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|Chicago Coin Club|
|Volume 47 No. 5||May 2001|
The 987th meeting of the Chicago Coin Club was called to order on April 11, 2001 at 7:00PM by President Carl Wolf.
A motion was made, seconded and passed to approve the minutes of March 14, 2001.
A motion was made, seconded and passed to approve the minutes the Board meeting of February 21, 2001.
Secretary/Treasurer Lyle Daly gave a treasury report as follows:
|Dreyfus Money Market||$1768.71|
|Bank One CD||1357.09||due 9/01|
|Bank One CD||1355.17||due 7/01|
|TCF Checking Account||2497.17|
President Carl Wolf introduced guest Stephen J. Huber. Steve's interests are in US coinage and German Talers.
1st Vice President Robert Feiler awarded Dennis Fuller and Drew Michyeta speaker awards for past presentations. Robert then introduced Louis Jordan and his presentation on the minting practices of the Massachusetts Mint of John Hull and John Hull's personal ledger of financial accounts.
Mr. Jordan illustrated the early history of coinage in Colonial America, touching upon the mechanisms that allowed Spanish Cob coinage to circulate in the colonies. Crude minting practices allowed the cob coins to be "shaved" and forced merchants to employ the use of scales in everyday transactions. The need for a reliable, uniform coin and the establishment of favorable exchange rates to keep Spanish silver in the colony were conditions that favored John Hull's mint.
Mr Jordan highlighted the decline in profitability of this enterprise by expanding and illustrating various journal entries in chronological order. Although this mint was operational from 1671 through 1682, all coinage bears the year of authorization to coin.
1st Vice President Robert Feiler presented Louis Jordan the featured speaker award and an ANA educational certificate.
Second Vice President Don Dool introduced the following individuals, who presented material during the meeting's Show and Tell:
The second reading for membership was made for Gary Lewis. A motion was made, seconded and passed to admit Gary Lewis as a member of the Chicago Coin Club.
Bob Leonard advised the club that he was nearly complete with the Obsidian Money souvenir to be available at the CICF.
Mark Wieclaw will chair the committee for planning the 1000th meeting of the club. It was noted that the 1000th meeting will fall in May of 2002.
Carl Wolf noted that many members were meeting for dinner prior to the meeting at The Marquette and at Maxim's. It was agreed by all that these are open to all who wish to join, so feel free to meet at either spot.
Don Dool extended greetings from Bill Bierly who has relocated to Detroit. Don met Bill at the Central States Numismatic Society Show in Indianapolis.
Don advised the club that he exhibited in several categories and received several awards at the CSNS show. He was, however, very displeased by the disqualification of an exhibit for "failing to note items as reproductions". Don read to the club, text that was part of his exhibit that clearly stated what reproductions were used. Don felt that at least an apology was in order, as the judges' decisions are final. None were forthcoming, consequently Don has decided to no longer be an exhibitor. In the discussion that ensued, it was generally agreed that judging does seem inconsistent at times but the primary reason to exhibit is to share your collection with others.
A motion was made, seconded and passed to send a $25 dollar memorial for each member to the ANA educational fund.
A motion was made, seconded and passed, to recess the meeting at 9:10 PM. The 987th meeting will 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.
Respectfully submitted by Lyle Daly
. . . . . . .
President Carl Wolf reconvened the 987th meeting of the Chicago Coin Club at 1 pm Saturday April 28 at the Chicago International Coin Fair in Rosemont.
Carl told all in attendence how they could become members of the club by filling out an application that would be read at the current meeting. After a second reading at the next meeting they were eligible to become members.
Carl also noted that our meeting at the next CICF meeting would be the 999th meeting of the Chicago Coin Club and that, as such, it would be a very special meeting.
First vice President Bob Feiler introduced our speaker, author on biblical and Jewish numismatics, David Hendin. David spoke eloquently on early Hebrew coinage through the second revolt. He also touched on archaeology in the Middle East.
