A Numismatic Exhibit Opens in Local Fayetteville Museum

Transcription

1 R a l e i g h C o i n C l u b Established in 1954 February 2011 IN THIS ISSUE ARTICLES A Numismatic Exhibit Opens in Local Fayetteville Museum I Think of Them as Medals Medal of Honor Commemoratives to be Released in February REGULAR FEATURES President s Message Meeting Minutes Club Notes Show Calendar METALS INDEX Spot Prices as of 7 February 2011 Platinum: $1836 (+ $42.00) Gold: $ (- $34.80) Silver: $29.39 (- $0.17) A Numismatic Exhibit Opens in Local Fayetteville Museum By David Boitnott A rare opportunity to view a numismatic related exhibit at a local North Carolina Museum is currently available. It seems it is rare to find a local history museum interested in numismatics in the first place, and, secondly, with the space and dedication to mount such an exhibit. However, in the February 2, 2011 issue of the Fayetteville Observer the following announcement appeared. The Fayetteville Area Transportation and Local History Museum is scheduled to open a new exhibit today. The temporary exhibit on early Fayetteville banking is set to run through Sept. 30 in the northwest gallery on the second floor. Visitors can view a premier collection of pristine Fayetteville antebellum bank notes, and other Fayetteville-related banking documents from the era to include stock certificates, checks, drafts and notes. The museum is at 325 Franklin St. While calling the notes and related items pristine might be a bit of an over statement, the collection on a whole does contain better quality and higher grade material. The exhibit takes a more historical tilt than a numismatic one, however, with the numismatic information and subtleties we collectors prefer being very limited. The exhibit follows Fayetteville s early history as a banking center in North Carolina. Fayetteville occupied some unique real estate in early North Carolina as the furthest inland navigable point on the Cape Fear River some 100 miles upstream from Wilmington. The Cape Fear was the superhighway of early 1800 s North Carolina, making distribution of imported goods to the inland portions of North Carolina possible. This relationship between the towns of Wilmington and Fayetteville allowed Wilmington to become, at the time, the largest town in North Carolina with Fayetteville not far behind. Numismatic Exhibit Opens continued on Page 4 Page 1

2 Raleigh Coin Club PO Box Raleigh NC http// Established 1954 Club Officers President David Boitnott Vice President Sanford Steelman Secretary Richard Brown Treasurer Steve Pladna Sergeant-at-Arms Benjie Harrell Directors (Term Ending) Paul Livingston (2011) Roger Beckner (2012) Ron Turner (2013) Newsletter Editor Dave Provost Club Affiliations American Numismatic Association Member #C Blue Ridge Numismatic Association Member #C3383 Eastern States Numismatic Association Member #0026 (Life) North Carolina Numismatic Association Member #C14 (Life) January Meeting Minutes The January RCC meeting was called to order by President David B at 7:37pm. David opened the meeting by welcoming everyone and wishing all a Happy New Year! David reminded everyone that the start of the new year means that it s time for RCC ers to renew their club membership and pay their annual dues. David then began a discussion regarding club finances and reviewed the costs associated with holding each monthly meeting. In 2010, between the rental of the facility, the speaker s prize, the member s door prize, meeting refreshments and covering the differential between the raffle prize cost and generated income, the club spends about $150 per month. It was noted that the significant rise in the price of silver in 2010 was a big contributor to the club s increased operating costs. David then announced that we will be making changes to the monthly member door prize and that the RCC Board will be looking at the other expenses with an eye toward changes as well. Beginning at the February meeting, the member prize will become a $10 cash prize vs. a silver Eagle. Each month, a current member s name will be randomly drawn. If the member is present, they will receive $10. If they are not present, the $10 prize will carry over to the next month s meeting and the process will be repeated with another $10 added to the prize amount. There won t be any limit to the number of months the prize can be carried over. Steve P then provided the Treasurer s Report. Steve noted that while the RCC continues to have a healthy overall balance, the club had an operating loss in 2010 of $2,800. Paul L then provided several show updates: 1) 58 RCC contracts were given out at the Carolina Coin and Stamp Show the previous weekend; 2) dealer comments about the switch to a three-day show were overwhelmingly positive; 3) 8 dealers have already paid for their 2011 tables. Contents Copyright Raleigh Coin Club 2010 The RCC grants permission to reprint for non-profit educational purposes only any articles not individually copyrighted by the author provided the RCC Newsletter is cited as the source. Meeting Minutes continued on Page 8 Page 2

