Volume 70 No. 3 | March, 2024 |
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Because the featured speaker at the March meeting will talk about her company library, the meeting will be held at her company! In downtown Chicago, on Michigan Avenue near Madison Street. Refreshments and sandwiches will be provided, but you must RSVP our club Secretary if you will attend in person, to ensure we have enough seating and space. Space is limited, so do RSVP before we fill up.
We will support remote attendees, and we will have Show & Tell exhibits. Some of us will be in Colorado Springs, for the ANA National Money Show® and to try out the full remote experience.
This meeting space is only for the March meeting – we will be back at the Chicago Bar Association Building for the April meeting.
Paul Hybert, editor
The 1261st meeting of the Chicago Coin Club was called to order by First Vice President Melissa Gumm at 6:50 PM CST, Wednesday, February 14, 2024. This was an in-person and online meeting. Attendance at the meeting was 16 members in person and 19 online, for a total of 35.
Deven Kane and Bob Feiler provided an update on John Riley, the Club President. John suffered a stoke in January and was hospitalized for a week. Both Bob and Deven have visited John and indicated he is in good spirits, cheerful, and understands conversations. John is in therapy and his doctors are optimistic for a full recovery. Club members wishing to send him cards can address them to: John Riley c/o B. Feiler, PO Box 4514, Wheaton, IL 60189.
Club Meeting Minutes and Treasurer’s Report
The December 2023 and January 2024 meeting minutes were approved as published in the Chatter, both in print and on the CCC website.
The January Treasurer’s report was not available for review, and was tabled for the March meeting.
New Members and Correspondence
Secretary Scott McGowan did the second reading of two applications for membership. Jayesh Shewakramani of Skokie, Illinois who is opening a new bullion dealership this year applied for membership. His collecting interests include American Eagles, Buffalos, and Englehard Bullion Rounds. Farhan Sardharia of Skokie, Illinois, who is also opening the new bullion dealership, applied for membership. His collecting interests include American Eagles, Buffalos, and Englehard Bullion Rounds. Both new members are referred by the secretary. After the second readings, the club members voted to approve both memberships.
Old Business
New Business
Featured Program
Mark Wieclaw on The American Arts Medallion Program (1980-1984). Following the program, First VP Melissa Gumm announced a CCC speakers medal and ANA educational certificate would be presented to Mark.
Show and Tell
Deven Kane announced the evening’s 12 Show & Tell exhibitors.
Melissa Gumm adjourned the meeting at 9:17pm CST
Respectfully Submitted,
Scott A. McGowan,
Secretary
a presentation by Mark Wieclaw,
to our February 14, 2024 meeting
On April 5, 1933, President Roosevelt signed Executive Order 6102, making gold ownership, with some small exemptions, illegal for US citizens starting on May 1, 1933. That ban lasted until President Ford signed a bill legalizing private ownership starting on December 31, 1974. With that, US citizens could buy gold coins based upon bullion prices. Mark started his talk by reviewing some of the popular choices for gold ownership.
Many of the old legal tender coins from various countries were being bought and sold based upon their bullion value. With the price per troy ounce of gold changing daily, pricing the pieces was difficult because the gold content was different for each type. The old US $20 coin contained 0.9675 troy ounce of gold; the gold content of other gold coins were: 1.2057 troy ounce in a Mexican 50 peso, 0.2354 troy ounce in a British sovereign, 0.9806 troy ounce in an Austrian 100 corona, and 0.1867 troy ounce in a French 20 franc.
The first true bullion coins were the South African Krugerrands (.9167 fine) which were offered in four sizes, containing: 1, ½, ¼ and 1⁄10; troy ounce of gold (with copper as the rest). First minted in 1967, these were the first coins to be offered with exactly one (or some convenient fraction of a) troy ounce of gold. In 1979, Canada joined the bullion ranks with its .999 fine Maple Leaf coin. In 1982 the fineness changed to .9999 fine. Pure gold coins scratch very easily due to their softness – even between adjacent coins in a tube – and the market does not like scratched coins. Also in 1982, the Chinese Panda was introduced; the design changed yearly, giving collectors something to look forward to.
By 1980, Krugerrands accounted for 90% of the global market. Growing international protests against South Africa’s apartheid policy led to mounting pressure, including boycotts, against South Africa economic interests. In the United States, the importation of Krugerrands was banned starting in 1985; a ban that was lifted in 1991. Although ownership of Krugerrands was never illegal in the US, Mark remembers encountering customers who would not buy Krugerrands because they thought ownership was illegal or they feared that ownership would be made illegal.
