T he P lanchet- I . C. C. APRI L 2022

Issue#631

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 Apr il 18th, 2022
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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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:
April 18th, 2022
Meeting start time: 7:00 PMLin coln Cen t s
by Vin t on Dove2

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A Few Words From Your Pr esident
by Sharon Bower
Has winter finally left us and spring is now busting out all over? Looks that way.
Besides the obvious sunshine mixed with showers and trees budding and sprouts
poking above the ground.
Coin shows are an important part of our collecting universe, though some mightargue that with the advent of internet sales they are not as relevant. Coin shows give
you the opportunity to hold a coin of interest in your hand and examine closely andcompare with other coins, and you can ask questions and get answers. But, mostimportantly, in this time of spring-like reawakening, you can meet with people, shaketheir hand, and feel a sense of normalcy.

Nat ional Coin Week 2022
The theme for 2022 National Coin Week, held April 17-23, is Dyn am ic Design s,
Ar t ist ic M ast er pieces. Activities will focus on the incredible artistry on coins andpaper money throughout history, and the talented artists who create it.
ANA clubs can register to receive educational and promotional materials, including
the Clu b Tr ivia Ch allen ge. Clubs that earn high scores on the quiz will receive a prize
and be entered into a drawing for a 2022 tenth-ounce gold American Eagle proof coinand other prizes. Packages also contain NCW buttons, bookmarks and more.
Starting April 17, hobbyists can answer daily trivia questions online for the chance towin 2022 U.S. Mint proof sets, ANA memberships and more.
On a side note, please start thinking about officer positions for the upcoming election.
We will have several board position's opening up this year.

Sh ar on Bow er
Clu b Pr esiden t

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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Not Worth a Continental
by Clif f or d F. Th ies

The expression ?not worth a Continental,? meaning ?not worth a Continental Dollar,? cameinto the lexicon during the Revolutionary War, when recourse to paper money drove up
prices, ruined the economy, and nearly caused us to lose the war.
In 1775, practically at the outset of hostilities, the Continental Congress authorized an issueof $2 million in paper money. By the end of 1776, $25 million was in circulation, already at a30 percent discount relative to silver. By the end of 1777, $38 million was in circulation, at a
70 percent discount relative to silver. By the end of 1779, $192 million was in circulation,
and $1 in paper money was worth only 1 or 2¢ in silver. The states were issuing their own
paper money, contributing to the inflation.

A Th r ee Dollar n ot e issu ed by t h e Con t in en t al Con gr ess pr ior t ot h e Declar at ion of In depen den ce. (n ot ice t h e in scr ipt ion ?Un it edColon ies?)
With so much paper money, prices were skyrocketing, and specie was being hoarded. At
one point, George Washington, commander of the Continental Army, remarked that awagon load of money would not buy a wagon load of provisions. Innkeepers, merchants
and farmers were refusing to do business in terms of money. In October 1779, theContinental Congress requested not money from the states, but actual supplies ? such as4

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corn, wheat, hay and oats ? in order to support the armies in the field.

A Th r ee Dollar n ot e issu ed by t h e Con t in en t al Con gr ess af t er t h e
Declar at ion of In depen den ce. (n ot ice t h e in scr ipt ion ?Un it ed
St at es?)
In Massachusetts and the other states, attempts were made to fix maximum prices and tocompel supply, with severe penalties against ?forestalling,? ?monopoly,? ?oppression,?
?extortion? and the like. In January 1777, Massachusetts passed a law covering the prices of
50 articles, such as ?good Indian meal or corn? 4 shillings a bushel, and ?good well-fatted
grass-fed beef,? 3 pence a pound. But the act did not last long, and in May 1777 anotherwas passed, which also did not last long. A total of eight conferences were held among theNew England states to coordinate the control of prices, each one of which failed.
Among those hurting from the rapidly rising prices were soldiers and their families. The firstattempt to ameliorate their condition was a law requiring sale to them at legal prices, which
was a sham. In 1779, the soldiers of four Massachusetts battalions petitioned the state forrelief, complaining that they were losing seven-eighths of their pay to depreciation. The
state responded with a similar useless law requiring sale to them at legal prices, and a
declaration that the state would make good on their wages at the end of the war.
Many of these soldiers had joined for three years under resolutions of the Continental
Congress and of the state of Massachusetts in late 1776, and so their terms of service wereabout to expire. The south and parts of the north were controlled by the British, and thealliance with France had yet to yield material support. The Continental Congress and thestate legislature were extremely anxious concerning the army.
5In early 1780, Massachusetts passed a bill to pay its soldiers according to the average priceof four items: beef, corn, wool and leather. This may have been the second instance of aprice index clause in the world?s history (Massachusetts having invented the price index
clause to deal with inflation during King George?s War); and the first time that a price index
clause was actually implemented. Not only was this price index used to adjust soldiers?pay,
it was used in at least a few other cases to adjust other monetary amounts so as to reflect
the value of paper money.

