Miami Valley Coin Club

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…

A New Page on Our Website

I thought it would be fun to start a monthly trivia quiz page. At our last meeting it was suggested that members contribute trivia questions on things that interested us personally concerning collecting coins, currency, or tokens. I’ll start things off this month, but I could use help for future quizzes. So check out the new trivia page and let me know what you think!

Collecting $1 1957 Silver Certificates… Ho Hum!

But wait all you currency error collectors! One of the most intriguing serial number errors ever printed was on 1957 $1 Silver Certificates.

The top number shows the inverted W

Instead of a “M’ on the upper right serial number there may be an inverted “W”. The error occurred in the MA serial number block. So far, all error notes have a serial number less that M51840000A. The error was created when a “W” was inserted upside down into a prefix letter wheel in place of an “M”. The first of these errors was discovered in 1968 in upstate New York.

What are they worth? Who knows, I guess whatever an error note currency collector is willing to pay.

Annual Club Coin Show

Our annual coin club show is fast approaching. It will be held Sunday March 4, 2018, at Advanced Business Properties (formerly I.U.E. Hall), 1675 Woodman Dr Dayton, OH 45432. It will be open from 10AM to 4PM and admission is FREE!

Please plan to attend. We are expecting a great show, as every available booth is already reserved and there is a waiting list for any cancellations.

Valentine’s Day Romance & Coins

aka. Love Tokens

In this case, a love token is a coin that has been defaced, engraved to a sweetheart, and then mounted on a piece of jewelry. Love tokens became popular in the U.S. about the time of our Civil War.

Being the romantic entity that the Mint is, it blamed love tokens for a shortage of dimes in circulation. Seated Liberty dimes were the primary choice of lovers to use as love tokens, however anything from half dimes to $2.50 and $20 gold pieces were also used. The tokens were made into pins, earrings, necklaces, bracelets and even cufflinks.

One factor in the desirability of the love token is the denomination selected for the love token. Another important factor is the ornateness of the artwork involved. The more detailed and fancy the engraving, the more desirable the love token.

Like anything else in the hobby, there is a club for people interested in collecting love tokens. It is The Love Token Society (www.lovetokensociety.com). The club requires that the tokens be made from coins from circulation and must be hand engraved.

So, are you looking for a gift for your special loved one this Valentine’s Day? Consider giving him or her a love token. That way you can really be buying yourself another piece for your own coin collection… and be thanked for it!

February 2018 Meeting

Our next club meeting is tomorrow night, February 1st.

Another club auction will be held. Buy some great deals or consign coins you want to sell.
No buyers or sellers premiums are charged!

Mint Workers To Strike!

U.S. Mint workers are threatening to go on strike…

They are demanding to make less money!

Think about it!

The Red Book Quiz

By Q. David Bowers from his book Inside The Rare Coin Marketplace: Secrets To Being A Smart Buyer

Are you up on numismatic trivia? Try this quiz. Answers will be posted at the February 1, 2018 club meeting and on this website after the meeting.

Answers Below

1. What did Glenna Goodacre do?

2. Why is February 28, 1878, numismatically important?

3. When was a bison depicted on a Jefferson nickel?

4. What early American coin is called the “Baby Head” variety?

5. Why were there no Liberty Seated coins in circulation in New York City in 1851?

6. Where did John Chalmers privately mint coins?

7. Why is David Parsons, a University of Wisconsin student, mentioned in the Guide Book?

8. What does S.M.V. on the reverse of certain private gold coins mean?

9. What commemorative half dollar was struck at the San Francisco Mint, but had the S mintmark inadvertently omitted?

10. From what date was an obverse die altered to read 1804 for a “restrike” cent?

Answers

1. She designed the obverse of the 2000 Sacagawea Dollar.

2. For the Bland-Allison Act that authorized the Morgan Dollar.

3. 2005

4. A certain 1786 Vermont copper.

5. At the time their melt value was more than their face value and speculators withdrew them from commerce.

6. Annapolis, Maryland.

7. He designed the obverse of the 1936 Wisconsin half dollar.

8. Standard Mint Value.

9. 1925 Fort Vancouver

10. 1803.

Being Different Can Be Fun!

Collectors often focus on the traditional ways of “completing” a set of coins or currency. One of every date and mintmark; each year/denomination created at a particular mint; a birth-year set; a type set; etc. etc. etc. Below are some different ways to collect a “set” of coins or currency.

The Three Set includes: Three-Cent Silver, Three-Cent Nickel, Three-Cent Fractional Note, Three-Cent Encased Postage Stamp, and a Three Dollar Gold Piece.

