Paper Money - Vol. LII, No. 3 - Whole No. 285 - May - June 2013

PAPER MONEY OFFICIAL JOURNAL OF THE SOCIETY OF PAPER MONEY COLLECTORS VOL. LII, NO. 3, WHOLE NO. 285 WWW.SPMC.ORG MAY/JUNE 2013 To each his own . . . The notes we collect may vary but our appreciation for them is much the same whether modern small size U.S., obsoletes, or what have you . . . *May-June 2013 Paper Money_Jan/Feb Cover 4/1/13 1:19 PM Page 1 *May-June 2013 Paper Money_Jan/Feb Cover 4/1/13 1:19 PM Page 2 Paper Money • May/June 2013 • Whole No. 285 161 TERMS AND CONDITIONS PAPER MONEY (USPS 00-3162) is published every other month beginning in January by the Society of Paper Money Collectors (SPMC), 101-C North Greenville Ave. #425, Allen, TX 75002. Periodical postage is paid at Hanover, PA. Post master send address changes to Secretary Benny Bolin, 101-C North Greenville Ave. #425, Allen, TX 75002. © Society of Paper Money Collectors, Inc., 2013. All rights reserved. Reproduction of any article, in whole or part, without written permission, is prohibited. Individual copies of this issue of PAPER MONEY are available from the Secretary for $6 postpaid. Send changes of address, inquiries concerning non-delivery, and requests for additional copies of this issue to the Secretary. MANUSCRIPTS Manuscripts not under consideration elsewhere and publications for review should be sent to the Editor. Accepted manuscripts will be published as soon as possible; however, publication in a specific issue can- not be guaranteed. Include an SASE for acknowledg- ment, if desired. Opinions expressed by authors do not necessarily reflect those of the SPMC. Manuscripts should be typed (one side of paper only), double-spaced with at least 1-inch margins. The author’s name, address and telephone number should appear on the first page. Authors should retain a copy for their records. Authors are encouraged to submit a copy on a MAC CD, identified with the name and ver- sion of software used. A double-spaced printout must accompany the CD. Authors may also transmit articles via e-mail to the Editor at the SPMC web site (fred@spmc.org). Original illustrations are preferred but do not send items of value requiring Certified, Insured or Registered Mail. Write or e-mail ahead for special instructions. Scans should be grayscale or color at 300 dpi. Jpegs are preferred. ADvERTISINg • All advertising accepted on space available basis • Copy/cor re spond ence should be sent to Editor • All advertising is payable in advance • Ads are accepted on a “good Faith” basis • Terms are “Until Forbid” • Ads are Run of Press (ROP) unless accepted on premium contract basis • Limited premium space/rates available To keep rates at a minimum, all advertising must be prepaid according to the schedule below. In exceptional cases where special artwork or additional production is required, the advertiser will be notified and billed accordingly. Rates are not commissionable; proofs are not supplied. SPMC does not endorse any company, dealer or auction house. Advertising Deadline: Subject to space availability copy must be received by the Editor no later than the first day of the month preceding the cover date of the issue (for example, Feb. 1 for the March/April issue). Camera-ready copy, or electronic ads in pdf format, or in Quark Express on a MAC CD with fonts supplied are acceptable. ADvERTISINg RATES Space 1 time 3 times 6 times Full Color covers $1500 $2600 $4900 B&W covers 500 1400 2500 Full page Color 500 1500 3000 Full page B&W 360 1000 1800 Half page B&W 180 500 900 Quarter page B&W 90 250 450 Eighth page B&W 45 125 225 Requirements: Full page, 42 x 57 picas; half-page may be either vertical or horizontal in format. Single-column width, 20 picas. Except covers, page position may be requested, but not guaranteed. All screens should be 150 line or 300 dpi. Advertising copy shall be restricted to paper currency, allied numismatic material, publications, and related accessories. The SPMC does not guarantee advertise- ments, but accepts copy in good faith, reserving the right to reject objectionable material or edit copy. SPMC assumes no financial responsibility for typo- graphical errors in ads, but agrees to reprint that por- tion of an ad in which a typographical error occurs upon prompt notification.
Paper Money Official Bimonthly Publication of The Society of Paper Money Collectors, Inc. Vol. LII, No. 3 Whole No. 285 May/June 2013 ISSN 0031-1162 FRED L. REED III, Editor, P.O. Box 118162, Carrollton, TX 75011 Visit the SPMC web site: www.spmc.org FEATURES Series 1933 $10 Silver Certificates, the Making of a Rarity . . . 163 By Lee Lofthus The Paper Column: Wyoming & Idaho State Seals & Utah Territorials . .182 By Andrew Shiva & Peter Huntoon Scrutiny, magnifier real note’s ‘hidden’ message . . . . . . . . . 195 By Robert Gill State-Issued Money from Alabama’s First Capital . . . . . . . . . 196 By Bill Gunther The Buck Starts Here: Clothing Walter Shirlaw’s ‘indecent’ design . 220 By Gene Hessler Small Notes: Washington’s New Clothes . . . . . . . . . . . . . . . . 221 By Jamie Yakes CSA Type-41 Plate Varieties, Part 2 . . . . . . . . . . . . . . . . . . . . . . . . .222 By James B. Astwood Bettie B. Willis, National Bank President . . . . . . . . . . . . . . . . 235 By Karl Sanford Kabelac To Repair or Not? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 234 By Jeff Sullivan SOCIETY & HOBBY NEWS Information and Officers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .162 Your Subscription to Paper Money Has Expired If . . . . . . . . . . . . . . . . . . . 166 ANS Publishes Tomasko Opus review by Mark B. Anderson . . . . . . . . . . . . . .181 New Members . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .193 President’s Column by Mark Anderson . . . . . . . . . . . . . . . . . . . . . . . . . . . . .214 Uncoupled: Paper Money’s Odd Couple by Joseph E. Boling & Fred Schwan . .216 Hawaii Overprint Currency Survey released . . . . . . . . . . . . . . . . . . . . . . . . . . .224 Index to Paper Money, vol. 51, whole nos. 277-283 by John Davenport . . .228 Lincoln sequel examines ‘branding phase’ review by Bob Schreiner . . . . .236 Back of the Back Page with Loren Gatch and Fred Reed . . . . . . . . . . . . . .237 The Back Page with Paul Herbert and John Davenport . . . . . . . . . . . . . . . .238 If your mailing label reads Mar or Apr 2013 RENEW NOW Paper Money • May/June 2013 • Whole No. 285162 Society of Paper Money Collectors OFFICERS ELECTED OFFICERS: PRESIDENT Mark Anderson, 115 Congress St., Brooklyn, NY 11201 vICE-PRESIDENT Pierre Fricke, Box 1094, Sudbury, MA 01776 SECRETARY Benny Bolin, 101-C North Greenville Ave. #425, Allen, TX 75002 TREASURER Bob Moon, 104 Chipping Court, Greenwood, SC 29649 BOARD OF gOvERNORS: Mark Anderson, 115 Congress St., Brooklyn, NY 11201 Pierre Fricke, Box 1094, Sudbury, MA 01776 Shawn Hewitt, P.O. Box 580731, Minneapolis, MN 55458-0731 Matt Janzen, 3601 Page Drive Apt. 1, Plover, WI 54467 Robert J. Kravitz, P.O. Box 6099, Chesterfield, MO 63006 Fred L. Reed III, P.O. Box 118162, Carrollton, TX 75011-8162 Michael B. Scacci, 216-10th Ave., Fort Dodge, IA 50501-2425 Lawrence Schuffman, P.O. Box 19, Mount Freedom, NJ 07970 VACANT Robert Vandevender, P.O. Box 1505, Jupiter, FL 33468-1505 Wendell A. Wolka, P.O. Box 1211, Greenwood, IN 46142 VACANT APPOINTEES: PUBLISHER-EDITOR Fred L. Reed III, P.O. Box 118162, Carrollton, TX 75011-8162 CONTRIBUTINg EDITOR Gene Hessler, P.O. Box 31144, Cincinnati, OH 45231 ADvERTISINg MANAgER Wendell A. Wolka, P.O. Box 1211, Greenwood, IN 46142 LEgAL COUNSEL Robert J. Galiette, 3 Teal Ln., Essex, CT 06426 LIBRARIAN Jeff Brueggeman, 711 Signal Mountain Rd. # 197, Chattanooga, TN 37405 MEMBERSHIP DIRECTOR Frank Clark, P.O. Box 117060, Carrollton, TX 75011-7060 PAST PRESIDENT Benny Bolin, 5510 Bolin Rd., Allen, TX 75002 WISMER BOOK PROJECT COORDINATOR Pierre Fricke, Box 1094, Sudbury, MA 01776 REgIONAL MEETINg COORDINATOR Judith Murphy, P.O. Box 24056, Winston-Salem, NC 27114 BUYING AND SELLING HUGH SHULL P.O. Box 2522, Lexington, SC 29071 PH: (803) 996-3660 FAX: (803) 996-4885 CSA and Obsolete Notes CSA Bonds, Stocks & Financial Items Auction Representation 60-Page Catalog for $5.00 Refundable with Order ANA-LM SCNA PCDA CHARTER MBR The Society of Paper Money Collectors was organized in 1961 and incorporated in 1964 as a non-profit organization under the laws of the District of Columbia. It is affiliated with the ANA. The annual SPMC meeting is held in June at the Memphis International Paper Money Show. Up-to-date information about the SPMC, including its bylaws and activities can be found on its web site www.spmc.org. SPMC does not endorse any company, dealer, or auction house. MEMBERSHIP—REGULAR and LIFE. Applicants must be at least 18 years of age and of good moral character. Members of the ANA or other recognized numismatic societies are eligible for membership; other applicants should be sponsored by an SPMC member or provide suitable references. MEMBERSHIP—JUNIOR. Applicants for Junior membership must be from 12 to 18 years of age and of good moral character. Their application must be signed by a parent or guardian. Junior membership numbers will be preced- ed by the letter “j,” which will be removed upon notification to the Secretary that the member has reached 18 years of age. Junior members are not eligi- ble to hold office or vote. DUES—Annual dues are $30. Members in Canada and Mexico should add $5 to cover postage; members throughout the rest of the world add $10. Life membership — payable in installments within one year is $600, $700 for Canada and Mexico, and $800 elsewhere. The Society has dispensed with issuing annual membership cards, but paid up members may obtain one from the Secretary for an SASE (self-addressed, stamped envelope). Memberships for all members who joined the Society prior to January 2010 are on a calendar year basis. Dues renewals are due each December. Memberships for those who joined snce January 2010 are on an annual year basis, for example March to March or June-June. These renewals are due before expiration date. Renewal envelopes appear in a fall issue of Paper Money. Checks should be sent to the Secretary.
SPMC LM 6 BRNA FUN Paper Money • May/June 2013 • Whole No. 285 163 NEWLY UNCOVERED DOCUMENTS AT THE NATIONALArchives reveal a wealth of unreported information pertainingto the Series of 1933 $10 Silver Certificates. Of the 552,000notes printed, 184,000 were released in a limited distribution from Treasury’s Washington D.C. Cash Room only. They were issued for a scant six months and three weeks. Most importantly, after an aggres- sive Treasury campaign to redeem the notes, only 15,322 remained out- standing as of June 30, 1935, a far smaller number than previously reported in numismatic publications. Intended to help the Great Depression economy with a fast infusion of new money, the Series of 1933 notes arrived late on the scene after their initial approval. They were then quickly withdrawn as fast developing Treasury silver policies collided and rendered them obsolete at the very moment they were being printed. This article profiles the officials and describes the policies that led to the creation and then replace- ment of the Series of 1933 during the fleeting two and a half year period when they were authorized, issued, redeemed and the residuals destroyed. 1933 Efforts to Expand Silver-Backed Currency Franklin D. Roosevelt took office as president on March 4, 1933, and immedi- ately began a sweeping array of steps to address the nation’s severe money shortage. Roosevelt was willing to try anything to help the nation during the Depression, and if that included prohibiting private gold ownership, devaluing the dollar, and pumping Silver Certificates into the money supply, so be it. On May 12, 1933, he signed the Agriculture Adjustment Act. Section 45 of Title III of the Act gave the president the authority, for a period of six months, to accept silver bullion from foreign governments in payment of war debts to the United States. The Act also stipulated that the Treasury would issue Silver Certificates in denomina- tions chosen by the Secretary of the Treasury for the silver so received. The first sheet of Series of 1933 Silver Certificates was delivered to Treasury senior officials on January 13, 1934. Here is note A00000001A, hand cut from the first sheet. (Courtesy of the USA Rare Collection) Series 1933 $10 Silver Certificates, the Making of a Rarity By Lee Lofthus Paper Money • May/June 2013 • Whole No. 285164 The silver provisions of the Act were called the Thomas Amendment after Democratic Senator Elmer Thomas of Oklahoma. The background of the Act and the financial provisions in the Amendment were chronicled by Huntoon [Bank Note Reporter, October 2010]. The idea behind a new type of Silver Certificate was not conceived by Treasury insiders. Instead, pro-inflation congressional advocate Senator Thomas found common ground with pro-silver advocate Senator Key Pittman of Nevada, and together they and their allies aggressively worked on legislation to monetize more silver and thereby increase the volume of silver-backed currency.1 The accep- tance of silver in lieu of gold for foreign war debts was an opening salvo by these pro-silver politicians to inject the economy, and the wallets of financially strapped Americans, with additional Silver Certificates. The silver expansion policies were not with- out controversy. Roosevelt’s first Treasury Secretary, his friend and longtime Republican William H. Woodin, had great concerns about devaluing the dol- lar. Other senior Treasury officials were careful to downplay the significance of the new notes to be backed by silver. When the New York Times reported on November 3, 1933, that Treasury was preparing to issue $10 million in new Silver Certificates backed by foreign silver payments, an unnamed Treasury offi- cial was quoted as saying “the certificates could not be considered inflationary as they would only be used to replace other forms of currency turned in for redemption.”2 This claim was inaccurate. Woodin resigned after being seriously ill for some time and died shortly thereafter in New York on May 3, 1934. His successor, Henry Morgenthau Jr. was sworn in on January 1, 1934. Morgenthau had joined Treasury six weeks earlier in the number two post of Undersecretary.3 Roosevelt had in Morgenthau the ideal part- ner at Treasury. Morgenthau and his wife Elinor were friends of FDR and Eleanor Roosevelt, owning a farm not far from Roosevelt’s home at Hyde Park. Morgenthau served ably in various agricultural posts when Roosevelt was governor of New York, and was a close advisor during Roosevelt’s presidential campaign. Morgenthau favored currency stability yet as Secretary he was finely attuned to helping Roosevelt combat the pervasive unemployment and fis- cal woes of the Depression.4 In short order, on January 30, 1934, the Gold Reserve Act was passed with far reaching silver provisions. The act gave the President sweeping monetary powers that would come into play as the provisions of the Thomas Amendment were being implemented. Important was that the Gold Reserve Act gave authority to the President, not the Treasury, to increase silver-backed currency. Consequently, Morgenthau ensured that Roosevelt formally concurred with and signed off on every key silver decision. Roosevelt’s signature gave ultimate authority to the important silver- and Silver Certificate-related proclamations, orders, and directives of that period.5 Archived documents demonstrate the close collaboration between Roosevelt, Morgenthau and Morgenthau’s senior advisors in Treasury. The Public Debt Service Proposes a New Series While likely the least known of the Treasury offices involved with currency, a Treasury bureau called the Public Debt Service was the dominant player in every major currency decision from the mid-1920s through WWII. As the name implies, the Public Debt Service6 manages the nation’s borrowing and financing of govern- William H. Woodin was FDR’s first Treasury Secretary. Woodin’s signature appears on the Series of 1933 tens but he left office two weeks before their release. (Author’s collection) Paper Money • May/June 2013 • Whole No. 285 165 ment activities through the issuance of U. S. securities. Additionally, the Service’s Division of Loans and Currency was charged with the verification of U. S. currency redeemed by the Treasurer of the United States, the destruction of redeemed curren- cy and other securities, and the procurement and custody of distinctive paper used for currency and public debt securities.7 In its role as manager of the nation’s public debt, it was the Public Debt Service that managed the relative volumes of the different classes of currency and specified the denominations for each. The Public Debt Service was led by Commissioner William Broughton, who was particularly influential during the New Deal overhaul of our currency sys- tem. Broughton was a longtime Treasury employee originally hired in 1898 as a clerk, later becoming a manager in the Division of Loans and Currency. In November 1919, faced with the massive debt occasioned by WWI, Secretary of the Treasury Carter Glass named Broughton as the Commissioner of the Public Debt, charging him with managing not only the hundreds of millions in war loan obliga- tions, but also overseeing the supply of money in circulation and the redemption of U.S. paper currency.8 Broughton’s responsibilities made him one of a select few Treasury officials who was front and center during all the significant currency transformations from the 1920s through WWII. Included were the changeover from large to small size notes in 1928-9, the restructuring of the currency system in 1933-4, issuance of the emergency Series of 1929 Federal Reserve Bank Notes in 1933, withdrawal of the Gold Certificates from circulation in 1934, and the issuance and eventual elimina- tion of small size National Bank Notes in 1935. His responsibilities included over- seeing details such as writing policies dictating when new series dates were to be adopted and when series letters were to be added to existing series year designations. It was Broughton, then, who in the summer of 1933, after passage of the Thomas Amendment, contemplated the character of the new Silver Certificates to be backed by silver bullion received from foreign governments. Senator Thomas cer- tainly sired the concept, but Broughton actually delivered the Series of 1933 $10s! On June 17, 1933, Broughton wrote to Dean Acheson, Undersecretary of the Treasury, explaining that the Thomas Amendment provided for new currency redeemable in standard silver dollars or subsidiary silver coin. As a result, the Series of 1928 $1 Silver Certificates were not appropriate for the currency expansion because, by law, the 1928 notes could be backed only by silver dollars. Broughton explained that a new series of Silver Certificate with a different redemption clause was needed.9 Broughton insisted that the Thomas Silver Certificate be $10 notes. In out- lining his reasoning, he noted a $10 certificate would easily distinguish the new bul- lion-backed notes from other Silver Certificates, easing the accounting associated with the new issue. Further, using $10 notes avoided overlap with the legal tender denominations in use, thus simplifying sorting during redemption.10 Broughton also proposed that the new contract clause on the notes should be payable “to the bearer on demand ten dollars in silver coin,” that the series be designated as the Series of 1933, and that the notes be redeemable in standard silver dollars or subsidiary coin without retirement of the notes. The provision concerning retirement was important because it permitted the Administration to increase the money supply. Treasury approved his recommendations but simplified his redemp- tion statement to “payable in silver coin to the bearer on demand.”11 Preparations Continue – Summer 1933 to Fall 1933 After Broughton’s recommendations for the new $10 Silver Certificates were approved, the Bureau of Engraving and Printing (BEP) was instructed to begin preparation of the new designs. While the BEP worked on the plates, the Treasury’s Division of Accounts and Deposits collected the foreign silver deposits that would form the backing for the new notes. The necessary deposits were in place by the end Paper Money • May/June 2013 • Whole No. 285166 If your label reads May or June 2013 this is your LAST ISSUE. You need to renew to Paper Money immediately, or you will be dropped from the Society’s membership rolls.
