The E-Sylum v7#27, July 4, 2004
whomren at coinlibrary.com
whomren at coinlibrary.com
Sun Jul 4 20:20:47 PDT 2004
Welcome to The E-Sylum: Volume 7, Number 27, July 4, 2004:
an electronic publication of the Numismatic Bibliomania Society.
Copyright (c) 2004, The Numismatic Bibliomania Society.
NBS AT THE PITTSBURGH ANA CONVENTION
Asylum Editor E. Tomlinson Fort writes: "As has been
mentioned here before there will be a strong NBS presence
at this year's American Numismatic Association Convention
in Pittsburgh:
First and foremost is The Great Numismatic Libraries of
Pittsburgh Tour. This will be your chance to see the libraries
of Wayne Homren (The E-Sylum editor) — a treasure trove
of American numismatic literature, and Tom Fort (The Asylum
editor) — a hoard of literature on the history and coinages of
pre-modern Europe. Space is limited. There will be no second
bus. Remember, you are going to people's houses and there is
not room for a large crowd. So get your ticket now before the
tour sells out. The tour is only open to NBS members
(exceptions can be made in the cases of spouses etc...) and is
$20 per person. Remember all proceeds benefit the NBS.
Tickets are sold on a first come, first served basis. Send your
payment NBS via:
W. David Perkins
NBS Secretary-Treasurer
P.O. Box 3888
Littleton, CO 80161-3888
email: wdperki at attglobal.net
[The Libraries Tour immediately follows the NBS meeting,
which Tom describes next. -Editor]
Secondly, there is the NBS 25th anniversary meeting, which
will be held on Friday, August 20, at 11.30 am in Meeting
Room 327. Among the activities will be the auctioning of many
of the signed original manuscripts of the articles which will be
appearing in our special Summer issue. Likewise we will auction
the corrected proofs of the monograph. Each proof signed by
the person who read it, along with the back up CDs and emails
and letters regarding the making of the issue. This will be your
chance to own a piece of numismatic literary history.
Also at the meeting will be the annual auction to benefit the
NBS; more on this in a later issue of The E-Sylum.
Finally, three prominent members of the NBS will be presenting
Numismatic Theater lectures this year. Primary among these is
NBS board member P. Scott Rubin, with his talk: “50 Years of
Collecting Coins and Numismatic Literature.” on Thursday
August 19, at 1 p.m., in Room 330. Likewise, NBS board
member Joel Orosz will be presenting a very interesting lecture
entitled “Did George Washington Provide Silver to Make the
1792 Half-Dimes?” on Saturday August 21 at 5 p.m. in Room
330. Finally, the latest cure for insomnia many be experienced
at Asylum editor E. Tomlinson Fort's “Barbarians Within the
Gates: David I of Scotland and the Mints of Northern England.”
on Wednesday August 18th in Room 330."
DAVIS HARVARD UNIVERSITY SALE
Charles Davis writes: "Our current Mail Bid Sale of
Numismatic Literature representing a consignment from
Harvard University Art Museums with a closing date of
July 31 has been mailed to those on our mailing list. Our
crack printer printed a number of catalogues with one page
blank and we hopefully found all those and pasted a
replacement in place. Any reader who received a defective
one may of course request a copy of the missing page. As
we have done in the past, the catalogue is also hosted on the
web site of The Maine Antiques Digest and may be viewed
at http://www.maineantiquesdigest.com/adimg/davis.htm.
I am currently at the American Numismatic Association
Summer Seminar where I am co-instructing a class
"Numismatics in the 19th Century" with John Kraljevich and
then going directly to Baltimore where I have my usual table."
STOCKLEY AT CNA SHOW
Literature dealer Richard Stockley of Quebec, Canada
writes: "If any bibliophiles are in the Toronto area during the
Canadian Numismatic Association Convention, 8-11 July,
drop by to visit me there. I will have a table with a selection
of my stock. I am always looking to buy in case there are
some goodies you might want to part with."
