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ACCent: The Monthly Newsletter of the Anchorage Coin Club

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Volume 16, Number 7

July 2003

July Membership Meeting & Summer Picnic
Sun., July 27th, 2003 Centennial Park

12 Noon through afternoon


 

FROM THE EDITORS

    We started the June membership meeting with Larry Nakata drawing his own name for the door prize; a BU 1994 Silver Eagle. Another member drew John Pastos' name for the membership prize; a BU 1998 1/10th oz. Gold Eagle. It was then announced that the next raffle prize will be a 1934-S Peace Dollar in nice VF condition. This coin is reasonably common in low grade but very hard to find in better grades. Tickets started selling immediately at $5/ticket.

We then went right into the feature for the evening: The Young Numismatist Donation Auction. Donated coins were sold at auction to support the younger half of our club. The YN auction was a great success. We did raise some money for the kids but the big winners were the members who braved the wilds of Alaska, went to the church, and attended the meeting. Rare lots at the auction included a BU off center broad-struck Massachusetts quarter and 2 huge 2 oz. silver coins from the Alaska Mint. There were also some uncirculated "broken bank notes" (Pre-Civil War obsolete State bank note currencies) with very sharp art and a large group of small error coins.

Forty lots were sold at the June meeting. Part two of the auction will be at our July picnic (July 27th at Centennial Park). See details of the picnic later in this newsletter. The continuation of the YN auction will feature informative and important numismatic books. These are very good reference books for the coin collector. At our coin club meetings we have always pointed out that it is best to "buy the book before spending money on the coin". The lots will also include a BU quarter with a mintage of a mere 5458. Leaving only 5457 out there.

Back at the June meeting the chosen design for the 15th year club coin was passed around. It featured a Willow Ptarmigan. The coins are slated to be minted in September at the Alaska Mint. See next month's newsletter that will show the winning obverse design.

John Larson did some research on a club calendar for next year. He found a local printer who could print up a calendar with club meetings and events on their respective days and coin images at the top. We would need to buy a minimum of 100 at $10 a piece. We should also get extras printed up to give out (or sell) to advertise the club. Other possible printers are being looked into. We want to make sure there is sufficient commitment for 100 calendars before proceeding. Accordingly, there will be a form in this newsletter for you to fill out on the number of calendars you may wish to purchase. The form can be cut out and dropped off at any of the coin dealers who advertise in our club's newsletter. Otherwise drop off the form at our next coin club meeting scheduled for July 27th at Centennial Park.

Carl took the club's flag banner to a show in Las Vegas. It drew a lot of people to his table and was the envy of the other dealers. We encourage members, doing shows in the states, to take the Flag Banner with them. It is packaged in a convenient shipping box with it's tripod stand. Fee) free to contact any of our club board members on this matter.

There was some talk of changing the meeting place for the club meetings and, maybe, putting a comic strip in the newsletter. But you will have to attend the board meetings to get into these discussions. Our club board meetings are held every third Wednesday of the month. See this month's agenda.

Congratulations go out to member Larry Nakata (also our club's Secretary) for being one of this year's recipients for the American Numismatic Association's Glenn Smedley Award. It's good to see one of our own win such a prestigious award.

Finally....we want to remind all of our coin club members that our next club meeting will be on July 27th (12 noon through the afternoon) at Centennial Park. This will be our club's summer picnic event. Our club traditionally has always consolidated all of our meetings into this summer picnic event.

As a result there will not be a July 2nd meeting at the church...........Your Editors.

 

SUMMER PICNIC AND CLUB MEETING
FOR JULY 27 AT CENTENNIAL PARK

    The Anchorage Coin Club invites you and your family to attend our club's summer picnic at Centennial Park on Sunday/ July 27th from 12 noon through the afternoon. This event will be held at the Pavilion located at Centennial Park in Anchorage.

There will be lots of food, fun events, coins/numismatic items to be given away, and Part Two of our Young Numismatists Donation Auction.