In the late 1970s, there were some ideas of how gold bullion pieces could be produced by the US government. The Bill that passed Congress, proposed by Congressman Jim Leach of Iowa and signed into law by President Carter on November 10, 1978, would have five one-ounce and five half-ounce medallions produced during the five years from 1980 through 1984. The intent was to produce twice as many half-ounce pieces than one-ounce pieces. As for the honorees, they were on Leach’s list of ten Americans who had contributed to the country’s heritage.
Although some format changes were made over the years, many features stayed the same: the honoree’s bust and name appears on one side, with AMERICAN ARTS COMMEMORATIVE SERIES surrounding a design related to the honoree on the other side. For the first two years, the year is prominent under the “related” design; the year is smaller and near the bust for the three last years. There was no identification of country, metal, or amount of metal in the first two years, a deficiency corrected in the last three years with UNITED STATES OF AMERICA appearing above the honoree’s bust and ONE OUNCE GOLD (or ONE HALF OUNCE GOLD) below the “related” design.
The fineness of the gold was never stated on these pieces, and neither was the alloy metal. The pieces always contained 90% gold by weight, but the alloy changed from 10% copper in 1980 to 7% copper and 3% silver in the following years. Over the five years of the program, the mint sold the pieces for a small premium over their gold content, varying from $12 to $19 for the one-ounce and from $5 to $12 for the half-ounce. Although the pricing was reasonable, the ordering process was not user friendly; Mark listed the steps in what he described as a convoluted ordering process. First, a buyer had to phone a non-toll-free number for the current gold price (remember long distance charges back in the 1980s?), then the buyer had to go to a local Post Office to purchase a Postal Money Order (at a $1 charge), then the buyer had to send the money order to the mint using Certified Mail (another charge). Then wait for the mint to receive, fill, and send the order.
Mark showed us some of the packaging types used for these medallions. In addition to the slip-case box and cardboard holder for single pieces, we also saw styrofoam blocks with imprinted titles and descriptions, with the medallions pressed into a circular recess and securely held in place by cellophane tape. But enough with all the other stuff – show us the gold pieces!
The 1980 honorees were singer Marian Anderson (1897-1993) on the half-ounce, and painter Grant Wood (1891-1942) on the one-ounce. With 1,000,000 half-ounce pieces and 500,000 one-ounce pieces minted, this year was the only year with the initially planned two-to-one ratio. One reason was poor sales, with only 281,624 half-ounce pieces and 312,709 one-ounce pieces sold. Another reason was that the number of sold one-ounce pieces slightly exceeded the number of half-ounce pieces sold, a pattern that held through the next four years. There would never be a sellout of any of the ten designs.
The 1981 honorees were author Willa Cather (1873-1947) on the half-ounce, and writer Mark Twain (1835-1910) on the one-ounce. Only 200,000 half-ounce pieces were made in 1981 (less than 50% of them sold), but that number still was larger than the 141,000 one-ounce pieces (more than 82% sold).
The 1982 honorees were architect Frank L. Wright (1867-1959) on the half-ounce, and trumpeter Louis Armstrong (1901-1971) on the one-ounce. Denticles were added to both sides to make these pieces look more like coins, as was the weight of the gold content. The New York firm of J. Aron and Company was contracted in 1982 to handle sales for the next three years; they agreed to purchase three million ounces. The increased mintages of 360,000 (half-ounce) and 420,000 (one-ounce) resulted in about 97% of them being sold.
The 1983 honorees were sculptor Alexander Calder (1898-1976) on the half-ounce, and poet Robert Frost (1874-1963) on the one-ounce. The larger half-ounce mintage of 410,000 resulted in sales of less than 19% of them, while the larger one-ounce mintage of 500,000 resulted in sales of about 78% of them. For each issue, Mark also told us the number of survivors as estimated by Dennis Tucker in his book. Mark did not know how Dennis Tucker determined these numbers. The 7,935 survivors for the Alexander Calder piece was the lowest number in the book, meaning this is the key to the series. But “common knowledge” long considered the Helen Hayes piece to be the key.
