MAR/APR 1996VOL. XXXV No. 2
WHOLE No. 182
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Paper Money Whole No. 182 Page 41
PAPER MONEY is published every other month
beginning in January by The Society of Paper
Money Collectors. Second class postage paid at
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changes to: Bob Cochran, Secretary, P.O. Box
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c) Society of Paper Money Collectors, Inc., 1996.
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Vol. XXXV N o. 2 Whole No. 182 MAR/APR 1996
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IN THIS ISSUE
CIVIL ENGINEERING WORKS ON WORLD PAPER MONEY
Mohammad H. 1-lussein 43
NEW LITERATURE 48
DISTRIBUTION OF NATIONAL CURRENCY IN THE 1870s
Forrest W. Daniel 49
THE PAPER COLUMN
WYOMING SERIES OF 1929 NATIONAL BANK NOTES
Peter Huntoon 51
SPMC ANNUAL AWARDS DESCRIPTIONS 64
THE BANKS OF SING SING
Ronald J. Benice 65
A FIVE DOLLAR SPECIMEN NOTE
Raphael Ellenbogen 72
BALTIMORE'S SHINPLASTER BANKERS
Denwood N. Kelly 73
NEW LITERATURE 76
TI-IE BUCK STARTS HERE
Gene Hessler 76
THE PRESIDENTS COLUMN 77
A NOTE FROM TIIE SECRETARY 77
EDITOR'S CORNER 77
NEW MEMBERS 78
MONEY MART 78
ON THE COVER. The portrait of Robert Fulton, American inventor,
engineer and painter, appeared on the back of the $2 educational note
issued 100 years ago. The portrait was engraved by Charles Burt.
For change of address, inquiries concerning non-delivery of PAPER
MONEY and for additional copies of this issue contact the Secretary; the
address is on the next page. For earlier issues contact Classic Coins, P.O.
Box 95, Allen, MI 49227.
Page 42 Paper Money Whole No. 182
p SOCIETY OF PAPER MONEY COLLECTORS BOARD OF GOVERNORS
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EDITOR GENE HESSLER, P.O. Box 8147,
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WISMER BOOK PROJECT
STEVEN K. WHITFIELD, 14092 W. 115th St., Olathe, KS
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BUYING and SELLING
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ON WORLD PAPER MONEY
Paper Money Whole No. 182 Page 43
By MOHAtvilv1AD H. HUSSEIN, P.E.
NGINEERING can be described as the practical appli-
cation of pure scientific knowledge. Technology is the
result of engineering. The practice of engineering has
accompanied all stages of human development and in many
cases defined periods in our ancient and recent history (e.g.,
The Bronze Age, The Age of Industrialization, The Informa-
tion Age, etc.). As a human endeavor, however, it wasn't until
the middle of the 18th century that engineering was recog-
nized as a "learned profession." In the last century, engineer-
ing was transformed from an activity guided by knowledge
gained by experience to one that is based on the systematic
application of scientific principles. As to the origin of the term
"Engineer," the following was offered by Hunter McDonald,
then president of the American Society of Civil Engineers
(ASCE), during his address at the 1914 Annual Convention in
Baltimore, Maryland: "Engineer, formerly Enginer, or some-
times Ingener, Middle English Engyneour, from the Old French
Engignier, or Engigneour, or shorter Engineur. This from
Middle Latin Ingeniarius, one who makes or uses an engine.
Engine is from Latin Ingenium, an invention". No trace of the
word "engineer" or any of the words from which it is derived
can be found in ancient records. Old Egyptian records contain
symbols which translate as "Superintendent of Works." The
Greeks called their master builders of public works "Archi-
tekton." It is generally accepted that John Smeaton was the
first to use the title "Civil Engineer" in England in the late
18th century (ASCE 1970). The field of Civil Engineering, origi-
nally encompassed the whole of non-military engineering, is
now limited to those parts that are neither mechanical nor
electrical. Civil engineers plan, design, construct, operate and
manage works concerned with environmental control, natu-
ral resources development, transportation facilities, and other
structures and systems for the need of people.
The American Society of Civil Engineers includes the fol-
lowing technical divisions: Aerospace, Air Transport, Architec-
tural Engineering, Codes and Standards, Cold Regions
Engineering, Computer Practices, Construction, Energy, Engi-
neering Mechanics, Environmental Engineering, Forensic En-
gineering, Geotechnical Engineering, Highway, Lifeline
Earthquake Engineering, Materials Engineering, Pipeline, Struc-
tural, Surveying Engineering, Urban Planning and Develop-
ment, Urban Transportation, Water Resources Engineering,
Water Resources Planning and Management, and Water, Port,
Coastal and Ocean Engineering. Working through these 23
divisions are hundreds of specialized technical committees.
This large number of work groups illustrates the vast field of
The latest edition of the Civil Engineering Reference Book
(Blake 1980) contains 42 chapters covering subjects on: math-
ematics and statistics, strength of materials and structural be-
havior, hydraulics and hydraulic structures, surveying and
photogrammetry, geology, site investigations, soil and rock
mechanics and foundations, design and construction using
concrete, steel, aluminum, masonry and timber, buildings,
bridges, highways, airports, railways, harbors and docks, wa-
ter supplies, land drainage and river maintenance, sewerage
and sewer disposal, coastal and maritime engineering, tunnel-
ing, construction equipment, dredging, underwater works, and
demolition. This impressive list demonstrates the wide range
of knowledge required by the practicing civil engineer. The
field is so wide that it is practically impossible for an indi-
vidual to specialize in more than one or two areas. Most con-
temporary engineering colleges offer the following fields of
specialization through graduate studies programs: structures,
soil mechanics and foundations, water resources, environmen-
tal, transportation, and urban planning. In addition to creat-
ing physical structures, civil
engineers are also creators of
concepts and processes such
as city planning, waste dis-
posal, environmental protec-
tion, recycling, and many
The history of civil engi-
neering in America stemmed
from the need early on to
build fortifications, canals,
railways, roads, bridges, and
to survey territories. In 1775,
Dominican Republic P54
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Paper Money Whole No. 182
the Continental Congress passed an
Act that provided for the appoint-
ment of engineers attached to the
various armies. Those engineers
formed the nucleus that later became
the U.S. Army Corps of Engineers.
The appointment of "Geographer
and Surveyor of the Roads" in 1777
originated the Corps of Topographi-
cal Engineers, a group that was sub-
sequently attached to the Corps of
The civil history of the Corps of
Engineers begins in 1824 when it was
directed by the President to survey
all canals and roads of national impor-
tance. Shortly after that, the practice of
civil engineering enjoyed rapid develop-
ment and many professional societies
were formed (e.g., National Society of
Civil Engineers (1836), The American
Institute of Engineers (1841), the Boston
Society of Civil Engineers (1848), the
American Society of Civil Engineers
(1852), etc.). As of September 1994,
membership in the American Society of
Civil Engineers was 116,310 men and
The following is a select list of important American civil
• The Eads Bridge over the Mississippi River at St. Louis
(1874). The spans of this first major steel structure were
the longest arches in the world;
• Brooklyn Bridge (1883) across the East River in New York
City. For many years the longest span bridge in the world;
• Royal Gorge Bridge in Colorado (1929). The highest bridge
in the world at 1053 feet above water level;
• Chesapeake Bay Bridge and Tunnel (1964) across and un-
der the Chesapeake Bay on U.S. Route 13 in Virginia. The
project stretches 17.5 miles and consists of concrete trestles
and steel trusses, two tunnels, four man-made islands and
an earth causeway;
CENTRAL BANK OF SYRIA
ONE SYRIAN POUND
Paper Money Whole No. 182 Page 45
• Lake Pontchartrain Causeway (1969) joining Lewisburg
and Metairie in Louisiana. With a length of 24 miles it is
the longest bridging in the world;
• Empire State Building (1932). The tallest and most famous
building in the world for many years;
• The Sears Tower (1974) in Chicago. With its 110 stories is
the highest building in the world;
• Hoover Dam (1935) across the Colorado River on the
• St. Lawrence Seaway (1959), 189 miles along the NY State-
Ontario border. Is the world's longest artificial seaway;
• West-Southwest Treatment Plant (1940) in Chicago, oc-
cupying more than 500 acres and treating close to a mil-
lion gallons of waste per day. The largest sewage works in
the world at the time of its opening; and
• The Louisiana Superdome in New Orleans (1975). The
largest indoor stadium in the world with a seating capac-
ity close to 100,000 people and covering an area of 13
• The Strahov Stadium in Prague. Is the largest in the world
with a capacity of 240,000 spectators;
• Main building of the M.V. Lomonosov University in Mos-
cow. Containing 40,000 rooms is the largest of its kind in
• Yacyreta-Apipe Dam across the Parana on the Paraguay-
Argentina border. Is one of the largest in the world with a
height of 134 ft and a length of 43 miles; and
• Daewoo Okpo No. 1 Dry Dock in Korea. The largest of its
kind in the world.
More than mere utilitarian objects intended for the facilita-
tion of commerce, paper money is often used to express
peoples' national artistic sense, display their pride and tri-
umphs, and depict accomplishments emphasizing their com-
mitment to progress and well-being. Science, technology and
engineering are themes that are often represented on paper
Many notes of the late 19th century depict steam ships and
locomotives, symbols of state-of-the-art tech-
nology of the time. Civil engineering works
that appear on bank notes are usually con-
sidered prestigious symbols of national
achievements. These works include dams,
bridges, tunnels, highways, skyscrapers,
power stations, stadiums, airports, seaports,
oil installations, lighthouses, universities,
factories and many other structures and fa-
In many instances, civil engineering struc-
tures are presented on paper money as insti-
tutional symbols such as national bank
The "engineer" held a position of
power and influence in all an-
cient societies. As evidenced by
Great Wall of China, King
Khufu's Great Pyramid, Roman
aqueducts, Greek temples, and
many other wonders of the an-
cient world, civil engineers cre-
ated works that helped shape
civilizations. Construction of the
1,100 mile long Grand Canal of
China from Beijing to Hangzhou
lasted from 540 B.C. to 1327 A.D.
The following is a short list of more recent civil engineering
projects from around the world:
• The Suez Canal in Egypt. With a length of more than 100
miles it is the world's longest big-ship canal;
• The King Khalid International Airport in Riyadh. A $3.6
billion facility covering 86 square miles is the largest air-
port in the world;
• The Rotterdam-Europoort. Is the largest seaport in the
world with 76 miles of wharfs handling more than 300
million tons of seagoing cargo annually;
buildings, museums, buildings seating governments or social
symbols such as places of worship, work, or play. Still in many
other cases, civil engineering works are depicted not only for
their functional value, but also for their purely intrinsic value
to symbolize strength, beauty and commitment to progress
and excellence. Images of great civil engineering works are used
as symbols of permanence to advertise the credit worthiness
of new and developing countries.
The list shown here includes paper money depicting civil
engineering works from 78 countries. All notes are listed in
Page 46 Paper Money Whole No. 182
COUNTRY DENOMINATION DATE DESCRIPTION, PICK NO.
Afghanistan 10 Afghanis (1979) Mountain road on back, P. 55
Albania 1000 Leke 1949 Oil well and derricks on front, P. 27A
Algeria 50 Francs
Ancient amphitheater on back, P. 16
Buildings complex on back, P. 54
Angola 1000 Escudos
Dam on front, P. 91
Offshore oil rig on back, P. 120
Austria 500 Shilling 1.7.1965 Bridge on back, P. 142
Bahamas 10 Dollars (1984) Lighthouse on back, P. 46
Bahrain 1/2 Dinar ND Manufacturing facility on back, P. 12
Bangladesh 10 Taka ND (1983) Hydroelectric dam on back, P. 26
Barbados 50 Dollars ND (1989) Bridge on back, P. 39
Belize 50 Dollars 1.5.1990 Bridges of Belize on back, P. 40
Bermuda 5 Dollars 6.2.1970 Lighthouse on back, P. 19
Bhutan 100 Ngultrum ND (1981) Palace complex on back, P. 11
Brazil 100,000 Cruzeiros ND (1985) Modern tall buildings on back, P .205
Bulgaria 25 Leva 1951 Railroad construction on back, P. 84
Cambodia 50 Riels 1992 Ships dock on back, P. 35
Canada 4 Dollars 2.7.1900 Ship Locks on front, P. 25
Cape Verde 200 Escudos
Airport collage on back, P. 58
Shipyard on back, P. 64
Chile 10 Pesos 15.1.1901 Bridge on front, P. 20
China 100 Yuan
Bridge on front, P. 162
Irrigation system on front, P. 464
Great Wall on front, P. 245
Cuba 1 Peso 1975 Ships dock on back, P. 106
Cyprus 500 Mils 1.6.1982 Dam on back, P. 38
Czechoslovakia 50 Korun 1987 Bridge and interchange, P. 97
Djibouti 10,000 Francs ND (1984) Harbor scene on back, P. 39
Dominican Republic 5 Pesos 1988 Hydroelectric dam, P. 54
Egypt 5 Pounds
Pyramids on front, P. 14
Aswan dam on back, P. 63
El Salvador 25 Colones
Reservoir on front, P. 104
Acajulta port scene on back, P. 108
Ethiopia 5 Dollars ND (1966) Airport on front, P. 26
Finland 50 Markkaa 1986 Modern buildings on back, P. 119
France 5000 Francs 1957 Bridge on front, P. 66
Hong Kong 10 Dollars 1912 Bridge on front, P. 236
Hungary 500 Forint 31.7.1990 Bridge on back, P. 175
Iceland 10 Kronur ND Dock scene on back, P. 38
India 100 Rupees
Dam on back, P. 62
Offshore oil platform on back, P. 78
Indonesia 100 Rupiah
Asahan dam on back, P. 122
Airport on back, P. 133
Iran 20 Rials
Bridges across river in valley, P. 34
Amir Kabir dam on back, P. 71
Iraq 10 Dinars ND (1973) Coffer dam on front, P. 65
Israel 5000 Sheqalim 1984 Water pipe on back, P. 50
Jordan 500 Fils ND Irrigation system on front, P. 1
Kenya 20 Shillings 1988 Stadium on back, P. 25
North Korea 10 Won 1992 Flood gates on back, P. 41
Paper Money Whole No. 182 Page 47
South Korea 5 Cents ND Construction beams on back, P. M25
Kuwait 1/4 Dinar ND Port on back, P. 1
Laos 500 Kip 1988 Irrigation system on front, P. 31
Latvia 5 Lati 1940 Bridge on front, P. 34
Lebanon 100 Livres 1.1.1952 View of city and port on front, P. 60
Lithuania 20 Litu 1991 Museum building on back, P. 48
Luxembourg 10 Franks 20.3.1967 Bridge on back, P. 54
Macao 100 Patacas 13.7.1992 Buildings and bridge on back, P. 67
Macedonia 20 Denari 1993 Skopje tower on back, P. 10
Malawi 20 Kwacha 1986 Kamuzu airport on back, P. 22
Malta 10 Liri (1979) Drydocks on back, P. 36
Mauritius 10 Rupees ND (1985) Bridge on back, P. 35
Mozambique 10,000 Meticais 16.6.1991 Electrical towers on front, P. 137
Netherlands 20 Gulden
Bridge on back, P. 76
Lighthouse on back, P. 98
Nicaragua 1000 Cordobas 1953 Stadium on back, P. 106
Oman 100 Biasa 1987 Port of Qaboos on back, P. 22
Pakistan 5 Rupees ND (1975) Railroad tunnel on back, P. 25
Paraguay 10 Guaranies ND International bridge on back, P. 196
Poland 100 Zlotych 1.7.1948 Factory complex on back, P. 139
Portugal 1000 Escudos 17.9.1929 Bridge on front, P. 103
Qatar 50 Riyals ND (1976) Offshore oil platform, P. 4
Romania 5 Lei 1952 Dam construction on back, P. 72
Saudi Arabia 5 Riyals
Airport on front, P. 12
Oil drilling platform, P. 18
Scotland 1 Pound 19.3.1969 Two bridges on front, P. 329
Seychelles 100 Rupees ND (1977) Dock area on back, P. 22
Shri Lanka 1000 Rupees 1.1.1987 Dam on front, P. 82
Singapore 1 Dollar
Apartment buildings on back, P. 1
Airport and Concorde on back, P. 12
Docks on back, P. 25
South Africa 2 Rand ND (1973) Dam and electric towers, P. 117
Spain 500 Pesetas 21.11.1936 Viaduct on back, P. 102
Sudan 10 Pounds 1.1.1981 Factory complex on back, P. 20
Surinam 2 1/2 Gulden 1973 Dam and reservoir on back, P. 24A
Syria 1 Pound
Water wheel and aqueduct, P. 86
Dam on front, P. 103
Tunisia 10 Dinars 20.3.1986 Offshore oil complex, P. 84
Turkey 10 Livres
Bridge on back, P. 62
Thermal power plant on back, P. 136
Uganda 50 Shillings ND (1973) Hydroelectric dam on back, P. 8
Vietnam 5000 Dong 1987 Offshore oil rigs on back, P. 92
Yemen 10 Rials ND (1991) Dam on back, P. 23
Yugoslavia 5000 Dinara 1991 Bridge on back, P. 111
Zaire 50 Makuta
Stadium on front, P. 11
Hydroelectric dam on back, P. 14
Suspension bridge on back, P. 30
SEA, I'ODE PENAIE
BANQUE DU ZATIRIE
Page 48 Paper Money Whole No. 182
the Standard Catalog of World Paper Money (Pick 1994). This
list is meant to show samples and is by no means intended to
be complete A comprehensive list would be extremely exten-
sive. The notes illustrated show various civil engineering works
from different countries. Intentionally not included in the list
are notes depicting bank buildings, churches, mosques,
temples, governmental buildings, and common structures, al-
though all represent works of civil engineering. On the backs
of nearly all of the Federal Reserve notes of the United States
of America are depicted civil engineering works. The structures
are, however, portrayed as institutional symbols rather than
to illustrate engineering work.
