T he P lanchet- I . C. C. JANUARY 2024

Issue# 650

A.N.A. C-131170 - I.S.N.A. LM 243 - C.S.N.S. L-600

Established 1939 and celebrating over 80 years of service
to the coin collector.

The next meeting will be Januar y 15th, 2024
Monthly meetings of the Indianapolis Coin Club are held the third Monday of each month at
the Northside Events and Social Club 2100 E. 71st Street in Indianapolis, Indiana.
The Meetings consist of a business session, educational program, an intermission, and anumismatic auction.
Doors open at 6:00 pm, meeting will begin at 7:00 pm.
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JANUARY, 2024

As hopefully all of our members know, the ICC has a library that is free to use for it's members. The
current list of library books is available on the ICC website. Jim Sukup usually brings a few books
each month but we want to make sure that everyone is aware of the books that are available.
Email Jim prior to the meeting and he will bring your selection if it is available.

jsukup@rpiratings.com

Th is M on t h s Edu cat ion al Pr ogr am Will Be:
January 15th, 2024
Meeting start time: 7:00 PMPr oposed Tax Ch an ges
by Don n Wr ay2

Issue# 650

JANUARY, 2024

A Few Words From Your Pr esident
by Sharon Bower
By the time of the next weekend it is going to be very cold. I guess winter has finallyarrived. Donn Wray will be speaking Monday evening about some proposed tax
legislation that he is trying to help get finalized during the current legislative session.
Our slate of new (old) officers was installed at the holiday banquet for this comingyear.
Be safe and I hope to see everyone Monday evening.
Of f ice

Nam e

Pr esiden t

Sharon Bower

Vice-Pr esiden t

Donn Wray

Secr et ar y

Jim Sukup

Tr easu r er

Gerald CorazSgt -at -Ar m s

Jim Warden

Edit orChris Bower

Past Pr esiden t

Jim Sukup

Dir ect or 24-25

Louise Boling

Dir ect or 24-25

Jeff Bercovitz

Dir ect or 24-25

Steve Howery

Sh ar on Bow er
Clu b Pr esiden t
Edit or ?s Not e:
The views expressed in any article aresolely those of the author and do not
represent the views of the ICC, nor does
the ICC endorse any advertiser.

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Issue# 650

JANUARY, 2023

Evolving from Rare to Common, Proof Washington Quarters
by Mark Benvenuto
Serious collectors may or may not collect proof sets, but we are all generally
aware that the United States Mint produces several million of those sets each year.
Most of us also know that the Mint has had a proof set program for decades, but areless aware that at the beginning, the coins were not housed in tough plastic cases, likethey are now. This simple fact means that as we go back in time, we find considerably
more single proof coins to be available, since they were broken out of their original
packaging, often to be stored in some other manner. To look at what we might callthe evolution of our proof sets, it can be fun to focus on the Washington quarters
among them.
First, proofs from 1936 to 1942
The Mint produced proof coins long before 1936, but this was the year in which
the first sets were issued. A modest beginning of 3,837 quarters were made as proofs
that first year. By 1942 the number had grown to 21,123 ? which still qualifies as tiny
when compared to the number of proof sets now produced annually. But the Mint
and the collecting community was on its way.
Mintage totals that are this small certainly lead us to believe that price tags
ought to be sky high for any collector looking at these quarters today. Indeed, the1936 proof probably qualifies as a Washington quarter that has an eye-popping cost,
coming in near $1K at a grade of PF-65. Where the prices get interesting though is at
about the year 1940. That year saw only 11,246 proofs made, and yet the cost for one
today ? assuming we can find one for sale ? is only about $150. There?s no typo there.
A quarter that is this rare really does cost this little.

4Issue# 650

JANUARY, 2024

If the 1940 Washington quarter only costs about $150 as a proof, and if thenumber of proofs rises pretty steadily from 1936 to 1942, we have to wonder justwhat the 1941 and 1942 end up costing, since they have mintages of 15,287 and21,123 respectively. A quick scan through any of the major price lists indicates thateither one of these costs a bit less than the 1940. It?s conceivable that we could land
one of these beauties for as little as $100. Sure, something like a PF-67 specimen will
cost more, simply because so few of them have been graded and encapsulated at thatlevel.But even then the price tag will not cause sticker shock. All things considered, it
seems like there are a few sleepers ? undervalued pieces, that is ? among the earliest
proof Washington quarters.
Next, 1950 to 1953
The Mint was out of the proof set business for several years, but got back into it
in 1950. At the time, the mintage of 51,386 quarters ? all now as parts of sets of one,five, ten, twenty-five, and fifty-cent pieces ? must have seemed pretty big. After all, theonly numbers against which this could have been compared were those of 1936 to1942. But as each year progressed, and the total number of proof sets continued torise, the year 1953 must have been impressive, since 128,800 sets were minted. For
those of us looking at these crème de la crème coins today, even the PF-65 examples
might appear to have less eye appeal than more modern issues. But that is most
likely because enough time has passed that some of these proofs have most likely
seen a bit of benign neglect. What certainly still appears attractive has to be theirprices. The 1950 can be obtained for perhaps $50 as a PF-65 coin, while a 1953 ringsin at an even more savory $35 for the same grade. We have already mentioned how
common the proof sets of today are, and yet these older proof quarters are clearlytagged with wonderful prices.
The big milestone, 1957
It was 1957 that saw the one-million-mark for proof coins exceeded for the very
first time. The exact number of proof sets produced was 1,247,952, which means
whether they were kept as a set or broken out into individual pieces to be placed in
the classic blue books collectors used, these are still considered common today. Andwith so many of them still out there (as proofs don?t tend to get spent or worn), thecost for one is amazingly low. Now something like $25 will land us a proof in a grade
as high as PF-67.
The truly modern Washington proofs
In 1958 the number of proof sets dipped below that one-million point, but notby much. In 1959 it rebounded, and by 1961 the figure had leaped up to just overthree million. Now we have arrived at the age of the thoroughly modern proof set,including the Washington quarter. Even collectors who like to keep their expenses low
can probably pay the $10 or so that it takes to land any date among these twenty-fivecent pieces.
5Issue# 650

