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ACCent: The Monthly Newsletter of the Anchorage Coin Club

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Volume 11, Number 7

July 1998

July Membership Meeting
Wed., July 5, 1998 Central Lutheran Church

7:30 PM Meeting


 

FROM YOUR EDITORS

This particular editor missed the June meeting; T hope you didn't. Carl (Member # 79) won the membership prize, a 1992 US Olympic Two Coin Proof Set and Jim Walston (Member # 40) won the door prize, a 1988 US Olympic Proof Dollar.

Following our ten coin bullet auction, a short break was taken to review the lots for the YN Donation Auction, Part II. The auction went great. We raised $670 for the Young Numismatists program. It would have been $674 but when it came time to pass out the lots we could not find the two 1942 Washington quarters.

Books were among the most popular lots in the auction- everything from Overton's "Early Half Dollar Die Varieties" to Roger's "Coinage of the Tuluni Dynasty". Our members certainly know that it's best to buy the book first.

The July meeting will be a picnic at Kinkaid Park, Sunday July 5th (12 noon to 6 PM). There will be a treasure hunt. Hundreds of dollars in coin prizes will be earned by our YNs through knowledge of numismatics. For you YNs, be sure to bring your Red Books!!

1884 Trade Dollar Obverse

1884 Trade Dollar Obverse

The August meeting will be a social event at the Anchorage Museum of History and Art on August 17th. Visiting ANA members will join us for an evening of talking coins, lots of great food, touring the museum, and just good socializing.

We have two new possible future YNs this month: Mike Robuck's second son, Hunter Robuck and Bruce Gamble's daughter, Claire Alden Gamble. Congratulations and best wishes to both!!

1884 Trade dollar Reverse

1884 Trade dollar Reverse

Finally, Roy Brown is now online with his WEB Page:

http://www.greatland.net/-roycoins/

Roy's e-mail address is:

roycoins@greatland.net

A great source of Alaskan Tokens.

Hope to see all of you at our club's July 5th Summer picnic.......

 

MEMBERSHIP NEWS

Schedule of Events for the Month of July:

1. Monthly Membership Meeting and Summer Picnic: July 5th (Sunday) from 12 noon to 6 PM at the Kinkaid Park Pavilion. There will be a bullet coin auction of no more than 10 coin lots. Members wishing to submit coins for the bullet auction can bring them to the picnic. Following lunch, there will be a treasure hunt event planned for our YNs. Come enjoy a nice Sunday afternoon...

2. YN (Young Numismatists) Meeting: No YN meeting is planned for the month of July. YNs are encouraged to come to the Anchorage Coin Club July 5th Summer picnic.

3. Anchorage Coin Club Board Meeting: July 15th (Wednesday) at 7:00 PM at the Central Lutheran Church. Club members welcomed.

1855 Type II Gold Dollar Obverse

1855 Type II Gold Dollar Obverse

Minutes of the June 17th Board Meeting:

The Board meeting was called to order at 7:30 PM. The key subject of discussion was the July 5th Summer Picnic. Ann Brown has been calling and will continue to call members over the next week on attendance at the picnic and potluck items needed. Mike Orr, John Larsen, and Loren Lucason are organizing the events and plan a numismatic treasure hunt for the YNs with up to $250 in prizes to given away. There will be lots of great food at that event.

Following discussion on the summer picnic, the Board went on to discuss the ANA Portland Convention. At this time about a half dozen Anchorage Coin Club members will be attending the ANA Convention. Our coin club will have a table on the convention floor. The table will need to be manned by those members in attendance. Larry Nakata will be calling those members on this matter.

The Board went over items needed for the club table (club brochures, club banner, newsletters, wooden nickels, and our 10th year anniversary sets). Larry Nakata will put together those items. The Board also approved a patron donation of $100 to the ANA as a sponsor of the ANA Portland Convention.

Following the ANA Portland Convention, about 20 ANA members will be taking a cruise up to Alaska and are expected to arrive in Anchorage on Monday, August 17th. Robert Hall and Richard Bilak are working together on setting up a reception at the Anchorage Museum of History and Art that evening (around 7 PM). Food and refreshments will be catered for the reception. The August 17th reception will also double up as our coin club's August membership meeting. It's a good opportunity to "rub elbows" with other ANA members and talk about our favorite subject: COINS.

The Board then discussed upcoming coin shows for 1998. At this time a coin show is planned at the Ship Creek Mall (in downtown Anchorage) for the month of October. Organizing the event will be members Bill Hamilton and Mike Orr. Members wishing to reserve tables for the October coin show can contact your Board members, Bill, or Mike....or just drop a note to the club. There are no particulars as yet on details for the October Coin Show. Information will be forthcoming in the following months in the newsletter.

As there was no further business, the meeting concluded at 8:30 PM.

 

YN CORNER
by Larry Nakata (Member #41)

Our June 12th YN meeting saw member Mike Orr give a great presentation on "The Coins and Currency of New Zealand".

What surprised me was the low mintage population of quite a number of New Zealand coin and currency issues and the prices asked for these items.