3 President s Message February Meeting Notice Last month I made a suggestion that we each make a resolution to enjoy the hobby through sharing our passion for collecting! This of course could take many forms an article for the newsletter, an exhibit at our annual show or a talk at one of our meetings. While on the surface this looks like a simple play on the whole New Year s resolution tradition of which most go unfulfilled, I am quite serious about this. So, in the spirit of leading by example. I am proud to announce that I have joined forces with the Fayetteville Transportation and Local History Museum to put on public display a historical overview of banking in that city. The genesis of this exhibit started last fall with exchanges between the city historian Bruce Daws and me on the history of the antebellum banks located in Fayetteville. The museum had a small collection of interesting items consisting mostly of early twentieth century items with only one item from before the Civil War. Well, one thing lead to another and I ended up loaning the bulk of my Fayetteville collection to the museum to anchor the exhibit. I guess it is only natural for the question to be asked what s in it for David? My manager at work asked what I was renting it to them for and was surprised that I was getting no financial gain from this activity. But, rest assured, I am being rewarded. I have been given access to many items in the museum not on public display and have learned a lot more about the history behind the numismatic items I have owned all these years. And it is the history we hold in our hands that make this hobby so fascinating! What have I learned? Well in picking out items for the exhibit we knew we wanted to represent the Bank of Cape Fear. So, in addition to a small number of notes issued on the Fayetteville Branch of that bank, I took my Page 3 DATE 15 February 2011 TIME 7:30pm WHERE Ridge Road Baptist Church PROGRAM The Story of Sam Upham and the Confederate Government Bob Schreiner four stock certificates down in hopes one would have a tie to Fayetteville. Well the excitement on the face of Bruce when he looked at the third one was confirmation I had hit the jackpot. The certificate was issued to Mrs. Harriet Buxton in Turns out she was a bit of a local legend in the business community. When her husband died unexpectedly in 1851 she, contrary to the customs of the times, took over active management of the family businesses. She not only maintained the business but grew it through the recession of 1857, the Civil War and Reconstruction. She died a very wealthy and respected business person. From Bruce s office, we could just make out her final resting place in one of Fayetteville s historic downtown cemeteries. Now how cool is that? My simple stock certificate now has added history and appeal almost a life of its own. As I worked with Bruce on getting information on various aspects of the exhibit. I learned so many things that I am afraid I ll forget most before I can get it all written down. Many are of interest in Fayetteville, but I wonder if they would be of interest to the club? Continued on page 10

