The Spirit E-Newsletter from Muncie Coin and Stamp Club
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Our Next Meeting is
Tuesday, July 10th at Minnetrista Cultural Center at 6:00 PM
 

MUNCIE COIN AND STAMP CLUB INC.
MINNETRISTA CULTURAL CENTER
1200 NORTH MINNETRISTA PARKWAY
MUNCIE, INDIANA

TELEPHONE 765-400-0600
WEB:
http://munciecoinandstampclub.com/
FACEBOOK: https://www.facebook.com/munciecoinandstampclub

 
 
 
June’s Club Minutes and Announcements
June’s Meeting Attendance: 46 (1 juniors) (-5 From May’s meeting)
June’s Auction Items:  89 (-13 from May’s auction items)

 
Business (New & Old)

Under old business: Nothing to note

Under new business: Officer Nominations have begun. Please give your nominations to Michael Schmidt.

Under YOUTH business: Larry Crouch wants it known that he has a bunch of wheat cents away to the juniors! Last month he brought in a bag of wheat cents and let the juniors scoop a cup full out of the bag! Bring Your Juniors to club!

June’s Visitors: No visitors for the month of June

New Members: There were no new members for June

Show-n-Tell: John Kuzma brought in a gold piece commemorating the Marine Corps. R.D. Houser Shared with the group that it was this day, June the 5th, in1933 which President Roosevelt took the United States of America off the gold standard. Herb Schmidt gave a presentation on Animals on Coins of Turkey.
 

Drawing Winners for June’s Meeting
Attendance drawing prizes went to: 1) Larry Crouch 2) Lee Sanzo 3) Ned Thompson

Silver Dollar drawings were won by: 1) Kenny Seals 2) Benny Tuttle 3) Steve Blair

Progressive drawing was won by:  Gary Jones

 
ANNOUNCEMENTS
  • PLEASE REMEMBER TO MARK YOUR CALENDARS!!! September Club Meeting will be held on the THIRD Tuesday of September, September the 18th ******
  • In an email I received recently from Mitch Ernst of the CSNS, I was told that the CSNS Book Donation Program was suspended as of their April 29th Board meeting. It also sounds like they suspended a bunch of other programs. If you utilize any of the CSNS programs you I would advise you to reach out to a rep or member and find out if that program is still available.

By Eric Brothers - May 10, 2018
The 1933 Double Eagle: America’s Most Notorious Coin (Part 2)

Collecting Saint-Gaudens Double Eagles
The Saint-Gaudens series from 1907 to 1933 is a mixed bag of quite expensive type coins, high- and low-relief versions, easy-to-find coins, difficult-to-find key dates, and some issues that are virtually impossible to find. There are only 16 to 22 of the Ultra High Relief coins of 1907. A possible type set for the collector with deep pockets would be: the Ultra High Relief, Roman Numerals, Lettered Edge coin of 1907; the High Relief, Roman Numerals, Wire Rim coin, also 1907; the High Relief, Roman Numerals, Flat Rim coin, 1907; the Arabic Numerals, Low Relief no Motto coin, both 1907 and 1908; and the Arabic Numerals, Low Relief Motto coin, 1908 to 1933.
 
The key date and super-rare coins are not determined by their original mintage. Many millions of Saint-Gaudens Double Eagles were melted down in the 1930s. It is the survival rate of each issue that determines rarity. According to Jeff Garrett, the truly rare With Motto (1908-1933) coins are the following: 1908, 1909-D, 1913, 1920-S, 1921, 1924-D, 1924-S, 1925-D, 1925-S, 1926-D, 1926-S, 1927-D, 1927-S, 1929, 1930-S, 1931, 1931-D, 1932, and 1933. Garrett tells us that the 1927-D is more rare than the 1933.
 
The common date Saint-Gaudens Double Eagles include 1908 (No Motto), 1909-S, 1910, 1911-D, 1914-D, 1914-S, 1915-S, 1922, 1924, 1925, 1926, 1927, and 1928. A recent auction at Heritage saw a 1924 Saint graded MS 64 by NGC sell for $1,440.00. A 1927 Saint graded MS 64 Secure by PCGS realized $1,560.00 at Heritage. Lastly, Heritage sold a 1925 example graded MS 64 by PCGS for $1,560.00.
 

FDR Makes Gold Illegal
In early 1933, President Franklin D. Roosevelt (cousin of Theodore) issued Executive Order 6102 in an attempt to end the 1930s general bank crisis. Part of that executive order is presented below:
Section 2. All persons are hereby required to deliver on or before May 1, 1933, to a Federal Reserve bank or a branch or agency thereof or to any member bank of the Federal Reserve System all gold coin, gold bullion, and gold certificates now owned by them or coming into their ownership on or before April 28, 1933, with the exception of the following:
 
(a) Such amount of gold as may be required for legitimate and customary use in industry, profession or art within a reasonable time, including gold prior to refining and stocks of gold in reasonable amounts for the usual trade requirements of owners mining and refining such gold.
 
(b) Gold coin and gold certificates in an amount not exceeding in the aggregate $100.00 belonging to any one person; and gold coins having recognized special value to collectors of rare and unusual coins.
 
(c) Gold coin and bullion earmarked or held in trust for a recognized foreign government or foreign central bank or the Bank for International Settlements.
 
(d) Gold coin and bullion licensed for the other proper transactions (not involving hoarding) including gold coin and gold bullion imported for the re-export or held pending action on applications for export license.
 
