Paper Money - Vol. L, No. 6 - Whole No. 276 - November - December 2011

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PAPER MONEY OFFICIAL JOURNAL OF THE SOCIETY OF PAPER MONEY COLLECTORS VOL. L, NO. 6, WHOLE NO. 276 WWW.SPMC.ORG NOVEMBER/DECEMBER 2011 ‘Spending Uncle Sam’s Money’ by T. Dart. Walker, c. 1890s Paper Money • November/December 2011 • Whole No. 276 401 TERMS AND CONDITIONS PAPER MONEY (USPS 00-3162) is published every other month beginning in January by the Society of Paper Money Collectors (SPMC), 5510 Bolin Rd., Allen, TX 75002. Periodical postage is paid at Dover, DE 19901. Post master send address changes to Secretary Benny Bolin, 5510 Bolin Rd., Allen, TX 75002. © Society of Paper Money Collectors, Inc., 2011. All rights reserved. Reproduction of any article, in whole or part, without written permission, is prohibited. Individual copies of this issue of PAPER MONEY are available from the Secretary for $6 postpaid. Send changes of address, inquiries concerning non-delivery, and requests for additional copies of this issue to the Secretary. 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SPMC assumes no financial responsibility for typo- graphical errors in ads, but agrees to reprint that por- tion of an ad in which a typographical error occurs upon prompt notification. Paper Money Official Bimonthly Publication of The Society of Paper Money Collectors, Inc. Vol. L, No. 6 Whole No. 276 November/December 2011 ISSN 0031-1162 FRED L. REED III, Editor, P.O. Box 118162, Carrollton, TX 75011 Visit the SPMC web site: Features Pilgrim Vignettes on Obsolete Notes . . . . . . . . . . . . . . . . . . . . . . 404 By C. John Ferreri The Paper Column: Large Size Federal Reserve Bank Notes . . .415 By Peter Huntoon Who Were They? Tracing Names on Alabama Notes . . . . . . . . . 435 By Bill Gunther SPMC Hands Out Awards at Memphis . . . . . . . . . . . . . . . . . . . . 445 By John & Nancy Wilson Quest for the Confederate Litho Stones: Followup . . . . . . . . . . . 449 By Col. Crutchfield Williams and Tom Carson The Buck Starts Here: “Dr. Livingstone, I Presume’ . . . . . . . . . . . . . 460 By Gene Hessler Small Notes: Series 1928A Gold Certificates Do Not Exist . . . . . 461 By Jamie Yakes Update on Type-64 CSA $500 Notes . . . . . . . . . . . . . . . . . . . . . . . 464 By Steve Feller society News Information and Officers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .402 Your Subscription to Paper Money Has Expired If . . . . . . . . . . . . . . . . . . 406 Remember SPMC in year-end gift giving; donations are tax deductible . .448 President’s Column by Mark Anderson . . . . . . . . . . . . . . . . . . . . . . . . . . .458 Looking In On SPMC Doings at 2011 ANA Convention by Bob VanRyzin 454 Wanted: Website Volunteers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .457 Money Mart . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .457 Introducing Paul Herbert & John Davenport . . . . . . . . . . . . . . . . . . . . . . .478 The Editor’s Notebook . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .478 Please Be Advised Your subscription to Paper Money may be expiring Don’t miss a single issue Send your dues in TODAY Paper Money • November/December 2011 • Whole No. 276402 Society of Paper Money Collectors OFFICERS ELECTED OFFICERS: PRESIDENT Mark Anderson, 115 Congress St., Brooklyn, NY 11201 vICE-PRESIDENT Pierre Fricke, Box 1094, Sudbury, MA 01776 SECRETARY Benny Bolin, 5510 Bolin Rd., Allen, TX 75002 TREASURER Bob Moon, 104 Chipping Court, Greenwood, SC 29649 BOARD OF gOvERNORS: Mark Anderson, 115 Congress St., Brooklyn, NY 11201 Pierre Fricke, Box 1094, Sudbury, MA 01776 Shawn Hewitt, P.O. Box 580731, Minneapolis, MN 55458-0731 Matt Janzen, 3601 Page Drive Apt. 1, Plover, WI 54467 Robert J. Kravitz, P.O. Box 6099, Chesterfield, MO 63006 Fred L. Reed III, P.O. Box 118162, Carrollton, TX 75011-8162 Michael B. Scacci, 216-10th Ave., Fort Dodge, IA 50501-2425 Lawrence Schuffman, P.O. Box 19, Mount Freedom, NJ 07970 VACANT Robert Vandevender, P.O. Box 1505, Jupiter, FL 33468-1505 Wendell A. Wolka, P.O. Box 1211, Greenwood, IN 46142 VACANT APPOINTEES: PUBLISHER-EDITOR Fred L. Reed III, P.O. Box 118162, Carrollton, TX 75011-8162 CONTRIBUTINg EDITOR Gene Hessler, P.O. Box 31144, Cincinnati, OH 45231 ADvERTISINg MANAgER Wendell A. Wolka, P.O. Box 1211, Greenwood, IN 46142 LEgAL COUNSEL Robert J. Galiette, 3 Teal Ln., Essex, CT 06426 LIBRARIAN Jeff Brueggeman, 711 Signal Mountain Rd. # 197, Chattanooga, TN 37405 MEMBERSHIP DIRECTOR Frank Clark, P.O. Box 117060, Carrollton, TX 75011-7060 PAST PRESIDENT Benny Bolin, 5510 Bolin Rd., Allen, TX 75002 WISMER BOOK PROJECT COORDINATOR Pierre Fricke, Box 52514, Atlanta, GA 30355 REgIONAL MEETINg COORDINATOR Judith Murphy, P.O. Box 24056, Winston-Salem, NC 27114 BuyiNG aND seLLiNG HUGH SHULL P.o. Box 2522, Lexington, sc 29071 PH: (803) 996-3660 FaX: (803) 996-4885 csa and obsolete Notes csa Bonds, stocks & auction representation 60-Page catalog for $5.00 ANA-LM SCNA PCDA CHARTER MBR The Society of Paper Money Collectors was organized in 1961 and incorporated in 1964 as a non-profit organization under the laws of the District of Columbia. It is affiliated with the ANA. The annual SPMC meeting is held in June at the Memphis International Paper Money Show. Up-to-date information about the SPMC, including its bylaws and activities can be found on its web site SPMC does not endorse any company, dealer, or auction house. MEMBERSHIP—REGULAR and LIFE. Applicants must be at least 18 years of age and of good moral character. Members of the ANA or other recognized numismatic societies are eligible for membership; other applicants should be sponsored by an SPMC member or provide suitable references. MEMBERSHIP—JUNIOR. Applicants for Junior membership must be from 12 to 18 years of age and of good moral character. Their application must be signed by a parent or guardian. Junior membership numbers will be preced- ed by the letter “j,” which will be removed upon notification to the Secretary that the member has reached 18 years of age. Junior members are not eligi- ble to hold office or vote. DUES—Annual dues are $30. Members in Canada and Mexico should add $5 to cover postage; members throughout the rest of the world add $10. Life membership — payable in installments within one year is $600, $700 for Canada and Mexico, and $800 elsewhere. The Society has dispensed with issuing annual membership cards, but paid up members may obtain one from the Secretary for an SASE (self-addressed, stamped envelope). Members who join the Society prior to October 1 receive the magazines already issued in the year in which they join as available. Members who join after October 1 will have their dues paid through December of the following year; they also receive, as a bonus, a copy of the magazine issued in November of the year in which they joined. Dues renewals appear in a fall issue of Paper Money. Checks should be sent to the Society Secretary. SPMC LM 6 BRNA FUN Paper Money • November/December 2011 • Whole No. 276 403 WANTED GREATRESEARCH AND FEATUREARTICLES ONALL PHASES OF BANKS, BANKNOTES, FINANCE, CURRENCY, BONDS, STOCKS, & ETC. IT’S VERY SIMPLE TO SUBMITARTICLES AND ART ELECTRONICALLYVIA EMAIL DON’TWAIT SEND YOUR BEST STUFFNOWTO CONTEST DEADLINE HAS PASSED . . . Last year in SPMC’s 50th year due to the generous donation of a member we offered five prizes for NEW authors for short (1,200 words or less) articles The five WINNERS will be announced in the Jan/Feb 2012 issue Paper Money • November/December 2011 • Whole No. 276404 WHEN COLLECTING OBSOLETE BANKNOTES, EVERYTHINGis about history. No matter what the visual on the note is you can bet itwill be the historic legacy that captures your attention. The vignettes ofpeople, places, things, historical events and art that were commissioned to appear on these banknotes remain today a window into the culture of our ances- tors of the 19th Century. These show us what they thought was interesting and important in their lives. One of the events that was recalled was the “Landing of the Pilgrims,” one of American history’s earliest notable events. This event was not doc- umented very often on obsolete paper money so I have attempted to bring together the various vignettes of this event on the many different issues I have been able to record. Although it was the Pilgrims themselves who were the focal point of each vignette, their ship, the Mayflower, is also represented on every note and die proof illustrated. The Pilgrim Story The story of the English Pilgrims starts in their mother country, England. After embarking at Plymouth in old England this band of “Separatists” as they were first called, went on to Holland, and then 12 years later to the “New World” in search of religious freedom. Others had been here before but there was yet to be a perma- nent colony of Englishmen on these northern shores. They landed in the area now named Provincetown at the tip of Cape Cod on November 11th, 1620, but stayed only long enough to see if the land was fit for farming and if drinking water was Pilgrim Vignettes on Obsolete Notes By C. John Ferreri Paper Money • November/December 2011 • Whole No. 276 405 abundant. They decided that this would not be a good enough place to build a set- tlement so they picked up their belongings, re-boarded the Mayflower and set off in search for a more suitable shore. On November 21, 1620, they engrossed and signed the Mayflower Compact, the first Constitution enacted in the New World. This was necessary because they were beyond the jurisdiction of the Virginia Colony and the mouth of the Hudson river where they first intended to settle. On December 16th, 1620, they arrived at a place they could call home. This shore had a good harbor, fertile fields and fresh water. They named it Plymouth, after the town in England where their journey began. Their first winter was very trying and some perished. The local Indians actually brought them provisions and subsequently saved many others from meeting the same fate. It was only a year later when they would celebrate a good harvest with a day of “thanksgiving.” It is hard to mention Pilgrims without mentioning Plymouth Rock. While this may or may not have played a part in the lore of the Pilgrims, I mention it only because it does appear in many of the vignettes used on banknotes. This piece of granite was left as a deposit on the beach in Plymouth. Its origin was only a few miles north of Plymouth in a rock outcrop in the Dedham area which formed 680 million years ago. As a glacier once pushed through this area this piece became dis- lodged and ended up about knee deep at high tide almost at its present resting place. Over the years it has succumbed to water and sand erosion from the sea and vandalism by souvenir hunters. Its size now is only a fraction of what it originally was at the end of the ice age. Actually there is no written mention of a “rock” in many contemporary writings of the Pilgrims. Knowledge of its pertinence only sur- faced about 140 years after they supposedly used it as the stepping stone to a new civilization. Plymouth Rock, while presently regarded as America’s most famous step- ping stone is not without competition, the closest being Dighton Rock in the Taunton (Massachusetts) River. Inscriptions on Dighton Rock lend credence to a brief Portuguese habitation in the early 1500s that would be less than 30 miles from the Plymouth Colony. Across the country, inscriptions on rock have been found attesting to important explorations by both Europeans and Mediterranean explor- ers. The Banknotes and Vignettes Die proof by toppan, carpenter and co. some of these proof impressions escaped destruction and are available today. if one is lucky the exact image that appears on the banknote might be found. Die proofs were made for a few reasons. the working die had to be tested on various types of paper before it was put into use and also these impres- sions were annotated with either the name of the engraving company or title of the die or even both in order to preserve a copy for company records or to give to their salesman for distribution to prospective clients. Paper Money • November/December 2011 • Whole No. 276406 If you joined SPMC before 2010 and are not a Life Member and you have not renewed, you will find a “Dec” on your mailing label. That means this is your LAST ISSUEof Paper Money if you do not renew your membership/subscription to SPMC NOW. You can use the renewal enve- lope enclosed in your Sept/Oct issue or your own envelope to renew, but YOU MUST RENEW NOW. If you became a member of SPMC since January 2010, something other than “Dec” will appear on your label. You must renew BEFORE that date or your membership will expire, so please renew NOW so you won’t forget. Your membership will be extended for one year past the due date so you will get full value for your dues dollars, and you will save SPMC the time and expense of billing you later. Your subscription expired if . . . Paper Money • November/December 2011 • Whole No. 276 407 a second die proof by the same engraving company shows a slightly different represen- tation of the “Landing.” in 1858 the toppan, carpenter & company along with others merged to become the american Banknote company, a prime player in the production of banknotes and securities for more than the next 100 years. it has since sold off its archives of hardware and plates a few years ago so it is now possible in some instances for collectors to even obtain a steel die to match both the die proof and the banknote in his collec- tion. this vignette, “Landing of the Pilgrims,” is an engraving by charles Burt as shown on the reverse of a $1 original series National Bank Note. this engraving would probably be the one most familiar to paper money collectors today due to its exposure on National currency. However this particular engraving does not appear on any issue of paper money from the state banknote era. Paper Money • November/December 2011 • Whole No. 276408 The Bank of Cape Cod opened in 1856 and became a national bank in 1865. The Mayflower Compact was actually drawn up and signed on board before the Pilgrim Fathers settled on land. This document had become the first constitution to be used in this country. And at this time John Carver as Governor of the Plymouth Colony became the first elected official in America. It is fitting that a bank from the Cape chose to use this vignette. The male portrait on the right is that of Lemuel Shaw, a 30 year Massachusetts Chief Justice, 1830-1860. the vignette title, “signing the First constitution on Board the Mayflower, 1620” appears at the bottom of the center vignette. Here can be seen John carver signing that first constitution. Below: the citizens union Bank opened in 1833 and became the scituate National Bank in 1865. again this vignette was chosen. the por- trait on the left is of Henry clay. this bank chose to display other historic events on its notes, also. For additional information please see the proper Haxby volume. Paper Money • November/December 2011 • Whole No. 276 409 N O B O D Y does paper money better than PAPER MONEY • best reproduction • best audience • best rates . . . IN FULL LIVING COLOR, too! If you REALLY want to sell your killer notes . . . not just admire them in your inventory, this is . . . THE PLACE Discover . . . YOUR pot of gold HERE! Advertise in PAPER MONEY The Old Colony Bank opened in 1832 and became a national Bank in 1865. This note is interesting in that we can see a shelter, men cooking, and others about to collect furnishings from the boat that has returned from the Mayflower, which can be seen in the distance. Also on the right of the vignette we see Samoset, a Pemaquid Indian chief from coastal Maine just walking into their midst and about to surprise the Pilgrims with his command of the English language learned from fishermen who occasioned this coast. As he approaches the unsuspecting settlers, above him in a pine tree, an osprey or eagle, probably attracted by the cooking food, watches patiently. Even with provisions within reach this Native American asked the Englishmen not for food but for “beer.” They not only were astonished that the Red Man could speak English but also that he had asked for some of that sacred brew that sustained then during their journey. Samoset had learned about beer from previous encounters with east coast fishermen and explorers. Above all this is the date 1620 and a view of Plymouth Rock where the small boat is being secured. The Mayflower remains in the distance. Note the three different imprints on the note of the New England Banknote Company, the Patent Stereotype Steel Plate and the “ABNCo” of the American Banknote Company in the center but just below the vignette. The origi- nal printing plate was probably produced in the 1830s or ’40s by the New England Banknote Co. It is called a Stereotype Steel Plate, albeit a later version. This type of plate was invented by Jacob Perkins of Newburyport in about 1810. The American Banknote Co. was an association of many smaller companies that came together in 1858. Very often their logo will appear on notes alongside imprints of the earlier engraving companies. Paper Money • November/December 2011 • Whole No. 276410 the date, “1620” appears twice in this vignette and samoset appears at the right, coming to welcome the englishmen. Plymouth rock is evident at the water’s edge this enlarged view shows in detail the activities of the group of Pilgrims. everyone has a job to do in order to make the colony secure for the coming winter. although samoset could speak some english. another indian named squanto, a Pawtuxet indian who also could speak english, proved to be even more helpful. twelve years earlier squanto had been kidnapped by fisherman and brought back to europe. there he learned to speak english. He subsequently was able to return to his home in New england where he met the colonists. Paper Money • November/December 2011 • Whole No. 276 411 When it comes to protecting your investment for future generations, there is no safer way than with PCGS Currency holders. • PCGS Currency is the only grading service that encapsulates notes in Mylar-D®, the safest and best archival material for long-term storage • Our unique grading label and open-top holder allow notes to “breathe,” thus preventing them from deteriorating due to lack of oxygen • The specifically designed tamper-proof label ensures the security of your notes Experienced collectors trust PCGS Currency – the leader in third-party certification. Call 800.447.8848 or visit today, and experience the clear difference. Protect Your Notes For the Next Generation Ph ot o C ou rt es y of A us ti n Jr . & A m an da S he he en P.O. Box 9458, Newport Beach, CA 92658 • (800) 447-8848 • Fax: (949) 833-7660 • The Standard for Paper Money Grading ©2008 Collectors Universe 735101 PM * Mylar-D is a registered trademark of DuPont. PCGSC 8015-01 Protect Your Notes-Parper Money SPMC:Layout 1 1/16/08 4:17 PM Page 1 Paper Money • November/December 2011 • Whole No. 276412 as difficult as it is to locate a proof quality example, it is even much harder to find a circulated example of a note with a Pilgrim vignette. Very few have ever surfaced. this bank opened in 1803 and became the Plymouth National Bank in 1865. this note is hand-dated January 1, 1864. this note has the smallest vignette on an obsolete banknote of the “Landing” noted to date. it is in the upper left hand corner of the note. this engraving somehow escaped notice by Haxby and the banknote detectors he partially relied on for the descriptions of many notes and is not mentioned in his descrip- tion of this note. sometimes the less obvi- ous part of a note turns out to be the most interesting! the enlarged vignette plainly shows the Pilgrims in their special hats stepping from their shallop to the “rock” and then to the shore, unload- ing their provisions. the Mayflower is in the dis- tant background and somewhat hard to see. 413Paper Money • November/December 2011 • Whole No. 276 Henry Sargent (1770-1845), a famous American painter who studied under Benjamin West and John Singleton Copley executed the work on which this vignette is based in Boston about 1820 and donated it to Pilgrim Hall in Plymouth where it resides today. The key to this painting lists the name of each subject pictured. A few of the prominent subjects shown are; Samoset the Indian and John Carver and his wife Katherine, the two people closest to Samoset. William Bradford is to the left of the Carvers and Myles Standish with the Pilgrim style hat is to the right. The Mayflower had two dogs aboard, an English Mastiff and an English Spaniel which is the one shown in this vignette. this vignette is identical to the second die proof seen earlier. the same vignettes could have been used on other denomina- tions from this bank as well. the casco Bank opened in 1824 and became a national bank in 1865. a proof note is an intaglio impression on soft paper pressed on copper or steel plates primarily made to be shipped to the bank for a final inspection before ordering their notes. the proofs come out best if high grade soft india paper is used because of the sharp impression it leaves. usually proofs like the business “strikes,” were execut- ed in a four-note for- mat. the Plymouth Bank opened in 1803 and it too became a national bank 1865. Paper Money • November/December 2011 • Whole No. 276414 Obtaining an obsolete banknote with special historical significance was always rewarding to me. This topic is one of the most interesting I have come across. Looking back at the time involved in trying to assemble a collection of notes with Pilgrim vignettes, I have come to the conclusion that collecting notes with the popular vignettes of Santa Claus, might be less of a challenge. There are more vignette types of Santa Claus notes than Pilgrim notes. And, more banks issued Santa Claus notes than Pilgrim notes, seemingly 3-4 times as many. If you can find room in your collection for a note with historical significance, try to obtain one of the Pilgrim issues. Like I said before, “it’s all about history.” References Durand, Roger H. Interesting Notes About History. Privately printed, 1990. Haxby, James A. Obso lete Bank Notes, 1782-1866, 4 vols. Iola, WI: Krause Publications, 1988. Various other pamphlets, monographs and Internet sources. top: a different vignette used by the old colony Bank shows the date 1620 above. the indian to the left could possibly represent samoset but more likely, Massasoit, a wampanoag chief. samoset was originally sent by Massasoit to welcome the new trav- elers. this same engraving also appears on notes of the Massosoit Bank. we also see Plymouth rock, again. this seems to be a progres- sion proof, which is an impression of a note not fully constructed. as you can see, the engraver’s imprint (name) has not yet been added to the plate. above: this is an almost identical note to the previous old colony proof note. the date, “1620” is not evident and the note is payable to Myles standish. the portrait of the indian along with washington’s portrait have also been left off. this bank operated from 1833 to 1843) (image courtesy of a private collector.) 