Listen up, Your subscription expires if . . . Paper Money • May/June 2013 • Whole No. 285 167 of November 1933. On November 4, 1933, Broughton wrote to Treasury Undersecretary Acheson indicating that “about three months ago you approved the form and design for a $10 denomination Silver Certificate. The Bureau has been engaged in engrav- ing the necessary die and early this week submitted a die proof for approval. The proof was checked by this office, the Chief of the Secret Service and the Treasurer of the United States, and is now in your office.” The memo further noted “If the die proof of the certificate is approved, the die will be hardened and printing plates pre- pared, and deliveries will be possible in from ten days to two weeks after such approval.”12 The designs were approved, but production delays pushed the availability of the dies from mid- November 1933 into the new year. One 12-subject plate was prepared and certified for use January 3, 1934. While some numismatic references report the notes were issued in 1933, as the series date would seem to imply, the plates were not ready until 1934.13 The plate carried the signatures of Treasurer William A. Julian and Secretary William Woodin, which posed a problem and another potential delay. Broughton wrote Morgenthau’s office on January 2, 1934, saying “After unavoidable delays, the new $10 Silver Certificate, to be issued in the amount of $11,367,400 against silver received from foreign gov- ernments, may finally go to press tomorrow, with ini- tial deliveries to the Treasury before the end of this week. These certificates are designated ‘Series of 1933,’ and bear the name W. H. Woodin, Secretary of the Treasury. The name Henry Morgenthau, Jr., Secretary of the Treasury, can be placed on the new certificate, but, in order to effect the necessary change in plates, the printing will be delayed from 10 to 15 days.” Broughton pointed out that there was “urgency about the preparation of these certificates,” and that Senator Thomas had been inquiring about their issuance. Even so, Broughton felt that another 10 day delay in order to prepare new plates would not be serious, so he suggested they wait for the BEP to prepare plates with the facsimile signature of Morgenthau in place of Woodin. Notwithstanding Broughton’s understandable sentiment to place the cur- rent Secretary’s signature on the notes, Earle Bailie, a special assistant to Morgenthau, promptly replied and said “to proceed with the printing in-hand but to change the plates as soon as possible for the facsimile signature of Secretary Morgenthau.”14 Production and Circulation The BEP began immediate production as soon as the decision to proceed with the Julian-Woodin plates was made. A total of 216,000 Series of 1933 $10 notes were delivered to the Treasurer with serial numbers A00000001A to A00216000A15 between January 5 and February 27. BEP personnel also completed four new plates bearing Julian-Morgenthau signatures. These plates were labeled Series 1933A in conformity to Broughton’s conventions for dating and lettering series. A total of 336,000 Series of 1933A notes were delivered to the Treasurer between late February and April.16 Combined, the 216,000 Series of 1933 notes and the 336,000 Series 1933A notes totaled 552,000 $10 Silver Certificates worth $5,520,000 face value. While notes totaling the $11,367,410 backed by foreign silver deposits could have been U.S. Treasurer William A. Julian’s signature also appears on the Series 1933 Silver Certificates. (Author’s collection) Paper Money • May/June 2013 • Whole No. 285168 issued, by the spring of 1934 production was halted because Treasury, as well as Senators Thomas, Key Pittman, and their pro-silver allies, had grander silver plans. Limited Release of the Series of 1933 Silver Certificates Much confusion exists over how many Series 1933 notes were issued. The problem is caused by the terminology used to describe “issued” notes. Delivered, issued, and released all have different meanings when it comes to U.S. currency, but the terms are often used interchangeably by the unwary. The record is clear that 552,000 notes of Series 1933 and 1933A $10s were printed. They were delivered to the Treasurer between January 5 and April 2, 1934. However, delivered to the Treasurer was not equivalent to issuing notes. “Delivered” meant notes delivered from the BEP to the custody of the U.S. Treasurer, not deliv- ery to banks for release into circulation. The Treasurer maintained two accounts: (1) a Treasurer’s Reserve stock, classified as unissued and held in the reserve vault, and (2) notes issued to cash. “Issued to cash” meant that the notes were sent to the Federal Reserve banks or to the Treasury Cash Room for circulation. Even being issued to cash did not necessarily mean the notes reached circulation, although they were considered issued and count- ed in the Treasury’s published “stock of money” circulation statements.17 Treasury records as of April 1934 account for the total 552,000 notes print- ed as follows: 156,000 notes were issued to the Cash Room, and 396,000 were held unissued as reserve stock. Every indication is that the latter included the entire stock of 336,000 Series of 1933A notes.18 In order to judge rarity, collectors should focus on notes released into circu- lation. These were the notes actually paid out to banks and customers. By January 31, 1934, Treasury had issued to cash 84,000 Series of 1933 tens, but only 16,012 notes had reached circulation. At the end of February, those numbers were 156,000 issued to cash and 87,812 in circulation. It turns out that the 87,812 number would be the all-time greatest number of the notes in circulation at any one time.19 By March 31, circulation dropped to 59,032 notes, and by April 30 it was down to 47,142 owing to redemptions.20 Daniel W. Bell, Treasury’s Commissioner of Accounts and Deposits, report- ed to Treasury General Counsel Herman Oliphant on April 3, 1934, that “All of the certificates were paid out through the cash room of the Treasury in Washington.”21 Bell’s memorandum reveals one of the most startling and most significant untold facts behind the rarity of the Series 1933 $10s. Instead of being distributed by the Federal Reserve banks and their branches, the notes were released in small Henry Morgenthau Jr. was sworn in as Secretary of the Treasury on New Year’s Day 1934. Morgenthau’s signature adorned the 336,000 never-released Series of 1933A $10 Silver Certificates. Here Morgenthau, at right, talks with Senator Barkley of the Banking and Currency Committee, accompa- nied by Treasury general counsel Herman Oliphant, center. (Author’s collection) Paper Money • May/June 2013 • Whole No. 285 169 N O B O D Y does paper money better than PAPER MONEY • best reproduction • best audience • best rates . . . IN FULL LIVING COLOR, too! If you REALLY want to sell your killer notes . . . not just admire them in your inventory, this is . . . THE PLACE Discover . . . YOUR pot of gold HERE! Advertise in PAPER MONEY numbers directly and exclusively from the ornate Cash Room in the main Treasury building in Washington. Their limited release from the Cash Room teller cages to local customers and Washington banks had the look of a highly localized modest and short lived national bank note issue rather than a nationwide release of a major new series of U.S. currency. They only were available in the Washington, DC, area! The Government’s Silver Strategy Expands By April 1934, over a year had transpired since the passage of the Thomas Amendment, yet no more than 87,812 had been in actual circulation at one time.22 $878,120 was a pittance in terms of a national infusion to the money supply, and far short of what FDR, Senators Thomas and Pittman, Treasury and others desired. Part of the reason for the delay was the time it took to receive the foreign silver and part was attributable to getting the new plates prepared. But the real kicker came in the form of sweeping changes in early 1934 to the government’s silver policies. Congress passed the Gold Reserve Act on January 30, 1934, just seventeen days after the first Series 1933 notes finally arrived in Treasury. It contained signifi- cant new authorities for inflating Silver Certificate circulation, explained by Secretary Morgenthau as follows. The Gold Reserve Act of 1934 authorized the President to issue Silver Certificates ‘against any silver bullion, silver, or standard silver dollars in the Treasury not then held for the redemption of any outstanding certificates.’ Under this act, Silver Certificates became issuable against any unencumbered silver in the Treasury, irrespec- tive of the authority under which the silver was received. It was decided, therefore, to provide a single or consolidated series of Silver Certificates for issuance against any free silver held in the Treasury. Consequently payment of the [Series 1933 and Series 1933A] certificates specifically prepared for issuance against silver received from for- eign governments under the act of May 12, 1933, was discontinued…” and [the] con- solidated series of new Silver Certificates has been given the designation, ‘Series of 1934.’23 Paper Money • May/June 2013 • Whole No. 285170 Here is a Treasury proof pair of the unissued Series 1933A Silver Certificates with the Julian-Morgenthau signatures. (Courtesy of the Smithsonian Institution) Paper Money • May/June 2013 • Whole No. 285 171 Consequently, in January 1934, the very month the Series of 1933 notes final- ly began to be released, Treasury officials knew the series was doomed to obsolescence. Treasury Decides to Terminate the Series of 1933 A major provision in the Gold Reserve Act was the Pittman Amendment, an amendment that would expand the Treasury’s use of silver-backed currency. Nevada’s Senator Key Pittman introduced the amendment as a means not only to expand the money supply, but also to ensure a healthy market for his state’s silver mining industry. On March 8, 1934, Morgenthau sent a memorandum to President Roosevelt explaining that Thomas Amendment Silver Certificates had been issued against foreign war debt payments, but emphasized to Roosevelt that the Pittman Amendment in the Gold Reserve Act of 1934 “authorizes you to issue Silver Certificates against any silver” in the Treasury not held for redemption of other Silver Certificates outstanding. Morgenthau went on to explain that it would be simpler for the Treasury to issue new Silver Certificates, as well as replace the worn Series of 1933 Thomas Amendment cer- tificates as they were redeemed, with certificates issued collectively under the authority of the Pittman Amendment.24 Morgenthau’s proposed simplified series would free Treasury from having three concurrent types of Silver Certificates in use: Series 1928, Series 1933 and the new series. Because each of the series had differing underlying authorities and redemp- tion qualities, they had to be separated and accounted for independently during redemption, a massive operational headache Treasury certainly wanted to avoid. The March 8 Morgenthau memorandum to FDR, however, was driven not by operational concerns, but by achieving what Roosevelt, the pro-silver forces, and Treasury had been striving to accomplish for more than a year: dramatically increasing the money supply. The breakthrough came with the Gold Reserve Act authority to issue Silver Certificates against any unencumbered silver held by the Treasury, a con- gressional license for a dramatic expansion of silver-backed currency. Morgenthau pre- pared an order for the President to sign if the idea met with FDR’s approval. Roosevelt’s reply of March 12, 1934, was the death knell for the Series of 1933 notes. His directive to Morgenthau stated that the Secretary of the Treasury may issue Silver Certificates against not just the foreign bullion deposits but any silver coin, dol- lars, or bullion in the Treasury not otherwise earmarked for redemption of outstanding Silver Certificates. Further, the Secretary could issue such new certificates in the denominations of $1, $5, and $10, or in one or more of such denominations. Finally, the order stated that $878,120 in the new Silver Certificates were to be issued specifi- cally to replace Series of 1933 notes “issued and now outstanding, as such are redeemed or received in the Treasury.”25 This was explicit direction to retire the Series of 1933. Exactly one year after the passage of the original act which led to the Series of 1933, the new Presidential directive effectively ended their issuance and led to their replacement by the Series of 1934. Treasury took rapid steps to end the distribution of the Series of 1933 and to pull the outstanding notes from circulation. Bell, the Commissioner of Accounts and Deposits, reported to Treasury General Counsel Herman Oliphant on April 3, 1934, that “Mr. [George] Barnes of the Treasurer’s Office estimates that it may take probably 18 months for the retirement of the majority of these certificates as they are worn out in circulation and are sent in for redemption. Some of the certificates, however, may never be received.” Bell concluded “No more are being paid out and certificates are being retired as fast as they are received in the Treasury. . . .”26 On April 6, 1934, Broughton advised Oliphant’s assistant counsel, John G. Harlan, that the BEP had been instructed to make no further deliveries of Series of 1933 notes, and that the Treasurer had been told to make no further payments into cir- culation. Broughton further instructed the Treasurer that as soon as the new Series 1934 Silver Certificates became available, the Series of 1933 certificates being held in the Treasurer’s cash – then $921,880 – should be destroyed and Series 1934 notes issued in their place.27 On May 15, 1934, the BEP director Alvin Hall confirmed to Treasury that no Series of 1933 plates were on the presses, and that five plates were in the BEP vault. The five plates consisted of the single 1933 Julian/Woodin plate and four 1933A Julian/Morgenthau plates.28 In early June 1934, Broughton wrote senior Treasury officials to advise them that the $1 and $5 Series of 1934 notes were expected to be ready by July 15, 1934, and the new $10 notes were expected before August 1.29 Meanwhile, the outstanding Series of 1933 notes were steadily coming in for redemption. The Series of 1934 Takes Shape As Treasury readied the new consolidated series, one of Broughton’s pro- duction worries was the differing legal authorities for the Series of 1928, Series of 1933, and Series of 1934 Silver Certificates that seemingly required Treasury to sep- arately account for each of the series. While the new consolidated series would ulti- mately eliminate the need for such separation, Treasury’s fundamental accounting procedures had not yet been revised to accommodate the new series. Broughton therefore still had to track how much of the nation’s Silver Certificate circulation was in notes backed exclusively by silver dollars and how much was backed by sub- sidiary silver or bullion. This meant separating the worn notes by series as they were redeemed. To facilitate easier sorting, Broughton recommended that the blue Treasury seal on the $1 Series of 1934 notes be moved the from the left to the right side, and a large blue 1 added to the left side to distinguish them from Series of 1928 notes. Similarly, Broughton wanted the Series of 1934 $10 notes to have the seal moved to the right side of the note and a large blue “10” added to the left side to make the 1934 tens easily distinguishable from the 1933 tens.30 Roosevelt formally authorized the Series of 1934 in yet another silver order signed on June 14, 1934, which stated “I hereby authorize and direct the issuance of Silver Certificates, pursuant to law, in any or all of the following denominations, $1, $5, $10, $20, and $100 against unencumbered Treasury silver.”31 There was still considerable resistance within some segments of both Congress and the public towards what was viewed as a coming flood of “Thomas Inflationary Act” dollars. Of course, that was exactly what the Roosevelt Administration and particularly Senator Thomas had in mind. On July 16, 1934, the Undersecretary of the Treasury Thomas J. Coolidge directed the Treasurer Julian that “From time to time you will be specifically advised of additional amounts of Silver Certificates, Series of 1934, issuable against free sil- ver bullion in the Treasury,” thereby placing the newly issued notes, in ever increas- ing numbers, into the economy. Coolidge also advised that the $1 Series of 1928 Paper Money • May/June 2013 • Whole No. 285172 Sign up for special free features on the official SPMC website www.spmc.org/pin Your one-time exclusive PIN is on your mailing label 173Paper Money • May/June 2013 • Whole No. 285 Silver Certificates would continue to be issued until the reserve stock at the Treasurer’s office and the in-process Series of 1928 work at BEP was exhausted.32 More 1933 Notes Escape into the Washington D.C. Area There was continuing demand from local Washington banks for $10 notes despite Broughton’s directive in April 1934 to cut off release of the Series of 1933 notes from the Cash Room. Consequently, in late May, Treasury released a small batch of 250 Series 1933 notes from the reserve vault to the Cash Room tellers. In early June, the tellers received another 24,350, essentially a bulk replacement shipment to replace 24,050 worn Series 1933 notes that had recently been redeemed and destroyed.33 More than 20,000 of those 1933 notes were promptly put into circula- tion.34 Reserve vault releases slowed to just 1,050 notes during the remainder of June and July as Treasury awaited the arrival of the new Series of 1934 notes. Still without new $10 notes in early August, one last reserve stock release of 2,350 notes was sent to the Cash Room the first week or so of August, of which 2,050 were released into circulation.35 This was the last release. Redemption Efforts By mid-August the new Series of 1934 notes were available in quantity, allow- The Series of 1933 $10 notes were released only to local customers and banks through the Washington D.C. Cash Room at the Treasury Department. Here, Series of 1934 Silver Certificates fill the teller drawer. (Author’s collec- tion) Paper Money • May/June 2013 • Whole No. 285174 ing Treasury to finally move beyond the Series 1933 notes. At that point, 368,000 Series of 1933 and 1933A notes remained in the reserve vault, more than 120,000 were held in the Cash Room working vault, and approximately 33,000 remained on the street.36 Between August 7 and August 28, 124,878 1933 $10s were redeemed for destruction.37 Because this amount was almost quadruple what Treasury reported as outstanding on July 31,38 it is obvious that this large redemption represented the Cash Room tellers unloading their working supply of Series of 1933 notes now that the Series of 1934 Silver Certificates were available. Of the 124,878 redeemed, more than 123,300 came from the Cash Room.39 Remarkably, the mass redemp- tion from the Cash Room meant that in early August 1934, approximately 78% of the 158,050 Series of 1933 notes then reported as issued were not in active circula- tion, rather they were held in the Cash Room working vault!40 On September 1, 1934, Treasury reported 32,522 Series of 1933 tens out- standing. This was a true in-circulation amount because the Cash Room was no longer holding notes that were inflating the reported issued numbers. One week later the outstanding amount was down to 32,067. By November 30, only a minus- cule 26,522 remained outstanding compared to approximately $62,450,000 in Series of 1928 and 1934 Silver Certificates.41 Unfortunately for collectors, June 1935 was the last time a separate report- ing was published for Series 1933 notes redeemed and destroyed. Afterwards, Silver Certificate redemptions were reported as merged amounts.42 Final Destruction of the Treasurer’s Reserve Stock in 1935 In the autumn of 1935, Treasurer Julian’s office still had the 368,000 Series of 1933 and Series of 1933A notes in the reserve vault. They had sat untouched from August 15, 1934, to November 1935.43 Since the summer of 1935 Commissioner Broughton had been discussing with senior Treasury officials the need to dispose of uncurrent small size notes in Treasury stocks, namely Gold Certificates that no longer circulated and the Silver Certificates Broughton termed as obsolete, specifically the Series of 1933 notes. Broughton obtained approval from Undersecretary Coolidge to verify the face value of the obsolete reserve currency and destroy it.44 On November 19, 1935, William H. McReynolds, Administrative Assistant Shown is the last Treasury Cash Division report showing the unis- sued Series of 1933 $10 notes held in the reserve vault. The notes were considered obsolete and ordered to be destroyed by Treasury Undersecretary Thomas Coolidge. 175Paper Money • May/June 2013 • Whole No. 285 to the Secretary, gave instructions to proceed with the destruction, writing to seven staff selected from the Division of Loans and Currency; the Division of Public Debt Accounts and Audit; the Treasurer’s Office; the Secret Service; and the Bureau of Engraving and Printing, as follows: “Gentlemen: You are hereby appointed a committee to accomplish the destruction of $3,680,000 in reserve stock of Silver Certificates of the series of 1933, in the denomination of $10, now obsolete, and $1,824,060,000 in Gold Certificates of various denominations, now obsolete, all of which are held in the custody of the Treasurer of the United States in Vault No. 1 in the Treasury Building. The destruction of the Silver Certificates was approved by the Under Secretary of the Treasury on August 7, 1935. . . . It is requested that the committee proceed with this work at the earliest practicable date.”45 On November 22, 1935, L.C. Spangler, Chief, Division of Printing, was asked by Assistant Commissioner of the Public Debt Edwin L. Kilby to make avail- able a special machine to cut the notes in half “as a safety measure before they are transported to the incinerator” for destruction.46 This was the tragic fate for the remaining 368,000 Series of 1933 and Series of 1933A $10 Silver Certificates. Like a meteor, the Series of 1933 barely made a flicker in their fast passage. Recapitulation Table 1 is an accounting of the Series of 1933 and 1933A notes that were issued and redeemed. Focus on the number of notes that Treasury aggressively redeemed: specifically, 168,678 were pulled from circulation and/or the Cash Room in 1934 and early 1935 and destroyed, leaving only 15,322 notes outstanding as of July 1935.47 This remnant is far smaller than has been reported in the numismatic press over the years. Treasury’s official circulation amount for the Series of 1933 never exceeded 156,000 notes at any one time, and that included notes that never left the Cash Only one Series of 1933 star note is known. Both the star note and the A00000001A note were owned at the same time by col- lector Bernard Schaaf. (Courtesy of Bernard Schaaf, MD) Table 1: Series of 1933 $10 Silver Certificates - Printing and Destruction No. of Notes Face Value Julian-Woodin Series of 1933 216,000 $2,160,000 Julian-Morgenthau Series of 1933A 336,000 $3,360,000 Total Printed 552,000 $ 5,520,000 Less Reserve Stock Destroyed Nov. 1935 368,000 $ 3,680,000 Delivered to Cash Room 184,000 $1,840,000 Less 1934-35 Redemptions 168,678 $1,686,780 In Circulation as of June 30, 1935 15,322 $153,220 Paper Money • May/June 2013 • Whole No. 285176 Room. We now know the 184,000 total issue included approximately 26,000 issued as replacements for redeemed notes and also included notes that never left Treasury. Notes in actual circulation never exceeded 87,120 at one time, and that high mark was reached in February 1934 during the second month of issue. See Table 2 for how quickly their numbers fell. Rarity The Series of 1933 $10 Silver Certificates are the “King of the Silvers” due to their rarity and high collector demand. Fortunately a fair number survived mak- ing them obtainable. Slightly more than 100 notes seem to have sur- vived, a mix of high grade notes with spectacular fancy serial numbers and circulated notes that miraculously escaped Treasury’s redemption process. Illustrated with this article, courtesy of the USA RARE collec- tion is the serial number A00000001A note.48 It has a fantastic pedi- gree. An April 3, 1934, memorandum from Daniel W. Bell, Commissioner of Accounts and Deposits, reveals that the very first release of the Series 1933 tens was comprised of twelve notes sent to the Cash Room on January 13, 1934. It was not until two weeks later that an additional $40,000 in new notes arrived at the Cash Room for gen- eral distribution.49 Those first 12 notes were the specially printed number 1 sheet containing 12 consecutive numbers A00000001A-A00000012A ear- marked for senior Treasury officials. They cut the sheet by hand and passed the notes around! The number one sheet represented a special one-off printing as revealed by the fact that the 12 serial numbers on it were consecutive. Serial numbering progressed sequentially down the halves of the 12- subject sheets in production runs of that vintage, but the serial num- bers on the left and right sides were respectively from the first and sec- ond halves of the total number being printed in the run. A significant percentage of Series 1933 survivors have poor vertical centering, the result of the close spacing between the subjects on the printing plates.50 Poor right-to-left centering is also typical. Beyond the several fancy serial numbers, other notables include a cut half sheet of six notes that was owned by collector John Morris offered in Dean Oakes’ 23rd Fixed Price List in March 1996.51 A single star note, Serial *00000002A, is known. Long-held by collector Bernard Schaaf, it was sold in a December 1993 Stacks auction and has been in tight hands since.52 Schaaf also owned the A00000001A note, acquiring it from Bill Donlon’s collection in 1971.53 The Series of 1933 $10 Silver Certificates are numismatic classics, notes worth owning not only for their rarity but for their birth and quick demise in one of the most tumultuous and dynamic economic periods in American history. Acknowledgments Peter Huntoon made valuable suggestions to the author. He and Jamie Yakes also provided background information that supplemented the National Archives documents used in this article. The USA RARE collection generously pro- vided the serial number 1 note illustration. Bernard Schaaf, MD, generously provid- ed information on notes from his collection and the illustration of the 1933 star note. The proof illustrations were provided courtesy of the Smithsonian Institution National Numismatic Collection. Table 2: Series of 1933 $10 Notes in Circulation Month Ending No. of Notes January 1934 16,012 February 87,812 March 59,032 April 47,142 May 41,132 June 61,902 July 34,652 August 32,522 ---------- -------- November 26,522 ---------- --------- June 1935 15,322 Source: Treasury Monthly Statement Form 5702. Not all months available. June 1935 balance calculated from Treasury Annual Reports 1934- 5. 177Paper Money • May/June 2013 • Whole No. 285 End Notes 1. Congressional Record, vol. 77, 73rd Congress, 1st Session, March 4 to June 16, 1933, pp. 1844, 1864, and selected pages 2082 to 2542; Vol. 78, 73rd Congress, 2nd Session, January 3 to June 18, 1934, selected pages 10602-11056. 2. “More Silver Currency – Treasury Prepares $10,000,000 Issue Against War Debt Payments,” New York Times,November 3, 1933. 3. Annual Report of the Secretary of the Treasury on the State of the Finances, Fiscal Year 1934, page xiii. 4. Herbert Levy, “Henry Morgenthau, Jr. - The Remarkable Life of FDR’s Secretary of the Treasury.” 5. Annual Report of the Secretary of the Treasury on the State of the Finances, Fiscal Year 1933, pp. 187-203; Fiscal Year 1934 pp. 209-212. 6. In 1940 Treasury reorganization the Public Debt Service became the Bureau of Public Debt. 7. U.S. Government Manual, February, 1935, pp. 12-13. 8. Washington Post, January 11, 1951, page B2. 9. W.S. Broughton, Commissioner of the Public Debt, Public Debt Service, Memorandum to Dean Acheson, Undersecretary of the Treasury, Department of the Treasury, June 17, 1933. 10. Ibid 11. Ibid. 12. W.S. Broughton, Commissioner of the Public Debt, Public Debt Service, Memorandum to Dean Acheson, Undersecretary of the Treasury, Department of the Treasury, November 4, 1933. 13. W.S. Broughton, Commissioner of the Public Debt, Public Debt Service, Memorandum to Earle Bailie, Special Fiscal Assistant, Office of the Secretary, Department of the Treasury, January 2, 1934. 14. W.S. Broughton, Commissioner of the Public Debt, Public Debt Service, Memorandum to Earle Bailie, Special Fiscal Assistant, Office of the Secretary, Department of the Treasury, January 2, 1934. 15. Q. David Bowers, Whitman Encyclopedia of U.S. Paper Money, pp. 394-95; Huntoon, Bank Note Reporter,Oct. 2009. 16. Huntoon, op cit. 17. Public Debt Service, Currency Control Unit, various reports 1933-4, including Weekly Summary of Paper Currency transactions; Office of the Treasurer, Form 5702 Monthly Statement, Paper Currency of Each Denomination Outstanding; Office of the Treasurer, Form 5350, Cash Division, Balances of U.S. Currency in Reserve. 18. Office of the Treasurer, Form 5702 Monthly Statement, Paper Currency of Each Denomination Outstanding, April 30, 1934; Office of the Treasurer, Form 5350, Cash Division, Balances of U.S. Currency in Reserve, April 16, 1934. 19. Office of the Treasurer, Form 5702 Monthly Statement, Paper Currency of Each Denomination Outstanding, February 28, 1934. 20. Ibid; Form 5702, March 31 and April 30, 1934. 21. D.W. Bell, Commissioner of Accounts and Deposits, Memorandum to Herman Oliphant, General Counsel, Department of the Treasury, April 3, 1934. 22. Ibid. 23. Annual Report of the Secretary of the Treasury on the State of the Finances, Fiscal Year 1934, page 30. 24. Henry Morgenthau, Jr., Secretary of the Treasury, letter to Franklin D. Roosevelt, March 8, 1934. 25. Franklin D. Roosevelt, to Henry Morgenthau, Jr., Secretary of the Treasury, March 12, 1934. 26. D.W. Bell, Commissioner of Accounts and Deposits, Memorandum to Herman Oliphant, General Counsel, Department of the Treasury, April 3, 1934. 27. W.S. Broughton, Commissioner of the Public Debt, Public Debt Service, Memorandum to John G. Harlan, Assistant to the General Counsel, Department of the Treasury, April 6, 1934. 28. Alvin W. Hall, Director, Bureau of Engraving and Printing, Memorandum to Herbert E. Gaston, Assistant to the Secretary, Department of Treasury, May 15, 1934. 29. W.S. Broughton, Commissioner of the Public Debt, Public Debt Service, Memorandum to Herman Oliphant, General Counsel, Department of the Treasury, June 5, 1934. 30. W.S. Broughton, Commissioner of the Public Debt, Public Debt Service, Memorandum Paper Money • May/June 2013 • Whole No. 285178 to D. W. Bell, Commissioner of Accounts and Deposits, Department of the Treasury, June 6, 1934. 31. Annual Report of the Secretary of the Treasury on the State of the Finances, Fiscal Year 1933, page 210. 32. T. J. Coolidge, Undersecretary of the Treasury, Memorandum to W. A. Julian, U.S. Treasurer, July 16, 1934. 33. Office of the Treasurer, Form 5350, Cash Division, Balances of U.S. Currency in Reserve 34. Author’s calculation based on Treasurer’s Form 5702 outstanding balance reports June 30, 1934. 35. Office of the Treasurer, Form 5350, Cash Division, Balances of U.S. Currency in Reserve, July and August 1934; also Broughton August 29, 1934 memorandum with attached Statement of Silver Certificates in Circulation. 36. Office of the Treasurer, Form 5350, Cash Division, Balances of U.S. Currency in Reserve, and Weekly Summary of Paper Currency Transactions, September 8, 1934. 37. W.S. Broughton, Commissioner of the Public Debt, Pubic Debt Service, Memorandum to Secretary Morgenthau, through Undersecretary Coolidge, August 29, 1934, with attached Statement of Silver Certificates in Circulation. 38. Office of the Treasurer, Form 5702 Monthly Statement, Paper Currency of Each Denomination Outstanding, July 31, 1934. 39. Author’s calculation based on Treasurer’s Form 5702 outstanding balance July 31, 1934 less Public Debt reported outstanding balances August 29, 1934. 40. Author’s calculation Author’s calculation based on Treasurer’s Form 5702 outstanding balance July 31, 1934 less Public Debt reported outstanding balances August 29, 1934. 41. Public Debt Service, Memorandum Concerning Silver Certificates, For the Secretary, as of November 30, 1934. 42. Office of the Treasurer, Form 5702 Monthly Statement, Paper Currency of Each Denomination Outstanding, August 31, 1934. 43. Office of the Treasurer, Cash Division, Balances of U.S. Currency in Reserve, August 15, 1934 and November 15, 1935. 44. W. H. McReynolds, Administrative Assistant to the Secretary, Memorandum to the special destruction committee members, November 19, 1935. 45. Ibid. 46. E. L. Kilby, Assistant Commissioner of the Public Debt, Memorandum to L. C. Spangler, Chief, Division of Printing, November 22, 1935. 47. Author’s calculation based on redeemed and destroyed Series of 1933 notes reported in Annual Report of the Secretary of the Treasury on the State of the Finances, 1934 page 133 and 1935 page 155. 48. Owner’s email to Peter Huntoon, December 2012. 49. D.W. Bell, Commissioner of Accounts and Deposits, Memorandum to Herman Oliphant, General Counsel, Department of the Treasury, April 3, 1934. 50. Peter Huntoon, email to author, December 2012. 51. Oakes, Dean, 23rd Fixed Price List, March 1996, page 22. 52. Huntoon, Peter, Bank Note Reporter,November 2010. 53. Schaaf, Bernard, email to author, January 2013. Sources - Publications Bowers, Q. David. Whitman Encyclopedia of U.S. Paper Money. Atlanta, GA: Whitman Publishing LLC, 2009. Huntoon, Peter. “$10 Series of 1933 Silver Certificates,” Bank Note Reporter, October 2010. _____. “Series of 1933 Star Note,” Bank Note Reporter, November 2009. _____. “Creation of Money During the Great Depression, The Greatest Tectonic Shift in Federal Currency in U.S. History,” Paper Money, no. 266 (March/April 2010). Huntoon, Peter, and Yakes, Jamie. “New Deal Changes to the Legal Tender Status of Currency.” Paper Money, no. 277 (January/February 2012). Levy, Herbert. Henry Morgenthau, Jr. – The Remarkab le Life o f FDR’s Secretary o f the Treasury. New York, NY: Skyhorse Publishing, 2010. “New Chief Named to Direct U.S. Debt – Glass Appoints W.S. Broughton Commissioner to Handle All Government Securities.” Washington Post, November 16, 1919. Oakes, Dean. “Special $10 Silver Certificate Cut Sheet from the Collection of John Morris,” Fixed Price List, 23rd Issue, March 1996. Paper Money • May/June 2013 • Whole No. 285 179 Secretary of the Treasury. Annual Report of the Secretary of the Treasury on the State of the Finances, Fiscal Years 1933 to 1936. Washington D.C.: United States Government Printing Office,1933-37. Schwartz, John, and Lindquist, Scott. Standard Guide to Small-Size U.S. Paper Money 1928 To Date, 10th Edition. Iola, WI: Krause Publications/FW Media, 2011. U.S. Government Manual, 1935 ed. Washington D.C.: Government Printing Office, February, 1935. Yakes, Jamie. “Small Notes – Redemption Clauses on Silver Certificates,” Paper Money, no. 282 (November/December 2012). Annotated Listing ofTreasury Correspondence and Reports (Alphabetical by author and date) 1. Bell, Daniel W., Commissioner of Accounts and Deposits, Memorandum to Herman Oliphant, General Counsel, Department of the Treasury, April 3, 1934. General Records of the Department of the Treasury, National Archives and Records Administration, College Park, MD (hereafter “NARA”). Record Group (RG) 56/450/60/24/6 Box 22 File “Emergency of 1933 Issue of Silver Certificates.” [Summary statistics on Series of 1933 Silver Certificates, Cash Room issue, and order to halt issue]. 2. Broughton, William S., Commissioner of the Public Debt, Public Debt Service, Memorandum to Dean Acheson, Undersecretary of the Treasury, Department of the Treasury, June 17, 1933. NARA RG 56/450/60/24/6 Box 22 File “Emergency of 1933 Issue of Silver Certificates.” [Recommendation for new Series of 1933 Silver Certificates of the $10 denomination]. 3. Broughton, William S., Commissioner of the Public Debt, Public Debt Service, Memorandum to Dean Acheson, Undersecretary of the Treasury, Department of the Treasury, November 4, 1933. NARA RG 53/450/54/01/3 Box 2 File K123.1. [Seeking approval for the Series of 1933 $10 Silver Certificate design]. 4. Broughton, William S., Commissioner of the Public Debt, Public Debt Service, Memorandum to Earle Bailie, Special Fiscal Assistant, Office of the Secretary, Department of the Treasury, January 2, 1934. NARA RG 56/450/60/24/6 Box 22 File “Emergency of 1933 Issue of Silver Certificates.” [Regarding whether the Series of 1933 $10 Silver Certificates should proceed to production with Julian-Woodin signatures or Julian-Morgenthau]. 5. Broughton, William S., Commissioner of the Public Debt, Public Debt Service, Memorandum to John G. Harlan, Assistant to the General Counsel, Department of the Treasury, April 6, 1934. NARA RG 56/450/60/24/6 Box 22 File “Emergency of 1933 Issue of Silver Certificates.” [Summary of Series of 1933 Silver Certificates printed, delivered, in reserve, and outstanding; preparations for replacement of Series 1933 notes with Series of 1934]. 6. Broughton, William S., Commissioner of the Public Debt, Public Debt Service, Memorandum to Thomas J. Coolidge, Undersecretary of the Treasury, June 5, 1934. NARA RG 53/450/54/01/03 Box 2 File K214.2. [Status report on production of $1, $5, and $10 Series of 1934 Silver Certificates]. 7. Broughton, William S., Commissioner of the Public Debt, Public Debt Service, Memorandum to Daniel W. Bell, Commissioner of Accounts and Deposits, Department of the Treasury, June 6, 1934. NARA RG 53/450/54/01/03 Box 2 File K214.1. [Proposing consolidated series of Silver Certificates, change in design and seal placement]. 8. Broughton, William S., Commissioner of the Public Debt, Public Debt Service, Memorandum to Herman Oliphant, General Counsel, Department of the Treasury, June 7, 1934. NARA RG 53 File K721. [Rationale for consolidated series of Silver Certificates, redemption characteristics]. 9. Broughton, William S., Commissioner of the Public Debt, Public Debt Service, Memorandum to Herman Oliphant, General Counsel, Department of the Treasury, June 14, 1934. Records of the Bureau of the Public Debt, Record Group 53; National Archives and Records Administration, Archives II, College Park, MD. File K721. [Recommended guidelines on designating new series of currency (1934, 1934A, etc)]. 10. Broughton, William S., Commissioner of the Public Debt, Public Debt Service, Memorandum to Herman Oliphant, General Counsel, Department of the Treasury, June 18, 1934. NARA RG 53/450/54/01/03 Box 2 File K214.2. [Status report on Series of 1934 Silver Certificates, by denomination, including $20 and $100 models]. Paper Money • May/June 2013 • Whole No. 285180 11. Broughton, William S., Commissioner of the Public Debt, Public Debt Service, Memorandum to Herman Oliphant, General Counsel, Department of the Treasury, June 29, 1934. General Records of the Department of the Treasury, Records of the Office of General Counsel. NARA RG 56/450/60/24/6 Box 23 File 2 “Emergency of 1933 Issue of Silver Certificates.” [Proposal regarding currency production program for 1935-1936 and thereafter]. 12. Broughton, William S., Commissioner of the Public Debt, Public Debt Service, Memorandum to Henry Morgenthau Jr., Secretary of the Treasury, through T. J. Coolidge, Undersecretary of the Treasury, August 29, 1934. NARA RG 56/450/60/24/6 Box 22 File “Emergency of 1933 Issue of Silver Certificates.” [Report of Silver Certificates in Circulation, by series and denomi- nation, including redemptions]. 13. Broughton, William S., Commissioner of the Public Debt, Public Debt Service, Memorandum to Henry Morgenthau Jr., Secretary of the Treasury, through T. J. Coolidge, Undersecretary of the Treasury, November 30, 1934. NARA RG 56/450/60/24/6 Box 22 File “Emergency of 1933 Issue of Silver Certificates.” [Report of Silver Certificates in Circulation, by series and denomination, including redemptions]. 14. Broughton, William S., Commissioner of the Public Debt, Public Debt Service, Memorandum to George O. Barnes, Executive Assistant to the Treasurer, November 18, 1935. NARA RG 53/450/54/0X/0X Box 9 File K422.1. [Providing names to serve on the special destruction committee for Series of 1933 Silver Certificates]. 15. Bureau of the Public Debt. Currency Control Unit “Weekly Summary of Paper Currency Transactions (U.S. Notes and Silver Certificates) for weeks ending September 1 and September 8, 1934, with accumulated fiscal-year totals (in dollars).” NARA RG 53/450/54/01/03 Box 17. [Notes issued, redeemed, in Treasurer’s reserve and outstanding]. 16. Bureau of the Public Debt. “Memorandum Concerning Silver Certificates, for the Secretary, as of November 30, 1934.” NARA RG 56/450/60/24/06 Box 22, File Silver Certificates. [Notes issued, redeemed, and outstanding]. 17. Coolidge, Thomas J., Undersecretary of the Treasury, Memorandum to William A. Julian, U.S. Treasurer, July 16, 1934. NARA RG 53/450/54/0X/0X Box 9 File K422.1. [Direction to issue Series of 1934 Silver Certificates against free bullion in Treasury, and issue Series 1928 $1 Silver Certificates until the supply is exhausted]. 18. Hall, Alvin W., Director, Bureau of Engraving and Printing, Memorandum to Herbert E. Gaston, Assistant to the Secretary, Department of Treasury, May 15, 1934. NARA RG 53/450/54/- /- Box 1 File 724.5. [Status report on currency printing plates by type, series, denomination, signatures of the Secretaries of the Treasury, and status at press or in vault]. 19. Kilby, Edwin L., Assistant Commissioner of the Public Debt, Memorandum to L. C. Spangler, Chief, Division of Printing, November 22, 1935. NARA RG 53/450/54/-/- Box 9 File K422.1. [Seeking loan of cutting machine to bisect the Series of 1933 notes prior to incin- eration]. 20. McReynolds, William H., Administrative Assistant to the Secretary, Memorandum to the spe- cial destruction committee members, November 19, 1935. NARA RG 53/450/54/-/- Box 9 File K422.1. [Direction to destroy reserve stock of Series of 1933 Silver Certificates]. 21. Morgenthau, Henry Jr., Secretary of the Treasury, letter to Franklin D. Roosevelt, March 8, 1934. Records of the Bureau of the Public Debt, NARA RG 53. [Seeking approval for issuance of new series of Silver Certificates under Section 12 of the Gold Reserve Act, against silver, silver bullion, or silver dollars, in replacement for Series of 1933 Silver Certificates]. 22. Morgenthau, Henry Jr., Secretary of the Treasury, letter to William A. Julian, Treasurer of the United States, August 6, 1934. NARA RG 56/450/60/24/6 Box 23 File 2 “Emergency of 1933 Issue of Silver Certificates.” [Order to place Series of 1934 Silver Certificates in circulation]. 23. Morgenthau, Henry Jr., Secretary of the Treasury, letter to Franklin D. Roosevelt, September 10, 1934. NARA RG 53. [Summarizing major silver policies, including replacement of Series of 1933 notes. Approved by Roosevelt September 14, 1934]. 24. Roosevelt, Franklin D, President, to Henry Morgenthau, Jr., Secretary of the Treasury, March 12, 1934. NARA RG 53/450/54/01/03 Box 2 File K214.2. [Issue of new series of Silver Certificates under Section 12 of the Gold Reserve Act]. 25. Roosevelt, Franklin D, President, to Henry Morgenthau, Jr., Secretary of the Treasury, June 14, 1934. NARA RG 53 53/450/54/01/03 Box 2 K214.2. [Issue of Silver Certificates of $1 through $100 denominations against any and all silver bullion or silver dollars not otherwise held for outstanding Silver Certificates]. 26. Treasurer of the United States, Cash Division, Form 5350. “Balances of U.S. Currency in Reserve,” Various Dates, January 15, 1934 to November 30, 1935. NARA RG 53/450/54/01/03 Box 2 File K123.1. [Biweekly Reports of Treasurer’s Reserve Vault Stock, by Type of Currency, Series, and Denomination].
