Miami Valley Coin Club

1963-B $1 “Barr” Notes

Joseph Barr served as Secretary of the Treasury only 28 days, from 12/21/1968 to 1/23/1969. The thought would be that Federal Reserve Notes with his signature would be rare. Not true!

The notes were produced for only 5 Federal Reserve Districts: New York, Richmond, Chicago, Kansas City, and San Francisco. However 471,200,000 notes (including star notes) were issued. Given this number and the fact that they were printed less than 50 years ago, they are quite common.

What is different about the 1963_B $1 series is that it was the last series to include the old Treasury Seal that had its inscription in Latin:

THESAUR.AMER.SEPTENT.SIGIL ( “The Seal of the Treasury of North America).

The new seal is inscribed in English and has been in use since 1968.

September 6, 2018 Meeting

Our next meeting is two days away. We will be having our monthly coin auction so be ready to sell or buy. There will be some great deals to be had!

$2 Bills – Five Basic Facts You May Not Know

1. Thomas Jefferson is not the only person to appear on a $2 note. Alexander Hamilton was on the 1862 Legal Tender Note. Winfield Scott Hancock appeared on the 1886 $2 Silver Certificate. William Windom was pictured on the 1891 $2 Silver Certificate. Civil War General James McPherson was represented on the 1891 Treasury (Coin) Note. And then there was some guy named George Washington on the 1899 $2 Silver Certificate. Then there was a lady named Science on the face of the 1896 Educational Series $2 Silver Certificate.

2. When you visit Monticello, Jefferson’s home, you will receive a $2 bill as change when making a purchase of a tour ticket or souvenir.

3. When attempting to fit the picture of the signing of the Declaration of Independence on the back of the 1976 $2 Note, the signers on the extreme left and right in the picture where omitted.

4. The image on the back of the 1976 Note is NOT the signing of the Declaration. It is the representation of the Declaration being PRESENTED to the Continental Congress.

5. Yes, they still produce $2 bills! The Bureau of Engraving and Printing print them in Fort Worth, Texas.

The Dahlonega Mint

After the discovery of gold in the 1820’s in the region of northern Georgia, citizens began clamoring for a regional mint to coin their gold. Their yearnings fell on sympathetic ears in Washington D. C. In 1835 President Andrew Jackson signed into law a bill establishing mints at Dahlonega, Georgia and Charlotte, North Carolina.

Set to open in the spring of 1837, construction problems delayed the opening until February of 1838. It took until April for the mint to receive enough gold ingots to begin coin production.

Dahlonega produced only half-eagles in 1838 and today an 1838-D half-eagle in VF condition is worth about $4,000.

The first quarter-eagles were coined in 1839. Less than 14,000 were struck. What is unusual about the 1839-D quarter-eagle is that they are all overdates (1839/8). Today, an 1838/9-D quarter-eagle is worth about $5,800 in EF.

The Dahlonega Mint operated until the Civil War broke out when it was seized by the governor of Georgia, Joseph E. Brown. By war’s end, Union troops had recaptured the mint, which although never again used to coin gold, remained open until being officially closed in 1873.

Next Club Meeting August 2

Our next meeting and club auction will be next Thursday, August 6th. Plan to attend and maybe sell something or buy something new for your collection.

See a Penny…

Everyone collects or collected pennies (cents) at some time during their life. Well, you ain’t got nothing on this guy! Check out this video

You’re Kidding, Right?

When Liberty Nickel production was started in 1883, the first type did not have the word CENTS on them. Most people have heard about “Racketeer Nickels”, where unscrupulous individuals reeded the edge of the no-cents nickel, plated them with gold, then passed them off to unsuspecting merchants as $5 gold pieces.

The Mint caught on to this fairly quickly (about 5 million coins into the run, if that’s quick) and added the word CENTS to the reverse. The racketeers kept the Secret Service quite busy chasing down the passers of these nickels.

No one is sure who the first “racketeer” was.  Many writers at the time related that a man named Josh Tatum was arrested and convicted of passing these plated golden nickels. What you may not know is that this is where the term, “You’re joshing me!” originated.

Would I kid you?

On June 10, 1652…

In Massachusetts, silversmith John Hull, at age 28, opened the first mint in America, in defiance of English colonial law. The first coin issued was the Pine Tree Shilling, designed by Hull. This mint produced coins from 1652 to 1682 (or 83). As compensation, Hull was allowed keep 6 percent of all the silver he minted.

