Paper Money - Vol. LI, No. 6 - Whole No. 282 - November - December 2012

PAPER MONEY OFFICIAL JOURNAL OF THE SOCIETY OF PAPER MONEY COLLECTORS VOL. LI, NO. 6, WHOLE NO. 282 WWW.SPMC.ORG NOVEMBER/DECEMBER 2012 Gene Hessler looks at “Old Abe” the War Eagle Nov-Dec 2012 SPMC cover_Jan/Feb Cover 9/28/12 6:12 AM Page 1 Nov-Dec 2012 SPMC cover_Jan/Feb Cover 9/28/12 6:12 AM Page 2 Paper Money • November/December 2012 • Whole No. 282 401 TERMS AND CONDITIONS PAPER MONEY (USPS 00-3162) is published every other month beginning in January by the Society of Paper Money Collectors (SPMC), 101-C North Greenville Ave. #425, Allen, TX 75002. Periodical postage is paid at Hanover, PA. Post master send address changes to Secretary Benny Bolin, 101-C North Greenville Ave. #425, Allen, TX 75002. © Society of Paper Money Collectors, Inc., 2012. 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. MANUSCRIPTS Manuscripts not under consideration elsewhere and publications for review should be sent to the Editor. Accepted manuscripts will be published as soon as possible; however, publication in a specific issue can- not be guaranteed. Include an SASE for acknowledg- ment, if desired. Opinions expressed by authors do not necessarily reflect those of the SPMC. Manuscripts should be typed (one side of paper only), double-spaced with at least 1-inch margins. The author’s name, address and telephone number should appear on the first page. Authors should retain a copy for their records. Authors are encouraged to submit a copy on a MAC CD, identified with the name and ver- sion of software used. A double-spaced printout must accompany the CD. Authors may also transmit articles via e-mail to the Editor at the SPMC web site (fred@spmc.org). Original illustrations are preferred but do not send items of value requiring Certified, Insured or Registered Mail. Write or e-mail ahead for special instructions. Scans should be grayscale or color at 300 dpi. Jpegs are preferred. ADvERTISINg • All advertising accepted on space available basis • Copy/cor re spond ence should be sent to Editor • All advertising is payable in advance • Ads are accepted on a “good Faith” basis • Terms are “Until Forbid” • Ads are Run of Press (ROP) unless accepted on premium contract basis • Limited premium space/rates available To keep rates at a minimum, all advertising must be prepaid according to the schedule below. In exceptional cases where special artwork or additional production is required, the advertiser will be notified and billed accordingly. Rates are not commissionable; proofs are not supplied. SPMC does not endorse any company, dealer or auction house. Advertising Deadline: Subject to space availability copy must be received by the Editor no later than the first day of the month preceding the cover date of the issue (for example, Feb. 1 for the March/April issue). Camera-ready copy, or electronic ads in pdf format, or in Quark Express on a MAC CD with fonts supplied are acceptable. ADvERTISINg RATES Space 1 time 3 times 6 times Full Color covers $1500 $2600 $4900 B&W covers 500 1400 2500 Full page Color 500 1500 3000 Full page B&W 360 1000 1800 Half page B&W 180 500 900 Quarter page B&W 90 250 450 Eighth page B&W 45 125 225 Requirements: Full page, 42 x 57 picas; half-page may be either vertical or horizontal in format. Single-column width, 20 picas. Except covers, page position may be requested, but not guaranteed. All screens should be 150 line or 300 dpi. Advertising copy shall be restricted to paper currency, allied numismatic material, publications, and related accessories. The SPMC does not guarantee advertise- ments, but accepts copy in good faith, reserving the right to reject objectionable material or edit copy. 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. LI, No. 6 Whole No. 282 November/December 2012 ISSN 0031-1162 FRED L. REED III, Editor, P.O. Box 118162, Carrollton, TX 75011 Visit the SPMC web site: www.spmc.org FEATURES Elizabeth Davidson, National Bank President . . . . . . . . . . . 403 By Karl Sanford Kabelac The Paper Column: World War I War Savings Certificates . . . . . . . .407 By Peter Huntoon Reader Reports Early Obsolete Scrip Error Sheet . . . . . . . 415 By Robert Gill Scrip of Bell & McMahon . . . . . . . . . . . . . . . . . . . . . . . . . . . . 418 By Bill Gunther Use of Sweet Potato Dinner Vignette on Obsolete Notes . . 427 By Joseph J. Gaines Jr. The Seal on Iowa Nationals . . . . . . . . . . . . . . . . . . . . . . . . . . 437 By James C. Ehrhardt What the Deuce is Going on Here? . . . . . . . . . . . . . . . . . . . 443 By Henry Brasco Mrs. G.M. Cox, National Bank President . . . . . . . . . . . . . . . . 447 By Karl Sanford Kabelac Small Notes: Redemption Clauses on Silver Certificates . . . 453 By Jamie Yakes The Buck Starts Here: Old Abe, the War Eagle . . . . . . . . . . . 454 By Gene Hessler SOCIETY & HOBBY NEWS Information and Officers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .402 Your Subscription to Paper Money Has Expired If . . . . . . . . . . . . . . . . . . . 406 New Members . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .435 President’s Column by Mark Anderson . . . . . . . . . . . . . . . . . . . . . . . . . . . . .452 Uncoupled: Paper Money’s Odd Couple by Fred Schwan & Joseph E. Boling . .456 11th Annual George W. Wait Award Announcement . . . . . . . . . . . . . . . . . . .476 Back of the Back Page with Loren Gatch and Fred Reed . . . . . . . . . . . . . .477 The Back Page with Paul Herbert and John Davenport . . . . . . . . . . . . . . . .478 If your mailing label reads Nov or Dec 2012 RENEW NOW Paper Money • November/December 2012 • Whole No. 282402 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, 101-C North Greenville Ave. #425, 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 1094, Sudbury, MA 01776 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 & Financial Items Auction Representation 60-Page Catalog for $5.00 Refundable with Order 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 www.spmc.org. 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). Memberships for all members who joined the Society prior to January 2010 are on a calendar year basis. Dues renewals are due each December. Memberships for those who joined snce January 2010 are on an annual year basis, for example March to March or June-June. These renewals are due before expiration date. Renewal envelopes appear in a fall issue of Paper Money. Checks should be sent to the Secretary.
SPMC LM 6 BRNA FUN Paper Money • November/December 2012 • Whole No. 282 403 YORK VILLAGE, MAINE IS LOCATED IN THE SOUTHERNMOST PART OFthe state, just a few miles from the New Hampshire border. It is one of the oldestcommunities in the United States, and by the end ofthe 19th century was a popular summer resort area. In 1900 the town’s population was 2668, with a summer population some five times that. To serve the residents and the summer visitors, The York County National Bank of York Village (charter #4844) was founded in 1893. John T. Davidson, a lawyer, was the founding president. That same year a building was begun for the bank on York Street in the village. The attrac- tive colonial revival Dutch gambrel roof building, looking more like a home than a bank, was completed the next year. Elizabeth Burleigh, who was born in nearby South Berwick on September 5, 1862, had married Davidson on July 3, 1883. She was the daughter of John H. and Matilda Burleigh. Her father was a prominent businessman and for- mer member of Congress at the time of his early death in 1877. James T. Davidson, was himself a relatively young man at the time of his death in 1901. The vice president of the bank was then elected president, and Mrs. Davidson because the vice president. When the new president died two years later, she was chosen president. Perhaps this was not unusual, for a 1906 article noted that she and her mother owned two thirds of the stock of the bank. There were 44 other stockholders and 1,100 accounts at that time. Even as a fairly young widow with six children, she devoted much of her time to her banking responsibilities. But she did sell her large home in York Village in 1905 (to become the community’s hospital) and moved with her children to South Berwick to live with her mother, who could help with running such a large household. The modern convenience of an interurban railroad made it possible for her to commute from South Berwick via Portsmouth NH to the bank in York Village. Elizabeth B. Davidson, National Bank President By Karl Sanford Kabelac Elizabeth B. Davidson as she appeared in a feature article in a Boston newspa- per in 1906. A view of the bank, located in an attractive Colonial revival with a Dutch gam- brel roof building, built in 1893/94. The building, with later additions, is now home of the administrative offices and library of the Old York Historical Society, an organization which maintains several museums in the area. Paper Money • November/December 2012 • Whole No. 282404 The detailed article about her in a 1906 Boston newspaper quoted her as saying, “A well trained, alert mind is needed to cope with financial interests, and it matters not whether that well trained mind is possessed by a woman or by a man.” She also found great pleasure in keeping closely in touch with the business world. “Nearly every day I go to the bank and personally supervise the investments and make myself thoroughly familiar with the books and accounts and the daily routine,” she said. Elizabeth B. Davidson continued to run the bank until 1919, when it was liquidated as a national bank and became the York County Trust Company. In her later life, a grandson remembered that she visited her six children during the winter months, not wanting to be alone in the large house in South Berwick. The grandchildren loved these visits of their grand- mother, whom they called Madame. She died in October 1937 at the age of 75 and was buried next to her husband in the First Church Cemetery in York. Sources and Acknowledgements The Sunday Herald, Boston, February 11, 1906, carried a long article about Mrs. Davidson with several illustrations. Peter A. Moore of York Village wrote an article about her (December 1, 1993) and one about the bank (February 14, 1996) in The York Weekly. Michael A. Fargo, The York Hospital, the Story of a Small Community Hospital, 1996, has biographical sketches of both Elizabeth Burleigh Davidson and James Thomas Davidson on pages 27-29. A search of various newspaper databases turns up a number of short article about her, 1906 through 1913. Many state she was the only woman bank president in New England. There was, however one other at this time, Frances (Mason) Moulton of Limerick, Maine. (An article on her appeared in Paper Money, May/June 2007.) The assistance of Peter Moore of York Village and Virginia S. Spiller, the librarian of the Old York Historical Society, is grate- fully acknowledged. The illustration showing the bank and the church is courtesy of the Old York Historical Society.
A Series 1882 date back note with the signature of Elizabeth B. Davidson as bank president. (Courtesy Heritage Currency Auctions) A second view of the bank on a quiet street in York Village, Maine. Paper Money • November/December 2012 • Whole No. 282 405 IRECENTLY ACQUIRED A SHEET FOR MY OBSOLETE SHEET COLLECTION THAT IS ESPECIALLYinteresting. I thought SPMC members would enjoy seeing it. It is a six note scrip sheet on Oil Creek Mills,which operated in Crawford County, PA during the early 1800s. Upon first glance, one would think that it issimply a damaged sheet, with the second note from the top having a large piece torn from it, but still attached. But upon inspection, notice in figure #1, when the attached piece is folded up, the detail of the top note is completed. But in figure #2, with the attached piece in its original position, closing the hole in the second note, the top note loses its lettering where the the torn piece rests in figure #2. Obviously, the tear happened prior to the sheet being printed, with the tear being folded up during the printing process. It’s amazing enough that the sheet survived with the tear intact, but even more so that the printer did not destroy it! Another great piece in the fabulous world of paper!! -- Robert Gill Reader reports early obsolete scrip error sheet Paper Money • November/December 2012 • Whole No. 282406 If your label reads November or December 2012 this is your LAST ISSUE. You need to renew to Paper Money immediately, or you will be dropped from the Society’s membership rolls.
