Paper Money - Vol. LVI, No. 1 - Whole No. 307 - January/February 2017

Paper Money Vol. LVI, No. 1, Whole No. 307 www.SPMC.org January/February 2017 Official Journal of the Society of Paper Money Collectors Welcome 2017 It’s Gonna be an EXCITING YEAR! A Year of Certain-Uncertainty Certain— Two great coin shows kick off the year! Uncertain— Will we have new Treasury signatures on our bills? Certain— Kansas City is the new Memphis! ?????????????? ?????????????? Here at Stack’s Bowers Galleries, our unsurpassed expertise, unwavering commitment to personal service and over 80 years of  nancial security have earned the trust of the most astute collectors, dealers, museums, bankers and  duciaries worldwide. Whether you are a seasoned collector or are anticipating your  rst consignment, the experts at Stack’s Bowers are just a phone call away, ready to share our numismatic knowledge and guidance and earn you top dollar for your currency. Stack’s Bowers Galleries is accepting consignments to auctions throughout the year, including the O cial Auctions of the Whitman Baltimore Expos and the ANA World’s Fair of Money. Professionals You Can Trust Peter A. Treglia LM #1195608 John M. Pack LM # 5736 Peter A. Treglia John M. Pack Brad Ciociola Fr. 212b. 1864 $500 Interest Bearing Note. PMG Very Fine 25 Net. Realized $352,500 Fr. 2221-H. 1934 $5000 Federal Reserve Note. St. Louis. PMG Choice Uncirculated 64 EPQ. From the Holecek Family Foundation Collection. Realized $258,500 Fr. 2231-A. 1934 $10,000 Federal Reserve Note. Boston. PMG Choice Uncirculated 64 EPQ. From the Holecek Family Foundation Collection. Realized $227,050 Salem, New Jersey. $100 Original. Fr. 454a. The Salem National Banking Company. Charter #1326. PMG Choice Very Fine 35 Net. Realized $164,500 Fairbanks, Alaska. $5 1902. Fr. 598. First NB. Charter #7718. PCGS Superb Gem New 68 PPQ. Realized $129,250 Fr. 2220-F. 1928 $5000 Federal Reserve Note. PCGS Very Fine 35 Apparent. Realized $117,500 Fr. 1700. 1933 $10 Silver Certifi cate. PMG Superb Gem Uncirculated 67 EPQ. Realized $105,750 Fr. 1890-G★. 1929 $100 Federal Reserve Bank Note Star. Chicago. PMG Gem Uncirculated 65 EPQ. Realized $58,750 Pueblo, Colorado. $1 Original. Fr. 382. The Peoples NB. Charter #2134. PMG Very Fine 25 Net. Realized $49,350 Peter A. Treglia Aris Maragoudakis John M. Pack Brad Ciociola Manning Garrett 800.458.4646 West Coast Offi ce • 800.566.2580 East Coast Offi ce 1231 E. Dyer Road, Suite 100, Santa Ana, CA 92705 • 949.253.0916 123 West 57th Street, New York, NY 10019 • 212.582.2580 Info@StacksBowers.com • StacksBowers.com California • New York • New Hampshire • Hong Kong • Paris SBG PM MarBalt2017 161213 America’s Oldest and Most Accomplished Rare Coin Auctioneer Showcase Auctions Consign U.S. material to our March 2017 Baltimore Spring Auction! Auction: March 29 - 31, 2017 • Consignment Deadline: January 31, 2017 Call one of our currency consignment specialists to discuss opportunities for upcoming auctions.  ey will be happy to assist you every step of the way. 800.458.4646 West Coast Offi ce • 800.566.2580 East Coast Offi ce Spectacular Prices Realized from Our Recent Sales Contact a representative today for more information on our upcoming sales for the new year and how to consign! Terms and Conditions  PAPER MONEY (USPS 00-3162) is published every other month beginning in January by the Society of Paper Money Collectors (SPMC), 711 Signal Mt. Rd #197, Chattanooga, TN 37405. Periodical postage is paid at Hanover, PA. Postmaster send address changes to Secretary Jeff Brueggeman, 711 Signal Mtn. Rd, #197, Chattanooga, TN 37405. ©Society of Paper Money Collectors, Inc. 2014. All rights reserved. Reproduction of any article in whole or part without written approvalis prohibited. Individual copies of this issue of PAPER MONEY are available from the secretary for $8 postpaid. Send changes of address, inquiries concerning non - delivery and requests for additional copies of this issue to the secretary. PAPER MONEY  Official Bimonthly Publication of The Society of Paper Money Collectors, Inc. Vol. LVI, No. 1 Whole No. 307 January/February 2017 ISSN 0031-1162 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 cannot be guaranteed. Include an SASE if acknowledgement is desired. Opinions expressed by authors do not necessarily reflect those of the SPMC. Manuscripts should be submitted in WORD format via email (smcbb@sbcglobal.net) or by sending memory stick/disk to the editor. Scans should be grayscale or color JPEGs at 300 dpi. Color illustrations may be changed to grayscale at the discretion of the editor. Do not send items of value. Manuscripts are submitted with copyright release of the author to the Editor for duplication and printing as needed. ADVERTISING All advertisingon space availablebasis. Copy/correspondenceshould be sent to editor. All advertising is payable in advance. All ads are accepted on a “good faith” basis. Terms are “Until Forbid.” Ads are Runof Press(ROP) unless acceptedon a premium contract basis. Limited premium space/rates available. To keep rates to 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 (i.e. Feb. 1 for the March/April issue). Camera ready art or electronic ads in pdf format are required. ADVERTISINGRATES Space 1 Time 3Times 6Times Fullcolor covers $1500 $2600 $4900 B&W covers 500 1400 2500 Fullpagecolor 500 1500 3000 Full page B&W 360 1000 1800 Halfpage B&W 180 500 900 Quarter page B&W 90 250 450 Eighthpage B&W 45 125 225 Required file submission format is composite PDF v1.3 (Acrobat 4.0 compatible). If possible, submitted files should conform to ISO 15930-1: 2001 PDF/X-1a file format standard. Non-standard, application, or native file formats are not acceptable. Page size: must conform to specified publication trim size. Page bleed: must extend minimum 1/8” beyond trim for page head, foot, front. Safety margin: type and other non-bleed content must clear trim by minimum 1/2” Advertising copy shall be restricted to paper currency, allied numismatic material, publications and related accessories. The SPMC does not guarantee advertisements, but accepts copy in good faith, reserving the right to reject objectionable or inappropriatematerial or edit copy. The SPMC assumes no financial responsibility for typographical errors in ads, but agrees to reprint that portion of an ad in which a typographical error occurs upon prompt notification. Benny Bolin, Editor Editor Email—smcbb@sbcglobal.net Visit the SPMC website—www.SPMC.org Treasury Plate Nos. Used as Plate Serial Numbers Peter Huntoon ................................................................. 3 3rd Issue Fractional Currency Experimental Notes Rick Melamed ................................................................. 17 A Revised Listing of North Korean Notes Carlson Chambliss ......................................................... 29 An Architecture of Confederate Treasury Notes Michael McNeil ................................................................ 39 The Gast Family; St. Louis Printers & Brewers David Schenkman .......................................................... 47 Small Notes—Altered 1934 $5 & $10 FRN Master Plates Jamie Yakes ................................................................... 54 Uncoupled—Joe Boling & Fred Schwan ................................. 58 Interesting Mining Notes David Schwenkman ........................................................ 66 Obsolete Corner Robert Gill ....................................................................... 68 Another Illustration of the COPE Crossover Phenomenon Joe Farrenkopf ............................................................... 71 Chump Change Loren Gatch .................................................................... 72 Presidents Message .............................................................. 73 Editor’s Report ....................................................................... 74 SPMC New Members ............................................................ 75 2015 Indext to Paper Money....................................................... 76 ___________________________________________________________Paper Money * Jan/Feb 2017 * Whole No. 307_____________________________________________________________ 1 Society of Paper Money Collectors Officers and Appointees ELECTED OFFICERS: PRESIDENT--Pierre Fricke, Box 1094, Sudbury, MA 01776 VICE-PRESIDENT--Shawn Hewitt, P.O. Box 580731, Minneapolis, MN 55458-0731 SECRETARY—Jeff Brueggeman, 711 Signal Mtn., Rd. #197, Chattanooga, TN 37405 TREASURER --Bob Moon, 104 Chipping Court, Greenwood, SC 29649 BOARD OF GOVERNORS: Mark Anderson, 115 Congress St., Brooklyn, NY 11201 Jeff Brueggeman,711 Signal Mtn. Rd #197, Chattanooga, TN Gary J. Dobbins, 10308 Vistadale Dr., Dallas, TX 75238 Pierre Fricke, Box 1094, Sudbury, MA 01776 Loren Gatch 2701 Walnut St., Norman, OK 73072 Shawn Hewitt, P.O. Box 580731, Minneapolis, MN 55458-0731 Scott Lindquist, Box 2175, Minot, ND 58702 Michael B. Scacci, 216-10th Ave., Fort Dodge, IA 50501-2425 Robert Vandevender, P.O. Box 1505, Jupiter, FL 33468-1505 Wendell A. Wolka, P.O. Box 5439, Sun City Ctr., FL 33571 Vacant Vacant Vacant APPOINTEES: PUBLISHER-EDITOR---- Benny Bolin, 5510 Bolin Rd. Allen, TX 75002 EDITOR EMERITUS--Fred Reed, III ADVERTISING MANAGER--Wendell A. Wolka, Box 5439 Sun City Center, FL 33571 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 IMMEDIATE PAST PRESIDENT- - Mark Anderson, 115 Congress St., Brooklyn, NY 11201 WISMER BOOK PROJECT COORDINATOR--PierreFricke, Box 1094, Sudbury, MA 01776 REGIONAL MEETING COORDINATOR Pierre Fricke—Buying and Selling Confederate and Obsolete Money!  P.O. Box 1094, Sudbury, MA 01776; pfricke@csaquotes.com; www.csaquotes.com  And many more CSA, Southern and Obsolete Bank Notes for sale ranging from $10 to five figures  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 Meeting of the SPMC is held in June at the International Paper Money Show. Information about the SPMC, including the by-laws and activities can be found at our website, www.spmc.org. .The SPMC does not does not endorse any dealer, company 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 17 years of age and of good moral character. Their application must be signed by a parent or guardian. Junior membership numbers will be preceded 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 eligible to hold office or vote. DUES—Annual dues are $39. Dues for members in Canada and Mexico are $45. Dues for members in all other countries are $60. Life membership—payable in installments within one year is $800 for U.S.; $900 for Canada and Mexico and $1000 for all other countries. The Society no longer issues annual membership cards, but paid up members may request one from the membership director with an SASE. Memberships for all members who joined the S o c i e t y prior to January 2010 are on a calendar year basis with renewals due each December. Memberships for those who joined since January 2010 are on an annual basis beginning and ending the month joined. All renewals are due before the expiration date which can be found on the label of Paper Money. Renewals may be done via the Society website www.spmc.org or by check/money order sent to the secretary. ___________________________________________________________Paper Money * Jan/Feb 2017 * Whole No. 307_____________________________________________________________ 2 Treasury Plate Numbers used as Plate Serial Numbers 1886-1891 Four-digit Treasury plate numbers were used instead of plate serial numbers on currency plates made between 1886 and 1891. They are found on many but not all Series of 1880 legal tender notes and Series of 1886 silver certificates. This article explains the circumstances that gave rise to them and their ultimate discontinuance. Treasury Intaglio Plate Numbers In 1886, the personnel at Bureau of Engraving and Printing adopted a new protocol for numbering intaglio printing plates that were used to print Treasury Department items including currency, bonds, revenue stamps, etc. They created a new plate numbering system that consisted of an omnibus set of Treasury intaglio plate numbers that threaded through all the intaglio plates made for the Treasury Department. This allowed each plate to have a unique number. Previously they had employed plate serial numbers, which were variety numbers. That is, there was a separate set of numbers beginning with 1 for each value in each series. Plate serial numbers had been employed from the outset of plate production at the BEP, and usually those numbers appeared inside each subject adjacent to a plate position letter. Most currency produced before 1886 utilized them. See Figure 1 for an example on an early Series of 1880 legal tender proof. The Paper Column by Peter Huntoon & Doug Murray Figure 1. Example of a plate serial number that appeared next to the plate position letters as well as between the lower two subjects on the plate. Plate serial numbers were variety numbers starting at 1 that were assigned consecutively to like plates. It was standard practice to put the number between the C and D subjects rather than in the lower margin during the period when this plate was made. This $10 Series of 1880 Rosecrans-Jordan proof carries plate serial number 31. ___________________________________________________________Paper Money * Jan/Feb 2017 * Whole No. 307_____________________________________________________________ 3 Plate serial numbers outlived their usefulness because they resulted in an explosion of numbering sets with rampant duplication of the same numbers. Obviously adoption of a system where every plate had a unique number was an innovation that greatly simplified inventory control and facilitated accounting. Personnel in the Bureau formally called the new numbering set “U. S. Notes and Miscellaneous Work.” We’ll call the numbers Treasury plate numbers for convenience. The first 1506 numbers in the Treasury plate number set were assigned to still serviceable plates in the existing inventory. The old plate serial numbers in the lower margins of serviceable plates were replaced by the new numbers. The first couple of hundred numbers in the Treasury set were assigned to old plates used to print administrative items such as stationary, various agency forms including national bank charters, agency checks, etc. These were followed by bond plates. A large group of existing currency plates were assigned numbers 529 through 838. A second group of old bond plates got numbers 839 through 965. Renumbered revenue stamp plates picked up at 966 and ended at 1506. New plates followed but were interspersed with residual old plates that continued to be renumbered. The new Treasury plate numbers were put in the lower margins of the new plates, although not at first. Some were added later. Figure 2. $50 Series of 1880 legal tender plate 1513 was the first new plate made after Treasury plate numbers were adopted in 1886. Notice that 1513 occurs below the left plate letters. This was the first plate to sport duplicates of the Treasury plate number in place of plate serial numbers. Notice that the plate number was added to the lower margin of the Rosecrans-Hyatt version of the plate when it was altered to carry their signatures. ___________________________________________________________Paper Money * Jan/Feb 2017 * Whole No. 307_____________________________________________________________ 4 The first Treasury number assigned to a new plate was 1507 on a 100-cigar tax stamp entered into the plate ledger March 11, 1886. The first new currency plate was $50 Series of 1880 legal tender face 1513 entered into the ledger March 18th. Treasury Plate Numbers Inside Subjects Most currency notes and some large format revenue stamps utilized plate serial numbers adjacent to plate position letters inside the subjects if there was room for them. Adoption of the Treasury numbering set caused a surprising change. The Treasury plate numbers were substituted for those plate serial numbers within the subjects on new plates. Suddenly notes and large format revenue stamps started to appear bearing 4-digit Treasury plate numbers adjacent to the plate letters! The numbers on successive plates of the same class, series and denomination no longer were consecutive. Instead the numbers often skipped forward in bounds because plates for other products utilized the missing numbers. The very first plate to carry 4-digit numbers internal to its design was $50 Series of 1880 legal tender face 1513 (Figure 2). Three proofs were made from the plate, respectively with Rosecrans-Jordan, Figure 3. The first revenue stamp to carry a duplicate of the Treasury plate number within the subjects was this Series of 1883 tobacco or snuff for immediate importation tax stamp bearing number 1527. 1527 is to the left of the plate position letter, which lies to the left of the series date. Wallace Cleland photo. Figure 4. The lightly used Series of 1883 tobacco-snuff tax stamp plate was altered in 1901 by changing the blank for the date from 18__ to 190_. Notice that Treasury plate number 1527 was retained next to the plate letters even at this late date. The detail is from the C position. ___________________________________________________________Paper Money * Jan/Feb 2017 * Whole No. 307_____________________________________________________________ 5 Rosecrans-Hyatt and Rosecrans-Huston signatures. The first two proofs are revealing because they demonstrate how numbering on the plates evolved once the Treasury plate numbers were adopted. The first, with the Rosecrans-Jordan combination, exhibits Treasury plate number 1513 below each of the lower left plate position letters, but not in the lower margin. The second proof was lifted from the plate after the Treasury signatures were changed to Rosecrans-Hyatt. By then, they routinely were putting the plate numbers in the lower margins as well as below the plate position letters, so they added 1513 to the lower border on this incarnation of the plate. The Rosecrans-Jordan version of the plate never was sent to press. The first revenue stamp with an internal 4-digit Treasury plate number was a Series of 1883 tobacco and snuff importation tax stamp that carried number 1527 (Figures 3 & 4). Plate numbers could not be employed in the interiors of revenue stamps having designs that filled all the available space. Examples were various cigar stamps. Similarly, they were not used in the interiors of Series of 1886 silver certificates backs because there was no room for them. The numbers were placed only in the lower borders on these plates. An important consideration is how they handled the renumbering of the old plates. These included renumbered currency plates 529 through 838 and other old currency plates interspersed among the plates numbered above 1506. If they had them, the old plate serial numbers interior to their designs were left as was. The renumbered plates were altered only in so far as to display the new Treasury numbers in the bottom margin. See Figure 5. Treasury Plate Numbers Between the C and D Notes Figure 6 illustrates an especially interesting placement of Treasury plate numbers on $1 Series of 1880 legal tender face plate 2766. As expected, the plate carries the Treasury plate number in the bottom margin and duplicates of the number appear below the right plate position letters. However, they also placed the number between the 3rd and 4th subjects, a throwback to where they used to put plate serial numbers on early plates. We found this curious variety on several Series of 1880 legal tender face proofs including $1 plates 2764, 2765, 2766; $5 2135; and $10 1627, 1629, 1630. Figure 5. This $500 Series of 1880 back was an old plate that was renumbered after Treasury plate numbers were adopted in 1886. Its new number 1546 was added to the bottom margin of the plate, but not inside the subjects. The fact is there were no serial numbers internal to these subjects to begin with. ___________________________________________________________Paper Money * Jan/Feb 2017 * Whole No. 307_____________________________________________________________ 6 Use of plate numbers between the bottom two subjects was employed inconsistently because they are missing from other legal tender and silver certificate plates of the same vintage. Figure 7 reveals that $10 plate 1630 started life bearing Rosecrans-Jordan signatures with the plate number placed next to the left plate position letter on all four subjects as well as between the C and D subjects, but not in the lower margin. However they removed it from between the C and D subjects and added it to the bottom margin when the plate was altered to Rosecrans-Hyatt, in keeping with then current protocols. Figure 6. They took no chances when labeling this $1 Series of 1880 legal tender plate. Plate number 2766 appears in the lower margin and duplicates appear under the plate position letters as was the custom during this era. However someone also engraved the number in the space between the C and D subjects, a throwback to the placement of plate serial numbers on early BEP plates. Figure 7. Notice how Treasury plate number 1630 was moved from between the C and D positions (left) to the bottom margin (right) when Jordan’s signature was replaced by Hyatt’s on this $10 Series of 1880 legal tender plate. ___________________________________________________________Paper Money * Jan/Feb 2017 * Whole No. 307_____________________________________________________________ 7 Demise of Treasury Plate Numbers inside Designs The fact is the 4-digit Treasury numbers within the interiors of the subjects cluttered them, especially on the smaller objects such as the black centers for the Series of 1878 beer stamps. See Figure 8. As a result, around 1890 during the tenure of Rosecrans-Huston, the people involved in the manufacture of Treasury plates started to rethink the wisdom of substituting Treasury plate numbers for plate serial numbers. They then began to terminate the practice. Consequently no four-digit Treasury plate numbers were used inside the subjects on the new Series of 1890 Treasury note faces, which began with Rosecrans-Huston signatures. Their use ceased on the last Rosecrans-Huston legal tender and silver certificates plates in 1891. Instead the old practice of using plate serial numbers was resurrected with the advent of Rosecrans-Nebeker signatures so the Treasury plate numbers became relegated solely to the plate margins. The last legal tender plate to harbor an internal 4-digit Treasury plate number was $20 Series of 1880 Rosecrans-Huston face 3207. It was started June 23, 1891 and destroyed January 24, 1892. No proof exists from it and Murray hasn’t observed any notes from it either. Figure 8. The black centers on the Series of 1878 beer tax stamps were printed from intaglio plates; the borders from typographic plates. Notice that Treasury plate number 2030 is duplicated as the plate serial number internal to the design of the stamp. The number 18 is the position number of the stamp on the 20-subject plate. Figure 9. The highest Treasury plate number to appear internal to a currency design was 3378 on this $2 Series of 1886 silver certificate face. ___________________________________________________________Paper Money * Jan/Feb 2017 * Whole No. 307_____________________________________________________________ 8 The last Treasury plate number to appear internal to any currency design was 3378 on a $2 Series of 1886 silver certificate face plate certified August 27, 1891. That plate bears Rosecrans-Huston signatures and is illustrated on Figure 9. Some Rosecrans-Huston silver certificate face plates were assigned higher Treasury plate numbers than found on early Rosecrans-Nebeker plates. However they were used only inside the Rosecrans-Huston subjects. Plate serial numbers were used inside the Rosecrans-Nebeker subjects. It is clear that the change back to use of plate serial numbers within the legal tenders and silver certificates coincided with the changeover to the Rosecrans-Nebeker signature combination. Removal of 4-Digit Plate Numbers There were a few instances where the 4-digit Treasury plate numbers were removed from the interiors of plates, but that program lost momentum so only a few plates were impacted. For example, the intaglio centers for Series of 1878 beer tax stamps carried both a 4-digit Treasury plate number and plate position number. When they removed the Treasury plate numbers from the interiors of the stamps, they also did away with the plate position numbers as shown on Figure 10. Obviously they were making an attempt to unclutter the design by removing elements that served no purpose in administering the tax. As shown on Figure 11, the 4-digit plate numbers were removed from the interiors of the subjects on $1 legal tender Series of 1880 back plate 2763. This seems to have been a onetime only event in the legal tender backs. Co-author Murray discovered one $10 Rosecrans-Nebeker legal tender proof with 4-digit Treasury plate number 3188 next to the plate letters. It was the only Rosecrans-Nebeker proof with such a number. A second proof revealed that the plate had been altered by replacing 3188 with plate serial number 2. The alteration was in keeping with the decision to discontinue using 4-digit Treasury numbers within subjects. The 3188 version of the plate never saw service. See Figure 12. Numbers on the Backs of Legal Tender Notes The use of plate numbers of any kind inside the subjects on the backs of legal tender plates ceased in 1891 when they stopped using 4-digit Treasury plate numbers. Clearly they were trying to unclutter both sides of the notes. The first such plate was $5 Series of 1880 3049 back started February 19, 1891. The Treasury plate number on it appears only in the margin. Figure 10. These before (left) and after (right) proofs illustrate that Treasury plate number 1994 was removed from the interiors of the subjects on this plate along with the plate position numbers. This type of alteration was carried out on only a few tax stamp and currency plates. ___________________________________________________________Paper Money * Jan/Feb 2017 * Whole No. 307_____________________________________________________________ 9 The next legal tender plate that was made was $5 Rosecrans-Huston face 3101 started March 23, 1891. As these things go it happened to be finished with Treasury plate numbers in the subjects. No legal tender plates were made with Treasury plate numbers internal to the designs thereafter. Plate serial numbers began to appear again on the $10 and $20 legal tender backs midway during the tenure of Lyons and Roberts at about the turn of the century. Figure 11. Treasury plate number 2763 was removed from the interiors of the subjects on this $1 Series of 1880 legal tender back plate as part of a program to eliminate them beginning around 1891, but that effort quickly sputtered to a halt. Figure 12. Four-digit Treasury plate number 3188 was removed from the interiors of this $10 Series of 1880 Rosecrans-Nebeker legal tender plate (top) and replaced with plate serial number 2 (bottom). The alteration was carried out during 1891. This was the only Rosecrans-Nebeker face plate with Treasury plate numbers inside the subjects. ___________________________________________________________Paper Money * Jan/Feb 2017 * Whole No. 307_____________________________________________________________ 10 4-Digit Plate Serial Numbers It is important to point out that high-demand large size type notes such as the $1 Series of 1899 and 1923 silver certificates required huge numbers of plates. Those series utilized various sets of plate serial numbers on both their faces and backs, and it didn’t take too many years for the plate serial numbers in some sets to exceed 1000. See Figure 13. Consequently there is no shortage of 4-digit plate serial numbers on the later series type notes. Don’t be confused. They are plate serial numbers, not duplicates of the Treasury plate numbers as discussed here. How can you tell? If the type isn’t listed on Table 1, then the 4-digit number on it is a plate serial number. Mules When a pressman needed a plate, he was given a serviceable plate. No one was paying attention to whether the little numbers were plate serial numbers or Treasury plate numbers. Besides it was the policy at the Bureau of Engraving and Printing to continue using obsolete plates whenever possible. The result beginning in 1886 was that backs printed from old plates bearing 1- and 2-digit plate serial numbers often were mated with faces bearing the newer 4-digit Treasury plate numbers, or vice versa. The same type of mixing occurred once again when they phased out the 4-digit Treasury plate numbers and reverted to using plate serial numbers in 1891. This created curious groups of Series of 1880 legal tender mules, where one side of the note sports a 1-, 2- or 3-digit plate serial number and the other a 4-digit duplicate of the Treasury plate number. The fact is that many legal tender backs bearing 4-digit Treasury plate numbers continued to be used long after 1891, especially in the high denominations. The result is that Series of 1880 legal tender faces bearing Rosecrans-Nebeker, Tillman-Morgan, Bruce-Roberts and Lyons-Roberts come muled with 4-digit backs demonstrating that some of those back plates lasted well after the turn of the century. The same phenomenon would have been observed in the Series of 1886 silver certificates except the backs of those notes were so busy neither Treasury plate numbers nor plate serials were used internal to their designs. Of course, many notes from the 4-digit Treasury plate number era come with 4-digit plate numbers on both sides and are highly prized. They classify as non-mules. Figure 13. The 4-digit number on this $1 Series of 1899 silver certificate is a plate serial number, not a Treasury plate number. Four-digit plate serial numbers were reached on some heavily used large size type notes after 4-digit Treasury plate numbers stopped being used in place of plate serial numbers in 1891. The largest serial number ever used on a large size plate was 9879, which is the number on this $1 Series of 1899 Napier-McClung silver certificate. ___________________________________________________________Paper Money * Jan/Feb 2017 * Whole No. 307_____________________________________________________________ 11 Progress Proof We found a group of $20 Series of 1886 silver certificate proofs that were lifted from plate 2279. Hyatt’s signature was removed from the plate prior to the lifting of the proof illustrated on Figure 14. It nicely illustrates the intermediate stage during the process of altering the plate from the Rosecrans-Hyatt to Rosecrans-Huston version. Perspective The use of Treasury plate numbers in place of plate serial numbers on plates made between 1886 and 1891 yields for astute currency and revenue stamp collectors a plethora of intriguing varieties. Some of them are genuinely rare, especially some of the mule pairings. The fact is that all notes from this era are scarce to rare. Consequently it is doubtful that a significant premium will develop in our market for specimens that carry 4-digit Treasury plate numbers instead of plate serial numbers or some face-back mule between the two. The 4-digit Treasury plate numbers are one of those fascinating varieties that owe their origin to changing manufacturing protocols. Understanding what happened was sufficient to justify our research. Such knowledge can greatly enrich collector appreciation of what he possesses. Acknowledgment Veteran revenue stamp collector and philatelic authority Wallace Cleland, who died in 2013, was particularly interested in plate numbering of all types and graciously provided scans and insights that were invaluable to our work. The proofs illustrated are scans from the National Numismatic Collection, Smithsonian Institution. Sources of Data Bureau of Engraving and Printing, 1863-forward, Certified proofs lifted from currency, revenue stamp and bond plates: National Numismatic Collection, Smithsonian Institution, Washington, DC. Bureau of Engraving and Printing, 1886-1898, Record of plates received for United States Notes and miscellaneous work, plates 1-7491: Record Group 318, U. S. National Archives, Washington, DC. Figure 14. Updating signatures on still serviceable higher denomination plates was routine. This proof lifted from $20 silver certificate Series of 1886 face plate 2279 illustrates the intermediate stage in the removal of Hyatt’s signature prior to laying in Huston’s. The lower loop from Hyatt’s signature remains in the lower border but may not be visible to you in this scan. 3,000 impressions (12,000 notes) already had been made from the plate with Hyatt’s signature. ___________________________________________________________Paper Money * Jan/Feb 2017 * Whole No. 307_____________________________________________________________ 12 back  R‐J  R‐Hy  R‐Hu  $1 LT Series 1880 faces  2764  S 2765  S 2766  S $5 LT Series 1880 faces  2135    S 2137    x  x 2489  x 2493  x 2497  x 2501  x 2506  x 3101  x $10 LT Series 1880 faces  1627    S  1629    S  S 1630    SN  x 2063    N 2102    x 2104    x 2105    x  x 2151    x 2152    N  x 2250    x 2353    x  x 2490  x 2495  L 2496  x 2500  x 2520  L 2523  x 2627  x 2628  x 2629  x 2630  x 2631  x 3188  only Rosecrans‐Nebeker  $20 LT Series 1880 faces  2036    x 2039    x back  R‐J  R‐Hy  R‐Hu  2282    x 2491  x 2499  M 2519  x 2524  x 2698  x 3207  L $50  1513    N  x  x 2468  x $100  2202    x  x 2471  x $1 LT Series 1880 backs  2757  x  2758  x  2761  x  2762  x  2763  x  $2 LT Series 1880 backs  2296  x  2607  x  2608  x  $5 LT Series 1880 backs  1882  x  1886  x  1888  x  1890  x  2709  M  2714  N  2742  x  $10 LT Series 1880 backs  2128  x  2288  x  2289  x  2292  x  2294  x  2458  x  2459  x  2460  x  back  R‐J  R‐Hy  R‐Hu  2461  x  2531  x  2532  x  2533  x  $20 LT Series 1880 backs  2181  x  2182  x  2267  x  2268  x  2290  x  2291  x  2293  x  2295  x  2744  x  2745  x  2770  x  $50    2469  x  $100  2470  x  $1 SC Series 1886 faces  1747    x  1751    x  1753    x  x 1755    x  x 1756    N  x 1757    x  1758    x  x  x 1759    x  x 1760    N  x 1761    N  x 1762    x  x 1763    x  1764    x  x 1766    x  1767    x  x 1768    M  x 1770    x  x 1771    x  x 1772    x  Table 1.    