The deal was a sweet one. In England, the official mint-masters of the Crown were allowed to keep about 3 percent of the currency they struck – and they still got rich.

Thursday June 7 Meeting

From James Willis:

“William T. Gibbs ( managing editor @ Coin World ) has graciously agreed to be our guest speaker, be sure to attend I’m sure it will be an interesting presentation.”

Bring yourself and invite guests as this will be an outstanding meeting!

On June 6, 1872…

She was arrested, convicted, and fined for casting a vote in a Presidential election in her hometown of Rochester, New York. When she refused to pay the fine, authorities declined to take further action against her.

She traveled extensively, giving anywhere from 75 to 100 speeches per year. Because of her and a friend, Elizabeth Stanton’s hard work, Senator Aaron Sargent (R-CA) introduced to Congress the Nineteenth Amendment to the U.S. Constitution, the amendment that gave women the right to vote in U.S. elections. The amendment was finally ratified in 1920, fourteen years after her death in 1906.

In 1979, Susan Brownell Anthony became the first actual woman to be depicted on U.S. coinage, the Susan B. Anthony dollar.

Next Club Meeting & Auction

Thursday June 7th is our next meeting and club auction.

Make plans to attend. The public is invited.

A Veteran’s Grave & A Coin

In America, the practice of leaving a coin on a veteran’s gravestone became widespread during the Vietnam War era. Because of pro and anti-war sentiments in the ‘60’s and 70’s, many fellow soldiers chose to leave a coin on their buddy’s gravesite. The coin was to represent the “down payment” for the next round of drinks when they were reunited.

Today, the denomination of the coin left signifies how close the personal relationship was between the fallen and the still living. A penny means you visited, a nickel means you were together at boot camp. A dime shows you served together and a quarter signifies that you were with them when they died.

Many cemeteries gather the coins left on soldiers’ graves and use them to pay for burial of veterans in need. So why not give a coin salute when you visit the cemetery this year? You’ll be paying your respects and letting someone in the family know you visited. Let’s carry on a wonderful, time-honored tradition.

May 23: Lucky Penny Day

Test your knowledge of pennies, cents, and other single denominations.

1. Large cents were last minted in what year?

2. Name the former British colony that issued a one-cent piece of paper currency and what year was it printed?

3. Why was Abraham Lincoln chosen to be the first President to appear on a regularly circulating coin in 1909?

4. The safety bicycle was developed in the 1800s as an improvement over what type of bicycle? Why was the earlier bicycle given that name?

5. What is a “pickle barrel” cent?

6. What nickname was given to Indian Head cents before 1866?

7. In what year did Canada mint a commemorative cent and what was the occasion?

8. Besides their composition, what is the other difference between copper alloy and copper-plated zinc cents?

9. Fugio cents were minted in 1787. What does the word “Fugio” mean and who was given credit for designing the coin?

10. The 1909-S V.D.B. has the lowest mintage number for the Lincoln cent series. What is the cent with the second lowest mintage number?

Answers

1. 1857
2. Hong Kong in 1961
3. The 100^thanniversary of Lincoln’s birth.
4. Penny Farthing: the large front wheel was reminiscent of a British penny compared to the smaller back wheel.
5. Large cents that were thrown into pickle barrels that cause the pickles to turn a brighter, more appetizing, green color.
6. Nickels or Nicks – because the planchets contained nickel.
7. 1967 – the 100^thanniversary of the Canadian Confederation.
8. A weight difference: copper alloy 3.11 grams; copper-plated zinc 2.5 grams.
9. Fugio – time flies; Benjamin Franklin
10. 1931-S; only 866,000 minted

Have You Ever Been Given A Wooden Nickel?

The proverbial wooden nickel has been around since the 1930’s. As a matter of fact they are a direct result of the Great Depression. Read on!

Due to the failure of a bank in Tenino, Washington on December 5, 1931, a severe shortage of money occurred in the region. To replenish their cash drawers, merchants would have to travel about 30 miles across treacherous mountain roads in cars ill suited to that purpose. The average round trip took up to four hours. A meeting of the town’s Chamber of Commerce resulted in a local newspaper printing up the first issue of wooden money in the U.S.