American Society of Civil Engineers Historical Publication No. 1.
(1970). The Civil Engineer and His Origins, New York, NY.
Blake, L.S. (1980). Civil Engineers Reference Book, 3rd Edition. London:
Butterworth & Company (Publishers) Ltd.
Pick, A. (1994). Standard Catalog of World Paper Money, Seventh Edi-
tion, Volume 2. Iola, WI: Krause Publications, Inc.
Money, Money, Money Nancy Parker, 82 pp., hardcover, illus.,
index (intended for grades 2-7). HarperCollins, 10 E. 53rd St.,
New York, NY 10022, $15.
There's a short course in American history in your wallet,
and Parker brings it to life by explaining what's on the face
and the back of U.S. paper money, from $1 to $100,000. Parker
provides original art on almost every page, along with a tiny
photo reproduction of the currency under discussion. She
greatly simplifies the facial features of the various presidents
pictured but leaves their hair quite distinctive. Interesting facts
about familiar individuals (Washington, Lincoln) as well as
lesser known ones (Salmon P. Chase, Woodrow Wilson)
abound and costumes, culture, and architecture all become
Parker's subjects. She also seems well-attuned to curious class-
room questioners, including, for instance, a section on coun-
terfeiters. Not as narrow in focus as the title implies, this is an
expansive review that will be great for history classes as well as
useful in math and art. (Mary Harris Veeder, Booklist.)
Paper Money Whole No. 182 Page 49
N ational Currencyotes 1870s
by FORREST W. DANIEL
The distribution of national currency notes to newly-estab-
lished national banks followed a standard routine: when all
of the organizational forms were completed and filed, the nec-
essary capital paid in, and the required amount of United States
bonds (at least one third of the capital stock) deposited with
the treasurer of the United States, the notes were engraved,
printed and sent to the bank. That is how it should have
worked; and it did work at the beginning. But after a few years
the system was snarled by the legal limit placed on the total
issue of currency by all banks. New banks had to scrounge
notes of broken banks or obtain rights from banks with sur-
plus allocations; and there was competition between banks to
secure whatever circulation was available. Congress called for
HE original National Currency Act of February 25,
1863 placed a cap of $300,000,000 on the issue of
national currency notes. To assure that all parts of the
country received their share of the currency, one half of the
total was apportioned to associations in the several states ac-
cording to their population and one half with "due regard to
the existing banking capital, resources, and business, of such
States, Districts, and Territories." Larger and wealthier states,
therefore, would receive a greater share—which they would
have anyhow—and it placed restrictive limits on the amount
banks in developing areas could receive. The distribution for-
mula was eliminated in the revised Act of June 3, 1864, but
restored on March 3, 1865. The limit of $300,000,000 was
Western states saw the largest organization of national banks
during the first year: Ohio 38, Indiana 20, Illinois 7; Pennsyl-
vania led the Eastern states with 20, New York 16; other states
from one to four. The Comptroller complained that newly-
chartered banks in the wealthy Eastern states were unneces-
sary because the state banks already provided sufficient
circulation to fill the needs of commerce. Few of the earliest
chartered banks were conversions from state banks since there
was no provision in law, state or national, for that process.
Most banks that did convert organized a separate new national
bank and then transferred their funds to the new bank. In the
year or so following, several states enacted laws to facilitate
the conversion without all the paperwork, and by the middle
of 1865 there were almost four times as many national banks
as state banks, mostly conversions; and the number was in-
creasing. National bank notes in circulation reached more than
$295,000,000 in April 1868, and the number of national banks
hit a peak of 1,640. The expansion of national-chartered bank-
ing appeared to have reached its limit and the number of banks
fell by twenty-eight over the next two years.
At the beginning of 1870 it came to the attention of Con-
gress that some newly-organized banks received bank notes
while others, previously chartered, had not received the amount
to which they were eligible by law. Congress called for an ac-
counting from the Comptroller of the Currency of the notes
issued to six banks chartered in 1869, a year which saw a drop
in the number of national banks from 1,619 to 1,612.
Comptroller of the Currency Hiland R. Hurlburd replied that
since he had no other means at his disposal, those banks had
received circulation only to amount they were able to furnish
notes of broken [national] banks or by surrender or transfer of
circulation for that purpose. The list:
The First National Bank of Austin, Minnesota, returned $27,000
in circulating notes of broken banks.
The Union Square National Bank of New York City procured
the surrender and transfer of $50,000 of circulation by the First
National Bank of New York City.
The National Bank of Commerce of Chicago, Illinois returned
notes of broken banks: $20,000. Procured from the First National
Bank of New York City a surrender and transfer of $16,000. Re-
deemed and returned the notes of the First National Bank of
Danville, Virginia (in liquidation): $5,800. Redeemed and returned
the notes of the National Bank of Commerce, of Georgetown, DC
(in liquidation): $12,700. Making in all $54,500.
The National Bank of Lebanon, Kentucky returned broken bank
The First National Bank of Utah, at Salt Lake City was a reorga-
nization of the old Miners' National Bank of Salt Lake City, and
obtained circulation by the return of the notes of the last men-
tioned bank to the amount of $26,100.
The First National Bank of Leon, Iowa returned the notes of
broken banks to the amount of $2,000, and procured a transfer
of $20,000 from the Metropolitan National Bank of New York
Other banks organized by the surrender of the circulating
notes of existing national banks were: The First National Bank,
Port Henry, New York; The Howard National Bank, Burlington,
Vermont; and The Baxter National Bank, Rutland, Vermont.
The upshot of that report was the Act of July 12, 1870, which
provided for an additional issue of $54,000,000 to be "fur-
nished to banking associations organized or to be organized
in those States and Territories having less than their propor-
tion" under the prevailing law. The fiscal condition in the
Southern states seriously limited the number of banks orga-
nized there; while approval was given to most applications
made by Western banks. The Comptroller said he felt the needs
of Western and Northwestern states could be fully supplied;
with a remainder of from $20,000,000 to $25,000,000 left for
banks in the South when they became sound enough to sub-
Page 50 Paper Money Whole No. 182
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The Merchants and Mechanics National Bank of Troy, New York, Charter 904, July 1, 1865, D. Thomas Vail,
president, Francis Sims, cashier, was one of the closed banks whose notes were recalled from circulation. The bank
closed December 31, 1868; in October $183,338 was outstanding.
scribe for it. There were other stipulations, including provi-
sions that no bank organized after this time could receive
more than $500,000 of circulation (a handicap in New Or-
leans, where several banks were able to handle a greater
amount); that earlier-chartered banks should be limited to
$1,000,000 and that up to $25,000,000 could be withdrawn
on a pro rata basis from banks in states that had more than
their quota and distributed to states with deficiencies. The
census of 1870 figured into the new distribution quota.
Northeastern states had the concentration of excess circu-
lation, according to an 1873 tabulation of the new formula.
Six Eastern states, $70,690,046; five Middle states,
$9,416,503; of the fifteen Southern and Southwestern states,
only the District of Columbia had a surplus—$182,131,
while the others had a deficiency of $51,271,034; nine West-
ern states (Ohio to Nebraska) had a defi ciency of
$21,423,811; and of the twelve Pacific states and territories,
only two had surpluses, Colorado $232,102 and Montana
$68,960. The others were deficient by $7,926,648. Of the
$354,000,000 of national currency permitted, $353,968,249
was already outstanding or authorized. The Comptroller of
the Currency had very little leeway.
To effect the redistribution, in 1873 the Comptroller req-
uisitioned $5,018,000 from four banks in the city of New
York; $13,320,000 from thirty-seven banks in the city of
Boston; $2,659,000 from twenty-one in Massachusetts;
$2,818,000 from seventeen in the city of Providence, and
$1,185,000 from fifteen banks in Connecticut. The recall
reduced to $1,000,000 the circulation of all New York City
banks having excess of that amount; and a circulation limit
of $300,000 was placed on all banks in Massachusetts and
Each bank had one year in which to return the currency
called for. If it was not returned within that time the Comp-
troller was required to sell the bonds held to secure the cir-
culation and use the proceeds to redeem the notes as they
returned to the treasury. Since the notes were scattered all
over the country it would entail a major expense to retrieve
them from circulation, so the banks were permitted, instead,
to provide a fund of legal tender notes to the Comptroller
of the currency to redeem the notes. It was obvious that the
return of excess issue would be slow and any redistribution
to deficient states seriously delayed, so the Comptroller asked
that the distribution formula be repealed and $25,000,000 of
additional circulation be authorized for distribution to the
states—it didn't happen.
The Act of June 20, 1874, instead, had some interesting pro-
visions and interpretations. The Secretary of the Treasury is-
sued circulars to assistant treasurers, depositories and national
banks naming all national banks that had failed or gone into
voluntary liquidation, directing them to assort and return for
redemption the notes of those associations—a total of
$6,492,285.30. An Attorney General's opinion said that the
Comptroller of the Currency should issue currency to new
banks to their authorized limit by using a fictional retirement
of those notes of closed banks, although they were not yet
withdrawn, and requisition whatever more was needed from
banks with excess issue. This requisition could run as high as
$50,000,000. One hundred sixty-seven banks in ten states were
eligible for up to $31,046,000 of requisitions, while unissued
and to-be-withdrawn circulation was said to be $16,279,589.
Under these guidelines, the total amount outstanding might
exceed the statutory limit, temporarily, without overstepping
the law, according to the Attorney General.
All that disaster preparation was unnecessary, according to
the 1875 Comptroller's report, because the 1874 Act also pro-
vided that any national bank could reduce its circulation by
the deposit of at least $9,000 of lawful money, for the purpose
of retiring its notes, and withdraw the bonds held as security.
So many banks chose voluntarily to reduce their circulation
liability (perhaps in response to the Panic of 1873, although it
was not so stated) that any forced withdrawal of circulation
was unnecessary. The greatest amount of national bank notes
outstanding reached $352,394,346, on December 1, 1874, that
was $1,605,654 less than the statutory limit.
The Comptroller juggled the distribution of bank notes un-
der those constraints until passage of the Act of January 14,
1875. That legislation repealed the aggregate limit of circula-
tion allowed and its distribution formula; existing banks were
permitted to issue notes to the limit provided by law. But when-
ever newly-chartered banks and banks increasing their capital
or circulation received their new notes, the Secretary of the
Treasury was required to retire legal tender notes to the amount
of eighty percent of the national bank notes issued. It was part
Continued on page 64
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NATIONAL BANK OF
WILL PAY TOTHE DEARER ON DEMAND
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Paper Money Whole No. 182
WYOMING SERIES OF 1 929
NATIONAL BANK NOTES
There were $1,355,000 in Wyoming national bank
notes in circulation on December 31, 1934, most
being Series of 1929 small-size notes. Twenty-three
modest to small-size Wyoming national banks is-
sued a total of 406,335 small-size notes having a
face value of $4,480,470. Only 15.6 percent of
them were type 2s. Several of Wyoming's small-
size nationals have proven to be flaming rarities.
Several tables accompany this article which are
self-explanatory. A careful reading of them reveals
why some issuances have proven to be so scarce.
This piece totally revises and updates informa-
tion that first appeared in Huntoon (1978). Dur-
ing the intervening years, a few hundred more
Wyoming 1929 notes have been reported, and that
new data gives us a much improved vision on rar-
ity and on varieties.
I t THE PAPER COLUMN
by Peter Huntoon
HERE were eighteen towns which contained Series of
1929 issuing banks. Many of these were built along
the Union Pacific railroad as the tracks were laid
through Wyoming between 1867 and 1869, including from
east to west, Cheyenne, Laramie, Rawlins, Rock Springs, Green
River and Evanston.
Indian lore is captured in the names of several towns which
hosted Series of 1929 issuing banks. Cheyenne owes its name
to the Cheyenne Indians, and Greybull to an albino buffalo
discovered by Indians along the river which flows through
town. Rock Springs was named for a spring discovered by a
Pony Express rider in 1861 as he detoured to avoid some Indi-
ans. Cody is named after William F. "Buffalo Bill" Cody, a
principal in the slaughter of buffalo herds in the campaign to
exterminate the Indians and later of wild west road show fame.
Probably Meeteetse is the most unusual name on the list, a
Shoshone Indian word meaning meeting place or place of rest.
Explorers, pioneers and entrepreneurs left their names.
Powell was named for Colorado River explorer John Wesley
Powell; Green River after the tributary upon which Powell
started his first voyage down the Colo-
rado River system in 1869. The date is
significant because 1869 was the year
when the Union Pacific Railroad reached
Green River, and Powell took immedi-
ate advantage of that fact to ship his boats
there from the east. Evanston owes its
name to James A. Evans, a Union Pacific
surveyor. Henry T. Lovell, a rancher who
settled in the northeastern part of the
Bighorn Basin in 1880, gave his name to
that town. Kemmerer stands for M. S.
Kemmerer, president of the Kemmerer
Coal Company which dominated the
economy of his town. Incidentally, J. C.
Penney opened his first store in
Military generals were honored by
people looking for town names. Included was F. W. Lander,
surveyor and improver of the Oregon trail in 1857. John A.
Rawlins served as protector of the Union Pacific railroad sur-
veyors in 1868. Philip Sheridan was responsible for killing a
lot of Indians, but was remembered fondly by one of his Civil
War troopers who platted the town of Sheridan.
A good way to get a place named after you was to be mur-
dered. Laramie was named after the Laramie River which flows
through that place. The river, in turn, was named after Jacques
LaRamie, a French-Canadian trapper killed in 1818 or 1819
Cody is named after Buffalo Bill Cody. The Shoshones comprise an important Indian nation in
WILL PAY TO THE BEARER ON DEMAND
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Page 52 Paper Money Whole No. 182
The town of Powell was named after John Wesley Powell who organized expeditions to explore the
Colorado River system.
by some Arapahos who shoved him under its ice. Casper was
named after Lt. Casper Collins, killed by Indians in 1865 when
he went to the aid of some travelers near the town site.
Politicos got their due. Douglas honors Stephen A. Dou-
glas, U. S. Senator from Illinois, an Abraham Lincoln oppo-
Thermopolis is a tourist mecca that is the site of world fa-
mous hot springs.
Certainly as a town name, Buffalo conjures up images of
the old wild west, but unfortunately that mystique is a mirage.
The reality is that the place was named after Buffalo, New York!
Don't tell anyone you read that here, blame it on Urbanek
Of the more than 400,000 Series of 1929 notes issued, Table
1 reveals that 15.8 percent were type 2s. The most widely used
Series of 1929 denomination was the $10, accounting for 68
percent of the notes pressed into circulation. Token quantities
of $50s and $100s were issued by only one bank, The First
National Bank of Lovell (10844), and these in the type 1 vari-
ety only. Believe it or not, these were ordered by the bank in
an effort to make a few bucks off a strange paper money col-
lector looking for number 1 sheets.
The smallest issuing bank was The First National Bank of
Meeteetse (6340), which served a town with a population of
296 people in 1930. The bank required only the minimum
circulation allowed at the time, $6,250. Series of 1929 notes
from this bank are correspondingly rare, and eagerly sought
Table 1. Wyoming Series of 1929 national bank notes is-
sued by type and denomination.
Den. Type 1 Type 2 Total
5 46,764 13,226 59,990
10 233,496 41,610 275,106
20 60,186 10,957 71,143
50 60 60
100 36 36
Totals 340,542 65,793 406,335
Percent 84 16
by Wyoming collectors. One each of its three denominations
have been reported to date.
OVERPRINTING PLATE VARIETIES
The bank information printed in black on the faces of Series
of 1929 notes was overprinted on the sheets from typographi-
cal overprinting plates. The same plate was used to print all
the different denominations for a given bank.
Two situations resulted in the manufacture of new plates
for a bank: (1) signature changes and (2) replacement plates
that have the same signatures but different title layouts. Table
6 lists the new plates that were made for the Wyoming na-
tional banks. The Bureau of Engraving and Printing charged
$18 to $21 for the signature change plates, but no charges
were levied for the replacement plates.
Meeteetse is the key to a Series of 1929 Wyoming bank set.
NATIONAL BANK IN
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NATIONAL BANK IN
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Paper Money Whole No. 182
Table 2. Wyoming Series of 1929 national bank notes issued by bank.