List of currency plates made from 1886 to 1891 where the Treasury plate serial  number was used as the plate serial number.  Compilation based on proofs in the National Numismatic Collection, entries in plate history ledgers and observed specimens.  Some proofs are missing so this list has to be incomplete. back = back plate R‐J = Rosecrans‐Jordan  R‐Hy = Rosecrans‐Hyatt  R‐Hu = Rosecrans‐Houston  Rosecrans‐Nebeker – see plate 3188  L = plate listed as made in a plate history ledger  M = no proof exists but Doug Murray observed an issued note  N = no plate number in lower margin, only internal to notes  S = plate number between 3rd and 4th notes & internal to the notes  x, N, S = proof exists in the National Numismatic Collection  ___________________________________________________________Paper Money * Jan/Feb 2017 * Whole No. 307_____________________________________________________________ 13 back  R‐J  R‐Hy  R‐Hu  1773    L  1774    x  1775    x  x $1 SC Series 1886 faces, cont.  1776    x  x 1777    x  1778    x  1779    x  x 1780    M  x 1781    x  x 1782    x  1783    x  x 1784    x  1785    x  1786    x  x 1787    x  x 1788    x  x 1789    x  1790    x  x 1820    x  x 1823    x  x 1934    L  1969    x 1970    x  M  x 1971    x  M 1972    x  M  x 1981    x 1984    x 1987    x 1989    x 1992    x  L 2026    N 2031    x 2033    x 2035    x 2041    N 2042    x 2043    x 2044    x 2222    x 2224    x  L 2225    x  x 2227    x 2228    x  x 2239    L 2231    x 2242    x 2244    x 2246    x 2249    x 2252    x  x 2253    x 2254    x 2255    x  x 2256    x 2257    x  x 2258    x  x back  R‐J  R‐Hy  R‐Hu  2259    x  M 2263    x 2265    x  x 2266    x  x 2327    x 2328    x  x 2329    x  x 2333    x  x 2396    x  x 2492  x 2494  x 2498  x 2502  x 2504  x 2508  x 2509  x 2512  x 2517  x 2518  x 2612  x 2747  x 2748  x 2749  x 2751  x 2752  x 2753  x 2754  x 2755  x 2756  x 3111  x 3112  x 3113  x 3118  x 3121  x 3123  x 3147  x 3166  L 3231  x 3236  x 3241  x 3251  x 3255  x 3259  x 3263  x 3266  x 3269  x 3271  x $2 SC Series 1886 faces  1853    x  1855    x  x 1856    x  1858    x  x 1859    x  x 1860    x  x 1861    x x 1862    N 1863  M back  R‐J  R‐Hy  R‐Hu  1865    x  x 1867    M  1869    x x 1870    x  1872    x x 1873    x  x 1874    x 1875    x  1876    x  x 1877    x  x 1878    x  1948    x  x  x 1960    x  1962    x x 1963    x  x 1982    x 1996    x  x 2001    x  x 2003    x  x 2040    N 2223    x 2226    x 2229    x  x 2230    x 2232    x  x 2233    x 2234    x 2235    x 2236    x 2237    x 2238    x  x 2240  N 2241    x 2243  x 2245  x 2247    x 2251    x 2503  x 3317  x 3320  N 3324  x 3378  x $5 SC Series 1886 faces  1917    x  1918    x  x 1920    x  1923    x  x 1925    x  x  x 1927    x  1931    x x 1933    x  x 1935    x  x 1954    x  x 1955    x  x 1956    x  1957    x  x 1958    x  x ___________________________________________________________Paper Money * Jan/Feb 2017 * Whole No. 307_____________________________________________________________ 14 back  R‐J  R‐Hy  R‐Hu  1959    x  x 1968    x 1998    N $5 SC Series 1886 faces, cont.  2011    M 2023    N 2094    x 2097    N 2115    N 2116    N 2117    x 2140    N 2141    x 2142    x 2159    x 2165    N 2167    N 2169    x 2171    x 2173    x 2174    N 2179    N 2180    x 2185    x 2192    x 2204    x 2277    x 2281    x 2313    x 2315    x 2323    x 2472    x 2473    x 2474    x 2475    x  x 2477    x 2478    x  x back  R‐J  R‐Hy  R‐Hu  2479    x  x 2507  x 2511  x 2513  x 2617  x 2618  M 2723  x 2724  x 2725  x 2726  x 2727  x 2728  x 2729  x 2730  x 2731  x 2732  x 2733  x 2736  x 2782  x 2791  x 3232  x 3240  x 3246  x 3250  x 3254  x 3261  x 3265  N 3267  x 3272  x $10 SC Series 1886 faces  1635    N  M 1636    N  x  x 1637    N  1639    N  x  x 1641    N  M  x 1644    N  x 1653    N  x back  R‐J  R‐Hy  R‐Hu  1655    N  x 1659    N  x  x 1661    N  x 1664    N  x 1668    N  x 1671    N  x 1674    N  N 1676    N  x 1677    N  N 1678    N  N 1679    N  x 1682    N  M 1685    N  N 1898    x  2051    N 2052    N 2053    L 2172    x 2311    x  x 2505  x 2510  x 2746  x 2750  x 2784  x 3321  x 3336  x $20 SC Series 1886 faces  2278    M 2279    x  x 2280    x  x 2609  x 3106  x 3195  x 3234  x 3239  x  ___________________________________________________________Paper Money * Jan/Feb 2017 * Whole No. 307_____________________________________________________________ 15 3RD ISSUE FRACTIONAL EXPERIMENTAL NOTES By Rick Melamed Experimental notes in fractional currency were essentially the design test bed for the 2nd and 3rd issues. The government “experimented” with different designs, paper types, bronzing, anti-counterfeiting methods, etc. They would often be stamped with “SPECIMEN” and have portions of the note punched- out in order to demonetize them. While 2nd issue Experimental notes are relatively common, 3rd issue Experimentals are extremely rare. Many are unique and none have a population more than a few pieces for each Milton Friedberg catalog number. Aside from various auction descriptions, the Milton Friedberg Fractional Encyclopedia and D.W. Valentine’s Fractional Currency of the United States are the only references that detail 3rd issue Experimentals. Additionally, Martin Gengerke published an informative article on “Essays and Experimentals” in the February 2008 issue of Paper Money Values. However, previous research contained very few pictures. We have included a comprehensive range of illustrations coalescing most of the available research into a single article. Explaining the difference between Experimental and Essay notes will help our understanding. Citing Martin’s article, “An Essay is a proposed design for a note – an engraver’s or artist’s vision of a future issue. It can range from being virtually identical to the issued design to being almost unrecognizably different.” Further in explaining Experimentals…”Experimental pieces are not necessarily meant to be proposed designs but, rather, scientifically oriented tests of paper, ink, engraving plates, presses or surcharges, or some combination of these elements.” 3rd issue Experimentals only show up on the 10¢ Washington, 25¢ Fessenden and 50¢ Justice. There are no known examples of the 3¢ Washington, 5¢ Clark, 15¢ Grant-Sherman or the 50¢ Spinner (although Essay notes do exist for other varieties). Most have blank reverses and are stamped with “SPECIMEN” in purple ink across the note. Many have at least one form of cancellation. CANCELLATION TYPES Similar to 2nd issue Experimentals, the 3rd issue variety also contains cancellations. Three types were used: 1) Semi-Circles (or Half-Moon); put two together and we have a full circle. 2) Circular holes - various sizes (generally from 4-10mm dia.) and always perfectly round. These were most often at the signature blocks, and often with an additional cancellation in or around the portrait. 3) Cone-shaped (or pie-shaped) cancellations - imagine the silhouette of an ice-cream cone with one scoop. ___________________________________________________________Paper Money * Jan/Feb 2017 * Whole No. 307_____________________________________________________________ 17 In one combination or another, cancellations were used on Fractional Currency, Revenue Bonds and Revenue Stamp Certificates, Large Size Essays, and many other Treasury products not intended for public use. Research by Milt Friedberg and others has indicated that the half-moon (semi-circle) cancels were used by the auditor's department of the Treasury. No evidence has been found to indicate which department was responsible for the full circle or cone shaped cancellations or their purpose. 3rd ISSUE 10¢ EXPERIMENTALS 3rd issue 10¢ Experimentals are exceedingly rare. The (4) catalogued obverse examples are all very similar; the differentiating features are the amount of cancellations, the position ‘1’ indicators, and the purple “SPECIMEN” overprint. Milton 3E10.2. This example has the (3) full circle cancellations, printed signatures of Colby/Spinner on heavy fiber paper. Purple “SPECIMEN” overprint. Blank back. Note that this example does not have the ‘1’ plate indicator on the left. All 3rd issue 10¢ Experimentals are very close to the regular issue design (FR1251-FR1255); the only difference being the lack of the (4) “10” bronze surcharges. Rarity 7. Milton 3E10F.2a. Fiber paper. Sheet position ‘1’ on the left side. Blank back. Printed signatures of Colby/Spinner. Purple “SPECIMEN” overprint. Contains (3) circle and (2) semi-circle cancellations. Note the partial plate number in the lower right corner. Rarity 8. There is a unique version similar to above (Milton 3E10F.2b) that contains just the (3) circle cancellations…but no half-moons. Milton 3E10F.2c. This example is the same as 3E10F.2a but has only (3) full circle cancellations vs. the (3) circle and (2) half-moon cancellations. Also it does not have the purple “SPECIMEN” overprint. Note the plate position “1” is right up against the left frame line. This ex-F.C.C. Boyd, ex-Ford last sold for $2,185 at the Heritage January FUN Auction in 2009. Milton 3E10R.2. From the January 2014 FUN Show, this rare (less than 5 known) 10¢ green back Experimental reverse was printed on thick Bristol Board. It contains no “SPECIMEN” overprint and no cancellations. Blank back. Note the full plate #30 in the upper left corner. Sold for $2,820. ___________________________________________________________Paper Money * Jan/Feb 2017 * Whole No. 307_____________________________________________________________ 18 3rd ISSUE FESSENDEN 25¢ EXPERIMENTALS Only a handful of 3rd issue 25¢ Fessenden Experimentals exist. Fortunately, while the population is exceedingly small, there are several varieties that are quite interesting. When perusing them, we can see the development of regular issue Fessenden fractionals unfold before our eyes. Milton 3E25F.1. Blank Back. Thick fiber paper and no printed signatures. This is technically an Essay note, but it is an early design and worth highlighting. Note the only appearance of the “Twenty Five Cts”…the “Cts” abbreviation was later lengthened to “CENTS” on all other incarnations. Unlike the other Fessenden Experimental examples, this note does not contain any signatures, cancellations or “SPECIMEN” overprint. Unique. The following is the entry in Milton’s Encyclopedia on this unusual rarity: Valentine says: “Obverse only, trial proof in black from an unfinished plate, on this fiber paper and broad margins.” In Smithsonian collection. Milton’s Note: This is really not an “unfinished” plate but rather a “trial” design – Twenty Five Cts is entirely different than approved and issued design. Part of the design is paste-up and not engraved on one plate. Note the $2.50 corner engraving! Ed Frossard list #8, Oct. 1, 1893, S.M. Clark Coll. Item 66, “25¢ same (3E25F.3a) trial proof in blank from unfinished plate, broad margin (1) $15.00 (should’ve been stenciled and punched)! Milton 3E25F.1a. This must’ve been a very early piece as evidenced by the missing “Twenty Five Cents” on the right side. Also absent is the “ACT APPROVED” – “MARCH 3rd, 1863.” that adorns every Fessenden as well as “Register.” and “Treasurer.” on the note’s bottom. In the left margin, there is a vertical handwritten script of: “Fessenden.” It’s most likely from the time of printing. This unique example, with the (2) half-moon cancellations and purple “SPECIMEN” overprint, is further explained by the following entry in Milt’s Encyclopedia: FACE: Sheet position indicator: none, black. BACK: None. PAPER: Thick fiber. RARITY: Unique. Special Notes: Missing back. “Obverse only, trial proof in black from an unfinished plate, on thick fiber paper with broad margins.”Right hand legend missing. “Fessenden” written in left hand border. Sold in Stacks May 1992 sale (Lot 1848) for $2,500. ___________________________________________________________Paper Money * Jan/Feb 2017 * Whole No. 307_____________________________________________________________ 19 Milton 3E25F.2. Sheet position indicator: none. Blank back, thick fiber paper. Contains the purple “SPECIMEN” overprint and Colby/Spinner signatures. This Fessenden Experimental exhibits (3) full circles and (2) half-moon cancellations. On this example, we see how the progression of the regular issue Fessenden (FR1291-FR1300) developed into its final design. All that this Experimental is missing when compared to a regular issued note (on the obverse) is the bronze surcharges. This example last sold at public auction (Heritage) in 2003 for $2,530. Rarity: 8. Milton 3E25F.2a is the same as above, but includes a sheet position indicator ‘a’ in the bottom left corner. Note the partial plate number in the upper right corner. At the time of Milt’s Encyclopedia’s printing in 1978, only one piece was known to exist. There are now 3 known, with (1) example residing at the Smithsonian. Last one sold in Heritage’s April 2015 Chicago Auction for $1,410. Milton 3E25F.2b is the same as Milton 3E25F.2 but it only has the (3) circular cancellations with no half- moons. ___________________________________________________________Paper Money * Jan/Feb 2017 * Whole No. 307_____________________________________________________________ 20 Milton 3E25F.2c. Sheet position indicator: none. Blank back and thick white paper. With purple “SPECIMEN” overprint and printed signatures of Colby/Spinner. Most Experimentals are printed on fiber paper; this version is printed on thick white bond paper. This example last sold at Stack’s October 2007 sale of the John Ford Collection for $1,150. Unique. Milton 3E25F.3 is very similar except it is printed on thin white bond vs. thick white bond paper. There are only (2) known examples of the thin paper variety. Milton 3E25F.2d is the same as Milton 3E25F.2 but it only has the (3) circular cancellations with no half- moons and it does not have the purple “SPECIMEN” overprint. Unique. Milton 3E25F.2e. The following example is the same Experimental as shown above (Milton 3E25F.2d) and contains a large selvage on the note’s right end. It is printed on white bond paper and has only (3) full circle cancellations. Sold at Milt’s CAA 1/97 auction for $2,200 and again at auction in 2003 for $1,840. Excerpt from the Heritage auction highlights some of the notes’ history: Its origin is almost certainly from the right end of the block of six sold by Sotheby's on November 5, 1985. That block was resold by us as Lot 1094 of Milt Friedberg's collection in January of 1997. When we sold it, it was a block of four, the two right-hand notes having been severed and sold separately, each to a different collector. ___________________________________________________________Paper Money * Jan/Feb 2017 * Whole No. 307_____________________________________________________________ 21 Milton 3E25F.2?. From the 2007 Ford sale, this is an intriguing example. On the obverse scan this looks like an Experimental with (1) circular cancellation and an oval shaped cancellation through Colby’s signature. But upon closer examination of the reverse, this is in actuality 2 notes glued together. The top is Milton 3E25F.2b with (3) circular cancellations. The bottom is a Milton 3E25F.2 with (5) cancellations. We have highlighted the obscured cancellation areas on the reverse. Uncatalogued by Milton, this is an enigmatic piece. The following explanation from the Stack’s auction catalog is illuminating: “Three circular punch holes and two half-moon punch holes on the top note. This peculiar and apparently Bureau produced note is mounted to another fiber note that was stamped "SPECIMEN" underneath and clearly shows printed portions of the note. From the back, the same five punch holes are seen. Style of Milton 3E25F.2 Series. Type of Valentine 233. This looks like the Valentine 233 listing as "thick" and we would think this oddity might be unique in this form.” Sold for $1,495. Milton 3E25F.2g. This block of (4) Fessenden Experimentals originally sold in Milt’s Auction in January 1997 for $2,750. It was resold in the Heritage 2006 FUN auction for $4,025. The 2 notes on the left have sheet position letter ‘a’ in the bottom left corner…while the 2 notes on the right do not. 3 of the notes in this quad block have the triple circular punch cancellation, but the bottom left note only has 2 circular holes punched out. If this uncut block of (4) Experimentals were cut into individual notes, they would be catalogued as (2) Milton 3E25F.2e and (2) Milton 3E25F.2f. ___________________________________________________________Paper Money * Jan/Feb 2017 * Whole No. 307_____________________________________________________________ 22 Milton 3E25F.4. Sheet position indicator: none. REVERSE: None. PAPER: Thin White. Rarity: 8. Without purple “SPECIMEN” overprint. Also without signatures and contains no cancellations. 3rd ISSUE JUSTICE 50¢ EXPERIMENTALS The 3rd issue Justice Experimentals are the most visually appealing of all the Experimental notes. The attractive Justice portrait, adorned with the scale, shield and bald eagle, is one of the most compelling fractional designs. The Justice notes were the first of the 50¢ 3rd issue to be publicly released; the 50¢ Spinner came afterwards. This may be an explanation why Spinner Experimentals were never produced. Milton catalogues (17) varieties of the Justice Experimental; we are fortunate to have (10) scans to share. (3) JUSTICE EXPERIMENTALS WITH INTRICATE LATTICE WORK These examples with the fine lattice work are visually intoxicating. The addition of a complex early design element must have surely been impractical for regular issue. The government was aggressive in trying to thwart the counterfeiters utilizing surcharges, special fiber paper and intricate designs. The lattice work did not survive the test phase, but we are left with three unique examples that show us what might’ve been. All three examples have two half-moon cancellations, the purple “SPECIMEN” overprint and a blank back. None contain any signatures. Milton 3E50F.1. From Martin Gengerke’s personal collection is a stunning Justice Experimental that has never appeared at any auction. While Martin had sold his complete regular issue fractionals at auction (CAA January 1995 FUN Show), he has continued to own this Justice Experimental. This example was part of Spencer Clark’s (the 1st Superintendent National Currency Bureau, now known as the Bureau of Engraving and Printing…BEP) personal collection and the penultimate Justice Experimental note. It contains fine gold lattice work and an open star surrounding Justice’s head. In Milton’s reference, the 3E50F.1 refers to a unique example with the signatures (Note: the example shown is without Colby/Spinner signature. However the consensus is this is a cataloguing error by Milton Friedberg). There is a reference to this example in Milton’s special note that supports the cataloguing error: “50¢, Justice, face only, no signatures, a delicate bronze tracery on entire face of note, except white star behind Liberty, blank back (1) $15.00. Stenciled and “same” refers to Justice seated, green note, upper part only.” ___________________________________________________________Paper Money * Jan/Feb 2017 * Whole No. 307_____________________________________________________________ 23 Milton 3E50F.1a. Essentially the same design as the note above (3E50F.1), the only difference is this Experimental does not have the large open star behind Justice’s head. Milton 3E50F.4. The example shown has the fine green lattice work (similarly used in 1862-63 US Treasury bonds). The lattice work is not as pervasive as the gold varieties, but its depth and ethereal beauty are stunning nonetheless. It’s printed on thin India Proofing paper and is quite delicate. BOYD/FORD - MILTON 3E50F.1b – 1e (FR1351-1354) EXPERIMENTAL QUARTET The riches from the John Ford Collection auctioned off by Stacks last decade are legendary. A major portion of his fractional collection was once owned by F.C C. Boyd including a set of (4) Experimental notes that as a regular issue, would be comparable to the very rare FR1351-54 Justice series. All notes are on fiber paper with the “S-2- 6-4” reverse surcharge, large “50” surcharge and printed signatures of Colby/Spinner. One could surmise that since they included nearly everything found on a regular issue fractional (including the obverse surcharges), that these Experimentals could have been the final design before being turned over for regular issue. 3 of the 4 examples are unique. The notes are shown with their catalog descriptions. ___________________________________________________________Paper Money * Jan/Feb 2017 * Whole No. 307_____________________________________________________________ 24 Milton 3E50F.1b.   The 1st of 4 notes.  This  example  does  not  contain  the  “SPECIMEN”  stamp  or  the  cancellations. On  the  face  it  appears  to  be  a  regular  issue  fractional,  but  the back gives it away. The giant “50”  and  “S‐2‐6‐4”  surcharges  making  an  indelible  impression.  2  examples  are  known to exist.   Milton 3E50F.1c.   The 2nd of 4 notes.  This  unique  note  is  the  FR1352  Experimental  example  with  the  elusive  “1‐a”  sheet  position  designators and  is  the most  valuable  Experimental note, selling for $12,650  in  2007.  This  example  contains  the  purple  “SPECIMEN”  overstamp  and  the  unusual  cone  shaped  cancellations. Note the weak printing  on top.    Milton  3E50F.1d    The  3rd  of  4  of  Boyd/Ford’s  Justice  Experimentals.  If  a regular issue, it would be an FR1353  with  the  “1”  sheet  designator.  This  example  has  (2)  half‐moon  cancellations  and  the  “SPECIMEN”  overprint. Unique.    Milton  3E50F.1e    The  4th  of  4  Boyd/Ford’s  Justice  Experimentals.  If  a regular issue, it would be an FR1354  with  the  “a”  sheet  designator.  This  example  has  (2)  half‐moon  cancellations  and  the  “SPECIMEN”  overprint. Unique.    ___________________________________________________________Paper Money * Jan/Feb 2017 * Whole No. 307_____________________________________________________________ 25 Milton 3E50F.1b. This is one of only two known examples of this Milton number. The other, being the Boyd/Ford example above...note that this one has (2) half-moon cancellations while the Boyd/Ford example is not cancelled. With the inclusion of the cancellations, this example should probably have its own Milton number, but it does not. As a regular issue, the 3E50F.1b would be an FR1351 with a red reverse; an FR1373a with a green reverse. Milton 3E50FR.1. This is most likely 2 separate pieces glued together and then half-moon punched. If that is the case, then the red reverse (which was affixed inverted) is the only known Justice Experimental reverse. Note that the bronze surcharges are missing on this white paper note and the signatures are printed. ___________________________________________________________Paper Money * Jan/Feb 2017 * Whole No. 307_____________________________________________________________ 26 3rd ISSUE 3¢ ESSAY While the theme of this article is Experimentals, we’d be remiss if we did not include an early Essay proof example of the 3rd issue 3¢ fractional. It is the only 3¢ Essay listed in Milton’s reference and is a one-of-a-kind pair. The regular issue FR1226/27 reverse is in green ink; this extraordinary Essay reverse is printed in black ink. Both Essays are mounted on cardboard stock. The detailed Heritage 2014 FUN auction description gives us a wonderful history: Three Cent Third Issue Proof Pair PCGS Very Choice New 64PPQ and Choice About New PCGS 55. Unique is a word that is used with some literary license today to sometimes describe items that are anything but. However, unique is the only word to describe this Third Issue Back Essay, Milton# 3E3R.1. It seems to have been printed with the same method employed to print the Bristol Board proofs, which utilized extremely high pressure as the design is the sharpest this cataloger has ever seen, even down to the minutest detail. Printed totally in black, no other example has been heard of, let alone seen. The current consigner purchased the piece from the NASCA sale of the Rocky Rockholt collection in September 1981. It was lot 2312 in a run of nine Third Issue Essays that the NASCA cataloger surmised were all cut out of "some sort of Treasury sample book as all are glued by the corners to thin, gray paper, evidently cut from larger pages. All are particularly sharp, vivid impressions on soft, fragile white paper." Of the nine examples, seven were of the same type as those in the BEP presentation books, in color and on soft India paper. The last note in this run was a Third Issue 50¢ back that was also totally in black as the offered 3¢ back. Neither of these notes had any public appearance before or since until this sale. Neither was listed in the original Encyclopedia, but the 2000 update done for the Fractional Currency Collectors Board membership lists the three-cent as 3E3R.1 with the "E" standing for Essay and not experimental. The black fifty-cent back is not listed and has not been seen publicly since that sale. No examples of black Third Issue backs, either 3¢ or 50¢ were in the Friedberg, O'Mara or Ford sales. This note is coupled with lot 2311 from that sale, the face listed as Milton# 3S3F.1b. This is indeed an important and exciting appearance onto the market of a truly unique and spectacularly beautiful note. The new owner will find this a wonderful addition to their collection, no matter how advanced. Sold for $4,600. Once again we owe a great debt of gratitude to Milton Friedberg for his monumental work, “The Encyclopedia of United States Fractional & Postage Currency 1978”. This is THE reference guide for all things fractional. Milton went into great depth in describing the various varieties of Experimentals. I want to give special thanks for the use of scans and information from Martin Gengerke, Milton Friedberg (gone but not forgotten and always beloved), The Heritage and Stacks/Bowers Auction archives, and the Currency Auction of America’s great catalog of the January 1997 sale of the Milton Friedberg Collection. Also a big thank you to my son David Melamed (Editor-in-Chief for “Live For Live Music”), John Roos and David Treter for their help in editing this article. ___________________________________________________________Paper Money * Jan/Feb 2017 * Whole No. 307_____________________________________________________________ 27 Archives International Auctions, LLC 1580 Lemoine Avenue Suite 7 Fort Lee, New Jersey 07024 USA tel. 201-944-4800 robert@archivesinternational.com Archives Intl ARCHIVESONLINE February 7th & 8th 2017 Chinese, U.S and Worldwide Banknotes, Coins and Scripophily We Seek Consignments For Upcoming Auctions: U.S. & Worldwide Banknotes, Scripophily, Coins, Security Printing Ephemera & Philatelic Material We Purchase U.S. & Worldwide Numismatic & Philatelic Properties From Single Rarities To Large Estates upcoming auctions Hong Kong & Shanghai Banking Corporation 1904 Shanghai Branch $100 High Grade Rarity Government of Newfoundland $1·1920 High Grade Rarity Wall Street October 2016 Auction Hold to History American Banknote Company 1866 Stock Certificate SOLD for $12000 Yonkers New York $10 DB Number 1 Note SOLD for $6000 The United States, Act of October 12,1837 Interest Bearing Proof Treasury Note SOLD $28,800 Ethiopia 500 Thalers 1932 High Grade Rarity A REVISED LISTING OF NORTH KOREAN NOTES by: Carlson R. Chambliss In the January/February, 2016 issue of Paper Money I published an article entitled “North Korea’s Paper Money Issues.” In this article I found a large number of discrepancies between my listings and those given in Volume 3 of the World Paper Money Catalog (WPMC) especially with regard to pricing. I wish to follow up in this article with a new listing for these issues. The so-called Pick numbers that appear in the WPMC are the ones that are quoted by most collectors and dealers, and so they are the ones that I shall use here except for one that is an obvious error. The first issues of notes intended specifically for North Korea were the 1, 5, 10, and 100 won notes issued in 1945 by the Soviet Army Headquarters which very closely resemble a series of 1, 5, 10, and 100 yuan notes issued by this same agency for regions of Manchuria occupied by Soviet forces. Both series are fairly scarce, but their listings and pricings seem to be reasonably accurate, and so I shall not comment further on them. Let us begin our discussion with the North Korean issues of 1947. The issues of the North Korean Central Bank began in 1947, which was one year prior to the formation of the Democratic People’s Republic of Korea (DPRK). I note that the hancha inscriptions that appear at the left side of the faces of these notes denominated in won or in the line above the denomination for the fractional notes begin with the character for “north.” After 1959, however, this agency was referred to as the Korean Central Bank. There were seven different denominations – 15, 20, and 50 chon, and 1, 5, 10, and 100 won – for these issues with a huge range of sizes varying from 85 x 46 mm for the two lowest values to 170 x 95 mm for the 100 won note. The notes dated 1947 exist in two radically different printings, and the notes of the original printings are very much scarcer than are the later reprints. The original notes feature a cross-hatch watermark and are printed on off-white paper. The watermark varies from rather subtle to sharply vivid, but it is always obvious when these notes are held up to the light. The reprints of these notes are printed on bright white paper that lacks any watermark. In my earlier article I questioned whether these could be either counterfeits or a late printing of the 1947 notes, but it appears that they are reprints that were produced long after the original notes had been recalled and demonetized in 1959. The notes of the 1959 issue, for instance, are also on paper that features the same watermark as do the notes of 1947, and it was only in 1978 that notes on unwatermarked paper began to be issued. It was not until the early 1990s that the North Korean Central Bank began to market quantities of obsolete notes to foreign collectors, and so it is my guess that the reprints of the 1947 issue appeared at about that time. Joseph Boling has noted that some counterfeits of the 100 won note do exist, but these are crude lithographs that are easy to detect. The differences between the original (at right) and reprint (at left) of the 5 won note of 1947 is obvious especially in the large syllables at the bottom that express the denomination. The back of the 100 won note depicts Paektu-San, the highest mountain in Korea. The denomination is expressed both in hangul (left) and in hancha (right) lettering on the sides of this note. ___________________________________________________________Paper Money * Jan/Feb 2017 * Whole No. 307_____________________________________________________________ 29 With one important exception the designs of the original notes and the reprints appear to be the same, and thus the latter were produced from the original plates. The style of the serial numbers that are printed in red on the won denominations are also the same. Only for the five won notes are there substantial differences. These notes state in hangul right to left “O Won” but there is a considerable difference in the spacing of the two syllables between the original and reprinted 5 won notes. The colors of the notes are also different with the original being printed in a bright shade of blue and the reprint in a darker and duller shade of gray blue. The WPMC lists two varieties of original printings of 5 won notes. No. 9 is the note I have described, while no.10a is like the reprint (10b) but with a watermark. The original printing 5 won (#9) is one of the more available of the 1947 originals, as I have seen plenty of these, but the printing of the revised design on watermarked paper is far scarcer. I learned this from Joseph Boling, but his addendum arrived too late to make it into my table. The watermarked 5 won of type 2 is scarce, and I am suggesting values of $25 for this note in VF and $100 in CU if they even exist in the latter grade. In my 2016 article I discussed the availability and pricing of these notes. A set of the six lower values (15 chon through 10 won) in reprint form is readily available for $5 or $6, and the lowest price that I have seen is $280 for 100 sets of these. These would be from wholesale dealers in China. These notes exist only uncirculated, which is logical since they were printed long after notes of these designs had ceased to circulate. The 100 won high value is definitely scarcer and is not offered in packs of 100. I feel that a value of $10 would be about correct for these, and again they exist only in CU grade. Obtaining a nice set of the originals will prove to be quite a bit more difficult. Oddly enough the 100 won note is not particularly rare in original form, and I have a nice VF-XF example that I obtained on eBay for $20. The two most available values of this group appear to be the 1 won and 5 won values, and they sometimes even appear in new condition. Decent VF examples should probably be obtainable for about $10 each. The 10 won note and the 15 and 20 chon fractionals are sometimes offered at prices that are comparable to that of the 100 won notes of this issue. The real “sleeper” seems to be the 50 chon note, and I have not seen it offered in circulated grades. I have seen offerings for sets of all seven notes of the original series in CU offered for about $300 or rather more, so my suggested values for these notes would be as follows. (Note that I do not have surplus notes for sale.) # F XF CU CU 5a 15 chon 8.00 20.00 60.00 5b reprint 1.00 6a 20 chon 8.00 20.00 60.00 6b reprint 1.00 7a 50 chon 20.00 50.00 125.00 7b reprint 1.00 8a 1 won 5.00 10.00 20.00 8b reprint 1.00 9 5 won 5.00 10.00 20.00 10b (5 won reprint) 1.00 10Aa 10 won 15.00 35.00 75.00 10Ab reprint 1.00 11a 100 won 15.00 35.00 75.00 11b reprint 10.00 The Pick numbering becomes rather confusing for the 10 won notes, since they use nos. 9, 10a, and 10b for the 5 won notes. It would be better to number the 10 won notes of this series as #11 and the 100 won notes as #12. This able would imply that a set of the seven originals in CU should The face of the 1 won and the back of the 10 won notes of the 1959 issue. These depict economic activities, and they are printed on the same watermarked paper that was used for the issue of 1947. The fact that these notes continued to be printed as late as 1978 leads me to believe that the reprints of the 1947 issue on unwatermarked paper were printed well after that date. ___________________________________________________________Paper Money * Jan/Feb 2017 * Whole No. 307_____________________________________________________________ 30 cost rather more than $400, while a set of the first six reprints should cost about $6. That seems about the right ratio, but as I have noted, the reprints become cheaper when purchased in wholesale quantities. When purchasing notes dated 1947 offered as originals, make sure that they are indeed originals. There may have been some attempts to “dirty up” some of the common reprints, add a few creases, and then offer them as originals that have been circulated. In my opinion the reprints do not and cannot exist in legitimately circulated grades. The 1959 issue of notes is a very straightforward series compared with all other issues of North Korean notes. Aside from serial number block varieties there are no complications associated with this issue, and so far as I know these notes do not exist in specimen form. The two high values are notable for their extremely large sizes. The currency conversion of 1 won of 1959 for 100 won of 1947 was made without restrictions and coins struck in aluminum with values of 1, 5, and 10 chon replaced the older notes of 1, 5, and 10 won. The import or export of North Korean currency has always been subject to tight controls, and for this issue no provisions were made for the sale of the notes once they were replaced by newer currency in 1978. Thus all notes of this series are fairly scarce either in CU or in circulated grades. I feel that the WPMC is much too conservative in estimating their values, and these prices I would feel are more realistic. # F XF CU 12 50 chon 4.00 8.00 15.00 13 1 won 3.00 6.00 12.00 14 5 won 5.00 10.00 18.00 15 10 won 6.00 12.00 20.00 16 50 won 15.00 30.00 60.00 17 100 won 20.00 40.00 100.00 Although this issue was in circulation for 19 years, it remains relatively scarce in circulated grades as well as in new condition. The values listed above would imply a total price of about $225 for a full set in CU grade, and at least one dealer in Singapore does offer these items in that grade for about this price. The notes dated 1978 were in circulation for 14 years, but far more varieties were made available than is the case with their 1959 counterparts. For the most part they are also hugely more abundant, since the North Korean government offered many of them for sale once they had been demonetized in 1992. So far as I know, the conversion from 1959 notes to those dated 1978 was done on a one-for-one basis without any complications or restrictions. The basic set of these notes consists of 1, 5, 10, 50, and 100 won values. The 50 chon note of the previous set was replaced by a coin of that value. Coins for 1 won first appeared in 1987, but the 1 won notes continued to circulate alongside them for several years. The sizes of these notes of 1978 vary with their denominations, but in each case a note is precisely twice as long as it is wide. By the 1980s North Korea was beginning to receive a fair number of foreign tourists, and it was felt by the government that they should use special types of currency rather than what was used by the ordinary people. The normal notes of the 1, 5, 10, and 50 won values have serial numbers that appear in The backs of the 1978 notes for 5 won and 50 won depict the Kumgang Mountains and a lake scene, respectively. These are overprinted with guilloches printed in red or in blue, the red (for Capitalist visitors) lack the hangul designation for won while the blue (for Socialist visitors) have this feature. ___________________________________________________________Paper Money * Jan/Feb 2017 * Whole No. 307_____________________________________________________________ 31 both red and black. On the 100 won note a single serial appears in red only. These issues become more complex beginning in 1983, however, since the four lower values also have serials printed in red only or in black only, and these varieties appear with seals or guilloches printed in red, green, or blue. The 100 won note portrays Kim Il-Sung, and this value was not issued to foreign tourists, since it was felt that they might not display sufficient respect for the “Great Leader.” So far as I know, the 1, 5, 10, and 50 won notes with red serial numbers were issued to visitors from “Capitalist” countries, while notes with black serials were used by visitors from “Socialist” countries. The seals note that these notes are for visitors only. The notes with red serials feature either a seal printed in red about 19 mm across or a guilloche in dark red about 40-50 mm long on their backs The notes with black serials feature either seals printed in green or guilloches printed in deep blue on their backs. Thus there are a total of 16 different notes with these special markings. These notes were being used by visitors to North Korea beginning in 1983, and the reason for four rather than just two varieties for each denomination is due to fact that the notes with guilloches appeared in 1986 and apparently replaced the notes with seals. Finally there are specimen notes of this issue. These are notes with red and black serials, but with serials having all zeros and with large red letters in Korean indicating specimen on their faces. The notes of this series began to appear on the market in large quantities in 1992 at a time when they were demonetized. The normal notes with red and black serial numbers are quite common, and in wholesale quantities they mostly sell for well under one dollar each. In large quantities this quartet of values typically sells for about $2, but one dollar each as a retail price for single notes would seem about right. The 100 won note is a bit higher priced, but it is still quite common and fairly cheap. Although these notes did circulate extensively for 14 years, those available abroad are almost always in CU grade. The notes of this series with either all-red or all-black serials and with seals or guilloches on back are less common, and putting together a set of all 16 possibilities will require some patience if not much money. These notes are sometimes seen in circulated grades, but notes in CU are the standard not the exception. Thus my table of values for the notes of these types is as follows: # XF CU XF CU 18a 1 won, normal nos. ---- 0.75 20a 10 won, normal nos. ---- 1.00 18b Black nos. green seal 3.00 6.00 20b Black nos. green seal 4.00 8.00 18c Red nos. red seal 3.00 6.00 20c Red nos. red seal 4.00 8.00 18d Red nos. red guilloche 3.00 6.00 20d Red nos. red guilloche 4.00 8.00 18e Black nos. blue guilloche 3.00 6.00 20e Black nos. blue guilloche 4.00 8.00 19a 5 won normal nos. ---- 0.75 21a 50 won normal nos. ---- 1.25 19b Black nos. green seal 3.50 7.50 21b Black nos. green 5.00 10.00 19c Red nos. red seal 3.50 7.50 21c Red nos. red seal 5.00 10.00 19d Red nos. red guilloche 3.50 7.50 21d Red nos. red guilloche 5.00 10.00 19e Black nos. blue guilloche 3.50 7.50 21e Black nos. blue guilloche 5.00 10.00 22 100 won, red nos. only ---- 2.00 The notes with normal serial numbers also exist with specimen overprints. These always have all-zero serial numbers. The WPMC prices these at $60.00 for a set of five, and this value looks realistic. ___________________________________________________________Paper Money * Jan/Feb 2017 * Whole No. 307_____________________________________________________________ 32 The North Korean government did not like the idea of allowing foreign visitors to purchase goods and services openly in Korean markets, and the special notes dated 1978 but used between 1983 and 1988 could be easily confused with the regular issues. So in 1988 another approach was tried with regard to the money that would be supplied to foreigners. In 1988 special notes were issued by the Korean Bank of Trade, and once again these came in two series, one intended for visitors from “Capitalist” countries while a second series was intended for visitors from “Socialist” countries. The former were all blue or blue green in color, while the latter were pink or deep red in color. The denominations were 1, 5, 10, and 50 chon, and 1, 5, 10, and 50 won. The fractional notes were very small in size (100 x 46 mm) while the higher denominations ranged up to 139 x 70 mm for the 50 won notes. The 5, 10, and 50 won notes were printed partly by intaglio, but everything else was by lithography. The won values of the “Capitalist” series depict the statue of the legendary flying horse Chollima, while these values in the “Socialist” series depict the International Friendship Hall that houses the numerous presents that were given to Kim Il-Sung or Kim Jong-Il over the years. All values of the “Socialist” visitor series are readily available, and the higher values sell for considerably less than what are still being listed in the WMPC. For the “Capitalist” series, however, I have found only the 5 and 10 chon and the 1 and 5 won notes to be readily available in new condition. Circulated versions of these notes do exist, but usually these notes are seen in CU grade. I was able to purchase a group of “Capitalist” 50 won notes at steeply discounted prices that had been circulated and also cancelled. These had two holes drilled in their tops. As for values I would suggest the following as being realistic. “Capitalist” issue “Socialist” issue 23 1 chon 5.00 31 1 chon 1.00 24 5 chon 1.00 32 5 chon 1.00 25 10 chon 1.00 33 10 chon 1.00 26 50 chon 10.00 34 50 chon 1.25 27 1 won 2.00 35 1 won 1.50 28 5 won 3.00 36 5 won 2.00 29 10 won 15.00 37 10 won 3.00 30 50 won 30.00 38 50 won 4.00 These values are for notes in CU condition. Notes in only VF or XF condition would probably sell at about 30%-40% of these prices. The WPMC quotes a total price of just under $100 for the “Socialist” set in CU grade. The values above total a bit under $15 for this issue, an amount that is hugely more realistic. Notes that have been cancelled sell at prices that a significantly less than the values listed above. The values for the scarcer “Capitalist” notes are more tentative, since I am not finding them listed from the same sources. These notes continued to be used well into the 1990s, but they have now been removed in favor of requiring visitors pay for their purchases in foreign currency only. The WPMC values some of the “Socialist” visitor notes at FV (i.e., face value). This term, of course, is utterly meaningless for a series of notes that has been out of use for almost 20 years and is denominated in a currency no longer used. In 1988 special notes were issued by the Bank of Trade to replace the 1978-type notes with special seals or guilloches that had been in use from 1983-88 as currency for foreign visitors. These are both 5 won notes with the one on the left for visitors from “Capitalist” countries while the note on the right was used by “Socialist” visitors. ___________________________________________________________Paper Money * Jan/Feb 2017 * Whole No. 307_____________________________________________________________ 33 Two 5000 won notes from the extensive series of notes that were in use between 1992 and 2009. The note dated 2002 commemorates the 60th anniversary of the founding of the Korean Workers’ Party, while the note dated 2006 is a normal printing. There are several differences in the margin features of these notes. The next series of notes intended for general circulation appeared in 1992, and they continued in use until their circulation was abruptly terminated late in 2009. Initially the values of these notes were the same as those of the 1978 issue, i.e., 1, 5, 10, 50, and 100 won, but there was already a great deal of inflation which accelerated rapidly during the 1990s and the beginning years of the 21st century. As a consequence notes for 200, 500, 1000, and 5000 won were all placed into use. Most of these notes exist with various dates and overprints. At one time some of the notes of these types were scarce and rather expensive, but since they were all demonetized at the end of 2009, most issues of these types have become much cheaper. In the following table I shall attempt to list all of the known varieties of these notes, but a few errors or omissions are possible. Beginning in 1998 all North Korean notes carry two dates, the Western date (e. g., 1998) and the year of the Juche Era (e. g., Juche 87). Although the word itself means Self-Reliance, in this context it refers to the birth year (1912) of Kim Il-Sung. # CU CU 39 1 won 1992, (87/1998) 0.75 Specimen 1992 4.00 40 5 won (1992), 87/1998 0.75 Specimen 87/1998 4.00 41 10 won (1992), 87/1998 0.75 Specimen 87/1998 4.00 42 50 won 1992, (87/1998) 1.00 Specimen 1992 5.00 43 100 won 1992, (87/1998) 1.00 Specimen 1992 5.00 44 500 won (87/1998), 96/2007 1.25 Specimen 96/2007 5.00 45 1000 won 91/2002, 95/2006 1.25 Specimen 95/2006 5.00 46 5000 won 95/2006 1.50 Specimen 95/2006 5.00 47 5000 won 91/2002 3.00 60th Anniversary of Worker’s Party 48 200 won 94/2005 1.00 Specimen 94/2005 5.00 Set for the 95th Anniversary of the Birth of Kim Il-Sung 49 1 won 95/2007 2.00 54 200 won 95/2007 3.00 50 5 won 95/2007 2.00 55 500 won 95/2007 4.00 51 10 won 95/2007 2.00 56 1000 won 95/2007 4.00 52 50 won 95/2007 3.00 57 5000 won 95/2007 4.00 53 100 won 95/2007 3.00 This rather complex table summarizes the varieties of the 1992-2007 types that are known to exist. In several cases two different dates exist for a given value. In that case the date in parentheses is the scarcer variety, while the date without parentheses is the variety usually encountered. Joseph Boling comments that some 500 won notes (#44) feature a square at the left that uses OVI (optically variable ink), while others use bright green ink for this feature. Due to large-scale dumping of the high values after they became invalid as currency at the end of 2009, the original high denomination notes of 2002-07 are now far cheaper than they once were. In fact, most can be purchased for well under $1 each in wholesale quantities. The prices quoted above imply a retail price of $9.25 for a single set, and sets of packs (of 100 notes each) would sell for significantly less than this per unit. The price quoted in the WPMC for a set of the nine notes ($86) is obviously absurd. This source also contains a couple of errors of description. No. 47 is a 5000 won note, not a 500 won note, and the 5000 won note of 2007 should be numbered 57 and not 56A, as there is no one won note among the new designs that were issued in 2009. ___________________________________________________________Paper Money * Jan/Feb 2017 * Whole No. 307_____________________________________________________________ 34 According to the values given in the table above a specimen set of nine all with zero serial numbers should sell for $42.00, although I have seen it offered for somewhat less and was able to obtain a set last year for about $30. The value quoted in the WPMC for the full set ($255) is clearly absurd. The WPMC mentions 5, 10, 500, 1000, and 5000 won specimen notes existing that have normal non-zero serial numbers. These I have not seen, but I would be interested in knowing more about them if they do exist. These would seem to violate the rules for specimen notes from North Korea, however, so I would be highly skeptical about these. The 95th anniversary set is significantly more expensive than is the unoverprinted set of nine. The data given above imply a price of $27 for this set, and the total quoted in the WPMC ($106) is obviously much too high. The person who compiled the WPMC listings for North Korea was obviously very much confused about the new issue of notes that were released late in 2009. The 5, 10, and 50 won notes are dated 91/2002, and so I assume that a surprise currency “reform” was planned as early as 2002, although it was not actually carried out until late in 2009. By then six additional denominations all dated 97/2008 had been prepared and were ready to enter the economy on short notice. The hammer fell between November 30th and December 7th of 2009, at which time all North Korean citizens were required to turn in their “old” money for “new” currency at the rate of 100 to 1. Strict limits, however, were imposed on the amount of money that could be exchanged, and the overall effect was to reduce the buying power of the total currency in circulation by a huge percentage. Coins in this new currency with face values between 1 chon and 1 won and dated as early as 2002 were also prepared, but inflation has rendered most of these worthless. The new notes all measure 145 x 65 mm in size and all are printed by intaglio. Unlike some earlier series of North Korean notes, these items soon became available to collectors, doubtless through a government agency, despite the fact that North Korea has always imposed drastic controls over the import or export of it currency. There are nine denominations in this set ranging from 5 won to 5000 won including notes for 200 won and 2000 won, the latter being a denomination not previously used. So far as I can see, these notes are almost always sold in sets of nine. The very low prices that the WPMC lists the 5, 10, and 50 won notes of this set are not realistic since these denominations are almost always sold only in these sets and not individually. The total value of a set is just under 9000 won, and initially these were sold by Chinese dealers at something like $30 or 300 won per dollar. At that time an “official” rate of about 130 won per dollar was quoted. A couple of years later this rate was changed to 900 won per dollar, but by now the rate now stands at more than 2500 to the dollar. Apparently specimen notes were prepared for only the three highest denominations. The designs of these items relate directly to the Kim family. The face of the 1000 won denomination depicts the house in which Kim Il-Sung’s mother was born. The 2000 won value depicts the log cabin in which Kim Jong-Il was allegedly born in 1942. It is located at the base of Paektu-San, and the back of this note depicts that mountain. Most historians, however, believe that Kim Jong-Il was born one year earlier in Khabarovsk in the Soviet Union. Finally the 5000 won value depicts a smiling Kim Il-Sung on its face and his boyhood home at Mangyongdae on its back. In 1912 all nine values of this set were re-issued with an overprint proclaiming the 100th anniversary of the Juche Era or Kim Il-Sung’s birth. Thus far I have not seen this set offered in specimen form. The regular notes of this issue, however, now sell for less than they did when first issued, and a set can be obtained from dealers in China for only about $6 or $7, thus implying a rate of about 1400 won to the dollar. The last banknote issues of North Korea are all of the 5000 won denomination and printed in reddish brown. One is dated 102 / 2013 but it also proclaims the 100th anniversary of the Juche Era. Kim’s house at Mangyongdae is depicted on its face, while the International House of Friendship (last seen on the Bank of Trade certificates) appears on its back. This note also appears in specimen form. Another note with the same design and date but with an overprint for the 70th anniversary of the end of World War II and the liberation of Korea was also issued. These notes were issued with all-zero serial numbers, and so their validity as currency remains problematical. In quantities the first of these sells for little more than $2 per note implying a rate of some 2500 per dollar. Obviously the North Korean currency is still rapidly declining in value. ___________________________________________________________Paper Money * Jan/Feb 2017 * Whole No. 307_____________________________________________________________ 35 My suggestions for as for a table of these notes with a realistic set of values is as follows: Dated 91/2002 or 97/2008 but issued in 2009 CU 58 2002 5 won Two Engineers / Power Dam 1.00 59 2002 10 won Soldier, Sailor, Airman / Military Monument 1.00 60 2002 50 won Three Citizens / Party Monument 1.25 61 2008 100 won Magnolia Blossoms / numeral 1.25 62 2008 200 won Chollima Monument / numeral 1.25 63 2008 500 won Kim’s Arch of Triumph / numeral 1.25 64 2008 1000 won House of Kim’s Mother / Lakeside View 1.50 65 2008 2000 won Log Cabin of Kim Jong-Il / Paektu-San 2.50 66 2008 5000 won Kim Il-Sung / Kim’s House at Mangyongdae 3.50 64s 2008 1000 won Specimen overprint in red with zero serial nos. 7.50 65s 2008 2000 won Same 7.50 66s 2008 5000 won Same 7.50 Same dates as above but overprinted on face for 100th anniversary of Juche Era 67 5 won 0.75 68 10 won 0.75 69 50 won 1.00 70 100 won 1.00 71 200 won 1.00 72 500 won 1.00 73 1000 won 1.25 74 2000 won 1.75 75 5000 won 3.00 New Designs and Dates 76 2013 5000 won House at Mangyongdae / Int. Friendship Hall 3.00 76s 2013 5000 won Same but with Specimen & zero serials 3.00 Same Design but with Overprint for 70th Anniversary of End of War 77 2013 500 won 3.00 The 3rd volume of the WPMC presently lists the set nos. 58-66 at $116 and the specimen notes nos. 64s- 66s at $225. In my opinion these value estimates are absurdly high. I have already discussed the specimen sets of the early issues. A set of the five notes of 1978 with large red specimen markings in Korean is listed in the WPMC as set CS1 and priced at $60. This sounds realistic to me. I have already mentioned the specimen sets that are available for the notes with designs of 1992 - 2007. I have