The Planchet

May 2013

Issue #533

The next meeting will be
Monday, May 20th, 2013
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:‘Canadian & Newfoundland Coinage’ by David Reid & Paul Vaughn
Next Months Meeting Date & Program:
Monday June 24th, 2013

'Franklin Half Dollars-The Rodney Dangerfield of Coins' - by Jim Roehrdanz
For a complete list of 2013 Meeting Dates &Educational Programs see the last page of this newsletter.

$$$$ “ALWAYS BUYING” $$$$PAYING TOP PRICES FOR ALL
U.S. COINS
DON’T SELL WITHOUT GETTING OUR OFFER!!!

LARRY HYLTONBROWNSBURG, IN
ANA, ISNA-LM, CSNS-LM(317) 852-8458

Appraisals
Buy & Sell

Phone(317) 769-6564

David C. Reid

VINTON DOVE
Certified Public Accountant
Collecting U.S. Coins Since 1952
Indianapolis, Indiana(317) 257-1906
Fax(317) 257-2220

Jim Fuson
Retired Teacher & Coach

Coins & Stamps“30 Years of Excellent Service”

Collector of old U.S. Coins
And old Sports Cards
Also have some coins and cards for sale

Member
ANA * CSNS * ISNA L.M.
CNA * ONA * ICC L.M.

5795 E. Co. Rd. 350 S., Plainfield, IN 46168
ICC & ANA
(317) 839-5178

Your ad could be right here!

Advertise in the Indianapolis CoinClub Newsletter! The cost is only
$35.00 for a business card size adfor 12 issues!
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 2013 Indianapolis Coin Club
Officers and Board Members:
President
Vice-President
Secretary
Treasurer
Newsletter Editor
Past President
Sgt-at-Arms
Board Member 2012-2013
Board Member 2012-2013
Board Member 2012-2013
Board Member 2013-2014
Board Member 2013-2014
Board Member 2013-2014

Donn Wray
Michael White
Vinton DoveMark Eberhardt
OPEN
Jim Roehrdanz
Jim Warden
Jim Fuson
Ron JacksonPaul Vaughn
Dave Reid
Bob Bettcher
Gary Conner

Observations on American Silver Eagle Sets
By Michael White
Hello fellow I.C.C. members,
I thought I’d take this opportunity to talk a little bit about the interesting (if not unsettling)
trends in the U.S. silver bullion market and specifically it’s effect on the West Point American
Silver Eagle set that was just released this month.
I tend to trade more silver bullion than anything else these days so I’m usually watching thesilver spot price much closer than most. Anyone who trades in silver bullion (as well as gold
lately) knows that it can be an interesting and sometimes frustrating roller coaster ride.
Currently we’re experiencing lower silver prices than in the past 3 years (@ July of 2010) andevery time it looks like it has bottomed out it drops even lower. It’s certainly a good time to buy
silver at the reduced market price (I think…) and for the first time I can remember it has carriedover to the most recent Silver Eagle offering from the United States Mint - the West Point
American Silver Eagle 2-coin set.
Before we discuss the specifics lets look at a little history of the prior Silver Eagle sets.
The Silver Eagle sets previously issued by the U.S. Mint have traditionally been a great investment as they jump in value as soon as (and sometimes before) they are released.
The first of these sets was the 2006 20th Anniversary Silver Eagle Set issued in August of thatyear. It was a 3-coin set featuring an Uncirculated (burnished dies) Silver Eagle, a Proof Silver
Eagle and the first ever Reverse Proof Silver Eagle at an issue price of $100.00 with a maximum production of 250,000 sets and a maximum order limit of 10 sets per household. This set
took a lot of folks by surprise because there was not a lot of fanfare attached to its release andmany were unaware of the special nature and very limited production of 2 of those coins - theburnished dies Eagle and the Reverse Proof. As soon as people saw these sets in person and realized the rarity they scrambled to get them and the price quickly tripled. They still trend at almost triple their issue price today.
The 2011 5-coin 25th Anniversary Silver Eagle Set is still trending at around $700.00 in its
original packaging (ungraded) representing a hefty premium over the $299.95 issue price. That
set also changed the way the U.S. Mint handles issuing these special sets. At a limited production of only 100,000 sets there were lots of people who were unable to get through online or bytelephone to place their orders and subsequently did not receive one of these sets. There was a
lot of anger and outrage that those who DID get their orders placed were able to order up to 5 ofthese sets when others who wanted them didn’t even get one. Theoretically if everyone whoplaced an order asked for 5 sets, the entire issue could’ve been controlled by 20,000 people.
Prices immediately doubled and sometimes tripled in the secondary market as those of us who
were able to place our orders reaped the benefits of low supply and high demand.
Continued next page