The Feel of Steel: The Art and History of Bank-Note Engraving in the United States by Mark D. Tomasko, American Numismatic Society, 2009, 2012, xvi + 158 pp, 8 ½ by 11 in., full color. List price is $120.00 [discounted 20% for members of the Society of Paper Money Collectors, Inc.] at www.numismatics.org. The title of Mark Tomasko’s revised and expanded [and signif- icantly more affordable for many of us] second edition says it all in terms of this book’s purpose. Referencing the sensation in the fin- gertips while brushing over the true product of engraving – raised ink - the book covers the “back story” of this country’s intaglio printing industry during its heyday. The first edition, published in 2009 as a limited edition fine press volume, was produced by Bird & Bull Press of Newtown Pennsylvania, and included a group of engraved prints bound into the back. That book, for those unfamiliar, is a work of printing art, is justifiably very expensive, and arguably too exquisite for use as a reference. This, the second edition, must be viewed as significantly “more book” in various ways. Mr. Tomasko has expanded Parts I and II to include discussions of several additional items of importance on the subject; most signif- icantly, however, the new work includes 50% more graphic imagery than the first edition. While the newer version has been manu- factured more affordably, no unnecessary compromises have been made in the book’s image quality. It is an unusual volume in its use of stochastic screening in the preparation of the plates, a technique in use since the seventies but enjoying a revival due to the increased use of computer-to-plate techniques allowed by recent advances in technology. This approach has resulted in superb detail, and per- mits the reader to fully appreciate the exquisite linework which we associate with the art of engraving. Collectors of bank notes and other engraved instruments will not be disappointed in this book’s illustrations. Also to be noted as distinctive, luxurious touches are the Mike Bean-printed National Bank of Commerce stock certificate header tipped into the front of the book, as well as two fold-outs of large scale illustrations. The first is of a calendar head produced by the Franklin Bank Note Company in the 1890s, a superb depiction of hand-engraved lettering; the other is an enlarged image of the face of the Series 1896 $1 Educational Note [Friedberg #224], a note whose design history is detailed in the accompanying text. The book is organized into three parts. Part I is an overview of the history of bank note engraving in the United States; it provides a brief but foundational treatment of ante-bellum engraving before going on to the book’s focus, the post-civil war era. Part II covers the processes of engraving and printing, and includes observations on the art and the artists who made these phenomenal works. Part III, built around three rare photographs, profiles those members of the ABN picture engraving department who inhabited the highly secretive world of 20th century security engraving. In Part I, while paying homage to the earliest engravers work- ing in the United States [Paul Revere, Robert Scot and Jacob Perkins], the focus is principally on the 125 years between the end of the Civil War and the late 1980s, when the [final] financial con- solidation of the security printers began. Along the way, Mr. Tomasko does a fine job of relating how the opportunities generated by economic and political events were woven with the artisans, tech- nique and technology changes to create these marvelous works. This presentation is detailed enough for the history buff, but keeps a pace for readers of all perspectives. Well-detailed here are the evolutions, and reasons therefore, of the various organizations’ growth and ultimate combinations. While the histories of the major players, such as the BEP and ABNCo, are well documented, Mr. Tomasko also provides brief but efficient portraits of the many smaller and frequently overlooked bank-note companies of the period. Rich synopses of Western, Homer Lee, Franklin, International, New York, Hamilton, Security, E.A. Wright, Northern, Central, and Jeffries are here. And, while as the title implies, this is a work about the engravers in the U.S., their overseas forays are recounted, be they successful or not. Several of these adventures, while virtually unknown, make for interesting reading. Part II shifts focus from history to tech- nology, and provides the reader unfamiliar with printing concepts the highlights of letter- press, lithography, and intaglio. The meaning and importance of cutting, etching, engraving, lathework, and transferring are all made sensi- ble. And, after an excursion into printing, Mr. Tomasko gets to the really great stuff – vignettes and portraits. The sequence here makes organizational sense, because in addi- tion to reflecting the natural evolution of sophistication and artistic expression, it also allows the story to link back to the artists, their inspirations, and how their art came to life. This approach also allows the forty-plus years of Mr. Tomasko’s research and unabashed love for the work of the engravers to come to the fore. In addition to the painstaking link- ages built between inspiration and drawing and vignette, or painting or photo and engraved portrait, there are glimpses into the other- wise secret world of security printing professionals. One exchange between Robert Savage and the Bronx plant of ABN, regarding the challenges of dealing with engraving the portraits of the living, com- pounded by a layer of instructions, is not to be missed. Author Tomasko has drawn on his extensive knowledge, research and mate- rials to provide the reader with highly illustrative but simultaneous- ly highly attractive examples of engraved works to tell this story. One is reminded repeatedly of the quality of the graphics in this vol- ume and the care taken to achieve it. In Part III, the author has again thrown a spotlight on a per- haps underappreciated aspect of the field…that of the professionals who made the American Bank Note Company the best-of-the-best in the 20th century, but who, it is argued, suffered from anonymity because of the increasingly secretive nature of the business. With only three group photographs [from ca. 1910, 1941, and 1970], the roles of the picture engravers and their chief accomplishments are described. This Section also benefits from extensive illustrations tied back to the evolution of American and its business environment. Mr. Tomasko has created what is likely the first written work which combines the artwork origins of vignette art with historical and biographical information about the leading artists, engravers and organizations of the key historical period he has selected. If there is any dismay in the experience of examining this book, it may be a wistfulness about what might have been had the author begun his in-depth coverage at an earlier point in time. One can hope for a prequel, as this is a book about perfection, about painstaking processes and the prodigies who integrated art and artistic themes into products representing the epitome of “industrial design” and which had the broadest possible public distribution. The book is superbly annotated and extensively indexed. Anyone with interest and admiration for this now all-but-lost craft will love this book.
Paper Money • May/June 2013 • Whole No. 285 181 ANS publishes revised Tomasko engraving opus Reviewed by Mark Anderson Paper Money • May/June 2013 • Whole No. 285182 OUR MOST STARTLING FINDS INVOLVED SEALSmade during the period surrounding the transition fromterritory to state for Wyoming, Idaho and Utah. Let’s diveright in. Wyoming Many of the Orig/1875 and 1882 territorial notes had territorial seals on the backs because the territorial legislatures didn’t adopt a seal or the seals weren’t transmitted to appropriate officials who could pass them on to the engravers. Wyoming Territory fell into the later category. The territory had a seal, but it did- n’t make it to the backs of Wyoming territorials. Ironically the territorial seal did get used on some notes! However, it only appeared on state notes and on them only as the result of a sordid act of skulldug- gery and intrigue perpetrated by one Fenimore Chatterton, a state senator from the wind swept town of Rawlins along the Union Pacific railroad tracks in the southern part of the state. Joint Resolution 5 of the Wyoming Legislature dated December 1, 1890, provided for a committee to create a state seal. A committee of three was formed shortly after statehood chaired by Senator Fennimore Chatterton of Rawlins repre- senting the Senate, and Nat A. Baker of Converse County and H. E. Buechner of Laramie County representing the House. The committee solicited designs through an open competition, and the committee members themselves provided concepts. A dozen designs were submitted and considered. Buechner's seal was adopted, his differing from one designed by Chatterton primarily in that Chatterton's featured a nude women standing on a pedestal instead of a women clothed in a flowing robe. Buechner’s sketch and a detailed written description was forwarded to the legislature for approval. The first State Legislature passed the act providing for the new state seal on January 10, 1891. Buechner’s seal, and Enrolled Act 23 describing it, left the House for Acting Governor Amos Barber to sign on the afternoon of January 10, 1891. As was appropriate, the drawing of the seal and act were entrusted to the care of committee chairman Chatterton who formally escorted them to the governor's office. Chatterton arrived at the Governor's office at 4:20, and Acting Governor Barber signed the act into law. Strangely, it was discovered later, that the description of the seal in the act did not match that of the design submitted along with it. It seemed, Buechner's The Paper Column By Andrew Shiva & Peter Huntoon Wyoming and Idaho State Seals and Utah Territorial Seals Paper Money • May/June 2013 • Whole No. 285 183 design had been switched out and replaced by Chatterton's. Buechner didn’t learn of this for several months, whereupon he took his indignation to the press. The press had a field day with the scandal beginning March 5, 1891, when the Cheyenne Leader ran an expose that began: A QUESTION OF FIGURES Who stole the Clothes of the Wyoming Goddess of Liberty? The Lady on the Great Seal Posing as a Greek Slave While the Legislature Believed Her Comfortably Attired Above left, Figure 1. Fenimore Chatterton, the focus of the ruse involving the Wyoming state seal, was a Republican State Senator from Rawlins. He was 31 years old in 1891. He later went on to serve as Secretary of State and Acting Governor of Wyoming. (Photo courtesy of Wyoming State Archives, Department of State Parks and Cultural Resources, Neg 1610) Above right, Figure 2. Amos Barber was acting Governor of Wyoming when he signed the legislation containing Chatterton’s bogus state seal. He had been elected Secretary of State, but moved into the Governors office in 1890 after then Governor Francis E. Warren resigned upon being elected by the State Legislature to the U. S. Senate. He was 30 years old in 1891. Barber moved back into the Secretary of State position in 1893. (Photo courtesy of Wyoming State Archives, Department of State Parks and Cultural Resources, Neg 1384) Above left, Figure 3. Recreation of Democrat House member Buechner’s state seal which Republican Senator, and seal committee chair, Chatterton switched out as he carried the enabling act for the Wyoming state seal over to Acting Governor Barber for his signature on January 10, 1891. (Photo courtesy of Tom Bohnsack Collection, Accession #6785, American Heritage Center, University of Wyoming) Above right, Figure 4. Drawing of the state seal that Chatterton attached in place of Buechner’s to Enrolled Act 23 of the 1st Legislature. The Goddess of Liberty had lost her clothes. (Scan from the original document courtesy of Wyoming State Archives, Department of State Parks and Cultural Resources) Paper Money • May/June 2013 • Whole No. 285184 Well, there’s considerable of an uproar. The female figure which was selected to adorn the new state seal has lost her clothes. Just how this calamity was brought about no one pretends to know definitely, although some shrewd suspicions have been expressed. * * * The design which accompanied the engrossed copy of the bill from the leg- islature to the governor’s office bears no resemblance, so far as the female figure is concerned, to the design which the members of the legislature believed they had adopted. The figure is supposably that of a Greek slave. This interesting female stands upon what is intended to represent a platform, it is believed, but in reality resembles a large shallow pan or beer vat in which the lady might, without much stretch of the imagination, be credited with soaking her corns. Her face is represented in profile and the exuberance of her nose, which is rela- tively of the same size as one of her feet, is the joy and delight of every beholder. This extremely useful organ represents a very acute triangle and the point seems sharp enough to split a board. Needless to say, Governor Barber dove for cover. He cagily noted that the legislature had failed to appropriate money to have the seal struck, so owing to that defect, he declared that the territorial seal would continue in use. The territorial seal, with the addition of statehood year 1890 was provided to Treasury for use on nationals. The completed die was logged in on August 9, 1890. Thus the Wyoming territorial seal finally made it to the backs of Wyoming nationals through this convoluted machination. However, when it finally arrived, it could only be used on the backs of state notes! Governor Barber commissioned Philadelphia artist Edmund A. Stewardson to design an entirely new seal in the summer of 1891 (Barber, 1892). It was formally adopted by the legislature in 1893, and eventually forwarded by the Wyoming Secretary of State to Treasury officials for use on nationals. The die for the state seal was completed by March 31, 1894. It took until November 1896 for the first back plates with the state seal adopted in 1893 to be certified. They were made only for the Series of 1882. The Figure 5. The Wyoming territorial seal (left) was modified by adding 1890 to the shield, and was used on all Series of 1882 state notes printed from 1891 until 1896, and every Series of 1875 state note. The Wyoming state seal (right), adopted in 1893, made its way to Series of 1882 brown back state notes in this form beginning in 1896. Paper Money • May/June 2013 • Whole No. 285 185 Figure 6. This state note, from the first sheet sent to this Laramie bank on April 10, 1895, is one of a handful of reported Wyoming brown backs with a modified territorial seal. The modified territo- rial seal was used from 1891 to 1896, until back plates bearing the state seal became available. Figure 7. This Laramie note, from a printing in 1905, bears the state seal adopted in 1893, which was first used on Series of 1882 brown backs in 1896. Paper Money • May/June 2013 • Whole No. 285186 first certified was a 5-5-5-5 on November 7, 1896. The 10-10-10-20 came along on November 24. Soon production from them began to appear. No Series of 1875 plates were made with the state seal because demand for Series of 1875 Wyoming state notes had dwindled to a trickle by 1896. They were being used only by The Stock Growers National Bank of Cheyenne. The last Series of 1875 printing for the Cheyenne bank involved some 10-10-10-20 sheets in 1901. All Wyoming Series of 1875 state notes carried the modified territorial seal. The modified territorial seal was used on Series of 1882 brown back state notes from 1891 until 1896. The state seal was used from 1896 until 1908. Notes with the modified territorial seal are by far the rarer, their rarity being a function of both antiquity and shorter duration of use. Idaho The story for Idaho is one that researchers live for. The BEP die ledger revealed that there were two entries for Idaho state, but only one seal is known to collectors. The proofs in the National Numismatic Collection quickly revealed that indeed there were two state seals. Both seals are illustrated on Figure 8. They look similar at first glance but there are significant allegorical refine- Write the Editor and speak your mind Figure 8. Two state seals for Idaho were made within six months of each other in 1891. The first is on the left, the second greatly embellished version is on the right. Paper Money • May/June 2013 • Whole No. 285 187 ments on the second. Most notably the deer on the second is alive and standing behind the shield, rather than being a stuffed mounted trophy head, thus bringing wholesome natural vibrancy to the seal. The themes of opportunity and abundance are prominently advertised on the second in the familiar form of yet another sunrise over the promised land – this one very well executed – and, of course, cornucopias spilling their bounty onto the foreground. The goddess on the left is transformed into a symbol of justice, and the one on the right is replaced by an honorable miner digging silver wealth for the betterment of both himself and the Union. All were big improvements indeed! The die ledger reveals that the second die was entered into the vault within six months of the first; that is January 14, 1891, versus July 2. Clearly state officials had requested a revision and that work was carried out post haste. No Idaho banks were issuing Series of 1875 notes in 1890, so no Idaho state backs were made in that series. Consequently the state seals appeared only on Series of 1882 backs. Those with the first state seal became available in 1891, the first being a 10-10-10-20 certified January 31st. Idaho was admitted to the Union January 6, 1890, meaning that more than a year elapsed before the state back plates became available. In the meantime, the face plates for the Idaho territorial banks had been altered into state faces, and orders for notes continued to tickle in. The first state printings were processed in July 1890, respectively 5-5-5-5s for Pocatello (#4023) and 10-10-10-20s for Lewiston (#3023). The only choice for BEP employees was to mate those state faces with territorial backs. Two orders followed, a printing for The Boise City National Bank (#3471) consisting of 300 sheets of 10-10-10-20s bearing bank sheet serials 411 through 710 that arrived at the Comptroller’s office on February 27, 1891, and 100 sheets of 10- 10-10-20s with serials 561-660 for The First National Bank of Lewiston (#2972) on March 2. These turned out to be the only printings that could have been mated with backs bearing the first state seal. Back plates with the second state seal began to be made in July 1891. Backs printed from them were used exclusively on succeeding printings. Curious handwritten or engraved notations appear in the margins of the state plates, the likes of which we had never seen before. The one on plates with the first seal reads “For currency dated prior to May 14, 1891.” The other on plates with the second seal is “May 14, 1891 or thereafter.” (See Figure 9 over) What they had done was carefully flag the plates after those with the second seal had become available so the ones with the first seal wouldn’t be sent to press. This all seems strange, because they had an engraver go to the bother of adding appropriate inscriptions to the plates instead of simply canceling those that were obsolete. The only way we are going to have a chance of seeing a note with the first state seal is to find one from either the Boise City or Lewiston printings. There were 1,600 such notes. Good luck finding one. We just hope those printings weren’t mated with obsolete territorial backs from inventory. Utah To fully appreciate the story of Utah seals on the backs of Series of 1875 and 1882 nationals, you must know that state face plates were available well before state backs plates, so the earliest printings of state notes came with territorial seals on their backs. The die ledger revealed that something seriously interesting was going on with Utah. National banks in Utah had been issuing territorials since 1866 and from the outset they carried a familiar territorial seal featuring a beehive. However, when Huntoon looked at the BEP die ledger, he found three entries for Utah after the original beehive die was turned over to the BEP in 1875 by the American Bank Paper Money • May/June 2013 • Whole No. 285188 Figure 9. Usage instructions engraved in the margins of the Idaho state back plates. Left: AFor currency dated prior to May 14, 1891." Right: “May 14, 1891 or thereafter.” We have found nothing like these on other back plates. Note Company. They were dated June 2 and 19, 1894, and April 12, 1897. The 1897 entry was expected because Utah was admitted January 6, 1896, as the 45th state. That entry was the state seal. But what were the two 1894 entries about? They were of territorial vintage, but only one territorial seal was known for Utah, and that was the one from the old American Bank Note Company die. Paper Money • May/June 2013 • Whole No. 285 189 There was only one thing to do. Huntoon looked at the proofs to see what was going on. That proved to be exciting. As shown on Figure 10, there were two distinct territorial seals. Both feature the beehive, but the American Bank Note Company displays the 1850 organic act date in Roman numerals whereas the BEP creation used Arabic characters. No one had ever reported the Arabic seal! This was dynamite. Through good fortune, the certification dates were on all the Series of 1882 proofs with the Arabic seal, respectively October 2, 1894, for the 5-5-5-5 and 10-10- 10-20, and October 5 for the 50-100. Production from those plates couldn’t have started until late 1894. Only one Series of 1875 back plate was made with the Arabic seal, a 10-10- 10-20 certified November 29, 1895. That came late. Utah became a state just 38 days later! At this point Huntoon contacted Shiva to see if he knew anything about a second Utah territorial seal, an inquiry that both used to cook up this series of arti- cles. Shiva advised that he wasn’t aware of the second territorial seal, but he had Prather’s $20 Series of 1875 state note from Ogden, which sported a territorial seal that he found to be most unusual. An e-mail exchange of scans revealed in short order that Huntoon’s second territorial seal and the seal on Shiva’s state note were identical! Prather had never recognized that the seal on his Ogden note differed from those on his territorial notes. The illustrations in his book were not of sufficient quality that other people could see the difference either. The Ogden state note carried the second Utah territorial seal. That seal had been hiding in plain sight for decades! The next question was did any Utah territorials have the Arabic seal? Huntoon dug out the census for Utah nationals in order to determine from the Figure 10. Two territorial seals were made for Utah. The most widely used was the one on the left with 1850 spelled out in Roman numerals, which is the date of organization for Utah Territory. The second, made in 1894, used Arabic numerals. Paper Money • May/June 2013 • Whole No. 285190 Treasury serials when the 49 reported Utah territorials had been printed. It quickly became apparent that all but two of them were printed before October 1894. They couldn’t have the second seal. The two exceptions were $5 Series of 1882 brown backs from Park City, both from the same 1895 printing. Shiva had one. It carries the first territorial seal. That wasn’t a big surprise. The BEP had an inventory of preprinted backs with the first seal, and it was their policy to consume existing stock before moving on to print- ings from new plates. Consequently, every reported Utah territorial has the first territorial seal. The only way we may ever see a Utah territorial with the second territorial seal is to find one from a printing made at the very end of the territorial era. We had to identify printings made after back plates bearing the Arabic terri- torial plates were made and before the faces were altered into state plates. We found exactly two candidates, one from the Series of 1875 and the other from the Series of 1882. The Series of 1875 printing was for The First National Bank of Provo (#2541) involving 120 10-10-10-20 sheets bearing bank serials 1211-1340 received December 16, 1895. The Series of 1882 instance was for The Commercial National Bank of Ogden (#3139) for 360 10-10-10-20 sheets bearing bank sheet serials 3161 through 3510 received by the Comptroller November 20, 1894. We won’t know for certain if notes from either printing carry the second ter- ritorial seal until specimens show up. The caveat is that stockpiled sheets with the obsolete first territorial seal could have been used as the feed stock for either printing. We rate the chances of an Arabic territorial seal on one or both of those last territorial printings as being fair at best. Figure 11. This Series of 1875 $20 state note from The First National Bank of Ogden carries the only reported second territorial seal on its back. Only one printing of Series of 1875 state notes utilized territorial backs with the Arabic seal, the 400 sheets of Ogden 10-10-10-20s with serials 1281-1680 delivered to the Comptroller of the Currency on August 6, 1896! Paper Money • May/June 2013 • Whole No. 285 191 Shiva’s Series of 1875 $20 state note from Ogden with the second territor- ial seal is easily explained. That note was from an order of 400 sheets that was delivered from the BEP to the Comptroller on August 6, 1896, bearing bank sheet serials 1281-1680. The 10-10-10-20 face plate used to print the notes had been altered from a territorial into a state plate well before August 6th. However, the 10-10-10-20 Series of 1875 state back plate wasn’t certified until August 28th. BEP personnel simply used stock printed from the available territorial back plate, which happened to be the 10-10-10-20 territorial back with Arabic seals finished 38 days before statehood! Only two Utah banks were still issuing the Series of 1875 then and both were using only 10-10-10-20 combination face plates: The First National Banks of Ogden (#2597) and Provo (#2641). The Provo bank did not require printings before the Series of 1875 state back became available, so it appears that the Ogden printing of 400 sheets was the only Series of 1875 printing with state faces and Arabic territorial backs! There were four additional Series of 1875 printings for the Ogden and Provo banks after the state back plate became available totaling 900 sheets, of which 622 were issued. Those printings probably had state seals, but there always is a chance Arabic territorial backs were used up on some of them as well. Series of 1882 back plates with the Utah state seal became available in June and July, 1897, more than 15 months after statehood. There were eight Series of 1882 printings involving newly converted state face plates that were completed before then. These involve 4,250 four-subject sheets for seven different banks. Some or all could carry the Arabic territorial seal. However some or all may have been printed from stockpiles of old backs with the first territorial seal. We simply won’t know until notes from those printings show. Here is a list of the possibili- ties. We have explained how the Arabic Utah territorial seal landed on the first Series of 1875 printing after statehood for the Ogden bank. It is possible, but unlikely, that the Arabic seal was used on later Ogden and Provo printings even though the state back plate was available for them provided there was a stockpile of Arabic territorial backs. We have documented that there is a small chance that the last two territor- ial printings have the seal. Furthermore it is possible and even likely that some or all of the first eight Series of 1882 state printing carry it as well. At this point in time, Shiva’s $20 is the only reported surviving note with the seal. But what about the fact that there were two listings for Utah territorial dies in 1894? We’ve thoroughly documented the appearance of a second variety, but not a third. We have found no record explaining what happened, but it is fact that there is no third territorial seal on any of the certified proofs. Whatever the other die was, it never was used to make plates. We suspect that what happened was that the die logged in on June 2, 1894, had some design flaw, so was replaced by the one logged in June 19th. The closeness of the dates speaks to this type of scenario. Number Received by Sheet Bank of Comptroller Town Charter Combination Sheet Serials Sheets Jun 13, 1896 Nephi 3537 5-5-5-5 2251-2550 300 Mar 17, 1896 Salt Lake City 4341 10-10-10-20 1661-2060 400 Apr 11, 1896 Salt Lake City 4051 10-10-10-20 2361-2860 500 May 11, 1896 Salt Lake City 4310 10-10-10-20 2161-2660 500 Jul 18, 1896 Salt Lake City 2059 10-10-10-20 5001-6000 1000 Jul 20, 1896 Salt Lake City 2059 10-10-10-20 6001-7000 1000 Jul 20, 1896 Logan 4670 10-10-10-20 491-640 150 Sep 14, 1896 Ogden 3139 10-10-10-20 3521-3920 400 4250 Paper Money • May/June 2013 • Whole No. 285192 Conclusion We have been able to show you numerous previously unrecognized and unreported major and minor seal varieties during the course of these three articles. If there is a lesson here, it is if you want to discover interesting varieties among your notes, the secret for doing so is to look carefully at your notes! The fact is, most of us thought the seals on the backs of our 1875 and 1882 nationals were static. No one bothered to look closely in order to see that there were variations between seemly look-alike seals! Second, no one bothered to go to the National Archives or to seriously examine the Smithsonian proofs to see what either would reveal. Both of these Federal sources were rich lodes passively waiting for someone to get off the dime! Acknowledgment The research leading to this article was supported by the National Currency Foundation. References Cited and Sources of Data “A question of figures,” Cheyenne Daily Leader,Mar 5, 1891. Barber, Amos W. Biennial Report of the Secretary of State for the period ending September 30, 1892, 1892, pp. 6-8. Bohnsack, Tom. “Who stripped robes off Wyoming’s Goddess of Liberty,” Cheyenne Tribune-Eagle, July 20, 1975, pp. D15, D18. Bureau of Engraving and Printing. Certified proofs from national currency printing plates, 1875-1929. National Numismatic Collections, National Museum of American History, Smithsonian Institution, Washington, DC. Bureau of Engraving and Printing. Record of dies received for national currency, plate vault division, 1875-1941. Record Group 318, U. S. National Archives, College Park, MD. Comptroller of the Currency. Ledgers showing receipts from the engravers, 1863- 1912. Record Group 101, U. S. National Archives, College Park, MD. Huntoon, Peter, “State Senator’s shenanigans delayed adoption of Wyoming state seal by three years and affected designs on nationals, Paper Money, v. 47 (May-June 2008), p. 173-181. Prather, DeWitt G. United States National Bank Notes and Their Seals. Hampton, VA: Privately published, MultiPrint, Inc., 1986, 197 p.
