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ACCent: The Monthly Newsletter of the Anchorage Coin Club
|Volume 18, Number 7||
|July Membership Meeting|
|Wed., July 6th, 2005||Central Lutheran Church||
6:30 PM YNs, 7:15 Meeting
T he June membership meeting was all about the Young Numismatist's Donation Auction. Donated coins, notes, and numismatic books were auctioned off to raise money to support the young numismatist part of our club. The meeting started with fifty lots on the block but by time the bidding started we had sixty lots to auction off. At the last minute our generous members brought in everything from proof sets containing state quarters to a little understood ultraviolet light used to detect counterfeit foreign paper money.
There was a lot of gold that sold at close to the current melt price. As people begin to realize that the value of the dollar in the world economy is dropping gold is bound to go up - even more than it already has. There was even a proof five dollar gold commemorative in the auction. There is nothing prettier than proof gold.
Between the quick sales of BU Buffalo nickel and some nice silver dollars there was lively bidding on educational and Alaskan tokens. John Larson and others brought in stacks of catalogs from some of the best auction houses in the world. These catalogs are full of pictures of great notes and coins that have been professionally researched and documented by some of the world's best numismatists. They are a great source of information and they went cheap.
This was all for an important part of our club. It is good to know that, with our help, our young collectors will grow up to be intelligent, well informed numismatists. To this end $1023 was raised. Thank you all!.....Your Editors.
AN IMPORTANT NOTICE: In keeping with our coin club's tradition, the Summer Picnic event is the official meeting date for our coin club. There will be no membership meeting or YN meeting scheduled for the first Wednesday of
August. So......please remember the afternoon of August 13th will be our club's meeting date. We will have our club's July meeting on the scheduled date (Wednesday/ July 6th at 7 PM at Central Lutheran Church).
Schedule of Events for the Month of July: YN (Young Numismatists) Meeting: There will be no YN meeting for July. YNs are encouraged to come to our club's monthly membership meeting on July 6th.
Monthly Membership Meeting: July 6th (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. Larry Nakata will be giving a presentation on "U.S. Half Dollars". Refreshments provided. Members, YNs, and general public welcomed.
Anchorage Coin Club Board Meeting: July 20th (Wednesday) at 7:00 PM at the New Cauldron Restaurant located at the University Center. Club members welcomed.
Minutes of the June 15th Board Meeting
The Board meeting was called to order by club president Carl at 7:10 PM. Meeting held at the New Cauldron Restaurant at the University Center.
After review of correspondence, the meeting then moved onto the matter of the Fall Coin Show. Briefings were then given on each of the segments assigned for recommendations:
• Costs at the major hotels (Capt. Cook, Hilton, Sheraton, etc.) indicate costs are too high for a 15 table show. For a three day event cost would be anywhere from $5600 to $13,000 depending upon the hotel chosen. Also looked at was the Egan Center ($1500 for two day event only....you supply the logistics) and the mid-tier hotels such as the Golden Lion and the Coast International. The best deal appears to be the Golden Lion Hotel which can provide a three day event for $1800. Recommendation accordingly made. Promotional items. Costs should be minimal consisting of Wooden Nickels (for the event) and flyers that can be posted around town. Estimate: $150.
• Advertising. Recommendation is that we do TV ads through GCI Cable. Saturation campaign on multiple cable channels over a 4-5 day period prior to the event. Segments would be 30 seconds long at first with 15 second segments later in the advertisement period. Cost estimated at $1000 with $500 for production costs for the TV ad by GCI Cable and $500 for the segments over 4-5 days.
• Security. Recommendation is that we go with bonded Security Guards over the three day period (24 hours/day). The Security Guards would watch the Bourse area throughout this period of time. This would subsequently preclude the need to break down the bourse tables every evening. Bill is presently looking at costs on this matter. Will have those costs solidified by next Board meeting.