JEAN ELSEN BOOKLIST AVAILABLE SOON
Jean Elsen of Brussels, Belgium writes: "We have decided
to relaunch our book catalogue on the website. The complete
catalogue - featuring more than 1000 references - will be
ready on our website as of 10th July."
[The web address is http://www.elsen.be/ -Editor]
BOWERS ADDRESSEES CHICAGO COIN CLUB
The following note from Dave Bowers arrived last Sunday,
but did not make it in to the last E-Sylum. Here it is:
"I just returned from the Chicago coin show. I had the
opportunity to address the 1,000th-something meeting of
the Chicago Coin Club, a fine honor. A very nice group was
on hand, perhaps 50 people, and no one fell asleep or left!"
[The meeting was held June 26, 2004 at 3pm in the Mr.
Lincoln Room of the Double Tree Hotel, across the street
from the 23rd Annual MidAmerica Coin Expo. From the
Chicago Coin Club web site:
"Featured program: Face to Face with Famous Numismatists -
Recollections by Q. David Bowers. Bowers is the author 40+
numismatic books and is the recipient of numerous literary
awards. He served as president of the American Numismatic
Association and the Professional Numismatists Guild and was
bestowed with their highest awards. He has lectured at Harvard
University and appeared on numerous television networks
discussing his lifelong interest in rare coins."
The club was founded in 1919, and many members are
E-Sylum subscribers and contributors. For more information,
see their web site: http://www.chicagocoinclub.org/
-Editor]
PHILATELIC BIBLIOPOLE: LEONARD HARTMANN
Dave Bowers adds: "If you need a filler for The E-Sylum, you
might attach the following stuff from Leonard Hartmann, dealer
in PHILATELIC books, but with lots of stuff that is cross-over
into numismatic areas. For example, I just bought a full run of
the Essay-Proof Journal from him, superb copies), books on
Gold Rush steamers (they carried letters with stamps as well
as coins), etc. I have never met LHH in person, but he deals
in a first-class manner.]
Dave attached a copy of the June 23, 2004 issue of Hartmann's
email newsletter, Friends of the Bibliopole, which listed several
new items for sale. While we don't publish individual buy and
sell listings in The E-Sylum, we always feature new publications
of interest as well as announcements of literature sales, fixed
price lists, and web sites.
The literature of the stamp collecting hobby is an interesting
parallel universe to numismatics, and as Dave mentioned,
there are a number of areas where the two fields cross. The
most obvious area is that of Encased Postage Stamps, which
I collect, but also, for example, in the histories of bank note
printing companies, many of which also printed stamps. I
also have a set of The Essay-Proof Journal, and it's a great
resource for this sort of information. Other crossover areas
include the Sanitary Fairs of the U.S. Civil War, which
generated both philatelic and numismatic items (tokens).
In the 19th century, many periodicals and dealer organs
discussed BOTH stamps and coins, so many of these
publications are of interest to bibliophiles in both fields.
The Philatelic Bibliopole web site is:
http://www.pbbooks.com/
NEW BOOK: THE QUEEN'S STAMPS
One new book offered by The Philatelic Bibliopole is
"The Queen's Stamps, The Authorised History of the Royal
Philatelic Collection," by Nicholas Courtney. It may be
interesting reading for numismatic researchers as an insight
into that parallel world of philately. We call numismatics
"the hobby of kings," but this one collection has more
royalty associated with it than most coin collections can
boast.
"Housed in St James's Palace, London, the Royal Philatelic
Collection contains some of the rarest stamps in the world.
This history describes how the Collection grew from the
inauguration of the Penny Postage under Queen Victoria,
through six successive monarchs to the present day.
The first Royal collector was Prince Alfred, Duke of
Edinburgh, second son of Queen Victoria, whose career
in the Royal Navy, from the age of fourteen, enabled him to
collect foreign issues from all parts of the world. However in
1900, after years of extravagant living, he was forced to sell
the collection to this brother, Prince of Wales (Edward VII)
who passed it on to his son Prince George (later George V),
already a passionate collector. At the same time, Edward VII
arranged for his son to be sent the corner blocks of four,
essays and proofs of all subsequent new issues from the
Post Office and the Crown Agents for the Colonies.
