VOL. XXXV No. 3
WHOLE No. 183
"st '1144 ' '.1V■14'
4 , •
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'rms Cmicri ri s e 'rms . ! . •
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Paper Money Whole No. 183 Page 89
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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Society of Paper Money Collectors, Inc., 1996.
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Vol. XXXV No. 3 Whole No. 183 MAY/JUN 1996
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IN THIS ISSUE
A REVIEW OF THE WORK OF ROBERT LAVIN
MARK D. TOMASKO 01
MISSISSIPPI MONEY: A CHALLENGE
Forrest W. Daniel 98
NEW JERSEYS TORREY RAILROAD SCRIP: A MISSING LINK
David D. Gladfelter 100
$50 & $100 RED SEAL FEDERAI. RESERVE NOTES
Frank A. Nowak 102
Bob Cochran 106
CHARTER NUMBER AND TYPE LISTING OF CONNECTICUT
NATIONAL BANK NOTES
Harold I. Andrews 107
THE BUCK STARTS HERE
Gene Hessler 109
JERSEY CITY'S LABOR BANK
Michael G. Kotora 110
THE GREEN GOODS GAME
Forrest W. Daniel 113
REFLECTIONS OF JOHN HICKMAN 114
STANDARDIZING CURRENCY GRADING—AN OPINION
Brad Vautri not 114
SPMC BOARD MEMBERS
ON THE COVER. See Mark Tomasko's article for more about his
vignette and additional work by Robert Lavin.
For change of address, inquiries concerning non -delivery of PAPER
MONEY and for additional copies ofthis issue contact the Secretary; the
address is on the next page. For earlier issues contact Classic Coins, P.O.
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BUYING and SELLING
CSA and Obsolete Notes
CSA Bonds, Stocks &
Extensive Catalog for $3.00,
Refundable With Order
P.O. Box 761, Camden, SC 29020 (803) 432-8500
Paper Money Whole No. 183
ROM before the time of Foringer's death in 1948 to
the early 1960s, American Bank Note struggled to find
suitable artwork for vignettes. Vincent Aderente, Jean
Van Noten, Ohrvel Carlson, and a number of others each did
a few paintings for American Bank Note on a trial basis. Per-
haps more than anything else, the paintings and drawings by
many of these artists lacked attractive, pleasing people—faces,
poses, and bodies. While "color" (i.e., tone variation) is cru-
cial in a painting for a vignette, appealing, attractive people
are also crucial for good allegorical and decorative vignettes.
The best engraving will not redeem an unattractive, inferior
piece of artwork. An engraving can only be as good as the un
Enter Robert Lavin. Mr. Lavin is a native New Yorker, who
was graduated from City College of New York in 1939 and
later attended the National Academy Art School. He was a
fighter pilot in the Marine Corps during World War II, and
after the war was an illustrator for magazines and advertising
firms. From 1951 to 1955 Lavin was a member of the Charles
E. Cooper Studios, the top group of cover girl illustrators in
the U.S. It was an experience that proved very useful in the
development of his vignette art. He left Madison Avenue to-
ward the end of the 1950s and decided to specialize in paint-
ings for industry, especially the steel and petroleum industries,
for which he later achieved considerable success. Figure 1 shows
Mr. Lavin posing in the early 1980s for Lavin No. 54 (see dis-
About the time Mr. Lavin left the advertising industry, he
was approached by Tom Cox of Wallach-Cox Associates, Inc.,
who represented American Bank Note. Cox told Lavin that
Lavin's name had been mentioned as someone who might be
Paper Money Whole No. 183
Review of the Work of
Kahert I a vin
by MARK I). TOMASKO
There have been only two or three successful
vignette artists in the twentieth century. One was
Alonzo Earl Foringer, whose several hundred paint-
ings for the American Bank Note Company from
1915 to 1948 set the standard for allegorical and
decorative vignettes for over half a century. Another
is Robert Lavin, whose series of fifty-five vignettes
(plus additional specials) for American Bank Note
Company between 1962 and 1983 brought vignette
art into the late twentieth century and continued
the American Bank Note tradition of timely and
able to create vignettes. Lavin did not know what vignettes
were—he originally thought that they were the borders of stock
certificates—and told Cox no, that some mistake had been
made. Cox persisted, saying that the art director of Newsweek
had recommended him based on the covers that Lavin had
done for that magazine, and Lavin finally agreed to see Cox
the following week. When Lavin subsequently appeared in the
Wallach-Cox offices, he was shown several Foringer paintings
and was told "Foringer did these for forty years and he died
around ten years ago, and we've tried one artist after another
and they've all failed." Apparently the Foringer vignettes, while
beautiful, were looking increasingly dated by the early 1960s
(we've probably come full circle because in many respects they
Paper Money Whole No. 183
are highly admired today), and comments were beginning to
be made at the Stock Exchange and by customers. When Bob
Lavin asked Tom Cox how much the Bank Note Company
paid for the work, Cox told him $1800 for a single figure and
more for multi-figure paintings, and that the Company needed
about ten each year. For an artist/illustrator just going out on
his own, this was a significant opportunity. Bob Lavin relates
that up to this point he had not been concentrating very well,
but once he heard the dollar amounts, he said, "I haven't been
listening very well. Could you go over that again?"
Bob Lavin agreed to do one painting to see if American Bank
Note liked it. He did a sketch of a woman seated on a pedestal
holding a globe, with a modern city to the left and a highway
to the right. After various comments and adjustments in July
and August of 1962, relating to the shape of the globe, the
symmetry of the vignette, and other issues, Lavin was asked to
prepare the painting. A letter dated 30 August 1962 from Wil-
liam R. Barrett, the first Vice President of American, to Tom
Cox, contains this enthusiastic response to Bob Lavin's initial
work: "The figure is most attractive and in my opinion this is
exactly the type of vignette for which we have been striving."
Notice that "attractive" was the primary criterion that Barrett
Bob Lavin used models for his paintings. He photographed
them in various poses and sometimes used elements from sev-
eral different photographs for his painting. Figures 2 and 3
illustrate the two primary poses that Lavin used for the paint-
ing. Note that in both photographs the sketch is on the floor
in front of the model to guide her in the pose. Figure 4 shows
the painting, from which the engraver worked. Lavin used the
head and feet positions of the one photograph and the arms
of the other. The model for this painting was Lisa Karen.
The photograph in Figure 3 illustrates something that virtu-
ally never appeared in Bob Lavin's work: an exposed breast.
Foringer quite frequently used partial nudity, mostly bare
breasts. Lavin, however, considered such nudity sexist, and with
the realization that over half of the stock in the United States
is held by women, he decided that there would be no such
sensitive nudity in his vignettes. And there never was, except
for one famous special vignette, mentioned later, where nu-
dity was the express object of the client.
Lavin No. 1 was not used on many New York Stock Exchange
listed companies. It shows up most frequently with an altered
background on the Atlantic Richfield Corp. stock certificate. It
was used on bonds of The Cooper Companies in the late 1980s,
but saw its greatest use on "tints," a certificate where all the
engraving is in one color, and the company name and text are
printed by lithography. The Beaver Creek Industries, Inc.
certificate (Fig. 5) is an example. Such certificates are used for
American Stock Exchange and NASDAQ companies. Because
it was used on these single-plate "tints," Lavin No. 1 can be
seen in a variety of colors, virtually the only Lavin vignette for
Paper Money Whole No. 183 Page 93
BEAVER CREEK INDUSTRIES, INC.
INCORPORATED UNDER THE LAWS OF THE STATE OF IOWA
which that is the case. The vignette was engraved by Joseph
Keller. Keller's work was outstanding as he was American Bank
Note's best engraver of this era, and he executed a number of
the early Lavin vignettes. Lavin No. 1 was a great start for Bob
Lavin's work with American.
Mr. Lavin pioneered some interesting innovations in vignette
an. One involves his technique. He describes his paintings as
being painted in the baroque style, where most pans of the
body are in different planes. Lavin No. 1 illustrates this prin-
ciple if one notices the angle of the head, that of the torso, and
the positions of the legs and of the arms.
Another issue Lavin paid particular attention to was that of
costumes for the models. Bob Lavin found that one costume
company, whose "Greek and Roman" attire seemed to be used
mostly for school plays, was the primary source. Ile decided
to try something different, and he relates the very amusing
situation of going with his wife to Bonwit Teller, then one of
New York's finest department stores, and selecting quality neg-
ligees and similar garments for females obviously not of his
wife's size. And, to top it off, he had her use her credit card!
Evidently the clerks were amazed. ...
Lavin No. 2 illustrates an innovation in vignettes too. Lisa
Karen appears again, photographed from below, walking. It is
an unusual motion vignette. Figure 6 illustrates one of the
photographs used to do the painting, while Figure 7 shows
the painting and Figure 8 has the vignette (engraved by Joe
Keller) on The Singer Company stock certificate in 1968. It
was a heavily used vignette, with several variations.
As the years went by, Bob Lavin occasionally did as many as
five paintings in a given years, but more often only several.
The routine became somewhat familiar. First, Lavin would do
some sketches representing various ideas, and show them to
American Bank Note. One sketch would be chosen, and Lavin
would proceed to do the painting. Lavin No. 30 illustrates the
process. The sketch can be seen in Figure 9. Lavin next hired
models, and shot a number of poses. Figures 10 and 11 illus-
trate the primary photographs used to do the painting shown
in Figure 12. This painting was turned into an engraving by
Kenneth Guy, one of America's best picture engravers of the
postwar generation (see article in Mar/Apr 1995 PAPER
MONEY). Figure 13 illustrates a die proof of the engraving.
The vignette has seen heavy use.
Bob Lavin brought more than artistic skill to his paintings;
he brought ideas.1 !wo paintings illustrating this are Lavin Nos.
14 and 45. (Paintings are shown in Figs. 14 and 15). Lavin
No. 14, symbolizing communications, has a number of de-
vices ranging from wood type to a horn to represent the con-
M 0 R E
THAN 100 SHARES
ELIO CUMULATIVE PREFERRED STOVE
WITHOUT PAN VALUE
;Covvembie on or Store My II, ICE) THE NGER COMPANY
$3.58 CUMULATIVE MIMEO STOCK ED
WITHOUT PLO VALUE
305,511311 300r teIete loll 51. 1118I E31 2 2
THAN IOU SHARES
Paper Money Whole No. 183
Paper Money Whole No. 183
cept. Though ABNCo salesmen did not particularly like the
vignette, the Gannett Company used it for years, and now a
telephone company is using it. Lavin No. 45, representing the
key to knowledge, is another interesting effort, though per-
haps Bob Lavin never anticipated how literally it would be
used. It was selected for the Corrections Corporation of America
stock certificate, a for-profit corporation running prisons!
One of the more unusual vignettes that Bob Lavin painted
is Lavin No. 8. The painting is illustrated in Figure 16. Obvi-
ously, this would be a difficult vignette for which to have a
model pose. Bob first had his wife Dorothy try posing for this
vignette to see if it might work. Then he posed the model seen
in Figure 17 (as usual, just one of several photographs used
for the painting).
Paper Money Whole No. 183
Most of Lavin's vignette art contained one, two, or three
figures, with the majority being one figure. He did two vignettes,
however, that had four or more figures, and they are worth
noting here. Lavin No. 48, engraved by Ken Guy, contains three
males and one female, representing various professions. Fig-
ures 18, 19, and 20 show models for these people, and Figure
21 contains the vignette. One of Lavin's most widely-used vi-
gnettes, it is a testimony to the late twentieth-century phenom-
enon of securities vignettes portraying actual working people
as opposed to allegorical figures, a representation that we might
call "capitalist realism."
The other vignette with four or more figures is Lavin No. 54,
known as the "mob" or "We the People" vignette. While some
additional people were posed for this vignette, many of the
people are taken from earlier Lavin vignettes. The most amus-
ing feature of this vignette is the fact that the artist included
himself in the painting. (His pose for the painting is shown in
Fig. 1). The vignette is illustrated on the Esselte Business Sys-
tems, Inc. certificate (Fig. 22), and Bob Lavin can be seen to
the immediate left of the man with the hard hat on the right
side of the globe. The vignette was engraved by Edwin Cranz,
a contemporary of Ken Guy's and one of the other outstand-
ing ABNCo picture engravers of the postwar era.
No summary of Robert Lavin's work for the American Bank
Note Company would be complete without a brief mention
of a very uncharacteristic but famous painting that he did for
an ABNCo client: Playboy. Lavin painted Willy Rey, Playmate
for February 1971, and Warrell Hauck did the engraving. Sup-
posedly the photo of Willey Rey did not have very good light-
ing for an engraving, so American had Lavin do a painting.
Figures 23 and 24, respectively, show the painting and the vi-
gnette on the certificate. It was not Lavin's finest work but prob-
ably his best known. Warrell Hauck, the head of American's
picture engraving department at this time, was, in fact, more
an etcher than a cutter, but did a good job here. The vignette
became one of American Bank Note's most famous, and the
number of one-, two- and five-share certificates outstanding
later drove Playboy to do a reverse stock split (one share for
every ten shares held; less than ten-share holdings are closed
out) to get rid of the certificate. It was replaced by Lavin No. 2
with a different background. The likely reason Playboy wanted
to rid itself of the collector's item certificate is that it costs ap-
proximately $35 per year to maintain a shareholder account
and thousands of one-, two-, and five-share accounts become
extraordinarily expensive. Only the Walt Disney Company
PAR VALUE $1.00
PAR VALUE $1.00
Paper Money Whole No. 183
seems to tolerate, or even encourage this situation, but they
may have marketing reasons for doing so.
Bob Lavin did various other special vignettes for American,
including the vignette for the U.S. Steel certificate (see Fig. 25).
