The E-Sylum v10#19, May 13, 2007

esylum at binhost.com esylum at binhost.com
Sun May 13 16:30:15 PDT 2007


Welcome to The E-Sylum: Volume 10, Number 19, May 13, 2007:
an electronic publication of the Numismatic Bibliomania Society.
Copyright (c) 2007, The Numismatic Bibliomania Society.


WAYNE'S WORDS: THE E-SYLUM MAY 13, 2007

Among our recent subscribers is Karl Hoffmann. Welcome aboard! 
We now have 1,113 subscribers.

This week's issue is being published early due to your editor's 
travel schedule.  An assignment has me on the way to London, where 
I'll be working for much of the summer.  As a result, beginning 
next week the normal publication time, while still a Sunday evening 
for me, will be hours earlier for readers (all the more reason to 
get your submissions in early each week).  And don't be surprised 
if British spellings and date formats start creeping in...

During my extended stay I hope to see some numismatic sites and 
visit with some of my E-Sylum friends.  Let's make some plans!  
My email address will remain whomren at coinlibrary.com.

Coincidentally, we lead off this issue with a note about an 
upcoming book on British tokens, which has inspired an economist 
(and our own Dick Johnson) to discuss the ramifications of the 
private issuance of money in the U.S. and Europe.

Next up is an item that was just too funny to hold until the end 
of the issue.  If you haven't seen it already in the mainstream 
press, you're about to find out what triggered the recent Canadian 
"spy coin" scare.

In the news is an interview with a student member of Hawaii's 
state quarter design committee, an exhibition of Australia’s most 
'Kookaburra Collection', and a congregation of Congressional Medal 
of Honor recipients in Green Bay. Have a great week, everyone.

Wayne Homren
Numismatic Bibliomania Society


NEW BOOK IN PROGRESS: GOOD MONEY BY GEORGE SELGIN

Many thanks to Dick Johnson for reminding us about an upcoming book 
of interest to numismatists and economists everywhere. An advance 
look at George Selgin's book (Good Money: Birmingham Button-Makers, 
The Royal Mint, and the Beginnings of Modern Coinage) is available 
on the Internet in the form of the author's lengthy book proposal, 
which includes an annotated table of contents and sample chapters.  
The title as originally proposed was "GOOD MONEY: How some British 
BUTTON MAKERS beat GRESHAM’S LAW, solved the most urgent ECONOMIC 
PROBLEM of their day, and cleared the way for the INDUSTRIAL REVOLUTION".

The proposal notes that "Richard G. Doty, the Curator of Numismatics 
at the Smithsonian Institution has already offered this blurb:

“Good Money documents the fascinating story of the British Industrial 
Revolution and its effects on the coinage of the day. In lucid, 
enjoyable, often humorous language, Dr Selgin, a born story-teller, 
takes us from the 'dark satanic mills' to the backstreet haunts of 
the eighteenth-century counterfeiter. His cast of characters is large 
and rumbustious—including Thomas Williams, James Watt, John Westwood, 
and Matthew Boulton, to name just a few. His understanding of eighteenth-
century economic theory and practice is absolute, allowing him to write 
with a verve and a clarity that I find enviable. Very simply, Good 
Money is the most important study of its kind to appear in many years, 
and I recommend it without reservation.”

To read the complete book proposal, see:
http://www.tedweinstein.com/files/Good_Money_Proposal.pdf 

[George Selgin became an E-Sylum subscriber on November 7, 2004, 
when he provided us with advance word of his planned book. -Editor]

  NEW BRITISH TOKEN BOOK IN PROGRESS
  http://www.coinbooks.org/esylum_v07n45a09.html

  WORK IN PROGRESS: GOOD MONEY
  http://www.coinbooks.org/esylum_v08n12a08.html

[An article by Lawrence White (see the following E-Sylum item) mentions 
the book; I contacted Selgin who adds: "The title is now 'Good Money: 
 Private Enterprise and the Foundation of Modern Coinage' As for 
publication, alas, it is scheduled for this time next year, so there's 
no need yet for people to start lining up for copies!" -Editor]


NEW BOOK PROVIDES EVIDENCE FOR RECOMMENDATION OF PRIVATE ISSUANCE OF COINS!
 