Observations on American Silver Eagle Sets
Continued

The next special Silver Eagle offering from the U.S. Mint was the 2012-S San Francisco 2Coin Set which included 1 each Proof and Reverse Proof Silver Eagle. This time the Mint wasdetermined to make sure everyone who wanted a set GOT a set. They opened up ordering for a
4-week window and promised to produce as many sets as were ordered during that 4 week period. The sets were priced at $149.95 each with no household limit. The result was that many
people who were still upset with the U.S. Mint about the fiasco with the 2011 sets complainedthat the sets were priced too high at $149.95 and that mintages would be too high with the 4week unlimited ordering window that the sets would have no potential for profit in the secondary market. At this point something unexpected happened. Even though the general public
could order these sets online or by phone directly from the Mint for $149.95 with just an additional $5.00 shipping charge the sales at the Mint lagged although prices for these sets wererunning at $180.00 to $190.00 per set in the secondary market! The final production numbers
were in the vicinity of 225,000 sets total. This means that the 2012-S Reverse Proof has a lower
mintage than the first-ever 2006-P Reverse Proof! Figure that one out...
This brings us to the most recent set now on sale at the U.S. Mint. It commemorates the Silver
Eagles of the West Point Mint with a 2-coin set that includes a 2013-W Reverse Proof Silver
Eagle and a brand new Silver Eagle they are calling the “Enhanced Uncirculated Silver Eagle
Bullion Coin". Here’s how the U.S. Mint describes it:
The 2013-W American Silver Eagle Enhanced Uncirculated bullion coin will be the first coinproduced by the United States Mint that uses three different contrasting finishes: mirrored brilliant, light frosted and heavy frosted. The new light frosted finish is a soft satin finish used on
the field of the coin to gently disperse light that is reflected off of it. On the obverse, the mountains in front of the sun, the lines on Lady Liberty's dress and the red and blue parts of theUnited States flag have a brilliant mirrored finish. The remaining devices and lettering on the
obverse have the standard heavy frosted finish. On the reverse, the ribbon in the eagle's beak,the arrows and oak branch all have a brilliant mirrored finish. The lettering and other deviceson the reverse have the heavy frosted finish. The fields on both sides of the coin have the newlight frosted finish. Each coin is struck with specially prepared dies at the West Point Mint facility. In order to bring out the three contrasting finishes, each coin is struck three times onburnished 99.9% silver planchets. Each planchet is hand fed into the coining press and inspected by the operator before it is sent on to be encapsulated and packaged.
Will this set be another big success with higher-than-expected profit margins and lower-thanexpected mintages? No one knows at this point but in review of the prior Silver Eagle Set offering we’ve just discussed it would seem unlikely that you’d feel “stuck” with one if you order it.
There is once again a 4 week window to order and every set ordered in that 4 week period will
be delivered. You’ll also be getting a first-ever issue Silver Eagle in the “Enhanced Uncirculated Bullion Coin”. I don’t think you can go wrong here!
And here’s the kicker; because of the “roller coaster” silver market we’ve been experiencing,
this set, which was supposed to go on sale for $149.95 like the San Francisco set, has been reduced in price to $139.95! I highly recommend you make this purchase….
Michael White - I.C.C. Vice President.

