Montgomery County Coin Club

March 2003 Bulletin - Early Web Edition

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MC³ = Numismatics!

Next Meeting: Tuesday, March 11, 2002

February Meeting Report

Announcements

Treasurer Simcha Kuritzky reported on Club finances, which remain sound. He noted that the ANA will hold its Spring Show in Charlotte at the end of February, and in Baltimore in August. Simcha also announced that the Maryland State Numismatic Association will award a $50 gift certificate for the best published article of the year; ask him for further information about this.

President Wayne Mitchell thanked Danny Henderson for re-doing the list of Washington area coin clubs, a flyer available for distribution via coin stores and other outlets.

Lena Scorza has taken over as Raffle Ticket manager and Door Greeter. A round of applause was given to Willy Massey who served in this job for the past two years.

Don McKee, the MCCC representative to the Senior Citizens Center, distributed forms for Club members to fill out on behalf of the Center. These will help the Center defend its budget and expand its operations.

Exhibits

• Herb Hall showed Canadian pieces commemorating the Chinese lunar Year of the Ram.
• Lena Scorza displayed some recent acquisitions, including an 1858 small letter Flying Eagle cent (MS-62), four medieval Bulgarian coins (three silver, one copper), and a book describing them.
• Simcha Kuritzky exhibited a South African "Natura" set of gold coins --- 0.1 to 1.0 ounces, with different animals each year. In 2002 the animal is a cheetah, and the coin set came with a silver cheetah amulet. Simcha noted that these coins are rather expensive when bought directly from the South African Mint, but that they can often be found for less in the aftermarket, e.g., on eBay, etc.
• Ken Swab showed a $1 bill and a Jefferson nickel, and discussed current legislation relating to each. As part of the FY03 Omnibus Appropriations bill, Ken reported, the Congress has enacted legislation prohibiting the Treasury Department from spending any money on redesign of the $1 bill thru September 30, 2003. The House on Thursday (14 February) was planning to take up a bill to permit the redesign in 2003, 2004, and 2005 of the nickel --- with the reverse commemorating Lewis and Clark's Expedition, the Louisiana Purchase, etc., and the obverse showing different portraits of Thomas Jefferson. In 2006 the reverse would return to showing Monticello. (Update: "As part of the FY03 Omnibus Appropriations bill, the Congress has enacted legislation prohibiting the Treasury Department from spending any money on redesign of the $1 bill thru September 30, 2003. The President is expected to sign the bill [in the third week of February]. The House Financial Services Commitee adopted by voice vote the American 5-Cent Coin Design Continuity Act of 2003 - H.R. 258. Introduced by Rep. Eric Cantor (VA), the legislation would allow for a four-year redesign of the five-cent coin to recognize the Louisiana Purchase and the Lewis and Clark expedition. An amendment was adopted to make technical changes.")
• Frank Palumbo of the Washington Numismatic Society (WNS) discussed the design process for the 75th Anniversary WNS commemorative medallion. Medallic Arts was the company that produced this piece. There were 100 bronze medals struck ($35 each) and 25 silver ($55, but all are already spoken for). No medals were produced in gold. Frank exhibited a bronze medal from the 50th WNS Anniversary, along with a 50th Anniversary booklet.
• Gerry Grzenda displayed and discussed a medal/badge of "The Most Excellent Order of the British Empire", the lowest class of such. Its design shows a seated figure of Britannia. Gerry pointed out the connection with Valentine's Day: a document signed by Edward VII, who gave up the Throne for love. The OBE medal was awarded to Daisy Elizabeth Monroe on 19 November 1935, a few months before George V died and Edward briefly became King. Gerry in addition showed coins of Chile, including a 1968 proof set and other coins commemorating Chilean historical events.
• Willy Massey exhibited 10 "hobo nickels" which he made himself during recent months. Librarian Wayne Mitchell recommended a book on Hobo Nickels from the MCCC Library collection.

Door Prizes & Gold Raffle

• a 1943 steel cent set;
• a 1972 Eisenhower $1;
• a 1945-D Walking Liberty half dollar; and
• a 1928 Standing Liberty quarter dollar.

Door prize winners this month were Jack Schadegg, Danny Henderson, John Chiusano, and Mike Ruggiero. The Gold Raffle was won by Steve Lokey.

The Bison Chip drawing named Frank Stewart, giving him the first "leg" toward the prize. Remember, you must be present when your name is called in order to win a Bison Chip.

The February 2003 MCCC meeting adjourned at 9:18pm.

Julian Leidman on Current Numismatic Issues

• Gold patterns: 46 to 48 of these coins were owned by Dr. John Wilkinson, a surgeon of Springfield Tennessee. Armand Champa did a lovely book about them, and in 1973 Julian saw the book at the Boston ANA convention, at Mike Brownley's table. Julian and Mike went to Tennessee and visited Dr. Wilkinson. The coins were "unbelievable". But all of Julian's attempts to arrange a sale of them were unsuccessful. Finally Paramount International of Ohio bought the set. David Akers wrote a book about the coins, and in 1976 the set was traded to AMARK Financial, in exchange for "Redfield" silver dollars, a collection of rare dates and mints from Nevada. In 1979, Julian recounted, he acquired six of the coins, including an Indian Head double eagle. But interest rates were so high that "I was dying with them." He sold them at auction in 1981, at a loss. The pattern coins bore dates from 1949 to 1907 and included a variety of denominations. The Indian Head $20 gold piece now is worth ~$8 million.
• Collector's Universe: Two weeks ago, Julian reported, "the most amazing development in recent history" occurred. The new CEO of Collector's Universe dismissed Q. David Bowers, famed numismatist, from the company. "To think of the properties Bowers has handled --- to fire him --- it just boggles my mind," Julian said.
• Coin prices: The price of gold has risen significantly in recent weeks, possibly related to the threat of war in the Middle East. This has affected the coin market, perhaps. But coin prices have been wild in any event. The recent FUN (Florida United Numismatists) Show, for instance, had good attendance and much activity, Julian noted. In particular, modern coins and the concept of the "Registry Set" of top-condition coins have caught everyone's attention. "People have been going crazy over these modern coins," Julian said. A 1963 proof cent, the like of which sells for $1 to $2 or so in his store, when encapsulated as a Proof-70 Deep Cameo went for $39,100 at an auction --- yet it has spots on it. As Julian observed, "This has been a very interesting year --- and it's only six weeks old! ... Tulip bulbs --- it sure seems like that to me. ... I can't rationalize it."
• 1959-D mule cent This coin is "very interesting," Julian said. It has a wheat reverse rather than the normal Lincoln memorial design. Julian served on an arbitration panel that studied it, and the consensus opinion was that if the US Treasury says that it's a good coin, then it probably is. Yet a guy in Utah named Hoffman claims to have made it himself! Somebody else who has Hoffman's machinery said he could for $500 duplicate the feat. Julian challenged him to do it, back in November, and thus far hasn't seen the results. Unless something happens to stop the sale, Ira and Larry Goldberg plan to auction the 1959-D mule cent off, but without a guarantee of authenticity.

In response to questions from the MCCC membership, Julian Leidman discussed the decline in the number of auction houses. He noted that "people are holding their collections for a much shorter time" --- a few years, instead of decades as they used to. Julian also suggested that most of the Commemorative US Quarter series collectors are "grandparents", not young people themselves. He sees many fewer kids in the hobby today than were into coins in the 1950's and 60's.

Julian Leidman concluded his talk with an open invitation for any of the audience to visit him at his store, any time. He's always happy to talk about coins!

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