Listen up, Your subscription expires if . . . Paper Money • November/December 2012 • Whole No. 282 407 THE REALMS OF NUMISMATICS AND PHILATELYhave some wonderful intersections. World War I savingsstamps and certificates are one of the most colorful. The $5War savings stamps were mini bonds that drew 4 percent interest compounded quarterly over a five-year period, which were col- lected in $100 amounts on cards called war-savings certificates. A parallel series of 25 cent thrift stamps, placed on thrift cards, were designed to promote disciplined periodic savings that would allow the smallest of investors to accumulate the $4 necessary to purchase the $5 war savings stamps. The thrift stamps did not earn interest. Congress anticipated a tremendous immediate need for revenue to execute the war beyond normal Treasury receipts as the United States was drawn into World War I. The only way to raise the money was through borrowing to cover the required deficit spending. A quote attributed to Thomas Jefferson goes as follows: It is incumbent on every generation to pay its own debts as it goes. A principle which if acted on would save one-half the wars of the world. He wisely averred that no nation should embark on any war that the citi- zenry didn’t fully support and be willing to pay for at the time it was fought. Our nation would have been spared a tremendous amount of grief if this common sense approach had prevailed in public discourse during the latter part of the 20th century and into the present. In contrast, those charged with carrying out and funding WW I were listen- ing to the founding sage. The war savings stamp program of World War I was an almost perfect everyman approach to funding a war by spreading the cost as widely as possible, while at the same time fanning public fervor and patriotism. Virtually every citizen was tapped, a democratic spreading of the debt that another founding father, Alexander Hamilton, would have approved fully. The Paper Column By Harry K. Charles Jr. & Peter Huntoon World War I War Savings Stamps and Certificates Paper Money • November/December 2012 • Whole No. 282408 The war savings stamp program was enormously costly and inefficient, and soaked up an inordinate amount of people’s time. But it succeeded in galvanizing support for the war effort, mobilized huge numbers of people to voluntarily serve as its sales force, and raised a lot of money. The U.S. Treasury established the War Savings Organization to promote and carry out the program. Governmental, financial, business, service and fraternal committees were organized at every level from national to neighborhood to get the job done. Authorized sales agents were established across this spectrum. Buying thrift stamps imbued the youth of the county with a patriotism that evolved into duty. The identical thing occurred as homemakers and workers of every stripe were bombarded with solicitations to purchase war savings stamps from postal carriers delivering their mail to employer sponsored sales campaigns. The Boy Scouts got behind the program and sent legions of boys out to canvas for sales. W.S.S. - war savings stamps - became a logo that pervaded American life, appearing everywhere from pay envelops to placards in windows. Uncle Sam had his hand out, and he planned to dip it into every pocket in the nation. All manner of awards and commendations were invented to reward the most successful public-spirited vendors of the stamps. In fact, collections have been formed of these awards. On September 24, 1917, the 65th Congress passed, and President Woodrow Wilson signed into law, “an act to authorize an additional issue of bonds to meet expenditures for the national security and defense, and, for the purpose of assisting in the prosecution of the war, to extend additional credit to foreign Governments, and for other purposes.” It contained provisions for the issuance of the usual government bonds and certificates of indebtedness pitched to investors and institutions, but Section 6 of the act also provided for raising up to $2 billion through the sale of war savings certificates. Notice how language in section 6 was designed to parse out this debt burden to practically every individual in the country. The amount of war-savings certificates sold to any one person at any one time shall not exceed $100, and it shall not be lawful for any one person at any one time to hold war-savings certificates to an aggregate amount exceeding $1,000. The Secretary of the Treasury may, under such regulations and upon such terms and conditions as he may prescribe, issue, or cause to be issued, stamps to evidence payments for or on account of such certifi- cates. Section 9 brought the postal service into play. That in connection with the operations of advertising, selling, and delivering any bonds, certificates of indebtedness, or war-savings certifi- cates of the United States provided for in this Act, the Postmaster General, under such regulations as he may prescribe, shall require, at the request of the Secretary of the Treasury, the employees of the Post Office Department and of the Postal Service to perform such services as may be necessary, desirable, or practicable, without extra compensation. Everyone in the postal service, from letter carriers up the line, would become involved in advertising and selling thrift and war savings stamps, registering war sav- ings certificates, and redeeming them when the time came. If you had an address, Uncle Sam was going to reach you with this program! Section 6 contained an important provision to help the most marginal of investors. If necessary, they could redeem their war savings stamps before maturity with interest earned. President Wilson declared a national day of savings on June 28, 1918, when every citizen was asked to purchase at least one savings stamp. Here is how the war saving stamps worked. Four yearly series of $5 stamps were issued respectively in 1918, 1919, 1920 and 1921, each with redemption due dates 5 years later that were prominently displayed on the stamps. The January 1st due dates, of course, were 1923 through 1926. The stamps began to draw interest at the beginning of the series year. Paper Money • November/December 2012 • Whole No. 282 409 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 denomination printed on the stamps was the redemption value of the stamp. The purchase price of the stamp at the beginning of the series year was $4.12 and stepped up a penny a month through December, with the increase representing the interest earned from the start of the year. The war-savings certificates when filled contained 20 war saving stamps having a convenient $100 value at maturity. No interest was earned beyond maturity, so the holder had a strong incentive to redeem the stamps promptly upon or shortly after the due date. Small investors could be induced to establish disciplined savings programs through the pur- chase of 25 cent thrift stamps that they pasted onto $4 thrift cards. Children were especially targeted. Once full, they could redeem their card plus pay the few cents of accu- mulated interest to receive a $5 war Paper Money • November/December 2012 • Whole No. 282410 Figure 1. Lower left corner of a certified proof lifted from a plate used to print the $5 Series of 1921 war savings stamps payable on January 1, 1926. The stamp was designed by C. A. Houston. Charles Burt engraved Lincoln’s portrait; Joaquin C. Benzing, the ribbon and ornamental leaves; Edward E. Myers, the frames, and Myers and William B. Wells the lettering and numerals. The initials S. De B. are those of siderographer Samuel DeBinder who laid in the plate. DeBinder, in 1918, also coincidentally laid in the plate bearing the red frame for the 24-cent airmail stamp that was used to print the fabulous inverted Jenny stamps. (Photo courtesy of the National Numismatic Collection, Smithsonian Institution) Figure 2. The 25-cent thrift stamps were accumulated on cards toward the purchase of war savings stamps by small investors. They did not bear interest. (Photo courtesy of the National Numismatic Collection, Smithsonian Institution) Figure 3. The $1 Treasury savings stamps were introduced in December 1920 that could be accu- mulated toward the purchase of war savings stamps and Treasury savings certificates. The war was over so sales of war savings stamps greatly diminished, consequently these stamps are quite scarce. They did not bear interest. (Photo courtesy of the National Numismatic Collection, Smithsonian Institution) Paper Money • November/December 2012 • Whole No. 282 411 Figure 4. Inside of a Series of 1918 war savings certificate containing one war saving stamp. Notice that the stamp was signed by the owner as a means of tying it to his certificate. Also notice that the certificate carries the serial number used to register it. Figure 5. Outside of a Series of 1918 war savings certificate used to accumulate up to $100 worth of Series of 1918 war sav- ings stamps. Different certificates were designed for each of the four series of war savings stamps, and the certificates came with envelop to hold them. savings stamp. This approach lent itself to school sales programs as well as home sales by postmen as they made their daily rounds. The idea was get a little here and a little there and it would all add up to big money, particularly if everyone involved in selling the things was doing so on a voluntary basis. The Series of 1918 war savings stamps became available on November 17, 1917, and the thrift stamps followed on December 1st. A newly designed war savings stamp followed in each of the succeeding three years. However, the design of the thrift stamps didn’t change because they were good for the purchase of any war savings stamp regardless of series. The war savings certificates were serial-num- bered so holders would register them with an autho- rized sales agent such as the local postmaster or bank official, and they were non-transferable. Sometimes the stamps were tied to the certificates by being signed by the purchaser as they were added. There was a separate certificate for each series of stamps, so different series stamps could not be mixed on the certificates. It was not mandatory that a certificate be completely filled. Its value was based solely on the number of stamps that it contained at the time of maturity. Paper Money • November/December 2012 • Whole No. 282412 Sign up for special free features on the official SPMC website www.spmc.org/pin Your one-time exclusive PIN is on your mailing label Figure 6. Proofs of the four series of interest bearing war savings stamps. The series date is in the lower right corner. The maturity date is at bottom center. The sizes of the stamps varied between the series. (Photo courtesy of the National Numismatic Collection, Smithsonian Institution) Figure 7. William G. McAdoo, Democrat President Wilson’s first Secretary of the Treasury, served from 1913 to 1918, and oversaw the startup of the war savings stamp program. His signa- ture appears on 25- cent thrift stamps, thrift cards and Series of 1918 war savings cer- tificates. McAdoo married President Wilson’s daughter Eleanor at the White House on May 7, 1914. (Wikipedia photo) 413Paper Money • November/December 2012 • Whole No. 282 Figures 8, 9 and 10 (left to right). The signature of Carter Glass, President Wilson’s second Secretary of the Treasury who served from 1918 to 1920, appears on thrift cards and Series of 1919 and 1920 war savings certificates. The signature of David F. Houston, President Wilson’s third Secretary of the Treasury who served from 1920 to 1921, appears on Series of 1921 war savings certificates. The signature of Andrew W. Mellon who served from 1921 to 1932 and who replaced David Houston when Republican President Harding took office, appears on the Treasury savings cards used to accumulate $1 Treasury savings stamps. (All Wikipedia photos) Figure 11. Thrift card with $4 worth of thrift stamps attached. Most thrift cards do not carry serial numbers, although some are known with preprinted blue or black serials. Paper Money • November/December 2012 • Whole No. 282414 The thrift savings stamps drew no interest and were affixed to unregistered thrift cards, most of which had no serial numbers. If the card contained fewer than 16 stamps, it still could be exchanged for a war savings stamp if the holder paid the difference in cash. Otherwise there was no use for the thrift stamps. The war savings stamps were particularly colorful and had a pleasingly large format that varied in size between the years. The colors for the respective years were 1918 green, 1919 blue, 1920 red and 1921 orange. The 1921 orange stamps were printed on green paper rather than white as previous series. All the thrift stamps were dark green. The war savings stamp program spanned the tenures of Secretaries of the Treasury William G. McAdoo and Carter Glass. Glass succeeded McAddo on December 16, 1918. Both of their signatures appear on war savings certificates, but only McAdoo’s signature was used on the thrift stamps. The Treasury savings stamp was added to the mix on December 21, 1920. This was a red $1 stamp printed on green paper similar in function to the thrift stamps that could be exchanged for either war savings stamps or a separate new series of Treasury saving certificates. These were designed to be affixed to a Treasury savings card that held 20 stamps. These cards carried the signature of Secretary of the Treasury David F. Houston and, later, Andrew W. Mellon after President Harding’s election. The successive series of war saving stamps are increasingly scarce because patriotic fervor diminished after the fighting drew to a close in late 1918, so stamp sales fell off during the ensuing years. One measure of the changing demand was the number of plates used to print the stamps. The printings for the Series of 1918 stamp utilized eighty-three 80-subject plates compared to eight 100-subject plates for the Series of 1921. Similarly, the 25 cent thrift stamps are plentiful whereas the $1 Treasury savings stamps are decidedly scarce. Figure 12 (above left). Posters such as this pitched the war savings stamps to children as their patriotic duty. Clearly the 25- cent thrift stamps were designed with school children in mind. Figure 13 (above right). Women were strongly encouraged to participate, and housewives especially were prime intended purchasers of thrift and war savings stamps readily available for purchase at their door from their postal carrier. 415Paper Money • November/December 2012 • Whole No. 282 The collecting opportunities in these items are infinite. Obviously, the core collection consists of a specimen of each of the different stamps. A step up is to secure the various different thrift cards and war-savings cer- tificates that housed the stamps, preferably with stamps attached. The war-saving certificates are quite similar to traditional savings bonds complete with vignettes that changed yearly. The 1918 certificate is the most elaborate with eagle, wings spread, over sea craft to the left and a city skyline to the right, topped off with the torch of liberty. The 1919 certificate features a small eagle’s head; 1920, an eagle atop a scepter, and 1921, the statue of freedom from the top of the Capitol Building, an engraving recycled from the face of the 1861 $5 Demand Note. Specialists with an eye toward exhibiting go after all sorts of ephemera. These items include circulars mailed to households that encouraged the purchase of the various stamps, mail-in post cards to postmasters used to order stamps, sta- Figure 14. The postal service delivered Treasury solicitations to households, which allowed recipients to order stamps and pay for them at the door when their mail carrier returned with them. Boy Scouts passed out similar mail-in cards by hand. Paper Money • November/December 2012 • Whole No. 282416 tionery and envelops with patriotic W.S.S. messages extolling people to get with the program, and posters and placards used to promote the program in public places. The fact is philatelists were the first to appropriate war savings, thrift and Treasury savings stamps as collectibles, and they did so with their characteristic bent for detail and variety differentiation. For example, they distinguish between perforat- ed and rouletted Series of 1918 war saving stamps, with the rouletted variety by far being the scarcer. They go for blocks of four, part sheets, stamps with attached plate numbers or stamps with special line markings between the subjects that were used at the BEP to separate the individual panes when they were cut from the full sheets, etc. Similarly they collect every imaginable variety of thrift card and certificate, and of course distinguish between those that were printed by the government versus those that were privately printed. The philatelists have made the collecting of these objects a high art, but that doesn’t exclude numismatists from entering the fray. Numismatists naturally can draw great satis- faction from the fact that all of these objects were financial instruments, not objects used for postage. No collection of bonds is complete without some examples. The fact is, these stamps were Treasury, not postal, issues. As such, the plate numbers found on them are from the primary plate numbering set initiated in 1886 Figure 15. The W.S.S. logo arrived on this New York Edison Company envelop with an exhortation to conveniently purchase war savings stamps at the same time as you paid your utility bill. The Edison Company was a voluntary authorized sales agent for the stamps on behalf of the Treasury. Figure 16. The W.S.S. logo permeated American culture during the war years through every manner of advertising imaginable. 417Paper Money • November/December 2012 • Whole No. 282 by the BEP to number Treasury plates, including those used to print currency and revenue stamps. A different set of plate numbers was assigned to postage stamp plates made for the Post Office Department. Significantly for researchers is the fact that when the Bureau of Engraving and Printing divided its holding of certified proofs between the Smithsonian Postal Museum and Division of Numismatics, the proofs of the war saving, thrift and Treasury savings stamps were sent to the Division of Numismatics. The BEP logic was simple. Most Treasury items went to numismatics, not philatelics. This article is designed to introduce you to these most interesting items. Definitive works in the philatelic literature lay out the nitty gritty detail about every aspect of the topic so those works will be invaluable as you pursue these items. Most notable are the seminal treatises by Linquist and Charles listed below. Are there discoveries yet to be made in this field? You bet! The philatelists haven’t turned over every rock yet, and the trove of this material salted away in numismatic hands and in the avenues of commerce that traditionally feed the numismatic market guarantee that exciting material and/or varieties are yet to be discovered. References Charles Jr., Harry K. “Postal and Treasury Savings Systems, part II, War Savings Stamps (1917-1921),” The United States Specialist, v. 81, no. 2 (Feb. 2010), pp. 57-69, 74- 82. Linquist, H. L. “United States Savings Stamps, a New Field for the Specialist,” The Stamps Specialist White Book, 1944, pp. 89-122.