The core of his work, however, are the fifty-five paintings in
the Lavin Series. Several of the fifty-five, though, were actually
specials too, such as the floating Mercury figure for the former
Gulf & Western Corporation, Lavin No. 10.
Robert Lavin gave American securities a modern appearance.
He quickly caught on to the need for good "color" (variations
in tone in a vignette), a factor that some of the other artists
never comprehended. He also was adept at depicting attrac-
tive females, and while he avoided what he called "sexist" de-
pictions of female nudity, he carried on the Foringer tradition
of obtaining the most attractive models and painting appeal-
ing, pleasing figures, especially females. He used more active,
interesting poses and was also schooled in symbolism and
mythology, providing fine ideas for allegorical vignettes. Per-
haps a more important contribution, however, was his trend,
growing more pronounced in the latter stages of the Lavin Se-
ries, of depicting ordinary people in business and work dress.
Still attractive, but no longer "beautiful" models. Office man-
agers, engineers, construction workers, and other ordinary
Americans. In fact, Robert Lavin probably defined a new "Capi-
talist Realism" art form for United States corporate securities.
Along with A. E. Foringer, Mr. Lavin ranks as one of the great-
est vignette artists of the twentieth century.
(See author's note on page 101.)
Page 98 Paper Money Whole No. 183
By FORREST W. DANIEL
While doing other research I came upon two newspaper items
which could lead to an important numismatic article about
the Special Warrants issued and circulated by the auditor's office
in the State of Mississippi in 1894. It appears the secret service
demanded immediate surrender of the warrants while Gover-
nor Stone continued to release the bills into circulation. The
items will appear later.
ERE is a chance for a collector with local interest to
become a researcher and writer and give the rest of us
the fine details of the issue. New writers are always
needed for PAPER MONEY and this can be a place to start.
Surely there is more to the story than made the national news.
I bought one of the warrants as a curiosity more than twenty-
five years ago but never, until now, realized that so much con-
troversy surrounded it. Someone, please tell me what else I
should know. Become the authority on Mississippi money.
This is not an empty challenge; having been a reference li-
brarian in a research library, I'll suggest an agenda to guide a
new researcher and others into state records and newspaper
files and suggest some details which can be documented. Ac-
cording to the warrant it was issued under the Act of February
10, 1894. Why were the warrants necessary? The legislative
I louse and Senate Journals for that session will follow the bill's
trail through both houses until approval by the governor. The
Session Laws record the final wording of the act. Sometimes the
journals summarize the debates of various bills—you might
get lucky. If not, newspapers report daily legislative action and
dates from the journal may shorten newspaper searches; but
be sure to scan all intervening-dated papers for additional com-
Was there any editorial comment when the bills were re-
leased on July 1; and how were they placed into circulation?
What was the local sentiment when the chief of the U.S. Secret
Service demanded recall of the bills? Check the State Archives,
they may have a file of Governor Stone's correspondence. You
might find the actual communication between the governor
and the secret service. Don't be too disappointed, though, if
you don't find the correspondence. At least you can say that
you made a thorough search; and you will have learned what
type of material is available for research and what has not been
By the middle of July 1894 most of the warrants were in
circulation. My copy is well circulated and hole cancelled. Is
that the usual condition of the survivors? Did the secret serv-
ice actually stop circulation of the warrants, were they recalled
or did they remain in service until the redemption date, Janu-
ary 1, 1896? How was the redemption funded and was it
prompt? Were all the warrants issued and how many were re-
deemed? How many remained outstanding? Those statistics
should appear in the annual reports of the state auditor and
state treasurer. Newspapers reported the warrants were to draw
two percent interest, but the documents say three percent; why
How did the cancelled warrants come to be available to col-
lectors: official sale as scrap paper or scavenged from a landfill?
Can such a record be found? Whose portrait adorns the note?
My note is dated July 1, 1894; are there other dates? These are
suggested possibilities for research. How many of the ques-
tions can be answered? Probably not all, but one has to give it
a try and then be satisfied with what can be learned from the
surviving records. What other points need evaluation from a
local point of view?
Inter-library loan is the resource that will serve the writer
who cannot spend time away from work or to travel a great
distance to do detailed research. If local libraries do not have
the legislative journals, session laws and the annual reports of
the various state departments, they may be borrowed from
larger or depository libraries for use in your home-town li-
brary. Newspaper files are often on microfilm and available
on loan. Ask your librarian about the entire inter-library loan
service; it is often free, but sometimes there is a small service
Archival searches must be made at the archives reading room,
but a preliminary inquiry should reveal whether the governor's
correspondence for that period exists and the proper proce-
dure to follow to examine it. They may even locate the mate-
rial for you; sometimes it does happen.
Remember, the librarian, archivist or museum assistant is
there to help you, and most of them will be very helpful. Don't
try to keep your project a secret; let the research assistant know
exactly what you want and why. Show them a warrant, or this
article; they may know if non-numismatic research about the
warrants has already been done and published. The archives
may even have reference samples on file. Someone might know
a shortcut to the records; it can save a lot of time.
Now, here are the news items I found. They will give you a
start. Good luck!
A Row on Between State and National Authorities.
Jackson, Miss., July 15.—The Mississippi legislature at its
last session passed an act authorizing the governor, the audi-
tor and the treasurer to issue treasury warrants in denomina-
tions of $5 should it become necessary to tide the state over
the financial panic. The issue was limited to $200,000 and the
warrants were to draw interest at the rate of 2 per cent per
annum, payable Jan. 1 of each year until the legislature meets
again in 1896. The warrants were made payable to bearer and
it was the intention of the legislature for them to pass as money
all over the state. Immediately after the passage of the act the
state contracted with the St. Louis Bank Note Company for
the printing of the warrants, and the first installment of $50,000
4v.kt 1-4PEVIALI NARR
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Paper Money Whole No. 183
Face and back of a well-worn 1894 Special Warrant from the State of Mississippi. The serial number is red
and the paper light green. The U.S. Secret Service said they too closely resembled United States currency.
was delivered to the state treasury and placed in circulation a
few weeks ago. Yesterday Gov. Stone received a dispatch from
W. H. Hazen, chief of the United States secret service at Wash-
ington, demanding that the governor send him all the unsigned
warrants that have not been placed in circulation. Mr. Hazen
also telegraphed the St. Louis Bank Note Company demand-
ing that the plates be turned over to the government.
In an interview to-day, Gov. Stone stated that he would not
comply with Mr. Hazen's demand in any particular, and that
the issue of the special warrants will be continued until the
full issue of $200,000 is completed. The state officials regard
Hazen's demands as an unwarranted interference and will not
treat it seriously. They say that the demands were based on the
assumption that these special warrants resembled too closely
United States currency and was violative of the statutes of the
United States. This is strenuously denied by Gov. Stone, who
says the act of the legislature is sustained by the best legal au-
thorities in the country. The auditor has telegraphed the St.
Louis Bank Note Company not to pay any attention to Hazen's
demands.—St. Paul (Minn.) Pioneer Press, July 16, 1894.
WILL BE CONFISCATED.
Mississippi's Governor Must Give up
Washington, July 16—Chief Hazen, of the secret service, was
to-day questioned as to what action would be taken by the
government in case the governor of Mississippi refused to dis-
continue, as indicated by this morning's dispatches, the circu-
lation of special warrants in close imitation of United States
notes. Chief Hazen did not care to anticipate a refusal by the
governor, but in case he did so the chief said he could see no
other course to pursue than to confiscate the plates and as many
of the warrants as could be found. These warrants were of the
exact size of the treasury or national bank notes, and of the
same general appearance even to the greenback, and as the
law against making anything in the similitude of obligations
authorized by the government was explicit there was only one
thing to do, and that was to enforce it. The question was
brought to the attention of the bureau by a Mississippi banker,
who stated that it was evidently the intention to make the
warrants circulate as money. Of course the treasury officials
do not question the right of the state to issue warrants, their
only contention being that the warrants should not be printed
in imitation of United States notes.
St. Louis, July 16—Inquiries at the office of the St. Louis
Bank Note Company, engravers and printers of the Mississippi
state warrants, to which the United States secret service has
taken exception (having ordered their immediate surrender to
the officers of the government), revealed the fact that the en-
tire issue of warrants has been completed and shipped to the
Mississippi authorities. It is therefore impossible for the com-
Continued on page 101
// //////// • :/// ////://...//; 71/4, .4" //;',/(,/,;
('// r%/1"1,717/////,/ /771',///.1 (// ././///yi
Written date signed by W' Lewis.
///7,-.7« /// / ////I ai l
(v/( / /// 7/vv./J .C(7 f /
Printed date signed by E. Torrey.
Page 100 Paper Money Whole No. 183
NEW JERSEY'S TORREY RAILROAD SCRIP:
A MISSING LINK
by DAVID D. GLADFELTER
In a thoroughly researched series of articles appear-
ing in this journal during 1983, William S. Dewey
concluded that the series of scrip notes issued from
1861 to 1863 by S.W. & W.A. Torrey of Manches-
ter, NJ, in eight denominations ranging from 5
cents to $5 were railroad "company store" scrip,
used to pay workmen who constructed the Raritan
& Delaware Bay Railroad, a business venture of the
Torrey brothers. All of the notes show a train at
the shore as a central vignette, although none
specify the town of issue.
FIER studying 156 examples of the notes, Dewey
identified 32 possible varieties, 15 of which he stated
"have not been observed and may not exist at this
time." The earliest group of notes in Dewey's study had hand-
written dates of May 1 and June 1, 1861, and included none
of the four fractional denominations. These notes were issued
before the Torrey company store in Manchester was opened
for business. Dewey concluded, from contemporary newspa-
per advertisements, that these hand-dated notes had been is-
sued for use in a temporary Torrey store in Lower Squankum,
a place about 15 miles northeast of Manchester, along the rail-
road line. Later, notes bearing the printed date June 15, 1861
were issued, sometimes with handwritten or ink-stamped over-
prints as well.
Illustrated here is a 25 cent Torrey note with the handwrit-
ten date June 1, 1861, and the serial number 2734. It is the
first such fractional note to be reported (Dewey's hypothetical
variety 27). Since Dewey concluded that the fractional denomi-
nations .05, .05, 10, .25 and .50 were printed (in black) on a
single 5-subject lithographic plate and the higher denomina-
tions of $1, $1, $2, $3 and $5 were printed (in red) on a differ-
ent 5-subject lithographic plate, this discovery establishes that
Dewey varieties 25 (.05), 26 (.10) and 28 (.50) as well as 27
were all produced; whether some or all of them still exist re-
Paper Money Whole No. 183 Page 101
A comparison of the newly-reported Dewey 27 specimen
with a .25 note bearing the June 15, 1861 printed date will
show that they are from entirely different plates; the printed
date variety was not produced by modifying the earlier plate.
The most noticeable difference is in the width of the frame
surrounding the design; on Dewey 27 this width is 6 3/ 16 ", on
the printed date variety it is 6 1 /j6". Other subtle differences in
the placement of the design elements can be observed on di-
rect comparison, or by placing one variety over the other and
holding them up to a strong fluorescent light.
From Dewey's published research and the information pro-
vided by this new specimen, it is possible to establish an emis-
sion sequence for these notes, which differs slightly from
Dewey's, as follows:
1. A run of about 2,000 to 2,500 notes, beginning with se-
rial number 1 and continuing through at least 1917, of larger
denominations and possibly fractionals, issued May 1, 1861,
signed by Wm. Lewis as agent for the Torrey brothers, used
initially at the Lower Squankum store and possibly later at the
Manchester store as well. Dewey varieties 25-32, inclusive. A
line for the place of redemption is printed at the bottom of
these and all other Torrey notes, above the serial number, but
no notes have been seen on which this place of redemption is
filled in. Perhaps the reason for this omission is their accep-
tance at both locations, but this is only speculation.
2. A second run of about 2,500 to 3,000 notes, containing
serial numbers 2734 through 4796, signed by Lewis and dated
June 1, 1861. It is now known that this run contained frac-
tional denominations as well as the $1 to $5 values. Same
Dewey variety numbers, also first used at the Lower Squankum
3. A run of more than 3,000 notes, the first ones with the
printed June 15, 1861 date, signed by Lewis and containing
serial numbers 5141 through 8310. Dewey varieties 17-24,
inclusive (only fractionals of the .05 and .25 denominations
are known to exist, Dewey 17 and 19, respectively). By the
time these notes were issued, the Manchester store, located on
Locust and Union Streets in present day Lakehurst, had been
opened for business. The store, which still stands, was about a
block from the railroad station and was surrounded by work-
ers' houses. These notes could have been issued all at once, or
over a period of time as long as 17 months. They are found
well-circulated, and all but one were redeemed, as evidenced
by from one to three punch hole cancelations found on them.
All of the handwritten dates signed by Lewis notes are can-
The remaining notes in the emission sequence are signed by
a new agent, E(lizabeth) Torrey, wife of William A. Torrey,
and have handwritten or stamped "overdates" from Decem-
ber 1, 1862 through April 1, 1863. All bear the printed date
(June 15, 1861).
4. A run of 500 notes (serial numbers 1-500), containing
both fractional and higher denominations, with the words "Is-
sued Dec. 1st 1862" handwritten in ink diagonally across the
face. Dewey varieties 9-16, inclusive (three denominations
known). These words establish that the overdates on the E.
Torrey notes refer to dates of issue, rather than dates of re-
demption. In contrast with the Lewis notes, none of the E.
Torrey notes shows evidence of ever having been redeemed.
5. A run of 1,500 notes (serial numbers 501-2000) contain-
ing primarily fractional denominations, with the date "DEC 1"
(no year) stamped in ink twice upon the face. Dewey varieties
1-8, inclusive. Dewey assumed that the date of issue was 1861,
a logical assumption because of the printed year 1861; how-
ever, the date must be 1862 to fit into the serial numbering
system described herein.