• Display cases. Estimate is 3 cases per bourse table. Assuming 15 tables, we will need to either purchase or rent 45 display cases. If you purchase, the cost for a case would be about $100/case. Bill does not believe it feasible to purchase $4500 worth of cases for a 15 table show. He is looking at bargains for cases or rental of cases. Will have those costs solidified by next Board meeting.
• Lights for tables. Costs should be minimal lamps running about $10/each. Assume about $200 of lamps for the show to support 15 tables.
Stan Mead and Loren Lucason
• Recommendation that a Grading Table be placed on the Bourse floor. No extra cost should result.
• Recommendation that we go with '/z to no more than 1 hour seminars. Have the seminars in a section of the Bourse floor. About three seminars per day. Two of the seminars should focus on "Introduction to Coin Collecting" and "Designing the 2008 Alaska State Quarter". The third seminar each day would be on a topic of interest (such as Ancients, Paper Currency, World Coinage). No extra cost should result.
• Auction. Recommendation is that the auction be held on the final day of the event (Sunday). 300 auction lots with an auction fee of 10% of the sale value of the item. Of these lots, figure on 100 of the lots being in the $20-$50 area, 150 lots in the $51 to $150 area, and the final 50 lots in excess of $300. Hold the auction in the Bourse area for that Sunday afternoon with an estimate of about 3 hours to conduct the auction. Bourse floor should be able to be broken down quickly and reconfigured for an afternoon auction. No extra cost should result.
It was decided that at our next Board meeting (on July 20th), the Board will look at costs, sources of income to the show, and make a decision ("go" or "no go") on moving forward with this event based upon affordability.
The next area of discussion was the Anchorage Coin Club's Summer picnic scheduled for Saturday afternoon, August 13th at Centennial Park (located at the intersection of Muldoon and the Glenn Highway). Larry Nakata has already secured the permit for use of the Pavilion from the Municipality of Anchorage Parks and Recreation. Our club has held our summer picnic at this location for the last 4 years. Like the previous 4 years, the club will provide the drinks, meats (hamburger, hotdogs, chicken), buns, paper plates, forks, spoons, napkins, chips and dips. We ask that our members bring potluck items such as desserts, salads, and other small dish items. Loren Lucason and John Larson are looking into organized events during our picnic. Coins and other numismatic items to be given out at the picnic. The drawing for our club's raffle prize, a set of U.S Yellow Seal Notes (also known as the WWII North African Notes), will be held at the summer picnic.
Results of the YN Numismatic Donation. The donation auction resulted in $1023 for 61 auction items at our club meeting on June 8th. Thanks go to all of our club members who generously donated items for this auction. Special thanks to our club president, Carl, for the great job on being the auctioneer for this event.
The meeting then moved onto the presentation for our next club meeting on Wednesday (July 6th 7:15 PM at Central Lutheran Church). Larry Nakata will be giving a presentation on "U.S. Half Dollars". There will be no YN meeting in July.
Final issue discussed was the matter of our August club meeting date. Traditionally, our club has always made our Summer Picnic the official meeting date for YNs and for our club members. The Board, in keeping with our club's tradition, accordingly decided to make August 13th (Saturday/ 12 noon- 4 PM) our club's official meeting date.
As there was no further business to discuss, the meeting was officially adjourned at 8:28 PM.
FOR THE JULY 6th MEETING; Club members Bill Fivaz and Bud Biloon have submitted some nice coins for our July 6th Bullet Auction. Interested members wishing to bid for these items should attend the club meeting. Any items not sold will be returned back to Bill and Bud. There are no minimums posted by Bill or Bud for these lots.
1 1935P Buffalo Nickel MS65 Full Strike
2 1941P Mercury Dime PCGS Graded MS62
3 1943D Mercury Dime ANACS Graded MS66 FSB
4 1945D Washington Quarter PCGS Graded MS64
5 1880S Morgan Dollar MS64 Prooflike
6 1934D Peace Dollar Graded VF Net
7 1941P Mercury Dime PCI Graded MS64
8 1974S Roosevelt Dime PCGS Graded Pr67
9 1974S Washington Quarter PCGS Graded Pr67 CAM
There is one set of old numismatic magazines that I enjoy reading most of all, and they are my set of Numismatic Scrapbook magazines. Numismatic Scrapbook was produced by Lee Hewitt from the mid 1930's through the early 1970's, when it was sold to Amos Press, who discontinued publication later in the 1970's.