1933 Double Eagles Did Indeed Leave the Mint
At the Mint, 445,500 of the 1933 Double Eagles were struck, and production did not stop after the president issued his Executive Order. A number left the mint surreptitiously. According to a report on CNN.com, years later the Secret Service learned that George McCann, the Mint’s chief cashier, had taken 10 of those “illegal” coins out of the Mint. It has been determined that he was the only Mint employee who had access to the 1933 Double Eagles. Somehow, Philadelphia coin dealer Israel Switt had obtained those 10 coins and sold them to customers.
 
King Farouk
In 1944, representatives of King Farouk of Egypt–an eclectic collector of stamps, old razor blades, antique aspirin bottles, and coins–applied for an export license for a single 1933 Double Eagle.
 
“It wasn’t until a few weeks after that license was signed that suddenly everyone realized that an awful mistake had been made,” said David Redden, Vice Chairman and Auctioneer at Sotheby’s. “This coin was illegal to own, and in fact clearly had been stolen from the U.S. Mint.”
 
On February 29, 1944, one of the 1933 Double Eagles left the United States after being sold to a foreign national by a coin dealer in Texas; that must have been the Farouk coin. One by one, federal agents tracked down the other nine coins that left the Mint by way of George McCann. Somehow the agents were led to Israel Switt, who had sold the 10 coins in question.
 

 
Through Switt, nine of the 1933 Double Eagles were tracked down by the feds and eventually destroyed. Unbeknownst to the Secret Service or anyone else, however, Switt had 10 more of the “illegal” 1933 gold coins in his possession. He had put them away for safekeeping, and eventually they were secured in a safe-deposit box at a Philadelphia bank.
 
As for the Farouk coin, the United States had to sit on its hands until the Egyptian king was overthrown in 1952 to try to retrieve it.

“In 1944, we were in the middle of a world war, and Egypt stood at the crossroads in the middle of the Mediterranean,” said Redden. “It was not, perhaps, precisely the right moment in diplomatic history to go and try to make a claim on a coin.”
 
According to a report in the New York Times, when the U.S. government discovered that Lot 185 in the Farouk Sale was a 1933 Double Eagle, the Treasury Department requested that it be removed from the auction. It was.
 
But then the notorious coin disappeared for over 45 years.
 
A Sting Operation in New York City
After the Farouk auction, the coin is believed to have remained in Egypt until it was purchased by London coin dealer Stephen Fenton in 1995. He brought it to the Waldorf Astoria Hotel in New York City to sell it for $1.6 million to an “American coin collector”. The ever-diligent Secret Service set up a sting, whereupon they seized the coin and imprisoned Fenton. It was after his release from jail that Fenton initiated a prolonged legal battle to retain the coin. His legal team argued that the United States had provided written permission for the coin to be included in a private collection: the export license of 1944.
 
Thus, from a legal standpoint, issues were murky enough to lead to a settlement.
 
During the years of the legal process, the 1933 Double Eagle rested in a U.S. Treasury vault at 7 World Trade Center (WTC). It was moved to the bullion vaults of Fort Knox, Kentucky, after the case was settled in late January of 2001, less than eight months before 7 WTC was destroyed in the 9/11 terrorist attack. According to the out-of-court settlement, the U.S. Mint agreed to declare the notorious coin the only 1933 Double Eagle ever to have been issued (monetized) by the U.S. government.
 
It was soon put up for auction. The winning bidder had to pay “a fee of $20 for the face value of the coin,” said David Pickens, who was Associate Director of the U.S. Mint at that time.
 
Since the moment it was moved to Fort Knox, the United States Mint Police guarded the coin until after the auction ended. It did not become legal tender until the Mint Director signed the relevant documents after the conclusion of the sale. The 1933 Double Eagle sold for $6.6 million, plus its $20 face value and a 15 percent fee to the auction house–a grand total of $7.6 million. The money from the sale was split evenly between the U.S. government and Fenton. According to Mr. Pickens, the amount going to the Mint was to be placed “in the general fund of the Treasury Department to reduce the national debt.”
 
(to be continued next month)

Grandmother discovers a rare coin from 1644 in a box of 'junk' from her attic that she was going to throw in the bin - and now she's set to make £100,000
By SIOFRA BRENNAN FOR MAILONLINE
PUBLISHED: 02:31 EDT, 13 June 2018 | UPDATED: 02:31 EDT, 13 June 2018
 
A 69-year-old grandmother who was about to throw a box of old coins in the bin was shocked to discover that one of them is worth £100,000.

The unnamed woman from Hull didn't realize she was in possession of the Rawlin's Oxford Crown, an exceptionally rare coin minted in 1644, during the reign of Charles I.
 
She inherited the piece, which was among a shoebox full of coins, decades earlier from her grandfather and recently rediscovered it while clearing out the attic.
 
But it was only when she posted it to Leeds-based website Vintage Cash Cow, alongside other items of costume jeweler and a silver plated tea set, that she discovered the true value.
 
Now experts from the site are organizing the auction of the coin, which is expected to take place in either London, New York or Hong Kong and fetch more than £100,000 thanks to its rarity and exceptionally good condition.
 
 

 
 
Muncie Coin & Stamp Club Event Calendar
Click HERE to view the upcoming club meetings in the surrounding area.
 
 
Click HERE to view the upcoming coin shows in the surrounding area.
 
 
 
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