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ACCent: The Monthly Newsletter of the Anchorage Coin Club

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Volume 12, Number 4

April 1999

April Membership Meeting
Wed., April 7, 1999 Central Lutheran Church

7:30 PM Meeting


 

FROM YOUR EDITORS

There is new blood on the Board; Loren Lucason was elected President of the Anchorage Coin Club at the March 3rd meeting. Though an active member, Loren has not served on the Board until now. Fortunately, he is supported by an experienced and capable team.

John Larsen, a solid member, remains the Vice-President. Larry Nakata, the hardest working member in the club, remains Secretary. Robert Hall, who has been in the club since day one, remains Treasurer.

Roy Brown won both the door prize, an 1891 Liberty nickel, and me membership prize, an 1885-O BU Morgan dollar at the March meeting. And, with these rewards, he stepped down from the presidency and became a Board member. Mike Orr, another former President, also remained on the Board.

Don Thurber became a Board member and has already proven himself a man of action; setting up two coin shows at the Northway Mall. The next show is April 24th - 25th, tables are $40. So far, 16 tables are reserved, call Don at 338-7488 in the evenings to get your tables.

$20 MPC Note

$20 MPC Note

The raffle coin, a mint state 1865 three cent nickel was won by Zach Green but the coin remains unclaimed. We are eager for donations to the YN Auction and since Zach is a YN we think that, if the raffle prize goes unclaimed, it should be added to the Young Numismatists Donation Auction on May 5th to support the YN Program.

The next raffle prize will be a pre-civil war 1847 U.S. $5 gold piece in VF condition. An excellent type coin with a small die crack on the reverse.

September 10th, 11th, and 12th has been set for the club's seminar: "Grading and Counterfeit Detection". Bill Fivaz will be the featured instructor- an excellent speaker and an informative educator.

We expect your support, the more attendees- the lower the cost to each person.

 

THE PRESIDENT'S STATE OF THE CLUB ADDRESS

We have a dynamic, smooth running coin club. Through all the joys and problems of our club and it's members, we have kept focused on numismatics. We go out for a picnic and have a treasure hunt for coins. We get together for Christmas dinner and have our biggest auction of the year for coins. It all comes back to the medium of moolah. When we go to an Anchorage Coin Club meeting we get numismatic talk. Our Website talks coins and spreads our word all over the world.

I propose we add a catchy slogan to our Website and letterhead. Something like "Coins Are Forever" or "Where Numismatists Get the Gist" or perhaps something in Latin. "Coins R Us" might cause a problem but some reference to anchors or anchorage would be good. I am prepared to award a numismatic prize to the member with the best slogan. In the future, when our computer capabilities increase, I plan to morph a series of coins on the Website from ancient Greek to modern American. In the meantime watch your quarters, particularly those of you traveling out of state. For those of you traveling to other countries please bring back foreign coins, we need them for the YN Education Program.

I'll see you at the meetings ready to talk coins...

        Loren.

 

 

MEMBERSHIP NEWS

Schedule of Events for the Month of April:

1. Monthly Membership Meeting: April 7th (Wednesday) at 7:30 PM at the Central Lutheran Church. Club members and general public welcome. Our club member coin dealers will be giving a presentation on "A Day in the Life of a Coin Dealer". A bullet coin auction of no more than 10 coin lots will occur. Members wishing to submit coins for the bullet auction can bring them to the meeting.

2. YN (Young Numismatists) Meeting: April 9th (Friday) at 7:00 PM at the Central Lutheran Church. YNs, club members, and general public welcomed. The session will finish up the topic of "Collecting Error and Variety Coins Tor the YN". Following the session, YNs will have an opportunity to "cherrypick" lots of unsearched coins.

3. Anchorage Coin Club Board Meeting: April 21st; (Wednesday) 7:00 PM at the Central Lutheran Church. Club members welcomed.

Minutes of the March 17th Board Meeting:

The Board meeting was called to order at 7:20 PM by newly elected President Loren Lucason.

Following a review of club correspondence, a briefing was given by Larry Nakata on the status of the May 5th YN Donation Coin Auction. Thus far, some 54 lots of coins and numismatic items have been donated by our membership. These lots will be posted in the club's newsletter and WEB page. More donations are expected between now and the May 5th auction. So far... so good.