Figure 12. The Utah state seal shown here cannot be confused with the two territorial seals. Paper Money • May/June 2013 • Whole No. 285 193 SPMC NEW MEMBERS - 02/05/2013 - 13979 - 13986 13979 James Downey (C), Website 13980 Ryan Masterson (C & D), Website 13981 Chad Kreblin (C), Website 13982 Peter Eichbaum (C), Benny Bolin 13983 Richard Pope, 1231 Crystal Lake Blvd, Iron Mountain, MI 49801 (C & D, Michigan Mining Companies, Obsoletes, Colonial, Fractional, Confederate, and World), Website 13984 Tom Hardy, PO Box 894, Stowe, VT 05672-0894, (C, US Large & Small, National Bank Notes, Obsoletes, Confederate, Fractional, Colonials, MPCs), Website 13985 Cedric Lucas, 484 E. Prospect Ave, Mt. Vernon, NY 10553 (C & D), Frank Clark 13986 John Hicks (C), Website SPMC NEW MEMBERS - 03/05/2013 - 13987 - 14043 13987 Art Paradis, PO Box 1148, Lafayette, CA 94549 (C, Fractional Currency, Postage Envelopes), Wendell Wolka 13988 Jeff Garrett, 1707 Nicholsville Rd, Lexington, KY 40503 (D), Wendell Wolka 13989 Robert McNally (C), Website 13990 Vacant - No Member 13991 Dan Whiteman (C), Website 13992 Bing Ye (C & D), Website 13993 Andrew Waltman (C), Website 13994 Douglas Allen (C), Jason Bradford 13995 Michael Allred (C), Jason Bradford 13996 American Coins and Gold Inc (C), Jason Bradford 13997 Bryan Arnold (C), Jason Bradford 13998 Sharon Aucoin (C), Jason Bradford 13999 David Belfield (C), Jason Bradford 13400 W. Bruce Belisle (C), Jason Bradford 13401 Russell Bender (C), Jason Bradford 13402 Wayne Besaw (C), Jason Bradford 14003 Carl Bolander (C), Jason Bradford 14004 Byung Seo (C), Jason Bradford 14005 Steven Cain (C), Jason Bradford 14006 John Campbell (C), Jason Bradford 14007 Conrad Carangelo (C), Jason Bradford 14008 Christin Cech (C), Jason Bradford 14009 Cheng Hui Xie (C), Jason Bradford 14010 Jonny Coli (C), Jason Bradford 14011 Robert Collings (C), Jason Bradford 14012 Joe Colwin (C), Jason Bradford 14013 Bobby Cudd (C), Jason Bradford 14014 Cui Li (C), Jason Bradford 14015 Disney Collectors Club (C), Jason Bradford 14016 Daniel T. Dolan (C), Jason Bradford 14017 Robert Fontana (C), Jason Bradford 14018 Roger Fortier (C), Jason Bradford 14019 Rodney Gianchetta (C), Jason Bradford 14020 Arpad Gutai (C), Jason Bradford 14021 Julie Halverstadt (C), Jason Bradford 14022 Gary M. Jaffe (C), Jason Bradford 14023 Kurtis Johnson (C), Jason Bradford 14024 Larry Jones (C), Jason Bradford 14025 Michael J. Lang (C), Jason Bradford 14026 James Llovera (C), Jason Bradford 14027 Joachim Makosch (C), Jason Bradford 14028 Albert Mattia (C), Jason Bradford 14029 Daniel McLaughlin (C), Jason Bradford 14030 John Minges (C), Jason Bradford 14031 Kames Mullowney (C), Jason Bradford 14032 Ivan Nagy (C), Jason Bradford 14033 Anthony Novak (C), Jason Bradford 14034 Troy Pfeffer (C), Jason Bradford 14035 Nur Putri (C), Jason Bradford 14036 Donald D. Row (C), Jason Bradford 14037 James Ruehs (C), Jason Bradford 14038 David Sandiford (C), Jason Bradford 14039 Harold Schaeffer (C), Jason Bradford 14040 Philip W. Thomas (C), Jason Bradford 14041 John Urevich (C), Jason Bradford 14042 Karo; Winograd (C), Jason Bradford 14043 Steven Young (C), Jason Bradford REINSTATEMENTS 13292 Terry Knight (C), Jason Bradford 13537 Robert Wall (C), Jason Bradford 13613 James Bonn (C), Jason Bradford 13630 Edward Knapp (C), Jason Bradford 13640 William Paschal (C), Jason Bradford 13693 Yamato Seki (C), Jason Bradford
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Up to 20 words plus your address in SIX BIg ISSUES only $20.50/year!!!! * * Additional charges apply for longer ads; see rates on page above -- Send payment with ad Take it from those who have found the key to “Money Mart success” Put out your want list in “Money Mart” and see what great notes become part of your collecting future, too. (Please Print) ______________________________ ___________________________________ ___________________________________ ___________________________________ ONLY $20.50 / YEAR ! ! ! (wow) United States Paper Money special selections for discriminating collectors Buying and Selling the finest in U.S. paper money Individual Rarities: Large, Small National Serial Number One Notes Large Size Type Error Notes Small Size Type National Currency Star or Replacement Notes Specimens, Proofs, Experimentals Frederick J. Bart Bart, Inc. website: www.executivecurrency.com (586) 979-3400 PO Box 2 • Roseville, MI 48066 e-mail: Bart@executivecurrency.com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`IW[VVK& ! !"#$%&''#()&*+,+$-"&.$ 7NOOPE7Q&R&S@SPO&7DTTP74.UTP>&R&7D.E>& D74DUPO&KK&W&KYB&IJKY& !PUON@OQ&KL&W&K_B&IJKL& 4+#&T,2#1,5$&7#5-#"& XJK&Z#)-&T(9#&>-"##-B&T,2#1,5$B&!T&YY[KV& Z#<&>(-#\&***%*(6%8/9;8/(5)+/*);8/11#8-/",9,& P$&]0)^9,"&R&V_KWY`IW[VVK& ! "#$%!&'!$%!($))!*+!,-.!/)-.$'&!01..+234!&2'!0-$2%!&2'!5!(-1)'!)$6+!7-!.12!7#&7!,-.!&))!%$8!&'%!,-.!9:;<=! /012345$%62278%9$584$%138-$ KLK&E%&Z%&IJ4'&>-"##-&R&>0(-#&UWYB&U/8,&O,-/5B&!T&YYLYK& 7:)+;'<:"#=$<>$?&(+$2+)&>@$/'&*<=+$:<>(#$ABCC$ a.>.4&DNO&EPZ&ZPU&>.4P& www.flacurrencycoin.com Z#&<0C&,5$&)#11&9,5C&$(33#"#5-&,5$&050)0,1& &N%&>%&70""#58C&(-#9)&,5$&E#,-&S,A#"&@9#"(8,5,%& D#$=&$>&)$;EF$&*$:#''$)"<*=$G+*)F$H*+=#=$%E**#>(FI$ !/"&9/"#&(53/"9,-(/5&8,11&P$&]0)^9,"&R&V_KWY`IW[VVK& & S1#,)# ,(1&9#&,5$&1#-&9#&25/*&(3&-+()&,11&*(11&*/"2%&&.&*(11&<#&<,82&(5&-+#&)+/A&/5&40#)$,CB&,5$&*(11&)#5$&C/0& -*/&8+#82)&3/"&b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`IW[VVK& ! !"#$%&''#()&*+,+$-"&.$ 7NOOPE7Q&R&S@SPO&7DTTP74.UTP>&R&7D.E>& D74DUPO&KK&W&KYB&IJKY& !PUON@OQ&KL&W&K_B&IJKL& 4+#&T,2#1,5$ 7#5-#"& XJK&Z#)-&T(9#&>-"##-B&T,2#1,5$B&!T&YY[KV& Z#<&>(-#\&***%*(6%8/9;8/(5)+/*);8/11#8-/",9,& P$&]0)^9,"&R&V_KWY`IW[VVK& ! "#$%!&'!$%!($))!*+!,-.!/)-.$'&!01..+234!&2'!0-$2%!&2'!5!(-1)'!)$6+!7-!.12!7#&7!,-.!&))!%$8!&'%!,-.!9:;<=! /012345$%62278%9$584$%138-$ KLK&E%&Z%&IJ4'&>-"##-&R&>0(-#&UWYB&U/8,&O,-/5B&!T&YYLYK& 7:)+;'<:"#=$<>$?&(+$2+)&>@$/'&*<=+$:<>(#$ABCC$ a.>.4&DNO&EPZ&ZPU&>.4P& www.flacurrencycoin.com Z#&<0C&,5$&)#11&9,5C&$(33#"#5-&,5$&050)0,1& &N%&>%&70""#58C&(-#9)&,5$&E#,-&S,A#"&@9#"(8,5,%& D#$=&$>&)$;EF$&*$:#''$)"<*=$G+*)F$H*+=#=$%E**#>(FI$ !/"&9/"#&(53/"9,-(/5&8,11&P$&]0)^9,"&R&V_KWY`IW[VVK& & S1#,)# ,(1&9#&,5$&1#-&9#&25/*&(3&-+()&,11&*(11&*/"2%&&.&*(11&<#&<,82&(5&-+#&)+/A&/5&40#)$,CB&,5$&*(11&)#5$&C/0& -*/&8+#82)&3/"&bIIV%&&D5#&3"/9&7/11#8-/",9,B ,5$&-+#&/-+#"&3"/9& 1/"($,&70""#58C&,5$&7/(5)%&&4+,52)%& P$&]0)^9,"! Paper Money • May/June 2013 • Whole No. 285 195 The more I get involved with obsolete notes, the more intrigued I become. But, at the same time, the less I'm sur- prised at what I come across in studying them. A good example of this is the $5 note on The Farmers Bank of Kentucky illustrated here. The full image of the $5 note is taken from a sheet in my obsolete sheet collection. Several years ago, while closely studying the sheet, I imagined that I was seeing some small print in the bottom part of its agricultural vignette of the two men and the hors- es. I used my scanner to magnify the part of the vignette that caught my eye. When I enlarged it three times, I was surprised to find that there was really something there. Notice that the detail in the second image is taken from the bottom part of the vignette beneath the man's legs. Just looking casually it appears to be the grass line. But enlarged it reads “Entered according to Act of Congress in the year 1856 by Toppan, Carpenter & Co in the Clerks Office of the District Court of the Sn Dist of New York.” When I realized this, I contacted a major paper money dealer who is “in the know” about Obsoletes. He said, “yes, that detail is there. It has been noticed before, but we do not know why the engraver chose to put it there, and why so obscurely.” Since then, I have learned this was the way the American Bank Note Co. predecessor company that pro- duced the vignette, claimed its copyright for its work. It registered the design in the Clerk’s Office of the federal court’s Southern District of New York, i.e. at New York City. Consulting James Haxby’s excellent volumes on obso- lete paper money, I learned that the bank’s earlier notes with this vignette had been printed by Toppan, Carpenter, Casilear & Co., the firm that registered this design in 1856 two years before TCC became a founding partner in the American Bank Note Co. that printed this particular note. I have also come across a few other notes that have similar hidden secrets for us collectors to find. This is just another example of what the wonderful world of paper money has for us to explore and learn.
Scrutiny, magnifier reveal note’s ‘hidden’ message By Robert Gill “Entered according to Act of Congress in the year 1856 by Toppan, Carpenter & Co in the Clerks Office of the District Court of the SnDist of New York.” Paper Money • May/June 2013 • Whole No. 285196 Introduction There were three different releases of paper money issued by the State of Alabama at its first capital, Cahawba. However, before we discuss these notes, a little clarification is needed on the claim that Cahawba (spelling was later changed to Cahaba) was the state’s first capital. When the Alabama Territory was created by an Act of Congress on March 3, 1817, Section 8 of that Act stated that the town of St. Stephens “…shall be the seat of Government for the Alabama Territory until it shall be otherwise ordered by the legislature thereof.”1 At the second session of what was then called the Legislative Council of the Alabama Territory (meeting in St. Stephens, the capital of the Territory), they named Cahawba as the state’s capital pending the construction of a “building suitable for the temporary accommodation of the General Assembly of the Territory or state..”2 But when the Act was passed, there was in fact no town of Cahawba and other than one private home, no build- ings.3 Of necessity, the 1818 Act provided that until suitable buildings were com- pleted, “the temporary seat of Government shall be and remain at Huntsville….” While construction of a new “statehouse” in Cahawba was underway in 1819, the General Assembly met, according to law, in Huntsville, the “temporary capital.” They were in session from October 25th until December 17, 1819, and had adjourned when Alabama became a state two days later. Yet the printed title page of both the House Journal and Senate Journal of the General Assembly contains the phrase “State of Alabama” incorrectly implying the General Assembly represented the State of Alabama. The fact is that the journals of the house and senate were printed in 1820 when Alabama was a state, but the General Assembly met while still a territory. Beginning in 1820 and continuing until early 1826, the General Assembly would meet in Cahawba, the Capital of the State of Alabama.4 The narrative above suggests that Cahawba was the third capital of the state following St. Stephens and Huntsville. The facts are however that St. Stephens was the capital of the Alabama Territory (1817), while Huntsville was the temporary cap- ital of the Territory (1818-1819). Cahawba was the first permanent capital of the State of Alabama beginning in 1820. It should be noted that the capital was moved from Cahawba to Tuscaloosa in 1826 and again moved from Tuscaloosa to Montgomery in 1846. The capital has remained at Montgomery since. During the almost six years that Cahawba was the capital of Alabama, there were three official paper issues of what early residents used as money. As each of these issues is explained, notes that are unlisted in the standard catalogs of state and obsolete Alabama notes are identified.5 State-Issued Money from Alabama’s First Capital By Bill Gunther Paper Money • May/June 2013 • Whole No. 285 197 Economic Conditions at Statehood (1819) To understand the reasoning for the issuance of these early notes, it might be helpful to review economic conditions at the time of statehood. The Panic of 1819, the country’s first “great” recession, was well under way when Alabama was admitted to the Union.6 The uncontrolled monetary expansion that occurred in the nation between 1814 and 1817 had led to a financial “bubble” in real estate prices, including specula- tion in the sale of public lands.7 It was not uncommon for private banks, chartered by various state legislatures, to contribute to the speculation by questionable expansion of their notes. Private banks in the Alabama Territory, notably the Planters and Mechanics Bank in Huntsville (founded 1817) and the Tombeckbe Bank in St. Stephens (founded 1818) were created to facilitate the sale of large tracts of public lands.8 Even the federal government “facilitated large-scale speculation in public lands by opening up for sale large tracts in the southwest and northwest, and granting liberal credit terms to purchasers.”9 Most of the land purchases were paid for with pri- vately issued banknotes which were not redeemable in specie. In general, these notes tended to depreciate and fluctuated from bank to bank and from place to place. The lack of a uniform value for these banknotes contributed to widespread suspicion of the motives of private banks and bankers. In an attempt to deal with this issue, Congress created the Second Bank of the United States in 1817 that was required to redeem its notes in specie. However by the beginning of 1818, the Bank’s specie reserve was only $2.5 million compared to a total monetary issue that was almost ten times that amount ($23 million).10 The Second Bank was in a dangerous position and could not withstand a run on the bank. That mere threat caused the bank to call halt to its monetary expansion in the summer of 1818 and to begin a series of deflationary moves. These actions by the Bank of United States forced state banks in debt to the bank to contract their loans as well. In part, this collapse of credit soon led to cotton prices dropping by 54 percent between 1818 and 1819, with land prices quickly following ending with widespread bank failures.11 Although none of the state’s three private banks had failed as of 1819, members of the state’s Constitutional Convention in 1819 must have been keenly aware of the mone- tary uncertainties facing their new State. To address the currency question, the Alabama Constitutional Convention believed the best answer was the creation of a State Bank to eliminate the abuses of pri- vate banks.12 As a result, new restrictions on private banks were included in the new constitution and, more importantly, a provision to create a State Bank was made part of the constitution.13 Although a State Bank was authorized by the 1819 Constitution, it would be four years later in 1824 before the bank would be able to open its doors (and by 1845 the bank failed).14 While the State was struggling to get the State Bank off the ground, there was an extreme shortage of money and residents were pleading for the General Assembly to “do something.” Comptroller’s Warrants (December 1820) Responding to the pressing need for money with which to carry out the state’s business, the General Assembly passed an Act on December 15, 1820, making it the duty of the Comptroller to “… have warrants printed, on the best paper that can be procured with the word "Alabama" on one end and the words, "Treasury Department" on the other.15 The Comptroller (Samuel Pickens) was authorized to issue these war- rants in denominations of five, ten, and twenty dollars or “larger amounts at the plea- sure of the creditors of the State…” There was no promise to exchange these warrants for specie and the state was free to exchange them for private banknotes if it so desired. However, the General Assembly allowed them to be used to pay all taxes, purchase land in Cahawba and for the payment of ferry charges in Cahawba. This “official” limita- tion may not be binding if the general population accepted them in exchange and thus used them as “money.” However, the Warrants were not popular and the Cahawba Paper Money • May/June 2013 • Whole No. 285198 press complained at the time that the Comptroller’s Warrants were trading at great discounts and often could not be “passed off at all.” Moreover, the paper claimed the lack of any notes smaller than $5 make them extremely inconvenient.16 While one can question their role as “money,” they are highly collectable by Alabama paper “money” enthusiasts and are therefore included in this historical review. There were two “different” printers used for these warrants, both of them located in Cahawba. The notes of 1820 and part of 1821 were printed by a firm named Allen & Brickell. Not all of notes contain an imprint of the printer’s name, but it is believed that in most cases any missing imprint was cut off in the trimming process. Beginning with the $10 warrants issued in 1821, the printer’s imprint became Wm. B. Allen & Company. It seems likely, although this is not certain, that the two firms were essentially the same with the exception of “Brickell.” One can assume that for some reason “Brickell” left the company and it was renamed. The same firm(s) also had the contracts to print the journals of the house and sen- ate until the Capital was moved to Tuscaloosa in 1826. There are many different varieties of the Comptroller’s Warrants. In 2007 Hugh Shull updated Criswell’s listings of both Comptroller’s and Treasurer’s Warrants and replaced Criswell’s assignment of year-letter (e.g., 1820-A, 1821-B) to different varieties with a system identified by Cr. CXX.17 While Criswell only identified 11 different Comptroller’s Warrants, Shull lists 23 different varieties in his book. These varieties include the denomination (3 printed and at least two dif- ferent written-in amounts), some with printed dates (1820, 1821 and 1822) and some with partially written-in dates. In some cases, the last digit of the year is over- written on the printed date (Cr. C20 and Cr. C22). Other variations deal with the central vignette (sailing ship or riverboat), the precise wording of the warrant, and the use or absence of a counter. Shull even assigned different numbers to notes of similar design but different plate letters (see for example the 1820 $20 issues tagged as Cr. C10 and Cr. C12). This is different than his treatment of fractional issues (Treasurer’s Warrants) where he assigns one number to notes with multiple plate letters (see the 12 ½ cent note C62 in which plates A, C, D, and E are included.) On the notes with written-in amounts, the law allowed the choice of the amount to be “at the pleasure of the creditors.” However, the only known issues (two) with written-in amounts were for $100. (Figures 1 and 2) The $100 note shown in Shull’s book (Figure 1) is payable to a Henry Y. Webb, who was a circuit judge in the 3rd Circuit.18 The note states to be paid “out of the fund appropriat- ed for the salaries of the judges.” The second $100 note (Figure 2) is also payable to Henry Y. Webb and is dated the same day as the first note. They are consecutively numbered (#1821 and #1822). Figure 1 - Cr. C16. $100 Warrant #1821 ( Plate Note from Hugh Shull’s Southern States Currency) Florida Paper Money Ron Benice “I collect all kinds of Florida paper money” 4452 Deer Trail Blvd. Sarasota, FL 34238 941 927 8765 Benice@Prodigy.net Books available mcfarlandpub.com, amazon.com, floridamint.com, barnesandnoble.com, hugh shull Paper Money • May/June 2013 • Whole No. 285 199 MYLAR D® CURRENCY HOLDERS PRICED AS FOLLOWS BANK NOTE AND CHECK HOLDERS SIZE INCHES 50 100 500 1000 Fractional 4-3/4" x 2-1/4" $21.60 $38.70 $171.00 $302.00 Colonial 5-1/2" x 3-1/16" $22.60 $41.00 $190.00 $342.00 Small Currency 6-5/8" x 2-7/8" $22.75 $42.50 $190.00 $360.00 Large Currency 7-7/8" x 3-1/2" $26.75 $48.00 $226.00 $410.00 Auction 9 x 3-3/4" $26.75 $48.00 $226.00 $410.00 Foreign Currency 8 x 5 $32.00 $58.00 $265.00 $465.00 Checks 9-5/8 x 4-1/4" $32.00 $58.00 $265.00 $465.00 SHEET HOLDERS SIZE INCHES 10 50 100 250 Obsolete Sheet End Open 8-3/4" x 14-1/2" $20.00 $88.00 $154.00 $358.00 National Sheet Side Open 8-1/2" x 17-1/2" $21.00 $93.00 $165.00 $380.00 Stock Certificate End Open 9-1/2" x 12-1/2" $19.00 $83.00 $150.00 $345.00 Map & Bond Size End Open 18" x 24" $82.00 $365.00 $665.00 $1530.00 You may assort note holders for best price (min. 50 pcs. one size). You may assort sheet holders for best price (min. 10 pcs. one size). SHIPPING IN THE U.S. (PARCEL POST) FREE OF CHARGE Mylar D® is a Registered Trademark of the Dupont Corporation. This also applies to uncoated archival quality Mylar® Type D by the Dupont Corp. or the equivalent material by ICI Industries Corp. Melinex Type 516. DENLY’S OF BOSTON P.O. Box 51010, Boston, MA 02205 • 617-482-8477 ORDERS ONLY: 800-HI-DENLY • FAX 617-357-8163 See Paper Money for Collectors www.denlys.com Harlan J. Berk, Ltd. “The Art & Science of Numismatics” 31 N. Clark Street Chicago, IL 60602 312/609-0016 • Fax 312/609-1305 www.harlanjberk.com e-mail: info@harlanjberk.com A Full-Service Numismatic Firm Your Headquarters for All Your Collecting Needs PNG • IAPN • ANA • ANS • NLG • SPMC • PCDA HIGGINS MUSEUM 1507 Sanborn Ave. • Box 258 Okoboji, IA 51355 (712) 332-5859 www.TheHigginsMuseum.org email: ladams@opencominc.com Open: Tuesday-Sunday 11 to 5:30 Open from Memorial Day thru Labor Day History of National Banking & Bank Notes Turn of the Century Iowa Postcards Paper Money • May/June 2013 • Whole No. 285200 Figure 2 - Cr. C16. $100 Warrant #1822 Courtesy Heritage Auctions Why did the Comptroller issue two notes for $100 to the same person on the same day, rather than write one for $200? There was no prohibition against writing larger amounts since the Act specifically allowed the choice of the amount to be “at the pleasure of the creditors..” A plausible answer is the “creditor,” Judge Henry Y. Webb in this case, must have believed that it would be too difficult to nego- tiate a single note of $200 rather than two notes of $100 each. Figure 3 - CR Unlisted. Printed “Fifty” and hand-written purpose. (Courtesy of Heritage Auctions) Another relatively large denomination note is the $50 note shown in Figure 3. What makes this note rather interesting is that the denomination “Fifty” is print- ed, not written-in. The Act did not prohibit $50 notes but it would appear that the Act anticipated that notes higher than $20 would be issued with hand-written amounts. This particular note is payable to Thomas Bibb, who was the Governor at the time (1821) the note was issued. As President of the Senate when his brother, William Bibb, the first governor of Alabama. died following an accident, he became the Governor. Both the $50 and $100 notes represent relatively large amounts at a time when unskilled workers generally made considerably less than one dollar per day. Rosene’s book is very limited in its coverage of the Comptroller’s Warrants, with only 5 different numbers assigned. There is one $5, one $10, and three different $20 warrants listed, but with no illustrations. The descriptions are vague and thus it is not possible to cross-list Rosene against Shull with any degree of certainly. When Comptroller’s Warrants appear at auction, they are usually tagged with the Cr. num- ber from Shull and then a Rosene number with a (?) indicating the uncertainty of that assignment. Haxby does not include any of the Comptroller’s Warrants. Paper Money • May/June 2013 • Whole No. 285 201 Paper Money • May/June 2013 • Whole No. 285202 Unlisted Discoveries of Comptroller’s Warrants In addition to the 23 notes with Cr. (Criswell) numbers included in Shull, there are an additional twelve notes now known that are unlisted in Shull (Cr.), Rosene (R) or Haxby (H). I have assigned Cr. numbers to these discoveries by a simple process of moving to the next digit in Shull’s assignment. I have also added a (?) to the assignment since it is quite possible that new discoveries will require a new reassignment. In the future, as new discoveries are added to this list, it may well be that Cr. numbers will be used only for major types, with the variations on type style, periods after plate letters and the like being assigned “small letters” such as “a”, “b”, etc. Images of the unlisted notes are courtesy of Heritage Auctions unless otherwise noted. 1820 Issues Figure 4 - Cahawba, AL- The State of Alabama $5 Dec. 21, 1820 R-3(?), H-UNL Cr. C07? Same as Cr. C06 except periods after plate letter. Figure 5 - Cahawba, AL- The State of Alabama $10 Dec. 28, 1820, R-Unl. H-Unl. Cr. 09(?) Similar to Cr. C08 but year written-in. Paper Money • May/June 2013 • Whole No. 285 203 1821 Issues Figure 6 - Cahawba, AL- The State of Alabama $5 Sept. 5, 1821.R1-3(?) H-Unl. Cr 27(?) Similar to Cr. C24 but text is written in. Figure 7 - Cahawba, AL- The State of Alabama $5 September 20, 1821. R-1-3(?) H-Unl. Cr. C25(?) No plate letter, no printer imprint. Figure 8 - Cahawba, Al. The State of Alabama $5 December 18, 1821. R1-3(?). H-Unl. Cr. C28(?) Has hand written fund source, plate B with periods. Author’s collection. Paper Money • May/June 2013 • Whole No. 285204 Figure 9 - Cahawba, AL- State of Alabama $10 June 18, 1821. R1-4. H-Unl. Cr. 31(?) Like Cr. 30 except fund source is hand written and has printed year. Figure 10 - Cahawba, AL- State of Alabama $10 Dec. 26, 1821. R1-4(?) H-Unl. Cr. C37(?) Different from any $10 in Shull and no plate letter. Figure 11 - Cahawba, AL- The State of Alabama $20 Dec. 26, 1821. R-Unl. H-Unl. Cr. 47(?) Funding source hand written and sailing ship vignette are unique. Paper Money • May/June 2013 • Whole No. 285 205 Figure 12 - Cahawba, AL- The State of Alabama $20 March 24, 1821. Cr. C48 (?) Fund source hand written, plate letter C with periods. Figure 13 - Cahawba, AL- State of Alabama $20 Dec. 11, 1821. R1-Unl. H-Unl. Cr. C47b Similar to Cr. 47 (?) but with year partially printed and plate B rather than plate A. Figure 14 - Cahawba, AL- State of Alabama $50 April 19, 1821. R1-Unl. H-Unl. Cr. C53(?) Totally unique design. Paper Money • May/June 2013 • Whole No. 285206 Figure 15 - Cahawba, AL- The State of Alabama $5 June 11, 1822. R1-3(?). H-Unl. Cr. C49(?) No $5 warrants with 1822 date are shown in Shull. Treasurer’s Warrants (Act of December 1821) The fact that the Comptroller’s Warrants were not authorized in amounts below $5 and small change in the form of silver and copper was hoarded made the warrants extremely inconvenient for everyday purchases. The General Assembly hoped to remedy this situation by passing an act on December 19, 1821, which authorized the Treasurer to issue notes in the amount of 12½ cents, 25 cents, 37½ cents, 50 cents, and 75 cents.19 A total of $6,000 was authorized for each denomi- nation or a total authorization of $30,000. These so-called Treasurer’s Warrants were receivable for all taxes, but were otherwise not redeemable. This made them relatively less “acceptable” than the Comptroller’s Warrants, but their small denom- inations probably made that issue rather moot. The Act made it illegal for any pri- vate individual or group of individuals to issue so-called “change notes” giving the state a monopoly on paper fractional notes. The law also made it illegal to use pri- vate change notes in exchange after June 1, 1822, the date the Treasurer’s Warrants went into circulation. It is interesting to note that Shull lists a 6¼ cent note which is assigned the number (Cr. 60) although the Act of 1821 does not specifically authorize such a note. Neither Rosene nor Haxby lists the 6¼ cent note in their catalogs of Treasurer’s Warrants. Shull describes the note as having the same vignette and wording as the 12½ cent note with exception that a plate note is “unknown.” Given the lack of specific mention of the 6¼ cent note in the Act together with the fact that neither Rosene nor Haxby acknowledge such a note, it seems unlikely that one was in fact printed. Shull’s assignment of Cr.60 was most likely based on the listing in Criswell’s book and not upon a physical copy. It is puzzling however as to how Criswell was able to state that the vignette was a “Stage at Center” and have no fur- ther information unless he did not actually have a copy. It remains unclear whether or not a 6¼ cent Treasurer’s Warrant actually exists. Treasurer’s Warrants were rather uniform in style when compared to the Comptroller’s Warrants, with only six (or seven if we allow the 6¼ cent) denomina- tions. Other than the central vignette, which was different on each note, there are no other variations. As stated earlier, Shull included all plate varieties under the same number in Treasury Warrants rather than assign them separate numbers. Below are listed several new discoveries in Treasurer’s Warrants. These dis- coveries are all new plate letters with no other printed differences, and as such fall under the same Shull Cr. number for that denomination. All illustrations are cour- tesy of Heritage Auctions unless otherwise noted. 