Up until 1933, English coins were official legal tender in New Zealand with some usage of Australian coins. The world wide depression that occurred in the 1930's caused New Zealand to go into their own coinage. Halfpennies, pennies, 3 pence, 6 pence, shillings, florins, half crowns, and crowns were produced up until 1967. These particular types of New Zealand coins command good pricing and are very collectable.

1855 Type II Gold Dollar Reverse

1855 Type II Gold Dollar Reverse

By 1967, decimal coinage in the form of the one cent, two cent, five cent, ten cent, twenty cent, fifty cent, and one dollar denominations circulated in New Zealand. The two dollar, five dollar, and 150 dollar (gold) denomination coins occurred by 1990. Interestingly enough, New Zealand coins are minted by the Royal Australian Mint in Canberra, the Royal Mint in Ottawa, and the Royal Mint.

The New Zealand paper currency closely tracked similar developments to their coinage. The Pound currency system (1, 5, 10, 50 pound notes) gave way to the Dollar system (1, 5, 10, 20, 50, 100 dollar notes) by 1967.

Following Mike Orr's presentation, each YN in attendance was given coins and currency from New Zealand for their collections. The coins and currency given away was some pretty good stuff. ..too.

At this time, I want to remind all YNs that Summer is now here and no YN meetings will occur until September 11th. Enjoy your Summer!!

We will still have our membership meeting on July 5th (Sunday at the Kinkaid Park Pavilion) which will also be our annual Summer Picnic. The July 5th Summer picnic should be a pretty good event for all of our YNs. The picnic is expected to start at 12 noon. Following lunch, we're going to have a Treasure Hunt for you YNs with hundreds of dollars in coins that can be won. Like last year, your knowledge of coins will be the key to winning these prizes. So be sure to bring your Red Books. Lots of food and fun are planned for that day.

So come and enjoy a Sunday afternoon on July 5th......

        Larry Nakata.

 

Is It Time To Stock Up On 1900 Dollars?
by Mike Nourse (Life Member #1)

For those readers out there that enjoy a bit of speculation on a possible price increase...here's one for you: 1900 silver dollars! Why 1900 silver dollars? Because there will likely be a huge number of these used in various Year 2000 promotions.

Anybody who has been involved in numismatics for any length of time is aware that "Hundred Year Sets" are assembled by a number of companies, primarily to be given as gifts to non-numismatists. For those who don't know, these sets consist of one each American Eagle silver dollar of the current year and a Morgan silver dollar from 100 years ago. Hence, the current hundred year sets will have a 1998 Walking Liberty dollar and a 1898 Morgan dollar. These sets are advertised heavily as Christmas approaches each year.

Shortly before and during the entire year of 2000 it is likely that people will be coming up with all sorts of ways to commemorate the event. It is certainly easy for those of us who have been involved in this hobby for many years to envision some huge marketer buying up tens of thousands of the presently common 1900 silver dollars to be placed in these sets and sold to the non-numismatic public at exorbitant prices. The promotions will undoubtedly declare that these two coins will likely rocket up in value, especially during the life of your children and grandchildren.

So what would a promotion like this mean to those of us who do not intend to buy one of these sets that include a common circulated Morgan and a one ounce round for $49.95 plus $5 for shipping and handling (limit 20 sets per customer)? Well, there are two possibilities that come to mind. First, even though 1900 is a common date for Morgan dollars, they cannot just be purchased in unlimited quantities.

The companies building these sets will want to do so as cheaply as possible. This means focusing on decent circulated VG to VF coins. There are only so many of these remaining in existence, and the vast majority are sitting in the hands of collectors with no intention of selling their 1900 dollars. The promoters will need to build and sell a great many sets to make a profit on this enterprise as advertising is very expensive. Therefore there exists the possibility of significant price pressure on this date as all of the readily available supplies start to dry up.

The second possibility for price appreciation of 1900 dollars lies with the specimens that are not used to produce hundred year sets. As a part time dealer, I have seen many of the various numismatic 'sets' and 'collections' that people are purchasing through the non-numismatic press. Almost invariably, the coins in these sets have had a most unfortunate encounter with a buffing wheel, thereby reducing their numismatic premium to zero. If many thousands or tens of thousands of 1900 dollars are effectively destroyed in this manner, the supply of collectable specimens will shrink dramatically, forcing the price upward for original uncleaned coins.

Well, no guarantees from the management on this one, just something to think about. The whole scenario presented above hinges entirely on whether some company decides to build a large number of hundred year sets in the year 2000 to be sold to non collectors. Having seen quite a number of numismatic promotions aimed a the general public in my 24 years as a collector, I would rate the likelihood of just such an event taking place as very high. So save those 1900 dollars....

 

SURFING THE INTERNET

From the ANA's WEB Page:

http://www.money.org

comes this perspective article about the new one dollar coin. This particular article comes from their "Money Talks" series.

 

 

Our New Gold Color Dollar Coin
by James Taylor

Though you may have never seen one, believe U or not, we are running out of Susan B. Anthony Dollars. As a result, President Clinton, just last month, signed legislation calling for a new gold colored dollar coin.

