The Award Winning
Monthly Newsletter of the Anchorage Coin Club
Volume 14, Number 4 April, 2001
April Membership Meeting:
Wednesday April 4th, 2001 Central Lutheran Church 7:00 PM Open, 7:30 PM Meeting
"The History of US Proof Coins"
FROM YOUR EDITORS
After thirteen years as the biggest, most successful coin club in Alaska it is time for us to take the next step. Larry Nakata realized what that step should be. With input from member #1 Robert Hall he came up with the idea of the Anchorage Coin Club hosting a large dealer-oriented coin show in Anchorage- Alaska in the summer. Alaska is the best place to visit in the summer and we have the expertise to put on a quality, well organized coin show...a summer holiday coin show complete with everything from fishing trips to sightseeing tours to demonstrations at an active coin mint.
This show would bring coins into the state that we could only get through mail order. It would provide a fun place for dealers to meet and trade with each other and could bring the club’s bank account out of it’s slow decline. A show like this could be held every year at the same time.
To put on a show like this will take commitment from every member of the club. Already we have members working on the big issues of a business plan but as the plan comes together we will need support from every member down to the little details.
This show will be in the summer of 2002 so we have time to figure out
how to do it right and build a show that will put us on the numismatic
map of the world.
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Back here at the membership meeting of March 2001 we gave Bob Freese a door prize, a 1988 Republic of Marshall Islands $5 Space Shuttle Discovery Commemorative, and we gave Justin Samorajaski a membership prize, a Proof 1953 Franklin Half Dollar.
The March membership meeting is where we have our annual election of club officers. If you were at the meeting and you blinked you would have missed the elections. We had a list - one person running for each office. Someone called for the list to be accepted and with no objections the elections were over. No recount needed.
After a break we had the bullet auction. Stan Mead brought in several rare error coins (the double struck quarter was particularly dramatic) and Rick Bilak had several old coins ranging from a Roman Denarius of Septimus Severus (193 AD) to a Russian Denga of Peter the Great (1709).
After we settled up the auction we had a bowl of cider stew from Larry’s
crock pot and watched a videotape about numismatics. Mark Nagy could
not make it to give his presentation (he plans a talk next month)….Your
Editors.
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MEMBERSHIP NEWS
Schedule of Events for the Month of April
Minutes of the March 21st Board Meeting
The Board meeting was called to order at 7 PM by President Bill Hamilton.
The first of order of business was to review the club’s endorsements for candidates running for offices in the American Numismatic Association. Endorsements were approved, signed by the club’s President and Secretary...and will be mailed to the American Numismatic Association in time for the March 31st deadline.
The remainder of the meeting focused on developing a plan for the club to host a Coin Show in Anchorage sometime during Summer of 2002. A committee of our club members has volunteered to look into such a plan. The committee is presently comprised of 8 members: Carl Mujagic, Loren Lucason, Scott Hornal, Bill Hamilton, Larry Nakata, Greg Samorajski, Corey Rennell, and Bill D’Atri.
The plan calls for development of a coin show with a preliminary projection
of 50 tables…to be hosted at one of the hotels here in Anchorage. This
coin show would focus on attracting dealers from innside as well as outside
Alaska. Discussions at our March 7th club meeting resulted in a consensus
among our members that hosting such a show in the summertime would have
appeal to coin dealers around the country. A go ahead was subsequently
given by the members to move forward with a committee to determine costs,
logistics, and feasibility of hosting such a show for next summer.
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At the March 21st Board meeting, the committee members and Board first compiled a punch list of items and issues that need to be considered in putting together an effective coin show. Among the items identified were:
Once the punch list items were compiled by the committee and Board, it was agreed that a sub-committee consisting of John Larsen, Loren Lucason, Larry Nakata, and Greg Samorajski will organize these punch list items into groupings. Each grouping will then be assigned to committee members to be researched for costs, logistics, and recommendations.
It was also agreed that committee members assigned to these groupings will give a preliminary report on their progress at our club’s April 4th membership meeting. The next committee meeting on the coin show will be at our club’s April 18th Board meeting. At that time, the focus of the meeting will be to go over potential problem areas and issues that will need to be addressed as efforts move forward in developing a business plan. It was agreed the committee will target this summer for completion of a business plan.