Dick Johnson writes: "Numismatists, get ready to blow your coin buying 
budget if what free market economists recommend comes to pass!
 
"Lawrence White, F.A. Hayek professor of economic history and leading 
free-banking theorist is offering such a recommendation in his writings. 
He wants the institutions that use coins and currency the most to issue 
their own money!
 
"His frequent co-author, George Selgin, is writing a book about how 
private penny issuers saved the Industrial Revolution.  The book, titled 
'Good Money: Birmingham Button-Makers, The Royal Mint, and the Beginnings 
of Modern Coinage' will be published by the University of Michigan Press 
and the Independent Institute.
 
"White is basing his recommendations on what he learned from fellow 
author Selgin's research. White sees where banks worldwide could issue 
their own coins. But imagine this in America. Not only would banks, but 
this would open up an opportunity for businesses -- of every size -- 
to do likewise. The largest users of coins, retail chains, would be 
most active in coin issuing.
 
"Civil War tokens of cent denomination would be small scale. Potentially 
White is recommending the private sector issue currency as well as coins 
in denominations most suitable to their needs."

George Selgin adds: "My book itself, which is all history, doesn't 
come out and recommend that people take up private coinage today, 
though White does."

[Dick submitted additional articles related to White's recommendation 
- the implications are far-reaching; these appear further on in this 
issue. -Editor]
 

CANADIAN "SPY COINS" UNMASKED - POPPY QUARTERS CAUSED THE STIR

Katie Jaeger, Bill Rosenblum, Nick Graver, John Nebel and others 
forwarded copies of a hilarious Associate Press article exposing 
the incident behind the recent Canadian "spy coin" hullabaloo.  
This has NLG Bash / Saturday Night Live skit written all over it.

"An odd-looking Canadian coin with a bright red flower was the 
culprit behind the U.S. Defense Department's false espionage 
warning earlier this year, The Associated Press has learned.

"The odd-looking — but harmless — "poppy coin" was so unfamiliar 
to suspicious U.S. Army contractors traveling in Canada that they 
filed confidential espionage accounts about them. The worried 
contractors described the coins as "anomalous" and "filled with 
something man-made that looked like nano-technology," according 
to once-classified U.S. government reports and e-mails obtained 
by the AP.

"The silver-colored 25-cent piece features the red image of a poppy 
— Canada's flower of remembrance — inlaid over a maple leaf. The 
unorthodox quarter is identical to the coins pictured and described 
as suspicious in the contractors' accounts.

"The supposed nano-technology actually was a conventional protective 
coating the Royal Canadian Mint applied to prevent the poppy's red 
color from rubbing off. The mint produced nearly 30 million such 
quarters in 2004 commemorating Canada's 117,000 war dead."

"A numismatist consulted by the AP, Dennis Pike of Canadian Coin & 
Currency near Toronto, quickly matched a grainy image and physical 
descriptions of the suspect coins in the contractors' confidential 
accounts to the 25-cent poppy piece.

"'It's not uncommon at all,' Pike said. He added that the coin's 
protective coating glows peculiarly under ultraviolet light. "That 
may have been a little bit suspicious,' he said.

To read the complete article, see:
http://www.foxnews.com/story/0,2933,270413,00.html 

On May 8th The Toronto Star commented on the affair. -Editor]

"It turns out that the strange coin found in the cup holder of the 
Canadian car a U.S. defence contractor rented was, well, a quarter 
– with a red poppy inlay and a minting date of 2004.

"Turns out the American officials were befuddled by protective coatings 
on the coin, which had been put in place to try to keep the red colour 
from smudging, something that marred the early 2004 printings of the 
coin, leaving on some a red blotch on the face of the Queen on the 
reverse side.

"One contractor marvelled that the coin didn't seem to have a power 
source, but was filled with some sort of "nano-technology."

"'And you wonder why our war effort isn't going too well,' said John 
Pike, a security and military analyst at GlobalSecurity.org.

"The Canadian embassy tried to remain diplomatic.