JANUARY, 2023

So, where to start?
As with any collecting endeavor, it?s a fair question to ask: where do I start? The
least expensive means of going at a set of proof Washington quarters has got to be tobegin with more current dates, all of which are marvelously inexpensive, and work
our way backwards. It?s a fair bet that most of us can make it back to some point in
the 1950?s without spending too much. Perhaps the seven years of truly classic proof
quarters will be out of our reach. But then again, perhaps not. It seems that when it
comes to those Washington quarters in some proof grade, there are quite a few
enticing possibilities.

Adver t ise in t h e In dian apolis Coin Clu b
New slet t er !
Th e cost is on ly $35.00 f or a bu sin ess car d size adf or 11 issu es!

PLEASE try to have correct change, or at least use
smaller bills, to pay for auction items that you win.
Especially troublesome are $50's and $100's whichquickly drain the change that is available. That change ispersonal money, and it will be greatly appreciated by thechanger and auction assistants to make giving changeeasier and more efficient.

6Issue# 650

JANUARY, 2024

January 2024 Auction Lotsfor 1/15/2024
Description

Grade

Additional Notes

Starting Price

Nothing submitted thismonth.

Your auction lots could be listed right here.
Any active ICC member can put lots in to our monthly auctions.
Send them to the editor by the Thursday before each months meeting.

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Issue# 650

JANUARY, 2023

M in u t es of t h e ICC M eet in g on Oct ober 16, 2023
Open - The meeting was held at the Northside Events and Social Club, 2100 E. 71 St.,
Indianapolis, Indiana, which was called to order at 7:04 p.m. by ICC Vice-President Donn Wray.
The At t en dan ce Pr ize was a 1965 Canada silver dollar donated by Mark Eberhardt. Therewere 33 people in attendance.
The Secr et ar y 's Repor for October 2023 was accepted as published in the Planchet, by a duly
made motion that was seconded and passed by the membership. The Tr easu r er 's Repor t forOctober 2023 was accepted as published in the Planchet, by a duly made motion that wasseconded and passed by the membership.
Visit or s? There were no visitors at this meeting.
Repor t s of Com m it t ees? There were no reports from any of the Committees.
Old Bu sin ess? The ISNA Coin Show that was held at the Wyndham Indianapolis West onOctober 27th and 28th was reported to be a success by a few ICC members, both from thecollector and dealer point of view.
New Bu sin ess? Chris Bower was mentioned in the October issue of The Numismatist as
having sponsored over 100 members (129, to be exact).Bill Eckberg told attendees that the57th Early American Coppers Convention and Show will be held May 15-19 at the Wyndham
Indianapolis West.
Nu m ism at ic Fin ds: Joe Boling passed around a counterfeit Timor note, Andy Nahrwold
bought a Silver Panda for not much over face which is worth well over $100, and Jeff Bercovitz
found a 1953 silver dime in the reject return of a Coinstar machine.
Edu cat ion al Pr ogr am : Tonight was our annual State of the Hobby talk given by Mark
Eberhardt, and these comments are his take on the coin market at this time. The coin market
is generally strong, and prices are steady to rising. The market depends on disposable
income, which generally depends on current economic conditions. New and younger faces
are being seen at coin shows. Coin club attendance is up, but not many youngsters areattending due to school obligations. More online dealers are appearing, but not new dealers
at shows. Among denominations that are hot include Buffalo nickels, better condition anddate Indian Head and Wheat cents, and Barber dimes and quarters with mint marks. Bullion
and bulk material is in demand, as are U.S. notes. World coins and currency are also hot alongwith tokens, medals, and Queen Elizabeth II coins and currency. Gold and silver bullion prices
have remained generally linear in the last year with not much change in the price per ounce.
Mint and proof sets are not hot except for some pre-1965 silver issues, many of which are instrong demand. Looking forward to 2024, the coin market should remain steady but
unexpected economic conditions and unforeseen circumstances can cloud the horizon.
Au ct ion - The auction was very light due to Exhibit Night. There were 9 auction sheets, with
$9.00 going to the Club.
Fif t y-Fif t y Dr aw in g: The prize for the 50/50 drawing totaled $119.00, with the club receiving$60.00 and the winner $59.00. The At t en dan ce Pr ize was also awarded.
8Issue# 650JANUARY, 2024