As there was no further business to discuss, the Board meeting was adjourned at 8:30 PM.
We had a pretty good session on our YN meeting on Friday night, March 9th. The subject that was covered was the second part of a presentation on “Ancient Coinage”. Thanks go to member Loren Lucason for giving such a great presentation that evening.
One of our YNs, Krystal Stubblefied, won the evening’s YN membership
prize…a Roman silver denarius from the reign of Emperor Antoninus Pius
(151-152 AD). It was a very nice looking coin. Thanks go to Loren for providing
that wonderful membership prize.
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There was a second YN membership prize….a book, “Ancient Greek and Roman Coins” by Klawans, that was won by Krystal’s brother, Michael Stubblefield.
During the course of the presentation, Loren went over the history of ancient coinage. The concept of ancient coinage goes back to Greek times when such coins were heated from lumps of gold and silver metal and hammered into coins using an anvil (with a die carved into the anvil) and a hand punch (with a die carved onto the end of that hand punch). The early images of sacred animals on coins gave way to Greek gods.
As coinage evolved and the Roman Empire came into being, the images of gods gave way to images of the person who had the responsibility of making the coin (the coiner). In this way, it was known who was responsible for making the coin and that it had the proper silver and gold content.
It did not take long for the Romans to figure out that putting one’s image was a good thing. So…the images of Roman generals (used during the Roman Republic period) and later the images of Roman emperors became the norm for Roman coinage. Putting one’s image on bronze, silver, and gold coins told everyone in the ancient Roman world who was in charge. This would influence the development of coinage into our modern world.
It was a great second part presentation to our YNs on this subject of ancient coins. For me…I have a few ancient coins in my collection. They represent history and I like the idea of having coins that are in excess of 2000 years old.
Our YNs were given some ancient bronze coins to take home that evening. Of course, there was pizza, soda pop, and chips that evening for the YNs and their parents to enjoy.
Our next YN meeting will be on Friday, April 13th at the Central Lutheran Church. Starting time of the meeting will be 7 PM. After giving some thought, that evening’s session will be on the subject of “How To Take Care of Your Coins”. We presently have a number of new YNs in our club. We usually have this type of session every year for the benefit of those YNs. It should be a good meeting for all YNs to attend.
One final thing. Loren Lucason will be putting together our club’s display at the Loussac Library. This display is scheduled to be there during the month of April. This will be a display of ancient coins in keeping with the American Numismatics Association’s National Coin Week theme “Faces of Time”. The title of this display will be “Ancient Faces In Time”. Those club members and YNs who wish to help Loren on putting together the display can do so by showing up at the Loussac Library on Sunday afternoon, April 1st. Loren can use the help.
See you YNs at the April 4th membership meeting and the April 13th YN
meeting……Larry Nakata.
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UPCOMING COIN SHOWS IN ANCHORAGE
I wanted to remind all of our coin club members that we have two coin shows left before the start of Summer.
The first coin show is being put together by member Don Thurber over at the Northway Mall….scheduled for the weekend of April 28th and 29th. Table fees are $40/table for the weekend. Don can be contacted at phone number 777-1229 for tables.
The second coin show is being put together by Bill Hamilton over at the Shipcreek Mall in downtown Anchorage. This coin show is scheduled for the weekend of May 12th and 13th. Table fees are $40/table for the weekend. Bill can be contacted at phone number 277-6110 for tables.
The next series of coin shows will not happen until after September. So…this is your chance to have a couple of coin shows that you can attend and enjoy in the next two months.
At this time we need our members to support both shows by getting tables
from Don and Bill. At the writing of this newsletter, it is my understanding
that not many tables have been purchased. Coin shows are an excellent way
of promoting numismatics to the public. Coin shows are events that our
members enjoy….Larry Nakata.
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“THE HISTORY OF U.S. PROOF COINS”by Larry Nakata (Member # 41)
A Proof Coin is defined in the Redbook (A Guide Bood of United States Coins) as a “specimen striking of coinage for presentation, souvenir, exhibition, or numismatic purposes”.
In the course of collecting my usual set of U.S. proof coins every year, I wondered about it’s history and how it evolved. In reading “Walter Breen’s Encyclopedia of United States and Colonial Proof Coins”, I found an excellent source of information on this subject.
