Montgomery County Coin Club

July 2001 Bulletin - Early Web Edition

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MCCC: A Collector's Club for the New Millennium

Next Meeting: Tuesday, July 10, 2001

June Meeting Report

MCCC Vice Presidents Ed Russell & Don McKee called the Club to order at 7:18pm on the hot and humid evening of 12 June 2001. About 34 MCCC members were present, including two Young Numismatists (YNs). No first-time visitors declared themselves. (Please invite your friends and family members to join us at the MCCC meeting next month.)

News & Announcements

• Treasurer Simcha Kuritzky reported that Club finances are solid. He invited members to attend the Maryland State Numismatic Association (MSNA) coin show in Baltimore on the weekend of 16-17 June. Young collectors are especially welcome; the MSNA's "Youth Coin Event" on Saturday includes door prizes, lunch, a youth auction, and other special attractions. MSNA raffle tickets remain available at $1 each (or 6 for $5) and offer a chance to win several gold and silver coins. Volunteers are needed to staff the tables at the convention. Simcha also reminded everyone that the American Numismatic Association (ANA) convention in Atlanta is coming soon --- the first full week of August --- and hotel rooms are already scarce.
• Past President Willy Massey was applauded: he has been awarded one of the five scholarships offered by the ANA for its Art of Engraving course, to be held in Colorado Springs in the summer of 2002. Bravo!
• Joe Howard announced that Willy Massey had worked at the State Arbor Day festival, where he set up his Elongated Coin machinery, produced elongated cents with a tree-related theme, and helped introduce numerous children to his favorite aspects of numismatics. Again, Bravo, Willy!
• The US Treasury Department, Bureau of Engraving and Printing, is offering new series $10 banknote numismatic products: a "$10 Premium Historical Portfolio" for $59.95 and a "$10 Premium Federal Reserve Set" for $575.00. See the Treasury's web site, or http://www.moneyfactory.com for details.
• Numismatist Richard Nachbar is sponsoring "A Contest for the Kids" --- including 100 free ANA memberships --- for the best answers to the question "Why do I enjoy collecting?" Essays should be handwritten by the YN, between 50 and 100 words in length, and must be postmarked by 30 June 2001. Send entries to Richard Nachbar, "A Contest for the Kids", 5820 Main Street, Suite 601, Williamsville, NY 14221.

As always, MCCC members are encouraged to submit brief announcements for inclusion in the Bulletin --- for-sale notices, numismatic wish-lists, summaries of recent coin events, or anything else appropriate to this publication. Please pass your submissions to a Club Officer or send them directly to C(l)ub Reporter Mark Zimmermann via z (at) his.com.

Drawings & Prizes

• a 1952 (Denver mint) US quarter dollar (25 cent piece)
• a 1936 US five cent ("Buffalo" aka "Bison" aka "Indian Head" nickel)
• a 1905 US five cent ("V" nickel)

Noteworthy Displays

• Jeff Crockett showed two coins of Nepal, a 1 Rupee of 1981 and a 4 Mohars dated 1971, in recognition of recent tragic events in that country.
• Simcha Kuritzky exhibited a huge bronze medallion, approximately 210 mm in diameter, depicting a lion and the word "Leo" along with the associated Zodiac symbol and the name "P. Vincze", the famous medallic artist. This medal, perhaps a trial piece or a galvano, has mounting hardware on the back. Simcha reported that he acquired it at a recent auction.
• Rob Hickox displayed a "US Mint" 1982 uncirculated set of coins which he explained was not an official product of the Mint. The coins in it are nice enough; the only error Rob saw on the envelope was the use of the word "coins" instead of "coin" on the label.
• Mark Zimmermann exhibited two sets of "Pokémon™ Battling Coin Game" tokens. Each set consists of three heavy brass-colored pieces with a holographic Pokemon label on one side and a raised bump at the center of the other side. These tokens can be spun on the bump when placed on a flat surface. The game is a competition between two players who each spin a coin, stop them in a random orientation, and compare the sectors which then come in contact. There are 151 different tokens, each with a different Pokemon character on it. Mark noted that the game was now available at a deep discount (two sets for one dollar) in local toy stores. He donated some sets to the MCCC for use as future door prizes or other awards, and gave one to a YN at the meeting.
• George McManus showed a Mint bag of quarters which he had ordered successfully online from the Treasury Department's web site. George reported that delivery was relatively fast, 10 days from Philadelphia and a few days longer from Denver. These quarter bags were only available for 72 hours.
• Jerry Grzenda displayed a variety of coins from the German States (1871-1918). He discussed the historical background of the German States --- kingdoms, duchies, princely states, and free cities --- and their monetary system. Jerry also exhibited German medals, including an "Order of Ernestine", a Grand Cross breast star, World War One Iron Crosses (First and Second Class), and a Wound Badge; he noted that Adolf Hitler wore an Iron Cross and Wound Badge. Jerry additionally showed an Order of St. Michael of Bavaria medal and a Coronation proof set issued for the recently-deceased King of Nepal, plus a gold Nepal "Year of the Child" proof coin.

