The Award Winning
Monthly Newsletter of the Anchorage Coin Club
Volume 14, Number 5 May, 2001
May Membership Meeting:
Wednesday May 2nd, 2001 Central Lutheran Church 7:00 PM Open, 7:30 PM Meeting
"A Surprisingly Affordable Key Date Coin"
Upcoming Shows in Anchorage/ Update
FROM YOUR EDITORS
We are working toward taking the biggest step into the numismatic world that any coin club in Alaska has ever taken. The “Top Of The World Coin Expo” will take all of the effort we can put into it. The last thing we need is a financial draw on our club’s budget.
It’s time for our annual YN Donation Coin Auction. We do not need you to donate coins to the auction, several of our fine members have already done so. What we need for you to do is show up at our next meeting with lots of money to buy coins. You get coins and we get support for the YN program which would otherwise be a draw on our club’s budget.
The YN program is one of the greatest things about our club. You may think that when you started collecting coins there wasn’t an accommodating and generous club around to encourage you and your friends. But if there was such a club as ours you would now have more of your friends enjoying numismatics with you. More friends to help set up the coin expo in 2002, more friends like Richard Bilak who brought ancient coins to the bullet auction, and more friends to enjoy the April presentation by Mark Nagy: “Everything You Wanted to Know About the Coin Market.”
Incidentally, Loren Lucason won the door prize, a 1999 Uncirculated
Silver Eagle and YN Justin
Samorajski won the membership prize, a 1974 U.S. Proof Set. The
raffle prize, a very nice Uncirculated 1939-P Walking Liberty Half Dollar
with full hand, was won by member Jerry Lee Allen.
Bill Hamilton has cancelled the coin show at the Ship Creek Mall due
to lack of support. One way for the club to make money and bolster
the coffers is to sponsor local coin shows with support of the membership.
Don Thurber’s coin show at the Northway Mall is still on. The club
will have a table there. We hope to see you there….Your Editors.
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MEMBERSHIP NEWS
Schedule of Events for the Month of May
Minutes of the April 18th Board Meeting
The Board meeting was called to order at 7:10 PM.
The meeting agenda had our club’s Board and Coin Show committee members going over potential problem areas and issues that will need to be addressed as efforts move forward in developing a business plan. It was agreed to target this summer for completion of this business plan.
The following committees have been established for this effort:
Oversight Committee: Purpose- To act as the “glue” in keeping all committee efforts coordinated. Serving on this committee:
Logistics/ Coordination Committee: Purpose- To determine time, place, and scale of the coin show. To determine costs in keeping with the scale of the show. Serving on this committee:
Carl (heading up the Recruitment and Registration Committee) is putting together a plan to solicit coin dealers on interest level. It was determined at this meeting that Carl will need moneys for mailers, flyers, and advertising in order to complete the task assignments for this committee. The Board agreed to provide such funding.
Some of the decisions made as a result of this meeting were:
Our next progress review meeting will be held on Wednesday, May 16th at our next coin club’s board meeting.
Meeting was adjourned at 8:20 PM.
Our YNs met on Good Friday (April 13th) at the Central Lutheran Church. Our session that evening was on the subject of “How to Take Care of Your Coins and Paper Currency”. This is a session we hold once a year for the benefit of our new YNs.
The session covered topics such as:
YN Michael Stubblefield won the door prize, a silver proof medallion (a Bald Eagle medallion) minted by the Alaska Mint. Thanks go to Mike Robuck (the owner of the Alaska Mint) for donating that door prize to the YNs.
Our YN session next month will be held at 10 am Saturday, May 12th at the Alaska Mint (429 West 4th Avenue in downtown Anchorage). Every year Mike Robuck (the owner) graciously allows our YNs an opportunity to see how his company designs and makes coins and medallions. It is a session that is always enjoyed by YNs, their families, and by our club members. I would like to have all YNs show up at this time for this special meeting. Remember: Our YN meeting for May will be held on Saturday (May 12th). Do not show up at the church….go directly to the Alaska Mint for that session.
I will follow up with letters about this special meeting to each of the YNs in our club.
Also…I want to remind all of our YNs that May 2nd, Wednesday is our regular membership meeting for all of our coin club members (YNs included). Be sure to be at this meeting. It is our YN Donation Coin Auction. We have a number of coins that have been donated by our club members that will be auctioned off that evening. Proceeds from that auction will go to the YN Program.
I would like to see a good turnout for that auction. It’s for a good
cause….Larry Nakata.
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“A SURPRISINGLY AFFORDABLE KEY DATE COIN” by Mike Nourse (Life Member #1)
Let me start out by saying that surprisingly affordable does not translate into inexpensive! In this case it merely indicates that given the age, scarcity, and demand, one would expect this key date coin to cost quite a bit more than it currently does. And the coin in question is... the 1815 capped bust half dollar.
