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Welcome to The E-Sylum: Volume 7, Number 27, July 4, 2004: an electronic publication of the Numismatic Bibliomania Society. Copyright (c) 2004, The Numismatic Bibliomania Society. NBS AT THE PITTSBURGH ANA CONVENTION Asylum Editor E. Tomlinson Fort writes: "As has been mentioned here before there will be a strong NBS presence at this year's American Numismatic Association Convention in Pittsburgh: First and foremost is The Great Numismatic Libraries of Pittsburgh Tour. This will be your chance to see the libraries of Wayne Homren (The E-Sylum editor) - a treasure trove of American numismatic literature, and Tom Fort (The Asylum editor) - a hoard of literature on the history and coinages of pre-modern Europe. Space is limited. There will be no second bus. Remember, you are going to people's houses and there is not room for a large crowd. So get your ticket now before the tour sells out. The tour is only open to NBS members (exceptions can be made in the cases of spouses etc...) and is $20 per person. Remember all proceeds benefit the NBS. Tickets are sold on a first come, first served basis. Send your payment NBS via: W. David Perkins NBS Secretary-Treasurer P.O. Box 3888 Littleton, CO 80161-3888 email: wdperki at attglobal.net [The Libraries Tour immediately follows the NBS meeting, which Tom describes next. -Editor] Secondly, there is the NBS 25th anniversary meeting, which will be held on Friday, August 20, at 11.30 am in Meeting Room 327. Among the activities will be the auctioning of many of the signed original manuscripts of the articles which will be appearing in our special Summer issue. Likewise we will auction the corrected proofs of the monograph. Each proof signed by the person who read it, along with the back up CDs and emails and letters regarding the making of the issue. This will be your chance to own a piece of numismatic literary history. Also at the meeting will be the annual auction to benefit the NBS; more on this in a later issue of The E-Sylum. Finally, three prominent members of the NBS will be presenting Numismatic Theater lectures this year. Primary among these is NBS board member P. Scott Rubin, with his talk: "50 Years of Collecting Coins and Numismatic Literature." on Thursday August 19, at 1 p.m., in Room 330. Likewise, NBS board member Joel Orosz will be presenting a very interesting lecture entitled "Did George Washington Provide Silver to Make the 1792 Half-Dimes?" on Saturday August 21 at 5 p.m. in Room 330. Finally, the latest cure for insomnia many be experienced at Asylum editor E. Tomlinson Fort's "Barbarians Within the Gates: David I of Scotland and the Mints of Northern England." on Wednesday August 18th in Room 330." DAVIS HARVARD UNIVERSITY SALE Charles Davis writes: "Our current Mail Bid Sale of Numismatic Literature representing a consignment from Harvard University Art Museums with a closing date of July 31 has been mailed to those on our mailing list. Our crack printer printed a number of catalogues with one page blank and we hopefully found all those and pasted a replacement in place. Any reader who received a defective one may of course request a copy of the missing page. As we have done in the past, the catalogue is also hosted on the web site of The Maine Antiques Digest and may be viewed at maineantiquesdigest.com/adimg/davis.htm. I am currently at the American Numismatic Association Summer Seminar where I am co-instructing a class "Numismatics in the 19th Century" with John Kraljevich and then going directly to Baltimore where I have my usual table." STOCKLEY AT CNA SHOW Literature dealer Richard Stockley of Quebec, Canada writes: "If any bibliophiles are in the Toronto area during the Canadian Numismatic Association Convention, 8-11 July, drop by to visit me there. I will have a table with a selection of my stock. I am always looking to buy in case there are some goodies you might want to part with." JEAN ELSEN BOOKLIST AVAILABLE SOON Jean Elsen of Brussels, Belgium writes: "We have decided to relaunch our book catalogue on the website. The complete catalogue - featuring more than 1000 references - will be ready on our website as of 10th July." [The web address is www.elsen.be -Editor] BOWERS ADDRESSEES CHICAGO COIN CLUB The following note from Dave Bowers arrived last Sunday, but did not make it in to the last E-Sylum. Here it is: "I just returned from the Chicago coin show. I had the opportunity to address the 1,000th-something meeting of the Chicago Coin Club, a fine honor. A very nice group was on hand, perhaps 50 people, and no one fell asleep or left!" [The meeting was held June 26, 2004 at 3pm in the Mr. Lincoln Room of the Double Tree Hotel, across the street from the 23rd Annual MidAmerica Coin Expo. From the Chicago Coin Club web site: "Featured program: Face to Face with Famous Numismatists - Recollections by Q. David Bowers. Bowers is the