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ACCent: The Monthly Newsletter of the Anchorage Coin Club

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Volume 15, Number 7

July 2002

July Membership Meeting & Summer Picnic
Sun., July 14th, 2002 Centennial Park

12 Noon through afternoon


 

FROM THE EDITORS

The June membership meeting was dominated by the YN coin donation auction. The auction was a benefit for the support of the YN part of our coin club. The ones who also benefited were the members at the meeting. Many bargains were to be had at the auction by members in attendance. We raised money for the young numismatists (YNs) and gave out good bargains to our members. It was a win-win situation. Another place to win is at the summer picnic July 14th. Check out details in this newsletter. You could win gold.

Gold is a metal that was never possessed by the demon that destroyed other metals (we now call it corrosion). Gold was always there, you could depend on it. So gold was a natural choice for the replacement of the barter system. That lead to coins - you needed measured amounts of gold. For thousands of years gold has served as a fine medium of exchange. The value of gold has gone up and down over the years. Gold hit a high in the 1990's and now is at a low. The high brought a lot of desirable gold coins out of vaults and put them on the market. Now the low has made many of these coins affordable to us collectors. The key to getting in on this opportunity is gold coin knowledge. Members have recently seen prices on gold coins lower than they have seen for years and foreign gold coin works of art have been showing up. Which ones are a good buy and what are the mysteries of gold coin grading? These and many other questions will be answered at our September gold coin seminar. Support the club and sign up for the seminar. The money you save by going to the seminar and learning about those shiny bright gold coins will more than cover the cost of the seminar.

On a darker note. Dean Pulver, a long time member of the club, has passed away. He was a valuable member who introduced us to the classification system for error coins. Without him many of us would not know what 50c 1974-D DDO#3 MS-62 meant. Dean was a good man. We will miss him.

Don't miss the opportunities of life. Go to the summer picnic July 14th at Centennial Park and sign up for the Gold

Coin seminar in September......Your Editors.

 

MEMBERSHIP NEWS

Schedule of Events for the Months of July:

  1. Monthly Membership Meeting/ Summer Picnic (July 14'"): There will be no membership meeting on July 3rd. In keeping with our club's tradition, the membership meeting will be held in conjunction with our club's summer picnic. The summer picnic will be held at Centennial Park in Anchorage on Sunday, July 14th. Time: 12 noon through the afternoon. There will be lots of food, prizes, and fun events that day. See you at the Summer picnic.

  2. YN (Young Numismatist) Meeting: There will be no YN meeting for the month of July. Enjoy the summer picnic.

  3. Anchorage Coin Club Board Meeting: July 17th (Wednesday) 7:00 PM at the Central Lutheran Church. Our club's summer picnic details will be the agenda. Club members welcomed.

Minutes of the June 19th Board Meeting

The Board meeting was called to order at 7:10 PM by Vice President John Larson.

First order of business was a review of correspondence and bills to be paid.

The Board then discussed old business. Larry Nakata gave a report on the outcome of the YN Donation Coin Auction which was held at our club's membership meeting on June 5th. Larry reported that $446 was received as the proceeds from the auction. The monies will be used to benefit the club's YN Program.

Larry then gave an updated report on the September 13-15th seminar. The Board reviewed the proposal from the WestCoast International Inn and gave approval for go-ahead with arrangements for the seminar. Larry, in his capacity as Secretary of the club, will sign the agreement with WestCoast. In a continuation of the report, Larry stated that he has sent letters to 40 members of our club either confirming their reservations or asking for their support by attending the seminar. Fifteen (15) people have agreed to attend. Another 10 people are needed to ensure sufficient funding for the seminar. Member Roy Brown will be calling each of our members in the coming weeks to canvas for more attendees to this seminar. Larry has also dropped off flyers to each of the coin dealers around Anchorage to enlist their help in getting the final attendees needed for this seminar.

The Board meeting then focused on planning for the July 14th (Sunday) club picnic. Bill Hamilton has reserved Centennial Park for the event. A list was made of food and supplies need. See other details in this month's newsletter.

Loren Lucason suggested we put a collage of coins on the front of the newsletter to bring more attention to it. John Larson added that the center coin should relate to the topic of that month.

As there was no other new business the Board meeting concluded at 8:20 PM.

 

THE ANCHORAGE COIN CLUB'S SUMMER PICNIC MEETING
JULY 14TH AT CENTENNIAL PARK

Come one and all to our coin club's summer picnic and meeting on Sunday, July 14th!

Place: Centennial Park off Muldoon.

Time: 12 noon through the afternoon.

