working at the Post Office that evening. The "kitty prize" will carryover to the December meeting.

Also discussed was a proposal under consideration by the Anchorage Coin Club board for elimination of the "kitty prize" in favor of a "President's Award" for those club members who have volunteered their time and efforts towards the betterment of the Anchorage Coin Club. The board will decide this matter at the November board meeting.

Thanks are in order to Loren Lucason for his donation, in the name of the Anchorage Coin Club, lo the Loussac Library. Loren has donated a numismatic book. "Money" by Joe Cribb, as part of the library's Numismatics Section. The Anchorage Coin Club sponsors this program and would like to see it's members make- such donations as part of our ongoing efforts to promote Numismatics in Alaska.

The meeting concluded and was followed by a slide presentation by member Robert Hall on "US Commemorative Coins".

Results of November 10th YN Meeting

Six YNs attended the November 10th YN meeting. The first of three parts on the subject of coin grading was covered at this session. In addition to coin grading, other topics discussed were the handling of coins, the storage of coins, cleaning of coins (Editor's comment: "God Forbid..."), and ways in which YNs can build up their collections. The second half Of the YN meeting featured a VHS tape on the "Making of Money/ The History of United States Paper Currency" by the US Bureau of Engraving and Printing. Following the session, each YN was given the choice of keeping a $1 silver certificate or S2 note for their collections. Thanks go out to John Larson (Member #18) for his donation of the VHS tape to the Anchorage Coin Club which made possible this session.

The next YN meeting is scheduled for Thursday, December 7th; at 6;00 PM at the Central Lutheran Church, Traditionally, the December YN meeting, Anchorage Coin Club membership meeting, and Christmas Potluck Party are all held as one event. We hope to see all of you YNs, club members, and your families at this even!.................

FROM YOUR EDITORS

Editor's Final Item

Our dub got a real nice letter from Robert Hoge of the ANA. A number of our members attended the club's September three day seminar on "Ancient Coins". Robert was our seminar instructor and gave a great presentation on the subject. In Robert's letter, he writes:

"Thank you for the kindness and hospitality of the Anchorage Coin Club extended to me. 1 had a memorable time (both fishing and lecturing!), and hope the occasion was enjoyable for ail the rest of you as well, I shall retain many pleasant memories of my sojourn in Alaska, and of you all. Keep up the good work. Thanks again!"

Editor's comment: Robert had that "cheechako" luck when a bunch of us went fishing for silvers on the Kenai River that rainy September day. He was the only one to catch two nice silver salmon and almost landed a huge third one late that afternoon. Robert should have some great stories to impart about that fishing escapade.

 

PRESIDENT'S MESSAGE

We had a very lively and well attended club meeting in November. As a result of the meeting. We added three new members: Nathan Fellers (YN), Corey Rennell (YN), and Scott Bryner. Welcome to all of you!! Thanks go out to Robert Hall on his presentation on "U.S. Commemorative Coinage." Good Job Robert! The slides were outstanding. When I buy coins, I look for nice toning like that. I'll wager a substantial premium was paid to secure those coins. At any rate, putting together the type set he outlined would definitely be a worthwhile project. Thanks for your input on this subject. I'm sure all the attending members appreciated the excellent presentation.

This ends the 1995 season of guest speakers. To all of those who have made presentations this year, I want to personally thank you for your excellent efforts and cooperation. I could not have done it without your support. The meetings, I feel, have been filled with new ideas on many different collecting themes. Looking forward to next year I have scheduled a couple of speakers for January and February. Your Vice-President, Mike Greer and member/ librarian John Larson will be featured on subjects to be announced later. It is my hope that the coming year will get off to a positive start. Thanks Guys!

