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February, 2006
Year 13, Issue 2

Award Winning Newsletter

Meeting 7:30pm, Wednesday, Feb 1
Talk and trading 7:00-7:30pm
VFW, 1601 Weld Road, Elgin, IL
815-786-6779

Not a member? Come and join us anyway!
Give your spouse a break and bring your children to the club.

February Program

This month's program will be a slide show form the ANA library. The subject is colonial coins of America.

Prizes


January Minutes

ECC Meeting 575
Opened:   7:30     Closed:   9:00
Members:   6     YNs:   0
Guests:   o         
Beginning balance:   $304.23     Income:   $n/a
Expenses:   $n/s     Current balance:   $n/a

Doug called the meeting to order at 7:30. The Secretaries and Treasurers reports were accepted as published. Old and new business was discussed and no show and tells were given. We then broke up into trading and discussion groups. The meeting adjourned about 8:30.

Secretary's Report

Accepted as printed in January's newsletter.

Treasurer's Report

Balance:   $304.23.
The report was accepted as published.

Old Business

This years fantasy coin contest is about to start. Anyone interested in playing see Jim D. at the meeting.

New Business

The club sends it's condolonces to Don C. on the recent passing of his mother.

Prizes

We had our customary raffle and membership drawings. The winners were:

The meeting closed around 8:30 P.M.

Submitted by Jim D.


Board Meeting

On Jan. 11 Doug, Don C. and Jim D. met to discuss club business and select coins for the Feb. raffle.


Show and Tell

Jim D. found in circulation a two-headed state quarter. One coin was hollowed out and another planed down to fit perfectly inside the other.

Doug brought in some recent purchases. He showed an 1897 Phillippine one peso, a Jappanese one bu 1837-1854, a Jappanese one shu 1859-1865 and an 1840 large cent love token.

Frank S. brought in this years Maui dollars.

Eagle showed a 1934 $1000 bill in VF condition.

Jerry R. brought in his impressive Washington quarter set mounted in a capitol holder.


Editorial

The proposed 100-point grading system. Recently at the Florida united numismatists show several high profile numismatic experts met to discuss a proposed 100 piont coin grading system. After some discussion, they concluded the proposed system would be impractical at this time. I feel this would cause some confusion in the translation of grades from the old way to the new. After all what is better a coin graded 65 under the current system or one graded 90 in the new system. Also, would all the currently slabbed coins have to be resubmitted for re grading? Who will pay for this re grading? The collector of course. The best thing to do is tighten the grading standards and let the market take care of the rest.

Upcoming club projects. Next year is the 50th Anniversary of the Elgin Coin Club. To mark that milestone the club is planning to produce a five-coin set with each denomination reflecting a year the club has existed. The set will consist of a 1957 cent, a 1962 five cent, a 1967 dime, a 1982 quarter and a 2007 half dollar. All coins will be mint state except for the quarter, which will be a proof. The halves will be purchased when available. We anticipate producing 40 sets with the cost in the $5-10 range. Another project the club is considering is in 2008 at the end of the state quarter program, making a nice quarter map, having it framed and donating it to the Elgin library or similar organization. The plan calls for a drawing of two different states by 25 members and having that member donate that quarter to the club. The club would then have the map framed and a plaquard included stating that the map is donated by the Elgin coin Club. The club already has the map and the framing costs should be easilly affordable. If you have any other ideas and suggetions let the club officers know.


Coin of the Month

The Bi-Centennial quarter

The Bi-centennial quarter, not only is it the most attractive of the Bi-centenial coins, it is also the forerunner of the current state quarter series. Legislation for this coin began as early as 1966 and by the early 1970's all the deals were struck and laws enacted to make this program come to life. In 1973, an open competition for designs was announced and out of over 100 submissions, 12 were selected as finalists. Out of that 12 the design by Jack Ahr was selected for use on the quarter. For his design, Mr. Ahr was awarded a sum of $5,000. There was some controversy about his design. Some felt he copied the design from a current postage stamp, but it was pointed out the stamp also took its design from a painting "the spirit of "76". In April 1974, some trial strikes were made in proof and given to President Ford and several others. These coins identified by their lack of a mintmark were soon recalled and replaced by the mint. It is not known if all were returned and that some might exist somewhere.

This coin was offered to the public in several versions. The first is the regular circulation strike.Over the two years of production, about 1.67 billion were struck at both Philadelphia, Denver and most likely West Point. This makes this quarter the most common commemorative ever issued by the US mint. The quarters were also included in the mint sets of 1975 and 1976. The only way to know if a quarter was struck in 1975 is if it is in a sealed 1975 mint set. Other varieties ofered to collectors are a clad proof included in the regular proof sets of 1975 and 1976 and two types of 40% silver coins issued in three coin sets. The sets consisting of a quarter, half and dollar were issued in both proof and mint state finishes. The issue prices for the collector sets were $6.00 for the mint set, $7.00 for the clad proof set, $9.00 for the mint state silver set and $15.00 fot the proof silver set. Between 1975 and 1980, the prices for the silver sets varied with the price of silver.

The clad bi-centennial quarters have the same specifications as the previous clad quarters. The 40% silver quarters consist of outer layers of .800 silver and .200 copper and a core of .209 silver and .791 copper. The net silver weight is .0739 ounce per coin or just a tiny bit more than a 90% silver dime. Putting together a set of bi-centennial quarters is an easy task. Nice uncirculated business strikes can be found for a couple of dollars each. Clad proof, silver proof and silver mint state coins can also be found between $1 and $5.


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The ideas expressed in the Newsletter are those of the article authors and not necessarily those of the Elgin Coin Club or its officers.