author 40+ numismatic books and is the recipient of numerous literary awards. He served as president of the American Numismatic Association and the Professional Numismatists Guild and was bestowed with their highest awards. He has lectured at Harvard University and appeared on numerous television networks discussing his lifelong interest in rare coins." The club was founded in 1919, and many members are E-Sylum subscribers and contributors. For more information, see their web site: Chicago Coin Club -Editor] PHILATELIC BIBLIOPOLE: LEONARD HARTMANN Dave Bowers adds: "If you need a filler for The E-Sylum, you might attach the following stuff from Leonard Hartmann, dealer in PHILATELIC books, but with lots of stuff that is cross-over into numismatic areas. For example, I just bought a full run of the Essay-Proof Journal from him, superb copies), books on Gold Rush steamers (they carried letters with stamps as well as coins), etc. I have never met LHH in person, but he deals in a first-class manner.] Dave attached a copy of the June 23, 2004 issue of Hartmann's email newsletter, Friends of the Bibliopole, which listed several new items for sale. While we don't publish individual buy and sell listings in The E-Sylum, we always feature new publications of interest as well as announcements of literature sales, fixed price lists, and web sites. The literature of the stamp collecting hobby is an interesting parallel universe to numismatics, and as Dave mentioned, there are a number of areas where the two fields cross. The most obvious area is that of Encased Postage Stamps, which I collect, but also, for example, in the histories of bank note printing companies, many of which also printed stamps. I also have a set of The Essay-Proof Journal, and it's a great resource for this sort of information. Other crossover areas include the Sanitary Fairs of the U.S. Civil War, which generated both philatelic and numismatic items (tokens). In the 19th century, many periodicals and dealer organs discussed BOTH stamps and coins, so many of these publications are of interest to bibliophiles in both fields. The Philatelic Bibliopole web site is: Philatelic Bibliopole NEW BOOK: THE QUEEN'S STAMPS One new book offered by The Philatelic Bibliopole is "The Queen's Stamps, The Authorised History of the Royal Philatelic Collection," by Nicholas Courtney. It may be interesting reading for numismatic researchers as an insight into that parallel world of philately. We call numismatics "the hobby of kings," but this one collection has more royalty associated with it than most coin collections can boast. "Housed in St James's Palace, London, the Royal Philatelic Collection contains some of the rarest stamps in the world. This history describes how the Collection grew from the inauguration of the Penny Postage under Queen Victoria, through six successive monarchs to the present day. The first Royal collector was Prince Alfred, Duke of Edinburgh, second son of Queen Victoria, whose career in the Royal Navy, from the age of fourteen, enabled him to collect foreign issues from all parts of the world. However in 1900, after years of extravagant living, he was forced to sell the collection to this brother, Prince of Wales (Edward VII) who passed it on to his son Prince George (later George V), already a passionate collector. At the same time, Edward VII arranged for his son to be sent the corner blocks of four, essays and proofs of all subsequent new issues from the Post Office and the Crown Agents for the Colonies. The story of the formation and continuation of The World's Greatest Stamp Collection. A beautiful book, color illustrations, but it is in no way just a "picture book" as it has much background information on both the collection and the actual stamp production. The text is well worth reading, enjoyable, informative and scholarly. 2004, 337+14 pages, cloth with dj, published £25 plus transit, $39.95" http://www.pbbooks.com/gbqstext.htm [QUIZ QUESTION: who can list some of the famous royal numismatists of history?] GIEDROYC PUBLISHES NUMISMATIC SUPERSTITION BOOK "Superstition, Urban Legends and Our Money" by Richard Giedroyc has just been published, according to an item in the June 29, 2004 issue of Numismatic News (p29). The book "takes readers into the tales and customs accompanying money, especially U.S. British and Oriental money." The book costs $16.95 plus shipping from the publisher, Publish America. Their web site is PublishAmerica.com/ HOWARD A DANIEL III, NUMISMATIC AMBASSADOR Congratulations to longtime E-Sylum subscriber and frequent contributor Howard A. Daniel, who was presented with the Numismatic Ambassador Award June 12 during the International Bank Note Society meeting during the International Paper Money Show in Memphis, TN. The award was created by Numismatic News and Howard's award was publicized in the July 6th issue of that newspaper. AMERICAN BANK NOTE COMPANY