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ACCent: The Monthly Newsletter of the Anchorage Coin Club

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Volume 18, Number 6

June 2005

June Membership Meeting
Wed., June 8th, 2005 Central Lutheran Church

6:30 PM YNs, 7:15 Meeting


 

FROM YOUR EDITORS

    A reminder to all of our club members that our meeting date has been changed to Wednesday, June 8th, at the Central Lutheran Church. Scheduled start at 7:15 PM. This change in meeting dates has also been posted in the last two newsletters.

The main event for that evening will be our club's YN Donation Auction. At the time of this newsletter we have received 50 donations that will go up at the auction. The lot numbers of each auction item are listed in this month's newsletter.

There are some very nice items that were generously donated by a number of our members. Among them are gold coins, paper currency, numismatic books, and even Alaskan tokens.

Thanks go to the following members for their generous donations:

Carl will be the auctioneer for the June 8th event. When you come to the June 8lh meeting, we ask that you be generous when bidding on these items. It's for a good cause....our club's YN Program

Our May 4th meeting saw Larry Nakata give a great presentation on "Collecting U.S. Nickels". Larry has written a follow-up article on this subject for those of you who were not able to attend the May 4th meeting.

The door prize, a Year 2001 Gold Edition of State Quarters, was won by Margaret Wright,

The membership prize, a 1964 Gem BU Roosevelt dime, was won by Jim Hill.

There were lots of refreshments served at the May 4th meeting. So expect the same at our upcoming June 8th meeting.

So again we want to remind you of the meeting date change (June 8th).

See you there.....Your Editors,

 

MEMBERSHIP NEWS

Schedule of Events for the Month of June:

YN (Young Numismatists) Meeting: There will be no YN meeting for June.

Monthly Membership Meeting: June 8th (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 15"1 Avenue. The featured event with be our coin club's YN Numismatic Donation Auction. Members, YNs, and general public welcomed.

Anchorage Coin Club Board Meeting: June 15th (Wednesday) at 7:00 PM at the New Cauldron Restaurant located at the University Center. Club members welcomed.

Minutes of the May 18th Board Meeting

The meeting was called to order at 7:15 PM by President Carl Mujagic. The meeting was held at the New Cauldron Restaurant located at the University Center.

Secretary Larry Nakata stated that there were no bills or correspondence for review.

The Board then moved into the matter of the club's Fall Coin Show. Based upon the results of the last Board meeting, the Board established criteria for a show that will have 15 paid bourse tables held over a Friday, Saturday, and Sunday event. No refreshments.

Responsibilities were assigned to the following Board members:

Carl

List of locations (hotels) for the show event with estimated costs on use of that location for the events. Costs to be based upon 15 bourse tables (assume the hotel to supply the tables for the show).

Come up with a plan for promotions and promotional items for coin show with estimated costs.

Advertising: Plan on how best we can advertise the event with estimated costs.

Bill Hamilton

Plan for Security for the event with estimated costs. If there are any requirements from the hotel...such as a room for the Security people to work and stay....make those requirements known to Carl (so that he can calculate this into the location costs).

Display cases. How many per table. Do we rent or buy....with a determination of cost.

Lights for tables: Do we rent or buy...with a determination of costs.

Stan Mead and Loren Lucason

Plan for setting up a location for grading of coins. Need a plan for this function. Separate room or a table on the bourse floor. Any costs on this? If so, coordinate with Carl (so that he can calculate this into the location costs).

Plan for a series of 'A hours to 1 hours short seminars during the course of the three day event. Separate room or a meeting room? If so, make these requirements known to Carl for his calculations.

Larry Nakata

Plan for an auction as part of the three day event. Any cost on this? Coordinate with Carl accordingly.

Each Board member will be addressing these segments and be prepared to provide a report at our next Board meeting on Wednesday, June 15th at the New Cauldron (7 PM).