The idea of proof coins effectively started in Europe. Prior to the introduction of proof coinage, medals and medallions were the technology of the day starting around the 15th century. With coin presses getting better as the years went by, the practice of polishing dies and making multiple impressions of high detail coins emerged in the early 1660’s. Seaby, in his book “English Silver Coins” lists two coins of proof status as the earliest known pieces:
Proof coins, in the beginning, were primarily made up as special presentation sets packaged in special cases. There are Colonial proof coins in existence today that essentially are pattern coins made in Britain. These prototypes were made for the Colony of Virginia.
The first known proofs made in the Continental United States were the 1783 Constellatio Nova Silver. Lack of silver bullion and opposition by Thomas Jefferson killed this coin…but the proof prototypes still survive today.
The U.S. Mint was established in 1792. Proof coins did not come into official existence until 1817, the silver jubilee of the Mint. Installation of a new screw press made possible coins of proof quality. In that year, proof cents and half dollars were made as sets for collectors. From 1817-1833, such sets continued to be made by the U.S. Mint…but very few in number. The early 19th Century did not see very many collectors of U.S. coinage.
1834-1839 saw proof coins and sets made as presentation sets for diplomatic and other V.I.P. occasions. The year 1834 is significant since that was the year in which the famous 1804 Proof Sets (which includes the 1804 silver dollar) were manufactured by the U.S. Mint as presentation sets to foreign dignitaries…such as the King of Siam.
In 1840-1857, we again see proof coins and sets being manufactured by the U.S. Mint for the occasional collector.
Publicly sold U.S. proof coins and sets started in 1858 when the Mint Director, J.R. Snowden, begins wholesale advertising of proof sets to the general public. It is at this time that we see the first general public interest in coin collecting. Offered was a set of proof coins consisting of the Flying Eagle cent, Indian cent, Three cent, Half dime, Dime, Quarter, Half dollar, Silver dollar, gold dollar, gold quarter eagle, gold $3, gold half eagle, gold eagle, and gold double eagle. Unfortunately the $46 price tag for these proof coins was too much money for the average American to pay in 1858. I guess a “buck” was a lot of money back then…and having to pay $46 for $43.45 in face value coinage was too much. Still…proof sets continued to be offered to the general public in the subsequent years.
It should be noted that much of the proof sets made by the U.S. Mint
during the 19th Century were broken up by collectors into individual coins.
It is very rare to find surviving sets in their original packaging.
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The period of 1890-1906 saw a significant change in the design of U.S. coinage. 1893 saw the Philadelphia Mint installing it’s first hydraulic coin press for the purpose of striking proof coins. 1903 also sees the introduction of U.S. Commemorative proof coins with the Jefferson Gold Dollar and the McKinley Gold Dollar.
The period from 1907-1916 sees the U.S. Mint experimenting with matte or sandblast proof finishes…first on gold proofs and then on copper & nickel proof coins. Such coins displayed a granular type sheen as opposed to the earlier brilliant mirror-like fields on proof coins.
1917-1935 saw a period of time when no proofs were sold publicly. There were few proofs made…and even then as presentation proofs for V.I.P. purposes. Still…the only known proof coins that reached the public were the 1921 dollars and the 1928 Hawaiian Commemorative halves.
The period from 1936-1964 saw proofs making a comeback, this time with proof coins and sets going back to the original concept of brilliant mirror-like fields. Public sales of proofs resumed in 1936.
The striking of proof coins was temporarily suspended from 1943-1949.
Beginning in 1965 we see the changes in metallic content of U.S. coinage going from silver to our present clad type coins. Proof sets were temporarily suspended again from 1965-1967 and substituted with Special Mint Sets made by the U.S. Mint. Proof sets were again resumed in 1968 due to collector interests. The U.S. Mint has adjusted accordingly and today provides proof sets in both clad and silver.
In terms of collector interests, I would recommend that you put aside a silver and clad proof set as they come out each year. If you really like proof sets, try collecting proof sets going back to 1950. Proof sets can be pricey as you get closer to 1950 (which is listed at $400 in the Redbook). I am presently trying to collect proof sets in the 1936-1942 era and am finding out that it can be expensive. One need only look at the Redbook to see these costs. If you are looking at individual proof coins and sets prior to 1936, it then becomes a question of affordability.