The story of the formation and continuation of The World's
Greatest Stamp Collection. A beautiful book, color illustrations,
but it is in no way just a "picture book" as it has much
background information on both the collection and the actual
stamp production. The text is well worth reading, enjoyable,
informative and scholarly.
2004, 337+14 pages, cloth with dj, published £25 plus transit,
$39.95"
http://www.pbbooks.com/gbqstext.htm
[QUIZ QUESTION: who can list some of the famous
royal numismatists of history?]
GIEDROYC PUBLISHES NUMISMATIC SUPERSTITION BOOK
"Superstition, Urban Legends and Our Money" by Richard
Giedroyc has just been published, according to an item in the
June 29, 2004 issue of Numismatic News (p29). The book
"takes readers into the tales and customs accompanying
money, especially U.S. British and Oriental money." The book
costs $16.95 plus shipping from the publisher, Publish America.
Their web site is http://www.PublishAmerica.com/
HOWARD A DANIEL III, NUMISMATIC AMBASSADOR
Congratulations to longtime E-Sylum subscriber and frequent
contributor Howard A. Daniel, who was presented with the
Numismatic Ambassador Award June 12 during the
International Bank Note Society meeting during the
International Paper Money Show in Memphis, TN. The
award was created by Numismatic News and Howard's
award was publicized in the July 6th issue of that newspaper.
AMERICAN BANK NOTE COMPANY PLATES
The MPCGram is an email newsletter covering all
areas of military numismatics. MPCGram 1148
(Sunday, June 27, 2004) had the following good news/
bad news item about the American Bank Note Company
(reprinted with permission):
"American Bank Note Company plates are being
donated to the American Numismatic Association and the
Smithsonian Institution Numismatic collection by the
American Bank Note Company. This important donation
was announced today by Peter Huntoon at a special
lecture on Sunday evening in Colorado Springs.
Huntoon who coordinated this donation, explained the
entire operation to a large, spellbound audience. He
reported that the ABNC has retired (destroyed)
hundreds of thousand of plates and proofs over the
past few years. Huntoon was able to persuade the
company to donate plates to the two mentioned
educational numismatic institutions. He even selected
the materials to be donated. He selected materials
that would demonstrate the intaglio process rather
than any particular note, vignette, or certificate.
Of particular interest to many Gramsters is the
plate and materials used to print Republic of Vietnam
10 dong notes
[The Colorado Springs locations is of course, the
headquarters of the American Numismatic Association,
where their Summer Seminar is underway. The
following is a continuation fro the MPCGram, an
Editorial/opinion from MPCGram editor Fred Schwan:
-Editor]
As exciting as the ABNC donation is, it is even more
tragic to think of the plates (and other materials)
that have been lost forever. It is difficult to imagine the
quantity of the destroyed materials. Pete stated that a
squad of people at one plant was given the job of
destroying accumulated proofs. It took the people three
YEARS to complete the destruction. Three years. Oh my
The plates were measured in hundred of tons. In spite
of the tragedy of the loss, even if the materials could have
been saved, there probably was no way to do it
financially."
YOU SAY TO-MAY-TO, I SAY TO-MAH-TO:
THE PRONUNCIATION OF "FECIT"
Three readers responded to Dick Johnson's note of last
week on the proper pronunciation of the word "fecit". Their
comments relate to the way the word is pronounced in the
Latin tongue, and how this translates into modern English.
Ron Ambler writes; "I take exception to the statement
'Unknowing collectors say something like""fek-it" or "fac-it."
The correct pronunciation is "FEE-sit."'
"FEE-sit" is only one correct pronunciation of "fecit." "FEE-sit"
is the classical pronunciation, but "FAY-chit" is the ecclesiastical
pronunciation. There are those who look down their classically
educated noses at ecclesiastical pronunciation, but the Roman
Catholic Church spoke Latin contemporaneously with the
Romans, and they preserved Latin through the Middle Ages to
the present time. Their pronunciation is accepted as AT LEAST
as correct as the Johnny-come-lately classicists."