Larry Nakata then went over the status of the club's September 10th - 12th coin seminar. Background information on costs are still being researched. Larry expects to have the cost information ready by the April 7th membership meeting.

On the subject of new business, the club's summer picnic was discussed by the Board. At this time we are looking at either July 10th (Saturday) or July 11th (Sunday) as possible dates. There is a good possibility of the event being held at member Mike Robuck's house. In the event of a problem, the back-up plan is to have the summer picnic at either Kinkaid Park or one of the other nice parks around Anchorage.

The Board then went over the agenda for upcoming club meetings in the future months. Loren will be working on getting a presentation put together for our April 7th membership meeting. The May 5th membership meeting will feature our YN Donation Coin Auction. Our June 2nd membership meeting will see member John Larsen giving a presentation on "World Paper Money- Part II.

The April 9th YN meeting will see a presentation on "Collecting Error and Variety Coins for the YN/ Part II". No topics have been determined, as yet, for the May 14th or June 11th YN meetings. To be announced later.

Finally, Mike Orr announced the club's new raffle coin will be a pre-civil war 1847 $5 U.S. Gold piece in VF condition. The board members who inspected the coin noted that it was a "die crack" variety. The coin is expected to be raffled by our club's July summer picnic.

As there was no further business, the meeting adjourned at 8:40 PM.

 

ALASKA MINT CHOSEN TO STRIKE 1999 OFFICIAL MEDALLION

The Arts Council for the State of Alaska has chosen a Dall Sheep designed by Debra Dubac to be the 1999 Official State of Alaska Medallion. These medallions will be minted by Alaska Mint located at 445 W. 4th Ave. in downtown Anchorage. They are minted in pure gold and pure silver and will be available for sale March 15th. Stop by and watch as their artists design art work, cut dies, and mint pure gold and silver medallions. For more information call 278-8414 or (800)770-6468.

1999 Official State Medallion

1999 Official State Medallion

 

 

YN CORNER
by Larry Nakata (Member #41)

Congratulations go out to YN Zach Green for winning the club's raffle prize, an 1865 Three Cent Nickel graded MS-61 as a NGC certified coin. It's good to see a YN win one.

For you YNs who put together the YN coin display called "Kids Coins" at the Loussac Library...... GOOD JOB!!!

There were many great comments from our members as well as the general public on the quality of the display. Showing the public the types of coins collected by YNs is a good way to educate and get more YNs into our coin club. We will be looking at doing another display at the Loussac Library come this time next year. Again.....GOOD JOB!!!

Hope all of you YNs who attended the March 12th YN meeting enjoyed the evening's program. As part of a new YN meeting format, we will be giving out a door prize to some lucky YN at the meeting. YN Nicky Bilak won this month's door prize: A 1968 Denver Mint Set in uncirculated condition. Thanks go to club member and exiting club president, Roy Brown, for donating the YN door prizes.

A number of you had earlier expressed interest in learning ways in which you could affordably collect coins. One way is to collect "Error and Variety" type coins; the program covered at our March 12th YN meeting. We viewed a VHS tape by the Franklin Mint on the design and minting of their coins. Then we covered one major area of errors and varieties: Doubled Dies. Included in the discussion were repunched mint marks (RPMs), over mint marks (OMMs), repunched dates, and over dates. Showing how coins are produced by the mints today, showed how doubled die varieties occur as a result of the minting process.

From there we looked at a nice variety of coins showing doubled dies, repunched mint marks, over mint marks, and over dates. Included as some of the coins were the 1955 doubled die, 1972 doubled die, 1984 doubled die, and 1995 doubled die Lincoln cents. I want to point out to all of our YNs that a number of these Lincoln cents can still be found as loose change. Wheat type Lincoln cents can be found in loose change and you can even "cherrypick" our local coin dealers "wheat cent boxes" for errors and varieties. I happen to know that our local coin dealers do not even bother looking for such coins. You never know what sort of coins you may come across. I remember a YN Donation auction last year in which I donated a roll of circulated silver Washington quarters that had a number of coins minted in the 1930s and 40s. Little did I know that one of those coins was a $150 coin; a doubled die variety. A former YN of our club bought that roll for less than silver value and found that coin....

