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ACCent: The Monthly Newsletter of the Anchorage Coin Club

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Volume 26, Number 12

 

December 2013

 

December Membership Meeting

 
Thursday December 12, 2013

Central Lutheran Church, 15th & Cordova

6:30 PM


   

Inside This Issue

NO MEMBERSHIP MEETING ON TUESDAY DECEMBER 3

Holiday Party Thursday December 12 6:30 pm

Coin Show December 7 and 8 University Center

The Impact of World War II on US Paper Currency

Kenai Peninsula College, Borough and School District Commemorative Medallions

 

MEMBERSHIP NEWS

November 5th Anchorage Coin Club
Membership Meeting

 

Door Prize: 2000-P Sacagawea Dollar ANACS MS-66. Won by: Stan Mead

Membership Prize: 1943-P Silver Wartime Jefferson Nickel PCGS MS-65. Won by: Phillip Elrod.

Briefing by Larry Nakata on club's Christmas Party scheduled for Thursday, December 12th at the Central Lutheran Church (on Cordova and 15th) starting at 6 PM.

Briefing by President Carl on the club's last coin show of the year to be held at the University Center on Saturday December 7th (10 am -6 pm) and Sunday December 8th (11 am -5 pm). Tables are now available on a first come/first serve basis. Members interested to having a table were asked to get with Carl.

No new business.

Presentation by Larry Nakata on the subject of "The Impact of World War II on U.S. Paper Currency".

Raffle prizes:

November coin auction followed with meeting concluding at approximately 9 PM following auction.

Larry Nakata/ Secretary

November 20th Anchorage Coin Club
Board Meeting

Board meeting held at Tarasco Mexican Restaurant (located near the University Center). Meeting called to order at 6:40 PM by club President Carl.

Following a review and distribution of correspondence, John Larson wrote a Gaming Check to the club for $279.83. These monies represent the proceeds from the various raffles held throughout Year 2012. Such proceeds go the club for the various club programs.

Dec 7th / 8th Club Coin Show at the University Center. Briefing by Carl:

Dec 12th Club Christmas Party (Planning).

2014 Fur Rondy Coin Show (Planning-Latest Status):

Next Board meeting will be on Wednesday, December 18th at the Yamato Ya Japanese Restaurant at 6:30 PM

Larry Nakata/ Secretary

Lots Submitted for December 12 (Thursday) Membership Meeting

by Bill Fivaz

1. 1909 VDB Lincoln Cent MS-64 Red Minimum Bid (MB) $20

2. 1936-S Buffalo Nickel (original) MS-65 MB $75

3. 1936-D Buffalo Nickel (original) MS-65+ MB $75

4. 1937-D/D Buffalo Nickel (original) (RPM #1) MS-65 MB $38

5. 1938-D/D Buffalo Nickel (original) (RPM #1) MS-65 MB $38

6. 1940-D Jefferson Nickel (5.9 steps) MS-65 MB $8

7. 1941-D Jefferson Nickel (5+ steps) MS-65 MB $7

8. 1956 Franklin Half Dollar FBL MS-64 MB $17

9. 1902-0 Morgan Dollar VAM-1 Filled 2 MS-63 MB $45

10. 1880-P Morgan Dollar (NGC Binion Collection) Fine MB $25

11. Complete CH. BU Set of Roosevelt Dimes (1946-64). Many nicely toned MB $145 (Note: Gray Sheet Bid on this set is $170).

12. 7-coin (Silver) Love Token Bracelet with working clasp (really nice!) MB $130

13. 1907 Swiss 2 Rappen VF MB $4

14. 1913 Swiss 1 Rappen XF MB $3

15. "Coin Collecting Boards of the 1930s and 1940s" by Dave Lange (new) No minimum

16. Donation Coin: Alaska Statehood Token

by John Larson

1. 1923-D Peace Dollar VF+ MB 24

2. 1944-D Washington Quarter (High D) XF MB 4

3. 1934-S Peace Dollar About Fine MB 39

4. WWII Germany (Occupied). 20 and 50 mark currency VG MB 8

5. One (1) Roll of Mercury Dunes. Circulated to VF condition. MB 48

6. Six (6) Rolls of Unpicked Wheat Cents. Circulated condition. MB 9

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"The Impact of World War II on US Paper Currency"
by Larry Nakata (Life Member #3)

         With the start of World War II, the United States found itself in a situation where it had to fight the war on two fronts... one in Europe, the other in the Pacific. After the attack on Pearl Harbor, there was the concern that if the Japanese military were to invade the Hawaiian Islands, they could come into a considerable amount of US currency. This resulted in a recall of U.S. paper currency from the Hawaiian Islands in January of 1942 with an initial cap of $200/individual and $500/business that could possess currency. By June of 1942, the Hawaii Overprint Notes- otherwise known as Brown Seal Notes were distributed throughout the Hawaiian Islands in denominations of $1, $5, $10, and $20. In the event of a Japanese invasion these notes, if captured, could be demonetized by the U.S. Government.