Capped bust halves with lettered edges were produced between 1807 and 1836, every year except 1816. During this entire run, each individual die was produced by hand… making it possible to identify which set of dies struck a given coin by small (and sometimes large) variations in the placement of the stars, letters, and numbers around the perimeter of the coin. In all, there are about 450 different die marriages (pairings of obverse and reverse dies) that have been identified for this series. Many of the variations (and blunders) are readily visible without any magnification at all.
Collecting capped bust halves by die variety has become a serious pursuit of a number of coin collectors. Individuals who are truly intent upon building a comprehensive collection of these coins most likely belong to a national club called the Bust Half Nut Club. Admission to this club is not as simple as filling out an application - you must own a minimum of 100 different die varieties of these half dollars to become a member!
How do you know which set of dies struck the capped bust half that you are examining? Fortunately, a great deal of work has gone into studying these early coins, and the result is a large book by the late Al C. Overton called “Early Half Dollar Die Varieties”. This work has been built upon and reissued several times over the years since it first came out, with new information, and a listing of the conditions of the current finest known specimens of each variety. The most recent version was updated by Don Parsley and should still be available from most any numismatic bookstore. A more recent book, which focuses more on the history and collectible aspects of these coins, is “Bust Half Fever” by Edgar E. Sounders. However, if you really just want a listing of the dates, mintages, approximate values, and major varieties of bust halves, there is no substitute for the Redbook, which every collector from beginner to advanced must own.
So, with all these 450 different die varieties which can be collected, what is the big deal with this supposedly key date 1815??? Well, if you are trying to assemble a complete set of all known die varieties, a nearly impossible goal by the way, the 1815 is really not that big of a deal. There are quite a few of the varieties which are much rarer, much harder to locate, and more expensive to purchase when they finally are located.
But to a collector of more average means, and without the ability to travel to many large national shows and auctions each year to try and locate those missing varieties, a more reasonable goal would be to build a date set. As mentioned previously, these halves were produced from 1807 through 1836 minus the 1816 for a total of twenty nine pieces needed for the date set.
These coins were heavily produced and have mintages that range from a low of 750 thousand on up to over 6 million. They can all be purchased for about $100 or less in decent Very Good to Fine condition. All except for the 1815 that is. In 1815, only 47,150 pieces were struck before a fire in one of the mint's buildings wrecked the equipment that produced the blank planchets. And no planchets means no coins! So, it would be a while before the equipment was repaired, hence no more 1815 halves were struck and no 1816's at all.
So, if only 47,150 coins were struck, where does that leave us today, 186 years later? With very few coins to go around, that's where! Lots of capped bust halves were held in the vaults of banks during the first half of the 19th century as part of their cash reserves. But most of them were returned to the mint to be melted after 1853 when the weight of silver coins was reduced. The final result is that there are probably between 500 and 800 of the original 47,150 1815 half dollars still in existence today.
There are two groups of collectors who need to own one of these 1815 halves. They are those dedicated individuals who aspire to own each of the 450 or so varieties, along with those who simply want to own one of each of the 29 dates. I really doubt that there are many more than 100 or 200 people worldwide making a serious effort to try to gather up as many varieties as possible due to the difficulty and large expense of such an enterprise. A much larger group of folks just want to try for the basic one a year set which can be completed with relative ease and reasonable expense.
I can tell you for certain that there are not very many people at all in both the variety collector and date collector groups. How can I be so certain about something that cannot easily be measured? Very simple - remember the title, this is an affordable key date coin. With a mere 500 to 800 coins in existence, the price of these few survivors would cost a fortune! A vaguely similar example would be the 1895 Morgan silver dollar which has about the same number of survivors, which is a very difficult coin to acquire in any condition for less than a five digit price.
The 1815 half does not command a five digit price in the condition that most collectors desire. According to Coin World trends, they run $600 in Good, $1275 in Fine, $2650 in Extra Fine, and $4000 in Almost Uncirculated. Expensive, yes, but very reasonable considering the very small remaining population combined with the popularity of the series. By the way, an 1815 half is a very saleable item at retail price levels so you are unlikely to find a nice, original coin at much if any discount below the trends values. And just because they are not terribly expensive does not mean that they are readily available. Just take a look through the advertisements in a copy of Coin World, Numismatic News, or any other numismatic publication and you are unlikely to find even a single example for sale.
From an investment point of view, it seems that you can hardly go wrong with an 1815 half dollar. A steady demand for the coins should keep the price from falling significantly. With less than a thousand coins in collectors hands, it would not take much of an increase in demand for the price to increase. And as an added bonus, if you like varieties, all 1815 halves are actually overdates, all having the 5 punched over a 2. So take a good look at the entire capped bust half series and you may discover a very old set of coins that are remarkably affordable due to a fairly good survival rate….Mike Nourse.
