The Planchet
A Publication of theIndianapolis Coin Club
June 2008 Issue 494

The next meeting will be Monday, July 28th
2008
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.

This month the Logansport coin club is sending aguest speaker!
2008 Meeting Dates:
Jul. 28th
Aug. 25th
Sept. 22ndOct. 27th
Nov. 24thDecember is our Banquet
and there is no meeting$$$$ “ALWAYS BUYING” $$$$

VINTON G. DOVE

PAYING TOP PRICES FOR ALL U.S.
COINS

Certified Public Accountant
Collecting U.S. Coins Since 1952

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LARRY HYLTONBROWNSBURG, IN

ANA, ISNA-LM, CSNS-LM 443 Wellington Road(317) 852-8458

Indianapolis, IN 46260(317) 257-1906
Fax( 317) 257-2220

Jim Fuson
Retired Teacher & Coach
ADVERTISE IN THE ICC NEWSLETTER!
Collector of old U.S. Coins
And old Sports Cards
Also have some coins and cards for sale

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ad for 12 issues!
The Monthly Planchet is the official publication of theIndianapolis Coin Club. It is published monthly in Indianapolis, Indiana. All inquiries should be sent to ICC,

Table Of Contents
The 2008 Indianapolis Coin Club
Officers and Board MembersLetter From the President

President
Vice-President
Secretary
Treasurer
EditorPast President
Sgt-at-Arms
Board Member 2007-2008
Board Member 2007-2008
Board Member 2007-2008
Board Member 2008-2009
Board Member 2008-2009
Board Member 2008-2009

Mark Eberhardt
Jim Roehrdanz
Vinton Dove
Karl Kreck
Matt Dinger
Vinton Dove
Jim Warden
Dave Reid
Bob Bettcher
James Held
Jim Fuson
Charles Alber
Don King

Advertisers
Steel Cents
Treasurer's Report
Secretarys Report

Page 1Page 2
Page 3
Page 5
Page 6MORGAN DOLLAR 1878 – 1890
THE BLAND-ALLISON YEARS
byMichael Schmidt
By 1876 the continuing output of silver from the mines in the west was forcing the price of silver further and further down. It had now reached the point where the Chinese merchants were no longer accepting thecoin at its face value but instead at a discount based on weight. But since the coin was legal tender in the US, it
now became advantageous to ship trade dollars from China back to the US where they wereworth more. Well more silver coins coming back into the country was the last thing we needed.
The declining value of silver was causing tremendous amounts of minor silver coinagethat had left the country during the Civil War era to return to the US since it had more value here than asbullion outside the country. This surplus coinage was clogging the channels of commerce and the lastthing we needed was for all the Trade dollars to come home.
Another problem with the trade dollars was that their legal tender status was limited to $5, whichmeant that if the merchants accumulated more than five of them the bankers could and did refuse toaccept them. This would make it very difficult for the merchant to pay his suppliers because they didn’t
want to accept them because they didn’t want to have more than five of them for the same reason. Soappeals were made to Washington and their answer was to remove the trade dollars legal tender statuscompletely and trade dollars could only be struck for depositors who swore that they were going to besent overseas. But very few of the trade dollars struck in 1877 or 78 ever left this country. And in 1878
they discontinued the trade dollar.
But this did not make the mine owners happy. They had lost a very lucrative market for theirmetal and production was still causing the price to decline. So the mine owners of the western states went
to work on their elected officials in Congress and they found a receptive audience in Rep Richard “SilverDick” Bland and Sen. William Boyd Allison. Through their influence Congress passed a bill that
required the Treasury to buy between two and a half and four million oz of silver every month and tostrike that silver into silver dollars and then to use those coins to back a like number of silver certificates.
It was thought that this would provide a profit or the miners, provide a price support for the silver market,and stimulate the economy through the introduction of 36 to 48 million dollars a year. President
Rutherford B Hayes saw this as nothing more than a boondoggle and he vetoed it. But Congress thenpassed the law over Hayes’s veto and production of the coins began. (And to add insult to injury, Hayes
was then presented with the very first Morgan dollars struck.)
The new dollar was to be designed by the Assistant Chief Engraver George Morgan. He used adesign that he had been working on for a proposed half dollar since 1877. The obverse bears a large
plump bust of Liberty facing left wearing a Phrygian cap and a coronet inscribed LIBERTY Also
decorating Liberty’s hair are cotton boils and leaves along with heads of wheat to symbolize theagricultural output of the country. The date is found at the bottom of the coin and the motto E
PLURIBUS UNUM is above the bust. There are thirteen stars arranged in a seven left six right format.

Continued Next Month...

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June 22, 2008 - Minutes of the Indianapolis Coin Club Meeting.
Open - The meeting was called to order at 7:00 PM by President Mark Eberhardt. 28 people
signed the attendance book. We met at the Northside Knights of Columbus Hall, 2100 E.
71st Street.
Visitors – Auia Rico was introduced as the only visitor. He found out about the Club on theinternet, and traveled 2,000 miles to visit our meeting. Actually, he was visiting someone intown and decided to come to our meeting.
The Secretary’s report and the Treasurer’s report were read and accepted with a correction by the Secretary that the May attendance was 26, not 42.
Old Business – Mark mentioned that he had talked to the management of the K of C andconfirmed that we are scheduled to meet at the Hall through November’s meeting. And yes,
we paid $220.00 ($20 per month) in January, per Treasurer, Karl Kreck.
Vinton reported that the ANA Show in 2011 is still on track to meet in Indy.
New Business – Life Member, Jim Goaziou, suggested that the Club should put on a grading
seminar for the members, even if it is put on by members of the Club and others from Indiana. He said that the last grading seminar put on by the Club was in October, 1999, and withthe large difference in price between one grade and the next for almost every collectable coinin today’s market, our members should be educated in how to grade coins. He further suggested that it may have to be held on a different day than the meeting, since it would likely
take more time than we have for meetings. There followed a discussion, and everyone in theClub seemed to agree with Jim. During the discussion, it was suggested that perhaps one ormore specific coin be studied in each of a series of seminars. That suggestion seemed tomeet with favor, also.
Mark reminded the Club that the August program is Exhibitors Night. He suggested that themembers start now to plan their exhibit. Secretary, Vinton Dove announced that he and Life
Member, Dave Reid had traveled to Logansport and put on a program for their Club thismonth, and the Logansport Coin Club would be putting on the program for ICC in July. Bob
Julian said that he would speak on the 1933 $20 gold piece. It should be very interesting!
The Educational Program – Life Member, Bob “Doc” Gerth was scheduled to present theprogram, but due to his wife’s critical illness, he was unable to be present. So President
Eberhardt gave us a “reminder” talk about the Double-die Buffalo and Jefferson nickels
which he said are still available in circulation and at shows. Vinton also gave his “Coin collector’s uniform” speech.
There was no 50/50 Drawing, since there were no tickets available. Karl Kreck said hewould bring some for the next meeting.
Auction – After the break, Mark ran the Club Auction. Bob Bettcher, Karl Kreck and Vinton Dove assisted.
The club adjourned at 8:50 PM.

Vinton Dove, Secretary