Type 1 Type 2
Meeteetse 6340 5, 10, 20 none 2,670
Cody 7319 10, 20 10, 20 4,554
Cody 8020 10, 20 10, 20 5,777
Powell 10265 10, 20 10, 20 7,305
Greybul I 10810 10 10 8,663
Lovell 10844 5, 10, 20 5, 10, 20
50, 100 8,935
Lander 4720 10, 20 10, 20 11,004
Thermopolis 12638 10, 20 5, 10, 20 11,030
Douglas 8087 10, 20 10, 20 11,460
Buffalo 3299 10, 20 5, 10, 20 11,930
Evanston 8612 10, 20 10, 20 12,340
Evanston 8534 10, 20 5, 10, 20 12,446
Green River 10698 10, 20 10, 20 19,069
Laramie 3615 10, 20 10, 20 21,482
Kemmerer 5480 10, 20 10, 20 21,652
Sheridan 4604 10, 20 10, 20 22,280
Laramie 4989 10, 20 10, 20 22,725
Casper 6850 10, 20 10, 20 23,424
Rock Springs 4755 10, 20 10, 20 24,130
Casper 10533 10, 20 10, 20 25,470
Rawlins 5413 10, 20 10, 20 29,868
Cheyenne 11380 5, 10, 20 5, 10, 20 43,076
Rawlins 4320 5, 10, 20 5, 10, 20 45,045
Original plate (type 1) and replacement plate (type 2) showing different type fonts. Notice that the signatures on the earlier plate were
The replacement plates with the same signatures generally
if not always have charter numbers that fall in the 9500 to
13000 range. The bank title layouts on the earlier plates for
the Wyoming banks are characterized by tall, narrow, closely
spaced letters. The town appears in bold, full letters, and the
signatures are somewhat oversize. Compare, for example, the
pair of notes shown with the Ireland-Bivin signatures from
The First National Bank of Thermopolis (12638).
There was something wrong with the earlier plates because
the Bureau of Engraving and Printing systematically replaced
them by the end of 1929 or very early in 1930. Only the first
Series of 1929 printing was made from them for the Wyoming
$50 AND $100 LOVELL TYPE 1 ISSUES
Lovell is a small community in the northern part of the Big-
horn Basin in north central Wyoming. The First National Bank
(10844) there had a small circulation of $30,000 between 1932
and 1935, yet the bank has the distinction of being the only
bank in Wyoming to issue $50 and $100 notes. These joined
$5, $10 and $20 issues. With a circulation of only $30,000 to
NATIONAL BANK OF
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Paper Money Whole No. 182
$50 and $100 Lovell notes owe their origin to early currency collector E. H. R. Green.
Number 1 Series of 1929 notes are surprisingly scarce from Wyoming.
The town of Green River was established along the banks of Green River and was the site from
which Powell launched his first expedition down the Colorado River system in 1869.
$5 Wyoming notes are scarce, and type 2 $5s are particularly revered by Wyoming small note
Paper Money Whole No. 182
Table 3. Periods during which the various sheet combinations were sent to the Wyoming national
banks by the Comptroller of the Currency.
Series of 1929 type 1
Sheets First and Last Shipments
Meeteetse 6340 266 Oct 28, 1929 - Jan 11, 1935
Lovell 10844 622 Mar 24, 1932 - Sep 27, 1933
Cheyenne 11380 3394 Oct 4, 1929 - Dec 27, 1933
Rawlins 4320 3512 Sep 11, 1929 - Dec 16, 1933
Series of 1929 type 1 $10-10-10-10-10-10
Meeteetse 6340 138 Dec 5, 1929 - Apr 10, 1935
Lovell 10844 210 Mar 24, 1932 - Aug 3, 1933
Cody 7319 532 Oct 21, 1929 - Jul 25, 1934
Cody 8020 630 Nov 1, 1929 - Apr 27, 1934
Powell 10265 744 Oct 12, 1929 - Oct 18, 1933
Greybull 10810 1084 Oct 18, 1929 - Sep 11, 1933
Douglas 8087 1142 Oct 29, 1929 - Oct 18, 1933
Thermopolis 12638 1146 Sep 26, 1929 - Jan 16, 1934
Lander 4720 1148 Sep 14, 1929 - Jan 22, 1934
Buffalo 3299 1178 Sep 4, 1929 - Sep 18, 1933
Evanston 8534 1338 Nov 2, 1929 - Mar 6, 1934
Evanston 8612 1366 Nov 5, 1929 - Mar 20, 1934
Rawlins 4320 1982 Sep 19, 1929 - Dec 8, 1933
Cheyenne 11380 2034 Oct 16, 1929 - Dec 27, 1933
Green River 10698 2360 Oct 5, 1929 - Nov 21, 1933
Laramie 4989 2536 Nov 5, 1929 - Mar 19, 1934
Casper 6850 2540 Oct 17, 1929 - Feb 23, 1934
Kemmerer 5480 2556 Oct 4, 1929 - Nov 17, 1933
Sheridan 4604 2562 Sep 17, 1929 Jun 7, 1934
Rock Springs 4755 2602 Sep 25, 1929 Oct 13, 1933
Casper 10533 2734 Oct 5, 1929 - Sep 7, 1933
Laramie 3615 2786 Aug 31, 1929 - Apr 5, 1934
Rawlins 5413 3568 Oct 4, 1929 - Jan 3, 1934
Series of 1929 type 1 $20-20-20-20-20-20
Meeteetse 6340 41 Dec 12, 1929 - May 1, 1935
Lovell 10844 64 Mar 24, 1932 - Jun 15, 1933
Cody 7319 136 Nov 19, 1929 - Jul 10, 1934
Cody 8020 182 Dec 7 , 1929 - Apr 2, 1934
Powell 10265 246 Oct 21, 1929 - Oct 3, 1933
Lander 4720 328 Oct 3 , 1929 - Dec 27, 1933
Buffalo 3299 338 Sep 11, 1929 - Sep 18, 1933
Thermopolis 12638 342 Oct 14, 1929 - Dec 27, 1933
Douglas 8087 358 Dec 7, 1929 - Sep 29, 1933
Evanston 8534 360 Dec 10, 1929 - Feb 2, 1934
Evanston 8612 370 Nov 19, 1929 - Mar 20, 1934
Cheyenne 11380 458 Oct 30, 1929 - Sep 18, 1933
Rawlins 4320 528 Sep 26, 1929 - Dec 8 , 1933
Casper 10533 596 Oct 18, 1929 - Aug 26, 1933
Rock Springs 4755 602 Oct 3 , 1929 - Sep 12, 1933
Green River 10698 604 Oct 12, 1929 - Nov 13, 1933
Casper 6850 674 Nov 26, 1929 - Feb 6, 1934
Kemmerer 5480 680 Dec 4 , 1929 - Nov 6 , 1933
Sheridan 4604 684 Oct 7, 1929 - Apr 30, 1934
Laramie 3615 698 Sep 19, 1929 - Mar 27, 1934
Laramie 4989 788 Nov 13, 1929 - Mar 9 , 1934
Rawlins 5413 954 Oct 12, 1929 - Dec 8, 1933
Paper Money Whole No. 182
Series of 1929 type 1 $50-50-50-50-50-50
Lovell 10844 10 May 2, 1932 - Feb 17, 1933
Series of 1929 type 1 $100-100-100-100-100-100
Lovell 10844 6 May 14, 1932 - Feb 2, 1933
Charter No. of
Town Number Notes First and Last Shipments
Series of 1929 type 2 $5
Evanston 8534 312 Apr 2, 1934 - Aug 12, 1934
Thermopolis 12638 312 Jul 30, 1934 - Jan 29, 1935
Buffalo 3299 324 Mar 30, 1934 - Sep 20, 1934
Lovell 10844 2298 Sep 27, 1933 - Mar
Cheyenne 11380 4686 Dec 27, 1933 - Mar 5, 1935
Rawlins 4320 5294 Dec 16, 1933 - May 23, 1935
Series of 1929 type 2 $10
Cody 7319 416 Jul 25, 1934 - Mar 23, 1935
Laramie 3615 489 Apr 5, 1934 - May 24, 1934
Cody 8020 735 Apr 27, 1934 - May 38, 1935
Lovell 10844 1030 Oct 18, 1933 - Apr 16, 1935
Green River 10698 1095 Nov 21, 1933 - Apr 30, 1935
Powell 10265 1152 Oct 18, 1933 - Jan 15, 1935
Thermopolis 12638 1431 Jan 16, 1934 - May 29, 1935
Evanston 8534 1511 Mar 6, 1934 - Apr 20, 1935
Evanston 8612 1520 Mar 20, 1934 - May 20, 1935
Lander 4720 1613 Jan 22, 1934 - May 29, 1935
Kemmerer 5480 1913 Nov 17, 1933 - Jun 19, 1934
Douglas 8087 1932 Oct 18, 1933 - May 15, 1935
Laramie 4989 2016 Mar 27, 1934 - Mar 27, 1935
Rawlins 5413 2056 Jan 3, 1934 - May 13, 1935
Buffalo 3299 2112 Sep 25, 1933 - Mar 27, 1935
Greybull 10810 2159 Sep 27, 1933 - May 29, 1935
Sheridan 4604 2189 Jun 7, 1934 - May 24, 1935
Cheyenne 11380 2340 Jan
14, 1934 - Apr
Rawlins 4320 2847 Dec 22, 1933 - May 3, 1935
Casper 6850 3241 Feb 23, 1934 - May 14, 1935
Rock Springs 4755 3634 Oct 13, 1933 - May 29, 1935
Casper 10533 4179 Sep 7, 1933 - May 27, 1935
Series of 1929 type 2 $20
Laramie 3615 89 Apr 13, 1934 - May 4, 1934
Cody 7319 130 Aug 11, 1934 - Mar 9, 1935
Lovell 10844 135 Dec 4, 1933 - Mar 26, 1935
Cody 8020 170 Jun 4, 1934 - Apr 30, 1935
Green River 10698 190 Dec 1, 1933 - Apr 16, 1935
Powell 10265 213 Nov 15, 1933 - Dec 13, 1934
Kemmerer 5480 323 Nov 25, 1933 - Jun 8, 1934
Thermopolis 12638 359 Feb
14, 1934 - May 15, 1935
Buffalo 3299 398 Oct 9, 1933 - Apr 4, 1935
Evanston 8612 404 Apr 3, 1934 - May 31, 1935
Evanston 8534 435 Mar 20, 1934 - May 31, 1935
Douglas 8087 528 Nov 3, 1933 - May 15, 1935
Lander 4720 535 Feb 26, 1934 - May 17, 1935
Sheridan 4604 615 Jun 15, 1934 - May 15, 1935
Rawlins 5413 680 Jan 13, 1934 - May 24, 1935
Cheyenne 11380 734 Feb 12, 1934 - Apr 22, 1935
Laramie 4989 765 Apr 5, 1934 - Mar 18, 1935
Rawlins 4320 772 Jan 3, 1934 - May 17, 1935
Casper 6850 899 Mar 6, 1934 - May 27, 1935
Rock Springs 4755 1272 Oct 25, 1933 - May 17, 1935
Casper 10533 1311 Sep 14, 1933 - May 14, 1935
Paper Money Whole No. 182 Page 57
support, not many $50 and $100 were needed, respectively
60 and 36 notes.
In 1982 I visited the bank to see if anyone there had knowl-
edge of these issues. This was a long shot but it paid off. I met
with owner Jack Pearson. He recalled cutting sheets and also
the reason for the high denominations.
Some eastern fellow—Pearson thought the man was from
Pennsylvania—offered to buy the number 1 sheets from the
bank. Why not cash in and order all five denominations for
This sounded suspiciously like the work of George H. Blake
who purchased number 1 Series of 1929 sheets for immediate
resale to the famous collector, Col. E. H. R. Green. The stories
of both Blake and Green are best told by one of their contem-
poraries, the legendary William A. Philpott of Texas (Philpott,
George H. Blake, 12 Highland Avenue, Jersey City, N.J. was a
true "dean" of paper money fanciers. He called himself a "collec-
tor of paper money," and he authored the first listing of U.S. cur-
rency in a 1908 booklet titled, United States Paper Money. Mr. Blake
was gracious toward young collectors. I credit him with inciting
my early enthusiasm for U. S. paper currency. Besides being a sea-
soned collector and an authority, he was thoroughly versed in sell-
ing the specimens he accumulated.
The comparative proximity of his home to Washington, D.C.
and his friendships in the Treasury Department (particularly in
the redemption bureau and the comptroller's offices) gave Blake
the "inside track" for many years—with accent on his government
activities in the years 1927-36. During this period the small size
notes were replacing the old large ones. Hardly a pleasant week
would the venerable numismatist miss from his usual rounds at
the redemption department, or in the offices of the comptroller of
During these years the notorious Col. E. H. R. Green (Hetty
Green's son) was buying everything, numismatically speaking, that
was offered. Anybody could sell him an item he did not already
own. But he did not purchase duplicates, no matter what.
George Blake, widely known as he was in our hobby (more than
twenty-five years treasurer of the A.N.A.), found Green a "soft sell"
on the small size National Currency, series 1929, soon to be is-
sued by the 14,000 national banks. Avoiding duplicates, Blake sug-
gested that the No. 1, uncut, six-subject sheets could be made a
fascinating project. Green agreed.
Accordingly, Blake, through his Treasury Department connec-
tions, was notified promptly when any and all banks ordered a
circulation of the new size currency. By the time a bank had its
currency application approved, the particular bank's officials had
a letter from George H. Blake, in far away Jersey City. True, it was
a form letter, with the bank's title town or city filled in, but signed
personally by Blake. The letter was addressed, "Gentlemen," and
went on to say:
"From this letterhead you will note I am a collector of United
States paper currency for historical, numismatic, and educational
purposes. I am desirous of purchasing the No. 1 uncut sheets of
your new, small-size National Bank notes, when and as issued. For
such I will pay the following premium prices: Sheets of $5, No. 1,
containing 6 notes $37.50, Sheets of $10, No. 1, containing 6 notes
$66.00, Sheets of $20, No. 1, containing 6 notes $125.00. TOTAL
$228.50. Payment for these will be made always in advance. Please
advise if you will oblige me in this matter."
While this "premium" only amounted to $18.50 on the face
value of the eighteen notes, many a bank cashier (and president)
sold Blake their No. 1 uncut sheets. It was in the depression years;
the new notes (shabby, compared to the beautiful, old large ones)
would never amount to much, so national banks by the scores
sent Blake their No. 1, uncut sheets.
What did Blake do with these uncut sheets? As fast as he re-
ceived them he delivered them to Green. Cost to the latter (Blake
told me, himself): the $5's—$50; the $10's—$80; and the $20's-
$145, per sheet.
Blake bought both types of this series for Green. However, Blake
did not offer to purchase the $50 and $100 sheets. Comparatively
few banks in the depression years ordered the higher denomina-
tions, and the new size currency looked cheap, compared with the
large size notes of the yesteryears.
After Green died and his estate was administered, there was little
interest among collectors in these sheets. A few of us borrowed
money and bought (at 15% above face) as many sheets as we could
afford. A few months later the large remainder of this sheet-hoard
was turned in to the Federal Reserve Bank, New York, at face value
by the administrators. The New York bank segregated the sheets,
according to the twelve districts. Each of the other eleven banks
received a list of sheets from banks in the respective districts, of-
fering the sheets at face for the eleven banks to distribute, "as a
public relation act," sheets to the national banks of issue who sold
them to Blake.
When the Dallas bank received a list of the 11th District sheets
available, and the New York bank's suggestions of a "good will"
gesture, this letter was referred to me, saying I could have any or
all of the Texas No. 1 sheets at face value. If I did not want them,
the Dallas bank would write New York to dispose of the notes
elsewhere, as there was no interest in Texas.
Again, I heaved a sigh, signed another large note or two at my
bank and rescued another score or so of uncut Texas sheets, all
number 1. I learned later that the remainder of sheets from the
11th District were eventually sent to the Treasury for redemption.
Without question, the Blake-Green connection bears on the
Lovell $50 and $100 issues. The $5 type 1 Lovell number 1
sheet did get saved, first appearing publicly as lot 5427 in the
Grinnell sales of 1946. It represented one of only two Wyo-
ming sheets in that landmark sale. William P. Donlon pur-
chased it for $76 and sold it as part of his number 1 state sheet
set to Johnny 0. Bass in the late 1960s. Bass resold the set to
Dave Levitt a couple of years later.
The big question is, of course, were the $50 and $100 num-
ber 1 sheets saved? I very much doubt it. Philpott offers the
strongest evidence: Blake did not buy high denomination
sheets. In fact, it appears that the number one $10 and $20
Lovell sheets did not survive the liquidation of Green's estate
if he had those sheets at all. At least these sheets, or notes from
them, have never been reported.
We have definite proof that the $50 and $100 Lovell notes
entered circulation. Two $50s survived, D000004A in vg and
E000008A in f-vf. The last to surface was D000004A, report-
edly found in circulation a few years ago in a Pennsylvania
bank and offered to the Lovell bank at face if they wanted it.
The redemption records show that the Lovell high denomi-
nations began to dribble in one or two at a time before such
record keeping ceased in 1935. By June 28, 1935, twelve $50s
and five $100s already had been redeemed.
THE SCARCE TYPE 2 NOTES FROM
There were two national banks in Laramie during the Series of
1929 era, The Albany National Bank (3615) and The First
National Bank (4989), both with circulations of $100,000.
The number of $20 type 2 notes sent to The Albany National
Bank totalled a mere 89 notes. Here is that story.
ALBANY NAPONAL BANK
WILL PAY TO THE BEACI -ER ON DEMAND
Surviving type 2 $20 from the short run of only 89 notes sent to the bank during a three-week
period in April and May, 1934.
Page 58 Paper Money Whole No. 182
Currency circulations were backed by bonds purchased by
the banks and deposited with the U. S. Treasurer. Notes equal
to the face value of the bonds were issued to the banks by the
Comptroller of the Currency. Periodic shipments of new notes
were sent as worn notes were redeemed. In cases where bonds
were sold, no new shipments could take place until after the
outstanding circulation was reduced to the value of bonds still
held on deposit. A $50,000 bond sale by The Albany National
Bank on May 28, 1934, followed by another $50,000 sale on
January 3, 1935, created the $20 type 2 rarity.
