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Contest - Win Morgan $ - Ancient - Bag Of Tokens - Bag Of World - US Commem

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Earle42's Avatar
United States
10038 Posts
 Posted 12/02/2017  10:08 am  Show Profile   Bookmark this reply Add Earle42 to your friends list Get a Link to this Reply
I wrote this one for a previous contest awhile ago, but it was never posted online.

A Whole Half Dime

Contest---Win-Morgan-$---Ancient---Bag-Of-Tokens---Bag-Of-World---US-Commem
Yes. that's me. No...I don't have dirt on my face. If you look carefully at the picture of my REV side, you will notice I have this awful plug going all the way through my head that sticks out through my "tail." The only upside to my plight is no one can ever say I am not worth a plugged nickel.

So how did this happen to me? I know. Most people guess I had a hole drilled through me to be put on a charm bracelet (more like harm bracelet considering what it would do to a coin). But my problems stem from an almost deaf, elderly gentleman who used me to pay for. but I am getting (ahem) ahead of myself.

The year was 1860, and I was only a few years old. I found out how truly strange the humans who made me could be. The man behind "The Incident," Mr. Ima N. Olgeezer, was no exception. However, a little background is still needed to fully understand my story.

At some time in prior history, someone, somewhere thought it would be a good idea to spend all day in the hot sun picking weeds and leaves. Then they wasted another day sorting all of the brush to lay each piece out in the hot sun! Why do this, you ask? The humans wanted to see how long it would take for the sun to crumple and totally dehydrate the leaves.

After days of working at this plant-killing task, more manpower was spent in gathering the now-worthless plant material into small bundles, and these lunatics would...get this.try to reverse the entire dehydration process by trying to put the water back into the crumpled, dead, leaves/weeds! They thought by pouring boiling water on them, that everything would be put back to normal!

It gets worse. What did they do with all the dead, newly-made-soggy, leftover plant material they worked so hard to dry out? Why, they throw it away of course!

However, even this was not the end of their ridiculous ritual. The height of human insanity had not yet been reached.

Do you know what the humans did with the now-tainted, discolored, waste-water the leaves failed to absorb? Well, naturally...they poured it down their throats! They called this weird ritual "making tea."

This "making tea" habit had become all the rage. Soon though, people got tired of working in the hot sun during the first couple of steps and sought a way to skip to the rehydrate-the-leaves part of their lunacy.

One day a brilliant idea snuck up on a man named Calabacious Theodore Leeber (who went simply by Ted. can you blame him?). The brilliant idea told Ted that people would come from all over and trade him their valuable coinage if he would give them his excess dehydrated plant remains! Since silver for dead leaves seemed a pretty smart trade, Ted opened a store where he sold four different types of tea. Below is a picture of the actual bins where Ted kept his brand name of "Whole Leaf Tea" bundles.

Contest---Win-Morgan-$---Ancient---Bag-Of-Tokens---Bag-Of-World---US-Commem
Ted priced the teas according to how exotic they were. Per small bundle, some whole tea leaves were 2 cents, some 3 cents, some were equal to my value of a Half Dime, and the rarest type of whole tea leaves were a dime per bundle (which you can see by looking at the prices at the bottom of the bins).

Now back to Mr. Olgeezer.

One day Ima had a hankering to buy some whole tea leaves to grind up (sometimes humans added this step since it seemed a fun thing to do), rehydrate, and throw away. Upon arriving at Ted's store, Ima followed the required procedure. A customer was supposed to copy the name of the item they wanted onto an order slip, and then present the slip to Ted at the checkout counter. Before retrieving items on the list, Ted made it a habit to read each order slip out loud to the customer so no mistakes would be made.

Ima only wanted a bundle of whole tea leaves that day, so he filled out the small order and gave it to Ted. The following conversation took place (remember Ima was hard of hearing).

Ted: Howdy, Mr. Olgeezer. How are you today? I hope everything with you is fine!

Ima: What's that, Sonny? Oh. time.. time. yeah...uh...'bout half pas' noon.

Ted: No, Ima, I was saying I hope you are doing well.

Ima: Nope Ted, sorry, cain't set a spell, I needs tuh git home. If'n there be any tax on this, whadduh ah owes yuh?