THE BANKNOTE BOOK—A NEW CATALOG OF WORLDnotes—marked its first anniversary in June 2012. After its first full year of availability, The Banknote Book now comprises 130 country-specific chapters available as individual high-resolu- tion PDF files. This represents a total of 1,400+ pages covering 11,000+ types and varieties, including 2,000+ notes not listed in Krause’s “Pick” catalog, officially known as the Standard Catalog of World Paper Money (SCWPM). Author Owen W. Linzmayer said he is pleased with reach- ing this milestone. “It is particularly satisfying to collaborate with a wide range of domain experts around the globe to help create a new catalog, and it keeps getting bigger and better every week.” Subscriber Russ Smith is also thrilled with the results, Linzmayer reports. “The Banknote Book goes well beyond my expectations,” said Smith. “The graphics, layout, signatures, descriptions, presentation, source references, and more are truly appreciated. The Banknote Book far surpasses Pick and other general reference works,” Smith averred. Each chapter of The Bankno te Bo ok includes detailed descriptions and background information, full-color images, and accurate valuations. It also features: • Sharp color images of notes’ faces and backs without over- lap • Face value or date of demonetization if no longer legal tender • Specific identification of all vignette elements • Security features described in full • Printer imprint reproduced exactly as on note • Each date/signature variety assigned an individual letter • Variety checkboxes for tracking your collection and want list • Red stars highlight the many notes missing from the SCWPM • Date reproduced exactly as on note • Precise date of introduction noted when known • Replacement note information • Signature tables, often with names and terms of service • Background information for historical and cultural con- text • Details magnified to distinguish between note varieties • Bibliographic sources listed for further research The Banknote Book is sold by subscription or individually by chapter, and payments may be made online or by mail. The $99 annual subscription entitles the buyer to every chapter cur- rently available as well as everything published—or revised— during the coming 12 months. Chapters—which serve as stand- alone catalogs for individual countries—are priced based upon their page count: fewer than 5 pages @ $0.99; 5-9 pages @ $4.99; and 10 or more pages @ $9.99. Several short chapters are available as free samples, and new releases and revisions are published regularly. All 130 chapters to date are available as a two-volume, black-and-white paperback set. For details on the printed version, interested parties should visit Lulu.com and search for “Linzmayer” in Books. For further information contact Owen W. Linzmayer via email owen@ban- knotenews.com, or call +1 (415) 519-1418. Owen W. Linzmayer is an avid collector of world paper money and the former editor of the International Bank Note Society's quarterly publication, the IBNS Journal. In addition to writing The Bankno te Bo o k , he also publishes BanknoteNews.com, devoted to breaking news about interna- tional paper & polymer money.
The Banknote Book Celebrates First Anniversary Paper Money • November/December 2012 • Whole No. 282418 THERE IS VERY LITTLE READILY AVAILABLE INFORMATION ONthe Bell and McMahon scrip from Gainesville, AL other than the dates,denominations and printer. That makes it a challenge to the collector tofind out just who or what “Bell and McMahon” was and where was Gainesville, AL. It’s a project that rewards the curious with a look at some early entrepreneurs in Alabama and their ability to overcome personal tragedies as they settled in the new state. The search for information begins with an examination of Alabama Obsolete Notes and Scrip by Walter Rosene, Jr., published in 1982 by the Society of Paper Money Collectors.1 Although this reference is now somewhat dated, it is the only book devoted exclusively to Alabama notes and scrip. The Notes Rosene lists five different denominations issued by Bell and McMahon: 5 cents, 10 cents, 25 cents, 50 cents and $1.00 notes. There are two different varieties listed for the 5 cent, 50 cent and $1 issues (R104-1 to R204-8) suggesting that there are a total of 8 different notes that would be needed to constitute a complete set (not counting possible plate varieties and printing errors). The two nickel notes carry dates of 1862 and 1865, while all of the remaining notes are 1865 issues. The size of the notes are all the same with the area inside the frame lines being 5 ¼ by 2 ½ inches and their backs are blank. Rosene was only aware that Bell & McMahon issued notes in 1862 and 1865. However, Hugh Shull, a leading dealer in obsolete and confederate currency, listed three different 183-’s notes in his 1997 (2nd Edition) sales catalog.2 They were: a 25 cent, a 50 cent note and a $1 note. Shull describes these notes as having vignettes including a train/ship, ship/beehive and town/bridge respectively. All were described as unissued and unlisted and the $1 as “very rare.” Haxby, another major reference work in the field of obsolete banknotes released in 1986, does not list any Gainesville, AL notes. Haxby doesn’t list scrip, but bank notes.3 The 183-’s issues do not appear in any reference searched other than the single reference in the Shull catalog in 1997. The 1862 and 1865 Scrip of Bell and McMahon, Gainesville, Alabama By Bill Gunther Paper Money • November/December 2012 • Whole No. 282 419 Personal Collection Heritage Auctions photo Heritage Auctions photo Personal Collection Paper Money • November/December 2012 • Whole No. 282420 Relative Scarcity of Notes A review of the currency archives of Heritage Auctions (HA.com), a promi- nent currency auction company, reveals only six different Bell & McMahon notes, representing four denominations, were sold through HA between 2000 and early 2012. These sales were as follows: 5 cents (1), 10 cents (2), 25 cents (1) and 50 cents (2). There were no $1 notes or 1862 issues listed or sold during this period by Heritage Auctions. Although there are certainly many other venues in which these notes could have been sold, the limited evidence available electronically shows that Rosene’s rarity levels of Rarity 5 (11-25 known) for his nickel and dime notes and Rarity 7 (1-5 known) for the remainder of the Bell & McMahon series is an accurate assessment. As to the earlier issues reported in the Shull catalog, research on the Bell & McMahon names lead me to believe that these issues never were released and were most likely intended for a business that did not materialize. They must certain- ly be extremely rare. Change Notes Outlawed in late 1862 Prior to the release of the January 1, 1863, State of Alabama fractional notes, the State made the private issue of such notes illegal on December 4, 1862, with the following: “An Act to Prevent the Circulation of Change Bills” Section 1. Be enacted by the Senate and House of Representatives of the State of Alabama in General Assembly commenced, that any person, pri- vate corporation, or association, who, without authority of law, makes, omits, accepts, or agrees to accept, by stamping or otherwise, or signs, or countersigns, by printing, writing or otherwise, any paper, or instrument commonly called a shinplaster, to answer the purposes of money, or for general circulation, such person, and each individual member of such corporation or association, on conviction, must be fined, for each offense, not less than twenty, nor more than five hundred dollars, and may be imprisoned not less than three, nor more than twelve months, and the signatures, whether written or printed, shall be taken as genuine, unless the defendant denies the same under oath.”4 This law went into effect for makers of these notes almost immediately fol- lowing a notice which had to appear for four consecutive weeks in the Montgomery Advertiser and Mail. As a result, most issuers of these change notes recalled their issues. For example, Jonathon Bliss, a local lawyer and President of the Gainesville Hudson McDonald Collection Paper Money • November/December 2012 • Whole No. 282 421 Insurance Company (R-107), placed an ad in the local paper encouraging holders of his notes to bring them to his office for redemption.5 It was not clear what holders of his notes would receive in return. Section 5 of the Act also made it illegal to use change notes in commerce effective April 1863, so there was little point in keeping the notes. Obviously most private issues of change notes, including those of Bell and McMahon, disappeared from use after early 1863. The Printer of the 1865 Issues Rosene states that the printer of the two different 5 cent notes was unknown, while the remaining notes were all printed by “David Walker & Brothers, Stationers & Lith, 4 Park Place, New York.” Since this was at the end of the War, the use of a northern printer is not surprising. We can now confirm that the 5 cent R-104-2 note of 1865 was also printed by David Walker and Brothers, although Rosene apparently did not see one to verify that fact. Since the other 5 cent note was printed in 1862, it was probably printed by someone from the South. There is no information regarding the printer of the 183-’s notes listed in Hugh Shull’s catalog. The 1865 dates include April 1 which was about a week before the surrender of Robert E. Lee on April 9, 1865, and some dated June 15th which was about two months after the official surrender. The dates on the 1865 notes also bracket the official surrender of the troops stationed at Gainesville, AL by their commander Lt. General Nathan Bedford Forrest, which occurred on May 9, 1865.6 A monument in Gainesville commemorates that event. All of the 1865 issues were issued “under authority,” meaning under the mil- itary authority of the Federal government. With state notes and Confederate notes forbidden, and very little federal currency circulating in the area immediately after the end of the War, merchants in Gainesville and elsewhere were desperate for some form of currency to support their businesses. It was not uncommon for the military authorities to allow such issues under these circumstances. For example, Augustin Lynch in Tuscaloosa (about 45 miles from Gainesville) also issued fractional, as well as $1 and $2 notes in 1865 “under authority” in 1865. (Rosene 232). The Town of Gainesville, AL The town of Gainesville was founded in 1832 by a man named Col. Lewis, but named for George Strother Gaines.7 It seems Mr. Lewis had initially sold the land to Gaines only to be offered double the price by another individual a few days later. When Lewis informed Gaines of this unfortunate situation, Gaines offered to relinquish his hold on the land and allow Col. Lewis to resell the land to the higher bidder. Mr. Lewis then refunded Gaines’s deposit and sold the land to the higher bidder. Lewis created a town on part of his land and named it Gainesville in appreci- ation for the unselfish act of Gaines. (Gaines was a very prominent figure in the early days of the Mississippi Territory and served initially as an “assistant factor,” a person who represented the Federal Government to the Indian tribes. He is now widely accepted as having been a strong friend of the Choctaws during the period of “removal.”8) Sulzby reports that Gainesville has an interesting connection the “Night the Stars Fell on Alabama,” a well known song and book. He notes that there was a solar eclipse in 1833 and during that eclipse a meteor shower.9 The common name at that time for a meteor shower was “falling stars.” About 100 years after this event, Carl Cramer, a native of New York who had been a professor of English at the University of Alabama, was conducting interviews around Alabama for a future book. He reported that locals in Gainesville referred to the meteor shower as the “night stars fell on Alabama.” When he published his book of essays in 1935, he gave it the title of The Night Stars Fell on Alabama, and about that same time the song by the same name was released. Paper Money • November/December 2012 • Whole No. 282422 Gainesville is bordered on the west by the Mississippi state line and on the east by the Tombigbee River. It was this proximity to the river that led to Gainesville becoming a very prominent shipping point in the 1830s for cotton heading to mar- kets in Mobile and New Orleans. Brokers would purchase cotton from the growers in the area and then arrange for shipment to buyers in those cities. Most of the cot- ton grown in and around the western part of the state would have found that ship- ping via the Tombigbee River at Gainesville the cheapest and quickest mode of trans- portation available. When cotton prices rose by 50 between 1835-1836, it stimulated increased cotton plantings and Gainesville was ideally situated to provide transportation to markets.10 By the late 1830s, Gainesville had reached a population of 4,000 and was reportedly the third largest town in Alabama.11 However, when railroads began to be introduced into the area during the 1870s, Gainesville’s locational advantage quickly disappeared and the town began a slow decline. The town of Gainesville had 1,017 residents in 1890 and 532 in 1910.12 (In the most recent U.S. Census (2010) fewer than 200 people called Gainesville home.) The McMahon and Bell Families The William McMahon family originated in Virginia and consisted of his wife Rebecca and eight children, six boys and two girls.13 The boys were John J., William P., Charles J., Robert G., Asher W., and Bert McMahon. Sometime in the early 1830s, the family relocated to Cherokee County, Alabama. From there we know that John J., Charles, Robert and Asher found their way to Gainesville by 1835. While in Courtland, Robert G. began a mercantile business with his father, Andrew Bierne, and Lyle B. Fawcett (bookkeeper).14 The