The Albany National Bank had maintained a $100,000 cir-
culation of $10 and $20 notes since the teens. Periodic ship-
ments of new notes were sent by the Comptroller as worn notes
were redeemed. We collectors commonly underestimate the
importance of such redemptions, but a significant percentage
of a bank's notes were redeemed each year. In the case of The
Albany National Bank, redemptions averaged $4,500 per
month, or about 54 percent of the circulation each year. There
was a complete dollar turnover every 22 months!
The bank had just begun to receive its type 2 issues when
the first half of its bonds were sold in May 1934. Specifically,
there had been seven shipments of type 2 $10s between April
5 and May 24, totaling 489 notes, and two shipments of $20s.
The first of the $20s was sent on April 13 (serials 1 through
30) and the second on May 4 (31 through 89). The $20 ship-
ments spanned only three weeks.
Redemptions never exceeded the value of the remaining
bonds. The last bonds were sold in January 1935. Conse-
quently, no additional shipments were sent to the bank after
May 24, 1934. The result was creation of a great rarity, the
type 2 $20 issue of only 89 notes.
One of the $20s miraculously turned up in a Joe Flynn (Kan-
sas City) ad in 1973, while I was living in Nebraska. I knew its
significance but I missed it, and always wondered where it dis-
appeared to. I really got interested in its whereabouts when I
moved to Laramie in 1974. Shortly thereafter, I looked up vet-
eran Wyoming collector Tom Mason (Frontier Mint) of Chey-
enne. In what would be our first heart-stopping meeting, we
showed each other our accumulations. I was thrilled to find
Flynn's type 2 $20 among Tom's notes. It bore serial number
A000025 and graded vg -f. Of course it would be there, Tom
was the Wyoming vacuum in those days and made all the
shows. There the note stayed no matter what deal I proposed
to pry it loose. I bought Tom's holdings after he died in 1979,
and sadly brought A000025 home.
Almost as impressive, two of the Albany National $10s have
turned up in circulated grades, A000137 and A000255.
Wyoming Series of 1929 sheets are quite rare. So far I can prove
only the existence of the $5 type 1 Lovell sheet.
A second Wyoming sheet, a $10 type 1 American National
Bank of Cheyenne (11380), serial 842, was offered as lot 5838
in the Grinnell sales (Bluestone, 1944-6), and sold for $125.
In 1965, I saw an ad placed by Haas
Coin Company of New York in PAPER
MONEY, volume 4, number 3, offering
a CU $10 type 1 from Cheyenne for $45.
I responded quickly and bought a note
which bore serial A000842A! I have al-
ways wondered if they were cutting
notes off the sheet as orders came in!
The big question is, would I have pur-
chased the whole thing for $270 at the
time! Probably not.
Sheets were saved by the Kemmerer
bankers because the CU $20 type
number 1 notes have appeared, as have
notes from the second and third $20
type 2 sheets. In fact, at last report, one
uncut pair remains from the third $20
type 2 sheet, A000014 and A000015. I
suspect that some sheets still survive from that bank.
NUMBER 1 NOTES
Serial number 1 Wyoming Series of 1929 small-size notes are
decidedly scarce considering the number of issuing banks and
the fact that several bankers liked to save their notes. So far the
only reported examples are the six type 1 $20s from Kemmerer
Toni Mason was the pioneer Wyoming national bank note collector.
N • CODY • GREYBULL
I • BUFFALO 1.,o
• MEETEETSE 1 i:Q
.-- • THERMOPOL IS o
• sHERIDAN• 1\ 1 I
0, 1c, \f\1 /- C) R4 r Nr G ,ki lz
= • LANDER GASPER • • DOUGLAS II„_, 1
1 I Z
,....,, i (f)■-.;'1..) ILo 1 cj...g - 1 .4...CO
• RAWLINS 1 16..1
LARAMIE • CHEYENNE
Paper Money Whole No. 182
Table 4. Circulations for Wyoming national banks that issued Series of 1929 notes.
Town Charter 1929 1930 1931 1932 1933 1934
Buffalo 3299 49,995 49,995 49,995 49,995 49,995 50,000
Casper 6850 100,000 100,000 100,000 100,000 100,000 100,000
Casper 10533 100,000 100,000 100,000 100,000 100,000 100,000
Cheyenne 11380 100,000 100,000 100,000 100,000 100,000 100,000
Cody 7319 12,500 12,500 12,500 25,000 25,000 25,000
Cody 8020 25,000 25,000 25,000 25,000 25,000 25,000
Douglas 8087 50,000 50,000 50,000 50,000 50,000 50,000
Evanston 8534 50,000 50,000 50,000 50,000 50,000 50,000
Evanston 8612 50,000 50,000 50,000 50,000 50,000 50,000
Green River 10698 80,000 80,000 80,000 80,000 80,000 40,000
Greybull 10810 25,000 25,000 25,000 24,460 25,000 25,000
Kemmerer 5480 100,000 100,000 100,000 100,000 100,000 30,000
Lander 4720 50,000 50,000 50,000 50,000 50,000 50,000
Laramie 3615 100,000 100,000 100,000 100,000 100,000 50,000
Laramie 4989 100,000 100,000 97,900 100,000 100,000 99,450
Lovell 10844 --- --- --- 30,000 30,000 30,000
Meeteetse 6340 6,250 6,250 6,250 6,250 6,250 6,250
Powell 10265 35,000 35,000 35,000 35,000 35,000 34,600
Rawlins 4320 100,000 100,000 100,000 100,000 100,000 100,000
Rawlins 5413 111,400 114,460 116,200 148,200 148,200 100,000
Rock Springs 4755 89,998 90,000 90,000 90,000 88,650 90,000
Sheridan 4604 100,000 100,000 100,000 100,000 99,340 100,000
Thermopolis 12638 50,000 50,000 50,000 50,000 50,000 50,000
(5480) and the six in the type 1 $5 sheet from Lovell (10844).
It is certain that more are out there, but they are taking their
good time in revealing themselves.
The rarity of Wyoming's 1929 issues are ranked in Table 7
using the Hickman and Oakes (1982) classification scheme
and census information collected by this writer and Hickman
over the past couple of decades. Rarity is a function of several
important factors, among them: (1) the total number of notes
issued by a bank, (2) the duration of the issuances, (3) the
denominations issued, (4) an untimely end of a bank through
failure or liquidation, and (5) the specific hoarding traits of
Paramount in importance was the number of notes issued,
a direct function of the circulation of each bank. The rarity of
notes from Meeteetse (6340) epitomizes this. In fact, the num-
ber of notes required to keep the $6,250 circulation going for
this bank was so small no type 2 notes were needed by the
Short duration issues were not a major factor in the Wyo-
ming Series of 1929 issues, although the late start by Lovell
(10844) contributes slightly to the scarcity of notes from there.
Scarcity in the Series of 1929 issues was greatly enhanced if
a bank failed or was liquidated. However, none of the Wyo-
ming note-issuing banks failed or liquidated during the small-
size note era. All the weak Wyoming national banks got wiped
out in the agricultural depression of the early 1920s.
The rarity equation can be dramatically upset by a hoard. It
turns out that several Wyoming bankers saved their notes. The
biggest bank hoard was stashed away in The First National
Bank of Sheridan (4604) and involved mostly high grade $20
type 1 and uncirculated $20 type 2 notes. The total number of
notes reported in Table 7 for this bank appears only to scratch
the surface of what may be out there. Other bankers who saved
unusual numbers of notes included those in Kemmerer (5480)
and Rawlins (5413).
One significant hoard found in Rock River, Wyoming, in
1978, contained at least $6700 in small-size nationals includ-
ing about 60 Wyoming notes from 12 banks. The prize was
one of the three reported Meeteetse (6340) notes, $5 F000112A
in vg. The hoard contained a lode of Laramie notes number-
ing 37 or so, with the split between the two banks weighted
toward The Albany National Bank, and with more $10s than
$20s. This hoard alone propelled the two Laramie banks into
the common category by Wyoming standards.
Another hoard containing both large- and small-size Wyo-
ming notes emerged in Green River or Rock Springs in the late
1970s which contained a number of Rock Springs, Green River
and Rawlins small-size notes. It was scattered to the four winds
before I learned of it. Tom Mason recorded the few serials that
we have from the hoard as the notes went by.
Type 2 notes from Wyoming are eagerly sought by Wyo-
ming specialists because they represent just under 16 percent
of the Series of 1929 total and about 20 percent of the re-
ported specimens. See Table 7.
The overall survival rate for Series of 1929 Wyoming na-
tionals based on reportings through December, 1995, is one
Paper Money Whole No. 182 Page 61
Table 5. Signature combinations on the Series of 1929 national bank notes from Wyoming.
Number President Cashier Years Used
Buffalo 3299 H. P. Rothwell W. R. Holt 1929-1935
Casper 6850 P. C. Nicolaysen C. H. McFarland 1929-1934
J. W. Ouderkirk R. E. Barton 1934-1935
10533 B. B. Brooks C. F. Shumaker 1929-1935
Cheyenne 11380 J. W. Hay D.H. Wageman 1929-1935
Cody 7319 P. E. Markham C. E. Parks 1929-1931
P. E. Markham R. H. Smith 1931-1935
8020 S. C. Parks Jr. R. W. Allen 1929-1935
Douglas 8087 M. R. Collins R. L. Swan 1929-1935
Evanston 8534 G. E. Pexton 0. E. Bradbury 1929-1935
8612 T. Painter A. Coutts 1929-1934
J. W. R. Rennie A. Coutts 1934-1935
Green River 10698 T. S. Teliaferro Jr. J. A. Chrisman 1929-1935
Greybull 10810 C. J. Williams G.A. Hinman 1929-1935
Kemmerer 5480 P. J. Qealy J. W. Biggane 1929-1931
J. L. Kemmerer J. W. Biggane 1931-1932
J. A. Reed J. W. Biggane 1932-1935
Lander 4720 S. C. Parks E. W. Frankenfeld 1929-1935
Laramie 3615 C. D. Spalding R. G. Fitch 1929-1935
4989 J. A. Guthrie H. R. Butler 1929-1935
Lovell 10844 H. Hansen W. E. Pearson 1932-1935
Meeteetse 6340 A. A. Linton A. E. Linton 1929-1935
Powell 10265 S. A. Nelson H. Barrows 1929-1933
S. A. Nelson R. A. Nelson 1933-1935
Rawlins 4320 J. E. Cosgriff G. A. Bible 1929-1935
5413 N. R. Greenfield H. A. France 1929-1935
Rock Springs 4755 J. W. Hay C. Elias 1929-1935
Sheridan 4604 R. H. Walsh W. C. Henderson 1929-1931
R. H. Walsh D.C. Meyer 1931-1935
Thermopolis 12638 R. J. Ireland W. T. Bivin 1929-1934
H. L. Davis W. T. Bivin 1934-1935
note per 605 issued. As expected the survival of $5s is consid-
erably lower than the $10s and $20s. The current survival sta-
tistics by denomination are: $5s—one per 1,395 issued,
$10s—one per 804 issued, and $20s—one per 250 issued. The
current breakdown by type is one per 632 issued for type is
and one per 495 for type 2s.
Wyoming collectors have found $5s to be difficult to come
by for two reasons. First, not a lot were made in contrast to
$10s and $20s, a total of 59,990 notes to be exact. Second,
they had a lower survival rate owing to a shorter life in circula-
tion than the higher denominations. Type 2 Wyoming $5s are
particularly prized because so few have been discovered: ten
type 2s versus 27 type ls as of last count. At least eight type 1
$5s owe their survival to the Rock River Hoard, five from
Rawlins (4320), two from Cheyenne (11380), and the one
from Meeteetse (6340).
Wyoming small-size notes are scarce in comparison to most
other states, but on a bank-by-bank basis the survival rate here
seems to be above the national average. This may reflect either
better record keeping or an unusually higher survival rate at-
tributed to a few small hoards.
The best thing about Wyoming small-size notes is the group
of collectors who compete for them. There are a lot of Wyo-
ming collectors; each avidly seeks small-size notes, and each
has given freely to this author of his data. We are competitors
but we get along well. Of course we do everything we can to
beat the other guy to a new note or beat it out of him once he
gets there first! So far no one has been killed.
One thing that characterizes Wyoming collectors is that they
appreciate scarcity as only a westerner can. Consequently, they
value even the most worn notes from here, and none have
found it necessary to doctor their notes so they look better.
This is a great achievement in today's market.
Tom Mason was the pioneer in collecting Wyoming nation-
als and he always appreciated small-size notes. He got to tap
some virgin sources through his years as owner of the Wyo-
ming Mint Coin Shop in Cheyenne. One of the greatest losses
to me was his death in 1979. James Hoskovec is another great
Page 62 Paper Money Whole No. 182
Table 6. Signature change or modified-layout replacement overprinting plates for the Series of 1929 Wyoming na-
tional bank note issues.
Date of First
New Plate to
from BEP Type Den Serials
Date Changeovers Shipped
4604 Sheridan First National Bank
R. H. Walsh-W. C. Henderson to Jun 16, 1931 1 10 1400-1401 Jul 16, 1931
R. H. Walsh-D. C. Meyer Jun 18, 1931 1 20 472-473 Jan 7, 1932
5480 Kemmerer First National Bank
P. J. Quealy-J. W. Biggane to Jul 10, 1931 1 10 1580-1581 Sep 23, 1931
J. L. Kemmerer-J. W. Biggane Jul 13, 1931 1 20 450-451 Oct 23, 1931
J. L. Kemmerer-J. W. Biggane to Nov 22, 1932 1 10 2178-2179 Dec 22, 1932
J. A. Reed-J. W. Biggane Nov 22, 1932 1 20 606-607 Apr 24, 1933
6850 Casper Casper National Bank
P. C. Nicolaysen-C. H. McFarland to Jul 31, 1934 2 10 1764-1765 Sep 18, 1934
J. W. Outerkirk-R. E. Barton Jul 31, 1934 2 20 504-505 Jan 11, 1935
7319 Cody First National Bank
P. E. Markham-C. E. Parker to Dec 19, 1931 1 10 230, 315 Dec 2, 1931, ran 6, 1932
P. E. Markham-R. H. Smith Dec 19, 1931 1 20 42, 105 Dec 16, 1931, Feb 29, 1932
($10 sheets 231-314 and $20 sheets 43-104 cancelled)
8612 Evanston Evanston National Bank
T. Painter-A. Coutts to Sep 5, 1934 2 10 888-889 Nov 15, 1934
J. W. R. Rennie-A. Coutts Sep 5, 1934 2 20 252-253 Jan 22, 1935
10265 Powell First National Bank
Replacement Plate May 19, 1932 1 10 618-619 Jul 29, 1932
May 19, 1932 1 20 204-205 Jan 16, 1933
(use of a replacement plate has not been verified with an observed note)
S. A. Nelson-H. Barrows to Jul 18, 1933 1,2 10 744-1 Oct 18, 1933
S. A. Nelson-R. A. Nelson Jul 18, 1933 1,2 20 246-1 Oct 3, 1933, Nov 15, 1933
10533 Casper Wyoming National Bank
Replacement Plate Nov 7, 1930 1 10 1220-1221 Nov 1, 1930, Nov 11, 1930
Aug 7, 1931 1 20 416-417 Mar 17, 1932, Apr 4, 1932
10698 Green River First National Bank
Replacement Plate Feb 14, 1930 1 10 622-623 Feb 28, 1930
Feb 14, 1930 1 20 212-213 Nov 28, 1930
10810 Greybull First National Bank
Replacement Plate Dec 2, 1930 1 10 492-493 Jan 31, 1931
11380 Cheyenne American National Bank
Replacement Plate Nov 13, 1930 1 5 1530-1531 Jan 15, 1931
Nov 13, 1930 1 10 774-775 Nov 29, 1930
Nov 13, 1930 1 20 258-259 May 29, 1931
12638 Thermopolis First National Bank
Replacement Plate Feb 28, 1930 1 10 616-617 Apr 14, 1931
Feb 28, 1930 1 20 202-203 Jul 30, 1931
R. J. Ireland-W. T. Bivins to Jul 17, 1934 2 5 1 Jul 30, 1934
H. L. Davis-W. T. Bivins Jul 17, 1934 2 10 768-769 Nov 14, 1934
Jul 17, 1934 2 20 324-325 May 15, 1935
Paper Money Whole No. 182 Page 63
Table 7. Numbers of reported Series of 1929 Wyoming national bank notes as of December, 1995.
Number Bank Type 1 Type 2 Total Rarity
Meeteetse 6340 First National Bank 3 -- 3 R5
Cody 7319 First National Bank 10 0 10 R4
Greybull 10810 First National Bank 7 3 10 R4
Cody 8020 Shoeshone National Bank 9 2 11 R4
Powell 10265 First National Bank 11 4 15 R3
Buffalo 3299 First National Bank 16 1 17 R3
Evanston 8534 First National Bank 13 4 17 R3
Lander 4720 First National Bank 10 7 17 R3
Douglas 8087 Douglas National Bank 14 4 18 R3
Lovell 10844 First National Bank 14 4 18 R3
Thermopolis 12638 First National Bank 13 7 20 R3
Evanston 8612 Evanston National Bank 21 2 23 R3
Casper 6850 Casper National Bank 27 5 32 R2
Cheyenne 11380 American National Bank 32 5 37 R2
Green River 10698 First National Bank 34 3 37 R2
Casper 10533 Wyoming National Bank 24 15 39 R2
Rawlins 4320 First National Bank 35 6 41 R2
Kemmerer 5480 First National Bank 31 12 43 R2
Rock Springs 4755 Rock Springs National Bank 30 15 45 R2
Rawlins 5413 Rawlins National Bank 46 3 49 R2
Laramie 4989 First National Bank 44 9 53 R1
Laramie 3615 Albany National Bank 54 3 57 R1
Sheridan 4604 First National Bank 41 19 60 R1
Totals 539 133 672
R1 = more than 50 known
R2 = 26-50 known
R3 = 12-25 known
R4 = 6-11 known
R5 = 3-5 known
R6 = 0-2 known
Table 8. Populations of Wyoming towns which contained
banks that issued Series of 1929 notes.
