|Archive available at http://www.ChicagoCoinClub.org/|
|Volume 59 No. 4||April 2013|
The ANA’s http://www.worldsfairofmoney.com web site has links to the rules and applications for many opportunities, including: placing an exhibit, speaking at the Numismatic Theatre (now called Money Talks), working as a page, and reserving a room for a club meeting. Carl Wolf has been at recent shows, recruiting local volunteers to work during the convention; look for him at our club table, or email him in care of email@example.com.
Session I of the 1131st meeting of the Chicago Coin Club was held March 9, 2013 in conjunction with the Chicago Paper Money Expo, Crowne Plaza Hotel, 5440 N. River Road, Rosemont, IL. President Elliott Krieter called the meeting to order at 1:00 PM with an attendance of 41 members and guests.
A new meeting feature was announced called “Look what we found on the bourse floor.” Dealer Forest Barbieri, Elite World Currency, was introduced. He briefly spoke of German silk notgeld and exhibited three different printed uncut sheets of silk notgeld for sale at his table on the bourse floor.
Jeff Rosinia announced that the Chicago Coin Club will be host club to the 2013 ANA Convention and offered information on how collectors could volunteer, help Scouts earn a new badge, and propose talks for the Money Talks program.
First V.P. Rich Lipman introduced featured speaker Joseph Boling who delivered the program Building a National Currency — Japan, 1869-1899. Following a question and answer period, Rich presented Joe with an ANA Educational Certificate and an engraved Club speaker’s medal.
The application for membership of Roger Urce received first reading.
It was announced that the Club’s new literature piece includes directions to the meeting site from ten different train lines. An informal survey showed 17 in attendance surf the internet with their smart phones.
Everyone in attendance received a souvenir card, created by Jeff Rosinia, with an image and history of a $5000 Federal Reserve Note, Series 1934.
The meeting recessed at 2:05 PM and will reconvene 6:45PM Wednesday, March 13, 2013 at 321 S. Plymouth Court in Downtown Chicago.
. . . . . .
Session II of the 1131st meeting of the Chicago Coin Club was held March 13, 2013 in the Chicago Bar Association Building, 321 S. Plymouth Court, Downtown Chicago. President Elliott Krieter called the meeting to order at 6:45 PM with an attendance of 20 members and 1 guest, Laurie Sherman.
A motion was passed to accept the February Minutes as published in the Chatter. Treasurer Steve Zitowsky reported February revenue of $237.37, expenses of $219.76 and total assets of $20,761.92 held in Life Membership $1,430.00 and member equity $19,331.92. He also reported William Burd and Elliott Krieter audited the 2012 records and found no exceptions. A motion was passed to approve the report.
The Secretary reported two membership applications received at the Chicago Paper Money Expo. The application of Roger Urce received a first reading at the event. Mark Anderson’s application arrived immediately after the recess and the club agreed to accept a first reading at this meeting’s second session.
An annual banquet report was given with recommendation to move the location to Foodlife, Water Tower Place, 835 N. Michigan Ave. Costs were very comparable to previous year’s at about $40.00 each with reduced parking in a range of $11 - $14 per car. More details will follow as the date approaches, but a motion was passed to reserve the room for Wednesday, December 11, 2013 and make any necessary deposit.
Mark Wieclaw, Host Chairman of the 2013 ANA Chicago Convention, announced the next Committee Meeting Wednesday March 20, 2013, 6 pm, Offices of Harlan J. Berk, 77 W. Washington, Suite 1320, Downtown Chicago. Steve Zitowksy announced word was received that the Club will have a free table at the event.
First VP Rich Lipman introduced the evening’s featured speaker, Jeffrey Amelse, who spoke on Iberian Coinage of the Greco-Roman Era. After a question and answer period, Rich presented Jeff with an ANA Educational Certificate and engraved Club medal.