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Rare Coins
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Your Local Full Service Coin Shop Since 1985

Specializing in Rare U.S. & World Coins.
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RECEIPTS:
Dues - Regular @ $12.00 ea.
Dues - Junior @ $5.00 ea.
Advertising - Planchet @ $35.00 ea.
Fifty/Fifty Drawing:
Interest - CD's - 1st Merchant Bank (est)
Donations - Auction Lot Sales:
ICC Library Book Sold (est):
Auction Lots Sheets @ $1.00 per Sheet:
Sales of Coin Week Packets:
Amazon.com
TOTAL RECEIPTS:

INDIANAPOLIS COIN CLUB, INC.
Budget for 2013
Mar.
Apr.
Total
$ 12.00$ 24.00$ 216.00$ 5.00$ 105.00$ 11.00$ 20.50$ 89.50
$
$
9.00
$
7.00
$ 37.00$ 13.00
$
3.00
$
7.00
$ 25.00
$
$

35.00

$

Mar.

DISBURSEMENTS:

58.50

Budgeted
900.0020.00
140.00330.0020.00
220.0020.00
130.00120.00

$
$
$
$
$
$
$
$
$

(+/-)
(684.00)(15.00)(35.00)(240.50)(20.00)(183.00)(7.00)(105.00)(120.00)%
24.00%
25.00%
75.00%
27.12%
0.00%
16.82%
65.00%
19.23%
0.00%$$ 490.50$$1,900.00$$(1,409.50)

0.00%
25.82%

Total

Budgeted

(+/-)

-

$
$ 300.00$ 100.00$$ (300.00)$ (100.00)
$
$

Apr.

$
$
$
$
$
$
$
$
$

Dues - ANA:
Insurance - Liability:
Insurance - Treasurer's Bond:$$$

Computer Website Maintance:
Mail Box Rental:$$ 56.00$$$$$$ 200.00$-- Printing:- Postage:$$- Paper/Ink Cartridges:

0.00%
0.00%
0.00%

2.00

0.00%
103.70%$$ 50.00$$ 550.00$ 250.00$$ (50.00)$$ (350.00)$ (250.00)

0.00%
0.00%
0.00%
36.36%
0.00%

-

$
$

80.00

$
$

(80.00)

0.00%
0.00%

$

-

$

-

$

-

0.00%

- Software:

$

-

$

-

$

-

0.00%

- Envelopes (#10):

$

-

$

-

$

-

0.00%

$
$
$

-

$
$ 175.00$ 91.00$$ (175.00)$ (91.00)

0.00%
0.00%
0.00%

$
$ 50.00$ 200.00$1,900.00$$ (50.00)$ (200.00)$(1,644.00)

0.00%
0.00%
0.00%
140.07%

$

56.00

54.00

%

Office Supplies:- Envelopes (#10 & #9):- Postage:- Supplies - Paper, Rubber Stamps, etc:
K of C Meeting Room Rent:
Exhibitors Nights Prizes:

$

50.00

$

50.00

Newsletter:

Club Functions / Promotions:- Christmas Banquet:- Coin Week - April:- Youth Educational Projects:- Museum & Library Displays:- ISNA Table (Candy.flyers, etc):
2014 ICC Medal (75th Anniv.)
TOTAL DISBURSEMENTS:$ 106.00$

50.00

NET INFLOW / OUTFLOW:

$

$

8.50

(71.00)ICC CHECKBOOK:

Mar.

Apr.

Starting Balance:$5,661.84$5,590.84

Cash/Checks in:

$

35.00

$

58.50

Checks Out:$ 106.00$

50.00

Ending Balance:
Net Gain or Loss for the Month:$5,590.84$ (71.00)$5,599.34
$
8.50

