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ACCent: The Monthly Newsletter of the Anchorage Coin Club

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Volume 17, Number 5

May 2004

May Membership Meeting
Wed., May 5th, 2004 Central Lutheran Church

6:30 PM YNs, 7:15 Meeting


 

FROM YOUR EDITORS

    We are happy to continue the elimination of the drudgery of business from coin club membership meetings. Coins are what the membership meetings are about; coin door prizes, coin event information, showing coins, talking coins, and just plain being a good place to learn about and enjoy coins. If any member has an issue with how the club is operated we would be happy to have them join us at a board meeting to discuss it. Of course there are some things that will be brought before the membership before being set in stone: who is president, when is the summer picnic, etc.

For the door prize at our April meeting Chuck Kaucic, a boy scout involved in the numismatic merit badge endeavor, won a U.S. Mint 1980 Proof set as the door prize. The value of this set has doubled in the last five years. For the membership prize Howard Wright was given an uncirculated roll of 2004-P Jefferson Nickels. These nickels have the new reverse celebrating the Louisiana Purchase. There will be four other Louisiana Purchase nickel reverses put into circulation by the end of 2006.

Larry told us that there will be informative coin displays put in the Loussac Library as well as Bill's branch of the First National Bank Alaska. Possible themes include foreign money and the design of the Alaska state quarter due out in 2008, Bill announced that he will be closing the doors of his shop on 4th avenue. He has plans to build a house in the peaceful woodlands of Alaska's Kenai Peninsula and continue his coin business online. Perhaps an e-bay store or maybe even his own webpage. You will be able to find Bill's coins by searching for "loosechange" on the internet. Loren made a call for old coin magazines to be given out to the public at coin shows. Stanley Mead, the club president, put a donation jar on the club's free info table and found that people were happy to give a little for the valuable information they find in these magazines. The gathered moneys go to the YN program to help bring more young people into this lucrative, history filled, mysterious world of numismatics.

Carl then began to show us gold coins and tell us about counterfeiting in this expensive branch of coin collecting. His presentation was not as scary as many of the stories that we have heard. He showed us some obvious fakes then he showed us some beautiful American type coins of gold that were well struck. They were just not struck at an American mint. Carl gave us some tips on what coin types counterfeiters like to copy and how true coins are distinguished by their characteristics. American coin characteristics are those tiny details of American coins put into the coin master dies at the U.S. mint. It is hard for counterfeiter to copy the exact position of Lady Liberty's little finger on Lady Liberty's left hand.

Our May 5th membership meeting will be dominated by the YN Donation Auction. On the auction block will be everything from gold coins to painted quarters as well as some very important coin reference books. The proceeds go to the support of the YN program. An auction lot list is in this newsletter.

See you at the auction... Your Editors.

MEMBERSHIP NEWS

Schedule of Events for the Month of May:

  1. YN (Young Numismatists) Meeting: May 5th (Wednesday) at 6:00 PM at the Central Lutheran Church (downstairs meeting area). The meeting will focus on Part II of a merit badge program for the boys and girls in the Scout program. YNs, club members, and general public welcomed.
  2. Monthly Membership Meeting: May 5th (Wednesday) at 7:15 PM at the Central Lutheran Church (downstairs meeting area). The Central Lutheran Church is located at 1420 Cordova St. on the corner of Cordova and 15th Avenue. We will be conducting the "YN Donation Auction". Members, YNs, and general public welcomed.
  3. Anchorage Coin Club Board Meeting: May 19th (Wednesday) at 7:00 PM at the "Sunrise Grill & Pancake House" (# 272-1150) located at 3230 Old Seward Highway (where the Old Seward Highway begins next to the Moose's Tooth Pizzeria). Club members welcomed.

Minutes of the April 24th Board Meeting

The meeting was called to order at 7:20 PM by Vice President John Larson.

First order of business was to review correspondence and bills.

The meeting then moved onto the matter of addressing old business.

Greg Samorajski gave a briefing on the status of the scout merit badge program. The session on April 7th went very well  with a great attendance. Everything looks good for Part II of the session on May 5th. Because of the success of this year's program, Greg is looking at arranging a merit badge program for next year (2005).