In his study, Dewey assumed that a single set of serial num-
bers was used for the entire issue of Torrey notes, although he
observed the existence of two notes having the same number,
one signed by Lewis and one by E. Torrey. He assumed this
was due to a numbering mistake. As indicated here, I believe
that there were two sets of serial numbers, and that when Eliza-
beth Torrey succeeded Lewis as note-issuing agent, she started
over with serial number 1.
6. Runs of 1,400, 300, 500, 650 and 250 notes signed by E.
Torrey and date-stamped DEC 1 62, JAN 1 63, FEB 1 63, MAR
1 63 and APR 1 63 respectively. Same Dewey variety numbers.
The serial numbers for these runs begin with 2001, 3401, 3701,
4201 and 4851, respectively.
In conclusion, one observes that the notes signed by Eliza-
beth Torrey, although not numbered higher than 5100, have a
much higher survival rate than the larger emission signed by
Lewis; they are about eight times more common, according to
Dewey's study. Although the E. Torrey notes did circulate, many
of them are in new condition. One explanation may be that as
the Lewis notes were redeeemed they were replaced in circula-
tion by the E. Torrey notes, but it is not clear why this would
have been necessary. ■
LAVIN (Continued from page 97)
[AUTHOR'S NOTE: Many of Mr. Lavin's vignettes may be found on
modern stock certificates prepared by American Bank Note Co., can-
celled examples of which generally are available at modest prices from
stock and bond dealers. My thanks to R.M. Smythe & Co. for the illus-
tration of the Playboy painting; all other illustrations are from the
author's collection. Sources of information for this article: interviews
with Robert Lavin and information and material in the author's col-
MISSISSIPPI (Continued from page 99)
pany to comply with the demand of Chief Hazen, and he has
been so notified. The plates from which the warrants were
printed are in possession of Great Western Printing Company
of Chicago, for which company the St. Louis corporation acted
as agent in this instance. The St. Louis company has been di-
rected by Gov. Stone to not surrender the plates, but at the
same time the local branch of the secret service has made an
imperative demand for them, acting under Chief Hazen's or-
ders. What action may be taken in the matter will, the St. Louis
Bank Note Company officials say, be directed by the Great
Western Company which has, however, been advised of Gov.
Stone's telegraphic instructions.
Jackson, Miss., July 16—Gov. Stone to-day issued another
installment of state warrants, making the total amount now
in circulation $125,000. Attorney General Johnson has advised
the governor to pay no attention to the demands of Chief
Hazen, of the government secret service. Several other states,
he says, have been in the habit of issuing these warrants and
no question has been raised.—St. Paul (Minn.) Pioneer Press,
July 17, 1894.
111111 ; c iqctiot1 11 1))SAIALIMP-lt (411RAMettliC&_.„..,„
110 IMEglif14)*Maffij qkvxmountairi
Paper Money Whole No. 183
$50 & $100 Red Seal
Federal Reserve Notes
by FRANK A. NOWAK
(Quantities issued courtesy of Doug Murray)
N the May/lune 1992 issue of PAPER MONEY I pre-
sented a listing of the serial numbers of known $100
Series 1914 red seal Federal Reserve notes. Since then
there have been numerous additions to that census and it's
time for an update. I've also included a census on the $50
Series 1914 red seal Federal Reserve notes.
The most important new inclusion of all is the diligent re-
searching of Doug Murray which has now provided the col-
lecting fraternity with quantities issued, of both Type 1 and
Type 2, of each denomination for each district. These num-
bers appear to be absolutely accurate since as of this writing
not a single note of either denomination, of either type, from
any district, has been found to have a serial outside the ex-
For the benefit of both collectors and dealers I again make
note that there are two distinct minor varieties of face design
which I have listed as Type 1 and Type 2. Type 1 has no bank
numeral or letter at the upper left or lower right (serial num-
ber L5794A in the accompanying pair of photos). Type 2 has
both the bank numeral and letter at these locations (L27395A)
and is the same as Friedberg and Hessler catalogs Type A blue
seal Federal Reserve notes. In a few instances the type is not
given as it was not provided by the observer. However, there is
no reason to believe that it would not fall within the expected
Again, as in 1992, I state that the grades shown are those
that were reported to me or which I personally observed. A
number of notes have been observed several times in the course
of this study and it is interesting to find that in many cases
they have improved with time! Nevertheless, the grades re-
ported herein are those that were originally reported or ob-
served and not the later or "improved" grades.
RICHMOND 68,000 Notes
(28,000 Type 1, 40,000 Type 2)
(12,000 Type 1, 16,000 Type 2)
T2 G-VG or VG-F with margin damage
Paper Money Whole No. 183 Page 103
(D16709A T2 Smithsonian)
D20299A T2 F plus
D32025A T2 VG
(D37422 T2 F—FRB/SF)
D38847A T2 EF
$50 1914 Red Seal Federal Reserve Notes
Notes listed in parentheses are in government hands and may
cease to exist at any time!
BOSTON 44,000 Notes
(20,000 Type 1, 24,000 Type 2)
VG, ex Grinnell lot 4424
NEW YORK: 120,000 Notes
(80,000 Type 1, 40,000 Type 2)
B2128A T1 XF
EF (need serial reverification)
CU, NASCA 23 June '89. Lot 2273
PHILADELPHIA: 52,000 Notes
(12,000 Type 1, 40,000 Type 2)
ATLANTA 28,000 Notes
(28,000 Type 1, no Type 2)
(F18395A Ti VF—FRB/SF)
F19547A T1 VG-F
(20,000 Type 1, 40,000 Type 2)
Ti UNC? need serial reverification
T1 About new, pressed
T2 About new
T2 XF, Melnick 17 June '83. Lot 367
T1 UNC, NASCA 19 April '82, lot 2209C
T1 ex Grinnell lot 4847
T1 UNC, ex Grinnell lot 4847
T1 UNC, ex Grinnell lot 4847
T1 UNC, ex Grinnell lot 4847
T1 UNC, ex Grinnell lot 4434
Ti about fine
T2 About new
T2 VG-F tear
CLEVELAND: 48,000 Notes
(8,000 Type 1, 40,000 Type 2)
D4453A T1 AG to VF
D7241A T1 CU
D7260A T1 VG
D9643A T2 EF
(B 1 850A
T1 "enhanced" AU plus
T1 G-VG pinholes
Page 104 Paper Money Whole No. 183
MINNEAPOLIS 16,000 Notes
(8,000 Type 1, 8,000 Type 2)
(I1088A T1 Smithsonian—need serial
16489A T1 VF
Observed $100 1914 Red Seal Federal Reserve
Notes listed in parentheses are in government hands and may
cease to exist at any time!
Serial Type Grade/Comment
I19075A T2 F plus
BOSTON 44,000 Notes
1, 28,000 Type 2)
(112707A T2 CU—FRB/SF) A6030A T1 VG
112811A T2 CU A7779A T1 F-VF
113460A T2 Weak extra-fine A10607A T1 About new
113800A T2 VF A10608A T1
I15255A T2 VF-EF A10609A T1 CU
A10610A T1 CU
A10611A T1 CU
A10612A T1 CU
KANSAS CITY 16,000 Notes A10613A T1
A10614A T1(8,000 Type 1,
8,000 Type 2)
T1 About new-FRB/SF)
A 1 0616A
11960A T1 EF pressed A10617A T1 CU
12295A T1 EF ex Grinnell A10618A T1 CU
(19962A T2 F—FRB/SF) A10619A T1 CU
110041A T2 F plus A10620A TI CU
(111571A T2 Smithsonian) A10621A T1 CU
111867A T2 VG A10622A T1 CU
Al 0623A T1 CU
A10624A T1 CU
A24307A T2 VG-F
DALLAS 28,000 Notes
A28011A T2 F-VF
(28,000 Type 1, no Type 2) (A28027A T2 F—FRB/SF)
K3773A T1 F-VF, ex Grinnell (A28212A T2 About new—FRB/SF)
K12746A T1 VG A29732A T2
K18065A T1 VG A32323A T2 EF
(K19629A T1 Smithsonian) A40278A T2
KI9652A T1 VG-F A43964A T2
K21685A T1 VG
(K24769A Ti F—FRB/SF) NEW YORK 80,000 Notes
SAN FRANCISCO 32,000 Notes
(8,000 Type 1, 24,000 Type 2)
1,2582A T1 About VF, NASCA 12 Nov. '79, lot
VG-F small margin tear
EF, tiny tear, ex Grinnell Lot 4484
(60,000 Type 1, 20,000 Type 2)
BIA T1 Beebe, ANA
PHILADELPHIA 52,000 Notes
(12,000 Type 1, 40,000 Type 2)
C1122A T1 VF
(C4060A T1 EF—FRB/SF)
T2 EF, ex Grinnell lot 4446
T2 F? cleaned?
ATLANTA 20,000 Notes
(16,000 Type 1, 4,000 Type 2)
T1 VF, ex Grinnell lot 4452
F5316A T1 VF-XF
T2 Strong extra-fine
MINNEAPOLIS 20,000 Notes
(8,000 Type 1, 12,000 Type 2)
Paper Money Whole No. 183 Page 105
F plus, pinholes (need serial
About fine, writing on back
About very fine
CLEVELAND 48,000 Notes
(8,000 Type 1, 40,000 Type 2)
D171A T1 VG
(D14147A T2 EF—FRB/SF)
D17011A T2 F
D22508A T2 About new
(D24997A T2 Smithsonian)
(D31162A T2 FRB/NY)
D35122A T2 About new
RICHMOND 24,000 Notes
(16,000 Type 1, 8,000 Type 2)
E1301A T1 F
E2956A Ti EF
1, 20,000 Type 2)
T1 F, closed tear
T1 About extra-fine
CHICAGO 60,000 Notes
(16,000 Type 1, 44,000 Type 2)
VG-F—burn (needs reverification)
T2 CU (grade unconfirmed)
KANSAS CITY 20,000 Notes
(8,000 Type 1, 12,000 Type 2)
11883A T1 VF
12073A T1 F
13099A T1 LING, ex Grinnell lot 4475
J6793A T1 VG-F—pinholes
(17365A T1 G—FRB/SF)
* * *J91898A T1 EF—Boys Town (invalid serial #)
J9514A T2 F
110244A T2 F
110274A T2 VF
110489A T2 F—corner off
111907A T2 VF faded seal, NASCA 10 Sept '81, lot
112399A T2 VF, also have CU grade report!
J14195A T2 VG-F
(116231A T2 About new—FRB/SF)
119125A T2 F-VF
119660A T2 About new
DALLAS 16,000 Notes
(8,000 Type 1, 8,000 Type 2)
(K1576A T1 VF—FRB/SF)
K2525A T1 VF, ex Grinnell lot 4480
K7786A Ti UNC
(K8763A T2 EF—FRN/SF)
K11875A T2 VF
T2 Strong, extra-fine
K14152A T2 F
(K15774A T2 Smithsonian)
SAN FRANCISCO 36,000 Notes
(8,000 Type 1, 28,000 Type 2)
L418A T1 I' plus
L514A T1 VF
L4124A T1 F
L4300A T1 VG-F—burn
L5871A T1 VG-F?
L6057A T1 VF-XF
L7933A Ti F-VF
L8708A T2 F
L10012A T2 F
L11329A T2 About new
L11330A T2 CU
L12194A T2 F face/VG-F (back soiled)
L16084A T2 XF/VF
L20712A T2 UNC
Paper Money Whole No. 183
1,21949A T2 About new
(L24803A T2 Smithsonian)
(1,27690A T2 F—FRB/SF)
L28085A T2 EF
1,28901A T2 UNC
L28902A T2 UNC
L30581A T2 F, trace tellers stamp on face
I.30722A T2 About fine, couple of pinholes
I.32565A T2 VF
1,33641A T2 About new
I,34044A T2 EF
Any additional data or improvement on the existing data pre-
sented above would be greatly appreciated by the author at
P.O. Box 2283, Prescott, AZ 86302 or (520) 445-2930.
B A I NK Happenings
THE ACCOMMODATION BANK
(From the Bankers Magazine)
"The Accommodation Bank of St. Louis, with a capital of
$300,000, chartered by act of legislature, approved February
15th, 1864, is open for business at the new banking-house,
No. 80 Chestnut street, between Third and Fourth streets.
President, ERASTUS WELLS; Cashier, WM. D. HENRY; Assis-
tant Cashier, S.M. MOODY; Counsellor [sic], Hon. JOHN M.
KRUM. This institution is intended for the benefit of the poor
man, and will especially guard and protect the interest of the
mechanic, the small tradesman, the laborer, the house servant,
SIGNED HIMSELF TO DEATH
(By Zephaniah W. Pease, in the Morning Mercury of New
Bedford, Massachusetts of June 27, 1932; a column commemo-
rating the 100th anniversary of the First National Bank of New
It would be entertaining to write the story of many who
have served the bank in various capacities. Mr. Grinnell (presi-
dent of the Marine Bank, later the First National Bank of New
Bedford) was followed as president by Edward W. Howland.
The late William A. Mackie, a president of the bank, wrote that
Mr. Howland killed himself signing bills. He signed two hun-
dred sheets of four bills every day for a long period. He went
away on a business trip, returned and set about making up his
work. As he passed the last installment to the cashier, he fell
dead from apoplexy.