Another positive event that we hosted in November was the YN meeting. Along with adults Larry Nakata, Brad Webb, Richard Bilak. and myself attending, we had six YNs in attendance. This was the most lively YN meeting I can remember, Larry started the correspondence course on coin grading. I'm personally inviting any member who wants to learn the ABC's of coin grading to attend. Many-asked me to offer this as a teaching subject when I first look office. Opportunity is knocking and (his is a response to those requests. Also, we watched a video from the Bureau of Engraving and Printing on the making of paper currency. Both were very interesting subjects. It is this president's hope that all of our new YNs fee! that they are an important part of our club. It is my belief that the future of the hobby is in their hands. Thanks go out to Larry for making the meeting a great success. The next YN meeting will be combined with the Christmas meeting on December 7th, "Pearl Harbor Day."

Speaking of the Christmas Potluck, those of you I did not talk to personally will be getting a call to remind you to attend. We want to get an idea of how many people will be there so we can plan ahead- As always, friends and family are welcome. Bring some goodies such as special dishes, desserts, salads, etc. The rest is furnished by the club. This event is traditionally the best event of the year with many people attending whom we do not see often. The basement room is reserved for us on Thursday December 7th at 6 PM COME ONE, COME ALL! I am also bringing back the traditional Christmas Auction. If you missed bringing in material at the Board Meeting, feel free to bring in auction items for the event. Auction rules in the newsletter will apply to this auction. Bidders will need to review the material early and the auction will be the final event of the evening. Last but not least, I want to encourage all of you to pick up several tickets for our raffle prize on the $10 Gold Indian. We've sold a little more than half of the tickets we need. They are $5 apiece and if we sell the other half, a lucky winner will go home with one nice Christmas present. At any rate, I hope to see many of you at the meeting. So until then...good luck and good hunting.

- Mike Orr.

 

THE YN CORNER
by Mike Greer (Your Club VP and YN)

Well....everything is going well as far as the YNs are concerned. We have gained a couple of more YNs in the last month. If you look around, you may see some of them at our meetings.

The Northway Mall Show went well. We had a few dealers come up from the lower 48......A first for our club! The dealers added to the fun. Among the dealers, Marc Bettinger and Tom Cederlind brought their "Ancients" for the show, Steve Musil came up on a buying spree and will hopefully have a table at one of our future coin shows. All these things plus no snow made for a fun show.

The YN meeting was a lot of fun also. We watched the BEP (Bureau of Engraving and Printing) video tape on paper money and ate pizza. Larry Nakata also handed out silver certificates and two dollar bills to every YN.

Everyone...including ONs (Old Numismatists) should consider showing up at a YN meeting or two. They are a lot of fun for everybody.

We have gained a lot of new members in the past couple of months and this adds interest and fun to the meetings. Keep up the good work, and come the meetings (both the regular and YN meetings} as the> are both run and interesting. With the presentations that been going on at each of the meetings, no one can afford to miss any of them. Remember....."knowledge is power!"

By the way...thanx, Robert, for the great talk on U.S. Commemoratives!

 - Mike Greer

 

 

"SURFING THE INTERNET"

Welcome to this new article us editors call "Surfing the Internet". Every month, your editors will "surf the Internet" in search of current tidbits of numismatic information, informative articles, and neat pictures of coins (some of which are featured in this month's newsletter). This is our attempt to try and keep up with the times and technology. In the coming months, our YNs will be putting together our club's WEB page on the Internet. We'll keep you posted on the developments.

The November 6th issue of "Coin World" had an article about various Internet WEB pages (hat us coin collectors can access.

Three WEB pages in particular were mentioned: The Royal Canadian Mint (http://www.rcmint.ca);

Royal Canadian Mint http://www.rcmint.ca

The Smithsonian http://www.si.edu

The ANA http://www.money.org

The Smithsonian (http://www.si.edu); and the Federal Reserve/Minneapolis (http://woodrow.mpls.frb.ded.us). Your editors decided to try out these WEB pages and got some pretty good information. The Royal Canadian Mint and Smithsonian's WEB pages gave us some pretty good pictures of coins, which we will feature in the newsletter in future months. The Federal Reserve's WEB page had a pretty good write-up article on the 1996 Series of US Currency and the security features that will be incorporated in our future paper currency. This article will also be featured in the coming months.