Fawcett family also origi- nated in Virginia and it is reasonable to assume the families knew each other prior to relocating to Alabama. Robert and Lyle moved to Gainesville and were joined by Robert’s brother, Charles. It is likely that it is these three who founded the mercan- tile business known as McMahon, Fawcett and Company (Rosene-109). The Bell family of Alabama apparently originated with Turner D. Bell, Sr. who was reported to be a physician from South Carolina, who had moved to Eutaw, Alabama in Greene County.15 There he met Elizabeth R.C. Scott, also recently moved to Greene County with her family from Virginia. (It should be noted that Gainesville and Eutaw are only about 10 miles apart.) In 1828, Turner Bell and Elizabeth Scott were married and in late 1829 produced a son, Turner D. Bell, Jr. Unfortunately, Turner D. Sr. died in late 1829, leaving Elizabeth as a very young (15) mother. By 1837, Lyle Fawcett and Elizabeth Scott Bell had become acquainted and were married in Gainesville. This would have been about the time that McMahon, Fawcett and Company was in operation and thus Elizabeth Scott Bell Fawcett would have been acquainted with Robert G. McMahon, Lyle’s business partner. Lyle and Elizabeth produced a son, Robert in 1837, who apparently did not live more than a year or two. Again fate dealt a harsh blow to Elizabeth because Lyle Fawcett died in 1838, leaving her a widow for the second time at age 24. At this point, Elizabeth would have inherited assets from both husbands and coming from a wealthy family herself was probably viewed as quite an eligible catch in Gainesville. Indeed, the 1840 Federal Census shows the widowed Elizabeth as the owner of 10 slaves. In 1841, Elizabeth Scott Bell Fawcett, now 27 years old, married Robert G. McMahon, her late husband’s business partner, in Gainesville. At this point, our McMahon and Bell families have become related through marriage. For Elizabeth, as they say the third time was the charm, and together she and Robert produced three daughters (1844, 1846 and 1853). Although it seems unlikely that the business known as McMahon, Fawcett and Company continued after the death of Lyle, refer- ences to Robert G. McMahon as a “storekeeper” in 1852 suggest he remained in some kind of retail business.16 In a letter from Erasmus Fawcett (brother of Lyle) to Niles Fawcett (another brother) in 1849, he states that “Waterman and Turner Bell Paper Money • November/December 2012 • Whole No. 282 423 are carrying on a kind of commission business in the Grocery line.”17 Waterman was Asher W. McMahon, younger brother of Robert. At this point, Asher would have been 32 and Turner Bell not quite 20. By 1850, Turner Bell, Jr. (age 20) was still listed as part of the Robert G. McMahon household (as was his wife, Sallie, and a number of Elizabeth Scott’s rela- tives). Also included in the McMahon household in 1850 was Robert’s brother, Charles, whom we suppose was an early partner in the mercantile business. Charles apparently branched out into other activities as evidenced by an ad offering his ser- vices as a “Receiving and Forwarding Agent” in Gainesville.18 Consistent with this activity would be the comment by Erasmus that “Charles is doing a storeing (sic) business in the Warehouses formerly kept by the old consern (sic) of McMahon, Southerland and Co.”19 The McMahon family appears to have been very entrepre- neurial, and Turner Bell’s older half-brothers apparently included him in some of their ventures. The American Hotel Backing up a few years to the 1830s when Gainesville was rapidly growing, it became apparent that a hotel would be a welcomed addition to the town. The hotel would serve the cotton shippers, brokers and planters as well as providing a place for social gatherings and meals for local residents. Responding to this need, a Martin Griswold built a hotel in 1836 which he called the American Hotel.20 Sulzby states that Griswold sold the hotel in about 1842 and for the next 10 years the hotel changed owners another six times before Robert G. McMahon purchased the hotel in 1852. It is likely that at this point Robert would have needed to devote more time to the hotel business and leave the mercantile business to his brothers and Turner Bell. The American Hotel, Gainesville, Alabama. Source: Sulzby, p.17 By 1854, Robert G. McMahon added to his list of titles that of an agent for the Mississippi Mutual Insurance Company. He ran ads in local paper stating that he was “now prepared to issue policies of insurance on Fire, Marine, and River Risks.”21 Apparently the hotel business did not meet either his entrepreneurial or Paper Money • November/December 2012 • Whole No. 282424 financial needs. Indeed, Sulzby reported that when McMahon was asked about the annual losses from his hotel, he would point to his slaves and say “They are eating out of the hotel also and they look fine.”22 Sulzby continues, “It was not until the War Between the States that he made money.”23 Although the Hotel may not have been profitable in itself, Census records show that the value of the McMahon’s personal estate somehow managed to increase from $2,400 in 1850 to $44,500 in 1860. Curiously, Turner Bell’s estate for 1860 showed exactly the same value for 1860 suggesting that he was a full part- ner with Robert and Elizabeth McMahon. Turner D. Bell, Jr. Starts New Business While the 1860 Census states that Turner Bell and Robert McMahon were also in the farming business, Bell also appears to have ventured into a new business by the late 1850s. Ads in the local newspaper began appearing in January 1857 pro- moting “Iron and Axle Wagons” by Turner D. Bell and Company.24 Apparently the business was somewhat successful because by 1861 his ads read “Carriages” for rent and for purchase, as well as promoting a livery stable. The last ad that ran in the local paper appears to have been in December of 1862. A carriage and livery stable would seem to be important asset to a hotel business. Visitors to the hotel would need a place to keep their horses and carriages while in town. Whether or not the carriage-livery business was created by McMahon and his step-son to service the needs of American Hotel guests is not clear. But the fact remains that there was surely a synergy between the two business- es. It is most likely that the Bell and McMahon notes of 1862 and 1865 were the issues of two different merchants, father and step-son, who ran two businesses that, in an interesting way, complemented each other. The T.D. Bell & Company carriage and livery business provided a place for the residents of The American Hotel to keep their horses and carriages. The Hotel in turn provided a magnet for individuals to travel and stay in Gainesville. The Bell and McMahon notes of the 1860s were in fact probably from two different merchants related by marriage, shar- ing a common “currency.” Bell and McMahon Notes of the 1830s Returning to the notes referenced by Shull as a Bell and McMahon, 183-s, Gainesville, there are a number of confounding facts about these notes. We know that Turner Bell Sr. died in 1829 in Greene County. Thus he is not likely to have been the Bell on these notes unless they were printed in the late 1820s and to be used in a planned venture with a McMahon that failed upon Bell’s premature death. Since there were no McMahons living in Sumter County in 1830, and the town of Gainesville was not founded until 1832, it appears that such a venture would have required either or both Turner Bell Sr. and one of the McMahon boys (Robert or Charles) to relocate. With one of the two partners passing away the venture was abandoned and the notes were never issued. It would indeed be a strange set of events to suggest that this initial part- nership was indeed Turner Bell Sr. and Robert McMahon. It is known that McMahon was looking for a place to start a business and perhaps Bell too was inter- ested in a venture in the fast growing area soon to be known as Gainesville. This scenario means that it is quite possible that the 183-’s issues were Turner Bell Sr. and Robert McMahon, while the 1862 and 1865 issues were Turner Bell, Jr. and Robert McMahon. As they say, facts are often stranger than fiction! Paper Money • November/December 2012 • Whole No. 282 425 Summary What became of Turner Bell, Jr., Robert McMahon and Elizabeth McMahon following the Civil War? As the end of the Civil War neared, little circu- lating specie would have been found, and Confederate currency was nearly worth- less. Barter was now the primary method of exchange for both the Bell Carriage company and the American Hotel. Both Turner Bell and Robert G. McMahon had run ads in The Independent asking, indeed pleading, for customers to settle their credit accounts as soon as possible, most likely to little avail. Consequently they ran ads which stated that only “in kind” transactions would be accepted. As early as late 1863, Turner Bell’s ad stated “In future, any of our friends who wish work done, must come forward and produce something to eat. We will take chickens, eggs, but- ter, lard, bacon, beef, and fallow.”25 Robert McManon in 1864 was offering “Confederate Ice” at the rate of 3 pounds for one pound of butter.26 The American Hotel had an underground storage area made of brick which allowed it to keep fresh produce and ice.27 During the later part of the war, McMahon operated the hotel as a hospital for Confederate wounded and doubtless he had few paying guests. Turner Bell’s livery business could hardly have been doing any better. It was out of absolute necessity in 1865 that Bell and McMahon requested and received permission from the military authorities to issue these charge notes to facilitate what little commerce existed in Gainesville at the time. But like so many other commercial ventures at the time, the carriage business must have failed some- time before 1870 since no occupation is listed for Bell in the Census records.28 Gradually Federal currency began to trickle into the area and the need for Bell and McMahon change notes evaporated. Robert continued to run the American Hotel until he died in 1880 at age 67. At that time, he was also mayor of Gainesville. Elizabeth McMahon continued to live in the Hotel with their daughter Mollie and her husband John Gilbert until 1883 when she died. The Gilberts lived in the hotel for some after 1883. The hotel was finally torn down in 1915. It is not clear what Turner Bell did immediately fol- lowing the war, but given his apparent entrepreneurial spirit and the fact he had 7 children, it is hard to image he was idle. By 1880 he was listed as “Town Marshall” of Gainesville, a position he continued to hold even in 1890 at the age of 76. He died sometime after 1900. End Notes 1 Walter Rosene, Jr., Alabama Obsolete Notes and Scrip, Iola, WI: Society of Paper Money Collectors, 1984. 2 Hugh Shull, CSA, Ob so ltete Bankno tes, Scrip t, Bonds, Checks and Paper Americana, 2nd ed., Camden S.C.: by the author, 1997, p. 7. 3 James A. Haxby, United States Obsolete Bank Notes, 1782-1866, vol. 1, Iola, WI: Krause Publications, pp. 1-17. 4 “Acts of the General Assembly of the State of Alabama, 1862,” (Alabama Department of Archives and History, Montgomery, AL) 5 The Independent, December 20 1862. (Alabama Department of Archives and History, Montgomery, AL) 6 See www.flickr.com/photo/auvet/154847390 for picture of monument. 7 As reported in W. Brewer’s Alabama, Her History, Resources, War Record, and Pub lic Men from 1840 to 1872, Atlanta, GA: 1872. (Available online at http://www.magnoliabuzz.com/books/brewer/al-county-sumter.php) 8 Gene C. Fant, Jr., “George Strother Gaines (1784-1873): A Leader of Two States, A Servant of Two Peoples,” Mississippi History Now (Online Publication of the Mississippi Historical Society, www.mshistory.k12.ms.us) 9 James F. Sulzby, Jr., Historic Alabama Hotels and Resorts, Tuscaloosa, AL: University of Alabama Press, 1960, p. 14. 10 Peter Temin, “The Causes of Cotton Price Fluctuations in the 1830s,” Review of Economics and Statistics, vol. 49, no. 4 (November 1967), p. 463. THE FIRST ANNUAL CONVENTION OF THE U.S.Mexican Numismatic Association will be held Friday and Saturday November 2nd and 3rd 2012 at the Hilton Scottsdale Resort, 6333 N Scottsdale Road, Scottsdale, Arizona, according to the group’s Executive Director Cory Frampton. The bourse area will be open from 9 a.m. to 6 p.m. both days. The association has 300 members dedicated to the collec- tion of Mexican coins, currency and other collectibles. The asso- ciation publishes a quarterly journal on a variety of topics. The show features three speakers each day in the meeting room from 10 a.m. to 4 p.m. Speakers include Richard Long on “A Life in Mexican Numismatics;” Phil Flemming on “Colonial 8 Escudo Cobs;” Mike Dunigan moderating a “Roundtable Discussion of Republic 8 Reales;” Peter Dunham on “Historical Images on Mexican Currency;” Huston Pearson on “20th Century Currency of the Banco de Mexico;” and Elmer Powell on “Paper Money and other Collectibles of the Mexican Revolution.” The group has arranged a special room rate at the resort of $149 per night. “The easiest way to make a reservation is to go to usmex.org and follow the links,” Frampton noted. “The weather in Scottsdale is excellent this time of year, with lots of activities, shopping and restaurants in the immediate area. The hotel provides a free shuttle to Scottsdale Fashion Square and local restaurants. The Phoenix airport is a fifteen minute taxi ride from the resort and Super Shuttle is also available,” he added. Admission to the convention will be free to members, $5 to nonmembers and free to all family members and kids under 15. “The admission fee can be applied to a membership fee if you wish to join,” Frampton said. For more information about the Association go to usmex.org. For more information Contact Cory Frampton, Executive Director at 602 228-9331or cory@mexicancoincompany.com.