PLATES The MPCGram is an email newsletter covering all areas of military numismatics. MPCGram 1148 (Sunday, June 27, 2004) had the following good news/ bad news item about the American Bank Note Company (reprinted with permission): "American Bank Note Company plates are being donated to the American Numismatic Association and the Smithsonian Institution Numismatic collection by the American Bank Note Company. This important donation was announced today by Peter Huntoon at a special lecture on Sunday evening in Colorado Springs. Huntoon who coordinated this donation, explained the entire operation to a large, spellbound audience. He reported that the ABNC has retired (destroyed) hundreds of thousand of plates and proofs over the past few years. Huntoon was able to persuade the company to donate plates to the two mentioned educational numismatic institutions. He even selected the materials to be donated. He selected materials that would demonstrate the intaglio process rather than any particular note, vignette, or certificate. Of particular interest to many Gramsters is the plate and materials used to print Republic of Vietnam 10 dong notes [The Colorado Springs locations is of course, the headquarters of the American Numismatic Association, where their Summer Seminar is underway. The following is a continuation fro the MPCGram, an Editorial/opinion from MPCGram editor Fred Schwan: -Editor] As exciting as the ABNC donation is, it is even more tragic to think of the plates (and other materials) that have been lost forever. It is difficult to imagine the quantity of the destroyed materials. Pete stated that a squad of people at one plant was given the job of destroying accumulated proofs. It took the people three YEARS to complete the destruction. Three years. Oh my The plates were measured in hundred of tons. In spite of the tragedy of the loss, even if the materials could have been saved, there probably was no way to do it financially." YOU SAY TO-MAY-TO, I SAY TO-MAH-TO: THE PRONUNCIATION OF "FECIT" Three readers responded to Dick Johnson's note of last week on the proper pronunciation of the word "fecit". Their comments relate to the way the word is pronounced in the Latin tongue, and how this translates into modern English. Ron Ambler writes; "I take exception to the statement 'Unknowing collectors say something like""fek-it" or "fac-it." The correct pronunciation is "FEE-sit."' "FEE-sit" is only one correct pronunciation of "fecit." "FEE-sit" is the classical pronunciation, but "FAY-chit" is the ecclesiastical pronunciation. There are those who look down their classically educated noses at ecclesiastical pronunciation, but the Roman Catholic Church spoke Latin contemporaneously with the Romans, and they preserved Latin through the Middle Ages to the present time. Their pronunciation is accepted as AT LEAST as correct as the Johnny-come-lately classicists." In a similar vein, Ken Berger writes: "I must disagree! Fecit is not pronounced FEE-sit. Latin had two pronunciations: classical & vulgate. The classical was spoken by the upper class while the vulgate was spoken by the masses. In classical pronunciation, fecit is pronounced FAY-kit; in vulgate pronunciation, it would be FAY-chit. The pronunciation FEE-sit is the pronunciation of fecit as if it was an English language word. This is similar to the pronunciation of the word, fungi. Most people say FUN-ji or FUN-gee (w/ a soft g). In classical Latin, it's FUN-gee (w/ a hard g). Anyway, as I said, fecit is never pronounced FEE-sit in the Latin language. Another example is the word Caesar. In English, it's See-sar; in vulgate Latin, it's Chay-sar, in classical Latin, it's Ky-sar (hence the word Kaiser). Interesting, wouldn't you say?" Martin Purdy's writes: "Sorry, but I beg to differ. The letter c in Latin was hard, regardless of what letter followed, so "FAKE it" is quite a good approximation. I could cope with " FAYtchit" as well, given the development of the sound into Italian over the centuries, but "FEE-sit" is dreadful. English pronunciation habits do not apply to Latin when used *as Latin*. Latin words that have been borrowed into English are a different matter, however - does anyone remember the British comedy sketch in which the lawyer insisted on fastidious Latin pronunciation, asking the court, "Where is the aLEEbee?" FEDERAL RESERVE MONEY ART COLLECTION On June 20, The Wall Street Journal published an article about the money art collection of the U.S. Federal Reserve, titled, "The Fed Boosts the Interest Rate in Art". Here are a few excerpts: "Mary Anne Goley does not have barrels of money to spend on art. She does have "Barrels of Money" by Victor Dubreuil, an obscure American painter active in the late 1880s and 1890s. Call it her icon. "The decision to buy that one was easy," Ms. Goley says. "This genre, trompe-l'oeil currency, should be here. It was the second painting to enter the