The Planchet

June 2014

Issue #545

The next meeting will beMonday, June 23rd, 2014
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.

Indianapolis Coin Club Educational ProgramThismonthsEducationalProgramwillbe:

“Winners in the Modern Commemorative Coin Era” by Jim Roehrdanz
NextMonthsMeetingDate&Program:
Monday,July28th,2014,at7pm.

“Numismania, Military Medals” by Vinton DoveForacompletelistof2014MeetingDates&EducationalProgramsseethelastpageofthisnewsletter.
MoreinformationcanbefoundontheIndianapolisCoinClub’swebsiteat:

http://www.indianapoliscoinclub.org/

'AFewWordsFromYourPresident'
GreetingsfellowI.C.C.members,Iamlookingforwardtoseeingeveryoneatournextmeeting,thiscomingMonday,June23rd,2014.
MyfirstorderofbusinessistoaddressthoseofyouwhowerenotinattendanceatourMay19thmeeting.TheI.C.C.BoardconvenedashortmeetingpriortotheregularmembershipmeetingtoadͲdressacoupleofitemsthatrequireddiscussionand/oravotefromtheBoard.SinceBoardmeetings
arenot'public'andwedon'tpublishI.C.C.BoardMeetingminutesIwanttobringyouuptospeedonwhatyoumissedifyouweren'tattheregularmeetingtohearourreport.TheBoardmetshortlyafter
6:00p.m.intheKofCLoungeandaquorumwasdeclared.
Item#1wasdiscussiononwhethertheboardwantedtoapprovethedonationof4bronzeIndianͲapolisCoinClub75thAnniversarymedals(aswellasshippingcosts)tobesenttothe4repreͲ
sentativesfromPCGS,NGC,ANACS,andICGwhowereresponsiblefortheVERYgenerousdoͲ
nationofcustomslabsforuseinmyAprilEducationalProgram"Counterfeits&CountermeaͲ
sures".ThiswassomethingthatwassuggestedbyseveralI.C.C.membersimmediatelyfollowͲ
ingmypresentationsoIfeltitwasappropriatefortheI.C.C.Boardtodiscussandapproveor
denythedonation.Thecosttotheclubis$61.00total.IamhappytoreportthattheBoard
votedunanimouslytoapprovetheexpenditure.Bronzemedalsnumbered82,83,84,&85
werepresentedtomeafterthevoteandwillbeshippedsometimeinthenextweekalongwitha'thankyou'lettertoeachindividual.
Item#2wasdiscussiononthepossibilityof"restructuring"ourExhibitNightprizes.(ThisyearourannualExhibitNightwillbeheldduringourMondaymeetingonSeptember22,2014.)The
basicideawasto"uptheante"asitweretomaketheprizesawardedmoreattractiveinorder
toencourageincreasedparticipationintheAnnualI.C.C.ExhibitNight.Severaloptionswere
discussedwiththebasicideabeingthatthereshouldbededicatedprizesfor1st,2nd,and3rd
placeexhibitsandaprizesuchasanAmericanSilverEagleforeachexhibitorwhoparticipates
ratherthanthemintsets&proofsetsthatwehaveawardedinthepastwhichnooneseems
togetveryexcitedabout.Itwasdeterminedaftermuchdiscussionthatwewouldtablethe
discussionforabitandreͲvisitthistopicatournextI.C.C.Boardmeetingat6:15p.m.onMonͲday,July28thbeforeourregularmembershipmeeting.Again,sincetheBoardmeetingsare
not'public',IfyouhaveideasorfeedbackregardingtheprizestructurepleasesubmitittomepriortoourJulymeetingsoIcanpresentittotheBoard.
Thismonth'sEducationalProgramwillbegivenbyJimRoehrdanzandistitled:"WinnersintheModern
CommemorativeCoinEra".Hewillexaminethe"bestofthebest"inModernCommemoratives.Iam
lookingforwardtohispresentation.
Here'syourfinalbitofmotivationtoattendMonday'smeeting;theMonthlyAttendancePrize!Thismonth'ssponsorisJimRoehrdanz.Jimhasn'trevealedtomewhathe'sprovidingasaprizebutEveryͲ
onepresentatthemeetingreceivesaticketforaFREEchancetowinitsopleaseshowuptoseewhat
he'sdonatedforthedrawing.Youcouldgohomewithafreebie!
ThanksforelectingmetoserveasyourPresidentforthisveryexciting75thAnniversaryyear!