not seen the short set dated 1992 for the 1 won – 100 won listed as CS2 in the WPMC. It would involve 5 won and 10 won notes with non-zero serial numbers. Let me know if you see one of these. The recent most issues of North Korean notes are for 5000 won and are dated 2013 (or Juche 102). Most of these, however, carry an inscription for the 100th anniversary of Kim Il-Sung’s birth (in 1912). His house at Mangyongdae is depicted on the face, while the International Friendship Hall appears on the back side. ___________________________________________________________Paper Money * Jan/Feb 2017 * Whole No. 307_____________________________________________________________ 36 The WPMC lists and prices a series of 1, 5, 10, and 50 won notes of the 1978 types with overprints mostly in English proclaiming “The 55th Anniversary of the Korean Workers’ Party.” They are dated Juche 89 / 2000. This is eight years after notes of these types ceased to be valid currency. North Korea almost never uses any English on its currency, and by 2000 the notes with 1978 designs were available in very large quantities at low prices. I suspect that these items are purely private fabrications that were concocted far away from North Korea. They are listed as CS3 – 8, but I expect that they will prove to be bogus and unworthy of being listed in any catalogs. One unusual set that is quite official is a group of notes dated Juche 92 or 2003. They are thus denominated in the pre-2009 currency and are inscribed only in Korean. These notes are for 5000, 10,000, 50,000, and 100,000 won. The two lower values measure 130 x 65 mm, while the two higher ones are 146 x 75 mm. Their colors are predominantly dark blue and red brown for the 5000 and 10,000 won notes in that order, and for the two higher values the notes are mostly green and red violet, respectively. The first two values feature a watermark of the Chollima statue while the higher values have a watermark of a torch in the left margin. These items are more in the nature of short-term bonds than circulating currency, but they may have also been used for the latter purpose. A set of four of these currently sells for about $20. Of all the currencies circulating in the world today, the North Korean won is probably subject to the tightest controls and has the most artificial exchange rates. When the won was first revalued in 1959, the official exchange rate of 2.35 won per dollar was actually fairly realistic. By the 1980s, however, significant inflation had set in and this accelerated greatly once the large-scale aid provided by China and the Soviet Union were cut way back. North Korea continued to claim an exchange rate of something like two won to the US dollar, but this was becoming increasingly absurd. For a period in the 1990s the official exchange rate was fixed at 2.16 won to the dollar, a rate determined by the fact that Kim Jong-Il was born on February 16 (i.e., 2.16). There was nothing in North Korea similar to the black markets that flourished in eastern Europe, but apparently there was some exchange of money that took place in border cities such as Dandong (China) and Sinuiju (North Korea). By 2008 the North Korean won was being traded for something like 550 per Chinese yuan (thus equivalent to about 3500 to the US dollar). The “reform” of 2009 reduced the value of North Korean money even more. The value of the new won of 2009 started out at something like 130 to the dollar, but it is now trading at something more like 3000 to the dollar or perhaps even more, if indeed there is any currency trading going on at all. It seems that only minor purchases are being made these days with actual banknotes, and most purchases by the more fortunate citizens able to buy things other than just the bare essentials are made with a type of debit card. I wish to thank Kim Yong-Jae of Kutztown University of Pennsylvania with helping me with the translations of a few of the inscriptions that appear of some of these notes. I also with to thank Joseph Boling who carefully examined this manuscript and added a number of comments concerning the issues of 1947 and some remarks concerning the 500 won notes of 1998 – 2007. REFERENCES Chambliss, Carlson R., “North Korea’s Paper Money Issues Continue to Remain Enigmatic,” Paper Money, Jan/Feb, 2016, pp. 26-35 Cuhaj, George S., ed., Standard Catalog of World Paper Money, General Issues, 1368-1960, 14th Edition, 2012, pp. 913-14 Cuhaj, George S., ed., Standard Catalog of World Paper Money, Modern Issues, 1961-Present, 20th Edition, 2014, pp. 754-59 The face of a short-term bond for 5000 won and the back of this series for 100,000 won that were issued in 2003. The backs of these items provide spaces for the name and place of employment of the holder along with the date of its issue. It promises the payment of this item after one year at its face value together with an interest bonus of 4% per annum. It is not clear as to whether these items were transferable or could be redeemed only by the person named on the note. ___________________________________________________________Paper Money * Jan/Feb 2017 * Whole No. 307_____________________________________________________________ 37 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 An Architecture of Confederate Treasury Notes by Series, Printer, Place, and Denomination with Dates and Quantities Issued by Michael McNeil Confederate Treasury notes have held the fascination of collectors for generations, and a good part of this interest is due to the wide range of designs of these notes. The first notes, the so-called “Montgomery” issues, were supplied by the National Bank Note Company based in New York. Their production for the South was quickly shut down by Northern authorities. The American Bank Note Company had a branch in New Orleans, and for a while supplied notes to the South, even renaming their branch the “Southern Bank Note Company,” but their production in New Orleans ended with the fall of that city in May 1862. These colorful, high quality notes from New York printing houses were all produced by intaglio printing. But when they were unable to supply the needed volume of Treasury notes, the Confederate Treasury Department was forced to turn to local sources of widely varying artistic and printing capability. The range of designs from the numerous engravers and printers of Confederate Treasury notes and their many varieties posed a challenge to collectors when they tried to organize and describe their collections. The first serious effort was mounted by Raphael Thian in his 1880 publication of the Register of the Confederate Debt, which was literally a transcription of the original records of the Confederate Treasury-note Bureau. This valuable resource was republished by Dr. Douglas Ball in 1972. The organization of this book is difficult for the collector, nor does it clearly describe the numerous varieties. William West Bradbeer in his 1915 publication of Confederate and Southern State Currency made the first serious attempt to describe the 579 varieties he found of these notes. These varieties are now commonly called “Bradbeer” numbers. The Bradbeer list was not only cumbersome (it did not allow for easy insertion of new discoveries), it also did little to make a clear architecture of the many designs. In 1947 Philip Chase published a book which addressed this issue, but he essentially preserved most of the architecture inherited from Thian. In 1957 Grover Criswell created a new architecture by assigning Type numbers to the unique designs of Confederate Treasury notes. By a “unique design” we mean the layout of vignettes, medallions, and text which make a note unique and different from other series of issue (there were seven), other denominations, and other printers. Again, Criswell preserved the essential architecture from Thian – he organized his types by denomination within a series. Perhaps in a nod to the inertia of the collecting community, Criswell preserved the Bradbeer numbers for all of the known varieties, but he grouped them under the appropriate new Type numbers. Now for the first time a collector would easily see all of the varieties within a unique design. The Criswell system worked well for decades, but it still suffered from Bradbeer’s original problem – it could not easily absorb new discoveries. By the 1990s this had resulted in a profusion of suffixes and insertions to the Bradbeer numbers, all of which added to the confusion and clutter. The next great architectural step came from Pierre Fricke. Working closely with Dr. Douglas Ball and inheriting his records, Fricke preserved Criswell’s very useful Type numbers, but he listed the varieties with new numbers beginning with “1” for each design Type, and replaced the clumsy Bradbeer system. Take, for example, an 1864, Seventh Issue, $10 note, 1st Series, with a plate position letter error of “B – A.” Criswell listed this note as “T-68, CR-541A.” The Type number “T-68” denotes the specific design of this note, and the Variety number “CR-541A” is really the Bradbeer number for this note with the suffix “A” added later to denote the new discovery of an error in the layout of the plate position letters (or plens) of this note. Fricke’s new variety system now identifies this note as “T-68, PF-4,” a system which easily accommodates new varieties of the design as they are discovered. A quick glance at the Bradbeer numbers in a later Criswell catalog will show how often these numbers were modified by Chase and Criswell to accommodate new discoveries. Criswell did the best he could with these Bradbeer numbers, but they lend much confusion to the architecture. Pierre Fricke, to his everlasting credit, also realized that collecting habits and inertia are important. Although he abandoned the Bradbeer numbers, he wisely kept Criswell’s Type architecture in place, making the ___________________________________________________________Paper Money * Jan/Feb 2017 * Whole No. 307_____________________________________________________________ 39 transition to the new variety numbers easier for collectors. This is not to say that Fricke’s new architecture was received without criticism – this is par for the course when introducing a change – but this new architecture now stands on its own merits as the current standard. But as Fricke has often noted, the Criswell Type system suffers from some glaring defects. Among these are the Type-47 and Type-48 notes, which are today recognized as fantasy notes of uncertain origin and certainly not official issues of the Confederate Treasury Department. There is also the unfortunate numbering of Type-39 and Type-40 notes, which are clearly of the same design and only differ in a very obscure and minor plate variation; Criswell reportedly assigned multiple Type numbers in an effort to sell more of these notes. The main problem with the Criswell Type system was inherited from Thian and preserved by Bradbeer and Chase: Thian grouped notes by denomination within an issue, intermingling the printers. This would not be confusing if there had been only one engraver and printer, but there were many, and this means that the designs of Hoyer & Ludwig, Keatinge & Ball, Southern Bank Note Company, and Blanton Duncan were all intermingled by denomination. These designs are as different as night and day and represent a wide range of engraving, printing, and artistic talent. This artistic variation is the heart and soul of Confederate Treasury notes, and it begs to be organized into an architecture which features and organizes this variety. The First and Second Series issues are naturally organized into groups of design by the different printers. Figures 1 and 2 show these notes grouped by the printers with obvious differences in artistic quality. All of the notes illustrated in Figure 1 were printed on steel plates with the intaglio process, whereas all of notes in Figure 2 were printed by the lithographic process. FIRST SERIES National Bank Note Company, New York, Types 1-4 Southern (American) Bank Note Company, New Orleans, Types 5-6 Figure 1—images HA. com ___________________________________________________________Paper Money * Jan/Feb 2017 * Whole No. 307_____________________________________________________________ 40 SECOND SERIES Figure 2—images Pierre Fricke Hoyer & Ludwig, Richmond, Types 7-11 Manouvrier, New Orleans, Type 12 ___________________________________________________________Paper Money * Jan/Feb 2017 * Whole No. 307_____________________________________________________________ 41 The table in Figures 4a and 4b shows a new architecture for Confederate Treasury notes, grouped by printers and dates of issue. The original Criswell Type numbers appear in the first column. The new Type numbers appear in the second column (they are the same for the First and Second Series). Timelines may be seen in the top row of a Series, starting in April 1861 and progressing by weeks beginning on Mondays. Horizontal bars, color-coded for the different printers, show the dates of the beginning of an issue and the end of issue, where for example, National Bank Note Company designs are shown in blue, Southern Bank Note Company designs are shown in orange, Hoyer & Ludwig designs are shown in gray, the single issue of Manouvrier notes is shown in light blue, Keatinge & Ball designs are shown in green, and Blanton Duncan designs are shown in pink. Quantities issued and dates of issue are shown next to each issue bar. With this graphical layout it is easy to see that the Second Series Type 7 to 11 designs of Hoyer & Ludwig and the sole issue of Manouvrier preceeded the First Series Type 5 and 6 designs of the Southern Bank Note Company. The Third and Fourth Series issues featured many printers, and this is where the Criswell Type numbers become confusing. Take, for example, in Figure 3 the lovely $50, $20, $10, and $5 issues by the Southern Bank Note Company – these are noted by Criswell as Types 15, 19, 22, and 31, respectively. Grouping these notes together under sequential Type numbers 22, 23, 24, 25 would make them stand out in wonderful contrast to designs of other printers; see the table in Figure 4a. This idea was the outgrowth and unintended consequence of an effort by the author to understand the chronology and durations of issue of Confederate Treasury notes. Once a timeline was laid out, and the notes arranged by chronology of issue, the model for grouping the notes by the printers fairly leapt off the graph. THIRD SERIES Southern (American) Bank Note Company, New Orleans, new Types 22-25. These notes were printed on the same sheet. Original Criswell Types 15, 19, 22, 31. Figure 3—images: Pierre Fricke ___________________________________________________________Paper Money * Jan/Feb 2017 * Whole No. 307_____________________________________________________________ 42 The complexity of the Third and Fourth Series became intuitively understandable with this new architecture. Note especially how the chronology of issue dates serves as a useful guide to organize the new Type structure. For example, the Third Series Hoyer & Ludwig $20 note with a green overprint in Figure 5 was their first and last effort at an overprint. It was also the first issue of the Third Series, and it is assigned Type 13. It chronologically follows the Type 12 note and preceeds Hoyer & Ludwig’s later designs without overprints. Another problem with Criswell’s Type architecture is that it also separates notes that were printed on the same sheet. The rare Criswell Types 27 and 35 are illustrated in Figure 6. Both were printed together on the same sheet, and they are assigned consecutive new Types 17 and 18, perfectly fitting the chronology of Hoyer & Ludwig issues. Hoyer & Ludwig, Richmond, new Types 17 and 18. These notes were printed on the same sheet. Original Criswell Types 27 and 35. THIRD SERIES Figure 6 images: Pierre Fricke Figure 5 image: Pierre Fricke The first issue of the THIRD SERIES, Hoyer & Ludwig, Richmond ___________________________________________________________Paper Money * Jan/Feb 2017 * Whole No. 307_____________________________________________________________ 43 Criswell’s assignment of different Type numbers to notes which are clearly of the same design but may or may not have overprints also needlessly adds to the confusion. These overprint variations, while extremely important, do not qualify as new designs but as subsets of a single design. In Figure 7 we see Criswell Types 25 and 26, which share the same design except for the addition of a red “X” overprint; they are assigned new Types 31A and 31B. Quoted in his own words in the New York Times of September 5th, 1875, Blanton Duncan stated that his “vignettes were of the most primitive style and ugliest workmanship,” and his Third Series notes bear testament to that criticism. Figure 8 shows two typical examples. Figure 7 images: Pierre Fricke Keatinge & Ball, Richmond, new Types 31A and 31B. These notes have the same design with the variation of an overprint red “X.”. Original Criswell Types 25 and 26. THIRD SERIES Blanton Duncan, Richmond. Duncan’s Third Series notes are all of inferior artistic quality by his own admission, and are logically grouped together in the table in Figure 4a as new Types 34 through 37. THIRD SERIES Figure 8 images: Pierre Fricke ___________________________________________________________Paper Money * Jan/Feb 2017 * Whole No. 307_____________________________________________________________ 44 The Fourth Series $2 notes printed by Blanton Duncan all share the same design but were assigned different Type numbers 38 (error date), 42 (correct date), and 43 (green overprint) by Criswell. This single design is assigned new Type numbers 38A, 38B, and 38C, respectively. The Fourth Series $1 notes printed by Duncan are similarly simplified into Types 39A (no overprint) and 39B (with green overprint). And of course the unfortunate duplication of Type numbers 39 and 40 on the Fourth Series Hoyer & Ludwig $100 interest- bearing note is logically simplified as a single Type 40 design with two minor varieties of steam from the boiler of the steam engine. The Fifth through the Seventh Series is very straightforward with no duplications of Types introduced by Criswell. When we eliminate the duplications of the Third and Fourth Series and simplify the architecture we end up with a list of 65 unique designs of Confederate Treasury notes. This new architecture is simply a way to understand the complexity of Confederate Treasury note designs – in no way is it intended to replace the new architecture used by Fricke, which is now the most useful way to catalog the intricate varieties of these notes. My hat is off to the pioneers, Thian, Bradbeer, Chase, Criswell, Slabaugh, Ball, and Fricke, all of whom took the risk of making their own contributions to this field. I place this new architecture in the Public Domain for the use of all collectors and researchers without reservation of any kind. “Those collectors fortunate enough to own the beautifully printed album produced by Clint Reynolds and K.C. Roberson, Confederate States Currency 1861-1865, can rearrange the notes in this album to reflect the new type classification. With this tool the advanced collector can rearrange the notes in any manner, giving new insights into the artwork and printing of these beautiful notes.” References Bradbeer, William West. Confederate and Southern State Currency, 1915, reprinted Aubrey Bebee, Omaha, Nebraska, 1956. Chase, Philip H. Confederate Treasury Notes: The Paper Money of the Confederate States of America, 1861-1865, Philadelphia, 1947. Criswell, Grover C. Comprehensive Catalog of Confederate Paper Money, BNR Press, Port Clinton, Ohio, 1996. Fricke, Pierre. Collecting Confederate Paper Money, Field Edition 2014, Fricke, 2014. Thian, Raphael P. Register of the Confederate Debt, 1880, reprinted by Dr. Douglas B. Ball, Quarterman Publications, Lincoln, Massachusetts, 1972. ___________________________________________________________Paper Money * Jan/Feb 2017 * Whole No. 307_____________________________________________________________ 45 PMGnotes.com | 877-PMG-5570 United States | Switzerland | Germany | Hong Kong | China | South Korea | Singapore | Taiwan | Japan THE CHOICE IS CLEAR Introducing the New PMG Holder PMG’s new holder provides museum-quality display, crystal-clear optics and long-term preservation. Enhance the eye appeal of your notes with the superior clarity of the PMG holder, and enjoy peace of mind knowing that your priceless rarities have the best protection. Learn more at PMGnotes.com 16-CCGPA-2889_PMG_Ad_NewHolder_PaperMoney_JulyAug2016.indd 1 5/27/16 8:12 AM THE GAST FAMILY; ST. LOUIS PRINTERS AND BREWERS  by David E. Schenkman  The  name  “Gast”  is  familiar  to many  collectors  of  post‐Civil War  era  obsolete  paper money.  Imprints such as “Gast–St. Louis,” “Gast Bank Note Co. St. Louis.,” and “A. Gast Bank Note Co. St. Louis”  are found on notes from issuers that were located in various parts  of  the  country,  although  practically  all  of  those  I’ve  encountered  have been  from  states west of  the Mississippi River. However, as  you  will  see,  printing  obsolete  notes  was  never  the  primary  business activity of this company which, at one time, was described  as  the “leading  lithographic and steel plate printing establishment  in the United States.”  Our  story  starts  on  March  11,  1810  with  the  birth  of  Leopold Gast  in  the  village  of Belle,  a  town  in  the  principality  of  Lippe‐Detmold,  Germany.  He  and  his  younger  brother,  August  Herman Ludwig Gast, who was born on March 10, 1819, received their training as  lithographers, and for several years they worked  in this field. In 1848, following a  revolution  in  Germany,  the  brothers  decided  to  immigrate  to  America.  They  arrived  in New  York, nearly penniless  and with  very  few possessions  except  for  Leopold’s lithographic equipment and a press.  From New York, August and Leopold soon relocated to Pittsburgh, where  they plied their trade until 1852. They then moved to St. Louis and opened a small  shop on Fourth Street, under  the name  Leopold Gast and Brother. They quickly  outgrew  their  space,  and moved  to  another  Fourth  Street  location,  near Olive.  From there they moved to the northeast corner of Third and Olive streets. August  married Sophie Von Laer  in 1853. Following her death  in 1864 he married again,  this time to Marie Johanne Barthel.  Business was good, and the company expanded. Thomas Scharf, in his 1883 History of St. Louis  and County noted that “In 1866, August Gast purchased his brother Leopold's interest, and from 1866 to  1877 he had two partners. In the latter year he purchased their interest also.” For some period of time  Gast was  in business with a man by  the name of Charles F. Moeller; directories of  the mid‐1860s  list  Gast, Moeller & Company  as engravers,  lithographers,  and printers,  at Third  Street on  the northeast  corner of Olive. John Gast was also listed as a principal in this firm, whose imprint is found on numerous  maps printed during  that era.  Leopold  continued  to work as an engraver, and directories of  the  late  1860s list him as being associated in some capacity with Gast, Moeller and Company. Theodore Gast was  also listed with this company, as a lithographer.  Shortly thereafter, Edward F. Wittler became involved in the Gast business. Born in Germany in  1851, he came to this country at the age of fourteen to live with his uncle, a well‐known contractor in St.  Louis.  After  attending  public  school  for  three  years, Wittler  embarked  on  his  career  in  the  business  world. In 1870 he was hired as a clerk by August Gast and Company and this proved to be a significant  occasion for the company which, at the time, employed about thirty people and was located at 216‐218  Locust Street. Wittler wasted no time making his presence  felt  in the  firm. After travelling throughout  the Southwest as a sales representative, in 1873 he purchased a portion of the business. Later, following  the retirement of Gast, he became business manager, and he was responsible for a rapid expansion of  the  company.  In  the  late  1870s  they  purchased  the  job  printing  and  lithography  business  of  John  McKittrick and Company, a firm that had operated  in St. Louis since 1860. At this time, equipment for  This  portrait  of  August Gast  hangs  in  a descendant’s  home. Courtesy of Ted Gast.  ___________________________________________________________Paper Money * Jan/Feb 2017 * Whole No. 307_____________________________________________________________ 47 steel  engraving  was  purchased,  and  the  August  Gast  Bank  Note  and  Lithographic  Company  was  established, with Wittler as president.  The company suffered a major disaster  in 1880, when their building was completely destroyed  in a fire. Gast quickly leased space in a nearby location, and business was resumed within a few days. A  month  later  they moved  to  a  three‐story  building  at  217‐219  Pine  Street.  This  space  proved  to  be  inadequate and  two more  floors were added. Two years  later  fire struck again,  ruining practically  the  entire interior of the building. The company moved to a nearby building and continued operations there  until repairs to their structure were completed. In 1887, continued growth necessitated the construction  of a new building, at the Southside corner of Morgan and Twenty‐First streets.   In 1883 the firm expanded when Gast Lithographic and Engraving Company was created at 20  Warren Street in New York City, to meet the demands of ever‐increasing business in the East. Edward F.  Wittler was president of this firm also, and under his  leadership the two companies employed a work  force  of more  than  400  employees.  An  1889‐1890 New  York  City  directory  lists  the  company  at  “9  Desbrosses & 34 Vestry.” By  that  time Wittler had become a wealthy man. He  retired and moved  to  Seattle, where he devoted his efforts to real estate and other investments.   The New York branch was a  large manufacturer of advertising trade cards. Some of those  I’ve  seen had imprints with only the New York location mentioned; for example, “Aug. Gast & Co. N Y,” “Gast  Lith. & Eng. Co. N.Y.” and “Gast Art Press, N.Y.” Other imprints named both of the cities, or only the St.  Louis location. According to Jay Last, in an article titled “Trade Card Lithographers” which was published  in the Fall 1999 issue of The Advertising Trade Card Quarterly, “The New York branch of August Gast &  Company was  started  in 1883 by August Gast’s nephew  John Gast.  It was  taken over  in 1885 by Olin  Gray, who had been associated with Gast in St. Louis. When the St. Louis firm was reorganized in 1887,  the New York branch became a separate company, the Gast Lithographing & Engraving Company, run by  Olin Gray and Louis Wall. The firm produced art chromolithographs, catalogs, posters, and trade cards,  using lithograph stones as large as 36 by 52 inches for the posters. Some of the larger work was issued  under the imprint of the Gast Art Lithographing Company”  An  interesting  article  appeared  in  the  June 27, 1889  issue of  the Bryson City, North Carolina  Swain  County  Herald.  Headlined  “Seized  a Million  Lottery  Tickets,”  it  reports  that  Olin  D.  Chase,  a  manager  of  the  Gast  Lithographic  and  Engraving  Company  in  New  York  City,  was  arrested  and  “1,000,000 lottery tickets, 15 lithograph stones, 5 numbering machines, and sheets of paper for printing  500, 000 tickets,” were seized. According to the arresting officer, the tickets had the names of various  non‐existing  lotteries,  such as  “The Original  Little  Louisiana  Lottery Company of  San Diego, Cal.” The  plan was  to sell  them  for between 25¢ and 50¢ each, but of course  there was no place  for a winning  This  trade  card  of  the  Libby  Prison  bears  the imprint  “Gast  Litho.  Co.  New  York  &  Chicago.” From the Collections of The Henry Ford.  Gast printed  this advertising  trade card  for  the St. Louis Beef Canning Company.  ___________________________________________________________Paper Money * Jan/Feb 2017 * Whole No. 307_____________________________________________________________ 48 ticket to be cashed. I was unable to find record of the disposition of the case, which was to be held at  the Tombs Court. Also unclear is whether Olin D. Chase was, in fact, actually Olin Gray.  A  letter dated July 1, 1883 from the company to the First National Bank of Cooperstown, New  York is reproduced on the web site of the American Society of Check Collectors, Inc., as part of an article  by Bob Hohertz. The text follows, with permission of ASCC:  Having had many calls from the East for a class of lithographic work in Drafts, Checks,  Certificates of Deposit, Note Heads, Letter Heads, etc, etc, nearly equal to Steel Plate  in perfection, and heretofore produced by us only at our large St. Louis establishment,  we have found it necessary to meet the increasing Eastern demand for this fine work,  by opening an establishment at No 20 Warren Street, New York City. We  send you  herewith  specimens of our work, which besides  showing our  fine quality, also give  you  our  new  copyrighted  design  for  keeping  up  the  appearance  of  the  Internal  Revenue Stamp, which has been abolished to take effect from this date. We furnish  checks and drafts with this centerpiece either in the prevailing yellow or in any color  that may be desired, giving the Coat of Arms of any State of the Union in the center.  Those who order  first will  receive  the greatest credit  for bringing out  this new and  unique  design, which will,  to  judge  from  interviews with  Bankers who  have  been  shown  it privately,  spring  into great  favor at once. While our work  is  the best, our  prices will be found at all times satisfactory and we shall spare no efforts to merit the  great success enjoyed by our St. Louis house. The same efforts will be used to supply  in a satisfactory manner all needs in stationery of the Banking Community.   