415Paper Money • November/December 2011 • Whole No. 276 T HE OBJECTIVES OF THIS ARTICLE ARE TO: (1) EXPLAIN the origins of the Series of 1915 and 1918 Federal Reserve Bank Notes; and, (2) definitively list all the different plates that were made, reveal which were actually sent to press, and identify varieties that were printed but are unreported. Two definitive sources were used to make this compila- tion, the certified proofs in the National Numismatic Collection and a plate history ledger in the National Archives. Experts Doug Murray and Carlson Chambliss engaged me in a very lively dialog to resolve discrepancies between these findings and previous catalog listings. Overview The large size Federal Reserve Bank Notes initially were intended to replace National Bank Notes. The Federal Reserve Act of 1913 gave national bankers the option to sell their circulation privilege to the Federal Reserve System beginning in 1915. This would take the form of the Federal Reserve Banks purchasing the bonds the bankers used to secure their circulations. In turn, the Large Size Federal Reserve Bank Notes Figure 1. Fabulous model of a series of 1915 Federal reserve Bank Note that sports a red seal and serial numbers with pasted-on and hand- drawn elements. important is a delicately penciled note that unfortunately does not reproduce in this image stating: “approved as to serial number (should be district number) + letter in each corner, as to date of bank charter (should be date of orga- nization), as to signature of register, as to omis- sion of lines. wm G Mcadoo.” All you really wanted to know about the Paper column By Peter Huntoon Paper Money • November/December 2011 • Whole No. 276416 Federal Reserve Banks would use those bonds to secure their own circulations. Some bankers eventually took advantage of this offer, but such sales never materialized into the expected flood hoped for by Treasury officials. Consequently the Series of 1915 FRBNs sputtered along in rather small numbers, thus accounting for their scarcity today. Key Pittman, Senator from Nevada, won passage of the Pittman Act in 1918 that provided for the melting of up to 350 million old silver dollars in the Treasury and the sale of the resulting bullion, coupled with the eventual replacement of those coins with newly minted silver dollars using the production from western mines. Provisions in the act called for the temporary issuance of Federal Reserve Bank Notes to offset the redemption of Silver Certificates as the old silver dollars that backed them were being melted but before production of the new cartwheels caught up. The Pittman Act breathed life into the Federal Reserve Bank Note series, and resulted in the Series of 1918 issues. However, that new vigor, and partially Figure 2. the initial purpose of Federal reserve Bank Notes was to replace National Bank Notes. series of 1915 Federal reserve Bank Notes are scarce because national bankers were prevented from selling the bonds that backed their currency to Federal reserve Banks because of a defect in the Federal reserve act of 1913. consequently, plates for many authorized denominations for many districts were not made, and many plates that were made were not used. No $100 series of 1915 notes were printed, although plates were made for Boston and New york. Figure 3. Highly unusual $10 series of 1915 FrBN with penned signed Federal reserve Bank signatures of acting secretary cross and Governor Miller. these notes generally have rub- ber stamped or overprint- ed signatures. (Photo courtesy of Heritage auction archives) 417Paper Money • November/December 2011 • Whole No. 276 redefined purpose for the use of FRBNs, was short-lived because the western miners flooded the mint with new silver. The Treasury flooded the country with Silver Certificates as the new silver was coined into new dollars beginning in 1921, and the coins were deposited in the Treasury to secure that circulation. The country was in the midst of the post-WW I agricultural depression in mid-1923, so the total stock of money in circulation was eleven percent below its 1920 high. Even so, the total stock of silver dollars had rebounded to 492 million and Silver Certificate circulation to $365 million, respectively 86 and 78 percent of their 1917 values before the Pittman melts. There no longer was a need for FRBNs to compensate for redeemed Silver Certificates, so the issuance of FRBNs was contracted accordingly. Large size FRBNs were discontinued October 17, 1923. FRBNs never succeeded in replacing significant volumes of National Bank Notes. If Treasury officials were going to get rid of National Bank Notes, they would have to resort to more draconian measures. Specifically, in 1935, the Treasury sim- ply called the last of the bonds that were used to secure the nationals, and that was the end of them. There is richness in the large size Federal Reserve Bank Notes that is mani- fested in the different series, denominations and signature varieties that were issued. The series were defined by the legislation that authorized them. First, the Federal Reserve Bank Notes were linked to National Bank Notes yielding the Series of 1915. But soon most of them became linked to $1 and $2 Silver Certificates, producing the Series of 1918! It is the purpose of this article to draw out these linkages so that you can more fully appreciate what the large size FRBNs are about, why there are two differ- ent series of them, why $1 and $2 FRBNs exist, and why the series disappeared. This is interesting stuff! Figure 4. this pair of proofs con- sisting of unissued $50 series of 1915 and 1918 atlanta Federal reserve Bank Notes illustrates the differences that can occur between notes from the different series. (1) the upper left series occurs in either 1 or 2 lines. (2) the security clauses differ. (3) the size of the district letters and numbers differ. (4) the act dates differ. (5) the placement of the plates letters differ. (6) the size and placement of the titles for the bank officers differ. (7) the placement of the organization date differs. (8) an embellish- ment occurs between the bank signatures on the series of 1915. (9) the bank secretary signed the series of 1915, whereas the bank cashier signed the series of 1918. (10) the bank signatures had to be affixed to the series of 1915 notes at the banks. Paper Money • November/December 2011 • Whole No. 276418 Differences Between 1915 and 1918 Notes Figure 4 illustrates that several differences can be found between the Series of 1915 and 1918 notes, some very minor, some major. Some differences don’t occur on every denomination. One significant difference between the series is that the bank secretary signed the Series of 1915 notes, whereas the bank cashier signed the 1918s. This led to an unexpected surprise on a newly discovered $5 Series of 1915 from Atlanta. The note has McCord-Bell bank signatures, where Bell signed as Secretary. Bell also signed as cashier on the Series of 1918 notes beginning in 1919. Obviously, he was promoted. Ironically he was again paired with McCord on the Series of 1918 vari- eties. Series of 1915 Section 18 of The Federal Reserve Act of December 23, 1913, gave officers of national banks the opportunity to get out of the note-issuing business. Part of that section read as follows: After two years from the passage of this act, and at any time during a period of twenty years thereafter, any member bank desiring to retire the whole or any part of its circulating notes, may file with the Treasurer of the United States an application to sell for its account, at par and accrued interest, United States bonds securing circulation to be retired. The Federal Reserve Board could at its discretion require the Federal Reserve Banks to purchase those bonds as well as other U. S. bonds bearing the cir- culation privilege so long as the total amount purchased did not exceed $25,000,000 per year. The bonds thus purchased were to be apportioned between the twelve Federal Reserve Banks based on their relative capitals and surpluses. Figure 5. occasionally a new series of 1915 note is discovered with unexpected bank signatures such as this $5 from atlanta with the Mccord-Bell combination. Bell signed as bank secretary on this piece. His signature also occurs as the cashier on many series of 1918 notes, including being paired with Mccord again. (Photo courtesy of Heritage auction archives) Paper Money • November/December 2011 • Whole No. 276 419 The circulation privilege was a designation by Congress that certain Federal bonds could be used by national banks to secure their note issues. The important thing from the perspective of this discussion about Federal Reserve Bank Notes is the following in Section 18: The Federal reserve banks purchasing such bonds shall be permit- ted to take out an amount of circulating notes equal to the par value of such bonds. Upon the deposit with the Treasurer of the United States of bonds so purchased * * * any Federal reserve bank * * * shall be entitled to receive from the Comptroller of the Currency circulating notes * * * equal in amount to the par value of the bonds so deposited. Such notes shall be the obligations of the Federal reserve bank procuring the same, and shall be in form prescribed by the Secretary of the Treasury, and to the same tenor and effect as National Bank Notes now provided by law. They shall be issued and redeemed under the same terms and conditions as National Bank Notes, except that they shall not be limited to the amount of the capital stock of the Federal reserve bank issuing them. Thus were born Federal Reserve Bank Notes. The potential impact on the National Bank Note system was that if the bankers complied, half a billion dollars worth of National Bank Notes - about 2/3rds of them - could be done away with in 20 years by gradually converting them into Federal Reserve Bank Notes on a one-to- one dollar basis. What these provisions did was to set in motion a process that would begin phasing out National Bank Notes, but preserve the total amount of bond secured currency in circulation. The incentive for converting from National Bank Notes to Federal Reserve Bank Notes was that the Federal Reserve Bank Notes were consid- ered to be more desirable as monetary instruments. The problem with National Bank Notes turned on the concept of elasticity. The maximum value of National Bank Notes that a national bank could issue was a fixed percentage of the capitalization of the bank. Those percentages were changed from time to time by amendments to the National Bank Act, but the net result was that the stock of National Bank Notes in circulation was rather inflexibly fixed by the capitalization of the banks. Consequently National Bank Note circulation was inelastic; that is, the supply of nationals did not expand or contract as the business needs of the country changed, either seasonally or within business cycles. In contrast, once the bonds were in the hands of a Federal Reserve Bank, the minimum amount of currency that could be issued against them was not limited by the capitalization of the Federal Reserve Bank. Instead, provisions were built in that allowed for elasticity. It was the elasticity of the Federal Reserve Bank Notes that Congress and the Treasury desired. Federal Reserve Bank Notes should have come into existence in volume after December 23, 1915, two years after passage of the Federal Reserve Act. It was then Figure 6. series of 1915 $20 plates were made, notes printed, but none issued for Philadelphia, cleveland, richmond and san Francisco. Paper Money • November/December 2011 • Whole No. 276420 that the bankers could start selling their bonds to the Federal Reserve Banks. However, not much happened! One shortcoming of the Federal Reserve Act of 1913 was that the framers failed to repeal the provisions in the National Bank Act that required an initial mini- mum deposit of bonds with the Treasurer to secure a circulation before a national bank could be chartered. So, even though the Federal Reserve Act allowed the national bankers to sell their bonds to the Federal Reserve Banks, the bankers could- n’t! The result was that about the only bonds that the Federal Reserve Banks could acquire to secure their FRBNs were those bearing the circulation privilege that were available on the open market. Consequently, the Series of 1915 Federal Reserve Bank Note issues were small, issued only by a few districts, and in only a limited number of denominations. See Table 1. The first appeared in February 1916. Clearly the National Bank Act had to be amended to do away with the required minimum bond deposit, so this action was taken in an amendment to the Federal Reserve Act enacted June 21, 1917. The concept of Federal Reserve Bank Notes finally became viable. We notice in the National Currency and Bond Ledgers that national bankers began to sell their bonds to the Federal Reserve Banks begin- ning in mid-1917. Table 1. Numbers of production plates made for the Series of 1915 Federal Reserve Bank Notes. All were 4-subject plates. All have blanks for the signatures of the bank president and secretary. Boldface = printings were made from these plates and notes were issued with various added Federal Reserve signatures. Boldface Italics = printings were made from these plates, but apparently none of the notes were issued. All others = plates were made but not used. $5 $10 $20 $50 $100 Boston 1 1 1 1 1 New York 1 1 1 1 1 Philadelphia 1 1 1 Cleveland 1 2 1 Richmond 1 1 1 Atlanta 1 1 1 1 Chicago 2 1 1 St. Louis 1 1 1 Minneapolis 2 2 Kansas City 4 4 1 Dallas 3 2 1 San Francisco 2 2 1 Figure 7. $5 and $10 series of 1915 plates were made and notes printed for Minneapolis, but none were issued. Paper Money • November/December 2011 • Whole No. 276 421 The high point for the Series of 1915 was attained near the end of October 1917 when there were just under $13 million worth of them in circulation (Philpott, 1963). Clearly the national bankers were not finding it advantageous to sell their bonds in large numbers. Series of 1918 The big boost for FRBNs came with the passage of the Pittman Act of April 23, 1918. But, that act had nothing to do with National Bank Notes! The Pittman Act superficially appeared to be an outrageous and rather convoluted sop to western silver mining interests, while hiding behind the loftily stated purpose of conserving gold stocks in the Treasury. The gist of the act was that it allowed the Treasury to melt existing silver dollars and sell the bullion, or to convert the bullion into subsidiary U. S. coins. The melted dollars were to be replaced by new dollars from domestically mined sil- ver. The fact is that the Pittman Act greatly benefited the silver mining industry for several years, but it also helped the Treasury unload a huge amount of silver at an inflated price, thereby greatly augmenting the flow of foreign gold into the Treasury. The sale of the silver materially aided our WWI British ally, which was the underlying objective of the legislation. The United States had declared war on Germany on April 6, 1917, so had cast its lot with Britain. The Treasury had plenty of silver dollars in storage, which many viewed as a great surplus, and had issued a corresponding plethora of Silver Certificates backed by them. However, silver prices and production had been sinking prior to the war. Figure 8. the $2 series of 1918 FrBN has always been a favorite type owing to the battleship on the back. the fact that this partic- ular piece is a star note doesn’t detract from its appeal. (Photo courtesy of Heritage auction archives) Paper Money • November/December 2011 • Whole No. 276422 In contrast, Britain’s colony India, which was on a silver monetary standard, was suffering an acute shortage of the metal during the war. The problem was that Indians had an insatiable appetite for the metal, but it was not flowing to India from England owing to export embargos on gold and silver needed to support the British war effort. Consequently the bullion value of the silver rupees surpassed the legal tender value in India, so rupees were internally hoarded and melted down to make jewelry. This created a potentially violent destabilizing crisis as rupees vanished from circulation (Hammond and Jenks, 1921, p. 222-225). The British negotiated with the U. S. Treasury to fix the price of silver bul- lion at $1 per ounce, which was above market value and almost double the pre-war value, and to purchase large volumes for export to India at that price to alleviate the Indian shortage. The Pittman Act was the result, and it called for the melting of as many as 350 million old silver dollars taking up space in the Treasury. This would require the redemption of an equal value in Silver Certificates that were secured by them. The bullion was to be sold, and it was sold to England. However, equal num- bers of new silver dollars were to be made from domestically produced silver as it became available. Leavens (1939, p. 147) reveals that 295 million silver dollars were melted yielding 200 million fine ounces of silver that were shipped to India as fast as it could be readied. Another 11 million were allocated to subsidiary U. S. coinage. Sections 5 and 6 of the Pittman Act contained the following tradeoff provi- sions to compensate for a contraction in the amount of outstanding Silver Certificates that would occur because of the delay between the melting of the old sil- ver dollars and minting of the new coins. Notice that $1 and $2 FRBNs were called for because most of the Silver Certificates that were going to be redeemed were $1 and $2 notes. (Section 5) In order to prevent contraction of the currency, the Federal reserve banks may be permitted or required by the Secretary of the Treasury, to issue Federal reserve bank notes, in any denominations (including $1 and $2) * * * in an aggregate amount not exceeding the amount of silver dollars melted or broken up and sold as bullion under the authority of this act. * * * (Section 6) As and when silver dollars shall be coined out of bul- lion purchased under the authority of this act, the Federal reserve banks shall be required * * * to retire Federal reserve bank notes issued under authority of section 5 of this act, if then outstanding, in an amount equal to the amount of silver dollars so coined * * *. Figure 9. chart showing the num- ber of silver dollars in the treasury (white bars), value of silver certificates in circulation (stippled bars), and value of Federal reserve Bank Notes in circulation (black bars) on June 30 of the years shown. Notice that as silver dollars were melted under the terms of the Pittman act between 1918 and 1920, there was a corresponding contraction in the silver certificates backed by them, but an offsetting increase in Federal reserve Bank Notes. the trends reversed when silver dollars began to be minted beginning in 1921 using western silver purchased under the Pittman act. (Data from secretary of the treasury, 1935, tables 39 and 40). Paper Money • November/December 2011 • Whole No. 276 423 British gold from the silver sales, coupled with arms sales to England and other European allies, led to a very favorable flow of gold into our economy and Treasury. The Federal Reserve Banks bought short term U. S. gold bonds and cer- tificates of indebtedness from the Treasury to secure their Federal Reserve Bank Note issues, and pressed their notes into circulation to offset the Silver Certificates that were redeemed to compensate for the silver shipped to India. The Pittman Act authorized the one-year gold notes and certificates of indebtedness that the Federal Reserve banks purchased from the Treasury and then deposited with the Treasurer to secure their circulations. Notice that this mecha- nism was virtually identical to the bonds purchased by national bankers that were deposited with the Treasurer to secure National Bank Note circulations. A new Series of Federal Reserve Bank Notes -- the Series of 1918 -- came about bearing a revised security clause acknowledging the additional backing by cer- tificates of indebtedness and one-year gold notes. The legal distinction between the Series of 1915 and 1918 is the wording in the security clause on the faces located just under the upper border. Below, Figure 10. one-year gold- bearing treasury notes like this were among the securities deposit- ed with the treasurer by the Federal reserve Banks. they secured series 1918 Federal reserve Bank Notes issued to off- set silver certificates redeemed under the terms of the Pittman act. Bottom, Figure 11. treasury certificates of indebtedness with backs like this were among the securities deposited with the treasurer by the Federal reserve Banks to secure their series of 1918 Federal reserve Bank Notes. Like treasury notes, they were purchased by the banks to offset silver certificates redeemed under the terms of the Pittman act. it is very doubtful that this denomi- nation was used because only three of these would have greatly exceeded the peak combined circu- lation of all the FrBNs from all 12 banks! this particular back is printed in yellow. Paper Money • November/December 2011 • Whole No. 276424 TheNew York Times (August 25, 1918) announced that the first New York $1 and $2 FRBNs began to circulate on August 24, 1918. The notes bore the signa- tures of Governor Benjamin Strong and Cashier L. F. Sailer of the Federal Reserve Bank of New York. However, it was noted that Sailer had been promoted to Deputy Governor so Laurence H. Hendricks already had