May 29th 2021.
Upcoming club
meetings:
Monday 7th June – 8pm.
·
Subject - This
will be another ‘Zoom’ meeting, open to all members. We will be having a talk
from Chris Moore as well as bringing members up to date with any developments.
Annual
General Meeting
Please
find attached some papers relating to the AGM. These include a statement of accounts.
We will audit the accounts in the next year as there are so few entries to
consider.
Committee
members
Once again it has come to that time when we need to elect a new
committee. The current committee members have been doing the job for far too
long and could do with a rest. Added to that Mick is having to leave the
committee (see below). There are very few physical committee meetings these days,
not due to Covid but because most of the work is done electronically, so the
job should not take up too much of anyone’s time. A committee is vital to the
running of the club and there will be no club if there is no committee.
May Meeting
John opened the meeting with thirteen people in
attendance. The ‘Roadmap’ still remains in place at the moment, so there is a possibility of a physical
meeting in July – Peter is investigating further with the Church. The meeting
would be more of a social thing, no talk arranged and possibly with mince pies
and biscuits. It might be possible for dealers to come along,
it will depend on the discussion with the Church. One dealer has already
expressed an interest in attending. It is also quite likely that we would
include a very brief Annual General Meeting in July, postponed from June.
We then came to William’s
talk, called Connecting Coins.
William has been collecting for
over thirty years. Starting in Czechoslovakia when only six years old William determined
to collect a full set of the circulating coins for all the countries he visited.
Over the years he has visited about seventy-five countries and consequently has
built a quite comprehensive collection. Interestingly, many of the coins he has
collected were from street vendors at the side of the road leaving him with a wealth
of memories, such as an half hour spent chatting in
Spanish to a street vendor in Nicaragua, bargaining hard with a Moroccan
merchant in Marrakesh for a silver 20 Franc piece or the delight in coming
across a coin shop in an obscure South American town. Such interactions are a
large part of what makes the hobby interesting. Whilst visiting other
countries, William always researches first to see if there are numismatic
museums to visit. He finds that collecting coins abroad makes him think about
the interconnectivity of the countries involved, their histories and their
futures.
William had a small
collection of decimal coins when growing up and can just remember the original ‘large’
5 and 10p coins in circulation and in lockdown he has focussed on UK
pre-decimal coinage. When he started travelling in his late teens
he noticed that many of the coins he encountered were of a similar size to the
UK pre-decimal coins. He illustrated this point with a set of coins from early
20th C Bolivia and pointed out that from the 16th C various
countries issued silver coins of about 38mm and 25gm for the purpose of
trading. The UK Crown, the Spanish Peso (‘pieces of eight’) and the Maria
Teresa Thaler spring to mind.
Though William does not own
a genuine ‘pieces of eight’ coin he has visited the Potosi mine in Bolivia from
which most of the silver for them was extracted. Coins like the crown, peso or
British Trade Dollar were fairly interchangeable
enabling currency exchange and trade to be easily carried out and this
continued in the Far East until the 1930s. It is known that the Spanish Peso or
dollar circulated widely in North America before the revolution and after independence
the US adopted the name dollar for their currency, with the Peso remaining
legal tender until 1857. The name dollar is an Anglicised version of Thaler,
the Thaler being from Bohemia as far back as 1518. Before that Wenceslas II had
issued Groschen, a similar coin again of good quality silver.
Next William moved on to his
time in Australia. He revealed that when the colony of New South Wales was
founded in 1788, it too had a lack of coins. The British Government sent
£10,000 of Spanish dollars to alleviate the situation. The coins were stamped
into the ‘Holey Dollar’ and the Dump, to ensure they stayed within the colony.
This carried on till 1822 when they were replaced with Sterling. They are
extremely rare and sought after fetching approximately £125,000! Sadly, William
doesn’t have one in his collection.
William showed coins from
India, Rhodesia, New Zealand and South Africa and there are many others,
further emphasising the similarity in size of the coins issued by different countries,
a trend that continued even after various of the countries went decimal.
William pointed out that there
is no longer any link between the intrinsic value of the coin and its face value.
The last vestiges of this link were dropped in 1973, though most countries came
off the gold standard in the 1930s. So the question
arises, what is the coin worth if it no longer has an intrinsic value?
Countries like the US and the UK and most of the Western world rely on the
trust of the governing bodies to uphold the value of the coinage but not all
countries are so well behaved. William cited Brazil as an example with the Real
being replaced in 1942 by the Cruzeiro Antigo, itself being replaced by the
Cruzeiro Nueva in 1967, again replaced by the Cruzado in 1986 and again by the
Cruzado Novo in 1989, the Cruzeiro till 1993 and the Cruzeiro Real till 1994 and
finally a relatively stable Return to the Real in 1994. Commentators at the
time mad the quip that ‘Brazil should have just kept it Real’.