The club will provide the hotdogs, hamburgers, chips, dips, soda pop, cups, plates, and utensils for this event. We ask that club members bring a salad, dessert, or hors doeurve potluck item. Roy Brown will be calling members to get a head count of those attending...so that we can determine the quantity of items needing to be purchased for the picnic. If any of you wish to bring an item, you can give Roy that information at the time he calls.

The events are being planned by Greg Samorajski and his boys (who are YNs in our club).

We will also have an auction that afternoon. This auction will be Part Two of The Young Numismatist Donation Auction. Coins and a number of numismatic books will be featured in this auction.

We will also be raffling off our club's latest coin, a 1934-S US Peace Dollar in VF condition. Raffle tickets will available at $5/ticket prior to the drawing.

So...come one and all to our club's 15th year Summer picnic....

 

MEMBERSHIP NEWS

Schedule of Events for the Month of July:

  1. Monthly Membership Meeting: Summer Picnic July 27th at Centennial Park (12 noon thru the afternoon). In keeping with our club's tradition, this will be our primary event for the month of July. Accordingly, there will be no membership meeting on July 2nd. Instead...show up for our club's summer picnic. Lots of food, fun events, and Part two of The Young Numismatist Donation Auction.
  2. YN (Young Numismatists) Meeting: No YN meetings are scheduled for the summer. The next YN meeting will be on September 3rd.
  3. Anchorage Coin Club Board Meeting: July 23rd (Wednesday) at 7:00 PM at the Spenard Lions Club located at 2108 Roosevelt Drive (#248-0832). Club members welcomed.

Minutes of the June 18th Board Meeting

The meeting was called to order at 7:45 PM by President Stan Mead.

After going over correspondence and bills to be paid, the first order of business was a discussion on future meeting locations for The Anchorage Coin Club. Secretary Larry Nakata stated that we have consolidated our club meetings to one event per month...the first Wednesday of each month. The last action of consolidating our YN and membership meetings into one event has resulted in reducing our club costs to $25/month to the Central Lutheran Church for use of the church facilities.

The Board discussed a proposal to have future club meetings at the Spenard Lions Club facility. By shifting meetings to the Lions Club, the monthly costs are expected to go down further. The Board made the decision to have it's next Board meeting at the Lions Club in order to check out the facilities. The Board will then make an according recommendation to our membership for a vote on this matter.

Larry Nakata then gave an update on the status of our club's 15th year medallion. Mike Robuck, owner of The Alaska Mint, will be following up with a cost on the obverse die for the medallion. Mike will also be giving the cost of minting the medallion set...consisting of a proof silver and bronze medallions with the member's number imprinted on the edge of each medallion. The reverse of each medallion will feature the State of Alaska Official Seal. The medallions can be ready by September. Costs of the medallions to our members should be posted in our next month's newsletter.

The Board then discussed plans for the club's upcoming Summer picnic scheduled for July 27th at Centennial Park in Anchorage. Plans were reviewed and look good for the event. It should be a fun event.

In keeping with club tradition, there will be no club meeting scheduled for the month of July. The Summer Picnic will be the meeting of the month. An according announcement will be made in this month's newsletter.

Under new business, the Board approved a $25 patron donation to the American Numismatic Association (ANA) for support of their 2003 Baltimore Conference.

Since our club is a lifetime member of the ANA, a ballot was sent for election of officers to the ANA. The Board reviewed the ballot and selected accordingly.

Final order of new business was a report by Loren Lucason that the club's newsletter add a monthly comic strip in future newsletters. Such comic strip to be a local product done by our more artistic members of the Anchorage Coin Club. Loren will be heading up this effort and will be coming up with a series of such comic strips in the near future.

As there was no further business to discuss, the meeting concluded at 8:40 PM.

THE YN CORNER

We wanted to remind all YNs that there will be no YN meetings until September 3rd.

However, there will be our club's Summer Picnic on Sunday July 27th.

Be sure to bring your family to the picnic. Lots of prizes and food will be enjoyed that afternoon.

See you there... Don and Marilyn.