taken his place as cashier. The $1 and $2 Series of 1918 FRBNs were issued from all 12 districts, and $5s from all districts except Richmond. Clearly the emphasis was on the small denominations, which primarily offset Silver Certificate redemptions under the terms of the Pittman Act. Table 2 reveals that use of the higher denominations was very spotty. FRBN circulation peaked at $236,597,570 million on January 1, 1921. (Philpott, 1963, p. 7) However, bond sales by national banks to the Federal Reserve Banks had been meager, so only about five percent of the Series of 1918 notes on that date represented notes issued against bonds purchased from national banks. In the meantime, the mints began to purchase domestically produced silver at the inflated $1 per ounce rate, greatly stimulating mine output. Mintage of new silver dollars began in 1921. Ironically, the entire program paid for itself in the form of seigniorage gains as the new bullion was minted into new silver dollars. The new dollar coins served as backing for new Silver Certificates, so the FRBNs became redundant. As before, the public preferred to carry Silver Certificates and let the cumbersome silver dollars reside in the Treasury. The flood of new Silver Certificates quite literally drove out the Federal Reserve Bank Notes as per section 6 of the Pittman Act. They were discontinued October 17, 1923. Only $16,282,000 worth of them in circulation at that time were obligations of the Federal Reserve Banks. The rest were in the process of being retired with funds deposited into the Treasury redemption account from the pro- ceeds of the sales of the bonds owned by the Federal Reserve Banks that were used to Figure 12. $1 and $2 series of 1918 Federal reserve Bank Notes were authorized in the Pittman act to serve as substitutes for $1 and $2 silver certificates that would have to be withdrawn from circula- tion during the period spanning the time between when silver dol- lars in the treasury were melted and newly produced domestic bul- lion could be coined into new dol- lars. Paper Money • November/December 2011 • Whole No. 276 425 Table 2. Production plates made for the Series of 1918 Federal Reserve Bank Notes. Dates are the certification dates for the first plate made of the variety. $1s are a mix of 4- and 8-subject plates, the rest were 4-subject plates. All carry facsimile signatures of the bank president and cashier. Boldface= plates were made and notes printed, but the variety is unreported. Boldface italic = plates were made but no notes printed. $1 $2 $5 $10 $20 $50 Boston Teehee-Burke Bullen-Morse 8/8/18 2/20/18 8/21/18 Teehee-Burke Willet-Morss 9/18/19 9/16/19 Elliott-Burke Willet-Morss 2/27/20 4/19/20 1/11/21 New York Teehee-Burke Sailer-Strong 7/8/18 7/16/18 Teehee-Burke Hendricks-Strong 7/24/18 9/16/18 8/6/18 8/10/18 Elliott-Burke Hendricks-Strong 5/15/20 2/18/20 Philadelphia Teehee-Burke Hardt-Passmore 8/5/18 8/20/18 8/18/18 Teehee-Burke Dyer-Passmore 10/28/18 10/4/18 10/22/18 Elliott-Burke Dyer-Passmore 2/21/20 3/17/20 Elliott-Burke Dyer-Norris 4/17/20 5/13/20 Cleveland Teehee-Burke Baxter-Fancher 8/7/18 9/8/18 8/15/18 Teehee-Burke Davis-Fancher 2/6/19 2/14/19 3/4/19 Elliott-Burke Davis-Fancher 1/10/20 3/31/20 7/7/20 Richmond Teehee-Burke Keesee-Seay 8/24/18 8/23/18 9/9/18 Elliott-Burke Keesee-Seay 3/26/20 5/13/20 Atlanta Teehee-Burke Pike-McCord 8/19/18 9/6/18 8/28/18 Teehee-Burke Bell-McCord 2/1/19 2/7/19 Teehee-Burke Bell-Wellborn 9/20/19 12/1/19 Elliott-Burke Bell-Wellborn 1/3/20 4/17/20 6/16/20 5/18/20 5/21/20 5/18/20 Chicago Teehee-Burke McCloud-McDougal 7/30/18 8/15/18 8/23/18 8/15/18 Teehee-Burke Cramer-McDougal 5/3/19 5/8/19 6/13/19 Elliott-Burke Cramer-McDougal 2/16/20 5/4/20 St. Louis Teehee-Burke Attebery-Wells 8/16/18 8/23/18 8/29/18 8/15/18 9/27/18 10/14/18 Teehee-Burke Attebery-Biggs 4/30/19 3/7/19 6/7/19 Elliott-Burke Attebery-Biggs 2/11/20 2/14/20 Elliott-Burke White-Biggs 8/14/20 7/13/20 7/23/20 Minneapolis Teehee-Burke Cook-Wold 8/26/18 9/3/18 9/6/18 Teehee-Burke Cook-Young 11/28/19 Elliott-Burke Cook-Young 5/27/20 6/24/20 11/19/20 Kansas City Teehee-Burke Anderson-Miller 8/18/18 8/29/18 9/6/18 Elliott-Burke Anderson-Miller 3/25/20 Elliott-Burke Helm-Miller 7/16/20 6/24/20 6/23/20 Dallas Teehee-Burke Talley-vanZandt 8/21/18 8/29/18 9/6/18 Elliott-Burke Talley-vanZandt 5/27/20 6/11/20 Elliott-Burke Lawder-vanZandt 7/28/20 7/30/20 San Francisco Teehee-Burke Clerk-Lynch 8/6/18 8/21/18 8/29/18 Teehee-Burke Clerk-Calkins 8/28/19 11/5/19 Elliott-Burke Clerk-Calkins 1/13/20 4/14/20 Elliott-Burke Ambrose-Calkins 10/25/20 1/12/21 Paper Money • November/December 2011 • Whole No. 276426 back them. All the remaining outstanding FRBNs became obligations of the Treasury redemption account after October 1923. Unused Plates and Unissued Printings As shown on Table 1, plenty of plates were made for the Series of 1915 that never were sent to press. Similarly, there are no shortages of printings that never were issued. In fact, of the 40 different plate varieties made for the series, notes reached circulation from only 13, just a third. No issuances were forthcoming from half of the Federal Reserve Banks; specifically, Boston, New York, Philadelphia, Cleveland, Richmond and St. Louis! The explanation was that the government officials greatly overestimated the likeli- hood that national banks would opt to sell their circulation privileges to the Federal Reserve System. In contrast, all the Federal Reserve districts got involved in issuing the Series of 1918, but mainly because they had to issue some $1s and $2s in response to the Pittman Act. All the districts except Richmond issued $5s. Only a sparse smat- tering of higher denomination plates were ordered and used because the demand for the higher denominations was slight. The result was that most printings of the high- er denominations were modest to very small. Table 2 reveals that, as happened in the Series of 1915, a few Series of 1918 plate varieties were made and never used, and a few others were sent to press but no notes were issued, or if they were, they haven’t turned up yet. The officers in the Boston district were forever optimistic and had a $50 plate made in both the Series of 1915 and 1918, but neither saw service. Minneapolis ordered eight $5 1918 Elliott-Burke Cook-Young plates, numbers 5 through 12, but they never were used. Dallas ordered three $2 1918 Elliott-Burke Lawder-VanZant plates, num- bers 10-12, but only number 10 was sent to press, and that only between August 4, 1920 and August 17, 1920. Is it any surprise that none have turned up? Probably none reached circulation. Similarly, two $5 1918 San Francisco Teehee-Burke Clerk-Calkins plates were made, numbers 6 and 7, and each had short press runs respectively lasting between November 6-12, 1919 and November 7-12, 1919. These were preceded by Teehee-Burke Clerk-Lynch $5 printings from plates 1-5. Of all of these printings, no notes have been reported from plates 5-7. Probably they weren’t issued, which torpedoed all of the Teehee-Burke Clerk-Calkins $5s. If you like chasing rarity, it is worth studying the estimated printings in the catalogs for these two series. Figure 13. eight Minneapolis $5 series of 1918 production plates were made with elliott-Burke cook-young signatures, but none were used. Paper Money • November/December 2011 • Whole No. 276 427 Key Pittman Key Pittman, a Democrat, was a U. S. Senator from Nevada from 1913 to 1940. He was educated as a lawyer, but joined the Klondike gold rush and worked as a miner until 1901. He moved to the mining district of Tonopah, Nevada, in 1902, where he practiced law. His brother was governor of Nevada. Pittman was a man who looked out for the best interests of western miners, and there were plenty of them in Nevada! The fact is, Pittman did not author the Pittman Act. Leavens (1939, p. 145-146) provides the following account. The British Government * * * on behalf of the Government of India, began negotiations with the United States Government to arrange for the control of American silver production, and for the rationing of the product between the British and American Governments at a fixed price. Conferences were held with American silver producers, and after investiga- tions of costs a general agreement was reached that $1.00 per fine ounce would be a fair price. This was above the current market, but would allow for production from some mines that could not operate at a lower price on the basis of current costs. Figure 14. three Dallas $2 series of 1918 plates, numbers 10, 11 and 12, were made with elliott-Burke Lawder-VanZandt signatures. only plate 10 was used, and that for only one press run, but no notes are reported from the print- ing. Figure 15. two san Francisco $5 series of 1918 plates, numbers 6 and 7, were made with teehee- Burke clerk-calkins signatures. Both plates were used for less than a week each in November 1919, but no notes have been reported from them. Figure 16, opposite. Democrat senator Key Pittman from Nevada. Paper Money • November/December 2011 • Whole No. 276428 The quantity of silver that could be allotted to India from new American production, however, was quite inadequate for her needs, and it was urgent that more silver be procured. It was suggested that some of the 500,000,000 silver dollars lying in the Treasury as a reserve against Silver Certificates in circulation might be spared to meet the Indian emergency. The Treasury Department and the Federal Reserve Board drew up a bill. * * * The bill, after being presented to the Banking and Currency Committee of each House, was given to Senator Pittman to be intro- duced in the Senate, and generally has been called by his name, although he was not the author of it. An amendment from the floor by Senator A. B. Fall of New Mexico added the requirement that the silver to be purchased be “the product of mines situated in the United States and of reduction works so located.” (Leavens, 1939, p. 146). Rocha and Myers (2008) related this story of Pittman’s death. U.S. Senator Key Pittman died on November 10, 1940, only five days after winning reelection. For years stories have circulated that Pittman actually died before the election. His friends, so the story goes, kept his body in a bathtub filled with ice at Reno's Riverside Hotel so that his Senate seat could remain Democratic (Pittman's successor would be appointed by Governor Edward Carville, who like Pittman was a Democrat.) * * * The real facts, though, are more elaborate and just as disreputable. According to a 1977 interview * * * with Pittman's personal physician, * * * the elderly senator suffered a heart attack while engaged in a pre-elec- tion drinking spree at the Riverside. The physician, Dr. A. J. "Bart" Hood, was summoned by courier (no telephones were used to avoid eavesdropping operators) and examined the senator on the evening of November 4. Dr. Hood told Pittman's political lieutenants that there was nothing he could do to save Pittman. Quietly, the senator's cronies moved him into Washoe General Hospital. * * * Democratic leaders chose to keep the facts secret and issued a cover story that Pittman was temporarily ill, thus allowing Nevadans to go to the polls on November 5 and elect a dying man. National Bank Notes The initial purpose of the Federal Reserve Bank Notes was to replace a half billion dollars worth of inelastic National Bank Notes at the rate of $25 million per year over a 20-year period. That amount represented about 2/3rds of them at the time the enabling legislation was passed. But it didn’t happen. There still was money to be made by national bankers in issuing their own notes. Less subtle means eventually were employed to get rid of them. Congress began to impose sunset clauses on the duration of the circulation privilege awarded to many of the bonds used to secure National Bank Notes, and that limit was 1935. The rest of the bonds used to secure them were simply called for redemption by the Treasurer in 1935. That one-two punch was the end of the National Bank Notes. $1 and $2 National Bank Notes Treasury officials were concerned that serious shortages of $1 and $2 notes might develop as the melting of the silver dollars took place under the terms of the Paper Money • November/December 2011 • Whole No. 276 429 United States Paper Money special selections for discriminating collectors Buying and Selling the finest in U.S. paper money Individual Rarities: Large, Small National Serial Number One Notes Large Size Type Error Notes Small Size Type National Currency Star or Replacement Notes Specimens, Proofs, Experimentals Frederick J. Bart Bart, Inc. website: (586) 979-3400 PO Box 2 • Roseville, MI 48066 e-mail: BUYING AND SELLING PAPER MONEY U.S., All types Thousands of Nationals, Large and Small, Silver Certificates, U.S. Notes, Gold Certificates, Treasury Notes, Federal Reserve Notes, Fractional, Continental, Colonial, Obsoletes, Depression Scrip, Checks, Stocks, etc. 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 47996 SPMC #2907 (765) 583-2748 ANA LM #1503 Fax: (765) 583-4584 e-mail: website: WANTED TO BUY Obsolete notes relating to coal and other types of mining. Top prices paid for anything I can use. I’m also seeking notes and information for a forthcoming catalog of coal mine obsolete notes and scrip. David E. Schenkman, PO Box 366, Bryantown, MD 20617 phone: 301-274-3441 Advertise in Paper Money Sell duplicates or unwanted notes in Paper Money. Advertise for items you desire here. FACT: The people who buy and sell notes read Paper Money. We’re in the RESULTS business, not just the impressions business. Paper Money • November/December 2011 • Whole No. 276430 Pittman Act and equal numbers of small denomination Silver Certificates were with- drawn from circulation. The bulk of the $1 and $2 notes in circulation consisted of Silver Certificates, with a small fixed volume of Legal Tender Notes comprising the rest. The $1 and $2 Federal Reserve Bank Notes authorized in the Pittman Act were specifically intended to offset the loss of the low denomination Silver Certificates. However, there already was a perception before WWI that there weren’t enough low denomination notes in circulation, including $5 notes. The July 12, 1882, amendment to the National Bank Act specified that $5 notes could not be issued to banks in amounts of more than one third of their total circulation. Consequently, Comptroller of the Currency John Skelton Williams, beginning with his first annual report in 1914, recommended that legislation be enacted to repeal the restriction on the amount of $5 notes that national banks could issue (Williams, 1914, p. 20). Williams’ recommendation finally was acted upon in 1917, when an act was passed October 5th that gave him his wish and more. Section 3 of that act states: That from, and after the passage of this Act, any national banking association, upon compliance with the provision of law applicable there- to, shall be entitled to receive from the Comptroller of the Currency, or to issue or reissue, or place in circulation notes in denominations of $1, $2, $5, $10, $20, $50, and $100 in such proportion as to each of said denominations as the bank may elect; Provided, however, That no bank shall receive or have in circulation at any one time more than $25,000 in notes of the denominations of $1 and $2. The limit on $5s was repealed, but also $1 and $2 National Bank Notes were authorized as well! It is clear that Congress was concerned about the perceived shortage of $1s and $2s even before the Pittman Act. Figures 17a and 17b (opposite). Models for series of 1917 National Bank Notes provided for by the act of october 5, 1917. the back of the $1 series of 1918 FrBN notes authorized 6 months later was patterned after this unused $1 NBN back. Paper Money • November/December 2011 • Whole No. 276 431 Williams (1917, p. 80) wrote: “As there were 7,671 national banks in exis- tence on October 31, 1917, it is evident that it will be possible to add to the bank circulation the sum of $191,775,000 in notes of the denominations of $1 and $2.” The $1 and $2 models shown were prepared for these new denominations. Notice how similar the proposed $1 NBN is to the issued $1 FRBN. It doesn’t appear that preparation of actual notes progressed much beyond the model stage. An explanation was forthcoming from Williams (1918, p. 124) a year later. While the recent amendment to the law authorizes the issuance of national-bank notes of the denominations of $1 and $2, no 1s and 2s have been issued under that amendment, mainly because of the extraor- dinary demands on the Bureau of Engraving and Printing for the engrav- ing and printing of Government securities, etc., and by the issuance of 1's and 2's by the Federal reserve banks. The work load he was referring to at the Bureau was production of World War I liberty loan bonds. The $1 and $2 Series of 1917 National Bank Notes never were produced; the explanation being that issuance of Series of 1918 Federal Reserve Bank Notes accommodated the demand for the small denominations. Small Size FRBNs Congress once again turned to Federal Reserve Bank Notes as the newly inaugurated Roosevelt administration grappled with the banking crisis of 1933. Series of 1929 FRBN notes were authorized by the Emergency Banking Act of March 9, 1933, with terms similar to those governing the earlier large size issues, except some of the securities that were allowed for backing were softer. So, $285 million worth of those notes were pumped into the economy to alleviate the severe shortage of currency caused by hoarding. Paper Money • November/December 2011 • Whole No. 276432 The Treasury again turned to Federal Reserve Bank Notes during 1942-3 when the booming economy of World War II created a huge demand for additional currency. However, in this case, they were used simply as an economy measure. $625 million worth of the Series of 1929 FRBNs printed in 1933-4 had not been issued, representing two-thirds of the printing. They had not been destroyed, so as the demand for Federal Reserve Notes grew during WWII, they were rolled out by the Federal Reserve Banks as substitutes for Series of 1934 green seal Federal Reserve Notes. It was claimed that this action saved some $300,000 in printing costs, and preserved crucial raw materials that otherwise were needed to support the war effort. The small size FRBNs released during WWII can’t be considered emergency money in the traditional sense of that term. Rather they should be considered as simple substitutes for green seals. The release of the Series of 1929 FRBNs didn’t go without notice by conser- vative Congressmen who harbored concerns that the Roosevelt Treasury was playing fast and loose with the money supply owing to the “or other securities” clause on the notes. Their concerns were voiced in hearings, but by then the existing supply was consumed. However, the conservatives saw to it that Federal Reserve Bank Notes would not reappear. Section 3 of an Act passed June 12, 1945, voided the provisions by which the Federal Reserve Banks could issue Federal Reserve Bank Notes. That section stated: All power and authority with respect to the issuance of circulating notes, known as Federal Reserve bank notes * * * shall cease and termi- nate on the date of enactment of this Act. Perspective The large size FRBNs, and their small size counterparts issued during the Great Depression, were backed by bonds or other securities, the same as National Bank Notes. They looked like National Bank Notes, and they stated on their faces and backs that they were national currency. Even the obligations on the backs of the large size FRBNs and NBNs were identical. The two classes of currency were virtually identical. The main difference between them was that provisions in the Federal Reserve Act gave FRBNs elasticity, whereas there were no such provisions in the National Bank Act. The purchase of bonds bearing the circulation privilege from national bankers by the Federal Reserve banks did not cease with the phase-out of the large size Federal Reserve Bank Notes in 1923. Instead, the Federal Reserve Banks contin- ued to buy the bonds and added them to their reserves, which were used to back reg- ular Federal Reserve Notes. Acknowledgment Photos of all proofs and models are courtesy of the National Numismatic Collection, National Museum of American History, Smithsonian Institution. Access Figure 18. small size Federal reserve Bank Notes were printed in 1933-4 for use during the emergency Banking crisis of 1933-4. they utilized existing incomplete series of 1929 National Bank Note stock. More than 2/3rds of the notes printed weren’t issued during the crisis, so they were released during world war ii to supplement the supply of Federal reserve Notes. Paper Money • November/December 2011 • Whole No. 276 433 SPMC NEW MEMBERS - 09/05/2011 13606 Anthony James MD, 1318 North Main St, Temple, TX 76501 (C, $1 and $5 Large and Small Notes), Website 13607 Rod Sintow (C), Website 13608 Hakon Hagelund, Hovlandveien 9e, N-3225 Sandefjord, Norway, (C, Norway and World), Frank Clark 13609 Scott Abramowitz (C), Jason Bradford 13610 Advantage (C), Jason Bradford 13611 Robert Alpigini (C), Jason Bradford 13612 Christopher Amaya (C), Jason Bradford 13613 James Bonn (C), Jason Bradford 13614 Joseph Broadnax Sr. (C), Jason Bradford 13615 George Carpenter (C), Jason Bradford 13616 John Cea (C), Jason Bradford 13617 Glenn Conover (C), Jason Bradford 13618 Philip Deaugustino (C), Jason Bradford 13619 Todd Drummond (C), Jason Bradford 13620 Michael Emmer II (C), Jason Bradford 13621 Eric Engstrom (C), Jason Bradford 13622 Brad Fenn (C), Jason Bradford 13623 Kevin Fink (C), Jason Bradford 13624 Kevin Green (C), Jason Bradford 13625 Rick Hall (C), Jason Bradford 13626 Timothy Halpin (C), Jason Bradford 13627 Dr. Zsolt Harsanyi (C), Jason Bradford 13628 Rebecca Hershey (C), Jason Bradford 13629 Bernardo Higuera (C), Jason Bradford 13630 Edward Knapp (C), Jason Bradford 13631 Bruce Kuehnle (C), Jason Bradford 13632 Frank Kula (C), Jason Bradford 13633 Lawrence Lizanich (C), Jason Bradford 13634 Rodney Lukowski (C), Jason Bradford 13635 Roger McKinney (C), Jason Bradford 13636 Edward Mendlowitz (C), Jason Bradford 13637 David Minard (C), Jason Bradford 13638 Scott Morris (C), Jason Bradford 13639 Robert Norris (C), Jason Bradford 13640 William Paschal (C), Jason Bradford 13641 James