The 1984 honorees were writer John Steinbeck (1902-1968) on the half-ounce, and actress Helen Hayes (1900-1993) on the one-ounce. With about 93% and 96% of the pieces being sold, one could say the program ended on a high note. Buth with a mintage of only 35,000 pieces for each weight, maybe the program whimpered out. 1984 also saw the offering of five-piece sets: of 4,400 available one-ounce sets, 3,088 were sold; of 5,300 half-ounce sets, 2,951 were sold. In early 1985, Jim Leach proposed a ten-year continuation of the program – he even had lists of honorees for the one-ounce and half-ounce pieces – it went nowhere.
Much went wrong with that program. The ordering process, as mentioned earlier. Medallions, issued by a governmental agency or private mint, are not popular; government issued coins, with a denomination and legal tender status, are always in demand. Pure (.9999) or alloyed are both accepted, as long as they contain a full ounce, or a simple fraction of an ounce, of gold. Scratched, dented, and even .999 pure are usually discounted; some cultures will not accept the image of a woman, not even discounted. Mark’s list of what the program did right had one entry: Nothing! Undoubtedly the falling price of an ounce of gold, from $612 in 1980 to $360 in 1994, added more gloom to the experience.
Sales of the 1984 medallions totaled 49,832 ounces. In contrast, there were 497,000 of the 1984 commemorative gold $10 Olympic coins sold, amounting to 240,000-plus ounces. Total sales of the medallions for all FIVE years was 1,680,094.5 ounces. In contrast, in 1986, the first year of the American Eagle program, there were 2,381,492 ounces sold.
Mark is not aware of any premium for these medallions. PCGS and NGC easily find faults with them; they are not found at shows; dealers do not stock them; and many dealers still melt them on sight. During his fifteen years behind the counter of a coin shop, except for one time, all medallions bought during a day were sent out to be melted that evening. Mark showed us the only exception: a complete ten-piece set in a custom holder, for which he swapped 7½ ounces of his gold – it was just too nice to destroy.
References:
• American Gold and Silver, U.S. Mint Collector and Investor Coins and Medals, Bicentennial to Date, Dennis Tucker, Whitman Publishing, Atlanta, GA 2016. [A good book, but hard to find.]
• United States Modern Commemorative Five-Dollar Gold Coins, Kevin Dailey, RoseDog Books, Pittsburgh, PA, 2021.
by Paul Hybert, CCC webmaster
The latest addition to the CCC website indexes presentations, made at a CCC meeting, which are mentioned in an online Chatter issue. Both Featured and Show & Tell presentations are listed.
The main webpage for this index, at http://www.chicagocoinclub.org/chatter/presenters.html, lists just the names of presenters; each name is a link to a page listing all presentations by that person. The entry for a presentation is terse, consisting of: the Month and Year of the CCC meeting, followed by “Featured” or “S&T” – there is no indication of the covered material here, but each entry is a link to that actual presentation.
As of February 7, 70 names are listed; this covers Chatter issues starting with January, 2019. More presentations, from the prior Chatter issues, will be added as time permits until all online Chatter issues (starting with January, 2000) have been covered. Also, as each new Chatter issue is placed online, its presentations will be added to this index.
Chicago Coin Company |
Harlan J. Berk, Ltd. |
Kedzie Koins Inc. |
Classical Numismatic Group |
Items shown at our February 14, 2024 meeting,
reported by Deven Kane.
Reminders:
February 7, 2024 – 7:00pm CST.
Attending: Dale Lukanich (Chair) Steve Zitowsky, Dale Carlson, Scott McGowan, Greg Gajda, John Kent, and Rich Lipman.
Dale Lukanich informed the committee there would be no March meeting since most updates from the ANA would come after the National Money Show has concluded in mid-March.
Dale advised the committee chairs to decide who might require hotel rooms during the show, and to submit the list of nights to him. Hotel reservations should be made keeping the deadline in mind.
Subcommittee Reports
Exhibits: No updates yet for exhibits details other than the deadline to submit applications is June 14, 2024. Exhibit setup schedule per ANA website is Monday noon-6pm, Tuesday 7am-1pm.
Pages: Page application is on the ANA website section for the WFoM, and deadline is July 22, 2024. Page age limit is 22 years of age.
Young Numismatists: Jim Ray sent in his update via email that he is in contact with the ANA on the new YN program. Dale L. received a box of information on the YN program and other show information.