Featured Guest: Julian Leidman

Mr. Leidman began by complimenting the MCCC on its longevity and consistency as a coin club; he suspects that it is one of the most successful clubs in the nation, and invited us to "share our secrets" with others. Julian expressed some concern about the relative lack of growth in the numismatic hobby over the past several decades. He has optimism, however, in the long run, based in part on the State Quarter program and the attraction it has for new collectors.

But until (or unless) things change significantly, Julian reported that he still sees more customers coming into his store to sell coins (from estates or downsizing of their collections) than he sees shopping to buy. He speculates that attendance at coin shows is down in part due to Internet sales of coins. The 'Net is a good thing, Julian feels, for at-home buyers --- but those purchasers miss getting the personal contact that comes from coin clubs, conventions, etc.

Julian Leidman reminisced about some of the great coin shows of the past, and how at least one of them in the Washington DC area has faded away. He had no answer to the question, "What should the Mint do?" to better promote collecting, though again he noted that the commemorative State Quarter program seems to be a great success. Julian suggested that perhaps the year 2009, when the Lincoln cent is a century old, would be the time to change its design or retire the cent entirely --- though that is a political issue and difficult to predict. Julian quoted Senator Paul Sarbanes (D-MD) at a Congressional hearing on coin design changes, where Sarbanes flipped a Walking Liberty half dollar, let it bounce off the table with a healthy sound, and said, "That's a real coin!" So there is hope!

In the overall numismatic market, Mr. Leidman observed that "ultra-rarities" --- coins selling for $100,000 and up --- are strong, as are inexpensive coins. But the middle ground, $50 - $50,000, is still weak. "I know you don't think of a $10,000 coin as 'middle ground'," he said, "but in terms of dollar value they are." Julian speculated that too many large auctions are bringing too many coins to the market at one time, and thereby may be forcing some prices down. He did not believe that "buyers fees" (such as the 15% charged at some auctions) are a significant factor, since purchasers can easily discount their bids to compensate. Julian also noted that markets for world (non-US) coins are strong now, especially in the country of origin for those coins. Medals and currency are also doing well these days.

"Collecting is really very personal," Julian said. "Your enthusiasm is critical. A new person comes in and asks, 'What should I collect?' --- I tell him, 'Just look around!'" Concerning Internet versus in-person sales, Julian noted that buying something face-to-face may cost you more, but you absolutely know you're satisfied with what you're getting. "So maybe it's cheaper to buy coins you've seen and you know that you like," he suggested. Returning coins through the mail is often a hassle.

In response to a question about collecting and the economy, Julian quipped, "Numismatics is luxury. Nobody needs numismatics --- except for me!" ... a comment which drew laughter and applause from the audience. Julian also noted, in answering a question about the poor performance of silver during past decades, "But look at all the fun you've had with the Club here, the cameradeie --- that's worth thousands of dollars!" He concluded his talk with the open invitation, "Pick up the phone and call me any day --- I'll be happy to answer any questions."

Auction & Aftermath

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