The club will be supplying the burgers, hotdogs, sodas, and chips for the event. You will be getting a call in the coming weeks from member Roy Brown asking how many in your family will attend. We need to know the headcount so that we can purchase the appropriate amounts of food for the picnic. Roy will also ask that those who come bring a potluck dish such as a dessert or salad.

A number of us will be setting up the barbeque grill with the intent of having burgers and hotdogs ready for you by 12 noon. We plan to have a couple of nice events for the picnic:

a scavenger hunt for everyone

a Jeopardy game for the YNs.

To those YNs and youngsters who wish to participate in the Jeopardy game, please bring your ANA Redbooks. You will be allowed to use your ANA Redbooks to answer the Jeopardy questions. There will be a time limit on the answers. The Jeopardy categories will be on coins that were designed by George Morgan, The Barbers, Adolph Weinman, James Longacre, Augustus St. Gaudens, and Christian Gobrecht. There will be 5 questions in each category with differing levels of difficulty. So...do your homework prior to the picnic.

Lots of prizes will be given out.

The membership meeting and Summer Picnic will be combined as one event.

So.....DO NOT SHOW UP ON JULY 3rd FOR OUR CLUB MEETING AT THE CENTRAL LUTHERAN CHURCH.

But do show up for the club's summer picnic on July 14th and have fun. See map Page 5.

See you there

 

THE YN CORNER

I wanted to remind all YNs that there will be no YN meeting in July. In it's place, we will be having fun at our club's Summer picnic on Sunday, July 14th at Centennial Park (see details in this newsletter).

There will be lots of prizes given out at the picnic and events galore. For those YNs who intend to participate in the Jeopardy game I would encourage them to study their Redbooks ("A Guide Book of United States Coins" by R. S. Yeoman). There will be some very nice prizes given out in the Jeopardy game.

By the way....be sure to bring your Redbooks. You can use them during the game.....Larry Nakata.

 

THE EURO: EUROPE'S NEW COIN AND CURRENCY
by Larry Nakata (Member #41)

 

About two years ago, I wrote an article in our club's newsletter about the coming of the EURO - Europe's new coinage and currency.

Well....it's here. Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, the Netherlands, Portugal, Spain, Vatican City, and Greece began circulating the EURO on January 1, 2002.

The impact of the introduction of the EURO is that there are new coins and currency being circulated in these countries. The legal tender status of the prior coins and currency ended on February 28, 2002.

So....it's a new monetary world out there in Europe. Gone is the Austrian schilling, the French franc, the German deutsche mark, and Italian lira.

How did it happen? It started in 1957 when a number of European countries declared the European Common Market under the Treaty of Rome. The Single European Act (1986) and the Treaty on European Union (1992) then created the Economic and Monetary Union (EMU) with the task of laying the foundation for a single currency in Europe.

On January 1, 1999, the EMU officially set the exchange rates for the coins and currencies used by the participating European countries against the EURO standard:

Austria: 13.7603 schillings = 1 EURO.

Belgium: 40.3399 francs = 1 EURO.

Germany: 1.95583 deutsche marks = 1 EURO.

Spain: 166.386 pesetas = 1 EURO.

Finland: 5.94573 markkas = 1 EURO.

France: 6.55957 francs = EURO.

Greece: 340.750 drachmas = 1 EURO.

Ireland: 0.787564 pounds = 1 EURO.

Italy: 1936.27 liras = 1 EURO.

Luxembourg: 40.3399 francs = 1 EURO.

The Netherlands: 2.20371 guilders = 1 EURO.

Portugal: 200.482 escudos = 1 EURO.

Vatican City: 1936.27 liras = 1 EURO.

The new Euro coins have a common obverse stating the value and a reverse specific to each country. Some 50 billion new coins were minted.

The new Euro currency looks the same throughout all countries. Some 14.5 billion banknotes were printed.

Altogether 664 billion EUROs were minted and printed in the form of banknotes and coins to be used throughout Europe.

On the matter of the EURO coins, eight denominations of coins are minted by each participating country. These coins vary in size, color, and thickness according to their values, which are in denominations of 1, 2, 5, 10, 20, and 50 cents and 1 & 2 EUROs. These EURO coins can be used anywhere in the participating European countries. Milled edges are used to make it easier- for the sight impaired- to recognize the different values. The 1 and 2 EURO coins are bimetallic....with the 2 EURO having lettering around the edge to make it harder to counterfeit.

In terms of the EURO currency, seven banknotes were introduced in denominations of 5, 10, 20, 50, 200, and 500 EUROs. The front of the banknotes feature windows and gateways symbolizing the European spirit of cooperation. There are also 12 stars representing the harmony between the 12 major participating European nations. The reverse side of banknotes feature bridges symbolizing close cooperation and harmony between Europe and the rest of the world.