4 Numismatic Exhibit Opens (cont.) Continued from Page 1 Thus, in 1804 when the North Carolina General Assembly chartered the first two banks in North Carolina, the first was the Bank of Cape Fear to be located in Wilmington with the stock equally subscribed by the citizens of Wilmington and Fayetteville. The bank opened in Wilmington in the timeframe and then in 1807 opened an agency in Fayetteville. The exhibit has a stock certificate of local interest (see President s Message), a $1 note from 1807 that could have as easily circulated in Fayetteville as Wilmington, a couple of later (1850 s) notes issued on the Fayetteville branch and an interesting check drawn on the Fayetteville branch. The check is interesting from the point of view of who it is made payable to Artis, a man of color. In 1810, the North Carolina General Assembly chartered the State Bank of North Carolina in Raleigh, with branches authorized in several North Carolina towns. One was quickly established in Fayetteville. It was in the banking house of the State Bank of North Carolina Fayetteville Branch that the Marquee de Lafayette stayed and spoke from the second story balcony of to the citizens Fayetteville during his visit of The State Bank of North Carolina was succeeded by the Bank of the State in The Bank of the State was succeeded by the Bank of North Carolina in All of these incarnations of the State Bank had branches in Fayetteville. The last the Bank of North Carolina is represented in the exhibit by a stock certificate issued to a Ray Pearce of Fayetteville and bank notes of $5, $10 and $20 denominations issued by the Fayetteville branch saw a new bank come to Fayetteville. In the previous year, the North Carolina General Assembly chartered the Fayetteville School Association. The Association was formed to provide education to lower income children of Cumberland County. The method by which they intended do this was to operate as a bank with 15% of the dividends used to fund the educational goals. The Association did issue banknotes of denominations $1 through $5; however, they are quite rare and the exhibit does not feature any real ones. The history and pictures of proofs surviving from this bank are shown brought the Second Bank of the United States. The Bank s charter required at least one branch in each state. Competition between Wilmington and Raleigh for the location was upset by the Bank directors in Philadelphia choosing the inland commerce center of Fayetteville. The Second Bank of the United States is represented by a single $5 contemporary counterfeit of a Branch Draft drawn on the Fayetteville Branch. The note is signed by cashier Jno. W. Sandford who would later also be associated with the Bank of Clarendon in Fayetteville saw a group of Fayetteville businessmen receive a charter for a new bank The Bank of Fayetteville. The Bank of Fayetteville has the distinction of being the only Bank after the 1835 prohibition of issuing notes of less than $3 in value to legally do so. The paragraph found in all charters and charter extensions after 1834 outlawing lower denominations was surprisingly missing from the Bank of Fayetteville s charter. Thus, the Bank issued notes of $1 and $2 denominations. The State sued, but the Bank was found innocent of any wrong doing by the State Supreme Court. The Bank of Fayetteville is represented in the exhibit by a stock certificate, a complete denomination run ($1, $2, $3, $4, $5, $10 and $20) of banknotes and an unused Page 4

5 Numismatic Exhibit Opens (cont.) sheet of 90 day promissory notes. This sheet is like one of those Can you find the differences puzzles one finds in the Sunday paper where you are challenged to spot the changes between two seemingly identical pictures. There are difference between the two notes on the sheet and the fact they were printed at the same time would have been lost to us numismatists had this sheet not survived saw a second hometown bank chartered in Fayetteville The Bank of Clarendon. Clarendon is the regional name for Southeast North Carolina and parts of Northeast South Carolina that dates back to the days of the Lord Proprietors. The Bank of Clarendon is represented in the exhibit by a stock certificate believed to be unique, a 30-day promissory note, an unissued counter check, a complete denomination run ($5 (2 varieties), $6, $7, $8, $9, $10 (2 varieties)) of banknotes and a uncut remainder sheet of four $5 notes printed by the American Banknote Company saw the outbreak of the Civil War and this too is represented in the exhibit by a handful of North Carolina State issues. The Fayetteville Area Transportation and Local History Museum is currently developing an exhibit for the Sesquicentennial of the Civil War in a gallery down the hall from this Banking Exhibit and they have expressed an interest in showcasing some Confederate and an expanded assortment of North Carolina Civil War issues. Here s an opportunity for someone to step up and give back to the community. In 1866, just after the Civil War, the town of Fayetteville suffered a shortage of small change and the town investigated the issue of paper script to elevate this condition. While no known issued notes are known, the exhibit does have a complete uncut remainder sheet of Mayor and Commissioners of Fayetteville 5, 10 and 25 denomination notes. Many of the post Civil War banks that were formed and did business in Fayetteville and either folded or were absorbed by bigger banks are represented in the exhibit as well. Many interesting ledgers, checks, savings books and even canvas bags from these institutions are displayed. The National Banking period is also covered. Fayetteville had 5 National Banks - Fayetteville National Bank (Charter 1756), Peoples National Bank of Fayetteville (Charter 2003), National Bank of Fayetteville (Charter 5677), Fourth National Bank of Fayetteville (Charter 8682) and the Cumberland National Bank (Charter 13168). National banknotes from Fayetteville are very hard to come by, with the published population for all four note-issuing banks (Cumberland did not issue any notes) at less than fifty combined! All are large size as there were no small size notes issued in Fayetteville. The most common are from the National Bank of Fayetteville of which the exhibit boasts 3 notes a $ date back, a $ date back and a $20 plain back. The jewel of the exhibit s nationals is a torn, incomplete and heavily worn $ date back from the Fourth National Bank of Fayetteville the only example of this note type known to survive from this bank and 1 of only 4 survivors total on this bank. In summary (while biased) this is an excellent opportunity to see some rare and interesting early banking history from our state. To view and read all the panels in the exhibit would take the average person less than two hours. The remainder of the museum could be perused in about the same amount of time. The museum annex is devoted to the history of the automobile in Fayetteville. There are great exhibits of roadside America in that collection Continued on page 7 Page 5