Buffalo 1,749 Lander 1,826
Casper 16,619 Laramie 8,609
Cheyenne 17,361 Lovell
Cody 1,800 Meeteetse 296
Douglas 1,917 Powell
Evanston 3,075 Rawlins 4,868
Green River 2,589 Rock Springs 8,440
Greybull 1,806 Sheridan 8,536
Kemmerer 1,884 Thermopolis 2,129
Wyoming collector and he loves small-size notes. I can't pry a
couple of them from his tight fists no matter what I offer.
Threats don't work on that guy either! George Warner is the
consummate Wyoming small-size note specialist. Seriously
addicted, he will trade good blankets for small-size Wyoming
notes. In him you see serious commitment!
A number of new collectors have entered the chase within
the past couple of years and the market for our notes is better
than ever. Of course, we still have to compete with easterners
who want a little piece of the wild west in the form of a note or
two from Wyoming. A lot of Laramie notes have satisfied that
need, after all, Jesse James spent a night in our jail before es-
If you have a Wyoming note that may not be in the census of
reported notes, please send a copy to: Peter Huntoon, P. 0.
Box 3681, Laramie, WY 82071 or call 307-742-2217.
REFERENCES CITED AND SOURCES OF DATA
Bluestone, B., Nov 25, 1944-Nov 30, 1946, The Albert A. Grinnell collec-
tion of United States Paper Money: Barney Bluestone, Syracuse, NY,
651 pp. (1971, Reprint of the seven sale catalogs by Anton, W. T.,
and M. Perlmutter).
Continued on page 64
Page 64 Paper Money Whole No. 182
SPMC Annual Awards
The 1995 SPMC Awards will be presented at the Interna-
tional Paper Money Show in Memphis, Tennessee, in June
1996, as follows:
1. Nathan Gold Memorial Award. Established and formerly
(1961-1970) presented by Numismatic News, now by
the Bank Note Reporter. Presented to a person who has
made a concrete contribution toward the advancement
of paper money collecting. Recipients, who need not be
members of the SPMC, are chosen by the Awards Com-
2. Award of Merit. For SPMC member (or members) who,
during the previous year, rendered significant contribu-
tions to the Society which bring credit to the Society.
May be awarded to the same person in different years
for different contributions. Recipients to be chosen by
the Awards Committee.
3. Literary Awards. first, second and third places. Awarded
to SPMC members for articles published originally in
Paper Money during the calendar year preceding the an-
nual meeting of the Society.
A. An Awards Committee member is not eligible for
these awards if voted on while he is on the com-
B. Serial articles are to be considered in the year of
conclusion, except in case the article is a continua-
tion of a related series on different subjects; these
to be considered as separate articles.
C. Suggested operating procedures: The Awards Com-
mittee chairman will supply each committee mem-
ber with a copy of the guidelines for making
awards. Using the grading factors and scoring
points which follow, each member will make his
selection of the five best articles published in the
preceding year, listing them in order of preference.
The lists will be tabulated by the chairman and the
winners chosen. A second ballot will be used to
break any ties.
D. Grading factors and scoring points:
a. Readability and interest—Is the article interest-
ingly written? (20 points) Is it understandable
to someone who is not a specialist in the field?
(10 points) Would you study the article rather
than just scan through it? (10 points)
b. Numismatic information covered—In your
opinion, will the article be used by future stu-
dents as a reference source? (20 points) Has the
author documented and cross referenced his
source material? Give credit for original research
and depth of study. (20 points) Is the subject a
new one, not previously researched, or a rehash?
If it presents a new slant on an old subject, give
proper credit. (20 points)
The Dr. Glenn Jackson Memorial Award will be presented, if
someone qualifies. This award, open to any author in any
numismatic publications, is for an outstanding article about
bank note essais, proofs, specimens and the engravers who
created them. This award, when presented, consists of a
certificate, which includes an engraving by American Bank
The Julian Blanchard Memorial Exhibit Award will be awarded
for the outstanding exhibit of bank note essais, proofs and
specimens, including the possible relationship to stamps.
The SPMC Best of Show Award is given for an outstanding
exhibit in Memphis on any paper money-related subject.
DANIEL (Continued from page 50)
of the Act to reduce the sum of outstanding legal tender notes
preparatory to the resumption of specie payment on January
Huntington, A.T. and R.J. Mawhinny. (1910). Laws of the United States
Concerning Money, Banking, and Loans, 1778-1909. 61st Congress,
2d Session, Doc. 580, Senate. Washington: GPO.
Robertson, R.M. (1968). The Comptroller and Bank Supervision, A His-
torical Appraisal. Washington, DC: The Office of the Comptroller
of the Currency.
Annual Reports of the Comptroller of the Currency, 1863-1875.
HUNTOON (Continued from page 63)
Bureau of Engraving and Printing, 1929-1935, Ledger listing Series of
1929 overprinting plates that were manufactured: U. S. National
Archives, Washington, D.C.
Comptroller of the Currency, 1928-1935, Annual reports of the Comp-
troller of the Currency: U. S. Government Printing Office.
Comptroller of the Currency, various dates, National currency and bond
ledgers: U. S. National Archives, Washington, DC.
Hickman, I., and D. Oakes. 1982, Standard catalog of national bank
notes: Krause Publications (Iola, Wisconsin), 1216 pp.
Huntoon, P. W., 1978, Wyoming national bank notes issues of 1929-
1935: PAPER MONEY v. 17, pp. 69-75.
Philpott, W. A., Nov. 10, 1970, Why No. 1 sheets, Series 1929, are not
too rare: Numismatic News, pp. 14,27.
Urbanek, M., 1974, Wyoming place names: Johnson Publishing Com-
pany, Boulder, Colorado, 236 pp.
Paper Money Whole No. 182 Page 65
THE BANKS OF
by RONALD J. BENICE
An in-depth examination of the various banking insti-
tutions in Sing Sing, New York before the turn of the
century provides an instructive survey of the types of
banks—state chartered, private merchant and federal
chartered—and the different forms of paper money they
issued. It also traces the evolution of banking and
banknotes as banks failed, financial panics occurred and
Sing Sing started as a cluster of three houses separated
from Philipse Manor in 1785. It incorporated as a vil-
lage in 1813. The name was derived from the Sint Sink
Indians, an Algonkian tribe that had previously lived
there. Over time, to the dismay of Sing Sing's citizens,
the name became associated with the famous prison
which opened in 1828. To remedy this discomfort, the
villagers changed the name to Ossining, a fabricated al-
most-anagram. (Ironically, New York state later renamed
the prison the Ossining Correctional Facility.)
SING SING'S FIRST BANK
HE first banking institution in Sing Sing was The Bank
of Sing Sing, organized on December 4, 1852. The
founders were led by Dr. Benjamin Brandreth, a
wealthy local businessman whose factories produced Bran-
dreth's Pills, a widely distributed cure for everything.
Dr. Benjamin Brandreth, founder of The Bank of Sing Sing and the Sing
Sing Savings Bank. He was born in England in 1809 and came to Sing Sing
in 1837. He became a multi-millionaire selling two million boxes a year of
Brandreth's pills and five million of Allcock's Porous Plasters which were
manufactured in Sing Sing. He served as President of the Village of Sing
Sing from 1843 to 1846. He died on February 19, 1880.
The formal certificate of organization for "an office of dis-
count and deposit, issuing and circulating bills and notes as
permitted by law" was filed on July 6, 1853 with the West-
chester County Clerk and business started on August 1, 1853.
The bank started with nine founding shareholders who each
invested between $10,000 and $20,000 for a total capitaliza-
tion of $125,000. In July 1854 one of the founders, F.L. Nichols,
contributed an additional $25,000 raising his stake to $35,000
and the bank's capital to $150,000.
The bank issued notes in $1, 2, 3, 5, 10, 20, 50 and 100
denominations. The notes, originally engraved by Baldwin,
Adams & Co., were issued in sheets of $1-1-1-2, $5-5-5-10,
$3-5-5-10 and $5-20-50-100. The first issue had no overprints;
the second issue had red denominational overprints. Haxby
indicates that the same plates were reused by Baldwin, Bald
and Cousland (late 1854-1857 according to Rice) and by Bald,
Cousland and Company (1858). Some of the latter also had
American Bank Note Company (ABNCo) monograms (1858-
60). All examples, issued and proof, including those from the
ABNCo archives, bear the Baldwin Adams imprint. These in-
clude a complete denominational set without overprints, most
of which Haxby omitted.
The bank failed in 1860 after disastrous investments. There
was an interesting early clue that things were amiss at the bank
when, on October 10, 1859, the Examining Committee of the
Sing Sing Savings Bank (see illustration), which was also
founded by Dr. Brandreth and which deposited its cash assets
with the Bank of Sing Sing, found that the books didn't bal-
ance and recommended "that the Book Keeper of the Bank of
Sing Sing be requested to make a copy of the sums deposited
and the sums drawn since the commencement of the Bank."
On August 15, 1860 the Committee reported that they had
not yet received the full information they needed. On Septem-
ber 10 they reported some progress. Finally, on November 1,
1860 the Secretary of the Savings Bank, on his own initiative,
withdrew all of his bank's funds from the Bank of Sing Sing
and deposited them in the Shoe and Leather Bank in New York.
Dr. Brandreth requested they be redeposited in his bank but
his motion was defeated at the November 14, 1860 Board
On November 19, 1860 Justice William W. Schrugham of
the Supreme Court of the State of New York held a hearing in
White Plains. The Bank was declared insolvent, its officers were
enjoined from dispensing or transferring funds of the bank
and from receiving payments due. Henry Willets, a creditor,
was named Receiver of the Bank of Sing Sing. On November
30, 1860, at a meeting with the State Superintendent of the
Banking Department in Albany, it was disclosed that the Bank
of Sing Sing had an outstanding circulation of $57,527 in notes
on which it had suspended payment and that the State Bank-
ing Department held $60,000 in interest-bearing New York
State bonds that had been deposited by the Bank of Sing Sing
as security when the notes were issued. Mr. Willets transferred
ownership of the bonds to the Superintendent of the Banking
Department who agreed to use the funds to redeem the out-
$2 Bank of Sing Sing note with lazy deuce overprint. Clement Moore, who wrote "A Visit from St. Nicholas," was a
frequent visitor to Sing Sing and local tradition was that the poem was written there. This accounts for the Santa Claus
11 C COUNT, ------.
$20 note without overprint. Although unlisted in Haxby, the six highest denominations exist without overprints. The
portrait is Francis Larkin, a President of the Village of Sing Sing and Supervisor of the township.
aufftawiti - /v
$100 note without overprint. The vignette shows the Croton Dam, completed in 1842. The dam is still intact, but is
submerged in the Croton Reservoir which stores water for New York City.
Paper Money Whole No. 182
Paper Money Whole No. 182 Page 67
standing circulation and to publish notices that the notes would
be redeemed for a period of six years.
Once it was clear that the notes were good, local merchants
began accepting them again at full value.
The Bank of Sing Sing in 1859. It was located at the intersection of High-
land and Croton Avenues.
J. W. Rumsey & Co.
OAKEN Am. PAR,
SING SING SAVINGS BANK
The Sing Sing Savings Bank was organized on May 18, 1854
by a group headed by Dr. Benjamin Brandreth, who controlled
the Bank of Sing Sing. The organizational meeting was held in
the Bank of Sing Sing and was chaired by Charles F. Maurice.
Brandreth was elected president and served in this capacity
until 1856. The initial funds were deposited in the Bank of
In 1860, after the Bank of Sing Sing failed, the Examination
Committee of the Savings Bank, chaired by Mr. Maurice, re-
ported they "regret that from the manner in which the books
have been kept it is impossible to present a clear exhibit of the
various accounts as would be shown by a correct balance sheet.
(However,) it is with much gratification that in the present
condition of things the committee is able to state that with the
exception of interest due from the Bank of Sing Sing the prop-
erty of the bank has been preserved. The Secretary is entitled
to the hearty approbation of this board and the thanks of the
depositors for his scrupulous integrity in saving by his own
act the large amount on deposit with the bank of Sing Sing
when that institution was faced with disaster." It is worth re-
calling that in November 1860, when the Secretary reported
the withdrawal, Dr. Brandreth introduced a resolution that the
funds be redeposited, but was outvoted.
The failure of the Bank of Sing Sing left the Savings bank
without a place of business. Initially, Charles Maurice allowed
the Savings Bank to store their books and papers in his vault,
but not to conduct business in his Banking Office. Eventually,
in October 1862, the Savings Bank agreed to rent space in the
Banking Office from Mr. Maurice for $150 a year and to hire
Isaac Noxon as Secretary. Subsequently the Savings Bank shared
space with the First National Bank of Sing Sing with C.F.
Maurice continuing as a trustee. Isaac Noxon continued as sec-
retary until 1896 when the Savings Bank finally moved into a
building of its own.
JAMES E. AYIIES,
J. BARLOW 84. SONS
Sing Sing Bank Bills
at PAR In
These advertisements appeared in local newspapers after it was disclosed
there was sufficient security with the state to redeem the notes.
THE BANKING OFFICE OF C.F. MAURICE
A private banking house was opened by Charles F. Maurice in
February 1860. Isaac Noxon was hired as cashier-bookkeeper.
Although not conclusive, there is evidence the business oper-
ated out of Maurice's house at the corner of Highland Avenue
and James Street, opposite the foot of Maurice Avenue.
Charles Frazier Maurice was born on Pearl Street in New
York City on September 24, 1812. His father, Benjamin
Maurice, migrated to the United States from Somersetshire,
England in 1789. Benjamin operated an importing business
in Savannah before moving to New York. Charles graduated
from Princeton College, married Cornelia Joline of Princeton,
New Jersey in 1838 and moved to the village of Sing Sing in
1845 where he opened a school for boys. Later that year, his
school merged into the prestigious Mount Pleasant Academy
with Charles Maurice becoming principal.
Paper Money Whole No. 182
Charles F. Maurice, founder of a private banking house and The First
National Bank of Sing Sing.
Charles Maurice resigned on March 1, 1860 to devote more
time to his banking business. He was succeeded at Mount Pleas-
ant Academy by Major W.W. Benjamin. In addition to his bank-
ing ventures, Charles Maurice was Secretary of the Sing Sing
Gas Manufacturing Company, a founding officer of the Pres-
byterian Church and a trustee of the Mount Pleasant Acad-
He died of a stroke on December 24, 1888 and was buried
in Perth Amboy, New Jersey. The reminiscences at his funeral
described him as a highly respected man of very quiet taste.
The centennial catalog of Mount Pleasant Academy described
him as a rare man who gave the school its distinctive atmo-
sphere. Maurice Avenue in the village of Sing Sing was named
THE FINANCIAL PANIC
The year 1861 saw two significant events relating to paper
money circulating in the United States: the outbreak of the
Civil War and the issuance of the first nationally circulating
federal paper money. People feared devaluation of the paper
currency and began hoarding silver coins. Businesses worried
about having enough coins to function and started hoarding
too. Silver coins were exported to Canada where they could
still be exchanged for gold. By mid-1862 the shortage became
severe—copper cents were the only coins still circulating and
businesses like railroads and restaurants were severely im-
pacted. The United States Government had nothing circulat-
ing between pennies and $5 bills!
The press tried to solve the problem editorially. On July 17,
1862, the Sing Sing Republican stated that, "This last specie panic
need not frighten the people ... it has originated in disloyalty
and a spirit of speculation ... instead of laying it at the door of
the Administration, these traitors should be ferreted out and
punished. The same quantity of specie still remains in the coun-
try, There are thirty-two millions in the vaults of the New York
banks alone. This specie panic must soon come to an end."
Two weeks later, the same newspaper said, "The postage
stamp currency law takes effect on the first of August. It makes
postage stamps legal tender under five dollars ... Now bring
out your small change, there is no use hoarding it any longer."
(Unfortunately, the ensuing run on post offices depleted the
supply of stamps and the Postmaster General tried to restrict
sales. Also, tiny glued squares of paper were impractical to use
The next week, the newspaper editorialized at length: "There
are three classes in the community which croaked on the cur-
rency question so long and so loud that they have created a
wide spread specie panic ... secession sympathizers, specula-
tors and the banks. The sympathizers are doing all in their
power to throw distrust on the national issues and embarrass
the Government in the means to prosecute the war. The specu-
lators who are taking advantage of the present condition of
things to fill their own coffers ... deserve the execration of ev-
ery one and ought to be hooted out of the community.
"The banks are a more formidable body and they have op-
posed Secretary Chase's plans for relieving the government
tooth and nail. The thousands of banks throughout the coun-
try have been superseded by the issues of the Treasury Depart-
ment and the people like the change. The Treasury Notes are
National—good in every portion of the Republic ... and not
subject to a heavy discount ... or the banks constantly failing.
And though in the vaults of the city of New York alone there
are over thirty millions of dollars in specie, not a dollar of it is
paid out to redeem their own notes. They ought to be pre-
sented at once, as they may be, by every bill-holder.