Second VP Marc Stackler introduced the evening’s 8 exhibitors: RICH LIPMAN - BEP 150th Anniversary Book, uncut sheet of currency, Series 1880 $100 and $50 notes; STEVE AMBOS - Sacagawea dollar and Japanese 100 yen coin; ROBERT LEONARD - Byzantine 40 nummia coin of Justin II and three imitations, plus literature; DAVID GUMM - 1848 large cent with C.C.RAY or G.C.RAY counter stamp; DARREN HOOPER - 1958-D Lincoln cent improperly annealed; MARK WIECLAW - Florida Keys “No Name Bar” photos, badly corroded 1883-CC Morgan dollar in GSA holder, gold aureus of Hadrian (117-138 AD); ROBERT WEINSTEIN - Chicago area merchant tokens; and JIM DAVIS - 2 Chicago Fire centennial medals and 2008 coin with Chile misspelled.
The meeting was adjourned at 8:48 pm
Carl Wolf, Secretary
by Joseph E. Boling,
presented to our March 9, 2013 meeting
The Tokugawa shogunate in Japan ended in 1867. A Dutch factory (trading post) had existed in Japan for 200 years in Nagasaki, giving the closed Japanese society a window to the outside world. Commodore Matthew Perry arrived in 1853 with a US fleet, known as the “Black Fleet,” and negotiated a “wood and water” treaty with Japan to assist American whalers.
Japan at that time was using silver money based on token values, not weight. The currency consisted of 1 mon iron coin, 4 mon copper coin, 1 shu silver coin, 1 bu silver or gold coin, and a 1 ryo gold coin. The internal ratio of silver to gold was about 5:1 by weight.
Paper money also circulated, but it was privately issued, not by the government. Issuers included clans, farmers, merchants, pawn brokers etc. In the waning years of the shogunate, a few central government notes were issued, but only in high denominations not useful in every-day commerce.
Townsend Harris arrived in 1856 as Consul General from the US and negotiated the Treaty of Amity and Commerce in 1858, opening Japan to trade on 4 July 1859.
The international silver to gold ratio was 16 to 1, which was greater than the token rate used in Japan. Traders brought in Mexican silver dollars and wanted to exchange for Japanese silver bu coins by weight. If a trader exchanged Mexican dollars for Japanese silver, then exchanged that silver for Japanese gold and took it to China, he could buy three times the silver he had brought into Japan — tripling his money. This trade quickly emptied Japan of a majority of its gold.
Japan minted a heavy 2 shu silver coin (equivalent to a half-dollar) based on the international exchange ratio to counteract this trade. The Japanese merchants did not accept the unfamiliar coin and it failed. Japan also reduced the size of the bu and ryo gold coins to get closer to the international ratio. This just served to create domestic inflation, angering the populace. A gold export ban was also tried.
There had been turmoil due to inflation and samurai domains feuding with the central government. Finally in November 1867 the shogun turned the government over to the teenaged Emperor Mutsuhito. He adopted the name Meiji for his reign and set its start date at 1 January 1868. Envoys were immediately sent to the US and Europe to see how the West was run.
The new government began with no bullion. The first currency issue, on card stock printed from engraved copper plates, was titled Cabinet Notes, denominated 1 shu and higher with a 13 year expiration date. They were nominally backed by silver, but they were not actually convertible as there was no bullion in the treasury.
The Tokyo Trade Office, established to push the Cabinet notes into circulation, also issued its own note, denominated 3.75 momme. Exchange Offices in several cities grew into Japan’s first banks. They each issued notes, with the Osaka office using a photograph of the company as an anticounterfeiting device. Many of the Exchange Office notes were distinguishable only by the seals applied to the notes — common plates were used. Most of the Exchange Offices failed, due to forced investment directions from the government.
When Great Britain closed the Hong Kong mint, its equipment was sold to Japan and moved to Osaka. In 1871, Japan began minting coins that looked like European coins, rather than rectangles, ovals, and coins with square holes in their centers. They minted a few gold pieces from 20 yen through one yen, and a silver yen .900 fine and the same weight as the US dollar. It was not legal tender in Japan, being intended only for international trade. For domestic use, .800 fine silver coins were minted, followed by bronze minors.
A Japanese silver trade dollar was issued for three years. It weighed 420 grains instead of the earlier 416 (again following the US model), and was hoarded by the Chinese who received it in trade because it was slightly heavier than the Mexican coinage. Since Japan’s objective in issuing it was to extend Japanese economic influence in China, it was discontinued because it was not circulating.