collection. I would like more!" [The painting shows wooden barrels overflowing with U.S. currency of the late 1800s. -Editor] With just a secretary by way of support, the enterprising Ms. Goley directs the Fed's Fine Arts Program, building the institution's permanent collection and mounting three special exhibitions each year." "Her exhibit "MoneyMaking, the Fine Art of Currency at the Millennium" (including works composed of shredded bills) was so popular that a modified version toured the country as "$how Me the Money: The Dollar as Art." Doing a web search to learn more about the Fed's Victor Dubreuil painting illustrated in the article, I found the following page on the Littleton Coin Company web site: littletoncoin.com. Littleton's page includes an undated article noting that "Barrels of Money" is (or at least was) owned by the Brandywine Museum of Chadd's Ford, PA. From the illustrations, the two paintings appear to be very similar yet different, leading me to believe that there are at least two "Barrels of Money" paintings out there. Did the artist paint a series of them? Would anyone know the location of any others? An email query to the Brandywine Museum curator has not yet been answered. Here's is how the Brandywine museum describes the genre on its web site: "Still life painting also has strong roots in the Brandywine region, particularly trompe l'oeil or "fool the eye" painting that was popular in the late 19th century. The museum's collection includes examples by such painters as William Michael Harnett, the acknowledged leader in this type of painting, John F. Peto, George Cope, John Haberle and Alexander Pope. Many of these works were created for gentleman's clubs, pubs and other "masculine" interiors, hence the decidedly male subject matter: often hunting and fishing equipment, dead game, mugs and pipes." Stilllife FOOD STAMP TOKENS AND SCRIP Jørgen Sømod sends this link to a web page featuring Food Stamp Tokens of the US Virgin Islands: Ron Benice writes: "Regarding food stamp change catalogs: My catalog of Alaska Food Stamp Tokens appeared in the Token and Medal Society Journal, April 1988. It listed 284 plastic or metal tokens and 29 paper change chits from 43 towns." Hal V. Dunn writes: "California and Nevada food stamp tokens have been cataloged by Jerry F. Schimmel in Catalogue of California Food Stamp Credit Tokens 1939-1979, Including Nevada Food Stamp Credit Tokens, layout and typography by Duane H. Feisel. Published in 1998, Mr. Schimmel was awarded the Silver Mishler Exonumia Cataloging Award for this work. I am unaware of any additional catalogs on the subject covering other states, although Schimmel?s work contains a number of periodical references that perhaps touch on additional states." Duane H. Feisel writes: "With respect to your inquiry in just-out The E-Sylum concerning food stamp token catalogs, you may be interested in a catalog published a few years back by Jerry Schimmel. I was intimately involved with manuscript preparation, formatting, listings, etc., and probably should have been accorded co-authorship. My copy is inscribed by Jerry as "To Duane who did all the work." "Catalog of California Food Stamp Credit Tokens, 1939 - 1979, Including Nevada Food Stamp Credit Tokens," Compiled by Jerry F. Schimmel, Layout and Typography by Duane H. Feisel, Sponsored and Underwritten by Western States Token Society (1998). The catalog is 119 pages, 81/2 x 11", soft cover, wire comb binding. I do have a few copies still available from a very limited printing of 100 copies. Price $15 plus shipping. The catalog is profusely illustrated, and the listings are in detail (unlike so many "catalogs" that contain only partial information about the actual tokens - I call those listings "skeleton" catalogs). The catalog is arranged alphabetically by the listing locality, and alphabetically by issuer within locality. Since the catalog was published I am not aware of any new discoveries. Incidentally, there is just one page of NV listings accompanied by one page of illustrations. There is a significant amount of information presented concerning the tokens and manufacturers, and a brief section dealing with types of paper food stamp change issues." Neil Shafer writes: "With regard to your question about whether there has been a catalog effort for food stamp change, I can tell you that another individual and I have made some progress listing all the various kinds of food stamp change issued from 1939 through the end of 1978. The collector working with me is Jim Downey, a top-notch numismatist who lives in Sturgeon Bay, WI. He has taken some of the material and is putting it all on computer (he's good at it- I'm not!). Though we have not been able to work on the project much during the past few months, we do hope to get back to it as soon as practicable. As to whether any major numismatic institution has collected any food stamp change, possibly