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ACCent: The Monthly Newsletter of the Anchorage Coin Club

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Volume 14, Number 2

February 2001

February Membership Meeting
Wed., February 7, 2001 Central Lutheran Church

7:30 PM Meeting


 

FROM YOUR EDITORS

This is the start of a new year. When Bill Hamilton took over as President of the club last year he said we needed more numismatic education and, thanks to Mark Nagy, we have learned more about coins. Now Bill says we need more coin shows with member participation- not just helping set up tables- but members out there selling their surplus coins. Bill wants to continue as our club President. John Larsen, our club Vice-President, has taken over some of the paperwork that goes with running a nonprofit organization and would like to stay on as our club Vice-President. Larry Nakata, who has done more than any other member for this club, is willing to stay on as club Secretary.

The position of club Treasurer is open. Roy Brown will be staying on for his second year as Board members. But we still have one Board member position open. If anyone in the club feels that things could be done better or differently they are encouraged to join the Board of Director and have some direct influence on the club's direction. Elections will be at our March 7th membership meeting. If someone else is elected President, then Bill will become a Board member and if Bill is re-elected, then Loren Lucason will stay on as Board member.

Last month's membership prize, a 1987 US Constitution Dollar in BU, was won by Greg Samorajski and last month's door prize, a 1977 Great Britain Silver Jubilee set, was won by Jonathan Samorajski. Perhaps it is lime to get this family more involved in the club's operations.

1858 Flying Eagle Cent

1858 Flying Eagle Cent

There is a coin show at the Cottonwood Creek Mall in Wasilla January 27th and 28th. There is nothing like a coin show to pick up the spirits of a numismatist in the dead of Winter, We are beginning to get more daylight by the end of January so everyone is encouraged to make the trip north to attend the show.

Bill Hamilton contacted the lady who won our Christmas raffle prize, a complete set of Buffalo nickels. She bought the ticket at one of the Northway Mall coin shows. At the time she received the prize, she was not a member of the club and may not realize how valuable the set is. Another reason to join the Anchorage Coin Club.....

Our next raffle prize is a set of two US large size paper currency notes in XF condition. The first is a 1923 $1 Silver Certificate with Speelman and White signatures. The second is a 1914 $5 Federal Reserve Note with White and Mellon signatures. Paper money is popular now and plans are in the works to increase our knowledge of paper money and paper money grading. Incidentally, there is a copy of Pick's World Paper Money for sale at the Loussac Library........... Your Editors.

 

MEMBERSHIP NEWS

Schedule of Events for the Month of February:

1. Monthly Membership Meeting: February 7th (Wednesday) at 7:30 PM at the Central Lutheran Church. Club members and general public welcome. Club member, Robert Hall, will be giving a presentation on "US Commemoratives" with a contest for our members in attendance. The winner of that contest will receive a free membership to the US Commemorative Coin Society. A bullet auction of no more than 15 coin lots will occur. Members wishing to submit coins for the bullet auction can bring them to the meeting.

2. YN (Young Numismatist) Meeting: February 9th (Friday) at 7:00 PM at the Central Lutheran Church. YNs, club members, and general public welcomed. Larry Nakata will be giving a session on the subject of "Grading Paper Currency".

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

1859 Indian Head Cent

1859 Indian Head Cent

Minutes of the January 1st Board Meeting:

The Board meeting was called to order at 7:00 PM.

Bills were reviewed as first order of business. Following this review, the Board addressed the issue of endorsements for ANA (American Numismatic Association) Board of Governors and ANA President nominations. Several senior ANA members have requested such endorsements from our coin club. Since these endorsements are not required until March, the decision was made to defer any endorsements until our next Board meeting on February 21st. At that time it is expected we will have gotten more requests for endorsements and can make decisions accordingly.

The ANA has also made a request for club donations to the 2001 National Money Show in Salt Lake City / March 8-10. The Board made the decision to donate $25.

Next order of business was yearly elections for Anchorage Coin Club Board officers. Our club by-laws require that elections occur at our March membership meeting. March 7th will be our election day. The positions of President, Vice-president, Secretary, Treasurer, and one Board seat will be decided that evening. Members interested in running for any of these seats can do so by contacting Larry Nakata / Secretary, mailing us a letter stating your intention to run, or by making your intentions known at our February 7th or March 7th membership meetings. At this time, the following members have decided to run:

For President: Bill Hamilton (serving one year)

For Vice-President: John Larson (serving one year)

For Secretary: Larry Nakata (serving one year)

For Treasurer: Open (serving one year)

For Board seat: Loren Lucason (serving two years)

The second Board seat is presently filled by member Roy Brown who still has another year to go in his term.

The third Board seat, as per our club bylaws, is filled by the previous President of the Anchorage Coin Club. This seat is presently filled by Loren Lucason.

We need people to get involved and encourage our members to "toss their hat in the ring".