$1 (or $5 or $10) Silver Certificates by Signature or Series Set: for instance, the 1928 Series $1 Silver Certificates, according to “A Guidebook of United States Paper Money”, contains 12 different signature combinations (if star notes are included).

Designer Sets: collect one of each coin type by the person who designed the coins. A Christian Golbrecht Set would include a Braided Half Cent, Braided Large Cent, Liberty Seated Half Dime, Dime, Quarter, Half, and Dollar, $2.50 Gold Piece, $5 Gold Piece, and $10 Gold Piece.

1^st Year Coined (at a particular mint) Set: a 1^st year Denver mint set would include a $5 Gold Liberty (1906), $10 Gold Liberty (1906), $20 Gold Liberty (1906), Barber Dime, Quarter, & Half (1906), Lincoln Cent (1911), $2.50 Gold Indian (1911), Liberty (V) Nickel (1912), and Morgan Dollar (1921).

Ugly Sets: pick a denomination or type and instead of collecting the best coins you can afford, collect the worst/ugliest examples you can find.

Odd Denomination Coin Sets: Half-Cent, Two-Cent, Three-Cent Silver, Three-Cent Nickel, Twenty-Cent Piece, Three Dollar Gold, Four Dollar Gold, etc.

Same Year – Different Style Set: for example the year 1921 saw a Morgan Dollar and a Peace Dollar; in 1883 there was a Shield Nickel, a Liberty Nickel “no cents”, and a Liberty Nickel “with cents”; in 1938 the Buffalo Nickel and the Jefferson Nickel were both minted.

You don’t have to limit yourself with “standard” collections. Use your imagination and build a unique-to-you set. There’s no “right” or “wrong” way to build a personal collection. Have fun and keep collecting!

More Weird Money Facts

A penny costs 2.4 cents to manufacture.

More than 2 million Americans live on less than $2/day.

The Bureau of Engraving & Printing uses 9.7 tons of ink per day.

51% of lottery tickets are purchased by just 5% of the people who buy them.

Rats ate an estimated $10 billion of Pablo Escobar’s money that he stored in warehouses.

North Korea (aka “Rocket Man”) is the largest counterfeiter of US currency.

The average monthly allowance for American children is $65.

Americans spend $117 billion each year on fast food.

New Club Name – Miami Valley Coin Club

Our new club name beginning in 2018 is Miami Valley Coin Club. this was discussed, voted on, and agreed to at our November 2017 meeting. Our club goal is to regionally expand the interest in our club by growing our membership.

Our next meeting will be on January 4, 2018. The will be a club auction every month this year so plan on attending and picking up some great coins at very good prices.

We’ll see you there! Have a Merry Christmas!

Weird Coins That Are Legal Tender

What is the world coming to?

3D Money – Somalia

All money is three-dimensional but this is carrying it to the EXTREME. How about a pocketful of these coins?

Motorcycles – again, Somolia

A two-sided coin for the biker in you!

This Money Is For The Birds – South Georgia & The South Sandwich Islands

The center penguin is made out of crystal and is surrounded by playful penguins on a silver ring.

Prism Sunbirds – Togo

A prismatic sunbird that flickers and changes color when moved in light.

Pop Up Coin – Cook Islands

The gold plated “Moai” can be moved into an upright position. Gives a whole new meaning to “heads or tails” doesn’t it?

Christmas Party Tonight

Join the fun tonight at the Dayton Kettering Coin Club Christmas

dinner at O’Charley’s near the Dayton Mall on State Route 725 @ 6:00PM

2017 Christmas Party

Just a reminder, our club Christmas party will be held on December 7, at 6:00pm at O’Charleys on Miamisburg- Centerville Rd. Please plan on attending, a good time will be had by all.

U. S. Notes Worth More Than Face Value

1. Low Serial Numbers – any bill with a serial number under 100

Since bills are created at twelve different facilities (Atlanta, Boston, Chicago, Cleveland, Dallas, Kansas City, Minneapolis, New York City, Philadelphia, Richmond VA, St. Louis and San Francisco), there are twelve different bills with each of these numbers on them. Bills with numbers under 100 are highly sought, but collectors are still interested in numbers in the hundreds, and even into the thousands. The lower the number, the more valuable it becomes.

2. High Serial Numbers – beginning with at least 5 to 6 “9’s”

While this isn’t as popular as low number bills, it can actually be more difficult to find them. That’s because not every series of bills will reach the high numbers before they are changed meaning that there are less of them that ever make it into circulation. High number serial numbers such as 99999925 or 99999853 would be coveted by collectors. The higher the number, the more valuable it becomes.

