Paper Money - Vol. LVI, No. 6 - Whole No. 312 - November/December 2017

Paper Money Vol. LVI, No. 6, Whole No. 312 www.SPMC.org November/December 2017 Official Journal of the Society of Paper Money Collectors Exciting information about the 2018 International Paper Money Show again in KC!!! Peter A. Treglia LM #1195608 John M. Pack LM # 5736 Peter A. Treglia John M. Pack Brad Ciociola 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 EldoradoAnnounce 171011 America’s Oldest and Most Accomplished Rare Coin Auctioneer 800.566.2580 East Coast Offi ce • 800.458.4646 West Coast Offi ce Stack’s Bowers Galleries will be o ering Part 1 of the Eldorado Collection of Colombian Coins and Paper Money this January in New York City.  is incredible collection will be featured alongside other world coins and paper money as part of the  rm’s o cial auction of the 2018 New York International Numismatic Convention, January 12-13 at the Grand Hyatt Hotel.  e sale will be followed by several other extraordinary o er- ings from  e Eldorado Collection in the upcoming year.  e Eldorado Collection represents a multi-generational e ort to build the  nest pos- sible collection of Colombian numismatic items and includes currency issued over 200 years.  e paper money collection, the  nest-ever o ering of its kind, examines Co- lombia’s broad range of genres, series, issuers, and themes.  e notes cataloged in this sale, and in future sales, are perhaps the most fascinating in all Latin America.  e coin collection was built with a special focus on gold from Gran Colombia, including the rare and popular issues of Ecuador. For more information, please call Lawrence R. Stack or Vicken Yegparian at 800-566- 2580. All information as it becomes available will be posted on StacksBowers.com. Stack’s Bowers Galleries is Pleased to Present Selections from  e Eldorado Collection of Colombian Coins and Paper Money in our Offi cial NYINC Auction • January 12-13, 2018 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 approval is 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. 6 Whole No. 312 November/December 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 advertising on space available basis. Copy/correspondence should 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 Run of Press (ROP) unless accepted on 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. ADVERTISING RATES Space 1 Time 3 Times 6 Times 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 inappropriate material 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 Out of Range Serial Numbers Peter Huntoon ................................................................ 421 The National and First National Banks of Huntsville, Alabama David Hollander .............................................................. 426 Michigan Obsolete Notes Clifford Thies .................................................................. 440 Gideon Fairman’s Engraving of Audubon’s Grouse Bernhard Wilde ............................................................... 447 Uncoupled Joe Boling & Fred Schwan ................................... 458 SPMC Obsolete Database Update ........................................ 466 Stolen Money Carlson Chambliss ........................................................ 469 $1 Novelty Checkbook with Errors and Analysis Ed Zegers ...................................................................... 474 Small Notes—Spectacular $50 Skip Changeover Pair ........... 477 Interesting Mining Notes—David Schenkman ...................... 479 Obsolete Corner--Robert Gill ................................................. 482 Chump Change--Loren Gatch ................................................ 485 Presidents Message .............................................................. 486 Editor’s Report ....................................................................... 487 New Members ......................................................................... 488 Money Mart .............................................................................. 490 SPMC Statement of Ownership, Management & Circ. ....... 491 ___________________________________________________________Paper Money * Nov/Dec 2017 * Whole No. 312_____________________________________________________________ 418 Society of Paper Money Collectors Officers and Appointees ELECTED OFFICERS: PRESIDENT--Shawn Hewitt, P.O. Box 580731, Minneapolis, MN 55458-0731 VICE-PRESIDENT--Robert Vandevender II, P.O. Box 2233, Palm City, FL 34991 SECRETARY--Jeff Brueggeman, 711 Signal Mtn., Rd. #197, Chattanooga, TN 37405 TREASURER --Bob Moon, 104 Chipping Court, Greenwood, SC 29649 BOARD OF GOVERNORS: Mark B. Anderson, 115 Congress St., Brooklyn, NY 11201 Gary J. Dobbins, 10308 Vistadale Dr., Dallas, TX 75238 Pierre Fricke, Box 1094, Sudbury, MA 01776 Loren Gatch 2701 Walnut St., Norman, OK 73072 Joshua T. Herbstman, Box 351759, Palm Coast, FL 32135 Steve Jennings, 214 W. Main, Freeport, IL 61023 J. Fred Maples, 7517 Oyster Bay Way, Montgomery Village, MD 20886 Michael B. Scacci, 216-10th Ave., Fort Dodge, IA 50501-2425 Wendell A. Wolka, P.O. Box 5439, Sun City Ctr., FL 33571 APPOINTEES: PUBLISHER-EDITOR--Benny Bolin, 5510 Springhill Estates Dr. 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.,ssex, 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--Pierre Fricke WISMER BOOK PROJECT COORDINATOR--Pierre Fricke, Box 1094, Sudbury, MA 01776 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 i s 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. Pierre Fricke—Buying and Selling! 1861‐1869 Large Type, Confederate and Obsolete Money!  P.O. Box 1094, Sudbury, MA 01776 ; pierrefricke@buyvintagemoney.com; www.buyvintagemoney.com And many more CSA, Union and Obsolete Bank Notes for sale ranging from $10 to five figures ___________________________________________________________Paper Money * Nov/Dec 2017 * Whole No. 312_____________________________________________________________ 419 Contact Nina@Kagins.com or call 888.8Kagins to speak directly to Donald Kagin, Ph.D. for a FREE Apraisal! Consign Your Currency with The Offi cial Aucti oneer of the ANA Nati onal Money ShowsTM For more information about consigning your currency to Kagin’s Auction for the ANA National Money Show contact us at : kagins.com, by phone: 888-852-4467 or e-mail: Nina@kagins.com. March 8-10, 2018 Irving Convention Center Dallas, TX (Irving, TX) Experience the Kagin’s Di erence: • Free one year online membership in SPMC with each purchase of currency • 0% Seller’s fee for $25,000 consignments and $1,500 per lot • 1% credit back on all purchases through the KAGIN’S AUCTION LOYALTY PROGRAM TM • 99% and 100% sell through for the last two auctions • Innovative marketing and exposure outside as well as inside the coin industry as we did by partnering with Amazon.com for the Saddle Ridge Hoard Treasure • Free ANA and club memberships and educational reference books Currency already consigned: – The largest collection of Federal Reserve Notes and Federal Reserve Bank Notes in decades – Colonial and Confederate Currency – Small Size and Error banknotes – National Bank Notes – Western Assay Receipts – Hundreds of lots of U.S. Large Size Currency – Fractional currency – The largest and fi nest collection of Encased Postage Stamps 99% Sell Through RECORD PRICES REALIZ ED! 100% Sell Through RECORD PRICES REALIZ ED! Kagin’s only produces two auctions a year so your consignment will receive up to four months of innovative and unprecedented promotion. Boutique style sessions limited to 500 lots allow us to highlight your collection and tell your numismatic journey, or as a buyer, to focus in on just the currency you need. Kagins-PM-Ad-Mar2018-NMSCons-10-14-17.indd 1 10/15/17 11:55 PM Doug Murray has documented a handful of large size Federal Reserve Notes and Federal Reserve Bank Notes with signature combinations that bear serial numbers that are so far out of range from their peers that they stand out as anomalies in census listings. They comprise legitimate but highly specialized collectible varieties for those willing to understand and search for them. Table 1 is a list of Murray’s discoveries along these lines. He and I have independently examined the data pertaining to the face plates used to print these notes in the Bureau of Engraving and Printing plate ledgers in order to determine if there were any obvious reasons that could explain why notes printed from them were numbered so late. The likely explanations would be (1) delayed use of the plate or (2) a plate that was finished late and out of sequence with its peers. The latter are called late-finished plates by small note collectors. Table 1.  Recognized occurrences of out‐of‐range large size FRBN and FRN serial numbers.  Friedberg  High Observed  Observed Out‐of‐Range Serial  Expected Signatures on   No.  Type  Normal Serial  with (Face Plate Number)  the Out‐of‐Range Note  855a  FRN 1914 $5 White‐Mellon type a  C99152941A  C11311208B (524)    White‐Mellon type c  855b  FRN 1914 $5 White‐Mellon type b  C98530738A  C11310770B (599), C11313490B (600)  White‐Mellon type c  877  FRN 1914 $5 Burke‐Glass  I12282899A  I18003998A (64)      White‐Mellon  936  FRN 1914 $10 Burke‐McAdoo  I6113882A  I11959888A (34)    White‐Mellon  783  FRBN 1918 $5 T‐B‐Hardt‐Passmore  C682888A  C1568134A (3), C1581443A (3)  T‐B‐Dyer‐Passmore  Neither of these explanations held for any of the seven notes listed on Table 1. We found that all the face plates listed were used normally alongside their peers at the same time and that none were finished late or out of sequence. The only explanation remaining was that production from them was simply numbered late. This takes us to a detail that attends the production of Federal Reserve notes that has been well The Paper Column Figure 1. The normal serial numbers for a Fr 855a note end at a bit over C99--A. This note carries a CB block serial that is well over one million higher - CB started at C10000001B - that represents some left over FR 855a stock numbered late within Fr 855c stock that was being processed at the time. Doug Murray photo. Stockpiling Caused Out-of-Range Serial Numbers in the Large Size FRNs and FRBNs by Peter Huntoon ___________________________________________________________Paper Money * Nov/Dec 2017 * Whole No. 312_____________________________________________________________ 421 documented in the small size Series of 1934 $5s. There was a hiatus in the production of FRN $5s between 1937 and 1941-2. The $5 backs printed through 1937 had a very distinctive yellow-green color, whereas backs printed from 1941 forward were blue-green. However the first of the notes numbered in the 1941-2 group had yellow-green backs. A check of the face plates revealed that many of those plates had been canceled back in the mid-1930s. Obviously what had occurred was that unnumbered mid-1930 vintage stock, which had intaglio back and face printings, had been stockpiled and numbered and sealed in 1941-2 when production of the $5s resumed (Huntoon, 1997). Overages always occur in print runs so spoilage can be accommodated. The deliveries consist of perfectly printed stock in the quantity specified on the orders. Spoilage is destroyed as mutilated. Now the question is what did they do with any excess good stock? The Bureau of Engraving always has operated frugally because both the paper and printing technology are expensive so instead of destroying excess sheets, they were stockpiled so that they could be appended to future orders. The notes treated in this article reveal that the practice began during the large note era. It created a somewhat burdensome problem because there were twelve Federal Reserve Districts and several denominations, all of which had to be stored separately. The ideal is that the excess sheets would be the first to be withdrawn and numbered the next time an order for that district and denomination came through. We collectors generally wouldn’t recognize that it happened because numbering was sequential from the previous printing so as serials in our census are recorded we would see continuity and have no idea that one order terminated and the next began. The foregoing assumes that the stockpiles were handled first-in, first-out. But a recurring common problem with industrial stockpiles is that often first-in becomes last-out simply because the first-in gets piled in the back with younger material in front, or, when small qualities are involved, the first-in gets buried at the bottom of a stack with younger material piled on top. The front or top material gets processed first when the stockpile is withdrawn. It appears that this is what happened when the sheets containing the notes listed on Table 1 were numbered and sealed. The notes represent residual sheets that were processed out-of-order during a subsequent requisition. The result was that large numbers of notes printed from younger plates with new signatures or new plate varieties intervened. The $5 FRN Series of 1914 White-Mellon Fr 855a and b notes listed on Table 1 involve a wrinkle that is particularly revealing. They were numbered when the Fr 855c variety was current. Those sheets could not have been numbered on the same overprinting presses as the Fr 855c sheets because the Treasury seal was moved closer to the portrait on the Fr 855c notes. This means that as the Fr Figure 2. This FR 936 $10 Burke-McAdoo note carries Fr 939 White-Mellon serial numbers that are almost 6 million higher than the last normal Burke-McAdoo notes. It represents a spectacular and currently unique example of this late-numbered variety that was caused by delayed numbering of a stockpile. Doug Murray photo. ___________________________________________________________Paper Money * Nov/Dec 2017 * Whole No. 312_____________________________________________________________ 422 855a and b sheets were withdrawn from the stockpile, they had to be recognized and sent as a batch for numbering on a press that was configured especially to handle them. Through good fortune, a serial number ledger exists for the period during 1928 when these late- numbered sheets were processed. The entries of supreme importance to this discussion are the following. Date Serial Numbers Quantity Pressman Jan 25, 1928 C11209001B-C11308000B 100,000 Kessler Jan 25, 1928 C11308001B-C11316000B 8,000 Zuendel Jan 26, 1928 C11316001B-C11364000B 48,000 Kessler The middle entry for 8,000 notes encompasses the Fr 855a and b notes listed on Table 1, which obviously were numbered on a different press manned by Zuendel than the Fr 855c notes before and after run by Kessler. Doug Murray, who truly knows how to worry this material, points out with respect to the Fr 877 and Fr 936 $5 and $10 Minneapolis late-numbered notes listed on Table 1 that both involve situations where seal placement was not an issue. He notes that both notes happened to be numbered close to the end of 4,000-note bricks; respectively $5 I18003998A (I18000001A-I18004000A) and $10 I11959888A (I11956001A-I11960000A). He asks could it be that these notes were from small groups of remainder sheets where sheets with younger signatures were piled on top of them? There are four very important considerations in all of this. First is that it takes a very dedicated collector to recognize from census data that the late-numbered varieties occurred. Second, it takes a diehard with unrelenting patience to attempt to find examples or to collect the specimens that have shown up in the census. Third, the late-numbered varieties tend to be scarce to very rare because their supply was very limited. And fourth, the examples in Table 1 do not represent every one of these occurrences. Of course the process that created them wasn’t limited to the examples that Murray found. Others are out there waiting to be discovered. These notes certainly are subtle as collectable numismatic varieties go. In order for people to comprehend what you have, the ideal is to assemble a suite of notes that bracket your late-numbered note so they can see that it indeed appears to be out of sequence. The alternative is to display your late-numbered note with a copy of the information on Table 1 to explain it. Will other collectors find these varieties exciting or will they elicit a ho-hum? Our market will decide. If you like the concept, you are in for a life-long pursuit because they did not occur with regularity and the examples that are known are very scarce to downright rare. References Cited and Sources of Data Bureau of Engraving and Printing, 1914-1929, Ledger and historical record of Federal Reserve Note plates, FRN Figure 3. This $5 Philadelphia Federal Reserve Bank Note with Hardt-Passmore bank signatures carries Dyer-Passmore serial numbers that are almost 900,000 higher than expected. Currently two of these have been reported and they are the only FRBN that have been demonstrated to be late numbered. Doug Murray photo. ___________________________________________________________Paper Money * Nov/Dec 2017 * Whole No. 312_____________________________________________________________ 423 Series 1914 faces and backs: Record Group 318, U. S. National Archives, College Park, MD. Bureau of Engraving and Printing, 1915-1929, Ledger and Historical Record of Federal Reserve Bank Currency plates, FRBN Series 1915 and 1918: Record Group 318, U. S. National Archives, College Park, MD. Bureau of Engraving and Printing, Jan 9, 1924-Jun 30, 1932, Schedule of the delivery of U. S. notes, silver certificates, gold notes, Federal Reserve Notes: Record Group 318, U. S. National Archives, College Park, MD. Huntoon, Peter, 1997 Nov-Dec, U. S. small-size $5 mules: Paper Money, v. 36, p. 179-190. Spectacular run of Mismatched Serials on $1 Series of 2001 FRNs by Peter Huntoon Bob Liddell obtained five consecutive notes from a spectacular run of mismatched serials that was found in the $1 Series of 2001 New York BB block. The problem was caused by the second number wheel in from the right in the righthand serial number register. Notice that usually—but not always— it was sticking to the right-most wheel so it turned simultaneously with the right wheel. Each time this happened, the right serial jumped by 10 thus accounting for the growing disparity between the right and left numbers. ___________________________________________________________Paper Money * Nov/Dec 2017 * Whole No. 312_____________________________________________________________ 424 Central States Numismatic Society 78th Anniversary Convention April 25-28, 2018 (Bourse Hours – April 25 – 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  The National and First National Banks of Huntsville, Alabama,  1865‐1935  by David Hollander  Introduction.  Yes,  I am addicted  to  collecting National Banknotes, and because  I  live  in Alabama,  it has  to be Alabama  National  Banknotes. And  because  I  live  in Huntsville,  clearly Huntsville, Alabama, National  Banknotes  are  the  highest priority. As one thing led to another, the history of the note‐issuing Huntsville National Banks, particularly  the lives of the Presidents and Cashiers, became very important to me.  Huntsville’s National Banks.  Like most of the country’s national banks, the story of those in Huntsville is one of extended families and/or  business relationships. Four note issuing National Banks were based in Huntsville, Alabama. (See Table 1.)  Table 1: Huntsville Was Home to Four National Banks During the Note Issuing Period  Charter  No.  Title  Chartered  Fate  1560  The National Bank of  Huntsville  September 15, 1865  Liquidated, July 3, 1889  4067  The First National Bank of  Huntsville  June 22, 18891  March 23, 1985, changed to a Domestic  Branch of a Domestic Bank2  4689  The Farmers & Merchants  National Bank of Huntsville  January 25, 1892  Liquidated, March 16, 1905  8765  The Henderson National  Bank of Huntsville  June 1, 1907  August 31, 1985, changed to a Domestic  Branch of a Domestic Bank3  Many officers of The National Bank of Huntsville, The First National Bank of Huntsville, and The Henderson  National Bank of Huntsville were related through family ties. Those of The Farmers & Merchants National Bank of  Huntsville came to Huntsville to initiate business opportunities.   Because The First National Bank of Huntsville was a successor to The National Bank of Huntsville, this article  includes material about those two banks, including glimpses of their histories, their senior officers (Presidents and  Cashiers), their banknote issues, and NOT their architecture or histories of their buildings. Future articles will  address The Farmers & Merchants National Bank of Huntsville and The Henderson National Bank of Huntsville.  CHARTER 1560: THE NATIONAL BANK OF HUNTSVILLE WAS ALABAMA’S SECOND OLDEST NATIONAL BANK.    In Alabama, only The First National Bank of Selma4, Charter Number 1537, was older than The National Bank  of Huntsville. The National Bank of Huntsville was the successor to the old state bank, The Northern Bank of  Alabama (Figure 1). That bank suspended specie payment5 in September 18616, based on two Alabama General  Assembly acts7, and was subsequently closed.                Figure 1: The Northern Bank of  Alabama Was Approaching the  End of Its Corporate Existence  When the Bank Was  Photographed in 1862.  ___________________________________________________________Paper Money * Nov/Dec 2017 * Whole No. 312_____________________________________________________________ 426  On  September  15,  1865,  the United  States  Comptroller  of US  Currency,  Freeman  Clarke,  authorized  The  National  Bank  of  Huntsville  to  begin  business.8 The  new  bank,  capitalized  at  $50,000,  opened  on  Thursday,  October 5, 1865 (Figure 2)9, in the rented historic bank building located at 216 West Court Square. The Directors  were MAJ William Holding Echols, Algernon Sydney Fletcher, Oliver Beirne Patton, MAJ James Richardson Stevens,  Herman Weil, and James Hervey Mastin. The monthly building rent during 1865 was $100. For the year of 1866  the building was leased for $2,000.10  Mr. Mastin was the bank’s President (Table 2) and Mr. Theophilus Lacy (Table 3), the Cashier, a continuation  of  his  previous  position  as  the  Cashier  of  The Northern  Bank  of  Alabama.  Their  families were  united  by  the  marriage of Mr. Mastin’s son to Mr. Lacy’s daughter.  In 1867 the bank bought the property and building from The Northern Bank of Alabama for $30,000.    Table 2: The National Bank of Huntsville Had Two Presidents.  Year  President  Born  Died  Spouse  1865‐1882  James Hervey  Mastin  11/1/1812  8/13/1894  Mary Jane Erskine  1882‐1889  MAJ James  Richardson Stevens  9/6/1833  4/5/1903  Martha “Mattie” Lee  Patton      JAMES HERVY MASTIN  (Figure 3): Mr. Mastin was born November 1, 1812,  in Newton, Virginia, and  came  to  Huntsville  in 1829  from Maury County Tennessee.11 In 1834 he graduated  from  the University of Alabama.12 He  returned  to Huntsville  to open  a drug  store,  followed  by  a dry  goods business. He became  a Director of  The  Northern  Bank  of Alabama,  the  President  of  the Madison  Turn  Pike  Company,  and  the  first  President  of  The  National Bank of Huntsville. He  listed his profession as “Merchant and Planter.” Mr. Mastin married Mary  Jane  Figure 2: The National Bank of  Huntsville Opened for Business  on October 5, 1865.  Figure 3: James Hervey Mastin,  President, 1865‐1882  Figure 4: MAJ James Richardson Stevens, President, 1882‐1889 ___________________________________________________________Paper Money * Nov/Dec 2017 * Whole No. 312_____________________________________________________________ 427  Erskine  (March 23, 1825‐November 23, 1909) on November 8, 1843, and  they had  five  children  (Kate Erskine,  William  John, Mary  Irby, Alexander  Erskine,  and  Frank). He died August 13, 1894  and  is buried  in Huntsville’s  Maple Hill Cemetery.  MAJ JAMES RICHARDSON STEVENS (Figure 4): MAJ Stevens was born September 6, 1833, in Caswell County, NC.  He was 6 years old when his parents moved  to Kentucky. There he  received his education  in  the area schools,  mostly  in  Penbrook  and Hopkinsville. At  18  he worked  at  his  uncle’s,  Edward Richardson’s,  store  in Brandon,  Mississippi,  as  a  salesman,  and  succeeded  his  uncle  in  the  business  in  1860.  In  July  1861,  he  entered  the  Confederate Army as a member of Company  I, Sixth Mississippi Regiment, and was elected  its Third Lieutenant.  He participated in the battle of Shiloh, and, after this battle, when the regiment was re‐organized, was elected its  Major. He fought at Corinth, Fort Gibson, Fort Hudson, Baker's Creek and in the siege of Vicksburg, where he was  captured July 4, 1863. After the war, he returned to Brandon, and re‐opened his business and conducted it until  1874, when he moved to Huntsville.  In  Huntsville MAJ  Stevens  engaged  in mercantile  business  until  1880, when  he  retired.  He was  elected  President  of  The National  Bank  of Huntsville  in  January  1881. He was  one  of  the  incorporators  of  The North  Alabama Improvement Company (later, after it failed, to be re‐organized as The Monte Sano Company), and was a  Director and  its Treasurer.13 He was also one of the  incorporators and a Director of The Decatur Land,  Iron and  Furnace Company. In 1887 MAJ Stevens sold a parcel of land to the city of Huntsville to develop a park, now the  major city park, known as the Big Spring Park.14  In December 1867 MAJ Stevens married Martha “Mattie” Lee Patton (March 22, 1843‐December 22, 1875),  daughter of Dr. Charles Patton, of Huntsville. They had one son: James Richardson Stevens, Jr.15 MAJ Stevens died  April 5, 1903 and is buried in Huntsville’s Maple Hill Cemetery.  Table 3: The National Bank of Huntsville Had Two Cashiers.  Year  Cashier  Born  Died  Spouse  1865‐1874  Theophilus  Henry Lacy  1/1/1804  2/10/1874  May W. Harris and Frances  “Frannie” Hardeman Binford  1874‐1889  Joseph Martin  ~1822  3/16/1896  Virginia O. White  THEOPHILUS HENRY LACY (Figure 5): Mr. Lacy was born in Rockingham County, NC, January 1, 1804. On February  4, 1846, Alabama passed an act that placed the State Bank and its Branches in the hands of three Commissioners  and Trustees and appointed an officer  to assist at each of  the  five  institutions. Mr. Lacy was appointed  to  that  position for the Branch Bank in Huntsville.16 In 1859 he became the Cashier of The Northern Bank of Alabama and  resided with his family on the second floor of the bank, as required at the time by state law. When the bank was  reopened as The National Bank of Huntsville  in 1865, Mr. Lacy was elected as  its Cashier, a position he retained  for the rest of his life.17  On April 24, 1835, Mr. Lacy married May W. Harris (November 8, 1817‐January 25, 1836).18 On December 13,  1838, he married Frances Hardeman Binford (March 30, 1820‐March 10, 1891). They had 10 children, all born in  Huntsville:19  On November 10, 1870, one daughter, Fannie Binford Lacy married William John Mastin, son of Mr. and Mrs.  