6 I Think of Them as Medals By Dave Provost Like many collectors, my collection is a mix of classic and modern (post-1970) pieces. I enjoy collecting both, as I believe they each represent a very different area of numismatics. My collecting interests lean heavily toward commemoratives, and so each year I am able to add several new pieces to my collection between the releases of the US Mint and the Royal Canadian Mint (RCM). (I also have a look at commemoratives from other countries to determine if any of their releases have a USrelated theme or otherwise peak my interest, but with the worldwide release of hundreds of commemoratives each year, I must content myself with being a window shopper vs. buyer in almost all cases!) The vast majority of modern commemorative coins are non-circulating legal tender (NCLT) pieces. As such, these NCLT pieces are really coins in name only they are not meant to circulate and be used as money, they often have denominations lower than their intrinsic value (i.e., the value of their metal content) and they are generally sold directly to collectors rather than distributed through standard commercial channels (e.g., banks). They also typically receive special handling during the minting process and are packaged in plastic cases to protect their perfect surfaces. To call these items coins as we generally think of them is certainly a stretch! To me, these pieces are more like medals than coins I can t spend a medal to buy a bottle of Pepsi, nor can I spend any of these modern commemorative coins to quench my thirst. That s why I think of my collection of modern US and Canadian commemorative coins almost as a medal collection vs. a coin collection. Yes, the coins are legal tender, but When I add these modern commemoratives to my collection, I don t worry about semantics or legalities, I simply collect them as remembrances of important people, places and events in our nation s history and as triggers for me to do a bit of research and learn more about the subject featured. I enjoy the high production quality of the pieces it s nice to examine and enjoy the artist s work without distracting scratches, spots, rim bumps, areas of softness in the strike, etc. It s pretty much a guarantee that if you purchase a modern mint issue, you will be getting a highquality numismatic product. Obverse of 2006 Benjamin Franklin Scientist Silver Dollar Commemorative Many collectors who eschew modern NCLT pieces also comment on the general lack of challenge in acquiring new pieces. I agree. If you want (and can afford) a particular modern NCLT coin, you can generally order it directly from the mint producing it with little effort or stress. Some of the classic coin and medal series I collect include pieces of which very few were made or very few remain. In a dozen or more cases, I have been searching for years to find a nice piece to add to my collection and I Page 6

7 I Think of Them as Medals (cont.) acknowledge that it s always a thrill to finally locate such a piece and make it mine! That said, I still look forward to each new commemorative release from the US Mint and new silver dollar from the RCM. The lack of a need to search for these coins doesn t lessen the enjoyment of collecting them for me. I enjoy their beauty, their history and the story of a nation that they tell expending little effort to obtain them is a bonus! (Hobbies aren t meant to be stressful!) In today s era of graded/ certified/ slabbed coins and medals, knowledgeable collectors and many dealers often opine buy the coin, not the holder. I promote a similar recommendation when it comes to modern coins. Don t worry about whether a piece is a real coin or concern yourself about its potential resale value. Add them to your collection because you like their design, are interested in the subject they celebrate or any other reason you can think of to enjoy it. There are no absolute rules to coin collecting, why create them unnecessarily to limit your enjoyment of the hobby? Until next month, Happy Collecting! Obverse of 2008 Bald Eagle Silver Dollar Commemorative Images of some of my favorite modern US commemorative medals courtesy of Numismatic Exhibit Opens (cont.) Continued from page 5 early gas pumps, equipment, cards, signs, etc. Just a few blocks away are three other museums that may be of interest the Airborne Museum, the Museum of the Upper Cape Fear located on the grounds of the old Fayetteville Arsenal and the Fayetteville Independent Light Infantry Museum. All-in-all, at around an hour or so drive from Raleigh, a day trip to the Museums of Fayetteville is a worthwhile adventure. Page 7 January Meeting Minutes (cont.) The well-illustrated program provided the history and background on the novel pieces and reviewed when, how and where the pieces were used. Paul presented pictures of a large variety of pieces from his personal collection and discussed the differences in terms of artistic design and production quality. He noted that Germany s Meissen is generally considered to be the manufacturer that produced the finest quality porcelain pieces; Meissen is still in business today and continues to make a large variety of porcelain items. The program was interesting from start to finish and was well-received by those in attendance. The meeting concluded with the usual prize drawings.