Before Meiji, there were 1750 issuers of paper money, generically called hansatsu (clan notes) by Western collectors. Starting in 1873, the government assumed responsibility for many of them, first by adding a seal showing their value in the new currency system, and then by replacing them with modern yen notes printed in Germany. The SCWPM listings of the revalued hansatsu by denomination are not relevant to the collector value of these notes. They are collected in Japan by issuer.
Because the Cabinet notes were inconvertible, the government asked the Mitsui conglomerate to guarantee an issue of convertible notes, in exchange for a portion of the issue. These were known as the Finance Ministry convertible notes. They were followed by a similar issue for the development of Hokkaido, but in that case the Colonization Office was responsible for redeeming the notes from its own budget.
National banks were modeled on the US national banking system. The banks bought government bonds which were used to back currency. But their notes were convertible to gold, and did not circulate long — they were quickly converted to coin, which defeated the objective of using these note emissions to fuel economic development. It took a change in the reserve requirements, and making the notes inconvertible, to eventually increase the number of banks from 32 to 153.
The government engineered a deflation from 1881-5 which enabled Japan to amass silver in the government vaults. The Bank of Japan was established in 1882. Notes convertible into silver were issued in 1885, at which time the one-yen silver coin was monetized for domestic use. Meanwhile, the international silver to gold ratio had gone to 32:1. Japan was at a severe disadvantage in trade while using a silver-based currency.
An attempted coup d’etat in Korea in 1894 led to Chinese troops entering Korea, which Japan replied to by invading herself. Japan quickly defeated China over an extensive area of North China, and captured Korea, Taiwan, the Liaotung Peninsula, Port Arthur, Wei-hai-wei, and the East Manchurian railroad. Japan exacted an indemnity of 200 million gold taels from China. However, France, Germany, and Russia insisted that Japan could not retain any of her positions on the Asian continent, and told China to pony up another 30 million taels as compensation for Japan’s eviction. Japan swallowed hard and complied.
The gold from the indemnity (which China raised by selling bonds in Europe) allowed Japan to go on the gold standard. The silver one-yen coins were again demonetized and sent to China for trade. Gold-backed notes that were at last fully convertible were issued starting in 1899.
This completed Japan’s transformation from a closed society to an emerging world power, with a navy second only to that of Great Britain in the far east, and on a path to defeat Russia in the Russo-Japanese war only five years later.
a presentation by Jeff Amelse,
to our March 13, 2013 meeting
Jeff started his presentation by mentioning two references: Antonio M. da Guadán’s La Modeda Iberica, Madrid (1980) uses black and white photographs to list 1,063 varieties by Mint (divided into 9 classes); Fernando Álvarez Burgos’ La Moneda Hispánica, Madrid (2008) uses hand drawings to list 2,527 varieties by Mint. Using pictures from the two books, internet sites, and his own photos, Jeff followed Guadán’s 9 classes — but first, he quickly covered precursors.
Before the Greeks introduced coinage to the Iberian peninsula at their colony of Emporion, the Iberian tribes used such precursors as rings, large circular pieces of lead and holed, and ax-shaped pieces with a fishbone pattern similar to that found on Roman Aes Signatum. These items, along with others, are detailed in Burgos. A table showing the correspondence between a number of the Mediterranean alphabets was followed by a map showing the ranges of the different Iberian writing systems. Jeff started circulating two trays of coins from his collection before continuing with the program.
Class 1 — Greek Colonies. Rhode and Emporion were located in the northwest corner of modern Spain. Fractional coins date back to 460 BC; we saw a silver coin of 250-218 BC and a cruder bronze coin of 45 BC to 30 AD both showing Pegasus on the reverse. On the later coin, EMPORI appears beneath Pegasus; although alphabets and styles on a city’s coins could change over the centuries, the representative figure of a city generally remained the same.