Ted: Uh, yeah. OK, let's check your order slip (reading the list out loud), Whole
Leaf Tea.

Ima: What's that? Speak up, Sonny!

Ted: I said, "Whole... leaf... tea."

Ima: Holes in muh teeth? No, I don't think so.

Ted: No. I was just reading what you wrote here.

Ima: Hear? Hear?! Yer right! I cain't hear nuthin' you be flappin' yer gums about! Yell
louder. Whuddah I owes yuh, tax n' all?

Ted: No tax, and you only ordered, oops, I mean...(stops, methodically lays the order
on top of the counter where Ima can see it, points to each word and yells loudly).
WHOLE LEAF, C. TED LEEBER, TEA... Half Dime

Ima: Well.if'n yuh says so. Git me a hammer 'n' nail.

Ted: Um... (Ted decided it was easier to just give him the hammer and nail instead of
trying to continue talking)

Ima: Dun weirder things I guess...



Then it happened! Ima laid me on the counter, put the nail on my head, and WHAM!



Ima: Here be thuh "HOLEY Seated Liberty half dime" yuh asked fer. Cain I have muh tea now?



*sigh*


How did I get plugged up? Well. mainly allergies.
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Taiwan
192 Posts
 Posted 12/02/2017  10:37 am  Show Profile   Bookmark this reply Add Guybrush to your friends list Get a Link to this Reply
we've hit 6 entries!

Really an enjoyable thread to read
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Zurie's Avatar
United States
5671 Posts
 Posted 12/02/2017  1:18 pm  Show Profile   Check Zurie's eBay Listings Bookmark this reply Add Zurie to your friends list Get a Link to this Reply
@Earle42 — . I didn't see that coming!
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moxking's Avatar
United States
17900 Posts
 Posted 12/02/2017  1:53 pm  Show Profile   Bookmark this reply Add moxking to your friends list Get a Link to this Reply
I've spent the last hour reading and rereading this thread and it's just plain fun. Giving everyone a chance to write anything they want seems to be working quite well.

Thanks for everyone's contributions so far.
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ElonU's Avatar
United States
703 Posts
 Posted 12/02/2017  10:51 pm  Show Profile   Bookmark this reply Add ElonU to your friends list Get a Link to this Reply
The Elder — A short essay, not really an article. :)

###

Silver. It was a one word answer.

The question, though only 6 words, was already a passion. That is, if you believe chance or consequence.

See, a boy once trusted percentages and points, more than luster and legend. Diamonds would cut thoughts, but not the same that would cut glass. Lines were far from bells, and determined what was fair or foul.

A smile. Looking up from a loupe there was a smile. He knew a boy breaking away from a diamond sparkling in bright lights on a screen had big value, and he bought it. The exact moment when one recognizes not a moment, but when THE moment of something should be shared.

This is when he looked over and said, "Sonny, check this out." He continued with something like, "this is one of the most beautiful things you'll ever see."

What was in his hand? Possibly a relic from his wartime in the Pacific, or maybe a jewel that's been handed down for generations?

With eyes wide, he swirled around in his office chair. Expectations and excitement boiled over. What is in his hand? What is so important? What is it that seems so magical?

It was about that same point a commercial break was over. The moment could've cleared as the teams took the field, then a strikeout rounded the horn of a diamond, but that didn't happen.

Placed in hand were not what was expected, but was something I and everyone else on the planet knew the purpose of.

As he placed these in my hand, he talked art, value and history. History that spanned far into the past than these specific coins minted by the US represented.

It seemed like the conversation lasted hours. When I left his home office, it had probably only been 30 minutes. Greg Maddux was still on the mound.

But it's now 30 years later. Maddux is in the Hall, I still love baseball, Grandfather has passed, but my dad, brother and I still talk Coins.

The question was, "Grandfather, what are you looking at?"

Tradition, knowledge and sharing speak so far past a 6 word question and a 1 word answer.

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spru's Avatar
United States
12477 Posts
 Posted 12/03/2017  12:38 am  Show Profile   Check spru's eBay Listings Bookmark this reply Add spru to your friends list Get a Link to this Reply
That was excellently put together, ElonU!