3. Star Notes – the serial number ends with a star

When there is some type of printing error and bills need to be printed again, the way that they show this is by printing a star at the end of the bill’s serial number. Since printing errors don’t happen too often, notes with a star at the end of the serial number aren’t common, and this makes them sought after by collectors. These bills are officially known as “replacement notes,” but most collectors refer to them as “star bills” or “star notes.”

4. Ladders – the serial number ascends or descends in order

An example of an ascending ladder bill would be one with a serial number 01234567 and an example of a descending ladder note would be 98765432.

5. Solids – he numbers are all the same for the serial number

An example of this would be a serial number of 22222222.

6. Repeaters – repeats the numbers in the serial number

A repeater note would be something like 48648648 or 78937893. If you can find a repeating two number bill that is called a super repeater and is highly sought after. An example of a super repeater would be 63636363.

7. Binary and Trinary – a serial number containing only 2 or 3 numbers

 An example of a binary note would be 66766676. The numbers can be in any order within the serial number, and as long as there are only two different numbers it is considered a binary note. Due to the difficulty of finding binary notes, there is also demand from collectors for bills which have three different numbers in any combination. These are referred to as trinary notes.

 True Binary – the serial number contains only ones and zeros

An example of a true binary go would be 00011011.

9. Birthday Notes – notes which have a year written somewhere within the serial number

The year usually has some special significance to the person who wants the bill such as the year they were born, the year that they have an anniversary, or a year that takes some other type of personal event of significance to them. An example of a birthday note would be 65819770 where 1977 might be a significant year to someone. Another would be 00198500 where the year 1985 is significant. If the year comes at the very end of the serial number, or is preceded or surrounded by zeros on both sides, it is usually more desirable and therefore more valuable to collectors.

10. Full Date – these have serial numbers that depict a full date rather than just a year

For example, if you were born on October 22, 1967, a full date note would read 10221967.

11. Radar – the serial number will read the same backwards as it does forward

An example of a radar note would be 03688630 or 96255269. The serial number is the same both ways.

12. Doubles – notes that have the same number pair next to each other within the serial number

The most valuable of the double notes are the ones that have four distinct pairs of numbers. These are called quad doubles. An example of a quad double serial number would be 44775511 or 99003366. While the quad doubles are the most sough after, tri doubles are also valued by collectors such as 27007711, but especially if they are framed by zeros such as 07744990.

13. Double Quads – bills that have two sets of four of the same number

An example of this would be 44449999 or 66661111.

14. Consecutive – two (or more) bills where the serial numbers are consecutive in order

An example of consecutive bills would be two bills in your hand with one having the serial number 97350342 and the other having 97350343. It’s actually quite easy to attain consecutive notes, as many banks have them if you get any bill denomination in a bundle of 100. They become more of interest to collectors when they are consecutive and also possess one or more of the other traits mentioned. For example, consecutive bills that are also binary bills: 45554454 and 45554455.

15. Bookends – the same two or three numbers on each end

An example of this would be 20873420 or 34598345

16. Unusual Numbers – Any string of numbers that have a special meanin

Bank notes whose serial number matches well known numbers. A classic example would be a “pi” bill that had a serial number that corresponds to the first 8 digits of the numerical value of pi: 31415927.

The Very First U.S. Coin?

In 2013, David McCarthy spotted a rare coin in an auction catalog and immediately had a hunch it was the first coin minted by the United States in 1783. Not the first run of coins, but the very first one.

McCarthy, an experienced coin collector, bought the silver coin for $1.18 million.

He spent the next four years digging up evidence to prove that he had indeed purchased the fabled first “500” quint.

What first caught McCarthy’s eye was the fact that the coin, which was unmistakably one of two rare quints, had no inscription on the front. A similar coin, with a Latin inscription that translates “New Constellation,” was found in 1860. The one McCarthy bought was found about 15 years later and was therefore designated “quint Type 2.”

If McCarthy’s evidence is solid, the coin he has was mentioned in the diary of Robert Morris, a Philadelphia merchant who financed the American Revolution and signed the Declaration of Independence. From 1781 to 1784, when the young nation was still governed by the Articles of Confederation, Morris served as the superintendent of finance for the United States.

In an April 2, 1783, entry in his diary, Morris writes of “a Piece of Silver Coin being the first that has been struck as an American Coin.”

Morris’ coin was meant to demonstrate a prototype numerical currency system that would be based on the Spanish Eight Reale system. It was never adopted.