We ended the YN meeting with each of the YNs going home with a nice doubled die variety coin. Thanks go to club member Carl Mujagic for providing these coins for the kids. By the way... one of those coins was a nice $25 error type coin. I'll let you YNs figure out who got the $25 coin and tell us at the next YN meeting on April 9th. Bring your doubled die coin to the next meeting to show to the other YNs.

Our next YN meeting on April 9th will be a continuation of our session on "Errors and Varieties". We will be covering the last two major areas, "Planchet" and "Striking" Errors. These type coins are a lot easier to "cherrypick" than the double dies. I will go over how these particular errors are caused as a result of the minting process. At the April 9th session, figure that we will be "cherrypicking" a bunch of unsearched coins for possible errors and varieties. Bring your magnifying glasses. Lots of coins will be given away that evening. (Editors Note: "Cherrypick" means the art of quickly searching a bunch of coins to find errors and varieties).

See you at the April 9th YN and do not forget to also attend the April 7th club membership meeting.....

        Larry Nakata.

 

 

US MILITARY PAYMENT CERTIFICATES
by Larry Nakata (Member #41)

Last month saw me writing a couple of articles on U.S. paper currency. While browsing the Internet I got interested in references to "MPCs"...otherwise known as "Military Payment Certificates". It got me thinking about a 10 cent MPC note that was given to me by my uncle many years ago. My uncle passed away some years ago, so the MPC remains a treasured part of my overall collection.

In researching the subject of military payment certificates, I found it to have a rather interesting history.

Series 611 $5 MPC

Series 611 $5 MPC

Following the end of World War II, our U.S. soldiers stationed overseas were paid in the local currency of that country. This created a black market situation where more local money was being redeemed for U.S. dollars than what was being disbursed to the U.S. soldiers. Within less than one year a deficit of $531 million had occurred. Clearly something had to be done to avoid such losses.

What resulted was the introduction of scrip currency in 1946 called "military payment certificates". Such MPCs were issued to U.S., soldiers stationed overseas in lieu of U.S. dollars or local foreign currencies.

These MPCs could be used as currency transactions at post exchanges on military bases. MPCs could also be converted into local foreign currency. Such MPCs could be redeemed through special channels such as military & authorized finance offices, post exchanges, and military post offices. To discourage counterfeiting, MPCs would be replaced every year or two with a different series design.

Experimental scrip currency was first introduced in the Far East with the Type A and Type B yen in the summer of 1946. So successful was the program that black marketing activities on currency came to an immediate end.

The success of the experimental scrip currency resulted in the "military payment certificate" program that existed from Sept. 1946 and ending with the close of the Vietnam War (the last MPCs were withdrawn in November 1973). During this 27 year period, some 13 series of MPCs were issued constituting 90 denomination notes.

The early series were first printed by private U.S. printing companies with the U.S. Bureau of Engraving and Printing (BEP) taking over those responsibilities starting with Series 611.

While there are other series of MPCs that were printed for specialized use... such as use by other foreign military forces... the collectable MPCs fall into these 90 notes, So the quest for the collector is in trying to put together a set of these notes.

Surviving notes tend to be those MPCs that were saved by our U.S. soldiers as momentos of their military experience. If you have a relative who served overseas during this period of time, chances are they may have some of these notes. All other MPCs that were redeemed were subsequently destroyed by the U.S. government.

The tougher notes to get are the higher denominations in the $5 and above range. Soldiers were not paid very well during those years...so $5 was a lot of money to put aside as a memento. If you are lucky enough to find such notes, keep in mind they could command a fair price... especially in the higher grades.

The fractional MPCs (5 cent to $1) arc reasonably priced even in high grades. Is should be very affordable for the collector to put together a set of these type notes.

Of the 90 notes, about five of them appear to command high prices. One or two of them are extremely difficult to get (such as the Series 471 $5 note).

