June, 2001
Year 8, Issue 9

Award Winning Newsletter
Meeting 7:30pm, Wednesday, September 5
Talk and trading 7:00-7:30pm
VFW, 1601 Weld Road, Elgin, IL
815-786-6779
Not a member? Come and join us anyway!

September Program

Jerry Ransom will give a short talk on cents.

Next we want the members to bring Canadian proof, proof-like, specimen, and uncirculated coins. We'll look at them and talk about the differences between them and how to tell these differences when you do not know what a particular coin is.

Finally, after the regular meeting (and before for that matter) we'll trade coins among each other as we did a few months ago. So bring what you want to get rid of and know what you are looking for.

Prizes


August Minutes

ECC Meeting 523 - August 1, 2001
Opened:  7:33     Beginning balance:  $538.10
Closed:  8:30     Income:  $  56.00
Members:  17     Expenses:  $231.25
YNs:  3     Current balance:  $362.85
Guests:  1        

President Doug Nelson called the meeting to order at 7:33.

Secretary's Report

As printed in August's newsletter and was accepted.

Treasurer's Report

Balance: $362.85
The Treasurer report was accepted.

Old Business

Mike to print new business cards soon.

New Business

Rick W. was voted in as a new member. Alyssa H. was presented with an 1889 silver dollar for completing this year's YN challenge.

Prizes

We broke at 7:55 and had our customary raffle and membership drawings. The winners were:

The meeting closed at 8:30 P.M.

Submitted by Steve H., Secretary


Board Meeting

Don Cerny, Jim Davis, Doug Nelson, and Mike Metras got together on August 15th for our board meeting at Don's house.

We bought several coins for the next couple months raffles and membership prizes.

We decided on raffle and membership prizes for this month.

Submitted by Mike Metras, board member


Newsletter Trivia Quiz

  1. Where were all the U. S. half-cents struck?
  2. What 20th century U.S. Proof set can have two 5-cent pieces of different alloys?
  3. Who appears on the 1869 $10 United States note?
  4. At what two Mints were 1909-cent varieties with and without V.D.B. struck?
  5. On the Hudson, N.Y., Sesquicentennial commemorative half-dollar, what is the mermaid doing?

Answers


Show and Tell

Mike showed his CD-ROM coin book containing 6 years of the EEC newsletter articles. Many of the articles have been revised and edited since they have appeared in the newsletter. The CD is available for purchase through Mike with a special price for members. Mike is also opening a new web site at http://www.worksandwords.com. The site features many coin, travel, writing, and web service items. The opening paragraphs of the web site tell you what you'll find there:

Coins. Photography. Travel. Ethiopia. Eritrea. Africa. Poetry. Philosophy. Theology. Do any of these meet your interest? You have come to a good place to enjoy something of each of them.

Technical writing. Slide scanning. Photo retouching and rebuilding. Web page creation and maintenance. Text conversion to HTML for browser viewing (online books). Do you need help in any of these areas? You have come to the right place. I can help you in all of these areas.

Don presented his Balboa coin collection featuring many beautiful gold and silver coins.

Frank had three 4 ounce quarters depicting the 5 state quarters on the reverse for 1999, 2000 and 2001.

Richie showed his 1993, full red 'chain cent' and also his Washington medals. He showed the difference between an older and a newer coin. The strike was much better on the older coin and material composition was different. The reverse on the older coin was by 20%.


Newsletter Trivia Answers

  1. Philadelphia Mint.
  2. 1942.
  3. Daniel Webster.
  4. Philadelphia and San Francisco.
  5. Blowing a conch shell.
(
Questions)

2001 ANA Summer Seminar Report

Mike Metras wrote an article on the 2001 ANA Summer Seminar that was here in the printed version of the Newsletter. The article is at its home location on Mike's Works and Words. To avoid duplication of space and effort click here to read the article.


The coming Euro conversion

By Jim Davis

On Jan 1, 2002 twelve of the fifteen countries of the European Union will issue Euro coins and notes. The twelve countries consist of Belgium, Germany, Spain, France, Ireland, Italy, Luxembourg, Netherlands, Austria, Portugal, Greece and Finland. The transition period of the old currencies to the new euros will vary by country with demonetization dates ranging from Dec 31, 2001 to Feb 28, 2002. This is not to say that people who still have the old monies are out of luck after Feb 28, Each country has set a schedule where people can still exchange for euros after the demonetization date but this can only be done at that countries central bank, the schedule for demonetization and final redemption for each country is as follows.