the American Numismatic Association has some since I generally send them an assortment of paper items at year's end. I would not be surprised if there was some now in their collection, but I'll tell you that there will certainly be some there by January of 2005! I have no definite knowledge of any holding at any other location. I was able to gather some quantity of these pieces during the late 1960s and early 1970s. If anyone would like a few examples just send me a self-addressed stamped envelope and I'll be delighted to share some with you. My address: P.O. Box 170138, Milwaukee WI 53217 I think you would be surprised at the variety- and remember that the stores were literally forced to participate or else not accept food stamp customers- the main reason I like them so much." Jim Downey writes: "I just want to clarify that we are cataloguing the paper scrip and not tokens at this time. The 3,000 different pieces of scrip were enough for now. The number of tokens far exceeds the scrip. There are over 250 different tokens from Puerto Rico alone! We may get around to tokens but want to finish the scrip first." FOOD STAMP USE IN PENNSYLVANIA Chick Ambrass submitted the following information about the use of Food Stamps in Pennsylvania: "From 1973 to 1976 I was in Pharmacy School, was married, and had a baby. My wife and I hadn't one nickel to rub against another, and I was told to apply for food stamps. So I did, and they helped our lives immensely, and I've paid the Gov't back many times. But at that time, they were actually paper coupons. The booklet contained several denominations, $1, $5, $10's...etc ....I'm not for certain exactly. I'm sure that the booklet varied depending upon family size, and need category. At that time, if you needed change and it was less than a dollar, vendors would give you regular U.S. coinage. If you needed dollars in your change, most vendors (especially the larger retailers...local Mom and Pop was different) had a stack of food stamps, in the lower denominations ($1's and $5's) and that's what you would receive. I never received any hard cash for my stamps. But then again, I was not trying to do anything shady. Since that time, I have become more attuned to the workings of the "real" world, and I realize, that many food stamps were sold at a discount rate, to family members, friends, and to retailers in exchange for cash. Here in Pennsylvania, paper food stamps have not been around for some time (at least 5 years, perhaps longer). They have been replaced by an "ACCESS" debit card. If a retailer wishes to participate in the food stamp program, the retailer is required to have the necessary electronic equipment to process the cards. These cards have virtually eliminated the selling at discount "food stamps". I believe that is the real reason why most of the people that say they don't like cards." 2009 LINCOLN CENT IDEAS Gary Dunaier writes; "Regarding your article on what to do with the Lincoln cent in 2009 (E-Sylum v7#26, June 28, 2004), I e-mailed my suggestions to the Lincoln Bicentennial Commission, and I thought our readers might be interested in seeing them as well, so here's my two cents on the Lincoln cent: "I think the best thing would be to resurrect the original wheat ears reverse, and restore the VDB to its original location at 6:00 on the reverse. "Since the obverse will probably be the last (not to mention the only) U.S. coin design to persevere for 100 years, I think bringing it back home, as it were, is the only right thing. Other commemorative cents can be issued concurrently, but we've got to bring back the wheat ears. "Besides, collectors will finally be able to get an affordable 09-S VDB for their collections (even if it's 2009 and not 1909, it would still an '09-S VDB!)" Mark Borckardt submitted the following suggestion: "As a change is planned for the bi-centennial of Lincoln's birth, it seems to me that a logical concept would involve some representation of Lincoln's birthplace." REAGAN, NUMISMATICS, AND POLITICS Allan Davisson writes: "Numismatics, politics and history are so intertwined that leaving out these latter two elements would remove a huge amount of the excitement and joy that numismatics and its sense of immediacy with other times and events provides. Like most people, I tend to like the political comments that reflect my views and dislike those that do not. And we are in a particularly polarized time in the U.S. Not talk politics when we talk coins? There goes the Roman series. There goes the English series. There goes the Greek series. So also most of the token series in England and America. These are the series I follow most closely in this profession that happens to be my passion. I am certain the same can be said about most numismatic venues. I for one believe it only fair that you published both sides of the Reagan issue." David Gladfelter writes: "As for Reagan, why not put his