I like it.
In Memory of Crazyb0 12-26-1951 to 7-27-2020
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In Memory of T-BOP 10-12-1949 to 1-19-2024
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moxking's Avatar
United States
17900 Posts
 Posted 12/03/2017  07:37 am  Show Profile   Bookmark this reply Add moxking to your friends list Get a Link to this Reply
Every contribution has been specific to the author. I will thoroughly enjoy shipping those 6 packages.
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scopru's Avatar
United States
5029 Posts
 Posted 12/03/2017  08:35 am  Show Profile   Bookmark this reply Add scopru to your friends list Get a Link to this Reply
ElonU. Your write up took me to a set of memories about my grandfather I have not visited in far too long. Thank you.

Mox I do not envy your choice when ordering these. I am sure other submissions are forthcoming as well, but thus far you have a great set of submissions that go from technical to the emotional. Kudos to you for a very engaging contest.
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Coconutjoe's Avatar
United States
1475 Posts
 Posted 12/03/2017  2:16 pm  Show Profile   Bookmark this reply Add Coconutjoe to your friends list Get a Link to this Reply
ElonU,

It was a joy to read your post. Although English is my second language, I envy your writing skills.

And Moxking, thanks for the unique contest. There are some interesting and helpful posts by members.

Oh, and congrats on your 10K+ posts. A respectable achievement in the forum, IMO.
Edited by Coconutjoe
12/03/2017 2:20 pm
Pillar of the Community
United States
1901 Posts
 Posted 12/03/2017  3:25 pm  Show Profile   Bookmark this reply Add Mrzllewellyn to your friends list Get a Link to this Reply
Congrats on your 10k posts I can not write like these guys so I will sit out on this one.

Graduated but late it was a struggle taking English multiple times for each year.
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ElonU's Avatar
United States
703 Posts
 Posted 12/03/2017  4:40 pm  Show Profile   Bookmark this reply Add ElonU to your friends list Get a Link to this Reply
Thanks folks! There are some really good articles in here and I appreciate this awesome contest. Really a testament to good people in this community. It's inspring me to possibly do a contest for my 500th post :)
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Bump111's Avatar
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3324 Posts
 Posted 12/04/2017  3:20 pm  Show Profile   Bookmark this reply Add Bump111 to your friends list Get a Link to this Reply
I know I beat this subject to death, but it is a favorite of mine:

I've always been interested in the mechanisms behind economic recessions and depressions. In particular, the Great Depression of the 1930s has become the definitive study for failed monetary policy. This is a short treatise on that event and the corresponding decrease in production of U.S. coinage during those years. I provided a link to another article several months ago, but here is a synopsis gleaned from several different papers on the subject. These references include Terrance Chapman, N. Gregory Mankiw, Bruce True, Anna Schwartz, Milton Friedman and others. I'm not trying to present an exhaustive discussion here, and I'm sure there are others in the forum who will have differing opinions on the subject.

First, the Great Depression came about due to many factors. Arguably, the two most influential of these were the Federal Government's strict adherence to the Gold Standard, and a cyclical rise in consumer price index in the late 1920s. Consumer spending decreased toward the end of the 1920s, partially due to economic fatigue (party on) and partly because interest rates were creeping up. Nominal rates just prior to the beginning of the depression were about 4.5%, a product of the bullish Stock Market among other things. Although established rates dropped below 1% during the depression, when the consumer price index and gross national product are factored in, effective interest rates rose to nearly 12% during the "trough" period of the depression. Second, shackling U.S. economics on an artificially fixed gold price effectively limited the ability of the Federal Reserve to affect the money supply in a meaningful way. Limited access to money due to unemployment meant limited spending - limited spending meant reduced productivity, meant less jobs. You see the slippery slope.

The fact that spending decreased and money supply did not correspondingly decrease, meant that there was a surplus of money in the U.S. That surplus caused our money to become devalued. The Federal Reserve could not effectively control deflation at the time, but it could do everything in its power to reduce the supply of money. As a result, production of U.S. coinage was ordered reduced or stopped altogether, depending on denomination. Meaningful steps were not taken by President Hoover's administration, and nothing really improved until President Roosevelt took office and pushed through wholesale changes in the Fed.