8 January Meeting Minutes (cont.) Continued from page2 Jim J presented an update on his educational DVD project, including the responses to the DVD survey he had previously distributed to club members. Jim mentioned that of the members returning survey responses, several committed to purchasing DVDs for their personal libraries to help ensure the club could meet the minimum order threshold to receive a 40% discount. Jim proposed the club consider purchasing 20 DVDs along with a player and speakers to be used for group presentations, and noted that the cost would be about $550. Jim s presentation generated much discussion and debate. Dave P suggested that with the club experiencing a significant financial loss in 2010, it might not be the best time to make such a significant investment in something that doesn t have overwhelming support (very few members completed the DVD survey of interests). He also commented that the purchase of a DVD player shouldn t be necessary as multiple club members have laptops that could be used to play a DVD at an RCC meeting. Dave then motioned that we table any decision on the purchase until February and that we use the extra time to let other members consider the available DVDs and decide if they would like to make any personal purchases. The topic will be discussed at the February meeting. David B closed the business portion of the meeting by asking for volunteers for refreshments and the Show-and-Tell case. Paul Li volunteered for refreshments and Bob Iz volunteered for the exhibit case. Show-and-Tell The evening s S-n-T themes were 1911 and Before and Countries Beginning with N. Will H showed a 1915 one cent piece from the Netherlands Bruce S offered up an 1812 Derby Bank 1 note along with several pre-decimal notes from New Zealand. Gene F brought a Miletos half-stater from approximately 511 BC, it featured the head Page 8 of a lion Paul La showed a nice assortment of French Assignats, a type of paper money issued at the time of the French Revolution Kent G brought a binder of US $2 notes from his collection along with a 10 note from the UK that featured a portrait of Charles Dickens; Kent noted that he learned what Dickens looked like from the portrait. Dave P passed around a silver so-called dollar medal from the 1904 Louisiana Purchase Exposition, it was struck by the US Mint during the fair at its exhibit; he also showed the just-released 2011 Canadian silver dollar commemorative in honor of the centennial of Parks Canada. Bob Iz showed a pair of 1910 Lincoln cents graded by PCGS, one was graded MS-65 RB (red and brown) with the other graded MS-63 RD (red) Bob noted that the coins look virtually identical (and they did!) Ben P passed around a 1909 VDB Lincoln cent and a 1937 French telephone token Mike L offered up a JFK medal set and followed up with additional information regarding the store of WW II-era Japanese coins that he got from a veteran who came upon them in a cave while fighting in Japan. David B brought in his 1961 JFK inaugural medals along with medals for JFK s Inaugural Ball Mini-Program Halbert C had the mini-program for the evening and presented two framed sets of coins that were linked by a common design theme each coin, issued as part of a country s national currency, featured the coat-of-arms of each of the country s subdivisions. It was an interesting topical collection marked by a nice variety of attractive coins. Educational Program Paul La presented the evening s program. His talk was titled Porcelain Coins, Medals and Tokens. Continued on page 7