1822 Issues Paper Money • May/June 2013 • Whole No. 285 207 Treasurer’s Warrants (All issued June 1, 1822) A 6¼ cent notes is listed in Shull, but no record of one can be located. Figure 16 - Cr C62 only lists plates A, C, D. E. R1-8. H-Unl. This is plate B. Figure 17 - Cr. C62. Another plate B but note is unsigned. R1-8. H-Unl. Figure 18 - Cr. C64. Criswell only shows plate B. This is A. R1-9. H-Unl. Author’s collection Figure 19 - Cr. C66. Criswell only shows plate B. This is plate A. R1-10. H-Unl. Paper Money • May/June 2013 • Whole No. 285208 Figure 20 - Cr. C68. Criswell shows only plate B. This is A. R1-11. H-Unl. All of the Treasurer’s Warrants carry the signature of a “C. Dunbar” above the title of Treasurer. Although the Act creating these notes specifically calls for the Treasurer to sign and record all notes issued, no C. Dunbar ever served as treasurer at this time (or any other time for that matter). The person who was Treasurer at that time was Jack F. Ross who served as Territorial Treasurer at the time the State was admitted to the Union and was named the State’s first treasurer in 1819. Dunbar was most likely a “clerk” in the Treasurer’s office whose primary duty was to sign notes in the absence of the Treasurer. As will be noted in the next section, there were some serious floods in Cahawba about the time these notes were being prepared for circulation and these floods may have prevented Ross from traveling to Cahawba from his home in St. Stephens. Bank of the State of Alabama While the issuance of both Comptroller’s and Treasurer’s Warrants was seen as temporary solutions to the lack of money in the state, the real solution, according to the first three governors and the majority of the members of the General Assembly was the creation of a State Bank. The 1819 Constitution included a provision to allow a State Bank while at the same time creating tighter controls on the three existing private banks. The Constitutional provision also allowed for the private banks to petition to become branches of the state bank, provided they met the new standards. It was clear that the intent was for the State to have a monopoly on the banking business. The headquarters location of any state bank was estab- lished by a vote of the General Assembly and they determined it would be at the “seat of government”.20 It was decided: whenever a Bank of the State of Alabama would be created, it would be initially located in Cahawba. It was one thing to authorize the creation of a state bank, but quite another to implement that authorization. The first attempt ended in late 1821 in failure when the “supervisors” charged with selling the stock of the bank failed to secure enough capital. At that point, it became clear to the Governor that if the State were to have its bank, the State would have to provide the capital. A new law was passed on December 20, 1823, and, in a series of maneuvers by the Governor (Israel Pickens), the Act provided a solution to the funding problem.21 The Act provided that funds from the sale of public lands were to be deposited in the State Bank. All new States were granted large allocations of public land from the federal government for schools (so-called “section 16” lands), “seminaries of learning,” and other public institutions. Alabama’s land grant for all purposes totaled slightly more than five million acres, and the sale of these lands would fund the new bank.22 By the time funds were secured from the land sales and the bank was orga- nized and ready to open its doors, it was July of 1824. Unfortunately, in the inter- vening years between authorization and implementation, “unprecedented” floods occurred in Cahawba in the summer and autumn of 1821 and 1822. These floods simply gave fuel for the political side wanting to relocated the capital as soon as the law allowed (1826).23 With only a year and a half left before the location of the Paper Money • May/June 2013 • Whole No. 285 209 capital was highly likely to change, issuing State banknotes from Cahawba would be a challenge. Having endured many complaints about the quality of the Comptroller’s and Treasurer’s Warrants, the Directors of the Bank of the State of Alabama were desirous of securing the best possible notes on the best possible paper. Today we have evidence of at least two sets of proof notes from two different printers that exist from Cahawba. Since it is not clear exactly what year these proofs were issued, we shall just list them as “set 1” and “set 2.” The first set consists of three notes, all of which have a very similar vignette involving an “Arab on a prancing horse.” The earliest reference to these notes (1961) can be found in Brantley where he shows the $2 (Figure 21) and $3 (Figure 22) notes, with the caption “Issued by the Bank of the State of Alabama in 1825” when it was located in Cahawba.24 The notes appear to be proof notes with the sig- nature blocks removed. Rosene (1984) lists these notes as R1-2 and R1-2 and, based on his description, he was most likely referring to the notes in Brantley. Haxby (1988) lists these notes as G4 and G6 but also acknowledges a $1 (Figure 23) note (G2), and describes it as similar to the $2 (i.e., having the “Arab on prancing horse.”) Rosene, who only lists the $2 and $3 notes, indicates that the printer is “unknown,” while Haxby who lists all three notes states that the firm of AB&CD&W (Asher B. Durand, Cyrus Durand, and Charles Wright) was the print- er for all three. This firm of AB&CD&W was founded in 1824 and was renamed in 1828.”25 This gives us a time-line of 1824-1828 for the years in which the notes must have been printed. This is consistent with Brantley’s claim that the notes were issued in 1825 (the last year Cahawba was the capital). It is not unusual that a second set of proof notes from Cahawba should exist since it seems prudent that the Bank would have solicited at least two bids for their notes. The second set of proof notes consists of six notes: two different $5 notes (plates A and B), two different $10 notes (plates A and B), and two different $50 notes (plates C and B). The printer for all the notes is clearly identified at the bottom center and is Fairman, Draper and Underwood (FDU). FDU was founded in 1823 and changed its name to Draper & Underwood in 1828.26 Rosene makes no mention of any of the notes in “set 2.” Haxby lists a $5, $10, $50 (as well as a $20 and $100) that could refer to the notes in “set 2,” but there are no descriptions; the printer is listed as “unknown” and he indicates SENC (Surviving Example Not Confirmed) for each of them. Two of the notes ($5 and $10) have the “A” block designation while the $50 note is from block “C.” Perhaps the reason that Shull does not contain any notes from the Bank of the State of Alabama is that he did not consider them to be directly issued by the State, although the Bank was owned 100% by the State. Interestingly, the same “Arab on prancing horse” vignette that appears on the notes in “set 1” is used on the $3 notes from the Bank of the State of Alabama at Tuscaloosa (see Rosene 6-15 and Haxby G- 32). The printer, however, is listed as U.B. & S (Underwood, Bald & Spencer). This firm was first founded in 1837 but evolved out of the firm FDU, the printers of “set 2”! Exactly how U.B. & S. obtained the rights to use the “Arab on prancing horse” vignette from AB&CD&W on a Tuscaloosa note in 1837 is unclear. The Tuscaloosa note is also from block “A” but is signed and dated (1840). Paper Money • May/June 2013 • Whole No. 285210 Figure 21 - Haxby G4. Rosene R1-1 (Source: Brantley, Banking in Alabama, p. 147) Figure 22 - Haxby G6. Rosene R1-2 (Source: Brantley, Banking in Alabama, p. 147) Figure 23 - Haxby G2, R-Unl H-G2. (Courtesy of Heritage Auctions) Paper Money • May/June 2013 • Whole No. 285 211 Figure 24 - R-Unl. Haxby G-8(?). (Courtesy of Heritage Auctions) Figure 25 - R-Unl. Haxby G-10(?) (Courtesy of Heritage Auctions) Figure 26 - R-Unl. Haxby G14(?). (Courtesy of Heritage Auctions) There are three additional known notes, all of which come from different plates. Since Haxby does not provide any description of these notes and did not assign new numbers to different plate varieties in his Alabama notes, we shall use his classifications for the following notes: Paper Money • May/June 2013 • Whole No. 285212 Figure 27 - R-Unl. Haxby: G-8(?). (Plate B. Author’s Collection) Figure 28 - R-Unl. Haxby G-10(?). Plate B. (Author’s Collection) Haxby G-Figure 29 - R-Unl. Haxby G-14(?) Plate B (Author’s Collection) Were There Circulating Notes from the Bank of the State of Alabama? At his message to the General Assembly in November 1825, Andrew Pickens, President of the Bank of the State of Alabama, reported that the State Bank began operations with capital of $253,646.46 and that “specie on hand exceeds half the notes in circulation….”27 Since no circulated notes from the Bank of the State of Alabama at Cahawba can be located, what “notes” would have been circulating? Brantley, referemced earlier, did say that the notes shown above (Figures 21 and 22) were issued by the Bank of the State of Alabama in 1825. Can we take this state- Paper Money • May/June 2013 • Whole No. 285 213 ment at face value as evidence that circulated notes of the Bank at Cahawba did exist? A statement by Q. David Bowers also suggests that circulating notes did exist: “Tantalizing are bills of the Bank of the State of Alabama, so common in their day, but elusive now, with many being listed as Surviving Example Not Confirmed.”28 Unfortunately, until the discovery of a circulated Bank of the State of Alabama at Cahawba note is made, the question will remain: exactly what were the Bank’s “circulating notes” of 1825? Summary After the Capital was moved to Tuscaloosa in 1826, Cahawba began a slow decline. There was a rebound later as the railroads facilitated the shipment of cotton from Cahawba to Mobile. As the Civil War began and blockades pre- vented the shipment of cotton out of Mobile, Cahawba again began to decline. The inevitable was postponed when Cahawba became the site of a large prisoner-of-war site, housing as many as 5,000 Union soldiers.29 Following the war, the decline resumed and today Cahawba is a ghost town and State Park.30 The story of the rise and fall of Cahawba as the state’s first capital is a fascinating one that involves changing technologies and raw politics. Our inten- tion however was only to identify the money that was first used by this new state in their effort to secure a sound future for themselves. End Notes 1. “An Act Establishing Alabama Territory,” March3, 1817, Section 8 (www.legislature.state.al.us) 2. “An Act providing for the temporary and permanent seats of government,” November 21, 1818 (www.legislature.state.al.us) 3. William Brantley, Three Capitals: A Book About the First Three Capitals of Alabama, Privately Printed, 1947, p. 224. 4. The dates and locations of all sessions of the General Assembly from 1818 to 1825 are contained in Brantley, Three Capitals, pp. 228-245. 5. The standard references are, in order of publication date, Walter Rosene, Jr., Alabama Obsolete Notes and Scrip, Society of Paper Money Collectors, 1984; James Haxby, United States Obsolete Bank Notes, 1782-1866, Vol.1, Krause Publications, 1988; and Hugh Shull, Southern States Currency,Whitman Publishing, 2007. 6. Murray N. Rothbard, “The Panic of 1819,” Ludwig von Mises Institute Online Edition, 2002 (Originally published by Columbia University Press, 1962), p. ii. 7. Rothbard, p. 7. 8. William Brantley, Banking in Alabama: 1816-1860, vol.1, Privately Printed, 1963, p. 4 and pp. 38-39. 9. Rothbard, p. 9. 10. Rothbard, p.10. 11. Rothbard, p. 12. 12. William Rogers, Robert Ward, Leah Atkins and Wayne Flynt, Alabama: History of a Deep South State, Tuscaloosa: University of Alabama Press, 1994, p. 69. 13. See Article VI, 1819 Constitution of the State of Alabama, (www.legislature.state.al.us) 14. Wayne C. Curtis, Establishing and Preserving Confidence: The Role of Banking in Alabama 1816-1994, Published by the Alabama Bankers Association 1994, p. 9. 15. “An Act Making it the Duty of the Comptroller to Issue Printed Warrants,” House Journal, December 15, 1820 (www.legisla- ture.state.al.us) 16. Brantley, Banking in Alabama, p.49. 17. For Criswell’s assignment of catalog numbers to Alabama Comptroller’s and Treasurer’s Warrants, see Grover Criswell, Confederate and Southern States Currency, Port Clinton, Ohio: BNR Press, 1992, pp. 166-169. 18. Brantley, Three Capitals, p. 57 19. See Section 8, “An Act to Authorize the Issuing of Treasury Notes,” December 19, 1821 (www.legislature.state.al.us) 20. Brantley, Banking in Alabama, p. 98 21. “An Act to Establish the Bank of the State Alabama,” December 20, 1823 (www.legislature.state.al.us) 22. Peter W. Culp, Diane Conradi and Cynthis Tuell, Trust Lands in the American West: A Legal Overview and Policy Assessment, Lincoln Institute of Land Policy/Sonoran Institute, 2005, Table II(C). 23. William Rogers, Robert Ward, Leah Atkins and Wayne Flynt, Alabama: History of a Deep South State, p. 76. 24. Brantley, Banking in Alabama, p. 146b. 25. For a biography of founder Asher B. Durand see www.Questroyalfineart.com. 26. Terry Cox, “American Bank Note Company and Its Predecessor Companies,” at Professional Scripophily Trade Association at www.psta.com/americanbanknotecompany.htm#s1. 27. Brantley, Banking in Alabama, p.161. 28. Q. David Bowers, Obsolete Paper Money Issued by Banks in the United States, 1782-1866, Atlanta, GA: Whitman Publishing, LLC,, 2006, p.487. 29. William O. Bryant, Cahaba Prison and the Sultana Disaster, Tuscaloosa: University of Alabama Press, 1990, p. 66. The prison, called Castle Morgan, was actually an old warehouse and held as many as 5,000 prisoners at one time. The “disaster” refers to the sinking of the steamboat Sultana on April 27, 1865, near Memphis. More than 1,600 Union soldiers, about 1,000 released from Castle Morgan, were killed in the explosion and fire. 30. For more on the Cahawba State Park, see http://www.cahawba.com
Paper Money • May/June 2013 • Whole No. 285214 Dear Fellow Paper Money Lovers: If I am not mistaken, this column will serve as my final oppor- tunity to write you in the capacity of SPMC President. It does not seem like four years ago that Editor Reed asked me for the first of these columns, although I can imagine that you the members who have read me for twenty three rambling pieces may feel it has been far too long. In any event, it has been a very interesting and very rewarding time, and this column seems the suitable time to look back a bit and reflect. At the 2009 Whitman Show in Philadelphia [I believe it might have been the first], Judith Murphy arranged for the Society to hold a membership meeting, and this prompted me to share my assess- ment of where your Society was, and where it might lead us in the next few years. These thoughts were similarly shared with readers in my column of the first issue of 2010. In summary, the Society was fiscally sound, with an established, loyal membership. The journal, Paper Money, was very well regarded, and viewed as the key benefit to membership. A basic web presence existed, with solid momentum in basic program areas, like meetings and grant programs. There was a fine group of officers and governors, with the good of the Society near their hearts. But there were clearly challenges and changes afoot in our world. Some, such as the broad geographic spread of the member- ship, are what I call “shape of the building” challenges, i.e. they don’t change. We have a broad base of support and it is a large world. As splendid as it would prove to create venues that would allow us to meet and talk with every member, the fact is that for many, this magazine and our web presence are likely to remain the practical and principal contact we have with you all. However, the importance and role of knowledge in our field was clearly evolving. As an organization whose principal driver for 50 years has been the collection and sharing of knowledge about paper money, the internet was proving a very efficient adjunct for short-cuts to information and education. Similarly, the financial impact of serious accumulators of currency has grown. On the one hand, it has never been more important to understand what you are doing in this collecting field, and at the same time, services to certify authenticity and provide third party opinions on grade have come to the market. Starting a collection, finding items in the market to collect, resting assured they are genuine, attributing them and learn- ing about them has never been easier. Additionally, the collector has the remarkable ability to access much of the necessary data without leaving his desk. A “lick-em or join- em” challenge, perhaps. Four years later, in your outgoing president’s humble opinion, progress has been made and challenges remain. The Society remains true to its mission and solidly established in every imaginable dimension of its endeavour. The journal we hold in our hands or read on our screens, Paper Money, remains chock-a-block full of great and interesting material for collectors and students [of every age] in our field. It seems repetitive of me, but Editor Fred Reed continues to produce an award winning product for us as the key benefit of membership, and is a tireless advocate for the Society in so many other venues as well. Despite a wopper of a recession, the Society is as fiscally sound or sounder than ever, and everybody, from member to officers to governors, deserves credit for that. But real thanks for guardianship must go to tireless Treasurer Bob Moon, who says he has the perfect job, but we think we have the perfect guy. The Society’s immediate past President got a bad deal. He was conned by me into sticking around and helping with our very sub- stantial awards programs, and then stepped back into the fray as our Secretary. He has brought great energy and patient commitment to these records. Another past President, Frank Clark, has never stopped as Membership Director, processing and tracking new member applications and activity. Both Frank and Benny have been instrumental in the design and implementation of the membership process modifications as sign-ups and renewals became web-based. Our member records and processes have never been better. Speaking of the web, despite his assertions that he is uninter- ested in any serious “officer-type” responsibilities, Shawn Hewitt has done truly remarkable work in bringing the Society into the 21st century. While on paper a governor, he has effectively pro- pelled and owned the project of building the current web capabili- ties and is really the key operator of it, including the almost daily updates and adjustments, improvements, and answered inquiries. Less visible, but no less important are Shawn’s unstinting efforts to make the Marketing Committee and the Board [and me] think criti- cally about the future, and try new things. Vice President Pierre Fricke has been a longstanding and sup- portive Governor and in that role, as well as Vice President for the last four years, has brought his considerable book authorship and publication experience to bear on the Society’s book activities. His professional expertise has also been of great benefit, throughout the web development phase and since. Despite a dizzying professional and hobby life, he “gets it,” and has been a great VP. I hope he is looking forward to the next four years as my replacement, as there are plenty of challenges and opportunities for him out there. Your Society’s other governors… Mike Scacci, Larry Schuffman, Bob Vandevender and Wendell Wolka are wonderful and steadfast supporters of the Society and always jump in to do what is good and what is right, visible or not, and we are all lucky for them. We are also lucky for two new and good additions – Gary Dobbins and Scott Lindquist. There are also a number of folks who I think of as governors, even though technically they are not…our librarian, Jeff Brueggeman, ever-vigilant and supportive Past President Ron Horstman, Regional Meeting Director Judith Murphy, and the Society’s generous-with-his-time-and sound- advice counselor, Robert Galiette. In short, I think the future for the Society is grand…current officership has worked hard to upgrade what the Society does and how it is done and improve social networking – in-person and virtu- al. The mainstay benefit, the journal, remains a prize-winner in so many ways. The key challenge remains ensuring the Society’s rele- vance to its core membership and growing that core over time. On a final personal level, I want to thank the people who have entrusted me with this important responsibility – you, our mem- bers. It has been a privilege to serve you as Treasurer, as VP, and in this current job. It is my sincere hope that all of us who work for you meet with your approval in the jobs we do and always merit your trust. Gratefully, Mark
The President’s Column Paper Money • May/June 2013 • Whole No. 285 215 WANT ADS WORK FOR YOU We could all use a few extra bucks. Money Mart ads can help you sell duplicates, advertise wants, increase your collection, and have more fun with your hobby. Up to 20 words plus your address in SIX BIg ISSUES only $20.50/year!!!! * * Additional charges apply for longer ads; see rates on page above -- Send payment with ad Take it from those who have found the key to “Money Mart success” Put out your want list in “Money Mart” and see what great notes become part of your collecting future, too. (Please Print) ______________________________ ___________________________________ ___________________________________ $$ money mart Paper Money will accept classified advertising on a basis of 15¢ per word (minimum charge of $3.75). Commercial word ads are now allowed. Word count: Name and address count as five words. All other words and abbre- viations, figure combinations and initials count as separate words. No checking copies. 10 discount for four or more insertions of the same copy. Authors are also offered a free three-line classified ad in recognition of their contribution to the Society. These ads are denoted by (A) and are run on a space available basis. Special: Three line ad for six issues ‘ only $20.50! CHINA CURRENCY BUYER!, 1853 thrugh 1956. Singles to Packs. $2 to $2,000 notes wanted. All singles, groups, packs & accumulations needed. Package securely with your best price or just ship for our FAST Top Offer! Send to G. Rush Numi, P.O. Box 470605, San Francisco, CA 94147. Contact Goldrushnumi@aol.com. Full-Time Numismatists since 1985. Member ANA, FUN, IBNS, FSNC, SPMC (285) WANTED: 1778 NORTH CAROLINA $40. Free Speech. Obsolete: Wheatland Furnace. Notgeld: 1922 Chemnitz 5 Mark. N.d. Magdeburg 50 Mark (Sozialisierungs). Kenneth Casebeer, (828) 277-1779; Casebeer @law.miami.edu (283) WORLD PAPER MONEY. 2 stamps for new arrival price list. I actively buy and sell. Mention PM receive $3 credit. 661-298-3149. Gary Snover, PO Box 1932, Canyon Country, CA 91386 www.garysnover.com. (288) WANTED: 1790s FIRST BANK OF THE UNITED STATES. Kenneth Casebeer, (828) 277-1779; Casebeer @law.miami.edu (284) WRITINg A NUMISMATIC BOOK? I can help you with all facets of bring- ing your manuscript to publication. Proven track record for 40 years. Create a legacy worthy of your efforts. Contact Fred Reed fred@spmc.org (288) WANTED: Notes from the State Bank of Indiana, Bank of the State of Indiana, and related documents, reports, and other items. Write with description (include photocopy if possible) first. Wendell Wolka, PO Box 1211, Greenwood, IN 46142 (288) WANTED: MATERIAL FROM WHITEHALL, NY. Obsoletes, Nationals, Scrip, etc. Jeff Sullivan, P.O. Box 902, Manchester, MO 63011 (A) WANTED: charters #769 Whitinsville, Mass., #1022 Uxbridge, Mass.; #1385 Tolland, Conn.; national bank notes and obsolete currency contact: Terry Jackson, P.O. Box 783, Tolland, CT 06084-0783 email: Terry.Jackson@comcast.net (286) FREQUENT PAPER MONEY AUTHOR NEEDS a copy of the Mar/Apr 1997 issue of the SPMC journal to complete his collection.  You can con- tact the editor if you can assist in this matter. (A) BUYINg COUNTERFEIT DETECTORS: Heath, Hodges, Foote, Ormsby, Bond Detectors, Bank Note Reporters, Autograph Detectors, Related Receipts and Sales material, Naramore, and more. I will pay a strong mar- ket price for items need. Michael Sullivan, POB 10349, Fayetteville, AR 72703 or numisbookmjs@gmail.com (284) TRADE MY DUPLICATE, circulated FRN $1 star notes for yours I need. Have many in the low printings. Free list. Ken Kooistra, PO Box 71, Perkiomenville, PA 18074. kmk050652@verizon.net (288) vIRgINIA NATIONAL BANK NOTES FOR SALE -- For list, contact jameslbecknerjr@gmail.com (285) Authors can request a free one-time ad. Contact the Editor (A) You can place YOUR paper money ad here inexpensively
