Meeting 7:30pm, Wednesday, April 4
Talk and trading 7:00-7:30pm
VFW, 1601 Weld Road, Elgin, IL
This month's program will be a video critique of television home coin shopping programs and print advertisements intended to mislead consumers about coins.
|ECC Meeting 589|
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 show and tells were given. We then went into the month's program, which was the semi-annual white elephant auction. The meting adjourned about 9:00 pm.
The members present accepted the secretary's report as published in the March newsletter.
The members present accepted the treasurer's report as published in the March newsletter.
Fantasy coin contest:
We had our customary raffle and membership drawings. The winners were:
The meeting closed around 9:00 P.M.
Submitted by Jim D.
On March 14 Don, Doug, Shea F, Eagle, John R. and Jim met to discuss club business and select prizes for the April meeting.
Jim D. brought in a gold plated Jefferson nickel, a Colorado quarter with a partial grease filled obverse, a Washington dollar and an ad selling Illinois quarters only to Illinois residents.
Steve H. showed coins from the Island of Crescent made of clear plastic.
Eagle brought in the new Washington Dollar.
John R. showed some newspaper ads of overpriced coins for sale.
Mike M. brought in some Jamaican coins found in circulation.
Marty K. showed a Kentucky quarter with a 90 degree rotated reverse.
Greg G brought in an ad from National Geographic selling 1861-O Half dollars from the U.S.S. Republic.
Tim T. showed an article about the murder of coin dealer Michael Childers.
Shea F. brought in the Proof silver dollar of Jamestown and the Proof silver dollar and Five-dollar gold of the San Francisco mint.
Presidential Dollars, part 2. In the short time since the release of the new dollar coins, they have received a lot of press. The first thing that was noticed was how some received no edge lettering before they were released. Shortly after this error was discovered, the coins began appearing on eBay. The first listings sold for hundreds of dollars, but as more examples appeared, the prices began to drop. Currently the selling prices are in the $50 to $150 range with high-grade certified coins going for a bit more. The first no lettering examples presumably from the Philadelphia mint, were found in Florida. Since then others were found in the south-west taken from Denver mint wrapped rolls. In addition some Denver rolls were found to contain blank planchets with only the edge letters visible. In their haste to get the new coins out the mint has shown the worst quality control I have seen in a long time. How does this affect the collector trying to assemble a set of Presidential dollars? I see this series that depending on how complete someone chooses to make it, possibly encompassing several hundred coins including all varieties. Not only are the lettered and plain varieties already mentioned there is the matter of letter orientation. Some dollars have the edge lettering stamped if you hold the coin by the edge with the heads up you can read the inscription. Some dollars are the opposite. Also the words can be rotated any where around the edge, meaning on some coins the date is near the top of the head and on others the date is near the base of the bust or anywhere in between. Therefore, with all those factors taken into consideration, you can have several coins of the same president and have each one a slightly different variety, and you thought Bust halves and Morgan dollars had lots of varieties. Proof coins will fare a bit better as the lettering is in the collar ensuring a consistent positioning of the edge lettering. Finally, a warning to collectors, I have seen reports of altered coins being sold on eBay. So for your own protection carefully examine the edge before you buy.
Elgin Coin club 50th anniversary, part 2. Plans are still being made for our 50th birthday in September. The club is calling out to all members to bring in any old pictures or memorabilia to the Sept. meeting. In addition, if you know the whereabouts of any past member let us know so we can invite them to that meeting.
This Month's coin of the month is the 1970-S small date variety Lincoln cent. Not counting the double die varieties this is the key of the Memorial cent series. According to Breen, the term small date is a misnomer as the main difference in the two varieties is the positioning of the numerals. Since I have trouble telling whether the "7" is high or low I have come up with alternate ways of telling the varieties apart. The first way is to look inside the loop of the "9" in the date. On the small date version, the inner loop is tapered and pointed, on the large date it is square and blunt. Another way to tell is the word liberty. On the small date variety, the word is weak and a bit blurry, on the large date the word is strong and crisp. The mintage figures for both varieties is a bit over 490 million how many of each exist is anybody's guess. Current selling prices for the small date ranges from $25 in MS60 to $60 in MS65.
Some small date cents have been found in mint sets providing a cherry picking opportunity for collectors.
Proof cents struck that year were also made in large and small date varieties. Of the two, the large date is by far more common. Current selling prices for the 1970-S proof cents in Proof-65 are $1.00 for the large date and $60 for the small date.
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