James Hervey Mastin  (the bank President). One son, Theophilus Lacy, became a guest of the state after he was  found  guilty of embezzling  funds.20 Mr.  Lacy died  February 10, 1874  and  is buried  in  an unmarked  location  in  Huntsville’s Maple Hill Cemetery.  ___________________________________________________________Paper Money * Nov/Dec 2017 * Whole No. 312_____________________________________________________________ 428  JOSEPH MARTIN (Figure 6): Mr. Martin was born in the Greater London, England, area around 1822. He arrived  in Huntsville  in  the  1850’s, became  a United  States  citizen  in  1854,  and was declared bankrupt  in  186521. He  married Virginia O. White (1832‐March 19, 1879) of Huntsville on October 23, 185722 and had six children (Sallie23,  Lillian,  Joseph, Virginia, Charles Cabaniss24, and Carrie)25. Mr. Martin was a Notary Public with  commissions on  January 30, 1871, and again February 16, 1877. In October 1883, his son, Charles, apparently eloped, when still a  teenager, to marry Ada Jamar in Fayetteville, Tennessee, “a Gretna Green for young Huntsville lovers.”26 In 1884,  Joseph  Junior married Carrie L. Harrison  in a  formal ceremony.27 His daughter, Carrie  (called “Gypsey”) was an  accomplished amateur artist and dabbled  in painting, needlework, and carving.28 In June 1890 Mr. Martin was a  Director of Home Protection Fire  Insurance Company of Huntsville.29 In  the same year he was  the Treasurer of  Southern Building and Loan Association.30 His obituary stated that he had been in declining health for months and  on Monday morning, March 16, 1896, he went downstairs into the bank, felt faint, and was taken upstairs to his  residence where he died at noon. He is buried in Huntsville’s Maple Hill Cemetery.31  THE NATIONAL BANK OF HUNTSVILLE BANKNOTES  The National Banks had almost no control over the design of the banknotes with the sole exception being the  title block. (Figure 7). The surviving banknotes from The National Bank of Huntsville are excessively rare, with only  two notes known currently (Table 4).                        Figure 5: Theophilus Henry Lacy,  Cashier, 1865‐1874  Figure 6: Joseph Martin,  Cashier, 1874‐1889  Figure 7. The Title Block Was the Only  Design Element the Bank Could Impact.   ___________________________________________________________Paper Money * Nov/Dec 2017 * Whole No. 312_____________________________________________________________ 429    Table 432: Only Two Notes Are Known to Have Survived from The National Bank of Huntsville.  Series  Denomination  Serial Numbers  Notes  Printed  Total Value  Known  Original  $5, printed in sheets of four  1‐2450  9,800 $49,000  1  Original  $10 and $20, printed in sheets of  three $10’s and one $20  1‐2120  $10=6360 $20‐2120 $10=$63,600  $20=$42,400  0  1875  $5, printed in sheets of four  1‐1730  6,920 $34,600  1  1875  $10 and $20, printed in sheets of  three $10’s and one $20  1‐1514  $10=4542 $20=1514 $10=$45,420  $20=$30,280  0  1882  Brown  Back  $10 and $20, printed in sheets of  three $10’s and one $20  1‐1033  $10=3099 $20=1033 $10=$30,990  $20=$20,660  0  Totals:  35,388  $316,950  2  Total Unredeemed Notes in 1910:  $1,765    Based on  its Treasury Number  (D223701)  the $5 Original Series Note  (Figure 8) was printed  in 186533 and  currently is the earliest existing national banknote from the State of Alabama. The only surviving $5 Series of 1875  note (Figure 9) from the bank was printed in 1876.34  On July 3, 1889, The National Bank of Huntsville was liquidated. Records from 1897 indicate that $44,900 had  been  issued, $40,827  retired,  leaving $4,073  in banknotes outstanding.35 By 1910  the amount outstanding had  been reduced to $1,765.36    Figure 8: The Sole Surviving National Bank of Huntsville Original Series Note Has a Pedigree that Goes from the  John Morris (of Birmingham) to the Jerry Loegler (of Cullman) Collection and Was Sold at a Lyn Knight Auction  April 25, 2003, for $4,313.37    ___________________________________________________________Paper Money * Nov/Dec 2017 * Whole No. 312_____________________________________________________________ 430    Figure 9: Bob Cochran (Huntsville and St. Louis, MO) Bought the Sole Surviving National Bank of Huntsville  Series 1875 Note August 26, 1977, at a Kagin Auction for $750. It Was Re‐Sold by Bob’s Heirs January 7, 2016, at  a Heritage Auction for $4,230.  CHARTER 4067: THE FIRST NATIONAL BANK OF HUNTSVILLE WAS HUNTSVILLE’S MOST SUCCESSFUL BANK.  On July 5, 1889, the board of The National Bank of Huntsville voted to change its name to The First National  Bank of Huntsville38 and sold it the bank property for $20,000.  Robert Elias Spragins and Shelby S. Fletcher bought 51% of  the bank’s  stock  in 1910.39 The  families of  the  bank’s Presidents and one of its Cashiers (Tables 5 and 6) were united through marriage.  Table 5: The First National Bank of Huntsville Had Three Presidents during the National BankNote Issuing Period  Year  President  Born  Died  Spouse  1889‐1899  MAJ James Richardson  Stevens, Sr.  9/6/1833  4/5/1903  Mattie Lee Patton  1899‐1909  MAJ William Holding  Echols, Sr.  3/11/1834  11/13/1909  Mary Beirne Patton  1909‐1935  COL Robert Elias  Spragins  10/14/1861  10/17/1935  Susan "Susie"  Patton Echols    MAJ WILLIAM HOLDING ECHOLS, SR. (Figure 10): MAJ Echols was born in Huntsville, March 11, 1834. His father  served several terms as Mayor of Huntsville, and was for some years Probate Judge of the county.40 In 1854 MAJ  Echols entered West Point Academy, and after graduating in 1858, was an engineer in the United States Army. In  1861, he resigned and entered the engineering corps of the Confederate Army, with the rank of Captain, and soon  rose  to  the  rank  of Major.  He was  stationed  at  Fort  Jackson,  on  the Mississippi  River,  at  Savannah,  and  at  Charleston. After the war, he was a civil engineer on the Memphis & Charleston Railroad. Then he became book‐ keeper  in  the  Bell  Factory  Cotton  Mills,  near  Huntsville,  and  afterward  was  secretary,  treasurer,  and  superintendent, a position he held until the mills were closed  in 1884. Between 1883 and 1886 MAJ Echols was  the  Postmaster  of  Bell  Factory,  Alabama.41 During  that  period  he was  appointed  a Director  of  The  Huntsville  National Bank. In April 1887, he complained that Huntsville was too slow in adopting electric lights and petitioned  for rights‐of‐way on Echols Street for electrical lighting.42  ___________________________________________________________Paper Money * Nov/Dec 2017 * Whole No. 312_____________________________________________________________ 431  MAJ Echols was married in January 1859 to Mary Beirne Patton (November 18, 1838‐June 8, 1924), daughter of Dr.  Charles Hayes Patton. They had  two  sons and one daughter. Their daughter, Susan Patton Echols, became  the  wife of COL Robert Elias Spragins. MAJ Echols died November 13, 1909, and  is buried  in Huntsville’s Maple Hill  Cemetery.  COL  ROBERT  ELIAS  SPRAGINS  (Figure  11):  COL  Spragins  was  born  in  Huntsville  on  October  14,  1861,  and  graduated from the University of Alabama. In 1883 he began a law practice in Huntsville. On September 26, 1899,  he was named a delegate to the Southern Industrial Convention.43 He married Susan Patton Echols (February 17,  1864‐March 28, 1918), MAJ Echols’s daughter. He was a Madison County44 delegate to the Alabama Constitutional  Convention of 1901 (May 21‐September 3, 1901), and served as the Madison County State Senator from 1903 to  1915.45 In 1911 he became the first chairman of the Alabama Highway Commission.46 In 1911 and 1913 he was on  the State Democratic Committee.47 He was active in supporting the war effort at home and in 1918 headed the 4th  Liberty Loan Campaign.48 From 1916 to 1920 and again from 1921 until his death COL Spragins had the advisory  position of Madison County Attorney.49 In 1922 he was one of the trustees of the Boyd Spring Rod and Gun Club.50  During the same year “R. E. Spragins and Paul Speake, Attorneys” were located on the West Side of the Huntsville  Public Square at Number 12. The bank was on the main floor at the same address.51 In 1933 he, along with Mr.  John E. McEachin, were  the Madison County delegates at  the convention  to  ratify  the 21st Amendment  to  the  United  States  Constitution.  After  the  death  of MAJ  Echols,  COL  Spragins  became  the  president  of  The  First  National Bank of Huntsville, a position he held until his death, October 17, 1935.52 He  is buried  in Huntsville’s  Maple Hill Cemetery.  Table 6: The First National Bank of Huntsville Had Several Prominent Cashiers During National Banknote Period.  Year  Cashier  Born  Died  Spouse  1889‐ 1896  Joseph Martin  ~1822  1/1/1896  Virginia O.  White  1896‐ 1909  Oliver Beirne Patton,  Sr.  11/19/1846  12/11/1909  Elizabeth  “Bettie” Irvine  White  1909‐ 1911  Cyrus Frank Sugg  4/4/1855  1/8/1911  Laura Belle  McCutchen  Figure 10: MAJ William Holding  Echols, Sr., President, 1899‐1909  Figure 11: COL Robert Elias Spragins, President, 1909‐1935  ___________________________________________________________Paper Money * Nov/Dec 2017 * Whole No. 312_____________________________________________________________ 432  Year  Cashier  Born  Died  Spouse  1911‐ 1916  Robert Strong Pulley  12/9/1859  7/12/1916  Sarah “Sallie”  E. Taliaferro  1916‐ 1929  Raphael Semmes, Jr.  12/29/1882  11/26/1966  Louisa  Gertrude  Thornton  1929‐ 1948  Harry Coltart  Landman  12/29/1887  7/16/1954  None  MR. OLIVER BEIRNE PATTON (Figure 12): Mr. Patton was born November 19, 1846, in Huntsville, educated at the  University of Virginia, and inherited his father’s large estate, which he further developed and managed. His wife,  Miss Bettie White  (1847‐March 7, 1918), was the daughter of the Honorable Addison White of Huntsville.53 Mr.  Patton and his wife were an important part of the Huntsville social scene and hosted gala evenings. For example,  in September 1885 a  large  (more than 120 guest) cotillion was held at their residence  in honor of Captain E. F.  Miller of Kentucky, and Misses Sunie and Shelby White.54 He became  the Cashier of The First National Bank of  Huntsville upon the death of Joseph Martin. His sister, Miss Mary Beirne Patton, married MAJ Echols. Mr. Patton  died December 11, 1909, and is buried in Huntsville’s Maple Hill Cemetery.  MR.  CYRUS  FRANK  SUGG  (Figure  13): Mr.  Sugg55 was  born April  4,  1855,  came  to Huntsville  from  Kentucky,  established, and was the Secretary/Treasurer of the  first electric  light plant  (The Huntsville Gas Light Company)  soon  after  becoming  connected  with  The  Huntsville  Ice  Company.  From  1895  he  served  as  the  Secretary/Treasurer of The Southern  Ice Exchange. On March 4, 1901, he was appointed as a Madison County  Commissioner  to  the newly created District 5 and  resigned  July 1, 1902.56 Mr. Sugg became  the Cashier of The  First National Bank Huntsville after Mr. Patton died.57 He married Belle McCutchen (October 15, 1855 – December  4, 1938) December 19, 1876. Mr. Sugg died January 8, 1911, and is buried in the Bowling Mausoleum, Greenwood  Cemetery,  Clarksville,  Montgomery  County,  Tennessee.  (His  sister,  Sallie,  was  married  to  James  Mortimer  Bowling.)  MR. ROBERT STRONG PULLEY (Figure 14): Mr. Pulley was born in Huntsville December 9, 1859, the second oldest  of  nine  children. On May  12,  1885,  he married  Sallie  Taliaferro  (1866‐May  4,  1934). Mr.  Pulley was  the Vice  President of Huntsville’s  first bicycle club  in  response  to  the new bicycle  fad sweeping  the nation.58 In 1895 he  started The Madison Loan and Trust Company with his brothers, Edward Lackey Pulley, a Huntsville  lawyer, and  Charles H. Pulley.59 On November 21, 1904, he became a Madison County Commissioner.60 In April 1907, prior to  becoming the Cashier of The First National Bank of Huntsville in 1911, he was active in a mercantile business on  Figure 12: Oliver Beirne Patton,  Cashier, 1896‐1909  Figure 13: Frank Cyrus Sugg,  Cashier, 1909‐1911  ___________________________________________________________Paper Money * Nov/Dec 2017 * Whole No. 312_____________________________________________________________ 433  the  south  side of  the Huntsville public  square. On  July 22, 1916, he  left his office  in  the bank and went  to his  country home complaining that he was not feeling well. While there he suffered an attack of “acute indigestion”61  and went to the hospital. However, the doctors were unable to save his life and he died that day.62 He is buried in  Huntsville’s Maple Hill Cemetery.  MR. RAPHAEL SEMMES, JR. (Figure 15): Mr. Semmes, born December 29, 1882, in Memphis, Tennessee, was the  grandson of  the  famous Confederate  States Admiral, Raphael  Semmes. He was educated at various  schools  in  Mobile, Alabama, and in 1914 became a Teller at The First National Bank of Montgomery. While in Montgomery  he married Louise Gertrude Thornton (May 9, 1887‐March 22, 1963). He came to Huntsville and was elected the  Cashier of The First National Bank of Huntsville after the death of Mr. Pulley. In 1922 he had offices in the bank at  Number 12 on  the West Side of  the Huntsville Public Square. He had a separate business upstairs, “Coldwell &  Company, Raphael Semmes, Representative,  Investments.”63 In 1925 he became  the President of  the Huntsville  Board of Trade (which consolidated two years  later with the Chamber of Commerce).64 In the same year he was  the President of  the Fair Association.65 In 1927 Mr. Semmes was  listed as a member of  the Huntsville Farmers  Market  Board.66 He  remained  the  bank  Cashier  until  1929.  In  1937  he was  appointed  the  Vice  President  and  Secretary of Monroe, Inc., a company that specialized in the design and production of letterheads.67 Mr. Semmes  died November 26, 1966 and is buried in Huntsville’s Maple Hill Cemetery.  MR. HARRY COLTART68 LANDMAN (Figure 16): Mr. Landman was born December 29, 1887, in Madison, Alabama,  to James Henry and Fannie Carruthers Landman. He had two brothers, three half‐brothers, and two half‐sisters.69  The local newspaper noted that the popular Assistant Cashier had a “nice Atlanta and vicinity holiday” during the  summer of 1915.70 On May 9, 1917, he was among the first group of men to go to Fort Oglethorpe, Georgia, for  World War  I military  service.71 He  became  a  cashier  somewhat  naturally  since  his  grandfather,  James  Henry  Landman, had been a cashier at Bradley, Wilson & Company  in Huntsville prior  to  the Civil War.72 In 1922 Mr.  Landman was one of the reigning Huntsville tennis champions.73 He never married, but he did participate in many  social events  in the city. For example, he attended the 1930 Valentine’s Day Party at Huntsville’s Russell Erskine  Hotel  and  the weekly  bridge  game  at  the  same  hotel.74 Federal  relief money  (to  ease  the Depression)  began  flowing  into  Huntsville  in  1932. Mr.  Landman was  designated  the  person  to  receive  and  disburse  the  funds  through the Red Cross.75 He was promoted to a Vice‐President of the bank, probably  in 1948, a position he still  held in 1951.76 He died July 16, 1954. His place of burial is unknown.  THE FIRST NATIONAL BANK OF HUNTSVILLE BANKNOTES  It is surprising that only nine large size notes are known currently (Table 7) for The First National Bank, particularly  when  considering  that  158,460 were  printed.  This  represents  a  survival  rate  of  less  than  1  in  17,600  notes,  whereas, typically, the rate for all Alabama national banks is 1 in 4,810.77  Figure 14: Robert Strong Pulley,  Cashier, 1911‐1916  Figure 15: Raphael Semmes, Jr.,  Cashier, 1916‐1929  Figure 16: Harry Coltart  Landman, Cashier, 1929‐1948  ___________________________________________________________Paper Money * Nov/Dec 2017 * Whole No. 312_____________________________________________________________ 434  Table 778: All Surviving Large Size Notes from The First National Bank of Huntsville Are Scarce.  Series  Denomination  Serial Numbers  Notes  Printed  Total Value  Known  1882 Brown Back  $10 and $20, printed in sheets  of three $10’s and one $20  1‐3817  $10=11,451 $20=3817 $10=$114,510 $20=$76,340 $10=1  $20=0  1902 Date Back  $5, printed in sheets of four  1‐5000  20,000 $100,000 1  1902 Date Back  $10 and $20, printed in sheets  of three $10’s and one $20  1‐7900  $10=23,700 $20=7,900 $10=$237,000 $20=$158,000 $10=1  $20=0  1902 Plain Back  $5, printed in sheets of four  5001‐18697  54,788 $273,940 2  1902 Plain Back  $10 and $20, printed in sheets  of three $10’s and one $20  7901‐17101  $10=27,603 $20=9,201 $10=$276,030 $20=$184,020 $10=2  $20=2  Large Size Totals:  158,460  $1,419,840  9  Total Large Size Notes Unredeemed in 1935:  $2,170  1929 Type 1  $5, printed in sheets of six  1‐5256  31,536  $189,216  6  1929 Type 1  $10, printed in sheets of six  1‐2762  16,572  $165,720  8  1929 Type 1  $20, printed in sheets of six  1‐642  3,852  $77,040  8  1929 Type 2  $5, printed in sheets of six  1‐8162  8,162  $40,810  7  1929 Type 2  $10, printed in sheets of six  1‐4570  4,570  $45,700  3  1929 Type 2  $20, printed in sheets of six  1‐1392  1,392  $27,840  7  Small Size Totals:  66,084  $514,790  39  Figures 17 through 21 are representative survivors of The First National Bank of Huntsville.    Figure 17: The Only Known Surviving 1882  Brown Back from Any Bank in Huntsville Is in  Very Fine Condition and Was Sold for $2,585  January 7, 2016, at a Heritage Auction.          Figure 18: This Is the Only First National  Bank of Huntsville 1902 $10 Date Back  Known to Have Survived and Was Last Sold  January 12, 2008, at a Heritage Auction for  $8,050.    ___________________________________________________________Paper Money * Nov/Dec 2017 * Whole No. 312_____________________________________________________________ 435      Figure 19: Only Two First National Bank of  Huntsville $20 1902 Plain Backs Are Known.  This One Was Sold at a Heritage Auction  January 7, 2016, for $1,116.25.            Figure 20: Small Size Notes from The  First National Bank of Huntsville Are  Scarce, but Not Rare.79            Figure 21: The Very First Type II Note  from The First National Bank of Huntsville  Has Survived.80 It Was Sold at a Heritage  Auction on January 12, 2016, for $528.75.        Sources and Notes                                                               1 Floyd, W. Warner, Form 10‐300, Revision 6‐72, United States Department of the Interior, National Park Service, National Register of  Historic Places Inventory‐Nomination Form, signed July 19, 1974, Certified October 25, 1974.  2 Federal Reserve System, National Information Center,  http://www.ffiec.gov/nicpubweb/nicweb/InstitutionHistory.aspx?parID_RSSD=72632&parDT_END=20100129  3 Federal Reserve System, National Information Center,  http://www.ffiec.gov/nicpubweb/nicweb/InstitutionHistory.aspx?parID_RSSD=140830&parDT_END=19851130  4 The First National Bank of Selma went into receivership April 30, 1867. No surviving notes are known although there is urban legend of a  single note existing.   5 The New York Times, Southern Items from Louisville, October 8, 1861.  6 Acts of the Called Session of the General Assembly of Alabama, Act 4, Section 7, enacted February 2, 1861, Montgomery: Shorter & Reid,  State Printers, 1861, Page 9.  7 Acts of the Seventh Biennial Session of the General Assembly of Alabama, Acts 105 and 106, Montgomery: Shorter & Reid, State Printers,  1860, page 86.  ___________________________________________________________Paper Money * Nov/Dec 2017 * Whole No. 312_____________________________________________________________ 436                                                                                                                                                                                                                    8 Record, James, A DREAM COME TRUE, VOLUME I, MADISON COUNTY, John Hicklin Printing Company, copyright 1970, Page 139.  9 The First National Bank Building 1835‐1951, Huntsville, Alabama, brochure, 216 West, privately printed by The First National Bank of  Huntsville, Alabama, 1951, no page numbers.  10 Burkhardt, E. Walter, District Officer, FIRST NATIONAL BANK HUNTSVILLE, ALABAMA, PHOTOGRAPHS WRITTEN HISTORICAL AND  DESCRIPTIVE DATA, DISTRICT NO. 16, Project HABS No. 16‐405, Auburn, Alabama: Historic American Buildings Survey, Ala. Polytechnic  Institute., 1936, Page 2.  11 Chapman, CHANGING HUNTSVILLE, 1890‐1899, reprinted by the Historic Huntsville Foundation, Inc., P. O. Box 786, Huntsville, Alabama,  1989, Page 171.  12 CATALOGUE OF THE OFFICERS, ALUMNI, AND STUDENTS OF THE UNIVERSITY OF THE STATE OF ALABAMA, 1842, Tuskaloosa: Printed by  M. D. J. Slade, 1842, No page numbers.  13 The Huntsville Weekly Mercury, April 8, 1903, Page 8, Column 3.  14 Op. Cit., Record, Volume II, Page 65.  15 Smith, A. Davis, and T. A. DeLand, NORTHERN ALABAMA: HISTORICAL AND BIOGRAPHICAL, Birmingham, Alabama, Copyright 1888, Page  285.  16 Garrett, William, REMINISCENCES OF PUBLIC MEN IN ALABAMA, FOR THIRTY YEARS. Atlanta, Georgia: Plantation Publishing Company’s  Press, 1872, Page 673.  17 A community established south of the Tennessee River by three Virginia‐born brothers, Hopkins, John, and Theophilus Lacy, took on their  name and became the site for a U.S. post office in February 1831. “Lacy’s Spring” became “Lacey’s Spring” when the postal seal furnished  by Washington officials inserted an “e” into the name.  18 May W. Harris Lacy is buried in the Lacy Cemetery on what is now Redstone Arsenal, Alabama.  19 http://homepages.rootsweb.ancestry.com/~elacey/hlacy/aqwg05.htm. Mary F. Lacy was born November 15, 1841. She died June 12,  1912. Mary married James T. Gee on October 19, 1863 in Huntsville. Pattie Staunton Lacy was born December 24, 1842. She died December  23, 1887, in Huntsville. Sue B. Lacy was born and died in Huntsville. Theophilus Lacy, Jr. was born June 16, 1846. He died December 25,  1901, in Burnsville, Dallas County, AL, and was buried in Old Live Oak Cemetery, Selma, AL. Theophilus married Mary Newell Pettus,  daughter of Senator Edmund Winston Pettus and Lucinda Chapman on June 27, 1871, in Selma, AL. Mary was born May 18, 1854, in Selma,  AL. She died July 26, 1927, in Plantersville, AL, and was buried in Old Live Oak Cemetery, Selma, AL. Susan Gee Lacy was born September 29,  1848 and died about 1865. Fannie Binford Lacy was born January 11, 1851. She died July 16, 1878, in Huntsville. Fannie married William  John Mastin, son of James Hervey Mastin and Mary Jane Erskine, on November 10, 1870. William was born November 26, 1847, in  Huntsville. He died November 22, 1914, in Huntsville. Leila Lacy was born March 22, 1853 and died after 1892. She married John Taylor  Morris on October 15, 1873. Sally Louise Lacy was born July 31, 1855 and died February 16, 1887. John Hugh Lacy was born January 4, 1858,  and died after 1892. John married Clara Louise Hannis. William Binford Lacy died after 1892.  20 http://www.encyclopediaofalabama.org/article/h‐1585. Mr. Lacy’s son, Theophilus Lacy, was sentenced to 16 years in prison for the  1913 embezzlement and grand larceny of $90,000 from convict leasing funds while he was the Chief Clerk of the Convict Board. This affair  negatively impacted the second term of Governor Emmet O’Neal.  21 INTERNAL REVENUE RECORD AND CUSTOMS JOURNAL, VOLUME VI, New York: P. VR. Van Wyck, Editor and Proprietor, Office, 95 Liberty  Street, Page 190.  22 Marriage License, State of Alabama, Madison County, dated October 23, 1857, Madison County Records Office.  23 The United States 1920 Census indicates that Sallie was in the Insane Patients Bryce Hospital in Tuscaloosa, Alabama.  24 In GEORGIA, COMPRISING SKETCHES OF COUNTIES, TOWNS, EVENTS, INSTITUTIONS, AND PERSONS, ARRANGED IN CYCLOPEDIC FORM,  edited by Former Governor Allen D. Candler and General Clement A. Evens, Volume II, Atlanta: State Historical Association, Copyright 1906,  the biographical synopsis of Charles C. Martin has at least one obvious exaggeration: “He is a son of the late Joseph Martin, former  president of The First National bank of Huntsville…”  25 United States 1870 Census, Huntsville, Alabama, enumerated August 16, 1870.  26 The Huntsville Weekly Democrat, October 10, 1883.  27 The Huntsville Weekly Democrat, January 16, 1884.  28 The Huntsville Weekly Democrat, July 3, 1895.  29 The Daily Mercury, July 1, 1890. It was noted in the article that Southern Building and Loan Association was organized in the Spring of  1889 and was doing well.  30 The Daily Mercury, October 10, 1890.  31 The Huntsville Weekly Democrat, March 18, 1896.  32 Kelly, Don C., NATIONAL BANK NOTES, A Guide with Prices, SIXTH EDITION, The Paper Money Institute, Inc., P. O. Box 85, Oxford, Ohio  45056, Copyright 2008, Page 33.  33 Huntoon, Peter, UNITED STATES LARGE SIZE NATIONAL BANK NOTES, published by the Society of Paper Money Collectors, P. O. Box 3681,  Laramie, WY 82071, Printed by Modern Printing, Laramie, WY 82070, Page 254.  34 Ibid., Page 256.  35 ANNUAL REPORT OF THE COMPTROLLER OF THE CURRENCY TO THE SECOND SESSION OF THE FIFTY‐FIFTH CONGRESS OF THE UNITED  STATES, DECEMBER 6, 1897, Washington: Government Printing Office, 1897, Treasury Department, Document No. 1986A., Comptroller of  the Currency, Volume I, Page 474.  36 Op. Cit., Kelly, Page 33.  37 All prices realized at auction include fees such as commission, postage, and so forth.  38 Op. Cit., Burkhardt, Page 2.  ___________________________________________________________Paper Money * Nov/Dec 2017 * Whole No. 312_____________________________________________________________ 437                                                                                                                                                                                                                    39 Spragins, William Echols, et. al., A BRIEF HISTORY AND BRIEF GENEALOGY OF THE ANDREW BEIRNE, WILLIAM PATTON, WILLIAM ECHOLS  V, AND ROBERT E. SPRAGINS LINES, Huntsville, Alabama, Copyright 1956, Page 140.,   40 Op. Cit., Smith, A. Davis, and T. A. DeLand, Page 282.  41 Op Cit., Record, Volume I, Page 297.  42 Op. Cit., Record, Volume II, Page 65.  43 The Republican, September 30, 1899, No. 1, Page 2, Column 3.  44 The other Madison County delegate was Mr. Algernon Sydney Fletcher.  45 Op. Cit., Record, Volume I, Page 262.  46 https://www.dot.state.al.us/adweb/directors.htm. Mr. Spragins served two terms: 1911‐1915 and 1915‐1919.  