Coins and Currency Weekly
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Coins and Currency Weekly
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Coins and Currency Weekly(c) is Published by Alan Cohen See bottom of message for unsubscribe instructions April 18, 1999 Issue #15 Frequency of this publication Lately, seems like the title should be Coins and Currency Monthly. I’ve been quite busy the past few weeks, and it does not seem that I will be any less busy over the coming two months. I will try to publish as often as I can though. 1943 Penny A story about an Idaho man’s rare 1943 copper penny made national and possibly international news over the past couple of months. He reported that this coin was accidentally spent, and this in turn caused a ton of questions. I’ve answered this many times, as have other numismatists. This coin was reported to also be worth a very large sum of money. There are many reasons why this story is not true, but first, a brief history of the 1943 one cent coin. Due to shortages because of WWII, the composition of the coin had to be changed to steel. (Actually, mostly steel, and a little zinc) - This made the coin like more silver than the traditional copper color. This was a one year change, and one cent coins looked the same as they did before in 1944 until today. Because the coin is mostly steel, it does have a magnetic attraction. There were a few copper 1943 pennies made, and these coins can be valuable. However, they are very rare, no more than a few dozen exist. There are also quite a few counterfeit coins out there. The most valuable one of these sold for over $70,000 a few years ago, but much less than the reported value of several hundred thousand dollars. Common 1943 one cent coins can be purchased for a quarter to several dollars, based on their condition. Because of the composition, these coins have really not worn too well over the years, many are corroded! There is more information at the Coin World Web Site at: http://www.coinworld.com/cwmag/pennies.html Noteworthy News by Keith M. Waugh Sr. keithwaugh@email.com U.S. Fractional Currency Fractional Currency notes, of which there were 24 distinctly different varieties, were issued from August 21, 1862 through February 15, 1876. These notes were authorized during the early years of the Civil War to alleviate the critical trade conditions caused by a serious shortage of coins. Accordingly, on the recommendation of Treasurer of the United States F.E. Spinner, Congress passed the Act of July 17, 1862, which authorized an issue of 5, 10, 25, and 50-cent notes. These became known as Postage Stamp Currency because they bore facsimiles of the then current 5- and 10-cent postage stamps. Later issues of these notes were called Fractional Currency and were authorized by another Act of Congress on March 3, 1863. Issue Denominations Periods of Circulation First 5, 10, 25 and 50 cents August 21, 1862-May 27, 1863 Second 5, 10, 25 and 50 cents October 10, 1863-February 23, 1867 Third 3, 5, 10, 25, and 50 cents December, 5, 1864-August 16, 1869 Fourth 10, 15, 25, and 50 cents July 14, 1869-February 16, 1875 Fifth 10, 25 and 50 cents February 26, 1874-February 15, 1876 Star Notes When an imperfect note is detected during the manufacturing process after the serial number has been overprinted, it must be replaced with a new note. A "star" note is used to replace the imperfect note. Reusing that exact serial number to replace the imperfect note is costly and time consuming. The "star" note has its own special serial number followed by a star in place of a suffix letter. The serial number of the imperfect note that was removed is not used again in the same numbering sequence. "Star" notes are quite common and are not considered collectible items. Staple Holes? I recently acquired an 1800s Japanese "Shogun" note, currency printed by an individual Warlord for circulation in his particular province. It is printed on thick rice paper, similar in feel and texture to cardboard. In my particular note are three small holes and what appears to be a tear along one edge. Looking closely, I immediately recognized the holes for what they were. worm holes! Having spent a lot of time on my grandfather's farm in Illinois, I recalled seeing the same holes and tracks (the tear) through corn husks. After this realization, my imagination immediately began working on the circumstances of a nineteenth century Japanese worker that would allow rice worms to begin munching on his hard earning cash. Even though these holes detract from the overall value of the note, to me, they give it character and brings me closer to a person from another time and culture. Until Next Time, Alan Cohen Distribution Coins and Currency Weekly(c) (CCW) is published by Alan Cohen. It is a weekly newsletter devoted to coins and currency - Current news, viewpoints, and other collecting information. This newsletter is distributed free of charge, and available two ways. 1) On-Line on the World Wide Web. The address is: http://www.coinmall.com/ccw - All back issues are archived at the web site. 2) Direct e-mail. Send a message to: ccw@coinmall.com If you wish to unsubscribe from CCW, you need to send a message to the following address: ccw-request@ListService.net In the Body of the Message: address, just type UNSUBSCRIBE