The Board then moved onto the matter of the June 8th YN Numismatic Donation Auction. Larry will be asking some of our members to come up with a few more items to round out the auction at 50 lots. Everything appears to be in order at this time for the event.

On the matter of new business, Larry Nakata has arranged for the afternoon of Saturday, August 13th at Centennial Park (by Muldoon and the Glenn Highway) for our club's annual Summer picnic event. Our club has traditionally held our summer picnic events at this location. It came as good news to know that fellow member (and past club president), Mike Orr, will be in town (from Dutch Harbor) for the week and can attend the summer picnic event.

As there was no further business, the Board meeting was adjourned at 7:40 PM.

 

THE U.S. NICKEL
by Larry Nakata (Life Member #3)

    The Civil War resulted in the U.S. public hoarding all of the gold and silver coins in circulation. This resulted in a problem for both the North and South economies.

In the North, the Federal Government (which prevails today) issued fractional currency (paper currency) in small denominations under $1. One of the fractional notes issued was the three cent fractional note that was essentially used for purchase of postage stamps (3 cent stamps).

As the Civil War progressed, the U.S. public showed a disdain for fractional currency. This situation presented an opportunity to the nickel mining interests in the United States. Led by Joseph Wharton, the founder of what is now known as the U.S. Steel Corporation, he managed to get the U.S. Congress to approve mintage of the 3 cent nickel coin...which circulated from 1865 through 1889. As a side note.....Joseph Wharton also was the patron who endowed moneys to the University of Pennsylvania for the establishment of the famous "Wharton School of Business"...our country's first business school.

The introduction of the three cent nickel proved very successful with the U.S. public. Besides being a coin that replaced the fractional three cent paper note, it also was a more cost effective coin to mint since it was composed of 75% copper, 25% nickel vs. the silver three cent coin of it's time. If you don't use silver in your coins, you save money in making that coin. Also, when the U.S. Congress allowed for mintage of the three cent nickel, they knew that this solution would avoid future hoarding of coins by the U.S. public.

So....for these reasons, the three cent nickel became the start for our country's nickel coinage.

For awhile, both the three cent silver and three cent nickel coins were minted jointly. In a very clever move, the U.S. Mint slowly reduced the mintage of the three cent silver coins until they were no more by 1873. The three cent nickel then prevailed and would eventually be phased out of existence in 1889. By that time, the price of the U.S. stamp had increased above the 3 cent level.

Nonetheless, the success of the three cent nickel coin resulted in the U.S. nickel mining interests to again prevail when the U.S. Congress allowed for the mintage of the 5 cent nickel. This coin came to be known as the "Shield Nickel" because of it's obverse design. The coin was introduced in 1866. It's composition, like the three cent coin, was 75% copper, 25% nickel. This metallic composition still prevails through today's 5 cent nickel coin...some 139 years later.

Like the three cent nickel coin, the 5 cent nickel was seen as a coin that could replace the silver half dime...with the rationale that the 5 cent nickel coin was a more cost effective coin to mint.

So....a monetary policy thus became established where lower denomination coins (5 cent and below) would use copper and nickel as the primary metals for mintage. One might call it a "debasement" of our nation's coinage.

The Shield Nickel would continue to be minted up until 1883 when it was replaced with the Liberty Head or (as commonly called) the "V" Nickel (a reference to it's reverse design). This coin was designed by Charles Barber of the U.S. Mint. When first introduced in 1883, the "V" Nickel did not show any wording on the denomination of the coin...just the Roman Number "V" on the reverse side of the coin. This resulted in a situation where unscrupulous people "gold plated" the first "V" nickels and passed them off as $5 gold pieces. An uproar resulted with the U.S. public resulting in a quick redesign of the reverse side of the coin. In the redesign that same year (1883), the word "CENT" was added, thus making the "V" nickel easily identifiable. This change satisfied the U.S. public's concern.

When Theodore Roosevelt became President of the United States, one of his key policies was to change the design of U.S. coinage as a priority. The Barber designed coins of that time (to include the "V" nickel) were considered too "staunch" by President Roosevelt....who envisioned a renaissance in the design of our nation's coinage.

