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Minutes of the 986th Meeting

The 986th meeting of the Chicago Coin Club was called to order on March 3, 2001 at 1:04PM by President Carl Wolf at the Chicago Paper Money Exposition at the Ramada Hotel, 6600 N Mannheim, in Rosemont.

First Vice President Robert Feiler introduced feature speaker Chester Krause who discussed Mining Scrip of Michigan's Upper Peninsula. The talk illustrated how the economic isolation of Michigan's Upper Peninsula and a flourishing local economy created the need for scrip.

First Vice President Robert Feiler thanked Mr. Krause and presented to him the Chicago Coin Club's (CCC) featured speaker Medal and an ANA educational certificate.

President Carl Wolf explained to the audience the process for membership in the CCC and encouraged all that were interested to consider membership. At this time we had the first reading of the application for membership for Gary E. Lewis.

President Carl Wolf explained to the audience the CCC tradition of distributing numbered souvenir cards at the CPMX show. This year's card was a numbered reproduction of a $1 note issued by The City Bank (of Chicago). As is customary, the first of the series is given to the club Archivist (Phil Carrigan), the second was given to the featured speaker (Mr. Krause) and the third to the preparer of the card, Mike Metras. All attendees then received a copy of the card.

The meeting was recessed at 2:03PM.

The 986th meeting of the Chicago Coin Club reconvened on March 14, 2001 at 7:01PM and called to order by President Carl Wolf.

A motion was made, seconded and passed to approve the minutes of February 14, 2001.

Secretary/Treasurer Lyle Daly gave a treasury report as follows:

President Carl Wolf introduced Harlan Berk as the featured speaker. Harlan spoke on the ancient coinage of Croesus. The gold and silver pieces composed what could loosely be described as a type set. The iconography of a three quarter rampant lion opposing the head of a bull was the common theme, representing military might and fertility.

After the presentation, Carl Wolf thanked Harlan and awarded to him the CCC's featured speaker Medal.

Second Vice President Don Dool introduced the following individuals, who presented material during the meeting's Show and Tell:

• Drew Michyeta presented a contemporary coin from the Gallery Mint, hammer struck in the method of the ancients and depicting the Owl of Athena.
• Mike Metras presented two Roman coins.
• Dick Hamilton presented two examples of bonds and depression script.
• Mark Wieclaw brought in an example of Notgeld printed on burlap, an issue for 1 mark with perforations allowing the note to be divided into 2 - 50 pfennig notes. He also presented 2 Roman coins.
• Chet Poderski brought in 4 checks for emergency veteran loans from Chicago City Bank & Trust and a 1901 IRS tax stamp on a certificate for the public exhibition of money.
• Sharon Blocker presented a Cuban 10-peso coin composed of 4 pieces that when configured properly displays a view of Havana harbor.
• Bob Leonard presented early 14th century ducats of Venice and Chios. Numerous examples exist, as this was the required form of payment to acquire alum, an essential ingredient on the dyeing of fabric.
• Carl Wolf presented a contemporary lunch token, a souvenir card of the $5 Running Antelope note and New Guinea seed money.
• Bill Burd presented several silver art bars. Several contained duplicate serial numbers.
• Don Dool presented a stock certificate from Banco Union Nacional with a representation of San Martin. He also brought in reproductions of 500 peso notes.

Old Business:

All were reminded that the 987th meeting will be held Wednesday April 11th at 7pm downtown. We will recess and reconvene at the Chicago International Coin Fair at the Ramada Hotel, 6600 N Mannheim, in Rosemont on April 28th at 1 PM. The speaker will be David Hendin who will discuss Coins of the Bible.

A motion was made, seconded and passed to send a $25 dollar memorial, for each member who passed away in 1999-2000, to the ANA library to purchase books in their memory.

New Business:

Carl Wolf stated that the board recommended a committee be formed to begin planning for the 1000th meeting of the CCC. Jeff Rosinia, Mark Wieclaw, Dick Hamilton, Sharon Blocker and Mike Metras volunteered to be part of that committee.

A motion was made, seconded and passed, to adjourn the meeting at 8:56 PM.

Respectfully submitted by Lyle Daly

Minutes of the Board Meeting of February 21, 2001

The 1st board meeting of 2001 for the Chicago Coin Club, held at Connie's Pizza, was called to order on February 21, 2001 at 6:35PM by President Carl Wolf.

Those in attendance were President Carl Wolf, Second Vice President Don Dool, Phil Carrigan, Mark Weiclaw, Lyle Daly and Paul Hybert. Members William Burd, Robert Leonard and Steve Zitowsky were present in an advisory capacity.

A motion was made by Mark Wieclaw to accept Bill Bierly's resignation as Secretary Treasurer and nominate Lyle Daly to the vacated position. The motion was seconded and passed.

