Miami Valley Coin Club

Dollar Bill or Dollar Coin?

NPR recently ran an interesting story on the economics of keeping the dollar bill versus replacing it with the unloved dollar coin. In recent decades several countries, including Canada and the United Kingdom, have dropped their lower value bills in favor of coins. You can hear the NPR story here; what do you think?

Old Nickels

The nickel five cent piece has been around since the Civil War. Its almost century and half long run, however, might be coming to an end, at least with its current composition of 25% nickel and 75% copper. The metal in each coin is now worth more then the face value of the coin – it currently contains $0.0546 worth of copper and nickel. The U.S. Treasury handed down regulations several years ago prohibiting the melting and exportation of the coin, but the Treasury has also been authorized to explore making the coin with other materials. Speculation is that we might eventually see a steel nickel (or would that be a stickel), much like its Canadian counterpart north of the border.

 If the day ever comes when the current coin is replaced with a new metal, it’s safe to say that the common Jefferson nickel we’re all familiar with will begin to disappear into the melting pot, becoming less common in the process. This would deprive us of one of the more interesting series for new collectors. TheJeffersonwas first introduced 1938 and, when compared to our other circulating coins, seems to have a larger number of older pieces in circulation. Just how many, though, we don’t know.

 One of our members did a recent survey to find out. He picked up rolls totaling 4,160 coins from local banks to see what they contained. Because the series represents almost 75 years of issues, he decided to only look for coins made prior to 1970, focusing on the first 30 years of the series. Here’s a list of what he found 

He found 298 coins dated before 1970 in the sample, or 7.16% of the total. Nickels were found from each of the four decades, including a Fine first year of issue 1938 and two well well worn silver war nickels. The most common nickels were the 1964 and 1964D issued over a couple of years during the mid -1960s coin shortage. Those two dates alone made up over half of the coins found.

 So what does all this mean? Well, it would seem to say that you still have a pretty good shot of putting together a collection of most Jefferson nickel issues from circulation; it’s neat to think that you can even find silver war nickels after all these years. It also shows you what we can lose if we ever do see the melting of these coins. I doubt they will ever be rare, but you will see them vanish from your pocket quickly. Might be a good time to start working on that collection…

New Quarters

Coin collectors have observed that one of the ways to measure the economy’s health is to take a look at the coins in your pocket. If you have new, shiny coins it probably means good times – expanding economies need generate a need for more coins and currency. Conversely, bad times have meant not so many new coins in circulation; historically, some of the lowest mintages have occurred when the country was deep in a recession or depression. When people aren’t spending, the old coins on hand will be more then sufficient for their needs.

 The recent Great Recession officially began in December 2007 and ended in June 2009. The strong aftershocks, though, have been with us for some time; it looks like the economy is only recently showing sustainable strength. How has that been reflected in our circulating coinage?

 In September 2010 one of our members did a survey of some 650 quarter dollars then in circulation. He found that quarters dated 2008, including the final state quarter forHawaii, were well represented. There were 48 2008 quarters, or almost 7.4% of the total. Beginning with 2009, though, the numbers shifted. There was only one quarter for 2009, the year of the DC and Territorial quarters, in the sample, or 0.15% of the total. There were no quarters from 2010, the first year of the ten yearAmericathe Beautiful quarter program (you can find a complete description of what was found here).

 In March 2012 the same member recently surveyed another, larger sample of quarters, looking at 1600 different coins. The emphasis on this search was to see how many 2009 to 2012 quarters were in circulation. A higher percentage of coins in circulation would indicate a relatively healthier economy.

 12 quarters dated 2009, 2010, or 2011 were found in the sample, equaling .75%. No quarters dated 2012 were found. While the percentage was up from the earlier sample, it still pales when compared with the final year of the state quarters. This would seem to indicate that economic growth is not yet robust enough to pull newer quarters out of storage and into circulation.

 Here’s a list of what was found in the newer sample:

 2009: DC-P (2), Puerto Rico-D (1), Guam-P (2)

2010:Mt.Hood-P(1),Mt.Hood-D(1), Grand Canyon-P (1), Yosemite-P (1)

2011: Glacier-P (2), Gettysburg-D (1)

Time To Get Ugly!

Roll out the red carpet – it’s time for the Dayton-Kettering Coin Club’s third annual Ugly Coin Contest! The premier contest of its kind in northern Southwestern Ohio, the DKCC-UCC strives to find the nastiest, scariest, most MS-Ugly numismatic item around – sort of an April Fool’s commentary on registry sets, none graded higher, etc. At our April 5th meeting, we’ll be awarding prizes for both the ugliest coin, as well as the ugliest short set (cent, nickel, dime, quarter – don’t have to be the same dates). The rules are pretty simple:

 – Coins must be found in circulation (parking lots, backyards, couch cushions, piggy banks, rolls from the bank, etc. all count)

– You can’t damage it more – no making it worse then it already is!