"'We knew loose lips sink ships, but loose change ... ?' said 
spokesperson Bernard Etzinger.

"The mystery of the Canadian coins with the radio transmitters had 
haunted cyberspace for four months until it was resolved by the 
Associated Press yesterday."

To read the complete article, see:
http://www.thestar.com/News/article/211492


PHILADELPHIA ARCHEOLOGISTS FIND 1833 CORNERSTONE CENT

David Gladfelter writes: "In the stories about the President's 
House archæological dig at the southeast corner of Sixth and 
Market Streets in Philadelphia, you may have overlooked a minor 
numismatic discovery. This was found in the cornerstone of a 
commercial building erected on top of the foundation after the 
President's House was demolished in 1832.
 
"'Three commercial buildings then were constructed on the site, 
and the excavation has uncovered their foundations as well.
 
"'In fact, in one of the exciting moments of the dig, archeologists 
broke through the cement basement of one commercial building last 
week and there, right on top of a remaining President's House 
foundation wall, was an 1833 penny. It was common practice for 
builders to place a properly dated coin beneath new construction 
-- and the commercial building was, in fact, erected in 1833.
 
"'It's unbelievable that we came down right on top of that, but 
it certainly dates it very accurately,' [Douglas] Mooney [,field 
director of the firm conducting the dig], said. 'We couldn't believe 
it when that popped up. Sometimes you imagine what would be a 
really cool find, and sometimes you can't even predict.'' Article 
by Stephan Salisbury, 'Dig yields some unexpected finds,' The 
Philadelphia Inquirer, May 4, 2007, pages A1, A16.
 
"The 'penny' (read 'cent') would not have traveled far. It would 
have been struck in the first year of operation of the second U. S. 
Mint building at the northwest corner of Chestnut and Juniper 
Streets. This site is less than a mile west of the dig site."


ARTICLE PROFILES STUDENT'S WORK ON HAWAII STATE QUARTER COMMITTEE

The Garden Island newspaper of Kauai, Hawaii interviewed a local 
high school student who served on the state's quarter design 
committee:

"When the United States Mint introduced the first coins of the 
“50 States Commemorative Coin Program” in 1999, local student Malia 
Hitch began to collect them. She had no idea that a few years later 
she’d be a part of the process to design the coin that would 
represent her home state.

"Now, as a 17-year-old senior at Kapa‘a High School, Hitch has 
lent her two cents as a member of the Hawai‘i Commemorative Quarter 
Advisory Commission. The 36-member group was convened by Gov. Linda 
Lingle to select, develop and recommend designs emblematic of Hawai‘i 
to the U.S. Mint for the Hawai‘i Commemorative Quarter.  

"Hitch was one of five high school students on the commission and 
the only one from Kaua‘i. The rest of the 36-member HCQAC was made 
up of individuals from across the state representative of Hawai‘i’s 
diversity, including leaders from the community, government, 
business, education, labor, Native Hawaiian affairs, and culture 
and the arts."

"Student representatives were selected through an essay contest 
conducted by each island’s local newspaper. Hitch’s essay to The 
Garden Island newspaper earned her the right to represent Kaua‘i.

"According to Hitch, ideas that didn’t make the cut for various 
reasons included the depiction of Hawaiian gods and a multi-racial 
group of citizens a la “It’s a Small World,” the Walt Disney Theme 
Park ride.

"“I spoke up and tried to fight for things that represented the 
whole state versus just O‘ahu. They wanted Diamond Head on it, but 
I said I don’t feel like Diamond Head represents me. The people 
from Big Island and Maui and Molokai felt the same way. You should 
make it fair to everybody.”

"Hitch also said she learned how to deal with bureaucratic bumps 
along the way. When the U.S. Mint originally suggested that there 
wasn’t enough room on the coin to include the state motto, committee 
members met with them to push the idea through.

"“They tried to tell us that it wouldn’t fit, but we got them to 
put it on there. We thought it was really important.”