UPCOMING COIN SHOWS IN ANCHORAGE/ UPDATE
We want to remind all club members that the first coin show for this year is scheduled for the weekend of April 28th and 29thover at the Northway Mall. Table fees are $40/table for the weekend. Don Thurber, organizer of the show, can be contacted at phone number 777-1229 for tables.
Unfortunately, the second coin show scheduled for the weekend of May 12th and 13th at the Shipcreek Mall is cancelled. Not enough tables were purchased to justify organizing such a show.
The next series of coin shows will occur after September. Hope to see a good turnout for the Northway Mall Coin Show……Your Editors.
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 (17 coins).
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 (1913-1938)/ 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). 19 coins.
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.
Donated by Tasmanian Numismatic Society (Our Sister Club in Australia)
60. Forty (40) Australian large cents. Various circulated grades. Good
to AU condition. Dates ranging 1912-1964 with at least half of the coin
dated 1912-1938.
61. Eleven (11) modern Australian coins: Two (2) each Year 2000 5 cent
pieces; two (2) each 1999 10 cent pieces; two (2) each Year 2000 20 cent
pieces; one (1) each 1996 $1 coin; two (2) each 1999 $1 coins (International
Year of Older Persons); three (3) each Year 2000 $1 coins. Majority of
coins in uncirculated condition.
62. Ten (10) Australian half dollars: One (1) each 1981 Prince of Wales/
Lady Diana Spencer commemorative; two (2) each 1982 Commonwealth Games
commemoratives; three (3) each 1998 Discovery of Bass Strait commemoratives;
one (1) each 1999 half dollar; two (2) each Year 2000 Royal Visit commemoratives;
one (1) each Year 2000 Millennium Year half dollar. Coins in XF to AU condition.
63. Three (3) each 2001 $5 Australian Polymer Notes celebrating Australia’s
Centenary of Federation.
Donated by The Alaska Mint/ Mike Robuck (Life Member #6)
64. Two (2) each Alaska Mint silver pattern medallions. Patterns made
in Year 2000.
65. Set of five (5) silver planchets: 1/20 oz, 1/10 oz, ¼ oz,
½ oz, and 1oz.
Donated by Anchorage Coin Club
66. Two (2) each 1964 Kennedy silver half dollars in AU condition.
Donated by Loren Lucason (Member # 97)
67. Ancient coin: Philip I Tetradrachm (AR) 244-241 BC. Syria.
68. U.S. $1 Sacagawea Year 2000-S Proof coin in customized Capital
holder.
Donated by Jonathan Samorajski (YN Member # 289)
69. One (1) each 1910 Barber dime. Good condition.
70. One (1) each 1901 Barber dime. VG condition.
Donated by Bill Fivaz (Life Member #7)
71. Encased 1939 Lincoln Cent: M&M Ready to Wear.
72. Encased 1956D Lincoln Cent: Chase Manhattan Bank.
73. Encased 1960D small date Lincoln Cent: Kokomo, Indiana Coin Club.
74. Encased 1961D Lincoln Cent: Ray Leeman for ANA Governor.
75. 1942-P Jefferson Nickel RPM#2 in BU condition.
76. 1947-S/S Lincoln Cent RPM#2 in BU condition.
77. 1946-S/S Washington Quarter RPM#2 in MS64 condition.
78. 1945-P/P Jefferson Nickel RPM#12 in BU condition.
79. 1946-S Roosevelt Dime RPM#7 in Ch BU condition.
80. 1879-S Morgan Dollar MS64 P/L.
81. 1977 Mexico 100 Peso doubled die in BU condition.
82. 1992 Sacramento Valley Coin Club 35th Anniversary Bronze Medallion.
Donated by Jim Hill (Member# 121)
83. 1986-D Kennedy Half Dollar in MS65 condition.
Donated by Anchorage Coin Club
84. Four (4) Eagle folders filled with plastic insert pages capable
of holding PCGS/NGC/ANACS slabbed coins.
Donated by John Larson (Member #18)
85. One (1) lot of 19 magazines and coin auction catalogs: Celator/
Coin Galleries catalogs/ Ponterio & Associates catalogs/ Heritage/
Strasburg/ Stacks.
86. One (1) lot of 16 magazines and auction catalogs: Classical Numismatic
Review/ Strasburg/ Butterfields.
87. One (1) lot of 10 auction catalogs: Bowers and Merena/ Heritage/
Spink & Son/ Ponterio and Associates.
88. One (1) lot of 23 magazines and auction catalogs: Rare Coin Review/
Ponterio and Associates.
Donated by Anchorage Coin Club
89. Pocketbook: “Counterfeit Detection Reference Guide” by Bill Fivaz.
90. Book: “Helpful Hints For Enjoying Coin Collecting” by Bill Fivaz.
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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