Paper Money Whole No. 183
Charter Number and Type Listing of
CONNECTICUT National Bank Notes
by I IAROLD J. ANDREWS
FLIRTY years ago I began collecting paper money. Not
much was available on the subject, but I've saved many
of the carefully-researched publications and scholarly
Connecticut Nat'l Notes: + = collected
Ch. No. Title Denominations
manuals that were published later. I started a Connecticut "57
varieties" collection and made good progress until five years Ty I Ty II
ago. Certain notes simply do not appear in any of the auc- 2 The First National Bank and $5 $5 +
tions, shows and dealers lists I have researched; and responses Trust Company of New Haven 10 10 +
from readers would certainly help to find information on the 20 20 ±
existence of the missing items. My sources are The National 4 The First-Stamford National 10
Bank Note Issues of 1929-35 by Huntoon and Van Belkum, Bank Stamford 20 + —
the complete set of PAPER MONEY magazines, and the gener- 4 The First-Stamford Nat'l Bank 5 + 5 +
ous help of Bob Kvederas and John Schwartz. Special atten- & Trust Co. of Stamford 10 10 +
tion was given to the work of M.O. Warns and Tom Snyder. 121 The First National Bank of 5 + 5
I would appreciate all information which can be shared. Do Hartford 10 10 +
these elusive notes exist? Has anyone seen or collected any of 186 The First National Bank of 5
them? If so, may I have the serial number or obtain a photo-
copy to verify Charter Number and Type? Rockville 10
250 The First National Bank of 5 + 5
Type I—Total 150 / Missing 10 Meriden 10 10 +
186 20 Rockville 335 First National Bank Bridgeport 5 + —
735 5 Stonington 10
780 100 Waterbury 20 + —
1093 20 Ansonia 335 The First NB and Trust Co. 5 + 5 +
1128 100 New Haven of Bridgeport 10 10 +
1249 20 New Canaan 20 + 20 +
3914 5 Stafford Springs 397 The First National Bank of 5 + —
3964 10 Thomaston Middletown 10
5309 5 Ridgefield 20 + —
12973 10 East Port Chester 497 The First National Bank of 5 5
Suffield 10 + 10 +
20 20 +
Type II—Total 123 / Missing 24 509 The Rockville National Bank 10 10
250 5 Meriden 20 + 20
509 10 20 Rockville 645 The Mystic National Bank 5 5
735 20 Stonington Mystic 10 10 +
1132 20 Danbury 20 + 20 +
1214 10 20 Falls Village 666 The National Bank of Commerce 5 + 5 +
1249 10 New Canaan of New London 10 + 10 +
1340 5 Middletown 20 + —
1382 5 20 Meriden 709 The First National Bank of 10 + 10 +
1614 5 Willimantic Litchfield 20 + 20 +
2494 5 Waterbury 720 The Home National Bank of 10 10 +
2643 5 10 20 South Norwalk Meriden 20 + 20 +
3964 10 20 Thomaston
5309 5 20 Ridgefield 735 The First National Bank of 5 5
10145 10 20 Moosup Stonington 10 10 +
10 20 Plainfield 20 + 20
780 The Waterbury National Bank 5 + 5 +
10 10 +
Note: There are four title changes included here. 20 20 +
Ch. 4 Stamford 335 Bridgeport 50 +
5235 Torrington 10145 Moosup/Plainfield 100
Page 108 Paper Money Whole No. 183
Ch. No. Title Denominations Ch. No. Title Denominations
942 The National Bank of Norwalk 5 5 + 1614 The Windham National Bank 5 5
10 10 + Willimantic 10 1(1 +
20 20 + 20 20
943 The Danbury National Bank 5 5 + 2414 The First National Bank of 10 10 +
10 10 + Winsted 20 20
20 20 + 2494 The Citizens & Manufacturers 5 5
978 The National Whaling Bank 5 5 National Bank of Waterbury 10 10 +
of New London 10 10 + 20
20 2599 The First National Bank of 5 + 5 +
1037 The New London City National 5 5 Wallingford 10 10 +
Bank 10 10 + 50
20 20 + 100
1093 The Ansonia National Bank 10 10 + 2643 The City National Bank of 5 + 5
20 20 + South Norwalk 10 10
1098 The Birmingham N.B. Derby 5 5 + 20 20
10 10 + 3020 The Naugatuck National Bank 5
20 20 + 10 +
1128 The Merchants National Bank 5 20 +
of New Haven 10 3914 The First National Bank of 5 —
20 Stafford Springs 10
50 20 + —
100 3964 The Thomaston National Bank 10 10
1132 City National Bank & Trust 10 10 + 20 20
Company of Danbury 20 20 5235 The Torrington National Bank 5 + —
1139 The Deep River National Bank 5 5 10 + —
10 10 5235 The Torrington National Bank 5 5
20 20 + and Trust Company 10 10 +
1184 The New Britain National Bank 10 5309 The First National Bank & 5 5
1193 The First National Bank of 10 10 + Trust of Ridgefield 10 10 +
New Milford 20 20 + 20 + 20
1202 The National Tradesmen's Bank 5 8511 The Canaan National Bank 5 +
and Trust Co. New Haven 10 10 + 10
20 20 + 20
1214 The National Iron Bank of 10 10 8936 The Essex National Bank 10 + 10 +
Falls Village ?() 10145 The Plainfield National Bank 10
201216 The Middletown National Bank 5 5 of Moosup 20
Middletown 10 10 + 10145 The First National Bank of 10 10
1243 The New Haven Bank National 5 5 Plainfield 20 + 20
Banking Ass'n New Haven 10 + 10 + 10289 The Bethel National Bank 5 + 5 +
20 20 + 10 + 10 +
1249 The First National Bank & 5 5 12400 The Peoples National Bank of 5 + —
Trust of New Canaan 10 10 Stamford 10 +
20 20 + 20 + —
1314 The Clinton National Bank 5 5 12637 The Plantsville National Bank 5 + 5 +
10 10 + 12846 The City National Bank of 10 + —
20 20 + New Britain 20 +
1338 The Hartford National Bank 5 5 12973 The Byram National Bank 10 10
and Trust Company 10 10 + of East Port Chester 20 20 +
20 + 20 + 13038 The Capitol National Bank 5 5
1340 The Central National Bank 5 5 of Hartford 10 + —
of Middletown 10 + 10 + 13704 The Tradesmen's National 5 +
20 20 + Bank of New Haven 10 +
1360 The Windham County National 5 5 20 +
Bank of Danielson 10 + 10 +
20 20 + Were any of the notes NOT marked "+" ever seen?
1382 The Meriden National Bank 5 5
10 + 10 Note: Charter No. 2682 succeeded Charter No. 2 on May 6,
20 20 1882, then "retook" Charter No. 2 on March 19, 1909
1494 The Hurlbut National Bank 10 10 (Hickman and Oakes). It is generally believed that no notes
of Winsted 20 20 were issued with Charter No. 2682.
RE PCBLIKA aESKOSIOVENSKA
A10 STA(M RA NATI
1 ■Allf “41111
Paper Money Whole No. 183 Page 109
A Primer for Collectors
by GENE HESSLER
UST prior to the invasion of Czechoslovakia and the
regions of Bohemia and Moravia, and Slovakia in
1939, Jindra Schmidt (1897-1984), one of Czecho-
slovakia's most accomplished engravers had just completed
his first solo engraving. The German invaders were in control
of these areas before this note was issued.
The image of Liberty with her Phrygian Cap, also called a
liberty cap, decorated the 50-korun note engraved by Jindra
Schmidt for Czechoslovakia. This image of freedom was abso-
lutely unacceptable to the occupiers. The engraver was ordered
to reengrave the image of Liberty and remove her cap. The note
was altered further and then issued in the protectorate of
Bohemia and Moravia P(ick) 7.
Bohemia and Morovia, P7.
The occupying German authorities went one step further to
abolish any reference to liberty. Above the entrance to the State
Printing Works in Prague there was an image of Liberty with a
Phrygian Cap in stone, the design of Alfons Mucha, the high
priest of art nouveau. One or more citizens of Prague were or-
dered to remove the cap by filing it away. Liberty remains that
way today as a reminder of those dark days of occupation dur-
ing World War II.
In 1945 the first post-war bank notes in Czechoslovakia were
issued. The 100-korun note P66 included the original image
of Liberty with her cap by Jindra Schmidt. Two other inexpen-
sive notes from Czechoslovakia include Liberty. They are: the 1
koruna P58 and the 100 korun P24. There is a story that goes
with the latter note; perhaps a future column will be devoted
exclusively to this beautiful note. It is available for less than
This 2000-year-old symbol of freedom can be traced to the
ancient Phrygians, who occupied a region of central Asia Mi-
nor, now in Turkey. The Romans, who eventually dominated
this region, adopted the Phrygian soft conical cap as a symbol
to be worn by and to identify freed slaves. The liberty cap has
almost become synonymous with the image of Liberty.
This image has been used on many United States coins and
a few bank notes. The first United States half-cents dated 1793
had the image of Liberty on the obverse. In that instance she
had the liberty cap atop a liberty pole, which rested on her
shoulder. American patriot Robert Morris affectionately re
ferred to this figure as the lady holding the "stick with the night-
cap on it." Many countries around the world have used and
continue to place Liberty with her always-in-vogue fashionable
cap on their coins and paper money.
Both Czechoslovakia P66 and Bohemia and Moravia P7 are
available for a total of $25 or less. Examples of both notes
remained after subsequent designs were issued in 1948 and
later. So, the Czech government authorized the perforation of
these and other previously- issued notes with "SPECIMEN"
and sold them for less than face value to collectors. All the
notes with the perforation are available for less than the notes
without the perforation.
With or without the perforation these two inexpensive notes
are tangible pieces of history that remind us of what happened
in Czechoslovakia during World War II. They would be good
subjects for a student or teacher to show and discuss in a his-
tory or social studies class.
(Copyright story reprinted by permission from Coin World, July 25,
Page 1 1 0
Paper Money Whole No. 183
JERSEY CITY'S LABOR BANK
by MICHAEL G. KOTORA
The years after World War I saw the rise of a labor
banking movement in the United States. Labor lead-
ers realized that the financial resources of both
unions and their members could be used to directly
benefit workers through the instrument of labor
banks. The first labor-owned and-operated national
bank was the Brotherhood of Locomotive Engineers
Co-operative National Bank of Cleveland, Ohio. It
received charter 11862 on October 25, 1920. State-
and federally-chartered labor banks were soon es-
tablished throughout the country. This article will
present a detailed history of one of these banks.
The Labor Czar
HE man behind the organization ofThe Labor National
Bank of New Jersey was Theodore M. "Teddy" Brandle.
He was born on March 12, 1884 to a poor immigrant
family in Jersey City. Brandle had little formal schooling and
admitted that he was educated in "the college of hard knocks."
His first position in the labor movement was as an unofficial
business agent of Local 45 of the International Association of
Bridge, Structural and Ornamental Iron Workers of the Ameri-
can Federation of Labor (A.F. of L.). Brandle was a man with an
aggressive temperament who was prone to violence. Perhaps
that is why he rose to become the local's president during an
era when labor disputes were often settled by fists and clubs.
Brandle held such complete power over his local that he was
nicknamed the "labor czar" by journalists. Any union member
who opposed him risked losing his union card and therefore
any chance of employment in his trade.
Teddy Brandle's chief ally was Jersey City Mayor Frank Hague.
The power of Hague's political machine extended from the city
to throughout Hudson County and the entire state. Occasion-
ally a contractor would attempt to defy Brandle by setting up
an open shop with nonunion workers. Those workers would
soon be attacked by union pickets. When this occurred, Hague's
police could rarely be found in the neighborhood to defend
the "scabs." In return for Hague's support Brandle made sure
that Hague and his candidates received labor's endorsement.
Their backing could turn a close statewide race from a poten-
tial defeat to a victory. Brandle's men extorted political "contri-
butions" from contractors. This money joined a river of cash
that was fast making Hague a millionaire.
In 1925 Teddy Brandle was elected president of the New Jer-
sey Building Trades Council. This post gave him control over
the state's construction unions. The building boom of the 1920s
increased the construction unions' membership and their
strength within the American Federation of Labor. Now that
he was one of the most powerful union leaders in New Jersey
the labor czar was ready to establish his own financial empire.
The New Labor Bank
In January 1926 over three hundred delegates, represent-
ing eighty-two union locals, met to hear Teddy Brandle ex-
plain his plan for a labor bank. He emphasized the central
reason why such an institution should exist by stating: "With
our own bank we will be in a position to help the laboring
man at all times. Not only that, we will be able to advance
money for construction and manufacturing purposes to em-
ployers and in that way the laboring man will be employed
all year round and not seasonally" (Jersey Journal, Jan. 7, 1926,
1). Other commercial banks would cater to the interests of
capitalists and the wealthy. A labor bank was expected to use
a laborer's savings to improve his quality of life.
The cornerstone of Brandle's financial operations was to be
the Union Labor Investment Corporation. This investment
company would be useful because it could make a wider range
of investments and loans than a national bank. Among its
activities would be to make construction building loans and
assist in the financing of all building operations. The Union
Labor Investment Corporation would hold a controlling in-
terest in the stock of The Labor National Bank. State law al-
lowed Brandle to restrict control of the investment company,
and hence the bank, to labor alone. Three classes of stock,
with a total value of $2 million, would be issued: one million
dollars of common stock representingfifty-one percent of vot-
ing shares was reserved for ownership by labor unions; the
other two classes of stock consisted of common and preferred
shares which carried no limitations on who could own them.
Teddy Brandle had already been elected president of the
Union Labor Investment Corporation. Other labor leaders
were slated to become officers and directors. These same men
would also fill important positions in the new labor bank.
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Paper Money Whole No. 1S3 Page 1 1 1
Brandle admitted that he and his associates knew little about
the field of finance. Leaders of the Brotherhood of Locomo-
tive Engineers in Cleveland had provided advice on how to set
up a labor bank. Now Brandle promised that capable men
would be chosen to guide the bank's course. Five of the fifteen
directorships of the investment company would be reserved
for people experienced in finance. With this assurance that the
project would have competent leadership the labor delegates
voted to endorse Teddy Brandle's plans.