9 Medal of Honor Commemoratives to be Released in February Following closely on the heels of the threecoin US Army commemorative program released in January, the US Mint will be releasing its second (and final) set of 2011 commemorative coins on 28 February. The new coins will recognize the 150 th anniversary of the first authorization of the US Medal of Honor. The Medal of Honor is the highest award for valor in action against an enemy force that can be bestowed upon an individual serving in the U.S. Armed Forces. It was first authorized by Congress in 1861 as the Navy's highest personal decoration, with the Army Medal of Honor authorized in 1862 and the Air Force Medal of Honor in The medals are presented by the President in the name of Congress. The MOH is presented to a person who distinguishes him or herself conspicuously by gallantry and intrepidity at the risk of his or her life above and beyond the call of duty. Fewer than 3,500 Medals of Honor have ever been awarded. Two commemorative coins will be issued, a silver dollar and a gold half eagle. Surcharges collected on sales of the coins will be paid to the Congressional Medal of Honor Foundation. The Foundation assists in perpetuating the legacy of the Medal of Honor by funding programs to promote the ideals of courage, sacrifice, selfless service and patriotism among the American public. Additional details on the new coins can be found in the October issue of the RCC Newsletter or by visiting the US Mint website at February Raleigh CoinHawks Meeting I nformation The February Raleigh CoinHawks meeting will begin at 6:45pm, just ahead of the regular RCC meeting. The February meeting will include a program titled Collecting Roosevelt Dimes. The program will present the history of the Roosevelt dime and US President it honors. Coinhawks in attendance will be given a Whitman Roosevelt Dimes folder and have the opportunity to search a pile of dimes to start their collection! All young collectors are encouraged to attend and to bring an item or two from their collection for Show-and-Tell. CoinHawk Bucks will be earned for attending the meeting and for bringing show-and-tell items. The 17 th issue of the Presidential Dollar series is due out in February Andrew Johnson is to be honored February S-and-T Theme The Show-and-Tell Themes for February are Two s and Countries Beginning with the Letter B Time to bring in your 2 money. It doesn t matter if it s two dollars, pounds, euros, pesos or shillings. If it s a 2 it s good! Theme #2 for the month will be an item from a country beginning with the letter B. Page 9

10 President s Message (cont.) Continued from page 3 This issue of the RCC Newsletter has my first installment notes about the museum exhibit. I can already feel the twist on my arm being applied by our wonderful editor for additional content, however, so if you don t want to be deluged with Fayetteville history I suggest you write about your collection or numismatic interest! Oh, what else was in it for me? They did feed me on numerous occasions and you all know how easily I can be bribed with food! I look forward to seeing you all at the February meeting and letting the sentence above be a hint to the refreshments volunteer! Promote the hobby and the club recruit a new member there s points in it. See ya Tuesday at the meeting until then take care. David W. Boitnott, President Feb Club Notes 1. The February Show-and-Tell themes are Two s and Coins from Countries Beginning with the Letter B. Search the closet for your coins and notes with denominations of 2 any 2 will do! Or, show off your fabulous numismatic treasures from Belarus, Belgium, Bolivia, Botswana, Brazil or any other B country! Bring your stuff to the February meeting and earn your Show-and-Tell bonus points! 2. As always, all Show-and-Tell items are welcome! If you don t have something that fits this month s themes, bring in something else! It s always fun to share your collection with fellow collectors! 3. Bob Iz will be filling the mini-program exhibit case for February. 4. Paul Li will be bringing the meeting refreshments. 5. The Raleigh CoinHawks will be meeting at 6:45pm ahead of the regular RCC meeting. Young collectors and their parents are welcome! Show Calendar Charlotte, NC Charlotte Coin Club 41 st Annual Show Metrolina Trade Show Expo 7100 Statesville Road Hours: Fri & Sat Sun Tables: ~120. Free 10:00am to 6:00pm 10:00am to 4:00pm Mar Charlotte, NC Carolina Coin and Stamp Show Holshouser Building, NC State Fairgrounds Hillsborough Street & Blue Ridge Road What am I? Where do I come from? Hours: Sat Sun Tables: ~70. Free. 10:00am to 5:00pm 10:00am to 3:00pm Additional local show information can be found at: Page 10