"Every loyal man should give ... these war measures hearty
support; for in this the Government is supported; while if they
are opposed the rebels are aided and comforted. Croakers,
C.F. MAURICE SCRIP
It was in this financial panic that the Banking Office of C.F.
Maurice started issuing scrip signed by prominent local mer-
chants in July 1862. There were three types and four denomi-
The first two types were issued in July 1862. The first type
was payable to bearer and bore the engraved date of July 17,
1862; the second type had handwritten dates and the hand-
written name of a payee.
< ' 41130-*OAQua( (-.):.t. ,-,-.i;, ,:v. ,
'' ---<-__%,--"---__7.- ----- -r-r---- - - _ i
' -'- 71 -7- •
,..‘ vtvw virwl:A.
e=•1-1-4-. „/?<-2-7ei.,,,,, ..
A five cent note with engraved date, payable to bearer and
signed Barlow Brothers. William H. Barlow was born in
Danbury, Connecticut on July 16, 1827 and moved to Sing
Sing in 1832. In 1843 he started working in a hardware busi-
ness in which his father was a partner. He died in New York
SING KING, N_ -cz. •
Would' respectfully call attention to 'their Stock tq l
, KEROSENE OIL
Aldo to their
of which they have a large lot, and a great varid
ty, among which are the celebrated Littlefield
which requires but one fire the whole season, and
to be replenished hot once in TWENTY-FOUR
hours, together with a large lot of
PARLOR Sigh !
Done at the lowest price. and at shortest notice.
(live us a call, and we will satisfy you in regard
SING SING, Oct. 14, 1862. 81n121)16.
Paper Money Whole No. 182 Page 69
City on January 13, 1901. His brother George J. was born in
Danbury in 1832 and died in Pomona, Florida on November
28, 1886. Upon their father's retirement in January 1861, they
formed a hardware and plumbing business on Main Street that
included tinsmithing and bell hanging service.
Advertisement for Barlow Brothers.
A ten cent note with handwritten date, a named payee (or
bearer), and signed by John A. Aitchison. Notice the United
States dime illustration. John Aitchison was born in England
in 1812 and came to the United States in 1821. A custom tai-
lor by profession, he operated an upscale clothing store on
Main Street. When he died on April 23, 1908, he held the vil-
lage record for the longest continuously operating business.
A 25 cent note with handwritten date and named payee
signed by Leander Fisher. Notice the U.S. quarter illustration.
Leander Fisher was born in Sing Sing in 1838. He operated a
discount clothing store on Main Street. He died on February
A 50 cent note signed by William E. Ryder. William Ryder
was born in 1836 at the family farm on Chappaqua Road in
Westchester County. His mother was a van Cortlandt. At age
18 he went into the dry goods business on Main Street in Sing
Sing. He died on April 7, 1903.
Frederick Burrhus was born in Putnam County, New York
in 1826. He established the first telegraph office in Sing Sing
and operated a news stand. He also served as a town supervi-
sor. He committed suicide by stove gas in Everett's Hotel on
Barclay Street in New York on October 25, 1883.
Besides signing notes issued by C.F. Maurice, F.C. Burrhus
issued his own cardboard scrip in 1 cent and 3 cent denomi-
Page 70 Paper Money Whole No. 182
$6.0 0 NOT bUY A flint Cloth 1'i-tickCoat at the Store of
JOHN A. AITCHISON.
of tife latest gtyle,
Aftlid Stor4 of
Advertisement for Aitchison.
25 cent note with engraved date payable to bearer.
A 50 cent note signed by F.C. Burritus.
'SJIJSJ 11; Ts) if'v
C. s • Co
*N./. I '917 s
17/ 7,•:/ ;
),\ .A.1 ri iI) ui c tt
=^;A1T ]Et. ICE
// • 4//1/ /IL
rwEvrr tivr CENTS
/// 7// ; /i,c,/,/
The three denominations of small-size scrip issued by C.F. Maurice.
At' THE CDIATi
CLOTHING INPORItilf !
2,50 Will NOT buy a rod Cat at theStore of
JOHN A. AITCIIISON.
,- n Will NOT bu • good Pair of Pants
.t../ V at the Store of
JOHN A: AITCHISON.
Will NOT bay good Vat, at the
JOHN A. AITCHISON.
sid 60 \e',;T N,o(lk5:t nt the Store of
JOHN A. AITCIIISON.
Tlfe tih'ie prices may du foi
each as will accumulate
in a Ckfhing Store; or otherwiso
OUT OF FASHION,
NOT THE STOCK
to customers that may favor us with a
call. Our Motto is
. . .
for thh SUMO.
You can know the prier of a Glit'menI if you will
favor us with a call.
of Goods is a'
THE FIRST CLASS,
,find n-e have also a good Clock of Doniesties
of all deseriptioni.
John A, Aitohison,
Maln Stieci, Sing Sing, N. Y.
( Nofi; rs tirrail.1.7.4;fix- - or,
r 11 as
"Irc'70 S 11 j, 11
44114a 44titittC'S..*" .
a /1"?Po 7 7' '77°%
Paper Money Whole No. 182 Page 71
Maurice's bank and its notes were widely accepted and, in
September 1862, a third issue of smaller notes was issued,
signed by the bank's bookkeeper, Isaac Noxon. They were is-
sued in 5, 10 and 25 cent denominations, each with three dis-
tinctive vignettes. All had the engraved date September 30,
FIRST NATIONAL BANK OF SING SING
Maurice's bank prospered and in April 1864 application was
made to the federal government to transfer its assets and staff
into a newly formed bank to be called The First National Bank
of Sing Sing. Its charter, number 471, was issued on July 5,
1864. C.F. Maurice was president and Isaac Noxon was cash-
ier of the new bank. The bank opened for business in the build-
ing that had previously been occupied by the Bank of Sing
After Maurice's resignation in 1880, he was succeeded by
William Benjamin, who had been his successor at the military
academy twenty years earlier. Major William Wallace Benjamin
was born in Bridgeport, Vermont on September 8, 1830 and
died on July 19, 1882 at the Mount Pleasant Academy in Sing
Sing where he was principal. He had been hired as an instruc-
tor in 1854 by Charles Maurice. He served as president of the
First National Bank of Sing Sing from late in 1880 until his
death. His signature appears on the only known surviving note
from this bank.
On January 14, 1903 it changed its name to the First Na-
tional Bank of Ossining bringing to an end the era of banks
bearing the Sing Sing name.
ISAAC B. NOXON
Isaac Noxon was the only person associated with all four bank-
ing institutions in Sing Sing in the 19th century. He joined the
Bank of Sing Sing as a bookkeeper. After it failed, he worked
for four years for the Banking Office of C.F. Maurice. When it
became the First National Bank of Sing Sing, he became its
Cashier. He was also secretary of the Sing Sing Savings Bank.
Isaac Noxon was born on June 24, 1837 in La Grange,
Dutchess County, New York. His father, a farmer of Dutch
descent, subsequently moved the family farm further upstate.
Isaac attended Cortlandville Academy, taught public school
and was responsible for the primary department at the
Cortlandville Academy. In 1858 he moved to Sing Sing. Be-
sides his banking activities, he served as Trustee, Treasurer, and
President of the Village of Sing Sing from 1868 to 1872, Trea-
Isaac Noxon. He worked for all four Sing Sing banks and signed notes for
two of them.
Major W.W. Benjamin, second president of the First National Bank of Sing
Sing and signer of only known note.
The only surviving National bank note bearing the Sing Sing name. It is signed by Isaac Noxon and William Benjamin.
on page 76
SPECIMEN—NOT NEGOTIABLE—SPECIMEN—NOT NEGOTIABLE
Page 72 Paper Money Whole No. 182
A FIVE DOLLAR SPECIMEN NOTE
By RAPHAEL ELLENBOGEN
0 ACH time a new treasurer of the United States or anew secretary of the treasury is appointed, a changeis made in the facsimile signatures on the face of our
On our five dollar U.S. legal tender notes, series 1928, there
have been six changes:
1928 Walter 0. Woods Andrew W. 1/8/29-2/12/32
1928-A Walter 0. Woods Ogden L. Mills 2/13/32-3/3/33
1928-B W.A. Julian Henry 1/1/34-7/22/45
1928-C W.A. Julian Henry 1/1/34-7/22/45
1928-D W.A. Julian Fred M. Vinson 7/23/45-7/23/45
1928-E W.A. Julian John W. Snyder 7/25/46-5/29/49
1928-F Georgia Neese John W. Snyder 6/21/49-1/20/53
New face plates had to be engraved and, when finished, "speci-
men notes" were prepared for approval by the authorities.
The history of our current "small-size" currency begins in
May 1927, when Secretary Andrew W. Mellon accepted the
recommendations of a special committee and directed the
Bureau of Engraving and Printing (BEP) to implement the new
From 1861 to that time, our currency measures 7 5/8 " x 3 1 /8 ".
By changing the size to6 3/ 16 " x2 5 / 8 " a savings in paper, ink and
plates was estimated to be $612,603 a year (in 1925). The mea-
surements were based on the size of Philippine currency (printed
by the U.S. BEP).
The new designs selected for the five dollar note were:
Abraham Lincoln (on the face), an 1869 engraving by Charles
Burt, based on a photo by Anthony Berger (a partner of Mat-
thew Brady). The Lincoln Memorial (on the back), engraved
by J.C. Benzing. The Memorial's architect was Henry Bacon.
The 36 columns represented the 36 states of the union in 1865,
and the 19-foot statue of Lincoln was carved by Daniel C.
The first of the reduced size notes appeared on January 10,
1929. The United States note is the longest-lived designation
of U.S. currency, first authorized by Congress on May 3, 1878.
The last $5 note was issued April 1, 1969. The 1928 series was
printed by the wet intaglio method, 12 notes to a sheet.
The "specimen" note illustrated, is printed uniface, on two
separate sheets, in the same colors as the circulating notes.
The large seal and numbers on the face are overprinted in bright
red. It is the 1928-F series, with face plate check number C-
683. The note position letter is C (the third note from the top
left of the sheet). The letter "F" ( in the series of 1928-F) above
the seal is partially obscured by the rays. The serial numbers
are 8 digit zeros, with the prefix and suffix letters replaced by a
star. The plate was prepared to accommodate the new signa-
3111V1.LO0RNI ,LON—N3III33,1S-11IIVI100aN ,LON—N3B1ID3cIS
The opposite side of each uniface face and back.
tures of Clark and Snyder. The back of this "specimen" is blank,
with the words "SPECIMEN—NOT NEGOTIABLE" overprinted
in black all around the perimeter.
The back design bears check number 2006 and is the wide
margin variety (which goes up to check number 2007). The
back of this note is also blank, with the same "specimen-not
negotiable" overprint. This "specimen" example is in gem un-
circulated condition and was printed in June 1949. It is quite
Hessler, G. The comprehensive catalog of U.S. paper money, fifth edi-
Oakes, D., and J. Schwartz. Standard guide to small size U.S. paper
money, 1928 to date, first edition.
O'Donnell, C. Standard handbook of modern United States paper
money, seventh edition.
Shafer, N. A guide book of modern United States currency, fifth edi-
Paper Money Whole No. 182 Page 73
BALTIMORE'S SHINPLASTER BANKERS
The Beginning of the Find September 9, 1840
By DENWOOD N. KELLY
HE Panic and Depression of 1837 1841 were among
the most severe in the history of the United States,
rivaling even the Great Depression in the 1930s in
the amount of misery caused for the general population of the
entire country. Following the collapse of a number of English
banking houses in the spring of 1837, panic spread across the
United States and banks in Baltimore, Philadelphia and New
York began suspending the payment of specie in exchange for
bank notes in mid-May. Coins just about disappeared from
general circulation and the transaction of day-to-day business
became extremely difficult without a ready availability of small
change. To fill the void, forms of scrip came into use through-
out Maryland, issued by municipalities, financial institutions,
transportation companies, merchants, manufacturers, hotels,
tavernkeepers, small shopkeepers, and many others, includ-
ing some whose motives were, to put it politely, considerably
less than ethical. Following the failure of the Pennsylvania
State-chartered Bank of the United States in Philadelphia in
October 1839 there was a noticeable increase in the issuance
of small-change scrip. Much of it was issued by so-called "sav-
ings institutions" or "savings funds" whose primary purpose
was to fill the void in small-change by issuing their own unse-
cured scrip in exchange for specie or bank notes. Typically, the
redemption statement on such small-change scrip provided
for redemption only when notes were presented in increments
of five dollars. The proprietors of these institutions were quickly
dubbed "shinplaster bankers" by the local press and the general
public, as the notes themselves had been called "shinplasters"
The term "shinplaster" derived from the small paper plasters
saturated with tar, vinegar and other (hopefully) healing com-
pounds that were commonly applied to sore shins. The slang
term had come into use as early as the latter part of the War of
1812 period to describe any unsecured or inadequately secured
paper money, especially notes greatly depreciated from their
face value. Its use was quickly applied to notes of small face
value as well.
All of the Baltimore newspapers, as well as those in the other
cities and towns in Maryland, consistently editorialized against
the banks' refusal to redeem their notes in specie and decried
the proliferation of privately-issued scrip. Some of their criti-
cism was downright vitriolic in tone and few opportunities to
criticize those under scrutiny were lost.
By midsummer of 1840 more and more was being reported
in the papers about the difficulties encountered by people who
were unable to satisfactorily redeem notes they held or even
to have them accepted by other citizens. The newspapers urged
their readers not to accept them whenever proferred.
The Sun for Saturday, July 4, 1840, published a lengthy ar-
ticle headed "A FREE BANK IN TROUBLE," in which it reported
that early the previous afternoon a crowd had gathered in front
of the office of the Foreign Domestic Exchange Institution at
37 Lombard Street, indicating some sort of trouble. The presi-
dent of the Institution, one S.K. Head, was reported to have
departed, bag and baggage, that morning, leaving about $69
in the office, which was quickly seized by some persons who
had claims against the Institution. The treasurer, R. Whiting,
apparently tried to continue the operation for a short while, as
he advertised for a week beginning July 11th that notes of the
Institution would be promptly redeemed in Baltimore bank
notes. Finally, Whiting advertised for three days at the end of
July that all remaining notes would be redeemed at the "ex-
change office of M. Doyle on Pratt Street, near Charles." Michael
Doyle conducted a lottery and exchange office at 26 Pratt Street
between 1837 and 1842 and issued his own scrip in late Sep-
tember 1840. He apparently redeemed his own issues without
Finally, in early September of 1840, it all began to unravel
for the shinplaster bankers in Baltimore. On September 7th or
8th runs began on The Patapsco Savings Fund, The Baltimore
Savings Institution, The Central Savings Institution, The Chesa-
peake Savings Fund, The City Trust Savings Institution, John
Clark's Lottery & Exchange Office, and The Mechanics Savings
The Patapsco Savings Fund, located at 10 Lombard Street,
just west of South Street, apparently enjoyed the dubious dis-
tinction of being the first of the Baltimore shinplaster banks
to go under in September 1840. The Baltimore Patriot & Com-
mercial Gazette for Wednesday, September 9th, reported that
"The shinplaster manufactory, yclept The Patapsco Savings
Fund of which Mr. Thomas Pennington figured as principal
financier, was this morning blown 'sky high' by his permitting
his notes for $200 to be protested." Large crowds gathered and
would have acted violently if the Fund's officers, Pennington
and Eber F. Cooke, had not escaped. Mayor Sheppard C. Leakin
quickly came to the scene to help preserve peace and order. A
long article was published in The Sun the following day which
stated that Pennington had asked the gathering crowd to wait
a moment and then slipped away to return no more. Eber
Cooke also escaped in the excitement, but was apprehended
two days later at a public house in Stemmers Run, from where
he intended to board the next train to New York. Cooke was
jailed briefly, but was released on $1,000 bail. Presumably he
was ultimately released on some technicality. Pennington was
seen in New Orleans by a Baltimore traveler, reportedly con-
sidering speculation in cotton. Apparently he shied away from
this endeavor, as he was seen in Cincinnati in March 1841,
where he was "successfully operating a banking business." The
Sun, in September 1840, reported that the amount of outstand-
ing notes at the time of the Institution's demise was variously
estimated at $25,000 to $50,000. A fitting memorial to the
Patapsco's activities would seem to be effectively (if not deli-
cately) expressed in a scrawled statement on the back of a
Patapsco 12 1/2 cent note.
As Good as old
Thomas Full of. ...
Page 74 Paper Money Whole No. 182
The note also bears an endorsement of the firm that swal-
Ch'd. on Petty Expense
acc't, page 38, Oct. 31, 1840
The Baltimore Clipper also published on September 10th a
bit of doggerel it had seen written on the back of a "filthy 12 1/2
cent bill" of the same institution:
I hope you'll take me for a "leve,"
For such in fact I am;
Tis true the men who sign their names
Were never worth a d--n:
But what of that?—whoever thinks
Of such a trifling evil,
Just try me for a "cobbler" now—
and send them to the devil.