Italian AMC - The Other Producers Read Fred's side first this month - then come back to this discussion. Fred has covered some of the aspects of creating the AMC lire series. Now for the rest of the story. Italians have been prolific counterfeiters for generations – nothing changed in that respect just because there was a war on. AMC lire were the first series of AMC issued, long before the war ended, as Allied forces liberated/occupied successive areas of Italy. Series 1943 used very simple designs, simple enough to invite alteration to higher denominations. Adding a zero skillful- ly enough to deceive another user increases the face value of a note by ten times, a good return on time invested. In most cases, the person altering a note made no attempt to change the color to match the correct color for a denomination. I suppose the newness of the notes meant that many victims were not familiar enough with the series to know what color the higher denomina- tion note should be. For instance, see the one-lira notes raised to ten lire (Figures 1a and 1b). The faker did not even change the singular “lira” to the plural “lire.” Paper Money • May/June 2013 • Whole No. 285216 Unfortunately Paul Garland has been gone for a very long time. Just speaking of him dates me. Paul was a staunch paper money promoter in the 1960s and ’70s. Possibly earlier. I first met him in the 1970s when I was a young (new) and very eager MPC collector. My second mail order purchase of MPC was from Paul. I sent him my want list which, of course, was everything that I did not have. He responded quickly, sending me a nice selection from my want list. In particular I remember seeing (obtaining) for the very first time a Series 541 $10 note. It was beautiful. Along with the notes, Paul sent a long, handwritten letter promoting the notes that he sent. He did not need to do that. I was going to buy them! Still, the letter was interesting. There is a chance that I still have that letter in a file folder somewhere (in the distant past, I filed things). Here is what I have been getting around to. Paul told me in that letter that MPC collecting was nice, but if I wanted a real challenge, I would collect Allied Military Currency (AMC). As eager as I was about those wonderful military payment certifi- cates, I was a bit insulted. Actually, I had a little starter set of AMC, but little did I know how much truth there was in Paul’s comments. It is hard to compare the two in any precise way, so let us just say that both are really wonderful areas to collect. I have been seriously collecting AMC for more than 40 years now. It is a great field of study, and I still have holes in my collection. For each column, Joe and I squabble a bit about a subject. Actually, the problem is thinking of a subject. Usually, when we hit on the idea it is like the light going on. This month we decided to talk specifically about Allied military lire. This was with the idea that we probably would make it into a (relatively) short series on Allied military currency. Even if we do follow through, it probably will be an interrupted series. After we agreed, I could see that even on this very first installment, that I may have difficulty staying on task. I will tell you some stories about Allied military lire to be sure, but am probably going to talk about the broader subject before narrow- ing in on the lire. I could not possibly cover the lire from my per- spective in one install- ment. A f t e r experiment- ing in North Africa in 1942 and U n c o u p l e d: Paper Money’s Odd Couple Italian AMC Joseph E. Boling Fred Schwan Please turn to page 138 . . . Figure 1a (top) - raised 1 lira note (left) and original example (right). Only the extra zeros have been inserted, with no attempt to change the wording or the color. Figure 1b (above) - a very crude raised 1 lira note (left) with an original 1943A 10 lire note in the correct color (black frame). Soldier being paid with Allied military lire. 1943, the Allies decided on some new money ideas for the inva- sion of Italy. Basically, the Allies would create an issue of supple- mental lire. It was variously called invasion money, spearhead currency, occupation currency, and things like “funny money.” Officially, and interestingly, the money was called “supple- mental lire.” This is an impor- tant, if subtle term. It means that the authorities intended the Allied military lire to cir- culate with the Bank of Italy lire – not to replace it. As a matter of practicali- ty, the task of printing the new money went to the United States and ultimately to the Bureau of Engraving and Printing. The work exceeded the capability of the bureau, so a contractor was sought to supplement (smile) the bureau production. Forbes Lithograph Manufacturing Corporation of Chelsea, Massachusetts was selected. Forbes was a large com- mercial printer, but as far as I can determine, it had never print- ed any paper money. Possibly it had printed checks, but not actual money. The bureau designed the lire. The notes were designated Series 1943 Allied Military Currency and had no other impor- tant information on the faces. The materials were then shipped over to Forbes for manufacturing part of Series 1943. Fortunately for collectors, the Bureau and Forbes printings can be identified. Not only can they be identified, but it is in a unique and wonderful way! The Forbes notes are marked with a small and hidden "F." This mark is all too often called a mint mark, which it obvious- ly is not. It is more correctly and often called a printer’s mark, but there is also a seldom used, but even better term. A colophon is a printer’s mark! I not only like this term, but there is even a story about learning that term. I learned the term from Ken Bressett (himself a former printer). Furthermore, Ken and Neil Shafer were responsi- ble for discovering and identifying the “F” colophon in 1968. They published their discover- ies in the Whitman Numismatic Journal. Ken reported to me that for that report he and Neil had discussed what to call the “F,” Colophon or printer's mark? Now we can add a small but interesting tidbit to the story. How did the “F” get onto the notes? Did the BEP or Forbes put it there and at whose initiative? That is the kind of question that we would expect to never be able to answer. Fortunately, courtesy of collector Cuneyd Tolek, we have a partial answer. At the end of the war, Forbes produced a large (make that huge) book extolling the company products used in the war effort. The book is a hand-made thing with tipped in printing samples and photographs. Only a few could have been made. Tolek snatched the book from eBay. In it we learned that Forbes printed war savings stamp albums, maps, posters, and domestic propaganda items. Also included are actual specimens of Allied military currency issues and company photographs. Amazingly, in this book there is a photograph of a worker at Forbes stripping a negative of the Forbes “F” onto the nega- tive of the entire note that had come from the BEP. The caption describes the act and says that it was done by authority from the BEP. Wow. I could never have dreamed of finding such precise information on such an obscure matter. I will make just one more comment on the Forbes notes this time. Because of the raising of Series 1943 notes, Series 1943 was supplemented by Series 1943A. That is all a matter of special interest to Joe because of the fraudulent nature of raising. Let me give one little cherry picking point. Well, a few points. Series 1943A was printed entirely by Forbes so there is no importance to the printer's mark. Series 1943, however, can be found in both Forbes (with “F”) and BEP (no “F”) varieties. Overall the Forbes notes are much more scarce. In the case of the 500, 1000 and (surprising- ly) 10 lire notes, the Forbes printings are much more scarce and should be grabbed when available. There is still more to tell. I do not know if we will continue here next time or move on before coming back to the AMC lire.
Paper Money • May/June 2013 • Whole No. 285 217 Schwan continued . . . Exterior photo of Forbes factory (Photo courtesy of Dick Balbaton) Advertising card for company. AMC lire in production inside Forbes Manufacturing. Paper Money • May/June 2013 • Whole No. 285218 More frequently seen are 50-lire notes raised to 500. I have seen one or two pieces for which a yellow wash was also applied to the blue note to turn it approximately green, the correct color for a 500-lire piece. See figure 2. It did not take the U.S. finance establishment long to deter- mine that spelling out the denomination would make it harder to accomplish this kind of simple alteration. See Figure 3 for the new edition of the 50-lire note, now designated series 1943A. But counterfeiting did not stop. Now the bogus notes were made from scratch, instead of being created from lower-denomi- nation pieces. See Figures 4 and 5 for examples of 500- and 1000 lire notes made afresh. Clearly the quality was not as good as the products of Forbes Lithograph Corporation, but in a poorly lit shop or when mixed with other notes of like denomination, these notes certainly passed. They usually appear as well-circu- lated examples, and many are known accompanied by docu- ments from the Banca d'Italia describing the circumstances of their confiscation as circulating counterfeits. A surprising aspect of these “made from scratch” counter- feits is that the counterfeiters often removed the Forbes colophon from their plates (See Figure 6 opposite). First off, how did they even notice it? Second, since the mark was on all 1943A notes, why did the counterfeiters remove it? Finally, how many of them recognized it as a printer's mark? Emmanuel Ninger (“Jim the Penman”), who hand-drew his counterfeit U.S. notes, was known for omitting the BEP imprint from his notes. He said he did not want to claim credit for another artisan’s work. Surely there was no such professional courtesy being exercised by Italian counterfeiters in 1944. AMC lire have also been copied for use in movies. While there are no restrictions to such replicas related to counterfeit- ing, it’s amusing to see how far from original notes some prop- makers have gone to avoid being considered as counterfeiters. See Figure 7 opposite). In the case of the 25 lire note, no such denominations existed in the real world. We will have more about AMC notes in future columns. Boling continued . . . Figure 2 - 1943 50 lire note (top) and altered example (bottom). In this case, the original blue has been changed to a greenish-blue by the addition of yellow. Figure 3 - 1943A 50 lire, with the denomination in words as well as numerals to make alteration more difficult. Figure 4 - counterfeit 500 lire note (bottom), made from new plates rather than alteration of an existing note. Figure 5 - counterfeit 1000 lire note, also from new plates. Paper Money • May/June 2013 • Whole No. 285 219 Figure 6 - three examples of the Forbes printer’s mark on genuine Series 1943A 100, 500, and 1000 lire notes (top) with examples of the same series as counterfeits at bottom, with the Forbes “F” removed from the images on the plates. Figure 7 - serial number variations. At bottom is a genuine 50 lire note. The counterfeit 100 lire note bears a crude letterpress serial number that initially appears to be typed, but is actually printed. The 500 lire note (probably stage money) has completely irregular serials. The 25 lire note (known to be stage money) has very accurate serials, but there was no 25 lire note in the originally-issued series.
Paper Money • May/June 2013 • Whole No. 285220 Clothing Walter Shirlaw’s ‘indecent’ design A rare, unissued 1897 design, or essai, was the subject for a Bureau of Engraving and Printing (BEP) souvenir card that was issued in 1990 for the Florida United Numismatists (FUN) Show. Until this engraved design was made available, I had seen only one example in addition to the specimen at the BEP (shown below). This was traced to its owner, the late Thomas F. Morris, II, the son of the artist and designer Thomas F. Morris, who designed the back and made some alterations to the original issued version of this note dated 1896. The face design of the $5 Silver Certificate on the souvenir card at first appears to be the same as the one dated and issued in 1896. Under closer scrutiny, however, one will find other changes in addition to the new date. Contemporary artists praised the design work of muralists Will H. Low, Edwin H. Blashfield and Walter Shirlaw, who had been commissioned to design the $1, $2 and $5 notes respectively. Most modern col- lectors consider these three bank notes to be among the most artistic of all United States paper money. The $5 Silver Certificate entered circulation in August 1896. By early 1897 the U.S. Treasury Department had received complaints about each denomination---primarily from bankers. The Washington Times printed the following on May 1, 1897: The Bureau of Engraving and Printing is engaged in making plates for the five and two dollar bills of the last series. These bills when printed were too dark and the number denominations too indis- tinct for rapid use at the banks, and the Treasury received many complaints concerning them. To remedy this evil, new plates are being made, which will make the bills much lighter in color, and the figures in the corner of the bill will be plain and distinct. During the week of May 4, the New York Times erroneously reported that Secretary of the Treasury Lyman J. Gage was recalling the three denominations. Although the 1897 $5 note, as seen on the souvenir card is an incomplete design, one can see there was an attempt to make the numeral “5" in the upper corners less “creative.” In addition, more “white space” was added to the background; this also was done on the unissued $1 and $2 notes dated 1897. (These two denominations and altered essais also appear on souvenir cards.) The diary of engraver G.F.C. Smillie records alterations done by him on April 16, 1897. Design elements were deleted or generally simplified. However, something was added to the central figure, Electricity Presenting Light to the World. By comparing the figures of Fame (with her trumpet), and Electricity, the central figure, with those on the 1896 note, you will notice that both figures garments resembling a negligeé have been added. Most often these cloth- ing alterations are linked, correctly or not, with Anthony Comstock. He generally is considered to be the forerunner of those among us who think (believe it or not) that some animals, out of decency, should be clothed. Comstock, who served as Secretary of the New York Society for the Suppression of Vice at the turn of the century, was a cru- sader who led protests against publishers and sellers of books and pictures that he and his followers considered immoral. He condoned book burning and just about anything else that would protect the public morals from being corrupted. When I lived in New York City I decided to investigate the premise that Mr. Comstock had indeed pressured the U.S. Treasury Department to clothe the two figures on the 1896 $5 Silver Certificate. At the main branch of the New York Public Library I found and read the published min- utes for the Society for 1896 and 1897---I found nothing. Nor could I find any correspon- dence from Mr. Comstock or the Society in T r e a s u r y D e p a r t m e n t records at the National Archives. The only reference was from a young lady who wrote to the Treasury Department to say that she and her friends thought the “indelicate” figures on the $5 bill were “a distinct insult to our sex.” That one letter was not what prompted the Treasury Department to order the BEP to alter this beautiful design. There is no paper trail that would link Anthony Comstock and his Society to this subject. Nevertheless, he continues to be considered the culprit who created enough concern to have the design altered. After revisions were made, on August 15, 1897, the New York Times reported that the entire 1897 series was “doomed to be retired before it [was] fully completed. The whole series has proved unsuccessful from the point view of handlers of money. The first objection to them was that they were new [in design].” Change is difficult for some to accept. Souvenir cards of the orig- inal designs and the altered versions of the $1, $2 and especially the $5 notes make interesting additions to a collection. Reprinted with permission from The Numismatist December 1996 www.money.org
A Pr imer for Col lectors BY GENE HESSLER THE BUCK Starts Here Paper Money • May/June 2013 • Whole No. 285 221 The Treasury gave the $1 Silver Certificate two make-overs in under two years during the 1930s. The first occured after two pro- silver acts changed the way they issued and redeemed Silver Certificates. The second happened after they made technical and aesthetic changes to the designs for $1 bills. Congress passed two acts in 1934--the Gold Reserve Act and Silver Purchase Act--that critically changed how Silver Certificates circulated.1 Most importantly, the Treasury now could keep silver bullion in reserve for the notes, and they didn't need to redeem them strictly with silver dollars. In June, Treasury officials issued Series of 1934 $1, $5, and $10 silver certificates.2 The notes bore a redemption clause that stated “[so many dollars] in silver payable to bearer on demand.” The BEP deliv- ered the first notes to the Treasury later that month,3 and the Treasury soon began placing them into circula- tion. The Treasury eventually would redeem the out- standing Series of 1928 Silver Certificates. Issued only as $1s, those needed to be purged from circulation because of the outdated redemption clause of “one sil- ver dollar payable to bearer on demand.” To ease the redemption process, the Treasury changed the surface-printing designs used for the 1934 $1s by moving the treasury seal to the right side of the portrait and adding a large, blue “1” to the left side. The intaglio plate designs for both series remained vir- tually the same. The Treasury issued both notes during the next year, as they released the 1934s against newly obtained silver bullion and exhausted the on-hand supplies of 1928s.4 In August, another change made to the $1 note would eventually displace both kinds from circulation. That month, the BEP began printing Series of 1935 $1 Silver Certificates.5 These incorporated two new design features: surface printing of the signatures and series dates on the faces, and a new back design displaying the Great Seal of the United States. The signatures and series dates were engraved onto the 1928 and 1934 faces, and when either changed the BEP eventually had to discard the plates. Having those features as part of the surface-printing dies, instead of the intaglio plates, meant the plates could be used until they literally wore out. The new back design fulfilled President Franklin Roosevelt's desire to display a patriotic theme on the nation’s most recognizable piece of currency. There was no better time than during his New Deal initiatives to bring the country out of the Great Depression. It was the first appearance of the national seal on any U.S. currency or other financial security.6 The Treasury again altered the surface-printing designs for the 1935 notes by replacing the blue “1” with a smaller, grey “1”. The BEP also began using a smaller font for the serial numbers, and removed the shaded “ONE” from the intaglio plates. These changes mostly accommodated the new overprinting dies, but they also eased the separating of three kinds of $1 bills. The BEP delivered the first 1935 $1 notes to the Treasury in November 1935,7 and the Treasury released the first notes into cir- culation just a week before Christmas.8 Eventually they would redeem and cancel any outstanding 1928s and 1934s, leaving the 1935s as the sole $1 note circulating for the next 30 years. Acknowledgments The Professional Currency Dealers Association and the Society of Paper Money Collectors provided support for this research. End Notes 1. Huntoon, Peter. “Creation of Money During the Great Depression: The Greatest Tectonic Shift in Federal Currency in U.S. History.” Paper Money, vol. 49, no. 3 (2010), pp. 90-120. 2. Roosevelt, F. D., President of the United States, June 14, 1934, letter to H. Morgenthau Jr., Secretary of the Treasury, authorizing the printing of Series of 1934 Silver Certificates, Record Group 53, Bureau of Public Debt, Series K Currency, Box 2, File K214.2, National Archives and Records Adminstration, College Park, MD. 3. Shafer, Neil. A Guide Book of Modern United States Currency. Racine, WI: Whitman Publishing Company, 1967, p. 111. 4. Coolidge T. R., Acting Secretary of the Treasury, July 16, 1934, letter to W.A. Julian, Treasurer of the United States, concerning the issue of Series of 1928 and 1934 Silver Certificates, Record Group 53, Bureau of Public Debt, Series K Currency, Box 2, File K214.2, National Archives and Records Adminstration, College Park, MD. 5. Treasury Press Release, no. 5-59, August 15, 1935, anouncing the printing of Series of 1935 Silver Certificates, Record Group 53, Bureau of Public Debt, Series K Currency, Box 2, File K214.3, National Archives and Records Adminstration, College Park, MD. 6. United States Treasury Department. History of the BEP: 1862-1962. Washington, DC: Government Printing Office, 1962, pp. 121-122. 7. Shafer: 111. 8. Treasury Press Release, no. 6-42, December 12, 1935, anouncing the issue of Series of 1935 Silver Certificates, Record Group 53, Bureau of Public Debt, Series K Currency, Box 2, File K214.3, National Archives and Records Adminstration, College Park, MD.
Small Notes by Jamie Yakes Washington’s New Clothes Paper Money • May/June 2013 • Whole No. 285222 CSA Type-41 $100 Interest-Bearing Treasury Note (Hoer Note) Plate Varieties Part 2, Tables By James W. Astwood CSA T-41, SCROLL 1 PLATE LETTERS ATTRIBUTABLE TO MASTER PLATES CORRELATED WITH FRICKE AND CRISWELL NUMBERS MASTER MASTER MASTER FRICKE # CRISWELL # PAPER TYPE PLATE I PLATE II PLATE III PF - 1 310 Plain paper W X Y Z PF - 2 311 Watermark CSA in block letters W X Y Z PF - 3 312 “ CSA in script letters W X Y Z PF - 4 314 “ Hodgkinson & Co., etc. W Z PF - 5 315 Plain paper X Z PF - 6 319 Watermark CSA in script letters X Z PF - 7 317 “ CSA in block letters X Z PF - 8 321 “ J WHATMAN / 1862 Z PF - 9 323 “ HODGKINSON & CO., etc. Z PF - 10 315 A Plain paper W X Y Z W Y PF - 11 319 A Watermark CSA in script letters W X Y Z W Y PF - 12 317 A “ CSA in block letters W X Y Z W Y PF - 13 321 A “ J WHATMAN / 1862 W Z W PF - 14 323 A “ HODGKINSON & CO., etc. W 1863 DATED NOTES PF - 50 325 Plain paper X Z PF - 51 327 Watermark CSA in block letters X Z PF - 52 330 “ J WHATMAN / 1862 Z PF - 53 325 A Plain paper W X Y Z W Y PF - 54 327 A Watermark CSA in block letters W X Y Z W Y PF - 55 330 A “ J WHATMAN / 1862 W Z W Master Plate I is the plate with an all written date and no The before Confederate. The bottom inside frame line does not extend under Except Export Duties on any of the individual letter plates, W, X, Y or Z. These individual plates have been des- ignated as W - 1, X - 1, Y - 1, and Z - 1 Master Plate II is Master Plate I altered to add printed 186 for the date and has had The added before Confederate. Otherwise it is identical to Master Plate I. The individual plates have been designated W -2, X - 2, Y - 2 and Z - 2 Master Plate III is an entirely new plate which is distinguishable by the addition of inside verticle frame lines at each end. The bottom inside frame line extends under Except Export Duties only on the X and Z letter plates. The individual plates have been designated W -3, X - 3, Y - 3 and Z - 3. Editor’s Note: These tables supplement the author’s article of the same name that appeared in Paper Money,March- April 2013, pp. 120ff. Paper Money • May/June 2013 • Whole No. 285 223 Lyn Knight Currency Auct ions If you are buying notes... You’ll find a spectacular selection of rare and unusual currency offered for sale in each and every auction presented by Lyn Knight Currency Auctions. Our auctions are conducted throughout the year on a quarterly basis and each auction is supported by a beautiful “grand format” catalog, featuring lavish descriptions and high quality photography of the lots. Annual Catalog Subscription (4 catalogs) $50 Call today to order your subscription! 800-243-5211 If you are selling notes... Lyn Knight Currency Auctions has handled virtually every great United States currency rarity. We can sell all of your notes! Colonial Currency... Obsolete Currency... Fractional Currency... Encased Postage... Confederate Currency... United States Large and Small Size Currency... National Bank Notes... Error Notes... Military Payment Certificates (MPC)... as well as Canadian Bank Notes and scarce Foreign Bank Notes. We offer: Great Commission Rates Cash Advances Expert Cataloging Beautiful Catalogs Call or send your notes today! If your collection warrants, we will be happy to travel to your location and review your notes. 800-243-5211 Mail notes to: Lyn Knight Currency Auctions P.O. Box 7364, Overland Park, KS 66207-0364 We strongly recommend that you send your material via USPS Registered Mail insured for its full value. Prior to mailing material, please make a complete listing, including photocopies of the note(s), for your records. We will acknowledge receipt of your material upon its arrival. If you have a question about currency, call Lyn Knight. He looks forward to assisting you. 800-243-5211 - 913-338-3779 - Fax 913-338-4754 Email: lyn@lynknight.com - support@lynknight.c om Whether you’re buying or selling, visit our website: www.lynknight.com Fr. 379a $1,000 1890 T.N. Grand Watermelon Sold for $1,092,500 Fr. 183c $500 1863 L.T. Sold for $621,000 Fr. 328 $50 1880 S.C. Sold for $287,500 Lyn Knight Currency Auctions Deal with the Leading Auction Company in United States Currency Paper Money • May/June 2013 • Whole No. 285224 CSA T -41, SCROLL 1 INDIVIDUAL LETTER PLATES CORRELATED WITH FRICKE AND CRISWELL FRICKE # CRISWELL # PAPER TYPE LETTER PLATE NUMBERS PF - 1 CR. 310 Plain paper W - 1, X - 1, Y - 1, Z - 1 PF - 2 Cr. 311 Watermark CSA in block letters W - 1, X - 1, Y - 1, Z - 1 PF - 3 Cr. 312 “ CSA in script letters W - 1, X - 1, Y - 1, Z - 1 PF - 4 Cr. 314 “ HODGKINSON & CO., etc. W - 1, Z - 1 PF - 5 Cr. 315 Plain paper X - 3, Z - 3 PF - 6 Cr. 319 Watermark CSA in script letters X - 3, Z - 3 PF - 7 Cr. 317 “ CSA in block letters X - 3, Z - 3 PF - 8 Cr. 321 “ J WHATMAN / 1862 Z - 3 PF - 9 Cr. 323 “ HODGKINSON & CO., etc. Z - 3 PF - 10 Cr. 315A Plain paper W - 2, W - 3, X - 2, Y -2, Y - 3 and Z - 3 PF - 11 Cr. 319A Watermark CSA in script letters W - 2, W - 3, X - 2, Y -2, Y - 3 and Z - 3 PF - 12 Cr. 317A “ CSA in block letters W - 2, W - 3, X - 2, Y -2, Y - 3 and Z - 3 PF - 13 Cr. 321A “ J WHATMAN / 1862 W - 2, W - 3, Z -2 PF - 14 Cr. 323A "HODGKINSON & CO. etc W - 3 1863 DATED NOTES PF - 50 Cr. 325 Plain paper X - 3, Z - 3 PF - 51 Cr. 327 Watermark CSA in block letters X - 3, Z - 3 PF - 52 Cr. 330 “ J WHATMAN / 1862 Z -3 PF - 52 Cr. 325A Plain paper W - 2, W - 3, X - 2;, Y -2, Y - 3 and Z - 3 PF - 54 Cr. 327A Watermark CSA in block letters W - 2, W - 3, X - 2;, Y -2, Y - 3 and Z - 3 PF - 55 Cr. 330A “ J WHATMAN / 1862 W - 2, W -3, Z -2 The plate numbers above are those shown in the listings and illustrations of T-41 plate varieties. After the bombing of Pearl Harbor, Hawaii on December 7, 1941, the U.S. issued currency overprinted with HAWAII to replace normal U.S. currency cir- culating in Hawaii. During World War II, this emergency issue was the only currency allowed to circulate in Hawaii. Both then and now, this series has been intriguing people. This book takes a deeper look into this popular series. The Hawai i Overp rint Currenc y Ca ta lo g by Jeremy Uota is the culmination of view- ing thousands of notes and bringing together the knowledge of the industry’s experts and researchers. It explores the history, printing process and print runs, error notes, short snorters and specially stamped notes, and introduces information that challenges some of the long-held beliefs. This in-depth study is thoroughly illus- trated in full color with pictures from the lead- ing auction houses and several major collec- tions. The book is published by Stuffcyclopedia LLC and available online at lulu.com for $74.95. Information is available from the author Jeremy A. Uota at jeremy.uota@gmail.com or P.O. Box 4909, Kaneohe, HI 96744 or Tel: 808-389-1361.
