ATTENDANCE: 26 members & 2 guests (Alex Z. and Cass S.)
BARRY’S BUDGET: $2,465.
OPENING DISCUSSION: The meeting was brought to order at 7:40PM by Mike J: 1) if you have not received your copper or silver “Canada 150” club medallions please see Barry. 2) Canadian Coin News published part of Mike A’s last newsletter. 3) the club constitution needs updating and all we have is a 1962 version. Jim H will check if he has a copy of a possible 1972 update in his files and Mike J appointed Jim to the Constitution Committee. 4) upcoming coin shows include Nuphilex in Montreal on Nov 10-12 at the usual location. Details here
5) Canada 1954 two dollar E/R test note: Mike J recently found an example in his inventory, which would be the fourth known. A “test note” is printed and put into circulation to observe the effects of wear and tear over time. So very few notes from this series would have survived in good condition, however Mike’s note graded AU58, which is the highest grade found to date! According to this link, an example in Fine is worth $10,400. The link indicates that the E/R test note “Includes the serial numbers E/R 3744001- E/R 3872000.” There are other test notes and special serial numbers, so collectors should click the link and check their collections…you may have a rare note and didn’t realize it!
Bill W was in attendance and showed us an original authentic letter dated 1937 he was given by the family of Dr. Norman Bethune in appreciation for research work Bill did.
BREAK: coffee, tea, juice and cookies provided by David. Please leave a few coins in the dish for the club!
MEETING CONTENT: Mike J and Peter M gave a presentation on Hyperinflation. In economics, hyperinflation occurs when a country experiences very high and usually accelerating rates of inflation, rapidly eroding the real value of the local currency, and causing the population to minimize their holdings of local money. When associated with depressions, hyperinflation often occurs when there is a significant increase in the money supply not supported by gross domestic product (GDP) growth, resulting in an imbalance in the supply and demand for the money. Left unchecked, this causes prices to increase, as the currency loses its value. Here is some information about German hyperinflation:
Why did it happen? Hyperinflation probably happened because the Weimar government printed banknotes to pay reparations and - after the 1923 French invasion - the Ruhr strikers. Because these banknotes were not matched by Germany's production, their value fell. Why did they print more money? Inflation was exacerbated when workers in the Ruhr went on a general strike and the German government printed more money to continue paying for their passive resistance. By November 1923, the US dollar was worth 4,210,500,000,000 German marks. When did it end? On 15 November 1923, decisive steps were taken to end the nightmare of hyperinflation in the Weimar Republic: The Reichsbank, the German central bank, stopped monetizing government debt, and a new means of exchange, the Rentenmark, was issued next to the Papermark.
The Top Five examples of Hyperinflation are:
Greece, October 1944: 100% inflation every 4.5 days; highest note: 100 trillion mark
Germany, 1923: 100% inflation every 3.7 days
Yugoslavia: 100% inflation every 1.5 days
Zimbabwe: 100% inflation every day
Hungary after WWII: 100% inflation every 12 hours. Highest note: 100 quintillion Pengo
Here is an Amazon link to a book on the subject of hyperinflation in Germany: “When Money Dies”
SECRETARY’S 2¢: The 2016 Annual Report for the RCM is available here
On pages 86-87 you will find the production figures for each Cdn circulation coin in 2016.
RAFFLE: the club raised $151 and gave away a beautiful Canada 1909-1998 PL set worth $100.
NEXT MEETING DATE: November 21,2017 at 7:00 p.m. (or come earlier if you wish to chat and mingle)
REMINDER: POINTE CLAIRE NUMISMATICA: Barry U, our treasurer, will present on this subject. Please check your collections, junk drawers and attics for anything you may own relating to Pointe Claire history and bring it in to share with the club! Looking forward to seeing you again!