47 Op. Cit., Record, Volume II, Page 709.  48 Op. Cit., Record, Volume II, Page 167.  49 Op. Cit., Record, Volume I, Page 245.  50 Op. Cit., Record, Volume II, Page 182.  51 Op. Cit., Record, Volume II, Page 548.  52 Owen, Thomas McAdory, HISTORY OF ALABAMA AND DICTIONARY OF ALABAMA BIOGRAPHY, VOLUME IV, Chicago: The S. J. Clarke  Publishing Company, Copyright 1921, Reprinted 1978, The Reprint Company, Publishers, Spartanburg, South Carolina 29304, Page 1608.  53 Op. Cit., Smith, A. Davis, and T. A. DeLand, Page 278. Note: Addison White (May 1, 1824 – February 4, 1909) served the state of Kentucky  in the United States House of Representatives between 1851 and 1853. After the Civil War, he moved to Huntsville, Alabama.  54 The Huntsville Daily Mercury, September 3, 1885. The cotillion was called a “german” in the usage of the time.  55 At some point, Mr. Sugg began using Cyrus rather than Frank, and signed his name, “Cyrus F. Sugg.”  56 Op. Cit., Record, Volume I, Page 160.  57 Mr. Sugg died at his home in Huntsville on January 9 1911. Acute indigestion was named as the cause of death which came suddenly a  moment after arising from the breakfast table.  58 Op. Cit., Record, Volume II, Page 79.  59 ACTS OF THE GENERAL ASSEMBLY OF THE STATE OF ALABAMA PASSED AT THE SESSION OF 1894‐5. Montgomery, Alabama: Roemer  Printing Company, 1895, Pages 891‐895.  60 Op. Cit., Record, Volume I, Page 160.  61 It is very likely that the root cause of Mr. Pulley’s “acute indigestion” was from being vastly overweight, namely he became morbidly  obese in his later years.  62 The Huntsville Daily Times, July 23, 1916, Page 3.  63 Op. Cit., Record, Volume II, Page 548.   64 Op. Cit., Record, Volume II, Page 191.   65 Op. Cit., Record, Volume II, Page 706.  66 Op. Cit., Record, Volume I, Page 249.  67 THE STORY OF ALABAMA, A HISTORY OF THE STATE, PERSONAL AND FAMILY HISTORY, VOLUME V, New York: Lewis Historical Publishing  Company, Inc., Copyright 1949, Page 754.  68 The “Coltart” name could be from Colonel John Gordon Coltart (January 26, 1826‐May 16, 1868), 26th/50th Alabama Infantry or from his  older brother Robert Wilson Coltart (1823‐September 1879), the Confederate States Marshal for the Northern District of Alabama, and  afterwards mayor of Huntsville for several terms.  69 http://www.bandy.co.uk/ff5‐p/p313.htm.  70 The Huntsville Daily Times, August 1, 1915.  71 Op. Cit., Record, Volume II, Page 166.  72 HUNTSVILLE DIRECTORY, CITY GUIDE AND BUSINESS MIRROR, 1859‐1860, Huntsville: Coltart & Son, No. 10 Commercial Row, 1859,  Reprinted by the Strode Publishers, Huntsville, Alabama 1972, Page 69.  73 Op. Cit., Record, Volume II, Page 182.  74 The Huntsville Daily Times, February 16, 1930, Page 5, and March 30, 1930, Page 6.  75 Op. Cit., Record, Volume II, Page 217.  76 Op. Cit., The First National Bank Building 1835‐1951, Huntsville, Alabama.  77 Hollander, David B., TRIAL CENSUS OF KNOWN ALABAMA BANK NOTES, Copyright 1999‐2017. October 16, 2017.  78 Op. Cit., Kelly, Page 33.  79 Charles Cataldo Collection, Huntsville, Alabama.  80 Heritage Auctions, Auction 3541, Lot 24380, January 12, 2016, ex‐Bob Cochran Collection. Sold for $528.75, including fees.  Many thanks to the Huntsville Madison County Public Library for access to their archives and to William Gunther for his important  suggestions.  ___________________________________________________________Paper Money * Nov/Dec 2017 * Whole No. 312_____________________________________________________________ 438 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 Michigan Obsolete Notes by Clifford F. Thies The Dirty Dozen Dr. Wallace G. Lee, a founding member of the Paper Money Collectors of Michigan, has written two well‐researched and beautifully illustrated books bound into one, Michigan Obsolete Bank and Scrip Notes of the 19th Century, and Michigan National Bank Notes, 1863‐1935 (Krause, 2007). Gary Pecquet of Michigan Central University, John Dove of Troy University and I drew upon Dr. Lee's work in our own research on Michigan's Wild Cat Bank era, published in Essays in Economic and Business History. In this article, I'd like to add a few things to what Dr. Lee says about Michigan's Wild Cat Banks. In a follow‐up article, I'll comment of the mining company scrip that circulated in Michigan's upper peninsula. My research on mining company scrip was motivated specifically by Dr. Lee. Michigan's experience with Wild Cat Banks was one of the more colorful and tragic episodes in banking during the period sometimes described as the Free Bank Era, from the expiration of the charter of the Second Bank of the United States until the National Bank era began during the Civil War. Just the expression "Wild Cat Banks" is evocative! Dr. Lee devotes a couple paragraphs on p. 13 to the origins of the term. For some people, the term refers to unsound or reckless banking, which banks were often located “where only the wildcats roamed.” John Bartlett, as in Bartlett's quotations, attributes the term to the depiction of a panther on an early Michigan banknote. (Sorry, I can't verify this.) William H. Dillistin, who wrote "a discourse on wildcat banks and wildcat bank notes," traces the term to the offer of bounties for the skins of wildcats in various frontier states. But, whatever the origin of the term, Wild Cat Banking has come to signify the utter collapse of Michigan's banking system and the subsequent prostration of the state's economy for something like a decade. How could such a catastrophe happen? Following the expiration of the charter of the Second Bank of the United States, states were free to experiment in banking. Many of them used banks to promote rapid economic development. In the states on the old Northwest, banks were used to finance internal improvements such as canals and railroads. In the states of the New South, banks were used to enable planters to acquire land and slaves. In Michigan, Stevens T. Mason, the Boy Governor, envisioned three railroads crossing the lower peninsula of the state, connecting Lake Huron with Lake Michigan. The state was to be populated by pioneer farm families and dotted with rural villages and towns. For a time, the vision seemed to be coming together. State bonds were sold, construction got underway, immigrants arrived, villages and towns sprang up. But, interest on the bonds came due faster than tax revenue came in, and soon additional bonds could not be sold. The massive amount of paper money issued by the many new banks getting underway in the country could not sustained by the limited amount of gold and silver, resulting in a financial panic and a general suspension of specie payments by the banks. At this point, according to Alpheus Felch, who was a member of the state legislature at the time, “The public seemed imbued with the idea that to relieve them from the galling burden of indebtedness and to restore activity and prosperity to the business world, nothing was needed but extensive bank issues.” The new issues of bank notes were to come from a new form of bank, Free Banks, as authorized by a general banking law. The capital for these Free Banks was to be based on mortgages. Felch would later become one of the commissioners charged with enforcing the provisions of the general banking law. At a later time he would be elected an anti‐ bank Governor, and then, after serving as Governor, write a history in which he recounted his heroic but frustrated effort to prevent swindlers from organizing Free Banks. That's not how things transpired in real time. In real time, as reported in the newspapers, the new Free Banks were viewed with enthusiasm. “This new bank [Bank of Oakland] has now gone into operation … we learn that the bank has been liberal in its discounts and will contribute greatly to the general wealth and prosperity of Pontiac,” said one newspaper. “The Bank of Coldwater has this day gone into operation with every prospect of permanent utility to the stockholders and the community around it,” said another newspaper. Even when the new banks started to get into ___________________________________________________________Paper Money * Nov/Dec 2017 * Whole No. 312_____________________________________________________________ 440 trouble, the bank commissioners diminished the extent of their problems. “[T]he officers of the Farmers & Merchants Bank of St. Joseph are determined to discharge their duties faithfully and fearlessly to the public.” The real problem wasn't the new banks, but the old banks, described as "Whig monopoly banks." These Whig monopoly banks supposedly attempted to discredit the new banks by organizing a few fraudulent ones. The old banks “have found it necessary to make an effort to render the general banking law unpopular with the people, and to produce a political change at the same time, to put into operation some six or eight fraudulent banks.” My coauthors and I figure that there were exactly 12 Wild Cat banks among the 43 Free Banks that were organized (see Table 1). If only these banks had been shut, the loss to the people of the state would have been only $350,000, as opposed to $1 million, and the recession might not have turned into a depression. As the new Free Banks were being forced into suspension, a new scheme was hatched to support a new round of borrowing: a large, multi‐branch state bank of the kind approved in Illinois (the Bank of the State of Illinois) and Mississippi (the Mississippi Union Bank). The state legislature suspended the operation of the general banking law, meaning no new Free Banks could be organized, and approved a charter for a new state‐ owned bank. However, the bonds that were supposed to provide the capital for the bank could not be sold. At this point, the state legislature was kind of out of ideas as to how to relieve the people of the state from all the debts they had piled upon themselves, but not completely. The legislature had one more trick up its sleeve. Repudiate the charters of the Free Banks, the good ones, the bad ones, all of them. Then, all the debts owed to them would be wiped out. As everybody who knows anything about banks knows, banks have everything backward. While ordinary people think of bank notes as an asset, banks think of bank notes as a liability. And, while ordinary people think of loans from a bank as a debt, banks think of these loans as an asset. Therefore, as crazy as this sounds, when all the debts owed to banks are wiped out, the banks have no assets with which to make good on their bank notes. When the supreme court of the state upheld the repudiation of the charters of the Free Banks by the state legislature, the mass of Free Bank notes “fell in a dead loss on the community.” “All hope which the holders of bills may have had of realizing anything upon them vanished forever … Many of the bills…were then given away promiscuously. Children used them to play with and, in the rural districts, where paper hangings were scarce, people used them to paper their rooms.” Many of the bank notes of the good Free Banks and the Wild Cat Free Banks, have survived to the present day, as well as blanks from some Free Banks that were in the process of being organized at the time the general banking law was suspended. The twelve Michigan Wild Cat Free Banks (defined as having at least two of the following three characteristics: (1) the bank issued a large amount of notes, (2) the bank was closed by the bank commissioners either while being organized or soon after commencing business or soon after a change in ownership, and (3) there is no indication that its notes circulated at par within the state). Allegan, Bank of Clinton Canal Bank F&M Bank of Pontiac F&M Bank of St. Joseph Farmers Bank of Genesee County Farmers Bank of Sandstone Jackson County Bank Kensington, Bank of Lapeer, Bank of Lenawee County Bank Shiawassee Exchange Bank Wayne County Bank ___________________________________________________________Paper Money * Nov/Dec 2017 * Whole No. 312_____________________________________________________________ 441 A non‐Wild Cat Free Bank. A large amount of bank notes of this bank were outstanding at the time the state legislature repudiated its charter. According to its receiver, the bank had more than enough assets to make good on all its liabilities. But, the bank notes and other liabilities being worthless, weren't turned in, and therefore weren't destroyed. http://vernpotter.com/VernPotter/Michigan.htm Famers Bank of Sandstone ‐ a Wild Cat Free Bank (one of the twelve) Notice, above the name of the bank, "Real Estate Security." Detroit & St Joseph Rail Road Bank ‐ a Wild Cat Free Bank (one of twelve). This bank note was to circulate in and around Cincinnati, Ohio, where it was supported by a local broker. Farmers Bank of Genesee County ‐ a Wild Cat Free Bank (one of the twelve) ___________________________________________________________Paper Money * Nov/Dec 2017 * Whole No. 312_____________________________________________________________ 442 Bank of Lapeer ‐ a Wild Cat Free Bank (one of the twelve) Lenawee County Bank ‐ a Wild Cat Free Bank (one of the twelve) Clinton Canal Bank ‐ a Wild Cat Free Bank (one of the dozen) The Iron Man of 1876 A delightful section of Dr. Wallace G. Lee's compendium of Michigan paper money concerns mining company scrip. As I was flipping through the pages of this section, I came across the name of Samuel J. Tilden in his capacity of President of the New York Iron Mine Co. Tilden, like Al Gore, won the popular vote but lost a Presidential election. In the election of 1876, multiple sets of Electoral College votes were submitted from three states. To resolve the controversy over which votes to accept, the Congress organized a special commission. The commission voted 8 to 7 along party lines to accept the votes cast for the Republican candidate. Following up on the entry on the New York Iron Mine Co., I found out that among the issues during the 1876 Presidential election was Tilden's involvement in mining company scrip. As a lawyer, a director and an investor, Tilden had become involved in a number of railroad and mining enterprises. Among them was the New York Iron Mine Co. of Michigan's upper peninsula, of which he was president and principal owner. The mine of this company, third in output in the region, was known as the "Tilden Mine." The company was organized in 1865 and continued in operation until 1919. During this period, the upper peninsula had a booming mining industry, principally iron and copper, with the first mines being opened during the 1840s. During the early Samuel J. Tilden Wikipedia ___________________________________________________________Paper Money * Nov/Dec 2017 * Whole No. 312_____________________________________________________________ 443 part of this period, the upper peninsula was an isolated region, with few banks or merchants. Its isolation was especially pronounced when winter set in and the waterways froze, prior to railroads being extended there. As happened with other mining operations in isolated places from the mid‐19th century to the early 20th century, the mining companies of the upper peninsula opened company stores and issued scrip. In Michigan, the practice can be traced to the 1840s. The first iteration appears to have been ended by the state’s clamp down on scrip. The practice resumed around 1853, grew extensive during the Civil War, and continued until the 1870s. During these years, “iron money” enjoyed a general circulation in the upper peninsula. Judging from the experience of the Iron Cliffs Co., mining company scrip changed from company store money into a full‐blown medium of exchange following the Panic of 1857. As one of the ways the Iron Cliffs Co. dealt with the hard times following the Panic of 1857, the company resorted to paying workers in scrip suitable for use as a hand‐to‐hand currency. Numerous specimens reproduced by Dr. Lee indicate that this new form of scrip involved checks payable to the bearer on demand at the company’s bank or drafts payable to the bearer on demand at the treasury of the company, in denominations suitable for a hand‐to‐hand paper currency. The use of iron money greatly increased during the 1860s for lack of coins (due to the suspension of specie payments), the tremendous demand for iron and copper, and a dearth of banks. From 1857 to 1868, from 3 to 5 private bankers operated in the upper peninsula. The first bank ‐ a national bank ‐ was organized in 1864. By 1874, there were five national banks, two state banks and 12 private bankers in the region. Following the Panic of 1873, the Iron Cliffs Co. added another wrinkle to its issue of iron money, making it payable only after 60 days. This form of money was referred to as due bills. Workers were told they would either have to accept this form of payment or be laid off. With the hard times and the winter coming in, workers faced a difficult choice. Many choose to leave the region. Among those who stayed, there was unrest that was only quelled upon the arrival of two companies of militia from the lower peninsula. Nevertheless, a majority of the mines remained opened. Initially, the scarceness of money caused some to question the propriety of tying money to gold. “Why regulate the supply of money by the standard of gold coin?” asked the Portage Lake Mining Gazette. But, soon, the hard money position won out. “Gold and silver are the only safe measures on which to base money value on,” said the very same newspaper a few months later. The use of iron money as a general medium of exchange in the upper peninsula came to a sudden halt during 1874. Upon a complaint, the Commissioner of the Internal Revenue determined that the bank note‐like bills issued by the mining companies were subject to a prohibitory tax of 10 percent per year retroactive to when they were first issued. This tax was part of the banking acts of the 1860s and was designed to replace the mass of state bank notes in circulation with a uniform national currency. "The 'iron currency' company drafts for small amounts, which have been so long in use in this section, are doomed and are being retired rapidly," said the Bankers Magazine. The tax assessment represented an existential threat to the mining industry. Fortunately for the industry, a relief bill was lobbied through Congress by Peter White. White had previously operated as a private banker in the upper peninsula, and then served as President of the First National Bank of Marquette when it was organized. The industry continued in business albeit without issuing money, and the region switched over to conventional forms of currency and banking services. It is clear that each of the ten copper mining companies, and at least twenty of the twenty‐three iron mining and iron furnace companies that had issued scrip redeemed their notes. There are questions regarding three companies that failed soon after the Panic of 1873. During the election of 1876, Republican newspapers ran a series of articles excoriating Tilden for his involvement with iron money. These articles generally used exaggeration, supposition and innuendo, rather than outright falsehood. As one Republican newspaper put it, "Tilden, in common with other mine‐owners, began to manufacture and issue shinplasters [a derogatory reference to scrip] . . . Tilden alone soon had $4,000,000 in circulation . . . Tilden and the others who were engaged in these frauds upon labor . . . were selling to miners from company stores goods at shinplaster prices for which they ___________________________________________________________Paper Money * Nov/Dec 2017 * Whole No. 312_____________________________________________________________ 444 paid greenback prices so that their profits were enormous." Democratic newspapers responded in a variety of ways such as by publishing testimonials from persons from the upper peninsula: "All the mining companies issued a kind of due bill, payable on presentation at their treasuries, the New York Company among the others. These due bills circulated about here as money, and were received by all merchants and dealers. If they were presented at the counters of any of the banks they were discounted, but if presented at the Treasury of the Company they were received at par value. A few of the companies, I believe, were unable to redeem all; but the New York redeemed every dollar." With the election, the voters of the upper peninsula gave a clear endorsement of Tilden. From 1872 to 1876, support for the Democratic ticket increased by as much in the upper peninsula as it did in the lower peninsula. This increase was not enough, however, to put the state into the Democratic column. All images below are from eBay. The Quincy Mine was a copper mining company. Notice the revenue stamp affixed to this draft. Keweenaw, Michigan 1865. Pennsylvania‐ Mine. $5‐Paybable to Sam‐Hill. Sam Day signed. 1864‐$5. Central Mining Co. Eagle Harbor, Michigan This note isn't payable on demand, but only after four months. It is a "due bill" typical of upper peninsula mining company scrip issued after the Panic of 1873, rather than a sight draft. ___________________________________________________________Paper Money * Nov/Dec 2017 * Whole No. 312_____________________________________________________________ 445 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 GIDEON FAIRMAN’S ENGRAVING OF AUDUBON’S GROUSE by Bernhard Wilde Peck and Newman discover a vignette of Audubon’s drawing. A 2010 article by naturalist Robert M. Peck and numismatist Eric P. Newman discusses an early John James Audubon1 (Figure 1) drawing as his first to appear as an engraved vignette on obsolete United States paper currency.2 Fig 1. 1826 portrait of John James Audubon by John Syme Fig. 2. Portrait of Colonel Gideon Fairman by Thomas Sully. The authors reveal a July 12, 1824 entry in Audubon’s diary3 of a meeting in Philadelphia with Gideon Fairman4 (Figure 2), an engraver of the firm of Fairman, Draper, Underwood & Co. (FDU) at the time. Audubon recorded in his diary that he presented Fairman with a drawing of a running grouse that was to be used on a State of New Jersey bank note. The authors of this paper have searched unsuccessfully for a New Jersey bank note printed by FDU that might have this vignette. Newman did find an FDU sample sheet that contains a small vignette (as in Figure 3) of what looks like a grouse, and was probably printed about this time. The running bird is in the style of Audubon’s early drawings. Figure 4 shows a hand- colored print pulled from Audubon’s 6th copper plate that appears in his The Birds of America.5 This print is labelled as the “Great American Hen” with the common name of “Female Wild Turkey” and is therefore not the Pinnated Grouse discussed by Peck and Newman and mentioned by Audubon in his meeting with Fairman. However, it certainly resembles the bird in Fairman’s engraving. The stance of the running bird and the blades of grass behind it are very similar. The engraving of Figure 4 was produced in 1827 about three years after Audubon’s journal entry. The water color with the addition of the young hens must have been Fig. 3. Close-up of the grouse vignette from Figure 13. ___________________________________________________________Paper Money * Nov/Dec 2017 * Whole No. 312_____________________________________________________________ 447 Fig. 4. Audubon’s “Great American Hen and Young.” produced between 1824 and 1827. This does seem to imply that Audubon was the source for Fairman’s vignette. Peck and Newman mention that this vignette (Figure 3) also appears on two other FDU sample sheets printed in the early 1830’s. Since Newman could not find this vignette on any New Jersey obsolete note, he turned to the other states. Although he again could not find any FDU printed issued note with the grouse vignette from any state, he found the vignette on two different proofs, where it appears at the bottom center of each. The first was a $3 proof (Figure 5) from The Bank of Norwalk in Norwalk, Ohio6. This note (OH-350-UNL) is not listed in the Haxby catalog7 but is listed in Wolka8 as W2005-21. This unique proof first appeared in Christie’s 1990 auction9 of the American Bank Note Company (ABNC) archives. It was the 4th proof note (check letters C) from a sheet with denominations of $1-1-3-3 and Haxby catalog numbers of G4-G6-G12-UNL. The 3rd note from this sheet is also a $3 note (check letter B) but is significantly different from the unlisted $3 proof with the grouse vignette. The note with the grouse was later sold at Smythe’s first Schingoethe auction in 2004 and presently resides in the Eric P. Newman Numismatic Education Society collection in St. Louis. The imprint on this note is Draper, Underwood, Bald & Spencer (DUB&S), a printing company that existed between 1833 and 1835 and was the successor of Fairman’s company. Thus DUB&S must have inherited the FDU plates which probably included the die plate for the Audubon grouse vignette. There is no known issued note matching this proof. This note therefore was not produced by FDU but by its successor Fig. 5. Audubon’s grouse on a proof for the Bank of Norwalk, Ohio. about a decade after Audubon’s meeting with Fairman. The second note discussed by Peck and Newman with the grouse vignette is from a $5 note from The Bridgeport Bank of Bridgeport, Connecticut, listed in Haxby as CT-25-G84. Haxby shows an image of a proof note which looks like the one owned by the Eric P. Newman Numismatic Education Society collection and that appears in the Peck and Newman article. Haxby also prices the note in issued condition, although neither Newman nor I have seen a copy of an issued note. The imprint from this note is again not FDU but DUB&S plus N. & S. S. Jocelyn. The latter company existed between 1834 and 1850, and, according to David Bowers,10 had connections with DUB&S in 1841. Christie’s 1990 auction also had two progress proofs of this note with the Audubon vignette but only with the earlier DUB&S imprint. These progress proofs certainly preceded the final DUB&S and N. & S. S. Jocelyn notes. Figure 6 shows one of these progress proofs owned by myself. This is why I became interested in the Audubon vignette hunt. In summary, although Peck and Newman did find the grouse vignette on sample sheets with the FDU imprint, produced after the Audubon meeting with Fairman, they had not found any notes (proof, remainder or Fig. 6. Audubon’s grouse on a progress proof--Bridgeport Bank of CT. issued) with the FDU imprint. They ___________________________________________________________Paper Money * Nov/Dec 2017 * Whole No. 312_____________________________________________________________ 448 Fig. 8. The FDU imprint on the Bank of Montreal proof. found two later proofs that did not have the FDU imprint, but had those of printing companies that