A motion was made by Lyle Daly to approve the pre-printed material allowing signatories to be changed on the two Bank One certificates of deposit and the Dreyfus Money Market fund. Signatures will be obtained at the Chicago Paper Money Exposition. The motion was seconded and passed.

A motion was made to change the signatories to the Bank One safe deposit box to Carl Wolf, Lyle Daly and Jeff Rosinia. These individuals are regularly in the downtown area and can conveniently access the box for the club. The motion was seconded and passed.

The floor was opened for discussion.

1. Celebration of the Club's 1000th meeting.
   The 1000th meeting will be in April of 2002. Suggested venues of celebrating are as follows:
   • A banquet in conjunction with Chicago International Coin Fair
   • Retain a Nationally/Internationally known speaker
   • Host a numismatic symposium
   • Develop a commemorative medal
     • Designed by club members
     • Professionally designed
     • Designs submitted by club members and formalized by a professional artist
   • Produce an elongated coin
   • Finish the club membership video; Carl Wolf will revisit this issue. Lyle Daly suggested that this could be a considerable effort and expense for one member and suggested this be a funded project.
   It was discussed and agreed that a committee be formed to develop the program for the 1000th meeting. The board will make recommendations for membership to the general membership for ratification.
2. Illinois Numismatic Association Educational Service
   The Illinois Numismatic Association has asked the Club to organize an educational activity and/or program for their fall show scheduled for September 7-9 and held at 6200 Joilet Rd, Countryside, IL. Carl Wolf stated his belief that members of the club could add value to the show. The collectors in attendance have historically been interested in recent US series. General membership will be advised of this opportunity.

A motion was made, seconded and passed, to adjourn the meeting at 8:05 PM.

Respectfully submitted by Lyle Daly

In Memory
Richard W. DeRobertis

Richard DeRobertis passed away Saturday, March 10, 2001. He was 73 years of age.

Richard joined the Chicago Coin Club in April 1995 becoming member number 1045. He had wide numismatic interests, but specialized in U.S. paper money. He ran his own insurance agency for forty-seven years before retiring and becoming a part-time dealer at local coin shows. He specialized in international paper money.

He was a veteran of the U.S. Navy, a member of the American Numismatic Association, Society of Paper Money Collectors, International Bank Note Society, Calumet Stamp Club, South Holland Business Association, Lion's Club, Knights of Columbus, Dolton Elks and others.

A memorial service was held March 14th at St. Jude the Apostle Church in South Holland. He is survived by his wife Patricia, eight children, eleven grandchildren and one great-grandchild.

Carl Wolf

Speaker's Wor[l]d
Mining Scrip of Michigan's Upper Peninsula

Presented by Chet Krause to our March 4 meeting at the CPMX.

The program consisted of a little history, some geography, and a show and tell session. Although visited by French traders, the first commercial expeditions to the southern shore of Lake Superior started around 1820. In 1836, that area was made part of the state of Michigan in a land swap that gave the Toledo area to Ohio. The first commercial ties were to Detroit, because lake shipping provided easy access, and because the first investors in the area were Detroit merchants.

This talk concentrated on the experience of the Keweenau peninsula, which forms a small part of Lake Superior's southern shore. Although iron was present in the area, the copper deposits were developed first, starting in 1840. The copper mines were developed by Eastern investors, and the soft copper found a ready market, in the production of US minor coinage and other uses. This area was the main source of copper until late in the nineteenth century, when the advancing western railroads made the copper in Montana and Arizona more attractive.

The most difficult part of travel to the east was the six mile portage at Sault St. Marie. The 1855 opening of the canal and locks allowed iron to be transported. It also brought coal onto Lake Superior, which allowed steamers to start replacing schooners.

The remaining difficulty in lake travel was the winter freeze of the lake; no shipping during the winter. Most business was conducted using sight drafts given by the mines. But those were payable at some eastern bank, because most heavy industry was financed by easterners. A number of sight drafts from different mines were shown, all payable somewhere east (New York, and such). A $5 draft from The Central Mining Company, Eagle Harbor, dated 1863; a $20 draft from the Quincy Mine of Hancock, dated 1869 with a 2-cent revenue stamp; and a $100 check from the Quincy Mining Company of Hancock, dated 1889, were some of the items shown. Area bank notes were neither mentioned nor shown.

The picture that emerged of the local economy was of sight drafts circulating during the winter isolation, but the drafts would disappear after the spring thaw, shipped east to pay for supplies and material. One hundred different pieces of mining scrip are known for the area.

A few of the area's mining stocks were shown, and mention was made of some of the more remembered of the underwriters (again from the east, mostly Boston and New York). The presentation concluded with samples of the various types of copper ores from the area; the first miners picked up much copper from the surface. Mention was made of the traces of pre-historic mining activity, and how fire and water were used to separate ore from rock.