Saloney (C), Jason Bradford 13642 David Shafarow (C), Jason Bradford 13643 Jeffrey Weant (C), Jason Bradford 13644 Kenneth Weiner (C), Jason Bradford 13645 Larry Whitten (C), Jason Bradford 13646 Stephen Wood (C), Jason Bradford 13647 Donn Wray (C), Jason Bradford 13648 Robert Young (C), Jason Bradford 13649J Joseph Paunessa (C), Judith Murphy 13650 Kevin Foley (C & D), Mark Anderson REINSTATEMENTS/LIFE MEMBERSHIP None SPMC NEW MEMBERS - 09/05/2011 13606 Anthony James MD, 1318 North Main St, Temple, TX 76501 (C), $1 and $5 Large and Small Notes), Website 13607 Rod Sintow (C), Website 13608 Hakon Hagelund, Hovlandveien 9e, N-3225 Sandefjord, Norway, (C, Norway and World), Frank Clark 13609 Scott Abramowitz (C), Jason Bradford 13610 Advantage (C), Jason Bradford 13611 Robert Alpigini (C), Jason Bradford 13612 Christopher Amaya (C), Jason Bradford 13613 James Bonn (C), Jason Bradford 13614 Joseph Broadnax Sr. (C), Jason Bradford 13615 George Carpenter (C), Jason Bradford 13616 John Cea (C), Jason Bradford 13617 Glenn Conover (C), Jason Bradford 13618 Philip Deaugustino (C), Jason Bradford 13619 Todd Drummond, 5430 Rocky Hill Dedeaux Rd, Kiln, MS 39556 (C), Jason Bradford 13620 Michael Emmer II (C), Jason Bradford 13621 Eric Engstrom (C), Jason Bradford 13622 Brad Fenn (C), Jason Bradford 13623 Kevin Fink (C), Jason Bradford 13624 Kevin Green (C), Jason Bradford 13625 Rick Hall (C), Jason Bradford 13626 Timothy Halpin (C), Jason Bradford 13627 Dr. Zsolt Harsanyi (C), Jason Bradford 13628 Rebecca Hershey (C), Jason Bradford 13629 Bernardo Higuera (C), Jason Bradford 13630 Edward Knapp (C), Jason Bradford 13631 Bruce Kuehnle (C), Jason Bradford 13632 Frank Kula (C), Jason Bradford 13633 Lawrence Lizanich (C), Jason Bradford 13634 Rodney Lukowski (C), Jason Bradford 13635 Roger McKinney (C), Jason Bradford 13636 Edward Mendlowitz (C), Jason Bradford 13637 David Minard (C), Jason Bradford 13638 Scott Morris (C), Jason Bradford 13639 Robert Norris (C), Jason Bradford 13640 William Paschal (C), Jason Bradford 13641 James Saloney (C), Jason Bradford 13642 David Shafarow (C), Jason Bradford 13643 Jeffrey Weant (C), Jason Bradford 13644 Kenneth Weiner (C), Jason Bradford 13645 Larry Whitten (C), Jason Bradford 13646 Stephen Wood (C), Jason Bradford 13647 Donn Wray (C), Jason Bradford 13648 Robert Young (C), Jason Bradford 13649J Joseph Paunessa (C), Judith Murphy 13650 Kevin Foley (C & D), Mark Anderson REINSTATEMENTS/LIFE MEMBERSHIP None NEW MEMBERS M E M B E R S H I P D I R E C TO R Frank Clark P.O. Box 117060 Carrollton, TX 75011 HIGGINS MUSEUM 1507 Sanborn Ave. • Box 258 Okoboji, IA 51355 (712) 332-5859 email: Open: Tuesday-Sunday 11 to 5:30 Open from mid-May thru mid-September History of National Banking & Bank Notes Turn of the Century Iowa Postcards Paper Money • November/December 2011 • Whole No. 276434 to them was provided by curator Richard Doty. Doug Murray reviewed the manuscript. References Cited and Sources of Data Bureau of Engraving and Printing. Certified proofs of Federal Reserve Bank Notes: National Numismatic Collections, National Museum of American History, Smithsonian Institution, Washington, DC, 1875-1929. Bureau of Engraving and Printing. Plate history ledger for the Series of 1915 and 1918 Federal Reserve Bank Notes, vols. 2 & 3: U. S. National Archives, Record Group 318 (318/450/79/17/01), 1915-1923. Hammond, John Hays, and Jeremiah W. Jenks. Great American Issues, Political, Social, Economic. New York: Charles Scribner’s Sons, 1921, 274 p. Hessler, Gene and Carlson Chambliss. The Comprehensive Catalog of U. S. Paper Money, 7th edition. Port Clinton, OH: BNR Press, 2006, 672 p. Leavens. Silver Money. Bloomington, IN: Principia Press, 1939, 439 p. “New Banknotes Appear,” New York Times, August 25, 1918. Philpott, W. A. “Federal Reserve Bank Notes, Series 1915-1918,” Paper Money, v. 2, no. 4 (1963), pp. 5- 12. Rocha, Guy, and Dennis Myers. “Myth #3, Key Pittman on ice,” 2008, Secretary of the Treasury. Annual report of the Secretary of the Treasury on the State of the Fnances for Fiscal Year Ended June 30, 1935. Washington, DC: U. S. Government Printing Office, 1935, 471 p. United States Statutes, re. The Federal Reserve, National Bank and Pittman Acts and amendments. Washington, DC: Government Printing Office, various dates. Williams, John S. Annual Reports of the Comptroller of the Currency. Washington, DC: Government Printing Office, 1914-1918. Figure 19. the series of 1918 FrBNs primari- ly consisted of the small denominations, so most of the banks didn’t use the $10 and higher denominations. However, $50 plates were made for Boston but never used. $50s were printed for atlanta and st. Louis, but none of the atlanta notes were issued. Next month, we will open nominations for SPMC Board of Governors Two spaces are already vacant on the Board SPMC needs an infusion of new leaders to guide the Society through its next decades. If you love your hobby and want to help -- Step up! Paper Money • November/December 2011 • Whole No. 276 435 M ANY BANKNOTE OR FISCAL PAPER COLLECTORS ARE FIRST attracted to the hobby by iconic vignettes or familiar places of issue. As a collector of Alabama notes for more than 35 years, it was a Bank of Selma note that caught my eye (Haxby, G2A, Rosene 292-1). It was located in a coin shop in Brighton, England in 1976. I found it quite intriguing that this old banknote from my adopted state of Alabama would be lying in a coin shop 4,500 miles away! It was my first purchase. I continued to add to my collection over the ensuing years, always search- ing for banknotes or scrip from different cities and issuers in the State. Occasionally I would take notice of the personal names appearing on the notes, but not until the last few years have I earnestly began to research these individuals. The use of the internet and genealogy tools has made the research task much easier and many pleasant surprises await discovery. Offered as evidence, here are some surprising historical facts derived from researching those whose names appeared on three par- ticular Alabama “notes.” Note #1, source: Personal collection (r-unl., H-unl., shull cr. #c30) Who were they? Tracing Names on Alabama Notes By Bill Gunther Paper Money • November/December 2011 • Whole No. 276436 This note is a $10 Alabama Comptrollers Warrant (R1-4, Cr. C30, H-Unl.) payable to a Frederick Weedon and signed by Samuel Pickens, Comptroller Public Accounts.1 This warrant was issued June 18, 1821, at Cahawba, the second capital of Alabama (1820-1826). Although it does not show, it was most likely printed by Allen & Brickell.2 Rosene reports that these warrants circulated, but at a discount, and essen- tially served as “money”.3 There are two names to explore on this note: Frederick Weedon and Samuel Pickens. Samuel Pickens Samuel Pickens, Jr. (1791–1855) was Comptroller of Public Accounts from 1819 to 1829. He came from a very prominent family in the early history of the U.S. and the South. He and at least two brothers came to Alabama from North Carolina when the area was still a part of the Mississippi Territory. It appears that the oldest brother, James Pickens (1775-?), was the first to arrive in the territory, showing up on a petition to Congress from the Mississippi Territory in 1810.4 Samuel and another brother, Israel (1780-1827), probably arrived at the same time (1817), and settled in the territorial capital, St. Stevens, in Washington County. By the 1820 Census, James Pickens had moved to Monroe County, not too far from St. Stevens. The Pickens family, like many others, had contracted “Alabama Fever,” the term used to explain the migration from east-coast states to Alabama. The Pickens “clan” was among the earliest settlers to Alabama. Samuel’s brother, Israel Pickens, had the political “bug” and had served in the North Carolina Senate (1808-1810) and the U.S. House of Representatives from North Carolina (1811-1817). His political connections led to his being named reg- istrar of the land office at St. Stevens, Alabama Territory, from 1817 to 1821. Following Israel’s settlement in St. Stevens, he and his brother James were elected to serve as members of the state’s constitutional convention (1819). Israel then went on to became the state’s third governor and served two two-year terms (1821-1825).5 Samuel Pickens served as Comptroller Public Accounts under his brother, Israel. The Pickens extended family includes Andrew Pickens, Governor of South Carolina from 1816-1818, who was a first cousin of Israel, James and Samuel.6 The father of this Andrew Pickens (it is a popular name in the Pickens family tree!) is General Andrew Pickens of Revolutionary War fame. Following his service as Governor of South Carolina, Andrew Pickens moved to Alabama and became the first president of the Bank of the State of Alabama from 1823 to 1826.7 Governor Andrew Pickens’ son (General Pickens grandson) was Francis W. Pickens (Samuel’s second cousin), who would also serve as Governor of South Carolina from 1860-1862. It was early in Francis Pickens’ term as governor that he authorized the shelling of Fort Sumter (April 12, 1861), ushering in the Civil War. Lucy Pickens, the third wife of Governor Francis W. Pickens, was the only woman to appear on Confederate States of America currency. Her likeness is on the 1861 $1 (T-44), and the $100 notes of 1862 (T-49), 1863 (T-56) and 1864 (T-65). She also appears on the 1861 $1,000 Confederate bond (CR 91). Samuel Pickens married the year after leaving the Comptroller’s office and he and his first wife settled in Hale County, Alabama. Widowed twice, he and his third wife had seven children, three of whom were named Samuel, James and Israel! He died in 1855 at the age of 64. When his wife died in 1873, the Pickens estate (known as Umb ria ) was valued at more than $11 million (2007 dollars) . Unfortunately, Umbria burned to the ground in 1971.8 Paper Money • November/December 2011 • Whole No. 276 437 Frederick Weedon Frederick Weedon (1784-1857) was born in Baltimore, MD to William and Sarah Weedon.9 He studied medicine in Europe and practiced medicine for some time in Baltimore. He moved to Alabama in 1816 at the age of 32, and in 1817 mar- ried the daughter of a wealthy planter in the Huntsville (Madison County) area. Huntsville was emerging as a center of cotton plantations and the area attracted a large number of early immigrants to the state. Apparently Frederick Weedon was also attracted by the federal land sales which began in Alabama Territory as early as 1811. Weedon was elected to the Alabama House of Representatives and served from 1819 to 1821 representing Madison County. It is apparently this service which prompted the issuance of this comptroller’s warrant for $10. The date of the warrant, June 18, 1821, was the last day of the session suggesting that this was likely a per diem payment made to members of the general assembly.10 Frederick Weedon was most likely related to General George Weedon who served with George Washington during the Revolutionary War.11 General Weedon had no children and it is possible that he was Frederick Weedon’s uncle.12 This argument is supported by the fact that General Weedon lived in Fredericksburg, VA and it is certainly plausible that William Weedon (Frederick’s father) honored his brother by naming his son after the Virginia town. Additional evidence for this hypothesis is the fact that both William Weedon and General George Weedon were born in Virginia. Interestingly, Israel Pickens tenure as Governor (1821-1825) overlapped by one year the service of Frederick Weedon. Pickens was a strong advocate of the cre- ation of a state bank and Frederick Weedon had earlier been instrumental in this effort since it was he who, in 1820, introduced a bill titled “An Act to Establish a Bank in the Town of Cahawba,” later changed to “An Act to Incorporate the Subscribers to the Bank of the State of Alabama.” However, this effort failed when the state was unable to raise the required private capital. It was some time later (1824) before the bank became a reality, but ultimately this is the bank that Andrew Pickens later served as President.13 Frederick Weedon returned to private life in Madison County after serving in his last term in the General Assembly in 1821. But by 1827 Weedon had relocated to the area near Tallahassee, and by 1834 to St. Augustine, FL.14 He became the mayor of St. Augustine in 1835. Growing fears of conflict with the Seminoles (the “Second Seminole War,” 1835-1842) led Frederick Weedon to enlist in the Florida Mounted Militia as a Captain (and physician) in 1836. It is in this capacity that Weedon was destined to meet Osceola (1804-1838), the famed Seminole leader who had harassed the U.S. Army in Florida for several years. Interestingly, Osceola was an Alabama Tallasee (part of the Creek nation) who, like many others, had fled to Florida rather than be relocated to the west. Under a white flag of truce setup by General Thomas Jesup, Osceola was finally captured. According to Wickman, this violation of a flag of truce helped to gain much support and a lasting legacy for Osceola among the American public.15 At the time Osceola was captured, he was suffering from frequent high fevers and Capt. Frederick Weedon was assigned to his care. Osceola was then transferred to a prison at Ft. Moultrie, South Carolina, and Capt. Weedon accompanied him on the journey. On January 30, 1838, the 34 year-old Osceola died of apparent complications from malaria. It was not until 1843 that it became apparent that Frederick Weedon had Dr. Fredrick weedon, date unknown. (Patricia r. wickman, Osceola’s Legacy, tuscaloosa: the university of alabama Press, 1991), p.118. seminole chief osceola, 1838. (Patricia r. wickman, Osceola’s Legacy, 1991) Paper Money • November/December 2011 • Whole No. 276438 removed Osceola’s head before burial, for apparent medical research. There has been much written on the missing head of the Seminole leader! But that’s another story. Dr. Frederick Weedon died at Fort Jefferson in the Dry Tortugas in the Florida Straits at the age of 73. For health reasons, he was living with a daughter and her physician husband at the time. The rich histories of Samuel Pickens and Frederick Weedon come alive just by looking at the $10 Comptroller’s Warrant of 1821! Note #2, source: r-unl., shull unl. H- unl. Personal collection. Note #2 is also a comptroller’s warrant payable to Jack Shackelford and signed by Samuel Pickens. Issued in 1828, this form of warrant is a different style from those issued in 1820-22. The amount is to be taken “out of the fund of the university,” a reference to the fact that funds were available in this account from the sale of lands granted to the state by the federal govern- ment for the creation of a seminary of learning. We have already met Samuel Pickens so let us explore Jack Shackelford. Another physician, Dr. Jack Shackelford was born in 1790 in Richmond, VA to Richard Shackelford and his third wife, Johanna. Another “victim” of Alabama fever, Shackelford moved to Alabama from South Carolina in 1818 and settled in Shelby County (southeast of Birmingham) and became a successful cotton planter.16 It is not clear exactly how or when he received any formal medical training, but the lack of a formal medical education was apparently not an unusual circum- stance in the early days of the Alabama Territory.17 Shackelford became active in local politics and was elected first to the Alabama House of Representatives from Shelby County (1820, 1821) and then to the Alabama Senate from Bibb and Shelby Counties (1822, 1823, 1824).18 Interestingly, Shackelford and Weedon would have known each other since they both served in the General Assembly in 1820 (Weedon in the House and Shackelford in the Senate). Shackelford was a popular person, one observer noting that in one of his elections, he received all but one vote from those cast in Shelby County.19 This popularity apparently extended into the Senate as he was appointed one of three Senate members to a committee to investigate the creation of a state bank. Indeed, he was asked to chair that committee. Although Brantley described Shackelford as representing the Shelby and Bibb counties “neu- tral” faction with respect to the creation of a new state bank, Shackelford introduced a new bill that created the Bank of the State of Alabama.20 Shackelford was also a member of newly created Trustees of the University of the State of Alabama (University of Alabama). Officially the university was created in Dr. Jack shackelford, date unknown. (stephen L. Hardin, Texian Illiad, p. 237) Ron Benice “I collect all kinds of Florida paper money” 4452 Deer Trail Blvd. Sarasota, FL 34238 941 927 8765 Books available,,,, hugh shull Paper Money • November/December 2011 • Whole No. 276 439 MYLAR D® CURRENCY HOLDERS PRICED AS FOLLOWS BANK NOTE AND CHECK HOLDERS SIZE INCHES 50 100 500 1000 Fractional 4-3/4" x 2-1/4" $21.60 $38.70 $171.00 $302.00 Colonial 5-1/2" x 3-1/16" $22.60 $41.00 $190.00 $342.00 Small Currency 6-5/8" x 2-7/8" $22.75 $42.50 $190.00 $360.00 Large Currency 7-7/8" x 3-1/2" $26.75 $48.00 $226.00 $410.00 Auction 9 x 3-3/4" $26.75 $48.00 $226.00 $410.00 Foreign Currency 8 x 5 $32.00 $58.00 $265.00 $465.00 Checks 9-5/8 x 4-1/4" $32.00 $58.00 $265.00 $465.00 SHEET HOLDERS SIZE INCHES 10 50 100 250 Obsolete Sheet End Open 8-3/4" x 14-1/2" $20.00 $88.00 $154.00 $358.00 National Sheet Side Open 8-1/2" x 17-1/2" $21.00 $93.00 $165.00 $380.00 Stock Certificate End Open 9-1/2" x 12-1/2" $19.00 $83.00 $150.00 $345.00 Map & Bond Size End Open 18" x 24" $82.00 $365.00 $665.00 $1530.00 You may assort note holders for best price (min. 50 pcs. one size). You may assort sheet holders for best price (min. 10 pcs. one size). SHIPPING IN THE U.S. (PARCEL POST) FREE OF CHARGE Mylar D® is a Registered Trademark of the Dupont Corporation. This also applies to uncoated archival quality Mylar® Type D by the Dupont Corp. or the equivalent material by ICI Industries Corp. Melinex Type 516. DENLY’S OF BOSTON P.O. Box 51010, Boston, MA 02205 • 617-482-8477 ORDERS ONLY: 800-HI-DENLY • FAX 617-357-8163 See Paper Money for Collectors Harlan J. Berk, Ltd. “The Art & Science of Numismatics” 31 N. Clark Street Chicago, IL 60602 312/609-0016 • Fax 312/609-1305 e-mail: A Full-Service Numismatic Firm Your Headquarters for All Your Collecting Needs PNG • IAPN • ANA • ANS • NLG • SPMC • PCDA KANSAS PAPER MONEY, 1854-1935 Nearly 400 Illustrations! by Steve Whitfield The Banks, Bankers and Merchants City Notes, Bank Notes and Scrip Paper Money • November/December 2011 • Whole No. 276440 the 1819 constitution and the sale of land donated by the federal government as part of statehood was to fund the “seminary of learning.” However, Governor Pickens was able to maneuver the Trustees into supporting his plan to sell the university lands and use the proceeds to fund his Bank of the State of Alabama. The delays caused by this diversion of funds resulted in university not officially opening until 1831. Shackelford apparently dropped out of state politics following the 1824 ses- sion and returned to Shelby County. Unfortunately as a result of personally guaran- teeing a loan for a cousin, he lost much of his wealth. He then moved north to Courtland, AL (Lawrence County), where over time he was able to resume his medical practice and restore his wealth and reputation.21 In 1831 he became one of the early financial supporters of the creation of the Tuscumbia, Courtland, and Decatur Railroad and was elected treasurer of the compa- ny.22 Reportedly, this railroad was the first to be built west of the Alleghenies.23 The railroad was completed in 1832, and allowed shippers of cotton to bypass the shoals (Muscle Shoals, AL) and get their product to market in New Orleans much quicker. The railroad was sold in 1850 to the Memphis and Charleston Railroad, which even- tually became part of the Norfolk Southern Railroad in 1982.24 tuscumbia, courtland and Decatur railroad (r-333-unl. Denomination, H-unl.). (Personal collection) In 1835, General Sam Houston ran an ad in the local Courtland paper call- ing for volunteers to help fight for Texas independence from Mexico. The plea promised “liberal bounties of land” for those who came to aid of “their brethren.” It is unclear whether Shackelford was responding based on patriotism or the promise of land, but he quickly raised a company of men from Courtland. Local women joined in the effort to support the men and sewed “uniforms” with bright red trousers. This uniform led to the company becoming known as the “Red Rovers.” They left for Texas in late 1835, arriving in early 1836.25 The Red Rovers then marched to Goliad to join a Texas regiment that was under the command of a Colonel James Fannin. Capt. Shakelford would later argue that it was Col. Fannin, whose poor decisions resulted in the regiment being sur- rounded on the prairie by a superior Mexican force. Seeing no hope of escape, Fannin surrendered and they were marched back to Goliad. Under orders from Santa Anna, they were split into four groups and marched in different directions believing they were all being moved to other locations. Instead, they were marched into the woods and, under orders from Santa Anna, shot. The massacre at Goliad occurred on March 27, 1836, some 21 days after the fall of the Alamo. More men were killed at Paper Money • November/December 2011 • Whole No. 276 441 INTRODUCING A NEW DESTINATION FOR PASSIONATE COLLECTORS PMG NOTES R E G I S T R Y Bringing the World’s Greatest Notes Together PMG announces the launch of our new Notes Registry, exclusively for collectors of PMG-graded notes. The PMG Registry combines the world’s greatest notes with the world’s greatest collectors, and is a proud part of our continued commitment to expert, impartial grading, state-of-the-art encapsulation, collecting resources, and the highest standards of integrity. With the PMG Registry, you can track inventory, build sets and compete with others who share your passion for notes. You can also arrange unique Signature Sets based on your own creative criteria. Begin with one note and watch your set grow, or add an entire new collection. Visit today and click on “Registry” to include your collection among the world’s greatest notes. AUTHENTICATION EXPERT GRADING ENCAPSULATION IMAGING INTEGRITY IMPARTIALITY P.O. Box 4755 | Sarasota, FL 34230 | 877-PMG-5570 (764-5570) | An