inherited the FDU plates. It is also important to note that the pre-1824 FDU sample sheets did not have the grouse vignette. This strengthens their argument that this vignette is from an Audubon drawing. Discovery of Fairman’s grouse vignette on a Canadian bank note. After this story broke in the summer of 2010, I noticed that I owned one of the Connecticut progress proofs with the grouse vignette.11 Since the Peck and Newman article seemed to have an interesting solution to a long standing mystery and since I liked Audubon’s prints, I decided to see if I could find other impressions of the grouse vignette, especially on a bank note with the FDU imprint. Although I spent considerable time searching the Haxby and dedicated state catalogs, I too could not find any notes with the FDU imprint. At the beginning of 2011, I noticed a chartered bank note proof from the Bank of Montreal, Canada on eBay that had the grouse vignette at the lower center. This note had been sitting on eBay for several months without being recognized as an important note in the Peck and Newman Audubon story. I acquired this proof with check letter D as shown in Figure 7. Not only did this note have the grouse vignette, but, to my delight, it also had the FDU imprint at the bottom left, an enlargement of which is shown in Figure 8. Much of my summary of the Peck and Newman article and the details of this discovery was published in the September 2011 issue of the Canadian Paper Money Newsletter.12 Given the engraved date of 1st June 183_ and the FDU imprint, Fig. 7. The National Bank of Montreal (payable at Quebec) proof with check letter D. On the left is a portrait of Christopher Columbus. this proof was, in 2011, the earliest known bank note with Audubon’s grouse vignette. It is probably from the late 1820s or early 1830s since Fairman died in 1827 and the FDU partnership became Draper, Underwood & Co. (DU)13. Since the plate, and the subsequent proofs, retained the FDU imprint, it was either engraved before Fairman’s death or maybe it was not changed to DU as a memorial to Fairman and his relationship with Audubon – just a speculation. The Charlton catalogue of Canadian Chartered Bank Notes14 lists this $5 proof “Payable at Quebec” as CH-505-12-04-18P and indicates that there are no known issued notes. There are also no known proofs nor issued notes of the corresponding $5 Montreal issue of this note. The catalogue shows an image of the Quebec proof with a B check letter. This proof seems to be the same one that resides in the National Currency Collection at The Currency Museum of the Bank of Canada15. Christie’s 1990 auction of foreign proofs16 from the ABNC archives lists a single sheet of four proofs, all $5 notes, with check letters A-B-C-D. I was also able to obtain the proof with check letter C from the September 9, 2011 Heritage auction17. Someone must own the fourth proof from this sheet, with check letter A. For a more detailed discussion of why most of this Montreal printing plate was probably created before 1830 see Reference 12. Upon closer examination of the central vignette (Figure 9) on the Bank of Montreal note, I noticed that “G. Fairman” appears in the lower right of the vignette. Although an engraver’s signature on bank notes is relatively rare, Gideon Fairman was known to sign some of his engravings. This probably originated when engravers signed their work for book plates in the early 19th century, typically in the lower right corner. This beautiful vignette appears on an 1824 FDU sample sheet, without the grouse vignette. The banks must have Fig. 9. Central vignette of the Bank of Montreal proof signed by G. Fairman. found the vignette extremely pleasing since it was subsequently used for many other FDU obsolete bank notes. ___________________________________________________________Paper Money * Nov/Dec 2017 * Whole No. 312_____________________________________________________________ 449 Discovery of the Grouse vignette on issued notes. Given Audubon’s mention of his drawing appearing on a New Jersey bank note, Newman concentrated on finding such a vignette on the bank notes of New Jersey. Although Haxby lists over 60 FDU bank notes from New Jersey, none seemed to have the grouse vignette. The State Bank at Trenton and The State Bank at Camden had notes printed by FDU in the early 1820’s. Newman speculated that these issued notes might all have perished due to their destruction because of numerous counterfeits being produced on these banks. The banks certainly could have destroyed the genuine notes; however, under these circumstances, the counterfeit notes usually survive. No counterfeits, with either the FDU imprints nor the grouse vignette, are cataloged by Haxby or known to exist from these banks. The strongest indication that the State Bank at Trenton series of notes in the early 1820’s did NOT have the grouse vignette is that there are genuine notes dated June 7, 1824. This date is over a month before the July 12, 1824 meeting of Fairman and Audubon. It is unlikely, but not impossible, that Fairman would consider putting the grouse vignette on a note (maybe a higher denomination) from this bank since he must have just finished producing the $1- 1-2-3 plate (Haxby NJ-560-G6-G6-G12-G16, the only sheet sold at Christie’s 1990 ABNC archives auction) for The State Bank at Trenton. It is more likely that Fairman showed Audubon a newly printed note from The State Bank at Trenton at their meeting on July12 as an example of what the finished product might look like. Finally, the new FDU notes of 1824 replaced the earlier notes from Maverick and Leney (M&L). These M&L notes were the ones that were actually counterfeited and are the only ones listed as counterfeits for this bank in Haxby. The FDU notes of The State Bank at Trenton were altered to many New Jersey and Maryland notes; however, this most probably occurred after 1825 when The State Bank at Trenton was having serious financial problems. It suspended payment on May16, 182518 and finally closed its doors in 1827. The $1, 2, and 3 FDU notes of The State Bank at Trenton were altered to corresponding notes of The State Bank at Camden listed in Haxby as NJ-65-A5, A25 and A40. But again, this alteration was done after 1825 after the failure of the The State Bank at Trenton. These notes do not have the grouse vignette. According to Haxby, The State Bank at Camden did have FDU notes with denominations of $1, 2, 3, 5, and 10. All but the $1 and $10 notes are listed as SENC (Surviving Example Not Confirmed). The $1 note does not have the grouse. Christie’s auction did have proofs with denominations of $1 (G6), $2 (G18), $3 (G28), and $5 (G34). In addition, there were $1, 2, and 3 notes labelled by Christie’s as unlisted in Haxby. Since many of the listed SENC and unlisted notes have not seen the light of day for some time, there might still be some surprises coming from The State Bank at Camden. Even if The State Bank at Camden burned some of the altered notes of The State Bank at Trenton it received for deposit, it could not have burned all the other altered notes from the many other banks. After publishing my results of the grouse vignette on the Bank of Montreal notes, I decided to do a more exhaustive search of online auction archives and their catalogs - in particular, the sales by Smythe of the thousands of rare obsolete notes from the Herb and Martha Schingoethe collection. Lot 1505 of Part 1 (2004)19 of their collection yielded the first result. Figure 10 shows a $3 issued note (dated 1 May 1857) from The Long Island Bank that has the grouse vignette at bottom center. This note with the same serial number of 6396B and stated to be from the White Oak Collection was later sold at Stack’s auction on March 23rd, 2009. Haxby lists this note as NY- 325-G40a and indicates that there are five different versions of this $3 FDU note. The earliest note listed is G6 (SENC) of the unregistered issue period (1824-43) of the chartered bank issues (1824-45). Haxby Fig. 10. The grouse vignette on an 1857 issued note the Long Island Bank (G40a). describes the bird at the bottom center as a “chicken.” The next note (G24, SENC) of the registered issue period (1843-45) is the same as G6 except that it has a black registration overprint and a handwritten signature on the back. The next three $3 FDU notes are from the free banking period (1845-60’s). G40 (1845-50’s, SENC) is the same as G6 but with the addition of the pledge “secured by pledge of public stocks” and the oval New York state die replacing part of the old design with registration in the Controller’s Office (Figure 11). G40a (1850’s, SENC) is the same as G40 except that the registration statement is changed from the comptroller’s ___________________________________________________________Paper Money * Nov/Dec 2017 * Whole No. 312_____________________________________________________________ 450 office to the Bank Department. Lastly, G40b (1860’s, SENC) is the same as G40a but with the addition of the ABNCo monogram. The time span of these FDU notes ranged from 1824 to the 1860’s. All five versions of this note are listed as SENC in Haxby, usually an indicator of rarity. It is no wonder that Newman and I had trouble locating these notes from Haxby’s catalog alone. Fig. 11. The grouse vignette on an 1857 issued note from the Long Island Bank (G40). Discovery of the Grouse vignette on the earliest and Haxby unlisted proof notes. Given the existence of these two issued Brooklyn notes, albeit not from the 1820’s as Newman had anticipated, an immediate look at Christie’s 1990 auction catalog from the ABNCo archive sale was warranted. Lots 1090-2 list a total of 27 proof notes on seven sheets from The Long Island Bank of Brooklyn with denominations of $1, 2, 3, 5, 10, 20, 50, and 100. There was one $3 note of each of G6 and G40 listed. In addition, there was another $3 note that was not listed in Haxby. Unfortunately, the Christie’s catalog had no images of these $3 notes. A check of the census of proofs sold at auction at BrokenBankNotes.com20 indicated that only two $1 proofs had sold between 1990 and 2014; that is, the proof notes that could verify an 1824 issuing of the grouse vignette were being held in strong hands. In February of 2016, I received an email from liveauctioneers.com that the collection of Dr. Alan York of coins and bank notes from Brooklyn were going to be sold by Roland of New York on March 11, 2016. Never having heard of Roland, I almost did not check out this auction. However, the Brooklyn connection was intriguing. To my surprise, this Roland auction (lots 415 to 421) contained all the 27 proof notes from the 1990 Christie’s auction of proofs. Not only was there the G6 and what at first glance looked to be the G40 $3 proofs, but also another Haxby unlisted $3 proof with the grouse vignette. In addition, a $20 unlisted note had the grouse vignette. Figure 12 shows the $1-1-2-3 proof sheet (NY-325-G2- G2-G4-G6) with the bottom $3 note showing the grouse vignette. Notice that the check letters for this sheet are $1C- 1D-2B-3B. In particular, the $3 proof note has the B check letter like the two issued notes discussed above. This combination of check letters would be extremely unusual for The next discovery, shown in figure 11, with serial number 424, was lot 1387 from Smythe’s auction of the 14th Schingoethe collection on April 4th, 2008. This note was described by Smythe as Haxby G6 with a pheasant at bottom center; however, it has the New York seal on the left with registration in the Comptroller’s Office and is dated July 1, 1851. Therefore, this note is not G6 but G40! the first plate. It indicates that another plate probably Fig. 12. Proof sheet of the Haxby Listed (G2-G-2-G4-G6) Long Island Bank Notes. ___________________________________________________________Paper Money * Nov/Dec 2017 * Whole No. 312_____________________________________________________________ 451 preceded this plate. Figure 13 shows the proof sheet from the actual first plate with check letters of $1B-1A-2A-3A. Comparison of the two sheets indicates that maybe the first sheet was not acceptable to The Long Island Bank. This is indicated by the fact that almost the whole sheet was redesigned. Except for the grouse vignette, the left Washington and Franklin panels, the fish, running dear, and four counters, the rest of the notes were replaced with new vignettes, counters, and borders. The most obvious replacement was the vignette of the man on a horse carrying a spear with the vignette of an “allegorical figure (Mercury?) on galloping horse” (re Haxby) in front of several Roman buildings. It is very obvious that the latter vignette is significantly wider than the first vignette shown in Figure 13. This horizontal crowding necessitated reworking of most of the sheet. However, keeping the small grouse vignette must have been important to Fairman. The first vignette of the man on the horse (Figure 14) was a stock vignette seen on FDU sample sheets (e. g. Figure 18). It was used on several obsolete notes including on the $20 note from The Connecticut Bank in Bridgeport (CT-40-G100) printed by DUB&S plus N. & S. S. Jocelyn in the 1830’s. The connection of this printer with the Norwalk and the Bridgeport proofs discussed above is certainly interesting. The vignette was also used in late 1824 (a few months after the Audubon/Fairman meeting) on the first notes from The Bank of the State of Alabama at Cahawba21 (AL-5-G2-G2-G4-G6). Although Haxby does not show an image of these notes, he does describe the central vignette as having an “Arab on prancing horse, lance in raised rt. hand.” Haxby lists the latter two notes (in 1988) as proofs that sold before the 1990 Christie’s auction, which also contained several copies. Maybe the Long Island Bank did not approve of an image of an Arab on horseback carrying a lance, Fig 13. Proof sheet of the Haxby unlisted Long Island bank notes. pirates of North Africa had just finished in 1815.22 The Alabama layout and all the vignettes, except the small ones at the bottom, are the same as those of the first plate of The Long Island Bank. It looks like Fairman reused this plate to create the notes of The Bank of the State of Alabama at Cahawba, especially since the Alabama bank needed them on very short order. Examination of a very high-resolution scan of the central vignette (Figure 14) of the first Long Island plate reveals the signature of “G. FAIRMAN” like the one found on the Bridgeport note seen in Figure 9. In addition, there is a signature of “INMAN’ in the lower left corner, typically the placement of the name of the artist upon which the engraver based his work. Henry Inman (Figure 15) was an American portrait, genre, and landscape painter.23 In 1823 Inman setup a studio in lower Manhattan at the future site of the World Trade Center. There he concentrated on miniatures, especially for bank note vignettes.24 This especially since the Second Barbary Coast Wars with the Fig. 14. “Arab on Horse” with signatures of Inman (lower left and Fairman (lower right) ___________________________________________________________Paper Money * Nov/Dec 2017 * Whole No. 312_____________________________________________________________ 452 indicates that Inman was the sketch artist on which some of the Fairman engravings were based during the time of the Audubon interaction. It turns out that Inman did a portrait of Audubon in 1833 that closely resembles the portrait done by John Syme shown in Figure 1. Inman’s portrait of Audubon was engraved by British engraver Henry Bryan Hall and appears on an 1888 membership certificate in The Audubon Society shown in Figure 16. We see a very strong connection between Audubon, Fairman and Inman. It is crucial to tie these proof notes from The Long Island Bank to the July 12, 1824 entry in Audubon’s diary of his meeting with Fairman in Philadelphia. According to Henry R. Stiles25, through the efforts of Leffert Lefferts, The Long Island Bank was incorporated on April 1, 1824. Lefferts became its first president and served until 1846. On August 3, 1824, the notes of The Long Island Bank were put into circulation. Fairman must have been given the contract for printing bank notes shortly after April 1, 1824. Thus, he was deeply involved with this effort at the time of his meeting with Audubon. He probably already had a vignette picked for the bottom center of the $3 note and decided to substitute Audubon’s grouse at the last moment. From July 12th to August 3rd is only three weeks. This is quite fast, Fig. 15. Jacob Hart Lazarus’s 1837 portrait of Henry Inman. Fig. 16. Membership certificate in The Audubon Society with portrait of Audubon. easily be true since almost all the notes (35 out of 38) from The Long Island Bank are listed in Haxby’s 1988 catalog as SENC (Surviving Example Not Confirmed). Wouldn’t it be exciting to find one of these Haxby unlisted notes actually issued by the bank? For now, all we have are the proofs. We end this section with the other two proofs27 from the Roland/Christie’s auctions that also have the grouse vignette (Figure 17). At first glance, the $3 proof seems to be NY-325-G40 like the issued one in Figure 11. They both have the New York Seal; however, the statement “in the Comptroller’s Office” is curved in the issued version and straight in the proof. Additionally, the proof does not have the statement “Secured by Pledge of Public Stocks” at the top of the seal as the issued note. This indicates that this proof is another unlisted $3 note as are all four notes from this proof sheet of $1C-1D-2B-3B sold at the Christie’s/Roland auctions. A more detailed analysis of all proofs &issued notes from the different sheets of $1-1-2-3 notes reveals that there are at least seven different versions especially since he had to redesign the whole plate of Figure 13 to that of Figure 12. However, one must remember that Jacob Perkins and Gideon Fairman had recently perfected the sideographic engraving method26 of creating vignette die plates to transfer rolls and then to the banknote plates. Since all but the grouse vignette were stock items for which the vignette die plates and transfer rolls already existed, this was a very fast process. Things just happened much quicker 200 years ago. There is even the possibility that notes from the first plate circulated for a short time and were then replaced by the second plate’s notes. Haxby might just not have known about the first plate’s notes, given the potentially very short circulation time of such notes. This could Fig. 17. Haxby unlisted $3 & $20 proofs with the grouse vignette. ___________________________________________________________Paper Money * Nov/Dec 2017 * Whole No. 312_____________________________________________________________ 453 of these sheets, two more than Haxby lists. The lack of the pledge statement on the $3 proof of Figure 17 probably indicates that this proof was created before the one with the pledge statement, especially since the later versions in this series did have the pledge. The bank’s charter renewal came up in 1843. Most probably this plate was created for a charter under the New York Safety Fund which did not require the pledge. In 1845, The Long Island Bank issued notes under the Free Banking laws that required the pledge shown on the note in Figure 11 (G40). For the Long Island Bank, Haxby lists no $20 notes; thus, the proof shown on the bottom of Figure 17 is also unlisted, as mentioned in Christie’s auction. It comes from a sheet of $5A-5B-10A-20A proofs corresponding to Haxby G8-G8-G10-UNL. The full analysis of all the Long Island Bank proofs and issued notes certainly deserves another paper. Finally, there is a $1 proof (G36a)28, without the grouse vignette, in the census that did NOT come from the Christie’s auction. This $1 proof corresponds to the $3 issued note G40a of Figure 10. This means that the corresponding $3 proof, with the grouse vignette, might still exist. Happy hunting! A Census of grouse vignette impressions. Before the 2016 Roland auction of Dr. York’s Long Island Bank note proofs, there were very few images available of Audubon’s grouse on actual bank notes. The 1990 Christie’s auction catalog of these exact same proofs had no images of the grouse on the Long Island proofs nor of any other bank. Images of the two issued Long Island notes appeared in the Smythe (2004, 2008) and Stack’s (2009) auctions. The only actual image of the grouse in the 1988 Haxby catalog was of the Bridgeport $5 proof which preceded the Christie’s auction in 1990. The sheet of four $5 proofs from the Bank of Montreal with the grouse was also auctioned by Christie’s in 1990. The Bank of Canada acquired the B position of this note in 1991. The image of this proof (B) was first published in the 1996 edition of Charlton’s catalogue. The note was not even listed as known in the 1989 edition of Charlton. In 2011 after the Pick and Newman story was published, the D position showed up on eBay and the C position at Heritage. The Bank of Norwalk proof sold at Christie’s, (without an image) and then again in the 2004 Schingoethe Smythe auction, this time with an image. Over the years, many sample sheets from FDU and its successor (DUB&S) have been sold with the grouse vignette. Table 1 shows the results of a census of notes and sample sheets that I have created since the breaking of the Audubon grouse story by Peck and Newman in 2010. During the end of 2010, I counted about seven known impressions of the grouse vignette. Within a few months, others surfaced and there were about seventeen impressions when I wrote the article on the Canadian Bank of Montreal proofs in 2011. Now in 2017, there are over 32 impressions. This includes the two late-issued notes and the four proofs from The Long Island Bank of Brooklyn. The latter proofs really were the new breakthrough in this story. The $3 proof (Figure 13) that is not listed in Haxby was probably the first impression of the vignette, except maybe for a few possible vignette die imprints. It would be neat to actually find the vignette die plate from the huge archives of plates made available in the last decade or so. Then there are the four proofs of the Bank of Montreal, the three proofs from The Bridgeport Bank, and the one from Table 1. A current census of notes and sample sheets with the grouse vignette. ___________________________________________________________Paper Money * Nov/Dec 2017 * Whole No. 312_____________________________________________________________ 454 The Bank of Norwalk. This makes a total of fourteen bank notes, twelve of which are proofs and two are issued. All eight of the notes from The Long Island Bank of Brooklyn have the FDU imprints even though many were created/modified (as late as the 1860’s) after the company evolved to have different partners after the death of Fairman in 1827. The rest of the impressions come from three different FDU sample sheets, one having two impressions each. There are also a handful of cutout impressions mounted on cards that are not listed in Table 1. I suspect that more impressions will surface in the future, maybe even from other banks’ proofs sold in the 1990 Christie’s auction of the ABNCo archives. One wonders if Audubon’s first commercial venture with Fairman ever resulted in any royalties received by him for the grouse drawing. A closer reading of Audubon’s journals might reveal some information. I highly recommend reading the Peck and Newman article, especially to get a better feeling for why this vignette probably is an engraving from an Audubon drawing. Since some of the above analysis is speculative, additional information or insight into this Audubon story would be welcome. I can be contacted at cuf@earthlink.net or through the publisher of this journal. We end this story by showing an 1826 FDU sample sheet (Figure 18). Newman showed a different copy of this sheet. He thought that the sheet might be printed closer to 1824. The sheet does not have an actual date. It comes from the March 2015 Archives International Auction29 and is mounted on large heavy stock paper. Although Figure 18 only shows “1826” in the top margin, the lot description says, “Writing on the top excess margin states: Specimens of American Engraving - 1826.” Of course, the sheet could have been printed earlier. Some relevant vignettes to this story have been circled in red. The census in Table 1 shows several entries with zero known notes. These refer to suspected notes that should have the grouse vignette given the above analysis. I believe that some of these notes will be discovered in the future. Other notes might tell even more of the story of Audubon’s first engraving. Fig. 18. c. 1826 FDU sample sheet with the grouse vignette. ___________________________________________________________Paper Money * Nov/Dec 2017 * Whole No. 312_____________________________________________________________ 455 1 Public domain image at https://en.wikipedia.org/wiki/John_James_Audubon. This portrait was the first one ever engraved of Audubon. 2 Robert M. Peck and Eric P. Newman, “Discovered! The First Engraving of an Audubon Bird,” Journal of the Early Republic, Volume 30, Number 3, Fall 2010. For one of the many announcements of this article see; The E-Sylum, Vol. 13. No. 31, August 1, 2010, Article 7 http://www.coinbooks.org/esylum_v13n31a07.html 3 Maria R. Audubon, Audubon and His Journals, Charles Scribner’s Sons, New York, 1899, p. 56. 4 Public domain image at https://www.pafa.org/collection/colonel-gideon-fairman. 5 Image courtesy of http://fineartamerica.com/featured/great-american-hen-and-young-john-james-audubon.html. This engraving by William Home Lizars is found in Audubon’s 1827-38 book The Birds of America. 6 An image of the Ohio note can be found in Peck and Newman’s article listed in Reference 2 or in their condensed article in Money on Paper, Bank Notes and Related Graphic Arts from the Collections of Vsevolod Onyshkevych and Princeton University, Princeton University Library, 2010, p. 35. The image is also available online at http://www.ansp.org/explore/online-exhibits/stories/mystery-solved. Lot 2819 of the October 22, 2004 Smythe auction presented the first image of this note with the grouse. 7 James A. Haxby, Standard Catalog of United States Obsolete Bank notes 1782-1866, Krause Publications, 1988. 8 Wendell Wolka, A History of Nineteenth Century Ohio Obsolete Bank Notes and Scrip, Society of Paper Money Collectors, 2004. 9 Christie’s Auction Catalog, Important Early American Bank Notes, 1810-1874, from the Archives of the American Bank Note Company, September 14-15, 1990. 10 Q. David Bowers, Obsolete Paper Money Issued by Banks in the United States, 1782-1866, A Study and Appreciation for the Numismatist and Historian, Whitman Publishing, LLC, 2006, p. 385. 