The meeting was adjourned, and our next regular meeting will be on Monday, January 15,2024.
Our an n u al ban qu et was held on December 5 and was well attended. Sixteen attendees
participated in the gift exchange, and several gifts were ?stolen,? some more than once. A
good time was had by all. The ?new? slate of officers was installed, with the three 2022-2023
board members now in the slot for 2024-2025.
Respectfully submitted,Jim Sukup
Tr easu r er 's Repor t f or Jan u ar y 2024:
My treasurer 's report is as follows: since our November 20, 2023 meeting, I have paid out $356.94;$156.84 to Jim Sukup to reimburse him for library purchases and postage, $100 for the treasurer 's bond,and $100 for January, 2024 meeting room rental.
After the November meeting, i deposited $9.00 for auction sheets, $60 for the 50/50 drawing, and $80 for
dues.
Since that deposit, we have collected and I have deposited $645 in dues and a $7 donation.
The club's checking account balance is $25,512.83
That's my report.

Jerry C.

Th e 2023 In dian apolis Coin Clu b$3827.44
Of f icer s an d Boar d M em ber s:President
Sharon Bower
Vice-President
Don WraySecretary
Jim Sukup
Treasurer
Gerald Coraz
Newsletter Editor
Christopher Bower
Past President
Jim Sukup
Sgt-at-Arms
Jim Warden
Board Member 2023-2024
Vinton DoveBoard Member 2023-2024
Andy Nahrwold
Board Member 2023-2024
Jim Roehrdanz
Board Member 2024-2025
Louise Boling
Board Member 2024-2025
Jeff Bercovitz
Board Member 2024-2025
Steve Howery

Wildm an Coin s
Christopher Bower
ANA# LM7017
Specialist in World Coins,Tokens, and Medals443-786-6584
ch r isb8626@m sn .com

9Issue# 650

JANUARY, 2024

In dian apolis Coin Clu b
2024 M eet in g Dat es & Edu cat ion al Pr ogr am sJanuary 16, 2023 - ?1933 US Gold and Executive Order 6102?-by Kurt Miller* Prize sponsor: Kurt MillerFebruary 22, 2023 - 'Karl Goetz - Misunderstood?? - by Christopher Bower* Prize sponsor: Christopher Bower
March 20, 2023 - 'Buffalo Nickels' - by Vinton Dove* Prize sponsor: Gerald CorazApril 17, 2023 - 'Episcopal War Service Crosses: A Mark of Identity? - by Louise Boling* Prize sponsor: Louise BolingMay 15, 2023 - 'Official Counterfeiting' - Joseph Boling* Prize sponsor:oseph BolingWork in Jprogress.
June 19, 2023 - 'Indiana National Currency? - by Kevin Hunt
* Prize sponsor: Kevin Hunt

Please see Donn Wray if you would like to be a speaker inJuly 17, 2023 - Show and Tell Night2024.
* Prize sponsor: Gerald Coraz & Donn Wray

August 21, 2023 - 'Love Tokens Revisited? - by Andy Nahrwold* Prize sponsor: Andy Nahrwold
September 18, 2023 - Exhibit Night* Prize sponsor: I. C. C.
October 16, 2023 - "The First Coin Minted Under the U. S. Constitution' - by William Eckberg* Prize sponsor: William Eckberg
November 20, 2023 - ?The Annual State of the Hobby Address?- Mark Eberhardt* Prize sponsor: T.B.A.
Tuesday, December 3, 2024 ? NO MEETING - I.C.C. Holiday Banquet* For 2023 we are continuing the 'Attendance Prize' drawing at each monthly meeting as an added incentive
for all I.C.C. members to attend as many meetings as possible and to encourage new membership. Everyone
attending each regular monthly meeting will receive a prize ticket when they arrive at the meeting and sign inat the greeting table. The prize each month will be a 90% silver U.S. Half Dollar (or equivalent value coin, $5 ormore) The I.C.C. Board members and officers as well as several I.C.C. members chose to act as sponsors anddonate the monthly prizes rather than funding them from our budget. You'll find the monthly prize sponsor
listed below each monthly meeting date above. You'll just have to show up to see what you may win!
Please keep this in mind each month; regardless of who is giving the monthly program and/or the topic, we owe it tothat person and the membership to remain quiet and pay attention during the program. It?s important that werespect the knowledge that is being shared with us as well as the time and effort the speaker is donating to our club.
The same rules should apply to our monthly auctions; please remain quiet and pay attention. Thank you.

10Issue# 650

JANUARY, 2024

Th e Coin Hu n t

317-500-3779
7172 N Keyst on e Ave,
Su it e F
In dian apolis, IN 46240

Closed M on day
Tu e-Fr i 10:30AM -5:30PM
Sat 10AM -2PM

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Issue# 650

JANUARY, 2024

Lost Dutchman
Rare Coins
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Your Local Full Service Coin Shop Since 1985

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