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ACCent: The Monthly Newsletter of the Anchorage Coin Club
|Volume 15, Number 3||
|March Membership Meeting|
|Wed., March 6, 2002||Central Lutheran Church||
7:30 PM Meeting
Hopefully.....this newsletter will get to our members before our club's membership meeting on March 6th. Your Chief Editor was out of town last week, which delayed the mailing of this newsletter.
Our March 6th meeting will see the election of our club officers. For those of you who will be there, the following members have agreed to run for office:
• The position of President: Richard Bilak
• The position of Vice President: John Larson
• The position of Secretary: Larry Nakata
• The position of Treasurer: Greg Samorajski
• The position of the First Board officer seat: Corey Rennell
• The position of the Second Board officer seat: Loren Lucason
• Bill Hamilton will fill the Third Board officer seat as the exiting President.
We're still looking for good people to serve as officers in our club. So you still have time to put your name in for one of these positions. Just come on in to our March 6th meeting....
At our February 6th club meeting, a survey/poll was done of members in attendance on topics for our club's Sept. 13-15 Coin Seminar. The results of that survey show the following in descending order:
• Gold Coinage
• Coin Grading
• Grading Paper Currency
• Counterfeit Detection
• Investments in Coins and Paper Currency
• Foreign Coinage
• Exonumia (Tokens)
• Ancient Coinage
• Variety and Error Coins
• Early Coppers
Based upon the results of this survey/poll, your seminar committee (Larry Nakata and Loren Lucason) can now move forward. Now that we have an idea of what is desired, your seminar committee will now look for instructors versed in the desired categories. We'll keep you posted on the seminar.
1955 Doubled Die Cent
Meantime, your seminar committee does have a list of members who expressed interest in attending this year's coin seminar at our January 2nd meeting. We will be following up with those members on the seminar with further details. There is a posting in last month's newsletter for interested members to secure their reservations for the seminar by posting a $50 deposit. You can put down this deposit at our next club meeting or mail it to our club's post office box. Your committee is presently looking at the seminar costs. In prior years, the costs have averaged about $250/person for a three day session with meals provided. We would like to see a commitment of 20 people for this seminar.
At our February 6th meeting, the door prize, a 1976-D Denver Souvenir Mint Set, was won by Howard Wright. The membership prize, a 1961 US Mini Proof Set, was won by YN Jonathan Samorajski. That 1961 Proof set had a very nice Franklin half dollar.
Member Greg Samorajski gave a very good presentation that evening on the "PCGS Set Registry" program. Thanks go to Greg for volunteering his time to prepare and give that presentation.
On other news, we are still awaiting word from the American Numismatic Association (ANA) on whether or not they will host a show here in Anchorage next year (2003), Member Robert Hall has been in communications with them and will inform us of the ANA decision. Hopefully, we will get that decision by our April or May membership meeting.
Your editors want to remind you that our first coin raffle prize for this year is a set of US Commemorative coins:
• A 1936 Cleveland Great Lakes Exposition Half dollar graded MS-62
• A 1946 Iowa Centennial Half dollar graded MS-63
Raffle tickets are $5/ ticket with the coins presently displayed at Roy Brown's coin shop. Raffle prize moneys benefit our YN (Young Numismatists) Program.
There were two coin shows during the month of February. The first show was held at the North way Mall over the weekend of February 9-10. The second coin show was held at the Cottonwood Creek Mall over (he weekend of February 16-17. Your editors were not able to post these coin shows in last month's newsletter. We trust that a number of our club members were still able to attend those shows. We'll keep you posted on coin shows during the course of this year.
Traditionally, our club's May membership meeting is the "YN Donation Coin Auction". As in years past, our members donate coins and numismatic items for this coin auction. Proceeds from this auction are used to benefit our club's YN program. Over the years we have used these moneys to allow YNs, who are of age, to go to the ANA Summer Conference in Colorado Springs.
We have also used these moneys to allow YNs to attend our club's seminars for free...such as our club's upcoming September seminar. Larry Nakata is in the process of organizing the May coin auction. He is asking that members be generous and donate items for this auction. Members can bring donated coins and numismatic items to our membership club meetings, YN meetings, or contact Larry Nakata (phone numbers posted in this newsletter). Otherwise, members can mail their donation coins and numismatic items to our club's post office box address. We will be posting the auction lot items in next club newsletter. Again....please be generous. It's for a good cause.