To read the complete article, see:
http://www.kauaiworld.com/articles/2007/05/08/news/news01.txt 


AUSTRALIA'S KOOKABURRA COLLECTION TO BE EXHIBITED IN MELBOURNE

A five-day exhibition will feature of one of Australia’s most 
significant coin sets - the ‘Kookaburra Collection’ of historic 
square Australian coins - in Melbourne from May 21 to May 25. 

"Acquired by an anonymous collector, with the assistance of Coinworks’ 
Belinda Downie, this is the only time this unique set of thirteen 
coins will be shown to the public, before being locked in a vault 
for posterity.  The exhibition will be held in Melbourne’s historic 
Great Hall ('Cathedral Room') of the former Stock Exchange of Melbourne."

To read the complete article, see
http://tinyurl.com/29svnv

The Australian Square Penny Patterns date to the Melbourne Mint's 1919-
1921 attempts to find a lighter, more durable alternative to copper 
pennies and halfpennies. "The Mint struck approximately 200 Pattern 
coins, which were distributed to politicians and dignitaries for 
assessment. The project died with the resignation of the then Treasurer, 
but the Square Penny has lived on as one of Australia's most valuable 
and highly sought after rarities."
http://www.perthmint.com.au/historical-coin-collection-coins.aspx 

"The coins never went into production, but the few that were produced 
as trial coins are exceptionally rare, exceedingly valuable and have 
assumed an iconic prominence in the rare coin industry. This is the 
only set of its kind." 
http://www.whitelion.asn.au/index.php?newsID=35 


WHAT DENOMINATIONS OF NOTES AND COINS SHOULD WE HAVE?

Dick Johnson forwarded the following article by free-banking theorist 
Lawrence White from the Free Market news web site (published May 7, 
2007):

"Rather than choose the set of note and coin denominations by arbitrary 
government edict, I propose that Europe and the US should use the 
mechanism we use to choose the set of other goods and services. Why 
not let European commercial banks issue EUR1 and EUR2 notes at their 
own expense, just as the banks in Scotland and Northern Ireland currently 
issue banknotes as low as £1 at their own expense? Let members of the 
public use notes or coins as they prefer. In that way the question of 
currency denomination can be taken out of the public sector with its 
one-size-fits-all approach. In the nineteenth century, private banknotes 
prevailed everywhere. In the United States, most banks issued notes in 
the usual 1-2-5 set of denominations, but some banks experimented with 
$3 bills."

"In the US, some writers have been arguing that the $1 bill should 
be withdrawn and replaced by the $1 coin because the coin lasts longer 
(30 years vs. 1 year)... Similar arguments apply to the US penny. 
Some arbitrarily call for its withdrawal; some want to keep it around. 
To see which coin denominations really are worth issuing, we need to 
move coin production into the market. Let commercial banks issue coins 
of all denominations. There is good historical precedent for private 
production not only of gold and silver coins, but also of token coins."

To read the complete article, see:
http://www.freemarketnews.com/Analysis/240/7456/notes.asp?wid=240&nid=7456


IF AMERICA HAD PRIVATE ISSUE MONEY
 
Dick Johnson further comments on what would happen in America if private 
issuing of coins and currency were permitted as proposed by professor 
White.  He writes: 

"For coin issues:
 
"The U.S. Mint would become the largest custom minter in the world, 
creating coins for banks and large retail chains. They would produce 
custom coins for each such issuer, accepting orders directly from them 
and instead of shipping all coins to the Federal Reserve System, ship 
the custom coins to retail branches. This would become, in effect, 
the most efficient method in the distribution of coins.
 
"Private mints would be established to service banks and businesses 
of all sizes. As was the case for the Civil War cents even small 
retail merchants would issue their own coins, possibly ordering them 
in several denominations. There would be extensive competition among 
private mints. Some would have round-the-clock production. Costs of 
new coining presses and engraving equipment would skyrocket as mints 
required more production capacity. 
 
"Competition for the profits from seignorage would drive the purity 
of coins higher. Coins would be issued both in precious metal and 
token coinage in base metals.
 
"Large retail chains would be the most active issuer of their own 
coins. They would make their own decision, for example, to have and 
use low denomination coins, or to to round off to the next highest 
denomination they made available.
 