Independent Member of the Certified Collectibles Group Paper Money • November/December 2011 • Whole No. 276442 Goliad (342) than at the Alamo (est. 257-187).26 Many believe that these two inci- dents created the determination of the Texans to “avenge those men who had died for the cause of Texas independence”.27 Because Capt. Shackelford was a doctor, his life was spared so that he could treat the Mexican wounded. By April 21 he was able to escape and make his way back to Courtland arriving on July 9, 1836. Shackelford County, Texas was created in 1858 in his honor. He died in Courtland in 1857. Note #3, Merchant Script (unknown issuer), R-Unl., H-Unl., 1862 This note is merchant scrip issued in 1862 at Sterling, AL for 25 cents. It has a number of obvious problems that suggest it is unworthy of collector interest. However, notes in far worse condition have been actively bid for during many curren- cy auctions because of rarity. Since no other notes of this issuer have surfaced, it would seem that rarity alone would win some hearts over. In spite of its condition, this note reveals a remarkable story. The first step in tracking this note’s history is to identify the town of issue. That seems easy enough since the name “Sterling” appears above the date in the left corner. However a quick “Google” for a “Sterling, Alabama” produced no results. The next step was to search contemporary maps available on-line at the University of Alabama. Again, no Sterling appeared. In both of the above searches, however, the town of Mt. Sterling kept appearing. Was it possible the note was in fact from Mt. Sterling and the “Mt.” was part of the missing corner? If so, Mt. Sterling was located in southwest Alabama in Choctaw County. The next step was to try and identify the person who signed the note, a “C. M. Lay.” Using, and searching the 1860 Census records, a person with that exact name was located in Cherokee County, Alabama, in north-east Alabama. However, the distance between Choctaw County and Cherokee County is some 200 miles and that makes it unlikely that “C.M. Lay” of Cherokee County would have had some connection to Mt. Sterling in Choctaw County. That observa- tion strongly suggested that the note was in fact from a place called Sterling and if so, the town may have disappeared like many others over the years. Since “C. M. Lay” was located in Cherokee County, Alabama, it provided a renewed focus for the search for a Sterling in Cherokee County. A check with the Cherokee County Commission, the state highway depart- ment and the local Chamber of Commerce for possible information on a Sterling pro- duced no results. Although these sources were unable to confirm that “Sterling” exist- ed in Cherokee County, they did indicate that the Lay family name was a prominent name in the early history of Cherokee County. In discussions with the County Commission, a suggestion was made to dis- cuss my question with a genealogist with the Cherokee County Library.28 This person was able to determine that indeed a post office in Sterling was established in 1857, dis- continued in 1868, reestablished in 1876, and permanently discontinued in 1893. The note is dated 1862 which fits into a period when Sterling had a post office. That Paper Money • November/December 2011 • Whole No. 276 443 finally established the fact that C. M. Lay was the correct person and that he lived in Cherokee County, Alabama. Sterling was located about 5 miles from the Georgia border along what is now State Highway 9, and about 20 miles from Rome, GA where the note was print- ed by Mason’s Job Office. C.M. Lay So just who was C. M. Lay? His full name was Cummuns (also spelled Cumins) M. Lay and he was the oldest child of a river- man, John Lay, and his wife, Mary Lay, of Tennessee.29 He was born in Tennessee in 1828, but by 1838 the family had moved to Cedar Bluff, Cherokee County, AL near the Coosa River (Cedar Bluff was the nearest “big” town to Sterling). The Coosa River is formed at Rome, GA at the junction of the Oostanaula and Etowah rivers, then flows west toward Sterling and then southward toward Wetumpka where it joins the Tallapoosa to form the Alabama River. The Coosa River played an important role in early trans- portation of both people and goods in Alabama. As an experienced builder of “flatboats,” John Lay brought this experience with him and established himself as a reputable builder of boats for use on the Coosa River. A reference to John Lay provides us with our first glimpse of C. M. Lay: As reported in the “Early Gadsden History”: “Flatboats from the upper Coosa and its tributaries fre- quently assembled at John Lays’ where convoys were formed and put under the command of Captain Lay who took them down the Coosa and over the one hundred miles of danger- ous rapids between Greensport and Wetumpka which could only be navigated during high waters and even then it required extraordinary skill and knowledge of the river to prevent floss of the boats. … Cummins Lay, the son of John Lay, made many trips with his father and became equally famous as a river Captain.”30 By the mid-1840s, steamboats began to replace the flatbottom boats and by 1863 C. M. Lay now appears as a captain on two different steamboats (the Laura Moore and the Alphretta).31 Although a vignette of a train hauling cotton appears on the note, it seems more likely that this merchant scrip was a change note used on one or both of these steamboats. A typical run on the Coosa River would send cotton down from Rome to Wetumpka and bring merchant goods up river. As the river neared Wetumpka, there were a series of rapids known as “the devil’s staircase.” These rapids made the river impassable except during very high water. At this point, shipments had to be portaged around the rapids and then reloaded on boats on the Alabama River in order to reach Mobile and New Orleans. Cummins Lay became famous in 1863 when he took the Laura Moore down the entire length of the Coosa from Rome to Mobile, over the “devil’s staircase,” to escape the approaching Union army, a feat no one else had accomplished.32 Cummins Lay died in Texas in 1867. His son, William Patrick Lay (1853- 1940) was known to accompany his father on many of the trips up and down the Coosa River and became a very familiar with the potential of the river to generate electricity. He pursued this dream and at the age of 52 founded the Alabama Power Company in 1906. Alabama Power Company is now the largest provider of electric- ity in Alabama and is a part of the collection of southern utilities known as the Southern Company. A popular 12,000 acre reservoir created in 1914 on the Coosa River was named for William Patrick Lay in 1929.33 Such a remarkable story from such an ugly little note. William Patrick Lay, son of C.M. Lay and founder of Alabama Power Company. (Coosa-Alabama River Improvement Association, Paper Money • November/December 2011 • Whole No. 276444 Surely there are many more remarkable stories waiting to be discovered if you will just ask, “Who where they?” End Notes 1 Where appropriate, I have included catalog references noted as “H” for Dr. James Haxby, United States Obsolete Bank Notes, 1782-1866, vol. 1, Krause Publications, 1988; “R” for Walter Rosene, Alabama Obsolete Notes and Scrip , Society of Paper Money Collectors, 1984; “T” and “Cr” for standard references to Type and specific confederate notes in Grover Criswell, Confederate and Southern States Currency, 1976; and “S” for Hugh Shull, A Guidebook of Southern States Currency, Whitman Publishing, 2007. 2 Shull, p.6, shows a similar note in which “Allen & Brickell……print.” shows below the bot- tom border. Rosene as well states this note has “”R&B imprint.” This has apparently been trimmed off on this example. 3 Rosene, Alabama Obsolete Notes and Scrip, p. 4. 4 Results of search of They cite Territorial Papers of the U.S., vol. 6, p. 113, Family Number: 18. 5 National Governors Association, This site has short biographies of all gover- nors, past and present. 6 While one source states that Andrew and Israel were brothers, see William Brantley’s Banking in Alabama: 1816-1860, vol. 1, Privately Printed, 1963, p. 98; another source, E.M. Sharp, “The Israel Pickens Family and Pickens Origins,” 1963, available on the web, clearly indicates that Andrew was the first cousin of James, Israel and Samuel. 7 William H. Brantley, Banking in Alabama: 1816-1860, vol. 1, Privately Printed, 1963, p. 98. 8 Marc R. Matrana, Lost Plantations of the South, Oxford, MS.: University of Mississippi Press, 2009, p. 120. 9 Patricia R. Wickman, Osceola’s Legacy, Tuscaloosa: The University of Alabama Press, 1991. Wickman devotes an entire chapter to the life of Frederick Weedon. 10 Dates of sessions and members of the House and Senate are listed in the appendix of William Brantley, Three Capitals, Boston: The Merrymount Press, 1947, pp. 228-245. 11 Wickman notes that after one of two brothers who emigrated to America from England died, “The colonial branch of the Weedon family descended from the surviving brother.” Osceola’s Legacy, p. 115. 12 George H. S. King, “General George Weedon,” William and Mary Quarterly, pp. 237-252. 13 Brantley, Banking in Alabama, pp. 26-27. 14 Wickman, pp.115-124. 15 Wickman, p. 45. 16 James L. Noles, Jr., “Dr. Jack Shackelford and the Red Rovers,” Ancestry World Tree Project, 2000, p. 1. 17 James L. Noles citing Albert Burton Moore, History of Alabama and Her People, 1927. 18 Dates of sessions and members of the House and Senate are listed in the appendix of William Brantley, Three Capitals, Boston: The Merrymount Press, 1947, pp. 228-245. 19 Noles, p. 2. 20 Brantley, p. 137. 210 Noles, p. 1. 22 Noles, p. 2. 23 Wayne Cline, Alabama Railroads, Tuscaloosa: the University of Alabama Press, 1997, p. 10. 24 See 25 Noles, p. 3. 26 Goliad deaths from Stephen L. Hardin, Texian Iliad, Austin: University of Texas Press, 1994, p. 174 and Alamo estimates from tle.htm . 27 Hardin, p. 174. 28 Joan Williams, Cherokee County Public Library, citing Mrs. Frank Ross Stewart, Cherokee County History, vol. 4B, 1981. 29 (rootsweb, Lay-L Archives). 30 “Early Gadsden History,” 31 Dennis Nordeman, “Civil War Riverboats,” at 32 Wetumpka, Alabama was the home of the Pigeon Roost Mining Company (R-350), Wetumpka Real Estate Banking Company (R-351), Wetumpka and Coosa Railroad Company (R-353), the Wetumpka Banking Company (R-354, the Wetumpka Insurance Company (R-356), and the Wetumpka Trading Company (R-357). 33 Historic Market Database ( Search “Lay”. Paper Money • November/December 2011 • Whole No. 276 445 Camaraderie, awards and an entertaining raffle highlighted the Society of Paper Money Collectors’ Breakfast and Tom Baine Raffle, marking this year the organization’s 50th anniversary. The breakfast was held on June 10 at the Crowne Plaza Hotel in Memphis. The first to receive honors were Lyn Knight and Martin Delger, as Professional Currency Dealer Association President Sergio Sanchez, Jr. presented PCDA’s 2011 President’s Awards to Knight, owner of the International Paper Money Show, and Delger, exhibit chairman for Memphis. SPMC President Mark Anderson thanked Knight for his contributions to Memphis and presented Benny Bolen an SPMC President’s Award for his services to organization. Bolen then announced four annual awards, including the Nathan Gold Award for Lifetime Achievement, which this year went to Allen Mincho. Also presented were the Nathan Goldstein Recruitment Award, which was won by Jason Bradford; the Wismer Award for “Book of the Year,” given to Confederate Treasury Certificates: The Collector’s Guide to IDRs written by George B. Tremmel, Pierre Fricke, and John Martin Davis, Jr.; and the Forrest Daniel Literary Award of Excellence, which was presented to Q. David Bowers. Book and top article awards were also handed out, many of them presented on June 11 during the general membership meeting at the Marriot Hotel. Receiving Honorable Mention book awards were Money on Paper: Bank Notes and Related Graphic Arts by Princeton University, edited by Dr. Alan Stahl and The Greenback: Paper Money and American Culture, by Dr. Heinz Tschachler. Taking honors for their contributions to SPCM’s Paper Money were: • Dr. Glenn Jackson Award, “Indian Princess Vignette Used on Obsolete Currency,” by Joseph Gaines. SPMC hands out awards to deserving members at Memphis By Robert VanRyzin, Editor Bank Note Reporter SPMC Treasurer Bob Moon poses with his “most imspira- tional” award-winning exhibit of a complete collection of Paper Money, 1961-present. Moon included analyses of the yearly issues. (Photo by Nick Graver) Paper Money • November/December 2011 • Whole No. 276446 • First Place Awards—Peter Huntoon, Lee Loftus, Joaquin Gil del Real, Clifford Thies, Gary M. Pecquet, and David Beach. • Second Place Awards—Peter Huntoon, Lee Loftus, Joaquin Gil del Real, Karl Kabelac, and Joe Gaines. Among the plentiful exhibits at Memphis, the Stephen R. Taylor “Best in Show Award” winner was Dennis Schafluetzel for “Railroad & River Hub Gives Rise to Power Bank of Chattanooga in 1850s: Civil War and Pre-War Notes.” Honorable Mentions went to “Santa Claus on Banknotes, Stock Certificates and Die Proof Vignettes,” by Nancy Wilson and “Fac-Similes of Southern Notes by S.C. Upham,” by Raymond Waltz. John Jackson won the Julian Blanchard Exhibit Award, which goes to the best exhibit featuring proofs, essays and vignettes. Mark Anderson was honored by Bolin for being a first-time exhibitor, and ANA President Clifford Mishler presented Anderson with the ANA’s Presidential Award. Receiving a Star Exhibitor Award for exhibiting at all 35 Memphis shows was Martin Delger. The “Most Inspirational Exhibit Award,” presented by Bank Note Reporter, was given to Robert R. Moon for “50 Years of Paper Money 1961-2011.” A full listing of the IPMS Memphis exhibitors and their exhibits titles follows: • Robert R. Moon, “50 Years of Paper Money 1961- 2011.” • Martin J. Delger, “The Merger of Three Local Banks of Kalamazoo, Michigan.” • Ron Horstman, “Liberty the Vignette.” • Pierre Fricke, “Confederate Paper Money.” • Weldon Burson, “Counterfeits and Fakes in West African Currency.” • Benny Bolin, “William Pitt Fessdenden” and “Vignettes on Southern Carolina Obsoletes.” • Carlson R. Chambliss, “The United States Notes of 1862 and 1863,” “The Paper Money of Yemin,” and “Military Payment Certificates of the United States.” • Roger Urce, “Coupons of the Sino-Vietnam War 1979.” • Rocky Manning, “First National Bank of Manning, Charter 3455.” • James Potter, “$1.00 United States Notes.” • Frank E. Clark III, “Packers National Bank.” • Dennis Schatfluetzel, “Railroad & River Hub Gives Rise to Powerful Bank of Chattanooga in 1850s – Civil War and Pre-War Notes.” • James Warmus, “Modern World Specimens.” For additional 50th anniversary Memphis photo coverage, see the Sept/Oct 2011 issue of Paper Money Lyn Knight (left) receives his Presidential award from PCDA’s Sergio Sanchez. Pierre Fricke (left) receives his Wismer award from SPMC President Mark Anderson. • R. Shawn Hewitt, “Minnesota Superlatives – Extreme Obsoletes.” • Nancy Wilson, “Santa Claus on Banknotes, Stock Certificates and Die Proof Vignettes.” • John Wilson, “Wisconsin Black Charter.” • Dan Freeland, “Selected Michigan Nationals – Bank Stock.” • Mack Martin, “State of Georgia – Treasury Notes & Certificates.” • Sandy Martin, “Queen Elizabeth II – Portraits Portrayed on Currency.” • Mark Anderson, “Swedish Private Bank Sedlar.” • William G. Rau, “Two Michigan National Banks that Left One Town for Another.” • Michael J. Dougherty, “The National Bank of Cambria County with Ladies’ Names.” • Larry Schuffman, “Civil War Artifacts.” • Doug Murray, “1862 First ‘Block’ $1 - $20 Legal Tender Notes.” • Neil Schafer, “The Only Philippine Emergency Packet Known Today” and “Emergency Small Change Notes of Shanghai 1939-1940.” • John Jackson, “Banco De Londresy Mexico.” • Charles A. Dean, “The Holston National Bank of Knoxville, Tennessee.” • Joseph Ridder, “One Dollar United States Notes by Series and Signature.” • Richard Dreger, “The First National Bank of Okanogan, Washington.” • Michael Sullivan, “19th Century Bank Note Company Sample Engraving Sheets.” • Raymond Waltz, “Fac-Similes of Southern Notes by S.C. Upham.” • Eric Vicker, “Western Pennsylvania National Currency.” Paper Money • November/December 2011 • Whole No. 276 447 Above left to right: Exhibit chairman Martin Delger poses with exhibit award winners Ray Waltz and Nancy Wilson. Below left to right: Exhibit award winners Dennis Schafluetzel, John Jackson, and Martin Delger, who has exhibited at each of the Memphis International Paper Money shows. Paper Money • November/December 2011 • Whole No. 276448 Remember SPMC in your year-end gift giving; Your donations are federal tax deductible: IRS says Paper Money • November/December 2011 • Whole No. 276 449 Editor: Perhaps I read the story (the four part article “Quest for the Stones,” which culminated in the July/August issue of Paper Money) wrong; but, I was under the impression that the story of the Crosland brothers and lithographic stones they liber- ated was actually part of the exodus from Anderson, SC. After reading the Confederate Veteran article by W. F. Spurlin, Camden, Ala. that Editor Fred Reed sent I have a different take on the events and a few questions come to mind. W. F. Spurlin mentions the last days of the Treasury Note Bureau at Columbia, S. C., and he makes the generally accepted statement that “when Sherman’s army approached that city it was thought advisable to take the remains of the last issue of Confederate money to prevent its falling into the hands of the invaders.” Captain S. G. Jamison made the decision to remove as much of the equip- ment, supplies and printed notes from the city as possible. We also know that Edward Keatinge didn’t do much to help, and that several train cars loaded with materials never made it out of the station and were pillaged by people in Columbia. A car was burned perhaps on purpose or by accident likely before the Yankees arrived to pillage the city. We know that what was saved was sent up the road some 50 miles and eventually made it to Anderson, SC where more notes were ultimately printed, signed and perhaps disbursed. It is almost as if Mr. Spurlin places the Crosland brothers and Captain Sprague in the role of brigand by stating the two brothers and the Captain “formed a partnership.” At the very least these men seem to have seized an opportunity to escape during the chaos that reigned in the last hours of Columbia before the Yankees arrived. Their relationship doesn’t seem to be one of private soldier, officer and government employee acting in concert by official capacity with that statement. Add to it his comment that J. H. Crosland “beat the Treasurer signing his own name, but no attention was paid at this time to signatures.” In the recounting of the subse- quent brawl and shooting death of J. H. Crosland, W. F. Spurlin gives us a mater of fact account on how some men reacted during the last days of the Confederacy. We already knew that J. H. Crosland was an employee of the Treasury Note Bureau from previous research. Mr. Spurlin gives his account which supports our research. He was, like all able bodied Treasury employees, exempted from Military service except as necessary for local defense. It seems to me that he would have been detailed to help with the removal of materials and equipment in Columbia before the Yankees arrived. With this activity taking place prior to the imminent arrival of Old Union troops. he most likely wasn’t assigned to take his place at the fortifications around the city. W. A. Crosland is found on the Confederate rolls as Private, Co. B, 19th Battalion, South Carolina Cavalry. The 19th Cavalry Battalion wasn’t formed until January 1865 with the consolidation of five independent cavalry companies. This unit served in the Department of South Carolina, Georgia, and Florida, and is said to have skirmished in various conflicts in South Carolina. The Park Service says that the unit was active in the North Carolina Campaign and later surrendered with the Army of Tennessee. The commander of the unit was a Lieutenant Colonel William L. Trenholm. I wondered if Colonel Trenholm might have been kin to Secretary of the Treasury George A. Trenholm. I searched Thian’s correspondence compilation and found that he was the son of George Trenholm. There is a letter from W. L. Trenholm to C. G. Memminger dated February 28, 1861. He wrote a letter Quest for the Confederate litho Stones: Followup Paper Money • November/December 2011 • Whole No. 276450 announcing his visit to Montgomery and his intention to introduce another man to the Treasury Secretary. The letter concerns the formation of a line of steamers to run between Charleston and Liverpool. He wrote, “The pertinence of such an enterprise to the future political condition of this country suggested the propriety of some com- munication between the parties engaged in it and the Government, and, in obedience to the wishes of my father and other citizens whose judgment is entitled to the utmost respect.” Was this unit part of the troops assigned to the evacuation and protection of the men, women, equipment and supplies of the Treasury Note Bureau? With the final destination of the Treasury Note Bureau Anderson, S. C., a location likely decid- ed on by Treasury Secretary Trenholm where his family and business held financial interest, most likely Trenholm’s son, Lt. Colonel W. L. Trenholm was part of the escort to that location. There are only two Spragues listed on the Park Service rolls with rank of Captain. There is a J. Kemp Sprague who was Captain of the 1st Missouri Infantry. His unit wasn’t anywhere near Columbia S. C. near the end of the War. His unit par- ticipated in the Battle of Allatoona which was part of Hood’s Franklin-Nashville Campaign October 1864, and they likely would have retreated with Hood’s forces to Tupelo, Mississippi where Hood resigned his command in January 1865. They had participated in the defense of Mobile but that was earlier in the year during August 1864 and prior to that the Battle of Atlanta in July 1864. Could this Captain Sprague have become separated and gone east to Columbia? It is possible I suppose, but not likely that this man would have left his friends and set out alone unless he had been injured and sent