In 1885 August Gast and Company  inadvertently became  involved  in a counterfeiting scheme,  when a man by the name of Lucius A. White approached them with an order to print three thousand  cigar box  labels, the central design of which was to be an exact copy of a Brazilian Treasury note. The  company accepted the order, but when the first proof of the label was printed they became suspicious  and contacted the Brazilian consul. Eventually the office of the United States District Attorney became  involved and White was arrested, along with an accomplice. Had their plan been successful, the value of  the notes would have totaled $342,000. A newspaper account of the incident described it as “one of the  heaviest cases of counterfeiting known to the detective service in this century and the first case of crime  against a foreign government attempted under the new United States law.”  Gast advertised  in newspapers  in many areas of the country, seeking qualified representatives  to take orders for their advertising calendars, signs, leather goods, and advertising novelties; some ads  also specified that the applicant be experienced  in commercial and bank  lithographing. As I mentioned  earlier, printing scrip notes was not a significant part of Gast’s business. However, no matter how small  the volume, it obviously was one of their numerous products, and it stands to reason that the orders for  whatever notes they printed were obtained by their travelling sales representatives.  An ad headlined “Choice Calendars and Souvenirs  for  the Holiday Season”  in  the October 26,  1895  issue of The Coffeyville Daily  Journal  in Coffeyville, Kansas announced  that  the newspaper  “has  arranged  to  furnish merchants elegant calendars varying  in value  from a small card calendar at a  low  A  sample  check  printed  by  August Gast &  Co.  in  the  1880s.  Courtesy American  Society  of  Check Collectors, Inc.  ___________________________________________________________Paper Money * Jan/Feb 2017 * Whole No. 307_____________________________________________________________ 49 price to the  finest  imported banner or panel. We are direct agents of the August Gast Bank Note and  Lithographing Co., St. Louis  the  largest  importing and manufacturing house  in  this  line  in  the country,  whose fine lithographic work is well known throughout the length and breadth of the land. The prices at  which we are enabled  to offer  their  fine calendars are as  low as  the  lowest. Miss Elliott will call with  samples, of which there are over one hundred to select from. A fine calendar is always appreciated and  preserved, proving a most effective advertisement.”  The company evidently did a large trade in advertising calendars, which business establishments  would order  late  in  the year  for distribution  to  their  clients. A  1905 Gast  letterhead  on  a  flier  offering a package of  free  sample  calendars  to  prospective  clients  describes  the  company  as  “Caterers to Successful Advertisers.” The words  “The Calendar House” appear in a fancy scroll at  the bottom.  By  the  late nineteenth  century, a  large  portion of Gast’s business consisted of printing  stocks,  bonds,  checks,  and  other  financial  papers.  Courtesy  of  David  Beach  (antiquestocks@cfl.rr.com)  the  text of a  letter dated  June 3, 1899  follows;  it gives compelling reasons  for using the company’s product:  Dear Sir,    Since sending you sample of bond last week, it has occurred to us to call your attention  to facts not generally understood, except by those who order bonds regularly. The greatest  dangers in connection with issuance of bonds are:  First: The easy  counterfeiting of  the  same where  the work  is not  sufficiently  intricate  to  prevent it.  Second: The over‐issuing and getting into wrong hands of surplus copies of bonds ordered.    The August Gast bank‐note and Litho. Co. has been in business for more than fifty years,  understands  the  getting  out  of  bonds  thoroughly,  and  has  never  had  a  single  case  of  anything  happening  to  a  customer  in  connection with  their  bonds, which,  by  the way,  cannot be counterfeited.    As an illustration of the dangers besetting purchasers we enclose you copy of an article  in today’s Globe‐Democrat showing the dangers of ordering from any one whose methods  are not such as to protect the customers fully against counterfeiting, over‐issues, etc., etc.  The papers are  continually exposing dangers of  this kind and yet  it has never happened  with a bond furnished by the Gast Co.  We will be pleased to give you low prices, quality of work and security considered.  Yours Truly,  August Gast Bank Note & Lithographic Co.  (signed) L. J. Wall, Pt.  The  top  of  a  letterhead  being  used  by  Gast  in  1905  reads  “LARGEST  DISTRIBUTORS  IN  THE  WORLD OF THE IMPROVED SECURITY SAFETY PAPER. 5 ELEGANT COLORS. Largest Mail Order House  in  the Country.” It was around this time that the company issued a 38mm  aluminum  token  to  advertise  the  fact  that  it was  the world’s  largest  distributers of this “Security Safety Paper,” and that  it was patented  in  1897.  Like  the  letterhead,  it  states  that  it was  available  in  “5  elegant  The  letterhead  on  a  1905  flier  to  merchants,  promoting  Gast’s calendars, describes them as “Caterers to Successful Advertisers.”  Gast  circulated  this  38mm  aluminum token  to  promote  “Security  Safety Paper.” Author’s collection.  ___________________________________________________________Paper Money * Jan/Feb 2017 * Whole No. 307_____________________________________________________________ 50 colors” to “protect the bank.” It seems strange that Gast used a metal token to advertise the product,  rather than a paper certificate of some sort.      I  have  found  nothing  to  suggest  that  Gast  ever  actually  manufactured any type of paper and, in fact, a 1908 advertisement for  the  product  states  that  they were  “manufacturer’s  Sole Agents.”  The  patent referred to was undoubtedly number 595,281, which was issued  on December 7, 1897 to John C. Yetter, a printer in Chicago, Illinois for  “certain new and useful  improvements  in Safety‐Paper.”  In  the patent  specifications Yetter stated that “my invention relates to a novel safety‐ paper, the object being to provide a paper of this character adapted to  be used for checks, tickets, and other monetary  instruments which are  liable to be tampered with; and  it consists  in the manner of preparing  the same, hereafter  fully described and claimed.” Safety paper wasn’t  the  only  invention  patented  by  Yetter.  In  1922  he  invented  a  color  rotogravure press that he used to print the Chicago Tribune newspaper.  Printing wasn’t the Gast family’s only business. At the outbreak  of the Civil War, Leopold Gast’s son, Paulus, joined the First Regiment of  Missouri  Engineers  as  a  private  and  quickly  rose  to  the  rank  of  Lieutenant.  Following  his  discharge  he  purchased  a  parcel  of  land  outside  St.  Louis where  he  established  the  Gast Wine  Company.  His  associates  in  this  enterprise  were  his uncle August, Michael Poeschel,  and  John  Scherer.  This wasn’t  the  first  Gast  family  venture  into  the  world  of  beverages.  St.  Louis  business directories of the  late 1840s and  early 1850s list John Gast as the owner of  Gast Brewery at 63 Carondelet Avenue.   In 1890 August Gast contracted to  have  a  3700  foot  house  built  at  3621  S.  Jefferson Avenue. Unfortunately, he died  on December 24, 1890, before the house  was  completed.  Leopold Gast died  seven  years  later, on March 6, 1898. Following August’s death his  son, Ferdinand,  who at the time was involved in management of the printing business, moved  into his father’s house. In 1892 he became the head bookkeeper of Gast Wine  Company.  This  business  became  Gast  Brewing  Company  in  1900,  with  Ferdinand as secretary‐treasurer.  The  Gast  family  enterprises  continued  to  grow  and  expand.  A  1936  letterhead  from  G.  A.  Collenberger,  a  “Traveling  Representative”  for  The  Gast  Bank  Note  Company  who  operated  out  of  Oklahoma  City, Oklahoma,  lists Gast’s  business  activities  as  Lithographing,  Printing,  Pass  Books,  and  Check Covers, and states that they are the “Owners and Operators of the O. E. Schaefer Mfg. Co.” and  the Largest Exclusive Pass Book and Check Cover Manufacturer in America.”  Things weren’t always ideal for the Gast business. The headline for an article in the January 31,  1912  issue of  the St. Louis Post‐Dispatch  informed  readers  that “Receiver asked  for August Gast Bank  Note Co. St. Louis creditors in bankruptcy suit allege others were preferred.” It goes on to say that “an  involuntary petition  in bankruptcy was filed Wednesday  in the United States District Court against the  August Gast Bank Note and Lithograph Co. of 2036 Morgan Street. The petition of three creditors asks  This  advertisement  for  Security Safety  Paper  appeared  in  the  1908 “Proceedings  of  the  Eighteenth Annual Convention of the Tennessee Bankers’ Association.”  An  1891  advertisement  for  Gast  Wine Company. By the following year Gast was also located in Chicago.  This  wooden  handled  Gast Wine  Company  corkscrew advertises Gast Champagne.  ___________________________________________________________Paper Money * Jan/Feb 2017 * Whole No. 307_____________________________________________________________ 51 that a receiver be appointed.” Reading further, we learn that the amount involved totaled less than six  thousand dollars. Gast apparently was not negatively impacted by the action.  In 1944,  four years before  the brewing company closed, Ferdinand’s  two grandsons, Ferd and  Robert, founded the Gast Building & Realty Company in St. Louis. Branches of this company developed  residential areas, and also operated amusement parks.  In the 1960s Doug Gast, Robert’s son, became  involved in financial investments. Gast Webbing Retractors was established in the 1980s; this company  manufactured  automotive  parts.  The  present‐day Gast web  site  announces  that  “Gast  Companies  is  focused  on  three  investments  groups:  Real  Estate,  Financial,  and  Industrial.  Our  goal  is  to  use  our  expertise  to  invest  in and manage a diversified portfolio of assets  that  increases value over  the  long‐ term. Gast Companies is led by the 5th and 6th generation of Gast entrepreneurs.”  I would be remiss  if I didn’t mention a related company that had a brief connection with Gast.  Edward and Julius Hutawa moved to St. Louis from Eastern Europe in the early 1830s. An 1842 directory  lists the Edward Hutawa Lithographic and Map Publishing Office, at No. 8 South Third Street. It also lists  Edward Hutawa  as  an  architect  and  surveyor  at 7  S.  Third  Street.  This makes  sense;  surveyors drew  maps,  and  printing  them would  be  a  logical  next  step.  An  1851  directory  lists  Leopold  Gast  as  an  associate of Julius Hutawa and Company, at 45 North Second Street. Whatever the relationship was,  it  was short lived. Directories of 1850 and 1852 do not show any connection between the two men.  In closing, I should point out that some of the items produced over the years by Gast strictly for  utilitarian purposes are now desirable collectibles. An excellent example is a lithograph poster depicting  three hunting dogs  that was printed by Gast’s New York enterprise and  issued by  the Austin Powder  Company of Cleveland, Ohio in 1892. Originally painted by Edmund H. Osthaus, a nice example of the 21  ½” x 27 ½” poster sold for nearly three thousand dollars in 2009.     In  today’s  society, where  nearly  everyone  has  a GPS  in  his  automobile  or  an  iPhone  in  his  pocket, the concept of a walking cane containing a map would be archaic to most people. However, in  1893  such  an  item  was  patented  by,  appropriately  enough,  the  Columbian  Novelty  Company,  an  enterprise  established  to  produce  items  for  the  Chicago World’s  Fair.  The  cane  contained  a  spring  loaded and retractable two‐sided map that was published by Gast. Today this item would no doubt have  considerable value.  And of course there are the obsolete notes printed by Gast, most of which were ordered in the  1890s and early 1900s  for use  in company‐owned mercantile  stores  in Western  states. They are now  eagerly  sought  by many  readers  of  this  publication,  and  in  recent  years  some  of  them  have  risen  considerably in value; at least one such note has fetched a four figure price in a major auction. I imagine  August Gast would have been impressed!  Although not rare, the vignettes on this note, which was printed by  Gast in 1908 for the Cambria Trading  Company of Cambria, Wyoming, are beautiful. The imprint is “Gast – St. Louis.” Author’s collection.  ___________________________________________________________Paper Money * Jan/Feb 2017 * Whole No. 307_____________________________________________________________ 52 This 1896‐dated note from the Victor Coal and Coke Company of Trinidad, Colorado bears the “Gast – St. Louis” imprint.  Author’s collection.  Southwestern Mercantile Company operated in several New Mexico locations, as company store for Dawson Fuel Company and  Stag Canyon Fuel Company. The imprint on this rare note from the North Capitan store is “A. Gast Bank Note Co. St. Louis.”  Author’s collection.  Two early twentieth century Aug. Gast Bank Note & Litho. Co. envelopes.  A clever Gast advertising item made to resemble a bank book. ___________________________________________________________Paper Money * Jan/Feb 2017 * Whole No. 307_____________________________________________________________ 53 Altered 1934A $5 & $10 Federal Reserve Note Master Plates By Jamie Yakes From February to June 1938, the BEP altered 11 Series of 1934 $5 and $10 Federal Reserve Notes faces into Series of 1934A faces by etching an “A” after the “SERIES OF 1934” legends on each subject on the plate (see Table 1). They used the altered faces as the predominant master plates from 1938 to 1944 for making 1934A production plates for those respective kinds. They certified four of them as production plates in 1944 and used them for sheet printing, which makes them new entries to the list of late-finished plates.1, 2 Altered 1934A Electrolytic Bassos The BEP began making Series of 1934 FRN steel plates in July 1934, and by October had started making electrolytic bassos. A basso was created by depositing iron onto nickel alto, by a process called electrolytic deposition. An alto was a reverse-image plate created by the same process, but made of nickel deposited onto a steel master plate. Most bassos became production plates, but some were used as masters. The plates listed in Table 1 were among the earliest electrolytic bassos made for those types, except the St. Louis $5, which was produced a year later. Most were used as masters for making 1934 production plates; $5 New York 58 and $5 St. Louis 45 were reserved as unfinished plates. During 1938, the BEP altered those 1934 master bassos into Series of 1934A plates and assigned them 1934A plate serials. Each was the sole master plate for its respective kind until 1944. That year the BEP created new 1934A $5 steel master plates for New York, Philadelphia and San Francisco, and $10 plates for Boston and New York, and used them alongside the altered electrolytic bassos. Altering the 1934s greatly accelerated production of working 1934A faces because the BEP did not have prepare 1934A master dies and steel master plates. Every intaglio detail on a 1934 and 1934A face plate was identical, except for the series date. The As were traced using a pantograph machine and then acid-etched into the plate, the same procedure used for adding plate serial numbers. Late-Finished 1934A Faces In 1944, the BEP finished four of the 1934A faces as production plates (see Fig. 1) and sent them to press at various times between 1944 and 1946 (see Table 2). This occurred during the latter years of 1934A production, so numbered notes received serial numbers toward the higher end of the respective 1934A serial number ranges. Table 1. 1934A FRN Master Bassos Altered from 1934 FRN Master Bassos3 Type      Begun as ‘34  Altered to ‘34A  Certified  Canceled  $5 Boston 38 (4)*  Nov. 19, 1934  May 20, 1938  Not certified  Dec. 31, 1946  $5 New York 58 (13)  Oct. 16, 1934  Apr. 12, 1938  Nov. 16, 1944  Dec. 31, 1946  $5 Philadelphia 39 (2)  Nov. 6, 1934   May 26, 1938  Nov. 13, 1944   Dec. 31, 1946  $5 Chicago 54 (3)   Nov. 12, 1934  May 20, 1938  Not certified  Dec. 31, 1946  $5 St. Louis 45 (34)  Dec. 10, 1935   Jun. 8, 1938   Not certified  Dec. 31, 1946  $5 San Francisco 52 (2)  Nov. 15, 1934  Jun. 10, 1938  Nov. 17, 1944  Dec. 31, 1946  $10 Boston 68 (15)  Nov. 20, 1934  Mar. 21, 1938  Not certified  Jun. 21, 1940  $10 New York 169 (9)  Oct. 2, 1934   Feb. 8, 1938   Mar. 15, 1944  Nov. 22, 1946  $10 Philadelphia 62 (12)  Nov. 16, 1934  Mar. 10, 1938  Not certified  Dec. 31, 1946  $10 Chicago 117 (21)  Nov. 12, 1934  Feb. 28, 1938  Not certified  Dec. 31, 1946  $10 San Francisco 64 (3)  Nov. 6, 1934  Mar. 10, 1938  Not certified  Dec. 31, 1946  *1934A plate serial (1934 plate serial) ___________________________________________________________Paper Money * Jan/Feb 2017 * Whole No. 307_____________________________________________________________ 54 Table 2. Late‐Finished 1934A FRN Faces Type      Press Dates Serial Number Range*  $5 New York 58    Nov. 25, 1944–Oct. 2, 1945  Mid to high B‐B     $5 Philadelphia 39  Jan. 7–23, 1946    Mid C‐A  $5 San Francisco 52  Nov. 7, 1944–Jan. 23, 1946  High L‐A,** low L‐B**  $10 New York 169  Mar. 21–Nov. 21, 1944    High B‐C, low B‐D   *Estimated: $5 B‐B, $10 B‐C and B‐D notes are reported; **Green seals only. Philadelphia face 39 was the only late-finished face to overlap the use of 1934 faces. On January 7, the BEP sent to press Philadelphia 1934A faces 39, 49 and 52–61, and 1934 faces 33, 35 and 36. They dropped half the plates on the 22nd and the rest the following day. These were the final press runs with 1934 or 1934A Philadelphia faces. Changeover pairs were created from the simultaneous use of both and possibly involved face 39. Fig  1.  Proofs  of  the  four  late‐ finished  1934A  faces  (top  to  bottom):  $5  New  York  58,  $5  Philadelphia  39,  $5  San  Francisco  52  and  $10  New  York  169.  The  plate  numbers  at  the  upper  left  selvages  are  of  1934‐vintage.  The  “EI”  located  to  the  right  of  the  plate  numbers  indicates  “electrolytic  iron.”  These  plates  were  altered  from  EI  1934s,  and  the BEP did not make 1934A steel  plates  for  these  types  until  1944.  (Courtesy  of National  Numismatic  Collection, Washington, D.C.)    ___________________________________________________________Paper Money * Jan/Feb 2017 * Whole No. 307_____________________________________________________________ 55 Interestingly, Philadelphia 1934B faces 96 and 99 were used during November and December 1945, before face 39 was in the press room. The New York and San Francisco faces were not used concurrently with 1934 or 1934B faces. For those kinds, it is possible to find overlapped serial numbers from alternating numbering of 1934/1934A sheets and 1934A/1934B sheets. Possible Back 637 Mules It is possible the late-finished $5 faces were mated to sheets printed from late-finished micro back plate 637 to create late-finished 1934A face–back 637 mules. Back 637 complimented the late-finished FRN faces: It was a $5 master basso for 10 years until finished as a production plate on November 10, 1944 with micro serial numbers.4 It had numerous press runs between June 23, 1945 and June 14, 1949, and sheets wound their way to face printings from $5 legal tender, silver certificate and FRN faces. All three $5 faces had press runs that overlapped the first two rotations for back 637: June 23– September 21, 1945, and December 6, 1945–January 23, 1946. No late-finished FRN–back 637 mules are known; however, 1934A 637 mules are known with New York faces 159, 160 and 203, and San Francisco face 90, which were used concurrently with New York face 58 and San Francisco face 52. Perspective Late-finished FRN face served three purposes: First as 1934 masters, then as 1934A masters, and finally as 1934A production plates. The only other comparable plate was $5 silver certificate face 307.5 Uniquely, they did not retain their original 1934-vintage plate serials when altered, but were assigned the first 1934A-vintage plate serial for their type. Currently, $10 New York face 169 notes are reported, including one star (see Fig. 2), and $5 New York face 58 notes. San Francisco and Philadelphia $5s remain unknown. Report new discoveries to fivedollarguy@optonline.net. Sources Cited 1. Huntoon, P., and Yakes, J. “Salvaged Plates: Late-Finished and other Exotic Plates Explained.” Paper Money 52, no. 6 (2013, Nov/Dec): 427-437; with P. Huntoon. 2. Yakes, J. “Series of 1934A Late-Finished $5 & $10 FRNs.” Paper Money 55, no. 1 (2016, Jan/Feb): 42-43. 3. U.S. Treasury. Bureau of Engraving and Printing. Ledgers Pertaining to Plates, Rolls and Dies, 1870s- 1960s. Volume 33. Record Group 318: Records of the Bureau of Engraving and Printing. National Archives and Records Administration, College Park, Maryland. 4. Yakes, J. “The Extraordinary First Ten Years of Micro Back 637.” Paper Money 55, no. 3 (2016, May/Jun): 212-215. 5. _____. Unpublished research. Fig 2. Late‐finished  1934A $10 NY star  note with face 169.  (Courtesy of R.  Calderman)  ___________________________________________________________Paper Money * Jan/Feb 2017 * Whole No. 307_____________________________________________________________ 56 Central States Numismatic Society 78th Anniversary Convention April 26-29, 2017 (Bourse Hours – April 26 – 12 noon-6pm Early Birds: $125 Registration Fee) Schaumburg, IL Schaumburg Renaissance Hotel & Convention Center Visit our website: www.centralstates.info Bourse Information: Patricia Foley (414) 698-6498 • foleylawoffice@gmail.com Hotel Reservations: Schaumburg Renaissance Hotel - 1551 North Thoreau Drive • Call (847) 303-4100 Ask for the “Central States Numismatic Society” Convention Rate. Problems booking? - Call Convention Chairman Kevin Foley at (414) 807-0116 Free Hotel Guest and Visitor Parking. • Numismatic Educational Forum • Educational Exhibits • 300 Booth Bourse Area • Heritage Coin Signature Sale • Heritage Currency Signature Sale • Educational Programs • Club and Society Meetings • Free Hotel Guest and Visitor Parking • Complimentary Public Admission: Thursday-Friday-Saturday No Pesky Sales Tax in Illinois U n c o u p l e d : Paper Money’s Odd Couple Chits Joseph E. Boling Fred Schwan This month we deal with chits. As you might expect, these have also been counterfeited—in this case, for collectors. I have yet to find anything that we are going to cover in this column that was counterfeited for circulation. Fred mentions hundreds of issues of chits for Axis prisoners of war held in US camps. Despite all that volume, some installations did not house POWs. Nevertheless, we find chits for these non-existent camps (you would think that the fakers would at least confine themselves to copying items that actually exist in genuine form). Figure 1 (below) shows three chits. The one from Fort Jackson is genuine. The two from Camp Rucker are fantasies. Here again I stress Boling Continued on page 61 The golden age of chits was approximately 1920 through 1980, so it was altogether logical for chits to have been widely used during World War II. I have been studying (and collecting) World War II chits since the last Memphis show, where I bought a nice group. I am really enjoying this pursuit. I am also somewhat surprised by this turn of events, because I have more or less deliberately shunned chits over the decades. Yes, I have purchased a few pieces through the years, and even had a few different collections of chits. Still, I mostly rejected them as a collecting class. When Joe and I were working on World War II Remembered and its earlier versions dating from the 1970s, we had discussions about chits. We wanted the books to be as comprehensive World War II numismatic references as we could manage. There were many areas to cover and we had great and interesting material to present. However, we did not feel qualified to present chits in a competent manner. The problem was particularly vexing because chits are paper money (see below) and we were (and are) paper money guys. We solved the dilemma by simply stating that chits were outside the scope of our work. That was weak, but it was the only solution. Then of course we made some exceptions! In the final analysis, I believe that there are more chits to collect than paper money issues! There are many countries, areas, territories, islands or other entities that had no paper money or coin issues that fit our definition for inclusion, but there are many chit issues from such places. Just what is a chit? This is actually a funny topic. Most collectors and even dictionaries state that chits are money substitutes. The definitions ___________________________________________________________Paper Money * Jan/Feb 2017 * Whole No. 307_____________________________________________________________ 58 often mention the small size and temporary nature of chits. All of this seems reasonable, but it is not as easy as it sounds. Hmm, money substitute? If you can exchange a club chit for a beer or ice cream cone, it sounds like it is money (something exchanged for a good or service) rather than a substitute for money. Here is another thought. Your NCO club sells chits for the same beer or ice cream. You give the club manager a $5 Federal Reserve note for a book of chits. Was the $5 FRN money or a money substitute? Could a chit be a money substitute for a money substitute? Oh my. Let me try at a definition for our purposes. Chits are expedient issues created to alleviate a shortage or fulfill a security need. Chits are usually paper or thin cardboard and usually intended for one-time use. Chits were often printed by ticket companies in the United States. They were also frequently created locally in the diverse areas by a wide range of techniques. Considering coin, paper money, and chit collecting as separate branches of numismatics, there are many parallels among them. In all of them we are interested in the issuing authority, denominations and issue dates. We are certainly interested in the manufacturing techniques (each area has more than one possible technique) and we want to know where and by whom they were manufactured: mints, bank note companies/security printers (or even local printers), and ticket companies! The dominant ticket company during World War II was Kelsey Coupon Company of Cincinnati. Later this firm became Kelsey- Tiemeyer Coupon Company. Kelsey was the dominant manufacturer, but there were many others: Globe Ticket Company, Chicago San Francisco Ticket Company Hancock Brothers (also of San Francisco) Toledo Ticket Company Southern Coupon Co. (Birmingham, AL) I have a few chits in my collection from other than World War II. Port Clinton Yacht Club used chits for bar service in the 1950s. This use was tied to liquor laws at the time. I can remember my parents using them when I was a child. You might recall that we issue money (military fest certificates—MFC) at MPCFest. Did you know that we also issued chits? We have had several types of chits. Most would be in the category of expedient chits. For Fest 8 (2007) I wanted to go all out and have real chits. I figured that I would start at the top. I built up the courage and made a cold call to the Globe Ticket Company. Since I wanted to buy something, I did not have much difficulty getting a sales person on the phone. Then another. Then another. You guessed it—none had a clue what a chit, much less a chit book, was. I sent them some copies of chits and books, but never heard from them. Concert tickets with modern security yes, club chits no. A little to my surprise, I found out that Toledo Ticket Company was still in business. I figured that if I showed up with some chits they had printed, it would be hard for them to turn me down. They tried. I was persistent. When the old guy in the plant said “sure we can do it,” they agreed. We had a deal. I loved the project. I thought that the tickets were wonderful. They were issued without fanfare at the Fest. They were received by the Festers without fanfare. In fact they were Printer’s imprint is Great Lakes Bank Note Co. ___________________________________________________________Paper Money * Jan/Feb 2017 * Whole No. 307_____________________________________________________________ 59 received with a yawn. I guess that means they were a success. If you would like a few samples, send me a SASE. Alternatively send me $1 via PayPal (fredschwan@yahoo.com) and I will send you some. I expect more yawns! Why were chits created anyway? Well, chits could meet one or more of several needs. Here are the ones that come to mind. Chits could be used to extend credit. This was done at many military clubs during and well after World War II. An NCO club would issue a chit book to a member for a signature. The club gladly lent chits that could only be spent in the club. Cash lent could be taken anywhere. The club got their money on the next payday. Chits could improve security. Patrons at the NCO clubs mentioned above paid for drinks with chits. The chits had no value outside the clubs, so employees had little incentive to steal chits. Similarly, on a busy night the bar was not likely to build up a large amount of cash that could be a target for thieves. Chits could (and did) substitute for small change that was in short supply or a nuisance for small transactions. Those chits were mostly of an expedient type and were produced locally. Chits could contribute to operations security. Prisoners of war in the United States (some 400,000 of them) were paid in chits. The chits were supposed to be restricted