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ACCent: The Monthly Newsletter of the Anchorage Coin Club

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Volume 17, Number 1

January 2004

January Membership Meeting
Wed., Jan. 7th, 2004 Central Lutheran Church

7:00 PM YNs, 7:30 Meeting


 

FROM YOUR EDITORS

    Your Editors wish all of you a Happy Holiday season.

Hopefully the heavy snowfall we have experienced will not be a problem by the time of our next meeting on January 7th.

A membership and YN meeting are planned for that evening. See the "Schedule of Events for January" for details of those meetings.

We had a great Anchorage Coin Club Christmas Party on December 9th at the Central Lutheran Church. There was lots of good food to go around. At the great annual Christmas auction 66 lots of coins and numismatic items were auctioned off. A list of the lots and what they sold for is in this newsletter.

A number of door prizes were given out that evening. Various coins, proof sets, mint sets, paper currency and early 20th century checks were won by many of those in attendance

A number of our members received awards. The Anchorage Coin Club's "Numismatist of the Year" was awarded to Loren Lucason. The "YN of the Year" went to YN (Young Numismatist) Justin Samorajski. The award for "Best Idea for the Anchorage Coin Club's Newsletter- ACCent" was awarded to Loren Lucason for his "Cents of Humor" to be implemented in upcoming newsletters.

The raffle prize, an ICG certified 1881 U.S. 3 Cent Nickel in Proof 64 DCAM, was won by club member, Dave Wilson.

The Christmas party also saw the club's 15th year medallion sets distributed to club members. Those members who were not able to attend the Christmas party will have their medallions mailed to them shortly.

By time you receive this newsletter, our club will be coming to the end of its 15th year as the Anchorage Coin Club. It's hard to believe that 15 years have passed so quickly. A lot has happened in those 15 years and it's good to see our club continue to thrive and grow.

May we have many more years of Christmas parties and we wish you the best for the rest of this holiday season and for 2004...Your Editors.

 

MEMBERSHIP NEWS

Schedule of Events for the Month of January:

  1. Monthly YN Meeting/Regular Membership Meeting: January 7th (Wednesday) evening/ Location: Central Lutheran Church (downstairs meeting area). The YN meeting will start at 7 PM followed by the general membership meeting at 7:30 PM. The Central Lutheran Church is located at 1420 Cordova St. on the corner of Cordova and 15"' Avenue. YN Kyra Mead will be giving a presentation on a coin collecting subject. Her father, Stan Mead, will give a presentation at the general membership meeting on "Grading of Uncirculated Coins". There will be a bullet auction of no more than 15 coins at this meeting. Members are encouraged to bring coins and other numismatic items for the bullet auction. Members, YNs, and general public welcomed.

  2. Anchorage Coin Club Board Meeting: January 21st (Wednesday) at 7:00 PM at the Hillside Family Restaurant located at 12870 Old Seward Highway (Ph# 297-0597). Located just South of Old Seward Hwy and Huffman Rd. Club members welcomed.

 

Minutes of the December 17th Board Meeting

The meeting was called to order at 7:15 PM by President Stan Mead, The meeting was held at the Hillside Family Restaurant.

Following a distribution of correspondence to Board members in attendance, the Board went into a review of the bills and correspondence.

Larry Nakata gave a report on the club's 15th Year medallion program. The medallions were given out at the club's Christmas party on December 9th to those members who attended the event. The medallion set numbered "49" will be donated to the American Numismatic Association in keeping with our club's tradition. There will be approximately 10 spare numbered sets that will be kept by the club for future posterity. Larry pointed out that the club presently has spare 5th and 10th year medallion sets in its inventory.

The Board then went on to a discussion of events for 2004. For the YN program, Stan Mead and Greg Samorajski are working on the "Scout Merit Badge for Coin Collecting Program".

Stan Mead would also like to have the YNs work on developing a calendar for 2005. The calendar is a carryover project from 2004. John Larson will work with the Stan Mead and the YNs to get the calendar designed by end of Summer in 2004. Larry Nakata will work on getting commitments for at least 100 calendars.

Coin Shows for the year 2004 were also discussed by the Board. At that time there is only one coin show planned. It will be at the Cottonwood Creek Mall in Wasilla February 21st and 22nd. Loren Lucason and Stan Mead will be working with Bill Hamilton to arrange a club sponsored coin show at the Shipcreek Mall in February.

It proved to be very enjoyable meeting and a nice dinner at the restaurant. The board members wished each other a Happy Holiday season before the meeting was adjourned at 8:35 PM.

Trivia: "In 1932 the Washington Quarter was intended to be a commemorative issued quarter marking the 200th Anniversary of Washington's birth."

 

THE YN CORNER

    Hope all of you YNs are enjoying the winter holiday season...,especially with all this snowfall.

We wanted to remind all YNs that the next YN meeting will be held on Wednesday, January 7th at 7:00 PM in the usual meeting place at the Central Lutheran Church.

YN Kyra Mead has volunteered to give a presentation on a numismatic (coin collecting) subject.

We hope to see a good turnout of YNs at this meeting. Sodas and refreshments will be provided.... Don and Marilyn Stubblefield.