11 See the Collectors Universe currency forum for an early discussion of the Peck and Newman discovery at http://forums.collectors.com/messageview.cfm?catid=23&threadid=783255 , July 30, 2010. Also see The E-Sylum, Vol. 13. No. 32, August 8, 2010, Article 7 http://www.coinbooks.org/esylum_v13n32a07.html 12 Bernhard Wilde, “Did Audubon’s First Engraved Vignette of a Bird Appear First on a Canadian Chartered Bank Note?” Canadian Paper Money Newsletter, Volume 19, Number 3, September, 2011, p. 90. 13 William H. Griffiths, The Story of American Bank Note Company, ABNC, 1959, p. 31. 14 R. J. Graham, The Charlton Standard Catalogue of Canadian Bank Notes, 8th Edition, Charlton Press, 2014. 15 http://www.bankofcanadamuseum.ca/collection/artefact/view/1991.0039.00001.000/canada-bank-of-montreal-5-dollars- june-1-1839 16 Christie’s, “Important World Bank Notes and Artwork, from the Archives of the American Bank Note Company,” November 28-29, 1990, lot 367. 17 http://currency.ha.com/c/item.zx?saleNo=3514&lotNo=15448 . 18 William M. Gouge, A short history of paper money and banking in the United States, Printed by T.W. Ustick, Philadelphia, 1833, p. 76. 19 Smythe auction of The Herb and Martha Schingoethe Obsolete Currency Collection, Part 1, October 22nd and 23rd, 2004. 20 Greg Davis and Bernie Wilde, “Creating a Data Base of Obsolete Proofs”, in Paper Money, Vol. 48, No. 1, January 2009; http://brokenbanknotes.com/bbnmb/viewtopic.php?f=19&t=322 ; Bernie Wilde and Greg Davis, “Census of Obsolete Proofs from the ABNC Archives,” talk given at the June 18, 2010 IPMS, Memphis, available at http://coinvideo.com/search.php?skey=IPMS10-002&submit.x=0&submit.y=0 21 William H. Brantley, Banking In Alabama, 1816-1860, Volume 1, 1961, p. 444. 22 See for example: https://en.wikipedia.org/wiki/Barbary_pirates. 23 Metropolitan Museum of Art. http://www.metmuseum.org/art/collection/search/11406 24 Artists of America, Published by Baker and Scribner, New York, 1846. 25 Henry R. Stiles, A History of the City of Brooklyn, Volume 2, 1869. 26 Mark D. Tomasko, The Feel of Steel, American Numismatic Society, New York, 2012; Bernhard Wilde, “Origin of Vignettes on The Bank of British North America Notes,” Part 3: “Wigwam in the Forest,” CPMS Journal, Vol. 51, No. 146, September 2015, p. 88. 27 Images courtesy of Roland New York Auction. The Estate of Dr. Alan York: Coins, Medals & Paper Money, March 11, 2016, New York. Also see: http://www.icollector.com/L-I-Bank-C-1840-Obsolete-Notes-Sheet_i24188318 and other lots therein. 28John J. Ford Jr. Collection, Part X, Stack’s Auction, May 26, 2005, lot 4059. 29 Archives International Auctions, XXIII, March 10, 2015. Also see: http://www.icollector.com/Fairman-Draper-Underwood- 1826-Advertising-Vignette-Proof-Sheet_i21540844 ___________________________________________________________Paper Money * Nov/Dec 2017 * Whole No. 312_____________________________________________________________ 456 U n c o u p l e d : Paper Money’s Odd Couple Summer Acquisitions Joseph E. Boling Fred Schwan Fred and I talked for ten seconds about this month’s subject while we were in Denver at the ANA—we decided it would be summer acquisitions. So, let’s see what the good fairy brought. The first item is a really stunning counterfeit of the recent Colombian 50,000 peso note. Actually, I received two fakes of that note in Denver. One is a really wretched inkjet copy with no attempt to replicate any of the security features. The other one is the stunner. Figure 1 shows the note under discussion. Every feature that a consumer would look for with the naked eye is copied. All that keeps it from being a supernote is that there is no intaglio printing, no true OVI, and the serial numbers are lithographed. I assume that the counterfeiters used several different serial numbers on each sheet. That still gives them only a limited number of serials, so a merchant with a crib sheet would be able to identify the bad notes pretty quickly, but when handled in onesies and twosies, the litho serial would work. The fakers even added a feature that is missing from the genuine notes—BOTH serials are UV-reactive (on the genuine note, only the red serial is reactive). Let’s start with those serial numbers. Figures 2-4 show the serials of a genuine note (letterpress), the teenager’s beer money (inkjet), and the professional counterfeit (lithographed). Those colored dots at the It is commonly said that numismatic activity slows in the summer months. I am not sure about that, but I do know that for me, I do plenty of treasure hunting in the summer. I travel to Memphis (OK, Kansas City), Colorado Springs (for the seminar) and the World’s Fair of Money.© While these events offer plenty of opportunities to find things, the events are often only the tip. I try to find side adventures that often also lead to acquisitions or—at least—hunts. To facilitate my treasure hunting, we (Judy and I) drive to these events. Even if I cannot find material, I try to find collectors to visit. We have fun. Joe and I decided to take a different approach with this issue and simply have a show’n tell session with treasures from our summer adventures. The good news is that I found some interesting and nice things this summer. Interesting and nice certainly does not mean expensive! Indeed, the items that I have selected are in the very modest category as to price. This is mostly by chance. This morning I pawed through a pile of stuff on my desk looking for a few pieces and after selecting these items, I found that they were all in the modest to low value range, yet they were at least to me of high interest. In my research on military money, I watch for photographs of the various notes in use. The most common images are of payday activities and poker games—often also on payday! I have been fortunate to find some great news photographs, but another source of such images is postcards. They certainly are not common, but I have payday and poker postcards. This summer I found a card with a little twist. The card is titled “A Quiet Game.” About seven soldiers are engaged in a game with about the same number of spectators. I am not an expert in the area, but based upon the uniforms, my guess is that the photograph is from the early 1900s, but there is another clue. At least two of the notes in the game are Series 1899 $1 silver Boling continued on page 460 ___________________________________________________________Paper Money * Nov/Dec 2017 * Whole No. 312_____________________________________________________________ 458 certificates! It has the distinctive design bearing the nickname “black eagle.” One is clearly visible in the foreground. It is in the upturned hat of the fellow who seems to be making a play. The fellow to that player’s right seems to be putting a bet in. It too is a black eagle. The corporal to the left (facing right) has some papers in his lap that I cannot identify. They kind of look like government bonds, but they just do not fit well enough for me to make that conclusion. There is a little bit of interesting information on the back. The card was printed in Germany, as were most color post cards at that time. The card was published by H. T. Cook of New York City. It is number one of a presumed series of cards. That now gives me something else to look for! At the same shop where I found the card (see below), I also found some things for my World War II war bond collection. I am a serious collector of this material, so my interest extends to ephemera and sales material. Among items of even lesser direct interest, I found two wonderful (to me) items. They are ink blotters advertising the sale of “U. S. War Savings Bonds & Stamps.” There is no end to the possibilities of finding and collecting such items. Here is what I especially liked about this pair: (1) they are colorful and have aviation and naval vignettes; (2) they were issued as advertising pieces by the same advertiser (Decatur Paper House, Decatur, Ill.) in two different colors; (3) the messages were printed on ink blotters—items that are all but forgotten today. I really like having more than one variety of something that other collectors do not have or want at all! I have one more thing to tell you about all of the above items. It has been sort of a secret so please do not tell anyone. I bought the card at an unusual place. The name of the establishment is “Overlord Shop.” Is that clue enough? It is a militaria store in St Louis! The name of the business is actually “Overlord Military Collectibles,” but “Overlord Shop” is much more descriptive. I am sure you recall that Overlord was the name of the 6 June 1944 landings in Normandy. The shop is wonderful. It is of modest size, but jammed with stuff. Granted, much of the material is uniforms, patches, and small equipment of wide variety. Also included are many paper items. If you are looking for black eagle notes, in spite of my luck, you will probably waste your time going there. If you are willing to dig a bit, there is no telling what you will find. I have been to the shop a few times and always have fun. I stopped on my way to the ANA Summer Seminar. Collector friend Dave Frank met me there, as he has in the past. We had a great time, then lunch. Remember, do not tell anyone. I am sure that I do not need to explain that a short snorter was a World War II (mostly) souvenir note made by groups or even individuals signing a note. By their very nature, short snorters are unique. In a few cases, souvenir notes were printed and labeled as short snorters. These manufactured short snorters were then sometimes signed and sometimes not. In 2014 Aitken, Arva, and Freeland (Kathy) published American Red Cross in World War II Collectors’ Guide. It is a very interesting little book and was quite popular—sold out rather quickly. It includes a remarkable array of World War II numismatic and other materials. It is a catalog of the type of stuff that you might find at the Overlord Shop! Anyway, therein is a discussion about short snorters. One of the little things to look for on short snorters is signatures of women. When you find those they often include “ARC” (American Red Cross). One of the short snorters in the book has the heading “Burma Roadster Don.” The description with the short snorter states that the personnel who worked on or traveled the 717 mile road often called ___________________________________________________________Paper Money * Nov/Dec 2017 * Whole No. 312_____________________________________________________________ 459 themselves Burma Roadsters. At least two of the signatures on Don’s short snorter are of ARC women. At the Philippine Collectors’ Forum at the Denver World’s Fair of Money© I was excited to find another Burma Roadster short snorter. It is very similar to the one in the book. It has the distinctive Burma Roadster title, but instead of a name, the title line includes the date February 18, 1944. With one possible exception no ranks or organizations are included with the signatures. One of the signatures in the top left margin seems to be Boling. The first name is completely illegible, but that is to be expected because the last name is not real clear. Boling is good enough for me. Of course I wanted the note the instant that I saw it. The owner gifted it to me. Here is what happened. Somewhat earlier in the meeting, the owner and I had made a modest transaction where I bought a trench art coin (gasp). He wanted X amount. I gave him X plus 50%. He objected. I insisted and we went about our business. Then I found the Burma Roadster note. He only hesitantly allowed that he might let it go. I said how much? He said well, I did not want to take the extra money earlier so you take it and we are even. I snatched it, as you can imagine. Actually, I would rather have paid him 150% of whatever he wanted for the Roadster note too, but more important was not letting it get away, so I gratefully took it. My preference might be a bit crazy, but when I have a good source of material, I like to reinforce the appropriate behavior, which is to offer me the treasures! My final item is somewhat less obscure than those that I described above, but I think still unusual to many collectors. In discussing the blotters above, I stated that I collect World War II war bonds. This is a main-line collecting area for me. The diversity of varieties and ways to collect the bonds make them very attractive. Joe and I introduced the first listings of the United States’ (and other countries’ too) war bonds in our 1995 World War II Remembered. I love them. The bond in question is the most common basic bond of the war. It is a simple $25 bond. We have to point out that it is the small size variety because the $25 bond was also issued earlier in a large size. Like I said, this is a very common bond by variety. But look more carefully. The most important point that makes this bond so interesting to me is that it was issued/sold by the Boeing Aircraft Company in Seattle (see the issuer’s stamp at lower right). Of course Boeing is and was a major aircraft manufacturer. Its products were very important to the war effort. There is more. The bond was sold to Lena Magrum of Seattle. I try to find bonds from all states and territories (send me some of those territories and I will pay the 150% mentioned above), so Washington is a nice find. The fact that the bond was sold to a woman adds some interest in general, but a woman at an aircraft manufacturer raises the notion that Miss Magrum was a Rosie the Riveter. Even if she was not actually a riveter, the description rather covers her. I have not worked at researching Miss Magrum, but that possibility exists. There is still more. The bond was payable to Miss Magrum OR Mrs. Bertha Mueller in Hettinger, North Dakota (population ca. 1948, 1145) ! The state jumped out at me. North Dakota! Sure, the bond was not sold there or even sent there, but it appears on the bond, which is good enough for me. You can use your experience with national bank notes as a guide to the desirability of a bond by state. Of course, you should also keep in mind that I might know of one other collector who cares. I look forward to addressing this approach to bond collecting in some future installment here. So there you have it. Some of the interesting items from my summer. I have a stack of fall acquisitions, and will soon start on my winter finds. This is so much fun! Boling continued: far right are part of the note design, not a digital artifact. Note the absence of the ink ridges at the edges of the numerals on the counterfeits. We won’t look at the inkjet piece any longer—it will be just as ugly in any other photos. Now for the OVI “50" in the upper corner of the note. Figures 5-6 show the intaglio optically variable ___________________________________________________________Paper Money * Nov/Dec 2017 * Whole No. 312_____________________________________________________________ 460 ink with its golden crystals that change color as the angle of incident light changes. The “50” on the counterfeit has been printed on an embossing press that raises the paper on the face of the note just like the intaglio press used for the genuine note (it also embosses the back of the note, much more conspicuously than the genuine note shows—see figure 7). The ink used has glitter in it that simulates the OVI very well—except that it does not change color. Next the watermark and the see-through registration element. Figures 8 and 9 show the genuine and counterfeit watermarks and the book with pink pages. The counterfeit watermark is not as bold as the genuine one, and it is not a true watermark. I can find no evidence using white or UV light that it is printed on the face or the back, so it must be laminated into the paper (I also can find no place that the lamination is failing, but the note is not yet very heavily circulated). Look at the pink pages in the book. Go back to figure 1 and you will see that the pages are white on the note’s face. The pink is on the back of the note, and is visible as see-through registration when the note is on a light box. That registration is perfect on this counterfeit—very difficult to do without a press that prints both sides of the note simultaneously. (I doubt that the counterfeiters have invested the capital needed for such a press.) Now the interrupted security thread, which is at the bottoms of figures 8 and 9. Again at figure 1, you can see that the thread appears intermittently across the note. But on a genuine note it is embedded in the paper where it is not showing on the surface, so on the counterfeit it has to appear to be continuous when viewed on a light box. Again, the registration between the counterfeit’s hot-foil-stamped portions and the segments where it is supposed to be buried in the paper fibers is excellent. But the buried part has been simulated with pale gray printing between each of the foil segments. Figure 10, if you can make it out, shows the gray printing just below the BR element at the right, between the book and the serial number. The letters “0 MIL P” are in this gap, with the first and last letters only partly in gray, merging with the same letters in the foil segments on either side. When held to a light, that pale gray ink simulates a thread buried in the paper—and does so very credibly. Figures 11 and 12 show how the spurious note deals with progressive intaglio colors and microprinting. On the genuine note (fig 11) the intaglio ink changes color from violet to puce fairly abruptly— it really is not truly progressive, gradually changing shade from one to the other. The counterfeit accommodates this by fading the violet, using dots. The microprinting is beneath the large letters (those are the letters IL of MIL PESOS on the face). You can see that the lithographed counterfeit actually has more legible microprinting than the intaglio genuine note. Microprinting was not invented to defeat lithography— it is intended to defeat digital copying. (And on this particular note, the intaglio microprinting is definitely substandard.) How about UV features? See figures 13-15. While the counterfeit is again a bit less bold (figure 14), the UV is certainly strong enough to fool a cashier with a UV lamp under her counter. You can also see the green serial number as UV-reactive in that photo, whereas it is black in figure 13 (the genuine note). Figure 15 shows the UV features on the backs—less successful on the part of the counterfeit (on the left in this photo), but still present. These guys did not miss a trick. Figure 5 Figure 6 Figure 7 Figure 8 Figure 9 Figure 10 Figure 11 Figure 12 ___________________________________________________________Paper Money * Nov/Dec 2017 * Whole No. 312_____________________________________________________________ 461 As I said, every naked-eye security feature has been replicated very convincingly—a really professional job. Moving on. Figures 16 and 17 show face and back of an altered German note, doctored to replicate the Persian-overprinted notes used during WWI. This is the first time I have encountered such a note with letterpress overprints—heretofore they have been inkjet and silkscreen. Figures 18-20 show the first character (right end) of the face overprint in those three technologies— letterpress, inkjet, silkscreen. This would be a very deceptive fake if the serial block were not wrong. Only block J was used for this issue. This counterfeiter has used a block W note—fortunately for us. I will now have to do a character-by-character comparison with any other letterpress overprint I come across to identify this faker’s work when he uses the correct block. Next is another counterfeit made to circulate. Figure 21 (below) shows a genuine 1949 Philippine 20 peso note (intaglio). Figure 22 (below) shows a lithographed example that was detected and unofficially cancelled. Figure 23 shows a letterpress counterfeit that I already had in my collection. It would not fool any careful observer, as can be seen in figure 24. The lithographed piece, seems to have fooled many people before being identified—it is well-circulated. Figure 17 Figures 13-15 Figure 16 Figures 18, 19, 20 ___________________________________________________________Paper Money * Nov/Dec 2017 * Whole No. 312_____________________________________________________________ 462 Figures 25-27 show Bonifacio’s cravat and part of his name. Notice the feathering on the letters of his name in figure 25. This is characteristic of high speed intaglio printing, where the plate wiping is not nearly as precise as found on hand-printed spider press products. When printing the latter, the plate printer is very adept at getting all of the excess ink removed from the plate. On high speed presses, where the wiping is done with paper or with water, you get those small bits of ink escaping from the grooves in the plate, and creating this signature effect visible only at high magnification. The lithographed note does not show feathering. On the letterpress note, excess ink is present simply because it builds up on letterpress plates as more and more notes are printed, and ends up being deposited in places where it is not wanted (such as in the field to the right of the knot). Figures 28-30 (below) show that generally more fine detail can be derived from an intaglio plate than from the other two technologies, despite the loss of detail in the microprinting of figure 11. Last we come to another very well-done counterfeit for circulation, from over 70 years ago. This note was in a group of three in a recent Heritage Tuesday night sale. Fortunately, HA gives sufficiently high magnification capability that the almost flyspeck diagnostic was visible. Figure 31 is a five-pound note from WWII Egypt. In figure 32 I hope you can see the small figure of a policeman directing traffic. On the top note (genuine) his right arm is extended. On the bottom note (counterfeit) the right arm is mostly absent. This can be seen more clearly in figures 33 and 34. Figure 23 above and 24 below Figure 41 Figure 32 Figures 33 (left) and 34 (right) ___________________________________________________________Paper Money * Nov/Dec 2017 * Whole No. 312_____________________________________________________________ 463 To determine that this is not simply a minor plate defect, we look for other evidence. Figures 35 (genuine) and 36 (no arm) show differences in the serial number fonts. Figures 37 and 38 show the carriage under the second tree to the left of the bank entrance. Hopefully you will be able to see that the wheels have spokes in figure 37, while in figure 38 there are merely blobs of ink, and everything else is also much less distinct. The counterfeit is intaglio face and back and faithfully includes the progressive intaglio colors (green to violet to green—see figure 31). It is hard for printers to regulate where the color transitions occur in a progressive impression, which is why the colors at the right in figure 32 are different—the change from violet to green occurs farther to the right on the top note. There are also differences in the UV characteristics of the genuine and counterfeit notes. I have three of one and two of the other. The fakes are violet under UV and the genuine pieces are more olive brown. My two fakes are dated a few days apart. If anyone knows who made this counterfeit, please let me know. Yes, knowledge has its benefits. The one shown here cost a bit over $25. The first one I put into my collection cost over a dozen times that. These are just a few of the counterfeits I acquired this summer—the supply is inexhaustible. Figures 35 and 36 Figures 37-38 ___________________________________________________________Paper Money * Nov/Dec 2017 * Whole No. 312_____________________________________________________________ 464 Adding Data to SPMC’s ODP  by R. Shawn Hewitt  In  the  two  prior  editions  of  Paper  Money,  I  introduced the Society’s Obsoletes Database Project  (ODP) and explained how to use  it.   Hopefully, over  the last couple of months you’ve had an opportunity  to  take  a  better  look  at  our  website  (www.spmc.org\obs).    We’ve  hit  some  new  milestones,  as  we  now  have  nearly  5,000  notes  posted.    ODP  is  designed  for  active  participation  by  all  SPMC members.  Even if you don’t have a single note  to post, you can still add to our body of knowledge;  all you need are eyes and fingers, and a desire to help  our worthy mission.  I  always  like  to  start  with  some  background  information  to help paint  the big picture, and  then  connect the dots to bring it all home.  The first thing  we’ll hit upon in this discussion is the concept of roles.   For  the ODP website,  there are  three primary  roles  than can be assigned to each user who  logs  in.   The  roles  are  end‐user,  State  Expert  (SE)  and  administrator.    Each  of  these  has  different  permissions  of  what  they  can  do  on  the  website.   Most  SPMC members will  be  end‐users  by  default,  but even that role enables you as a member to access  nearly all corners of the website; non‐members can’t  get past the home page.  State Experts have the ability to vet and correct  any of  the  information  that has been posted within  their designated space, that  is, their declared states  of interest.  State Experts are listed on our FAQ page.   Finally, those with the administrator role (just a few  of us) have the keys to whole system.   The thing to  remember throughout is that 1) you really can’t break  anything, so be bold and try out ODP to its full extent,  and 2) if you ever can’t do anything or need help, use  the forum, or find someone at the next higher role to  answer your questions.  There is always an answer.  Okay, you have some obsoletes you’d like to add  to our database.  How do you do it?  The first thing to  do  is  to  scan  them  into  JPG  files.    A  resolution  of  300dpi  to 600dpi  is  fine.    Lower  resolution may be  acceptable, but that  inhibits end‐users from viewing  note detail.  Higher resolution means larger files and  longer  download  times.    Like  many  things  in  life,  balance is the key.    You should next check the status of your state(s)  in the FAQ section (see the FAQ link in the menu bar).   If a state status is listed as “stable,” it is more or less  ready  for  you  to  add  your  notes.    The  issuers  are  generally complete, as well as  the designs of notes.   Go ahead and enter your notes as described below.   States that are not listed as stable are currently works  in progress.  We either have SEs working on building  the lists of issuers and designs, or no SEs at all.  In this  case,  we  could  definitely  use  your  assistance  in  building  these  lists.    Please  contact  me  at  shawn@shawnhewitt.com so  that we can make  the  most of your contribution.  