Moving next to Argentina,
William reported how he was acquainted with the history of the country via its
coinage at the Argentine Numismatic Museum. Argentina issued two ‘Las Malvinas’
coins, purely for political reasons.
Similar to Brazil, we had the story of Uruguay. The Peso was replaced by the Nuevo
Peso in 1975 and replaced again by the Peso Uruguayo in 1993. As William pointed out you could follow the
politics of the country from the changes in the coinage, once the ‘intrinsic
value’ link had been lost and inflation set in. And talking of inflation
brought us to Zimbabwe. The first Zimbabwean Dollar was issued in 1980 at near
parity with the US dollar and the country was regarded as stable and
prosperous. However things soon changed, inflation
began to rise with $2 coins in 1997, $5 coins in 2001 and both $10 and $25
dollar coins in 2003. When eventually hyperinflation hit, the effort to keep up
with coins was too great and only paper money was issued with the One Hundred
Trillion dollar note issued in 2009. The old notes are now sold as souvenirs as
they no longer have any value.
Following the stories
of immense instability, William now asked ‘How do you find stability?’. Some countries,
like Switzerland are so stable they have very low inflation
and the coinage reflects this, with some still circulating from the 19th
Century. One way is to peg your economy to a stronger one. For example, Panama
is pegged to the US dollar and even the coins are similar sizes to the US ones.
Ecuador used silver coins till the 1930s but after large bouts of inflation
they adopted the US dollar as their official currency and only used US paper
money. This led to a fairly stable currency a fact
noted by Zimbabwe, who also tried this method but ran out of US greenbacks, so
issued their own notes and the system fell apart.
Next William asked ‘What’s it worth?’, just what sort of values do you
need to circulate to support trade? He had come across the way that travellers
are often charged inflated prices compared with locals. This can make it
difficult to acquire a complete set of coins as prices are always rounded up. As
to the value of circulating coins, in Honduras there was a set of coins called
Lempira, each worth about 3p sterling but divided into 100 centavos, and the 1
centavo coin still circulated in markets and such like. Compared with a coin
like the stable Swiss 5 Francs, you would need about 13,000 centavos to get the
same value. It is surprising that quite such a disparity in the value of
circulating coins exists. In the 19th Century, Brazil had gold coins
that would circulate but at today’s prices would be about £650.
After this William asked “What’s it for?”, why does he collect coins? It’s not just about the history, he also appreciates the
designs that reflect the nature of the countries visited, for example the animal
designs on the Botswana coinage or the Religion and culture reflected in the
design of Moroccan coins. Nepal has a date system 58 years and 8 months ahead of
our dates, so its tricky checking when the coin in your hand was actually issued and there is no system for value
corresponding to size or metal type.
In Australia, William
visited the principality of Hutt River, set up in 1970 with an area of 75
square kilometres. In an historic quirk
the “Free Settlement of Swan River” was never declared a UK territory and
Prince Leonard the land owner set it up as a principality
to avoid paying Australian taxes. It later became a tourist site but was
dissolved in 2020. William met Leonard and his wife and collected a set of the
coins issued for the principality. To bring his talk to a conclusion, William
reported that several people have advised him to specialise, though it seems doubtful
he ever will. As to the value of such a collection, he has no idea, most likely
very little but it has been fun making the collection.
Michael reported that because
of its stability you can still find Swiss coins going back to 1850 (the design
is essentially unchanged) and that the Royal Mint has now made a 16oz gold coin
for circulation, nominal value £10,000 though only one has been produced and
already sold for a sum in six figures. William then reported that the Perth
mint has a gold coin on show with a face value of one million Australian
dollars.
Our thanks go to
William for a very interesting and well
illustrated talk.
Mick
Our current Chairman Mick is
moving out of the area though he hopes to pop back from time to time. Mick will
be greatly missed, not only by the committee which he has kept in order for more years than he’d care to mention but also
by all the other members of the club who have benefitted from the many talks
and displays (5 full lectures, 8 short talks and 11 short papers) he’s given since
1999. Added to which his generous sharing of his vast numismatic knowledge and
his engagement in the social activities of the club have made him one of our
most popular members. We wish Mick and Gita all the best for the future and
hope its not too long before we can invite him back as a guest speaker.
Subscriptions
It is our
intention to once again not charge subs for existing members in the coming year.
This measure is to encourage our existing members to return to the club when we
reopen.
Past Events
·
10
years ago – Derek Aldred spoke about the
Beachy Head Hoards of 3rd Century Roman Coins
·
20 years ago – “English Banknotes” – John Keyworth
·
50 years ago –
“Roman Coins and their Relation to History” – Mr B.H.
Grove