 

TWO UNDERVALUED KEY DATE COINS IN ONE SERIES
by Mike Nourse (Life Member #1)

    As coin collectors, we are all aware of the success of the state quarter program in terms of getting people to look at their change. Supposedly, 100 million people are 'collecting' state quarters, though I suspect that the folks that arrived at that number are using a very loose definition of the word collecting. I personally doubt that any more than 10 million people, mostly kids, are actually making any serious effort to collect all of the state quarters in a map or other inexpensive holder.

However, let's err on the side of caution and assume that my number is too high as well, by a factor of two, and the actual number of people that are somewhat seriously pursuing a collection of state quarters is only 5 million, or merely one out of every 55 people in the United States. That is still a HUGE number, folks! Go grab your Redbook, and I know that yours is within arms reach right now, and take a look at the mintage figures for a variety of series. You will notice that there are an awful lot of coins listed in that book that have a mintage of under 5 million pieces. We also know that mintage is only half of the story, as what is really important now is how many of those old coins have avoided loss and meltings to survive to this day.

What we, as collectors of coins that are no longer in circulation, are interested in is how many of those millions of people will join us in the pursuit of older coins in order to form a collection. It seems logical that many of those potential new collectors may first consider the possibility of continuing their Washington quarter sets going back in time. The first thing they will likely discover is that the composition of our quarters changed from silver to copper nickel clad in 1965, and that quarters may be found in circulation all the way back to that date. It will be quite a challenge to fill in all of those holes in the 1965 to date Whitman folder. Eventually, it is likely that a few of the clad dates will evade our new collector despite their best efforts to fill all those spaces. That is when our new collector may be drawn to a local coin shop or internet coin dealer, and be directly exposed to those old silver coins that will never be found in circulation.

Once the silver coins are discovered, the curious collector will probably soon discover that Washington quarters were first minted in 1932, and more importantly, it is possible to build a complete set in average circulated condition without having to pawn the TV set. It is a very short jump from this level of awareness to the point where this beginner will first hear about the two key date coins of the series, the 1932-D and 1932-S Washington quarters.

Now that we have set the scene, with our new collector discovering that a set of Washingtons can be built with a modest budget, and that the keys are the mint marked issues of 1932, imagine this same scenario playing out in the minds of all of the 5 million potential new collectors that we were introduced to a few paragraphs up. While most of the collectors of state quarters are youngsters with minima] income, these kids are probably building their set with the assistance of an adult who will hopefully also have some interest in building the full set. What is the problem that will unfold if this happens? Anyone? Anyone? The problem is that the 1932-D quarter only had a mintage of 436,800 pieces while the 1932-S had only 408,000 pieces produced. With mintages like that, it is unlikely that any more than 350,000 of each are still in existence now that over 80 years have passed since they were struck. So you see, the dilemma arises that there are not nearly enough 1932-D's and -S's to go around if lots of people suddenly decide to start forming complete Washington quarter collections.

What do we know about these two key date quarters? Well, we do know that they were minted in 1932, which coincidentally happens to have been about the worst year of the depression that hit the world early in that decade. We also know that a quarter dollar in 1932 had about as much spending power as a five dollar bill does today. While that only goes to show that one quarter was probably not any big deal, but the prospects of putting a set of them together would require a sizable monetary output, and that a ten dollar face value roll of 40 coins would be a burden of some size if your financial situation was less than ideal, as was the case for many people at that time, coin collectors or not.

If people were not saving quarters, then it stands to reason that they were spending them. This conclusion is backed up today by the relative abundance of these two coins in well worn condition compared to the rather thin supply of high grade specimens. This is a very different case from the situation which occurred in San Francisco the previous year in which the 1931-S cents were snapped up right from the banks when it was determined that the mintage would be unusually low. In contrast, those cents (with a mintage that is double that of the two key quarters) are abundant in Uncirculated condition and virtually unobtainable in Good through Fine condition. This difference becomes apparent when one studies the pricing structure of these two coins. The 1931-S cent increases in value only slightly each time one moves up a notch in the condition scale from Good through MS-63, while the two key quarters make fairly significant jumps in value as you go up from one grade to the next.

So, are these two key dates undervalued? Nobody knows for sure, but the evidence seems to point in that direction. They apparently were undervalued back in 1999 when the state quarter program got started. In most circulated conditions, particularly the low grade conditions, prices have about doubled on these two coins since that time. We will just have to wait and see if they will double once more during the second half of the state quarter program. It is now approaching the point where almost any 1932-D or 1932-S quarter that has no damage or is not worn to oblivion sells for $75 and up. This may dampen the enthusiasm for people to consider putting a full set together, which will reduce the growth in demand for these two dates, causing their prices to stabilize. Alternately, when the end of the state quarter series is within sight, that may be the catalyst for a new surge in demand for Washington quarters, particularly if a completely new design is launched at that time. Under that scenario, prices of these two keys should be expected to surge due to the limited supply available.