As a result, the "V" nickel would give way to the Buffalo nickel minted from 1913 through 1938. The coin was designed by James Earle Fraser as part of a nationwide contest for designs on the new nickel. The Buffalo Nickel is considered to be one of the most beautiful coins ever designed.

On the matter of the Year 1913, when the Buffalo Nickel was introduced, an interesting incident would occur on the outgoing "V" Nickel. No "V" nickels were supposed to be minted in 1913. Yet around 1920, five (5) 1913 "V" nickels surfaced. Records from the U.S. Mint do not show any mintage of 1913 "V" nickels, yet they showed up and sold for high prices. It is believed that these 1913 "V" nickels were secretly minted by one (or two) employees of the U.S. Mint....who "sat on the coins" and later advertised their existence when newspapers around the country showed up with ads that would pay high dollars for any 1913 "V" nickels found. Today, I do note have to tell you what the price of one of these 1913 "V" nickels go for on the auction block.

By 1938, our nation's coinage again moved to new designs....this time coins with portraits of past U.S. presidents (i.e., dead presidents). 1938 would see the Jefferson Nickel introduced. The Jefferson Nickel is still the prevailing 5 cent nickel coin used today.

Over the course of the 139 year history of the U.S. Nickel, there are some unique nickel coins of interest:

There are the Wartime Jefferson Nickels. Nickel was needed during World War II for the war effort. As a result, from 1942 through 1945, the U.S. Nickel was actually made out of silver....hence the term "wartime silver nickels". There are matte finished Jefferson nickels that were minted as limited edition "coins "with the 1994 Thomas Jefferson Commemorative and 1997 Botanical Garden Commemorative sets. Matte finished coins use a technique in which the surface of the coin is sandblasted with fine beads to give a frosted surface effect on the coin. These particular commemorative sets command good pricing because of the limited edition nickel coin in the sets.

Lewis and Clark Expedition nickels (Year 2004). As you know, the 2004 Jefferson nickels saw two different reverse designs in the coins that were circulated. These reverse designs commemorate the Louisiana Purchase. Year 2005 Nickels will also see two different reverse designs on the Jefferson Nickel. At the time of this presentation, it is my understanding that the first 2005 nickel was released with a reverse design of the Buffalo.

So...where will our coin designs go from here.

There is already a trend in which we have the 50 state quarter program due to end in Year 2008.

The U.S. 5 cent Nickel has been redesigned on reverse side for Years 2004 and 2005.

We have the Sacagawea $1 coin.

There is a strong suspicion on my part that we may be seeing a major redesign of our nation's overall coinage in the next few years.

That brings us to the matter of what are ways in which one can collect U.S. Nickels.

The way I did it was to first start with coin books. My recommendation is that you try and collect the modern type nickels in uncirculated condition...and then branch backwards into the earlier years. You'll find that some of the earlier date nickels can be pricey...so do the best you can by buying the best coin that "fits your pocketbook".

You can collect type sets in which you buy the best coins possible of each design that was made of the U.S. Nickel. Put these coins in nice Capital Plastic type holder...which is the best way to protect your coins.

You can collect uncirculated rolls of Nickels by date and mintmark. They will go up in price as the years go by.

There are the Hobo Nickels that can also be collected. During our country's economic depression following 1929, there were a lot of homeless men who traveled the railway (by stowing away in railcars) looking for jobs as a means of survival. Some of these men would engrave images on the Buffalo Nickels and use those nickels as artwork in exchange for room and board. These pieces of artwork came to be known as "Hobo Nickels". These "Hobo Nickels" are commanding really good prices these days. A good collector of coins should have at least one or two of these coins as a reminder of the difficult times of the Depression.

Finally there are the errors and varieties that can be found in the U.S. Nickels. A good source of information is the "Cherrypicker's Guide".