Finally, we want to remind our members that we are actively looking at increasing our club membership by 20% this year. There is an incentive program in which a club member who signs up an adult member will get a PCGS certified coin (a Pr-69 deep cameo year 1999 or 2000 US coin). Any YN who signs up a new YN will be given a date/mint uncirculated roll of coins.
We hope to see a good turnout of members to our March 6th membership meeting. It's election day for our club officers. We will also be giving a nice presentation on the "20 Most Desirable US Coins". We will have some nice coins on display that evening........Your Editors.
Schedule of Events for the Month of March:
1. Monthly Membership Meeting : March 6th (Wednesday) at 7:30 PM at the Central Lutheran Church. Club members and general public welcome. Members Larry Nakata and Loren Lucason will be giving a presentation on the subject of "The 20 Most Desirable US Coins". 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 Numismatists) Meeting: March 8th (Friday) at 7:00 PM at the Central Lutheran Church. We welcome YNs, club members, and the general public. The YN meeting will be on the subject of "U.S. Nickels". YNs are asked to bring in your US nickel collections as part of a show and tell session.
3, Anchorage Coin Club Board Meeting: March 20th (Wednesday) at 7:00 PM at the Central Lutheran Church. Club members welcomed.
Minutes of the February 20th Board Meeting:
The Board meeting was called to order at 7:00 PM.
First order of business discussed was the officer board elections scheduled for our club's membership meeting on March 6th. Member, Richard Bilak, has put in his name for the position of President of out coin club. With Richard's submission of his name for President, we now have a volunteer for each of the available club officer / board positions.
We need to see some competition and your Board wants to encourage members to continue putting in their names for the positions of President, Vice-President, Secretary, Treasurer, and Board members. You can still submit your name right up to election time.... our club meeting on March 6th.
The Board meeting then went into a discussion on ways to take some of the club's workload off of Larry Nakata. At this time, Larry Nakata is the Chief Editor of the club's newsletter, the Webmaster of the club's webpage, the club's secretary, and the adult in charge of the club's YN Program. Larry is getting stretched thin and needs some help in spreading some of these responsibilities to other adult members of our club. We're looking for volunteers to help out, specifically in the area of the YN Program.
The remainder of the Board meeting focused on club correspondence and loose ends from our Board's February meeting.
As there was no further business to discuss, the meeting adjourned at 8:00 PM.
There was a light turnout of YNs at our February 8th YN meeting....since that evening was the start of the Fur Rendezvous events in Anchorage. Nonetheless, enough YNs came to have a nice discussion on "US Cents". YNs Michael and Krystal brought in their cent collections to show to the parents and YNs who came.
Yours truly brought in his cent collection to show the YNs. It was a good opportunity to do a show and tell and to also give everyone a background history of the US cent. The YNs were able to see all the different types of US cents minted from the late 1790s to today. Also shown were key date coins such as the 1909-S VDB cent, the 1922 Plain US cent, and the 1955 doubled die US cent.
That evening also saw us give away a nice 1970 US Mint Proof set to one of the lucky YNs. Pizza, chips, and soda were enjoyed by all that evening.
One of the things discussed at the YN meeting was our program to increase our YN membership by at least 20% this year. I will give a roll of uncirculated coins with specific date and mintmark to any YN who signs up another YN into our club's membership. The yearly membership for a YN is $5/year. New YNs get free books on coin collecting and often time get pretty good give away coins at our YN meetings. So lets see what you, as a YN, can do to get our membership numbers up this year. I want to also point out that YNs can also qualify to get a PCGS graded coin if they sign up an adult member, such as one of your parents.
Our next YN meeting is scheduled for Friday, March 8th starting at 7 PM at the Central Lutheran Church. Our session that evening will be on "U.S. Nickels". So far, we have covered the subjects of US quarters and US cents this year. Bring in your nickel collections for a show and tell. It should be a pretty good event.........