The man who was entrusted with the future success of the
enterprise was Archibald M. Henry. In his youth Henry had
made a fortune in the coal business. He had entered the bank-
ing field when he bought control ofThe National Bank of North
Hudson at West Hoboken, NJ (charter 9867) in 1910. Henry
had just completed the organization of The Union City Na-
tional Bank (charter 12749) in May 1925. As the president
and majority owner of two national banks Henry was the ob-
vious choice to oversee labor's loans and investments. To that
end he was given the title of treasurer of the Union Labor In-
vestment Corporation and was made a director of that com-
well as many hoped-for new tenants. Land for use as a build-
ing site was purchased in the Journal Square commercial sec-
tion. This was the beginning of an investment in the bank's
building that would be far greater than in the bank itself. The
bank's board of directors decided not to wait until their new
building was ready. They chose temporary quarters a short dis-
tance from the building site and opened The Labor National
Bank on June 28, 1926.
The Prosperous Years
Employees and customers of the labor bank waited while
an elegant building of white marble and brick rose steadily on
its foundations. But Teddy Brandle didn't have to wait when it
came to his own home. Now described in the press as a mil-
lionaire, he had purchased a mansion located in one of the
city's best neighborhoods. Brandle had acquired his fortune
from many sources. By far the most profitable of his business
ventures was a surety bond company, which wrote insurance
guaranteeing the satisfactory completion of construction con-
tracts. Mayor Hague made sure his ally's company had a mo-
nopoly in writing bonds for local public construction projects.
The #1 1902 Plain Back $20 note with the signatures of Theo M. Brandle as president and C.C. Leeds as cashier.
(Illustration courtesy of Bob Kotcher.)
On March 30, 1926 the officers and directors of the Union
Labor Investment Corporation voted to make an application
for a national bank charter. Charter 12939 was granted to The
Labor National Bank of Jersey City on April 23rd. The new
bank was capitalized at $200,000 and would maintain a cir-
culation of $75,000. Teddy Brandle was elected the bank's
president and Charles G. Leeds was chosen as its cashier. Leeds
had been serving as the cashier of The First National Bank of
West New York (charter 12064). He would provide the experi-
ence necessary to manage the labor bank's day-to-day opera-
Since early in this century Jersey City's developers and poli-
ticians have attempted to steal away business from Manhattan
with the lure of cheaper rent and easy access to New York City.
As the labor bank was being planned, the Holland Tunnel was
nearing completion. This vehicular tunnel under the Hudson
River would link Jersey City with lower Manhattan. Teddy
Brandle sought to profit from the tunnel's opening by con-
structing a fifteen-story office building which would now be
minutes away by car from Wall Street and Broadway. The new
building would house the bank and investment company as
Brandle also owned his own construction firm. He so domi-
nated the industry that the state's builders decided to use his
power and influence for their own benefit by appointing him
director of their Iron League. This placed Brandle in the curi-
ous position of representing both management and labor dur-
On July 31, 1928 Teddy Brandle officially opened the Labor
Bank Building. With the labor bank installed in its new offices
the success of the venture seemed certain. Deposits exceeded
two million dollars as workers poured their savings into the
bank. Bank note circulation had been increased to $100,000
the previous year. Soon the bank's capital would be doubled
to $400,000. But as the end of the decade approached, eco-
nomic forces were building like a dark storm cloud that would
destroy all that Brandle had built.
Brandle's Empire Crumbles
The first shock waves of the approaching Depression began
to ripple through New Jersey's economy in 1929. Construc-
tion workers were among the most vulnerable of groups to
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Page 112 Paper Money Whole No. 183
This postcard view shows the tall, white Labor Bank Building in the late 1920s.
the economic downturn. Even in the best of times they led a
precarious existence, dependent upon when the next construc-
tion job appeared. Now, as new construction projects vanished,
these workers and their families quickly became desperate.
Well over a thousand workers had trusted their union lead-
ers and bought stock in the Union Labor Investment Corpora-
tion. The salesmen who peddled the shares had promised a
safe seven percent return at a time when local banks were of-
fering four percent on their savings accounts. The investors
were told that in time of need they could easily obtain loans
from the investment company by using their stock as collat-
eral. But this practice was in fact illegal in New Jersey. As con-
ditions worsened, stockholders besieged the investment
company's offices to plead for loans which couldn't legally be
made. Many intense scenes, from suicide threats to bomb
threats, were played out in those offices.
Hudson County's business firms had long been subject to
very high taxes and labor costs. Many companies, which had
survived the first months of the Depression, planned to es-
cape to areas with a lower cost of doing business. Mayor Hague
had to prevent this. A strong tax base was necessary to support
the bloated public payroll. Government jobs bought the loy-
alty not only of the officeholders but their extended families
as well. This was the key to his political machine's continued
strength. So, if it was impossible for the mayor to promise
lower taxes, he had to instead promise low wages and docile
unions. Mayor Hague and Teddy Brandle were now set on a
Along with a decline in deposits and an increase in delin-
quent loans The Labor National Bank had still another prob-
lem that endangered its future. Treasurer Archibald M. Henry
had heavily invested in high-yielding German Reich bonds as
well as the securities of other nations. Market concerns about
the safety of these investments led to a steady erosion of their
value. (This concern was justified. Shortly after the Nazis took
power in 1933, German Finance Minister Hjalmar Schacht re-
pudiated the Reich bonds.) By late July 1931 The Labor Na-
tional Bank and the Henry-owned Union City National Bank
and National Bank of North Hudson were in financial diffi-
culty. To prevent their failure and the banking panic that might
ensue, Hudson County's bankers began a series of emergency
A 1929 Type I note bearing the signatures of Theo. M. Brandle as president
and John J. Hurley as cashier.
On August 1, 1931 the New Jersey Title Guarantee and Trust
Company of Jersey City agreed to absorb The Labor National
Bank. Its banking office would become a branch of the Trust
Company. The office's excellent location made it the real prize
of the acquisition. John J. Hurley, who had been The Labor
National Bank's cashier since 1929, and all the office person-
nel were retained to staff the new branch. Teddy Brandle and
the other labor leaders-turned-bankers were forced to resign.
Archibald M. Henry tried to save his banks by turning over
most of his personal assets to them. His integrity would make
him a poor man. When the last of the emergency meetings
ended, in the early morning hours of August 6th, it was clear
that there would be no rescue for Henry's banks. Later that
day federal and state banking authorities cooperated in clos-
ing the national banks and two small trust companies that
Henry also owned.
Paper Money Whole No. 183
At the same time that Teddy Brandle's labor banking dream
was dying he faced a showdown with Mayor Hague over the
future of the labor movement in Hudson County. Hague had
given a contract to build part of the Pulaski Skyway to a non-
union construction company. When completed, this elevated
skyway would link Newark with the Holland Tunnel in Jersey
City. Brandle couldn't allow the challenge to his authority to
succeed. He called a strike and set his men loose on the non-
union workers. As the strike wore on groups of men, desperate
for jobs, fought each other with clubs, stones and iron bars. In
February 1932 the struggle reached its climax when a laborer
was beaten to death by a mob of Brandle's picketers. Twenty-
one union men were arrested for the murder. Mayor Hague
used this incident as an excuse to have his police clear the
streets of picketers and break the strike.
Mayor Hague wasn't the type of man who would tolerate a
powerful rival for long. He used every sort of political and
financial pressure to undermine Teddy Brandle's position. The
final blow was delivered in January 1933, when a judge, con-
trolled by Hague's organization, placed the ironworkers' local
into receivership. Brandle and his cronies were ousted from
power. One by one the county's union locals were seized by
Hague's judges and turned over to new leaders who were will-
ing to take orders from the political machine. In a short time
the independent labor movement was crushed. "Everything
For Industry" became Jersey City's new slogan; everything for
industry—but nothing for the working man.
In August 1934 the Union Labor Investment Corporation
fell into bankruptcy. A few months later a hearing on the in-
vestment company's condition elicited scathing criticism from
a federal judge. Assets had been wasted in risky loans and on
the extravagant decoration of the Labor Bank Building. The
union men, who had invested their savings in the venture,
were expected to lose at least three-quarters of their money.
Teddy Brandle didn't easily accept his expulsion from the
labor movement. He made several failed attempts to get back
into power. In his last years he even lacked the consolation
that wealth could have provided. Brandle had spent a huge
amount of money financing his last strike and had lost the
rest in fines and penalties resulting from a conviction for in-
come tax evasion. In 1947 his mansion was auctioned off to
satisfy a property tax bill that had gone unpaid for ten years.
Teddy Brandle died on November 29, 1949.
During the 1920s union leaders hoped to establish labor
banks in cities throughout the country. Their hopes ended
during the Depression. Unions, weakened by loss of their
members to unemployment, could no longer support
financially-troubled banks. Many labor banks failed or merged
with stronger institutions. One lasting benefit was achieved
by the competition offered by labor banks. Other commercial
banks could no longer safely ignore the financial power of the
trade unions as they had in the past.
Anyone who would like to learn more about labor banking
should read Bob Cochran's informative article: "Organized
Labor and Their Banks." In his article Bob provides an over-
view of this turbulent chapter of banking history. He also lists
twelve labor-owned national banks that issued currency un-
der twenty different titles. The scarcity of many of the issues of
these banks would make building a collection of labor na-
tional bank notes a challenging but rewarding project.
Cochran, B. (1986). Organized labor and their banks. PAPER MONEY,
Fleming, T.J. (June, 1969). 1 am the law. American Heritage, 32-48.
Herbst, P. (1976). Frank Hague and the challenge of the C.I.O. Un-
published student paper.
Hickman, J. and D. Oakes. (1982). Standard catalog of national bank
notes. Iola, WI: Krause Pub.
Hudson Dispatch. Union City, NJ. Various dates.
Jersey Journal. Jersey City, NJ. Various dates.
McKean, D. (1940). The boss: The Hague machine in action. Boston,
MA: Houghton Mifflin.
Neu , York Times. New York City, NY. Various dates.
Newark Evening News. Newark, NJ. Various dates.
Steinberg, A. (1972). The bosses. New York, NY: The Macmillan Co.
Troy, L. (1965). Organized labor in New lersey. Princeton, NI: D. Van
Nostrand Co., Inc.
WHO IS HE?
Chicago, Feb. 28.—A well dressed stranger left the Harrison
street station last evening to take a train for Duluth. Before
leaving he gave the name of J.S. Brown. That he said was not
his right name, and all efforts of Capt. Flartnett failed to get
information further than that he was a Duluth business man
who would "commit suicide rather than reveal his identity."
The reason for the man's visit to the station was due to the
fact, he reported, that he is the latest victim of the green goods
swindle. This is the story he told the police:
"Recently I received a circular from a man in Chicago which
alleged that the writer was in possession of a stolen govern-
ment plate with which he could make money equal for all
purposes to the genuine. The circular offered $3,000 for $600.
I answered it and was sent two $1 bills. These I passed, and
then came to Chicago with $600 to get $3,000. At 367 State
street, where I had been directed, I met a swarthy man with a
wart on his eye, who said the money was across the street. We
went over and met another man. Then we stepped into a cab
and rode to the world's fair grounds, where I counted $3,000
genuine money, which was in a valise in thirty packages. I paid
my $600. We re-entered the cab, the valise being placed under
our feet. In a little while one man complained that it was in
his way, and suggested that I carry it on my knees. We drove to
the Illinois Central station on Twelfth street. The men stepped
out, taking another valise and saying they wished to check it
in the baggage room. I waited, then went to look for them. I
opened my valise. It was filled with paper. When I returned,
the cab man had driven away. It was a white horse, and the
driver wore a gray overcoat." St. Paul (Minn.) Pioneer Press,
March 1, 1895.
Page 114 Paper Money Whole No. 183
OR the first time, in many instances, we have at-
tempted to list the signatures of the bank officers. There
is no question but that these signatures are an impor-
tant part of the charm and fascination of collecting nationals.
The problem being that many signatures are illegible or indis-
tinct or virtually missing altogether. Green ink, sometimes used
with rubber stamps, just faded away without a trace. Attractive
pen signatures are a great plus on any national bank note—
the higher the grade, the better.
We have considered methods of legitimately restoring these
signatures where the proper ones are known and examples are
available. A new stamp can be made from a similar note and
used to restore faded or missing signatures. We would greatly
appreciate any comment, both pro and con, anyone would
care to make in connection with bank officer signatures and
particularly relative to restoring them.
For some time now it has been our intention to point out
the fallacy of considering only outstanding circulation figures
in Van Belkum's recent book [National Banks of the Note Issuing
Period, 1863- 1935] in determining the rarity and perhaps the
price of a note on a given bank. However, we did not wish to
do this without first discussing this with Mr. Van Belkum, not
only because we consider him a friend but because we can
appreciate the hours and expense that were incurred in pro-
viding all of us with this valuable information, and we by no
means wanted him or you to feel we were attempting to un-
dermine what he has done.
Noting the manner in which circulation figures have been
bandied about not only the past few months, but even more
so at the recent ANA show, we spoke at length with Mr. Van
Belkum and found that he, too, was concerned about the em-
phasis being placed on the circulation figures.
On our 13th mail list issued in November 1967, our intro-
duction contained a paragraph relative to pricing notes. Per
haps it would clarify our position if we were to reprint this
paragraph as it was written prior to outstanding circulation
figures being known. Our thinking is the same now as it was
"While we have no quarrel with any man's method of pric-
ing his merchandise, we feel that sky-high prices on notes, rare,
scarce, and common indiscriminately, can only harm the
hobby and discourage the new collector. We make no claim to
being either oracles or public benefactors, but we do claim
that our prices are arrived at after considering many factors,
including the specific bank of issue, its size, term of existence,
relation to other banks in the same town and county, and of
course the denomination, type and condition."