Paper Money • November/December 2012 • Whole No. 282426 11 Sulzby, op cit. 12 www.theusgenweb.org/al/sumter/population.html, citing Alabama Populaltion by Counties and Minor Civil Divisions, 1915. 13 Cravens-Harrison Family Tree-McMahon (Ancestry.com) and Fawcett/McFadden Family Tree (Fawcett), Ancestry.com. 14 www.gausschildren.org/genwiki/index.php?title=Gauss'_Children (McMahon) 15 Wilson Family Tree (Bell), Ancestry.com 16 Sulzby, op cit. 17 Letter from Erasmus Fawcett to Niles Fawcett, October 8, 1849 (Rootsweb.com). 18 The Independent, September 1854. (Alabama Department of Archives and History, Montgomery, Alabama) 19 Letter from Erasmus Fawcett to Niles Fawcett. 20 Sulzby, op.cit. 21 The Independent, November 25, 1854. (Alabama Department of Archives and History, Montgomery, Alabama). 22 Sulzby, op. cit. p. 15. 23 Sulzby, ibid. 24 The Independent, January 1, 1857. (Alabama Department of Archives and History, Montgomery, Alabama) 25 The Independent, April 23, 1864. (Alabama Department of Archives and History, Montgomery, Alabama) 26 The Independent,May 28, 1864. (Alabama Department of Archives and History, Montgomery, Alabama) 27 Sulzby, op. cit. 28 1870 Federal Census. (Ancestry.com)
U.S. Mexican Numismatic Assn. holds first convention Paper Money • November/December 2012 • Whole No. 282 427 THE MOST HISTORICAL VIGNETTE APPEARING ON CONFEDERATEStates of America currency is the famous Sweet Potato Dinner vignettewhich adorns the Criswell Type 30 $10 note. The vignette is derived from anoriginal oil painting of the scene by John Blake White titled General Marion Inviting a British Officer to Share His Meal. The original painting currently resides in the collection of the United States Senate in Washington, DC having been donated to the Senate by the son of John Blake White in 1899. The work was painted before 1837 although the exact date is unknown. John Blake White was familiar with Francis Marion having grown up on a South Carolina plantation adjoining the Marion plantation. The vignette portrays Francis “Swamp Fox” Marion sharing a meal of sweet potatoes with his British counterpart during the American revolution. Surrounding the improvised table is a rag tag group of soldiers and servants. Several versions and alterations of the scene exist with and without a dog under the table, two different dogs, the background horse facing different directions, and different groupings of bystanders. The vignette is a favorite of southerners, especially those who hail from the palmetto state. Francis Marion was a native South Carolinian who fought for the American Use of Sweet Potato Dinner Vignette on Confederate and Obsolete Bank Notes By Joseph J. Gaines Jr. Figure 1. Sweet Potato Dinner vignette Paper Money • November/December 2012 • Whole No. 282428 side in the Revolutionary War. He specialized in guerrilla warfare and constantly harassed the British. Although the actual circumstances depicted in the Sweet Potato Dinner scene are disputed to a certain degree, Francis Marion did meet with a British officer in Marion’s camp and the British officer was so impressed by the freedom fighters and their circumstances that in his opinion the British could not defeat the Americans. The Confederate States of America in 1861 was in desperate need of paper currency as coinage was scarce. Rapid production of paper currency in large vol- umes could only be done by sacrificing quality and taking short cuts such as using recycled vignettes that had previously been used on obsolete currency notes from previous decades. The Sweet Potato Dinner vignette fit the bill so to speak. The vignette is the centerpiece of a Criswell Type 30 $10 note that is otherwise a crude and amateurish attempt at bank note engraving. The note was produced as a high volume issue by Blanton Duncan in Columbia South Carolina as part of the third issue. Duncan was a native of Louisville, KY and had served as an officer in the Confederate Army. He was somewhat of an entrepreneur and used his connections in the Confederate government to secure printing contracts. Duncan can never be accused of producing quality bank notes, and the Sweet Potato Dinner note is typi- cal of the work produced by his firm. The Sweet Potato Dinner vignette was previously used on more than 20 obsolete bank notes issued in the north and south. As one would expect, the vast majority of the notes were produced for southern issuers. Almost half of the notes were produced by issuers from the state of South Carolina. The issuers include the Bank of the State of South Carolina before the war, and the state of South Carolina after the war. Several spurious notes of the Bank of Kentucky were produced in $10 and $20 denominations in the late 1850s. These notes are crudely produced and many have hand-written in branch banks. A $3 Eastern Bank of Alabama and a $50 Union Bank of Louisiana round out the southern issuers. Incredibly, there was one northern issuer of an obsolete note with the Sweet Potato Dinner vignette. The Bank of Xenia in Ohio produced a $5 note that apparently is only known as a proof. How this vignette appeared on an Ohio obsolete bank note is unknown, but would cer- tainly make an interesting story. Illustrated is a sampling of Confederate States of America and obsolete bank notes with the Sweet Potato Dinner vignette along with a tabulation of notes known to the author. If readers are aware of additional notes not listed, they may contact the author by email at joegaines58@aol.com. The author would like to thank Hugh Shull for his assistance in this article.
Figure 2. Type 30 $10 Confederate States of America note Paper Money • November/December 2012 • Whole No. 282 429 Write the Editor and speak your mind Figure 3. Type 30 $10 Confederate States of America note with Red Round February 1864 trans-Mississippi stamp. Figure 4. $5 Bank of the State of South Carolina, Charleston Sheheen 568 Figure 5. $5 Bank of the State of South Carolina, Charleston Sheheen 569 Paper Money • November/December 2012 • Whole No. 282430 Figure 6. $5 Bank of the State of South Carolina, Charleston Sheheen 570 Figure 7. $5 Bank of the State of South Carolina, Charleston Sheheen 571 Figure 8. $5 Bank of the State of South Carolina, Charleston Sheheen 572 Paper Money • November/December 2012 • Whole No. 282 431 Figure 9. $5 Bank of the State of South Carolina, Charleston Sheheen 573 Figure 10. $5 State of South Carolina January 1, 1866 Sheheen 3 Figure 11. $5 State of South Carolina March 2, 1872 Sheheen 12 Paper Money • November/December 2012 • Whole No. 282432 Figure 12. $5 State of South Carolina December 1, 1873 Sheheen 18 Figure 13. $10 Bank of Kentucky, Louisville Hughes 501 Vignette Value Reference Issuer Imprint Sweet Potato Dinner 5 Sheheen 567 Bank of the State of South Carolina, Charleston 1840s-50s RWH Sweet Potato Dinner 5 Sheheen 568 Bank of the State of South Carolina, Charleston 1840s RWH Sweet Potato Dinner 5 Sheheen 569 Bank of the State of South Carolina, Charleston 1840s RWH Sweet Potato Dinner 5 Sheheen 570 Bank of the State of South Carolina, Charleston 1850s RWHE Sweet Potato Dinner 5 Sheheen 571 Bank of the State of South Carolina, Charleston 1850s RWHE Sweet Potato Dinner 5 Sheheen 572 Bank of the State of South Carolina, Charleston 1860s RWHE Sweet Potato Dinner 5 Sheheen 573 Bank of the State of South Carolina, Charleston 1861 ABNC Sweet Potato Dinner 5 Sheheen 3 State of South Carolina, Columbia Jan 1, 1866 ABNC Sweet Potato Dinner 5 Sheheen 12 State of South Carolina, Columbia Mar 2, 1872 ABNC Sweet Potato Dinner 5 Sheheen 18 State of South Carolina, Columbia Dec 1, 1873 ABNC Sweet Potato Dinner 5 Haxby OH-UNL Bank of Xenia, Xenia 1850s RWH Sweet Potato Dinner 3 Haxby AL15-G6a, G6b Bank of Eastern Alabama, Eufaula 1850s ABNC Sweet Potato Dinner 50 Haxby LA150-G8a Union Bank of Louisiana, New Orleans 1850s RWHE Sweet Potato Dinner 10 Hughes 501 Bank of Kentucky, Louisville 1850s None Sweet Potato Dinner 20 Hughes 512 Bank of Kentucky, Louisville 1850s None Paper Money • November/December 2012 • Whole No. 282 433 SPMC NEW MEMBERS - 08/05/2012 13857-61 & 13347 Reinstatement 13857 David White (C Website 13858 Ray Umble, PO Box 90, Paxton, IL 60957 (C, US Large & Small,Nationals, Fractionals, Replacements, World), Website 13859 Jody Gautier (C) Website 13860 Peter Predeth (C) Mike Abrsamson 13861 Dennis Whalen (C) Frank Clark REINSTATEMENTS 13347 David White, 7 Burraneer Close, Ferntree Gully, VIC 3156, Australia (C, World), Website SPMC NEW MEMBERS - 09/05/2012 13862-69 & 09291; LM407 13862 Josef Jaumann (C) Website 13863 Ron Wojcik (C & D) Website 13864 Blyth Colin (C) Website 13865 Dan Friedus (C & D) Judith Murphy 13866 Robert Saylor (C) Judith Murphy 13867 James Morgan (C) Website 13868 Josh Goldman (C) Website 13869 Cory Williams (C), Website REINSTATEMENTS 09291 Randy Vogel (C), Frank Clark LIFE MEMBERSHIP LM407 Robert Graul, 1311 Hetfield Ave, Scotch Plains, NJ 07076 (C, US Paper Money), Mark Anderson
NEW MEMBERS Membership Director Frank Clark P.O. Box 117060 Carrollton, TX 75011 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: lhorwedel@comcast.net website: horwedelscurrency.com 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: www.executivecurrency.com (586) 979-3400 PO Box 2 • Roseville, MI 48066 e-mail: Bart@executivecurrency.com SPMC members Peter Huntoon and Joseph E. Boling were the recipients of honorary doctorates in numismatics from the American Numismatic Association’s Florence Schook School of Numismatics during this year’s ANA Summer Seminar. Boling, who has taught at 14 consecutive Summer Seminars, became the eighth recipient of the honor. The ANA’s current Chief Judge, Boling is also a former member of the ANA Board of Governors, the 2005 recipient of the Farran Zerbe Memorial Award for Distinguished Service and an ANA member for 37 years. He is a former president of the International Bank Note Society and former secretary of the Pacific Northwest Numismatic Association. Huntoon has been an instructor for Summer Seminar ses- sions for the past 12 years, where he has shared some 50-plus years of research on National Bank notes and U.S. small-size type notes. He has authored hundreds of articles on the subject as well as written three books. He is often credited with helping to stymie the cleaning-and-doctoring trend in paper money and carrying the message that a specimen’s history and rarity can make a well-worn note more valuable than a restored note.
ANA honors Huntoon & Boling Paper Money • November/December 2012 • Whole No. 282434 Figure 14. $10 Bank of Kentucky, Louisville Hughes 501 Cabin Creek Branch Figure 15. $20 Bank of Kentucky, Louisville Hughes 512 Proof Figure 16. $20 Bank of Kentucky, Louisville Hughes 512 Bowling Green Branch Paper Money • November/December 2012 • Whole No. 282 435 Figure 17. $20 Bank of Kentucky, Louisville Hughes 512 Greensburg Branch Figure 18. $20 Bank of Kentucky, Louisville Hughes 512 Hopkinsville Branch UNESCO WANTED Coupons, both new and used; individual Specimen notes and Specimen books; and related ephemera wanted! Cell 585-305-4848 email davideseelye@gmail.com David Seelye P.O. Box 13117 Prescott, AZ 86304-3117 FOR THE SERIOUS ERROR COLLECTOR MONEYMISTAKES.US Paper Money • November/December 2012 • Whole No. 282436 Figure 19. $3 Eastern Bank of Alabama, Eufaula Haxby AL15-G6a Figure 20. $50 Union Bank of Louisiana, New Orleans Haxby LA150-G8 Figure 21. $5 The Bank of Xenia, Xenia Haxby OH-UNL
Paper Money • November/December 2012 • Whole No. 282 437 NATIONAL BANK NOTES OF THE FIRST CHARTER PERIOD AND SERIESof 1882 Brown Back notes bear the state seal engraved in an oval on the back. If noteissue began before statehood, the territorial seal replaced the state seal. In a few territo-ries, a generic eagle was used instead, perhaps because communications delays prevent- ed timely acquisition of the seals. Dewitt G. Prather's book, United States National Bank Notes and their Seals, details much of the early data about seals on notes. The identity of the emblem used on Iowa notes has remained one of the mysteries of this field. For some reason the Iowa state seal was not used on its early notes. Instead, an eagle appears in the oval. What is that eagle? The Seal on Iowa Nationals Revealed By James C. Ehrhardt Original (left) & state seal on used on Iowa Nationals. The overly-busy design of the state seal was typical of several state seals of the era. (Image courtesy of Peter Huntoon) Paper Money • November/December 2012 • Whole No. 282438 Iowa became a state in late 1846, more than seventeen years before the first Iowa notes were issued. The state adopted its Great Seal in early 1847. So the state seal was avail- able for use on all of its National Bank Notes. The state used at least five distinct varieties of its Great Seal on official documents between 1847 and 1915, but the currency state seal does not match any of those varieties closely. However, it does contain all the design elements specified in the legal description. In the mid-1890s, the Bureau of Engraving and Printing embarked on a project to update the seals used for several states, including Iowa. The revised seals were used only on Series of 1882 backs. There was insufficient need for additional Series of 1875 printings to warrant production of new 1875 back plates. Peter Huntoon advised that the first new die for Iowa bearing the state seal was certified on October 24, 1896. Series of 1882 back plates with the new seal became available shortly thereafter. As a result, notes from banks chartered late in the Brown Back period used the state seal exclusively. However, earlier Brown Back issuers, such as the Citizens National Bank of Davenport, Iowa, #1671, received notes with both backs. History of Iowa Seal The history of the seals begins in 1838 with the creation of the Territory of Iowa. At that time the President appointed Robert Lucas, former Governor of Ohio, as Governor of the new territory. Gov. Lucas named a young Ohio attorney, Theodore S. Parvin, as his pri- vate secretary. Mr. Parvin would blossom into a man of many talents and a key figure in our story. He served in many territorial and state offices, as trustee and professor of the new University of Iowa, co-founder of the State Historical Society of Iowa and the world- renowned Masonic library in Cedar Rapids, and becoming the leading historian of early Iowa events. The President independently appointed William B. Conway as Secretary of the Territory, a position similar to Secretary of State. Both Governor Lucas and Secretary Conway were jealously assertive of their individual duties and responsibilities. A well-documented example of the conflict between Governor and Secretary involved the territorial seal. Secretary Conway selected the design for the seal and commissioned William Wagner of York, PA to engrave it. After Conway had provided impressions of the new seal on wax and paper, the Legislative Council and Governor formally approved it on January 24, 1839. Within three weeks, Governor Lucas obtained pos- session of the seal and refused to return it to the Secretary. Immediately, the Secretary wrote a lengthy letter to President Martin Van Buren urgently requesting that he direct the Governor to relinquish the seal. This request was unsuccessful, and about six months later, a second letter to the President yielded similar results. Evidently the affair made a lasting impression because when the State Constitution was adopted eight years later, it contained a clause specifying that the seal “shall be kept by the Governor, and be used by him official- ly.” The discovery of the identity of the Iowa currency seal was related to the First National Bank of Davenport, char- ter #15, the first National Bank to open its doors for business. Its history has been told many times, so I will summarize briefly. After 10 years in the bank- ing business in Davenport, Austin Corbin became President of the new bank which received its charter a few days after the Comptroller of the Currency had approved it on June 22, 1863. The energy of Mr. Corbin and other bank principals led them to open for business on June 29. That same day, 30 individuals and businesses made deposits totaling $80,506.93. However, it took almost seven months to prepare the new currency. The bank received its first shipment of $26,000 worth of $5 Original Series notes on January 21, 1864, and promptly put them into circulation. Unfortunately, none of those first notes are known to exist. The new currency attracted attention immediately. 