Those of you who regularly read numismatic periodicals are well aware that in June 2001, Representative Jim Kolbe of Arizona introduced legislation that would put an end to the minting of the cent after over 200 years of nearly uninterrupted production. Will this cause a surge in the popularity of building sets of Lincoln cents or cause them to fade into obscurity?
There is no way to answer this question with any certainty. The most recent extermination of an entire denomination was 20 years ago, in 1981, when the last Susan B. Anthony dollars were struck and it was uncertain whether dollar coins would ever be produced again. This actually did help increase the popularity of the Eisenhower and Anthony dollars as 'complete' sets could now be built. Prices increased modestly though they certainly did not run away to the upside.
Is it valid to compare the end of the dollar denomination in 1981 with the end of the one cent piece? Certainly not. The first big difference is that the Lincoln cent is consistently the most popularly collected coin in U.S. numismatics, while the Eisenhower and Anthony dollars enjoy a strong collector base but are not at the top of the heap. Occasionally Lincoln cents get bumped from their position as the most collected U.S. coin (most recently by Morgan dollars), but they are always very near the top of the list.
1909-S VDB Lincoln Cent
The other big difference between Eisenhower and Anthony dollars versus Lincoln cents is availability of high-grade coins. No searching is required to build a complete set of the two dollar designs, one must only write out a check to a coin dealer to have both complete sets in nice Uncirculated and Proof condition. Lincoln cents minted from 1934 to present are also readily available and may be purchased as a set, but the 25 years prior to that require some searching to find in anything better than Average Circulated condition. If you want the early Lincolns in Uncirculated condition it will really require some persistence to find some of the dates.
So, we really do not have any good examples of a denomination coming to an end to use to predict what will happen to the price of Lincoln cents when they are finally discontinued. However, we can speculate, and I speculate that they will go much higher at first then stabilize at the new higher levels.
As stated above, Lincoln cents are unquestionably popular. Even collectors who are not actively pursuing this series right now probably have a partial set that they put aside to be completed at some time in the future, or a complete set that desperately needs some upgrading. Admit it, even you have a set of Lincolns that fits in one of these two categories! When the denomination is finally ended, there will be lots of publicity surrounding the event (at least in numismatic circles), and that will certainly prompt some collectors to dust off the old Lincoln set and fill those remaining holes and replace the few duds that were purchased to 'temporarily' fill a gap in the collection. Just knowing that a particular set of coins can be completed once and for all holds a lot of appeal to many collectors.
News of the cent's demise will also gel some airtime from the general media. There is always the chance that some folks who had given up the hobby in the past may have their interest piqued once again by this news bringing back fond memories of filling those blue Whitman folders.
The combination of existing collectors completing and upgrading their Lincoln cent sets combined with new and returning collectors joining the hobby could put serious price pressure on certain cents. Why just certain cents and not al! of them? Simply, because many of the Lincolns are downright common, no realistic amount of demand will be adequate to increase their price substantially.
Which Lincoln cents would stand to benefit the most in price from an increase in collector demand? Virtually all Lincoln cents from the 1940's through the present are readily available in huge quantities, both as singles and by the roll. Some dates in the 1940's may increase in value in Uncirculated condition as demand outstrips supply, but the real action should occur in the 1909 to 1939 era. Most dates from the 1930's are readily available in Uncirculated, but they are not super abundant. Few rolls from the 1930's remain, as they have mostly been broken up to build BU sets. Prices could certainly increase for dates in the 1930's in Uncirculated, particularly the D and S issues. All dates in this decade are common in all circulated grades, save the 1931-S, and should see little or no price pressure.
Few dates from 1909 through 1929 are truly common in Uncirculated. Original BU rolls are few and far between (the only one I have ever owned was a 1929-S). There will be price pressure on the limited supply of Uncirculated coins of this era, but I think the real action here could be in the high circulated grades as few collectors will aspire to assemble a complete set of Lincolns in MS-60 or better condition. Virtually all Lincolns from 1909 to 1929 are plentiful in grades of Average Circulated through Very Good, even the semi-keys, but are decidedly difficult to find in quantity in Fine, Very Fine, and Extra Fine.