The judges will be awarding up to 5 points in each of the following four categories: severe wear (slick is best), mutilations (drilled, hacked, bent, etc.), corrosion (just how long was that thing buried), and discoloration/gunk (eww, that looks like my dog ate it). So that’s a maximum of 20 ugly points per coin; grades for the set will be an average of the four coins.

So start looking for your entries now – you could be the 2012 Ugly Winner!

Coin Books at Dayton Metro Library

For the second year in a row, the Dayton-Kettering Coin Club is getting ready to donate numismatic books to the Dayton Metro Library. Using a program funded by the Central States Numismatic Societywe’re able to buy books and make them available to the public through our great local library system, helping people learn more about their coins and promoting involvement in the hobby. Last year, we contributed books like the Encyclopedia of U.S. Gold Coins, Numismatic Art in America,  The Authoritative Reference on Commemorative Coins, 1892 through 1954, and others. The Dayton Metro Library already had a good selection of books; we want to make it stronger.

The books we’ve donated are housed at the Wilmington Stroop Branch of the library, while other books are spread across the system. You don’t need to travel, though – the library is happy to bring the books to your local branch. Go on line at daytonmetrolibrary.org and look up the book you want want in the online catalog (might start with a search for coin collecting). You can then reserve the book and have it delivered to any one of the 20 branches across Montgomery County. If you don’t have a card, hustle down to the branch nearest you and pick one up, and then get ready to do some serious numismatic reading.

Hank Spangenberger Dies

Long time Dayton-Kettering Coin Club member Henry “Hank” Spangenberger died this past week. Hank joined the club as a 15 year old back in 1947 and was Member No. 121. Locally, he  served a number of roles over the years with the club, including at least one stint as President. Hank’s numismatic career covered a great deal of ground. He was a prominent dealer, noted author, important leader of the American Numismatic Association, and the only Daytonian to serve as a member of the United States Assay Commission. While his health prevented him from fully participating in the club in recent years, his years of service leave a proud legacy. Our condolences to his family and many friends. You can read Hank’s obituary here.

Do You Know What Barbers Are?

No, not the guys who cut hair (well, maybe yes, but that’s not part of our hobby). Barber’s are the dimes, quarters and halves designed by Charles Barber, Chief Engraver of the U.S. Mint and issued from 1892 to 1916. The term can also be extended to include the Liberty nickels produced from 1883 to 1912. These turn of the last century series were eclipsed by the coinage of the “American Renaissance”, but have developed a loyal following of their own over the years. We’ll hear a presentation on these interesting coins, minted during the years of Free Silver, Remember the Maine, and The Square Deal, at our meeting on March 1. If you’ld like to do some homework prior to the meeting, I would recommend that you consult the free literature at the David Lawrence Rare Coins Blog site, a treasure trove of info for the Barber enthusiast.

Next Club Auction Almost Here!

Our next club auction is scheduled for our next meeting on Thursday, March 1. Here’s your opportunity to pick up some interesting coins from your fellow club members at interesting prices. To participate in the auction, you need to:

1 – be a member of the club (you can join at the meeting).

2 – be prepared to pay at the conclusion of the auction..

Remember, the club keeps 10% of the proceeds to help fund activities such as the book purchase.  Come, be a part of a fun meeting, and add some great items to your collection.

US Mint TV

The United States Mint has put together a number of videos highlighting goings on within the nation’s coin factory. This one highlights the Mint’s assaying operations; pretty interesting from a technical point of view. There are currently eight of them on YouTube and are well worth watching.

Don’t Do This!

So, if you had one of these would you try and spend it? Really..? Really…? No, I didn’t think so, but you’re smarter than that. Here’s a story about someone who isn’t.

The Big Club Show is on January 8!

It’s less then a month to the biggest coin show held in the Dayton area! The Dayton-Kettering Coin Club Show is scheduled for Sunday, January 8, 2012  from 10:00 AM to 4:00 PM at the I.U.E. Hall at 1675 Woodman Drive in Dayton. This is the area’s premier numismatic event, with vendors from across the region coming to town to buy and sell. Whether you’re a veteran collector or a newbie, someone who’s into American or foreign material, love banknotes or medals, you’ll find something to bring a big collecting grin to you face. You can find more information about the show here; DON’T MISS OUT!

P.S. Dealers, it’s still not too late for a table. contact our friend John Eckman of Dixie Coins and Stamps  to get an application and guarantee your spot -you can reach John at 937-294-0601, dixiecoins@aol.com

An Infamous Date

December 7, 2011 marked the 70th anniversary of the attack on Pearl Harbor. As fewer and fewer people have first hand memories of the global disaster that was World War II, it’s interesting to learn something of the fear and panic, as well as the anger and grim determination, that gripped the United States in the opening months of our involvement. For a numismatic perspective, you can find out how the federal government, fearful of a possible Japanese invasion, called in all US currency in Hawaii and replaced it with new, specialized bank notes. For a broader perspective of World War II numismatics, take a look at Schwan and Bolling’s excellent book on the subject, World Ward II Remembered, History in Your Hands.

