The Corbin Times-Tribune from Corbin, Kentucky • Page 7

MONEY CLIPS by Led By Chose Manhattan Corbin Times, Sunday, Novtmbfr 22, 7 i Beware of the Counterfeit--Part Major Banks Lower Prime Rate 1i A counterfeit is an imita- tion fabricated in the sem- blance of a genuine; an al- coin is i changed in any degree to re- semble another--a forgery. While there is a technical difference in the legal inter- pretation, there is no notice- able difference in the dam- age to our economy caused by the existence of either and for that reason "altered coins" must be considered a part of this series. In Chapter IX of "Cowles Encyclopedia of U.S. Coins" under Counter- feit and Unauthorized Coins, an altered coin is described in part as follows: i An Altered Coin "A genuine coin'changed in any degree to resemble a genuine coin of exceptional value--having been produced or caused to exist under un- usual '(Mis- struck or low-mintage coins issued by a particular mint during" a given year.) It may have the qualifying fea- ture (date numeral, mint mark or any one element in the design) added by apply- ing one lifted from a lesser specimen and 'laid on' by any method of adhesion; en- a i or re-engraving; a i an existing fea- ture to resemble another and building the desired feature through an electrotype proc- ess." A typical example of an altered a "laid-on" qualifying feature is the 1932 Washington quarter with an or mint letter referred to in a recent Money Clips article. The article suggested that a quarter of that date with an mint mark found by a reader be authenticated to determine whether or not it had been altered.

One type of 1932 or Washington quarter forgery is made by "lifting" the or mint letter from a less valuable specimen of this particular issue and "laying SorD By CAROLE MARTIN AP Business Writer NEW YORK (AP) Sweep- ing trade legislation that would set quotas on imports of textiles and shoes won approval in the House this past week and Chase Manhattan Bank led a move to a lower prime rate for the second time in nine days'. The trade hill, while imposing quotas; gives the President broad powers to coun- tries and categories and to ne- gotiate agreement with sup- plying countries that would per- mit more imports, than the for- mula in the bill. The fate of the legislation in the Senate remained uncertain, and there was still the possibili- of a presidential veto, al- though the White House failed to reveal President Nixon's posi- tion on the measure after the House vote. Late Friday Chase Manhattan announced it would reduce the rate of interest it charges its biggest and most credit-worthy customers, to 7 per cent, effective Monday. The Bank of America, the nation's largest, immediately followed the move as did several smaller banks across the country.

Most other major banks said they would consider the move early next week. There was good news, too, for the airline industry Friday. The Civil Aeronautics Board ap- proved air fare adjustments ex- pected to increase airline an-- nual revenues by at least $80 million. Also in the wake of the mid- term elections it was learned there would be some new faces shortly in key economic posi- tions with the Nixon Adminis- tration. It was revealed last weekend that Hamer H.

Budge would step down at the end of the cur- rent lameduck congressional session as chairman of the Se- curities and Exchange Com- mission. Maurice Mann, top economist with the Office of Management and Budget and an advocate of a more stimulative monetary policy, resigned effective Nov. 30. And speculation intensitied during the week that Treasury Secretary David Kennedy was preparing to leave the Cabinet. The SEC chairmanship could be considered the ideal political plum, but with the difficulties facing the securities industry, President Nixon was expected to give gieater credence to a man's ability to handle the pressing responsibilities than to his political credentials.

The most frequently men- tioned a in'discussions about a likely successor to the 70-year-old Budge was that of Edwin D. Ethenngton, former president of the American Stock Exchange. i Etherington left to become president of Wesleyan University, in Middletown, 1 several years ago, and resigned that post to seek the U.S. Senate nomination in Connecticut this year. He was defeated in the primary by Lowell Weicker, who went on to win the Senate seat earlier this month.

