T he P lanchet- I . C. C. SEPTEMBER 2021

Issue# 625

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

Established 1939 and celebrating over 75 years of service
to the coin collector.

The next meeting will be September 20th, 2021
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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SEPTEMBER, 2021

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:
September 20th, 2021
Meeting start time: 7:00 PM

Exh ibit Nigh t

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Issue# 625

SEPTEMBER, 2021

A Few Words From Your Pr esident
by Sharon Bower
Greetings,
It is September and I don?t know how anyone else feels about tonight. I?ve been
looking forward to exhibit night since 2020. At last count it was estimated about 15 ?
20 people were thinking about setting up a display. I?m excited to hear about
everyone?s exhibits. The Exhibit Night Committee will explain the procedures fortonight's educational presentation and the voting for the best exhibit.
On another note, tonight is the last chance to nominate someone to be a club officer.
Names will be presented to Nomination Committee (Vinton Dove and Jim Sukup) inOctober and the election will take place in November.
Please don?t forget to sign up for set up, tear down and manning the ICC table at theISNA State show December. Set up is December 1, 2021, at 6 pm. Tear down isDecember 4, 2021, at 5 pm. Individuals signing up to man the ICC table will be in
one-hour increments with at least two people at the table.
I look forward to seeing everyone at exhibit night.

Please k eep t h is in m in d each m on t h : Regardless of who is giving the monthly
program and/or the topic, we owe it to that person and the membership to remain
quiet and pay attention during the program. It?s important that we respect theknowledge that is being shared with us as well as the time and effort the speaker isdonating to our club. Thank you.
I look forward to seeing you at the next meeting.
Sharon Bower
Club President

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# 625

SEPTEMBER, 2021

Salmon Chase?s Legacy onAmerica?s Moneyby PATRICK A. HELLER

Few people have influenced America?s monetary system as much as Salmon
P. Chase (1808-1873). But most numismatists do not realize the full extent of hisinfluence.
Chase had an interesting political career. In 1840, he was elected to theCincinnati, Ohio, City Council as a candidate of the Whig party. He soon left theWhigs to be the leader of the Liberty Party in Ohio. In 1848, he was one of theleaders who formed the Free Soil Party and served as a U.S. Senator from 1849 to1855 as a member of that party. Toward the end of his Senate career, he switchedto the newly formed Republican Party and won election as Ohio?s governor as theparty?s candidate.

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He unsuccessfully sought the Republican nomination for president in 1860.
In 1868 he changed his affiliation to the Democratic Party but was unsuccessful inseeking that party?s presidential nomination that year. While still a Democrat, hemade another unsuccessful bid to be the Republican party?s presidential nominee
in 1872.
After Abraham Lincoln was elected president, he appointed RepublicanSenator Salmon Chase (March 4-6, 1861) as his Secretary of the Treasury. In thisposition, Chase was a strong advocate that the U.S. government begin to issue
currency not redeemable on demand for gold or silver. This was done as a means
for the federal government to issue bonds to finance the costs of the Civil War.
Demand notes, the first-ever paper money issued by the U.S. government,
debuted in 1861, followed by Legal Tender Notes in 1862 (commonly calledGreenbacks because they were not backed by gold or silver). Chase placed his own
image on the $1 Legal Tender Notes, Alexander Hamilton on the $2 denomination
and Abraham Lincoln on the $10 Legal Tender Notes.
Later, Chase again had his image used on the front of the $10 Interest
Bearing One-Year Notes in 1863 and the $10 Compound Interest Treasury Notes
in 1864.
In 1863, Chase directed U.S. Mint Director James Pollock to create designs
for coins that bore the motto ?In God We Trust.?The Coinage Act of 1864 gave
Chase the authority to include this phrase on 1-cent and 2-cent coins. The 2-cents
denomination debuted in 1864, the first to carry this motto. Since 1938, all U.S.
coins are required to include this motto in the design. A 1955 law required thatU.S. currency also include the motto, which appeared on every currency issue by1966.
The above information is familiar to many American numismatists, but
Chase was not done leaving his legacy on America?s money. In June 1864,
Abraham Lincoln accepted Chase?s fourth offer to resign as Treasury Secretary.
Four months later, Supreme Court Chief Justice Roger Taney died. Lincoln
nominated Salmon Chase as his replacement on Dec. 6, 1864, and was confirmedby the Senate on the same day.
In 1870, the case of Hepburn v. Griswold (65 U.S. 603) came before theSupreme Court. It challenged the constitutionality of some provisions in the legal
tender acts under which Chase managed to get the authority to issue currency notredeemable on demand for gold and silver. Chase did not recuse himself from thecase (which should have been automatic as he was passing judgment on his own
actions in 1861). He voted with the 5-4 majority in this case that some of what he5Issue# 625

SEPTEMBER, 2021

had done was, in fact, unconstitutional.
Therefore, the U.S. government immediately ceased issuing any more paper
money not redeemable on demand for gold or silver ? right?
As we all know, the U.S. government continued issuing unbacked currency
right up to today. How did this happen?
Two new justices were soon appointed to the Supreme Court. A new roundof legal tender cases came before the Court (Legal Tender Cases, 79 U.S. 457). This
time the 5-4 majority reversed the prior decision, though Chase wrote a strong
minority dissent.
Chase?s death in 1873 did not end his impact on America?s monetary system.
In 1877, John Thompson, who had previously helped found the predecessor
to today?s Citibank, founded Chase National Bank, naming the bank in honor ofSalmon Chase. A 1955 merger changed the bank?s name to Chase Manhattan.
Then, in 2000, this bank merged with private banker J. P. Morgan to become
JPMorgan Chase Bank.
From 1928 to 1946, $10,000 Federal Reserve Notes were issued that bore
the portrait of Salmon Chase. Appropriately, these notes were not redeemable on
demand for gold or silver.
Just imagine how America?s money might be different today if Salmon Chase
had never lived.
To read the entire article visit:https://www.numismaticnews.net/coin-market/salmon-chases-legacy-on-americas-money

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.