Final order of business was planning of programs for this year. Our February 7th membership meeting will feature a presentation by member Robert Hall on "US Commemoratives" with a contest for our members in attendance as part of that evening's presentation. The winner of that contest will receive a free membership to the US Commemorative Coin Society.

Two days later, on February 9th, our YNs will meet. Larry Nakata will give a presentation on "Grading Paper Currency".

As there was no further business, the Board meeting was adjourned at 8:10 PM.

1869 Shield Nickel

1869 Shield Nickel

 

YN CORNER
by Larry Nakata (Member #41)

Well...the Year 2001 is now upon us with our January 12th YN (Young Numismatists) meeting covering the subject of "Collecting Ancient Coins for the YN".

Thanks go to club member Richard Bilak for volunteering his time and effort in giving that Friday evening's presentation to YNs who attended. Thanks also go to Loren Lucason for helping out at that Friday evening session.

The evening saw the YNs cleaning and authenticating a number of ancient coins with the help of Richard and Loren. Ancient Roman and Byzantine coins were identified and taken home by the lucky YNs who attended that session. Richard provided these ancients to the YNs... thank you.

For YNs, collecting ancient coins over a thousand years old can be fun, filled with history, and very affordable. We trust you had an enjoyable evening.

So...we will be going into our next series of YN meetings for this new year. At our next YN meeting on Friday, February 9th at 7 PM / Central Lutheran Church, we will be covering the subject of "Grading Paper Currency". This will be a follow-up to last year's session on "Collecting US Paper Currency for the YN". It should be a very good and informative meeting for YNs.

Also...YNs should keep in mind that the first Wednesday of every month is also our club's regular membership meeting. Everyone (including you YNs) are welcomed to attend those sessions. We usually feature a short coin auction and give away coins as door prizes. Our next regular membership meeting will be on Wednesday / February 7th 7:30 PM / Central Lutheran Church... with our YN meeting two days later on February 9th.

Hope to see a bunch of YNs at both meetings. Welcome to the new year......

        Larry Nakata.

1883 Liberty Nickel

1883 Liberty Nickel

 

A PENNY SAVED
by Ben Guild (Member #102)

Editors Note: In the November, 2000 edition of ANA's magazine, The Numismatist, member Ben Guild got the following article published. We called Ben on the matter and got his permission to print this article. For your enjoyment:

When I was a child, my grandfather told me, "See a penny, pick it up, and all the day you'll have good luck." He also told me that a cent saved could lead to nickels, dimes, quarters, and half dollars; pretty soon I would find I had a dollar.

1865 Nickel 3-Cent Piece

1865 Nickel 3-Cent Piece

I had a newspaper route when I was 6 years old. I added a magazine route (delivering three, different publications) when I was 7; and at age 8, I worked any odd jobs I could get - ones that no one else wanted - after school, on weekends and in the summer, for 10 to 25 cents per job. In 1934 or '35, the minimum wage for adults was raised to 34 cents an hour, but that excluded farm labor, and, of course, kids.

I received most of the payment for labors in coins, which included an abundance of Flying Eagle and Indian Head cents, Shield and Liberty Head nickels. Barber quarters and half dollars, some of the earlier Bust and Seated Liberty coins of all denominations, and even half dimes and 3-cent pieces. I took them all at face value.

1875 Liberty Sealed Dime

1875 Liberty Sealed Dime

Every coin went into my hidey-hole strongbox that only I knew about. Since I was a "working man", my mother charged me 50 cents per week for room and board. (I thought it was a raw deal, until I found out she had opened a bank account for me.) I allowed myself 10 cents a week for incidentals. In the '30s, you could buy a lot for 10 cents. At the local five-and-dime, I could get an ice cream cone or a hot dog with all the trimmings for a nickel. For a dime, I could catch a double feature at the local movie theater, and a big bag of popcorn was a nickel. A package of Twinkies cost 5 cents, as did a really big candy bar. Or 10 cents could buy a 1-pound wedge of old cheddar cheese (the crackers were free).

I guess it was in Autumn 1935 or '36 that my mother was thumbing through Sears & Roebuck's big "wish-book," and I heard her remark (to no one in particular) that if she had $100, she could make that Christmas a good one for me and my five siblings (the oldest was 11). I cleaned out my "stash" (which had a different meaning in those days), took it to the only bank in town and cashed it in for face value. (What did I know about coin collecting?) There was $133.65, not bad for three years' work! I asked for a $100 bill and put the remaining $33.65 back into my strongbox for "seed." I asked the teller to put the hundred in a special gift envelope.

When I presented it to my mother, she was flabbergasted. Then I got the third degree. How did I get $100?! I took a lot of explaining before I finally convinced her that it was not stolen or otherwise ill-gotten. We had a wonderful Christmas, even if the presents were primarily new clothes for all us kids.