Class 2 — Ibero-Phoenician. The Phoenicians originated in the eastern Mediterranean, and were early colonial competitors of the Greeks. Gades was located on the Atlantic coast, west of Gibraltar. We saw early bronze coins with Tuna (one or two) on the reverse: a Gorgon head graced the obverse of types from 280-237 BC, while the head of Hercules was used from 237-206 BC; Phoenician script was used on these later reverses. Some bronze coins of Ebusus (now, Ibiza of the Balearic Islands) show the Egyptian god Bes, protector of pregnant women; it was not unasual for Egyptian items to be adopted by other groups around the Mediterranean.
Class 3 — Ibero-Carthaginian. Carthage started as a Phoenician colony on the African coast, and eventually dominated the far western Mediterranean. A range of coins from Cartago Nova (now, Cartagena) was shown, starting with some from 220-215 BC; and then Roman issues: from 27 BC to 14 AD showing Augustus, and from 14-36 AD under Nero and Drusus. Turning back in time to 221-206 BC, we saw a coin of Hannibal — the obverse figure of Herakles has features of Hannibal, while the reverse features an elephant. Ah yes, that Hannibal — he led his army out of Iberia to attack Rome, going through the Alps with elephants! But his loss eventually resulted in Rome’s total control of the Iberian Peninsula. In a small diversion, Jeff showed us pictures he took of the foothills of the Pyrenees in early May, showing fruit trees in blossom with a small hillside town in the background; there is snow on the mountain tops, and the pictures from Andorra show snow covering everything.
Class 4 — Struck with Edetan Type. The Edeta was a native Iberian tribe, concentrated near the center of the eastern coast; now, the area includes Valencia and Sagunto. A 170-20 BC coin from Arse has a sea shell on one side and a dolphin on the other; a 50-20 BC coin has Latin script on the obverse and Iberian script on the reverse; and a 14-36 coin showing Tiberius on the obverse has only Latin script, and the reverse uses SAG to indicate Sagunto. Jeff showed a picture of a ceramics shop door that has the old name Arse. We saw the head of Roma on the obverse of two 150-50 BC coins from Valentia; a cornucopia appears on the reverse.
Class 5 — Ulterior Provinces. These are the southern and southeastern provinces bordering the Mediterranean; the Romans conquered Iberia by first moving south from Gaul, along the Mediterranean. The reverse of coins of Obulco can have a plow, ear of wheat, and sometimes a yolk. A range were shown from 150 BC to the reign of Augustus; they coins have Latin and Iberian script, with more Latin being used over time. A bull can also appear on the reverse of coins from Obulco; we saw some examples, along with imitations from local Celts. Coins from Costulo (100 BC to Augustus) have a sphinx on the reverse and use a Southern Iberian script. A warrior head appears on the obverse of coins of Iliberri from that same era, and a triskeles appears on the reverse.
Class 6 — Northern Iberian Legends. We saw a silver coin from 180-20 BC Bolskan; a warrior head is on the obverse while the reverse has a horse with a spear-holding rider, with the city name in local script below the horse. That was followed by a bronze coin from Bolskan with the same general design, and then we saw similar bronze coins from assorted cities. A bull appeared on the reverse of a 14-36 AD Tiberius coin from Calagvrris, followed by a group of different bull reverses of Celse from 50-30 BC. A Segobriga coin of Caligula (37-41 AD) has SEGO BRIGA centered on two lines on the reverse.
Class 7 — Miscellaneous Mints. The shown coins of Segovia and Toledo were from the reign of Augustus (27 BC to 14 AD) and used the spear-holding rider design mentioned earlier, but now the city name was spelled with Latin letters. A coin of Osicerda from the reign of Tiberius (14-37 AD) used a bull reverse, but the city was spelled with Latin letters.
Class 8 — From Betica and Lusitania Bearing Latin Alphabet Legends. We saw many bronze coins from these areas in the south and west of the peninsula. Starting from about 150 BC and from many towns, the design motifs included the familiar warrior head, wheat, tuna, and cornucopia, as well as acorns and ship&8217;s prow; the latter on both original coins as well as their barbaric imitations.
Class 9 — Only During Imperial Rome. These coins were from various towns, during the reigns of Augustus and Tiberius. Some examples from Emerita used themes from earlier coins, such as a babarian’s head on the obverse and oxen on the reverse, while others looked like classic Roman coins, with their busts of emperors, and buildings or structures.