         On the European front... by 1942.... US troops were heavily involved in the North African campaign. Like the Hawaii Overprint Notes, the U.S. Government was concerned about U.S. currency falling into the hands of the German military. This resulted in the issuance of the North African Notes- otherwise known as Yellow Seal Notes. These notes were distributed in denominations of $1, $5, and $10. Intent was that if a substantial amount of these notes were to be captured, the U.S. Government would then demonetize the Yellow Seal Notes.

         As World War II continued, there became an issue in which the Allied Powers needed a uniform currency that could be used by their troops. Hence the establishment of "Allied Military Currency". These Allied Military Currencies were strictly issued for use by the Allied troops.

         Following an Allied invasion, the Overall Military Commander declared the Allied Military Currency as Legal Tender for use by civilian and military personnel in occupied areas. Such military currency could be distinguished from the national (or official) currency of that country and was issued in the same denominations used by that country. Simply put, it was a form of currency control in a combat area. Soldiers had to be paid... so they could buy things locally. If U.S. dollars were to be used in a foreign country, the strength of the US Dollar vs. the weaker local currencies could cause a Black Market on the U.S. Dollar... thus weakening the local economy of that country or region. Issuing Allied Military Currency in the same denominations as used in the Local Economy avoided this problem. The majority of Allied Military Currency were printed by the U.S. Engraving and Printing. The rest by Russia on the Eastern Front.

         Following the end of World War II, the need for Allied Military Currency went away, Our U.S. soldiers stationed overseas were paid in US dollars with the ability to redeem those US dollars at the official exchange rate. Soldiers were able to buy goods and services from the local Military Post Exchange or from the local merchants of that occupied country.

         Even though an exchange rate was established between the local currency of that country and the US dollar, the reality was that local merchants in that country had stronger faith in using the US dollar than their local currency. After World War II, the US Dollar was recognized as a very strong currency worldwide that could be exchanged for goods, services, and even redeemed in silver.... internationally.

         This created a black market situation where more local money was being redeemed for U.S. dollars than what was being disbursed to the U.S. soldiers. Within less than one year a deficit of $531 million had occurred internationally on redeemed US dollars. Clearly something had to be done to avoid such losses. What resulted was the introduction of scrip currency in 1946 called "military payment certificates". Such MPCs were issued to U.S. soldiers stationed overseas in lieu of U.S. dollars or local foreign currencies.

         These MPCs could be used as currency transactions at post exchanges on military bases. MPCs could also be converted into local foreign currency. Such MPCs could be redeemed through special channels such as military and authorized finance offices, post exchanges, and military post offices. To discourage counterfeiting, MPCs would be replaced every year or two with a different series design.

         Experimental scrip currency was first introduced in the Far East with the Type A and Type B yen in the summer of 1946. So successful was the program mat black marketing activities on currency came to an immediate end. The success of the experimental scrip currency resulted in the "military payment certificate" program that existed from Sept. 1946 and ending with the close of the Vietnam War (the last MPCs were withdrawn in November 1973). During this 27 year period, some 13 series of MPCs were issued constituting 90 denomination notes:

Twenty dollar MPC

         The early series were first printed by private U.S. printing companies with the U.S. Bureau of Engraving and Printing (BEP) taking over those responsibilities starting with Series 611 in 1964.

         So much for the history. At this point, let's talk about the collectability aspects.

         The U.S. Brown and Yellow Seal Notes were destroyed at the conclusion of World War II. However, many notes were saved as souvenirs by servicemen who served in World War II. Such surviving notes are very collectable... especially if they are Star Notes. Grade is also of importance.... as with any US Paper Currency. You can go on-line and get the latest pricing for such Brown and Yellow Seal Notes.

         Like the U.S Brown and Yellow Seal Notes, much of the Allied Military Currency was also destroyed at the conclusion of World War II. Surviving notes were also saved as souvenirs by the troops who served in World War II. The World Paper Money Books can provide pricing on Allied Military Currency. A good book on this subject is "World War II Military Currency" by Raymond Sitoy January 1974 (79 page book).