There has been a trend in recent years towards collecting cameo proof coins. Such coins show the raised portions of the coins (otherwise called devices) having a frosted, white appearance that is in sharp contrast to the deeply mirrored fields surrounding them. You have probably seen many an ad in coin magazines that advertise and show Franklin half dollars as cameo coins showing the bust of Franklin (on the obverse side) and the Liberty Bell (on the reverse side) with high frosted appearances. Such coins do command a premium price and are highly sought after by the collectors.
If you are like me, you probably have a number of proof coins and sets in your collection. You probably will continue to buy such coins in the future. I like them because they represent the best the U.S. Mint has to offer.
Good luck on your efforts to collect proof coins…..Larry Nakata.
References:
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“CAMEOS” by James Hill (Member # 121 )
Cameos have been around as long as proof coins have been minted. Today there are new designations on slabbed coins that show the obverse or the reverse side as being cameo in appearance.
There are six degrees of cameos:
YN DONATION COIN AUCTION-MAY 2ND
It is our club’s yearly tradition to have an auction in which our members bid on donation coins, whose proceeds go towards our YN Program. This auction is always held at our club’s May membership meeting.
This month’s newsletter has a list of the donated numismatic items from our club members that have been provided to me over the course of this past year. Thanks go to those members for donation of these lots.
Members can still submit donation coins to the auction by dropping them off at any one of the coin dealers who advertise in our club’s newsletter….contact me (Larry Nakata- evenings: 563-1729)…or bring them to the next club meeting on April 4th.
Thank you again for the support you have given to this program over the years….Larry Nakata.
YN Donation Numismatic Auction Lots
Donated by Carl (Life Member #2)
1. Ancient Roman Bronze coin. Constans 337-348 AD.
2. Ancient Roman Bronze coin. Tetricus II 270-273 AD.
3. Ancient Roman Bronze coin. Constans 337-348 AD.
4. Ancient Roman Bronze coin. Gratian 367-383 AD.
5. Ancient Roman Bronze coin. Gratian 367-383 AD.
6. Ancient Roman Bronze coin. Constans 333-348 AD.
7. Ancient Roman Bronze coin. Valentinian I 364-375 AD.
8. Ancient Roman Bronze coin. Valentinian II 375-392 AD.
9. Ancient Roman Bronze coin. Constantine the Great 309-337 AD.
10. Ancient Roman Bronze coin. Gallienus 253-268 AD.
Donated by Anchorage Coin Club
11. Two (2) each Barber quarters: 1902 and 1911 in AG condition.
12. Three (3) each assortment of uncirculated coins: 1998 D Kennedy
Half/ 1971 Ike dollar/ 1979 D Susan B. Anthony dollar.
13. 1980 D Susan B. Anthony dollar. Error coin: Die crack between stars/
BU condition.
14. Assortment of nine (9) foreign coins from Australia, Germany, Hong
Kong, Netherlands Antilles, New Zealand, Philippines, Thailand. Circulated
condition.
15. Set of five (5) Canadian small cents: 1920/ 1928/ 1929/ 1936/
1944 in VG to fine condition.
16. Six (6) Indian Head cents: 1892/ 1901/ 1902/ 1905/ 1906/
1907 in VG to VF condition.
17. 1907 Indian cent in fine condition.
Donated by our sister club- The Tasmanian Numismatic Society in
Australia
18. Uncirculated 2001 Australian Six Coin Set/ Centenary of Federation.
19. Australia: 2001 $1 Silver Roo Frosted Uncirculated Commemorative
coin.
Donated by Bill Hamilton (Member # 108)
20. 1972 Bicentennial Commemorative Medal. US Mint Issue.
21. Same as Lot # 20.
22. Fifty (50) assorted aluminum Antique Car tokens.
Donated by Ben Guild (Member # 102)
23. Set of seven (7) 1883 Liberty nickels. This is a grading set of
coins graded AG to EF/AU condition.
24. 1964 U.S. Mint Set/ Philadelphia Mint.
25. 1969 U.S. Proof Set.