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SEPTEMBER, 2021

Au gu st 16, 2021 - M in u t es of t h e In dian apolis Coin Clu b M eet in g
Open? The meeting was called to order at 7:00 p.m. The meeting was held at the Northside
Events and Social Club, 2100 E. 71st., Indianapolis, Indiana. The at t en dan ce pr ize wasannounced. It was a 1945 Mercury Dime (PCGS MS 65).
The Secr et ar y 's r epor t for July 2021 was accepted, as published in the Planchet, upon aduly made motion, which had a second.
The Tr easu r er 's r epor t for July 2021 was accepted as published in the Planchet, upon aduly made motion, which had a second.
Visit or s - Jeff Landrey and his son Corbin joined our club. I hope they come back.
Repor t s of Com m it t ees ? There were no reports of committees made at the August 2021
meeting.
Old Bu sin ess? Several members of our club made reports about their experiences
attending this year ?s ANA Convention held in Chicago. It was a resounding success.
New Bu sin ess·If anyone wants to volunteer to man the ICC table at the ISNA show, the sign-up roster is at
the check in table for our club meeting.
·About ten individuals expressed an interest in displaying at the exhibit night, scheduled for
our September 2021 club meeting.
Nu m ism at ic f in ds:·Joe Boling brought and showed a genuine Easter Caribbean Note versus the counterfeit
example he showed previously. I didn?t get which island it was from.
·Jim R. discussed several interesting ads from the Indianapolis Star that contained
misleading information about coins.
Edu cat ion Pr ogr am : Vinton Dove gave a talk on his favorite topic ?Mercury Dimes?. Vinton
brought numerous examples of Mercury Dimes from his collection. Thank you, Vinton, forpresenting to our club.
The At t en dan ce Dr aw in g was held. David Daniel won the attendance price. The 50/50
Drawing was held, and the Club received $ 48.00.
Au ct ion ? The auction was held with help by several members. We had a robust auction andthe club collected $9.00.
The meeting was Adjou r n ed.
Respectfully submitted,
Gary M. Selig, Secretarygselig14@gmail.com
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SEPTEMBER, 2021

In dian apolis Coin Clu b
2021 M eet in g Dat es & Edu cat ion al Pr ogr am sJanuary 18, 2021 - ?Counterfeit Notes made to Deceive Collectors?- by Joe Boling* Prize sponsor: Joe Boling
February 15, 2021 - Joe Boling via Zoom (meeting snowed out)
* Prize sponsor: N/AMarch 15, 2021 - The Short-Lived 20 Cent Piece - by Jim Sukup* Prize sponsor: Jim Sukup
April 19, 2021 - '2 and 3 Cent Pieces? - by Kurt Miller* Prize sponsor: Kurt Miller
May 17, 2021 - 'The Civil War: Coins, tokens, currency and surprises? - by Harvey Warner* Prize sponsor: T.B.A
June 21, 2021 - 'The Hudson-Fulton Celebration? - by Christopher Bower* Prize sponsor: Christopher Bower
July 19, 2021 - 'Counterfeit Notes made to Deceive Collectors, continued? - by Joe Boling* Prize sponsor: Gerald Coraz
August 16, 2021 - 'Dimes? - by Vinton Dove* Prize sponsor: Vinton Dove
September 20, 2021 - Exhibit Night* Prize sponsor: I. C. C.
October 18, 2021 -'T.B.A? - by T.B.A.
* Prize sponsor: T.B.A
November 15, 2021 - ?Annual State of the Hobby Address?-by Mark Eberhardt* Prize sponsor: I.C.C.
Tuesday, December 7, 2021 ? NO MEETING - I.C.C. Holiday Banquet* For 2021 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. Everyoneattending 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.

8Issue# 625

SEPTEMBER, 2021

Tr easu r er 's Repor t f or Au gu st 2021:

Here is my August treasurer 's report: we have $25,426.52 in the club checking account. I
deposited $57 collected at our last meeting and deposited that amount on August 17, 2021.
In a few days, I will mail a check for $100 to pay for the room rental for our September 20
meeting. Jerry C.
$3827.44

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!

Th e 2021 In dian apolis Coin Clu b
Of f icer s an d Boar d M em ber s:President
Sharon Bower
Vice-President
Don WraySecretaryGary SeligTreasurer
Gerald Coraz
Newsletter Editor
Christopher Bower
Past President
Jim Sukup
Sgt-at-Arms
Jim Warden
Board Member 2021-2022
Vinton DoveBoard Member 2021-2022
Andy Nahrwold
Board Member 2021-2022
Jim Roehrdanz
Board Member 2020-2021
Louise Boling
Board Member 2020-2021
Jeff Bercovitz
Board Member 2020-2021
Steve Howery9Issue# 625

SEPTEMBER, 2021

Wildm an Coin s
Christopher Bower
ANA# LM7017
Specialist in World Coins,
Tokens, and Medals

Specialist in World Coins

443-786-6584
ch r isb8626@m sn .com

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Issue# 625

SEPTEMBER, 2021

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