Hawaii Overprint Currency Survey Released Paper Money • May/June 2013 • Whole No. 285 225 Do color ads in Paper Money Really Work? Just Did! . . . Gotcha Isn’t it time that YOU advertised in Paper Money? 226 Paper Money • May/June 2013 • Whole No. 285 CSA T-41, SCROLL 2 PLATE LETTERS CORRELATED WITH FRICKE AND CRISWELL NUMBERS FRICKE # CRISWELL # PAPER TYPE LETTER PLATE #'S PF - 15 316 Plain paper W-6, X-4, Y-4, Z-4 PF - 16 320 Watermark CSA in script letters W-6, X-4, Y-4, Z-4 PF - 17 318 " CSA in block letters W-6, X-4, Y-4, Z-4 PF - 18 322 " J WHATMAN / 1862 W-6, Z-4 PF - 19 324 " HODGKINSON & CO., etc. W-?, Z-? (may not exist) PF - 20 316A Plain paper W-4, W-5, X-5, X-6, Y-5, Z-8 PF - 21 Unlisted Plain paper, extra “T” error to left of (as 316A) central vignette W-7, Y-6, Y-7, Z-6 PF - 22 320A Watermark CSA in script letters W-4, W-5, X-5, X-6, Y-5, Z-8 PF - 23 Unlisted " CSA in script letters, extra (as 320A) “T” error to left of central vignette W-7, Y-6, Y-7, Z-6 PF - 24 320C Watermark CSA in script letters, double FOR TREASURER error Z-7 PF - 25 318A Watermark CSA in block letters W-4, W-5, X-5, X-6, Y-5, Z-8 PF - 26 Unlisted " CSA in block letters, extra (as 318A) “T” error to left of central vignette W-7, Y-6, Y-7, Z-6 PF - 27 322A Watermark J WHATMAN / 1862 W-4, Z-8 PF - 28 Unlisted " J WHATMAN / 1862, extra (as 322A) “T” error to left of central vignette W-7, Z-6 PF - 29 324A Watermark HODGKINSON & CO., etc. W-?, Z-? (may not exist) 1863 DATED NOTES PF - 56 326 Plain paper W-6, X-4, Y-4, Z-4, PF - 57 328 Watermark CSA in block letters W-6, X-4, Y-4, Z-4 PF - 58 331 " J WHATMAN / 1862 W-6, Z-4 PF - 59 326A Plain paper W-4, W-5, X-5, X-6, Y-5, Z-8 PF - 60 Unlisted Plain paper, extra T error to left of (as 326A) central vignette W-7, Y-6, Y-7, Z-6 PF -61 328A Watermark CSA in block letters W-4, W-5, X-5, X-6, Y-5, Z-8 PF - 62 Unlisted " CSA in block letters, extra (as 328A) “T” error to left of central vignette W-7, Y-5, Y-6, Z-6 PF - 63 331A Watermark J WHATMAN / 1862 W-4, Z-8 PF - 64 Unlisted " J WHATMAN / 1862, extra (as 331A) “T” error to left of central vignette W-7, Z-6
UNESCO WANTED Coupons, both new and used; individual Specimen notes and Specimen books; and related ephemera wanted! Cell 585-305-4848 email davideseelye@gmail.com David Seelye P.O. Box 13117 Prescott, AZ 86304-3117 ADVERTISERS It’s a fact: advertising plays an important role in funding this high quality magazine Dues only cover part of costs Our advertisers do more than sell you notes; They bring you our magazine -- So pay them back with gratitude: your business! Paper Money • May/June 2013 • Whole No. 285 227 Vol. Is. No. Pg. Allen, Harold Don Author Allen Responds LI 1 277 33 Notes From North of the Border: Completion Approaching, illus. LI 4 280 256 Notes from Up North: New Canadian $100 Polymer Changeover, illus.LI 1 277 66 Notes from Up North: Old & New Appeal to Varies Interests, illus. LI 2 278 146 Anderson, Mark President's Column LI 1 277 58 LI 2 278 138 LI 3 279 234 LI 4 280 292 LI 5 281 372 LI 6 282 452 BANKS AND BANKERS. Are There More Women National Bank LI 5 281 344 Presidents?, Karl Sanford Kabelac The Curious History of Hillsborough Bank, Amherst, NH Q. David Bowers, illus. LI 2 278 83 Elizabeth Davidson, National Bank President LI 6 282 403 Karl Sanford Kabelac, illus. The Granville Alexandrian Society LI 2 278 116 John Davenport, illus. Levancia H. Plumb, National Bank President LI 1 277 4 Karl Sanford Kabelac, illus. May M. Green (later Watson), National Bank LI 1 277 43 President, Karl Sanford Kabelac, illus. Mrs. Emma Reed, National Bank President LI 4 280 277 Karl Sanford Kabelac, illus. Mrs. M.S. Pierson, National Bank President LI 2 278 110 Karl Sanford Kabelac, illus. Mrs. G.M. Cox, National Bank President LI 6 282 447 Karl Sanford Kabelac, illus. Mrs. R. Waverly Smith, National Bank President LI 2 278 157 Karl Sanford Kabelac, illus. Mrs. S.R. Coggin, National Bank President LI 4 280 283 Karl Sanford Kabelac, illus. S. Jennie Sorg, National Bank President LI 3 279 179 Karl Sanford Kabelac, illus. Sophronia Dean, National Bank President LI 5 281 343 Karl Sanford Kabelac, illus. Benice, Ronald J. Florida Prisoner of War Scrip, illus. LI 1 277 73 Civil War Era Tampa Ferry Scrip Discovered LI 5 281 323 Bowers, Q. David The Curious History of Hillsborough Bank, LI 2 278 83 Amherst, NH, illus. Brasco, Henry Reader Reports Error Federal Reserve Star Note LI 6 282 446 What Am I Supposed to Do with These? LI 2 278 156 What the Deuce is Going on Here?, illus. LI 6 282 460 Vol. Is. No. Pg. CHECKS. Edgar Allan Poe Signed Checks LI 4 280 280 Michael Reynard, illus. Clark, Frank About Nationals Mostly: The FNB of Farmersville, LI 4 280 278 TX, illus. The First National Bank of Granbury, TX, illus. LI 6 282 468 COLLECTORS AND COLLECTING. What Am I Supposed to Do with These? LI 2 278 156 Henry Brasco CONFEDERATE AND SOUTHERN STATES CURRENCY. The Forced Issue Notes of the Bank of Louisiana LI 4 280 243 Steve Feller, illus. The History of Collecting CSA Paper Money, LI 1 277 30 Chapter 5: John C. Browne. Pierre Frick & Fred Reed, illus. Davenport, John The Granville Alexandrian Society, illus. LI 2 278 116 An Index to Paper Money, vol. 50 LI 2 278 133 (whole nos. 271-276) Spurious Notes LI 1 277 78 LI 2 278 158 LI 3 279 238 LI 4 280 318 LI 5 281 398 LI 6 282 478 DeGennaro, Steven Federal Reserve Notes Printed on Gilbert Paper LI 3 279 173 Author DeGennaro Provides Update on Gilbert LI 4 280 255 Paper Article, illus. Ehrhardt, James C. The Seal on Iowa Nationals Revealed, illus. LI 6 282 437 EMERGENCY CURRENCY. Tax Anticipation Scrip During the Great Depression LI 4 280 259 Loren Gatch, illus. ENGRAVERS, ENGRAVING & PRINTING. Engravers' Identification Given LI 1 277 33 Mark Tomasko ERRORS. Reader Reports Error Federal Reserve Star Note LI 6 282 446 Henry Brasco, illus. Falater, Larry and Ron Hortsman Readers Report More on One-Note Sheets, illus. LI 3 279 222 FANTASY NOTES. Nixon's Frozen Dollar LI 5 281 364 Loren Gatch, illus. Feller, Steve Scrip of John Leonard Riddell, Postmaster LI 3 279 163 of New Orleans, illus. The Forced Issue Notes of the Bank of Louisiana, illus. LI 4 280 243 Frank Wilson, Eliot Ness & Al Capone LI 5 281 368 Paul N. Herbert, illus. Paper Money • May/June 2013 • Whole No. 285228 An Index to Paper Money Vol. 51, Whole Nos. 277-282 By John Davenport Paper Money • May/June 2013 • Whole No. 285 229 800.458.4646 West Coast Offi ce 800.566.2580 East Coast Offi ce -C'AW!VENUE3TE)RVINE#!s INFO STACKSBOWERSCOMsWWWSTACKSBOWERSCOM #ALIFORNIAs.EW9ORKs.EW%NGLANDs(ONG+ONG SBG PM 03-26-13 CONSIGN YOUR CURRENCY TODAY TO THE ONLY OFFICIAL ANA AUCTION IN AUGUST! Stack’s Bowers Galleries O cial Auction of the ANA World’s Fair of Money August 9-18, 2013 | Chicago, Illinois Consign U.S. Coins and Currency by June 17, 2013 Consign World Coins and Paper Money by May 13, 2013 Our March Baltimore Auction just saw some amazing paper money crossing the block to realize exceptional prices like these. Trust our team of experts at Stack’s Bowers Galleries to get you the best prices for your consignments. Call or email us today to discuss your personal collection. Obsolete Notes. Philadelphia, Pennsylvania. Bank of North America. ND (18xx). $1000. Uncirculated. Proof. Realized $29,375 Obsolete Notes. Richmond, Virginia. Virginia Treasury Note. Act of June 8, 1861. $100. PCGS Choice About New 58. Realized $21,250 Fr. 2221-B. 1934 $5,000 Federal Reserve Note. Serial B00000003A. PCGS Extremely Fine 45 Apparent. Realized $70,500 Obsolete Notes. Newport, Rhode Island. Bank of Rhode Island. ND (18xx). $100. Choice Uncirculated. Proof. Realized $15,275 /DUJH6L]H)U6LOYHU&HUWLÀ cates. PCGS Superb Gem New 67 PPQ. Realized $49,937 Fancy Serial Numbers. Fr. 1938. 2003A $2 Federal Reserve Note. PCGS 64 Very Choice New 64 PPQ. Solid Serial Number B99999999B. Realized $21,150 Obsolete Notes. Providence, Rhode Island. National Bank. ND (18xx). $500. Uncirculated. Proof. Realized $16,450 Small Size. Fr. 1700. 1933 $10 Silver &HUWLÀFDWHV3&*69HU\&KRLFH1HZ334 Realized $25,850 Error Notes. Fr. 1960-J. 1934D $5/$10 Federal Reserve Notes. PCGS Gem New 65 PPQ. Double Denomination. Realized $24,675 Paper Money • May/June 2013 • Whole No. 285230 Vol. Is. No. Pg. Frey, Richard Discovering an Entire New Series of Notes, illus. LI 6 282 443 Frick, Pierre and Fred Reed The History of Collecting CSA Paper Money, LI 1 277 30 Chapter 5: John C. Browne, illus. Gaines, Joseph J. Jr. Origin of Vignettes on Southern Bank Note Co. LI 5 281 345 CSA Notes, illus. Use of Sweet Potato Dinner Vignette on LI 6 282 427 Obsolete Notes, illus. Gatch, Loren Chump Change LI 4 280 317 LI 5 281 397 LI 6 282 477 Ending Poverty in California and the Sincliar Dollar LI 1 277 46 Nixon's Frozen Dollar, illus. LI 5 281 364 Tax Anticipation Scrip During the Great Depression LI 4 280 259 Gill, Robert Reader Reports Rare Bank of Charleston Note LI 4 280 282 Interesting from Oklahoma: Another Report LI 1 277 56 of a 1-Note Sheet, illus. United States Gas Ration Coupons of 1974, illus.LI 6 282 473 Reader Reports Early Obsolete Scrip Error Sheet, illus. LI 6 282 405 Gunther, Bill Scrip of Bell & McMahon, illus. LI 6 282 418 Herbert, Paul N. Don't Get Me Started LI 1 277 78 LI 2 278 158 LI 3 279 238 LI 4 280 318 LI 5 281 398 LI 6 282 478 Frank Wilson, Eliot Ness & Al Capone, illus. LI 5 281 368 Hessler, Gene The Buck Starts Here: Commerce & Labor LI 2 278 140 The Buck Starts Here: Miss America, illus. LI 5 281 374 The Buck Starts Here: Berlioz Among Composers LI 3 279 223 Featured, illus. The Buck Starts Here: The First Greenbacks LI 4 280 297 The Buck Starts Here: Notes that Might Have Been LI 1 277 60 The Buck Starts Here: Old Abe, the War Eagle LI 6 282 454 Hewitt, R. Shawn and Peter Huntoon Identification of 1882 and 1902 National Bank LI 5 281 378 Replacements, illus. Huntoon, Peter The Paper Column: Initials in the Margins of Large Size Proofs LI 5 281 333 Release of $1 Series of 1935A R&S Experimentals LI 4 280 312 Origin of Macro Plate Numbers Laid to Secret ServiceLI 4 280 294 World War I War Savings Certificates, illus. LI 6 282 407 Huntoon, Peter and Bob Liddell The Paper Column: Spelling Created Trouble LI 4 280 268 Large Size Proofs, illus. Huntoon, Peter and Jamie Yakes The Paper Column: New Deal Changes to LI 1 277 7 Legal Tender Status, illus. Huntoon, Peter and Jamie Yakes, Doug Murray & Lee Lofthus The Paper Column: Series of 1914 & 1918 LI 3 279 181 Federal Reserve Notes, illus. Kabelac, Karl Sanford Elizabeth Davidson, National Bank President LI 6 282 403 Levancia H. Plumb, National Bank President LI 1 277 4 Vol. Is. No. Pg. May M. Green (later Watson), National Bank President LI 1 277 43 Mrs. Emma Reed, National Bank President, illus.LI 4 280 277 Mrs. G.M. Cox, National Bank President, illus. LI 6 282 447 Mrs. M.S. Pierson, National Bank President LI 2 278 110 Mrs. R. Waverly Smith, National Bank President, illus. LI 2 278 157 Mrs. S.R. Coggin, National Bank President, illus.LI 4 280 283 S. Jennie Sorg, National Bank President, illus. LI 3 279 179 Sophronia Dean, National Bank President, illus. LI 5 281 343 Linzmayer, Owen W. It Makes One Wonder: What are Some LI 6 282 448 People Thinking? Martin, W. Mack Georgia's Risque Vignettes, illus. LI 1 277 22 Meythaler, Eric All That Glitters is Not Copper, illus. LI 3 279 226 Myers, David C. Interesting from Florida: Note Exhibits LI 1 277 55 Four Distinct Plate Printings, illus. NEW LITERATURE. Author Chambliss Provides Colorful MPC Book LI 6 282 449 Fred Reed, illus. Authors Present New Works at 9th Annual LI 6 282 450 SPMC Authors Forum Fricke Writes Worthy Introduction to CSA Notes LI 6 282 474 New Work of Interest to Beginners and Experts LI 5 281 396 John and Nancy Wilson, illus. Nyholm, Douglas A. A theoretical Model of Mormon Currency LI 4 280 285 of Kirtland, OH, illus. OBSOLETE NOTES & SCRIP. Branch Bank of the State of Arkansas at Fayetteville LI 1 277 51 Quintin Trammell, illus. Chattanooga Money now Free Online LI 2 278 112 Dennis Schafluetzel and Tom Carson, illus. Civil War Era Tampa Ferry Scrip Discovered LI 5 281 323 Ronald J. Benice, illus. Ending Poverty in California and the LI 1 277 46 Sincliar Dollar, Loren Gatch, illus. Florida Prisoner of War Scrip LI 1 277 73 Ronald J. Benice, illus. Interesting from Florida: Note Exhibits Four LI 1 277 55 Distinct Plate Printings, Daivd C. Myers, illus. Interesting from Oklahoma: Another LI 1 277 56 Report of a 1-Note Sheet, Robert Gill, illus. Reader Reports Early Obsolete Scrip Error Sheet LI 6 282 405 Robert Gill, illus. Readers Report More on One-Note Sheets LI 3 279 222 Larry Falater & Ron Hortsman, illus. Scrip of Bell & McMahon LI 6 282 418 Bill Gunther, illus. Scrip of John Leonard Riddell, Postmaster LI 3 279 163 of New Orleans, Steve Feller, illus. A Theoretical Model of Mormon Currency LI 4 280 285 of Kirtland, OH, Douglas A. Nyholm, illus. There's Something About That Note…' LI 6 282 443 Discovering an Entire New Seris of Notes, Richard Frey, illus. POSTAL CURRENCY. Civil War Stamp Envelopes Circulated LI 4 280 298 as Small Change, Fred L. Reed, illus. A Checklist of Civil War Postage Stamp Envelopes LI 4 280 306 Fred L. Reed, illus. PRINTERS & PRINTING. Paper Money • May/June 2013 • Whole No. 285 231 Paper Money • May/June 2013 • Whole No. 285232 Vol. Is. No. Pg. The Paper Column: Initials in the LI 5 281 333 Margins of Large Size Proofs, Peter Huntoon, illus. Regular and Star Notes Printed on Same Sheets LI 5 281 392 Jamie Yakes, illus. Reed, Fred Author Chambliss Provides Colorful MPC BookLI 6 282 449 A Checklist of Civil War Postage Stamp Envelopes LI 4 280 306 Civil War Stamp Envelopes Circulated as Small ChangeLI 4 280 298 The Editor's Notebook LI 1 277 64 LI 2 278 144 LI 3 279 235 LI 4 280 317 LI 5 281 397 LI 6 282 477 'Ostentatious George' Shows Up in Change LI 3 279 222 Yesteryear in SPMC History, #2, illus. LI 6 282 448 Reynard, Michael Edgar Allan Poe Signed Checks, illus. LI 4 280 280 Schafluetzel, Dennis and Tom Carson Chattanooga Money now Free Online, illus. LI 2 278 112 Schwan, Fred and Joseph E. Boling Uncoupled: Paper Money's Odd Couple, illus. LI 5 281 376 Uncoupled: Paper Money's Odd Couple, illus. LI 6 282 456 Simek, James A. and Peter Huntoon The Paper Column: Series 1929 National Bank LI 2 278 97 Replacement Notes, illus. SOCIETY OF PAPER MONEY COLLECTORS (SPMC). ANA Honors Huntoon & Boling LI 6 282 433 Author Allen Responds LI 1 277 33 Don Allen The Banknote Book Celebrates First Anniversary LI 6 282 417 BIG NEWS: SPMC Website Re-Designed LI 3 279 236 Citation Honors SPMC for 50 Years ANA Membership LI 6 282 466 'Currency in Chaos' Civil War Money Seminar LI 3 279 195 Set for Chapel Hill 11th Annual George W. Wait Award Announcement LI 6 282 476 First Time Paper Money Author Appreciates LI 4 280 276 Recognition First Wall Street Collectors Bourse Deemed a Success LI 1 277 27 Help Wanted LI 3 279 235 An Index to Paper Money, vol. 50 (whole no. 271-276) LI 2 278 133 John Davenport Information and Officers LI 1 277 2 LI 2 278 82 LI 4 280 242 LI 3 279 162 LI 5 281 322 LI 6 282 402 It Makes One Wonder: What are Some People LI 6 282 448 Thinking?, Owen W. Linzmayer Money Mart LI 1 277 59 LI 2 278 139 LI 3 279 219 LI 4 280 295 LI 5 281 375 LI 6 282 455 New Members LI 1 277 33 LI 2 278 113 LI 3 279 193 LI 4 280 273 LI 5 281 353 LI 6 282 433 Vol. Is. No. Pg. President's Column, Mark Anderson LI 1 277 58 LI 2 278 138 LI 3 279 234 LI 4 280 292 LI 5 281 372 LI 6 282 452 Reader Reports Rare Bank of Charleston Note LI 4 280 282 Robert Gill, illus. SPMC Board Clarifies Society's Awards ProgramLI 1 277 62 LI 2 278 142 SPMC is Seeking Nominations LI 2 278 124 SPMC Members Participate at 36th Memphis LI 5 281 386 Paper Money Show, illus. SPMC Needs a Few Good Men or Women LI 2 278 101 LI 1 277 21 Torch to Pass as CSNS Show Bourse ChairpersonLI 6 282 475 Two Bills From Same Wheresgeorger Show Up LI 1 277 28 U.S. Mexican Numismatic Assn. Holds First LI 6 282 426 Convention, illus. Wanted! We Are Recruiting LI 2 278 137 Write the Editor and Speak Your Mind LI 2 278 111 Yesteryear in SPMC History, #2 LI 6 282 448 Fred Reed, illus. Your Subscription to Paper Money Has Expired If LI 1 277 6 LI 2 278 86 LI 3 279 166 LI 4 280 246 LI 5 281 326 LI 6 282 406 STOCK CERTIFICATES & BONDS All That Glitters is Not Copper LI 3 279 226 Eric Meythaler, illus. The Paper Column: World War I War LI 6 282 407 Savings Certificates, Peter Huntoon, illus. United States Gas Ration Coupons of 1974 LI 6 282 473 Robert Gill, illus. Tomasko, Mark Engravers' Identification Given LI 1 277 33 Trammell, Quintin Branch Bank of the State of Arkansas at Fayetteville LI 1 277 51 U.S. LARGE SIZE NOTES. DEMAND NOTES. The Buck Starts Here: The First Greenbacks LI 4 280 297 Gene Hessler, illus. FEDERAL RESERVE NOTES. The Paper Column: Series of 1914 & 1918 FRNs LI 3 279 181 Peter Huntoon, Jamie Yakes, Doug Murray & Lee Lofthus, illus. U.S. NATIONAL BANK NOTES. About Nationals Mostly: The FNB of Farmersville, TX LI 4 280 278 Frank Clark, illus. The First National Bank of Granbury, TX LI 6 282 468 Frank Clark, illus. Identification of 1882 and 1902 National Bank LI 5 281 378 Replacements, R. Shawn Hewitt and Peter Huntoon, illus. The Buck Starts Here: Notes that Might Have Been LI 1 277 60 Gene Hessler, illus. The Paper Column: Series 1929 National Bank LI 2 278 97 Replacement Notes, James A. Simek & Peter Huntoon, illus. The Paper Column: Spelling Created Trouble LI 4 280 268 with Nationals, Peter Huntoon & Bob Liddell, illus. The Seal on Iowa Nationals Revealed LI 6 282 437 James C. Ehrhardt, illus. Paper Money • May/June 2013 • Whole No. 285 233 Vol. Is. No. Pg. U.S. SMALL SIZE NOTES. FEDERAL RESERVE NOTES. Author DeGennaro Provides Update on LI 4 280 255 Gilbert Paper Article, Steve DeGennaro, illus. Federal Reserve Notes Printed on Gilbert PaperLI 3 279 173 Steven DeGennaro, illus. 'Ostentatious George' Shows Up in Change LI 3 279 222 Fred Reed, illus. Small Notes: New Ones on Letter-Seal 1928 LI 4 280 293 FRN Plates, Jamie Yakes, illus. Small Notes: Confusion Sorting FRNs LI 3 279 224 Jamie Yakes, illus. Small Notes: Series of 1987 Microprinting LI 5 281 373 Jamie Yakes, illus. LEGAL TENDER ISSUES. Small Notes: Series 1928 $1 U.S. Notes Face LI 1 277 61 Plate #12, Jamie Yakes, illus. Small Notes: $1 US Notes -- 1928 or 1933? LI 2 278 141 Jamie Yakes, illus. SILVER CERTIFICATES. The Paper Column: Origin of Macro Plate LI 4 280 294 Numbers Laid to Secret Service, Peter Huntoon, illus. The Paper Column: Release of $1 Series of LI 4 280 312 1935A R&S Experimentals, Peter Huntoon, illus. Small Notes: Redemption Clauses on Silver LI 6 282 453 Certificates, Jamie Yakes The Paper Column: New Deal Changes to Legal LI 1 277 7 Tender Status, Peter Huntoon & Jamie Yakes, illus. VIGNETTES. The Buck Starts Here: Berlioz Among LI 3 279 223 Composers Featured, Gene Hessler, illus. The Buck Starts Here: Commerce & Labor LI 2 278 140 Gene Hessler, illus. The Buck Starts Here: Miss America LI 5 281 374 Gene Hessler, illus. The Buck Starts Here: Old Abe, the War Eagle LI 6 282 454 Gene Hessler, illus. Georgia's Risque Vignettes LI 1 277 22 W. Mack Martin, illus. Origin of Vignettes on Southern Bank Note Co. LI 5 281 345 CSA Notes, Joseph J. Gaines, Jr., illus. Use of Sweet Potato Dinner Vignette on LI 6 282 427 Obsolete Notes, Joseph J. Gaines, Jr., illus. Wilson, John and Nancy New Work of Interest to Beginners and Experts LI 5 281 396 WORLD PAPER MONEY. Notes from Up North: Old & New Appeal to LI 2 278 146 Varies Interests, Harold Don Allen, illus. Notes From North of the Border: Completion LI 4 280 256 Approaching, Harold Don Allen, illus. Notes from Up North: New Canadian $100 LI 1 277 66 Polymer Changeover, Harold Don Allen, illus. What the Deuce is Going on Here? LI 6 282 460 Henry Brasco, illus. Yakes, Jamie Regular and Star Notes Printed on Same Sheets LI 5 281 392 Small Notes: Confusion Sorting FRNs, illus. LI 3 279 224 Small Notes: New Ones on Letter-Seal 1928 FRN PlatesLI 4 280 293 Small Notes: $1 US Notes -- 1928 or 1933?, illus. LI 2 278 141 Small Notes: Redemption Clauses on Siver Certificates LI 6 282 453 Small Notes: Series 1928 $1 U.S. Notes Face Plate #12 LI 1 277 61 Small Notes: Series of 1987 Microprinting, illus. LI 5 281 373 Wait award goes to book on AMC proposed by Carlton Fred Schwan A new book on World War II Allied Military Currency by military-related numismatic expert and Paper Money columnist Carlton “Fred” Schwan has been awarded the 11th annual SPMC George W. Wait Memorial Award that carries a $500 grant for research leading to a book-length treatment of a paper money topic. Schwan, who co-authors this publication’s “Uncoupled: Paper Money’s Odd Couple” column with fellow Army veteran Joe Boling is a well-known author and publisher of paper money reference books. He is SPMC LM #317. According to Schwan’s proposal, the new the book will be a history and catalog with values of the six different issues of Allied military currency (lire, franks, marks, schillings, kroner, and yen). “Most of these were printed in the United States by a combination of the Bureau of Engraving and Printing and private contractors, Schwan noted. “The book will include substantial information that has not been previ- ously published. This will include valuable and rare varieties that are not well known to collectors,” he added. Among his previous works are World War II Military Currency (1978), The Paper Money of the E.A. Wright Bank No te Co . (1978), Comprehensive Cata lo g o f Mili tary Payment Certificates (four editions), World War II United States Savings Bonds and Stamps (2011), and World War II Remembered: History in Your Hands (1995), co-authored with Boling that won the Numismatic Literary Guild “Book of the Year” laurels. Schwan acquired the rights and good will of BNR Press from founder Grover Criswell in the 1970s. Titles published by BNR Press since that time include Criswell’s own catalog of Confederate cur- rency, and other books on Civil War encased postage stamps, stocks and bonds, as well as Schwan’s own works.