On the matter of the contest proposed by Mike Nourse, those members wishing to submit their $10,000 wish list portfolio will be given additional time by Mike. Realizing that Coin World magazine is not available in Anchorage magazine stores and our local coin shops..... Mike will be writing a change update in this coming month's club newsletter. This change will allow use of Coin Prices magazine for the contest. Turns out Coin Prices is more readily available.

So far, some 50 numismatic lots have been donated for the May 5th YN Numismatic Auction. It is expected that more lots will be donated in the coming days. Lots can be donated right up to the May 5th auction.

With the merit badge program to wrap up on May 5"', discussed was summer activity for the YN Program. With the YNs designing the 2005 coin calendar, meetings will be necessary through June and July. Marilyn Stubblefield and Greg Samorajski will be getting with Stan and Ruth Mead on how best to arrange those meetings. It was pointed out the calendar design needs to be wrapped up by the end of July. This will then allow for sufficient time for printing. It is estimated that about 100 calendars will be printed. John Larson is presently researching the cost and expects the price to be about $10 per calendar. The YNs are also working on a marketing plan for sale of these calendars to coin dealers, other coin clubs, and our club members.

The summer program will also look at setting up displays at the Loussac Library and possibly the downtown branch of the First National Bank of Alaska. The theme discussed for these displays was "Moneys of the World".

On the subject of new business... ways to improve the monthly Bullet Auction was discussed. There was recognition by the Board that members need to be encouraged to bring lots for the bullet auction. Although the bullet auction is limited to no more than 15 lots, this year's meetings have seen less than 15 lots submitted at each meeting. One idea discussed and approved is that members submitting lots be given an opportunity to describe their lots prior to the bullet auction. Accordingly, expect future meetings will see this change.

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

 

THE YN CORNER

    Our YN meeting on April 6th saw 24 YNs (Young Numismatists) , Boy Scouts, and Girl Scouts... .along with 13 parents....in attendance.

The YN meetings for April and May are intended to provide for a numismatics (coin collecting) merit badge program for the boys and girls in the Scout program. Greg Samorajski is heading up that program with Part II scheduled for Wednesday/ May 5'V 6 PM at Central Lutheran Church (downstairs meeting area). Helping Greg on this two month project are Stan Mead, Ruth Mead, and myself (Marilyn Stubblefield).

The first session went very well with materials being handed out and Greg giving all of the attendees a good background presentation on the subject of coin collecting. Greg also went over the requirements for earning a numismatic merit badge and what was expected of the scouts in order to earn this merit badge. It was a very informative session for the YNs as well.

After the YN session... lots of pizza, chips, soda pop, and other food items were enjoyed by all.

A number of scouts remained for the regular membership meeting for Carl's presentation on "Counterfeit Gold". By attending the session, these scouts satisfied one of the requirements of being able to identify a counterfeit coin.

We want to see a good turnout of scouts and YNs for the May session. The May 5th meeting will see the YN Numismatic Auction as the main event of our membership meeting. This is a donation auction in which members of our coin club donate coins and other numismatic items. The proceeds from this auction goes to benefit the YN Program in our coin club. Some 50 lots have been donated thus far.

For the YNs, this is an opportunity to get some really good deals on coins, coin supplies, books, and other numismatic items.

See you at the May 5th meeting.......Don and Marilyn Stubblefield.

 

CONTEST TIME AGAIN.... MODIFIED!
by Mike Nourse (Life Member #1)

    Well, it seems I made an incorrect assumption when I was establishing the rules and guidelines for the theoretical $10,000 portfolio contest. I assumed that the "Coin Values" magazine published by Coin World was the most readily available pricing guide for the members of our club to use in selecting their portfolio. It seems that I was wrong (first time since 1978) in selecting that publication. In discussing the situation with Larry Nakata, it turns out that the magazine "Coin Prices" is more commonly seen and more readily available.

Coin Prices magazine has been around for a long, long time, since 1967. On the other hand. Coin Values is a fairy new publication on the order of six months or so. Every subscriber to the Coin World newspaper also receives the Coin Values magazine, but other than that this publication is a bit difficult to acquire. As an advertiser in Coin Values, I happen to know that there are only about 50,000 issues printed for distribution to newsstands, bookstores, coin stores, and anywhere else fine numismatic publications are sold. I do not know how many copies of Coin Prices are produced, but I am sure it is far above that 50,000 figure as this periodical is very readily available at many magazine stands.

