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ACCent: The Monthly Newsletter of the Anchorage Coin Club

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Volume 28, Number 11

 

November 2015

 

November Membership Meeting

 
Tuesday November 3, 2015

Central Lutheran Church, 15th & Cordova

7:00 PM


   

Membership Meeting Highlights:

  • Our November 3rd will be a potluck event. Members are asked to bring a potluck main dish, side, or dessert.

  • The Raffle Coin will be a 2009-P Lincoln Commemorative Bicentennial Proof Silver Dollar Graded ANACS PR70 DCAM.

  • Carl will be giving a presentation on "Error Coins".

  • Live and Silent Auction

The Presidents Column

The Club's Coin Show held at the Mall at Sears on October 16, 17, and 18 was very successful!

Our next Coin Show will be on December 18, 19, and 20. Stewart Smith is working on getting a location for it, also at the Mall at Sears.

2015 Sears Coin Show

The December meeting will be our Annual Christmas party and the big coin auction. Members will not be restricted by the 25 live auction coin limit. Our annual Christmas party will be on Thursday, December 10th. There will be no meeting on the first Tuesday in December, which would have been on December 1st.

Remember, 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 October 6th Anchorage Coin Club Membership Meeting

 

Membership meeting called to order at 7:15 pm by Club President Allen Nichols.

Door Prizes:

Club Vice President Stewart Smith briefed members on details of the club's coin show scheduled for Friday (Oct 16th) through Sunday (Oct 18th). Show held at the Sears Mall. At the time of this meeting there were only two available tables left for the show.

There are two more events coming up as we approach the end of the calendar year:

Prior to the live and silent auctions, the monthly raffle coin (a 1963 Franklin Half Dollar graded NGC PR67*) was won by Scott Wisdom. Note: * refers to the coin as better than PR67, but not quite a PR68.

Live auction was conducted by Carl

Following the live auction, the "Buy, Sell, Trade, Show and Tell" session was conducted to balance out the evening. Silent auction continued until almost the end of the membership meeting.

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

-Larry Nakata/Secretary

Recap of the October 21st
Anchorage Coin Club Board Meeting

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

The results of the past weekend's coin show at the Sears Mall was discussed. The show went very well. Lots of free coins were given away at the show. Lots of coins sold. Consensus was that it was a very successful event.

Discussions then went into the next coin show (the club's Holiday Coin Show) in December. Vice President Stewart Smith is looking at arranging the show for the weekend of Dec 18th (Friday) through Dec 20th (Sunday) at the Sears Mall.

The last coin show held on Oct 16th-18th showed a need for more chairs and two more club tables (6 foot folding tables). Board approved purchase of necessary tables and chairs. Carl will see about getting some chairs (for free) and Dan Barnhart (uh oh, I volunteered for something - Dan) will see about getting the two folding tables.

Board then discussed details for the December 10th club's Christmas Party:

For membership meeting on Tuesday / November 3rd:

As there was no further business to discuss, board meeting adjourned at 7:30 PM......

Larry Nakata/Secretary

Article: "The U.S. Dime - The Role Silver Played In It's Evolution"
by Larry Nakata (Life Member #3)

        The U.S. Dime (our nation's ten cent coin) has been with us since its introduction in 1796. It's history has been tied over these years to the value of Silver..... the precious metal used in the U.S. Dime until 1965 (when mintage of U.S. silver coinage for circulation was discontinued). This denomination of coin became the "bread and butter" coin that was heavily circulated and used by the average U.S. worker.

        In 1796, the average wage of a U.S. worker was $1.25 per day. Based upon a 9 hour workday.... that meant the hourly wage in 1796 was about 14 cents/hour. Accordingly, a U.S. Dime could buy a lot of commodities... hence its heavy circulation.

        In 1796, the price of silver was $1.29 per ounce. The U.S. Coinage Act of 1792 established a 15 to 1 silver to gold ratio which became the basis of how the U.S. coinage would be valued against other world coinage from 1796 to 1834.

        The first U.S. dimes minted were the Draped Bust Dimes minted from 1796 to 1807. The U.S dime started as a 2.7 gram coin with 89.25% of its weight composed of silver. Mintages of these Draped Bust Dimes were relatively low from 1796 to 1804 with approximately 20,000 dimes minted per year. As a result, dimes minted during these years command some pretty good pricing. If you find one, keep it.

        From 1805 onward, the mintage of dimes would increase significantly.