Michael WhiteFrom the Editor
Highlights from last month’s auction:x An 1844 braided hair large cent in AG condition listed for $1 and sold for $6.
x An 1875-CC liberty seated dime in F/VF condition listed for $1 and sold for $37.
x An 1864 two cent piece in VF condition listed for $1 and sold for $20.
x An 1868 three cent piece (nickel) in F condition listed for $1 and sold for $6.
x A 2011 $5 1/4 oz gold proof Army commemorative coin sold for $325.
x A 1987 $5 1/10 oz gold eagle listed for $140 and did not sell.
x A 1992 $10 1/4 oz gold eagle listed for $335 and did not sell.
x A 1998 1 oz Canadian Gold Maple Leaf listed for $1,300 and did not sell.
x A 2009-A (Chicago) $100 star note listed for $101 and did not sell.
In the auction coming up June 23rd:x No items were submitted this month by publication time.
Remember, if you plan to place items for auction at the following meeting, send the details toandreusrex@gmail.com by the third Monday of the month and I will publish them as space permits.
If you have any questions or comments about the newsletter or the club, please feel free toemail me at andreusrex@gmail.com. I’ll do my best to answer you or pass it along to someone
who can.
——————————————————————————————————————-

Removal of the Canadian Centby Andy Nahrwold

The first Canadian cent, more commonly known there as a penny, was first minted in 1858. At theheight of production in the 1980’s, there were almost 1 billion pennies minted annually. Canadian mints
stopped producing pennies in May 2012, while distribution was halted the following February. The main
reason given to discontinue the coin was the increasing cost of production (1.6¢) relative to face value, aproblem we also face in the US. The Canadian Mint estimates the annual savings for taxpayers to be$11 million.
Technically, the penny is still legal tender, and will remain so indefinitely, but merchants have been
urged to round cash purchases to the nearest nickel. Interestingly enough, this is not the case for noncash transactions, such as checks, credit cards, and online. Once merchants accept pennies and deposit them at banks, they are then shipped to the Canadian Mint, who eventually sends them to a foundry, where they are melted down and the metal recycled.
At the time distribution was halted, mint officials estimated there were 35 billion pennies still in circulation, or about 90,000 tons. It is thought that it could take 3 or 4 years before the majority of pennies areremoved from circulation, though many believe it could take far longer.

Possible Future of the US Cent
Studies of the ramifications of removing the Canadian penny from circulation had been conducted foryears, though the first legislative action did not begin until 2010. The US has debated the removal of theUS cent for decades, and later nickels, and although bills to do so have been introduced, none have yetpassed. However, many believe that President Obama’s support for eliminating the cent may further
efforts to do so, particularly considering the high production cost - currently about 1.8¢ for each US cent,and 9.4¢ for each US nickel. Because of this, in 2006 it became illegal to melt cents or nickels, or toexport them other than for numismatic purposes.
While there is still strong support for both sides of the debate, it does not appear that the US cent will beremoved from circulation any time soon. The US Mint website states that “the vast majority of users apparently are content with the existing coin denominations, including the one-cent coin. As a result, theTreasury Department has no plans now to cease production of the penny. In addition, such a change tothe United States monetary system could not be done without prior Congressional authorization.”It is hoped that the current political climate in Washington (gridlock) may give reassurance to numismatists everywhere.

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U.S. COINS
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LARRY HYLTONBROWNSBURG, IN
ANA, ISNA-LM, CSNS-LM(317) 852-8458

VINTON DOVE
Business Consultant
Collecting U.S. Coins Since 1952
Home (317) 257-1906
Cell (317) 910-4205
Fax (317) 257-2220

The 2014 Indianapolis Coin Club
Officers and Board Members:
President
Vice-President
Secretary
Treasurer
Newsletter Editor
Past President
Sgt-at-Arms
Board Member 2013-2014
Board Member 2013-2014
Board Member 2013-2014
Board Member 2014-2015
Board Member 2014-2015Board Member 2014-2015

Michael White
Jeff Bercovitz
Vinton DoveMark Eberhardt
Andy Nahrwold
Donn Wray
Jim Warden
Gary Conner
Shannon Spears
Bob Bettcher
Jerry CorazPaul Vaughn
Jim RoehrdanzYour ad could be right here!