 

2009 IS COMING... YOU BETTER BE READY!
by Mike Nourse (Life Member #1)

    S ay what??? 2009??? That's still six long years away!! Besides, exactly what does the year 2009 have to do with the price of eggs in Tasmania anyway? Probably not very much, but it may have a substantial impact on the price of Lincoln cents here in the United States.

That's right, as all of you know, the Lincoln cent will reach 100 years of continuous production in 2009, and you can be sure that there will be a lot of attention focused on that particular series in that year. Technically speaking, the

Let's get specific now: what exactly do I expect to happen in 2009 that may have an impact on the prices of Lincoln cents between now and that far away year? The possibilities are really endless with this coin series. I am trying to think of items that will be sold by promoters to the non-collecting public as they can go through a huge supply of coins in a real hurry. Lincoln cents (Indian head cents too) are a promoters dream as they are reasonably available in large quantities, and are not too expensive. However, as the promoters start vacuuming up thousands and thousands of Lincoln cents, that is bound to have an impact on prices, particularly on the older and less available dates.

For those who do not know, promoters are companies that sell coins and coin sets to the general public, people with no knowledge of the actual value of the coins they are purchasing. These coins and sets of coins are generally sold at prices far above what any knowledgeable collector would ever pay, though in their defense, . they do incur much higher advertising costs than a coin dealer as they are not focusing directly on a small target audience. You can generally find their advertisements in the Sunday inserts in your local newspaper as well as their extensive use of Home shopping channels. Their sales pitch usually includes a good story about the coin(s) being sold, so something like a 100th anniversary gives them a great story to begin with. It only helps that Abraham Lincoln is still one of our best known past presidents and that the Lincoln cent has always been among the most popular US coins to collect for the last half a century.

As noted above, the promoters need coins that are available by the thousands and are relatively cheap so that they can be sold to the public at a price that many people can afford (say in the $10 to $25 area) even after their substantial markup is built in. With that in mind, I think the most popular set in the year 2009 will end up being the '100 year' set which will include a 1909 Lincoln cent and a 2009 cent in some sort of plastic holder. An even more popular variation will be a three coin set that includes a 1909 Lincoln, a 2009 cent, and a 1909 V.D.B. Lincoln cent (remember: the V.D.B. initials saga makes a great story!). More popular still will be a four coin set which includes those three coins plus a 1959 issue doing double duty as a 50 year old coin as well as being the first year of the memorial reverse (yet another story to tell...).

Sets such as these fit all the qualities that the promoters are looking for: inexpensive, available, and plenty of good stories to use to convince Henry Q. Public that he must purchase one or more sets at their special low price which is available for a limited time only.

Sets that are advertised in the non-numismatic print media (magazines, newspaper inserts, etc.) have to retail in that magic $10 to $25 target range that I mentioned above in order to appeal to a huge potential audience. However, on the Home Shopping television channel I have found that they will tend to push some higher dollar merchandise through their system. In case you have not seen home shopping on TV, it can be seen on either UHF channel 22 or 33. Where I am in South Anchorage, channel 33 comes in better than 22, but they both have a fair bit of static even with the antenna aimed in the optimal direction.

At any rate, the higher priced set that 1 can see being pushed heavily on TV shopping channels would be a one-a-year set which contains one coin from each year of Lincoln cent production from 1909 through 2009, without regard to which mint the coins were produced at. This set will be available for just four easy monthly payments on your credit card. If you call in the next five minutes, they will even make sure that your 1909 cent is one of the extremely rare coins with the V.D.B. initials visible on the back for no extra charge! Seriously though, all of these coins needed for a set such as this are mostly very inexpensive and available by the thousands in well worn condition.

What about complete sets which include all the dates and all of the mintmarks from 1909 through 2009? I do not see such sets being sold to the general public at all for two reasons. First, as you probably know first-hand, such a set will cost some serious cabbage, even in Good-4 condition. Second, some of the coins needed (you know which ones) are just not available in the quantities needed when you figure that these guys make their big bucks off selling lots and lots of sets. Complete sets are much more likely to be built piece by piece by true collectors.