Ambassadors: Scott McGowan reported that a “online sign-up form” was emailed to all CCC members; we are at 16 sign-ups so far.
Money Talks: No details at this time, expect more information after March.
Steve Zitowsky supplied the updated “Things to do in Chicago” list from the 2022 ANA WFoM about Chicago and Rosemont area non-numismatic events, attractions, and places to provide spouses of numismatists while at the 2024 show. Steve also reported he will be attending the National Money Show® in March.
Dale Lukanich reported he will be at the Greater Chicago Coin & Currency Show in Tinley Park, and the Will County Coin Show in Joliet, to promote the ANA 2024 WFoM.
The meeting was adjourned at 7:16pm
Next meeting will be Wednesday April 3, 2024 at 7:00pm CDT; watch for invite email from the CCC Secretary.
Respectfully Submitted,
Scott A. McGowan,
Secretary, Chicago Coin Club
February 21, 2024
The meeting was called to order by club Vice President Melissa Gumm at 6:05PM. This was an online only meeting. Board members present for the meeting were Melissa Gumm, Deven Kane, Scott McGowan, Elliott Krieter, Paul Hybert, Carl Wolf, Bill Burd, Mark Wieclaw, Steve Zitowsky, Rich Lipman, and Ray Dagenais. Excused was John Riley, absent was Jeff Rosinia. One guest was present, Dale Lukanich the 2024 ANA World’s Fair of Money® (WFoM) host club chairperson.
Old Business
WFoM: Dale Lukanich provided an update of the 2024 WFoM planning committee. The ANA has provided materials to Dale to use in Promoting the 2024 WFoM at the Greater Chicago Coin and Currency Show, February 22-24, and at the Will County Coin Show, February 25. The host club committee will not meet in March. Further details for the WFoM are expected after the ANA National Money Show® in March. Dale submitted a hotel request form for board approval for Host club committee chairs to request hotel accommodations during the August 2024 convention.
Legacy Project: Dale Lukanich advised the board that Lyle Daly would be stepping back from the project; he would continue with the interviews but needed guidance on future names. Scott McGowan indicated he would forward the list of names of longtime CCC members he had created for Lyle.
Treasurer’s Report: The December and year-end treasurer’s report was reviewed. Bill Burd noted that we need to do the year-end audit. Audit committee of Steve Zitowsky, Mark Wieclaw, Elliott Krieter, and Bill Burd will meet to complete the audit.
Future Projects: Mark Wieclaw indicated there was no update and he would gear up the initiative soon.
CCC-NYNC Symposium: Scott McGowan reported that he had reached out to NYNC VP Mary Lannin about firming up a date. Mary suggested an October date and indicated she was meeting with other NYNC members that evening and would reach out after with further details. Scott will reach out to confirm the CCC presenter that was recommended by Board discussion in November.
Club Materials: Steve Zitowsky presented the updated list of club materials and medals inventory. The list was provided to Paul Hybert to update on the CCC website.
Chatter Advertising: Scott Indicated he had sent an updated invoice to CNG to be the fourth advertiser in the Chatter and on the website, and will follow up with a call to confirm.
New Business
Featured Speakers: Melissa Gumm presented details on potential featured speakers, and presented the proposal for a speaker stipend. Discussed recruiting presenters for larger audience meetings at the CSNS and ANA WFoM meetings. The proposal for a one-time $250 stipend to obtain a specific speaker was discussed and approved by the board. Melissa also informed the board the March CCC meeting program will be presented by Shanna Schmidt will be The S&S Library: The Formation of a Numismatic Library. Shanna said she would be happy to host the club meeting at her offices to see the library in person. The board approved holding the March meeting at Shanna Schmidt Numismatics Inc., 8 South Michigan, Chicago.
CCC Website update: Paul Hybert presented details on the new Index to Speakers on the CCC website; five years covered so far, with more to be covered as time permits.
CSNS Convention: Scott McGowan reported that the club is registered for a club table on the bourse floor club area, and a meeting room has been reserved for the CCC meeting Saturday May 4, 2024 at 12:00pm in the Utopia A room. Two display cases for the club booth have been reserved, power connection is pending, and four table holder badges requested for John Riley, Carl Wolf, Steve Zitowsky, and Scott McGowan.
Latin School of Chicago: Scott McGowan updated the board on the request to the CCC by Matthew June, a teacher at the Latin School of Chicago, for any club members to assist with a one-week numismatics class. Steve Zitowsky recommended we donate one each of the Primitive Money, CPMX and Columbian Exposition sheets to the school to use for instruction. The board approved the donation.