The euro has actually been in use since Jan 1999 but not for everyday commerce. You can buy travelers checks in euros but there are few places to spend them and you eventually have to convert it to local currencies anyway. Mostly the euro has been used for electronic transfers and has also been traded like a commodity not unlike gold or oil. When the euro was first introduced it was worth $1.18 to 1 euro but currently trades about 1.18 euros to the dollar.

Each country issuing euros will produce eight different denomination coins and six different denomination notes. The coins will come in denominations of 1 euro cent, 2 euro cents, 5 euro cents, 10 euro cents, 20 euro cents, 50 euro cents, 1 euro (100 cents) and 2 euros. All coins will carry a common reverse by denomination, but each country will produce an obverse specific to that country. Euro notes will be printed in denominations of 5 euros, 10 euros, 20 euros, 50 euros, 100 euros, 200 euros and 500 euros. The euro issuing countries have been pre striking the coins for at least 2 years with the date 2002 and have been stockpiling them in secret locations throughout Europe. During the last week of 2001 the coins and notes will be transferred to banks and other places of exchange under high security to insure a plentiful supply of coins and currency is available on Jan 1,2001. In some stores items are already shown with 2 prices one in local currency and the other in euros. During the transition period people who make purchases in local money will receive their change in euros. This is reminiscent of what happened in 1971 when England changed to a decimal system and their monetary system was completely changed. One advantage of a single currency is a person traveling from country to country will have to make fewer exchanges of currency. The euros you get in Paris are worth the same as the euros in Frankfurt or Rome or Athens or wherever euros are issued.

The physical specifications of euro coins are as follows.

As far as the euro notes go there will be only one design per denomination. On the bills the word euro will be printed in both English and Greek and another fracture is the size of the bills increase as the denomination rises.

In comparison U. S. paper money is 156 x 66 mm or 6 1/8 x 2 19/32 inches.

What will happen to the old coins when they're turned in? Most countries will simply melt them down and recycle them into euros or other uses. Germany plans to turn some of its coins into washers for appliances or other items. With the notes most will be burned and some will be shredded and used for compost.

There are as many ways to collect euro coins there are collectors. They can be collected by type or by country or by denomination or by any other way the collector desires. A complete set of euro coins consists of 96 pieces (12 countries x 8 coins). The face value of the coins is 46.56 euros or about $39.40. Many of the mints issuing euros will probably issue some kind of collector set usually in nice holders with lots of historical information. If you cannot obtain coins directly from either the mint of governments you can go to dealers who specialize in foreign coins either in person or via the Internet. Publications like world coin news would also be a good source for the new euro coins.

I have examined the proposed designs for the new euro coins and much like our state quarter program the images are of mixed quality artistically. The German coins are nothing special but the 1 and 2 euro coins do feature a nice image of an eagle. With the Greek coins there is a bit more variety particularly the 1 and 2 euro coins featuring ancient motifs such as the Athenian 4 Drachma owl on the

1 euro coin. On the Spanish coins the portrait of Cervantes is well executed and the cathedral of Santiago compostela is also well done. There is nothing special about the French coins the 10,20 and 50 cents feature the familiar walking liberty that is familiar from previous issues. If you like harps you'll love the Irish coins because that is all you will get. The Italian coins have an excellent mix of designs featuring familiar works by Raphael, Da Vinci and Botticelli.

All the Luxembourg coins feature the portrait of H.R.H. Duke Henri. Like Luxembourg all the coins of the Netherlands feature the portrait of Queen Beatrix. The Austria coins have a fair mix of designs with a portrait of Mozart, various buildings and flowers. On the Portuguese coins various royal seals are represented. With the Finnish coins the 1 and 2 euro are attractive but the minor coins feature a typical lion. Lastly all the coins from Belgium feature a portrait of King Albert.

In conclusion the advent of the euro is the most dramatic change in both world currencies and numismatics that we will most likely see in our lifetimes. Whether or not it will succeed is anybody's guess but it will be interesting to watch.

The official exchange rates for euros is as follows.

One euro is equal to:


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