In a similar vein, Ken Berger writes: "I must disagree!
Fecit is not pronounced FEE-sit. Latin had two
pronunciations: classical & vulgate. The classical was
spoken by the upper class while the vulgate was spoken
by the masses. In classical pronunciation, fecit is
pronounced FAY-kit; in vulgate pronunciation, it would
be FAY-chit. The pronunciation FEE-sit is the
pronunciation of fecit as if it was an English language word.
This is similar to the pronunciation of the word, fungi.
Most people say FUN-ji or FUN-gee (w/ a soft g). In
classical Latin, it's FUN-gee (w/ a hard g). Anyway, as I
said, fecit is never pronounced FEE-sit in the Latin language.
Another example is the word Caesar. In English, it's See-sar;
in vulgate Latin, it's Chay-sar, in classical Latin, it's Ky-sar
(hence the word Kaiser). Interesting, wouldn't you say?"
Martin Purdy's writes: "Sorry, but I beg to differ. The letter c
in Latin was hard, regardless of what letter followed, so
"FAKE it" is quite a good approximation. I could cope with
" FAYtchit" as well, given the development of the sound into
Italian over the centuries, but "FEE-sit" is dreadful. English
pronunciation habits do not apply to Latin when used
*as Latin*. Latin words that have been borrowed into
English are a different matter, however - does anyone
remember the British comedy sketch in which the lawyer
insisted on fastidious Latin pronunciation, asking the court,
"Where is the aLEEbee?"
FEDERAL RESERVE MONEY ART COLLECTION
On June 20, The Wall Street Journal published an article
about the money art collection of the U.S. Federal Reserve,
titled, "The Fed Boosts the Interest Rate in Art". Here
are a few excerpts:
"Mary Anne Goley does not have barrels of money to spend
on art. She does have "Barrels of Money" by Victor Dubreuil,
an obscure American painter active in the late 1880s and 1890s.
Call it her icon. "The decision to buy that one was easy," Ms.
Goley says. "This genre, trompe-l'oeil currency, should be here.
It was the second painting to enter the collection. I would like
more!" [The painting shows wooden barrels overflowing with
U.S. currency of the late 1800s. -Editor]
With just a secretary by way of support, the enterprising Ms.
Goley directs the Fed's Fine Arts Program, building the
institution's permanent collection and mounting three special
exhibitions each year."
"Her exhibit "MoneyMaking, the Fine Art of Currency at the
Millennium" (including works composed of shredded bills) was
so popular that a modified version toured the country as
"$how Me the Money: The Dollar as Art."
Doing a web search to learn more about the Fed's Victor
Dubreuil painting illustrated in the article, I found the following
page on the Littleton Coin Company web site:
http://www.littletoncoin.com/bits&pieces_archive.htm.
Littleton's page includes an undated article noting that "Barrels
of Money" is (or at least was) owned by the Brandywine
Museum of Chadd's Ford, PA. From the illustrations, the two
paintings appear to be very similar yet different, leading me to
believe that there are at least two "Barrels of Money" paintings
out there. Did the artist paint a series of them? Would anyone
know the location of any others? An email query to the
Brandywine Museum curator has not yet been answered.
Here's is how the Brandywine museum describes the genre on
its web site:
"Still life painting also has strong roots in the Brandywine
region, particularly trompe l'oeil or "fool the eye" painting
that was popular in the late 19th century. The museum's
collection includes examples by such painters as William
Michael Harnett, the acknowledged leader in this type of
painting, John F. Peto, George Cope, John Haberle and
Alexander Pope. Many of these works were created for
gentleman's clubs, pubs and other "masculine" interiors,
hence the decidedly male subject matter: often hunting and
fishing equipment, dead game, mugs and pipes."
http://www.brandywinemuseum.org/collect.html#Stilllife
FOOD STAMP TOKENS AND SCRIP
Jørgen Sømod sends this link to a web page featuring
Food Stamp Tokens of the US Virgin Islands:
http://www.gladsaxegymnasium.dk/2/soemod/food.htm
Ron Benice writes: "Regarding food stamp change catalogs:
My catalog of Alaska Food Stamp Tokens appeared in the
Token and Medal Society Journal, April 1988. It listed 284
plastic or metal tokens and 29 paper change chits from 43
towns."
