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ACCent: The Monthly Newsletter of the Anchorage Coin Club

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Volume 28, Number 10

 

October 2015

 

October Membership Meeting

 
Tuesday October 6, 2015

Central Lutheran Church, 15th & Cordova

7:00 PM


   

Membership Meeting Highlights:

  • For our October 6th meeting this will be a potluck event. Members are asked to bring a potluck main dish, side, or dessert.

  • The Raffle Coin will be a 1963 Franklin Half Dollar graded NGC PR 67*.

  • At this meeting it we are having a buy/sell/trade event. Members are encouraged to bring their coins and numismatic items.

  • Live and Silent Auction

  • Announcement of our upcoming Coin Show at the Sears Mall, Oct 16th - 18th

The Presidents Column

The Club's Coin Show will be at the Mall at Sears on October 16, 17, and 18. Members that had tables last year did very, very well!

Also, if the front doors of the church are locked on meeting night, go around to the back door to the meeting room and knock on it to gain entry.

Allen Nichols / President - (907) 357-2414

Recap of the September 1st Anchorage Coin Club Membership Meeting

 

Membership meeting called to order at 7:15 pm by Club Secretary Larry Nakata.

Door Prizes:

Announcements:

We have a planned coin show at the Sears Mall scheduled for Friday (Oct 16th) through Sunday (Oct 18th) to coincide with the release of the Permanent Dividend in October.

The Church management has asked that we make sure the front doors of the church are locked when we conduct our club meeting. Issue involves security for the church. We will keep the front doors open up to 7:00 PM. If any members show up late (or cannot get access to the front door of the church).... just come through the downstairs bottom door that opens into our meeting area. We will have that door open.

No old business brought up at meeting.

No new business items brought up at meeting.

Raffle Coin: 1824 U.S. Bust Half Dollar graded ICG G6 was won by YN Cash (Carl Mujagic's son).

Evening's presentation was then given by Larry Nakata on the subject of "U.S. Odd Denomination Coinage."

Following Larry's presentation, live and silent auctions followed.

Meeting concluded at 8:45PM.......

-Larry Nakata/Secretary

Recap of the September 16th
Anchorage Coin Club Board Meeting

Board meeting called to order at 6:30 PM by Club President Allen Nichols. Meeting held at the Johnny Chicago Restaurant located near the University Center.

Following review of correspondence, Board then went into planning for the upcoming Anchorage Coin Club Show at the Sears Mall scheduled for Friday (October 16th) through Sunday (October 18th). Briefing by VP Stewart Smith:

For membership meeting on October 6th:

As there was no further business to discuss, board meeting adjourned at 7:20 PM......

Larry Nakata/Secretary

Article: "U.S. Odd Denomination Coinage"
by Larry Nakata (Life Member #3)

        During the course of our U.S. coinage that circulated since the establishment of the U.S. Mint (in 1792), there have been five (5) denominations of coins that you do not see today. These coins are:

The U.S. Half Cent (1793-1857),
The U.S. Two Cent (1864-1873),
The U.S. Three Cent (1851-1889),
The U.S. Twenty Cent (1875-1878), and
The U.S Three Dollar Gold (1854-1889)

        The major focus of this article is to go over how these denominations occurred and why they faded away.

        The U.S. Half Cent (1793-1857): In an earlier presentation I gave on the U.S. Cent, I brought up the point that the buying power of a one cent coin in 1793 was equivalent of purchasing items equivalent to $7.44 by 2014 standards. This type of purchasing power made possible the mintage of the U.S. Half Cent.

        At first, the Half Cent was made of pure copper. With the price of copper coins linked directly to the value of silver and gold coins, by the 1850s the cost of minting the U.S. Half Cent exceeded its metallic value.

        Accordingly, by 1857 the U.S. Half Cent was discontinued giving way to the U.S. Cent.

        The U.S. Two Cent (1864-1873): The U.S. Civil War caused a shortage of U.S. coins that resulted from the American Public hoarding all gold, silver, and even based metal copper coinage. As a result of this shortage, merchants in the U.S. manufactured cheap tokens that could be used in their stores and establishments. Use of these tokens (called Civil War Tokens) was tolerated.

        Eventually by 1864, Congress changed this by having the weight and composition of the U.S. Cent changed to a bronze cent (95% copper/5% tin and zinc) and also included mintage of the U.S. Two Cent Bronze coin. At first, the U.S. Public readily accepted the Two Cent coin as replacement for Civil War tokens. It was the first coin to use the motto "In God We Trust".

        This coin would only last 10 years and proved to be an unnecessary denomination that competed with the U.S Three Cent coin. The Two Cent coin would be phased out by 1873.

        The U.S. Three Cent (1851-1889): With the coming of the U.S. Three Cent postal stamp, the U.S. Congress came up with the Three Cent coin (also referred to as the Trime).

        With the average wage of the U.S. worker at about 10 cents per hour at that time, this coin also proved popular as a good medium of exchange as well as for buying a stamp.

        Mintage of the Trime started in 1851 with the coin comprised of 75% silver/25% copper.