In any case, key date coins in all series have performed exceptionally well over the last few years as new collectors have increased the number of people that wish to own these coins combined with a steady or slowly declining supply. If you have a Redbook from ten years back or so, you can compare prices with your current edition to see how key dates such as these two quarters, 1916-D dimes, 1909-S VDB cents, and others have done in that time. Large profits have been made by the folks who are holding these coins!

Good luck on completing your set of Washington quarters if you have already started one, and consider starting  a set of the silver Washingtons in Circulated or Uncirculated condition before too many other people start theirs and drive prices up......Mike Nourse.

 

DECEMBER 9 CHRISTMAS AUCTION LOTS RESULTS

1. 1986 Proof Silver Eagle Sold $25

2. 1987 Proof US Constitution Coin Set (including the gold coin) Sold $115

3. 1987 Canadian Double Dollar Proof Set Sold $20

4. 1945-S US/Philippines 5 Centavos Sold $l

5. 1970-S Proof Lincoln Cent Sold $1

6. 1936-DXF-AU Washington Quarter No Bid

7. 1939 PCI Graded Pr66 Washington Quarter No Bid

8. 1959 Proof Washington Quarter Sold $5

9. 1985-S Proof Washington Quarter with light toning Sold $2

10. Map of Colonial US with first state quarters + 1976 Sold $6

11. 2002 US Mint Set Sold $15

12. US Gold Eagle 1/10"th oz. Uncirculated Sold $45

13. 1978 US Proof Set Sold $7

14. 1977 US Proof Set Sold $8

15. 1977 US Proof Set Sold $8

16. 20 coin catalogs from Stacks, Ponterio, & others Sold $7

17. 8 catalogs from Stacks, Ponterio, & Smythe (prices realized) Sold $10

18. 5 catalogs on ancient, medieval, &Islamic coins (prices realized) Sold $3

19. 2 books: "World Paper Money Vol. Ill" and "MRI Banker's Guide to Foreign Currency" Sold $5

20. Book: "Standard Catalog of US Tokens" Sold $15

21. Vintage Coin Book Album: Library of Coins/ Morgan Dollars Sold $1

22. Original Gem BU roll 1960-P Jefferson Nickels Sold $3

23. Original Gem BU roll 1959-P Lincoln Cents Sold $3

24. Original Gem BU roll 1961 -P Lincoln Cents Sold $2

25. Original Gem BU roll 1962-D Lincoln Cents Sold $2

26. Original Gem BU roll 1963-P Lincoln Cents Sold $2

27. Original Gem BU roll 1970-D Lincoln Cents Sold $ 1

28. Original Gem BU roll 1974-D Lincoln Cents Sold 50c

29. Original Gem BU roll 1975-P Lincoln Cents Sold 75c

30. Miscellaneous coin holders to include two $1 coins Sold $3.75

31.3 National Collectors Mint $ 1 Silver Certificates Sold $10

32. Error coin from Alaska Mint: 1/20 th oz. Sold $3

33. Error coin from Alaska Mint: 1/4 oz. Otter Sold $5

34. Error coin from Alaska Mint: 1/4 oz. Otter Sold $5

35. Error coin from Alaska Mint: 1/4 oz. Otter Sold $5

36. Error coin from Alaska Mint: Off center 1 /4 oz. Otter Sold $ 15

37. From Alaska Mint: 1/2 oz. State coin No Bid

38. From Alaska Mint: l/2 oz. Moose coin Sold $ 10

39. From Alaska Mint: Alaska State Map coin Sold $ 10

40. From Alaska Mint: Alaska Sports Fishing coin Sold $10

41. Error coin from Alaska Mint: 1 oz. Off center coin Sold $25

42. 1913 T2 Buffalo Nickel MS60 with light toning Sold $32

43. 1890-CC Morgan Dollar VF No Bid

44. 1932-S Washington Quarter AU No Bid

45. 1855-O Seated Liberty Half Dollar F Sold $36

46. 1978-S ICG Pr69 DCAM Washington Quarter Sold $ 19

47. 1954-S NGC MS66 Washington Quarter Sold $50

48. 1899 SEGS XF40 Barber Quarter Sold $50

49. 1957 ICG MS65 Franklin Half Dollar Sold $30

50. 1904 ANACS MS63RB Indian Cent Sold $42

51. 1939 NGC MS66Red Lincoln Cent No Bid

52. 1995 NGC MS67 Doubled Die Lincoln Cent No Bid

53. 2003 1/4 oz. Gold Australia Year of the Goat No Bid

54. 1926 Gold Netherlands 10 Gulden Uncirculated No Bid

55. 1994 Platinum 1 oz. Canadian Maple Leaf No Bid

56. 1989 1 oz. US Gold Eagle No Bid

57. 1999 1/10th oz. US Gold Eagle Sold $45

58. 1927 English Gold Sovereign Sold $95

59. 1915 Austria Gold 4 Ducat Sold $180

60. 1934 Washington Quarter AU Sold $7

61. 1941 Washington Quarter BU No Bid

62. 1944 Washington Quarter BU Sold $3

63. 1944-D Washington Quarter MS63 No Bid

64. 1945-D Washington Quarter BU Sold $10

65. 1945-S Washington Quarter BU Sold $6

66. 1950 Washington Quarter BU Sold $4

 

 


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