If your state is stable and you have your images,  the answer of how  to upload depends primarily on  how many you have and how you have tracked them  in  the  past.    We’ve  built  in  several  options  for  uploading  images and data.   Following  is  the  rough  breakdown.    See  which  one  best  describes  your  situation, and then refer to that section:   1) I have about 50 notes or fewer  a. I  know what  I have.    See  “+Note  – Manual  Entry”  b. Not sure what  I have.   See “+Note – Ask for  Identification”  2) I have more than 50 notes  a. I  have  my  collection  cataloged  in  a  spreadsheet.  See “Spreadsheet”  b. I have not cataloged my collection, but know  what I have.  i. I  have  time  to  create  a  spreadsheet.    See  “Spreadsheet”  ii. I  don’t  have  time  to  create  a  spreadsheet.   See “+Note Gallery”  c. Not sure what I have.  See “+ Note Gallery”    +Note – Manual Entry  This is the quick and easy method for uploading  small numbers of  images  to ODP.   The  link,  labeled  “+Note”, is found just to the right of the search bar on  the home page.  Clicking the link will kick off what we  call the Wizard, which is a four‐step process to gather  your information.     Images:   Step 1 asks you upload your  front  image and back one  if you have  it.   Click Browse to  select  the  image  from  your  drive,  and  Upload  to  complete  the  process.    You  can  optionally  provide  credit for your source of the picture – either yourself  (if you  scanned  it) or  someone else as appropriate.   We  always  encourage  giving  credit where  credit  is  ___________________________________________________________Paper Money * Nov/Dec 2017 * Whole No. 312_____________________________________________________________ 466 due.  Once you are finished with uploading, click “Add  More Details” to proceed.   Issuer:  In step 2 you are prompted for basic  information  about  the  issuer.    All  of  this,  in most  cases, should be plainly visible by simply reading it off  the note.   Start by selecting the state from the pull‐ down menu,  then  the  city.   When  you go  the pull‐ down to select the  issuer, only those  issuers known  from that location are listed.  If your state is identified  as stable in the FAQ, there is a very good chance that  your issuer will be there.  Go ahead and select it, and  then click “Use Selected Issuer” at the bottom of the  panel.  If you have an unreported issuer, you can click  “Suggest New Issuer” to create a new entry.   Design:    Step  3  is  about  selecting  the  appropriate design.  Because most designs are unique  to  the  denomination,  we  start  by  selecting  the  denomination from the pull‐down list.  That will filter  the design options and present only  those  that are  relevant.    Click  the  radio  button  next  to  the  appropriate description – it will expand to show more  details  so  you  can  be  certain  of  your  selection.   Conclude  this  step  by  clicking  “Continue”  at  the  bottom.  Again, if the option available does not match  the note, you have the opportunity to add one using  the “Suggest New Design” link to the right.     Note:    The  final  step  guides  you  through  entering information that is specific to your note.  This  section asks  for a  lot of details, but don’t despair  if  you don’t know  the answers.    Just do  the best you  can,  and  later  we  can  work  on  fixing  the  entry  if  necessary.  In addition to selecting the format (proof,  issued,  remainder),  serial  number,  date  and  grade,  you  can  optionally  add  signatures  and  provenance  data.  If this is one of many highly similar notes (e.g.,  a  hoard  of  remainders)  you  can  adjust  the  census  count  from  1  to  an  appropriate  number.    This will  automatically change the rarity rating based on your  estimate of the number of notes known.  You can also  add  comments  and  credits  as  you  see  fit.   When  you’re done,  click  the box  at  the bottom  to  certify  your entry and click “Submit Note for Approval”.  Once  you’ve  gone  through  all  the  steps,  you  won’t see your note  listed among  the other entries  until one of our SEs has  reviewed your  information  and officially approved it for publication.  It will them  be identified as published and visible to all users.        +Note – Ask for Identification  This method is the same as the previous section,  but after any of the steps you can click “Request for  Identification”.  Doing so will put your entry into the  Unidentified Notes section of the website (see below  for more  about  this), where others  can  review  the  entry and update as appropriate.  +Note Gallery  This  is  the  best  option  if  you  have  a  large  collection  of  images,  but  have  not  compiled  a  spreadsheet of what you have.  Essentially, the idea is  to  crowd  source  knowledge  to  gather  data  surrounding the notes.  From the top menu bar, click  on “Note Galleries” to examine the existing galleries.   You’ll see several that have been set up.  Click on the  title  of  any  one  of  them  to  drill  inside  and  view  a  matrix of images that typically fits a theme, like what  Bill Gunther has done with his “Alabama State Notes”  gallery.  He used this method to upload his Alabama  collection.    To  create  a new  gallery,  go back  to  the home  page and click “+Note Gallery”.  You’re prompted for  a  gallery  title,  and  the  first  image.    After  the  first  image has been uploaded,  look for “Add a new file”  just  below  it  to  add  more.    The  credits  field  will  populate the entire list with the same source, but that  can be  edited  individually  later  as needed.    Finally,  you can entire a description if you wish to tell a story  about  your  gallery.    Hit  “Save”  to  complete  the  creation of your gallery.   You  can  later  click on  the  “Edit” tab when viewing the gallery to make further  changes or add notes to it.  Notice that in your newly created gallery there is  a blue button labeled “Create a Note” under each of  the  images.   This  is where you or anyone can apply  their knowledge and build data around the note, as  clicking the link kicks off the Wizard, just like we saw  in  the previous  section, but with  the  image already  entered as part of step 1.  You just continue with steps  2, 3 and 4.  Completing step 4 will route the note for  approval by  the appropriate SE, and when  finished,  the blue button will  change  to a white one  labeled  “View Note”.    Spreadsheet  For  those who  have  large  collections  and  are  very organized, we want to take advantage of all the  work you’ve done so far.  More than likely, you have  the data about your notes in an Excel spreadsheet or  similar database.   Our  spreadsheets will have  some  more  columns  than  yours, but  importing  your data  ___________________________________________________________Paper Money * Nov/Dec 2017 * Whole No. 312_____________________________________________________________ 467 will  definitely  save  some work.   We’ve  found  that  every  situation  is  somewhat  unique,  so  start  by  contacting me and we can take it from there.  Unidentified Notes  The thing that makes this project so challenging  is  that  obsoletes  are  non‐standard  in  nature.    The  broad definition of them goes way beyond state bank  notes, to include all kinds of private issues.  In some  cases, when  you  look at an obsolete note,  it  is not  even  clear who  is  the  issuer.    To  help  account  for  mavericks  (unidentified  issuers)  and  just  plain  unusual  notes, we’ve  created  a  system  that  allows  others  to  chime  in,  so  to  speak,  to  catalog  those  strange ones.  On  the  top  menu  bar  there  is  a  link  to  the  “Unidentified Notes” page.  Whenever someone has  gone through the Wizard and clicked on the “Request  for  Information” button,  the note entry will end up  here.  Anyone can propose a description of the notes  in question, and anyone can cast a vote in favor of one  of  the  already‐present  descriptions.    It’s  not  a  democracy, however,  as  the number of  votes does  not decide  the winner.   After a period of  time,  the  SE(s)  in  charge will  render  a  decision  on  the most  accurate description.  What’s Next  This article  summarizes  the ways  in which you  can  add  information  about  the  notes  in  your  collection to SPMC’s Obsoletes Database Project.  We  have many  contributors  so  far, but many more are  needed  to  make  the  database  as  meaningful  as  possible.    In our next  installment, we’ll cover what  I  think  is  perhaps  the  best  feature  of  ODP,  the  Set  Registry.  This functionality allows users to essentially  store their collections virtually, track them in multiple  ways,  share  with  others,  and  potentially  compete  with other collectors for best‐of‐category awards to  be presented at the next International Paper Money  Show.  You’ll want to stay tuned for this riveting finale  of our series in our next edition of Paper Money.  ___________________________________________________________Paper Money * Nov/Dec 2017 * Whole No. 312_____________________________________________________________ 468 A PERSONAL TRAGEDY ‐ MY COLLECTION OF WORLD PAPER MONEY HAS BEEN STOLEN by Carlson R, Chambliss I very much regret to report that almost my entire collection of foreign paper money was stolen from my home in Kutztown, PA on the afternoon of August 24, 2017. As far as I am concerned, this crime should be regarded as a “home invasion robbery” rather than as some type of burglary. It was carried out by two men, both white and in their early thirties, claiming to be water inspectors. I was expecting a parcel from UPS at this time, and most unfortunately I unlocked my front door without demanding beforehand ID or telephoning to the Borough of Kutztown to confirm that these individuals were indeed bona fide. Within one or two seconds I realized that I had made a dreadful mistake. Since I am now 76 years old and temporarily have a fractured left wrist, I was in no way in a position to resist their instructions once the front door had been opened. My home is a ranch- type house with a large basement. One of the criminals took me to the basement where I was instructed to operate various pieces of plumbing equipment using my hands (and fingers) and not his. He was not armed and did not shout at me, but I think that it was obvious to both of us that I might be facing grievous bodily harm or even my murder should I attempt to escape from his control. In the meantime his partner searched through the two rooms – the living room and the computer room – which had the bulk of my paper money Some coins were lying exposed in a third room, but this room seems not to have been touched. One tray of about two dozen Israeli silver commemorative coins was taken along with a number of heavy bronze medals, but the thefts were very largely restricted to banknotes, most of which were from countries other than the U. S. Some U. S. $1 and $2 FRNs were taken including a couple of district sets and some star notes, but again these were not of much importance. The greatest percentage of notes stolen were either from Latin America or from the Philippines. Mexico was strongest in the first group, so let me begin with these. The notes were either from the Banco de Mexico issued between 1936 and 1992 or notes of the Revolutionary period. Almost everything was in very high grade, but none were slabbed. The notes printed by the ABNC included all denominations from 1 P to 1000 P plus a single 10,000 P note of 1978. The collection was arranged by date or series letters for each denomination. The 1 P notes began with notes with series letters A, C, D, and E, these series having no dates. The 5 P and 10 P notes began the scarce issues of 1936, and the 20 P with the issue of 1937. The 50 P and 100 P notes were Allende and Hidalgo types only beginning with 1944 and 1945, respectively. The 500 P and 1000 P notes began with 1958. I recorded only relatively few serials for these, but I do have all of the series letters for the ~160 notes in this group. Several of these notes appeared in an article I wrote for Paper Money. For the BdeM-printed notes of 1969 – 1992 I did not record the serials or series blocks for the notes, but all denominations from 5 P to 100,000 P were present. That included all date varieties for 20,000 P (5), 50,0000 P(6), and 100,000 P (2) notes. There was also a set of the 10nP to 100nP notes of 1992 in the old designs. There were also partial packs of the common 10 P, 20 P, 50 P, and 100 P notes of the 1970s vintage. There was a compact collection of Revolutionary notes from 1913 to 1918. There were five “Bancos” including el Banco del Estado de Chihuahua (1913) 5P, 10P, and 20P. A very nice Carranza Infalisifiables set of 1915 is present, as is a Monclova set of 1913 to 20P. There are some 80 Revolutionary notes in all – mostly very high grade. The “Dos Caritas” note for 50P is CU and scarce. It has red stamping on back. There are a dozen “Eagle on Lake” notes from either Mexico City or Veracruz. The sets for Sonora and for Sinaloa go to 20P. There are also a couple of notes each from Oaxaca and Yucatan. The notes of Brazil are concentrated on the years 1943-94, and there is a comprehensive array of these for these years. About half were printed by either ABNC or TDLR. The later issues include the very scarce 50,000 cruzeiros reais of 1994 (WPMC #242). Almost all of the notes in this group are CU. Unfortunately I do not have serial numbers for these, but several were illustrated in articles that I wrote for Paper Money. The Dominican Republic was also very strong including five specimen sets. Two of these were the 1978 specimen sets with serials *836 and *2742. There was also a scarce Columbus 500P ___________________________________________________________Paper Money * Nov/Dec 2017 * Whole No. 312_____________________________________________________________ 469 specimen note of 1992. The regularly issued notes ranged in dates from 1987 to 2014. There were two each of the 500P and 1000P notes. Another very strong country is Nicaragua with notes dating from 1968 to 2012. The Sandinista issues are quite complete, and the post-inflation issues of 1991-2005 are well represented. There are two different sets (6 notes each) of the polymer currency of 2007-12. There was also a nice range of notes from Argentina with the San Martin types of 1943-69 well represented from 5P to 10,000P. The best of these is a 500P note (WPMC #268) in CU with red numerals. The Uruguay notes include three unissued notes (WPMC 67A, 68A, 68B) and three high value notes (WPMC 71, 72, 73). The Venezuela group includes a new set dated 2016 of the 500B to 20,000B notes and a set of packs of the 2B to 100B notes of 2007. The earlier notes include all denominations from 1B to 50,000B. The Chilean notes include a set of the 1000P to 20,000P for 2012. The Honduras group includes a group of CU notes ranging from 1 L to 500 L. There are a fair number of notes from Colombia and Paraguay, but only a few each from Ecuador, Bolivia, Peru, or El Salvador. Actually all Latin American republics are represented in this large collection except for Panama. I am estimating the total value of the Latin American notes at rather more than $20,000. The finest single country collection that was stolen in its entirety was of the Philippines. It consisted almost entirely of notes of the Central Bank from 1951 to 2014 and of the WWII period of 1941- 45, the so-called “guerilla notes.” There were a few Japanese Occupation notes, but not the rarities, and the American period was almost entirely absent. I have written several articles in Paper Money in which I gave used illustrations of many of my Filipino notes. The modern section begins with a complete set of 10 of the fractional notes and 33 different of the peso notes from 1 P to 500 P including six specimens. The so-called “Pilipino” and “Ang Bagong Lipunan” series was also well represented with numerous signature, replacement, and specimen varieties. There were a total of more than 70 of these notes plus a pack of the Marcos 10 P election notes in the QN block. I do have the serial number block letters, at least, for all of these. The 1978 Maltese Cross specimen set is number *1293. The so-called “New Design” notes issued between 1985 and 2010 included more than 90 different varieties plus a number of duplicates. All of the numerous commemoratives for 50P and 100P were there as well as a few for 20P, 200P, and 500P. This group of notes abounds in fancy serial numbers, and I had sets of ten with “solid” of 111111, 222222, 333333, etc. up to a one million note with 1000000. These sets I had for 20P. 50P. 100P. 500P. and 1000P, which usually were dated 2007, 2008, or 2009. There was also a set of ten 200P notes with serials 000001, 000002, etc. up to 000010. There were also two sets of six issued in 2009 that honored the 60th anniversary of the founding of the Philippine Central Bank both with normal and with replacement serial numbers. Other items of this period included a pair of 500P with “up and down ladder” serial numbers. I also had the 2000P notes of 1998-2001 in both the normal and very large formats. This portion of the collection concluded with two sets of the “New Generation” notes, one dating 2010 with matching low serials and one with later dates. All together there were rather more than 300 different notes of the 1951-2014 period in this collection, almost all of which were CU. I am estimating the value of this part of the collection at about $8000. The other extensive part of my Filipino collection was of the emergency notes of WWII that were produced between 1941 and 1945. There were well over 200 different varieties plus numerous duplicates especially from Mindanao, Iloilo, and Negros. The serial number data that I have on these items are very good, since I was comparing what I had with the serial number ranges given by Neil Shafer. Among the best notes were the 10c, 1P, and 2P notes with revenue stamps from Cagayan that were previously in Neil Shafer’s collection. There was a full set of eight of the Culion Leper Colony notes plus an unissued block of four of the 1c value. High denomination notes were present for some issuers. These included 50P, 100P, 500P for Negros, 50P and 100P (2) for Iloilo, 100P (2) and 500P for the Luzon USAAFFE. There was a 2P note from Brooke’s Point, Palawan dated 19.4.1943 (cat. #S915) and a 0.20P Ilocos Norte dated 20.5.1942 (cat. #S293). Both Misamis Occidental and the Mountain Province were well represented. The same was true of notes for Cebu, Iloilo, Negros, and Mindanao. Full sets of the notes printed on lead plates for Apayao and for Cagayan were present along with the small format mimeographed notes from Apayao issued in 1943. Strictly local issues included notes from Balangiga and Oras on Samar. Fortunately I do have serial number data on many of these notes, and I can share them will any parties who would like more information. It is difficult to estimate the total value of this portion of my collection, but surely it would exceed $5000. I am truly heartbroken over the total loss – hopefully temporary – of my entire collection of Filipino notes. ___________________________________________________________Paper Money * Nov/Dec 2017 * Whole No. 312_____________________________________________________________ 470 It has been reduced from an exhibit quality holding to a total void. My holdings of African notes were not as comprehensive as those of some other countries, but they did include some important items. Foremost among these were the 10/- and one pound notes of Rhodesia dated 16.11.1964 (WPMC #24, 25). Both were in gem CU condition, and their value can be estimated at about $1000 each. Regrettably I did not have serial number data for these. For Zimbabwe there were two sets of Traveller’s Cheques, a full set of “Second Dollar” notes (32 – nos. 33-64), “Third Dollar” notes (27 – nos. 65-91), plus numerous other notes or bearer cheques. In the past couple of years there have been large price increases on the values of several of the hyperinflation notes. I do have serial numbers on a few of these. There was also a substantial number of notes from Zambia especially of notes with the “fish eagle” design. This even included a set of notes in the new kwacha currency dated 2014 or 2015. The group from Zaire included nine specimen notes. There were also a fair number of notes from Kenya and from Malawi. In West Africa the Gambia was well represented with a number of notes including a 50 dalasi of 1989 (WPMC #15). Although there were no rarities, a rather wide variety of other African countries was represented. Altogether I am estimating the value of these African notes at about $4000 with about half of this in the two rare Rhodesian notes of 1964. I have written a couple of articles for Paper Money of the notes of North Korea, and I have proposed completely re-doing much of the listing for these. Regrettably all of my North Korean notes were taken. The most valuable of these were my 50 and 100 won notes for 1959. The serials on these are 700538 and 328091, respectively. The more recent issues were very well covered including packs of the 200, 500, 1000, and 5000 won notes of the 1992- 2007 types. Iraq was another country that was well represented, and this included WPMC nos. 67-73, the lithographed 74-89, and the postwar engraved 90-96. There were comparatively few European notes in this holding, but some oversize notes of Germany and Russia were taken along with various notes from Western European nations. I had a fair number of the German 10,000 mark notes of 1922 (WPMC nos. 70 and 71) along with various others of the inflation-era notes. There were a number of packs of inexpensive banknotes from countries such as Cambodia, and these were taken. At least 3000 banknotes were taken in all, and a large plastic laundry tub of mine was stolen to contain all of this. Oddly enough my holdings of a few countries were spared, probably because they were in a box that was somehow overlooked. This included my notes from Jamaica, Guyana, Laos, Iran, Pacific Islands, and most of my notes from Eastern European countries. My valuable collections of notes from New Zealand, Israel, and Palestine were not involved, since they are stored in a bank safety deposit box. I also have some Mexican notes in there including the large-size Banco de Mexico notes of the 1930s, my three 100 peso Madero notes of 1936- 42, and all the post-1994 new peso notes. One box of notes was taken, however, that contained items that will prove almost impossible to replace unless they are recovered from this theft. This contained souvenir notes of the various meetings of military currency enthusiasts. Some of this is even quite well printed, and the scarcest of these items have both very limited printings and often fairly large FRN-cash values (up to $100 or more per note). My collection was one of the most complete of these, and replacing all but the most available of these items will prove next to impossible unless, of course, my examples of these do show up. In one year at Memphis I did a fairly large exhibit on these unusual items. Other “funny money” items, however, were far less valuable. Many hundreds of my replica MPCs were taken even though these items were clearly marked Copy on their backs. The value of the “special currency” distributed at military money gatherings is very difficult to estimate, but it would be extremely difficult to replace. So let’s say $2000 or so for this. The value of the other notes stolen was probably about $3000 with a substantial percentage of this for the North Korean notes. As was previously noted a few USA currency items ($1 and $2 notes including a couple of district sets) were taken, but their value totaled only about $500. There are also the silver coins and large bronze medals that I am figuring at $1500. Altogether the total value of the entire theft comes to something like $45,000. This is a very conservative estimate that represents the actual replacement cost of the items, although quite a few of them are not replaceable. I believe this was some sort of contract job. The two criminals came looking for banknotes, and they showed far less interest in what coins I had on hand. Only a comparatively small number of stamps were taken despite the huge numbers of these in my house. So long as I made no attempt to resist they made no attempt to injure me, but being held captive in the basement of one’s own house by a felon while his partner loots an important and valuable portion of my ___________________________________________________________Paper Money * Nov/Dec 2017 * Whole No. 312_____________________________________________________________ 471 holdings is not an experience that I would wish on even the worst of any enemies that I might have. The emotional scars that this incident have left on me have been severe, and only the recovery of a large portion of what was stolen and the arrest and prosecution of the criminals involved will remove them. I have now installed a fairly elaborate security alarm system, and almost all coins and banknotes have been removed to a different location, but this is almost always a case of closing the barn door after the horse has escaped. Very soon after the criminals left, I did contact the Kutztown Police, and this case is now referred by them as case # 81-17-005116. Their telephone number is 610 – 683 - 3545. I can be contacted at P. O. Box 804, Kutztown, PA 19530, tel. 610 – 683- 6572 and my Gmail address is crchamblissh62@gmail.com. A particularly important contact is Doug Davis, P. O. Box 14080, Arlington, Texas 76094. His telephone number is 817–723–7231. His email is doug@numismaticcrimes.org. He has extensive experience in both police work and numismatics and is probably the person most qualified in the entire country to handle numismatic & syngraphic crimes such as this. What I do want to do most of all is to recover all, or at least a large portion thereof, of the significant notes that were stolen. I am prepared to pay a substantial award for the recovery or for information leading to the recovery of these notes. As is obvious from my summary of the contents, however, this holding also contains numerous notes of little consequence. Unless my stolen collections of countries such as Mexico or the Philippines are recovered essentially intact, I see little point in trying to build new collections from scratch of these items. I do have extensive serial number data on some of the stolen notes and will be happy to share these with any interested party. Please do note that the banknotes that I have described were in my possession until August 2017, and any note that was already in your possession prior to then cannot be one of my stolen notes. Please do pay attention to items similar to what I have described being offered, especially at “bargain” prices. I have given Mr. Davis far more serial number and series letter data than I am putting into this article, but I can send these data to any party if they would be desired. I have now had a fairly extensive career as a writer on paper money, and thus I have acquired a fair amount of notoriety on this subject. Hopefully this allows one to share informative details on this topic with interested persons, but unfortunately in this case it clearly led to a desire within some evil individual to rob me of the notes themselves. I hope that this case resolves itself before it turns me into an embittered cynic. I do wish to continue my activities in syngraphics, but it appears that in this field, at least, the researcher must remove himself at most times to a substantial distance from the objects being researched. I regret having to write so bitter and cynical an article, and I most sincerely regret not having exercised much more caution in working with these items, but I am afraid that flaunting one’s interest in this field is most definitely ill advised and even dangerous. Please do wish me luck in recovering those items that are rightfully mine. Until this matter is resolved I shall probably have to take a leave of absence from writing articles for Paper Money, but I hope that I can resume this activity. www.numismaticcrimes.org ___________________________________________________________Paper Money * Nov/Dec 2017 * Whole No. 312_____________________________________________________________ 472 To order, please call toll-free: 1-800-546-2995 Online: www.whitman.com Email: customerservice@whitman.com Mention code CP at checkout to receive FREE SHIPPING Offer valid through 01/31/2018 Is Your Paper-Money Library Up to Date? $19.95 • 384 pages • 6x9 inches • Softcover $9.95 • 256 pages • 6x9 inches • Softcover A Guide Book of United States Currency, 7th Edition Check List and Record Book of United States Paper Money Hobby legend Kenneth Bressett covers large-size, small-size, and fractional paper money in this newly revised and updated 7th edition. 