1865 Photograph of Theodore S. Parvin. (Courtesy of State Historical Society of Iowa, Iowa City) Florida Paper Money Ron Benice “I collect all kinds of Florida paper money” 4452 Deer Trail Blvd. Sarasota, FL 34238 941 927 8765 Benice@Prodigy.net Books available mcfarlandpub.com, amazon.com, floridamint.com, barnesandnoble.com, hugh shull Paper Money • November/December 2012 • Whole No. 282 439 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 www.denlys.com Harlan J. Berk, Ltd. “The Art & Science of Numismatics” 31 N. Clark Street Chicago, IL 60602 312/609-0016 • Fax 312/609-1305 www.harlanjberk.com e-mail: info@harlanjberk.com A Full-Service Numismatic Firm Your Headquarters for All Your Collecting Needs PNG • IAPN • ANA • ANS • NLG • SPMC • PCDA HIGGINS MUSEUM 1507 Sanborn Ave. • Box 258 Okoboji, IA 51355 (712) 332-5859 www.TheHigginsMuseum.org email: ladams@opencominc.com Open: Tuesday-Sunday 11 to 5:30 Open from Memorial Day thru Labor Day History of National Banking & Bank Notes Turn of the Century Iowa Postcards Paper Money • November/December 2012 • Whole No. 282440 Several months ago I experienced one of those serendipitous moments that one lives for. I was browsing an 1864 volume of Annals of Iowa, the pri- mary Iowa historical journal of the time, looking for other material. While scanning an article about the territorial seal by the journal editor, Mr. Parvin, I noticed an asterisked footnote that said “And very recently the National Government in their issues of a National currency for the State, have executed the Territorial rather than State seal upon the notes of the Iowa National Banks. - Feb., 1864.” This was written just a few weeks after the Davenport bank first released their currency. Original building of the First National Bank of Davenport. Unfortunately, I blithely dismissed this report as inaccurate. That eagle on the Iowa notes just didn't look to me like an official seal. I should not have been so cavalier in my rejection. Not only did Mr. Parvin have all the experience mentioned above, he was a knowledgeable numismatist. A few years before, he had donated a “full and complete set of U. S. copper coins” and other coins and currency to the Historical Society. Mr. Parvin's 1839 commis- sion as the Territorial Librarian,which bears the ter- ritorial seal, is illustrated below Fortunately, a few months after my over- sight, while working on another topic at the Historical Society, I overheard two employees discussing the territorial seal. This triggered my memory. I asked if they had a copy of the seal, and they gave me the image shown here. Mystery solved! Seal of the Territory of Iowa. (Image courtesy of the State Historical Society of Iowa, Iowa City) There can be no doubt that the original currency seal is a close adaptation of the territorial seal. Secretary Conway had described the seal as “the EAGLE, the proud and appropriate symbol of our national power, bearing, in its beak, an Indian Arrow and clutching, in its talons, an unstrung bow; and whilst the idea thus delicately evolved is so well calculated to make the eye glisten with pride and cause the heart to beat high with the pulsations of conscious superiority, it nevertheless presents a touching appeal to our manly sensibilities in contemplating the dreary destiny of a declining race.” The seal was never altered during its time in use. Additional research uncovered more documentary confirmation. On January 23, 1864, just two days after the release of the new Davenport currency, a local newspaper pub- lished a long article about the notes. The article provided a detailed description of both sides Paper Money • November/December 2012 • Whole No. 282 441 Paper Money • November/December 2012 • Whole No. 282442 of the notes. It stated “the end piece on the left of the V.'s is an oval with the eagle as repre- sented on the Territorial seal of Iowa, with the name of the state, 'Iowa' printed in the cloud work. This is a mistake; the Seal of the State of Iowa is a different design altogether, and should have been engraved on the note in place of the Territorial seal.” That observation raises several questions. No one in Iowa had ever seen a National Bank Note before. How did the reporter know that the state seal was supposed to be on the note? Why did he suppose that the territorial seal was a mistake rather than a deliberate choice? Who chose the seal? Other printed reports followed. The latest mention of the territorial seal I could find was in a 1915 issue of Annals of Iowa, which quoted an 1864 letter criticizing the seal as unciv- ilized and barbaric. “If Jeff Davis had adopted it for a vignette on his Confederate scrip instead of the 'National Government' for the 'note of the Iowa National Bank,' I would not have been so much surprised by it.” The last official use of the territorial seal appears to have been in 1847 for a state bond issue. However, opinion was split on the relative merits of the old and new seals. The old seal continued to be used on some public and private documents. For example, a late 1850s report by the state geologist on the Iowa Geological Survey used the old seal. About that use, Mr. Parvin wrote “I know that Prof. Hall selected the 'Territorial' seal from his own good taste, with the 'advice and consent' of Gov. Lowe, who, with every other gentleman of refinement, cannot but regret the bad taste that conceived and adopted the conglomerate devices of our present 'Great Seal'.” How, why, and by whom the Iowa territorial seal was selected for currency use and transmitted to the Federal Government remains a mystery. A search in the Iowa state archives uncovered no 1863 correspon- dence between the Governor or Secretary of State and the U.S. Treasury pertaining to the seal. No records have been located in the National Archives concerning the selection of any of the state seals for currency. The fact that an unexpected seal appeared on the Iowa notes was well known in Iowa, and it is sur- prising that none of the published reports explained how this situation occurred. Clearly, there is exciting historical work yet to be done. For now, we can only say that Iowa First Charter Period and early 1882 notes bear the territorial seal, a seal that had been obsolete for 17 years when the first of them were print- ed, and a seal that had been officially replaced before National Bank currency came into exis- tence! Most Iowans did not protest. They respected the heritage that the seal represented. Over the years, the notes gradually disappeared from view, the old generation was replaced by younger ones, and the communal memory of the seal was lost. Please contact me if me you have nuggets of information or copies of documents bearing the territorial seal that can flesh out this on-going research. (jce@iowadsl.net) Sources: Parish, John C. Robert Lucas. Iowa City: State Historical Society of Iowa, 1907. Prather, Dewitt G. United States National Bank Notes and their Seals, 1986 Huntoon, Peter, personal communication, 2012. The History of the First National Bank in the United States. Chicago: Rand McNally & Co., 1913. Parvin, Theodore S. “Territorial Seal of Iowa,” Annals of Iowa, vol. 1, no. 6 (April 1864), p. 264. Stiles, C.C. “The Great Seals of Iowa,” Annals of Iowa, 3rd Series, vol. 11, no. 8, (January 1915), pp. 561 & 621
T. S. Parvin's 1839 commission as Territorial Librarian of Iowa. Paper Money • November/December 2012 • Whole No. 282 443 COLLECTORS OF OBSOLETE CURRENCY ARE OFTEN SEEN DOINGunusual things when in the presence of a newly found batch of notes. Youwill see them looking at the backs as closely as the faces, holding notes upto the light to look for watermarks or repairs, and sometimes just staring at a note, as if they anticipated it explaining its origins to them. As an avid collector of Florida currency I am guilty of all of the above. Why do we do these things? It’s a little bit of curiosity and a whole lot of hoping to see something that sets a particular note apart. Because of my FloridaMint.com website, where I buy and sell Florida currency and related items, I have been afforded more than my share of opportunities to examine Florida notes that people from all over want information about. One of the more interesting occa- sions was a woman in California who contacted me about some notes issued by the Florida Atlantic & Gulf Central Rail Road. At that time there were only a few of each denomination known to exist. This lady had more than 70 of them, all remain- ders and nearly all in CU condition. Fortunately I was able to purchase the 36 $1, 18 $2 and 18 $5 notes from her and they remain wildly popular with collectors today. Another person contacted me about a $5 note issued by the Lake Wimico Canal & Rail Road Co. in St. Joseph, FL. At that time only two notes were known, and both were in museums. This note is in AU condition, the finest known, and now resides in my collection. Similarly, numerous other unique or very rare notes have come to my attention, which have left me with the constant thought every time I open my e-mail that I may learn of another new discovery. With that mindset, it is perhaps not too surprising that I made an extremely fortuitous find in the Lyn Knight auction at this year’s Memphis money show. When the lots were first posted on Lyn’s website I reviewed all the Florida notes, along with certain notes from Alabama, Georgia, South Carolina and Louisiana that might have Florida connections. Among the Florida entries were two Bank of Florida $5 notes that appeared to be of the same issue, but the second was a much nicer grade than the first. Since I already had a better grade in my collection and several more in my FloridaMint.com inventory, I was not very interested in either, and only gave them a brief look. Sometime later, when I had completed looking at all the notes that I might be interested in, I had a thought that I should go back and look at the few Florida notes again. I did this and again found only one note of interest, a $3 note from that same Bank of Florida that I did not have in my collection. Over the next several days I continued to be drawn back to the auction website for an unknown reason. Finally, after having looked numerous times, I realized that something looked a little ‘There’s something about that note. . . .’ Discovering an entire new series of notes By Richard Frey Paper Money • November/December 2012 • Whole No. 282444 different about the two Bank of Florida $5 notes. Even then it took a while before I could determine what it was. Finally it began to appear, the notes from this series all either had lines printed across the lower left and right where the issuer would write in that it was payable at “the office of D. L. Kennedy in New York” and the date of issue, or the ". . . D. L. Kennedy . . ." was already printed there. The second of these two notes was so printed, but the first one did not have the lines or the printing on it. It was not merely a lack of ink, the lines were never on the printing plate. Further examination disclosed that the word ‘Tallahassee’ was in a larger type and located higher than on the known notes. This was a note that was previously unknown, and I determined to buy it. The catalog estimate on it was $200 - $400, but one other bidder must have realized that it was an unusual note because it ended up selling for a little more than $2,000, but I did get it! It seems that the unantici- pated price caused other Florida collectors to look into it more closely after it sold, and several have subsequently contacted me about it. It is probably not too surprising that this note was issued by the Bank of Florida as that bank already had more known issues than any other Florida bank, this note representing the eighth known series. It also fits in with the very interest- ing history of that institution. The Bank of Florida was the first bank in the Territory, chartered in 1828 over the veto of Governor Duval. It was so ineptly managed that the legislature chartered the Central Bank of Florida in 1832 for the purpose of absorbing the Bank of Florida, which it did. The charter of the Bank of Florida nonetheless remained alive, and it was obtained by the Union Bank in 1838 when that institution purchased the Central Bank. In 1842 the Union Bank, then in great difficulty itself, sold the charter of the Bank of Florida to Edwin G. Booth who was probably an agent for the New York banking firm of D. L. Kennedy. It was Above: Note without D.L. Kennedy line. Below: Variety with D.L. Kennedy line. Paper Money • November/December 2012 • Whole No. 282 445 Bourse Information: Jerry Lebo   sJCLEBO FRONTIERCOM Central States Numismatic Society 74th Anniversary Convention Schaumburg, IL Schaumburg Renaissance Hotel & Convention Center !PRIL  %ARLY"IRD$AY !PRIL NOON PM2EGISTRATION&EE Visit our website:WWWCENTRALSTATESINFO s#IVIL7AR%DUCATIONAL&ORUM s%DUCATIONAL%XHIBITS s"OOTH"OURSE!REA s(ERITAGE#OIN3IGNATURE3ALE s(ERITAGE#URRENCY3IGNATURE3ALE s%DUCATIONAL0ROGRAMS s#LUBAND3OCIETY-EETINGS s&REE(OTEL'UESTAND6ISITOR0ARKING s&REE0UBLIC!DMISSION Airfare Discount: &OR!MERICAN!IRLINES$ISCOUNT "OOKATWWWAACOMGROUP Use Authorization Number “3243BM”FORA$ISCOUNT Hotel Reservations: 3CHAUMBURG2ENAISSANCE(OTEL  .ORTH4HOREAU$RIVE #ALL   -ENTION2ATE#ODE“CENCENA” FORSPECIALRATE Free Hotel Guest and Visitor Parking. No Pesky Sales Tax in Illinois Dear Fred, We know that during the course of examination, if a note is found to be imperfect, it is removed and replaced by a star note. Star notes are exactly the same as regular notes except that an indepen- dent series of serial numbers are assigned. Instead of the usual suffix letter, a star appears with the serial number. Error notes are those which show some irregularity from having gone through one or more of the printing and cutting processes. Much collector interest has been focused on such notes, especially in recent years as a parallel to the spiral- ing demand for error coins. But, to find a Star note with an error is like the best of both worlds. This $ Federal Reserve Note series 1963 A s/n B16866826* became an error when a partial offset printing of the back to the face occured. I thought readers would like to see it. -- Henry Brasco
Paper Money • November/December 2012 • Whole No. 282446 reopened and operated as an agency of the Kennedy's bank until it succumbed to failure in 1844 upon the demise of the New York firm. During this turbulent period the cashier of the Bank of Florida was Henry L. Rutgers. Rutgers was a prominent Tallahassee resident who was an attorney and had been the Territorial Treasurer in 1822. He also issued his own scrip in 1841 and 1842, both issues payable at the Union Bank. This note is definitely from a previously unknown issue, by why is it the only one to have ever turned up? A few theories have come forth, but the one that I find most plausible is this. All of the previously known notes from the issue that is very similar to this note are dated August 1, 1843. This note is dated February 14, 1843, predating the others. It also bears the very low serial number 15. It is my belief that notes like this were printed and delivered to the bank where they began issuing them on February 14. Very quickly they realized that these notes could be redeemed at their bank in Tallahassee, not at all what they had intended, so they immediately stopped issuing them and had new notes printed with the ‘payable at’ lines included. This note bears plate letter C, so it was in the third position on the sheet. Since the other notes that are similar to this one exist in denominations of $5, 10 and 20, it is unlikely that this note was on a sheet with those denominations. Possibly it was on a sheet composed only of $5 notes, or perhaps a sheet with a $1, 2, 3 and 5 or something similar, but that would indicate entire denominations that are unknown, so I consider it unlikely. Collecting obsolete notes is so intriguing in part because no one knows when previously unknown notes will be found. Typically, as in this case, the discov- ery of a new note raises more questions than are answered. That’s why you will probably see me at a future show intently looking at the fronts and backs of notes, hoping that one might be another new discovery!
