The Planchet
A Publication of theIndianapolis Coin Club
March 2011 Issue 521

The next meeting will be Monday,
March 28th 2011
The Meetings of the Indianapolis Coin Club are held
the fourth Monday of each month at theNorthside Knights of Columbus
2100 E. 71st Street in Indianapolis, Indiana.
The Meetings consist of a business session, an intermission, educational program,and a numismatic auction. Doors open at 6:00pm, meeting will begin at 7:00pm.

Topic:The Transition from Large Cent to Flying Eagles

2011 Meeting Dates:
Mar. 28th
Apr. 25th
May 23rdJune 27th
July 25th
Aug. 22rd
Sept. 26thOct. 24th
Nov. 24th
December Banquet

$$$$ “ALWAYS BUYING” $$$$PAYING TOP PRICES FOR ALL U.S.
COINS

VINTON G. DOVE
Certified Public Accountant
Collecting U.S. Coins Since 1952

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LARRY HYLTONBROWNSBURG, IN

ANA, ISNA-LM, CSNSLM(317) 852-8458

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Fax( 317) 257-2220

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The Monthly Planchet is the official publication of the Indianapolis
Coin Club. It is published monthly in Indianapolis, Indiana. All
inquiries should be sent to ICC, P.O. Box 2897, Indianapolis,Indiana, 46206.

The 2009 Indianapolis Coin ClubOfficers and Board Members
President
Jim Roehrdanz
Vice-President
Donn Wray
SecretaryVinton Dove
Treasurer
Don King
EditorMatt Dinger
Past President
Matt Dinger
Sgt-at-Arms
Jim Warden
Board Member 2011-2012 Dave Reid
Board Member 2011-2012 Bob Bettcher
Board Member 2011-2012 Mark Eberhardt
Board Member 2010-2011 Jim Fuson
Board Member 2010-2011 Marty Moore
Board Member 2010-2011 Michael White

Attention CSNS Members
ICC Member Vinton Dove is upfor election as an Officer in theCentral States Numismatic Society.
He would appreciate your vote.

The GSA Hoard
By Matt Dinger
In the mid 1960's, the government was winding down the exchange of silver certificatesfor silver dollars. After the program was terminated in 1964, the government had a large supply of original mint sealed bags of silver dollars. The hoard was dubbed the GSA (GovernmentServices Administration) Hoard; they were named this because this was the branch of the government that was in charge of the dispersal of these coins. The hoard included over 3 millioncoins, most of which were minted in Carson City Nevada. Until the discovery of this hoard,CC dollars were thought to be relatively scarce in high grade. The hoard consisted of mostly
CC dollars but approximately 125,000 coins were discovered to be from other mints. Thesecoins ranged in condition from heavily circulated to uncirculated. The uncirculated non CC
GSA coins come in a plastic holder that labels them as "Unites States Silver Dollars" instead of
the standard "Carson City Silver Dollar" and can also be found in the soft packs as well. TheGSA hoard contained up to 84% of the entire mintage of some CC dollars. In the table below
you can see the mintages of the dates found and the percentage of the total mintage discovered

DateMintage

Number Discovered% of Total Mintage
in Hoard

1878 CC

2,212,000

61,0002.7%

1879 CC

756,000

4,100.54%

1880 CC

591,000

131,500

22.2%

1881 CC

296,000

147,50049.8%

1882 CC

1,133,000

605,00053.3%

1883 CC

1,204,000

755,00062.7%

1884 CC

1,136,000

962,000

84.6%

1885 CC

228,000

148,30065%

1890 CC

2,309,000

3,950.17%

1891 CC

1,618,000

5,700.35%

The US government had five mail bid sales between October 31, 1972 and June 30,
1974. These sales limited collectors to only purchase one of each date per household. The 1879,
1890 & 1891 coins sold out rather quickly and the rest of the coins met mild enthusiasm. As of thelast sale date in 1974, the US government still had about one million CC coins left. The coins lay
dormant for several years until in 1979 the president signed legislation to authorize the sale of theremaining coins at a set price. In early 1980, this set price was retracted just a month before thecoins were set to sell in another round of mail bid sales due to a run in the silver market. Originally, the 1980 sale limited the amount of coins per customer to 500 pieces. However, just thirteendays before the sale began, the number was dropped to thirty-five coins per customer. The saleended in July of 1980 after a hectic few months. Many potential buyers were unhappy with thesale.