While circulation figures most certainly provide all with an
additional guide it should by no means be used as the only
guide in determining the rarity and price of a note. Nationals
were saved in a haphazard manner, with the "saver" having
no idea, or for that matter no concern, as to the total circula-
tion of the bank or bank's notes he set aside or hoarded. Natu-
rally, the larger the bank's issue the better the chance a note
survived redemption, but if a bank issued all charter period
notes (small-size included), how can the circulation figure in
1934 provide us with the only information needed in pricing
a note in largesize, especially in the early charter period notes.
Banks from time-to-time retired a portion of their circulation
in later years, or increased their capital and perhaps chose to
expand their circulation, thereby causing the final circulation
figure to be somewhat unrealistic as to what the bank's circu-
lation may have been in any year except for the year the circu-
lation figure is shown.
All of the foregoing simply points out that it is impossible
to look in any book, pull out a figure and feel that you have all
the facts needed. It is our suggestion, along with that of Mr.
Lou Van Belkurn, that circulation figures not be overempha-
sized, and that it be used as it was intended—that is, factual
Hickman & Waters 27th Mail List, September 1970.1
by BRAD VAUTRINOT
Having read several books on U.S. currency, observed the many
ads in currency publications and talked to several dealers and
collectors, it appears to me as if the grading of paper money
falls into two distinct categories: an attempt to simplify and
standardize grading, e.g. Krause, Friedberg, and Morycz, and
an attempt to promote categories within categories leading to
needless complexity, confusion and over-grading of notes, e.g.
some dealers, some collectors and some auction houses.
WENTY-FIVE years ago uncirculated coins were graded
as BU (brilliant uncirculated), gem BU, and proof. Now
there are about ten "mint states" for uncirculated coins
not including the various proof grades. The value difference in
one mint state of uncirculated in a coin can mean as much as
two-thousand dollars or more in some cases, both coins con-
sidered uncirculated! On the surface this appears to be unfair,
unnecessary and an attempt to artificially raise the premiums
of coins that fit into the various categories. One can only specu-
late as to why this has occurred and I'll stay away from any
conspiracy theories that I've heard mentioned and just say that
a possible reason may be due to the fact that there is a finite
number of coins available to the large amount of collectors in
the field. Since I'm not a coin collector, I'll retreat from this
aspect of numismatics.
One of the most frustrating issues of bank note collecting
has to be the grading system. Another is note processing which
has been touched upon in a previous issue of PAPER MONEY.
Grading has many variations and these mean different things
to different people, but what disturbs me most is that I'm see-
ing categories within categories, or degrees within categories,
and I hope this is not a trend toward emulating the current
coin grading system.
To paraphrase Krause's United States Paper Money, in its in-
troduction, ". . there can be no degrees of uncirculated—a
note is either uncirculated or it is not." I agree with this con-
cept in its purity, but I'd like to clarify my feelings on this
Paper Money Whole No. 183 Page 1 1 5
statement by saying I think there should be different grades of
uncirculated notes due to their scarcity but that these differ-
ences should be kept in some perspective and as simple and as
fair as possible. I think the Krause statement above should be
applied to grades of currency other than uncirculated, how-
ever. For example, there can be no degrees of XF—a note is
either XF or it is not. Regarding uncirculated notes, I feel that
the grading system used by Stanley Morycz is one of the best
and fairest of all those I've seen. This involves just three cat-
egories of uncirculated notes. They are uncirculated, choice
uncirculated and gem uncirculated.
For those unfamiliar with Mr. Morycz's grading system of
uncirculated notes they are as follows, and I quote from his
"Gem Uncirculated: A superb note of exceptional condition."
"Choice Uncirculated: A nice new note but not quite gem
quality. Centering may be a trifle off."
"Uncirculated: A crisp new note. May be off center or have a
I feel this is a clear, fair and uncomplicated way to grade
uncirculated notes and is what I use when grading my own
collection or examining notes I find from a dealer or other
collector. Needless to say, I've had some lively and energetic
differences of opinion with some people regarding this and I
tend to be wary of dealers and collectors who stray markedly
from the above.
When I look at a note I'd like to purchase I first examine it
to see if it has been processed. If it has been processed, the sale
is abandoned and I look elsewhere. If the note has not been
tampered with I look to see what grade the seller has put it in,
for example "Ch. XF+", and determine if the note fits into the
grading system I use for XF. If it does, I then determine if the
seller's price is reasonable and fair for a note in XF condition
and do not get involved with the inane and confusing con-
cepts of what constitutes a Ch. XF+. While starting to see some
ads offering uncirculated notes in the following grades: "unc.,
cr. unc., ch. unc., gem unc., gem new, gem superb, and gem
superb new" from the same dealer, I'm beginning to become
alarmed as to where the field may be heading.
Several months ago I received in the mail a catalog from a
major auction house and was somewhat dismayed to see the
following description of a particular note: (paraphrased)
". . . This scarce note is uncirculated with bright colors and in
Gem New condition. It has one corner fold that doesn't touch
the design, but we're not going to quibble over something this
minor in such a rare and beautiful note and are grading it as
Gem New." The rarity of a note should not determine its con-
dition. The condition must speak for itself and this was a bla-
tant example of over-grading and would have probably been
graded as uncirculated by most reasonable people, but not Ch.
Unc. and certainly not Gem Unc. To me, two of the most dis-
appointing aspects of currency collecting would be if I were
selling some notes to have the potential buyer point out that
the notes were either processed or improperly over-graded and
in either event not worth what I thought they were worth or
what I had paid for them.
I have become concerned to see, in some ads, people adver-
tising Gem Unc. notes in the following manner: Gem, Gem
New, Gem Superb, Gem Superb New, etc. These are examples
of categories within categories and are absolutely absurd. A
Gem note is a new note of pristine quality, unprocessed, full
embossing, bright color, full margins all around on both sides,
excellent centering, absolutely no signs of handling and as fresh
as the day it was printed. Anything less than this will lower the
grade of the note to an appropriate category. There cannot and
should not be degrees or categories of Gem Uncirculated notes!
I see more than a few ads in publications advertising notes
as "XF+, Ch. XF, Ch. AU, About VF", etc., and, again, I feel that
things are a bit out of hand. Varying grades of uncirculated I
can understand, due to the scarcity of notes in uncirculated
condition, and agree with this as long as they are kept reason-
able, but what constitutes an XF+, a Ch. AU? I have no answer
for this and a note should be either XF or AU or not—no plusses
or minuses or choices—just XF or AU. If a note is better than
XF, it is About Uncirculated. If it is better than AU it is Unc.
"About VF" implies, to me, that the note is not VF and should
have been graded as Fine. The only "About" category that has
any validity is About Unc. (AU). Another puzzlement I see are
notes described, for example, as "XF/AU". Again, a note is ei-
ther XF or AU, but it certainly cannot be both. I hope that
"slabbing" of currency is riot on the horizon but would not be
surprised if someone attempted this in the near future.
I read a currency ad in a recent issue of The Bank Note Re-
porter describing a scarce note as "Virtually a Gem CU." How-
ever, the seller noted there was a teller's counting pinch on
one of the edges. In my opinion, this is another example of
over-grading and the note should be in the Ch. Unc. or Unc.
category depending upon the size of the pinch, but not Gem
Unc. I hope that "virtually" is not about to become a new cur-
rency grade. All of us become excited when seeing, acquiring
or selling a scarce note and the temptation to grade it as highly
as possible is only natural. What all of us have to do, though,
is agree upon the true grading of currency and not be seduced
by a particular note's rarity as an excuse or reason to grade it
higher than it really is. Sell it for whatever amount you want,
but grade it accurately and fairly.
I've seen notes that I thought were Gem Unc. and was sur-
prised to have the seller point out that it was actually a Ch.
Unc. since the centering was off just a little too much to suit
them and they were selling it as such since, in their opinion, it
just missed Gem quality. It's nice to see such honesty and fair-
ness. Dealers and collectors such as these have set specific lim-
its on their grading system that they adhere to rigorously,
consistently and faithfully.
People are free to buy and sell bank notes forwhatever amount
they want no matter what anyone, including the Green Sheet,
states. That's their right and I'd never dispute that. The prevail-
ing market and the scarcity of certain notes should be the major
factor in the buying and selling of currency, but let's keep the
grading of notes clear, simple, fair, concise and honest.
With the large number of new collectors entering the field
every year, I feel the time is here to standardize the grading
system for currency before things become ludicrous and out
of control; one consisting of accuracy, simplicity and fairness;
one that will eliminate the varying and unnecessary degrees
within each category (except uncirculated—and limit those to
just the three mentioned above); one that will let the scarcity
of a note dictate its value without resorting to the use of pre-
tentious and inflated means of grading.
WORLD PAPER MONEY
Specialized in Poland, RUSSia E.Eurcipe
Free Price ListE
P.O.Box 54521, Middlegate Postal
BURNABY B.C. CANADA V5E 4J6
Page 116 Paper Money Whole No. 183
SPMC Board Members
Only four members came forward, before the deadline, to offer their services as governors. Conse-
quently, no election will be necessary, the secretary will cast one vote to elect these four by accla-
FRANK CLARK, SPMC VP and membership director, is from
Carrollton, Texas and has been a member of the SPMC since
1980. His primary collecting inter-
est is North Texas national bank
Frank is a board member of the
TNA; a district governor and presi-
dent of the Dallas Coin Club; and
an out-of-state board member of
the PMCM. For his service to the
TNA, Frank has received awards for
Outstanding Governor, Best Ar-
ticle, Outstanding Numismatist
and Best of Show.
He has exhibited at local, state and national shows, and has
had articles published in the numismatic and non-numismatic
GENE HESSLER, a native of Cincinnati and a musician by
profession, is the author of four U.S. paper money-related
books. This will be his second year
as an instructor at the ANA sum-
mer seminar. He writes monthly
columns for The Numismatist and
Coin World. He is an elected fellow
of the American Numismatic So-
Gene has served as editor ofPA-
PER MONEY since 1984. As long
as he remains in this capacity, he
feels it is advantageous to continue
as a governor due to his editorial
responsibility to the SPMC mem-
MILTON R. FRIEDBERG, a native of Pennsylvania who now
resides in Ohio with his wife, is a collector of fractional cur-
rency and ancillary items such as
scrip, payable-in-postage currency
and encased postage.
As vice president of the Frac-
tional Currency Collectors Board
(FCCB) he has prepared comput-
erized catalogs for the FCCB mem-
bership. Mr. Friederg has also
computerized lists for the Souve-
nir Card Collectors Society. He is
author of the Encyclopedia of Frac-
tional and Postal Currency, for which
he received the Robert Friedberg Award from the PNG in 1978.
His articles have appeared in PAPER MONEY, Coin World and
the Bank Note Reporter.
TIM KYZIVAT, SPMC Treasurer, is a native of Chicago and for
25 years has been an avid collector of Chicago national bank
notes and other U.S. currency.
With a degree in accounting from
the University of Illinois, he is em-
ployed as a Certified Public Ac-
Tim has been a member of the
SP1v1C since 1975, and has exhib-
ited at major numismatic shows.
As a collector and part time dealer,
he has attracted and educated new
collectors. Tim says he will work
hard to attract new members and
will do what is needed to help the SPMC continue as a strong
The Charlton Standard Catalogue of Canadian Government Paper
Money, 8th ed. 317 pp., softcover, 450 illustrations. The
Charlton Press, 2010 Yonge St., Toronto, Ontario M4S Canada
1Z9, $15 ($19.95 Canadian).
This catalog includes all issues from Canadian playing card
money (1685-1757) to current government notes, i.e., army
bills, and the following issues: provisional; municipal; Prov-
ince of Canada; Dominion of Canada and Bank of Canada.
All pertinent data is included along with values in grades from
good to uncirculated. The last two chapters cover special serial
numbers, error notes, grading and a brief presentation of bank
note printing. (Jerry Remick)
rit PIXESTILLE E000011A
BUYING & SELLING
U.S. & WORLD CURRENCY
NATIONAL BANKNOTES a specialty
I am actively buying/selling
• Maryland • Pennsylvania • East Coast States
wr WANT LISTS SERVICED -In
Please send your Want List of National Banknotes
TYPE NOTES • CONFEDERATE
FOREIGN BANKNOTES • FRACTIONALS
P.O. Box 771
Brooklandville, MD 21022
Actively seeking Rhyolite, Nevada currency.
Paper Money Whole No. 183 Page 117
ORDER TICKETS NOW!
Only tickets purchased in advance will admit you to the
SPMC Breakfast on June 21, 1996 in Memphis. Send $7
to Tim Kyzivat, P.O. Box 803, LaGrange, IL 60525. Tick-
ets will not be sold at the door. Donations for the Tom
Bain Raffle may be sent to Wendell Wolka, P.O. Box 569,
Dublin, OH 43017.
John T. Hickman Award Announced
The John T. Hickman Award for Outstanding Research in U.S.
Currency will be inaugurated by the Hickman family at the
Memphis paper money in June. Hickman, renowned author,
dealer and compiler of extensive national bank note records,
died last year. He co-authored the Standard Catalog of National
Bank Notes. The nature of the award is being determined.
A committee has been formed to select a recipient who has
made a significant contribution. It consists of Rick Hickman,
John's son; Gene Hessler, editor of PAPER MONEY; and David
C. Harper, editor of the Bank Note Reporter. Steve Feller, editor
of the IBNS Journal, is in England on a sabbatical; he will join
the committee later.
Souvenir Card Award Established
In the name of James Thompson, the Souvenir Card Collec-
tors Society has established an exhibit award to be given in
Memphis. Although not limited to souvenir cards, the exhibit
must include souvenir cards and related material.