The next shinplaster bank to fall was the Baltimore Savings
Institution, whose president was F.H. Knapp, aided and abet-
ted by W.A. Benson, Secretary, and H.A. Murray, Asst. Sec. This
Institution had opened for business in the late spring of 1840,
immediately becoming very active in its field. It temporarily
survived the heavy run on September 9th created by the "ex-
plosion" of the Patapsco Savings Fund, although many out-
raged citizens apparently threatened Knapp physically. At
closing time Knapp said he would reopen the next morning
with ample funds for redemption. He must have had a very
busy night, for when opening time came on September 10th
the crowd which had congregated found the shop closed and a
printed handbill posted on the door to the effect that "fearing
for his life and the funds for meeting further redemption," he
had assigned the assets of the Institution to the Mayor and two
prominent attorneys, Charles H. Pitts and William E. Coale, in
order to protect the interests of the note holders. He further
said that there was every probability that all liabilities would
soon be cancelled and the Institution would again resume its
regular transactions. The Sun and The Baltimore Clipper printed
the "assignment" and Knapp's handbill, along with detailed
denial statements by Mayor Leakin and Messrs. Pitts and Coale,
none of whom had any previous inkling of Knapp's plans.
Knapp was reported as having been seen in New York City,
and then in Albany, where he was arrested and returned to
Baltimore, quickly being freed on $1,000 bail. No record of
his ultimate fate has as yet been found.
The "endorsement" on the back of a Baltimore Savings In-
stitution 25 cent note in the collection of The Maryland His-
torical Society succinctly sums up the final activity at Baltimore
Savings on that fateful day of September 9, 1840:
Stopt pay Sept. 9th
Presdt. ran away
The Baltimore Real Estate Savings Institution at 6 Lombard
St. weathered the storm for several weeks. On September 15th
it moved back to the Belair Market area, its original location.
Runs continued and were met with some difficulty. Finally, in
an advertisement in the local papers on October 28th, the trea-
surer of the Institution, H. Baker, stated that the previous morn-
ing "a party of violent and disorderly persons beat and drove
back the attending clerk out of the office and acted in such a
manner as to place the affairs of the Institution in utter confu-
sion. In consequence of this interruption, the business is for
the present suspended."
It never reopened and its officers were the defendants in a
number of lawsuits for small amounts filed by disgruntled
holders of unredeemed scrip. John W. Clark, the president,
was committed to jail on January 16, 1841, but the length of
time he served has not been discovered.
By September 10th the media were in full cry, The Sun, The
Baltimore Clipper, and The Baltimore Patriot & Commercial Ga-
zette all giving substantial columnar space to the subject. The
Baltimore Clipper's publishers, Edmund Bull and William Tuttle,
book and job printers, cast their reporting in a semi-jocular
vein, quickly dubbing as "ghosts lingering round charnel
houses" the numerous scrip-holders trying to have their notes
redeemed, because they "haunted" the vicinities of the vari-
ous shinplaster shops.
After reporting at some length on the Patapsco, Baltimore
Savings and Baltimore Real Estate Savings Institutions, The
Clipper published an "editorial tour" of the principal shinplaster
shops in the downtown area. It started with "Vincente's Ma-
rine Exchange at 421/2 Gay Street where "specie was glisten-
ing on the counter, and no demand for it."
Next was The Western Savings Fund on Gay Street near Bal-
timore, where only one ghost was standing in front of the door,
having just "received change for a lonely fip and blesses his
stars that it was not worse."
John Clark's Lottery & Exchange Office in the basement of
the Museum Buildings at Baltimore and Calvert Streets was
the scene of considerably more action, where a number of
ghosts had gathered and a "peevish Mr. Clark was busily re-
deeming fips and levies and ordering out those ghosts whose
holdings were not sufficient to merit redemption." The edi-
tors commented that Clark's "time is precious—he has to sign
a new issue." Clark continued in operation at least until Janu-
ary 13, 1841, when a news item in The Sun stated that the
office had sustained a day-long run the previous day, appar-
ently as a result of a rumor having circulated that Clark had
failed or suddenly left town. Apparently he either did not re-
open or closed down his shinplaster operation shortly there-
after. A badly tattered 25 cent note of Clark's bears on its reverse
one disgruntled citizen's solution to the whole dismal situa-
tion; on this limp rag in the collection of The Maryland His-
torical Society is penned:
"The way to make the Baltimore Bankers pay
specie—just erect a Gallows in front of
every Banking house in the City and show their
officers a Hempen Rope—then they will fork it up"
The Central Savings Institution was visited next and had
plenty of ghosts around it, many attempting to club together
to merge their holdings so as to total exactly five dollars. If
successful, they would probably receive a $5 bank bill and no
doubt would then wonder how to break it down into smaller
units so that each participant could receive his share!
The Chesapeake Savings Fund on Lombard Street had a
dozen or so ghosts lingering around this young establishment
and were successfully meeting demands in sums of one dol-
lar. Their circulation was very limited as they had not descended
to the employment of "Money Chaunters" or "Outdoor Bro-
kers" to solicit customers. Editorially, the proprietors were
advised to "close down and save their credit."
Paper Money Whole No. 182 Page 75
LIST OF SMALL NOTES CIRCULATING IN BALTIMORE.
The folloveing is a complete list of the paper currency at present in circulation in this
city. FOUR of the "Institutions" have failed: viz: "PATAPSCO SAVINGS FUND,"
"BALTIMORE SAVINGS INSTITUTION," "MECHANICS SAVINGS FUND,"
and "CITY TRUST." The others have thus far stood the shock, and of course, have a
circulation, as specie still remains under cover:
SAVINGS INSTITUTIONS AN!) BANKS.
PLACES OF BUSINEss.
Ellicott's Mills, Maryland.
Union Bank of Delaware, James Price, Wilmington, Delaware.
Bank of Smyrna,
Isaac Davis, Smyrna, Delaware,
Bank of the Valley, Va., R. W. Henderson, Winchester, Va.
Frederick Town Savings Institut., Win. S. McPherson, Frederick, Md.
Corporation of Frederick,
Bank of Delaware,
Jos. Bailey, Wilmington, Del.
Corp'n of Alexandria, (old issue,)
Alexandria, D. C.
Tide Water Canal,
J. R. Welsh, 5 years after date—Baltimore.
Baltimore & Ohio R. R. Co.,
Louis McLane, Reed at the Banks in small animists.
Fells Point Savings Institution, Jay. Frazier, Fells Point, Baltimore.
Tide Water Canal old issue,) V. R. Palmer,
Farmers & Planters Bank.
Chesapeake & Ohio
eanal Co., Francis Thomas,
Baltimore Savings Institution, F. II. Knapp, No. 1 North Charles st.
Western Mechanics do. do., M. Perine, West Baltimore, near Cove st.
Western Franklin do. do.,
John Rothroek, Corner of Paca and Baltimore st.
Savage Manufacturing Co.,
C. D. Williams, Pairo & Co., Halt. st. east of Calvert.
Mechanics Savings Fund,
South st. opposite Farm. & Plant. Bk.
Patapsco do. do. T. Pennington, Next door S. W. cor. Gay & Balt. sts.
Marine Exchange Office, M. Vincent,' & Co., Ojmosite Odd Fellows' Hall, Gay st.
City Trust Savings Institution, W. P. Raytield, No. 1 N. Howard st.
Chesapeake Savings Fund,
T. F. Lennox, Lombard, near South st.
Western Savings Fund, J. W. McCormick,
No. 10 N. Gay st.
Central do. do. Chris. Cook, Hanover st., opposite the market,
Balt. Real Estate do. do. . dos, W. Stewart, Bel-Air market, Gay-at.
Baltimore Savings Institution, H.K.Murray, for Knapp, No. 1 N. Charles st.
Westminster Savings Institution,
Jacob L. Reese,
Patapsco Bank of Maryland, B. C. Campbell,
Farmers Bank, State of Del., J. H. Bayard,
J. 1. Cohen Jr. & Brothers,
E. W. Robinson,
T. T. Tucker,
S. L. Fowler & Brodie
Brunswick & Florida Line es
Good Intent Stage Co.,
George & A. McNeal,
N. U. Chaffee,
F. R. Gillmeyer,
George H. C. Bush,
Thomas C. Ford,
limper & Lucas,
F. II. Gibbons,
B. W. Hall,
G. S. Grammer,
McNeal & Co.,
J. K. Swain,
J. L. Stoner,
J. R. Jackson,
J. R. Crandall,
A. E. Kendall,
W. E. Coale,
Thos. M. Groves & Co.
W. A. Danskin,
C. H. Creamer,
Morgan, Lee & Co. t
James Robinson. I Thom are
E. T. Roberson. John Brown,
R. N. Mitchell,
Lott. & Exch. Office,
J. B. & C. Krantz,
thaitinson St Ws-art,
Lottery & Exchange,
PLACES OF BUSINESS.
N. E. corner Balt. & Calvert streets,
Museum Building, Baltimore st.
Between Holliday & South iu Balt. at.
Head of Centre market.
Balt. st. bet. St. Paul's lane& Chs, st.
Opposite R. R. Depot, Pratt st., Balt
5. W. corner of Pratt and Fred'k at.
Davis' Howl, Pratt, near South St.
No. 15 Penna. Avenue.
No. 20 do. do.
No, 162 Hanover st.
Holliday st., next door to the theatre.
Baltimore street, above Charles.
Ellicott's Mills, Md.
East Baltimore at., near the bridge.
No. '22 Light st.
Caroline and Gough st.
Franklin st., near Penna.,A venue.
Camden at. near R. R. Depot.
Payable at his wagon.
South Charles, near Baltimore street.
Corner of Fayette and St. Paul-sts.
Baltimore st.—store closed.
S. E. corner of Baltimore & Charles.
He is now in jail awaiting trial.
Lion, with stunlry spurious trash, signed John Smith,
End no local place or habitation for them.
A visit to The Mechanics Savings Fund revealed that at its
office, at 12 South Street, "one door from Lovely Lane," not a
shadow of a ghost was to be seen in its vicinity and upon its
closed doors were written the words, "Not dead—but gone to
The final stop on the "tour" was at the City Trust Savings
Institution at No. 1 North Howard Street, described as "an
institution which the city did not appear to trust in any shape
whatsoever. It died almost before it lived."
At the conclusion of the "tour," the editors published a list-
ing of "all the Banks, Savings Institutions, et cetera issuing Notes
under $5" that were circulating in Baltimore, so that readers
would know where to go without a guide. The following day,
Sept. 12th, an updated version was published. Incidentally,
this tabulation has been of considerable use in the
identification of a few notes that had long been a mystery, as
well as the confirmation of the exact status of several others.
Amusingly, The Baltimore Clipper, despite its editorial opposi-
tion to small notes, continued to advertise its availability to
print notes of good quality quickly and inexpensively "for
Corporations, Private individuals, Country Merchants, Tavern
Keepers, Institutions, etc., etc."
In summary, the "editorial tour" and the listing of small
note issuers confirmed that four issuers had closed down dur-
Paper Money Whole No. 182
ing the first day or two of the concerted runs on the shinplaster
banks, i.e., The Patapsco Savings Fund, The Baltimore Savings
Institution, The Mechanics Savings Fund, and The City Trust
Savings Institution. The remaining few stayed open for vary-
ing lengths of time, but all had ceased issuing scrip by the
spring of 1842 when the banks resumed payment of specie in
the redemption of their notes, thus ending the need for small
change scrip. The resumption of specie payments by the banks
was the result of the enactment by the General Assembly of
Maryland of a law, effective May 1, 1842, requiring Maryland
banks to redeem their issues in gold or silver under penalty of
forfeiture of charter for failure to do so. ■
BENICE (Continued from page 71)
surer of the Public Schools, Foreman of the Fire Company and
an officer in the Masons and the SPCA. He died on August 10,
This survey of Sing Sing illustrates the various types of bank-
ing institutions and paper money that flourished in the 19th
century as well as the types of people and business establish-
ments involved in issuing paper money.
The author would like to thank Russell Kaye, Frank Levitan and Doug
Walcutt for providing notes for illustrations supplementing those in
my collection. I would also like to acknowledge the assistance pro-
vided by Bruce Hagen, the Ossining Historical Society, the Westchester
County Historical Society and the New York State Archives.
The Bank for Savings of Ossining, N.Y. celebrating 100 years of service to
this community. (1954).
Biographical history of Westchester County New York. (1899).
Chicago:Lewis Publishing Company.
Carothers, N. (1930). Fractional money, New York.
Catalogue of Mount Pleasant Academy. (1914). Ossining.
Certificate of organization of the Bank of Sing Sing. (July 6, 1853).
Haxby, J.A. (1988). Standard catalog of United States obsolete bank notes.
Iola, WI:Krause Publications.
New York Times. (August 12, 1913).
Ossining Democratic Register. (April 11, 1903, April 25, 1908, August
Reynolds, F.L. (1922). Reminiscences of Ossining. Ossining, NY.
Rice, F.W. (1961). Antecedents of the American Bank Note Company
of 1858. Essay-Proof Journal Nos. 71 & 72.
Scharf, J.T. (1866). History of Westchester County New York. Philadel-
phia, PA:L.E. Preston & Co.
Secretary's minutes, Sing Sing Savings Bank. (May 18, 1854-February 9,
Sing Sing Citizen Register. (December 29, 1888).
Sing Sing Democratic Register. (July 26, 1882, January 19, 1901).
Sing Sing Republican. (December 13, 1860, January 10, 1861, July 17
and 31, 1862, August 7, 1862, October 27, 1883, February 9, 1884,
December 9 and 12, 1886, December 27, 1888).
Westchester Herald. (April 1 and 8, 1851).
The Currency of Africa: a book of postcards. Thirty postcards,
soft-cover, The Newark Museum, P.O. Box 540, 49 Washing-
ton St., Newark, NJ 07101. $8.95 plus $2.50. For five or more,
write for terms.
Thirty bank notes from Africa have been reproduced on 30
oversize postcards in a booklet; each may be removed for mail-
ing. This small sampling from the Museum's collection reflects
the diversity of African countries.
In the introduction, William L. Bischoff, Curator of Numis-
matics at the Newark Museum, states that "The scholarly study
of African paper money is still in its infancy ... it begs for inter-
pretation in historical, technological, economic and artistic
terms." There is mention that the Ghana unit of cedis is de-
rived from the indigenous word for cowries, shells once used
as currency in Africa and elsewhere.
The Belgian Congo 100 francs (face), P(ick) 17, Cameroon
Republic 1000 francs (back), P1 and the Mali 1000 francs
(back), P4 are just three of the 30 postcards. These attractive
postcards will surprise and please the recipient. However, I
think those who purchase the booklet will be tempted to re-
tain it as they receive it. (Ed.)
A Primer for Collectors
by GENE HESSLER
EOPLE, subjects and events portrayed on United States
obsolete paper money will often help to tell stories.
There are so many different types of locomotives—
including one of the earliest types—and ships of all types, that
one could present a history of both with obsolete bank notes.
A few inexpensive canceled stock certificates, especially those
issued to finance railroad and shipping companies, would
make your story even more interesting.
To tell the story of the United States, look no further than
U.S. obsolete bank notes. There are Revolutionary and Civil
War military heroes, monuments, Presidents, and what is most
important—people of all types at work in the country and in
the city. These notes accurately reflect how people in the United
states lived and worked.
To tell an abbreviated story of the founding of America you
will need only two notes: one that includes the Battle of Lexing-
ton and another that shows the signing of The Declaration of
For a visual reminder of the events that took place on April
19, 1775 in Concord and Lexington, which were recaptured
in Emerson's Hymn that ended with the "shot heard 'round
Paper Money Whole No. 182 Page 77
the world," there are notes the have an engraving of the Battle
of Lexington; the most inexpensive one is probably the $5 note
from the North Western Bank of Georgia, in Ringold.
It was this event that forced the Continental Congress to
authorize the loan of June 3, 1775 for £6,000,000 to purchase
gun powder. The first Continental currency was issued one
month earlier; it had the date of May 10, 1775.
One year later on July 4, 1776, after months of painful de-
liberation by representatives in the Continental Congress, the
Declaration of Independence was signed. The effect of pen on
paper, silent as it may have been, was also heard 'round the
The least expensive obsolete bank note that includes John
Trumbull's Declaration of Independence in the design is the $10
note from the Bank of Michigan in Marshall. This and the pre-
viously mentioned note, in average circulated condition,
should cost no more than $50 or $60 dollars.
If you want to save half of the $50 or $60, visit your local
bank and ask for a $2 Federal Reserve note. The back of the
current $2 bill has an engraving of Trumbull's Declaration of
Independence. Most people refuse to use these notes. However,
most banks have them, and if they don't they can order them.
Over 500 million with the 1976 date were printed; therefore
you have access to as many as you want.
The original engraving by Frederick Girsch was first used on
the back of the $100 first charter national bank note. The ver-
sion on the back of the $2 note deletes the following signers:
George Wythe (VA), William Whipple and Josiah Bartlet (NH),
Thomas Lynch (SC), Thomas McKean (DE), and Philip
Livingston (NY). These images were cropped from the extreme
left and right.
If you have visited the U.S. Capitol Building in Washington,
DC you probably remember seeing John Trumbull's gigantic
painting of the Declaration of Independence, one of seven his-
torical paintings that relate to the history of our country.
The bank notes identified here, serving as historical book
ends, capture two of the most important events in the early
days of our country. They would look nice framed together.
(Copyright story reprinted by permission from Coin World, Aug. 22,
Our librarian Roger Durand, is in the midst of getting some of
our loose issues bound. We decided to do this to extend the
life of materials and for easier use. PAPER MONEY is one of
the main periodicals to be bound. It occurred to me that some
of our members might want to do the same, and if you do,
please contact Roger and he can let you know the costs.
I am happy to report that Peter Huntoon's new book, pub-
lished by your Society, is nearly done and it will be in some of
your hands before you read this. If you ever said "I wonder"
about some aspect of a NATIONAL BANK NOTE, you will want
a copy of this book.
