ECC Meeting 513 - August 2, 2000
President Doug Nelson called the meeting to order at 7:36.
As printed in August's newsletter and was accepted.
The Treasurer report was accepted.
There was none.
Bud H. donated coins for YNs.
$200,000 has been raised so far for the Rovelstad bronze statue. Almost half way to the amount needed.
The meeting closed around 8:40 P.M.
Submitted by Frank S., Temporary Secretary.
Don Cerny, Jim Davis, Doug Nelson, and Mike Metras got together on August 16th for our board meeting at Don's house.
The September program will be the semi-annual auction of member coins. There is no commission. All money goes to the seller. Bring as many coins as you'd like to sell (be reasonable). Please also bring a list of the coins along with the minimum bid you may have for them. We use the list during the auction to record the price realized.
Don got the raffle tickets for the show and turned them over to Jim Davis who will once again be the chairman of the ticket committee. The tickets are both perforated and numbered this year. See Jim at the meeting and get some tickets to sell. All proceeds over the cost of the prizes go to the club general fund. Thanks in advance for your efforts.
On a final note, Mike is anxiously awaiting his September 25th departure for a month in Sicily.
Who would have believed that one thin dime would be worth the price of a large home here?
A total price of $218,500 was the paid during Heritage 's Philadelphia 2000 Signature sale for a 1919-D Winged Liberty dime graded MS-66.
The price was the fifth highest ever paid at an auction for a dime. The top two dimes were the 1873-CC Seated Liberty, No Arrows and the 1894-S Barber.
|Don D. brought in a 1489 Double Mite he recently purchased.|
Don C. brought in a radar note he recently got a blank planchet, a 1905 Italy 5 lira and 4 Canadian ship coins.
Here are some photos of members other hobbies that were brought in last month.
(See the answers at the end.)
by Jim Davis
In the early 1970's England discontinued a thousand-year tradition of coinage and adopted a decimal based coinage system. In the early sixties the British pound was divided into 20 shillings with each shilling divided into twelve pence. The terms pound, shilling and pence abbreviated as L, s. and d. are derived from Latin terms. The initial L comes from the Latin word librius which means pound or in this case a pound of silver. The initial s. comes from the Latin word solidus which was a roman gold coin and d. comes from the Latin word denarius which was a roman silver coin.
During the early sixties the following denomination were in common circulation. They were the half penny, penny, three pence or thruppence, six pence, shilling featuring reverses for both England and Scotland, two shillings or florin and the two shilling six pence sometimes written as 2/6 or half crown. In 1965 a five shilling coin also called a crown was issued on the death of Winston Churchill. It was issued as a collector's coin but did see some circulation.
In 1961 a committee was formed to explore ways to convert to a decimal based system. Over the course of the next several years four main options were considered and debated. One possibility was to keep the shilling at its original value and make a new pound consisting of ten shillings of ten pence each. Based on a current exchange rate of $2.80 to the pound this would devalue the pound to $1.40. Another possibility was to keep the penny at the same value and make the new pound equal to 100 pence. This would reduce the pound to 8/4 or $1.17. A third possibility was to keep the pound the same and divide it into 1000 units called mils. A single mil would have had the value of .24 d. roughly the value of a farthing a coin that had not been minted since 1956 and was demonetized in 1960. Finally they decided on a system that would keep the pound the same but divide it into 100 new pence. In this system the new pence would be worth 2.4 old pence
In 1968 the first decimal coins were issued. This was done so the people would gradually become accustomed to using the new coins before the changeover in 1971. The five denominations first issued were half-new pence, one new pence, two new pence, five new pence and ten new pence. Only the five and ten new pence which were dated 1968 could be used immediately this is because they were equal in value to the shilling and florin. The half, one and two new pence were predated 1971 and could not be used until that year when decimalization became official. In 1969 the fifty pence coin, the worlds first 7 sided coin was issued to replace the ten-shilling note. The note was soon withdrawn and demonetized. Also in 1969 in preparation for decimalization both the halfpenny and half crown were demonetized on July 31.
On D-Day or Decimalization day Feb 15, 1971 the decimal system became official and the previously issued half, one and two new pence became legal tender and later that year on Aug 31 both the old penny and thruppence were demonetized.
From 1972 to 1981 four crown size commemoratives were issued for important events concerning the royal family. In 1972 the Queens 25th wedding anniversary to Prince Phillip was honored. In 1977 one was issued for the Queens Silver Jubilee.
In 1980 one was issued on the occasion of the Queen Mothers 80th birthday and finally in 1981 to commemorate the wedding of Prince Charles to Diana Spencer.
In 1982 the mint felt since the new system was now over a decade old it was time to drop the word new from the reverse of the coins. Now instead of the numeral 5 and new pence the reverse now has the numeral 5 and the words five pence.
Similar wording was added to all other coins depending on its value. Also in 1982 a new denomination was added, a twenty pence coin. This was also a 7 sided coin and was introduced to bridge the gap between the ten and fifty pence coin making it easier for merchants to give change.
In 1983 another new denomination was added. This time it was a one pound coin, also known as a round pound. This coin was issued with several different reverses for each country in the UK. There is an English reverse along with Scottish, Welch and Irish reverses along with some generic reverses. The coins are struck with a reeded edge and incuse lettering on the edge. In 1984 the first casualty of decimalization occurred when due to lack of buying power and cost to produce the half new penny was demonetized. In 1986 the two pound coin was introduced. Originally it was intended to be a vehicle for commemoratives today it is a bimetallic coin intended for everyday use.
In the early 1990's in order to save production costs several coins were reduced in size starting in 1990 the five pence was reduced in size from 24 mm to 18 mm or roughly the size of a quarter to a dime. At the same time all old shillings still in circulation were withdrawn and demonetized. In 1992 the ten pence was reduced in size from 28.5 mm to 24.5 mm or the size of a large cent to a quarter. Just like the shilling all remaining florins still in circulation were withdrawn and demonetized. Finally in 1997 the fifty pence coin was reduced in size from 30 mm to 27 mm or roughly the size of a half dollar the size of a sacagawea dollar.
One last note from 1992 to 1998 the mint struck one and two pence pieces on planchets of copper plated steel the results were unsatisfactory and the mint resumed the pre 1992 bronze alloy.
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