I wonder what those coins were worth? What if I had kept them and all the others I saved in the 1930s and '40s? I can only imagine their value in today's market.....

        Ben Guild.

1917 Standing Liberty Quarter Obverse

1917 Standing Liberty Quarter Obverse

SHOULD YOU SAVE THOSE SAC DOLLARS?
by Mike Nourse (Life Member #1)

More Editors Notes: Thanks go to member, Mike Nourse, for submitting this article for this month's newsletter:

Why on earth should I spend my nice new Sacagawea dollars? Look how rare they are! I can not even get a single one at the bank! And look how much the US Mini and the large national dealers are selling them for! By late next year, I should be able to sell ray 40 BU rolls of Sac dollars and buy a vacation condo on the beach in Rio with enough left over to send the kids through college.

2000-S Sacagawea Dollar Obverse

2000-S Sacagawea Dollar Obverse

Not very likely. You really do not want to quit your day job and put the retirement fund in Sac dollars. In the last two years there has been a great deal of interest in modem coinage issues. It is a safe bet that this is the result of finally getting some new coins in circulation in the form of the state quarter program and the new golden Sacagawea dollars. Many new people are entering the hobby and they seem to be starting their collections with these new coin issues.

We all know that price is a function of supply and demand. In the case of the state quarters, the supply is absolutely enormous but the demand is also enormous. A little bit of speculation came in and drove the price of the first few state quarter issues up as high as $75 for a $10 face value roll. When the price stopped going up, some people started dumping their rolls on the market sending the prices down to $50 or less. Are they going to continue dropping? I think so. The demand seems to have stabilized and supply on the market is increasing as more people cash out to preserve their profit.

How does this relate to the Sacagawea dollars? Again, we have to look at supply and demand. Supply is easy to quantify. At this time, the Mint has reported that a total of 1.12 billion 2000 dated Sac dollars have been produced. About 65 percent of that total is from the Philadelphia Mint and the remainder came from Denver (we are just looking at circulation strikes). No matter how you slice it, the production number is immense! You don't think so? Well, for comparison, the entire mintage of all Morgan and Peace dollars over the course of 58 years and five mints amounted to a grand total of 847 million coins struck. This is 273 million less than the one year mintage of Sac dollars so far.

Now that we know that supply is huge, in order to get a significant price increase we will need demand to be even larger. So is the demand larger than the supply? While demand certainly is huge, it does not appear to be larger than the supply.

Because this is not just a one year issue (or just a ten week issue as in the case of the state quarters) people seem to be willing to wait to get these coins at the bank for face value. Therefore, at this time, Sac dollars do not command any premium other than the normal dealer markup needed to cover expenses and make a little profit. There are no dealers advertising in the back of the weekly coin publications to purchase Sac dollars at any premium above face value.

1897 Barber Half Dollar

1897 Barber Half Dollar

What will happen next to the price of 2000 dated Sacagawea dollars next year when you can no longer get them at the bank? My guess is.... not much. The premium that dealers charge may increase slightly and you may even see an ad or two looking to buy them at a very slight premium above face value. But the price will not skyrocket. The supply of 1.12 billion coins is simply too huge. And remember that most people in the non-collecting public do not really care whether the shiny new golden dollar they give to the grandkids is dated 2000 or 2001 or whatever.

1941 Walking Liberty Half Dollar

1941 Walking Liberty Half Dollar

There is one more large difference between the state quarters and the Sac dollars that allowed the quarters to achieve a healthy premium above face value while the dollars are not likely to be valued substantially above face value for quite some time into the future. That difference is cardboard. Say what? Yes, cardboard, in the form of inexpensive folders that have been produced in staggering quantities to house collections of the 50 state quarters. Because of the multitude of different designs and the frequency which they are issued (a new one every ten weeks) it has become incredibly popular to try and get one coin from each state, and the folders (or sometimes maps) are sued to house the coins. Folders do exist for Sac dollars but with only two coins so far, a P and D, it does not make the most impressive display at this time. Another difference is that there is a defined end to the state quarter program in the year 2008 with 50 designs while there is no way of knowing how long the dollars will be made. The quarter program may be extended slightly but it will not go on forever. If you have any doubt about this, just ask you local dealer how many state quarter folders have been sold, and how difficult the folders were to get last year when they could not be produced fast enough.

So, back to our original question: should you save your Sac dollars or spend them? Well, we are coin collectors, and as such we should certainly save whatever we need for our collection. Usually at a minimum this means one each of the Philadelphia and Denver issues. Many of you are building roll sets of coins, and by all means put aside a roll of each. But those 40 rolls? My advice is to spend them and watch the different reactions you get from the store clerks. All of the evidence points to no significant price increase in the near future. But the evidence could be wrong.....

        Mike Nourse.

 

 


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-                  Bill Hamilton        Days: 277-6110
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

Loren Lucason-               Eves: 272-3700

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