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Over The Coffeecups
Warren Mitchell - Editor
TODAY'S PROGRAM
Ken Carrick will introduce our speaker, Sherri Hamil
of the Alabama Archives & History. She will cover the
activities and programs involved in the west wing
construction. When the construction is completed it will
allow new programs and activities to be developed that wasn't
possible with the present facilities. Mrs. Hamil has spoken
to the Club in the past.
LAST
WEEKS PROGRAM
President
Winstead introduced George Oetting, who began by saying
"Welcome to one of the never ending talks by George Oetting".
In his constant effort to upgrade the cultural level of the
Club he talked about American coins and dollars that were
circulated never used. He passed out coins that were encased
in plastic, so finger prints wouldn't deface them. Each
person got a set of 4 coins that he used in the discussion.
He talked about the development of the
American dollars. The first dollar that Thomas Jefferson used
was patterned after the Spanish dollar. The coin was in
circulation a great deal at the time our country started. He
asked if everyone had coins; he didn't have enough Eisenhower
dollars to pass around. The Spanish dollar was used as a
model by Jefferson for the creation of our country. A color
dollar was passed around.
Our mint was started in 1792 and the first
coins minted were the pennies and 1/2 pennies. The next coin
stamped out in 1794 was the first silver dollar; they've been
in existence a long time.
The dollars that came out later were not used
in circulation very much and the first was the Morgan silver
dollar. It is brilliant silver with a picture of the liberty
lady on the front and an eagle on the back. It was issued
from 1878 to 1921. It has always been a popular dollar as far
as we are concerned. It was created by the Bland Allison Act
in 1878.
People think coins come out because of a
great need; that is not true. This one was created because of
a lockup between politicians and silver mine owners. Silver
mine owners were cranking out silver from the middle 1800's.
They were producing so much silver that they got together with
the politicians and said they were going to produce a law
requiring the government to mint silver. The act said the
government had to purchase 2-4 million ounces of bouillon each
year. It was put into law that it had to be used in only one
dollar coins. They were cranking out these coins, and filling
vaults because no one was using them. This was depleting our
gold reserves, which created problems.
In 1893 there was a panic and they slacked
off. Then in 1918, the Pittman Act allowed the government to
melt down
the silver. They
sold some of the coins to England, where they were melted
down. The silver was then sold to India to make coins. All
the coins minted in 1895 were melted down, except a few for
proof coins. If you want to buy an 1895 silver dollar, it
will cost $30,000, because they are rare.
For many years these coins were not used
except out west where people used them. Other people didn't
like them because of their size. They were used in casinos in
the slot machines.
In the 1940's and 50's you could go to a
bank, give $100 and get $100 worth of brand new silver
dollars. In 1960 people got interested in silver dollars and
the price of silver started going up. Coin dealers were
promoting it, people started collecting them. In 1965 the
silver was taken out of dollars, halves, quarters and dimes,
and they became clad coins, like we have today. In the 1980's
the Hunt brothers tried to corner the silver market. Coin
dealers were giving $20 for a silver dollar. People started
collecting the coins. The silver dollar and the penny are the
two most collected coins. They were the first example of
coins no one used.
George inherited his collection from his
father and his brother. When his uncle wanted a certain coin,
he would call his sister in Reno. She would go to the
casinos. Many of his dollars are from the slot machines.
The next dollar in circulation in 1971-1978
was the Eisenhower dollar. It has a picture of Ike on the
front and an eagle landing on the moon. The coin was never
used, except by collectors. It was only minted for a few
years; it was a big coin.
In 1974 Congress donated $9 million from the
sale of proofs to Eisenhower College in New York. (In 1982 it
closed)
The next coin was the Susan B. Anthony
dollar. The mint was reacting to complaints that big coins
were hard to use. They put a small coin, the Anthony dollar,
which is the size of a quarter. Originally it was to have a
picture of Lady Liberty on the coin, but a women's lib group
said there was never a picture of a woman on a coin, so Susan
B. Anthony was put on the coin. It was used from 1979-81,
with a few being used in 1999. The coins didn't fit in any
coin machines, so it was rejected. There were $8 million in
the vaults over the years. Banks still have these coins.
They were useless because they were the size of a quarter. He
asked if anyone used the coin. The government was so
desperate to get rid of the coins that they were given to
G.I.'s in Germany as pay. (Banks wouldn't accept them)
The latest dollar issued in 2000 was the
Sacagawea dollar. It was made to fit machines, subways, etc.
The government tried to promote the coin. The picture on the
coin is a portrait of an Indian woman who helped Louis &
Clarke.
The U.S. is the only country using a paper
dollar. People
are satisfied with the system. About 2/3 of
paper dollars are overseas. When he travels he takes $100 in
one dollar bills. Paper money wears out in 18 months, coins
last 50 years. It cost 13 cents to mint Sacagawea, and only 3
cents to print the dollar.
ANNOUNCEMENTS
The District Convention will be held
July 30-31 in Dothan.
The RSVP Luncheon will be September
15th at the Civic Center. Volunteers are needed to help
people get off buses.
Pancake Day has been set for March
12th.
A Fall Membership Drive was discussed
at the Board meeting. President Winstead has
challenged every member of the Board to come up with 15
prospects to come to the Club and he challenged each member to
come up with 5. His personal goal is to bring in 20
prospects. He would like each one of us to search and seek
someone to join the Club.
George Worley is working on a
Family Day. We plan to celebrate our 30th Anniversary at
that event.
John Roddan said we should increase
attendance at meetings. Please contact those who haven't been
attending.
ENTERTAINMENT
Al McLellan quoted a passage from the
book "History of American People" by Paul Johnson.
LAST
WEEK'S GUESTS
Dave
Morris had his grandson, James Morris, join him for
breakfast. He's visiting from Prescott, Arizona.
ILL
MEMBERS
Ken
Robertson had a 6 hour operation on his brain and is
recovering at home. We wish Ken, a very faithful member, a
speedy recovery.
FUNNY
COMMENTS
Jerry Evelan had some funny reasons why old guys should
fight wars rather than 19 & 20 year olds.
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