"Owners of several private minting firms would have sellers remorse 
for selling out recently, perhaps hitting their forehead like a V8 
commercial --  "Oh, If I had only held out for a few more years!"  
This would include Roger Williams Mint, acquired last year by Osborne 
Coinage of Cincinnati. Or perhaps by Hoffman of California, which 
sold much of its minting equipment to Northwest Territorial Mint, 
and four coining presses acquired by Striker Tokens and Medals of 
Eureka Springs, Arkansas. How fortunate for them."

"For currency issues:
 
"The U.S. Bureau of Engraving and Printing would become a large 
custom banknote printer in addition to private banknote printers. 
They would receive orders from banks direct instead of the Federal 
Reserve System and print notes specifically for these banks with 
their names (a la National Bank Notes).
 
"Banks would issue their own notes and encourage their use for 
the float they would have access to between the time the notes 
were issued and the time they were redeemed.
 
"Bank loan interest rates would drop for the banks that would be 
most aggressive in issuing their own notes. They would have such 
excess capital available for loans they could charge a lower 
interest rate.
 
"ATM machines would proliferate. This would be the most effective way 
of distributing a bank's custom notes. There would be no charge for 
the use of this service. In fact some aggressive banks may offer a 
premium for the use of their currency. Competition among banks would 
vary the amount of the premium.
 
"Standards would have to be made in the design of the currency. This 
would be required to insure its acceptance by everyone.
 
"The currency issued by a bank that defaulted would have to be accepted 
by all other banks, otherwise the public would not accept any bank's 
currency. Or the banks would have to form their own insurance plan 
for this."


ON AWARDING MEDALS TO ROBOTS

Tony Tumonis writes: "I would be shocked to see our military awarding 
medals to machines.  This isn't OZ and these robots are not the Tin man.  
I understand awarding a medal to a non-human comrade, as they have a 
heart and feel pain.  During World War II my father fought in the 
Philippines and they had a dog that would run from tent to tent 
awakening the soldiers on an impending bombing run by the Japanese, 
long before anyone could hear the planes.  This gave the men time to 
get safely into their foxholes.  It didn't take long for everybody to 
become attached to this dog.  

"After the Philippines were liberated, and the time came for them to 
go home, they didn't want to leave the dog behind for fear of it 
becoming the natives next meal so they smuggled him aboard the troop 
ship bound for Australia.  Australia had strict laws then regarding 
animals coming in, so they taught the dog to lay perfectly still and 
quiet inside a duffel bag.  If our military starts to give awards to 
robots, does that mean that will they have to start giving awards to 
their battered Humvees or risk facing a discrimination lawsuit?"

  WILL A ROBOT EARN A PURPLE HEART?
  http://www.coinbooks.org/esylum_v10n18a24.html


SHIPS MAST COIN AS A MARKETING DEVICE

William P. Houston of Frankfurt am Main writes: "Of late there have 
been a few articles in The E-Sylum regarding coins placed under ships' 
masts.  Thru chance I have just noted an item offered on eBay (Nr. 
2201 0901 6184) offering a "coin" placed under (or in or on, I'm 
uncertain how it is done) the keel of a ship when construction begins. 
 
It's probably another old custom which the AIDA Cruise Lines (or 
whatever the official name of the company is) has discovered for 
advertisement and or publicity reasons.  Bidding closes this evening 
(MEST).  Strictly FYI  --  I'm not the owner and I do not plan to bid."
 
[I was unable to read the German text of the item description, but I 
wonder if these "coins" are similar to the flags flown over the federal 
and state Capitol buildings, plsced there briefly only to be packed up 
and sent to a favored constituent group.  -Editor]


INFORMATION ON ENGRAVER JOHN WILLIAM CASILEAR  

Regarding our earlier query about artist John William Casilear, 
David Gladfelter writes: "There is a self-portrait of Casilear 
and biographical info on him in Foster Wild Rice, "Antecedents 
of the American Bank Note Company," 18 Essay-Proof Journal 91, 
102-103 (1961) (reprinted). The portrait had been owned by his 
granddaughter, Grace Casilear Burr, who died childless the 
preceding year and "was the last surviving descendant of this 
artistic branch of the family." Thus it may take some searching 
to locate this self-portrait today.
 