Hal V. Dunn writes: "California and Nevada food stamp tokens
have been cataloged by Jerry F. Schimmel in Catalogue of
California Food Stamp Credit Tokens 1939-1979, Including
Nevada Food Stamp Credit Tokens, layout and typography
by Duane H. Feisel. Published in 1998, Mr. Schimmel was
awarded the Silver Mishler Exonumia Cataloging Award for
this work. I am unaware of any additional catalogs on the
subject covering other states, although Schimmel’s work
contains a number of periodical references that perhaps touch
on additional states."
Duane H. Feisel writes: "With respect to your inquiry in just-out
The E-Sylum concerning food stamp token catalogs, you may
be interested in a catalog published a few years back by Jerry
Schimmel. I was intimately involved with manuscript
preparation, formatting, listings, etc., and probably should
have been accorded co-authorship. My copy is inscribed by
Jerry as "To Duane who did all the work."
"Catalog of California Food Stamp Credit Tokens, 1939 - 1979,
Including Nevada Food Stamp Credit Tokens," Compiled by
Jerry F. Schimmel, Layout and Typography by Duane H. Feisel,
Sponsored and Underwritten by Western States Token Society
(1998).
The catalog is 119 pages, 81/2 x 11", soft cover, wire comb
binding. I do have a few copies still available from a very limited
printing of 100 copies. Price $15 plus shipping. The catalog is
profusely illustrated, and the listings are in detail (unlike so many
"catalogs" that contain only partial information about the actual
tokens - I call those listings "skeleton" catalogs).
The catalog is arranged alphabetically by the listing locality, and
alphabetically by issuer within locality. Since the catalog was
published I am not aware of any new discoveries. Incidentally,
there is just one page of NV listings accompanied by one page
of illustrations. There is a significant amount of information
presented concerning the tokens and manufacturers, and a
brief section dealing with types of paper food stamp change
issues."
Neil Shafer writes: "With regard to your question about whether
there has been a catalog effort for food stamp change, I can
tell you that another individual and I have made some progress
listing all the various kinds of food stamp change issued from
1939 through the end of 1978. The collector working with me
is Jim Downey, a top-notch numismatist who lives in Sturgeon
Bay, WI. He has taken some of the material and is putting it
all on computer (he's good at it- I'm not!). Though we have
not been able to work on the project much during the past
few months, we do hope to get back to it as soon as
practicable.
As to whether any major numismatic institution has collected
any food stamp change, possibly the American Numismatic
Association has some since I generally send them an
assortment of paper items at year's end. I would not be
surprised if there was some now in their collection, but I'll tell
you that there will certainly be some there by January of 2005!
I have no definite knowledge of any holding at any other
location.
I was able to gather some quantity of these pieces during the
late 1960s and early 1970s. If anyone would like a few
examples just send me a self-addressed stamped envelope
and I'll be delighted to share some with you. My address:
P.O. Box 170138, Milwaukee WI 53217 I think you would
be surprised at the variety- and remember that the stores were
literally forced to participate or else not accept food stamp
customers- the main reason I like them so much."
Jim Downey writes: "I just want to clarify that we are
cataloguing the paper scrip and not tokens at this time. The
3,000 different pieces of scrip were enough for now. The
number of tokens far exceeds the scrip. There are over 250
different tokens from Puerto Rico alone! We may get around
to tokens but want to finish the scrip first."