Paper Money • May/June 2013 • Whole No. 285234 One thing that I have been seeing more of is “repaired” notes showing up in currency auctions. This has been going on for a few years but recently, in my opin- ion, has really exploded. First of all, let us clarify: doctored, restored, repaired, design redrawn, professionally enhanced, processed, nice- ly executed, apparent grade, not distracting repair, pieces replaced, molested, repair was nicely performed, etc. all mean the same thing. The natural condition of the note was altered in order to enhance its beauty and more specifically, its value. In the “Art World” restoring a damaged painting or object has always been the norm, but why has this become “acceptable” in the paper money arena? Maybe it’s because we paper money collectors enjoy the beauty and colors of the notes that we collect, so much so, that we actually call these notes “works of art.” If these were coins that were “professionally repaired” or “doctored,” the various coin grading services would not even grade them, intentionally that is. Though this has changed recently in the coin field as well. There have been many times that I have gone through an auction catalog seeing something that I am interested in purchasing, then upon reading the description finding that the note has “nicely executed edge repairs.” Personally, I have a let down, for I am not interested in a note that has been “doctored.” There was a time when a note that was doctored was taboo in this field, nowit has become universally accept- able. Why the shift? Certainly, repaired notes look nicer. They are more attractive to look at(if the doctoring was done profession- ally) than a note that is missing, say, a small corner piece. Thus a more attractive note might be able to bring in more money when it is sold. This means more money for the owner of the note, and of course more money for the auction company or dealer selling the note on commis- sion. Just think for a moment of the added profits for the collector, dealer or auction company if every time that a particular nice “repaired note” re-circulates and comes back on the market, it will bring a strong price because it is very nice looking (repaired). Think of the “multiplier effect” of this? I see money signs! Do we blame the Grading Services that assign a grade to such notes? Do we blame the “Doctors” who do the actual repairing? Do we blame the auction companies for including these “fixed” notes into their professional auc- tions? Do we blame us collectors for even desiring these “altered” notes? Maybe it’s the uneducated currency spec- ulators fueling this frenzy? But then again, maybe I am missing the point? This country needs jobs. Instead of simply rejecting a note as “repaired,” the grading services accept these “processed” notes, they spend more time analyzing a note, encapsulating a note, and telling us that a note has a “professionally repaired edge split” while grading it an “Apparent” V.F. 20. They take more time, and of course they are charging for their time. If we keep this up, I can see a day, in the not to far off future when every note will be graded “Apparent C.U. 60, if not for the professionally repaired rips, tears pin- holes and corner folds.” Certainly we are employing many of these so-called “Doctors,” for not one person can do all this work. Of course, they are “charging” for their services as well. And as with any profession, some of these “restorers” are better than others. And by accepting these notes, this in turn also provides more work, and profits, for the auction compa- nies. Everybody gets a piece of the pie. Maybe I can be blamed for all this nonsense, for I just – for the very first time – purchased a note from auc- tion that was “repaired.” The description went like this: “There is some expert restoration along the top edge, but it is so well done that a casual inspection would miss it completely.” If I was writing the description for the auction com- pany I would have written this: “This note has been doc- tored and molested along the top edge, therefore we will not stand by the grade, purchase as is, no returns.” I would like to point out that the note in question here is a “Unique” first charter, original series national, otherwise I would have had no interest in purchasing a doctored note. The funny thing is, this note did not need to be repaired, rarity alone would have brought top price. Personally, I wish the note was not messed with, and left in its “natural state of preservation.” I would have paid the same, and been happier. At this time I would like to say that “Professional Restorers” and “Preservationists” provide an absolute invaluable service to society. They help keep antiquities, maps, treasured documents, family heirlooms, national treasures and the like, from deteriorating. And when destruction does take its toll through fire, natural disas- ters, and insects, they help bring something whole again that otherwise may have been lost forever. Again, a most precious service indeed. However, I think that in a hobby as ours, in which “grading” and “natural state of preservation,” which is the core and most “primary basis” of collecting, that a letter or numerical grade should not be given to a repaired note, nor should they be “graded” at all.
To Repair or Not? By Jeff Sullivan Paper Money • May/June 2013 • Whole No. 285 235 Bettie Butts, a native of Alabama, was born in 1840. Her parents were John and Amanda (Turner) Butts. Her father, a native of Virginia, was a graduate of the University of Pennsylvania Medical School in 1823. He had later settled in Greene County, Alabama where he died when she was a child in the summer of 1843. Among her siblings was an older brother, Edward Scott Butts. She married Joel H. Willis of Warren County, Mississippi (of which Vicksburg is the county seat) in January 1866. He apparently died sev- eral years later for she was appointed administratrix of his estate on July 15, 1870. There were no children. In February 1902 the Vicksburg Bank, which had been established in 1866 converted to become The American National Bank of Vicksburg (charter #6121). Her brother, Edward S. Butts, longtime president of the former bank, continued as president of the new bank until his death on May 31, 1907. Bettie Butts Willis then succeeded her brother as president of the bank. Several years later, in November 1910 it was liqui- dated and absorbed by the American Bank and Trust Company of Vicksburg. She apparently continued for awhile as president of the new bank. Mrs. Willis died at her beautiful home in Vicksburg on April 14, 1922. An obituary did not note her bank- ing career, but stated that she was “for more than half a century one of the leading fig- ures in Vicksburg’s social and civic affairs and was possessed of the love and esteem of a wide circle of devot- ed relatives and warm friends.” It also noted that her beautiful home was the “center of a gracious hospitali- ty enjoyed by many friends over a long period of years.” Sources and Acknowledgements I am grateful to Lucius Butts, Mrs. Willis’ grandnephew, who provided some important genealogical information on her, and to Larry Adams, Curator of the Higgins Museum, who sup- plied some information on the bank. After the Civil War, Mrs. Willis claimed $39,389 for a long list of aid (horses, mules, hogs, sheep, cows, bacon, corn, molasses, sugar, etc.) that her late husband had provided the Union cause. At first this Southern Loyalist Claim was rejected, but years later settled for $6,040. I am grateful to Robert Ellis of the National Archives, who looked at these files and extracted the tiny bit of genealogical information within them. A photograph of The American National Bank appears in Gordon A. Cotton, Vicksburg (Arcadia Publishing, 1999) on page 58. Unfortunately, the reproduction charge precluded including it as an illus- tration for this article. Bettie B. Willis’ obituary is found in the Vic ksb urg Evening Post for April 14, 1922.
Bettie B. Willis, National Bank President By Karl Sanford Kabelac Above: A woman bank president was still so unusual that it made national news. An article on Mrs. B. B. Willis appeared in various newspapers including this one is from the Logansport, Indiana paper of February 15, 1908. The “recent trying incidents in the banking world” was a reference to the banking crisis of 1907. Below: Mrs. Willis’ beautiful home in Vicksburg merited a postcard view. Abraham Linco ln: Beyond the American Ic on, Fred Reed, Whitman Publishing, 2013. xv + 447pp, 8 ½ by 11 in, full color. Reviewed by Bob Schreiner, POB 2331, Chapel Hill, NC 27515-2331, reviewed by bob@oldnote.org. Fred Reed’s sequel to his 2009 Abraham Linco ln: The Image of His Greatness adds some 1,400 new images and a page count some 180 pages greater than the first book. The new vol- ume permits Reed to augment his earlier text and arguments. That book focused on “the mythmaking phase” while the pre- sent volume examines in greater depth Lincoln as an idol and icon—“the branding phase,” according to the author. Reed gives us a book of both images and imagery. While the images of Lincoln are an important part of the book, Reed is more broadly interested in Lincoln imagery, whether as exhibit- ed on physical objects, or in poetry, film, or “the plastic arts.” His evidence is the artifacts and events themselves, not historians’ analyses of Lincoln’s actions and accomplishments. He largely lets these data speak for them- selves. Like the first book, the material is organized chronologically. Each chap- ter opens with a few paragraphs that present the chapter’s thesis. What follows is a chronological series of sections, from one to a handful of paragraphs, each dated. These sections describe an event and perhaps an object. If an object, the object doesn’t nec- essarily feature an image of Lincoln. For example, in August 1909, Mary Shipman Andrew’s book becomes a “runaway best seller in Northern bookstores…” On September 27, 1910, a statue of Lincoln was installed at the Gettysburg battlefield. In addition to the text sections, the copious illustrations all have a caption, sometimes lengthy. In this manner, using visual and textual data, Reed provides the detailed evidence that paints the broader picture of each chapter’s thesis. The brief first chapter, “Abraham Lincoln: 1809-1865” (29 pages) covers the period of his life. The other four chapters cover subsequent periods until the present, and it is with these chapters that Reed presents the images that established the changing imagery of Lincoln’s life. The scheme is much the same as the 2009 book. “Lincoln the Ideal: 1865-1909” (80 pages), describes how the physical image of Lincoln proliferated and became broadly standardized. “Lincoln the Idol: 1909-1959” (106 pages) asserts that starting with his birth centennial, Lincoln evolved into “the American Idol of the civil religion.” Lincoln exemplified American exceptionalism and the self-made man. “Lincoln the Icon: 1959-2009” (164 pages) examines how Lincoln’s image became omnipresent, not just confined to memorials. These four chapters share names with those in Reed’s 2009 book. In that book, the fifth and final chapter is “Lincoln the Irrelevant? 2009-future.” Reed thought it important to report that in Lincoln’s bicentennial year, some detractors questioned his relevancy for the 21st century. Reed was anxious to refute such opinion, but the images for this period were few at the time of publication, and the chapter is only 4 pages in length. The fifth chapter in the 2013 book is “Lincoln the Immortal: 2009 and Beyond” (58 pages), and the title reflects Reed’s view that the ubiquity of the Lincoln image, even if at times the imagery is absurd, pronounce his immortality. He does acknowledge that Lincoln’s image is now used in ways that consti- tute “misappropriation” of Lincoln’s character and legacy. These represent an “illegible” imagery. An example might be Lincoln the pirate in figure 5.71 or the book Abraham Linco ln, Vampire Hunter. This, like the 2009 book, is not a numismat- ic book, but it is a book with a numismatic emphasis. Reed asserts that numismatic objects—primarily the U. S. cent and five dollar bill—provide the most universal images of Lincoln today. Who doesn’t see a cent or a five- dollar bill almost every day? Many of the images he uses are of numismatic objects, and he writes about these as an experienced numismatic author. You won’t find a mention of “printing” coins. Like the first book, Beyond is elaborately and attractively illustrated. The images are generally adequately large, and pleas- ingly arranged and presented. It’s not an especially easy book for a linear reader like me, and I probably should never approach it in such manner. The eye moves around each page, jumping from text to image to caption. But how could it be any- thing other? It’s a set of assertions based on visual images, as well as historic events, and we have the visual primary sources before us. Q. David Bowers, in his “Foreword,” calls it a refer- ence book. Most readers will browse the book, and repeatedly, to benefit from its rich detail. The two books cover much the same ground in terms of ideas, but the images and other evidence are different. I had to go to Greatness to find a photograph known as Ostendorf-92 referred to in the fourth chapter of Beyond. It would be ideal if the two books were blended into one; maybe we can hope there will be a combined second edition. Books such as Greatness and Beyond would not be afford- able without recent advances in inexpensive yet high quality color printing. Whitman utilizes this capability well in its numismatic publications. Fred Reed has presented us with an excellent book that will extend the knowledge of Lincoln special- ists, appeal to people with a general interest in Lincoln and U. S. history, and challenge the numismatist to learn more about Lincoln imagery than what’s found on the cent and five-dollar bill. The retail price is $29.95 at www.whitman.com, or auto- graphed from the author directly with a complimentary century old Lincoln National Bank check at fred@spmc.org
Paper Money • May/June 2013 • Whole No. 285236 Lincoln sequel examines ‘branding phase’ Beyond the American Icon reviewed by Bob Schreiner Paper Money • May/June 2013 • Whole No. 285 237 I just want to say one word: Plastics As coin collectors wring their hands over the inflationary obsolescence of their precious little “pennies,” practitioners of the nobler art of notaphily face a worse threat: the specter of plastic—sorry, I meant “polymer substrate”—currency, which increasingly haunts the planet. As an occasionally rational person, I do recognize polymer currency’s virtues. Its layering features can incorporate anti- counterfeiting measures that may be unavailable to paper cur- rency. It also outlasts paper currency; it’s more hygienic; and it survives better in the wash if you leave it in your pants pocket. Finally, polymer currency is recyclable, which makes it green. What’s not to like? Since Australia adopted it in 1988, polymer currency has spread to over three dozen countries. A recent prominent convert is Canada, which responded to a surge in counterfeiting by introducing in 2011 a polymer 100 dollar bill. Now that Mark Carney, the former Governor of the Bank of Canada, is taking over in July 2013 the same post at the Bank of England, the gospel of plastic may spread to one of the world’s largest economies. Even that bastion of monetary rectitude, the Swiss National Bank, may succumb by 2015. Not that there haven’t been hiccups. Nicholas Billard, an employee of an Ontario construction company, found his 2011 Christmas bonus of 100 dollar bills melted in a coffee can that he kept too close to a radiator. Other Canadian users of polymer notes have complained of their slickness and stickiness. Vending machines don’t like them. Since the United States bungled its latest version of the C-note, it’s probably only a matter of time before we go plastic as well. Reason tells me this is good, and by experience I’m quite happy collecting Depression scrip made of wooden slats and even clamshells. Celluloid OPA tokens? No problem! And, I must admit, polymer notes do have a following. Stane Straus (www.polymernotes.org) and Thomas Krause (www.polymer- notes.de) both keep tabs on their issues, and publish dueling cat- alogs to boot. God bless them all in their plastic ways. Yet I can’t—I don’t want to—give up the feel of paper on my fingers, and the lus- cious, inky-linen smell of a crisp new note. Call me old school, but the only plastic that belongs in my wallet consists of credit cards, even if most of those are maxed out. .
Chump Change Loren Gatch Hark, a New Year’s Resolution Late last year I resolved to turn over a page so to speak and find an outlet for my interests and research on paper money topics, that either because of a dearth of primary reference material or degree of personal interest led to articles of a “’tween” length. I already had a steady outlet for my abiding interests which led to lengthy essays and even sequential articles. My column “Shades of the Blue & Grey” has appeared monthly (virtually) in Bank Note Reporter since October 2004. Many SPMC members have proba- bly seen the column there. Over the intervening years, we’ve pub- lished 96 (and counting) rigorously-researched columns on a vari- ety of Civil War-related topics, including the history of Confederate currency collecting, the inability of the national government to sup- press the counterfeiting of its paper notes over a 15-year period in the 1860s and 1870s, the money grab the central government made that wiped out state-charted banknote circulation, and the stumble- bum introduction of fractional paper notes during 1862-1863, among similar topics, which are of particular interest to me. I view these columns as preaching to the choir, collectors already interested in paper money and its history. Those lengthy columns, of up to 10,000 words and 15 pages in Bank No te Reporter, have won awards, spun off a book that I co-authored with SPMC VP Pierre Fricke, and will serve as launching pads for other book-length works as the material comes together and ripens. At the other end of the spectrum, brief paper money features (“brights”) appealing to the general coin collector, are my “Paper Profiles” columns that have appeared in Coins magazine since April 2006. I look at this column as doing “missionary work” to spread the paper money collecting gospel among the collecting community as a whole. Since its debut, we’ve published nearly 90 one-page fea- tures on a very wide variety of topics from the Bicentennial deuce note, to George Washington’s sentencing of a counterfeiter to be hung, to the virtues of belonging to SPMC. Columns are meant to brighten the reader’s day, and interest him/her in the joys of our paper money hobby. With the assistance of editors David Harper, Dave Kranz, and Bob Van Ryzin, both sets of columns have been well-received, even though at opposite ends of the spectrum. For my New Year’s resolution, I wanted an outlet for topics of intermediate length, more than one-pagers, but less important than covered in the Bank Note Reporter series. Fortunately I found will- ing partners to publish such a series at COINage magazine with edi- tors Ed Reiter and Marcy Gibbel. This column, “Currency Corner,” debuted in February on Naramore counterfeit detectors. Others have addressed the notes of Veazie Bank, Lincoln National Monument Assn. donation receipts with paper money vignettes, notes of Secretary of War Edwin Stanton, the little known New York Bank Note Company, and scrip of Leslie’s Illustrated Weekly. I consider these “’tweeners” missionary too, but invite all Paper Money readers to check them out and share in the fun, also.
The Editor’s Notebook Fred L. Reed III Fred@spmc.org Paper Money • May/June 2013 • Whole No. 285238 Raising cash: Here’s looking at the future Perhaps someday the government will raise money by sell- ing naming rights. It’s a crazy, silly idea, but it could happen. Think about it. If you had suggested thirty years ago that sports stadiums would someday sell naming rights, people would have called you a nut and your idea ridiculous. To fatten up the revenue, McDonalds might invest some of its gold in Arches, a national park in Utah. Phillip Morris coughs up for the Great Smokey Mountains, hacking away at the deficit, and a funeral home somewhere stiffens the federal coffers with cold hard cash for the Death Valley National Park. Ford steers millions toward Alaska’s Kenai Fjords National Park and to further bust the deficit, Playboy magazine pins up millions by featuring the bodacious Grand Tetons National Park. General Motors Corporation buys the rights to sponsor Alaska’s Denali National Park and presto, you climb a cool mountain of millions and GMC gets to affix a label to its Denali SUV. The government wipes up by renting Scotts Bluff National Monument to Scott Paper Towels. Everybody’s happy. What a no-brain- er, why hasn’t the government done this yet? Get my congressman on the phone. Hope you don’t mind the Lincoln Navigator Memorial or Apple buying the rights for the President’s residence; in the process you peel away some more revenue and end up with the White Apple House. President Hoover’s Presidential Library goes to the vacuum cleaner com- pany to help the government suck up some cash; and President Wilson’s Library scores with the sporting goods company of the same name. Smuckers, because it sounds like suckers, buys the rights for the building where Congress meets, becoming the Smuckers Capitol, and spreads it liberally. General Electric beams up the Department of Energy with a bolt-load of money and Star-Kist Tuna gets the NASA headquarters, netting millions for the treasury. The next step is U. S. currency. The leaders of the horse-rac- ing industry jockey to win the rights to the $2 note, gambling that its customers would appreciate the connection every time they placed a bet. The rapper 50 Cent (sic) buys the $50, grant- ing tens of millions to the government and increases his stage name 100–fold. The website Fiverr.com (yes, ending in rr) would, of course, be the ideal fit for the $5 bill, perhaps chang- ing the sobriquet from a fiver to a Fiverr. What about naming ships too? Lifebuoy Soap buys the rights for a ship and cleans up with a raft of sea-notes into the tumultuous fiscal currents. See it all unfold as the financial straits worsen in the years ahead.
Paul Herbert Don’t get me started Seeking out answers to fraudulent note issues The realm of non-genuine banknotes is large. Obvious cat- egories present themselves, based on the origin and intent of the deception. Counterfeits, of course, are notes designed and printed to look like genuine notes, and have been with us essen- tially since the invention of banknotes themselves. They contin- ue to this day, both as high-quality fakes like the Supernotes, and as the amateurish photocopy attempts that fool next to no one. Less common are the raised and altered notes, which begin life as genuine notes, but have been modified to look like a note of a higher denomination or on another bank (or occasionally both). The last major category of non-genuine notes is the spuri- ous notes. These were printed with the intent of passing, but did not mimic any genuine note on the bank in question. In some cases, they had a denomination that was never legitimately issued by the actual bank. But again, they weren’t fantasy notes – they were an intentional attempt to defraud. Many of these notes were poorly executed lithographs that look obviously “wrong.” In some other cases, however, they are beautifully engraved, complete with printer’s monograms, and were it not for the existence of contemporary counterfeit detectors declaring that no genuine note matched its description, one would never think it was fraudulent. How did these come about? A hint as to these well-made frauds came from reading through some old auction catalogs. In two catalogs Smythe published for the Schingoethe collection sales, lot descriptions make mention of established printers and how they dealt with requests for spurious notes. Durand and Company, a very high- ly-respected printing company, appar- ently was perfectly happy to fill these orders. At the other end of the spec- trum, Abner Reed actually set up what can only be described as a sting opera- tion when a representative from the (fraudulent) New Fountain Company of Newburgh, New York ordered a printing of $5,000. Upon delivery, Reed had an officer present to apprehend the banker…after payment was made, of course. I would love to see more detail and documentation on these two incidents, and others like them. Time permitting, I expect I’ll try to track down the stories behind these auction listings. If you’re interested, the descriptions themselves appear in the March 2006 and December 2005 Smythe catalogs. Beyond these specific examples, however, the first half-dozen or so Schingoethe catalogs are truly phenomenal references. I pull them out and just read them at least once a year. Anyone involved in cataloging auctions in any specialty could do worse than emulate them, and any of you with even a passing interest in obsoletes will undoubtedly get a lot out of them.
John Davenport Spurious Issues Paper Money • May/June 2013 • Whole No. 285 239 DO YOU COLLECT FISCAL PAPER? Join the American Society of Check Collectors http://members.aol.com/asccinfo or write to Lyman Hensley, 473 East Elm St., Sycamore, IL 60178. Dues are $13 per year for U.S. residents, $17 for Canadian and Mexican residents, and $23 for those in foreign locations. This space for rent Only $225 for six issues, or $125 for three issues, or $45 for one issue DBR Currency We pay top dollar for • National bank notes • Large size star notes • Large size FRNs and FRBNs www.DBRCurrency.com P.O. Box 28339 San Diego, CA 92198 Phone: 858-679-3350 info@DBRCurrency.com Fax: 858-679-7505 See our eBay auctions under user ID DBRCurrency You are invited to visit our web page www.kyzivatcurrency.com For the past 12 years we have offered a good selection of conservatively grad- ed, reasonably priced currency for the collector All notes are imaged for your review NATIONAL BANK NOTES LARGE SIZE TYPE NOTES SMALL SIZE TYPE NOTES SMALL SIZE STAR NOTES OBSOLETES CONFEDERATES ERROR NOTES TIM KYZIVAT (708) 784-0974 P.O. Box 451 Western Springs, IL 60558 E-mail tkyzivat@kyzivatcurrency.com Another chance missed to sell your duplicate notes at “collector prices” Advertise in this space and take home the big bucks!!! Paper Money • May/June 2013 • Whole No. 285240 OUR MEMBERS SPECIALIZE IN NATIONAL CURRENCY They also specialize in Large Size Type Notes, Small Size Currency, Obsolete Currency, Colonial and Continental Currency, Fractionals, Error Notes, MPC’s, Confederate Currency, Encased Postage, Stocks and Bonds, Autographs and Documents, World Paper Money . . . and numerous other areas. THE PROFESSIONAL CURRENCY DEALERS ASSOCIATION is the leading organization of OVER 100 DEALERS in Currency, Stocks and Bonds, Fiscal Documents and related paper items. PCDA To be assured of knowledgeable, professional, and ethical dealings when buying or selling currency, look for dealers who proudly display the PCDA emblem. For a FREE copy of the PCDA Membership Directory listing names, addresses and specialties of all members, send your request to: The Professional Currency Dealers Association PCDA • Hosts the annual National and World Paper Money Convention each fall in St. Louis, Missouri. Please visit our Web Site pcdaonline.com for dates and location. • Encourages public awareness and education regarding the hobby of Paper Money Collecting. • Sponsors the John Hickman National Currency Exhibit Award each June at the Memphis Paper Money Convention, as well as Paper Money classes at the A.N.A.’s Summer Seminar series. • Publishes several “How to Collect” booklets regarding currency and related paper items. Availability of these booklets can be found in the Membership Directory or on our Web Site. • Is a proud supporter of the Society of Paper Money Collectors. Or Visit Our Web Site At: www.pcdaonline.com James A. Simek – Secretary P.O. Box 7157 • Westchester, IL 60154 (630) 889-8207 *May-June 2013 Paper Money_Jan/Feb Cover 4/1/13 1:19 PM Page 3 Selections Heritage has already offered this year. ❘ ❘ ❘ ❘ ❘ ❘ ❘ ❘ ❘ Consign now and sell your notes alongside other rarities like these. September Long Beach Deadline is August 6 R UC AYNERCU T SONIC ® nel Tage0 L880 105l $58. 1rF Realized: $411,250 5e 3niy Free VciohG CM, Pred d Clo3 G680 12b $661. 1rF Realized: $352,500 0e 3niy FreS VGC, Petacfiitre el Tage3 L680 101a $76. 1rF Realized: $305,500 3w 6ee NciohS CGC, Predn trer Cevli0 S880 1011 $4. 3rF Realized: $235,000 4d 6etalucricne UciohG CM, Petacfii C, Petoy Nrusaer1 T980 156 $7. 3rF Realized: $235,000 8w 5et Nuobe Acioht CnerappS AG d Clo2 G880 105a $512. 1rF Realized: $193,875 5e 1nit FnerappS AGC, Petacfiitre d ng aolatae ceFr lloe ChT ulcn. Iecruoy snm aorf 3500 venue Maple A Dallas, T Annual Sales Exceed $800 Million FL licenses: Heritage Numismatic Auctions, Inc.: AB665; Curr Mike Sadler AU3795; Jacob W AGE Reg. U.S. Pat & TM OfHERIT SALLDA RKO YWNE EB k oobdnas H’rotce w cer no) feula5 v6$( l tiad mnn aoitamrofnt icatnor cuoe yd or mo. F3423-538-66l 8lar co exas 75219 800-872-6467 750,000+ Online Bidder ency Auctions of America: AB2218; FL Auctioneer licenses: Samuel Foose AU3244; oss AU4034; Chris Dykstra AU4069.ea Valker AU4031; Andr emium. See HA.com for details.s Prf. Auction subject to 17.5% Buyer’ SLL HIYRLEV OCISCNA FRNAS RAP eciovnn ioitcut aimbue ssael. Pstneil l Ciam, e5241-904-41x 2a, fegatireo H .OCF/mo.cAo Ho t, gsliatee dr HA.com -Members SI VAENEG uCBF/moc.AH 24 28 8 ,yrogetas cihn t+ i0001f $s o ,mo.cAH@sredrOgolata ycnrer rtetiwT/mco.AH *May-June 2013 Paper Money_Jan/Feb Cover 4/1/13 1:19 PM Page 4