The first wooden “coins” were issued in 1933 in Blaine, Washington when the town’s bank also failed. Soon after that the issuing of wooden coins in the Pacific Northwest gained momentum.

As our country moved ahead in the later 1930’s, and the Great Depression continued, the use of wooden money “grew” if you’ll pardon the pun. In Chicago in 1933, the first use of wooden nickels as souvenirs occurred. In 1934 wooden nickels began to be used as advertising pieces. In 1938 the J. R. Roger’s company of Fostoria, Ohio obtained a copyright for their design of wooden money. Even Canada got in on the act. Among their wooden money was the Spruce Dollar from British Columbia.

Today wooden nickels are everywhere. Beer companies use them. Fast food companies such as Dunkin’ Donuts, Pizza Hut, Dominos, Church’s, and even Burger King issue souvenir “wooden nickels”.

And speaking of King, there are even wooden nickels with “The King”, Elvis Presley on them.

Next Meeting This Week

Our next club meeting is this Thursday, May 3rd at 7:00pm.

Don’t forget our club auction. No buyer’s or seller’s fees. Just a lot of fun!

The Other Silver Dollar

The Coinage Act of 1873, introduced into Congress by Ohio Senator John Sherman, was to revise the Mint Act of 1837. In addition to authorizing the end of the minting of Liberty Seated Dollars, it outlawed the right of holders of silver bullion to have their metal struck into silver dollars. It also eliminated the minting of the two-cent piece, the three-cent silver, and the half-dime.

The Act authorized several new coins including the mostly ignored Trade Dollar. The Trade Dollar was never meant to be used in the States. It was intended to compete with the Mexican dollar in Southwest Asia and China, where it eventually gained some popularity.

As supplies of Trade Dollars increased, they began to enter in circulation in America. They were larger than the old Liberty Seated Dollars, but often traded for less than a dollar. In 1876, Trade Dollars were officially demonetized. They continued to circulate and under the Coinage Act of 1965, they were re-monetized.

Trade Dollars were struck from 1873 through 1878. After that they were only struck as proofs from 1879 to 1883. It is strange that for the years 1877 and 1878, Trade Dollars were struck by the mints even though they had been demonetized.

The obverse is described as a female figure, facing left toward the Orient, seated on bales of merchandise, holding in her left hand a scroll bearing the word ‘Liberty’. At her back is a sheaf of wheat, expressing, with the bales of goods, the commercial character of the coin: the right hand extended holds the olive branch. The reverse depicts the bald eagle holding three arrows in the right claw and an olive branch in the left (this is the reverse of most other U.S. silver coins of the era).

Trade Dollars are often found with “Chop” marks, Chinese marks stamped into the coins as a way of validating their silver content. In addition to the popularity of collecting Trade Dollars with “Chop” marks, there are also examples called “potty” dollars. Someone took the time to hand-carve an image of a women sitting on a chamber pot. These types are often collected by people who value hobo nickels and love tokens.

What It Takes to Make a Great Collector

Don’t think you will ever amass that great of a coin collection. Read on!

He was a man of ordinary means who lived in Rochester, New York, with his wife and three children. He was born in North Carolina in 1913 and moved to Rochester in 1936 to work for the Eastman Kodak Company, a job he held for most of his life.

He pursued numismatics with a passion and was active in local, state, and regional coin clubs. He read hundreds of books about rare coins and studied the subject with fervor. He eventually became president of the American Numismatic Association.

His story demonstrates that you don’t have to be wealthy to enjoy the great hobby of numismatics. He was a man of humble beginnings and modest means, working hard to pay his bills and raise a family. In fact, he lived in the same small home in a mostly blue-collar neighborhood from the late 1930’s, until his death in 1996. His wife of over 50 years taught mathematics in the public school system.

His collection contained none of the so-called classic rarities, such as the 1804 Dollar or 1913 Nickel. A working man could never have afforded “trophy coins” like these.  Instead, he concentrated on coins he felt were underappreciated and true rarities in their own right.

After he died in 1996, a series of auctions were conducted from 1997 to 1999 to disperse his lifetime accumulation of rare coins. The total proceeds from these auctions exceeded $30 million. A little known fact about the collection is that his original investment was less than $75,000. He was truly the consummate collector.