NEW MEMBERSHIP COORDINATOR
8971 Harry W. Newton, 2837 Greene St., Irving, TX 75062; C.
8972 I.F. Will, 501 North Broadway, Leavenworth, KS 66048; C,
Leavenworth and Ft. Leavenworth, Kansas notes.
8973 Edgar F. Rummel, 7812 Adelphi Court, Adephi, MD 20783; C,
Gold certs. & U.S. notes.
8974 Bernard Rosenson, 159 Dapplegray Road, Bell Cyn, CA 91307;
8975 Norris Turner, P.O. Box 753, Chino, CA 91708; C, Nat. Curr.
8976 James E. Murray, 10 Crestview Drive, Genesco, IL 61254; C, Lg.
8977 John C. Koebert, 11068 Saffold Way, Reston, VA 22090; C, U.S.
fed. & obsolete notes.
8978 Richard Self, 855 Pierremont Road #103, Shreveport, LA 71106;
8979 Ken Cooper, 416 Center Avenue, Carnegie, PA 151-6; C, Nat.
8980 Gregory Denk, 811 24th Ave., NW, Gig Harbor, WA 98335; C.
8981 Eric Danielson, 2327 N. 82nd St., Wauwatosa, WI 53213; C.
8982 Jim Watson, 12888 Rue La Ville, St. Louis, MO 63141; C, Mili-
8983 Roger Passmore, 6200 W. 95th St. #14, Oak Lawn, IL 60453-
8984 John Sheldon, 3426 Vassar Dr., Anchorage, AK 99508-4333; C.
8985 W.T. Arnold, Jr,. 7781 NW 38th St., Hollywood, FL 33024-8403;
8986 James Gamble, 313 E. Hudson, Royal Oak, Ml 48067; C.
8987 Cliff Willis, P.O. Box 140129, Gainesville, FL 32614-0129; C.
8988 Matt Youngerman, 56 Pinelake Dr., Whispering Pines, NC
28327; C, NC & C.S.A.
8989 Dennis Quearry, 2926 Battery Ave., Richmond, VA 23228; C,
Sm. size U.S.
8990 Stephen M. Goodman, 7755 Center Ave. Ste. 800, Huntington
Beach, CA 92647; C, Lg. size U.S.
8991 Edward C. Piscola, 616 N. Semoran Blvd., #6, Winter Park, FL
32792; C, Lg. size U.S.
8992 William D. May, 5232 Hickory, Cheyenne, WY 82009; C.
8993 Al C. Adams, Jr., P.O. Box 246, Alpharetta, GA 30239; D.
8994 Orlan K. Ervin, 875 San Remo Road, Pasadena, CA 91105.
8995 Greg Ellis, 10704 Wooddale Lane, SW, Tacoma, WA 98498.
8996 Don Moriarty, 12037 Lincolnshire, Austin, TX 78758-2216;
8997 Ralph S. Rodgers, Sr. 1739 Ball Road, Memphis, TN 38114.
8998 Donald Kretchmer, 149 South Lehigh Street, Shavertown, PA
18708; Lg. size U.S.
8999 Matthew P. Whitehead, 809 Ridge Place, Falls Church, VA 22046;
US, Canada, G. Brit., Ireland, Australia, NZ.
9000 Mark A. Hartford, 12009 Glenoak Drive, Maryland Heights, MO
9001 James A. Garcia, P.O. Box 717, Homer, LA 71040.
9002 Robert L. Steinberg, P.O. Box 1565, Boca Raton, FL 33429-1565;
D, VT, NH Nat.
9003 Dave Davis, 14 Les Cherbourg Court, Florissant, MO 63034.
9004 Ralph Rucker, Route 2, Box 25, Haskell, OK 74436; Depression
9005 J.L. Laws, c/o The Scotsman, 11262 Olive Boulevard, St. Louis,
MO 63141; D.
9006 Larry Hanks, 415 North Mesa, El Paso, TX 79901; D, Lg. size
9007 James Theaker, 6230 SW 6th Court, Plantation, FL 33317; Frac-
P.O. Box 117060
Carrollton, TX 75011
Paper Money Whole No. 183
9008 Rick Bingham, 3325 NW 18th Street, Oklahoma City, OK 73107;
OK nat. curr. & U.S.
9009 Gerald Terrell, CS/CG Div, USS Wasp (HID-1), FPO AE 09556-
1660; Sm. size U.S.
9010 John A. Bush, 5311 Chapelford Lane, St. Louis, MO 63119.
9011 John Baugher, P.O. Box 1111, Kokomo, IN 46903.
9012 Greg Richardson 808 South Henry Clay Boulevard, Ashland,
9013 Jason K. Orenstein, 6125 Old Hickory Point, NW, Atlanta, GA
30328; World & U.S.
9014 Brad Sawyer, 380 Forest Road, Chesapeake, VA 23322; C.S.A. &
9015 Bill Schtvyhart, P.O. Box 1203, Rogers, AR 72757.
9016 John R. Wolff, 1700 Briar Ridge Road, Glendale, CA 91207-
1020; Lg. size U.S.
9017 Larry C. Whaley, 4190 Bearden Lane, Douglasville, GA 30135.
9018 William Radosh, 517 Forest Street, Monessen, PA 15062.
9019 Gary Atkins, 815 Johns Road, Augusta, GA 30904; 19th century
9020 Kevin Piontek, 2500 Dollar Road, Green Bay, WI 54311.
9021 Gary R. Anderson, 204 Virginia Road, Concord, MA 01742-2717;
Lg. size U.S.
9022 Joseph J. Venuti, 511 Farragut Avenue, Mays Landing, NI 08830.
9023 Dan Weber, 523 West 3rd Street, Wilmington, DE 19801; Sm.
9024 Saul H. Spital, 10 Jeanine Court, Manalapan, NJ 07726; Lg. size
9025 Carlisle Lee Morgan, 8908 Brieryle Road, Richmond, VA 23229;
Obsolete, colonial, C.S.A. & Southern states.
9026 James Larry Dye, Sr., 205 Hamilton Avenue, Myerstown, PA
17067; C.S.A. & Southern states.
9027 Larry L. Simons, 135 Ontario Street, Lockport, NY 14094; Lg.
9028 Peter Home, 23 Upper Halliford Road, Shepperton, Middlesex
TW 17 8RX England.
9029 William H. Estes, 1800 Valley Vista Court, Madison, IN 47250;
9030 Steven Moskowitz, 501 Rancho Bauer, Houston, TX 77079.
9031 lames L. Pinney, 65 West Jackson, Chicago, IL 60604-3507.
9032 R.F. Quinn, 2120 Drury Road, Silver Spring, MD 20906-1004.
9033 Leonard M. West, 9840-D Fulbrook Road, Indianapolis. IN
9034 Robert S. Weiss, 14408 Ash Court, Rockville, MD 20853.
9035 Waldemar Veazie, III, 3010 SW Sunset Trace Circle, Palm City,
9036 Hugh M. Schnacky, 1120 Mount Hope Avenue, Rochester, NY
9037 John G. Cloutier, 218 Islip Boulevard, Islip Terrace, NY 11752.
9038 Keith Littlefield, 3902 Rose Lane, Annandale, VA 22003.
9039 William 1. Terrell, Jr., 7855 Terrell Street, Navasota, TX 77868.
9040 J. Jay Morgan, 1309 Summoners Lane, Abilene, TX 79602-3132.
9041 Jerry T. Falduto, 34 Fairview Place, 2nd Floor, Bloomfield, NJ
07003; $1 & S2 notes.
9043 Hank Piotrowski, 2088 10th, Wyandotte, Ml 48192.
9044 Robert T. Jenkins-Hayes, 247 Edge Avenue, Valparaiso, IN
32580-1355; C; World paper money.
9045 Richard Rude, P.O. Box 38, Manderson, WY 82423; C&D.
9046 Douglas E. Sleep, Jr., 7603 Krepps Road, St. Johns, MI 48879.
9047 James C. Prodahl, 1401 89th Avenue North, Brooklyn Park, MN
9048 William D. Plate, 970-1 AsilomarTerrace, Sunnyvale, CA 94086.
9049 William H. Beathard, 63 North Main Street, London, OH 43140;
9050 Tom Glaser, 2210 Olde Winery, St. Louis, MO 63129.
9051 Donald R. Cleveland, Port of Spain, Department of State, Wash-
ington, DC 20521-3410; C.
We maintain the
IN THE WORLD!
SEND US YOUR
SPECIALIZING IN: SERVICES:
q Colonial Coins q Portfolio
q Colonial Currency Development
q Rare & Choice Type q Major Show EARLY AMERICAN NUMISMATICS 0
Coins Coverage c/o Dana Linett
q Pre-1800 Fiscal Paper q Auction
q Encased Postage Stamps Attendance q P.O. Box 2442 q LaJolla, CA 92038 q
Members: Life ANA, CSNA-EAC, SPMC, FUN, ANACS
Paper Money Whole No. 183 Page 119
9052 Dan Crossman, P.O. Box 333, Bath, NY 14810-0333; C, Sm-
9053 James D. Wiggins, 114 North Broad Street, Thomasville, GA
9054 George M. Callahan, 100SPS, PSC 37 Box 3203, APO AE 09459.
9055 Robert Bottorff, P.O. Box 2157, Wayne, NJ 61604.
9056 Harold Le Master, 2302 West Callender, Peoria, IL 61604; C
9057 Tedd W. Harwood, P.O. Box 26647, Richmond, VA 23262; U.S.,
Canada & CSA.
LM175 Michael Reynard, 1301-20th Street #260, Santa Monica, CA
LM176 Jack W. Bonner III, conversion from 6367.
LM 177 Neil A. Chiappa, 2700 Woodmont Dr., Midlothian, VA 23113,
conversion from 5233.
LM178 Eustolio G. Perez, P.O. Box 18322, West St. Paul, MN 55118-
0322; conversion from 8363.
LM179 David Gladfelter, conversion from 8046.
LM180 Charles E. Kirtley, P.O. Box 2273, Elizabeth City, NC 27909.
LM181 David W. Porter, 240 Cardinal Dr., Bloomingdale, IL 60108-
1317, conversion from 8760.
LM182 Lyn F. Knight, P.O. Box 7364, Overland Park, KS 66207, con-
version from 2391.
LM183 Arthur Morowitz, 98 Hartshorn Dr., Short Hills, NI 07078;
D, Vignettes & currency.
LM184 Frederick Fleischer, Conversion from 6781.
LM1S6 Greg D. Ruby, P.O. Box 728, Hampstead, MD 21074; C, MPC
2497 Anthony Nicolazzo, 502 South Pittsburgh Street, Connellsville,
PA 15425; reinstatement.
4807 lohn Heleva, Cal National Coin Exchange, P.O. Box 375, Fair
Oaks, CA 95628; reinstatement.
Paper Money will accept classified advertising from members only on a basis of
I 5c per word, with a minimum charge of 53.75. 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% 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: 52: SC: U.S.: FRN counted as one word each)
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, OH 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
5411 & 13592, Rye, Mt. Kisco, Hastings, Croton on Hudson, 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)
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)
WW II MILITARY CURRENCY MY SPECIALTY! Periodic price lists
for 55 ,:t 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. Floffman, P.O. Box 6039-
S, Elko, NV 89802-6039. (186)
SELLING NATIONALS: Guntersville, Pine Bluff, Weed, Trinidad
Winsted, Fernandina, Milledgeville, Salmon, Flegewisch, Wadesville,
Wi nterset, Hiawatha, Hodgenville, Arcadia, Calais, Rising Sun,
Braintree, Ypsilanti, Biloxi, Sedalia, Ord, Reno, Somersworth, Cranbury,
Raton, Ballston Spa, Mebane, Devils Lake, Mingo Junction, Sapulpa,
The Dal les, 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. (183)
WANTED—Autographs, Documents, Letters, Slave Related Items,
Etc. Revolution through the Civil War. Richard T. Hoober, Jr. P.O.
Box 3116, Key Largo, FL 33037. FAX or Phone (305) 853-0105. (188)
WANTED: Jersey City, N.J. nationals and other bank-related mate-
rial. Also Jersey City obsolete notes, stocks and bonds. Michael G.
Kotora, 37 College Dr., Apt. 3G, Jersey City, N.J. 07305.
$1 Silver Certificates Wanted from Series 1928 to 1934. I especially
want star notes and scarce blocks. Frank Bennett, P.O. Box 8722, Port
St. Lucie, FL 34985. (188)
FOR SALE: Paper Money Magazines from No. 97 to date. Make an
offer, plus UPS. Mel, P.O. Box 238, North Olmsted, OH 44070.
WANTED TEXAS NATIONALS for Abilene, Arlington, Carthage,
Merkel, Ozona, Perryton, Rule, Schwertner, and Snyder. Ron Etter,
P.O. Box 2438, Abilene, TX 79604 or Fax or Tele (915) 677-8461.
Notes, Autographs, Documents &
Many, Many Other Early 19th
SEND FOR FREE LIST
RICHARD T. HOOBER, JR.
P.O. Box 3116, Key Largo, FL 33037
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.
Sit %IA< .4.4.114,
Page 120 Paper Money Whole No. 183
BOWERS AND MERENA
for the Best Prices on your Paper Money!
Actual currency lot from a recent Bowers and :1Ierena auction sale.
Paper money has always been a
specialty at Bowers and Merena.
• Unsurpassed descriptions
• Profuse illustrations
• Extensive publicity
• Wide-ranging expertise
We would be delighted to offer
single important notes and entire
Please call Dr. Richard A.
Bagg, our Director of Auctions,
at the toll fee number below.
There is no obligation just the
opportunity to sell your
paper money for the very best
Auctions by Bowers and Merena Inc.