Reader reports error Federal Reserve Star note Above: Series 1963-A New York district Federal Reserve Star note. Below: Note offset printing face to back at bottom of the note as indicated by the arrows. Paper Money • November/December 2012 • Whole No. 282 447 GERTRUDE M. MYERS, A NATIVE OF VIRGINIA, WAS BORNONOctober 5, 1878. On June 20, 1894, she married Iraton (Ira) EverettCox. Some ten years her senior, he was a graduate of the law school atthe University of Kansas. They began their married life in Independence, KS where he practiced law. In 1902, they moved to Anadarko, Oklahoma Territory, where he helped organize The Citizens National Bank and became its cashier. Anadarko, in south- western Oklahoma, is the county seat of Caddo County. It is in former Indian land which was opened for settlement on August 6, 1901. The community had two banks by opening day, both chartered in July 1901. The earlier was The First National Bank of Anadarko (charter #5905). By 1910 its population was 3,500; a century later it is 6,000. In 1904, Mr. Cox also became associated with The First National Bank of Anadarko. For awhile he served as cashier of both banks, before the Citizens bank was liquidated in 1908 and its business merged into The First National Bank of Anadarko. He continued to serve as cashier of The First National Bank of Anadarko until June 1917. Then, because of ill health he became the president, which was considered to be a less demanding respon- sibly. But, sadly, he was not able to serve long in that capacity because he died after surgery in Oklahoma City on October 21, 1917. Mrs. Cox was then elected president of the bank and served in that role for nearly a quarter of a century, through the Roaring ’20s and the Depression years of the ’30s until the bank closed on January 17, 1941. She died on March 29, 1954, and was buried in Memory Lane Cemetery in Anadarko with her husband. Sources and acknowledgements A long obituary for Ira E. Cox is found in the Anadarko newspaper, The American- Democrat for October 25, 1917. Mrs. Cox’s election as presi- dent of the bank is found in the same newspaper for November 1, 1917. An article on the bank from an Anadarko newspaper of June 30, 1940, is found in Anadarko, Days of Glory, 1999, p. 67, which is a reproduced compilation of newspaper clippings. The assistance of the Caddo County Genealogical Society is gratefully acknowledged.
Mrs. G. M. Cox, National Bank President By Karl Sanford Kabelac A Series 1929 note with the fac- simile signature of Mrs. Cox, who signed as G. M. Cox as president of the bank. (Courtesy Heritage Currency Auctions) Newspaper account of the appointment of Mrs. Cox as bank president in October 1917. Paper Money • November/December 2012 • Whole No. 282448 Dear Fred, Congratulations on your column, “The Editor's Notebook,” which appears in the July/August 2012 issue of Paper Money. I've been thinking about writing a similar opinion piece or letter to the editor. Our views on the oblivi- ous packaging practices of many dealers are exactly the same. I can't believe how some dealers hermetically seal notes in between cardboard, taped on all edges, so that not only do you risk cutting the notes when you try to slice the tape, you also risk bending the contents when you peel the tape, or getting adhesive gunk on the notes when sliding notes out of their sleeves. I humbly suggest that if dealers wish to "tape" up a sleeve, they simply fold a 3M Post-It note over the edge. The adhesive on these was designed to be low-tack so as not to damage onion skin paper typically used in bibles. If it's good enough for the good book, it's good enough for banknotes. Keep up the good work! -- Owen W. Linzmayer
It makes one wonder: What are some people thinking? Paper Money • Jan/Feb 2010 • Whole No. 265 5 5 NOT MANY CURRENT SPMC MEMBERS REMEMBERthe original site of the Memphis International Paper Money Show, the Holiday Inn Rivermont, a couple miles south, down the bend of the Mississippi River, from the show’s current location in the Memphis Convention Center. The night time picture at right is one I took at the second Memphis show in 1978, and originally appeared in the June 21st issue of Coin World, the weekly numismatic tabloid I worked for back then. The first Memphis show, which I also attend- ed, had been an eye opener. Charley Wilson from Coin World advertising and I attended, representing the publication. Russ Rulau took Charley and I to dinner at the revolving restaurant atop the bank tower in downtown. That was a kick. I met up with a host of SPMC friends I’d made in the two years I had been working at the publication, many of whom are still luminaries in our hobby today: Gene Hessler, Neil Shafer, Fred Schwan, Wendell Wolka, and some who have passed on: Amon Carter, Bill Donlon, Bob Medlar, John Hickman, Grover Criswell, Johnny Morris, Nate Goldstein. The book that I co-authored with Tom DeLorey Price Guide to U.S. Paper Money Errors debuted at the show. Errors were hot as the BEP spewed out third printing (overprint) errors on a weekly basis. Part of my job at the paper was to keep track of the newly reported errors, which were so plentiful an update was necessary weekly. Key correspondents were Philadelphia dealer Harry Foreman and Cleveland dealer Harry Jones. “Sell Harry Your Mistakes” became Jones’ byword, and I believe he’d still buy your mistakes today. Unfortunately Harry Foreman has passed on. I was proud to write a tribute to him in his magazine though very sad to do it at the same time. An update 1978 edition of the error book debuted at the second Memphis show. Errors con- tinued to be that plentiful! However, there was also pall over the second Memphis Show. Bill Donlon had passed away on April 15th. Mike Crabb and the Memphis Coin Club fittingly draped an empty bourse table in black with flowers and a card in his honor. That was real class, Mike. ! AN UPDATED CATALOG OF SOUVENIR CARDS,Souvenir Cards: A Visual Reference, 2nd ed., is now avail- able from the Souvenir Card Collectors Society. Introduced last summer, the first printing “quickly sold out,” according to an SCCS spokesperson, “and this new expanded edition is now available.” The work contains more than 160 pages of text and illus- trations. Coverage has been expanded from 12 to 16 cate- gories, an announcement stated. Included are Bureau issues, American Bank Note Co. printings, and other security print- ers. New sections details issues of the American Philatelic S ciety, spyder press printer Mike Bean, issues by Ameri- Show Cards proprietor Lee Quast, and Duck cards. “Published in black and white, the catalog includes all known modern-day intaglio cards since 1969. Only a few Forerunner (Union) cards are included prior to that date,” the announcement said. The catalog is packaged in a loose leaf format to allow for updates. It is bound in a soft cover plasticbinder. Additional updates will appear periodically. Price for Society members is $15 plus $3 shipping and handling. Non-members may purchase the reference for $30 plus $3 shipping and handling. Updates to the first edition are priced at $5 postpaid. Checks sh uld be made payab e to SCCS and sent o William Kriebel, 1923 Manning St., Philadelphia, PA 19103. Requests from foreign addresses should check with Kriebel for delivery charges before ordering. ! Souvenir Card Collectors Society offers updated catalog FOLLOWING WORLD WAR II, GOVERNMENTauthorities created a second U.S. currency for use by GIs in hot spots around the world. These notes were issued beginning shortly after World War II by the mili- tary to troops in areas where weak local currencies and economies fostered black markets. The GI notes were restricted to on-base use in hopes of subverting such ille- gal activities. As a further control to discourage speculation and hoarding of notes, MPC series were sometimes converted to new issues on short notice and with prescribed limits on amounts that could be con- verted. This happened several times in South Vietnam. It was felt C-days, as they were known, interrupted illicit practices. This Military Payment Certificate currency (or MPC) for short is one of the most avidly pursued paper money collecting niches. Hence the need for a book like Carlson Chambliss’ latest effort, A Concise Catalog of U.S. Military Payment Certificates -- a full color exposé on all thirteen series of MPCs were issued between 1946 and 1973. Several additional series were printed but not called into duty. Although not one of my primary interests, I do gravitate toward MPC since for a year that was all the U.S. cash I could legally carry in the back pocket of my olive drab fatigues. I was paid in Series 651 MPCs during 1972 in the Republic of Korea, where I was stationed at Osan Air Base as an United States Army Information Supervisor, a Spec. 5 in charge of an authorized Army bilingual newspa- per, The Gauntlet, and as a sometimes stringer for Stars and Stripes’ Pacific Edition. I was in the 38th Air Defense Artillery Brigade, which had Nike Hercules and Hawk missile batteries on the principal mountain tops in South Korea. While the pay wasn’t great, the job was interesting. I spent my tour fly- ing around the Korean peninsula in Huey and Shinook helicopters covering stories, and in the Korean capital Seoul getting my newspaper printed by a Korean contract printer. I also was a Customs Inspector and Drug Counselor since the Army likes multi-tasking! I took my meals at the Air Force NCO club, where a buck would go a long way. Beer was 10-cents a bottle. Of course, I could also eat free at the nearby Air Force open mess. I seldom did, though. Those of you who have served understand why. I also spent a lot of time at the base theater. Admission was a quarter. Admission and beers off base in a local theater with cement seating was (nearly free) 100 won or so at 400 won/dollar. Smokes at the BX were two bits/pack. So you can see, our military money went a long ways. It’s a good thing my expenses were minimal. Most of my pay and allowances were need- ed by my wife and young daughter back home stateside. At the end of my tour when I DEROSed (left coun- try), I gave all my accumulated Korean won to my house boy, except for two notes and a half dozen coins. I exchanged all my MPCs for greenbacks except a single one dollar MPC. Those notes have since been retired, so they have no “face value” today, but that’s not the whole story. What a shame I didn’t collect MPC then. MPC that were dirt cheap in my pockets 36 years ago are collec- tor’s items today. Most GIs wadded up the bills and passed them across messy, wet bars. Crisp Uncirculated fives and tens are $200+ apiece now. Ironically, fewer of the fives were printed, and it is the priciest note. Even the lowly ones in Fine can bring $40-$50 bucks! So for me Chambliss’ new book was a walk down memory lane -- but on sterioids. I have assembled a group of other $1 MPC notes as part of this writer’s “history of the dollar” collection, but I have generally paid little attention to the higher denomi- nation notes or the fractional issues. This book provides all the background and informa- tion one would expect from Professor Chambliss, co- author of the Comprehensive Catalo g o f U.S. Paper Money, including specimens, errors, replacement notes, as well as pricing and counterfeit information, unissued series, Military Fest Currency, and even 500 POGs used at base exchanges. The work also covers voided notes of Series 692 that have recently come onto the market, and provides a census of MPC replacements (numbering more than 3500), that is the most current in print. The author also provides an annotated bibliography of other works on MPCs that readers may consult. The 150 page, soft-covered 8.5 X 11 inch work is printed on glossy paper so its full-size color reproductions pop off the page. All-in-all, a very successful, self-pub- lished book. The book is priced at $26 postpaid to U.S. addresses, with quantity discounts available. Prices to foreign coun- tries will be higher. The author can be contacted by tele- phone at 1 - 610 - 683 - 6852, by post at P. O. Box 804, Kutztown, PA 19530, and by email at crchamblis@veri- zon.net. -- Reviewed by Fred Reed