in that direction to recover from wounds. If that were the case it would be logical for him to head west with the Crosland brothers as their direction was toward home even for him. There is also a Captain Fred H. Sprague ACS 5th North Carolina Infantry. That unit ceased to exist as an effective fighting unit after it lost more than half of the 473 men who took the field at Gettysburg in 1863. The unit was also present at the Battle of Mine Run in Virginia November 27–December 2nd, 1863. This was the last action between Union and Confederate forces for that year. There is no information available for 1864 or 1865 other than the fact that when the unit surrendered there were only 7 officers and 76 men and of those only 48 were armed. Fred N. Sprague is also listed on the General and Staff Officer rolls as Acting Commissary. I believe these to be the same man as the initials H and N are easily confused when trying to transcribe period handwriting and sometimes even printing. It is quite possible that Captain Sprague was no longer attached to a specific unit and/or had been detailed by the War Department to serve in or around Columbia with supply logistics. Did W. A. Crosland and his brother J. H. Crosland use the Treasury Note Bureau evacuating Columbia as a way to make good their own escape? Could they have hatched a plan to head home instead of traveling with the rest of the men and women of the Note Bureau out of Columbia and eventually on to Anderson? W. F. Spurlin says “The two Crosland brothers, with their partner Sprague, made their way through the country from Columbia to Camden, Ala., buying anything that their Confederate money (unsigned) would buy.” Was Captain Fred H. Sprague a willing party to their plan or had he become an unsuspecting participant in the beginning? Spurlin went on to say “Soon after their arrival in Camden, the home of the Crosland brothers, a disagreement occurred on the question of dividing spoils, which was fol- lowed by a general fight between the three partners.” Clearly Spurlin suggests that Sprague was complicit in their activities. The fight he states was over who would take custody of “an iron-gray mare” which he stated “was the bone of contention” and that the horse was a “fine animal.” I believe these men hatched a plan to escape Sherman’s soldiers who approached Columbia from the south, southeast and perhaps east. Sprague couldn’t head back to North Carolina as Yankees were pressing down through Virginia and other Yankee cavalry were spread throughout the countryside between Columbia and home. An employee of the Treasury Note Bureau driving a wagon in custody of Paper Money • November/December 2011 • Whole No. 276 451 notes, printing stones and pieces of a printing press wouldn’t be questioned given the circumstances of their departure. That he was accompanied by a cavalry soldier for protection and an officer of the Commissary of Subsistence would lend even more credence to their story. None of these men would be suspected of shirking their duty to Country and State. Going back to the first paragraph Mr. Spurlin states emphatically that the vignette on the T68 1864 $10 “was designed to represent Captain Bragg’s battery while in Mexico when ordered to ‘give them a little more grape,’ Crosland being a rel- ative and admirer of Captain (General) Bragg.” It was stated in the article that the caps on the heads of the men in the drawing more closely resemble the Confederate kepi than the caps worn during the Mexican War. It wasn’t at all unusual to change some small detail of a drawing, picture, painting or sculpture when creating an engraving to be used as a vignette for notes. Going back to the third paragraph Mr. Spurlin says that “three lithographic stones on which the last impression was made” were taken from Columbia and this gives me pause. We have been searching for evidence of the existence of full size printing stones. Many have assumed that only the $20 to $1 notes were printed eight subjects to a sheet using lithographic stones as printing plates; but, I have found evi- dence that the backs of $100s and $50s and all the tint plates were printed litho- graphic in 1862 and most likely all the way through the end of the War. In fact many if not most of the $20s attributed to Keatinge & Ball (T51) were printed by the Scotchmen by lithography and not from metal plates by K&B. The 1864 $500, $100 and $50 were printed four to a sheet and most likely from metal (copper) plates. But, it is very possible that some of the final emissions from Anderson which would have included $100s and $50s were printed using transfers from metal plate to lithograph- ic stone. We know for a fact that Edward Keatinge had most if not all of the metal plate presses in his shop and the only items S. G. Jamison was able to get from that shop were some plates and dies. The fifth paragraph at right above Mr. Spurlin’s image says, “As to the final disposition of the remaining unsigned Confederate bills, the lithographic stones, and the piece of press, all must have been destroyed, as the residence formerly occupied by the Crosland family was burned some years ago.” This statement forced me to relook at the third paragraph. I thought it said part of three presses, but it actually says “with part of one of the three presses.” There were no presses taken from Keatinge & Ball’s shop. There were quite a few presses taken from the Government shop of Evan’s & Cogswell and there were probably more presses in the building that had been run by the Scotchmen, although likely all of those as well as all of the equip- ment once owned by Colonel Duncan were now part of the Treasury Note Bureau. Why was there a comment about three presses? Did he mean three presses for three stone plates the men had in their possession? Whose shop were those three presses originally located? How is it that the men only loaded part of one of those three presses? I guess this is another mystery for which no answer will be found. Just under the image of Mr. Spurlin he continues, “The three lithographic stones, each slightly larger than an ordinary brick, are still in possession of the ‘We have assumed that only the $20 to $1 notes were printed eight subjects to a sheet using lithographic stones as printing plates; but, I have found evidence that the backs of $100s and $50s and all the tint plates were printed lithographic in 1862 and most likely all the way through the end of the War.’ Paper Money • November/December 2011 • Whole No. 276452 Crosland family, as I learned recently from Dr. J. H. Crosland, of Montgomery, Ala, a son of W. A. Crosland, now dead.” This sentence directly contradicts the previous sentence where he said “all must have been destroyed.” Still another statement in the above sentence contradicts what we have assumed or I assumed was the size of litho- graphic stones. Full size printing stones weigh in at 135 plus or minus pounds and are roughly 20” X 30” X 4” in dimension. Here he states the three stones were each slightly larger than an ordinary brick. I have quite a few old brinks that are over 150 years old. They came from the chimney at our family’s ‘Home Place’ in Mississippi. My father, his father and his grandfather were brick masons and the family owned two brick manufacturing plants. Those bricks, standard for the time, were roughly 81⁄2” x 4” x 21⁄2”. The so-called lithographic stones of this story could not be the stones we have been searching for. They could not have been used to print any notes much less the final emissions of the Confederacy at Columbia or even at Anderson. Mr. Spurlin says his recollection is “that the denominations were $100, $50, and $5.” What I believe Mr. Spurlin saw were not printing stones but must have been either complete design Master Stones or Transfer Stones. I stated early in the article that I had seen three intact lithographic stones. The smallest of the three was roughly 10” x 10” and it was a Transfer Stone because all the text and design parts were positive. The largest stone which was closer to 20” x 30” x 4” was a Master Stone where all the design parts including text were negative. The other stone was a printing stone with a complete page of text and it was a nega- tive image. Mr. Spurlin describes a stone that would have held only one complete design of a note which would be roughly 71⁄2” x 31⁄2” and would center well on an 81⁄2” x 4” surface. Mr. Spurlin continues stating “I had those three stones in my possession for several months with other exhibits at the Columbian Exposition, Chicago.” I believe this statement is your proof that W. F. Spurlin was some sort of official and present for most if not all of the World Fair which was open to the public for six months from May 1st through October 30th, 1893. Mr. Spurlin is quoting a recollection with that statement. The date of this Confederate Veteran article is December 1913. Just prior he gave a statement of new information when he said the three stones “are still in possession of the Crosland family, as I learned recently from Dr. J. H. Crosland, of Montgomery.” Clearly the stones were not left in Chicago and were returned to the family that loaned them for the exhibit. If there are Crosland family members still in or around the Montgomery area, I believe it is likely someone in the family still has one or all of those stones! Clearly W. F. Spurlin is recounting hearsay passed on to him by members of the Crosland family as well as his own War experiences. He says, “At the time of the surrender I was fifty or sixty miles east of Columbia, S. C., with a few members of Company F, 53rd Alabama Cavalry, the command being disorganized and scattered.” He went on to say that “we went by way of Columbia to Augusta, Ga., where we were honorably discharged and paroled about the 10th or 15th of May, 1865.” W. F. Spurlin was Private Co. F, 53rd Alabama Partisan Rangers. His unit had participated in the Battle of Atlanta and the Defense of Savannah and lastly the Carolina Campaign in 1865. Mr. Spurlin was well aware of the hardships encountered by sol- Old men may forget or leave out general details of events in the past but certain facts are retained and never forgotten. The detail about the size of the stones is a key piece to this puzzle. Those small stones could not have been printing stones; but, they could have been Master or Transfer stones. Paper Money • November/December 2011 • Whole No. 276 453 diers and of the mindset of the men around him. He also recounts hearsay regarding the fight between Captain Sprague and the Crosland brothers and subsequent death of W. A. Crosland that he probably garnered from conversation with members of both the Caldwell and Crosland families. Who was right and who was wrong isn’t speculated upon. He only lets us know, “This deplorable tragedy ended the contest. Young Caldwell was never arrested. This was in the beginning of those awful Reconstruction times.” Old men may forget or leave out general details of events in the past but cer- tain facts are retained and never forgotten. The detail about the size of the stones is a key piece to this puzzle. Those small stones could not have been printing stones; but, they could have been Master or Transfer stones. Whether the three men this story refers to left Columbia and headed directly for Camden, Alabama is without question unknown. It is entirely possible that they traveled the 50 miles north of Columbia and remained there for a couple of weeks and eventually ended up in Anderson. From there they traveled on to Camden, Alabama prior to or during the raid on that city May 2nd, 1865. However, Mr. Spurlin seems fairly certain the men left Columbia eventually reaching Camden where they argued over the “spoils” they obtained by issuance of “their Confederate money.” He makes a point of stating the money was unsigned in one sentence; but, he also makes the statement that W. A. Crosland was proficient at writing so is he presenting all the facts and letting the reader decide if there was intent to defraud by the three men. It seems to me that he is when he states “a disagreement occurred on the question of dividing spoils.” There is lost treasure of physical objects as well has historical anecdote. We have had the pleasure to speculate on both with Tom Carson’s discovery of the bro- ken stone he brought to Memphis June 2010. Do all of these parts fit together? Maybe and maybe not; but, without question, all these parts have something to do with Tom’s “Quest for the Stone.” It just might not be the same stone from the same time and place in the history of the Final Days of the Confederate Treasury Note Bureau! Thanks for sending this article Fred and for publishing the parts of Tom’s “Quest for the Stones!” Thank you too Tom for allowing me to be part of this pro- ject along with you, George and all the others who helped put this project together. -- Best Regards, Col. Crutch Williams Keep up the quest. Find the stones. I am not a Confederate Collector and was just starting a quest to find history. I have communicated with the family and they have not heard of the stones. WA became a prominent architect and developer in Montgomery. JH (WA’s son) was a dentist (past president of Alabama Dental Association) in Montgomery. In 1906 there as an article in New York Times that JH had seriously shot a Cpt. Wiley, son of Congressman Wiley. Hank found that JH and sister Nan had never married and lived together. WA died before the Spurlin article and Nan moved back to Camden from Montgomery. Nan got all of JH’s estate. When she died she gave her estate to her remaining brothers WA and Tunstal. I have talked to the grandson of one brother. I get the feeling there may have been a family embar- rassment. The family was prominent in Montgomery, but all left Montgomery. According to the Grandson (Bill), he had never heard of the stones. The other grand- son is sorta of the family historian according to Bill, but he will not communicate. You would think the stones would have been prominent family information. Spurlin was a jeweler in Camden. Nan had moved back to Camden by the time of the Spurlin article. He would have had direct access to the family. I have communicated with a lot of “historians” in Camden. No one knew about the stones. Anyone out there, have at it. My quest has ended without finding the stones. Hopefully someone will. -- Tom Carson ‘Quest’ author Tom Carson replies . . . Paper Money • November/December 2011 • Whole No. 276454 Looking in on SPMC doings at 2011 ANA convention Photos by John & Nancy Wilson SPMC President Mark Anderson mans the well-stocked joint SPMC-New York Numismatic Club booth at the American Numismatic Association’s World’s Fair of Money held during August at Rosemont, IL. According to ANA this was the largest bourse floor in ANA convention history (although the mammoth Houston Astro Hall comes to mind), but club booths were placed at the far extremity of the irregularly-shaped hall, limiting foot traffic and leaving club reps to mostly chat among themselves during the show. Paper Money • November/December 2011 • Whole No. 276 455 Above left: About two dozen members and guests heard SPMC President Mark Anderson detail his family’s personal banking history in the early 20th Century at the SPMC Membership Meeting at the 2011 Rosemont ANA Convention. Above: Closely examining the poster created by Andrew Shiva, consisting of title blocks from National Bank Notes in his outstand- ing Memphis International Paper Money Show display, are Judith and Claud Murphy. Left: ANA President Clifford Mishler presents Paper Money Editor Fred Reed an ANA Presidential Award. Paper Money • November/December 2011 • Whole No. 276456 Once again Paper Money was honored by the ANA, receiving a Second Place Award in ANA’s “Outstanding Specialty Numismatic Publication” contest. After SPMC Editor Fred Reed could not pick up the Society’s award due to a scheduling con- flict, ANA President Clifford Mishler tracked down Reed to present the award. Ironically this presentation occurred at the Token and Medal Society banquet. The token collectors were in good spirits over the “intrusion,” however since Mishler is a founder of TAMS and since Reed is also Editor/Publisher of TAMS Journal. Paper Money • November/December 2011 • Whole No. 276 457 Paper Money • November/December 2011 • Whole No. 276458 Dear Fellow Paper Money Lovers: This magazine, Volume L, Number 6, Whole Number 276, represents our last printed communication this year, the year 2011 being the 50th anniversary of the Society whose publica- tion you hold in your hands. While I write this in mid-August, just back from the 2011 ANA, this issue and this column will arrive in your mailbox a couple of months from now, and is the last of our six installments you will or have received during our anniversary year. It is my fervent hope that you feel we have properly and honorably celebrated our first half century. After two-plus years at writing this column, I hope that those of you I have not met personally have perhaps gotten to know me a little bit. As such, I hope you know how seriously I take the continuing obligation I feel to that portion of our mem- bership which, for whatever reason, does not frequent the con- ventions or shows and educational events that we are involved with and/or sponsor. It is partly that sensitivity that underlies the small gift enclosed in this month’s magazine. We who travel to a show or two have spoken of and celebrated the Society’s 50th all year, at various venues - Florida, Memphis, and most recently again in Rosemont. While these events have been apt and fun, they are also evanescent, and it seems that every one of our members should have an appropriate souvenir of their mem- bership in, and involvement with, the SPMC during this special year. Such a souvenir should be tangible. It should be respectful. It should be reverential of our mission and the hobby. It should be beautiful. By now, one hopes that it is clear that all this refers to the card enclosed with this issue of the magazine. A great friend to the Society and to the hobby in general, over many, many years, Mike Bean has once again lent his creative and increasingly rare talents, as well as his quite amazing “library” of vignettes, inks, and papers to create our 50th Anniversary gift to ourselves. Perhaps most of all, we should be grateful to Mike for his extra dose of patience in working with your somewhat finicky presi- dent. Mike, who has an awe- inspiring collection of printing equipment and engravings, went an extra mile at our urging, arranging to get hold of a lovely and less frequently seen central vignette. He located a “50” counter. He went to the well in order to reproduce the SPMC logo vignette. He then passed every one of the 1700 cards produced through seven processes each in order to arrive at the elegant enclosure which is now yours. While beauty is in the eye of the beholder, and we all behold dif- ferently, it is my sincerest hope that you enjoy the appeal of this offering even half as much as I do. Our choice for the appealing central vignette is historically important and deserves a few words [and I thank Mark Tomasko for sharing guidance and knowledge on the topic]. Entitled “The Reapers,” it is a product of the engraving skills of Alfred Sealey, with etching by James D. Smillie. Engraved in 1860, it is die number 76 in the original American Bank Note Co. series. The original artwork has been attributed in at least one source to Simon Julien, but the veracity of that is the subject of some very interesting current research. Interestingly, this same image was engraved in a considerably larger size in 1874 by G. F. C. ("Fred") Smillie, and titled "The Reapers No. 2". The heads of the subjects in that larger version were then turned into two additional vignettes, "Reapers No. 3" and "The Reapers No. 3," the latter vignetted in an oval with elaborate scroll work. In last month’s column, I promised to complete my report on the Board’s activities during the Memphis Show in June. Since much of that prospective report to you was included in my opening remarks at our membership meeting at the ANA in Rosemont, I hope you will allow me to “dovetail” these two reports as one: We had a very fine membership meeting and birthday cele- bration in Rosemont. After a [thankfully] brief rendition of “Happy Birthday” and individual small birthday cakes for all present, courtesy of Judith and Claud Murphy, we opened dis- cussion with observations on the Society’s fiscal health in a very topsy - turvy economic environment. In sum, the Society’s cur- rent balance sheet is liquid and strong, with healthy reserves to support the future expense of producing the magazine for our life members, to continue the Wismer project, build the new website, sponsor original research, and publish new paper money texts as may emerge in the future. We would of course like a stronger rate environment, but are in the enviable place of not having to take risk to continue to satisfy our mission. We discussed our Educational Grants program, and ideas as to how it might be expanded in the future. And while we have not yet set a launch date, we discussed the enormous amount of work that has gone into the Society’s new website, summarizing the improved functionality and features that we can expect, and asked for help in supporting some of the member benefits, such as blogs and forums. Lastly, there was a presentation on “Small Town National Banks and Capital Formation during the Unit Bank Era.” (Editor’s note: an excellent presentation with archival and family research by the descendant of one such national banker, who also happens to be your Society’s President, incidently.) As we move into the last two months of the Society’s 50th year, I hope you share my admiration for the accomplishments of our Society in its first fifty years. We all owe so much to the vision, the tenacious perseverance, and hard work of the founders back in 1961. The continuing relevance of the original mission, as espoused in the by-laws, is remarkable. For five decades, Board members, officers, and volunteers have worked creatively and doggedly to expand the Society’s reach and broad- en what we do for the membership. There is a legacy of seminal catalogues of paper money not only published, i.e., made possi- ble by the SPMC, but made better by the expertise brought to each author’s selfless work. The painstaking contributions by numerous authors have been worked over and integrated by each editor into the magazine, each editor building on the superb work by each predecessor. It is no accident that Paper Money has consistently been recognized as an outstanding journal. In sum, we as collectors, as members, as officers, as gover- nors, as volunteers, as speakers, as researchers, and as friends owe so much to all who have made the Society what it is today. I would like to believe we have aptly and proudly celebrated this milestone by recognizing the hard work and accomplishments which brought us to this point, and I look forward to many more with all of you. Happy 50th Birthday, Society of Paper Money Collectors, and Here’s to You! Sincerely, The President’s Column Mark Paper Money will accept classified advertising on a basis of 15¢ per word (minimum charge of $3.75). Commercial word ads are now allowed. Word count: Name and address count as five words. All other words and abbre- viations, figure combinations and initials count as separate words. No checking copies. 