John Hickman would be proud of all the help that is com-
ing forth in sharing of known notes. This will keep the pres-
sure on to bring out the third edition of the Standard Catalog of
National Bank Notes that he wanted to see done.
Memphis is just around the corner. I hope that you will be
able to be there. It is always a great show and a gathering time
for SPMC members. It looks like 1996 will be a banner year
for paper money collectors. Dean Oakes, Pres.
A letter to the editor in the January 1996 American Philatelist
grabbed my attention; I thought it worth bringing to your at-
A collector of seventy years transferred his most valuable
stamps to a small fire-proof safe in his home. After an un-
's Corner identified period he openedEditor the safe to retrieve some se-
8 curities, and to his horror thebooks containing his "stamps
were almost dripping with
moisture even though the se-
curities and box" in which
they were kept were dry.
"Some of the single stamps
were an unrecognizable pulp.
The Showguard mounts were stuck to the plastic sleeves and
also to the front of the stamps, even though they were not
stuck to the gum side."
The manager of a large safe sales firm told him "the so-called
fire-proof safes had some sort of chemical material impreg-
nated in the insulation which gave off moisture when heated.
He said that this was apparently a proprietary secret, as he had
not been able to learn what it was in his thirty years in the
A Note From the Secretary
ANNUAL MEMBERSHIP CARDS
Each active member of the Society was recently sent a mem-
bership card along with their 1996 dues statement.
I have received approximately 1100 dues payments so far,
and nearly 1/4 of the members returned their membership
cards. This has been the trend for several years.
The SPMC By-Laws require that each member be furnished
with a membership card. These cards are sent out "blank," and
each member is asked to fill out their own card and keep it.
I have been a member of the SPMC since 1978, and I proudly
carry my SPMC membership card. However, I have never had
occasion to show my membership card at an SPMC function,
or any other event.
QUESTIONS: Has the annual membership card outlived its
purpose? Should the By-Laws be amended to delete the re-
quirement that each member be furnished with a member-
ship card? Should we request that any member who desires a
membership card be instructed to send the Secretary a SASE
NEW MEMBERSHIP COORDINATOR
NE Judith MurphyW P.O. Box 24056Winston Salem NC 27114
Paper Money Whole No. 182Page 78
8950 Rich Califano, 2108 S. Bouvier St., Philadelphia, PA 19145; C.
8951 Clayton Boutchyard, 102 Camden Dr., Fredericksburg, VA
8952 Clayton Bryant, P.O. Box 4373, Corpus Christi, TX 78469; C.
8953 Curtiss Sibley, 5750 Sunset Drive, South Miami, FL 33143; C.
8954 Gad I. Carmon, 29 Gdaliahu Street, Haifa 32587, Israel; Po-
land, Baltic states, concentration camp notes.
8955 Barry Johnson, 201 3rd Avenue West, Hendersonville, NC
28739; C, Series 1934 $500 & $1000 notes.
8956 Jack B. Welch, 11811 Linbar Drive, Hagerstown, MD 21742; C,
Col., frac. & MD obsoletes.
8957 William D. Quarles, 1 East Chase Street, Apt. 505, Baltimore,
MD 21202-2557; C, U.S. sil. cert.
8958 Walter Hunt, 906 Eastside Street, SE, Olympia, WA 98501; C,
8959 Jim Graney, 722 24th Square, Vero Beach, FL 32962; C&D, U.S.
8960 Mike DeWine, 190 Longview Heights, Athens, 01-I 45701-3340;
C, Large-size U.S., esp. $2 OH NBN.
8961 William R. Hurshman, 31 Hope Street, New London, CT 06320;
C, Obsoletes & NBN.
8962 Lawrence Cutler, 52 East 72nd Street, #11, New York, NY 10021;
8963 Charles E. Doyle, 417 Coast Boulevard, La Jolla, CA 92037; C,
8964 Mark A. Cam nker, 5752 N. Paseo Otono, Tucson, AZ 85750;
8965 Antonio Fernandez, 2965 NW Flagler Terrace, Miami, FL 33125-
5039; C, World paper money.
8966 Mark R. Browder, 3760 Tinkle Star Drive, Las Vegas, NV 89115;C,
Lg. & sm. size U.S. notes.
8967 Ferdinand M. Gentile, 1 Rambling Meadow Court, Tinton Falls,
NJ 07724; C, Col. & C.S.A.
8968 Alan J. Nathanson, 39 Chimney Hill, Middletown, CT 06457;
C, Lg. size U.S. & C.S.A.
8969 Richard L. Horst, 570 Big Valley Drive, Colorado Springs, CO
8970-I Jason G. Werner, 1230 Thomas Avenue, Apt. B, Pacific Beach,
8156 Jimmy Lowe, 4695 Pine Avenue, Saraland, AL 36571; REIN-
STATEMENT, 1929 AL NBN.
98 Laurence A. Miller, M.D., 518 West Oak, North English, IA
52316; REINSTATEMENT, IA NBN.
Paper Money will accept classified advertising from members only on a basis of
151 per word, with a minimum charge of $3.75. The primary purpose of the ads
is to assist members in exchanging, buying, selling, or locating specialized ma-
terial and disposing of duplicates. Copy must be non-commercial in nature.
Copy must be legibly printed or typed, accompanied by prepayment made pay-
able to the Society of Paper Money Collectors, and reach the Editor, Gene Hessler,
P.O. Box 8147, St. Louis, MO 63156 by the first of the month preceding the
month of issue (i.e. Dec. 1 for Jan./Feb. issue). Word count: Name and address
will count as five words. All other words and abbreviations, figure combina-
tions and initials count as separate. No check copies. 10 0/a discount for four or
more insertions of the same copy. Sample ad and word count.
WANTED: CONFEDERATE FACSIMILES by Upham for cash or trade
for FRN block letters, $1 SC, U.S. obsolete. John W. Member, 000 Last
St., New York, N.Y. 10015.
(22 words: $2: SC: U.S.: FRN counted as one word each)
OLD STOCK CERTIFICATES! Catalog plus 3 beautiful certificates
$4.95. Also buy! Ken Prag, Box 14817PM, San Francisco, CA 94114.
Phone (415) 566-6400. (182)
OHIO NATIONALS WANTED. Send list of any you have. Also want
Lowell, Tyler, Ryan, Jordan, O'Neill. Lowell Yoder, P.O.B. 444, Hol-
land, 01-1 43528, 419-865-5115. (185)
NEW JERSEY—MONMOUTH COUNTY obsolete bank notes and scrip
wanted by serious collector for research and exhibition. Seeking is-
sues from Freehold, Monmouth Bank, Middletown Point, Howell
Works, Keyport, Long Branch, and S.W. & W.A. Torrey-Manchester.
Also Ocean Grove National Bank and Jersey Shore memorabilia. N.B.
Buckman, P.O. Box 608, Ocean Grove, NJ 07756. 1-800-533-616
WANTED: NEW YORK FOR PERSONAL COLLECTION. TARRY-
TOWN 364 & 2626, MOUNT VERNON 8516 & 5271, MAMARONECK
541 1 & 13592, Rye, Mt. Kisco, Hastings, Croton on I ludson, Sommers,
Harrison, Sing Sing, Ossining, White Plains, Irvington, Bronxville,
Ardsley, Crestwood, New Rochelle, Elmsford, Scarsdale, Larchmont,
Portchester, Tuckahoe, Mt. Vernon, Peekskill, Pelham, Hartsdale,
Chappaqua. Send photocopy, price: Frank Levitan, 4 Crest Ave.,
Larchmont, N.Y. 10538-1311, 914-834-6249. (187)
LEBANON WANTED. Private collector pays top prices for paper money
from Lebanon in any condition. Also buying worldwide paper money.
Please contact: MH1-1, 6295 River Run Place, Orlando, FL 32807 USA.
STOCK CERTIFICATE LIST SASE. Specials: 50 different $19. five lots
$75. 15 different railroad stocks, most picturing trains, $20. five lots
$80. Satisfaction guaranteed. Always buying. Clinton Hollins, Box 112-
P, Springfield, VA 22150-0112. (190)
NYC WANTED: Issued NYC, Brooklyn obsoletes; issued/unissued ob-
soletes from locations within present-day Manhattan, Brooklyn, Bronx,
Queens, Staten Island. Steve Goldberg, Box 402, Laurel, MD 20725-
BACK ISSUES OF BANK NOTE REPORTER mostly complete since
5/79 to current (missing 4 issues). Also have some 1974, 1977. $1 per
issue, $10 per year, $100 for set; postage extra. Roger Moulton, 3707
Waltham Ct., Yardley, PA 19067. (182)
WANTED: PARK BANK, NEW YORK, any denomination. Clark Nixon,
P.O. Box 965, La Crosse, WI 54602-0965.
WW II MILITARY CURRENCY MY SPECIALTY! Periodic price lists
for 55S SASE; MPC, Philippine Guerilla, Japanese invasion, world
coins-paper-stamps, U.S. coins-paper-stamps, Confederate, obsoletes,
FRN, stocks-bonds. 702-753-2435. Edward B. Hoffman, P.O. Box 6039-
S, Elko, NV 89802-6039. (186)
SELLING NATIONALS: Guntersville, Pine Bluff, Weed, Trinidad
Winsted, Fernandina, Milledgeville, Salmon, Hegewisch, Wadesville,
Winterset, Hiawatha, Hodgenville, Arcadia, Calais, Rising Sun,
Braintree, Ypsilanti, Biloxi, Sedalia, Ord, Reno, Somersworth, Cranbury,
Raton, Ballston Spa, Mebane, Devils Lake, Mingo Junction, Sapulpa,
The Dalles, Wilkinsburg, Pawtucket, Spartanburg, Wilmot, Schwertner,
Bluefield. 48 states, free list (specify state). Joe Apelman, Box 283,
Covington, LA 70434. (184)
DAMAGED Southern States and Confederate wanted. Jim Sobery, 6617
Sienna, Norcross, GA 30092.
Rare Kirtland, Ohio $100
Important Historical Mormon Issue
533 Kirtland, Ohio, The Kirtland Safety So-
ciety Bank, OH-245. $100. Haxby. G-18.
EF. Dated July 4, 1837. Serial: 113. Made
payable to Joseph Smith. Signed by War-
ren Parrish as cashier and Frederick G.
Williams as President. The central vi-
gnette features the signing of the Decla-
ration of Independence. The writer Alvin
E. Rust described the issues of this bank
as "the first Mormon currency endeav-
our." Very rare denomination.
Mira vu III II LUCK'
Iti:Ift:EHAIPM IN GOLD
■••■:11:•■ 9(11.1at It S
Paper Money Whole No. 182 Page 79
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Paper Money Whole No. 182
UNITED STATES CURRENCY
BOOKS FOR SALE
PAPER MONEY OF THE U.S. by
Friedberg. 14th Edition. Hard Bound. $18.50
plus $2.50 postage. Total price $21.00.
COMPREHENSIVE CATALOG OF
U.S. PAPER MONEY by Gene Hessler.
5th Edition. Hard Cover. $29.50 plus $2.50
postage. Total Price $32.00.
NATIONAL BANK NOTES by Don
Kelly. 2nd Edition. Hard Cover. List all
national bank notes by state and charter
number. Gives amounts issued and what is
still outstanding. 435 pages. $31.50 plus
$2.50 postage. Total Price $34.00.
THE ENGRAVER'S LINE by Gene
Hessler. Hard Cover. A complete history of
the artists and engravers who designed U.S.
Paper Money. $75.50 plus $3.50 postage.
Total Price $79.00.
U.S. ESSAY, PROOF AND
SPECIMEN NOTES by Gene Hessler.
Hard Cover. Unissued designs and pictures
of original drawings. $14.00 plus $2.00
postage. Total Price $16.00.
P.O. BOX 355, DEPT. M • ENGLEWOOD, OH 45322
Paper Money Whole No. 182 Page 81
Pay over "bid" for many
Pay over "ask" for some
Pay over Hickman-Oakes for many nationals
Pay cash - no deal too large.
All grades wanted, Good to Unc.
at 75, I can't wait.
Currency dealer over 50 years.
A.N.A. Life #103 (56 years)
P.N.G. President 1963-1964
910 Insurance Exchange Bldg.
Des Moines, IA 50309
Buy: Uncut Sheets — Errors — Star Notes — Checks
Confederate — Obsolete — Hawaiiana — Alaskiana
Early Western — Stocks — Bonds, Etc.
Page 82 Paper Money Whole No. 182
NATIONAL BANK NOTES
A COLLECTOR'S SCHOLARLY APPRAISAL OF THE REVISED NEW RARITY SCALE
28 November, 1995
I have recently received your kind letter which further detailed your effort to introduce a new
rarity scale for National Bank Notes. Congratulations on convincing Mr. Don Kelly to list uncut sheets
separately. Compromises of this nature are important to gaining full acceptance of your scale by a
wider range of collectors.
I have also read, with interest, your advertisements in "Bank Note Reporter" and the SPMC maga-
zine "Paper Money." Your effort to bring your proposal to as many collectors as possible, at what must
be a notable personal expense, is a clear evidence of your conviction.
My efforts to introduce the New Scale to other Bank Note collectors has been a lesson in the
difference between trying to teach a new trick to old dogs, and teaching the same trick to young pups.
I have discussed your scale with several of my acquaintances, and it seems that I am able to break them
A. New or relatively inexperienced collectors: These collectors seem to like the structure of your
scale and seem willing to use it. I think that they would use it without exception but for one reason;
your scale is not yet employed in the major catalogs. Thus, when they are determining rarity, they
continue to refer to "Hickman-Oakes," "Hessler," "Krause/Lemke," "Friedberg" or "Wolka" rarity
scales, unless they are well acquainted with each other and know the "McDannel" scale through
discussions with me or another Bank Note collector familiar with, and supporting, your campaign.
B. Experienced collectors, who collect both separate notes and full sheets: These collectors seem
willing to use the "McDannel" scale, especially when referring to uncut sheets. I have worked with
a few of these and assisted them in determining where, on the "McDannel" scale, their collected
sheets would fall. This is not a simple task, as I am sure you are aware, because not a lot of
information is readily available on the number of uncut sheets known to exist for many nationals.
C. Experienced collectors who do not collect uncut sheets: Unfortunately, I have had little success
with these collectors. Not that I have had no success, I have just not had a lot of success. Your scale
is nearly opposite, in number sequence designation, to many of the scales currently used. I believe
this to be primarily a psychological barrier. I cannot speak poorly of these collectors. Many of them
are nearly half again as old as I am (in their 60's and 70's), and are set in their ways. None of them
speak poorly of your proposal though, and all are quick to understand and grasp the standardiza-
tion that could be realized by using the "McDannel" scale.
My conclusions, from the few months I have been able to test the climate for acceptance of the
"McDannel" scale, lead me to these observations:
A. Most new collectors would readily accept your scale, and would immediately begin using your
scale in conjunction with the "Hickman-Oakes," "Hessler," "Krause/Lemke," "Friedberg," and "Wolka"
scales, should your scale be employed in a major standard catalog.
B. Most experienced collectors that dabble in both the separate notes and uncut sheets would
willingly adapt to the "McDannel" scale should the scale be employed in a major standard catalog.
Further, I feel that the "McDannel" scale would be used exclusively for uncut sheets (within a few
Paper Money Whole No. 182 Page 83
WHY NOT? FEEDBACK
C. Many of the highly experienced single note collectors will have to be coaxed into using the
"McDannel" scale. I do not believe force is needed or called for, in time they will adapt. What comes
to mind here is Galileo attempting to influence "Flat Earth" and "The Earth is the Center of the
Universe" schools in the early 1600s. The Vatican has only recently issued a formal pardon to
Galileo for his heretical thoughts.
My conclusion is, should your scale be published alongside other, more commonly known, scales,
you would be well accepted and used in reference (within a few years). Perhaps getting advertisers to
use your scale in "Paper Money" and "BNR" would be a good start point (followed by a later catalog).
I hope that I have provided you with adequate feedback on your effort. As I have said before, do not
be discouraged by the initial resistance.
Every successful endeavor takes time. You have my support.
LARRY D. McNABB (SPMC, ANA, INS)
3220 N Street, N.W., Suite #245
Washington, D.C. 20007
1/1/96 Dear Ken:
Happy New Year! Sorry I haven't written sooner. Thank You for your Rarity Scale. I am very
impressed. You have put a lot of thought into evolving your scale.
As with anything new, it takes time for people to change. Once your scale is used by more and more
collectors and dealers, more people will catch on.
Keep up the GOOD WORK and keep getting the WORD OUT. Best Wishes in '96.
JAMES DALE, P.O. BOX 454, Syracuse, NY 13206
WHY NOT A NEW RARITY SCALE THAT MORE ACCURATELY DENOTES TRUE RARITY?
RARITY * UNKNOWN 0 notes
KEN McDANNEL SPMC 1836 8 5, 6
7 7, 8, 9
NATIONAL BANK NOTE 6 10, 11, 12
5 13, 14, 15
RARITY SCALE 4 16 to 20
3 21 to 35
FEB. 28, 1995 2 36 to 50
1 over 50
FREE NATIONAL BANK NOTE SCALE
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Paper Money Whole No. 182
MYLAR D CURRENCY HOLDERS
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SIZE INCHES 10 50 100 250
End Open 83/4 x 14 1 /2 $13.00 $60.00 $100.00 $230.00
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Map and Bond Size
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Paper Money Whole No. 182 Page 87
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