Series 481 $10 MPC

Series 481 $10 MPC

All MPC notes had individual serial numbers that started and ended with an alphabetic letter. Be on the lookout for replacement notes which were made prior to a major production of MPCs. These replacement notes were substituted in place of MPC notes damaged during the production run. Such notes can be identified by a serial number with no alphabetic letter at the end and command premium prices.

Where can such notes be found? Besides your relatives and friends, MPCs can be purchased from your local coin dealer or the occasional coin show.

"The Bank Note Reporter" is a magazine which provides good information and update pricing on MPC notes and "Military Payment Certificates" by Fred Schwan gives a very good background on each series of MPC notes.

By the way...my 10 cent MPC is a Series 541 note. It's an inexpensive note but worth a lot in sentimental value to me.

Good luck to collectors endeavoring to put together this series of notes.....

Series 461 (Sept. 1946 through March 1947). 5c, 10c, 50c, $1, $5, and $10 denominations.

Series 471 (March 1947 through March 1948). 5c, 10c, 50c, $1, $5, and $10 denominations.

Series 472 (March 1948 through June 1951). 5c, 10c, 50c, $1, $5, and $10 denominations.

Series 481 (June 1951 through May 1954). 5c, 10c, 50c,$l, $5, and $10 denominations.

Series 521 (May 1954 through May 1958). 5c, 10c, 50c, $1, $5, and $10 denominations.

Series 541 (May 1958 through May 1961). 5c, 10c, 50c, $1, $5, and $10 denominations.

Series 591 (May 1961 through Jan. 1964). 5c, 10c, 50c, $1, $5, and $10 denominations.

Series 611 (Jan. 1964 through April 1969). 5c, 10c, 50c, SI, $5, and $10 denominations.

Series 641 (Aug. 1965 - Oct. 1968). 5c, 10c, 50c, $1, $5, and $10 denominations. Vietnam only.

Series 651 (April 1969 - Nov. 1973). 5c, 10c, 50c, $1, $5, and $10 denominations.

Series 661 (Oct. 1968 - Aug. 1969). 5c, 10c, 50c, $1, $5, $10, and $20 denominations. Vietnam only.

Series 681 (Aug. 1969 - Oct. 1970). 5c, 10c, 50c, $1, $5, $10, and $20 denominations. Vietnam only.

Series 692 (Oct. 1970 - March 1973). 5c, 10c, 50c, $1, $5, $10, and $20 denominations. Vietnam only.

 

MY FAVORITE INDIAN HEAD CENT
by Mike Nourse (Life Member #1)

So which Indian Head cent is my favorite? Is it one of the two keys, the 1877 or the 1909-S? Or is it a semi-key that may be somewhat undervalued such as the 1872 or 1908-S? Sorry, none of the above! My favorite date in the Indian Cent series is the 1859, the first year of issue.

Don't get me wrong, I would love to have a circulated roll of each of the four key and semi-key dates. They are very easy to sell and generally move steadily upward in value over time. I can guarantee that the 1859 will never be regarded the same as the 1877 or 1909-S, but it still has some very positive attributes.

As mentioned above, the 1859 dated Indian Heads were the first regular issue of the series. That alone makes them very collectable as many people like to buy the first year of issue from each U.S. coinage series. However there are two other groups of collectors that put even more pressure on the 1859. The first group is the type coin collectors. As most of you know, the 1859 cent is a one year type which has no shield and a thin wreath on the reverse. The changes made to the reverse in 1860 are very noticeable so an example of an 1859 Indian cent is essential for a complete type set. The other (and probably largest of all) group of collectors that require an 1859 cent for their collection is, of course, those collectors who are forming a complete date and mintmark set of Indian Head cents. Indian Head cents are one of the most popular series to collect by date and mintmark. So this puts a lots of demand on the 1859s.

1859 Indian Head Cent Obverse

1859 Indian Head Cent Obverse

The 1859 Indian cent is also a coin that would easily capture the curiosity of an average number of the non-collecting public. Most people out there are aware that Indian Head cents exist and many non - collectors are even familiar with the general appearance of these old coins. However, our theoretical John Q. Public would probably be quite excited to hold a 140 year old penny. It would not take long before a fairly predictable stream of questions began. Other than the familiar "What is it worth?" inquiry, there would certainly be questions about the odd white color and the excessive thickness of our 1859 cent.