ANA's WEB Page

While browsing the ANA WEB page (http://www.money.org), us editors came across this article that was featured in the October 4th transcript of "Money Talks". Seeing as how October 18th was Alaska Day, our thanks go out to Ken Bressett, President/ANA for the timing of the transcript:

Transcript # 783 - October 4, 1995 / Alaskan Money / by Ken Bressett.

They called it "Seward's Folly," and it happened 128 years ago this month. But as we all know....Seward had the last laugh. This is "A-N-A's Money Talks," and today we'll look back at the purchase of Alaska from Russia. People called Alaska an ice-box, and ridiculed Secretary of State Seward, for buying the rugged and forbidding land. No one knew then of the wealth to be found in Alaska's gold and minerals, or of the promise of fertile land and opportunity.

Alaska never had a local money of its own. In most cases, trade was carried on using coins from other countries—or the natives bartered their furs for blankets, beads and buttons. Before Alaska became a state, private tokens, known as bingles, were used throughout the territory. Coins were always in short supply—and with the growth of local businesses, the need for coins became critical. Merchants solved the problem by making their own money, in the form of tokens, that could be used in trade. It was good for business, because customers had to return to their stores to use the tokens. In 1935, the U.S. government also made its own form of token money, to help supply families who'd recently been re-settled into a fertile valley, just north of Anchorage. Farmers from the Depression-stricken Midwest who moved to Alaska were given the government tokens as assistance money. They were similar lo today's food stamps, but could be used for all kinds of purchases.

Private tokens were used throughout Alaska for many years, until one day someone tried to buy stamps with them at a Post Office in Seattle. He was shocked to learn his Alaskan bingles were not acceptable as money—and were "legal tender" only in the Territory of Alaska. Alaska's tokens soon became a memory. Even before Alaska became the 49th state, regular U.S. coins were in use by everyone.

This has been "Money Talks." Today's program was written by Kenneth Bressett and underwritten by the nearly 30-thousand members of the American Numismatic Association, America's coin club for over a century.

Editor's Comment: Ken Bressett co-authored a book in 1965, "Alaska's Coinage Through the Years", with one of our club members, Kaye Dethridge (Members 98).

Other Tidbits From the ANA WEB Page

For those of you who are looking into attending the ANA Summer Conference at Colorado Springs next year, the conference will be held from Wednesday. August 14th 1996 and conclude on Saturday, August 17th, The following day. Sunday-August 18th is scheduled to be the ANA Membership Appreciation Day. Appreciation Day will be filled with a special Museum exhibit opening, tours of ANA facilities, and some of Colorado Springs' many attractions. Members who sign up to attend the ANA Membership Appreciation Day will leave Denver by bus on Sunday morning; and will be treated to a western style barbecue lunch at the ANA; with bus transportation provided for the return trip to Denver late that afternoon. For more information about the 105th Anniversary Convention in Denver, including hotel and airline reservations, contact the ANA Convention Department, 818 N. Cascade Ave, Colorado Springs. CO 80903-3279/ telephone # (719)632-2646.

 

 

Morgan Dollars
by Richard Bilak (Member #176)

The Morgan Dollar series is a widely popular and vastly interesting series of coins. The reasons for this are many. However, I will briefly touch on what I feel are some important reasons:

1. The history of Morgan Dollars is intertwined with the most popular era of U.S. history. 1878-1904. and the romance of the Wild West.

2. Morgan Dollars are big, composed of 26.73 grams of .900 silver and .100 copper with a diameter of 38.1 mm.

3. The design of the Morgan Dollar is outstanding.

4. In 1995, Morgan Dollars are affordable in most grades.

To understand Morgan Dollars and Morgan Dollar rarities, a short history lesson is needed. Morgan Dollars came into being with the passage of the "Bland-Allison Act of 1878". The Act required the U.S. government to purchase between 2 to 4 million dollars worth of silver bullion each month to mint into Morgan Dollars. At this time large amounts of silver were being dumped upon the world market causing the drop in the price of silver. Unfortunately large deposits of silver were being discovered in the western United States.