"There is also biographical info in Hessler, Stauffer and Baker. 
The last mentioned source ascribes two works to him: "The Seven 
Presidents," painted and engraved for the New York Mirror, 1834, 
and "The Sybil," after a painting by Daniel Huntington, published 
by the American Art Union in 1847.
 
"I have a proof of the B plate $5.00 note of the Morris County Bank, 
Morristown, N. J., with the imprint Casilear, Durand, Burton & 
Edmonds, N. York. as well as the 4-subject copper plate from which 
it was printed. The note has 4 vignettes, but none of them are 
signed. I have not seen a signed vignette of Casilear's."

  INFORMATION ON ENGRAVER JOHN WILLIAM CASILEAR SOUGHT
  http://www.coinbooks.org/esylum_v10n18a14.html


BASHLOW CONFEDERATE RESTRIKE DIES: WHERE ARE THEY NOW?

Last week, responding to Harold Levi's question about the dies used 
for the Bashlow restrikes of the Confederate Cent, Dick Johnson noted 
that when the stock of the August Frank company was acquired by 
Medallic Art, "Unfortunately, there were no Bashlow dies amongst [them]. 
He must have retrieved every one of them."

Tom DeLorey writes: "This is incorrect - Robert Bashlow did not 
retrieve the dies. I spoke with him shortly before his fatal trip 
to Spain, and he told me that he had not been able to recover his 
dies when August Frank's children had placed him in a nursing home 
and sold off all his assets, but that he intended to begin legal 
action to recover them after he returned from Europe. Of course, 
he never did.

"At about that time, many of the dies were being advertised for sale 
(I believe in Coin World, though there might have also been a mailed 
circular), including many Elder dies. I had decided not to buy any 
because of the questionable title, but after Bashlow's death was 
contacted by a dealer who wanted to know if I would be interested 
in a partnership to buy the Hudson and Fulton small-sized dollar 
dies and restrike them. I did not think that this was a good idea, 
so I bought the dies to keep them from being restruck."


REMEMBERING CHRIS CONNELL

Larry Gaye writes: "I cannot say how shocked I was to hear about 
the death of Chris Connell.  I heard of Chris long before I met him.  
As an avid Byzantinist I was told Chris was 'the man' and that I 
should meet him.  I seemed we were almost meeting each other for years.

"In 1998 I had my chance.  I was the Assistant General Chairman of the 
Portland ANA Worlds Fair of Money.  On the opening day of the convention 
we were swamped with people wanting to get in.  There were so many people 
in line that a call went out for volunteers to help with registration 
(we ended up with 11,000 people at the convention) in all areas.  As I 
was directing people to registration a fellow walked up and said 'Can I 
help?'  I said sure grab a line and pass out pens and applications.  
This went on for about an hour and when the hubbub passed we both passed 
a sigh of relief at the same time and took a deep breath.  I introduced 
my self and he said 'I'm Chris Connell.'  I finally met a man who would 
become a very dear friend.

"It was at that show that the ADBC (Association of Dedicated Byzantine 
Collectors) was formed by Chris, Prue Fitts, and yours truly behind a 
curtain at the ANA registration booth.  As a national volunteer I knew 
I would see Chris at least twice a year and emails and phone conversations 
much more often.  Chris was a gentleman in all things and a true priest 
to all who knew him.  He went through life affecting the lives of those 
around him and I feel very lucky to have had him in my life even for a 
short time.  He was a gift given to us and taken away too soon.  I will 
miss him."


CONGRESSIONAL MEDAL OF HONOR RECIPIENTS TO GATHER IN GREEN BAY

"This September, many of our nation's most highly-honored military 
veterans will come together in Green Bay for a convention honoring 
recipients of the Congressional Medal of Honor. Thursday, organizers 
unveiled details of the week-long event.

"In the history of the U.S. military, more than 48 million men and 
women have served. Out of that, just 3,444 were awarded with the 
military's highest honor. 

"There are 110 Congressional Medal of Honor recipients still living, 
ranging from 57 to 97 years old. Most of them will be in Green Bay 
for the convention.