        With the outbreak of the U.S. Civil War, silver and gold coinage of every kind was being hoarded by the U.S. Public. By 1862, virtually no Silver Three Cent coins could be found in circulation.

        The U.S. Congress took steps to address this problem by making the Trime's metallic content changed to 75% copper/25% nickel. This Nickel Trime saw mintage from 1865 to 1889.

        The Silver Trime was allowed to be minted through 1873... with the mintage of the Silver Trime drastically reduced. By 1873, Congress did away with the Silver Trime in favor of its Nickel version.

        The need for the Trime would end when postal rates changed on the cost of the U.S. stamp resulting in this denomination officially being discontinued by Congress in 1890.

        The U.S. Twenty Cent (1875-1878): The idea of a Twenty Cent coin was first proposed by Thomas Jefferson in 1783. However, when Congress passed the Mint Act of 1792, it was decided to go with the U.S. Quarter instead.

        Silver production significantly increased when the Comstock Lode Mine in Nevada came into existence. This resulted in Congress establishing mintage of the Twenty Cent coin through the Mint Act of 1873. The intent was to have this Twenty Cent coin be a substitute for two dimes.

        Mintage of the Twenty Cent coin started in 1875, but only lasted for three years until 1878. The reason for its demise was that it looked too much like the U.S. Quarter causing confusion with the U.S. Public. Essentially, the U.S. Public disliked this coin and rejected use of this coin for general circulation.

        Its failure to properly circulate would result in Congress discontinuing the Twenty Cent coin.

        The U.S. Three Dollar Gold (1854-1889): The U.S. Three Dollar Gold coin was created by Congress so that larger quantities of stamps could be purchased. Because the cost of a stamp at that time was three cents, it resulted in the Three Cent coin as well as the Three Dollar Gold coin.

        The problem with this gold coin was that it proved unpopular with the U.S. Public. As a result, it saw very little circulation. From 1851 to the start of the U.S. Civil War (in 1861) only about 350,000 Three Dollar Gold coins were minted. With the start of the Civil War, these few coins were hoarded by the U.S. Public.

        Even after the Civil War, mintages from 1861-1889 were only about 192,000 coins overall.

        This gold coin was unique in that it featured the bust of an Indian Princess on the obverse side. With the exception of the $1 and $3 U.S. Gold denominations, gold coins of that time primarily featured the bust of Lady Liberty on the obverse.

        By 1889, we see the demise of the Three Cent, $1 Gold, and $3 Gold coins. Many of the $3 Gold coins were subsequently melted down leaving a scarcity of this denomination of coin today for the collector.

        Such was the fate of each of these denomination of coins. In the end, it really came down to the U.S. Public's acceptance of these denominations of coinage.......

Larry Nakata

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List of Coins Submitted for October 6th Live and Silent Auctions

From Bill Fivaz (for Live Auction):

1. Two coin set (Matte and Proof) of Felix Schlag's original design for the Jefferson 5c. Dies created by Ron Landis and struck in .999 Silver. Minimum Bid (MB) $60

2. 1945-P Walking Liberty 50c MS-65 (Original) MB $50

3. 1878-P Morgan $1 ("C" Rev.) MS-64 MB $195

4. 1953 Mint Set (not in original cardboard) MB $195

5. 2015 CONECA bronze ingot- 60th Anniversary of 1955 Double Die Lincoln MB $7.50

6. Donation Lot: from Bill Fivaz: 1965 U.S. Mint Set

Also from Bill Fivaz (for Silent Auction):

7. Cents: 1941-S (Small S) MS-65 Red (normal) and 1941-S (Large S) MS-64 Red (Scarce) MB 10

8. Nickels: 1941-S (Small S) BU (normal) and 1941-S (Large S) MS-63 (FS-501) (Rare) MB 35 Note: CPG MS-63 on FS-501 is $75.

9. Dimes: 1941-S (Small S) MS-65 (normal) and 1941-S (Large S) MS-63 (FS-511) (Rare) MB 75 Note: CPG MS-63 on FS-511 is $120.

10. 1941-S (Large S) Washington 25c (FS-503) (Rare) AU-58 MB 35 (CPG AU-50 is $45).

11. 1964-D "C" Rev. Washington 25c (FS-901) Very rare AU 58 MB 35 (CPG AU-50 at $45).

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ANCHORAGE COIN CLUB

October 6th RAFFLE

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

Purchase and Drawing at the October 6th meeting.

1963 Franklin Half Dollar Graded NGC PR 67*

 

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ANCHORAGE COIN CLUB
MEMBERSHIP APPLICATION

NAME:_____________________________________________________

ADDRESS :_________________________________________________

CITY:________________________ STATE:_______ ZIP:___________

TELEPHONE (HOME):________________________________

                (BUSINESS):________________________________

MY COLLECTING INTERESTS ARE:________________________________

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MEMBERSHIP DUES:

          $25 / Year Regular Membership

          $10 / Year Youngsters & School Aged Kids up to Grade 12

          $10 / Year for Seniors, Handicapped Members,
                    and Associate Members Living Outside Anchorage

Send application and dues to :

Anchorage Coin Club
P.O. Box 230169
Anchorage, Alaska 99523

 

ANCHORAGE COIN CLUB


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