picture on the $50 bill? Because some of our readers object to political expressions I will not say what I think of President Grant, except that I hold Alexander Hamilton in much greater esteem notwithstanding what Grant did for collectors of U. S. Treasury vignette and portrait books. As for rushing him to a place of honor on our coins and currency, we did the same for Roosevelt and Kennedy, and no one regrets having done so after decades of hindsight. Thanks for all your time and effort on behalf of NBS. It is appreciated by us Indians." [The politics of long-ago seems to be fair game for discussion; it's the current day which generates heat. Roosevelt's portrait on the dime seems like an reasonable parallel, although both Roosevelt and Kennedy died in office, making for a more emotional situation. There must have been some opposition voices at the time, but I don't recall reading any. Is anyone aware of contemporary arguments against placing Roosevelt and Kennedy on coinage? -Editor] COINSTAR CURRENCY POLL To learn how non-numismatists feel about the issue of who to honor on U.S. currency, see the Coinstar company's annual national currency poll, which was published June 21. Abraham Lincoln won the popularity contest (although I wonder how that vote breaks down on Northern/Southern lines...) A majority of those polled profess no opinion on portraits vs. other devices. While a slight majority favors adding Reagan's portrait to our money, the numbers drop under 50% if adding Reagan means dropping a portrait already on our money. "The 7th annual Coinstar National Currency Poll, a consumer study that provides a look at Americans and their money, recently polled Americans on currency design-related topics and found that when considering all U.S. currency including both bills and coin, Americans named Abraham Lincoln (27.9%) as their favorite president currently featured on U.S. currency, followed by George Washington (25.2%) and John F. Kennedy (5.6%)." "Overall, 53.6% of respondents revealed that they have no opinion about featuring people versus moments in history or other types of images on currency, followed by 36.5% who are generally in favor of having people on U.S. currency. While 40% of respondents said they prefer presidential figures (vs. non-presidential figures), a statistically close 42.7% report they have no preference one-way or the other." To read the full press release, see: Press Release An article referring to the Coinstar poll appeared in the Bucks County (Pennsylvania) Courier Times. Based on another section of the poll, "More than 60 percent of U.S. consumers say electronic payment options such as debit and credit cards will replace coins and paper bills in the next two decades..." "It's a reality we all do face, and it's something that has been addressed, especially more recently," said Joyce Harris, a spokeswoman for the U.S. Mint. "It's a definite challenge, and we're trying very hard now to invigorate people's excitement in coins - using them as well as collecting them." To keep money relevant to the public, the mint is banking on history. There is simply too great a link between coins, currency and the country's past for them to suddenly cease to exist, according to Harris." "Along with a sense of history, mint representatives and coin collectors argue, real cash offers a convenience and practicality that debit and credit cards simply can't match." "Debit cards just aren't needed for those countless tiny purchases we make everyday." "Along with the practical, coins and currency also have a tactile advantage, according to U.S. Mint Public Affairs Director Michael White. "People still like the tangible aspect of coinage and currency - the crisp dollar pulled out of a wallet or the spare change clinking in a pocket," White said. "It gives them a sense of control." To read the full article, see: Full Article PROS AND CONS OF LIFE MEMBERSHIP Ron Thompson writes: "Many clubs have life memberships that are calculated at 20 times the regular yearly membership dues. While the NBS has that calculation as part of the constitution, as the current and former treasurer of a number of numismatic associations, clubs and societies, I think that is a bad idea. First, most people who sign up are people who anticipate more than 20 years with the association. For example, one group to which I belong has a number of life members that paid $50 in the middle to late 1970's. There is another clump of life members at $100 from the 1980's. These two groups represent about 50% of our members. To be competitive with other related groups, today dues are only at $10 a year. As a result, inflation eats up that life membership payment. Second, most organizations do not charge enough dues to cover membership costs. As a result, they have other fund raising activities - club shows, auctions of members materials (like NBS is having at the ANA), sell anniversary