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Check each box as you add a note to your collection or upgrade to a better specimen. Use the Friedberg and Whitman numbers to look up your notes and study them in-depth in the Whitman Encyclopedia of U.S. Paper Money. You’ll also find plenty of room to write comments on when and where you bought various notes, their grading, prices, and any other information you want to record. Whitman Encyclopedia of Obsolete Paper Money, Volume 9 672 Pages • 8.5 x 11 inches • Hardcover • Full Color The ninth volume of Q. David Bowers’s multiple-book Whitman Encyclopedia of Obsolete Paper Money studies in great detail the bank notes of New Jersey and Pennsylvania. Bowers gives historical narrative for every town, city, and bank involved in producing notes in these states from 1792 to 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 9 is the first on the Mid-Atlantic states. Earlier volumes studied New England and the American South in similar detail, and subsequent volumes will cover the Midwest states. • • $1 Novelty Checkbook (with Errors) and Analysis by Ed Zegers Recently, while reviewing my Error Currency Collection, I had the pleasure of discovering a currency novelty item which I had obtained from an estate about ten years ago. I had completely forgotten about this piece. Let me describe it for you and then you can decide if you want to continue reading this report. It is a hard-bound blue checkbook style collection of $1 US Federal Reserve Notes. The waffled cover reads “Happy 50th Birthday Stu Grabiner” in gold letters and the back cover is plain. As you open this checkbook, there is an elite unmarked page made of a satin wallpaper cloth (with a moiré pattern visible as you shift it from side to side). Next, there are fifty consecutive $1 FRNs, and all in crisp new condition. While that alone may not be enough to pique anybody’s interest, let me go a little further and also tell you that they are Series 1988a from the Richmond (E /”5”) District, and the “G” block. This item was probably produced in or around 1992 - 1993. Still, this well-to-do novelty item holds minor interest for most collectors. However, to continue my story, I have inspected each note carefully. Then I discovered that thirty-two of the fifty notes are errors. I had not viewed the reverse of the notes when I first obtained them, just the note faces which were all fine. I located the green ink smears down the left edge of the back-side of the affected notes. As Ink-Smear (printing machine wiping failures) errors go, these are small in comparison to some that I have seen, but, as you can see from my scan and in the spread-sheet of data that I created, some not 6 8/16 X 2 9/16" Checkbook with Gold printing. Major “Dark” Ink Spots on FRN Back. ___________________________________________________________Paper Money * Nov/Dec 2017 * Whole No. 312_____________________________________________________________ 474 so obvious facts become evident. Using known BEP production practices for the series, I found that two sheets are missing. BEP machinery printed these notes using the 4-plate rotary press system on engraved back-plates. Therefore, following every fourth Back Plate Serial Number, the first is again repeated, and so forth until a back-plate change occurs. This patter/process is also true for the 2nd printing of the black-ink faces and serials. The 3rd printing is when the Green FRN Serials and Seals are added to faces of those sheets. Because of these known facts we can observe that exactly two sheets, each with differing FP & BP serials, are missing from our sequence (in differing places). This tells us that at some point after both the faces and backs had been printed, a BEP inspector removed one (or more) sheets, interrupting the sequence of repetition, i.e. (they had to be pulled after they were printed in order to be missing from the rotational sequence!). Spreadsheet and Technical Analysis of BEP Production Data. Checkbook Style $1 FRNs w/Errors (Analysis) Sheet Rot Series FRN Dist FRN Serial Blk PP FP # BP # Comment 1 1 1988a E / "5" 62319 551 G H3 H491 203 MINOR/WEAK ERROR DISPLAY 2 2 1988a E / "5" 62319 552 G H3 H492 202 Normal 3 3 1988a E / "5" 62319 553 G H3 H456 206 Normal 4 4 1988a E / "5" 62319 554 G H3 H486 205 MAJOR/DARK (Scanned) 5 1 1988a E / "5" 62319 555 G H3 H491 203 Normal ? Sheet absent from 3rd Printing Rotation! H492 202 BEP QC removed after 2nd printing! 6 3 1988a E / "5" 62319 556 G H3 H456 206 MAJOR/DARK 7 4 1988a E / "5" 62319 557 G H3 H486 205 MEDIUM 8 1 1988a E / "5" 62319 558 G H3 H491 203 MINOR/WEAK ERROR DISPLAY 9 2 1988a E / "5" 62319 559 G H3 H492 202 Normal 10 3 1988a E / "5" 62319 560 G H3 H456 206 MEDIUM 11 4 1988a E / "5" 62319 561 G H3 H486 205 MINOR/WEAK ERROR DISPLAY 12 1 1988a E / "5" 62319 562 G H3 H491 203 MINOR/WEAK ERROR DISPLAY 13 2 1988a E / "5" 62319 563 G H3 H492 202 Normal 14 3 1988a E / "5" 62319 564 G H3 H456 206 MINOR/WEAK ERROR DISPLAY 15 4 1988a E / "5" 62319 565 G H3 H486 205 Normal 16 1 1988a E / "5" 62319 566 G H3 H491 203 MINOR/WEAK ERROR DISPLAY/DARK 17 2 1988a E / "5" 62319 567 G H3 H492 202 Normal 18 3 1988a E / "5" 62319 568 G H3 H456 206 MINOR/WEAK ERROR DISPLAY 19 4 1988a E / "5" 62319 569 G H3 H486 205 Normal 20 1 1988a E / "5" 62319 570 G H3 H491 203 Normal 21 2 1988a E / "5" 62319 571 G H3 H492 202 Normal 22 3 1988a E / "5" 62319 572 G H3 H456 206 MAJOR/DARK ___________________________________________________________Paper Money * Nov/Dec 2017 * Whole No. 312_____________________________________________________________ 475 Sheet Rot Series FRN Dist FRN Serial Blk PP FP # BP # Comment 23 4 1988a E / "5" 62319 573 G H3 H486 205 MAJOR/DARK 24 1 1988a E / "5" 62319 574 G H3 H491 203 Normal 25 2 1988a E / "5" 62319 575 G H3 H492 202 MINOR/WEAK ERROR DISPLAY 26 3 1988a E / "5" 62319 576 G H3 H456 206 MEDIUM 27 4 1988a E / "5" 62319 577 G H3 H486 205 MEDIUM/DARK 28 1 1988a E / "5" 62319 578 G H3 H491 203 Normal 29 2 1988a E / "5" 62319 579 G H3 H492 202 MINOR/WEAK ERROR DISPLAY 30 3 1988a E / "5" 62319 580 G H3 H456 206 Normal 31 4 1988a E / "5" 62319 581 G H3 H486 205 MEDIUM/DARK 32 1 1988a E / "5" 62319 582 G H3 H491 203 MEDIUM/TRACE 33 2 1988a E / "5" 62319 583 G H3 H492 202 MINOR/WEAK ERROR DISPLAY 34 3 1988a E / "5" 62319 584 G H3 H456 206 MINOR/WEAK ERROR DISPLAY 35 4 1988a E / "5" 62319 585 G H3 H486 205 MAJOR 36 1 1988a E / "5" 62319 586 G H3 H491 203 MAJOR/DARK 37 2 1988a E / "5" 62319 587 G H3 H492 202 MINOR/WEAK ERROR DISPLAY 38 3 1988a E / "5" 62319 588 G H3 H456 206 MEDIUM 39 4 1988a E / "5" 62319 589 G H3 H486 205 MAJOR/DARK 40 1 1988a E / "5" 62319 590 G H3 H491 203 MINOR/WEAK ERROR DISPLAY 41 2 1988a E / "5" 62319 591 G H3 H492 202 Normal 42 3 1988a E / "5" 62319 592 G H3 H456 206 MEDIUM 43 4 1988a E / "5" 62319 593 G H3 H486 205 Normal 44 1 1988a E / "5" 62319 594 G H3 H491 203 Normal 45 2 1988a E / "5" 62319 595 G H3 H492 202 Normal 46 3 1988a E / "5" 62319 596 G H3 H456 206 MEDIUM 47 4 1988a E / "5" 62319 597 G H3 H486 205 Normal ? Sheet absent from 3rd Printing Rotation! H491 203 BEP QC removed after 2nd printing! 48 2 1988a E / "5" 62319 598 G H3 H492 202 MINOR/WEAK ERROR DISPLAY 49 3 1988a E / "5" 62319 599 G H3 H456 206 MEDIUM 50 4 1988a E / "5" 62319 600 G H3 H486 205 MEDIUM/DARK *Conclusion--Some BEP QC inspection was done following the 2nd printing, because two different sheets are missing from the normal "3rd printing" rotation as evidenced by the data of columns "A & B" above! My thanks to the members of the “Coin Talk” web site and their opinions about this item. Please share your thoughts and personal items of a like nature so that I/we may learn more about this type of error. ___________________________________________________________Paper Money * Nov/Dec 2017 * Whole No. 312_____________________________________________________________ 476 Spectacular $50 Skip Changeover Pair By Jamie Yakes Shown here is the first reported changeover that skips two series and doesn’t involve $1 Silver Certificates. It’s a pair of $50 Boston Federal Reserve Notes: A Series of 1934 Julian-Morgenthau face with serial A03325032A paired to a Series of 1934C Julian-Snyder face with serial A03325033A (see figure below). Plate data are 1934 face 2 and back plate 138, and 1934C face 14 and back plate 103. Dealer Phillip Thomas found the pair in a short pack of $50 Boston notes and offered it for sale on Ebay in August 2017.1 It’s atypical of most changeovers: It was created sometime after 1948 when the BEP assembled batches of $50 Boston sheets for serial numbering from smaller batches of 1934 and 1934C sheets. They had printed the notes over a span of at least five years: the 1934 note as late as 1944, and the 1934C in 1948 or 1949. The pair received serial numbers in 1950. A changeover pair is two notes of contemporary but different types that have consecutive serial numbers. They can involve pairings of different face or back plate varieties, or both, such as different series and signatures, micro and macro plate numbers, or wide and narrow designs. They appeared among large- and small-size notes from the late-1910s to the early-1950s, when intaglio plates included series dates and treasury signatures. Visually, series changeovers have the greatest allure owing to the obvious distinction between signatures and dates on the two notes. It was customary for the BEP to mix plates from consecutive series on four-plate printing presses during sheet printing as they transitioned between types. For instance, one press could have two 1934 and two 1934A faces. Finished sheets pulled off those plates would cycle repeatedly through both types, e.g., 1934-1934-1934A-1934A, etc., as they were stacked into piles. When those sheet piles proceeded to serial numbering, they received consecutive serial numbers that linked the changeovers distributed throughout the batches. ___________________________________________________________Paper Money * Nov/Dec 2017 * Whole No. 312_____________________________________________________________ 477 The BEP most often used consecutive series concurrently, so a majority of changeovers will be consecutive, such as 1928A/1928B or 1934B/1934C. Skip changeovers—those with non-consecutive series—are rare because comingling of plates from three or more series was uncommon. High-profile instances included the mixed use of Series of 1928B, 1928C, 1928D, and 1928E $1 Silver Certificates during the mid-1930s, which resulted in 1928A/1928C, 1928B/1928D, and 1928B/1928E changeovers. Additionally, comingling among a few types of 1934-series Federal Reserve Notes occurred during the late-1930s and early-1940s. A good example was the concurrent use of $5 1934, 1934A, and 1934B Cleveland faces in 1945-46,2 which resulted in 1934/1934B skip changeovers. Unlike traditional changeovers, the $50 Boston pair was created by entirely different means. It involved construction of even-numbered, counted batches (such as 1,000 sheets) for numbering from various piles of recently printed 1934C sheets, and 1934s pulled from prolonged storage. The BEP used 1934 $50 Boston faces 1 to 4 from November 25, 1935 until May 28, 1942.3 They replaced face 4 with 1934A faces 5 and 6 that June, and continued to use those five faces until July 8, 1944.4 None were used after that date. They ceased numbering $50 Boston notes a few days later at serial A02940000A, and didn’t resume numbering that type until 1948.5 In the interim, they placed into storage stocks of leftover, unnumbered 1934 and 1934A sheets. In early 1946, they produced 1934B faces 7 to 10, which they certified in March, but never used on press.6 In July 1948, the BEP resumed printing $50 Boston sheets when they used 1934C faces 12 to 16 on press from July 26-28. They sent the same plates to press once again from June 29-July 1, 1949.7 Sheet handlers proceeded to combine the new 1934C sheets with stockpiled 1934 and 1934A sheets, and forwarded those batches to the numbering division for serial numbering. The BEP delivered another half million $50 Boston notes through 1951, serials A02940001A to A03468000A.8 Serial A03120001A was the first delivered in 1950, the year the $50 Boston changeover was numbered.9 Data for the other notes in Thomas’s partial pack show serials lower than A03325032A on 1934s, and those higher than A03325033A on 1934Cs.10 It’s possible each type extended for hundreds or thousands of notes; if so, Thomas stumbled upon the needle in the haystack! More may lurk, however. The comingled use of 1934 and 1934A faces in 1942-44 created changeovers11 that may have been numbered in 1948-51. In addition, 1934A sheets contained in the pre-1944 stockpiles made possible 1934A/1934C changeovers. Acknowledgements The Professional Currency Dealers Association supported this research. Phillip Thomas provided data on the $50 notes discussed herein. Notes 1. Phillip Thomas, email to author, September 20, 2017. 2. U.S. Treasury. Bureau of Engraving and Printing. Ledgers Pertaining to Plates, Rolls, and Dies, 1870s-1960s (Entry P1). Volume 41. Record Group 318: Records of the Bureau of Engraving and Printing. National Archives and Records Administration, College Park, Maryland. 3. U.S. Treasury, Ledgers, Volume 147. 4. U.S. Treasury, Ledgers, Volume 147. 5. “First Serial Numbers on U.S Small Size Notes Delivered during each year 1928 to 1952.” Prepared by the O&M Secretary, Bureau of Engraving and Printing, April 1952. BEP Historical Resource Center, Washington, D.C. 6. U.S. Treasury, Ledgers, Volume 147. 7. U.S. Treasury, Ledgers, Volume 147. 8. “First Serial Numbers on U.S Small Size Notes Delivered during each year 1928 to 1952.” O&M Secretary. 9. “First Serial Numbers on U.S Small Size Notes Delivered during each year 1928 to 1952.” O&M Secretary. 10. Thomas, email to author, September 21, 2017. 11. One pair is reported that was numbered in 1942-43: 1934A, A01441068A/1934, 01441069A. (Lindquist, Scott, and John Schwartz. The Standard Guide to Small-Size U.S. Paper Money, 10th ed. Iola, WI: Krause Publications, 2011.) ___________________________________________________________Paper Money * Nov/Dec 2017 * Whole No. 312_____________________________________________________________ 478 INTERESTING MINING NOTES by David E. Schenkman  THE MOUNT SAVAGE IRON WORKS NOTES    I write a column for Scrip Talk, the newsletter of the  National Scrip Collectors Association (NSCA), and the  topic  of  a  recent  article  was  a  very  unusual  “Pay  Check”  token  from  the Union Mining Company Fire  Clay  Mine,  which  was  located  at  Mount  Savage,  Maryland. Of all the tokens listed in the two volumes  of  the  coal  token  catalog, which  total  some  fifteen  thousand  varieties,  this  is  the  largest  and  heaviest  piece by a good margin. Struck in brass, it is 50mm in  diameter and over 3mm thick.  Mount  Savage  is  located  in  Alleghany  County, at the foot of Savage Mountain. It came into  existence in 1837, when the Maryland and New York  Coal  and  Iron  Company  was  incorporated  for  the  purpose of using  locally mined ore  to manufacture  iron. The venture wasn’t successful, and  in the mid‐  1840s  it was purchased by a group of  investors and  renamed Mount Savage Iron Company.  The catalog, Money & Banking  in Maryland,  which was written by Denwood N. Kelly, Armond M.  Shank  Jr., and Thomas S. Gordon, and published by  the  Maryland  Historical  Society  in  1996,  lists  two  denominations of Mount  Savage  Iron Works notes;  an undated fifty cents denomination and a crude 75  cents  note  dated  1846.  They  are  illustrated  in  the  catalog and are obviously quite different in style.  Shortly  after  my  article  was  published  I  received  a  call  from  Garrett  Salyers,  a  long‐time  collector  of  Kentucky  iron  company  notes.  He was  quite  surprised  when  he  read  it,  since  two  denominations  of  Mount  Savage  notes  are  in  his  collection  and  he  purchased  them  as  Kentucky  notes.  As  he  pointed  out,  in  addition  to  the  denominations  he  owns,  a  five  dollar  note  is  illustrated in Earl Hughes’ catalog, Kentucky Obsolete  Notes  and  Scrip, which was  published  by  SPMC  in  1998. The  two  larger notes are dated  in  the 1870s,  although  the  fifty  cents  piece  is  undated. Garrett’s  question  was,  “are  you  sure  the  notes  are  from  Maryland?”  As  it  turned  out,  companies  by  the  same  name  operated  in  both  Kentucky  and  Maryland.  However,  in  1868  the  Maryland  firm  ceased  to  operate as such; it had been taken over by the Union  Mining Company, and was being operated as Mount  Savage Fire Brick Works. Therefore, the listing of the  75  cents  note  in  the Maryland  catalog, which was  issued  in the 1840s,  is no doubt correct. The others  are definitely from Kentucky.  The Mount Savage Furnace  in Kentucky was  located  in Carter County, near Hitchins. Named  for  Edward  Savage,  it was  built  in  the  late  1840s  and  operated until  the  start of  the Civil War.  In 1870  it  was reopened under ownership of the Lexington and  Carter Mining  Company.  In  1874  the  furnace  blew  out;  it  reopened  soon  thereafter,  but  in  the  1880s  was  closed  for  good.  During  the  1870s  coal  was  mined by the company for use at the furnace.  The  illustrated  twenty  five  and  fifty  cents  notes are signed by Evan T.  Warner, as treasurer.      Mount Savage Iron Company twenty‐five cents note.  Courtesy of Dennis Lashley, President ‐‐‐Mount Savage (Maryland)  Historical Society      Fifty Cents Mount Savage note.  Garrett Salyers collection.  ___________________________________________________________Paper Money * Nov/Dec 2017 * Whole No. 312_____________________________________________________________ 479 Garrett  had  researched  the  name  and  found  him  listed  in the Carter County, Kentucky tax records;  in  1873  he  owned  eight  hundred  acres  of  land.  The  book,  Notable  Men  of  Tennessee,  which  was  published  in 1905, provides a wealth of  information  concerning  his  life.  Warner  was  born  on  April  7,  1847.  Following  service  as  a  captain  in  the  State  Guards during the Civil War, while still a teenager, he  became  involved  in  the operation of  the  furnace at  Mount  Savage,  Kentucky.  Later  he  invested  heavily  and  very  successfully  in  real  estate.  He  was  also  involved  in  railroad  contracting,  and  in  1890  was  secretary  and  treasurer  of  the  LaFollette Coal,  Iron  and  Railway  Company,  and  superintendent  of  the  Tennessee  Northern  Railway.  Five  years  later  he  moved to LaFollette, and in 1897 was elected mayor  of the town. Warner died on December 27, 1900.  A one dollar note exists, and like the two  highest denominations is dated 1871 and signed   by  H. G. Craig, as treasurer. The  imprint on these three  notes is Ehrgott & Krebs Lith. Cincinnati, O. Craig was  still  treasurer  in  1876,  and  during  that  year  the  company exhibited pig iron and hot blast     charcoal  iron  in  the  “Metallurgical  Products”  category,  and  iron ores  in  the “Minerals, Ores, Stone” category at  the  Philadelphia Centennial  Exhibition.  It  isn’t  clear  when  Warner  was  the  firm’s  treasurer,  but  the  twenty  five  and  fifty  cents  notes  are  undated  and  bear no imprint, suggesting that they were printed at  a  different  time  than  the  three  larger  denominations.  Hopefully  other  denominations  or  varieties will eventually surface.  Interestingly,  while  corresponding  with  the  president of  the Mount Savage Historical Society  in  Maryland,  who  owns  one  of  the  two  known  examples  of  the Union Mining  Company  token,  he  sent  me  a  scan  of  the  twenty‐five  cents  note  illustrated  herein.  He  had  picked  it  up  locally,  and  assumed  it  was  an  issue  of  the  Maryland  firm.  Obviously  this  isn’t  correct,  but  what  an  odd  coincidence!  I welcome  readers’ comments. Write  to me  at P.O. Box  2866,  La Plata, MD 20646.  If  a  reply  is  desired,  please  enclose  a  self‐addressed,  stamped  envelope. dschenkman@verizon.net           One dollar Mount Savage note.  Author’s collection.    Two‐dollar Mount Savage Company note. Courtesy of Heritage Auctions.  ___________________________________________________________Paper Money * Nov/Dec 2017 * Whole No. 312_____________________________________________________________ 480 The Obsolete Corner The Mechanics and Farmers Building and Loan Association by Robert Gill Well,  the end of  this year  is  in  sight, and  I’ve  been fairly successful in adding to my obsolete sheet  collection during it.  By the time you read this article,  Dallas based Heritage Auctions will have completed  another sale of the Eric P. Newman holdings.  I have  been  anxiously  waiting  to  see  what  sheets  I  can  acquire  from  it.    I’ve done  very well  in  the  past  in  being able to nab some of Mr. Newman’s  legendary  collection, and hopefully, that will continue on.  And  now for the subject of this article.   In this issue of Paper Money, I’m going to share  with you a South Carolina  sheet  that came  into my  possession  several  years  ago.    And  that  is  on  The  Mechanics  and  Farmers  Building  and  Loan  Association, which was located in Columbia, Richland  County, South Carolina.  According  to  American  Building  Association  News, Volume 42, dated  January 1st, 1922,  the only  building  associations  doing  business  in  South  Carolina  at  the  end  of  the  Civil  War  were  The  Columbia  Association  and  The  Capital  Association.   Thereafter, The Mechanics and Farmers Building and  Loan Association was organized.    This association was enacted by the Senate and  House  of  Representatives  of  the  State  of  South  Carolina, and the Act was approved on February 15th,  1872.   The association's reason for existence was to  be  “for  the  purpose of making  loans of money,  by  certificate or otherwise, secured by mortgage of real  estate or personal property, or by the conveyance of  the same, to their members or stockholders or other  persons,  by  the  name  and  style  of  The Mechanics  and  Farmers  Building  and  Loan  Association,  of  Richland County,  South Carolina.    The  capital  stock  shall consist of two thousand shares, which shall be  paid in successive monthly installments of one dollar  on  each  share  so  long  as  the  corporation  shall  continue."  The Mechanics and Farmers Building and Loan  Association had the distinction of being the only  building and loan association in Columbia that issued  currency.  The issue was made under the authority  of an act of the legislature.  The United States  Government, however, under The National Banking  Act of 1865, had levied a tax of 10% on the use of  non‐U. S. Government issued currency, which was  prohibitory, and the association had to call in its  circulation after a very short time of circulation.  Historical  details  about  the  operations  of  this  association  are  vague,  but  we  do  know  from  an  article  in  The  Daily  Phoenix  (Columbia,  South  Carolina  newspaper)  dated March  25th,  1875,  that  prominent, local citizen, R.D. Senn, was President.   I  talked  to my good  friend / obsolete specialist  Hugh Shull about how the group of sheets from this  association came into the Obsolete market.  He said  around  1998‐99  a  small  group  surfaced.    South  Carolina Obsolete specialist, Austin Sheheen, Jr., also  knew of it.  A short time later, Grover Criswell ended  up with  the  group  in his  possession, which  totaled  about 31 sheets.  Hugh acquired about half of them,  and  ended  up  cutting  the  sheets  and  selling  the  notes  as  singles.    Later, with  only  about  12  sheets  remaining  intact, Austin had them  in his possession.   He then sold them to Hugh one or two a year, until  all were gone.   So  that  is  the  history  of  this  beautiful,  fascinating  sheet  (notice  in  the  second  scan  the  striking backside).  Like so many times, a small group  will  surface and  is absorbed by  the obsolete world,  usually  ending  up  as  singles.    Then  along  comes  a  sheet  collector  like  myself,  and  appreciates,  even  more so, what he has because of the rarity, in sheet  form.  What a fascinating hobby!  As I always do, I invite any comments to my cell  phone number (580) 221‐0898 or my personal email  address     robertgill@cableone.net         Until next time…  HAPPY COLLECTING.  ___________________________________________________________Paper Money * Nov/Dec 2017 * Whole No. 312_____________________________________________________________ 482 ___________________________________________________________Paper Money * Nov/Dec 2017 * Whole No. 312_____________________________________________________________ 483   ___________________________________________________________Paper Money * Nov/Dec 2017 * Whole No. 312_____________________________________________________________ 484        In Memoriam: Money  This September, in the pages of the Bank Note Reporter Neil Shafer complained about how the current international fad of issuing commemorative banknotes aims less to genuinely honor some person or event, and more to extract money from gullible collectors. “Commemorative notes are all the rage”, he began, and these recent issues have included not only the rather unfunctional 7 dollar denomination from Fiji (celebrating its rugby team), but the absolutely nonsensical 100 dong note from Vietnam which, at the current exchange rate, is worth less than one-half of an American cent. These schemes pay off thanks to the seignoriage booked by issuing authorities when collectors pay face value, and even a premium, for commemorative paper (issued in 2016, that otherwise worthless Vietnamese note went on sale for about 1 U.S. dollar). Collectors are easy marks because of their propensity to buy and hold, but their appetite for pointless novelty has limits. For years, coin collectors have complained about how U.S. Mint products have swamped the numismatic market, and this syndrome burdens the Eurozone as well. There, bland and uniform banknotes are counterbalanced by the frantic gimmickry of national mints, which calibrate their output to events like Berlin’s World Money Fair. The rule of caveat emptor ought to be enough to guide the tastes of collectors, but I worry about the long-term impact of what might be called the Franklin Mint- ization of the hobby. Arguably, the present poor condition of stamp collecting was aggravated by the flood of phony issues by the United Nations and other entities, which contributed to the price bubble and collapse by the late 1970s. How unfortunate if such excesses were to cast a similar pall over the collector’s market for paper money.The commemorative currency fad also overlooks a basic truth about paper money: all notes already function as commemoratives, in the sense that choices about portraits and vignettes reflect what symbols and themes a nation regards as expressive of its identity. The debate about whether Harriet Tubman ought to replace Andrew Jackson on the $20 can’t be understood without appreciating the stakes involved in how the United States reckons with its historical legacies, laudable and otherwise. As William Faulkner wrote, “the past is never dead. It’s not even past.” This is particularly appropriate in the case of paper money, which in its everyday circulation reinforces the meanings of its symbolic representations. We keep the past alive, as it were, by carrying it around in our pockets. Banknote redesigns can be good measures of how nations have attempted to rethink what they are about. Canada, Australia and New Zealand are all notable for having revamped their currency iconography to project a more inclusive and multicultural sense of national identity, in particular to recognize the status of previously-maligned aboriginal peoples. These attempts at currency inclusivity can easily be caricatured as exercises in political correctness, especially when they descend into hair-splitting about which marginalized group most deserves the next open spot on the national currency, but overall I think such historical rethinking is good, and those countries are better places for having undertaken it. Another way to approach this issue is to think not about who deserves to grace a nation’s currency, but about those figures of history infamy who in whatever way did manage to achieve some measure of monetary immortality. As I looked around for who might belong to this rogue’s gallery, I quickly discovered that another collector had beaten me to the task (you can find his online discussion thread “Dictators and bad men on banknotes” on the Coin Talk forum). While Hitler and Stalin never made it onto currency, Mao continues to grace China’s 100- Yuan note. If not utterly wicked like the first two, Mao’s misguided economic policies did lead to the deaths of millions of his fellow citizens. Others definitely belong on that list of bad hombres: Mobutu Sese Seko (immortalized on the despised “Prostate” notes), Idi Amin (feeder of crocodiles), and Saddam Hussein (where to begin?). I like that Belgium’s King Leopold also appears on the list, given his sanctimonious ravaging of the Congo Free State. While the roster of deplorables tails off into garden-variety dictators, the fact that such bad men have lived on as banknote portraits highlights how nations aren’t always in control of the images they seek to portray to themselves and to the rest of the world. That Andrew Jackson, no slouch when it came to ethnic cleansing, persists on American currency is a genuine problem. Old Hickory, a hard-money man, was a hater of banks as well as of Indians, and his soul must chafe at the ignominy of his likeness appearing on legal tender fiat currency. Better perhaps to grant him peace by finally releasing him from that intaglio prison. Chump Change Loren Gatch ___________________________________________________________Paper Money * Nov/Dec 2017 * Whole No. 312_____________________________________________________________ 485 President’s Column Nov/Dec 2017 It’s great to have a board of governors that is committed and motivated to make changes for the betterment of SPMC. I’d like to tell you about a few of them and what they’re up to. I recently appointed Loren Gatch as the chair our Education Committee. Loren is a professional educator, being a professor of political science at the University of Central Oklahoma. I’m sure you’ve seen his weekly column News & Notes over the last couple years on the SPMC website – it’s a compilation of interesting news stories related to our hobby. I tapped Loren at this time because it’s been about fifteen years since we last made major changes to the way we approach our educational mission. So much has happened over that time in the possible means of outreach. Loren’s experience makes him perfect with the job. He, along with other EC members, are drafting a new mission statement for SPMC, rewriting the grant application process and redefining our educational outreach. Fairly soon we should be able to make the grant application forms available on our website, along with the details about this important aspect of our organization. Thank you, Loren! A longstanding concern in the hobby has been the downtrend in membership in SPMC and related collector organizations. The Marketing Committee, chaired by Gary Dobbins, has done admirable work by recently arranging an advertising exchange program that will hopefully stem the trend. But that is likely not enough. Wendell Wolka has recently approached me and thinks there should be a committee dedicated to this specific concern, or as he calls it, the Elephant in the Room. I think he is right, and we are in the early stages of building a team to slay this elephant. Thank you, Wendell, for stepping up to the task! Many others board members have found niches for which they are well suited. I thank each and every one of them for their dedication to SPMC. We couldn’t do it without them. On another note, I’m pleased to announce that the board has approved proposed updates to the SPMC website, and work has begun to this end. Some of these are security enhancements, but others address some shortcomings of the website that I hope to rectify, including the membership joining and renewal processes. We’ve also asked for a refresh to the look of the site as well. I anticipate that we should see these changes by end of year. Finally, as administrator for the Obsoletes Database Project (ODP) website, I’d like to report the latest work and where we are heading. With the assistance of Russell Kaye, we have uploaded a great deal of issuer and design information for New York. Our data guru, Mark Drengson, continues to work with Dennis Schaufleutzel to import his massive database of Tennessee obsoletes into ODP. That has been a long time in coming but will be a huge success once it’s in place. For functionality, we’re going to build in some reporting capabilities in the coming months that will further make it a useful place to track your collection. I’ll be talking more about that in the next edition of Paper Money, but in the meantime, be sure to read my article in this issue on how to import your data. I hope you are enjoying your fall, and can find some meaningful additions to your collection. Shawn ___________________________________________________________Paper Money * Nov/Dec 2017 * Whole No. 312_____________________________________________________________ 486 P_a_p_e_r Money * Nov/_D ec 2017 * Whol_e N_o_._3_1_2 Editor Sez Changes are happening! Many, many changes are happening in life right now, my life! By the time you read this my son (Brandon who many of you know as the little blond headed boy who followed me around at Memphis and other places), will be married. Now I know the duties, responsibilities and financial duties of the father of the groom usually extend to rehearsal dinner and a little more, but I decided to help out more and, well—anyone want to buy some really good fractional experimentals? Hah! Actually, his new life is going to be great. They are living close enough to see quite often so our nest won’t be too empty. He has started a new job as marketing director and social media guru for an early childhood curriculum company. He will also be substitute teaching one day a week for extra cash. His wife is a teacher in an autism center supported by Easter Seals. So that is the big change for me. Some changes you will notice (if you are sharp eyed) are some formatting changes on some of the columns/articles. One of our members sent me some really neat changes to make Paper Money more professional looking. Such as less margins to decrease white space along with doing indents differently and font choices. One big one was to use a columnar format for articles. This really does look better and will be used more as time passes. Many of the articles in this and the next issue were sent in pre-formatted so I did not change them, but will work to do so in the future. If you have any ideas that you think will make the journal better, either visually or content-wise, please let me know. This issue is nothing to “grouse” about! Yes, a joke. There is a wonderful article by Bernhard Wilde about the grouse vignette and its’ discovered use on a Canadian banknote! Cool stuff! We also have a lengthy article on Nationals and information on the 2018 International Paper Money Show that will once again be held in Kansas City. The end of a year means the beginning of a new one. 2018 is building up to be a very good one for the hobby. We start off with FUN and NYINC in early January followed by many other great shows and opportunities to make this (YOUR) hobby more enjoyable. If you want to be a bigger part, write something for Paper Money. It is not hard, just write about what you know, like and collect. 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 09/05/2017 14664 Daniel Novak, Website 14665 Michael Mosiello, Website 14666 Mike Grieneisen, Website 14667 John Paschetto, Q. David Bowers 14668 Cari Murphy, Website 14669 James Oscarson, Website 14670 George Otoole, Jason Bradford 14671 Lisa Daniels, Hugh Shull 14672 Eric Whitehead, Website 14673 Enrico Aidala, Various Trainmen 14674 Mark Gilbert, Website 14675 Keith Nower, Coin World 14676 Donald Dethlefsen, Numismatic News 14677 Paul Hendry II, Jason Bradford 14678 Daniel Selby, Website 14679 Joseph Sullivan, Website REINSTATEMENTS None Life Memberships LM435 Alan Lasecki, Jeff Brueggeman NEW MEMBERS 10/05/2017 14680 Mike Moore, ANA 14681 Matt Parsons, Tom Denly 14682 Ernest Westlund, ANA 14683 Mychael Colyar-Long, ANA 14684 Rex Nelson, Frank Clark 14685 Richard Muir, Website 14686 Mark Schroeder, ANA 14687 Gary Overfield, ANA 14688 David Lok, Website 14689 Steve Parker, Website 14690 Nico Ribbens, IBNS 14691 Bill Roope, Website 14692 Brandon Marree, papermoneyforum.com 14693 Gilbert Gibson, Website 14694 Michael Atkins, Website 14695 Arthur Siciliano, Website REINSTATEMENTS None Life Memberships None For Membership questions, dues and contact information go to our website www.spmc.org ___________________________________________________________Paper Money * Nov/Dec 2017 * Whole No. 312_____________________________________________________________ 488 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, barnesandnoble.com 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 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. 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 S implified copy of the same which is aimed at new collectors. Come join a group dedicated to the are fractional fanatics! New Membership is $30 or $22 for the Simplified edition only To join, contact Dave Stitely, membership chair Box 136, Gradyville, PA 19039. 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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 ___________________________________________________________Paper Money * Nov/Dec 2017 * Whole No. 312_____________________________________________________________ 489 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 ErrorNotes Small Size Type National Currency StarorReplacementNotes Specimens, Proofs,Experimentals FrederickJ. Bart Bart,Inc. website: www.executivecurrency.com (586) 979-3400 POBox2• Roseville,MI 48066 e-mail: Bart@executivecurrency.com 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    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       $ MoneyMart $ ___________________________________________________________Paper Money * Nov/Dec 2017 * Whole No. 312_____________________________________________________________ 490 ~ U N I T E D S T / J T E S S t a t e m e n t o f O w n e r s h i p , M a n a g e m e n t , a n d C i r c u l a t i o n ~ P O S T / J L S E R V I C E ® ( A l l P e r i o d i c a l s P u b l i c a t i o n s E x c e p t R e q u e s t e r P u b l i c a t i o n s ) 1 . P u b l i c a t i o n T i t l e 2 . P u b l i c a t i o n N u m b e r P A P E R M O N E Y 4 1 9 - 9 4 0 4 . I s s u e F r e q u e n c y 5 . N u m b e r o f I s s u e s P u b l i s h e d A n n u a l l y B I M O N T H L Y 6 7 . C o m p l e t e M a i l i n g A d d r e s s o f K n o w n O f f i c e o f P u b l i c a t i o n ( N o t p r i n t e r ) ( S t r e e t , c i t y , c o u n t y , s t a t e , a n d Z I P + 4 ®) 4 5 0 F A M E A V E H A N O V E R , P A 1 7 3 3 1 Y O R K C O U N T Y 8 . C o m p l e t e M a i l i n g A d d r e s s o f H e a d q u a r t e r s o r G e n e r a l B u s i n e s s O f f i c e o f P u b l i s h e r ( N o t p r i n t e r ) S A M E A S A B O V E 9 . F u l l N a m e s a n d C o m p l e t e M a i l i n g A d d r e s s e s o f P u b l i s h e r , E d i t o r , a n d M a n a g i n g E d i t o r ( D o n o t l e a v e b l a n k ) P u b l i s h e r ( N a m e a n d c o m p l e t e m a i l i n g a d d r e s s ) P A P E R M O N E Y 7 1 1 S I G N A L M T N R D # 1 9 7 C H A T I A N O O G A , T N 3 7 4 0 5 E d i t o r ( N a m e a n d c o m p l e t e m a i l i n g a d d r e s s ) B E N N Y B O L I N 5 5 1 0 S P R I N G H I L L E S T A T E S D R . A L L E N , T X 7 5 0 0 2 - 5 8 0 8 M a n a g i n g E d i t o r ( N a m e a n d c o m p l e t e m a i l i n g a d d r e s s ) N O N E 3 . F i l i n g D a t e 1 0 / 1 / 2 0 1 7 6 . A n n u a l S u b s c r i p t i o n P r i c e $ 2 5 . 0 0 C o n t a c t P e r s o n B E N N Y B O L I N T e l e p h o n e ( I n c l u d e a r e a c o d e ) 9 7 2 - 7 2 7 - 2 3 9 5 1 o . O w n e r ( D o n o t l e a v e b l a n k . I f t h e p u b l i c a t i o n i s o w n e d b y a c o r p o r a t i o n , g i v e t h e n a m e a n d a d d r e s s o f t h e c o r p o r a t i o n i m m e d i a t e l y f o l l o w e d b y t h e n a m e s a n d a d d r e s s e s o f a l l s t o c k h o l d e r s o w n i n g o r h o l d i n g 1 p e r c e n t o r m o r e o f t h e t o t a l a m o u n t o f s t o c k . I f n o t o w n e d b y a c o r p o r a t i o n , g i v e t h e n a m e s a n d a d d r e s s e s o f t h e i n d i v i d u a l o w n e r s . I f o w n e d b y a p a r t n e r s h i p o r o t h e r u n i n c o r p o r a t e d f i r m , g i v e i t s n a m e a n d a d d r e s s a s w e l l a s t h o s e o f e a c h i n d i v i d u a l o w n e r . I f t h e p u b l i c a t i o n i s p u b l i s h e d b y a n o n p r o f i t o r g a n i z a t i o n , g i v e i t s n a m e a n d a d d r e s s . ) F u l l N a m e I C o m p l e t e M a i l i n g A d d r e s s P A P E R M O N E Y 5 5 1 0 S P R I N G H I L L E S T A T E S D R . A L L E N , T X 7 5 0 0 2 - 5 8 0 8 1 1 . K n o w n B o n d h o l d e r s , M o r t g a g e e s , a n d O t h e r S e c u r i t y H o l d e r s O w n i n g o r H o l d i n g 1 P e r c e n t o r M o r e o f T o t a l A m o u n t o f B o n d s , M o r t g a g e s , o r O t h e r S e c u r i t i e s . I f n o n e , c h e c k b o x D N o n e F u l l N a m e C o m p l e t e M a i l i n g A d d r e s s 1 2 . T a x S t a t u s ( F o r c o m p l e t i o n b y n o n p r o f i t o r g a n i z a t i o n s a u t h o r i z e d t o m a i l a t n o n p r o f i t r a t e s ) ( C h e c k o n e ) T h e p u r p o s e , f u n c t i o n , a n d n o n p r o f i t s t a t u s o f t h i s o r g a n i z a t i o n a n d t h e e x e m p t s t a t u s f o r f e d e r a l i n c o m e t a x p u r p o s e s : D H a s N o t C h a n g e d D u r i n g P r e c e d i n g 1 2 M o n t h s D H a s C h a n g e d D u r i n g P r e c e d i n g 1 2 M o n t h s ( P u b l i s h e r m u s t s u b m i t e x p l a n a t i o n o f c h a n g e w i t h t h i s s t a t e m e n t ) P S F o r m 3 5 2 6 , J u l y 2 0 1 4 [ P a g e 1 o f 4 ( s e e i n s t r u c t i o n s p a g e 4 ) ] P S N : 7 5 3 0 - 0 1 - 0 0 0 - 9 9 3 1 P R I V A C Y N O T I C E : S e e o u r p r i v a c y p o l i c y o n w w w . u s p s . c o m . _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _P a p e r M o n e y * N o v / D e c 2 0 1 7 * W h o l e N o . 3 1 2_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 4 9 1 1 3 . P u b l i c a t i o n T i t l e 1 4 . I s s u e D a t e f o r C i r c u l a t i o n D a t a B e l o w P A P E R M O N E Y S E P T E M B E R / O C T O B E R 2 0 1 7 1 5 . E x t e n t a n d N a t u r e o f C i r c u l a t i o n A v e r a g e N o . C o p i e s N o . C o p i e s o f S i n g l e E a c h I s s u e D u r i n g I s s u e P u b l i s h e d ) P r e c e d i n g 1 2 M o n t h s N e a r e s t t o F i l i n g D a t e a . T o t a l N u m b e r o f C o p i e s ( N e t p r e s s r u n ) 1 1 1 2 1 0 4 9 ( 1 ) M a i l e d O u t s i d e - C o u n t y P a i d S u b s c r i p t i o n s S t a t e d o n P S F o r m 3 5 4 1 ( I n c l u d e p a i d 1 0 5 7 1 0 0 2 d i s t r i b u t i o n a b o v e n o m i n a l r a t e , a d v e r t i s e r ' s p r o o f c o p i e s , a n d e x c h a n g e c o p i e s ) b . P a i d C i r c u l a t i o n ( 2 ) M a i l e d I n - C o u n t y P a i d S u b s c r i p t i o n s S t a t e d o n P S F o r m 3 5 4 1 ( I n c l u d e p a i d 0 0 ( B y M a i l d i s t r i b u t i o n a b o v e n o m i n a l r a t e , a d v e r t i s e r ' s p r o o f c o p i e s , a n d e x c h a n g e c o p i e s ) a n d O u t s i d e P a i d D i s t r i b u t i o n O u t s i d e t h e M a i l s I n c l u d i n g S a l e s T h r o u g h D e a l e r s a n d C a r r i e r s , t h e M a i l ) ( 3 ) S t r e e t V e n d o r s , C o u n t e r S a l e s , a n d O t h e r P a i d D i s t r i b u t i o n O u t s i d e U S P S ® 4 2 3 7 ( 4 ) P a i d D i s t r i b u t i o n b y O t h e r C l a s s e s o f M a i l T h r o u g h t h e U S P S 0 0 ( e . g . , F i r s t - C l a s s M a i l ® ) c . T o t a l P a i d D i s t r i b u t i o n [ S u m o f 1 5 b ( 1 ) , ( 2 ) , ( 3 ) , a n d ( 4 ) ] ~ 1 0 9 9 1 0 3 9 d . F r e e o r ( 1 ) F r e e o r N o m i n a l R a t e O u t s i d e - C o u n t y C o p i e s i n c l u d e d o n P S F o r m 3 5 4 1 0 0 N o m i n a l R a t e D i s t r i b u t i o n ( 2 ) F r e e o r N o m i n a l R a t e I n - C o u n t y C o p i e s I n c l u d e d o n P S F o r m 3 5 4 1 0 0 ( B y M a i l a n d F r e e o r N o m i n a l R a t e C o p i e s M a i l e d a t O t h e r C l a s s e s T h r o u g h t h e U S P S O u t s i d e ( 3 ) 0 0 t h e M a i l ) ( e . g . , F i r s t - C l a s s M a i l ) ( 4 ) F r e e o r N o m i n a l R a t e D i s t r i b u t i o n O u t s i d e t h e M a i l ( C a r r i e r s o r o t h e r m e a n s ) 1 3 1 0 ! e . T o t a l F r e e o r N o m i n a l R a t e D i s t r i b u t i o n ( S u m o f 1 5 d ( 1 ) , ( 2 ) , ( 3 ) a n d ( 4 ) ) 1 3 1 0 f . T o t a l D i s t r i b u t i o n ( S u m o f 1 5 c a n d 1 5 e ) ~ 1 1 1 2 1 0 4 9 g . C o p i e s n o t D i s t r i b u t e d · ( S e e I n s t r u c t i o n s t o P u b l i s h e r s # 4 ( p a g e # 3 ) ) ~ 0 0 h . T o t a l ( S u m o f 1 5 f a n d g ) 1 1 1 2 1 0 4 9 i . P e r c e n t P a i d ~ ( 1 5 c d i v i d e d b y 1 5 f t i m e s 1 0 0 ) 9 8 . 8 3 % 9 9 . 0 5 % * I f y o u a r e c l a i m i n g e l e c t r o n i c c o p i e s , g o t o l i n e 1 6 o n p a g e 3 . I f y o u a r e n o t c l a i m i n g e l e c t r o n i c c o p i e s , s k i p t o l i n e 1 7 o n p a g e 3 . P S F o r m 3 5 2 6 , J u l y 2 0 1 4 ( P a g e 2 o f 4 ) _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _P a p e r M o n e y * N o v / D e c 2 0 1 7 * W h o l e N o . 3 1 2_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 4 9 2 ~ U N I T E D S T J J T E S , S t a t e m e n t o f O w n e r s h i p , M a n a g e m e n t , a n d C i r c u l a t i o n ~ P O S T J J L S E R V I C E ® ( A l l P e r i o d i c a l s P u b l i c a t i o n s E x c e p t R e q u e s t e r P u b l i c a t i o n s ) 1 6 . E l e c t r o n i c C o p y C i r c u l a t i o n A v e r a g e N o . C o p i e s N o . C o p i e s o f S i n g l e E a c h I s s u e D u r i n g I s s u e P u b l i s h e d P r e c e d i n g 1 2 M o n t h s N e a r e s t t o F i l i n g D a t e a . P a i d E l e c t r o n i c C o p i e s ~ 0 0 b . T o t a l P a i d P r i n t C o p i e s ( L i n e 1 5 c ) + P a i d E l e c t r o n i c C o p i e s ( L i n e 1 6 a ) ~ 1 0 9 9 1 0 3 9 c . T o t a l P r i n t D i s t r i b u t i o n ( L i n e 1 5 f ) + P a i d E l e c t r o n i c C o p i e s ( L i n e 1 6 a ) ~ 1 1 1 2 1 0 4 9 d . P e r c e n t P a i d ( B o t h P r i n t & E l e c t r o n i c C o p i e s ) ( 1 6 b d i v i d e d b y 1 6 c x 1 0 0 ) ~ 9 8 . 8 3 % 9 9 . 0 5 % 1 8 I c e r t i f y t h a t 5 0 % o f a l l m y d i s t r i b u t e d c o p i e s ( e l e c t r o n i c a n d p r i n t ) a r e p a i d a b o v e a n o m i n a l p r i c e . 1 7 . P u b l i c a t i o n o f S t a t e m e n t o f O w n e r s h i p 1 8 I f t h e p u b l i c a t i o n i s a g e n e r a l p u b l i c a t i o n , p u b l i c a t i o n o f t h i s s t a t e m e n t i s r e q u i r e d . W i l l b e p r i n t e d 0 P u b l i c a t i o n n o t r e q u i r e d . i n t h e ~ c r v / 0 4 ' l 4 J t 1 i s s u e o f t h i s p u b l i c a t i o n . 1 8 . S i g n a t u r e a n d T i t l e o f E d i t o r , P u b l i s h e r , B u s i n e s s M a n a g e r , o r O w n e r D a t e 1 0 / 1 / 2 0 1 7 I c e r t i f y t h a t a l l i n f o r m a t i o n f l ! r n i s h e d o n t h i s f o r m i s t r u e a n d c o m p l e t e . I u n d e r s t a n d t h a t a n y o n e w h o f u r n i s h e s f a l s e o r m i s l e a d i n g i n f o r m a t i o n o n t h i s f o r m o r w h o o m i t s m a t e r i a l o r i n f o r m a t i o n r e q u e s t e d o n t h e f o r m m a y b e s u b j e c t t o c r i m i n a l s a n c t i o n s ( i n c l u d i n g f i n e s a n d i m p r i s o n m e n t ) a n d / o r c i v i l s a n c t i o n s ( i n c l u d i n g c i v i l p e n a l t i e s ) . P S F o r m 3 5 2 6 , J u l y 2 0 1 4 ( P a g e 3 o f 4 ) P R I V A C Y N O T I C E : S e e o u r p r i v a c y p o l i c y o n w w w . u s p s . c o m . _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _P a p e r M o n e y * N o v / D e c 2 0 1 7 * W h o l e N o . 3 1 2_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 4 9 3 OUR MEMBERS SPECIALIZE IN NATIONAL CURRENCY They also specialize in Large Size Type Notes, Small Size Currency, Obsolete Currency, Colonial and Continental Currency, Fractionals, Error Notes, MPC’s, Confederate Currency, Encased Postage, Stocks and Bonds, Autographs and Documents, World Paper Money . . . and numerous other areas. THE PROFESSIONAL CURRENCY DEALERS ASSOCIATION is the leading organization of OVER 100 DEALERS in Currency, Stocks and Bonds, Fiscal Documents and related paper items. PCDA To be assured of knowledgeable, professional, and ethical dealings when buying or selling currency, look for dealers who proudly display the PCDA emblem. For a FREE copy of the PCDA Membership Directory listing names, addresses and specialties of all members, send your request to: The Professional Currency Dealers Association PCDA • Hosts the annual National Currency & Coin Convention during March in Rosemont, Illinois. 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 summer at the International Paper Money Convention, as well as Paper Money classes and scholarships 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. Or Visit Our Web Site At: www.pcdaonline.com James A. Simek – Secretary P.O. Box 7157 • Westchester, IL 60154 (630) 889-8207 • Email: nge3@comcast.net Fr. 192b $50 1864 Compound Interest Treasury Note PMG Very Fine 30 Net Monrovia, CA - $5 1882 Brown Back Fr. 470 The First NB Ch. # 3743 Fr. 2221-K $5,000 1934 Federal Reserve Note PCGS About New 53PPQ Fr. 167a $100 1863 Legal Tender PCGS Extremely Fine 40 Fr. 146* $20 1880 Legal Tender PMG Very Fine 30 The Doug Murray Collection Fr. 229*-A  $1 1899 Solid Star Silver Certificate PMG Very Fine 20 The Doug Murray Collection To consign to an upcoming auction, contact us today. 800-872-6467, Ext. 1001 or Currency@HA.com Highlights from our Official 2018 FUN Auctions Visit HA.com/3561 to view the catalog or place bids online Paul R. Minshull #AU4563; Heritage #AB665 & AB2218. BP 20%; see HA.com. 44410 DALLAS | NEW YORK | BEVERLY HILLS | SAN FRANCISCO | CHICAGO | PALM BEACH LONDON | PARIS | GENEVA | AMSTERDAM | HONG KONG Always Accepting Quality Consignments in 40 Categories Immediate Cash Advances Available 1 Million+ Online Bidder-Members PLATINUM NIGHT® & SIGNATURE® AUCTIONS January 3-9, 2018 | Tampa | Live & Online