The end result of this long dissertation is that we will now be using Coin Prices as our official pricing source for this contest. Your $10,000 portfolio will be priced based on the May 2004 issue, which should be available by the time the May club meeting rolls around. The contest will be concluded and final valuations calculated based on the January 2006 issue which I am hoping will be available in time for the December 2005 Anchorage Coin Club Christmas party. This way the contest has a full 18 months to run, hopefully enough time for some interesting price changes to take place.

All club members are encouraged to enter, and the contest is wide open to all young numismatists, old numismatists, and even us middle-aged numismatists. The more entries we get, the greater the bragging rights will be for the winner!

Now, here once again are the basic rules of the contest. They are essentially identical to what they were before, just with the appropriate changes reflective of the change in our source of pricing information.

The modified rules:

You may pick out any coin(s) in any grade listed in the May 2004 issue of Coin Prices magazine. Each item you select must have an actual value listed and not just a hyphen (-) or a blank space. Your total portfolio must add up to $10,000 or less. I suggest that you spend it all, as any unspent funds disappear (i.e. there is no 'residual cash' account). The final valuation tally will be made based on the January 2006 issue of Coin Prices, though this may be bumped back to the November 2005 issue if the January 2006 issue is not available in time for the December 2005 Christmas party.

You may have up to ten pieces of any one coin in your portfolio. For example, you may have ten 1914-D Lincoln cents in Good and you may have ten more pieces of the same date in Very Good, but you may not have twenty pieces in Good. This is to prevent somebody from buying 200,000 pieces of a five cent item and having that item go to ten cents, doubling their portfolio value to $20,000 from $10,000. That would be luck, not skill!

Again, the contest is open to all club members. The best way to enter is to send me your list of corns by email  at mike@alaskacoinexchange.com and don't forget to give me your name and email address so that I can contact you to let you know that I have received your list and ask any questions if necessary. Alternately, you may give your list to Larry Nakata and he can forward it to me. I will try to give updates in the newsletter on a regular basis so that everybody can follow along.

Have fun and good luck!.........Mike Nourse.

EDITORS NOTE: You still have the month of May to put together your $10,000 portfolio of coins. Remember to use Coin Prices magazine. It is readily available at our coin dealer shops and at magazine stands. GOOD LUCK!!!!

 

THE MOST MIS-ATTRIBUTED NICKEL OF ALL:
THE 1883/2 SHIELD NICKEL
by Mike Nourse

    On my website, I buy and sell lots of shield nickels every month. In fact, nickels in general have been just about my most active denomination for the last year or so, particularly the Shields and Jeffersons, with Liberty heads and Buffalos lagging behind. As an example, I put up a group of about 175 BU rolls of Jeffersons for sale at a good price, and the whole lot was sold in less than 24 hours. In therealm of shield nickels, they are very difficult to keep in stock other than the very common 1867 no rays issue. Better dates like the 1871 sell almost immediately even if they are dark, pitted, or otherwise defective. Apparently, others are having the same problem since Greysheet values have been jumping up lately on this series.

In the shield nickel series, the 1882 and 1883 issues are quite readily available, especially the 1882, though not nearly so much as the 1867 no rays and the 1868. Obviously the introduction of the Liberty Head nickel did not result in significant hoarding of shield nickels because most of the 1882's and 1883's that I handle are well worn AG to VG. These two dates are also reasonably available in Uncirculated condition, but I find the grades Fine to Extra Fine rather difficult to locate.

Here is where the difficulty comes into the picture. When 1882 shield nickels are worn down to Very Good or lower condition, the number 2 in the date tends to be more of a blob than anything else. Even the outline of this blob does not much resemble a number 2. You really only know it is a 2 by process of elimination: it is not round enough to be a 0, it's too big to be a 1, and the shape is just not right for a 3. Illustrated here is the date from a typical 1882 shield nickel in Very Good condition showing the appearance of the digit 2 in the date.