to use in the camp canteen. The chits likely circulated somewhat more than that (as did MPC), but they were of little use for bribery or escape attempts. The system of POW chits was extensive, with hundreds of issues from many states. They are keenly sought by a dedicated group of collectors. Still others seek a few from their home state or, as in my case, from my home town! I had to look for forty years to find two chits from Camp Perry, Ohio (home to hundreds of POWs). So where do we stand on chit research for the planned, anticipated, hoped for second edition of World War II Remembered? Well, I do not think that we feel all that more competent to provide comprehensive treatment of World War II chits. Certainly, we know more than we did forty years ago, but then there are many more known issues now. Here is my vision. I think that we can and should add many chits to the book. We will not attempt to even scratch the surface. However, we can include images and commentary on many issues as a way to highlight their historic aspects. We sort of introduced this idea in 1995 for Remembered by including a small number of particularly interesting chits. However, at that time we felt the need to be comprehensive on any area that we included. I for one no longer feel that need. If we are not paper money elder statesmen, we are certainly senior citizens, and can be allowed to take a different approach! At Memphis shortly after purchasing the chit group mentioned above, I had a chat with Editor Bolin. I suggested and he agreed that at the conclusion of my portion of our column, I would offer “Chit Chat.” That will be a sort of column within a column. I plan to show a chit and comment on it. In some cases I may be able to provide much interesting information, but more likely I will know little other than what the chit shows. In either case I hope that the Chit Chat will be interesting. Of course, just as with everything associated with this project, I will be happy to have your thoughts, comments, and criticisms. ___________________________________________________________Paper Money * Jan/Feb 2017 * Whole No. 307_____________________________________________________________ 60 Boling Continued that 20x magnification is your best defense when you find something that is not listed in the published catalogs. Virtually all of the chits I have examined that take the form of the Fort Jackson example are printed by letterpress. However, I would not be surprised if some of the Vietnam-era chits were printed in large enough quantities to make lithography practical. In either case, we will not expect to find chits older than the 1970’s printed by any digital or Xerographic/laser process. Figure 2 shows a portion of the Fort Jackson chit—crisp letterpress. Figures 3 and 4 show portions of the two Camp Rucker chits—from a laser printer. Note the crude edges and the tiny particles of toner that escaped the main image. The red Camp Rucker chit was printed on a well-tuned printer, and shows little toner leakage; the black chit shows it mostly along the right edges of the letters. The laser printer also could not cope with the small opening in the letter “A.” The letterpress print is embossed lightly into the card (with the serial number showing more prominent embossing). The laser toner sits up on the card— it is especially noticeable in the black image. Notice also how the black toner reflects light back at the viewer. And what of the serial numbers? Again, any chit purporting to predate the digital age must have letterpress serials if it is to have numbers that change from book to book (chits are rarely individually serialized). The black chit has no serial number. It apparently got into collector hands before it was finished. The red Camp Rucker chit has a serial number, printed weakly. Figure 5 shows a portion of that number—printed with the same laser toner used for the body of the chit. Not credible. Note that it is possible to get running numbers from a laser printer, so the fact that you find two chits with different serials does not mean that they are legitimate. For example, the serials on military fest currency are running, and those notes are printed on a laser printer. Moving to another POW issue, figure 6 shows a recently offered fantasy (on eBay, of course) that wants to be seen as a British WWI chit. Figure 7 is an example of the series that this replica is likely trying to copy. The recently- offered piece appears to be made on the same typewriter used for the replica Kume Jima and Taiwan POW camp chits discussed in detail in our column of May-June 2016. It has been offered continuously since September, starting at $60 and now down to $46. Don’t be fooled. Figure 3 Figure 4 Figure 2 Figure 5 Figure 6 Figure 7 ___________________________________________________________Paper Money * Jan/Feb 2017 * Whole No. 307_____________________________________________________________ 61 On Fred’s side you will find the following definition: “Chits are expedient issues created to alleviate a shortage or fulfill a security need.” In the Litzmannstadt ghetto there was a shortage of small change. The ghetto postal system created 10-pfennig chits to alleviate this shortage. They come with two dates and varieties of typography. They were printed on light card stock—typically on the backs of unused postcards. Figure 8 shows a genuine example (top) and a modern digital replica. Figure 8 Figure 9 shows the backs. The modern pieces I have seen are also printed on old postcards, but of much better card quality than the originals. Figures 10 and 11 are 20x photos of the chits in figure 8. The originals (fig 10) are crude. Because the card stock was rough, the ink spreads out along the card fibers. The chits appear to be mimeographed using diluted ink (to make it last longer). Most mimeographed materials from this period do not show the same kinds of ink-flow that you see here (the ink usually sits up on the surface in mounds and clumps). In Figure 11 you can see that the inkjet printer used to make the counterfeit pieces was not well calibrated—not all of the ink went to the same place. There is a gray-blue shadow to the left of every black image. There are also tiny red and yellow speckles in the areas that are supposed to be unprinted (possibly not visible in the magazine illustration). In any event, the 20x image of the replica is completely unlike that of the original. If this bozo had told his printer to suppress all color, he would have obtained a much more deceptive image. Don’t expect all replicas to be so easily identifiable. Figure 12 is a photo of a meal ration chit from the same place and time, marked as a specimen (muster). This is also an inkjet copy, from the same printer as shown in figure 11. But in this case the chit was oriented 90 degrees away from the direction the postal chits were oriented, so the gray-blue shadow appears at the Figure 10 Figure 11 Figure 9 ___________________________________________________________Paper Money * Jan/Feb 2017 * Whole No. 307_____________________________________________________________ 62 top of every black element. See figure 13. To make the muster marking, which looks gray on the chit, the printer used a combination of blue and red, which is quite visible at 20x. I do not yet have an example of a genuine piece. Be aware that several kinds of ghetto chits have copies in the market. Finally, let’s look at another series that was prepared to alleviate shortages. In WWII Italy, inflation had pushed up prices, and there were not enough high-value notes to support commerce. In the region of Liguria, in north- western Italy in 1944, Italian notes (mostly of low denominations) were revalued x100 by rubber stamp and circulated under the auspices of the Comitato Liberazione Ligure (CLL). Rubber stamps are very easy to replicate, either by obtaining a real stamp (there are many sources for them—you just need to provide artwork) or by use of digital imagery. Because the impression left by a real stamp is variable (depending on the pressure used, the kind of ink used, and the angle at which the stamp contacts the target), one has to look at many notes to get a good idea of what to look for (and what to label as suspicious or worse). Here again your 20x magnifier is your most useful tool. All of the Liguria fakes that I have seen are inkjet products, but using two models of printer (I don’t know what the technical difference is, but the images are quite distinct). Figure 14 shows an Italian 10 lire note revalued to 1000 lire. In this case it is a counterfeit for collectors. The office that was making these in 1944 used two formats for the horizontal stamp and more than one size of round stamps, so you can’t separate good from bad by typography or measurements. You have to look at the magnified appearance of the stamps. Digital processes sometimes have difficulty dealing with angles and curves. We have talked about the stair-stepping effect seen in many digital images. In this case, the tilted top box created a stair-step effect along the box’s edges—see figure 15. In addition, the fluid inkjet ink pooled on the surface of the note and dried in puddles—an effect rarely made by a stamp. (When a stamp’s surface is fouled with clots of ink, it can make a spotted impression like this, but even such an effect is different from what you see here—the spots are much larger. See figure 18.) Figure 16 shows a genuine rubber stamp impression - fairly smooth in places, rough in others, but lacking the stray dots that you see Figure 12 Figure 13 Figure 14 Figure 15 ___________________________________________________________Paper Money * Jan/Feb 2017 * Whole No. 307_____________________________________________________________ 63 escaping at the edges in figures 4 and 15. There is also no stair-stepping. Figure 17 shows the same area of an overstamp created with a different inkjet printer than was used for the note in figure 15. Note the extreme diffusion at the edges and the colored dots making up the clouds along the edges (most likely not visible in the magazine—find an inkjet-produced overstamped note and examine it closely with your 20x magnifier in bright light). Figure 18 shows two genuine notes demonstrating the effect of many days of striking notes with the beleaguered stamp. Ink has fouled the edges of the devices and in parts of the image the inked surface has been worn or mashed away so that it no longer prints. A genuine stamp in this condition is getting fragile, and successive impressions will likely not be identical. If you see several notes on offer that have this kind of damage, and it’s exactly the same from note to note, be suspicious. Did you notice the star punches in the two notes of figure 18? That was added security devised by the issuer—using a star-shaped ticket punch to mark each note. When we wrote WWII Remembered, the received wisdom was that all genuine notes had to have those punches. Today European collectors are accepting notes without the punches. One also sees inkjet “stamped” notes with punches, and apparently genuine notes with punches of different dimensions. We don’t know what the rule should be. Use the quality of the stamped image as your first point of authentication. And to show how ambiguous stamped images can be, see figure 19. This is a genuine note with very diffuse edges. But compare it with figure 17—notice the very distinct core of the line, and the sharp edges of that core. This is a rubber stamp made with ink that diffused out into the paper (probably not ink that was designed to be used on a stamp pad). It is noticeably different from the inkjet image of figure 17. As I said, you have to look at many pieces to get comfortable in separating stamped images from digitally-produced ones. If somebody starts using a laser printer to make these, it will be a lot easier to distinguish the bad ones. Enough of chits from me for a while. Fred will be giving you Chit Chat every issue—if he comes up with one for which I have a fake, I will discuss it. Figure 16 Figure 17 Figure 18 Figure 19 ___________________________________________________________Paper Money * Jan/Feb 2017 * Whole No. 307_____________________________________________________________ 64 Whitman Encyclopedia of Obsolete Paper Money The eighth volume of Q. David Bowers’s multiple- book Whitman Encyclopedia of Obsolete Paper Money studies in great detail the bank notes of Delaware, District of Columbia, Maryland, and Virginia. Bowers gives historical narrative for every town, city, and bank involved in producing notes from 1792–1866; note-by-note values in multiple grades, current rarity levels, significant auction results, and other market data based on ongoing research; full-color images, and more. Volume 8 is the third and final book on the South Atlantic states. Earlier volumes studied New England in similar detail, and subsequent volumes will cover the Mid-Atlantic and Midwest states. To order, please call toll-free: 1-800-546-2995 Online: www.whitman.com Email: customerservice@whitman.com Mention code V8 at checkout to receive FREE SHIPPING Offer valid through 12/31/16 672 pages • Hardcover $69.95 Available December 2016 Don’t Forget to Catch Up on Previous Volumes TODAY! 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Over the course of these decades more than 3,000 state-chartered banks issued their own paper money. In this magisterial set of standard references, the “Dean of American Numismatics,” Q. David Bowers, has compiled decades of research from 18th- and 19th-century bank reports, contemporary newspapers, and other primary sources. He gives the history of every state, every town and city, and every bank that issued this uniquely American currency. Each note is studied, and thousands are pictured in full color, with information on grading, rarity, values, signifi cant auction results, advice for collectors, and more. The Whitman Encyclopedia of Obsolete Paper Money is a project of grand scope, a gathering of stories about our nation—from small town to big city, from the early days following the Revolution to the tribulations of the Civil War. It paints a beautifully detailed landscape of America and its early money. 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Essential for collectors, it is equally valuable for American historians. Volume 2 is an immersion in the life of New England and our nation from the Revolution to the Civil War. More than 140 towns and cities, 300-plus banks, and nearly 6,000 individual notes Volume 2: New England, Part 1: Connecticut, Maine, and New Hampshire New England, Part 1: Connecticut, Maine, and New Hampshire FOREWORD BY FRED REED $39.95 / $43.80 Canada Inside volume 2: How to use this book • The obsolete bank notes of Connecticut, Maine, and New Hampshire, including Proofs, remainders, and uncut sheets, and counterfeit, spurious, and altered notes • Glossary • Bibliography • Detailed index “Destined to become a landmark event in the unfolding history of U.S. paper money collecting. These works should be on the shelves of our institutions of higher education and in historical societies of all the states covered.” --- Fred Reed, editor, Paper Money Magazine ZT40078-0314 FOREWORD BY ANNE E. BENTLEY New England, Part 2: Massachusetts, Book 2 Hallowell to Yarmouth 74 towns and cities from Hallowell to Yarmouth, 162 banks, and 4,500 individual notes Volume 4: New England, Part 2: Massachusetts, Book 2 Hallowell to Yarmouth $69.95 / $76.59 Canada Printed in China The Whitman Encyclopedia of Obsolete Paper Money is a multiple-volume study of currency issued by American banks from 1782 to 1866, before the modern era of National Banks and the Federal Reserve. In volume 4, the “Dean of American Numismatics,” Q. David Bowers, has compiled decades of research from 18th- and 19th-century bank reports, contemporary newspapers, and other primary sources. He gives the history of every bank that issued this uniquely American currency in the New England state of Massachusetts, from Hallowell to Yarmouth (volume 3 covers Abington to Greenfield). Each note is studied, and more than 800 are pictured in full color, with information on grading, rarity, values, significant auction results, advice for collectors, and more. The Whitman Encyclopedia of Obsolete Paper Money is a monumental work. Essential for collectors, it is equally valuable for American historians. Volume 4 is an immersion in the life of New England and our nation from the Revolution to the Civil War. “ A new and eagerly awaited series, the Whitman Encyclopedia of Obsolete Paper Money is a treasure trove of information, vivid illustrations, and key data illuminating the wonderfully decorative and colorful currency issued by American banks from 1782 to 1866.” — Anne E. Bentley, curator, Massachusetts Historical Society Inside volume 4: How to use this book • The obsolete bank notes of Massachusetts, from Hallowell to Yarmouth, including Proofs, remainders, and uncut sheets, and counterfeit, spurious, and altered notes • Glossary • Bibliography • Detailed index O BSO LET E PA PER M O N EY New England, Part 2 Massachusetts, Book 2 Hallowell to Yarmouth 4 WHITMAN ENCYCLOPEDIA OF Cover_ObsoletePaper_V4.indd 1 10/13/14 9:30 AM FOREWORD BY MICHELE ORZANO New England, Part 3: Rhode Island and Vermont 104 towns and cities, 267 banks, and 5,044 individual notes Volume 5: New England, Part 3: Rhode Island and Vermont $69.95 / $87.81 Canada Printed in China The Whitman Encyclopedia of Obsolete Paper Money is a multiple-volume study of currency issued by American banks from 1782 to 1866, before the modern era of National Banks and the Federal Reserve. In volume 5, the “Dean of American Numismatics,” Q. David Bowers, has compiled decades of research from 18th- and 19th-century bank reports, contemporary newspapers, and other primary sources. He gives the history of every bank that issued this uniquely American currency in the New England states of Rhode Island and Vermont. Each note is studied, and more than 1,300 are pictured in full color, with information on grading, rarity, values, significant auction results, advice for collectors, and more. The Whitman Encyclopedia of Obsolete Paper Money is a monumental work. Essential for collectors, it is equally valuable for American historians. Volume 5 is an immersion in the life of New England and our nation from the Revolution to the Civil War. “ These volumes provide collectors, both seasoned and new, with vital information, as well as many adventures, whether by armchair, bourse floor, or auction catalog.” — Michele Orzano, Senior Editor, Coin World Inside volume 5: How to use this book • The obsolete bank notes of Rhode Island and Vermont, including Proofs, remainders, and uncut sheets, and counterfeit, spurious, and altered notes • Glossary • Bibliography • Detailed index O BSO LET E PAPER M O N EY New England, Part 3 Rhode Island and Vermont 5 WHITMAN ENCYCLOPEDIA OF Cover_ObsoletePaper_V5.indd 1 3/3/15 9:46 AM O BSO LET E PA PER M O N EY WHITMAN ENCYCLOPEDIA OF New England, Part 2 Massachusetts, Book 1 Abington to Greenfield 3 $69.95 / $76.59 Canada Printed in China The Whitman Encyclopedia of Obsolete Paper Money is a multiple-volume study of currency issued by American banks from 1782 to 1866, before the modern era of National Banks and the Federal Reserve. In volume 3, the “Dean of American Numismatics,” Q. David Bowers, has compiled decades of research from 18th- and 19th-century bank reports, contemporary newspapers, and other primary sources. He gives the history of every bank that issued this uniquely American currency in the New England state of Massachusetts, from Abington to Greenfield (volume 4 covers Hallowell to Yarmouth). Each note is studied, and more than 700 are pictured in full color, with information on grading, rarity, values, significant auction results, advice for collectors, and more. The Whitman Encyclopedia of Obsolete Paper Money is a monumental work. Essential for collectors, it is equally valuable for American historians. Volume 3 is an immersion in the life of New England and our nation from the Revolution to the Civil War. Inside volume 3: How to use this book • The obsolete bank notes of Massachusetts, from Abington to Greenfield, including Proofs, remainders, and uncut sheets, and counterfeit, spurious, and altered notes • Glossary • Bibliography • Detailed index “ . . . a host of interesting stories about the banks, their notes, and the era they represent. This encyclopedic series is designed not just for specialists and collectors of paper currency, but also for all who enjoy learning more about various aspects of our nation’s financial history. . . .” — Anne E. Bentley, curator, Massachusetts Historical Society 51 towns and cities from Abington to Greenfield, 169 banks, and 3,945 individual notes Volume 3: New England, Part 2: Massachusetts, Book 1 Abington to Greenfield New England, Part 2: Massachusetts, Book 1 Abington to Gr enfield FOREWORD BY ANNE E. BENTLEY Cover_ObsoletePaper_V3.indd 1 10/13/14 9:31 AM INTERESTING MINING NOTES by David E. Schenkman A Two‐State Mining Note  I became aware of the Tower Mining Company notes of Woonsocket many years ago, when I purchased Roger Durand’s Obsolete Notes And Scrip of Rhode Island and The Providence Plantations. At the time I wasn’t especially interested in mining scrip, but I was intrigued by these notes because I was an avid collector of Virginia tokens, and the notes stated that they were “Payable at Paddy Mills, Va.” Roger listed One, Two, Three, and Five Dollar denominations, all dated in the mid‐1850s, and all quite rare. The Rawdon, Wright, Hatch & Edson, New York imprint appears on each note. Concerning the notes, Roger commented that “The background of this company is clouded by the passage of time. Apparently this company operated from two locations, Paddy Mills, Virginia and Woonsocket, Rhode Island. Both areas were thought of as being rich in iron ore at the time.” A recent Heritage sale offered a Two Dollar note from the Eric Newman collection, and I purchased it. Of course I wanted to learn whatever I could about the company and I assumed this would be an easy matter since Google, which was not around in 1981 when Roger’s catalog was published, has greatly simplified research. I was wrong; there doesn’t seem to be much information available about the Tower Mining Company in Rhode Island. The Historic and Architectural Resources of Cumberland, Rhode Island, revised in 1998 by the Rhode Island Historical Preservation Commission, includes the following notation: “TOWER MINE early 19th century: Located south of the summit of Beacon Pole Hill and south of Tower Hill Road, the Tower Mine was probably a source of copper ore.” From the 1878 History of the State of Rhode Island with Illustrations we learn that “On the land owned by Joseph Burlingame is located the celebrated gold‐mine. This mine was opened by General Leach of Massachusetts. He found that the mine contained nothing but iron pyrites. The general soon learned, to his great loss, that it is 'not all gold that glitters.' No doubt that when Mr. Tower discovered the copper‐mine he thought that he had found gold, and so earnestly did he entertain the idea, that he spent a fortune in a vain search for the precious metal.” Regarding the copper mine, it comments that it “remains unimproved, and is a monument of disappointed hopes.” ___________________________________________________________Paper Money * Jan/Feb 2017 * Whole No. 307_____________________________________________________________ 66 The notes are also listed in Virginia Obsolete Paper Money, which was written by Richard Jones and Keith Littlefield, and published in 1992. The authors don’t provide any information concerning Tower Mining Company and, like Durand, they attribute Paddys Mills to Shenandoah County. I assumed I would learn a lot more about the Virginia operations of the company, but again I was wrong. There was a Post Office at Paddy’s Mills from 1851 to 1881, and the county is given as Shenandoah in an 1879 official Postal directory. In the 1922 Manganese Deposits of Western Virginia, written by G. W Stose and H. D. Miser, they write “The Mineral Ridge mine, also known as the Paddys Run mine, Paddy Mills mine, Paddy Hill mine, and the Nelson mine, is on Manganese Ridge in Cedar Creek Valley, 2½ miles north of Zepp, 17 miles north of Woodstock, and 10½ miles west‐northwest of Strasburg. The ridge is known by the name of Manganese Ridge by the people who live in the region but it is called Mineral Ridge by some of the past operators of the mine. Cedar Creek Valley trends northeastward and lies between Sluice and Great North mountains on the northwest and Little North Mountain on the southeast.” As the above indicates, the mine was known by several names, and I found it interesting that several other accounts give its location as Frederick County, which borders Shenandoah County. According to one source, the first manganese mined in Virginia was at Paddy Run, Frederick County, in 1834. Another Internet source says “the Paddy Mills mine is in Frederick County, Virginia, and was worked before 1861.” So, there are still unanswered questions regarding the operations of the Tower Mining Company. I did learn that it was chartered in January, 1854; the charter was repealed January 1856. The most interesting thing I found was an article in the October 17, 1855 issue of the Richmond Dispatch. Headlined FRAUDULENT BANKING, it reported that “The Woonsocket (R.I.) Patriot has seen a $2 bill issued by the ‘Tower Mining Company,’ dated at Woonsocket, and made payable at ‘Paddy Mills, Va.’ The Tower Mining Company was incorporated by the Legislature of Rhode Island, for the purpose of mining, and this banking business is nothing but a swindle. The Patriot says that the original incorporators sold out the charter to some Western men, and that the notes were issued by them.” Comments, questions, suggestions (even criticisms) concerning this column may be emailed to dave@turtlehillbanjo.com or mailed to P.O. Box 2866, La Plata, MD 20646. ___________________________________________________________Paper Money * Jan/Feb 2017 * Whole No. 307_____________________________________________________________ 67 The Obsolete Corner The Howell Works Company by Robert Gill The new year is upon us, and we can watch with anticipation at what exciting things it may bring to the "world of paper". Hopefully, for me, there will be a nice sheet or two to acquire in this month's FUN auction. There are also some other high powered auctions scheduled that could bring some nice pieces out of "the woodwork". I guess we'll just have to wait see what transpires. In this issue of Paper Money I'm going to share with you a sheet that I acquired just a few months ago. And that is on The Howell Works Company, which operated in New Jersey almost two centuries ago. In 1820s New Jersey there was a picturesque community established, situated in Monmouth County. Located thirteen miles south of Freehold, and six miles west of Sea Girt, it was known as Allaire, named after James Allaire, owner of a thriving business there. According to Charles Boyer, in his book Early Forges & Furnaces in New Jersey, there was a furnace called Monmouth Furnace that predated the Howell Works. It's not known when it began operation, but by 1817, an operating furnace with an annual capacity of 700 tons was advertised for sale along with a forge, saw mill, dwelling house, workers' houses, and a site for a slitting and rolling mill. Benjamin Howell was the first known operator of the works by leasehold from William Newbold in 1821. At that time, it became known as The Howell Works Company. Allaire purchased the company and its property from Newbold the following year. After acquiring the company, Allaire began systematic initiatives to make improvements to his company, as well as the company community that supported it. A modern smelting furnace was erected, which replaced the less efficient and outdated one. Infrastructure connecting the area was upgraded, and roads supporting traffic coming to the area were improved. Docks at Oceanport, which was less than 20 miles northeast of Allaire, were built, sloops were procured, and regular shipping routes to New York City commenced. Allaire built a waterworks, a mill, a bakery, a company general store, a church, a carpenter’s shop, and a factory for manufacturing screws. Other auxiliary buildings were also constructed, including housing for company foremen, an enameling house, as well as a charcoal fuel depot. There was a Post Office located in the foreman's cottage. From there mail was sent out and received once a week. The company general store was built in 1835. The store was designed to attract patrons not only from the community, but from the surrounding area. Shipments from New York brought all sorts of goods and commodities not readily accessible in the local community. The store included a drug store. There was also an elevator, working on a series of pulleys, used to carry goods to the upper floors. The cellar was where meat, fish, molasses, and coarse groceries were sold. The first floor was the location for the drug store and sales of dry goods, hardware, light groceries, ironware, wines, flour, and meal. The second floor was crowded with furniture and unpacked merchandise. The top floor was used for storage of grain and other goods. Garden produce and milk from the Work’s farms were also sold at the store. ___________________________________________________________Paper Money * Jan/Feb 2017 * Whole No. 307_____________________________________________________________ 68 ___________________________________________________________Paper Money * Jan/Feb 2017 * Whole No. 307_____________________________________________________________ 69 Along with the company’s core industrial activities, about 500 men were employed in the various industries comprising the community. Five large farms, abutting the Work's community, were bought to supply fresh food, as well as to provide the necessary land to construct a canal to bring water from the nearby Mingamahone Brook. Eventually, stagecoach lines were brought into service. Daily, scheduled trips to and from New Jersey towns were offered. Unfortunately, the prosperity at Allaire was not to last. The financial panic of 1837 crippled James Allaire and his access to capital. Allaire, who had extensive works in New York City, had to divest his ownership in them to weather the financial storm. Even with this action, such initiatives were not enough. Soon thereafter, new methods for smelting were discovered. New and improved methods of combustion were innovated, and suddenly Allaire's relatively new furnace passed into obsolescence. The discovery and exploitation of superior grade ore in Pennsylvania, along with anthracite coal, which was a superior fuel to charcoal for smelting, vastly accelerated his fall. Quickly it became evident that his iron could not be produced at the Howell plant as cheaply as it could be elsewhere. In 1846 he reluctantly announced that Howell’s furnace could no longer profitably make iron. Closing of the furnace marked the death-knell of the town. Very soon thereafter the community's other industries faltered. Its population dwindled and finally disappeared. For almost a century afterwards the structures languished in ruins. Many of the buildings fell into disrepair, and had either been razed, or had collapsed onto themselves. It wasn’t until sometime after the beginning of the 20th century that attention was again paid to what was once a thriving community. Ultimately, the remaining buildings and property of the area were granted historic status. They were preserved and restored, and made available for access by the general public. Today, the Historic Village at Allaire is a New Jersey state park. I was very fortunate to acquire this sheet and add it to my collection of New Jersey notes. I hope you enjoy viewing it and reading what I have been able to find in the history of this old company. As I always do, I invite any comments to my cell phone (580) 221-0898, or my personal email address robertgill@cableone.net Until next time, HAPPY COLLECTING. ___________________________________________________________Paper Money * Jan/Feb 2017 * Whole No. 307_____________________________________________________________ 70 Another Illustration of the COPE Crossover Phenomenon by Joe Farrenkopf The COPE Crossover phenomenon described by Ed Zegers in his article “Bureau of Engraving and Printing Currency Overprint Processing Equipment” (Paper Money, July/August 2016) occurs across all denominations and can involve just the left half of the run (plate positions A1 through H2), just the right half of the run (plate positions A3 through H4), or both halves of the run. Typically these crossover sheets show up in small quantities within a print run. Mr. Zegers’ example of at least 5,149 such sheets from Series 2003A $1 notes from F-* run 4 is a comparatively large quantity of crossover sheets and is an example involving both halves of the run. Another run similarly affected was Series 1995 $1 notes from E-* run 4, appearing to involve at least 6,181 sheets. The most extreme case of the crossover phenomenon that I’m aware of involves Series 1995 $1 notes from the H-E block. Practically the entirety of runs 7, 9 and 10 (serials 38400001 through 44800000 and 51200001 through 64000000) plus a significant portion of run 11 (serials 64000001 through 70400000), at least half of run 12 (serials 70400001 through 76800000) and a significant portion of run 14 (serials 83200001 through 89600000) exhibit these crossover plate positions. The I-G block of Series 1995 $1s, which was serialed around the same time as runs 7 through 14 of the H-E block, also appears to exhibit only crossover plate positions in the lowest 20,000 sheets of runs 9 and 10. An example of crossover sheets involving just one half of a run can be found in Series 2004 $50 notes from EG-* run 3, where it appears that most or all notes from the left half of the run have the proper plate positions A1 through H2 while most or all notes from the right half of the run have crossover plate positions, i.e., also A1 through H2 instead of A3 through H4. The two Series 2009 $10 notes pictured below are an interesting illustration of the crossover phenomenon. The two notes are from run 15 of the JB-B block. The left half of that run comprises serials 89600001 through 92800000, meaning that the note with serial 89619326 is from the left half of the run. The right half of that run comprises serials 92800001 through 96000000, meaning that the note with serial 94219326 is from the right half of the run. What is interesting about the pair of notes is that they share the very same sheet number – 19,326 – yet they were not printed from the same original sheet. This can be seen by the fact that their face plate numbers are different (i.e., 43 and 45; their back plate numbers are also different – 40 and 26), and by the fact that the plate position of the note with serial 89619326 (A1) is correct while the plate position of the note with serial 94219326 (H1) is incorrect; the latter note’s plate position is supposed to be H3. This reveals that a half-sheet from quadrants 1 and 2 was fed into the side of the serialing press intended for half-sheets from quadrants 3 and 4. As a result, when sheet number 19,326 was serialed, all of the left-side notes had proper plate positions while all of the right-side notes had crossover plate positions. ___________________________________________________________Paper Money * Jan/Feb 2017 * Whole No. 307_____________________________________________________________ 71 Catastrophes, Slow and Fast From a voyeur’s point of view, there are two kinds of catastrophes: those that you know are coming and those that spring upon you unawares. When I curl up in the evenings with my laptop to watch compilations of Russian dash cam accident videos on Youtube, I get to enjoy a little of both types. On the one hand, I know to look forward to an unfolding catalog of automotive mayhem. On the other, each crash scene surprises with a distinctly different mix of human imbecility and negligence. In the world of paper money we are witnessing both kinds of catastrophe. Let’s turn first to the monetary wreck we know is coming. After months of rumors, Zimbabwe has finally dared to introduce a successor to its eponymous dollar that collapsed after the catastrophic inflation a decade ago. Robert Mugabe and his cronies ran the economy into the ground, and by 2007 the country’s fiscal situation grew so desperate that it embarked on hyperinflationary policies that ended in late 2008, with the issue of that iconic 100-Trillion Zim Dollar note so beloved on eBay. In April 2009 Zimbabwe abandoned its own currency and by 2015 fully eight different foreign substitutes lubricated the gears of commerce. This jerry-rigged state of affairs seemed manageable. But it also led to what the historian Carlo Cipolla once termed “the big problem of small change”—the lack of some appropriate fractional currency to return to customers with their purchases. Businesses had been wont to give condoms, sweets, and the like, but clearly that was unsatisfactory. So in 2014 the government tiptoed back into the money- making business by issuing “bond “ coins in fractions of a U.S. dollar, so named because the value of the coins was backed by a bond held in escrow. These coins made people nervous, but they did fill a need. The earth really began shaking when the Zimbabwean authorities announced plans to issue bond notes—these in Z$2, $5, and $10 denominations, all pegged to the U.S. dollar. This was justified as meeting a chronic cash “shortage”, which is another way of saying that Zimbabwe’s trade deficit, in the absence of a local currency, automatically drained away the money supply. As the bond note issues became imminent, shortages worsened because of foreign currency flight in the very anticipation of those notes. It was a mark of the government’s utter lack of credibility that, when the notes actually appeared at the end of November, citizens protested their issue—and were met with water cannons by the police! Unfortunately for the new bond notes, they feature the same Chiremba Balancing Rocks made popular on defunct issues of Zimbabwean dollars. Their debasement is just a matter of time. The second, and sudden, catastrophe exploded in India. Attempting to stymie India’s underground economy and the pervasive corruption that fuels endless bribery, the government of Narendra Modi announced one November day that, overnight, all 500 and 1,000 rupee notes would become invalid. Citizens would need to turn them in to the government, and if the amounts paid in couldn’t be legally accounted for, they would be considered “black money” subject to government confiscation. Since these two denominations comprised over 85% of the money in circulation, the effect of this order was instantaneous and traumatic, as people either jostled in endless queues at overwhelmed banks, or rushed to dispose of rupee balances through whatever loopholes remained available (it also created a wonderful new word: “cashtration”). Between the invalidated rupee balances and the government’s botched attempt to issue replacement notes, the blow to the economy will be real, and considerable. Indeed, Modi’s attempt to throttle corruption will likely only increase it, as enterprising Indians find new ways to launder their “black money” balances, and with new banknotes conveniently issued by the government. In the event, it is the poor, who are not so clever and versatile, who will be screwed by Modi’s folly. As Solzhenitsyn put it, “wherever the law is, crime can be found.” India’s corruption isn’t fostered by the sheer presence of paper currency, but by the myriad rules and officious overregulation that stifle the country’s economy, and create endless opportunities for rent-seeking and corrupt behavior. Venezuela, no slouch when it comes to monetary mismanagement, is now embarking on a similar misadventure in demonetization. As a journal for collectors, Paper Money isn’t particularly the place for screeds on monetary policy. Money, wrote the economist Abba Lerner in 1947, is “a creature of the state”, and it is upon the state that collectors will continue to rely for those slips of paper whose beauty and rich meanings give us such pleasure to possess. All the same, there are moments when states must be called out for how appalling stupid their behavior can sometimes be. Chump Change Loren Gatch ___________________________________________________________Paper Money * Jan/Feb 2017 * Whole No. 307_____________________________________________________________ 72 President’s Column Jan/Feb 2017 It’s snowing outside as I write this and we are looking at a normal to cooler winter than normal! Early cold weather settles in over New England. One can hope that flights South are open next weekend! I hope all had a great holiday season and are ready for another great new year with interesting developments and opportunities awaiting. I will have attended the FUN show and returned home by the time you read this – this year in Fort Lauderdale. This year we will have an SPMC meeting with yours truly presenting. Looking back at the fall, we saw a busy season and the opportunity to catch up with many SPMC members. We attended the Wall Street Bourse at the American Museum of Finance on Wall Street. What a wonderful place for a show and up on the main museum flow to boot! We saw a good number of Society people and caught up with old and made new friends. The events and awards ceremonies were fun too. I’m not sure if John Herzog is doing another one, but search on Wall Street Bourse coin show and come this year and meet fellow SPMCers. Manchester NH’s New England Numismatic Association (NENA) show and the Baltimore Expo both were strong shows as well. While no SPMC events, we did meet up with many of our fellow members to discuss paper money, market trends, collecting trends and other things. Fall is a great time to come to the northeast and these shows give one an opportunity to learn more about paper money via exhibits, sessions, auctions and meeting people. We are honored to welcome Joshua Herbstman to the Board! He is an investment manager and part-time financial historian, specializing in the history of U.S. Treasury Bonds. In his free time, he is the director of The Joe I. Herbstman Memorial Collection of American Finance. The collection is dedicated to the preserving and teaching the visual history of the U.S. national debt. It is the largest known private collection of U.S. Treasury securities. We look forward to his leadership and contributions! The Kansas City International Paper Money Show on June 9-11 looms larger as we move into the New Year! It will be held at the Sheraton Kansas City Hotel at Crown Center 2345 McGee St, Kansas City, MO 64108. This will be an exciting new venue that I look forward to. Start making plans and we will hear more from Lyn Knight in the early part of 2017. Exhibit Chair Bob Moon reports that due space issues there will be a limit on cases for exhibits – 7 cases. We are working to set up our honored, time-tested breakfast tradition on Friday morning as well! VP Shawn Hewitt reports on the obsolete database project. A lot has transpired over the last several months, as data specialist Mark Drengson, several State Experts (SEs) and Shawn have been hard at work continuing to update the website infrastructure and add content to the database. Check out the progress at www.spmc.org/obs. To date we have three areas that are ready for general use: Minnesota, District of Columbia (banknotes only) and Alabama. Thanks to Ron Spieker and Bill Gunther for their significant contributions of time and knowledge! These three are now populated with entries of all designs known to these SEs, with sample images from their collections, & the database is ready to take on single notes by anyone to help fill out the census. We approach each state typically in two parts. In the first step, we assemble a table of all issuers and their known designs. This contains the kind of data you'd see in a typical obsolete note book. Once that data is uploaded, we then proceed to enter note-specific data, which includes images, serial numbers, grades, etc. of the notes. We have design data uploaded for Wisconsin, Ohio, Maryland (banknotes only) and Iowa. State Experts (SEs) for those states have been or will be preparing their note data for import soon. We are still looking for a SE for Iowa. On deck now is Louisiana, South Carolina, Arkansas, and Georgia. We will be contacting SEs of those states early next year as we prepare to create and upload design data. In spring 2017 we hope start New York and Tennessee. We keep a status update here: https://www.spmc.org/obs/faq-page#n6892 If you would like to get an earlier start on your state, please let us know and we’d be happy to work with you as soon as possible. Thanks again for your part in helping to build this valuable database and census. Thanks, also, to the SPMC Board of Governors for their continued support. I want to encourage members to use our web site – www.spmc.org. This is a wonderful resource for all of us as well as promotion for our hobby and Society. Please use your membership points to advertise, contribute to the blogs and forums, and update and use the calendar of events. The more of us that contribute and use our web site the better it gets for all! Have a great numismatic winter! Pierre Fricke ___________________________________________________________Paper Money * Jan/Feb 2017 * Whole No. 307_____________________________________________________________ 73 74  Paper Money * Jan/Feb 2017 * Whole No. 307 Editor Rambles 2017! Wow! Another year already gone by! While 2016 was an interesting year, 2017 is shaping up to be an even more interesting year, a year of certain uncertainty! While I will not be discussing or even entertaining any type of political discussions, it seems that it will be an interesting year on many fronts. On a paper money front, we have a lot to look forward to and to anticipate. Two great shows started the year and may still be in progress when you read this. Further, we look forward to the International Paper Money Show, relocated from Memphis after 40 years to Kansas City. I am sure it will be worthy of attendance by all. IPMS (as I will call it now) is for me a time to renew old acquaintances, learn some new things (like the MPC I learned about and bought last year) and a place and time to just co-exist with those of like thinking and interests as me. Also, if memory serves me correct, instead of world-famous ribs, we will be able to chow down on some of the finest steak around—same animal, different cut. I know I am excited about the New Year as it relates to Paper Money. I have a lot of really good, intellectual articles and some that are just plain fun without stretching those brain cells. Unfortunately for some of the authors, I have a lot of longer articles (good for me and the readers) that may delay the publication of some articles. This issue has some really good articles that are very well researched. Peter Huntoon takes us on one of his magical journeys and I am always amazed at what he finds—who would have ever thought of beer revenue stamps and their relation to U.S. notes. David Schwenkman did an excellent job on giving us new information on a printer and Rick Melamed put forth a gargantuan effort on one of my all-time favorite topics—Fractional Currency Experimentals. Messrs. Boling and Schwan got us knee deep in chits and our other columnists, well what can you say, we are so lucky as a hobby to have such dedicated and talented authors and researchers! As you all know I was a big fractional currency and South Carolina collector for 30+ years but have recently sold most of those collections and am now into fractional currency look-a-likes and my new joy— literature. I started my literature adventures with fractional which is still my primary focus, but have recently come within one small book of a complete set of books by John Muscalus. When I look at the 79 or so I have (I need his book on Louisiana Scrip— if you have an extra), I am amazed at the level of research that was done before the internet. It just goes to show that with a desire and drive, almost anything can be accomplished. That is my wish for everyone this year. As we enter into arguably one of the most, if not the most, uncertain times in our history, I urge you all to remain focused and work to make a difference in your and someone else’s life. Dedicate yourself to making an indelible contribution to society. Yes, that can be making a difference in this hobby. So don’t think about the uncertainties, but dwell on the certainties like two great shows to start the year, five more issues of Paper Money to come, KC—the new Memphis. Remember, it is not about being the best, just being better than you were yesterday. And if it starts to get you down, just sit down and look at all those wonderful notes in your collection, watermelons, Chiefs, Bisons and other types that make you happy. And in the somewhat plagiarized and reworked words of John F. Kennedy—Think not what this hobby can do for you, but what you can do for this hobby. Okay, I apologize for laying it on so thick but now that I am official senior citizen, I sometimes ramble. Benny Texting and driving—It can wait!! W_l]om_ to Our N_w M_m\_rs! \y Fr[nk Cl[rk—SPMC M_m\_rship Dir_]tor NEW MEMBERS 11/05/2016 14564 Ross Brooks, Australia, Website 14565 Steven Harden, Frank Clark 14566 Tom Howard, Tom Denly 14567 Mark Kriesemint, Scott Lundquist 14568 Edward Nelson, Frank Clark 14569 Kevin Webster, Jason Bradford 14570 Dr. Lawrence Ruehlen, Frank Clark 14571 Katherine Chavez, Jeff Brueggeman 14572 John Viel, Frank Clark 14573 Barry Schwartz, Frank Clark 14574 James McNaughton, Website REINSTATEMENTS None Life Memberships LM431 William Lorman, Scott Lindquist NEW MEMBERS 12/05/2016 14575 James Devlin, Frank Clark 14576 Jose Luis Ferrer, Jeff Brueggeman 14577 Richard A. Beck, Scott Lindquist 14578 Carl Brostedt, Jeff Brueggeman 14579 Norm Decker, Frank Clark 14580 Mark Dube, Jeff Brueggeman 14581 Shane Mason, Frank Clark 14582 Suresh Patel, Canada, Website REINSTATEMENTS None Life Memberships LM432 Igor Vasilyev, Switzerland, Website For Membership questions, dues and contact information go to our website www.spmc.org ___________________________________________________________Paper Money * Jan/Feb 2017 * Whole No. 307_____________________________________________________________ 75 An Index to Paper Money Volume 55, 2016 Whole Numbers 301-306 Compiled by Terry A. Bryan Yr. Vol. No. Pg. BANKS, BANKERS AND BANKING A.J.Stevens & Co.—Agricultural Bank of Tennessee, illus., Marv Wurzer ........................... 16 55 302 75 How Four People Changed the History of the United States, illus. Steven Jennings ......... 16 55 304 272 Singapore Michigan, and Its Bank of Singapore, illus., Robert Gill ......................................... 16 55 302 137 Stolen Loot: Robbery of the Osage National Bank, illus, James C. Ehrhardt ...................... 16 55 302 97 Bolin, Benny Fractional MPC, A Venture into a New Collecting Area, illus. .................................................. 16 55 305 340 Just Filling Space: Some Currency Websites, illus. .................................................................. 16 55 302 148 Memphis Was FUN!!!, illus. (photo album by the Editor) .......................................................... 16 55 304 300 Boling, Joseph E. Discussion of counterfeit POW camp chits (untitled), illus. ....................................................... 16 55 303 216 Happy Birthday MPC!, illus. (with Fred Schwan) ....................................................................... 16 55 305 315 An Historic Moment in MPC Collecting, illus. (with Fred Schwan) ......................................... 16 55 304 292 Memories of Memphis—Kansas City Here We Come, illus. (Uncoupled column) ............ 16 55 304 288 North Africa/Vichy France, illus. (with Fred Schwan) (POW camp chits)(Uncoupled col.) 16 55 306 456 Throw Aways, illus. (with Fred Schwan)(Packaging, End Labels) ......................................... 16 55 301 44 War Bonds, illus. (with Fred Schwan) (Japan and U.S.) .......................................................... 16 55 302 124 Brandimore, Bill Silver Certificate Star Notes of the 1935 Group, illus. ................................................................ 16 55 301 54 Bryan, Terry A. Rare Vignettes on American Bank Note Company Files Link to Philatelic Collectibles, .... 16 55 303 170 Chambliss, Carlson R. Investigation of the Populations of MPCs Known in Collectors’ Hands, illus. ....................... 16 55 305 328 The Marcos Regime Initiated New Series of Colorful Notes, illus. .......................................... 16 55 302 106 The “New Design” Series of Philippines Banknotes (1985-2013), illus. ............................... 16 55 304 261 North Korea’s Paper Money Issues Continue to Remain Enigmatic, illus. ........................... 16 55 301 26 Some Comments on the “New Generation” Series of Notes of the Philippines, illus. ........ 16 55 303 177 Clark, Frank Citizens National Bank of Weatherford, Texas, illus. ................................................................. 16 55 303 210 COLLECTING How Healthy is Our Hobby? A Cautionary Glance at Philately-Part I Loren Gatch (Chump Change column) .............................................................................. 16 55 302 141 How Healthy is Our Hobby? A Cautionary Glance at Philately Part II Loren Gatch (Chump Change column) .............................................................................. 16 55 303 221 Just Filling Space: Some Currency Websites, illus. Benny Bolin, Editor ............................... 16 55 302 148 Taking Serial Numbers Seriously, Loren Gatch (Chump Change column) ......................... 16 55 306 470 CONFEDERATE AND SOUTHERN STATES CURRENCY B. Lask, Huntsville, Alabama, 1862, illus. David Hollander ...................................................... 16 55 306 450 Corporation of Richmond, Virginia Currency Notes of April 19, 1861, illus. Josh Kelley, Bob Schreiner, ed. ................................................................................................................... 16 55 305 372 A Great Note Finally Obtained: The Earliest Surviving Confederate Note, Steve Feller ... 16 55 306 443 Hutton & Freligh & the Making of Mississippi Treasury Notes During the Civil War, illus. Charles Derby (Part I of II) ...................................................................................................... 16 55 303 152 Hutton & Freligh & the Making of Mississippi Treasury Notes During the Civil War, illus. Charles Derby (Part II of II) ..................................................................................................... 16 55 306 399 Meteoric Rise & Fall of John M. Parkman, President of the First National Bank Of Selma (Alabama), illus. Charles Derby .......................................................................... 16 55 305 365 Summit, Alabama: The “Most Patriotic Confederate Village”?, illus., Bill Gunther ............... 16 55 302 130 2363 Note Survey on T-64 CSA $500 Notes: Last Note Issued?, illlus., Steve Feller ....... 16 55 302 118 ___________________________________________________________Paper Money * Jan/Feb 2017 * Whole No. 307_____________________________________________________________ 76 COUNTERFEIT, ALTERED & SPURIOUS NOTES Happy Birthday MPC!, illus. Joseph E. Boling, Fred Schwan (Uncoupled column) ........... 16 55 305 315 Uncoupled (Column), discussion of MPC Coupons and POW Camp Chits (untitled) Joseph E. Boling, Fred Schwan ........................................................................................... 16 55 303 216 Derby, Charles Hutton & Freligh & the Making of Mississippi Treasury Notes During the Civil War, illus. .. 16 55 303 152 Hutton & Freligh & the Making of Mississippi Treasury Notes During the Civil War, illus. .. 16 55 306 399 The Meteoric Rise and Fall of John M. Parkman, President of the First National Bank Of Selma (Alabama), illus. (Obsolete and National Currency) ....................................... 16 55 305 365 Ehrhardt, James C. Laboratory Analysis of Stolen Currency, illus. (with Craig S. Schwandt) ............................... 16 55 302 104 Stolen Loot: Robbery of the Osage National Bank, illus. James C. Ehrhardt ...................... 16 55 302 97 ENGRAVERS & ENGRAVING AND PRINTING Bureau of Engraving and Printing Currency Overprint Processing Equipment/ (COPE anomalies which make Currency Errors), illus. Ed Zegers ............................... 16 55 304 268 Fractional Currency, The Engravers and Artists, illus. Robert Kravitz (Benny Bolin Ed.) ... 16 55 301 36 Invention & Evolution of Electrolytic Plate Maiking at the Bureau of Engraving & Printing, illus. Peter Huntoon (The Paper Column) ...... 16 55 301 4 Feller, Steve A Great Note Finally Obtained: The Earliest Surviving Confederate Note, illus. .................. 16 55 306 443 2363 Note Survey on T-64 CSA $500 Notes: What Was the Last Note Issued?, illus. ..... 16 55 302 118 Gatch, Loren The Art of Trompe l’Oeil, (Chump Change column) ................................................................. 16 55 305 392 How Healthy Is Our Hobby? A Cautionary Glance at Philately,Part I (Chump Chge col) . 16 55 302 141 How Healthy Is Our Hobby? Part Two (Chump Change column) ........................................ 16 55 303 221 On the Iconography of Banknotes (Chump Change column) ................................................ 16 55 304 298 Taking Serial Numbers Seriously, (Chump Change column) ................................................. 16 55 306 470 There’s a War on Cash, Should We Be Worried? (Chump Change column) ..................... 16 55 301 60 Gill, Robert The Bank of Watertown (Wisconsin), illus. (The Obsolete Corner column) ......................... 16 55 304 296 City of Leavenworth (Kansas), illus. (The Obsolete Corner column) ..................................... 16 55 301 56 National Lincoln Monument Association, illus. (The Obsolete Corner column) ................... 16 55 306 466 Peoples Bank of St. Peter, Minnesota, illus. (The Obsolete Corner column) ....................... 16 55 305 386 Singapore, Michigan, and Its Bank of Singapore, illus. (The Obsolete Corner) ................... 16 55 302 137 The Utopian Bank (Maryland), illus. (The Obsolete Corner column) ..................................... 16 55 303 222 Gunther, Bill An 1834 Promissory Note from Alabama Reveals a “Lost” Community, illus. .................... 16 55 301 50 Summit, Alabama: The “Most Patriotic Confederate Village”?, illus. ...................................... 16 55 302 130 A Tale of Two (Alabama) Cities”: Where Should “Houston, Sims & Company, Mobile Be Assigned?, illus. ................................................................................................................. 16 55 303 202 Halland, Kent A 131-year-old Mystery Solved !, illus. (with Charles Surasky)(Type II Postal Notes) ........ 16 55 306 430 Hewitt, Shawn Isaac Young and the Bank of Saint Croix, illus. (Minnesota, Tennessee) ............................ 16 55 305 379 Hollander, David B. Lask, Huntsville, Alabama, 1862, illus. .................................................................................... 16 55 306 450 Horstman, Ronald Unadopted Gold Note, illus. ........................................................................................................... 16 55 302 135 Huntoon, Peter Act of June 8, 1872 $5,000 and $10,000 Certificates of Deposit, illus. (with Jamie Yakes) (The Paper Column)............................................................................ 16 55 302 88 ___________________________________________________________Paper Money * Jan/Feb 2017 * Whole No. 307_____________________________________________________________ 77 Classification of National Bank Titles, illus. (The Paper Column) ............................................ 