10% discount for four or more insertions of the same copy. Authors are also offered a free three-line classified ad in recognition of their contribution to the Society. These ads are denoted by (A) and are run on a space available basis. Special: Three line ad for six issues = only $20.50! CHINA CURRENCY BUYER!, 1853 thrugh 1956. Singles to Packs. $2 to $2,000 notes wanted. All singles, groups, packs & accumulations needed. Package securely with your best price or just ship for our FAST Top Offer! Send to G. Rush Numi, P.O. Box 470605, San Francisco, CA 94147. Contact Full-Time Numismatists since 1985. Member ANA, FUN, IBNS, FSNC, SPMC (279) WANTED; 1778 NORTH CAROLINA $40. Free Speech. Obsolete: Wheatland Furnace. Notgeld: 1922 Chemnitz 5 Mark. N.d. Magdeburg 50 Mark (Sozialisierungs). Kenneth Casebeer, (828) 277-1779; Casebeer (283) WANTED 1862 Private Scrip Notes with Jefferson Davis in Circle printed in Memphis. Send photocopies. Frank Freeman, Box 163, Monrovia, MD 21770. (281) PHOTOGRAPHERS’ MONEY WANTED. Advertising notes (Handbills that resemble currency). Daguerreotypists of the 1840s to modern times. or NM Graver, 276 Brooklawn Dr., Rochester, NY 14618 (276) WANTED: ALBANY GA NATIONAL BANK NOTES. Any charter, size, denomination, or type. Email: (276) ERROR NOTES AND OTHER SMALL-SIzE U.S. currency. Buy, sell, trade my duplicates for yours. - (276) WRITING A NUMISMATIC BOOK? I can help you with all facets of bring- ing your manuscript to publication. Proven track record for 40 years. Create a legacy worthy of your efforts. Contact Fred Reed (276) WANTED: Notes from the State Bank of Indiana, Bank of the State of Indiana, and related documents, reports, and other items. Write with description (include photocopy if possible) first. Wendell Wolka, PO Box 1211, Greenwood, IN 46142 (276) WANTED: 1/0 BINARY SMALL-SIzE NOTES. All possible combinations of 1’s and 0’s in 8-digit serial numbers. Doug Merenda, 215 W. Troy St. #1009, Ferndale, MI 48220. (278) WANTED TO BUY: Small Change Notes Dated March 12, 1792, Which Were Issued by “The Union Society” Located in Smithtown, New York. Anthony Bongiovanni, Box 458, Rocky Point, NY 11778 (274) HAWAII KINGDOM AND REPUBLIC CURRENCY, proofs, and related paper. Please offer. Thank you., 608-233-2118, James Essence, 702 N. Midvale Blvd B-2, Madison, WI 53705 (278) NORSE SKI GODS ULLR and SKADI pictured on medals and tokens sought by R.Jordan, Freitagstrasse 32, 97422 Schweinfurt, Germany. (A) Paper Money • November/December 2011 • Whole No. 276 459 WANT ADS WORK FOR YOU We could all use a few extra bucks. Money Mart ads can help you sell duplicates, advertise wants, increase your collection, and have more fun with your hobby. Up to 20 words plus your address in SIX BIG ISSUES only $20.50/year!!!! * * Additional charges apply for longer ads; see rates on page above -- Send payment with ad Take it from those who have found the key to “Money Mart success” Put out your want list in “Money Mart” and see what great notes become part of your collecting future, too. (Please Print) ______________________________ ___________________________________ ___________________________________ $$ money mart ‘Dr. Livingstone, I presume;’ Scots notes depict adventurer In 1964, as part of a concert tour, I spent three months Africa, and ever since I have been fascinated with that continent. A few months ago I enjoyed reading Into Africa,The Epic Adventures of Stanley & Livingstone, by Martin Dugard. Henry Morton Stanley was born as John Rowlands. He took the name of Stanley from a friendly employer in New Orleans where, after months of brutal treatment as a hand on an English vessel, he left without pay or in the vernacular “he jumped ship.” Years later after Stanley had worked at dif- ferent jobs as he looked for a way of making a living here and abroad, oppor- tunist James Gordon Bennett, Jr. publisher of the New York Herald sent Stanley to find Livingstone in Africa. With poor communication in Africa and little better outside, missionary and self-styled explorer Dr. David Livingstone (1813-1873) was assumed lost in central Africa as the curious Englishman looked for the source of the Nile. Others had and would also claim to have found the source of the famous river. A century after his death, Dr. David Livingstone was honored in his native Scotland by having his portrait placed on a £10-pound note, P( ick) 207 for the Clydesdale Bank. This bank note was produced at Thomas De La Rue in England. The engraver selected to execute this portrait was Joseph Lawrence Keen. Mr. Keen has engraved paper money and postage stamps while employed at Waterlow & Sons and Thomas De La Rue. He came out of retirement to engrave notes at Harrison’s for Kazakhstan, Uzbekistan and Zambia. Mr. Keen provided valuable information that I was able to use in The International Engraver’s Line. After numerous letters and telephone calls Mr. Keen and I had become extremely good friends. In 2000 he came to the U.S. and we shared ten days discussing his career and his work. With his fantastic memory he was able to identify work by some of his colleagues. In 1988 a new £10-pound note, P219 for the same bank was issued with a different portrait of the mission- ary-explorer. This portrait is based on a photograph by an unknown photographer; the photo is in the archives of Bettmann/CORBIS. This portrait was engraved at Thomas De La Rue by Stanley Doubtfire. The back of this note shows Blantyre, Livingstone’s birthplace. Mr. Doubtfire and Mr. Keen were colleagues at Thomas De La Rue. I have never met Mr. Doubtfire, however, we also have become good friends through our correspondence that has gone on for more than five years. Each of these engravers have engraved bank notes and postage stamps for more than 60 countries, and for both I have the utmost respect. If you would like to have an example of one of the notes that recognized Dr. Livingstone, the Doubtfire example is the least expensive. Burton, Speke, Livingstone and others claimed one of the following, Lake Victoria, Lake Tanganyika, the Lualaba and other rivers, as the source of the Nile. According to author Martin Dugard, it took 20th century satellite photography to determine that the source of the Nile is in the mountains of Burundi. When Livingstone died, Susi and Chuma, Livingstone’s devoted African servants carried his remains, packed in salt, to Zanzibar, the point of embarkation into East Africa, and for the return to Europe. The two ser- vants received little or no thanks, but in 1874 a friend of Livingstone’s brought the two to England where they received medals from the Royal Geographical Society. Reprinted with permission from Coin World, June 26, 2004 Paper Money • November/December 2011 • Whole No. 276460 A Primer for Collectors BY GENE HESSLER THE BUCK Starts Here A portrait of missionary and explorer David Livingstone, engraved by Joseph L. Keen appears on this £10 note from Scotland. The Treasury never printed Series of 1928A $10 and $20 Gold Certificates. Although popular references list them as delivered during March and April 1933, this is based on misin- formation. The photo below is of a page from the BEP plate ledger for 1928A $10 Gold Certificate faces. It shows plate serials 1 to 9, and other information, such as plate numbers, cancel dates, sent- to-press dates and dropped from press dates. Most of this page is blank—if the plates were used, the press operators would have recorded the sent-to-press dates and dropped-from-press dates in the respective columns. However, the four pages where 1928A $10 and $20 face plates are listed are all blank. The BEP used none of the plates. President Roosevelt’s Executive Order 6102 on April 5, 1933, removed gold from circulation, and the BEP delivered the last Gold Certificates to the Treasury on April 27. These were Series of 1928. They never had the chance to get Series of 1928A plates on the presses. Source: Bureau of Engraving and Printing, Treasury Department, Records of the Bureau of Engraving and Printing, Plate history ledgers for United States currency plates: National Archives, College Park, MD, Record Group 318.  Political activists today have a way of reminding the body politic that Uncle Sam has no money except from what the gov- ernment collects from individuals and corporations. However, a century ago another view prevailed, illustrated by T. Dart Walker in a watercolor painting on board shown on the cover of this issue of Paper Money. According to the Office of the U.S. Senate Curator: “This view of the Senate Chamber was painted by T. Dart Walker in the late 1890s after observing a busy congressional work day. The scene was then engraved for the front cover of the December 23, 1899, issue of Leslie’s Weekly and titled ‘Spending Uncle Sam’s Money: Senators Introducing the Customary Batch of Miscellaneous Bills at the Opening of the Session of Congress.’ Walker was born in Indiana, studied in Paris, and was known as an illustrator and marine artist. His work appeared in popular magazines of the period, such as Harper’s Weekly, the Graphic, and the Illustrated London News, and included scenes of politi- cal life, national events, and everyday activities. This painting measures 23 inches by 18.5 inches (54.8 X 47 cm). It is signed “T. Dart. / Walker / Washington in the lower left corner. It is cataloged by the Senate Curator as Cat. no. 34.00002.000. A 360-degree virtual tour of the U.S. Capitol is available at  Paper Money • November/December 2011 • Whole No. 276 461 Small Notes by Jamie Yakes Series 1928A Gold Certificates do not exist T. Dart Walker’s ‘Spending Uncle Sam’s Money,’ an 1890s view Paper Money • November/December 2011 • Whole No. 276462 Letter to the Editor: Why ignore modern fake deterrents? Author responds: To each his own! SPMC literary award winners appreciate recognition Editor, SPMC: I got behind in my reading this summer, and have only this week read the past three issues of Paper Money. I refer to the lead article in the March/April issue by Eugene Rosner on devising a type set of small-size U.S. notes. I can- not believe, with all the attention paid to three shades of green in the 1928/34 Treasury seals, and other relatively minor differences between notes, that Mr. Rosner could completely ignore the addition of watermarks, polymer security threads, and optically variable ink (not to mention microprinting and the intaglio devices next to the portraits on the four high-denomination colorized notes). Now perhaps a case could be made for including the latter devices with the overall description "color," but the other elements I have named were not associated with the introduction of color -- they all preceded it, and they did not all appear simultaneously. OK, even the watermarks could be linked to the gener- ic description "new" under portraits, but a watermark is not a portrait, and the new Fed seal got separate billing when the new heads were introduced, so why not the watermarks? And that still leaves polymer threads and microprinting as having been introduced independently from the "big heads," and as having created distinctly different notes -- witness the BEP's education campaigns associated with their introduction, trying to get the public to pay attention to these new features. Yes, the selection of elements is completely up to the beholder, but it boggles the mind that such significant changes to our notes (finally) would not be considered worthy of inclusion in a list of elements defining types. -- Joseph E. Boling Hi Fred, I believe I answered this question on p.85, 2nd paragraph from the bottom. This is a very personal set of fea- tures. -- Eugene Rosner Hi Fred, I was excited to find in my mail the SPMC's Literary Award of Merit for my book The Greenback: Paper Money and American Culture. What a nice gesture! My sincere thanks to you and the Society. I pasted a copy of the letter on my office door for all here to see. Have a great day! -- Heinz Heinz Tschachler English and American Studies University of Klagenfurt A-9020 Klagenfurt Austria Fred, Just receivesd envelope with latest awards from SPMC. Please extend my thanks and appreciation to Benny and SPMC staff. Also to you. Mine ego is so inflated I could fly to New York!!!! Again, my thanks to you and all. -- Joaquin Joaquin Gil del Real Panama City, Panama  Paper Money • November/December 2011 • Whole No. 276 463 Lyn Knight Currency Auct ions If you are buying notes... You’ll find a spectacular selection of rare and unusual currency offered for sale in each and every auction presented by Lyn Knight Currency Auctions. Our auctions are conducted throughout the year on a quarterly basis and each auction is supported by a beautiful “grand format” catalog, featuring lavish descriptions and high quality photography of the lots. Annual Catalog Subscription (4 catalogs) $50 Call today to order your subscription! 800-243-5211 If you are selling notes... Lyn Knight Currency Auctions has handled virtually every great United States currency rarity. We can sell all of your notes! Colonial Currency... Obsolete Currency... Fractional Currency... Encased Postage... Confederate Currency... United States Large and Small Size Currency... National Bank Notes... Error Notes... Military Payment Certificates (MPC)... as well as Canadian Bank Notes and scarce Foreign Bank Notes. We offer: Great Commission Rates Cash Advances Expert Cataloging Beautiful Catalogs Call or send your notes today! If your collection warrants, we will be happy to travel to your location and review your notes. 800-243-5211 Mail notes to: Lyn Knight Currency Auctions P.O. Box 7364, Overland Park, KS 66207-0364 We strongly recommend that you send your material via USPS Registered Mail insured for its full value. Prior to mailing material, please make a complete listing, including photocopies of the note(s), for your records. We will acknowledge receipt of your material upon its arrival. If you have a question about currency, call Lyn Knight. He looks forward to assisting you. 800-243-5211 - 913-338-3779 - Fax 913-338-4754 Email: - support@lynknight.c om Whether you’re buying or selling, visit our website: Fr. 379a $1,000 1890 T.N. Grand Watermelon Sold for $1,092,500 Fr. 183c $500 1863 L.T. Sold for $621,000 Fr. 328 $50 1880 S.C. Sold for $287,500 Lyn Knight Currency Auctions Deal with the Leading Auction Company in United States Currency Paper Money • November/December 2011 • Whole No. 276464 Introduction to the Update on the Type-64 CSA Note Survey For the past several years I have been keeping track of the serial numbers on Criswell Type-64 Confederate States of America notes [1,2,3,4]. In this article, as of July 16, 2011, I report on serial number information from 1641 examples of this issue. In an earlier article in Paper Money [1] I reported on observations from 976 notes (as of September 15, 2007); in additional I report earlier data that contained the first 604 observations (as of Dec 23, 2005). The serials have ranged between 8 and 38386. I am more convinced than before that serial 38386 is near to or might just be the very last note issued from this type. This assertion remains the focus of this update article. Is this the last CSA note issued? Note the serial number 38386. A Statistical Look at the Type-64 CSA Note The graph following displays all 1641 serials in order of serial number along with two earlier versions of the data, one after 976 and one after 604 observed notes. 1641-Note Survey Update on Type-64 CSA $500 Notes: What Was the Last Note Issued? By Steve Feller Do color ads in Paper Money Really Work? Just Did! . . . Gotcha Isn’t it time that YOU advertised in Paper Money? Get noticed Advertise notes in full color 465Paper Money • November/December 2011 • Whole No. 276 Paper Money • November/December 2011 • Whole No. 276466 Graph of 1641 notes observed to July 16, 2011. Graph of 976 notes observed to September 15, 2007. Paper Money • November/December 2011 • Whole No. 276 467 An Invitation from The NEW HAMPSHIRE CURRENCY STUDY Project The NEW HAMPSHIRE CURRENCY STUDY Project Q. DAVID BOWERS and DAVID M. SUNDMAN are involved in a long-term project to describe the history of all currency issued in the State of New Hampshire, as well as to compile a detailed registry of all known notes (whether for sale or not). Our area of interest ranges from issues of The Province of New Hampshire, The Colony of New Hampshire, the State of New Hampshire (1709-1780), issues of the New Hampshire state-chartered banks (1792-1866), and National Bank Notes issued by New Hampshire banks (1863-1935). This will result in a book under the imprimatur of the Society of Paper Money Collectors, with help from the New Hampshire Historical Society, the Smithsonian Institution, and others. The authors of the present book, holding a rare Series of 1902 $10 National Bank Note from West Derry, New Hampshire. $1 Ashuelot Bank of Keene, NH, 1862 If you have New Hampshire currency, old records,photographic images or correspondence relating to the same, or other items of historical interest, please contact us at the address below, or send us an e-mail at Both of us are avid collectors and welcome offers of items for sale. We will pay strong prices for items we need. Box 539, Wolfeboro Falls, NH 03896 E-mail: (Your e-mail will be forwarded to both authors.) Visit the NH Currency Study Project website: www.nhcurrencycom. Find a listing of New Hampshire banks that issued currency, read sample chapters, and more. Apart from the above, David M. Sundman is President of Littleton Coin Company, and Q. David Bowers is Co-Chairman of Stack’s Rare Coins. For other commercial transactions and business, contact them at their firms directly. New Hampshire Colonial Note: Thirty Shillings, November 3, 1775 We look forward to hearing from you! Series of 1902 $5 Plain Back from the Indian Head National Bank of Nashua Seeking currency, images, and collateral NHCS_SPMCJournal_09:Layout 1 7/8/09 3:38 PM Page 1 Paper Money • November/December 2011 • Whole No. 276468 Graph of 604 serials observed by December 23, 2005 Note the full coverage of the serial number range, without obvious gaps or large ranges of missing serials, especially for the 1641-note case. The equations shown are for the best fit straight lines and are consistent with these sets of serial numbers being highly linear. Note that the R2 value continues to increase as more notes are seen from of 0.9949 to 0.99638 to 0.99792. This number indicates ever more linearity and implies the data cover the serial range extremely uniformly. The slopes of the straight line fits are 67.147, 40.33691 and 23.85543 and are close mea- sures of the average separation between any given pair of the serials. The actual aver- age separation for the current 1641 note case is 23.4 as we continue to add precision to the data. A measure of the amount we could expect the average to vary is known as the standard deviation and is 26.1 for the current results. This means that about 2/3 of the separations will fall within 26.1 of the average separation of 23.4. Very few fall 2 or 3 standard deviations from the mean; for example a mere 40 pairs of notes are sep- arated by more than 100 serials and only 3 pairs surpass 150 serials. This means that it is almost a sure thing that the final serial seen, 38386, will not be more than 50 or so off from the true end serial. As more numbers are observed we will get more and more sure of this. Next we come to the relative frequency of the notes. This is defined by the number observed divided by the total number printed, including the serial letters. Three versions of the notes were identified by Criswell: Type 489, 489A, and 489B [5]. These were supposed to be regions of dark, light, and dark red printings but it is not precise. The frequency and other data are shown in the following chart and bar graph: Paper Money • November/December 2011 • Whole No. 276 469 We would like to sell your coins and currency to the highest bidders in an upcoming Stack’s Bowers Galleries auction! Stack’s Bowers Galleries Upcoming Auction Schedule Official Whitman Baltimore Auction November 14-19, 2011 Consign by October 3, 2011 New York Americana Sale January 2012 Consign by November 11, 2011 Official Whitman Baltimore Auction March 19-24, 2012 Consign by January 31, 2012 Official Philadelphia ANA Auction August 1-11, 2012 Consign by June 15, 2012 Every year Stack’s Bowers Galleries hosts a multitude of premier coin and currency auctions in locations across the U.S. Whether your focus is high-end rarities or everyday collectibles, there is a Stack’s Bowers Galleries auction well suited to your personal consignment needs. We also buy and sell direct – please call for information. Call today to find out how you can maximize your consignment potential in an upcoming Stack’s Bowers Galleries auction. 800.458.4646 West Coast Office 800.566.2580 East Coast Office &ITCH )RVINE #!s 7ESTTH3TREET .EW9ORK .9s 0/"OX 7OLFEBORO .