As you can see in the picture, the 2 in the date is indistinct and not clear at all even on this Very Good specimen. If you haven't seen many of these, you may even question what the date is. Well, I can tell you from experience that it is definitely an 1882, and definitely not an 1883 or a 1883/2 overdate. However, this is just the kind of coin that I often see attributed as the much more valuable overdate.

I also made a scan of a high grade (Mint State 64) shield nickel for comparison. The date area is illustrated here so you can see what the 2 looks like on a new coin. The image probably does not reproduce clearly enough to see it, but there is some die roughness and chipping visible around the 2, all of which will wear together to become an indistinct blob with a few years of circulation.

So, as a collector, here is what you should do. You may have to find the 1883/2 nickel in at least Fine condition to be sure that it is an overdate. When you have the opportunity to buy one of these coins, compare it to a close up picture of the overdate to make sure that everything matches up. This variety has been extensively illustrated, and can be found in the Breen Encyclopedia, the Cherrypickers Guide, the Redbook, etc. If you are not convinced that the specimen you are looking at is really the overdate, it may be a good idea to pass on it. If you are not convinced that it is an overdate, then the person you eventually try to sell it to probably will not be convinced either. While this variety is scarce, a clear specimen can be found with some searching.

The easy way to make sure that the nickel you want truly is an overdate is to buy one which has been slabbed by one of the many certification services out there. If you want a raw coin, the overdate is reasonably easy to see in grades of Extra Fine, AU, and Mint State. Of course the price goes way up along with the grade, so this may not be a realistic option, so just be careful and make sure that the date matches what you see in the reference books.

Good luck in your search!.... Mike Nourse.

 

YN DONATION NUMISMATIC AUCTION LOTS
FOR MAY 5TH, 2004 MEETING

    It is our club's yearly tradition to have an auction in which our members bid on donation coins, whose proceeds go towards our YN Program. This auction will be held at our membership meeting on May 5"Y Central Lutheran Church/ 7:15 PM/ downstairs meeting room.

This is the list of donated numismatic items from our club members and numismatic companies that have provided the auction lots.

Thank you again for the support you have given to this program over the years—

1. 1971 Great Britain Proof Set/ Royal Mint.

2. 1972 20th Olympiad 10 Deutschmark Commemorative Coin in uncirculated condition. Slabbed coin.

3. Book: "2001 Standard Catalog of World Coins- 28th Edition"

4. Book: "Collecting Coins for Pleasure & Profit- A Comprehensive Guide and Handbook for Collectors and Investors" by Barry Krause.

5. Book: "The World of Coins and Coin Collecting" by David L. Ganz. c 1980.

6. $1 Gaming Token: Grand Victoria Casino- Elgin, Illinois.

7. $1 Gaming Token: Carnival Cruise Ship Casino.

8. 1965 Great Britain Commemorative Crown- Winston Churchill. BU condition.

9. 1989 1st Year Issue of the Alaska State Coin. BU condition with toning.

10. Set of three (3) Susan B. Anthony dollars from Littleton Coin Co: 1979P "Near Date variety" MS60/ 1979S "Filled S variety" MS60/ 1979S Gold plated dollar.

11. 1985 Silver Token: 1/10th oz. "The American Prospector" from Englehard Mint. BU condition.

12. Set to ten (10) statehood quarters: 1999-2000 Gold plated in nice holder from the Morgan Mint.

13. Set of seven (7) statehood quarters: 2001-2002 Gold plated in nice holder from the Morgan Mint.

14. Set of five (5) statehood quarters: 1999 painted in nice holder from the Morgan Mint.

15. Set of five (5) statehood quarters: 2000 painted in nice holder from the Morgan Mint.

16. 200th Inaugural Anniversary Commemorative First Day Cover Stamp/Coin set January 20, 2001. In nice holder.

17. The Morgan Mint: 2000 U.S. Silver Eagle. Decorated coin.

18. The Morgan Mint: 2001 U.S. Silver Eagle. Decorated coin.

19. 1994 Royal Canadian Mint Uncirculated Mint Set.

20. 1975 Royal Canadian Mint Proof Set.

21. 1964P and 1964D Coin Sets.

22. 1980 U.S. Mint Proof Set.

23. 1982 U.S. Mint Proof Set.