The program concluded with photos taken at the weekly open-air coin show in Barcelona, to cries of “Road trip!” from the audience.
|CSNS Convention||Chicago Coin Company|
|CPMX & CICF||Harlan J. Berk, Ltd.|
Items shown at our March 13, 2013 meeting,
reported by Marc Stackler
August 13-17, 2013, at the Donald Stephens Convention Center, Rosemont, IL.
Scouts can earn a new and unique “Scouting at the ANA” patch and segments by participating in activities at the 2013, 2014, & 2015 American Numismatic Association Conventions.
FREE ADMISSION to Scouts (Boys, Girls, and Cubs) in uniform, and their adult leaders.
Scouts can earn the patch and Chicago 2013 segment by completing the requirements on any day of the show. (This activity patch is separate from the Coin Collecting Merit Badge.) Scouts report to the Chicago Coin Club or Illinois Numismatic Association table to demonstrate completion of the requirements. One patch and segment per Scout.
PROGRAM APPROVED by the Northwest Suburban Area Council of the BSA.
COIN COLLECTING MERIT BADGE CLINIC, Saturday, August 17, 10am – Noon
For further information regarding the patch or clinic, or to pre-register for either, contact Eugene Freeman, Scouting Committee Chair. 847-318-0847 or firstname.lastname@example.org
For more information on the convention, go to www.worldsfairofmoney.com
March 20, 2013
The eighth meeting of the 2013 Chicago ANA Convention Committee was called to order by Host Chairman Mark Wieclaw on Wednesday March 20, 2013 in the offices of Harlan J. Berk, 77 W. Washington, Suite 1320, Downtown Chicago. Since everyone who confirmed intention to attend was present, the meeting began at 5:47 pm.
The following members were present: Paul Hybert, Steve Zitowsky, William Burd, Harlan Berk, Eugene Freeman, and Carl Wolf. Harlan was given a warm round of applause for providing dinner from Reza’s Restaurant and parking vouchers.
Harlan was thanked again for his generosity, and the meeting was adjourned at 7:03 pm.
Carl Wolf, Secretary
Chicago Coin Club
|Date:||April 10, 2013, First session|
At the Chicago Bar Association, 321 S. Plymouth Court, 3rd floor meeting room. Please remember the security measures at our meeting building: everyone must show their photo-ID and register at the guard’s desk. Nearby parking: South Loop Self Park, 318 South Federal Street; that is two short blocks west of our meeting site. Note: Their typical rate of $29 is reduced to $6 if you eat at the Plymouth Restaurant, 327 S. Plymouth Court (next to our meeting site at the CBA), show them your parking ticket, and ask the restaurant for a parking voucher. The restaurant offers standard sandwiches, burgers, and salads for members who want to meet for dinner. Another before-meeting favorite of some members is the Ceres Restaurant, located inside the Board of Trade Building, at LaSalle and Jackson.
|Featured speaker:||Tim Kyzivat - Series 1929 National Bank Notes From Towns Along U.S. Route 66|
In November 1926,
U.S. Route 66 was established connecting Chicago to Los Angeles.
This famous road started a few blocks from where the Club meets …
on Michigan Avenue between Adams and Jackson where an historical plaque stands today.
The road ran through eight states and served as the main thoroughfare
for people migrating west during the Great Depression and the Dust Bowl.
Towns along the Route included St. Louis MO, Joplin MO,
Tulsa OK, Amarillo TX, and Albuquerque NM.
Tim Kyzivat assembled a collection of National Bank Notes issued in this era
by banks along Route 66.
Be sure to attend this meeting and see banknotes
that now serve as reminders of a watershed era in American history
when millons of desperate people traveled across America’s heartland
in search of better life.
|Date:||April 20, 2013, Second session|
|Location:||At the Chicago International Coin Fair (CICF), which is held at the Crown Plaza Chicago O’Hare, 5440 North River Road, Rosemont, IL. No admission charge for our meeting.|
|Featured program:||David Michaels, Director of Classical Coins, Heritage Auction Galleries - Adlocutio: The Emperor & His Army on Roman Coinage, 50BC - 450AD|
Adlocutio in ancient Rome was an address by the Emperor to his massed troops.