"Each recipient who attends will take part in a jam-packed week with 
activities ranging from fishing to school visits. In all, there will 
be 22 events during the week. The final event takes place on Lambeau 
Field, where all the Medal of Honor recipients will be introduced 
during a pre-game ceremony.

"Festivities kick off September 3rd."

To read the complete article, see:
http://www.wbay.com/Global/story.asp?S=6498287 


DEALER MIKE FULJENZ PROFILED BY LAMAR UNIVERSITY

Coin dealer Mike Fuljenz was recently profiled by his alma mater, 
Lamar University of Beaumont, Texas:

"Fuljenz' gifts to the athletic department total over $100,000 over 
the last two years, including providing financial support for programs 
like - underwriting the 2006 men's basketball tip-off dinner featuring 
guest speaker John Calipari, corporate sponsorships, donations to the 
men's and women's golf teams, donations to the women's soccer program, 
baseball and Cardinal Club membership.

"Fuljenz looks back to his own upbringing, his children and his 
personal interests as the main motivating factors for his interest 
in giving back to the community through a variety of avenues. 'My 
mother and grandmother both taught for 30 years, so I grew up in a 
family that supported education and teaching. My father was really 
involved with different charitable programs and volunteer work for 
youth in need. You kind of model your father.

"'I taught and I've always been involved in education programs. 
You need a hobby and my hobby is working with programs that help 
kids. I like teaching and I like working with kids.

"'So, when I left teaching to get into coins, and that area blossomed, 
one of the ways to stay true to some of the roots I had was to be 
involved with kids, sports and other areas of education.'

"He started his professional career as a teacher and principal. 
After several years, he turned to his life-long love and interest 
in coins into a business. He is the president of Universal Coin 
and Bullion, which specifically deals with classic rare coins.

"'I always collected coins as a hobby,' said Fuljenz.' I would cut 
lawns for money during the summer. But what I quickly realized was 
that when they quit making dimes out of silver in the 1960s, I could 
acquire old dimes at the bank, sell them to the local dealer and 
make more money doing that than I could mowing grass.'

"Through reading books and other literature, attending conventions 
and seminars, and interacting with other people who shared the same 
interest in coins, Fuljenz has become one of the foremost experts 
in the area of rare coins."

To read the complete article, see:
http://www.lamar.edu/newsevents/news/207_5386.htm 


SHORT SNORTER EXHIBIT AT CENTRAL STATES SHOW

As a result of an earlier E-Sylum article I've recently fielded 
queries about "Short Snorters."  I enlisted the help of Joe Boling, 
co-author of "World War II Remembered".

Joe writes: "Short snorters were invented by airmen making hops to 
various countries - it became a way to keep souvenirs of where you 
had been. Frequently, the notes were signed by other members of the 
crew (if a multi-engine aircraft). Eventually other servicemen became 
aware of them and started keeping souvenirs also. In the case of 
ground troops, it was a lot easier to have buddies sign the notes. 

"Collectors value short snorters that are dated and have locations 
indicated, as that gives us information about circulation patterns 
for notes during the war. There have been many articles on short 
snorters published over the years, but no definitive research that 
I recall."

"I am now at the Central States convention. One of the competitive 
exhibits is about short snorters. It says that the term originally 
applied to the flyer himself, and only later came to be applied to 
the notes that were being signed and retained. It also has an issue 
of Paper Money (the journal of the SPMC, Soc of PM Collectors) as 
part of the exhibit - whole number 216, Nov-Dec 2001. You should 
see this exhibit - seven cases of fabulous short snorters."

[Many thanks to Joe for his assistance on this topic.  
Did any other E-Sylum readers get to see the exhibit?
-Editor]


PENCE VS PENNY: LANGUAGE SHIFT UNDERWAY?

Kerry Rodgers writes: "I was interested in Ted Buttery's comment 
concerning "pence" vs "penny".  I suspect we are keen observers of 
a language shift happening before our eyes. 

"I am very aware of the pedantic grammar that is allegedly involved, 
but I noted that that bastion (on one side of the Atlantic) of 
English-as-she-is-spoke, the BBC, referred to "one pence" at least 
in its report.