24. 1970 Set of proof coins in holder. Great Britain/ Northern Ireland/ Royal Mint.

25. 1971 Set of proof coins in holder. Great Britain/Northern Ireland/ Royal Mint. First year issue of decimal coinage.

26. 1977 Set of proof coins in holder. Great Britain/ Northern Ireland/ Royal Mint.

27. One (1) book: "The Official Red Book- A Guide Book of United States Coins- 2003" by R.S. Yeoman. Edited by Ken Bressett.

28. Same as Lot 27.

29. Same as Lot 27.

30. Same as Lot 27.

31. Set of two (2) Deluxe Coin Folders for "Lincoln Cents 1909-1958" and "Lincoln Cents 1951- ". Brand new. Not used.

32. 33mm and 40 mm Air-Tite coin holders (brand new) in nice Eagle Co. storage box.

33. Two (2) Air-Tite storage boxes.

34. One (1) book: "Official 2004 Blackbook Price Guide to U.S. Paper Money- 36th Edition"

35. Set of eight (8) Lincoln cents 1935-1954. Various circulated grades in 2 x 2s.

36. 1998 1/10th ounce U.S. Gold Eagle in BU condition.

37. Set of three (3) books:

• "Vatican City (coinage) 1929- " by Frank A. Lapa c. 1969.

• "Investors Guide to Intrinsic Values of Silver Coins of the World- First Edition" as compiled by E. Anderson & R. Lorenzen.

• "Strange Money of the World" by Col. Phares O. Sigler. Reprinted from the Numismatist- 1962.

38. Set of three (3) books:

• "The Coinage of Kutch" by Richard K. Bright c. 1975.

• "Copper Coins of France" by O.P. Eklund c. 1931.

• "Coins of Guernsey and Jersey" by Alcedo Almanzar c. 1961.

39. Set of three (3) books:

• "From George III to Elizabeth II- The Story of Currency in Australia". Published April 1954 by the Bank of New South Wales.

• "Renniks Unofficial Coins of Colonial Australia and New Zealand" by Gilbert Christoph Heyde c. 1967.

• "Collector/ Investor Guidebook and Inventory" by Sanford J. Durst c. 1977.

40. Set of five (5) books:

• "Official Program ANA 2004 National Money Show- Portland, OR March 26-28,2004".

• "Scott's Specialized Catalog of U.S. Stamps-1972 50th Edition"

• "Collecting Stocks and Bonds" by George H. LaBarre c. 1980.

• "Everything You Wanted to Know About Gold and Other Precious Metals Including Silver, Platinum, and Palladium" by Russell Burkett c. 1975.

• "Numismatic Issues of The Franklin Mint- 1969 Edition Governing the Years 1965-1968".

41. Set of twelve (12) Pre-EURO coins (in BU condition) in nice display folder labeled "EURO-Zone Countries/ Collection of the Last National Coins".

42. Copper medal minted from parts of the U.S. Frigate Constellation. The Constellation was constructed in  1797. Medals were recently used to nationally raise funds for restoration work on the "Constellation" in Baltimore, MD.

43. 1999 Proof U.S. Silver American Eagle (one ounce silver) in original U.S. Mint holder.

44. Set of two (2) U.S. Silver American Eagles (one ounce silver in BU condition). Years 2000 and 2002. Coins are in nice Littleton Coin Co. display holders.

45. Two numismatic items:

• 60 pocket Coin Stock book for holding 2x2 coin Mylar holders.

• "Coin In a Bottle" magic trick. Numismatic novelty item.

46. Set of 1960 and 1960-D Large date and Small date Lincoln cents (BU condition) in Capitol Plastics holder.

47. Canadian Token in nice display holder: 75th Year Commemorative Medallion (1977) celebrating the incorporation of Dawson City. This medallion was made by the Klondike Lions Club for the purpose of financing a new recreational center in Dawson City.

48. 1941-P U.S. Mercury Dime Fine condition.

49. 2001 U.S. Silver Eagle BU condition.

50. 1912-D U.S. Barber Dime XF condition.

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 Bill Hamilton, Roy Brown, Loren Lucason, Larry Nakata, Carl, John Pastos, Frank Jasper, Jim Hill, Greg Samorajski, and his son (Justin Samorajski).

 


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