FOOD STAMP USE IN PENNSYLVANIA
Chick Ambrass submitted the following information about the
use of Food Stamps in Pennsylvania:
"From 1973 to 1976 I was in Pharmacy School, was married,
and had a baby. My wife and I hadn't one nickel to rub against
another, and I was told to apply for food stamps. So I did, and
they helped our lives immensely, and I've paid the Gov't back
many times. But at that time, they were actually paper coupons.
The booklet contained several denominations, $1, $5, $10's...etc
....I'm not for certain exactly. I'm sure that the booklet varied
depending upon family size, and need category.
At that time, if you needed change and it was less than a dollar,
vendors would give you regular U.S. coinage. If you needed
dollars in your change, most vendors (especially the larger
retailers...local Mom and Pop was different) had a stack of
food stamps, in the lower denominations ($1's and $5's) and
that's what you would receive. I never received any hard cash
for my stamps. But then again, I was not trying to do anything
shady.
Since that time, I have become more attuned to the workings
of the "real" world, and I realize, that many food stamps were
sold at a discount rate, to family members, friends, and to
retailers in exchange for cash.
Here in Pennsylvania, paper food stamps have not been
around for some time (at least 5 years, perhaps longer). They
have been replaced by an "ACCESS" debit card. If a retailer
wishes to participate in the food stamp program, the retailer
is required to have the necessary electronic equipment to
process the cards. These cards have virtually eliminated the
selling at discount "food stamps". I believe that is the real
reason why most of the people that say they don't like cards."
2009 LINCOLN CENT IDEAS
Gary Dunaier writes; "Regarding your article on what to do
with the Lincoln cent in 2009 (E-Sylum v7#26, June 28, 2004),
I e-mailed my suggestions to the Lincoln Bicentennial
Commission, and I thought our readers might be interested in
seeing them as well, so here's my two cents on the Lincoln cent:
"I think the best thing would be to resurrect the original
wheat ears reverse, and restore the VDB to its original
location at 6:00 on the reverse.
"Since the obverse will probably be the last (not to mention
the only) U.S. coin design to persevere for 100 years,
I think bringing it back home, as it were, is the only right
thing. Other commemorative cents can be issued
concurrently, but we've got to bring back the wheat ears.
"Besides, collectors will finally be able to get an affordable
09-S VDB for their collections (even if it's 2009 and not
1909, it would still an '09-S VDB!)"
Mark Borckardt submitted the following suggestion: "As a
change is planned for the bi-centennial of Lincoln's birth, it
seems to me that a logical concept would involve some
representation of Lincoln's birthplace."
REAGAN, NUMISMATICS, AND POLITICS
Allan Davisson writes: "Numismatics, politics and history are
so intertwined that leaving out these latter two elements would
remove a huge amount of the excitement and joy that
numismatics and its sense of immediacy with other times and
events provides.
Like most people, I tend to like the political comments that
reflect my views and dislike those that do not. And we are
in a particularly polarized time in the U.S.
Not talk politics when we talk coins? There goes the
Roman series. There goes the English series. There goes the
Greek series. So also most of the token series in England and
America.
These are the series I follow most closely in this profession
that happens to be my passion. I am certain the same can be
said about most numismatic venues.
I for one believe it only fair that you published both sides of
the Reagan issue."
David Gladfelter writes: "As for Reagan, why not put his
picture on the $50 bill? Because some of our readers object
to political expressions I will not say what I think of President
Grant, except that I hold Alexander Hamilton in much greater
esteem notwithstanding what Grant did for collectors of U. S.
Treasury vignette and portrait books. As for rushing him to a
place of honor on our coins and currency, we did the same
for Roosevelt and Kennedy, and no one regrets having done
so after decades of hindsight.
Thanks for all your time and effort on behalf of NBS. It is
appreciated by us Indians."
[The politics of long-ago seems to be fair game for discussion;
it's the current day which generates heat. Roosevelt's
portrait on the dime seems like an reasonable parallel,
although both Roosevelt and Kennedy died in office, making
for a more emotional situation. There must have been some
opposition voices at the time, but I don't recall reading any.