BOX 1224 • WOLFEBORO, NH 03894 • TOLL-FREE 1-800-458-4646 • IN NH 569-5095 • FAX 603-569-5319
AM:gqii,Ø5cg( .r.uas joZCa.*:ti,9.=0 ,12.,1,e:C:or
// ,/,4/e/ Ill 1\1.92 944 ,z,
4/4 /7,44 /, //le 7/•/Ir,
UNITED STATES CURRENCY
SEND FOR FREE PRICE LIST
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
6 1/4 /
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.
Paper Money Whole No. 183
Paper Money Whole No. 183 Page 123
NATIONAL BANK NOTES
HERE ARE ACTUAL EXAMPLES OF SMALL SIZE RARITY
BY USING CENSUS FIGURES OF NOTES REPORTED AS OF JANUARY 30, 1995
When I brought the idea of a revised rarity scale to the hobby in the Spring of 1995, Albert von der Werth, Jr. of CA
was one of the first to respond to my WHY NOT? ads. He said we NEED to revise the rarity scale, so WHY NOT revise
it? Ninety-year-old Albert predicted the use of my New Rarity Scale in a situation he called Rarity WITHIN Rarity. A
bank's total known note census gives that BANK a Rarity Rating. Then each SERIES issued by that bank would have
its OWN Rarity Rating. Thank you Albert.
6566 CAMBRIDGE, OH Bank Rarity McD R7S*2
Issued 10-20Ty1 Et 10-20Ty2
Reported-7 small size single notes plus 2 Uncut Sheets.
3-10Ty1—McD R9S 2-20Ty1—McD R1 OS
0-10Ty2—McD R*S 2-20Ty2—McD RIOS
9243 HILLSBORO, OH Bank Rarity McD R8S*3
Issued 5-10-20Ty1 85-10-20Ty2
Reported-6 small size single notes plus 3 Uncut Sheets.
1-5Ty1—McD R1 OS 2-10Tyl —McD R1 OS 1-20Tyl —McD R1 OS
1-5Ty2—McD R*S 2-10Ty2—McD R1 OS 0-20Ty2—McD R*S
9547 LANCASTER, OH Bank Rarity McD R6S*5
Issued 5-10-20-50-100Ty1 Et 5-10-20Ty2
Reported-10 small size single notes plus 5 Uncut Sheets.
1-5Ty1—McD RIOS 0-10Ty1—McD R*S 1-20Ty1—McD R1 OS
0-5Ty2—McD R*S 0-10Ty2—McD R*S 0-20Ty2—McD R*S
13971 MARIETTA, OH Bank Rarity McD R7S*3
Issued 5-10-20Ty2 only
Reported-7 small size single notes plus 3 Uncut Sheets.
2-5Ty2—McD RIOS 4-10Ty2—McD R9S 1-20Ty2—McD RIOS
13596 NEW LEXINGTON, OH Bank Rarity McD R6S*2
Issued 5-10-20Ty1 8-5-10-20Ty2
Reported-10 small size single notes plus 2 Uncut Sheets.
2-5Ty1—McD RIOS 3-10Ty1—McD R9S 3-20Ty1—McD R9S
0-5Ty2—McD R*S 2-10Ty2—McD RIOS
6059 OXFORD, OH Bank Rarity McD R5S*1
Issued 5-10-50-100Ty1 only
Reported-7 small size single notes plus 1 CUT Sheet Et 1 UNCUT Sheet.
6-5Ty1—McD R8S 1-10Tyl —McD R10S
5— 50Ty1 —McD R8S
2-100Ty1—McD R1 OS
WHY NOT A NEW RARITY SCALE THAT MORE ACCURATELY DENOTES TRUE RARITY?
RARITY * UNKNOWN 0 notes
TRY IT— 10 1,2 —YOU'LL LIKE IT
KEN McDANNEL SPMC 1836 8 5, 6 Use S for SMALL SIZE
7 7, 8, 9 /I
NATIONAL BANK NOTE 6 10, 11, 12 Use L for LARGE SIZE
5 13, 14, 15
RARITY SCALE 4 16 to 20 (Asterisk 1) *1 is
3 21 to 35 for 1 UNCUT SHEET
FEB. 28, 1995 2 36 to 50 *2 is 2 UNCUT SHEETS
1 over 50 etc.
SEND LARGE SASE FOR YOUR FREE NEW RARITY SCALE IN PLASTICIZED WALLET SIZE
WE WELCOME YOUR COMMENTS, CRITICISMS, AND OPINIONS
KEN McDANNELL 1405 WEAVER ST. S.W. CANTON, OH 44706-4543
(1929 Series Nationals)
Charter Bank Title Denom Type Signatures Reward
1007 Mechanics, Prov. $20 II any $25
1035 First of Smithfield $20 II any $25
1150 Ashaway N.B. $5/10 I Hill/Cole $25
1150 $20 I HillBriggs $25
1150 $5 II any $25
1150 $20/20 II any $50
1284 Centreville of Warwick $5 II any $100
1284 $20 II any $25
1328 Blackstone Canal, Prov $20 I Brown/Plant $25
1366 N.B., Commerce & Trust $20 I Ryan/Wilcox $25
1492 Newport National Bank $5 I Stevens/Carr $25
1492 $100 I Stevens/Carr $25
1492 $5 II any S.N. 1-4956 $50
Researcher/Collector will pay for photographic proof that any of the
national bank notes listed above still exist. Note must be as
Steve Whitfield/i4o92 W. 115th
Phone (816) 822-3083 d/(913) 238-3319 n
St./Olathe, KS 66062
IXE HASP MiTIONAL
111111 OF 5111111FIELO
CI 411 RSVII I I'
ooc ISL AND
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STORE IT IN MYLART"I!
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BOUGHT AND SOLD
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FREE PRICE LIST
CHARLES D. MOORE
P.O. BOX 5233P
WALNUT CREEK, CA 94596-5233
LIFE MEMBER A.N.A. #1995 C.N.A. #143 C.P.M.S. #11
Paper Money Whole No. 183
PHILLIP B. LAMB, LTD.
CONFEDERATE STATES OF AMERICA, HISTORICAL CONNOISSEUR
Avidly Buying and Selling:
CONFEDERATE AUTOGRAPHS, PHOTOGRAPHS, DOCUMENTS, TREASURY NOTES AND BONDS,
SLAVE PAPERS, U.C.V., OBSOLETE BANK NOTES, AND GENERAL MEMORABILIA.
Superb. Friendly Service. Displioing at many major trade shows.
QUARTERLY PRICE LISTS:
PHILLIP B. LAMB
P.O. Box 15850
WANT LISTS INVITED
NEW ORLEANS, LA 70175-5850
APPRAISALS BY FEE. 504-899-4710
United States Large Size Currency
Send For Our Free Price List of Choice Quality Large Size
Type And National Bank Notes.
P.O. Box 1565-PM, Boca Raton, FL 33429-1565
Telephone: 954-781-3455 • Fax: 954-781-5865
Lg. & Sm. Type Fractional
Stocks • Bonds • Checks • Coins
Stamps • Gold • Silver
Platinum • Antique Watches
Political Items • Postcards
Baseball Cards • Masonic Items
Hummels • Doultons
Nearly Everything Collectible
399 S. State Street - Westerville, OH 43081
1-800-848-3966 outside Ohio
EST 1960 INC
MINNESOTA OBSOLETE CURRENCY
and NATIONAL BANK NOTES
Please offer what you have for sale.
Charles C. Parrish
P.O. Box 481
Rosemount, Minnesota 55068
SPMC LM114 — PCDA — LM ANA Since 1976
Paper Money Whole No. 183 Page 125
Buying & Selling
National Bank Notes, Uncut Sheets, Proofs,
No. 1 Notes, Gold Certificates, Large-Size
Type Error Notes, Star Notes.
Commercial Coin Co.
PO. Box 607
Camp Hill, PA 17001
Life Member ANA 639
'13(ily:014111 .---)1 -14111!"
THE CAMP HILL -
BUYING AND SELLING
Obsolete-Confederate STOCKS & BONDS
Large Price List
19th Century Stocks-Bonds Over 200 Different
Small or Large Collections Mostly 19th Century
Send List or Ship
Railroads, Mining, etc.
Richard T. Hoober, Jr. P.O. Box 3116, Key Largo, FL 33037
MYLAR D CURRENCY HOLDERS
PRICED AS FOLLOWS
BANKNOTE AND CHECK HOLDERS
SIZE INCHES 50 100 500 1000
Fractional 43/4 x 23/4 $16.50 $30.00 $137.00 $238.00
Colonial 5 1 /2 x 3716 17.50 32.50 148.00 275.00
Small Currency 6 5/8 x 27/8 17.75 34.00 152.00 285.00
Large Currency 7 7/8 x 3 1 /2 21.50 39.50 182.00 340.00
Auction 9 x 33h 25.00 46.50 227.00 410.00
Foreign Currency 8 x 5 28.00 52.00 239.00 430.00
Checks 95/8 x 4 1 /4 26.50 49.00 224.00 415.00
SIZE INCHES 10 50 100 250
End Open 83 /4 x 14 1 /2 $13.00 $60.00 $100.00 $230.00
Side Open 8 1 /2 x 17 1 /2 25.00 100.00 180.00 425.00
End Open 91/2 x 12 1 /2 12.50 57.50 95.00 212.50
Map and Bond Size
End Open 18 x 24 48.00 225.00 370.00 850.00
You may assort noteholders for best price (min. 50 pcs. one size). You may
assort sheetholders for best price (min. 5 pcs. one size) (min. 10 pcs. total).
SHIPPING IN THE U.S. (PARCEL POST) FREE OF CHARGE
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by ICI Industries Corp. Melinex Type 516
DENLY'S OF BOSTON
P.O. Box 1010 617-482-8477 Boston, MA 02205
800-HI-DENLY FAX 617-357-8163
Paper Money Whole No. 183
BUYING and SELLING
U S., All types
Thousands of Nationals, Large and Small,
Silver Certificates, U.S. Notes, Gold Cer-
tificates, Treasury Notes, Federal Reserve
Notes, Fractional, Continental, Colonial,
Obsoletes, Depression Scrip, Checks,
Foreign Notes from over 250 Countries
Paper Money Books and Supplies
Send us your Want List ... or ...
Ship your material for a fair offer
LOWELL C. HORWEDEL
P.O. BOX 2395
WEST LAFAYETTE, IN 47906
SPMC #2907 ANA LM #1503
NATIONALS — LARGE
UNUSUAL SERIAL NUMBERS
HARRY E. JONES
PO Box 30369
Cleveland, Ohio 44130
tA/114 KLU I N C.
P.O. BOX 84 • NANUET, N.Y 10954 •
Paper Money Whole No. 183
ALL STATES ESPECIALLY THE
FOLLOWING: TENN-DOYLE & TRACY
CITY: AL, AR, CT, GA, SC, NC, MS, MN.
LARGE & SMALL TYPE
OBSOLETE AND CONFEDERATE
WRITE WITH GRADE & PRICE
SEND FOR LARGE PRICE
LIST OF NATIONALS
SEND WANT LIST
DECKER'S COINS & CURRENCY
P0. BOX 69 SEYMOUR, TN
37865 (615) 428-3309
LM-120 ANA 640 FUN LM90
BUYING / SELLING:
OBSOLETE CURRENCY NATIONALS, U.S.
TYPE, UNCUT SHEETS, PROOFS, SCRIP
Periodic Price Lists available: Obsoletes
($3 applicable to order), Nationals, & U.S. Large &
Small Size 'Type.
PHONE or FAX
BARRY WEXLER, Pres. Member: SPMC, PCDA, ANA, FUN, GENA, ASCC (914) 352.9077
BOOKS ON PAPER MONEY & RELATED SUBJECTS
The Engraver's Line: An Encyclopedia of Paper Money & National Bank Notes, Kelly 45
Postage Stamp Art, Hessler $85 U.S. National Bank Notes & Their Seals, Prather
Comprehensive Catalog of U.S. Paper Money Paper Money of the U.S., Friedberg. 14th edition 24
35 Prisoner of War & Concentration Camp Money of the
The Comprehensive Catalog of U.S. Paper Money,
20th Century, Campbell
Small-Size U.S. Paper Money 1928 to Date, Oakes &
U.S. Essay, Proof & Specimen Notes, Hessler 19 Schwartz. Softbound 25
The Houston Heritage Collection of National Bank World Paper Money, 7th edition, general issues 55
Notes 1863-1935, Logan 25 World Paper Money, 7th edition, specialized issues 60
10% off five or more hooks / SHIPPING: $3 for one book, $4 for two books, $5 for three or more books. All books are in new condition &
hardbound unless otherwise stated.
CLASSIC COINS — P.O. BOX 95 — Allen, MI 49227
8th 8/ 0
1V 4 so,- IC
by ROGER H. DURAND
This book is a who's who of individuals portrayed on obsolete
bank notes & scrip. The famous, such as the Presidents of the U.S.
to the infamous, such as the president of an obscure small town
bank. Politicians, business men, inventors, Revolutionary and Civil
war heroes, famous women & Indians are all included. A short bi-
ography is included which usually accounts for the reason that the
portrait appears on the note. An enlargement of each portrait to
help in identification of the person on other notes makes this book
a required addition to your library. A refund if you are not satisfied
for any reason.
Order from your favorite dealer or from the author:
ROGER H. DURAND P.O. Box 186Rehoboth, MA 02769
Buying unusual pieces of Macerated Currency.
Write or call for illustrated Price List of
Macerated Currency for sale.
CHARLES E. KIRTLEY
P.O. Box 2273 Elizabeth City, NC 27906
Wr, JA at—._11, 4,,u.#177-"7A„,, ,, 77-'...
WitraliA2441"--9-- -W14", 5779 11
aegMaj 41.411‘ VALMOISI