Advertise in the Indianapolis CoinClub Newsletter! The cost is only
$35.00 for a business card size adfor 12 months!
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.

Treasurer’s Report not available at time of publication

May 19, 2014 - Minutes of the Indianapolis Coin Club Meeting.
Open – Club President, Mike White called the meeting to order at 7:10 PM. 30 people signed
the attendance book. We met at the Northside Knights of Columbus Hall, 2100 East 71st St., inthe “game room,” the tiny room behind the Kitchen
Visitors – None.
The Secretary’s report was accepted as published. The Treasurer’s report will be in the next
issue of the Planchet.
Committees –There was no activity in the 75 Year Anniversary Medal sets.
Old Business – The President asked that all speakers submit the titles of their programs to theEditor. Shannon Spears volunteered to furnish the October attendance prize. The Editor, AndyNahrwold, said that the Constitution & By-Laws are now on the website in PDF format. MikeWhite said he had received notice that his order for National Baseball Hall of Fame dollar coins
has been moved back a month to July and August.
New Business – President White announced that the ICC Board had approved the donation of aBronze Anniversary Medal to each of the representatives of the four Grading Services for theirkind assistance and donated sample slabs. Mike said he would send thank you notes with themedals. Jim Roehrdanz saw an ad offering a bag of Buffalo Nickels for $59.00 per bag, but thead didn’t say how many nickels were in the bag! VP, Jeff Bercovitz, reported seeing an article
in the Society of Paper Money’s newsletter about “short Shorters.” Kills! Joe Boling reported
acquiring some counterfeit Italian WWII overprinted notes.
The Attendance Drawing (Door Prize) was won by Jim Roehrdanz.
The 50/50 Drawing was won by Vinton DoveThe Educational Program – Jim Warden gave an excellent talk on Educational Notes, andeven had color copies of 3 certified notes! Good job, Jim!
Break.
Auction –Joe Boling ran the auction.
The meeting was Adjourned at 8:29 PM.
Respectfully submitted,
Vinton Dove, Secretary

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Indianapolis Coin Club2014 Meeting Dates & Educational Programs
January 27, 2014 - ‘1916 Indiana Centennial Medal’ - by Jeff Bercovitz*Prize sponsor: Michael White

February 24, 2014 - ‘Evaluating and Selling the Crop: Thoughts on Numismatic Appraisals
and Tax Aspects’ - by Donn Wray
*Prize sponsor: Jeff Bercovitz

March 24, 2014 - ‘19th Century Counterfeit National Bank Notes’ - by Joseph E. Boling*Prize sponsor: Vinton DoveApril 28, 2014 - ‘Counterfeits and Countermeasures’ - by Michael White*Prize sponsor: Bob Bettcher

May 19, 2014 - ‘An Education On Educational Notes’ - by Jim Warden*Prize sponsor: Jim Warden

June 23, 2014 - ‘Winners in the Modern Commemorative Coin Era’ - by Jim Roehrdanz*Prize sponsor: Jim Roehrdanz

July 28, 2014 - ‘Numismania, Military Medals’ - by Vinton Dove*Prize sponsor: Paul Vaughn

August 25, 2014 - ‘TBA’ - by Logansport Coin Club Speaker Exchange*Prize sponsor: Andy Nahrwold

September 22, 2014 - I.C.C. Exhibit Night*Prize sponsor: Donn Wray

October 27, 2014 - ‘TBA’ - by Donn Wray
*Prize sponsor: Shannon Spears

November 24, 2014 - ‘Annual State of the Hobby Address’ -by Mark Eberhardt*Prize sponsor: Mark Eberhardt

December 8, 2014 – NO MEETING - I.C.C. Holiday Banquet*For 2014 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 atthe meeting and sign in at the greeting table. The prize each month will be a 90% silver U.S. Half Dollar (or equivalent or greater 90% silver content coin) The I.C.C. Board members and officers as well
as several I.C.C. members chose to act as sponsors and donate the monthly prizes rather than funding
them from our budget. You'll find the monthly prize sponsor listed below each monthly meeting dateabove. 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 to that person and themembership to remain quiet and pay attention during the program. It’s important that we respect the knowledge that is being sharedwith 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.