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July, 2007
Elgin Coin Club 50th Anniversary - 1957-2007
Year 14, Issue 7

Award Winning Newsletter

Meeting 7:30pm, Wednesday, August 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.

July Program

Due to the holiday, the July meeting has been cancelled. The next meeting will be on August 1, 2007.

Prizes


June Minutes

ECC Meeting 592
Opened:   7:30     Closed:   9:00
Members:   16     YNs:   0
Guests:   0         
Beginning balance:   $384.50     Income:   $95.00
Expenses:   $81.00     Current balance:   $398.50

Jim 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 a presentation by Jim D. on Jefferson nickels. After the program, raffle tickets were sold and winners selected. The meeting adjourned about 9:00 pm.

Secretary's Report

Accepted as printed in the June newsletter.

Treasurer's Report

Balance:   $384.50
The members present accepted the treasurer's report as published in the May newsletter.

Old Business

Fantasy coin contest:

  1. Jim D. 25,000
  2. Jim M. 25,000
  3. Marty K. 25,000
  4. John R. 25,000
  5. Rick W. 25,000

New Business

Eagle started the 50/50 raffle in which tickets are sold for $1 and the proceeds are split evenly between one winner and the club. The July meeting is cancelled due to the 4th of July. All tables for the next club show are sold out.

Prizes

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

The meeting closed around 9:00 P.M.

Submitted by Jim D.


Board Meeting

On June 12, Don, Eagle, John R. and Jim met to discuss club business and select prizes for the August meeting.


Show and Tell

Jim D.Jim D showed some state quarters with images of baseball players Derek Lee, Albert Pujols and Alex Rodriguez along with the cards that were also included in the packs they were sold in.

Don C. brought in a letter from Cary, North Carolina concerning the Illinois 150th anniversary medal and a leather bound 2007 red book.

Don D. showed some medals from the C.S.N.S. show including one for first place in foreign coins before 1700. He also had a 1642 manressa copper, a palma nova 1814 50 cent.

Roger B. showed an Elgin street map with a picture of the Pioneer Memorial statue on the cover.

John R. brought in an Australian 1 Koala silver round.

Guy showed an 1835 half dollar purchased at a flea market and a $20 star note with a serial number starting with 4 0's.

Eagle showed the new John Adams dollar coin.


Editorial

50/50 Raffle. In an effort to raise funds for the club, Eagle came up with the idea for a 50/50 raffle. In this raffle, held separately from the regular raffle, tickets are sold for $1 and one number is drawn. The winner receives half the pot of all tickets sold and the other half goes to the club. It is the clubs goal to raise enough money to pay the tuition for a member to attend an ANA summer seminar in Colorado Springs. Transportation and lodging would still be the responsibility of the member and in return, the member agrees to give a presentation to the club about his experiences.

You load 17 tons, what do you get? In this case, a truckload of money. The Odyssey Marine exploration of Tampa Florida announced they recovered 17 tons of colonial era coins from somewhere in the Atlantic. News of this find is causing the conservation companies to start seeing dollar signs as they devise ways to market the coins to the public as were treasures found on other shipwrecks such as the S.S. Central America. While it's a good thing these treasures are available to collectors, the cost of said items may be more than the average collector can afford. Look for these coins to appear on a home shopping club program in the near future.

Its crazy and its kooky...the Adams dollar coin. The second coin in the series of Presidential dollars was recently released. This time the subject is John Adams. Once again as with the Washington dollar, the mint is having serious quality control issues. First, the portrait of John Adams looks like a cross between King George III and Larry Fine of the Three Stooges. Second, despite the mint's efforts coins with no edge lettering have been reported along with coins that have the edge lettering stamped twice. I hope that by the time the Ford dollar is released (in 2016) the mint will have all the bugs worked out.


Restoration of the month

Acid date Buffalo nickels

Despite being one of the most popular American coins the Buffalo nickel suffered from a major design flaw. The date on the obverse was placed in a position where it would quickly wear off in the normal course of circulation. The same problem also existed on the reverse with the words five cents, but that problem was corrected during the first year creating two distinct varieties. Why the date was not protected in a similar way is still unknown. As the years passed, collectors found a way to bring back an otherwise lost date by using a solution of ferric chloride. This product was later marketed under the trade name nic-a-date. Using this product is still the subject of much controversy in the collecting community. Some purists believe these coins are junk and have no place in their collections. Others believe they are good for fillers and some believe they deserve the same respect as a very low-grade coin.

Using nic-a-date on a coin is the numismatic equivalent of playing the lottery. You place a drop of solution on the date area and hope for the best. Some times no date appears even after several tries, other times the date appears but is very hard to read. There are times the date will appear clearly but the date shown is a common year and hardly worth the effort. Rarely will a collector uncover one of the better dates that can be clearly seen. The best dates one hopes to find are 1913-D t.2., 1913-S t.2., 1914/3-P, 1914-D, 1915-S, 1916-S, 1918/7-D and 1921-S. Using nic-a-date on a type 1 nickel is not necessary as the date can only be 1913.

One thing to consider about restoring the date on Buffalo nickels is most major third party grading services will not certify these coins. The few that do certify these coins clearly mark on their holders the coin is acid treated. I saw a couple of certified acid treated nickels on EBay. They were both 1918/7-D and one was offered for $800 and the other $385. Most listings however are of raw coins ranging in price from a few dollars to $60 for a 1921-S to $124 for a 1913-S t. 2.

I believe acid date coins are ok as fillers and only for the rarest dates. The problem with acid date coins when you go to sell them you may take a loss unless you purchased them super cheap. I recently purchases a partial set of Buffalo nickels including an acid date 1913-S t. 2. for about $47. At an average cost of 85 cents this coin is worth it. I plan to keep the two best coins in the set, the 1913-S type 1 and 2. The type 1 has no date but is easily identifiable as a type 1 with a clear mintmark. I plan to sell the remaining coins, even those with acid dates for enough profit to make this deal worthwhile. Whether or not you choose to include acid date coins in your collection is your choice but the option is always there.


Coin Quiz

Elgin Half Dollar

  1. How many ounces of silver were struck into Elgin Half Dollars?
  2. How many were minted?
  3. How many went unsold and were returned to the mint for melting?
  4. How many Females are depicted on the reverse?
  5. What date was the statue dedicated?

Answers


Visit the Elgin Coin Club Home Page or our Connections page for more information about the club.

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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.


Answers

  1. 9,048 ounces
  2. 25,015
  3. 5,000
  4. 2
  5. Nov. 11, 2001