So, will we eventually be able to retire on a handful of average circulated 1859 Indian Head cents? Probably not. Quite a few cents were produced in 1859 and they have a decent survival rate.

However, they are very well distributed into collectors hands and it is hard to buy these in quantity in full Good or better condition. During my years as a mail order dealer I was never able to get enough 1859 cents. It was one of the few coins in my price list that I could easily count on getting more orders than I had coins in stock in the inexpensive collector grades from Good to Very Fine.

Obviously, I am not the only person who has noticed the appeal of 1859 Indian Head cents. I have noticed that the Bid Price in the "Coin Dealer Newsletter" has been increasing quite significantly on a percentage basis in lower grades. Nobody knows where their price will go from here but it is still a very neat one year type coin to own and to show to non-co Hectors to get them interested in collecting coins!

 

 

YN Donation Numismatic Auction Lots

Donated By Don Thurber (Member #259)

1. 1998 1/10th oz. Gold American Eagle in BU condition.

Donated by Anchorage Coin Club

2. One (1) book "1999 Standard Catalog of World Coins, 1901 to date, 26th Edition" Krause Publications.

3. One (1) book "Abe Kosoff: Dean of Numismatics" c. 1985 by Q. David Bowers.

4. Same as Lot #3.

5. Three (3) books: "The Standard Catalogue of Encased Postage Stamps" c. 1989 by Michael J. Hodder and Q. David Bowers. "Commemorative Coins of the United States" by Anthony Swiatek.....autographed book. "A Basic Guide to United States Commemorative Coins" by Michael J. Hodder and Q. David Bowers.

6. Three (3) books: "One-Minute Coin Expert" c. 1991 by Scott A. Travers. "The Standard Catalogue of Encased Postage Stamps" c. 1989 by Michael J. Hodder and Q. David Bowers. "A Basic Guide to United States Commemorative Coins" c. 1992 by Michael J. Hodder and Q. David Bowers.

7. Two (2) books: "The Compleat Collector" c. 1985 by Q. David Bowers. "The Coin Dealer Newsletter- A Study in Rare Coin Price Performance 1963-1988" c. 1989. Edited by Q. David Bowers.

8. Same as Lot #7.

9. Same as Lot #7.

10. Three (3) books: "Coinage Laws of the United States 1792-1894" c. 1990 by Bowers and Merena with a forward by David L. Ganz. "The Strange Career of Dr. Wilkins- A Numismatic Inquiry" c. 1987 by Q. David Bowers. "Coins and Collectors" c. 1988 by Q. David Bowers.

11. Same as Lot #10.

12. Eight (8) each unsigned Anchorage Coin Club "Official YN Bucks". These notes were used in the club's 1998 YN Bucks Contest. Of 25 notes made, these are the only remaining unsigned notes in CU condition.

13. Eleven (11) each signed Anchorage Coin Club "Official YN Bucks". These notes were redeemed by our YNs who earned credits that were used to bid on lots at our club's 1998 Winter Coin Auction. Included with this lot is one of the YN Buck designs submitted by a YN.

Donated by Hal Wilson (Member #39)

14. Set of twelve (12) 1992 Canadian Commemorative quarters representing 12 provinces. In BU condition. Also included with this lot is a 1992 Canadian $1 coin in BU condition.

Donated by Larry Nakata (Life Member #3)

15. One (1) each 1996 1 oz. Silver American Eagle in Proof condition.

16. 1939-S Lincoln cent, repunched mint mark RPM #2, in BU condition.

17. $1 Gaming Token from the Bellagio/ Las Vegas. First Year of Issue /1998.

Donated by John Wilson (Member #243)

18. 1909 VDB Lincoln Cent in XF condition.

19. Seven (7) each Liberty V Nickels: 1898 / 1899 / 1900 / 2 ea 1904 / 2 ea 1907. Good condition.

Donated by Tasmanian Numismatic Society (Our Sister Club in Australia)

20. Five (5) each Australian Half Pennies: 1911 London /1913 London / 1914 /2 ea 1915 London /1919 Sidney /1954 Perth. Good or better.