So, if you are thinking about speculating in Lincoln cents over the next few years, what coins should you be focusing your attention on? These are only guesses and obviously not investment advice, but I think the best chance of price appreciation stands with the 1909 issues, both with and without the V.D.B. on the reverse. The 1909 coins are needed in all of the low priced sets. For the next most likely coins to rise in value, you will need your trusty Redbook. Look through the Redbook at the various years prior to 1934, and use a combination of pricing and mintage information to determine which dates are most likely to cause the promoters trouble when they go to build their one-a-year sets. The 1922-D really seems to stand out, but there are plenty of other dates that may prove troublesome enough to cause price increases, so you will want to acquire a variety of dates.

A much less expensive alternative may be to put back a few BU rolls of 1959 memorial cents, which are likely to be added to the 100 year sets to increase their appeal. To a very limited extent, steel cents are always popular with the general public, though they have minimal potential due to the fact that they have nothing to do with the 100th anniversary. Another fairly inexpensive coin that is likely to see some supply and pricing pressure would be the 1909 Indian head cent. The 1909 Indian already sells for a bit of a premium over other 20th century Indians, and we may see that premium expand. These coins are still inexpensive though, and some company may add them to their 100 year set to differentiate it from all the other 100 year sets out there.

Will any of these coins actually go up in value as the year 2009 approaches? Nobody knows, but if you think they will, you better start accumulating them soon before too many people realize that the year 2009 really is just around the comer. I just recently purchased a huge hoard of over 500 (!) 1909 Lincoln cents, and I feel quite confident that they will not drop in price and that they stand a decent chance of price appreciation. Do some looking at this series and see what you think, but act quickly as now is probably the best time to be working on a Lincoln cent set, before prices start rising. As for the price of eggs in Tasmania, you will have to ask our friends at the Tasmanian Numismatic Society about that!....Mike Nourse.

EDITORS NOTE: In our club's May meeting, member Bill Hamilton gave a presentation on the Roosevelt Dime. Bill gave us this interesting article as a follow-up to his presentation. This particular article comes from the PCGS Webpage http://www.pcgs.com/articles/article984.html

 

FRANKLIN D. ROOSEVELT:
THE MAN ON THE MARCHING DIME

by
Ed Reiter

    Most former presidents who appear on US coins have been mated with those coins in what might be described as "marriages of convenience."

There was no compelling reason to match George Washington with the quarter, for example, or Thomas Jefferson with the nickel. Nor was John F. Kennedy closely identified with the half dollar, or Dwight D. Eisenhower the dollar. In each case, the coin was chosen not so much because it was fitting, but because it was handy.

Jefferson got the nickel, for example, because it was due for a design change, and Kennedy got the half dollar because Benjamin Franklin, the coin's former occupant, seemed less likely to be missed than the men on the other coins.

There was ample cause to issue a coin in Franklin D. Roosevelt's honor after his death on April 12, 1945. He had guided the nation out of the Great Depression and to the very threshold of final victory in World War II, steering the ship of state through 12 of the most tumultuous years in history. He had his critics, to be sure-bitter ones, at that, for the emotions he stirred were intense. But his achievements clearly entitled him to a niche among the nation's great leaders, and a place of honor on its coinage.

Three coins-the Lincoln cent, Mercury dime and Walking Liberty half dollar-were ripe for replacement at the time, all having been in service for the statutory minimum of 25 years. There was never any doubt, though, that the choice would be the dime, for this was the coin that Roosevelt had used to wage war on the domestic front-war against disease.

The March of Dimes, the annual campaign to raise funds for the fight against polio, was synonymous with Roosevelt during his years in the White House as the New Deal and the Good Neighbor Policy. In 1937, he personally announced the establishment of the National Foundation for Infantile Paralysis to "lead, direct and unify the fight on every phase of this sickness," and thereafter he played a personal role in the yearly fund drives whenever possible.

Roosevelt's involvement with the March of Dimes was underscored by the fact that the drive culminated each year on his birthday, January 30th. Perhaps his greatest contribution to the cause, though, was not what he did during any specific fund drive, but what he represented throughout his later life: a symbol of man's ability to surmount this feared disease, for he himself was among its many victims.