The main thing that I want to impress upon you is that you should collect what makes you happy....and try to collect the best specimens you can find in what you collect....Larry Nakata.

Reference:

"A Guide Book of United States Coins" by R. S. Yeoman.

"United States Three-Cent and Five-Cent Pieces" by Q. David Bowers, c. 1985

"The Shield Five Cent Series" by Edward L. Fletcher Jr. c. 1994

"The Complete Guide to Shield and Liberty Head Nickels" by Gloria Peters and Cynthia Mohon c. 1995

"The Complete Guide to Buffalo Nickels 21st" Edition" by David W. Lange c. 2000

"The Hobo Nickel" by Joyce Ann Romines c. 1996

"The Jefferson Nickel RPM Book" by James Wiles, PhD c.2000

"The Cherrypicker's Guide" by Bill Fivaz

 

LOTS FOR JUNE 8TH YN NUMISMATIC DONATION AUCTION

Set of seven (7) Indian Head Cents: 1901 1902 19031904 1905 1906 190 in Good to Very Fine Condition.

Complete set of 41 commemorative coins in specially engraved coin book "A Coin History of the U.S. Presidents"

Set of three (3) booklets:

    "Collecting World Paper Money" by Lance K. Campbell c. 1993.

    "Coinage of the United States Branch Mints" by A. G. Heaton c. 1984.

    "The Colonial Coins of Vermont" by Hillyer Ryder/ "The Vermont Coinage" by Edmund Slafter. C. 1981.

Set often (10) various denomination British coins (BU condition) in special holder:1967 Penny/ 1963 Sixpence/ 1954 Farthing/ 1967 Three pence/ 1966 Halfpenny/ 1963 ScottishShilling/ 1960 English Shilling/ 1967 Florin/ 1967 Half Crown/1965 Crown. Also, an additional1965 Crown (BU) in special holder. Nice examples of pre-decimal British coinage.

U.S. Military Payment Certificate (MFC): $1 Series 661 (October 1968 - August 1969). Used in Vietnam only.

Set of three (3) Bicentennial Commemorative medals consisting of:

    Two (2) 1974 John Adams commemorative medals, one of which is in a 1974 First Day Stamped Cover.

    One (1) 1975 Paul Revere commemorative medaT

Book: "Standard Catalog of World Paper Money Fifth Edition- Volume One/ Specialized Issues" by Albert Pick.

Book: "Standard Catalog of World Paper Money Fifth Edition- Volume Two/ General Issues" by Albert Pick.

Set of two (2) Bicentennial Commemorative medals consisting of:

    One (1) 1972 George Washington commemorative medal in 1972 First Day Stamped Cover.

    One (1) 1976 Thomas Jefferson commemorative medal in 1976 First Day Stamped Cover. 1898-P Morgan Dollar. High grade BU coin with great toned obverse side.

Set of five (5) BU Lincoln cents: 1952/ 1953/ 1955-D/1956/ 1958-D 1955/55 Poor Man's doubled die Lincoln cent in BU condition.

Partial set of Lincoln cents 1935-1961 in old time coin book (manufactured by Meghrig).

Set of two (2) Bicentennial Commemorative medals consisting of:

    One (1) 1972 George Washington commemorative medal in 1972 First Day Stamped Cover.

    One (1) 1976 Thomas Jefferson commemorative medal in 1976 First Day Stamped Cover. Royal Australian Mint 2005 $1 Silver Proof Commemorative "Gallipoli 1915 Campaign". Limited mintage of 20,000 coins. This coin is numbered "11165".

Set of two (2) Liberty Head Nickels. Circulated condition. 1897 and 1899.

Set of two (2) Bicentennial Commemorative medals consisting of:

    One (1) 1975 Paul Revere commemorative medal in 1975 First Day Stamped Cover.

    One (1) 1976 Thomas Jefferson commemorative medal in 1976 First Day Stamped Cover. 1999 !/i ounce ($10 denomination) American Eagle Gold coin in BU condition.