26. Complete set of circulated Jefferson nickels (1938-1958).
Donated by the Samorajski Family (Members 287-290)
27. 1961D Washington Quarter MS63.
28. Six (6) each uncirculated Washington quarters: 1954S/ 1955/ 1956/
1956D/ 1958/ 1963.
29. 1956D Washington Quarter in BU condition.
30. 1961P Washington Quarter MS64.
31. Two (2) each uncirculated Washington Quarters: 1958/1963.
32. Two (2) each uncirculated half dollars: 1961 Franklin/ 1967 Kennedy.
33. 1973S Clad Proof Ike Dollar.
34. 1977S Clad Proof Ike Dollar.
35. 1989S Proof Washington Quarter.
Donated by Kathleen Duncan/ Pinnacle-Parities/ Houston Texas
36. University of Alaska Museum Silver Token ( 1oz). Numbered coin
(#1026) in original holder.
Donated by Carl (Life Member #2)
37. Counterstamped Lincoln cent. Labeled Lincoln-Kennedy Cent/
1973D in BU condition.
38. Same as Lot# 37.
39. 1968 Mexico 25 pesos Silver Commemorative coin celebrating the
Olympics in Mexico City. BU condition.
Donated by Anchorage Coin Club
40. Whitman Deluxe Album- Buffalo Nickels with the following coins
in album: 1919/ 1920/ 1920S/ 19223/ 1923S/ 1924D/ 1925D/ 1926D/1926S/ 1928S/
1929/ 1929D/ 1935/ 1935D/ 1936D/ 1937S/ 1938D. Coins in Good to Fine condition.
Good starter set.
Donated by Ben Guild (Member # 102)
41. Four (4) Whitman folders: Indian Cent/ Lincoln Cent Books 1,2,
and 3. Lincoln Cent Book #2 (1941-74) is complete with a full set of Lincoln
cents.
42. 1987 U.S. Constitution Proof Silver Dollar Commemorative.
43. 1976 Great Britain Proof Set.
44. 1988 U.S. Olympic Proof Silver Dollar Commemorative.
45. Whitman folder: Lincoln Cent Book #2 (1941-74). Partially filled.
Donated by Steve Keyes (Member # 296)
46. Whitman Deluxe Album/ Lincoln Cents (1959- ). Album is 85% filled
with Lincoln cents.
Donated by Ben Guild (Member # 102)
47. Two (2) Whitman folders: Buffalo Nickels/ Jefferson Nickels (1938-61).
48. Whitman folder: Washington Quarters Book 1 (1932-45).
49. Whitman folder: Franklin Half Dollars.
Donated by Michael & Krystal Stubblefield (Members 307 and
314)
50. Year 2000 U.S. Mint Silver Proof Set.
Donated by Ben Guild (Member # 102)
51. Fifty States Commemorative Quarter Set Folder from Edgar Marcus
& Co.
52. Same as Lot # 51.
53. Whitman Deluxe Album- Mercury Dimes (1916-45).
54. 1956P Washington Quarter PCGS MS66.
55. Assortment of circulated Lincoln cents (includes a 1909 VDB) and
nickels (includes the 1912P Liberty nickel).
Donated by Robert Ruby (Member # 303)
56. Encased 2000D Maryland State Quarter from the Baltimore Coin Club/
MSNA- MD TAMS. Commemorative.
57. Encased 2000P Maryland State Quarter from the Baltimore Coin Club/
MSNA- MD TAMS. Commemorative.
58. BU roll of 2001P New York State Quarters.
Donated by Ben Guild (Member # 102)
59. Bag of assorted coins (U.S. coins, Foreign coins, and Tokens).
This is a grab bag lot.
Thanks go to all of the people and organizations who donated numismatic materials for this year’s YN Donation Numismatic Auction. Members or interested parties wishing to place a mail bid can do so by corresponding to our coin club’s address: Anchorage Coin Club/ P.O. Box 230169/ Anchorage, AK 99523.
Club Archivist/ Photographer
Robin Sisler
DUES
The Anchorage Coin Club is a non-profit organization formed to provide information, education, and a meeting place for individuals having an interest in numismatics.
Correspondence Address: Anchorage Coin Club, P.O. Box 230169, Anchorage,
Alaska 99523
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