Is anyone aware of contemporary arguments against placing
Roosevelt and Kennedy on coinage? -Editor]
COINSTAR CURRENCY POLL
To learn how non-numismatists feel about the issue of who
to honor on U.S. currency, see the Coinstar company's
annual national currency poll, which was published June 21.
Abraham Lincoln won the popularity contest (although I
wonder how that vote breaks down on Northern/Southern
lines...) A majority of those polled profess no opinion on
portraits vs. other devices. While a slight majority favors
adding Reagan's portrait to our money, the numbers drop
under 50% if adding Reagan means dropping a portrait
already on our money.
"The 7th annual Coinstar National Currency Poll, a consumer
study that provides a look at Americans and their money,
recently polled Americans on currency design-related topics
and found that when considering all U.S. currency including
both bills and coin, Americans named Abraham Lincoln
(27.9%) as their favorite president currently featured on U.S.
currency, followed by George Washington (25.2%) and
John F. Kennedy (5.6%)."
"Overall, 53.6% of respondents revealed that they have no
opinion about featuring people versus moments in history or
other types of images on currency, followed by 36.5% who
are generally in favor of having people on U.S. currency.
While 40% of respondents said they prefer presidential figures
(vs. non-presidential figures), a statistically close 42.7% report
they have no preference one-way or the other."
To read the full press release, see:
http://www.coinstar.com/US/PressReleases/583428
An article referring to the Coinstar poll appeared in the
Bucks County (Pennsylvania) Courier Times. Based on
another section of the poll, "More than 60 percent of U.S.
consumers say electronic payment options such as debit
and credit cards will replace coins and paper bills in the
next two decades..."
"It's a reality we all do face, and it's something that has been
addressed, especially more recently," said Joyce Harris, a
spokeswoman for the U.S. Mint. "It's a definite challenge,
and we're trying very hard now to invigorate people's
excitement in coins - using them as well as collecting them."
To keep money relevant to the public, the mint is banking
on history. There is simply too great a link between coins,
currency and the country's past for them to suddenly cease
to exist, according to Harris."
"Along with a sense of history, mint representatives and coin
collectors argue, real cash offers a convenience and
practicality that debit and credit cards simply can't match."
"Debit cards just aren't needed for those countless tiny
purchases we make everyday."
"Along with the practical, coins and currency also have a
tactile advantage, according to U.S. Mint Public Affairs
Director Michael White.
"People still like the tangible aspect of coinage and currency
- the crisp dollar pulled out of a wallet or the spare change
clinking in a pocket," White said. "It gives them a sense of
control."
To read the full article, see:
http://www.phillyburbs.com/pb-dyn/news/147-07042004-326505.html
PROS AND CONS OF LIFE MEMBERSHIP
Ron Thompson writes: "Many clubs have life memberships
that are calculated at 20 times the regular yearly membership
dues. While the NBS has that calculation as part of the
constitution, as the current and former treasurer of a number
of numismatic associations, clubs and societies, I think that is
a bad idea.
First, most people who sign up are people who anticipate
more than 20 years with the association. For example, one
group to which I belong has a number of life members that
paid $50 in the middle to late 1970's. There is another clump
of life members at $100 from the 1980's. These two groups
represent about 50% of our members. To be competitive
with other related groups, today dues are only at $10 a year.
As a result, inflation eats up that life membership payment.
Second, most organizations do not charge enough dues to
cover membership costs. As a result, they have other fund
raising activities - club shows, auctions of members materials
(like NBS is having at the ANA), sell anniversary medals,
etc. If you can't cover the costs of the membership activities
with your dues, life memberships will be a drain on the group
in the future.
Third, technically an organization has to live off of the
interest/investment income from the life membership fees until
the member dies. You really can't eat into the membership
reserve as it is called. For example, if you have 20 life members
at $300 you would have to have a life member reserve of
$6,000 that you could invest and live off of the interest. At
3% per year that is only $180 for all the membership
activities for the 20 members or $9 each versus regular dues
of $15. Obviously, interest rates go up and down but costs
generally just go up.