$
$
$
$ 256.00

April 22, 2013 - Minutes of the Indianapolis Coin Club Meeting.
Open – The meeting was called to order at 7:12 PM by Club Vice President, Mike White. 26
were in attendance. We met at the Northside Knights of Columbus Hall, 2100 East 71st St.
Visitors – Jim Anderson was the only visitor. He said he likes silver.
The Secretary’s report was accepted as published in the Planchet. The Treasurer’s report
was approved as read by Mark Eberhardt, our Treasurer.
Old Business – The Secretary reminded Club members that the Central States Numismatic Society’s (CSNS) annual coin show would start Wednesday, April 23rd, and end on Saturday,
April 27th, in Shaumburg (Chicago) Illinois. Joe Boling told of some of the activities at theshow.
Mike White told of the improvements to the website done by Gary Connor, and said that he andhis “significant other” had touched up the site and moved it to its own place on the internet.
The website will continue to be managed by Matt Dinger and Mike White will assist him. Mike
will also take over the duties of the newsletter. It was announced that Dave Reid and Paul
Vaughn will do the May educational program. Jim Roehrdanz will do the June program andMike White will do July.
New Business – The Secretary reported that subscriptions for the 75th Anniversary Silver andGold Medals would begin in September, and a count would be made of those interested in receiving a bronze medal. This date would depend on successful talks with the Medals company.
Mark Eberhardt reported that in 1907, 5 barrels of 1907 dimes, worth $3 Million were lost inColorado. Also, $20,000 in $20 gold pieces was hidden somewhere in or about Ligonier, IN.
The Educational Program – Jim Warden gave the Educational Program on US Mint Sets from1947 to 1958. Jim gave many statistics and displayed several sets from the period, all housed in
the original cardboard holders. It was impressive, seeing the coins just as they came from themint, with the original toning and shipping envelopes. Jim said he planned to buy any he was
missing at the CSNS show if they were available. He said the 1948 and 1949 sets cost $4.92
for $4.46 face value. There was no 1950 set, but in 1951 the cost raised to $6.75 per set. Jim’s
sets had the original coins in the original cardboard. All of the sets came with two coins of each
denomination and mint. (Starting in 1959, the mint issued mint state coins in plastic, with justone coin of each date and mint.) Jim gave an excellent presentation.
After the Break, the 50/50 Drawing was run by Bob Bettcher and won by Bob Bettcher.
The Door Prize was awarded to Jim Warden.
Auction – Joe Boling ran the auction. Assisting were Bob Bettcher, Dave Reid, Mike Whiteand Vinton Dove. Three donated lots were in the auction, including two from the ICC library.
The meeting Adjourned at 8:39 PM.
Respectfully submitted, Vinton Dove, SecretaryIndianapolis Coin Club2013 Meeting Dates & Educational Programs
January 28, 2013 - 'The "Next Gen" $100 Federal Reserve Note' - by Joseph Boling*Prize sponsor: Mark Eberhardt

February 25, 2013 - 'Coin Knowledge Quiz' - by Mark Eberhardt*Prize sponsor: Vinton Dove
March 25, 2013 - 'MPC Fest Recap' - by Joseph Boling*Prize sponsor: Ron Jackson

April 22, 2013 - 'Early U.S. Mint Sets' - by James Warden*Prize sponsor: David Reid

May 20, 2013 - 'Canada & Newfoundland Coinage' - by Dave Reid & Paul Vaughn*Prize sponsor: Michael White

June 24, 2013 - 'Franklin Half Dollars-The Rodney Dangerfield of Coins' - by Jim Roehrdanz*Prize sponsor: Donn Wray

July 22, 2013 - 'From Crowns to Cartwheels; 1800's-1900's Silver' - by Michael White*Prize sponsor: Jim Roehrdanz

August 26, 2013 - 'TBA' - by Logansport Coin Club
*Prize sponsor: Shannon Spears

September 23, 2013 - I.C.C. Exhibit Night*Prize sponsor: OPEN - No sponsor yet...

October 28, 2013 - 'Small Size Type Currency' - by Donn Wray
*Prize sponsor: OPEN - No sponsor yet...

November 25, 2013 - “State of the Hobby” by Mark Eberhardt*Prize sponsor: OPEN - No sponsor yet...

December (?) 2013 – NO MEETING - I.C.C. Holiday Banquet – Details TBA
TBA = To Be Announced*For 2013 we are introducing an '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 in at the greeting table. The prize each month will be a 90% silver U.S. Half Dollar (or equivalent 90% silver content coin) The I.C.C. Board members and officers chose to act as
sponsors and donate the monthly prizes rather than funding them from our budget. You'll find themonthly prize sponsor listed below each monthly meeting date. 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.