The two big keys, me 1909-S V.D.B. and the 1914-D, will obviously see price pressure as they are indisputably needed to complete the set, while the popular error coins-that-are sometimes included are optional. The supply of both of these coins is very limited in all undamaged conditions. Their ultimate prices depend on exactly how many people enter the market for Lincoln cents once their end is imminent.
To conclude, I think that the best bets for price appreciation are in nice Uncirculated Lincolns form the 1930's, Fine through Extra Fine coins from the 1909 through 1929 era, and the two big key coins in any undamaged condition. These are three parts of the set that are very popular with collectors while having a limited supply and still quite reasonable prices. Consider how nice a set of Lincolns looks with the 1909 through 1933 coins in Very Fine or Extra Fine and the 1934 through present pieces in Mint State and Proof condition. I would be proud to own such a set.
So, will the Lincoln cent be discontinued anytime soon? Nobody knows right now, but probably not for at least a few years. Realistically it is only being produced and used for sentimental reasons. The actual face value is so low as to be irrelevant......
EDITORS NOTE: The American Numismatic Association (ANA) sent our club this article which they would like printed on our newsletter. It is a press release by the ANA on the subject of coin collection insurance:
The American Numismatic Association now offers the "All-Risk" Coin Collection Insurance Plan to local coin club members for their personal coin collection. Through this Plan, coin collection will be protected and secured.
The standard Homeowner's Condominium or Renter's Insurance Policy, unless specifically endorsed, limits coverage for "loss of money, bank notes or numismatic property" to a maximum of $250.
Many collectors are not aware of this limitation and may believe they automatically have complete coverage on their coin collection just because they have Homeowner's Insurance. Do not be misled! Unless you have made specific arrangements, your collection is only insured for the maximum of $250! The other side of the story is that many insurance companies today will refuse to extend coverage to numismatic property. In addition, banks are not liable for any loss of contents of a vault or safety deposit box.
The "All-Risk" Coin Collection Insurance Plan is very important because it protects a personal coin collection against such hazards as theft, fire, flood, hurricane, and other such perils. Whether a collection is kept at home, in a private safe, or in a bank vault, it can be protected. Also, extra security can be provided for special pieces in the collection when they are individually listed.
For collections kept entirely in a bank vault or safety deposit box, the cost is 50c a year per $100 of value. For collections not kept entirely in a hank vault or safely deposit box, the cost is $1 a year per $100 of value.
If a collection includes items valued at more than $5000 each, or a pair or set valued at $10,000 or more, these must be listed separately with a statement of actual value. In the event of a loss, reimbursement will be for up to the full value listed. Also, new items added to a collection will automatically be protected without additional premium as long as the added value is not more than 10% of the total insurance in force, or $1000, whichever is less.
At the next renewal date, the newly acquired property must be added to the policy and it will be adjusted for the additional coverage and premium.
If the property is valued at more than 10% of your total insurance protection or more than $ 1000, notify Marsh Affinity Group Services, the insurance administrator, immediately and your coverage and premium will be adjusted to reflect the increased protection,
What to remember about the Policy:
• Claims are not subject to a deductible.
• This insurance covers collections anywhere in the United States, Puerto Rico, or Canada.
• All collections must be insured for their full value.
• There is a limitation for losses due to burglary or theft of collection not kept in a bank vault.
• Property in transit is covered only if shipped by registered mail or insured parcel post.
• Articles are not insured against mysterious disappearance.
If you have any questions regarding the "All-Risk" Coin Collection Insurance Plan, or wish to receive a brochure and application, please contact the insurance administrator, Marsh Affinity Group Services, 1440 Renaissance Drive, Park Ridge, Illinois, 60068-1400, or call and speak to a Customer Service Representative at 1-800-503-9230. You can also visit them on the web at www.seaburychicago.com.
Hamilton Days: 277-6110
V. President- John Larson Eves: 276-3292
Treasurer- Greg Samorajski Eves: 561-8343
Secretary- Larry Nakata Days: 269-5603
Club Archivist / Photographer - Robin Sisler
Board of Directors
Roy Brown- Days:
Loren Lucason- Eves: 272-3700
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,