"Try Googling "one pence".  You will get over 29,000 hits. These are 
not all illiterate casual bloggers; far from it.  I suspect a shift 
in usage is occurring.  I have seen the same in my lifetime in "data 
is", now accepted in common parlance.  And poor old "disinterest" has 
undergone a complete change in meaning over the last three decades. 
This is English, an ever-growing vibrant language, not frozen Latin-like 
in the past, or hide-bound by bureaucrats as is French.

"A Professor of English Language once pointed out to me that the only 
correct English is that in current usage - whatever that might be."


U.S. LEGAL TENDER LAWS AND THE USE OF MEXICAN AND CANADIAN COINS AND NOTES

Regarding last week's item on the acceptance of Mexican Pesos by a U.S. 
business, Granvyl Hulse writes: "What has surprised me is the print 
wasted on commenting about a store near the Mexican border accepting 
pesos. Most businesses along the Canadian border accept Canadian money 
in payment for goods. In some cases they charge an exchange fee, but 
some ski areas in northern New York announced that they would accept 
Canadian money at par to encourage cross-border trade. What is the 
big deal with pesos? I live five miles from the Canadian border in 
up-state New Hampshire and I would bet that there isn't a cash register 
in this town that does not have some Canadian money in one of its slots."

  PESO PAYMENTS AND LEGAL TENDER LAWS IN THE U.S.
  http://www.coinbooks.org/esylum_v10n18a25.html


LEGAL TENDER STATUS RATIFIED IN COINAGE ACT OF 1965

Relating to the more general question of foreign coins as legal 
tender, David Ganz writes: "See Feb. 21, 1857, ch. 56, 11 Stat. 163 
(determines legal tender of Spanish pillar dollar (continue) and 
other coins (denied). 

"When the Coinage Act of 1965 was passed, it had an important clause 
that ratified the legal tender status of all American coins and 
currency previously produced (thus finally legalizing the trade 
dollar).  

"In the hearing held June 4, 1965, Rep. Wright Patman, chair of the 
House Banking & Currency Committee, asked Treasury secretary Henry 
Fowler whether the coins being authorized 'will have the stamp of 
the United States recognizing that each coin is legal tender for 
all debts, public and private' to which Fowler replied in the 
affirmative.

"On page 20-21 of the hearing, Fowler was asked 'if they have 
something owing to them, they are compelled by law to accept these 
coins' to which Fowler answered 'Correct'. Money becomes a commodity; 
paper currency a medium of exchange.

"Chairman Patman clarifies 'two points on the record' on page 32 of 
the same hearing. 'all coins, all paper money are all of equal value 
as legal tender. You can pay a million dollar debt with copper cents 
if you want to. That has not always been true. You can pay any debt 
with 5-cent pieces or 25 cent pieces, and it makes no difference. 
It is all acceptable legal tender'.

"Secretary Fowler than acknowledges that some vending machines don't 
accept half dollars and that some coin-operated vending machines 
are limited.

"On the floor debates, it is further clarified that this is nothing 
'more than a restatement of existing law.'"


FEATURED WEB PAGE: DENOMINATIONS OF U.S. COINS

This week's featured web page is an abstract of a February 2004 article 
in Journal of Evolutionary Economics: "The denominations of US coins: 
a case of institutional evolution" by Adrian E. Tschoegl. 

"'A great deal of small change is useful in a state, and tends to reduce 
the prices of small articles.' Thomas Jefferson (1784; 1953, p. 178)

Abstract. The system of denominations of US coins, which the paper 
treats as a quasi-genetic trait of the US monetary system, has not 
been constant since inception but rather has evolved over time in the 
sense of being subject to innovation and selection. However, all the 
innovations have disappeared, as have a number of the original 
denominations. Abstract theories of optimal systems of denominations 
provide a good explanation of one selection factor, but other important 
influences include limiting the number of separate denominations and 
accommodating the requirements of decimal counting. However, even 
some innovations that ultimately disappeared survived for decades."

http://www.springerlink.com/content/ddac57p70dbtkfv3/ 


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