medals, etc. If you can't cover the costs of the membership activities with your dues, life memberships will be a drain on the group in the future. Third, technically an organization has to live off of the interest/investment income from the life membership fees until the member dies. You really can't eat into the membership reserve as it is called. For example, if you have 20 life members at $300 you would have to have a life member reserve of $6,000 that you could invest and live off of the interest. At 3% per year that is only $180 for all the membership activities for the 20 members or $9 each versus regular dues of $15. Obviously, interest rates go up and down but costs generally just go up. Fourth, life members tend to be members who want to fully utilize their member privileges. As a result, they will cost more than your average member's cost. To avoid the above, I would charge 30 to 40 times the regular membership costs. This will discourage all but the most dedicated members who truly want to invest their money and time in the organization. NBS SILVER ANNIVERSARY MEDAL THOUGHTS Regarding the idea of a medal for the NBS Silver Anniversary this year, Ron Thompson writes: "As a medal collector, I am all for it. If you don't like Adrian Salinas' suggestions for the designs of the obverse and reverse, we could have an electronic suggestion box or a contest. If a contest, winners could have their initials on the their winning design sort of like VBD on the 1909-S cent. I would recommend a silver medal with an antique finish, possibly with serial numbers on the third side. Brad Karoleff writes: "In regards to a possible anniversary medal for NBS. If we are to explore this suggestion I would hope that the Gallery Mint would be given the chance to bid on the project. What better way to have an interesting medal than to have it made on a screw press?" FAKE QUARTER? OR JUST NEW? Last week, we published the following quote as part of a newspaper article: "I have a counterfeit quarter. I don't know where I picked it up, but it is obviously fake." Kavan Ratnatunga writes: "Not everyone may know there is a state quarter series or all of the new designs. Or maybe someone got one of the political Clinton/Bush quarters legally struck on a real quarter. So it would have been nice to see a image of this "fake" quarter to see if it is actually fake. I just met someone who found a new "nickel" and thought it was fake till I told her the U.S. mint was issuing a new type." HOME SOUGHT FOR HEAVY CASH STASH This week both Reuters and the Associated Press reported a story about "A California man who collected 1 million pennies for a bet is having a hard time cashing in on his $10,000 fortune." Full Article Dick Johnson forwarded an Associated Press story on the topic: "Ron England bet his brother 30 years ago that he could save a million pennies in exchange for a dinner in Paris. And he did, eventually stacking up 20,000 rolls that fill 13 boxes in his garage. Now that he's moving, England wants to cash in the $10,000 in coppers, which weigh 3.6 tons, but is having a tough time finding someone who will take them without a price." "But his bank, Washington Mutual, is charging extra fees and won't take all the rolls at once. The best he's found is a branch that will take 200 rolls, or $100 per week. That's 20 months of deposits. Tim McGarry, spokesman for Washington Mutual in Los Angeles, said that until recently, the bank charged 10 cents a roll for more than eight rolls. Now, each bank manager determines how many pennies it can accept and charges accordingly. Business rates differ. "This is a very rare case,'' McGarry said. `"Some of the practicalities are daunting - 3.6 tons is more than most vaults can handle." "England refuses to pay extra. "I'm stubborn,'' he said. ``If I have to haul all these pennies to Oregon, I will, 'cause I'm not gonna pay.'' "I should have saved dimes. I'd have a lot more money, and it would weigh a lot less.'' FEATURED WEB SITE This week's featured web site is COINage magazine, which is celebrating its 40th anniversary with the August 2004 issue. Happy birthday, and congratulations! coinagemag.com Wayne Homren Numismatic Bibliomania Society Content presented in The E-Sylum is not necessarily researched or independently fact-checked, and views expressed do not necessarily represent those of the Numismatic Bibliomania Society. The Numismatic Bibliomania Society is a non-profit organization promoting numismatic literature. For more information please see our web site at http://www.coinbooks.org/ There is a membership application available on the web site. To join, print the application and return it with your check to the address printed on the application. Visit the Membership page. Those wishing to become new E-Sylum subscribers (or wishing to Unsubscribe) can go to the following web page link. |
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