Cracking out GSA's
After the sales, the coins began to show up at coin shows around the country. Many of the coins were cracked out of their original holders by coin dealers because
they considered them too bulky to transport between shows. At this time, there were somany coins on the market that they did not carry a premium in the original holders. The
sounds of dealers breaking coins out of the holders could be heard at most major shows,as dealers begun to pack for their trips home. It was also reported that people saw
trashcans full of broken GSA holders at shows as the dealers packed. With the introduction of third party grading, even more coins were cracked out of their original holders
and sent in for encapsulation. The GSA hoard contained many attractively toned andhigh grade coins. Many of these pieces were cracked out of their original holders and encapsulated.

Encapsulation & Grading of GSA's
Both NGC and PCGS attribute coins that were sent to them. NGC currently uses asticker system, where the original holders are stickered. Both companies either currently
or have labeled GSA dollars as GSA Hoard pieces in their standard holders. NGC alsogrades and encapsulates GSA coins in the soft packs.

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February 28, 2011 - Minutes of the Indianapolis Coin Club Meeting.
Open – The meeting was called to order at 7:00 PM by the Club Vice President, Donn Wray.
36 of the people present signed the attendance book. We met at the Northside Knights of Columbus Hall, 2100 East 71st Street.
Visitors – The Vice President welcomed Dave Hoover, Joel Werbelow and his son, Jonah.
The Secretary’s report and the Treasurer’s report were read and accepted.
New Business –The proposed trip to the Central States show in the Chicago area (Rosemont,IL) on Saturday, April 30 was discussed. The Club would rent a bus to leave the K of C around
7 AM and return around 8 PM. The trip depends on at least 20 people signing up. The cost
would be $30.00 each, for members and their guests. Response to the trip was less than enthusiastic. Only a few people said they wanted to go.
Note: ICC member, Wendell Wolka is seeking re-election to the Board of the ANA.
Mark Eberhardt said the Educational Program for March would be “Flying Eagle Cent Pattern
Pieces, 1855 - 1858” and would be presented by a “man from out-of-town.”
The Educational Program – John Sundt was the presenter for February, and his program wastitled “Coin Show Medals.” He had quite a few medals in his display, including a 1980 ANA
Medal from the Cincinnati Show, a 1981 ICC/Central States show medal, and a set of numberedbronze and silver medals from the 1989 ICC 50th Anniversary celebration. John, Howard Linville, Pat Linville, Don Hudson, and John Sementa were on a committee which produced the1989 medals. They had a race car and the ICC Logo on it. There were an estimated 300 sets ofnumbered silver and bronze medals produced, plus an estimated 200 non-numbered bronze
medals. The first 15 sets were reserved for Life Members and the #50 set was to be retained for
the Club and not sold. The sets were sold beginning on September 25, 1989. They cost $18.50
per set, and were housed in a blue presentation case. The cost of producing the sets was $4,300
to $5,400, to the best of John’s memory. The records of that era have been lost, as well as thelocation of the sets which did not sell, if any. Hopefully, some of the members from 1989 canhelp us with the statistics and the current location of the sets and the records. John’s presentation was excellent, and generated quite a bit of interest and a large discussion.
After the Break, the 50/50 Drawing was run by Club Treasurer, Don King.
Auction – The Club’s monthly auction was conducted by Club member, Joe Boling, as auctioneer. Bob Bettcher Jim Roehrdanz, Donn Wray and Vinton Dove assisted. 19 sheets of auction lots were included and most of the lots sold.
The club adjourned at 8:42 PM.

Respectfully submitted, Vinton Dove, Secretary