Note that European countries such as Sweden, Norway, Denmark, England, and Switzerland chose not to participate in the EURO. These countries have special status in that they have chosen to conduct their own national monetary policy, but cannot take part in decisions involving monetary policy for the EURO. Such countries have the option of joining the EURO program in the future.

So....what does this mean of the collector....especially one who collects foreign coins and currency?

First, it means 8 coins from each country and 7 banknotes now can be added to your collection. Figure that each of the 12 major participating European countries were allowed to mint 8 different coins with a reverse side of their choice. That means 96 coins to collect every year... .starting with this year (2002).

Take a look at the exchange rate between the US Dollar and the EURO, and you will probably find that it will take quite a few dollars (about $785) to collect the 7 banknote set of EURO currency. Considering that this is the first year of issue for the EURO, the serious collector of foreign coins and currency will probably go for this expense.

Of course....do not ignore the prior banknotes and coins...even though they are no longer legal tender. The participating European countries are melting down the old coinage and burning the old paper currencies. That means fewer specimens out there for the foreign collector. The older banknotes and coins will likely go up in value as time goes by. So...be on the lookout for any of the key date coins and paper currency from these respective countries.

For those of you who have internet access and desire more information along with pictures of the EURO coins and currency, go to:

http://pacific.commerce.ubc.ca/xr/euro/euro.html

It's a new era for the collector of foreign coins.............Larry Nakata.

 

 

EDITORS NOTE:

Last month, your editors posted comments from members of our coin club on their views regarding the issue of our club expanding it's gaming license to include pull-tabs. More comments will be posted in this month's newsletter and final comments in next month's newsletter.

From member Greg Samorajski: "I have to admit that I haven't made up my mind about the pull-tab issue. On the plus side, I believe the club could make some money. Do we need the extra money? Well... for what we currently do, the club is adequately financed. However, if we want to do new programs extra funds will help. If we decide to do things like a major coin show... or serious advertising to attract new members... or send members to the ANA Summer Program or conventions....additional funds will be needed. Yes, some of these events could break-even, but up-front cash is still useful.

On the minus side is the ethical question of sponsoring gambling. While legal, is a pull-tab business ethical?! Personally, I think running a pull-tab or other gambling business is questionable. Perhaps it's like rolling cigarettes. It's legal with a license, but I think it is wrong and wouldn't do it. I need to think through the ethical issue fully before I vote....and the ethics issue should be governing, in my opinion.

Finally, are there other sources of funds. Our dues seem low...perhaps they can be increased. Or perhaps... if we recruit more new members, more funds will flow. I believe that there are other sources that should be considered, and only if found to be inadequate....should pull-tabs be considered."

From member Mike McKinnon: "Recently I heard from Larry Nakata that the coin club was thinking of using the club's gaming permit as a way of raising money for financial support of the club and for the Youth program. Until a few years ago the club was putting on coin and card shows to support both.

Evidentially, the same people who were against putting on the shows are now the people who are pushing to use gambling proceeds to make the club financially stable. The main reason the coin and card shows were the topic of dissension was that card tables had to be rented to card collectors for the club to show a profit. Two founding members of the club happened to be card collectors too: Bill Garing and Rod Meade, both of who have since passed away.

Members who did not know Bill personally will recognize his name from the Bill Garing Memorial Award. I am amazed that those people who were against renting tables to card collectors believe it is just fine to fund the Youth program with gambling money.

I have always understood that the reason this club was founded was because there were problems with the accounting of money from the gaming permit owned by the previous club. As there was never open discussion of those problems, or an open resolution, many members split from that original club and founded The Anchorage Coin Club.

Larry further informed me that there is to be a vote this summer on the matter of the gaming permit use. I asked if YN's were going to be allowed to vote and was told that they were not. This should be of some concern, if the by-laws state that any member can vote. It cannot arbitrarily be decided that during certain votes that some members will not be allowed their vote. There are State laws regarding this, and if the club wants to continue with its non-profit status it must follow not only the club's by-laws, but those State laws as well.

Further, if the permit is used to earn gambling money, we will have to keep an even closer watch on the books, and this could include having to hire a professional accountant or bookkeeper. I believe that the option of returning to coin and card shows should be explored and tried again before deciding upon the gambling route. These shows were financially successful, and brought in new members and interest, and helped to educate the public. I wonder if any YN parents were polled to get their reaction to having the program funded with gambling monies. I do not think this issue should go to a vote of the membership until all concerns and questions regarding who should vote, will professional accounting be needed, how much money can be expected from the gaming permit, and conversations with parents of those in the youth program, have been resolved."

 


The Anchorage Coin Club

Club Officers

Board of Directors

Editors

ANA Local Club Representative

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