        Besides the Draped Bust Dime (1796-1804), there are five (5) other series of dimes minted by the U.S. Mint:

               Capped Bust Dime (1809-1837)

               Seated Liberty Dime (1837-1891)

               Barber Dime (1892-1916)

               Mercury Dime (1916-1945), and

               Roosevelt Dime (1946-Present)

        The Coinage Act of 1834 raised the silver to gold weight ratio from 15:1 to 16:1. This set the mintage price of the ten cent coin at a level below its International market price. By increasing the silver to gold ratio, this meant the U.S. silver coins (one of which was the U.S dime) were undervalued against the price of gold. This resulted in a situation where U.S silver coins were exported to Europe where it was then traded at a higher price.

        This situation was corrected in 1837 when the weight of the U.S. dime was changed to 2.67 grams, 90% silver content with the diameter of the coin reduced to 17.9 millimeters (mm). During that year (1837) we see the introduction of the Seated Liberty Dime.

        Inflation and the rise of silver prices would see the U.S. dime's weight changing in 1853 (from 2.67 grams to 2.49 grams). Note: While the diameter of the dime remained the same (at 17.9 mm), its thickness changed and still remains at 17.9 mm to this day.

        The Mint Act of 1873 (passed by the U.S. Congress) would again see the dime's weight changing to 2.50 grams). This slight increase in weight was intended to ensure that the U.S. Quarter (our 25 cent coin) weighed 2.5 times that of the U.S. Dime. In this way, the specific weight of the coin matched up to Its denomination. The weight relation between the U.S. Dime and U.S. Quarter would continue in practice to present.

        With the passage of the Coinage Act of 1965, the silver dime would go away in favor of a copper-nickel dime (which would contain no precious metals). Soon after this change, silver dimes quickly disappeared from circulation.

        Today the only U.S. silver coins minted are those in the annual U.S. Mint collector sets.... of which one of the coins being the U.S. Dime.

        So.... the history of the U.S Dime is that it still remains a "bread and butter" coin used by the American Public. Its value determined by the price of Silver until 1965.

        As of our club meeting on April 7th, a U.S. Silver Dime was worth about $1.25 in silver content.

        This brings us to what should a coin collector look for when collecting U.S. dimes. The collector can put together a pretty good uncirculated type set that is affordable. The collector can put together a set of dimes based upon date and mintmark in each of the series. Note: It can be a bit tough to put together sets of the earlier Bust dimes and Liberty Seated dimes...... but it can be done.

        There are a few key date coins that you should be on the lookout for:

        The 1871-CC Liberty Seated dime (listed at $2500 in Good Condition in the 2015 U.S. Redbook), and The 1916-D Mercury Dime which is listed at $1000 in Good Condition in the 2015 U.S. Redbook,

        Outside of these two coins, not too many key dates of such value in the U.S. Dime series.

        To conclude.... I believe a collector can put together a pretty good set of U.S. dimes at reasonable prices. For the coin collector, give this consideration........

Larry Nakata

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List of Coins Submitted for November 3rd Live and Silent Auctions

From Bud Billoon (for Live Auction):

1. 1884 Indian Cent NGC XF45 Minimum Bid (MB) 20

2. 1829 Liberty Capped Bust 10c ANACS G-4 MB 30

3. 1856 Seated Liberty 25c ICG VF20 MB 35

4. 1877-CC Seated Liberty 10c ICG XF40 MB 60

5. 1916-P Mercury 10c ANACS MS64 FSB MB 60

From Bill Fivaz (for Live Auction):

6. 1853 Large Cent VF MB 19

7. 1945-S Walking Liberty 50c MS64 MB 50

8. 1882-O/S (Strong) Morgan $1 AU-58 MB 74

9. 1951 Mint Set (15 coins, not in orig. cardboard). MB 275 Note: Gray Sheet price on 1/2 normal set- $812.50).

10. 1960 Mint Set ("B" Rev 25c) MB 55

From Bill Fivaz (for Silent Auction):

1.1854 Large Cent Fine (No Minimum Bid)

2. 1940-D Lincoln Cent MS-66 Toned (No Minimum Bid)

3. 1947-S Roosevelt Dime BU P/L- scarce (No Minimum Bid)

4. 1878-S Morgan $1 MS63 (P/L) (No Minimum Bid)

5. 1885-P Morgan $1 MS63 (P/L) (No Minimum Bid)

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ANCHORAGE COIN CLUB

November 3rd RAFFLE

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

Purchase and Drawing at the monthly meeting.

2009-P Lincoln Commemorative Bicentennial Proof Silver Dollar Graded ANACS PR70 DCAM

 

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ANCHORAGE COIN CLUB
MEMBERSHIP APPLICATION

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ADDRESS :_________________________________________________

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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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