Buy the Book…

Over a year ago, we posted a story about the discovery an original inventory of the famed Col. E.H.R. Green Collection. At the time, the discoverer wondered what that document might be worth. Well, now you can find out. That inventory, along with a wide range of numismatic literature and related items will be offered by the firm of Kolbe & Fanning, Numismatic Booksellers, at their January 7 auction in New York. Visit their website for a PDF copy of the catalog and check out page 84 for the story (and estimated price) behind this important numismatic document.

Isn’t it interesting that one of the premier dealers in numismatic literature is located just up the road in Gahanna, Ohio?

Holiday Dinner Thursday, December 1

The DKCC’s Annual Holiday Dinner is Thursday, December 1 at 6:00 at Tumbleweed Southwest Grill located at 2030 East Dorothy Lane in Kettering (click here for map). All members and their guests are invited; this is our chance to share a little conviviality during this busy time of year. Hope to see everyone there!

Happy Thanksgiving 2011

Happy Thanksgiving to all the members and friends of the Dayton-Kettering Coin Club. We hope you have much in your life to be thankful for; we’re grateful for the friends and fellowship our club offers.

Central States Seminar Announced

Our good friend Dave Heinrich, a member of the Board of Governors of the Central States Numismatic Society, made a special visit to attend our November meeting to announce that their Spring Numismatic Seminar will be hosted by the Central Ohio Numismatic Association in Westerville on May 5, 2012. The focus will be on Civil War coins, tokens and sutler tokens. Speakers include Norm Bowers of St. Louis, Dennis Haskett of Noblesville, Indiana, and Cindy Wibker of Lake Monroe, Florida. More information and a mail in registration form can be found here.

Dave advised us that, even though the seminar is scheduled way over on the other side of winter, it would be wise to get your registration in quickly in you want to attend. These are popular programs and tend to fill up quickly. Let’s make sure the DKCC is well represented; get your registration in the mail today!

And while you’re at it, are you a member of Central States? It represents collectors from across the Midwest, hosts one of the better regional shows in the country, puts out an excellant quarterly magizine, funds the book donation program that we used earlier this year, sponsors a scholarship to the Summer Seminar educational program hosted by the American Numismatic Association in Coloardo Springs, and all sorts of other stuff. DKCC is a member club of Central States. If you’re interested in joining as an indiviual member (highly recommended), complete this application and mail it in today!

November Meeting Great Success!

What a great meeting with a big turn out! The DKCC met at the new Liberty Gold and Coin in Springboro, hosted by Richard and Tammy Hana. We had a great presentation on large cents by a well known and experienced collector –  she generously her extensive knowledge and love of early coppers with all present. We even had a young numismatist make his first large cent purchase from the Hana’s (our expert said he had a great eye for quality). Thanks to all for their participation and enthusiasm!

If you’d like to learn more about America’s big coppers, check out the following:

Early American Coppers

Dealer Shawn Yancey’s web site

A June, 2011 video market report on large cents 

Large Cents at November Meeting

Last month we had an excellent presentation on Liberty Seated Quarter Dollars. We’re continuing our focus on classic  American coins at our November 3 meeting when we hear what promises to be a great talk on later date American large cents. Minted from the foundation of the republic through the eve of the Civil War, these coins were a foundation of daily commerce during the first half of the nineteenth century. They’ve endured since then as a highly collectible, highly popular series in the numismatic community. Join us on November 3 to learn more about this fascinating coin.

November Meeting at Liberty Gold and Coin

We’re taking our November meeting on the road! Richard and Tammy Hana of Liberty Gold and Coin in Sprinboro will be hosting our next get together on Thursday, November 3 at 7:00 at their new store. They would like to extend their hospitality to us, so let’s make sure we have a great turnout. You can find Liberty Gold and Coin at 253 West Central Avenue (State Route 73) in Springboro. Here are the directions from our normal meeting location at Town & Country. See you at Liberty on November 3!

Sunken Treasure

Here in southwest Ohio our access to sunken treasure is somewhat slim – I found an old Robin Hood Cream Ale can while scuba diving at the old Sportsmen’s Lake in Cedarville years ago, but not much else. Maybe that’s why the following pieces that appeared in a recent issue of the E-Sylum are so interesting. The first details a website devoted to the wreck of the 1715 Spanish Treasure Fleet. It’s fascinating to see what’s come up off the ocean floor after almost three centuries. The second is from the same issue and tells the story of the SS Gairsoppa, a British cargo ship torpedoed by the Germans in WWII. The Gairsoppa went to the bottom with some 7 million (yes, that’s million) ounces of silver on board. Hmm, I wonder if there’s any submerged loot in the creek out behind my house…