Set of two (2) 1975 Paul Revere American Revolution Bicentennial commemorative medals in U.S. Mint original holders.

Set of three (3) medals from the U.S. Mint:

    Pewter medal "Washington Before Boston".

    1973 Bicentennial Commemorative Silver Medal "American Revolution" in Proof condition.

    1976 National Bicentennial Silver medal in Proof condition.

Patrick Henry Sterling Silver Medal. Excellent condition. Great looking item.

1966 Philadelphia Mint Set in plastic holder.

1972-S U.S. Proof Set.

1991 Gold Plated Silver American Eagle Dollar.

1937-P Buffalo Nickel in BU condition.

1942-D Washington Quarter doubled die obverse in VG condition. RARE!!

1881-P Morgan Dollar in BU condition.

GRAB BAG; A grab bag of numismatic items. Makes for a great "coin collecting starter kit".

U.S. Paper Currency: $1 U.S. Treasury Note. Series 1869. Allison-Spinner. Good condition.

One (1) box of various auction catalogs from 1995 to Year 2000:

    Harlan J. Berk, Ltd. Catalogs (Ancients)

    Tom Cederlind Catalogs (Ancients)

    Ponterio & Associates (World coins and currency)

    International Bank Note Society Journal (World currency)

    R.M. Smythe (Colonial and U.S. paper currency)

Book: "Coins of England & The United Kingdom- Standard Catalog of British Coins" Spink c. 2004

Set of three (3) booklets from the Professional Currency Dealers Association (PCDA):

    "The Wonderful World of Paper Money" by Neil Shafer c. 1992.

    "Collecting World Paper Money" by Lance Campbell c. 1993.

    "Collecting U.S. Obsolete Currency" by PCDA c. 1991.

Royal Australian Mint 2005 $1 Silver Uncirculated Commemorative "Gallipoli 1915 Campaign".

Set of three (3) Australia/ North Queensland medallions:

    1982 Tourist Dollar

    1983 Tourist Dollar

    1986 North Queensland Games

    All medallions in uncirculated condition.

Set of four (4) 1975 Panama Proof coins: 1 centesimo/ 10 centesimo/ 50 centesimo/ 5 Balboas (1 oz. Silver coin).

Set of three (3) Australian $1 Silver Uncirculated Kookaburra 1 oz. Silver Dollars: Years 1992, 1995, 1997.

U.S. Mint Set Year 2003 Uncirculated P & D Sets.

Evergreen Mint 1 oz. Silver Medallion coin "Black Bear". Prooflike condition with gold relief.

1887 Morgan Dollar SEGS Graded AU58/ Cleaned.

1923 Peace Dollar SEGS Graded AU58/ Cleaned.

Series 1923 U.S. $1 Silver Certificate. Last large sized banknote printed by the U.S. Government. Banknote in VG condition.

Book: "Standard Catalog of World Coins 1801 - 1900 Third Edition" c. 2001 by Krause Publications.

American Eagle Silver Dollar 1986-Present Custom Coin Album. Coin Album is brand new and made by Littleton Co.

1887 Morgan Dollar PCGS Graded MS63

1938-D Buffalo Nickel PCGS Graded MS64. Buffalo nickel shows toning.

1998 1/10th oz. Gold American Eagle

Set of three (3) different Alaskan tokens dated 1967 commemorating the "Alaska Purchase Centennial 1867-1967".

Alaskan token: 1959 Statehood token/ Fairbanks.

Alaskan token: "1970 Anchorage Fur Rendezvous" This is the first year of issue for the Fur Rendezvous token.

1987 $5 Gold U.S. Constitution Commemorative. Proof condition.

Thanks go to Roy Brown, Bill Hamilton, Bill Fivaz, Kimberly Cushman, John Pastes, Jim Hill, Greg Samorajski, Larry Nakata, Carl, Loren Lucason, Steve Ondeck, John Larson, Frank Jasper, and Stan Mead for donation of these items for the YN Numismatic Donation Auction.

 

 


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