After David's talk, Bob Feiler presented him with our featured speaker medal and an ANA education certificate. Bob then talked about upcoming speakers at future Chicago Coin Club meetings.
David Harper, editor of the Numismatic News, then presented a Numismatic Ambassador award to Robert Julian for his life-long contributions to the world of numismatics.
Carl annouunced that the following five persons applied for membership in the Chicago Coin Club:
|Cheryl H. Raff||Park Ridge, IL|
|Mark S. Holmes||Alexander, NY|
|Richard M. Craig||Ontario, Canada|
|Steve Huber||Wayne, IL|
|John D. Wright||St. Joseph, MI|
Carl introduced Bob Leonard who gave a short discription of the obsolete money handout on obsidian money. One handout was given to each person at the meeting. Handout number 1 went to the club archives, number 2 to David Hendin, and number three to Bob Leonard, the author of the handout.
Carl then noted that two new clubs were meeting at the CICF, the Ancient Coin Club of Chicago, and the International Primitive Money Society.
The meeting was adjourned at 2:13.
Submitted by Mike Metras, acting secretary
If you paid your 2001 dues by early April, you should have your membership card by now. Either it was distributed at the April 11 meeting in downtown Chicago, or it is enclosed with this issue of the Chatter. If you wish to continue membership but have not paid yet, please send $10 to the club's mailbox, listed at the end of this issue.
Presented by Louis Jordan to our April 11 meeting.
This talk concentrated on the pine tree coinage. After setting the political, economic, and monetary stage, Louis Jordan reviewed what is currently known about John Hull and the operation of the mint in Massachusetts.
The first mint in the western hemisphere was established in Mexico City in the 16th century, with more mints later established in other parts of Spanish America. These mints produced a crude coinage using the abundant local gold and silver deposits. The coins then were shipped to Spain, but many were lost to pirates, shipwrecks, and local commerce.
The silver 8 reales cob coins arrived in Massachusetts via trade with the West Indies. The coins' rough shape made clipping a common event; it is estimated that instead of the original 420 grains, only 360 grains remained by the time they arrived in New England. Local commerce was complicated by the small amount of circulating silver which traded by weight. To alleviate that problem the Massachusetts General Court, in 1652, decided to open a local mint, to melt down the crude pieces and make more consistant pieces. To induce coin flow to New England, the value of an 8 reales cob was declared as 60 pence (5 shillings) as oposed to the 54 pence (4sh., 6 pence) value then current in the West Indies.
The plan worked well. But then West Indies locations caught on, and increased the value of cobs during the 1660s. The last hold out was Jamaica in 1671. In response to the slowing flow of silver into Massachusetts, in 1672 a cob was valued at 72 pence.
The final mint contract, covering the period June 1675 to June 1682, was awarded to John Hull, a prominent citizen and silversmith. A personal ledger of John Hull, covering the years 1671-1680 has survived; this ledger is the middle of five such ledgers. The surviving ledger, along with three other volumes also maintained by John Hull, was donated to the New England Historic Genealogical Society on November 30, 1861. The other three volumes are the detailed payments accounts of Massachusetts Bay for King Philip's War, and are well known and used by the students of early Massachusetts history. Louis told us a story, of when he visited the Society and requested to view the microfilm of Hull's personal ledger; the response was along the lines of "You do not want that, the other three are the important ones."
Having set the stage, Louis proceded to use ledger entries to make a number of points. The terms "shop" and "mint house" were used interchangeably in the accounts for both supplies and for silver, supporting the belief that the mint was located on the family homestead. The time between a deposit of bullion and the corresponding payment of coin to the depositor gives us data needed for calculating the mint's production rate, and the amounts show how profitable, or not, making money could be.
Space constraints limit the information that can be presented here.