It's interesting to see a chart of coinage production during the late 1920s and early 1930s. Although there were earlier intermittent drops in production for various reasons, the change between 1929 and 1933 is dramatic. No half dollars were minted 1930-1932. Quarter dollars were not minted in 1931 or 1933. Nickels and dimes were absent in 1932 and 1933. Also, coins that were produced were released in smaller numbers. The total value of minted coins is as follows: $13,990,400.00 (1929), $6,290,510.00 (1930), $928,420.00 (1931 ), $1,757,820.00 (1932), $1,098,600.00 (1933). By 1934, the value of minted U.S. coins had risen back to pre-depression levels, $25,827,980.15. I did not include dollar mintages, because their production was mandated by legislation rather than supply/demand. When the Pittman Act was satisfied (in 1928), production was halted. It was resumed for a time in the mid-1930s because of historically low silver prices. Wikipedia even claims that the U.S. Mint paid for a large portion of the silver required for minting these 1934-1935 Peace dollars in . Silver Dollars! It was basically getting more "bang for their bucks". I also did not discuss gold coinage because President Roosevelt ordered that they be removed from circulation - as a direct result of the country's migration away from the gold standard.

I have been pursuing a "Depression Era" set for years. As many of you know, this is an expensive proposition at higher grades. But, I think it will represent a fascinating time in U.S. history and coinage. I have all the Lincolns, Buffalos and Washingtons. Need nicer examples of the SLQs. Need all the Winged Libertys. Could use an upgrade for the '29 and '33 Walkers. If I ever finish, it will make a really neat post on CCF!

Edited to correct spelling
"Nummi rari mira sunt, si sumptus ferre potes." - Christophorus filius Scotiae
Edited by Bump111
12/04/2017 3:22 pm
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moxking's Avatar
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 Posted 12/04/2017  3:48 pm  Show Profile   Bookmark this reply Add moxking to your friends list Get a Link to this Reply
Hey Bump,

First, I have published a book on depression era coinage and especially the resulting tokens, primarily during the 1929-1934 years, so I am quite fluent concerning the subject (891 pages, over 1 million words).

While your very brief synopsis did attempt to highlight specific reasons why the depression occurred you did leave out one of the most important aspects of that monetary failure.

That being that the vast majority of farm land was mortgaged and it was quite common for owned land to be used as collateral for even more land and with larger payments due. Likewise, the percentage of owned property, regardless of type, that had standing mortgages increased significantly as well.

At that time there were many states, including almost the entire south, that had a disproportionate percentage of taxes collected tied to property tax. When the balance of payments that could no longer be sustained from land taxes dropped nearly 40% in a single year, many states (Mississippi first) contemplated bankruptcy FOR THE STATE.

Coupled with the fact that there was a large percentage of the population that had no food, shelter, nor any kind of prospect for work. Many states were unable to help any of those desperate people with any assistance whatsoever.

What saved those states that were on the verge of bankruptcy? The introduction of sales taxes (similar to those used today) beginning in 1933.

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Bump111's Avatar
United States
3324 Posts
 Posted 12/04/2017  4:40 pm  Show Profile   Bookmark this reply Add Bump111 to your friends list Get a Link to this Reply
Wow. I didn't realize I was trying to discuss a topic that you are extremely versed in! Maybe I should have tried something else. But, it is very interesting to me and I've read several papers on the Depression itself. In no way am I an authority on U.S. economics! I was more interested in the specifics of how it related to coin production, though. Hope it was, at least, an entertaining read. I'd be interested in reading your paper.
"Nummi rari mira sunt, si sumptus ferre potes." - Christophorus filius Scotiae
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moxking's Avatar
United States
17900 Posts
 Posted 12/04/2017  6:39 pm  Show Profile   Bookmark this reply Add moxking to your friends list Get a Link to this Reply
I certainly didn't mean to hijack your topic. You might consider sales tax tokens as state issued "money" with hundreds of types and varieties and few over a few dollars each.

The history of those tokens would meld well with your interest in the depression era. Let me know if you have such an interest and I can supply you with whatever details you might desire.

Loved your article.
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