A For t y-eigh t Sh illin g ?Sw or d in Han d? n ot e issu ed by
M assach u set t s af t er t h e Declar at ion of In depen den ce. (n ot ice t h e
pat r iot is h oldin g t h e Declar at ion )Financially, even more than militarily, 1780 was the most crucial year of the war. In May,King George III said that the financial distress in America would force the revolutionaries tosue for peace. He was not alone in that opinion. At about the same time, Washington wrote,?We seem to be verging so fast to extinction that I am filled with sensations to which I havebeen a stranger till these three months.? Alexander Hamilton said that France must be toldthat without a loan America would have to make terms with Great Britain. A French envoy
secretly offered the British a truce involving their retaining New York, Georgia and theCarolinas, but it was rejected.
The Continental Congress sent envoys to France to beg for aid, in military forces, insupplies, and in silver. The French government, itself heavily burdened by war expenses,
provided funds for the purchase in Europe of desperately needed supplies, for the payment
of interest on American debt placed with European creditors, and a relatively small but
critical amount of silver for transport to the colonies.
Thereupon, and under the direction of its new treasurer, Robert Morris, the Continental
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Congress essentially repudiated its paper money. The outstanding amount was to beredeemed through payment of taxes to the states, and exchanged at the rate of $40 inpaper money to $1 in silver. Through this expedient, $120 million of paper money wasretired. Another $6 million was exchanged for bonds, at the rate of $1 in paper money to 1¢
in silver, and the balance was presumed lost, destroyed or retained as souvenirs.
State-issued paper money, in the aggregate about $250 million, was handled on astate-by-state basis. In the worst cases, Georgia and Virginia, it was accepted in payment oftaxes at the rate of $1,000 in paper money for $1 in silver. (In these two states and North
Carolina, the Continental Dollar continued to circulate for about a year following its collapse
elsewhere, during which time these states suffered a continuing depreciation of theircurrency.) New York was more representative, accepting its paper money in payment oftaxes at the rate of $128 in paper money for $1 in silver. In Pennsylvania, the state acceptedits paper money at the rate of $175 to $1.

To read the complete article, please visit:https://www.aier.org/article/not-worth-a-continental/

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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M in u t es of t h e ICC M eet in g ? M ar ch 21, 2022

Open ? The meeting was called to order at 7:00 p.m. by our President, Sharon Bower.
The meeting was held at the Northside Events and Social Club, 2100 E. 71st.,
Indianapolis, Indiana. The attendance prize for the month was a colorized 2003
American Silver Eagle donated by Gary Selig.
The Secr et ar y 's r epor t for January 2022 was accepted, as published in the Planchet,appeared to have an error in the published and approved budget. Upon further
investigation, it is believed that there was a formatting error by the editor. As such,the matter of the approval of the January 2022 secretary?s report was tabled.
The Tr easu r er 's r epor t for January 2022 was accepted, as published in the Planchet,upon a duly made motion, which had a proper second.
Visit or s - We had four (4) visitors.
Report not available at time of publication.
Repor t s of Com m it t ees ?None.
Old Bu sin ess? None.
New Bu sin ess? Sharon reported that she is still looking for a new venue for thisyear ?s (2022) ISNA State Coin Show.If anyone has any ideas, please let her know.
Nu m ism at ic Fin ds ?Joe Boling had an advertising note for $3.00 circa 1868 for theCity of Paris Store, in Chicago, IL. This was a ?dollar store?. Steve Howery reported that
he found a 1895 India Penny in a roll of pennies from the bank.
Edu cat ion Pr ogr am : This month the program was presented by Kurt Miller. He gave
an informative talk entitled ?Inflation as Illustrated by Weimer Germany?.
The 50/50 Drawing was held, and the Club received $51.00 and Jeff Bercovitz won theattendance prize.
Au ct ion? The auction was held with help by several members. The auction this month
was well received. The club collected $12.00.
The meeting was Adjou r n ed..
Gary M. Selig, Secretarygselig14@gmail.com

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In dian apolis Coin Clu b
2022 M eet in g Dat es & Edu cat ion al Pr ogr am sJanuary 17, 2022 - ?Annual State of the Hobby Address?-by Mark Eberhardt* Prize sponsor: Mark Eberhardt
February 21, 2022 - 'Inflation as Illustrated by Weimer Germany? - by Kurt Miller* Prize sponsor: Kurt Miller
March 21, 2022 - 'The Marshall House Token and the Civil War ' - by Bill Eckberg* Prize sponsor: I.C.C.
April 18, 2022 - 'Lincoln Cents? - by Vinton Dove* Prize sponsor: Vinton DoveMay 23, 2022 - A Maler Metal with Provenance? - by Christopher Bower* Prize sponsor: Christopher Bower
June 20, 2022 - 'T.B.A? - by T.B.A* Prize sponsor: T.B.A.
July 18, 2022 - 'T.B.A? - by T.B.A* Prize sponsor: T.B.A.
August 15, 2022 - 'T.B.A? - by T.B.A* Prize sponsor: T.B.A.
September 19, 2022 - Exhibit Night* Prize sponsor: I. C. C.
October 17, 2022 -'T.B.A? - by T.B.A* Prize sponsor: T.B.A.
November 21, 2022 - ?Annual State of the Hobby Address?-by Mark Eberhardt* Prize sponsor: T.B.A.
Tuesday, December 6, 2022 ? NO MEETING - I.C.C. Holiday Banquet* For 2022 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 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.

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Tr easu r er 's Repor t f or Oct ober 2021:

Our current balance in the checking account as of today (April 5, 2022) is $25,737.52. Thatincludes the amount of $110 that I deposited after our March, 2022 meeting. I intend to maila check in the amount of $100 in the next day or so for room rental for our April meeting.
That's my report.
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 WraySecretary
Gary Selig
Treasurer
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 2022-2023
Louise Boling
Board Member 2022-2023
Jeff Bercovitz
Board Member 2022-2023
Steve Howery

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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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APRI L 2022

Lost Dutchman
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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http://www.LDRCoins.com
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