Although an article is planned for the Colonial Newsletter,
Louis has placed an excellent study of John Hull, the mint, and the economics
of Massachusetts coinage on the web at
Presented by David Hendin to our April 28 meeting at CICF.
Using slides to prompt his comments, David Hendin touched on various persons and events from the biblical era. The first coin, from the 4th century BC, is believed by many to depict a deity on the reverse. A graven image on a coin? Remember that at that time the Jewish religion was one of many cult religions in the middle east. Mention was made of a coin from Tarsus with a "typical" figure of Zeus, but the legend says Baal. These coins showed the interaction between the religions of the time.
A coin of Samaria, with a man playing a lyre on the reverse, was shown while the parallel nature of the Jewish and Samarian religions weas noted; each had its own temple on its own mount. A hemi-obol bearing an ear on one side and a falcon on the other led to some possible meanings; the ear of God? the falcon representing Horus?
Only one piece of mint equipment was shown; a slab of limestone with equally spaced holes along a shallow groove, with a small hole at the center of each large hole. This was the mold for planchets, with the molten metal poured into each groove producing a strip of planchets. A slide showing the obverses of some common Widows mites was interesting, but the next slide (of their reverses) showed all to be brockages. Not so common.
A number of coins from the Herodian dynasty were next, starting with one issued by Herod the Great. It bears a galley on one side and an anchor on the other, and it commemorates the establishment of Caesarea (Herod's first sea port) in 10BC. Herod also issued a coin bearing an eagle, making it the first graven image on a Jewish coin. Herod Philip, a son of Herod, was the first to place his own image on a Jewish coin, in 1 AD.
The coinage was thr product of just a few die masters with many apprentices, as shown by the typically rough execution and many errors; this was definitely a circulating coinage meeting a pressing need. No statuary of Jewish kings was made, for they would have been considered graven images. The resulting lack of skilled local sculptors helps explains the rough appearance of the local coins.
A Bar Kochba coin overstruck on a Judea Capta coin was shown; this was another of those coinsthat grabbed the audience's attention. The next slide could tell an interesting story. The 1st or 2nd century oil lamp with its contents upon excavation: 4 gold aurei, 5 silver denarii, and 7 Bar Kochba coins; conjectured to have been a Roman soldier's savings and campaign mementos. The last slide pictured a square Byzantine weight bearing a portraint of Saint Paul of Tarsus. Some of these items were some of the additions made to the recently released fourth edition of David's Guide to Biblical Coins.
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.
|Date:||May 9, 2001|
|Featured speaker:||Steve Feller - Bank Notes from the Vault|
|In this presentation banknote enthusiast Steve Feller will tell of every collector's dream phone call. It went something like this from the Coe College business office, "We were searching the vault and came across a tattered envelope with some old bank notes in it. Would you be interested in seeing them?" Was he?! After ascertaining that the first note in the bunch was a Continental Currency note of 1778 issued in Baltimore Steve's appetitie was whetted. There were over a dozen interesting notes which will be described. They came from around the world. The rest of the story will also be told in which a folded letter in the vault from B. Max Mehl in 1932 led to the identity of the collector and his most interesting relationship to the college.|
|May||9||CCC Meeting - Featured Speaker - Steve Feller on Bank Notes from the Vault|
|June||13||CCC Meeting - Featured Speaker - Tom DeLorey on 1943 Bronze Cents and 1944 Steel Cents|
|July||11||CCC Meeting - Featured Speaker - Bob Leonard on Fruit Picker Tokens from Coast to Coast|
|June||7||Harlan J. Berk||1995|
|June||11||Joseph A. Piekarczyk||1991|
ECE Dept, IIT
3301 S. Dearborn
Chicago, IL 60616
|Carl Wolf||- President|
|Robert Feiler||- First Vice President|
|Donald Dool||- Second Vice President|
|Other positions held are:|
|Lyle Daley||- Secretary Treasurer|
|Paul Hybert||- Chatter Editor|
|Phil Carrigan||- Archivist|