|Volume 69 No. 7||July, 2023|
The 1253rd meeting of the Chicago Coin Club was called to order by President John Riley at 6:45 PM CDT, Wednesday June 14, 2023. This was a hybrid in-person and online meeting. Attendance at the meeting was 14 members and 23 online, for a total of 37.
Club Meeting Minutes and Treasurer’s Report
The May 2023 meeting minutes were approved as published in the Chatter, both in print and on the CCC website. Elliott Krieter gave the May period treasurer’s report, detailing $20.00 revenue (dues) and $297.00 expenses (Chatter expense, CBA room rent) for a period total of -$277.00. The May report was approved by the club membership.
Scott McGowan did the second membership application reading for Richard Hathaway, and the club voted to approve membership.
Tyler Rossi on The Two Sides of a Bosnian Bill: The Story of a Divided Country.
Show and Tell
Second Vice President Deven Kane announced there were seven Show and Tell presentations.
ANA World’s Fair of Money at the David L. Lawrence Convention Center, Pittsburgh, Pennsylvania on August 8-12, 2023.
The next meeting will be July 12, 2023 at 6:45pm CDT, at the Chicago Bar Association.
John Riley adjourned the meeting at 8:35pm CDT
Scott A. McGowan, Secretary
Jeffrey Paunicka of Ogden Dunes Indiana passed on May 18, 2023; he was 69 years of age. Jeffrey became member number 1243 when he joined the Chicago Coin Club in November 2014.
Jeffrey was a member, current or past, of many numismatic organizations including the American Numismatic Association (ANA), Illinois Numismatic Association (ILNA) life member and past governor, Central States Numismatic Society (CSNS), Professional Currency Dealers Association (PCDA), Indiana State Numismatic Association (ISNA) current governor, International Bank Note Society (IBNS), and The Society of Paper Money Collectors (SPMC) all as noted on his Chicago Coin Club Application.
Additionally, he was a member of the Michigan State Numismatic Society (MSNS), Missouri Numismatic Society (MNS), Florida United Numismatists (FUN), Indianapolis Coin Club (ICC), Calumet Numismatic Club (CNC), Good Fellow Coin Club (GCC), and Marion Coin Club (MCC).
Jeffrey was a well-known coin dealer with Insight3 Professional Numismatic Services in Portage, Indiana. He also had a great interest in fostering numismatic interest with the youth. The announcement of Jeffrey’s passing in the E-Sylum used a photo which Jeffrey had forwarded in March 2023, a photo showing a very successful Youth Night with 17 new YNs at the Calumet Numismatic Club.
At the time of joining the CCC, Jeffrey collected US Currency, Bullion, Coins, and Bahamas currency. Jeffrey attended John Carroll University, graduating in 1976 (BS, Chemistry/Mathematics), and received his masters from the University of Notre Dame in 1987 (MBA, Business Administration). In addition to his numismatic passions Jeffrey enjoyed deep sea fishing, snorkeling, flying planes, pocket watches, John Deere, investing, car restoration, and making model planes and boats.
He is survived by his wife, Cathy Menclewicz-Paunicka; children: Jackie (Benjamin) Paunicka-Ferguson, Julie (Chris) Paunicka-White, John Paunicka, Jennifer Paunicka and his beloved, best friend and last child Keno; brother, Joseph (Nancy) Paunicka; step children: Douglas (Jennifer) Menclewicz, Ross (Stacia) Menclewicz; and numerous grandchildren, nieces, nephews and other relatives.
Services were held in May. Expressions of sympathy can be directed through the Burns funeral home at www.burnsfuneral.com
by Tyler Rossi,
presented to our June 14, 2023 meeting
While in Bosnia some years ago, Tyler noticed tht the paper money came in two styles – this presentation told their story. Bosnia is one of the countries formed as the parts of Jugoslavia split off, so Tyler first showed some Jugoslavian notes from the 1990s.
Until his death in the late 1980s, Josef Tito had held Jugoslavia together; his successors failed to continue that tradition. The second-longest preiod of hyperinflation in history soon engulfed Jugoslavia, peaking at an official monthly inflation rate of 313,000,000%. Tyler showed a 10,000,000,000 dinar note from the 1992-’93 series, which had ten denominations from 100,000 to 10,000,000,000 dinars – he also passed around a 5,000,000,000 dinar note of that series.
At the time, Jugoslavia had the eighth largest army in the world, with more than 80% of its budget going for the military and police. There also was massive corruption, with one example being the nearly 1.4 billion dinars of credit which Slobodan Milosevic had secretly ordered the Serbian National Bank (a regional central bank) to issue – this went to political cronies, and then just vanished. That was more than 50% of the total amount the National Bank was planning to print in 1991; such activities only encouraged the efforts of Croatia and Slovenia to break away. By December of 1993, 95% of all spending was fimamced with newly printed bills. Between January 1991 and April 1998, the dinar was devalued 18 times (22 zeroes were removed all together).
A 1994 Series of notes, also known as the October Dinar, consisted of seven denominations from 10 to 10,000,000 – it lasted only weeks. In another move, the dinar was devalued in 1994 with the new series called the “First Currency Reform Series” or “Novi Dinar.”
