June, 2001
Year 8, Issue 6

Award Winning Newsletter
Meeting 7:30pm, Wednesday, June 6
Talk and trading 7:00-7:30pm
VFW, 1601 Weld Road, Elgin, IL
815-786-6779
Not a member? Come and join us anyway!

June Program

We will be having a swap meeting of U.S. and Foreign coins. Bring in coins that you want to get rid of along with a list of coins you want. We will trade among ourselves with abandon. For this to work, everyone needs to bring in at least a few things to trade and know what they want.

Prizes

May Minutes

ECC Meeting 521 - May 2, 2001
Opened:  7:42     Beginning balance:  $491.50
Closed:  8:46     Income:  $  53.00
Members:  16     Expenses:  $  77.40
YNs:  2     Ending balance:  $467.10
Guests:  0        

President Doug Nelson called the meeting to order at 7:42.

Secretary's Report

As printed in May's newsletter and was accepted.

Treasurer's Report

Balance:$476.10
The Treasurer report was accepted.

Old Business

None.

New Business

None.

Coin Show Committee Business

Committee is requesting ideas for the best location to display annual coin show flyers.

After the first mailing there are 9 tables reserved.

Prizes

At 8:00 we took a break to sell raffle tickets. The winners were:

The meeting closed around 8:46 P.M. The White Elephant started at 8:11 and netted a total of $58.00 for the club.

Submitted by Frank S. (Temporary Secretary).

Board Meeting

As always, Don, Doug, Jim D. and I met at Don's, this time May 16, for the ECC board meeting. Among other things, we talked about the following.

We decided to distribute an initial group of tickets for the Coin Show raffle this year in the August or September Newsletter. We will send 30 tickets ($25 worth) to each member receiving the newsletter. You do not have to sell all 30 if you cannot or do not want to. This is just to make our task of distribution and your task of getting the tickets easier.

The July meeting is on the 4th of July. We must discuss at the June general meeting whether we want to have the meeting on that day or to defer it to another day.

(Submitted by Mike M.)

Newsletter Trivia Quiz

  1. When was "IN GOD WE TRUST" added to the Coronet double eagle?
  2. What Kentucky man born in 1809 appears on a 1923 $5 silver certificate?
  3. When were the first 1982 cents struck?
  4. What event is commemorated on the reverse of the 1971-dollar coin?
  5. What English copper pieces bear the legend "GOD PRESERVE LONDON"?
Answers

Show and Tell

Don D. brought in his General Jose Martin display that he had displayed and was wrongfully disqualified at the Central States Numismatic Society show (I felt that it was a very extraordinary display).

Marty brought a rejection letter from the mint for the purchase of a 1965 mint set.

Don C. brought in 10 coins he picked up from the CICF show including a 1 krone from Estonia.

Mike M. brought in a large 50 cash coin he picked up from the CICS show.

Jim brought in a Roman coin dating from 284-385 A.D. and a Hungarian Dinar from 1591.

Rich brought in 2-$1.00 bills, one with serial number 26222222 and one that is an overprint.

Bank One sells big bills for a tidy profit.

Bank One Corp. reaped an unexpected windfall from its efforts to deal with the Year 2000 computer bug: a stash of rare $10,000 bills and other large-denomination collectibles discovered in the bank's vaults.

The fifth-largest U.S. bank, based in Chicago, sold all 401 bills of varying denominations earlier this year for $575,000 or 60 percent more than face value. The currency, found during an inventory of cash holdings prompted by the Y2K software bug, included five $10,000 bills, three $5,000 bills, 198 $1,000 bills and 195 $500 bills.

The U.S. Mint stopped printing bills bigger than $100 in 1945. Although the larger bills are still legal tender, the government has been weeding them out of circulation since 1969, making the notes in existence more valuable.

Midwest Estate Buyers in Zionsville, Ind., put in the winning bid on the collection in February.

Within a month MEB and its partner in the purchase, Scotsman Coins and Currency of St. Louis, Resold the bulk of the bills, said Brian McCall, Midwest owner.

He said all of the bills have been sold except for one 1928 $10,000 bill, which MEB has priced at $62,000. The other four $10,000 bills sold for between $28,000 and $65,000.

For bills that large, "each one would have its own price, they're so rare", said Michael Bates, curator for the American Numismatic Society Library in New York.

Among collectors, notes may be worth much more than face value, depending on how they rank on the 70-point grading scale.

The largest note ever printed was the $100,000 gold certificate, issued in 1934 and used only for transactions between Federal Reserve banks.

The $10,000 bill, bearing the likeness of President Abraham Lincoln's Treasury secretary, Salmon P. Chase, was the largest denomination ever printed to circulate publicly. Gengerke estimated there are between 400 and 500 still in existence, although collectors say it's hard to be precise because government records of their destruction are incomplete.

(As appeared in the Chicago Sun-Times)

Newsletter Trivia Answers

  1. 1866.
  2. Abraham Lincoln
  3. Late 1981
  4. The Apollo 11 Moon landing.
  5. London elephant tokens.
(
Questions)

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