The powerful western silver interests were able to lobby for and successfully pass the "Bland-Allison Act" and have the U.S. government subsidize the price of silver in the United States. The "Silver Issue" was a major political issue during this period.

Prior to 1962, three Morgan Dollars were considered to be great rarities, the 1898-O,. 1903-O. and the 1904-O. All three were minted at the New Orleans Mint.

The 1898-O had 4,440,000 business strikes. These coins were stored in the New Orleans Mint until 1929, then moved to the Philadelphia Mint. The 1898-O in uncirculated condition listed for $235 in 1960.

The 1903-O had 4,450,000 business strikes. Before 1962, the 1903-O eclipsed the 1893-S and 1895 as the most important Morgan Dollar. At the time, it was believed that less than 10 specimens existed. Bags of these dollars were also shipped to the Philadelphia Mint in 1929. The 1903O listed for S500 in uncirculated condition in 1960.

The 1904-O had business strikes of 3,720,000. That year, 1904, was the last year of production for the Morgan Dollar at New Orleans. Bags of 1904-O Morgan Dollars were put into storage, then shipped to a sealed vault in Philadelphia in 1929. The 1904-O listed for $260 in uncirculated condition in 1960.

What happened?! Well........ the Government was accumulating a large mountain of silver each month as the price of silver dropped and production increased. Most of the Morgan Dollars were stored into vaults. Morgan Dollars were not all that popular and so many were being minted as mandated by law. The government passed two acts, the "Pittman Act of 1918" and the "Silver Act of Dec. 12, 1942". These two acts enabled the government to melt down millions of Morgan Dollars and help pay for war efforts. Combined melt down of the two acts was 323,233,722 Morgan Dollars.

Then in October, 1962 the fall from grace for the Big Three happened. The Philadelphia Mint vault opened it's doors. Inside were found to be ten million Morgan Dollars stored from 1929. Coin collectors and others found out that the Treasury Room in Washington DC and the Federal Reserve Banks were selling bags of 1000 Morgan Dollars at face value. This began a silver run on banks that lasted until March of 1964. During this run, thousands of bags of 1898-O, 1903-O, and 1904-O Morgan Dollars were released. In 1962, the total of Morgan Dollars held in reserve was 127 million. By March of 1964, just over 3 million were left.

Collector demand and the rising price of silver caused the mint to open it's vaults and soon, what was once rare is now common.

References:

"Silver Dollars & Trade Dollars of the U.S.- A Complete Encyclopedia", Vol. II, 1993 by Q. David Bowers.

"Comprehensive Catalog and Encyclopedia Of Morgan & Peace Dollars", 3rd Edition, 1991 by Leroy Van Allen and George Mallis.

"The Comprehensive U S. Silver Dollar Encyclopedia", 1992. by John Highfill.

 


The Anchorage Coin Club
 

Meetings:       Membership meeting - First Wednesday of the month, 7:30 PM
                        E-Board meeting - Third Wednesday of the month, 7:00 PM
                        Meetings held at the Central Lutheran Church, at the corner of 15th and Cordova

 

Club Officers

President-                     Mike Orr      Days: 258-9100
V. President-                Mike Greer          Eves: 344-1907
Treasurer-                      Kurtis Hawk
Sec./Editor-                   Mike Nourse       Days: 344-9856
                                                                     Eves: 344-9856 msg.

Board of Directors

Mike McKinnon-            Days: 786-7490
                                        Eves: 248-0955

Roy Brown-                   Eves: 563-6708  

Larry Nakata-                 Days: 269-5603
                                         Eves: 563-1729

DUES

To save costs, members not responding to renewal notices within 3 months will be considered inactive.

The Anchorage Coin Club is a non-profit organization formed to provide information, education, and a meeting place for individuals having an interest in numismatics.

Correspondence Address: Anchorage Coin Club, P.O. Box 230169, Anchorage, Alaska 99523