Other names also have.been mentioned, including that of Ralph Saul, (he current Amex president; SEC members Rich- ard Smith and James Need- ham; SEC general counsel Phil- ip Loomis and Peter Flani- gan, a special assistant to the President. it on" one produced at the Philadelphia mint, i bears no mint letter. It is rather easy to do but, in most cases, the results are crude and a i de- tected with an ordinary mag- nifying a many are done with pains- taking care and i short of a 30-power stereo- scope will spot the point of contact between the letter and the surface of the coin. The edge is usually black Where a letter or numeral has been soldered on under heat and no a of cleaning or burnishing will conceal the fact. Other methods of adhering qualifying features to the surface involve the use of liquid solders 'or epoxies.

This process often leaves a "cave" around the letter or a where the edge hangs out over the adhesive material. Usually a lacquer thinner bath or soaking in an ether solution will loosen the letter or numeral but some of- these fakes have resisted all of the foregoing proc- esses, necessitating further study by X-ray spectogra- phy. Reason for Fakes Lifting a mint letter from one: coin and meticulously a i it on 1 a seemSi like awful lot of trouble just to 'forge' a col- lector's item''and, 1 in 'some cases, the time and effort in- volved amount to more than the market value of the coin. But, in the case of the Wash- ington 1932 or quarter, the efforts are justified, if such a thing is possible. There were only 436,800 quarters struck at the Den- ver mint in 1932 and 408,000 struck in San Francisco.

In 1947, the 1932-D was valued at $17.50 and the 1932-S was valued at $10. In 1949, the Denver piece jumped-to $37.50 and the San a i coin moved to 1959, Washington quarters with a mint let- ter were listed at $70 each and those with an mint letter had barely moved to $32.50. By 1969, both coins had soared to a retail value of $225 apiece for the 1932-D and $115 for the 1932-S. If you have a Washington- head 25-cent piece with the date 1932 and the mint letter S'or please have it exam- ined by an expert. If it is genuine, keep it, don't sell.

If it is a fake, surrender it to your nearest agent of the U.S. Secret i for which he will give you a re- ceipt. Don't try to pass it off on an unsuspecting collector at a ridiculously low price just-to get rid of it. Remem- ber, there are no rare or scarce coins going at bar- gain prices and, before a collecter closes the deal for either one of these quarters, he will have it checked. Enterprise Assn,) The third printing of "Cowln CgmplMt of U.S.

c.W'..W'M9ftM!. u-off th. prenei. lack oraen now. an being filled.

To get a copy, lend your name, addreii and $7.95 per copy to Coin Encyclopedia, (name newtpaper), P.O. lox 419, Dept. (tint three your Zip Code), Radio City Station, New York, N.Y. 10019. Only By Prescription Aspirin Called Health Hazard CHICAGO (AP) A surgeon- researcher says aspirin is a health hazard and should be sold only by prescription along with all other potent drugs.

Dr. Rene Menguy, professor of surgery at the University of Chicago, said Monday it has long been known that aspirin can cause internal bleeding and death, yetjt contin-. ues to be sold over trie counter. Menguy told a press confer- ence at the clinical congress of the American College of Sur- geons there are no statistics on aspirin-related fatalities, but that he would guess there are 1,000 a year. About 20 million pounds of the drug are used each year in the United StaTes.

Menguy and a colleague, Dr. Adele Mae Gottschalk, reported results of a study they made on the effects of aspirin on the sto- rnachs rats. Aspirin should never be taken on an empty stomach, he said, and the worst time to take it is when suffering from a hang- over, because alcohol increases -the damaging effect CORBIN PHONOGRAPH MUSTANG II This Outstanding Stereo features Solid State Performance, 4-Speed Drop- Down Changer, Holds Up to Six Records, Positive Selection of 7" Discs With Repeat Play Option, 45 HPM Adapter Included, GE Man-Made Diamond Stylus, Stereophonic Ceramic Cartridge --Two Detachable Speaker Enclosures With 4" Dyna- coustic Speakers, Separate Up To 12 Feet. Only 95 EXTRA-ONLY LAY'S OF CORBIN JOE KARNS, OWNER "After fltt Tlw Service Cmmts" 1014 S. MAIN PH.

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