Roosevelt was stricken by polio in 1921, at the age of 39, while vacationing at his summer home on Campobello Island in New Brunswick, Canada. The disease paralyzed him from the waist down, and he never regained more than limited use of his legs. His political ambitions-and his determination to attain them-were not the least bit crippled, however, and he battled doggedly to rebuild his health and his career.

Roosevelt managed to win the governorship of New York State, bucking the strong Republican tide which swept the country-including New York-in 1928. Two years later, he was reelected resoundingly. Then, in 1932, he sought and won the Democratic nomination for president and rode to victory over Herbert Hoover, who was seeking reelection.

Roosevelt brought such verve and vigor to the presidency that people tended to forget he was physically handicapped, and photographers and cameramen reinforced his dynamic image by acceding to White House requests to take all their pictures of him from the waist up. The March of Dimes served to remind the nation each year that for all his dynamism, this remarkable leader had to rely on braces, crutches and a wheelchair.

Just as the March of Dimes had been linked to FDR's birthday, the introduction of the new Roosevelt dime in 1946 was tied to the March of Dimes. Leland Howard, the acting director of the US Mint, made this clear at the time. "It was desired," he said, "that the new dimes be produced at the beginning of the calendar year in sufficient quantity to use them in the infantile paralysis drive." On Jan. 30, 1946, the 64th anniversary of Roosevelt's birth, the first of the new dimes marched into circulation.

By 1953, just 15 years after the first March of Dimes, the annual appeals had raised more than $50 million-and victory was in sight. Many of the dimes had been channeled into research, and one of those engaged in that work, Dr. Jonas E. Salk of the University of Pittsburgh, had developed a vaccine which showed promise of being effective in preventing the disease.

Extensive filed trials were conducted in 1954. On April 12, 1955- the 10th anniversary of Franklin Roosevelt's death- the exciting results were announced: The Salk vaccine was safe and effective, and for once polio itself was the victim-trampled by millions of relentless marching dimes.

The March of Dimes has shifted direction in the intervening years: Its primary targets are now birth defects and arthritis. The Roosevelt dime has undergone changes, too: Originally 90-percent silver, it became a silverless "sandwich"-metal coin of copper-nickel alloy in 1965. Now as before, though, the coin and the cause make a happy combination-and the happiest part of the marriage is the presence of Roosevelt's portrait.

The president who couldn't walk is marching now in unison with his dime......Ed Reiter.

 

 

YN DONATION NUMISMATIC AUCTION LOTS
FOR JUNE 4TH, 2003 MEETING

Lot #       Description

1.     U.S. Coins: 7 books & 3 Morgan dollar folders

2.     Chinese and Japanese coins: 6 books

3.     Iberian coins (mostly Spanish): 8 books

4.     Paper Money including fractional & military currency: 13 books

5.     Ancient coins including Handbook of Roman Imperial Coins: 5 books

6.     British Empire: 4 books

7.     Eclectic books on collecting: 13 books

8.     New World coins: 18 books

9.     Seated Liberty Dime 1841-O

10.     Indian Head Cent 1909

11.     Spanish Mexican pillar 1/2 reale 1746

12.     Silver German 2 marks 1913-A

13.     British Caribbean Territories 1965 proof dime

14.     BU 1978 Belize 25 cent 5458 mintage

15.     Electronic Scale

16.     Gold Plated Chinese 5 Yuan in Bezel

17.     BU 1979 Silver Costa Rican 100 Colones

18.     BU 1992 Russian 3 Roubles 15th anniversary defeat of communism

19.     Certified Alaska Gold Nugget from The Alaska Mint

20.     $100 roll of mints

Thanks go to all of the people and organizations who donated numismatic materials for this year's YN Donation Numismatic Auction. Among the donators were Greg Samorajski, Jim Hill, Larry Nakata, Fred Weinberg & Co., Pinnacle Rarities, Mike Orr, and The Alaska Mint.

 

 


The Anchorage Coin Club

Club Officers

Board of Directors

Editors

Club Archivist / Photographer

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