Fourth, life members tend to be members who want to fully
utilize their member privileges. As a result, they will cost more
than your average member's cost.
To avoid the above, I would charge 30 to 40 times the regular
membership costs. This will discourage all but the most
dedicated members who truly want to invest their money and
time in the organization.
NBS SILVER ANNIVERSARY MEDAL THOUGHTS
Regarding the idea of a medal for the NBS Silver Anniversary
this year, Ron Thompson writes: "As a medal collector, I am
all for it. If you don't like Adrian Salinas' suggestions for the
designs of the obverse and reverse, we could have an electronic
suggestion box or a contest. If a contest, winners could have
their initials on the their winning design sort of like VBD on
the 1909-S cent. I would recommend a silver medal with an
antique finish, possibly with serial numbers on the third side.
Brad Karoleff writes: "In regards to a possible anniversary
medal for NBS. If we are to explore this suggestion I would
hope that the Gallery Mint would be given the chance to bid
on the project. What better way to have an interesting medal
than to have it made on a screw press?"
FAKE QUARTER? OR JUST NEW?
Last week, we published the following quote as part of a
newspaper article: "I have a counterfeit quarter. I don't know
where I picked it up, but it is obviously fake."
Kavan Ratnatunga writes: "Not everyone may know there is a
state quarter series or all of the new designs. Or maybe
someone got one of the political Clinton/Bush quarters
legally struck on a real quarter. So it would have been nice to
see a image of this "fake" quarter to see if it is actually fake.
I just met someone who found a new "nickel" and thought it
was fake till I told her the U.S. mint was issuing a new type."
HOME SOUGHT FOR HEAVY CASH STASH
This week both Reuters and the Associated Press reported
a story about "A California man who collected 1 million pennies
for a bet is having a hard time cashing in on his $10,000 fortune."
http://www.reuters.com/newsArticle.jhtml?storyID=5566037
Dick Johnson forwarded an Associated Press story on the topic:
"Ron England bet his brother 30 years ago that he could save a
million pennies in exchange for a dinner in Paris. And he did,
eventually stacking up 20,000 rolls that fill 13 boxes in his garage.
Now that he's moving, England wants to cash in the $10,000 in
coppers, which weigh 3.6 tons, but is having a tough time
finding someone who will take them without a price."
"But his bank, Washington Mutual, is charging extra fees and
won't take all the rolls at once. The best he's found is a branch
that will take 200 rolls, or $100 per week. That's 20 months
of deposits.
Tim McGarry, spokesman for Washington Mutual in Los
Angeles, said that until recently, the bank charged 10 cents a
roll for more than eight rolls. Now, each bank manager
determines how many pennies it can accept and charges
accordingly. Business rates differ.
"This is a very rare case,'' McGarry said. `"Some of the
practicalities are daunting - 3.6 tons is more than most vaults
can handle."
"England refuses to pay extra.
"I'm stubborn,'' he said. ``If I have to haul all these pennies
to Oregon, I will, 'cause I'm not gonna pay.''
"I should have saved dimes. I'd have a lot more money, and
it would weigh a lot less.''
FEATURED WEB SITE
This week's featured web site is COINage magazine, which
is celebrating its 40th anniversary with the August 2004 issue.
Happy birthday, and congratulations!
http://www.coinagemag.com/
Wayne Homren
Numismatic Bibliomania Society
The Numismatic Bibliomania Society is a
non-profit organization promoting numismatic
literature. For more information please see
our web site at http://www.coinbooks.org/
There is a membership application available on
the web site. To join, print the application and
return it with your check to the address printed
on the application. Membership is only $15 to
addresses in North America, $20 elsewhere.
For those without web access, write to W. David
Perkins, NBS Secretary-Treasurer,
P.O. Box 3888, Littleton, CO 80161-3888.
For Asylum mailing address changes and other
membership questions, contact David at this email
address: wdperki at attglobal.net
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