Some of the rarities in the collection included:

1822 Proof Capped Bust Quarter, purchased for $42 in 1948, sold at auction for $110,000

1852 Proof Liberty Seated Quarter, purchased for $50 in 1953, sold for $176,000

1839 Proof Reeded Edge Capped Bust Half, purchased for $725 in 1961, sold for $132,000

1846 Proof Set, purchased for $750 in 1949, sold at auction for $522,000

1833 Proof Capped Bust Half Eagle, purchased for $562 in 1954, sold for $550,000

Building a great collection: knowledge, timing, and willingness to take a calculated risk. The collector: John Jay Pittman

Inscribed Currency

A Series 1891 $5 Treasury note coming up for sale at Heritage’s May 1 auction in Schaumburg, Illinois, has a somewhat odd distinction: It shows the signatures of two treasurers of the United States, one above the other, and it’s not a mistake. One of them is a courtesy autograph that makes what is already an extraordinary note exceptional.

The autograph is that of John Burke, treasurer of the United States from April 1, 1913, to Jan. 5, 1921. It is to the left of the seal and above the facsimile signature of Enos H. Nebeker, treasurer from April 25, 1891, until May 31, 1893.

The Friedberg 362 note bears the serial number B1, and is graded New 62 by PCGS Currency. It is the only serial number 1 example possible for the note, since B is the only serial number prefix used for the issue. The star after the number predates the use of stars to designate replacement notes. Here, it was used as a security device to prevent alteration of the serial number.

U.S. currency notes with writing on them, commonly called “inscribed bank notes”, is another specialty subset of currency collecting. While there are many collectors of “short snorters”, notes that GI’s created during WWI, WWII, and the Korean wars, there are many other collectible examples of “inscribed” currency. The note above is just one example.

I have seen many examples of notes with the actual autograph of the current U.S. Treasurer inscribed above his or her facsimile autograph. This 1891 Treasury note first sold in 1944 for just $42. It remained off the market until 1963. Now it will be on the auction block in Schaumburg this May.

There are several examples of these “inscribed” notes currently on eBay. One has President Trump’s and Vice President Pence’s autographs on it and is listed for only $1,499.00 (or the best offer).Happy bidding everyone!

Our Next Meeting

This Thursday is the next meeting of the Miami Valley Coin Club.

Remember our club auction takes place every meeting this year. Bring any coins that you are willing to part with, another member may be looking for just that coin. You can download an auction form on our “Downloads” page.

Why Is The Dime So Small?

Studying the history of US coinage will give you the answer. The simple explanation is that a coins size and weight were proportionate to the value of the precious or base metal it contained. In the late 1800’s when the final size and weight of silver coins was established the silver half dollar weighed 12.5 grams and consisted of 90% silver and 10% copper. A quarter being equal to half the value of a half dollar would then weigh 6.25 grams of the same composition of 90% silver and 10% copper. A dime being equal to 1/5th the value of a half dollar then weighs 2.5 grams of the same silver/copper alloy.

They could have made the dime with a larger diameter, but then it would be very thin and susceptible to bending easily and not hold up to circulation. The original 5 cent coin was made of silver and was called a half dime, which was half the weight of it’s bigger brother the dime. The One Cent coin was made from a base metal of copper. The weight of the copper was equal to one cent worth of copper. It too had a smaller sibling the half cent again, weighing half that of it’s larger counterpart.

As we approached the time period in which the final size and weight of the silver coins, the one cent coin had to be reduced in size to be closer to it’s actual melt value of copper. The half-dime was discontinued and replaced be the 5 cent piece. This five-cent piece was made of a copper nickel alloy that remains the same today. At the time of it’s introduction, the base metals of the 5 cent coin were equal to it’s face value. So it was of course larger than the dime, which of course was made of precious metal. In short, the coins weight were all related to the value of the metal they were composed of.

In 1965 when we transitioned from silver coinage to the current clad composition. The vending industry essentially forced the US government to produce a coin of similar size and weight as its predecessor so that it would work in the vending machines of that time. So out of necessity the dime, quarter and half remained the same diameter yet with a slightly lower weight, that fell within the tolerances of the mechanical verifiers of the vending machines of the time.

Finally because we are a group of people full of traditions, the current coins have remained the same size they have been for well over 100 years. So to answer your question about why the dime is still so small and the nickel so big? Tradition…