After that background information, Tyler turned his attention to Bosnia. The official name of the country is Bosnia and Herzegovina; the country consists of two entities: the Federation of Bosnia and Herzegovina (mostly ethnic Croats and Bosniaks) and Republika Srpska (mostly ethnic Serbians).
From 1992 until 1998 the Bosnian Dinar was Bosnia’s official currency. Banknotes of various denominations all featured the same design element, the Bridge at Mostar. Coins were introduced in 1998, and the circulating money consisted of Bosnian Dinars, Jugoslavian Dinars, Croatian Kunas, and German Marks.
In places experiencing cash shortages, local provisional emergency money was issued. The same basic note was used, but it was rubber stamped for each city where it was issued. Some notes were redenominated, either by adding trailing zeroes, or stamping a complete value. Groups known as SDK (“payment bureaus” or “social bookkeeping agencies”) were involved; stamps on the notes indicate the branches of the SDK that were involved issuing the emergency money.
In 1998, notes were introduced in denominations of 50 fenings, KM 1, KM 5, KM 10, KM 20, KM 50, and KM 100. A KM 200 denomination was introduced in 2002, and the three smallest denominations were withdrawn later. A neutral name, the Bosnian Convertible Mark, was the basis — it is abbreviated BAM internationally and KM internally. The issued currency was to be backed by an equal hard currency deposit in German Marks; it was pegged to the Euro in 2002, using the German mark’ exchange rate to the Euro at the euro’s introduction.
According to Warren Coats, a U.N. official, the design process had controversy – the Federation proposed an unobjectionable design, while the Republika submitted a more imflammatory design; the Republika returned with a series depicting the faces of writers on one side and art objects on the other, and the Federation suggested a strident one (a scene of the Battle of Kosovo, with Serbs fleeing from Turks). A French company was contracted to design a bank note that would look a bit like a German mark and to leave blanks for faces and objects on each side.
The result is a split set (with same colors, fonts, and design) where the Federation notes mostly use Croat figures and place latin legends above the corresponding cyrillic legends, while the Republika notes mostly use Serbian figures and place cyrillic legends above the corresponding latin legends. These notes are spent interchangeably. Tyler said the KM 200 piece has a unified design.
|Chicago Coin Company|
|Harlan J. Berk, Ltd.|
|Kedzie Koins Inc.|
|Classical Numismatic Group|
Items shown at our June 14, 2023 meeting,
reported by Deven Kane.
|Date:||July 12, 2023|
|Time:||6:45PM CDT (UTC-05:00)|
At the Chicago Bar Association, 321 S. Plymouth Court, 3rd or 4th floor meeting room. Please remember the security measures at our meeting building: everyone must be prepared to show their photo-ID and register at the guard’s desk.
Because things can change between when this is written and we meet, please bring your face covering to the meeting – all attendees must follow the city’s and building’s rules.
This will be another attempt at a regular in-person meeting in the post-Covid-19 era. We will try for a better experience than in the past, but please be prepared for possible diifficulties.
|Online:||For all the details on participating online in one of our club meetings, visit our Online Meeting webpage at www.chicagocoinclub.org/meetings/online_meeting.html. Participation in an online meeting requires some advance work by both our meeting coordinator and attendees, especially first-time participants. Please plan ahead; read the latest instructions on the day before the meeting!|
|Featured Program:||Mary Lannin —
History of Collecting: Parallel Lives – Samuel Jean Pozzi and Fenerly Bey
Coins not only have an ancient history, but a modern one as well. Two men in the early twentieth century, Samuel Pozzi and Fenerly Bey, had important collections of ancient coins that have filtered down to present-day collectors. These prominent men were teachers of medicine and students of numismatics, alike in their vocations and avocations. From Paris and Constantinople in the early 1900s, their collections were dispersed under unusual circumstances. Some of the coins collected by Pozzi and Fenerly Bey now grace the cabinets of noted institutions and collectors. Other Pozzi and Fenerly Bey coins remain in commerce, many of them separated from their pedigrees for lack of tickets. Join us as we learn about tracing their paths.
Unless stated otherwise, our regular monthly CCC Meeting is in downtown Chicago and also online on the second Wednesday of the month; the starting time is 6:45PM CT.
|July||12||CCC Meeting - Featured Speaker - Mary Lannin on History of Collecting: Parallel Lives – Samuel Jean Pozzi and Fenerly Bey|
|August||8-12||ANA in Pittsburgh, Pennsylvania. Admission is free for ANA members — see http://www.worldsfairofmoney.com for details.|
|August||9||CCC Meeting - Featured Speakers - Arthur Schattke and Steve Mills on Error Coins|
|September||7-9||ILNA 2023 Annual Coin & Currency Show at the Tinley Park Convention Center, 18451 Convention Center Drive, Tinley Park, Illinois 60477. Details, including hours and events, are available at http://www.ilnaclub.org/show.html|
|September||13||CCC Meeting - Featured Speaker - Robert D. Leonard on When Princes Overpromise: “Latin” Imitations of Byzantine Gold Coins, Minted by Geoffrey II Villehardouin of Achaea (Plus Sutton Hoo and King Offa)|
|October||11||CCC Meeting - Featured Speaker - Marc Ricard on The Red Book Special Editions and Their Histories|
|November||8||CCC Meeting - Club Auction - no featured speaker|
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