         On the matter of U.S Military Payment Certificates (MPCs), while there are other series of MPCs that were printed for specialized use... such as notes used by other foreign military forces... the really collectable U.S. MPCs fall into 90 notes. So the quest for the collector is in trying to put together a set of these notes.

         Surviving notes tend to be those MPCs that were saved by our U.S. soldiers as momentos of their military experience. If you have a relative who served overseas during this period of time, chances are they may have some of these notes. All other MPCs that were redeemed were subsequently destroyed by the U.S. government.

         The tougher notes to get are the higher denominations in the $5 and above range. Soldiers were not paid very well during those years... so $5 was a lot of money to put aside as a momento. If you are lucky enough to find such notes, keep in mind they could command a fair price... especially in the higher grades.

         Back in 1999, the fractional MPCs (5 cent to $1 denominations) were reasonably priced even in high grades. At that time it was very affordable for the collector to put together a set of these type notes. Not sure today.

         Of the 90 notes, about five of them appear to command very high prices. One or two of them are extremely difficult to get (such as the Series 471 $5 note).

         All MPC notes had individual serial numbers that started and ended with an alphabetic letter. Be on the lookout for replacement notes which were made prior to a major production of MPCs. These replacement notes were substituted in place of MPC notes damaged during the production run. Such notes can be identified by a serial number with no alphabetic letter at the end and command premium prices.. "The Bank Note Reporter" is a magazine which provides good information and updated pricing on MPC notes. Also, "Military Payment Certificates" by Fred Schwan gives a very good background on each series of MPC notes.

         Good Luck on collecting such notes....

Larry Nakata

Commemorating 50 years of history: Collector coin sets struck for KPC, borough, school district
By Suzie Kendrick, KPC advancement programs manager

         Project Plan-A-Head started as a thought that developed into a worthwhile project that became more impactful and far-reaching than anyone originally imagined.

         More than two years ago, Tom Dalrymple, KRC assistant professor of accounting and resident coin aficionado, wondered aloud if KPC should consider "striking" a coin to commemorate its upcoming 50th anniversary. KPC Advancement realized the value of the idea and partnered with Dalrymple to make it happen.

         Initial plans called for a single coin that focused on KPC and its founding director, Clayton E. Brockel.

         To introduce the idea to Brockel and his wife Jean, Dalrymple showed them his impressive collection of Alaska-based coins. Brockel noted that many commemoratives were presented in sets of three. Dalrymple explained that sets tend to be more attractive to collectors.

         "It was the proverbial eureka moment," Dalrymple said. "I saw a twinkle in Brock's eye when he looked at Jean and said, 'Weren't the borough and school district formed the same year as KPC?' That was the moment the project became something on a grander historical scale."

         When Brockel consented to having his likeness on the KPC coin, a proposal was put together and Director Gary J. Turner and the Plan-A-Head team met with Kenai Peninsula Borough Mayor Mike Navarre and Kenai Peninsula Borough School District Superintendent Steve Atwater to pitch the idea. They liked the idea and they brought the proposal to the Borough Assembly and the School Board, and soon approvals were granted to proceed with the collaborative project.

         Harold E. "Pom" Pomeroy (1902-1983) was appointed as the first borough chairman (now mayor) and Sterling S. Sears (1903-1992) served as the initial superintendent of the school district. Their likenesses, along with the borough and school district logos, will appear on the coins.

         The group then brought on board KRC's new assistant professor of art, Cam C. Choy, a renowned artist and sculptor. "He was able to take the two-dimensional images of these great men and sculpt their likenesses into wax casts," said Daliymple. "The quality was remarkable."

         Clayton Brockel died this past July, but not before he saw the castings. Turner, Dalrymple and Choy visited Brockel the day before his death. According to Jean Brockel, it was one of Clayton's last obvious, lucid moments. Dalrymple recalls that after looking at the cast for a couple of minutes, Jean commented, "Your eyes are watering again, Clayton."

         The coin sets, as well as individual coins, are being minted by Medallic Art Company and will be produced in both silver and copper with unique serial numbers. Each coin will have a certificate of authenticity that reflects the historical significance of the medallion. Delivery is expected before year's end. The coins will be available at the KRC bookstore, though pricing has not yet been determined. Any sales profits will fund a KPC art student scholarship.

Please see advertisement on back page to order medals.

        

 


ANCHORAGE COIN CLUB MONTHLY RAFFLE

Tickets $5 each, 5 tickets for $20, or 11 tickets for $40.

Purchase and Drawing at the next meeting.

1854 Liberty Seated Half XF

Other prizes to be added

 

ANCHORAGE COIN CLUB


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