(s %MAILINFO STACKSBOWERSCOMs7EBSITEWWWSTACKSBOWERSCOM SBG PM 8.01.11 Paper Money • November/December 2011 • Whole No. 276470 TABLE 1 Serial Range # Printed Type # Seen Frequency 1-6000 24000 489A 245 0.0102 6001-33000 108000 489 1116 0.0103 33001-38386 21544* 489B 280 0.0130 Total 153544* 1641 0.0107 In the Table I assumed the Type 489B notes ceased production with the last serial observed, 38386. We see in the above graph that the Type 489B have have survived with the most frequency (30% more than the other types) whereas Types 489 and 489A are observed with the same relative frequency. You can make a difference. Remember SPMC in your year-end gift giving. Help support the Society’s educational 501(C) 3 activities. Your deducation is tax deductible. See p. 448 for info. Make out your check to the SPMC Treasurer and mail today. All gifts will be acknowleged. Thank you. Paper Money • November/December 2011 • Whole No. 276 471 Paper Money • November/December 2011 • Whole No. 276472 The figure shown below is a snap shot of the serials in order for CR 489B (Serials greater than 33000). As can be seen these notes have even lower differences between serials than Types 489 and 489A with a slope of just 18.5. This more strong- ly supports the idea that 38386 is very close to the end of the run, since the Type 489B have such a small average separation. To show the fullness of the data another way I display a differential version of the data in the graphs below. The vertical scale is the difference between a given serial and the one preceding it in the set of observed numbers (labeled “change”) and the horizontal axis is each note’s serial number. Paper Money • November/December 2011 • Whole No. 276 473 Note two things: the uniform spread of the serial number separations and the abrupt end of the data at or near 38386. The fit line for the current data has a very low R2 value of 0.003715 which means that the differences show no apparent functional relationship to serial number; i.e. the set is a nearly uniform set of differ- ences as might be expected from random observations). Since the last report the greatest single difference has fallen from about 300 to 186. As mentioned above the average separation is 23.4 and most separations are below 50. The randomness of the data may also be displayed by looking at the serial letters. There were four notes to a sheet with the top note having a serial letter of A and the bottom note being D. The next plot shows the serial letter distribution for the observed notes and it displays an essentially even spread among the four letters. Paper Money • November/December 2011 • Whole No. 276474 This also was true after 976 viewed notes: Serial letter distribution after 976 notes Raphael Thian gives two related pieces of information in his book, Register of the Confederate Debt [6]. First, the serial number with the last recorded signature combination for the Type-64 notes is 32900. Second, the last observed serial number by Thian was 37607, and he indicates his data are incomplete although he had access to thousands of Confederate notes. Once again, from this it is reasonable to suppose that my observed last serial of 38386 is near or perhaps at the end of the issued notes. A final bit of information may be gleaned from both the 1641 and 976 observed serials. I looked at the last six groups of one thousand serials (this consti- tutes the entire range of Criswell 489B notes, the ones often that come with the mar- velous dark red ink) and counted how many notes there were in each group of a thou- sand serials. I observed the following: Group of Thousand Serials 976 Note Set 1641 Note Set 33001-34000 30 47 34001-35001 32 64 35001-36000 34 56 36001-37000 39 49 37001-38000 35 49 38001-last note (38386) 13 15 For the current data set Criswell 489B notes (with the range of serial num- bers 33001 to 38000) there is on average 53 observed notes per 1000 serials with only a small variation in the numbers observed. The sudden drop to 15 serials above 38000 is a clear indication that the serials stopped abruptly. Extrapolating the rate of observed notes of 53 per 1000 to the range above 38000 and using the fact that 15 notes have been observed above 38000 leads to a predicted end of the serial range to be 38000 + (15/53)*1000 or 38283. This is fairly close to 38386 indicating that it is close to the end. Paper Money • November/December 2011 • Whole No. 276 475 Other Interesting Comments An interesting check of the data base occurred when I observed the following listing in a recent Hugh Shull catalog: “T-64 CR 489 $500 Washington-Jackson-Flag A Neat Uncirculated Pair Consecutive Numbered 39043 & 39044 UNC…[7].” I couldn’t wait to get to Memphis to check the notes out in person to see if this could be so; my analysis said this Paper Money • November/December 2011 • Whole No. 276476 would be almost unthinkable since it was over 600 serials above my end serial of 38386. Sure enough the pair was wrongly numbered in the catalog! An error note was seen that has two different serials 33527 and 33528. This was entered into the database as 33527.5. Conclusions I conclude with more confidence than I had in my last article in Paper Money [1] that the illustrated note with serial 38386 must be very near the end of the run for the Type-64 notes. It is surely the case that the note featured in this article is from near the end of the war and, to my knowledge has the highest known serial number for a Type-64 $500 note. If another note was found above 38386 a reasonable estimate of its value would be within one standard deviation of the mean change. This yields a range of serials from 38386 to 38412. I will continue my study. Since the last article I’ve made 1641-976 = 665 observations in a period of about 45 months or about 15 a month. Similarly, in the 21 month prior to September 2007 I saw 976-604 = 372 new serials or just about 18 per month. I do note that I’m seeing more and more duplicates as well. This tells me that the rate of new observations likely will slow soon. Of course, there are many T-64s in collections, institutions, and especially the Smithsonian with its world’s largest repository of Confederate Currency of inherited notes from the Rebel Archives [8]. Thus, it is quite likely that there are several thousand surviving notes out there. If readers have additional serial number and letter reports I would be pleased to receive them at Bibliography [1]. Feller, Steve. “A Survey of Nearly 1000 Type-64 Confederate States of America $500 notes: What Was the Last Note Issued?,” Paper Money, vol. XVII no. 1, Whole Number 253 (2008), pp 11-18. [2] Feller, Steve. “The Criswell Type 64 Confederate States of America Note, I.B.N.S. Journal, vol. 42 no. 3 (2003), pp 41-42. [3] Feller, Steve. “The Criswell Type 64 Confederate States of America Note: A Statistical Update,” I.B.N.S. Journal, vol. 43 no. 2 (2004), pp 54-55. [4] Feller, Steve. “Is This the Last Confederate Note Issued?” I.B.N.S. Journal, vol. no. 4 (2005), pp 31-32. [5] Criswell, Grover C. Comprehensive Catalog of Confederate Paper Money. Port Clinton, OH: BNR Press, 1996. [6] Thian, Raphael P. Register of the Confederate Debt. Lincoln, MA: Quarterman Publications, 1972. [7] Shull, Hugh. Hugh Shull Presents: CSA Obsolete Banknotes, Scrip, Bonds, Checks, and Paper Americana, 2nd Edition, 2009. [8] Reed, Fred. “Shades of the Blue and the Grey,” Bank Note Reporter, July 2011.  Paper Money • November/December 2011 • Whole No. 276 477 Society of Paper Money Collectors Official Announcement Purpose: The Society of Paper Money Collectors is char- tered “to promote, stimulate, and advance the study of paper money and other financial documents in all their branches, along educational, historical and scientific lines.” The George W. Wait Memorial Prize is available annually to assist researchers engaged in important research leading to publication of book length works in the paper money field. George W. Wait, a founder and former SPMC President, was instrumental in launching the Society’s successful publishing program. The George W. Wait Memorial Prize is established to memorialize his achieve- ments/contributions to this field in perpetuity. Award: $500 will be awarded in unrestricted research grant(s). Note: the Awards Committee may decide to award this amount to a single applicant, or lesser amounts totaling $500 to more than one applicant. If, in the opin- ion of the Awards Committee, no qualifying applicant is found, funds will be held over. Prior Award Winners: Both individuals and groups have been awarded the Wait Memorial Prize. Each received the maximum award. 1st annual Wait winner was Robert S. Neale for a book on antebellum Bank of Cape Fear, NC. The 2nd went to Forrest Daniel for a manuscript on small size War of 1812 Treasury Notes, published in our S/O 2008 issue. Gene Hessler was hon- ored for a book on international bank note engravers. Honorees also included R. Shawn Hewitt and Charles Parrish for a book on Minnesota obsolete notes, Michael Reynard for a book on check collecting, Matt Janzen on Wisconsin nationals, Tom Carson and Dennis Schafluetzel on Tennessee scrip, and J. Fred Maples on Maryland banknotes. Twice no awards were made. Eligibility: Anyone engaged in important research on paper money subjects is eligible to apply for the prize. Paper Money for the purposes of this award is to be defined broadly. In this con- text paper money is construed to mean U.S. federal currency, bonds, checks and other obligations; National Currency and National Banks; state-chartered banks of issue, obsolete notes, bonds, checks and other scrip of such banks; or railroads, municipalities, states, or other chartered corporations; private scrip; currency substitutes; essais, proofs or specimens; or similar items from abroad; or the engraving, production or counterfeit- ing of paper money and related items; or financial history in which the study of financial obligations such as paper money is integral. Deadline for entries: March 15, 2012 A successful applicant must furnish sufficient information to demonstrate to the Society of Paper Money Collectors Awards Committee the importance of the research, the seriousness of the applicant, and the likelihood that such will be published for the consumption of the membership of SPMC and the public gener- ally. The applicant’s track record of research and publication will be taken into account in making the award. A single applicant may submit up to two entries in a single year. Each entry must be full and complete in itself. It must be packaged separately and submitted separately. All rules must be followed with respect to each entry, or disqualification of the non-conforming entry will result. Additional rules: The Wait Memorial Prize may be awarded to a single applicant for the same project more than once; however awards for a single project will not be given to a single applicant more than once in five years, and no applicant may win the Wait Memorial Prize in consecutive years. An applicant who does not win an annual prize may submit an updated entry of the non-winning project in a subsequent year. Two or more applicants may submit a single entry for the Wait Prize. No members of the SPMC Awards Committee may apply for the Wait Memorial Prize in a year he/she is a member of the awarding committee. Winner agrees to acknowledge the assistance of the Society of Paper Money Collectors and the receipt of its George W. Wait Memorial Prize in any publication of research assisted by receipt of this award and to furnish a copy of any such publication to the SPMC library. Entries must include: • the full name of the applicant(s) • a permanent address for each applicant • a telephone number for each applicant • the title of the research project/book • sufficient written material of the scope and progress of the project thus far, including published samples of portions of the research project, if appropriate Entries may also include: • the applicant’s SPMC membership number(s) • the applicant’s e-mail address (if available) • a bibliography and/or samples of the applicant’s past pub- lished paper money research • a photograph of each applicant suitable for publicity • a publishable photograph(s) of paper money integral to the applicant’s research • a statement of publishability for the project under considera- tion from a recognized publisher Judging: All entries must be received by March 15, 2012. All entries must be complete when submitted, and sufficient return postage should be included if return is desired. Address entries to SPMC, attn. Fred Reed, George W. Wait Memorial Prize, P.O. Box 118162, Carrollton, TX 75011-8162 The single, over-riding criterion for the awarding of the Wait Memorial Prize will be the importance of publication of the applicant’s research to SPMC members and general public. All decisions of the Awards Committee will be final. Announcement of the awarding of the Wait Memorial Prize will be in the May/June 2012 issue of Paper Money.  11th Annual George W. Wait Memorial Prize Paper Money • November/December 2011 • Whole No. 276478 Introducing Paul Herbert & John Davenport Don t get me started. To prepare for this, my first “Back Page” column, I reviewed several recent back issues of Paper Money. With predictable delight, I read again David Beach’s story about art work on cigar boxes, Peter Huntoon’s highly readable essay about paper money during the Depression, Fred Reed’s article about Smileage Chits, and the history of the Food Coupon program by Tom Conklin and Peter Huntoon. There’s that darn Huntoon again, magically pulling from his bag of finely researched articles just one more enjoyable offering. Paper Money is replete with educational and interesting articles. That’s why I love the magazine and why it stands alone as the only magazine of which I keep back issues. Where it falls short, however, is when it publishes opinion pieces. Opinion pieces should be short letters to the editor, not articles. I don’t want to read an opinion; I want to learn something new, and not just what someone thinks. The particular opinion pieces sticking in my craw, poking me with every keystroke, relate to the opina- tions to change the images of the peo- ple pictured on U.S. currency. Why, I ask, do we need to change the images on our currency? What’s wrong with big Ben nodding from his perch on a C-note, or Alexander Hamilton (the bastard brat of a Scotch peddler, according to John Adams) riding the $10? Abe Lincoln is all over, so what’s the problem with being on the $5, and how can anyone possibly suggest we have seen enough of George Washington? And I’m perfectly fine with Jackson and Grant too. So why the push, according to a couple Paper Money arti- cles, to change? Change for the sake of change? Would the change do anything to make our currency stronger? Safer or more recognizable? Would it deter counterfeiting? No, no and hell no! All it would do and the only thing is stir up controversy, unnecessary, ugly, good-for-nothing controversy. Americans wouldn’t agree about who should go on the new currency. We can’t agree on anything! Don’t get me wrong, I’m ready for a good fight, a real con- troversy when there s something worth fighting for, but this issue isn’t worth more than the 400 words I’m using here. We have plenty of serious problems already, why seek out another? What next, rename the DC monuments and memorials dedicated to Washington, Jefferson and Lincoln? But don’t get me started.  A few months ago I was in Granville, OH researching an old bank. Along with boxes of correspondence from the offi- cers, the local historical society still had a ledger with entries beginning in 1816. Digging through these files, I found a remainder $100 note from the bank. It is the first example known. Not that this is the first discovery note I’ve seen in a historical society’s archives. The same thing happened in Chillicothe, except that note was completely unlisted, not just not known to have survived. The Granville note at least had a number. It is 1211-22 in Wendell Wolka’s Ohio book with the notation “No description available at present.” As I sent Wendell the good news (and the Paper Money edi- tor a brief article on the discovery), it occurred to me that the amount of knowledge being created in our hobby is astounding. The SPMC Book Project is a major part of this, but so are the various cen- suses, articles published here and else- where, self-published books and even auction catalogs. I think a major, but enjoyable, challenge for our hobby going forward is finding a way to make all of this new information accessible to as wide an audience as possible. Of course, this goal is far more difficult than it would seem at first blush. Without even considering the intellectual proper- ty issues, there is the wide spectrum of formats this information takes on -- databases, books, articles, auction catalogs, even (or especially) one-paragraph notes in Paper Money clarifying a misconception or identifying an item, or a photograph of a bank no longer standing. Many censuses have implemented subscription-based updates, but does that model translate to, say, SPMC books? I don’t know what the best way to compile, present and disseminate all of this data might be. There probably isn’t a sin- gle “best way.” But making progress would increase the enjoyment of this hobby for all, bring new collectors and researchers into the fold, and create a wealth of information for us all. And although I certainly don’t expect Wendell to write a new edition every time a new discovery is made, I hope future collectors are able to find the following listing: 1211-22 (L) ONE HUNDRED across end; (C ) C ; woman seated with liberty pole and hat next to state seal; C ; (R ) 100; woman pouring drink for seated farmer; 100. Uniface Date: 18__ printed Imprint: Rawdon, Wright & Hatch, New-York. Type: G Rarity: MO  We will suspend “The Editor’s Notebook” this time around to introduce two of the six applicants for the “job” of “Back Page” op-ed columnist, so ably filled by Bob Schreiner and Steve Whitfield in years past. Initially, my plea for a co-pilot here drew yawns, but the subsequent whine in the last issue brought forth six SPMC members’ interest. Thus far however only two, Paul Herbert and John Davenport, have actually supplied a sample column. These both appear below. Let the Editor know what you think, or better yet do a better job yourself. -- Fred Reed, Editor/Publisher  Paul Herbert hates opinion pieces John Davenport applauds research ‘Don’t get me started’ Progress increases enjoyment Paper Money • November/December 2011 • Whole No. 276 479 Buying & Selling Quality Collector Currency • Colonial & Continental Currency • Fractional Currency • Confederate & Southern States Currency • Confederate Bonds • Large Size & Small Size Currency Always BUYING All of the Above Call or Ship for Best Offer Free Pricelist Available Upon Request James Polis 4501 Connecticut Avenue NW Suite 306 Washington, DC 20008 (202) 363-6650 Fax: (202) 363-4712 E-mail: Member: SPMC, FCCB, ANA This space for rent Only $225 for six issues $125 for three issues, or $45 for one issue DBR Currency We pay top dollar for • National bank notes • Large size star notes • Large size FRNs and FRBNs P.O. Box 28339 San Diego, CA 92198 Phone: 858-679-3350 Fax: 858-679-7505 See our eBay auctions under user ID DBRCurrency You are invited to visit our web page For the past 12 years we have offered a good selection of conservatively grad- ed, reasonably priced currency for the collector All notes are imaged for your review NATIONAL BANK NOTES LARGE SIZE TYPE NOTES SMALL SIZE TYPE NOTES SMALL SIZE STAR NOTES OBSOLETES CONFEDERATES ERROR NOTES TIM KYZIVAT (708) 784-0974 P.O. Box 451 Western Springs, IL 60558 DO YOU COLLECT FISCAL PAPER? Join the American Society of Check Collectors or write to Lyman Hensley, 473 East Elm St., Sycamore, IL 60178. Dues are $13 per year for U.S. resi- dents, $17 for Canadian and Mexican residents, and $23 for those in foreign locations. Paper Money • November/December 2011 • Whole No. 276480 OUR MEMBERS SPECIALIZE IN NATIONAL CURRENCY They also specialize in Large Size Type Notes, Small Size Currency, Obsolete Currency, Colonial and Continental Currency, Fractionals, Error Notes, MPC’s, Confederate Currency, Encased Postage, Stocks and Bonds, Autographs and Documents, World Paper Money . . . and numerous other areas. THE PROFESSIONAL CURRENCY DEALERS ASSOCIATION is the leading organization of OVER 100 DEALERS in Currency, Stocks and Bonds, Fiscal Documents and related paper items. PCDA To be assured of knowledgeable, professional, and ethical dealings when buying or selling currency, look for dealers who proudly display the PCDA emblem. For a FREE copy of the PCDA Membership Directory listing names, addresses and specialties of all members, send your request to: The Professional Currency Dealers Association PCDA • Hosts the annual National and World Paper Money Convention each fall in St. Louis, Missouri. Please visit our Web Site for dates and location. • Encourages public awareness and education regarding the hobby of Paper Money Collecting. • Sponsors the John Hickman National Currency Exhibit Award each June at the Memphis Paper Money Convention, as well as Paper Money classes at the A.N.A.’s Summer Seminar series. • Publishes several “How to Collect” booklets regarding currency and related paper items. Availability of these booklets can be found in the Membership Directory or on our Web Site. • Is a proud supporter of the Society of Paper Money Collectors. Or Visit Our Web Site At: James A. Simek – Secretary P.O. Box 7157 • Westchester, IL 60154 (630) 889-8207 crack open the safe! CURRENCY SIGNATURE AUCTION +"/6"3: t03-"/%0t-*7&0/-*/& It’s time to crack open the old safe, visit the safe deposit box, dust o the stack of notes on your desk, and check under the mattress. Heritage Currency is currently accepting consignments for our 2012 FUN Signature Currency Auction that will be held in Orlando in January. We are also making outright purchases of notes to add to our inventory. If you are interested in consigning or selling your material, please call us today at 800-872-6467, ext. 1001. Annual Sales Exceed $700 Million | 600,000+ Online Bidder-Members 3500 Maple Avenue | Dallas, Texas 75219 | 800-872-6467 | DALLAS | NEW YORK | BEVERLY H ILLS | SAN FRANCISCO | PAR IS | GENEVA Free catalog and The Collector's Handbook ($65 value) for new clients. Please submit auction invoices of $1,000+ in this category, from any source. Include your contact information and mail to Heritage, fax 214-409-1425, email, or call 866-835-3243. For more details, go to Consignment Deadline: November 19 20078