21. Five (5) each Australian Large Cents: 2 ea 1914 London / 1931 Melbourne/ 1945 Perth/ 1952. Good or better.

22. Two (2) each Australian Small Cents: 1970 VG /1989 AU.

23. 1989 Australia 10 cent piece in Fine condition.

24. Four (4) each Australian $1 coins: 1986 - International Year of Peace XF / 1988 VG / 1988 F / 1988 VG.

25. Three (3) each Australian silver 3 Pence coins: 1920 VG / 1943 F / 1948 G.

26. Three (3) each Australian silver 6 Pence coins: 1928 Melbourne VG / 1945 Melbourne VG / 1962 Melbourne VG.

27. 1952 Australian silver Shilling / Melbourne in VG.

28. 1966 Australian silver 50 cent coin in BU condition.

29. Three (3) each Australian Commemorative 50 cent coins: 1977 Queen's Silver Jubilee / 1982 Commonwealth Games / 1994 Year of the Family. Fine or better.

30. Same as Lot #29.

31. Two (2) each Australian Commemorative 50 cent coins: 1982 Commonwealth Games Fine / 1994 Year of the Family Fine.

32. Two (2) each Australian Commemorative 50 cent coins: 1982 Commonwealth Games AU / 1994 Year of the Family VG/F.

33. Four (4) each Australian 1982 Commonwealth Games Commemorative 50 cent coins VG-XF.

34. Four (4) each New Zealand coins: 1995 5 cent BU / 1983 20 cent VG / 1990 $1 VF / 1991 $1 XF.

35. Four (4) each Great Britain coins: 2 ea 1971 New Penny VF / 1945 Large Penny VG / 1970 10 New Pence VG.

36. Four (4) each Indonesia 50 rupiah coins: 1971 VG / 3 ea 1998 BU.

37. Six (6) each various foreign coins: 1989 Belgium franc AU / 1960 Canada 1 cent F / 1990 Fiji 10 cent VF / 1978 Portugal 50 centavos F / 1981 Singapore 20 cent BU / 1987-91 Thailand 1 satang VG.

38. One (1) book "The Pocketbook Guide to Australian Coins and Banknotes / 6th Edition" c. 1998 by Greg McDonald... autographed book.

Donated by John Wilson (Member #243)

39. $5 Prepaid Calling Card / National & World Paper Money Convention / St. Louis / October 24-27, 1996.

Donated by Carl (Life Member #2)

40. Three (3) each deluxe Dansco Coin Albums: Franklin Half Dollars / Morgan Dollars 1891-1921 / Peace Dollars.

41. Four (4) each coin books: Whitman Half Cent 1793-1857 / Whitman U.S. Silver Dollars / Whitman Miscellaneous Dollars / H.E. Harris Lincoln Cent 1944- .

Donated by Bill Hamilton (Member #108)

42. Five (5) each Whitman Lincoln Cent (1909- 1940) coin books.

Donated by Hal Wilson (Member #39)

43. Library of Coins Franklin Half Dollar coin album.

Donated by Larry Nakata (Life Member #3)

44. 1963-D BU Roll of Jefferson Nickels / Unsearched Roll.

45. Same as Lot #44.

46. Same as Lot #44.

47. Same as Lot #44.

48. Same as Lot #44.

49. Same as Lot #44.

50. Same as Lot #44.

51. Same as Lot #44.

Donated by Carl (Life Member #2)

52. Assorted Plastic coin and currency holders.

53. Assorted Coin Display Boxes/ Various denominations.

Donated by Mike Orr (Member #91)

54. 1998 "Phantom S" U.S. Mint Set.

Thanks go to all of the people and organizations who donated numismatic materials for this year's YN Donation Numismatic Auction.

 

 


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-                    Loren Lucason    Eves: 272-3700
V. President-                John Larson       Eves: 276-3292
Treasurer-                      Robert Hall        Eves: 561-8343
Secretary-                   Larry Nakata        Days: 269-5603
                                                                    Eves: 563-1729

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

Board of Directors

Roy Brown-                      Days: 563-6708

Don Thurber-                  Eves: 338-7488

Mike Orr-                         Eves: 522-3679

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