Speaker's Wor[l]d
Early Coins of Croesus, and
Signed Ancient Coins

Presented by Harlan Berk to our March 14 meeting.

Harlan has long studied the coins of Croesus, and the first part of the evening's talk was spent mentioning certain characteristics of the issues while the actual coins were displayed.

Pieces were issued in denominations of siglos and stater, but only for their clients (those they had conquered). A thirteen to one value ratio was used for gold and silver, and fractional denominations are very rare. The existence of gold and silver coins from the same die indicates that this was a small, local issue.

The main design elements are the lion and the bull, the lion representing strength and the bull representing fertility. The idea that the coinage shows Croesus, represented by the lion, vanquishing an opponent, represented by the bull, was downplayed. Once that general point was made, the design elements were analyzed both as to details and the changing style. The wart on the lion was first, followed by the position of the legs; a leaping lion early, but standing with straight parallel legs later. A high grade piece appears to show a bridle on the bull.

A short discussion of a hoard of these pieces concluded the Croesus coinage part. The second part was spent reviewing signed ancient coins. At one time, all coins of Syracuse were signed. But other areas would issue signed coins sporadically, rarely.

On some pieces only initials were present, on other pieces names. But usually we are not certain as to whether they indicate the die cutter or the magistrate. There is no such question about the coin bearing the legend "Theodosius made it," however.

Considering all of the coins from Sicily and Magna Graeca, very few are signed. After showing a few from here and there, much time was spent on coins from Laryssa. A hoard provides useful data as to die linkages, occurrence of signed dies, and such.

The coins of Laryssa are of a standardized design; a horse on the reverse. either initials or a monogramed bull were used to sign the coins. Out of 83 identified dies, only 15 were signed. Since some dies are known only from specimens with a head struck high off of the planchet, the numbers are not exact as sometimes initials are located above the head.

The talk concluded with a brief discussion of mintage technique. Planchets might have been close to a ball in shape, in order to get the high relief without producing many edge fractures. An informative evening with these excellent pieces was over much too soon.

Show and Tell

Each image has a scale in the lower-left corner, with the tics spaced 1 mm apart. Because the brightness and contrast were manipulated on a computer, the coloring of a coin's image differs from the coin's actual coloring.