The Anthony dollar was made for only three years, from 1979 to 1981. It honored the great 19th century suffragette and feminist, Susan B. Anthony. More than 850 million of them were minted, however, until fairly recently, most of them ended up sitting in government vaults. Why? Because the public never accepted the coins. The Anthony dollar is too close in size and appearance to the quarter. People were afraid they would confuse it for a quarter and end up being out 75 cents.

For its part, the government refused to admit its mistake and melt the coins down. Why? Because it would have raised the deficit by hundreds of million dollars. You see, the government listed the coins on its books as an asset at the coin's face value. If the coins were melted down the asset would have suddenly disappeared and since there was no precious metal in the coins, the government would have been left with far less in value.

Anyway, over the last 5 years or so, the government has been able to reduce its stockpile of Anthony coins. Post offices and subway systems have become the primary outlets, In fact, just last year the Mint told Congress that if it didn't pass immediate legislation authorizing a new design for the dollar coin it would have to start minting Anthony dollars again.

We're not sure what the new design will look like. One thing we do know, the coin will be gold in color and have a smooth edge. This way, people won't confuse it for a quarter......

        Transcript # 1370 January 2,1998.

 

 

Facts About the New Dollar Coin
from the US Mint

The United States Congress has passed a law authorizing the United States Mint to place into circulation a new dollar coin, similar in size to the Susan B. Anthony dollar coin, golden in color, and with a distinctive edge.

Estimated currently to be issued sometime around the year 2000, the dollar coin will have a new design selected by the Treasury Secretary under advisement from the Dollar Coin Design Advisory Committee who will take recommendations for concepts from the American public.

The law requires the Treasury Secretary, in consultation with Congress, to select the designs for both sides of the new coin.

The dollar coin design will consist of:

The "heads" side or obverse which will bear an image of one or more women (cannot depict a living person) as determined by Secretary Rubin

The "tails" side or reverse which depict an eagle, as required by law.

According to the "United States Dollar Coin Act of 1997", Section 4 of Public Law 105-124, signed by the President on December 1, 1997, the new dollar coin shall be:

Gold in color.

The same diameter as the current dollar coin: 26.5 millimeters (Susan B. Anthony Dollar coin).

The edge of the corns shall have "tactile and visual features".. .that make the coin discernible, and distinctive so as not be confused with the quarter- which has reeds (grooves) all the way around its edge-and is easy to find among other coins.

The new coin will have similar metallic, anti-counterfeiting properties as current circulating U.S. coins.

The coin will be introduced upon the depletion of the Government's supply of Susan B. Anthony coins. (Current inventory of Susan B. Anthony coins is approximately 110 million coins. As the current rate of circulation, the inventory should be depleted in approximately 30 months, or by late summer of the year 2000.)

 

Latest Update from the US Mint's WEB Page

 

On June 8-9, the Dollar Coin Design Advisory Committee met in open session in Philadelphia, Pennsylvania, during which it received proposed designed concepts suggested by the public, heard formal presentations from members of the public, reviewed historical United States coin designs, and developed decision factors necessary for selecting a design concept that best represented America and comported with the parameters established in its charter.

After much deliberation, the Committee recommends the new dollar coin bear a design of Liberty represented by a Native American woman, inspired by Sacajawea. Sacajawea was the 15 year old Shoshone guide who in 1804-1806 accompanied the Lewis and Clark expedition from the Northern Great Plains to the Pacific Ocean and back. Sacajawea is responsible in large part for the success of the expedition through her navigational, diplomatic, and translating skills.

Editors Note: To close out the subject of the new one dollar coin, we came across this interesting editorial comment in one of the WEB pages we browsed. We'll let you browse the Internet and find the WEB page.

Editorial Comment On the New One Dollar Coin:

The legislation does not require the government to stop printing paper dollars, despite objections from critics who say a dollar coin never will circulate widely as long as dollar bills are still available. Some observers predict that at some point, Uncle Sam will have to cut off the supply of paper dollars in order to ensure the success of the coin, it was widely perceived, however, that the coin could not have won congressional approval if this provision had been a part of the authorizing measure.

Editors Final Comments: So the Year 2000 should bring us our new one dollar coin, a whole new bunch of quarters, and computers that will give funny dates........Hope to see all you members at our club's July 5th Summer Picnic.

 

 


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-                    Roy Brown          Days: 563-6708
                                                                    Eves: 243-5732
V. President-                Mike Orr            Eves: 522-3679
Treasurer-                      Robert Hall        Eves: 561-8343
Secretary-                   Larry Nakata        Days: 269-5603
                                                                    Eves: 563-1729

Editors -                     Loren Lucason    Eves: 272-3700
                                    Larry Nakata
                                    Robin Sisler
                                    Mike Nourse
                                    Jim Susky
Club Archivist / Photographer - Robin Sisler

Board of Directors

Ann Brown-                      Days: 563-6708

Bruce Gamble-               Eves: 345-6273

John Larson-                    Eves: 276-3292

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