16 55 304 235 Invention & Evolution of Electrolytic Plate Makiing at the Bureau of Engraving & Printing, Illus. (The Paper Column) ................................ 16 55 301 4 Launch of the Series of 1928E $1 Silver Certificates, illus. (The Paper Column) (with Lee Lofthus, Jamie Yakes) ........................................................................................... 16 55 303 162 Post-Date Back Series of 1882 & 1902 National Bank Note Changeover Serial Numbers, illus. (The Paper Column) ........................................................................ 16 55 305 348 Signature Changeover Protocols Created Collectable Varieties (Large Size types), illus. (The Paper Column) ............................................................................................................... 16 55 306 414 Spectacular Misaligned Overprint, illus. ....................................................................................... 16 55 302 96 Triple Obstruction Overprinting Error, illus. (Federal Reserve Note) ...................................... 16 55 305 363 INTERNATIONAL. CURRENCY Fernando Fernandez, a Mexican Banknote Engraver & Printer…and His Relationship With the Bank of Mexico, illus. Cedrian Lopez-Bosch ...................................................... 16 55 306 424 The Marcos Regime Initiated New Series of Colorful Notes, illus. Carson R. Chambliss . 16 55 302 106 “New Design” Series of Philippines Banknotes (1985-2013), illus. Carson Chambliss ..... 16 55 304 261 North Africa/Vichy France, illus. (Uncoupled column) (POW chits) Joseph E. Boling, Fred Schwan ........................................................................................... 16 55 306 456 North Korea’s Paper Money Issues Continue to Remain Enigmatic, illus. Carlson R. Chambliss ............................................................................................................. 16 55 301 26 Some Comments on the “New Generation” Series of Notes of the Philippines, illus. Carlson R. Chambliss ............................................................................................................. 16 55 303 177 There’s a War on Cash, Should We Be Worried? Loren Gatch (Chump Change col.) .... 16 55 301 60 Throw Aways, illus. Joe Boling, Fred Schwan (Packaging & End Labels)(Cfts.) ................ 16 55 301 44 Jennings, Steven How Four People Changed the History of the United States, illus. ........................................ 16 55 304 272 Kelley, Josh Corporation of Richmond, Virginia Currency Notes of April 19, 1861, illus. (Schreiner ed.) .. 16 55 305 372 Kravitz, Robert Fractional Currency , The Engravers & Artists, illus. (Benny Bolin, Ed.) ................................ 16 55 301 36 Laub, Robert Roslyn, Long Island, New York, An 1883-94 Postal Note Timeline, illus. ............................. 16 55 301 21 Lofthus, Lee Launch of the Series of 1928E $1 Silver Certificates, illus. (The Paper Column) (with Peter Huntoon, Jamie Yakes) ..................................................................................... 16 55 303 162 Series of 1886 Silver Dollar Back $5 Silver Certificates, illus. .................................................. 16 55 305 352 Lopez-Bosch, Cedrian Fernando Fernandez, a Mexican Banknote Engraver & Printer…and His Relationship With the Bank of Mexico, illus. ............................................................................................... 16 55 306 424 Melamed, Rick Third Example of Postage Currency Used as Postage from Howland/Byrne Surfaces, . 16 55 305 345 Utilizing Postage Currency as Postage Stamps, illus................................................................ 16 55 303 180 MILITARY PAYMENT CERTIFICATES AND MILITARY CURRENCY AAFES Pogs, illus. William Myers ............................................................ ...................... 16 55 305 337 Fractional MPC, A Venture into a New Collecting Area, illus. Benny Bolin ................ 16 55 305 340 Happy Birthday MPC!, illus. Joseph E. Boling & Fred Schwan (Uncoupled column) ... 16 55 305 315 An Historic Moment in MPC Collecting, illus. Fred Schwan and Joseph E. Boling ... 16 55 304 292 Investigation of the Populations of MPCs Known in Collectors’ Hands, illus. Carlson R. Chambliss ........................................................................ ...................... 16 55 305 328 Memories of Memphis—Kansas City Here We Come, illus. (Uncoupled column) (with Fred Schwan) WWII social club chits...................................... ...................... 16 55 304 288 MPC Coupons & POW camp chits, illus. (Uncoupled column)(untitled articles) Joseph E. Boling, Fred Schwan ....................................................... ...................... 16 55 303 216 North Africa/Vichy France, illus. (Uncoupled column) (POW chits) ___________________________________________________________Paper Money * Jan/Feb 2017 * Whole No. 307_____________________________________________________________ 78 Joseph E. Boling, Fred Schwan ....................................................... ...................... 16 55 306 456 Sale of the Paymaster Collection, illus. Fred Schwan ........................... ...................... 16 55 305 324 Throw Aways, illus. Joe Boling, Fred Schwan (Packaging & End Labels)................. 16 55 301 44 War Bonds, illus., Joe Boling, Fred Schwan (Japan & U.S. bonds) .... ...................... 16 55 302 124 William Myers AAFES Pogs, illus. ..................................................................................... ...................... 16 55 305 337 Nyholm, Douglas A. Rare Scrip from Utah, Featuring Items from Eric P. Newman, illlus. ........ 16 55 303 190 OBSOLETE NOTES & SCRIP A.J.Stevens & Co.—Agricultural Bank of Tennessee, illus., Marv Wurzer ........................... 16 55 302 75 An 1834 Promissory Note from Alabama Reveals a “Lost” Community, Bill Gunther ....... 16 55 301 50 Another Rare Iowa Coal Mining Note, illus. David E. Schenkman ......................................... 16 55 306 468 B. Lask, Huntsville, Alabama, 1862, illus. David Hollander ...................................................... 16 55 306 450 The Bank of Watertown (Wisconsin), illus. Robert Gill (TheObsolete Corner) ..................... 16 55 304 296 City of Leavenworth (Kansas) illus. Robert Gill (The Obsolete Corner column) .................. 16 55 301 56 Corporation of Richmond, Virginia Currency Notes of April 19, 1861, illus. Josh Kelley, edited by Bob Schreiner .................................................................................. 16 55 305 372 Elusive Coosa Navigation & Coal Mining Company Notes, illus. (Alabama) David E. Schenkman (Interesting Mining Notes column) ................................................ 16 55 302 140 Interesting Mining Notes, illus. David E. Schenkman ................................................................ 16 55 301 59 Interesting Mining Notes, California Iron Co., illus. David E. .Schenkman ............................ 16 55 303 224 Isaac Young and the Bank of Saint Croix, illus. R. Shawn Hewitt (Minnesota, Tenn.) ....... 16 55 305 379 Hutton & Freligh & the Making of Mississippi Treasury Notes During the Civil War, illus. Charles Derby (Part 1 of 2) .................................................................................................... 16 55 303 152 Hutton & Freligh & the Making of Mississippi Treasury Notes During the Civil War, illus. Charles Derby (Part 2 of 2) .................................................................................................... 16 55 306 399 National Lincoln Monument Association, illus. Robert Gill (Obsolete Corner column) ....... 16 55 306 466 Meteoric Rise & Fall of John M. Parkman, President of the First National Bank Of Selma (Alabama), illus. Charles Derby .......................................................................... 16 55 305 365 Peoples Bank of St. Peter, Minnesota, illus. Robert Gill (Obsolete Corner column) ........... 16 55 305 386 Rare Note from Hiteman, Iowa, illus. David E. Schenkman (Interesting Mining Notes) ..... 16 55 305 388 Rare Scrip from Utah, Featuring Items from Eric Newman, illu.s. Douglas A. Nyholm ...... 16 55 303 190 Rare Vignettes on American Bank Note Company Files Link to Philatelic Collectibles, illus. Terry Bryan ....................................................................................................................... 16 55 303 170 The Short-Lived Alpine Iron & Mining Company of New York, illus. David E. Schenkman (Interesting Mining Notes column) ................................................ 16 55 304 294 Singapore, Michigan, and Its Bank of Singapore, illus. Robert Gill ......................................... 16 55 302 137 Summit, Alabama: The “Most Patriotic Confederate Village”?, illus., Bill Gunther ............... 16 55 302 130 “A Tale of Two (Alabama) Cities”: Where Should “Houston, Sims & Company, Mobile” Be Assigned?, illus. Bill Gunther .......................................................................................... 16 55 303 202 The Utopian Bank (Maryland), illus. Robert Gill (The Obsolete Corner column) ................. 16 55 303 222 PAPER MONEY IN MOVIES, ART, and TV The Art of Trompe l’Oeil, Loren Gatch (Chump Change column) .......................................... 16 55 305 392 On the Iconography of Banknotes, Loren Gatch (Chump Change column) ....................... 16 55 304 298 Schenkman, David E. Another Rare Iowa Coal Mining Note, illus. (Interesting Mining Notes column) ................... 16 55 306 468 Elusive Coosa Navigation & Coal Mining Company Notes, illus. ........................................... 16 55 302 140 Interesting Mining Notes, illus. ........................................................................................................ 16 55 301 59 Interesting Mining Notes, California Iron Co., illus. ..................................................................... 16 55 303 224 Rare Note from Hiteman, Iowa, illus. (Interesting Mining Notes column) .............................. 16 55 305 388 The Short-Lived Alpine Iron & Mining Co. of New York, illus. (Interesting Mining Notes) .. 16 55 304 294 Schwan, Fred Discussion of MPC coupons and counterfeits (untitled), illus. (Uncoupled column) .......... 16 55 303 216 Happy Birthday MPC!, Illus. ........................................................................................................... 16 55 305 315 An Historic Moment in MPC Collecting, illus. (with Joseph E. Boling) ................................... 16 55 304 292 Memories of Memphis—Kansas City Here We Come, illus. (Uncoupled column) ___________________________________________________________Paper Money * Jan/Feb 2017 * Whole No. 307_____________________________________________________________ 79 (with Joe Boling) WWII social club chits .............................................................................. 16 55 304 288 North Africa/Vichy France, illus. (with Joe Boling) (POW chits) (Uncoupled Column ......... 16 55 306 456 Sale of the Paymaster Collection, illus. ........................................................................................ 16 55 305 324 Throw Aways, illus. (with Joe Boling)(Packaging & End Labels) ............................................ 16 55 301 44 War Bonds, illus. (with Joe Boling) (Japan and U.S.) ................................................................ 16 55 302 124 SOCIETY OF PAPER MONEY COLLECTORS. Editor Sez (Benny Bolin) ................................................................................ ................ 16 55 301 63 ................................................................................ ................ 16 55 302 143 ................................................................................ ................ 16 55 303 227 ................................................................................ ................ 16 55 304 306 ................................................................................ ................ 16 55 305 390 ................................................................................ ................ 16 55 306 473 In Memoriam: Diana Elizabeth Herzog, illus. ................................................................................................ 16 55 302 87 Chester L. Krause, illus. .......................................................................................................... 16 55 305 346 Index to Paper Money, Vol. 54, 2015, Nos.295-300, Terry Bryan ......................................... 16 55 301 64 Letters to the Editor A couple of comments about issue 300, Joe Boling ......................................................... 16 55 301 62 Welcome 2016 (Year of the Monkey) ................................................................................. 16 55 301 69 Memphis International Paper Money Show announcement ................................................... 16 55 302 123 Show Announcement ............................................................................................................. 16 55 303 189 Memphis Was Fun !!!, illus. (Photo album from the Editor) ...................................................... 16 55 304 300 Money Mart: .................................................................................................................................... 16 55 301 70 .................................................................................................................................... 16 55 302 145 .................................................................................................................................... 16 55 303 230 .................................................................................................................................... 16 55 304 312 .................................................................................................................................... 16 55 305 394 .................................................................................................................................... 16 55 306 474 President’s Column (Pierre Fricke) .................................................................................................................................... 16 55 301 61 .................................................................................................................................... 16 55 302 142 .................................................................................................................................... 16 55 303 226 .................................................................................................................................... 16 55 304 304 .................................................................................................................................... 16 55 305 390 .................................................................................................................................... 16 55 306 472 SPMC Awards at Memphis, illus. .................................................................................................. 16 55 304 302 SPMC Literary Awards, illus. .......................................................................................................... 16 55 304 303 SPMC Board of Governors Meeting, June, 2016, Report of meeting ................................... 16 55 304 307 SPMC Hall of Fame, List of Class of 2016 .................................................................................. 16 55 303 151 SPMC New Members, Frank Clark, Membership Director ..................................................... 16 55 302 144 .................................................................................................................................... 16 55 303 228 .................................................................................................................................... 16 55 304 305 .................................................................................................................................... 16 55 305 393 .................................................................................................................................... 16 55 306 423 Surasky, Charles A 131-year-old Mystery Solved ! illus. (with Kent Halland)(Type II Postal Notes) ............... 16 55 306 430 U.S. NATIONAL BANK NOTES Citizens National Bank of Weatherford, Texas, illus. Frank Clark .......................................... 16 55 303 210 Classification of National Bank Titles, illus. Peter Huntoon (The Paper Column) ................ 16 55 304 235 How Four People Changed the History of the United States, illus. Steven Jennings ......... 16 55 304 272 Laboratory Analysis of Stolen Currency, illus. James C. Ehrhardt, Craig S. Schwandt ..... 16 55 302 104 Meteoric Rise & Fall of John M. Parkman, President of the First National Bank Of Selma (Alabama), illus. Charles Derby .......................................................................... 16 55 305 365 Post-Date Back Series of 1882 & 1902 National Bank Notes Changeover Serial Numbers, illus. Peter Huntoon (The Paper Column) .................... 16 55 302 348 ___________________________________________________________Paper Money * Jan/Feb 2017 * Whole No. 307_____________________________________________________________ 80 Stolen Loot: Robbery of the Osage National Bank, illus. (Iowa), James C. Ehrhardt ......... 16 55 302 97 U.S. LARGE and SMALL SIZE NOTES Act of June 8,1872 $5k and $10k Certificates of Deposit, illus. Jamie Yakes, P.Huntoon. 16 55 302 88 The Extraordinary First Ten Years of Micro Back 637, illus. Jamie Yakes ........................... 16 55 303 212 Fractional Currency, The Engravers & Artists, illus. Robert Kravitz (Benny Bolin Ed.) ....... 16 55 301 36 Invention & Evolution of Electrolytic Plate Making at the Bureau of Engraving and Printing, illus. Peter Huntoon (The Paper Column) . 16 55 301 4 A 131-year-old Mystery Solved ! New Research Identifies the Official First Date of Issue For Type II Postal Notes, illus. Kent Halland, Charles Surasky ....................... 16 55 306 430 Roslyn, Long Island, New York, An 1883-94 Postal Note Timeline, illus. Robert Laub ..... 16 55 301 21 Secretary Barr Gets His Notes, illus. Jamie Yakes .................................................................... 16 55 306 462 Signature Changeover Protocols Created Collectable Varieties, illus. Peter Huntoon ....... 16 55 306 414 Taking Serial Numbers Seriously, Loren Gatch (Chump Change column) ......................... 16 55 306 470 Third Example of Postage Currency Used as Postage from Howland/Byrne Surfaces, illus. Rick Melamed .......................................................................................................................... 16 55 305 345 Utilizing Postage Currency as Postage Stamps, illus. Rick Melamed ................................... 16 55 303 180 FEDERAL RESERVE NOTES Bureau of Engraving and Printing Currency Overprint Processing Equipment (COPE anomalies which make Currency Errors), illus. Ed Zegers ............................... 16 55 304 268 First Serial Numbers on 1934 Series Federal Reserve Notes, illus. Jamie Yakes ............. 16 55 304 284 Secretary Barr Gets His Notes, illus. Jamie Yakes .................................................................... 16 55 306 462 Series of 1934A Late-Finished $5 & $10 FRNs, illus. Jamie Yakes (Small Notes col.) ..... 16 55 301 42 Series 1995 $5 FRN Back Plate Varieties, illus. Jamie Yakes (Small Notes column) ....... 16 55 305 360 Spectacular Misaligned Overprint, illus. Peter Huntoon ............................................................ 16 55 302 96 Triple Obstruction Overprinting Error, illus. Peter Huntoon ....................................................... 16 55 305 363 SILVER AND GOLD CERTIFICATES The Five $10 1934 Silver Certificate Face Plates Overprinted With Yellow Seals, illus., Jamie Yakes (Small Notes column) ........................................ 16 55 302 114 Launch of the Series of 1928 $1 Silver Certificates, illus. (The Paper Column) Peter Huntoon, Lee Lofthus, Jamie Yakes ......................................................................... 16 55 303 162 Series of 1886 Silver Dollar Back $5 Silver Certificates, illus. Lee Lofthus ............................ 16 55 305 352 Signature Changeover Protocols Created Collectable Varieties, illus. Peter Huntoon ....... 16 55 306 414 Silver Certificate Star Notes of the 1935 Group, illus. Bill Brandimore ................................... 16 55 301 54 Unadopted Gold Note, illus., Ronald Horstman ......................................................................... 16 55 302 135 Wurzer, Marv A.J.Stevens & Co.—Agricultural Bank of Tennessee, illus. ..................................................... 16 55 302 75 Yakes, Jamie Small Notes (column) The Extraordinary First Ten Years of Micro Back 637, illus. ............................................ 16 55 303 212 First Serial Numbers on 1934 Series Federal Reserve Notes, illus. .............................. 16 55 304 284 The Five $10 1934 Silver Certificate Face Plates Overprinted with Yellow Seals, illus. .................................................................................................. 16 55 302 114 Secretary Barr Gets His Notes, illus. .................................................................................... 16 55 306 462 Series of 1934A Late-Finished $5 & $10 FRNs, illus. ...................................................... 16 55 301 42 Series 1995 $5 FRN Back Plate Varieties, illus. ................................................................ 16 55 305 360 The Paper Column (with Peter Huntoon) Act of June 8,1872 $5k and $10k Certificates of Deposit, illus. ....................................... 16 55 302 88 Launch of the Series or 1928E $1 Silver Certificates, illus. (with Peter Huntoon, Lee Lofthus) ....................................................................... 16 55 303 162 Zegers, Ed Bureau of Engraving and Printing Currency Overprint Processing Equipment (COPE anomalies which make Currency Errors), illus. ................................................... 16 55 304 268 ___________________________________________________________Paper Money * Jan/Feb 2017 * Whole No. 307_____________________________________________________________ 81 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 abbreviations, figure combinations and initials count as separate words. Editor does NOT check copy. 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 adsare run on a space available basis. WANTED: 1778 NORTH CAROLINA COLONIAL $40. (Free Speech Motto). Kenneth Casebeer, (828) 277- 1779; Casebeer@law.miami.edu 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. 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 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 FOR SALE: College Currency/advertising notes/ 1907 depression scrip/Michigan Obsoletes/Michigan Nationals/stock certificates. Other interests? please advise. Lawrence Falater.Box 81, Allen, MI. 49227 WANTED: Any type Nationals containing the name “LAWRENCE” (i.e. bank of LAWRENCE). Send photo/price/description to LFM@LARRYM.com BUYING ONLY $1 HAWAII OVERPRINTS. White, no stains, ink, rust or rubber stamping, only EF or AU. Pay Ask. Craig Watanabe. 808-531- 2702. Captaincookcoin@aol.com Vermont National Bank Notes for sale. For list contact. granitecutter@bellsouth.net. WANTED: Any type Nationals from Charter #10444 Forestville, NY. Contact with price. Leo Duliba, 469 Willard St., Jamestown, NY 14701-4129. "Collecting Paper Money with Confidence". All 27 grading factors explained clearly and in detail. Now available Amazon.com . AhlKayn@gmail.com Stamford CT Nationals For Sale or Trade. Have some duplicate notes, prefer trade for other Stamford notes, will consider cash. dombongo@earthlink.net WANTED: Republic of Texas “Star” (1st issue) notes. Also “Medallion” (3rd issue) notes. VF+. Serious Collector. reptexpaper@gmail.com. Wanted Railroad scrip Wills Valley; Western & Atlantic 1840s; East Tennessee & Georgia; Memphis and Charleston. Dennis Schafluetzel 1900 Red Fox Lane; Hixson, TN 37343. Call 423-842-5527 or email dennis@schafluetzel 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!!!! *  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. ONLY$20.50 / YEAR ! ! ! (wow)  $ MoneyMart $  ___________________________________________________________Paper Money * Jan/Feb 2017 * Whole No. 307_____________________________________________________________ 82 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 MYLAR D® CURRENCY HOLDERS PRICED AS FOLLOWS BANK NOTE AND CHECK HOLDERS SIZE INCHES 50 100 500 1000 Fractional Colonial Small Currency Large Currency Auction Foreign Currency Checks 4-3/4" x 2-1/4" $21.60 $38.70 $171.00 $302.00 5-1/2" x 3-1/16" $22.60 $41.00 $190.00 $342.00 6-5/8" x 2-7/8" $22.75 $42.50 $190.00 $360.00 7-7/8" x 3-1/2" $26.75 $48.00 $226.00 $410.00 9 x 3-3/4" $26.75 $48.00 $226.00 $410.00 8 x 5 $32.00 $58.00 $265.00 $465.00 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 Out of Country sent Registered Mail at Your Cost 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 29, Dedham, MA 02027 • 781-326-9481 ORDERS: 800-HI-DENLY • FAX 781-326-9484 www.denlys.com DBR Currency We Pay top dollar for *National Bank notes *Large size notes *Large size FRNs and FBNs www.DBRCurrency.com P.O. Box 28339 San Diego, CA 92198 Phone: 858-679-3350 info@DBRCurrency.com Fax: 858-679-7505 See out eBay auctions under user ID DBRcurrency 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 Maryland Paper Money: An Illustrated History, 1864-1935 This 348-page hardcover book documents Maryland’s national currency era of banking from 1864 to 1935. Almost 300 photos of surviving notes are shown, including many rarities from the landmark Marc Watts Collection of National Currnecy. “This is a wonderful specialized work on Maryland nation bank and their notes that is destined to be the guidebook for generations to come.” Mark Hotz. Available for purchase online at lulu.com and www.marylandpapermoney.com Foreign Oversize Foreign Jumbo 10" x 6" $23.00 $89.00 $150.00 $320.00 10" x 8" $30.00 $118.00 $199.00 $425.00 ___________________________________________________________Paper Money * Jan/Feb 2017 * Whole No. 307_____________________________________________________________ 83 You are invited to visit our web page www.kyzivatcurrency.com For the past 13 years we have offered a ,good selection of conservatively graded. reasonably priced currency for the collector. All notes are imaged for your review Fractional Currency Collectors Join the Fractional Currency Collectors Board (FCCB) today and join with other collectors who study, collect and commiserate about these fascinating notes. LARGE SIZE TYPE NOTES SMALL SIZE TYPE NOTES SMALLSIZESTARNOTES OBSOLETES New members get a copy of Milt Friedberg’s updated version of the Encyclopedia of United States Postage and Fractional Currency as well as a copy of the Simplified copy of the same which is aimed at new collectors. Nst ew members will also get a copy of Rob CONFEDERATES Kravitz’s 1 edition “A Collector’s Guide to Postage ERROR NOTES TIM kYZIVAT (708) 784-0974 P.O. BOX 401 WESTERN SPRINGS, IL 60558 e-MAIL: TKYZIVAT@KYZIVATCURRENCY.COM and Fractional Currency” while supplies last. New Membership is $30 or $22 for the Simplified edition only To join, contact William Brandimore, membership chairman at 1009 Nina, Wausau, WI 54403. Buying & Selling • Obsolete • Confederate • Colonial & Continental • Fractional • Large & Small U.S. Type Notes Vern Potter Currency & Collectibles Please visit our Website at www.VernPotter.com Hundreds of Quality Notes Scanned, Attributed & Priced P.O. Box 10040 Torrance, CA 90505-0740 Phone: 310-326-0406 Email: Vern@VernPotter.com Member •PCDA •SPMC •FUN •ANA United States Paper Money specialselectionsfordiscriminatingcollectors 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 StarorReplacementNotes Specimens, Proofs, Experimentals Frederick J. Bart Bart,Inc. website: www.executivecurrency.com (586) 979-3400 POBox2• Roseville,MI 48066 e-mail: Bart@executivecurrency.com ___________________________________________________________Paper Money * Jan/Feb 2017 * Whole No. 307_____________________________________________________________ 84 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 • 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. To be assured of knowledgeable, professional, and ethical dealings when buying or selling currency, look for dealers who proudly display the PCDA emblem. The Professional Currency Dealers Association For a FREE copy of the PCDA Membership Directory listing names, addresses and specialties of all members, send your request to: PCDA James A. Simek – Secretary P.O. Box 7157 • Westchester, IL 60154 (630) 889-8207 Or Visit Our Web Site At: www.pcdaonline.com PLATINUM NIGHT® & SIGNATURE® AUCTIONS January 4-10, 2017 | Fort Lauderdale | Live & Online Select Highlights From Our Official FUN 2017 Auctions Paul R. Minshull #AU4563; Heritage #AB665 & AB2218. BP 17.5%; see HA.com. 40575 DALLAS | NEW YORK | BEVERLY HILLS | SAN FRANCISCO | CHICAGO | PALM BEACH PARIS | GENEVA | AMSTERDAM | HONG KONG Always Accepting Quality Consignments in 40 Categories Immediate Cash Advances Available 1 Million+ Online Bidder-Members Contact a Heritage Consignment Director today. 800-872-6467 Ext. 1001 or Currency@HA.com Visit HA.com/3551 to view the catalog or place bids online. Fr. 2231-G $10,000 1934 Federal Reserve Note PMG About Uncirculated 50 Fr. 210 1861 $1000 Interest Bearing Note Face Proof Hessler HX-115D Hastings, MN - $5 Original Fr. 397a  The Merchants NB Ch. # 1538 PMG Very Fine 20 From the Gilmore Sem Collection Part I Clearfi eld, PA - $50 1875 Fr. 446 The County NB Ch. # 855 1862 $10,000 Temporary Loan Certifi cate Face Proof Hessler HX-143E Fr. 151 $50 1869 Legal Tender PMG Very Fine 25 From A Private New York Collection, Part II