This was a frequent custom as witnessed by the large variety of coins
that bear this reverse image.
Generally the ceremony was performed when Roman forces
were leaving on a campaign or returning after a victory.
Adlocutio coin images carried strong symbolism
and it was important that the Emperor’s style of uniform appealed to his troops.
Those who attend will see the adlocutio image evolve between emperors
from Julius Caesar through the fall of Rome.
|Date:||April 27, 2013, Third session|
|Location:||At the Central States Numismatic Society (CSNS) Convention, which is held at the Renaissance Hotel & Convention Center, 1551 N. Thoreau Drive, Schaumburg, IL.|
|Featured speakers:||Mark Borckardt and Todd Imhof (of Heritage Auctions) - The 1913 Liberty Nickel|
Only five 1913 Liberty nickels are known, the same five first displayed together at the 1920 ANA Convention held in downtown Chicago at the Hotel Sherman, at the northwest corner of Randolph and Clark Streets. Two specimens rest in museums and three are in private collections. A remarkable story surrounds the George Walton specimen which will be at the convention and put up for auction. Those who attend this meeting will hear representatives from the Heritage staff tell how the collecting community thought the coin was lost, only to find that it was recovered from the wreckage of a deadly auto accident, then hidden in a closet until its sudden discovery a decade ago shocked the numismatic community. Do not miss this unique program on one of numismatics most desired and mysterious U.S. issues. The opportunity may never present itself again.
Unless stated otherwise, our regular monthly CCC Meeting is in downtown Chicago on the second Wednesday of the month; the starting time is 6:45PM.
|April||10||CCC Meeting - Featured Speaker - Tim Kyzivat on Series 1929 National Bank Notes From Towns Along U.S. Route 66|
|April||19-21||38th annual Chicago International Coin Fair (CICF) at the Crown Plaza Chicago O’Hare, 5440 North River Road, Rosemont, IL. Admission is $5 for Friday and Saturday; free on Sunday. For details, refer to their website, http://www.cicfshow.com.|
|April||20||CCC Meeting - 1pm at the Chicago International Coin Fair (CICF),
which is held at the Crown Plaza Chicago O’Hare, 5440 North River Road, Rosemont, IL.
No admission charge for our meeting.
Featured Speaker - David Michaels on Adlocutio: The Emperor & His Army on Roman Coinage, 50BC - 450AD
|April||25-27||74th Anniversary Convention of the Central States Numismatic Society at the Schaumburg Renaissance Hotel & Convention Center, 1551 North Thoreau Drive, Schaumburg, IL. Free public admission. For details, refer to their website, http://www.centralstates.info/conv.html.|
|April||27||CCC Meeting - 1pm at the CSNS Convention,
which is held at the Schaumburg Convention Center.
Featured Speakers - Mark Borckardt and Todd Imhof on The 1913 Liberty Nickel
|May||8||CCC Meeting - Featured Speaker - to be announced|
|June||12||CCC Meeting - Featured Speaker - to be announced|
|July||10||CCC Meeting - Featured Speaker - to be announced|
All correspondence pertaining to Club matters
should be addressed to the Secretary and mailed to:
CHICAGO COIN CLUB
P.O. Box 2301
CHICAGO, IL 60690
|Elliott Krieter||- President|
|Richard Lipman||- First Vice President|
|Marc Stackler||- Second Vice President|
|William Burd||- Archivist|
|Other positions held are:|
|Jeffrey Rosinia||- Immediate Past President|
|Carl Wolf||- Secretary|
|Steve Zitowsky||- Treasurer|
|Paul Hybert||- Chatter Editor|
|Robert Feiler||- ANA Club Representative|
The print version of the Chatter is simply a printout of the Chatter web page,
with a little cutting and pasting to fill out each print page.
The web page is available before the Chatter is mailed.
If you would like to receive an email link to the latest issue instead of a mailed print copy send an email to email@example.com. You can resume receiving a mailed print copy at any time, just by sending another email.