1. Drew Michyeta led off with a dekadrachm made by the Gallery Mint in Arkansas. It bears the owl of Athens and the head of Athena, with COPY in the ribbon on the helmet.
2. Last year's CICF was the source of Mike Metras' two Roman denarii:
   • The first is of Septimus Severus who lived from 146 to 211, when he died a natural death. He was emperor from 196 to 211. The obverse inscription reads L SEPT SEV PERT AVG IMP VIII (Lucius Septimus Severus Pertinax, Augustus (Most High), 8th imperator). Septimus Severus' laurate head faces right. The reverse reads PM TRP IIII COS II PP (High Priest, 4th Tribunal Powers, 2nd consulship); winged victory walks to the left. Using the values given for COS, TRP, and IMP in conjunction with the charts, we can say the coin was made in 196/197 AD.
   • The second coin is of Caracalla who lived from 188 to April 8, 217, when he was killed on the order of the head of the royal guard, Marcinius, the next emperor. He was emperor from 198 to 217 (a co-emperor with Septimus Severus for a time). The obverse reads ANTONINUS PIUS AVG GERM (Antoninus Pius, Most High, Germanicus). His real name was Antoninus. Caracalla was his nickname, the name of the long Gaulic coat he wore. The reverse reads PM TRP XVIII COS IIII PP (High Priest, 18th Tribunal Powers, 4th consulship, Father of the country); Apollo with a long dress and laural wreath stands in the center holding a branch and a spear. Using the values given for COS, TRP, and IMP in conjunction with the charts, we can say the coin was made in 215 AD.
3. Richard Hamilton showed acquisitions from the recent CPMX:
   • A bond from the Woodruff Sleeping & Parlor Coach Company. A steam engine exiting a tunnel is the main vignette, and most of the $30 coupons are still attached.
   • A stock certificate from The Pullman Company, for three shares.
   • A cancelled piece of depression scrip from Fostoria, Ohio; dates 1933.
4. Notgeld and ancients were shown by Mark Wieclaw:
   • A piece of burlap notgeld, from Bielefeld; dated february, 1925.
   • A piece consisting of two 50 pfennig pieces (different designs), with perforations between.
   • Two Syrian tetradrachms from Antioch, of Otacilia Severa, wife of Philip I (244-249AD). Philip was emperor during the 1000th anniversary of the founding of Rome in 244AD. Otacilia's coinage is much scarcer than that of Philip's. The piece with her portrait left is very rare, while the piece with her portrait right is scarce. The eagle on the reverse will face left or right depending on the artist's choosing.
5. Chet Poderski showed some local pieces found while house cleaning:
   • Three checks drawn on the Ashland State Bank, in the amount of 1 cent, 2 cents, and 4 cents; all dated May 1943.
   • A 1949 check drawn on the account of the Red Cross Chapter, at the Chicago City Bank and Trust Company. It was a $40 advance on a pension, bearing the stamped marking "Emergency Veteran Loan".
   • What appears to be a business license from 1901. The $10 license is titled "Proprietor or Agent of Public Exhibition for Money", bears an Internal Revenue Tax Stamp, and has the address 354 Milwaukee Avenue.
6. Sharon Blocker showed a lot won on eBay. A set of four .999 fine silver one ounce ingots of Cuba, each denominated 10 Pesos. While the design on each piece stands alone, the rectangular pieces go together (2x2) to form an image of Havana and its harbor with sailing ships.
7. The theme "Two Imitations of a Copy" was presented by Bob Leonard; consisting of four ducats from the Chios Hoard (concealed circa 1435, appeared on market 1990):
   • Venice, ducat of doge Francesco Foscari, 1423-1457, pure gold;
   • Chios, ducat of Filippo Maria Visconti, Duke of Milan, Lord of Genoa, 1421-1436, 700 fine gold, copying Venetian types, but substituting St. Peter for St. Mark and with the name of the duke changed;
   • Levant, imitation of ducat of Filippo Maria Visconti of Chios, with retrograde and blundered inscription; and
   • Levant, a different imitation of a ducat of Filippo Maria Visconti of Chios, in pale gold on large flan [to keep the weight at the correct 3.5 grams while debasing the gold, it was necessary for the size of the coin to increase], very crude with blundered inscription.
   The two imitations were each found as die duplicates in the hoard and must be late issues. At this time the economy of Chios was based on alum, essential for dying cloth. The Genoese had a virtual monopoly on the importation of alum into Europe, transhipping it from the alum mines on the Turkish mainland and loading it on bulk freighters at Chios. About 25 years after these coins were minted, the Genoese were paying over 300,000 ducats every year just as tribute to the Turks for the alum concession. At this time, their profits would have been much higher.
8. Themes from past meetings were continued by Carl Wolf.
   • Carl received an envelop for an upcoming trade show in the mail. An aluminum token, good for a free lunch at the show, was behind the envelop's window. Not many tokens in actual use these days.
   • A Running Antelope $5 replica from a souvenir sheet. The central vignette was inspired by a real photograph, but the war bonnet was added.
   • Strings of coix seeds served as money on the islands of Santa Cruz and Papua New Guinea into the twentieth century. They had a low monetary value but their hard shell put coix seeds in demand as a trade item. They were used to decorate string-bags, braided headbands and weapons. Anthropologists in the 19th century observed natives wearing coix seeds when in mourning. Feather-money coils were also decorated with tassels made of coix seeds.
     The Latin name for the plant that grows this seed is Coix lacryma-jobi where lacryma-jobi is "Job's tears" in English. It's a leafy annual grass native to tropical Asia. It grows three to ten feet high and produces these gray and off-white, hard, shiny, tear-shaped beads that enclose the seed kernels.
9. Bill Burd showed part of a small hoard of serial numbered silver art bars picturing landmarks:
   • First National Bank, #000000
   • Art Institute, #000001 (two of them!)
   • Water Tower, #000001 (two of them!)
   • Buckingham Fountain, #000001
   • F.L.Wright - Robie House, #000001
   • Sears Tower, #000001
   • Hancock Building, #000002
   • First Wisconsin Center, #000000
   • FNB Crown Point, Indiana, #000001
   • Ann Arbor, Michigan, #000001
   • ANA convention in LA. The engraved membership number was traced to a Chicago resident.
10. Having returned that morning from a trip to Argentine, Don Dool used San Martin as his theme.
    • Three reproductions of 500 peso bank notes on El Banco de La Provincia de Buenos Aires. These were obtained at the bank's museum. All have the young portrait of San Martin.
    • Next, a current five peso note also with the young San Martin. These are being counterfeited, Don had one refused at a coffee shop but accepted at a McDonalds. The digits of the serial number are in ascending size.
    • A philatelic souvenir sheet issued in 1950 on the centenary of San Martin's death.
    • But best of all, Don had been looking both in the US and with a friend in Argentina for an item of Scripolophy pertaining to San Martin. The first dealer that Don visited in Buenos Aires had not one but three 500 pesos bond issues of El Banco "Union Nacional". The issue is dated Julio (July) 1 de 1889. The interest rate was 9%. Nineteen of the original coupons are still attached. Each coupon is in the amount of 22 pesos 50 centavos. These were redeemable on December 21st and June 20 starting in 1890 and ending in 1899; the bank stamp on the coupons probably indicates that after the first one they were all paid at one time.

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