CCC Auction: Deven Kane and Rich Lipman will manage the 2024 CCC auction in November. Bill Burd indicated there already are 25 club items for this year’s auction. Bill will provide the secure location for item storage. The auction is limited to about 60 items, giving room for another 35 items from club members. Items acceptance will be donations to the club first, then consigned items if space allows.
CCC Banquet: The 2024 banquet will be Wednesday December 11, 2024 with the location to be determined. A banquet committee will need to be created for the banquet planning. Rich Lipman recommended the 2024 committee have one member from past banquet committees. An announcement will be made at future club meetings for committee members.
Melissa Gumm indicated the May board meeting should be in person at Connie’s Pizza. Future 2024 Board meetings will be on: May 15, August 21, and November 20, 2024. Vice President Melissa Gumm adjourned the board meeting at 7:18pm CST.
Respectfully Submitted,
Scott A. McGowan, Secretary
Date: | March 13, 2024 |
Time: | 6:45PM CDT (UTC-05:00) |
Location: | Downtown Chicago
In the Willoughby Tower, 8 South Michigan Avenue, Suite 3600. The best parking is Grant Park North. Easiest is Spot Hero to buy the parking. If you come from the south on Michigan Avenue, the entrance is in the middle of the street. Once you get through the gate you should go to the right and park either on that level or the lower level. Once you come out on the street, the building is to the right and a short walk. Not certain of the security measures at this building: everyone must be prepared to show their photo-ID and register at the guard’s desk. All attendees must RSVP the club Secretary before the meeting day, to ensure space will be available for them. All attendees must follow the city’s, building’s, and host’s rules. This will be another attempt at a regular in-person meeting in the post-Covid-19 era. We will try to replicate the usual experience, 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: | Shanna Schmidt —
S&S Library: The Formation of a Numismatic Library
The favorite companion to any coin collection is owning books that provide a solid understanding of the collection. Any great numismatist over time had some semblance of a library to reference coins, find pedigrees, or simply learn more about their origin. The S&S Library is the result of eight years of cooperation. In this short talk, I will lay out the assembling of the library, why it was created, and future ideas for its use. |
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.
March | 13 | CCC Meeting - Featured Speaker - Shanna Schmidt on S&S Library: The Formation of a Numismatic Library - meeting at a special location |
March | 14-16 | ANA’s National Money Show at the Broadmoor Resort, Colorado Springs, Colorado. Details at https://www.money.org/NationalMoneyShow |
April | 3 | Meeting of the 2024 WFoM Local Host Committee – 7pm CDT start – online only. Email Host Chair Dale Lukanich at ancient0615@gmail.com for details on joining this committee or meeting. |
April | 10 | CCC Meeting - Featured Speaker - to be announced |
May | 2-4 | 85th Anniversary Convention of the Central States Numismatic Society at the Schaumburg Renaissance Hotel & Convention Center, 1551 North Thoreau Drive, Schaumburg, IL. There is a $15 per day admission charge, a 3-day pass for $30, free for youth (17 and under), and free for CSNS Members. For details, refer to their website, https://www.csns.org/ |
May | 4 | CCC Meeting - 12pm at the CSNS Convention,
which is held at the Schaumburg Convention Center.
No admission charge for our meeting.
Featured Speaker - to be determined |
May | 8 | CCC Meeting - Featured Speaker - to be determined |
June | 12 | CCC Meeting - Featured Speaker - to be determined |
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should be addressed to the Secretary and mailed to:
CHICAGO COIN CLUB
P.O. Box 2301
CHICAGO, IL 60690
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Payments to the Club, including membership dues,
can be addressed to the Treasurer at the above
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Renewing Members Annual dues are $20 a year ($10 for Junior, under 18). Annual Membership expires December 31 of the year through which paid. Cash, check, or money order are acceptable (USD only please). We do not accept PayPal. Email your questions to Treasurer.ChicagoCoinClub@GMail.com Members can pay the Club electronically with Zelle™ using their Android or Apple smart phone. JP Morgan Chase customers can send payments to the Club via Quick Pay. To see if your Bank or Credit Union is part of the Zelle™ Payments Network, go to https://www.zellepay.com Please read all rules and requirements carefully.
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