Like most other numismatic magazines, or any other magazines for that matter, the Scrapbook consisted of a mixture of articles and advertising, but the real charm of the Scrapbook was it's advertising. Dr. Hewitt kept advertising rates low or at least reasonable which allowed smaller and part time dealers to advertise right along with the big guys. Lower rates also allowed advertisers to list inexpensive items in their ads, and you will see many lengthy listings where half of the coins are priced under a dollar.
When you look through a modern numismatic magazine or weekly newspaper you will see lots of ads for coins costing hundreds of dollars up into the multiple thousands of dollars, but virtually no extensive listings of sub - $5 items. These expensive coins may be interesting to dream about, but they are not what most of us collect. On my website 1 list coins selling for between 5 cents and $10,000, and I can assure you that there is a great deal more activity in the under ten dollar coins than there is in the thousand dollar and up category. Inexpensive coins are what I collected as a YN hi the 1970's, and they are mostly what I deal in as an adult, and I enjoy seeing listings of these same inexpensive coins for sale in the Numismatic Scrapbook at those long ago prices. For example, I can find many listings of Indian cents of all dates, scarce and common, in low to mid range circulated grades and compare the prices of a generation ago with what I sell them for today.
The current market, with such an emphasis on high grade slabs means that you are unlikely to find even a single listing for a common item such as an 1880 Indian head cent in VG-8 condition even after searching through several magazines. In a typical Scrapbook you are likely to see this same item in three to five or more different ads, even though it is only a 45 cent item.
All of this may seem a bit strange to some of you. 1 often see complaints in the weekly papers Coin World and Numismatic News as well as the monthly Numismatist about there being too much advertising and not enough articles contained between their covers. I do not recall any letters expressing the contrary opinion that there is not enough advertising and too many of those dreaded articles. However, just try it yourself. Pick up an old magazine, any old coin magazine, be it the Numismatic Scrapbook or any other, and just see what catches your attention as you flip through the pages. I'll bet it's the ads more than anything else that will keep you entertained, unless the magazine is full of those boring generic ads that just build name recognition without actually listing any individual coins for sale.
So, what about the much better known, and much more widely collected Numismatist magazine published by the American Numismatic Association since 1888? (Actually, Dr. Heath started publishing The Numismatist in 1888 and did not form the ANA until 1891, and The Numismatist magazine did not actually belong to the ANA until 1911, being privately owned before that time, but we will leave further details of this for a future article!) Even though far more people collect The Numismatist magazines, I personally do not find them to be as interesting reading, especially from a 'you are there' perspective. The Numismatist just does not have the same ability to show you what collecting was really like decades ago the way the Numismatic Scrapbook can.
During the years that the Numismatic Scrapbook magazine was published, 1935 to 1976, The Numismatist contained a lot of details about the activities of local clubs and their members. There are many great articles in The Numismatist during this time, and a great deal of valuable information. But the ads are downright boring compared to those in the Scrapbook. Most of the advertising in The Numismatist is that dreaded generic type, meant to promote the name of the advertising dealer but not to list specific coins for sale. In the Scrapbook the majority of the ads do list coins for sale along with their prices, and that to me is fascinating reading. Another advantage the Scrapbook has over The Numismatist is that it costs a great deal less to build a set of these magazines, thereby leaving more funds available to buy coins!
So, when you find yourself with a few minutes to kill, pick up a copy of the Numismatic Scrapbook magazine and just start flipping through the pages. Most issues are at least 250 pages in length so there has to be something of interest to you between the front and back cover. Happy reading! ....Mike Nourse.
Club Archivist / Photographer
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,