Paper Money • November/December 2012 • Whole No. 282 449 Author Chambliss provides colorful MPC book AQUINTET OF SPMC MEMBER-AUTHORS PAR-ticipated in the 9th annual SPMC Authors Forum June 8, 2012, at the Memphis Marriott Heritage Ballrooms during the recent Memphis International Paper Mlney Show. Authors were greeted by SPMC President Mark Anderson. “Welcome to our 9th Annual SPMC Authors Forum,” Anderson said. “This forum was conceived as a way for authors and prospective authors of paper money books to exchange ideas, ‘tricks of the trade,’ and form mutual support on the long road between conception and publication of a worth- while book. This Forum, in concert with our Society’s George W. Wait Memorial Prize, which supports research of book length projects, our Wismer Project, which supports publication of state obsolete currency catalogs, and our Wismer Award that annually recognizes outstanding new paper money books, are indicative of SPMC’s support of numismatic education. “Our Author’s Forum is unique in the hobby. We invite all those interested in paper money books to participate. This year’s presenters’ works cover two distinct specialties, Confederate cur- rency and U.S. MPCs. Interestingly, all works being discussed were self-published, and indicating their authors’ predilections and the spirt of these times are in full color. All presenters are experienced and well-known in the hobby, so I’m sure you will benefit from their talks. Stick around to meet & greet,” he added. First off were co-atuthors Pierre Fricke and Fred Reed who touted their recently released book History o f Co llec ting Confederate States o f America Paper Money, Vo lume 1, 1865-1945. Fricke, SPMC Vice President, is well known in the hobby for his expertise in CSA paper money and related topics. Pierre has been a collector since 1969, first specializing in early large cents by variety, and then Bust halves. In 2001 he began collecting CSA paper, and maintains a website on the series. Pierre has written Collecting Confederate Paper Money – Comprehensive Ed itio n (2005), Collecting Confederate Paper Money – Field Edition (2008), and coau- thored Confed era te Trea sury Certificates: A Collector’s Guide to IDRs (2010). All three won awards. Regarding his latest effort, Fricke said: “We wrote the book to provide a view of how people collected CSA notes over the years chrono- logically in a complete context with vignettes of the people, col- lections, books, auctions, dealers, events as a backdrop.” The book is supplemented by a free DVD with additional data, he noted. Co-author Reed is Paper Money Editor and Publisher. Reed has been a collector for 55+ years, and began collecting Confederate currency during the Civil War Centennial in the 1960s. During graduate school in the 1970s, he intensively studied Confederate finances, and wrote a thesis on this subject. Although he sold his CSA type set at the Texas Numismatic Association convention in 2001, he has continued to be interested in these notes as part of his overall interest in the Civil War era. Fred’s special niche recently has been the development of Rebel note collecting from its infancy to the present. He has shared his discoveries in more than two dozen articles in his “Shades of the Blue & Grey” monthly column in Bank Note Reporter. This series has been honored as “Best Column” by the Numismatic Literary Guild seven times in the last eight years, 2005, 2006, 2008, 2009, 2010, 2011 and 2012. In addition to BNR, Fred is columnist for Coin World and COINSmagazine. Dr. Carlson R. Chambliss talked about his recent book A Concise Catalog of U.S. Military Payment Certificates. An astronomer by profession, Chambliss received his A.B. from Harvard University, and his Ph.D. from the University of Pennsylvania. For many years he was on the faculty of Kutztown University in Pennsylvania. Since the age of nine he has been a collector of stamps, coins, and more recent- ly paper money. Over the years he has assembled large collec- tions of these items. A Concise Catalo g o f Military Payment Certificates is the third book he has written or edited on the sub- ject of paper money. The illus- trations used in this catalog are virtually all MPCs and related Paper Money • November/December 2012 • Whole No. 282450 Authors present new works at 9th annual SPMC authors forum items from his own collection. “This is the first catalog devoted to MPCs to be published since 2002, as well as the first catalog devoted to MPCs printed in full color,” he stressed. Replacement notes, specimens/proofs and POGs are also listed in his new work. Speaking on Wayne Hilton’s epic new work Hilton’s Collecting Confederate Currency: Hobby and/or Investment? were contributors Wendell Wolka and Steve Feller. The book’s author could not attend the event. J. Wayne Hilton was reared in South Carolina before enrolling in 1967 at Georgia Tech, receiving an aerospace engi- neering degree cum laude in 1971. Following an MBA from Purdue University in 1972, Hilton accepted employment in Procter & Gamble's Food Division, responsible for Crisco, Duncan Hines and Jif. In 1984 Hilton left the corporate world to purchase a small mail-order seed and nursery company, which he quickly expanded into all 50 states and Europe. He sold out in 1999 to devote more time to real estate and collect- ing Confederate currency. Hilton wanted to know whether his substantial Confederate purchases had been a worthwhile invest- ment, so in 1997 he began an odyssey through 30,000 auction catalogs to create a database of all Confederate auction sales. His book culminates fourteen years of development and research. His results -- guaranteed to surprise -- are highlighted in this book, along with com- parative data on alternative investment opportunities. But Hilton remains a collector at heart. Half his book shows his fascination with the currency's innate beauty, including hundreds of full-color Montgomery illustra- tions. Hilton told Paper Money that he aims to please both the investor and the hobbyist. Dealer Hugh Shull calls Hilton's book “unique in balancing the investment and hobby sides of collecting Confederate currency.” Past SPMC President Wolka, who also served ably once again as the Forum’s moderator has been collecting for fifty years, specializing in obsolete notes and some areas of Confederate paper money. He presently writes monthly columns for The Numismatist, and Coin World. An avid researcher, Wendell has collaborated on two recent books, A Guide Book of Southern States Currency by Hugh Shull, and Hilton’s book. In addition, he has authored numerous articles on various paper money topics as well as two SPMC Wismer state books on the obsolete paper money and scrip of Indiana and Ohio. An ANA board member, Wendell also is a frequent speaker and lecturer on a wide range of paper money subjects. At the SPMC Forum he shared the intriguing story of how Confederate paper money and bonds were ordered, produced and shipped to the South at the start of the Civil War. Wendell shared an expanded version of the talk at the SPMC-sponsored lecture during the Memphis show. Dr. Steve Feller provided analysis of price trends charted in Hilton’s book. Steve Feller enjoys bank notes that have strong links to history. His main areas of interest include World War II camp money and the American Civil War. For seventeen years he was the edi- tor of the International Bank Note Society Journal. More recently he was the coauthor with his daughter Ray Feller of Silent Witnesses: Civilian Camp Money of World War II. He has written many articles on Civil War currency for Paper Money, including an ongoing statistical study of Type 64 $500 Confederate notes. Recently, he did an analytical study for the new Confederate book on the Montgomerys by J. Wayne Hilton. Steve’s contribution to the project was to do a sta- tistical price study of the Montgomery notes since 1865, and to compare returns with indices such as those for oil and silver as well as the S&P 500 index. At the SPMC Forum he went over how this was done, and the interest- ing results that his analysis yielded.
Paper Money • November/December 2012 • Whole No. 282 451 Have you checked out the SPMC website (www.spmc.org) lately? Lots of good stuff there Members-only access to all back issues of Paper Money and other benefits! Dear Fellow Paper Money Lovers: I hope you have all recovered from the stylistic depar- ture of last issue’s president’s column. For those of you who read it, but were perhaps not familiar with the great American storyteller who inspired it, let me briefly explain that the column was an effort to pay loving homage to Damon Runyon, the author of scores of wonderful short stories written in the 1930s and 1940s, mostly about New York, frequently about life along Broadway, and generally about gamblers and other colorful types. Originally a sportswriter, Runyon was for a time the country’s highest paid reporter, and several of his short stories became the inspiration for well-known films – Guys and Dolls, Little Miss Marker, and the like. The short stories were all writ- ten exclusively using verbs in the present tense, with plen- ty of original slang thrown in for good measure. I appreci- ate your indulgence of my effort to pay homage and at the same time tell the true story of a modern day discussion with two good friends about how the world currency mar- ket seems different, and perhaps more collector-oriented, than our “domestic” approach. In some ways it has been a quiet summer since Memphis, but the Society was well represented at a busy August American Numismatic Convention in Philadelphia. “Personning” the Society’s table is always interesting, and one’s enjoyment of it is principally a func- tion of two ingredients - the personalities who come to visit, make inquiries, chat, or join up, and the personali- ties who help represent the Society behind the table as well. This year your Society was “repped” at the ANA by the Murphys, Claud and Judith, as well as the ever-sup- portive Bob Schreiner. Sitting behind the table with this crowd is most assuredly a very pleasant part of any show. The Murphys were also kind enough to attend the ANA’s Friday evening banquet, at which the Society was present- ed a plaque representing our 50 years of membership in the American Numismatic Association. As long-time Society members or by-law perusers may know, our long- time alliance with the ANA is stipulated by the by-laws, hence it is no surprise that celebrating our first 50 years of existence last year was soon followed by this nice recogni- tion. A photo of the presentation and of the award citation itself appears on pages 466-467. Here in New York, there is always much ado about the local sports teams. And while I love the game of base- ball, I am no fan of any particular franchise, the Yankees included. I grew up with the “second” set of Washington Senators, [the ones sold in 1971], so I have long been “unattached” as a fan. But it is pretty hard not to agree that watching Derek Jeter chasing major league career hits leaders makes for splendid sport. Having just caught Willie Mays, he is now in 10th or 11th place, depending on how you feel about the debate over Cap Anson’s statis- tics. This got me thinking a little bit about competitive juices, not just in baseball, but in our hobby. We talk a lot about collectors and collecting, but not generally about accumulators and accumulating. Generally [it seems to me] that what distinguishes a collection from an accumu- lation is that a collection [be it complete or just starting] can be defined. Put another way, I can fill my albums with notes “I like,” or “are neat,” [which is fine], but when I add “I am trying to gather one example of each Civil War Era Federal Dollar Bill,” or “I collect 5-cent notes,” the “vision” of what would epitomize a collection in an end state has advanced to a point which can be explained in a finite sense. It only takes two or three [sometimes fewer!] items before collectors almost unthinkingly seem to start look- ing at what the items have in common, start trying to understand why they find them interesting or attractive, and start wondering how many there are, and how hard more might be to find. And when more than one individ- ual starts collecting the same items, be the two pursuers’ interests highly congruent or merely partially overlapping, well, suddenly we have competition. Thankfully, while some things are very rare, we pursue a hobby where a lot of very lovely and fascinating things exist in abundance that allow many individuals to build a variety of quite extensive and interesting personal collections. Whether one ever gets to “nirvana” is dependent on several things, but the true collector is likely to recognize that defining the collection’s potential automatically cre- ates a goal of sorts. Understanding that goal leads to a roadmap [You are “Here,” The Collection of Your Dreams is “Waaaay Over There”]. A great deal of the sat- isfaction derived from the pursuits of our collections’ components rests in the piece-by-piece assemblage of each step along the road. I don’t know about you, but I have not met a lot of happy collectors making the rounds in our hobby talking about their “complete collections,” and how satisfied they are, now that they are “done.” There may be great satisfac- tion in completing a particular group of items, or a partic- ular milestone along the way, or learning of, or seeing, or acquiring a rarity, but the sense of satisfaction seems fleet- ing. It morphs sooner or later into a new definition of the next challenge. And therein the fun starts all over again…. So, whether chasing the next guy on the list of major league hits, or the next note for our album, the fun is in the chase…whether you are watching the game, or are the competitor, enjoy the ride. Sincerely, Mark
Paper Money • November/December 2012 • Whole No. 282452 The President’s Column Paper Money • November/December 2012 • Whole No. 282 453 THE FRANTIC MONETARY POLICIES OF THE 1930srequired dramatic overhauls to the redemption statements on Silver Certificates. These statements are located above and below the portraits on small-size notes. They described two things: what you got when redeeming the notes, and what the Treasury held in reserve for circulating notes. Here is how and why these changes occurred. The 1878 Bland-Allison Act created Silver Certificates to “carry” the circulation of silver dollars. The Treasury sent deposited silver to the mints, who made silver dollars with it. They then deposited these back with the Treasury, who issued Silver Certificates against the coins. Thus, the mechanism required one silver dollar held in reserve for each certificate in circulation. The redemption statement on the notes announced these actions. The version as it appeared on Series of 1928 $1 notes stated: “This certi- fies there has been deposited…one silver dollar payable to the bearer on demand.” After taking office in March 1933, President Roosevelt jolted the Depression-starved economy by increasing the money supply. Both gold and silver had a prominent role in his plans, although silver became the currency darling after all was said and done. He pushed silver to the forefront by increasing the Treasury’s sil- ver stocks, and by removing the traditional silver dollar backing for Silver Certificates. The latter allowed the Treasury to more quickly get certificates into circulation. The Thomas Amendment contained in the May 12, 1933, Agricultural Adjustment Act provided the first move. It enabled the Treasury to accept debt payments from indebted countries in silver. From May to November of that year, the U.S. took in $265 million in silver from those payments. The Treasury used it to back Series of 1933 $10 Silver Certificates. The law made them redeemable for silver dollars or subsidiary coins. The redemption statement on the notes stated “payable in silver coin to the bearer on demand.” The issue of 1933 notes was shortlived, however, as two acts passed in 1934 authorized the free coinage of silver. First, the January 30, 1934, Gold Reserve Act rescinded the traditional “one silver dollar, one certificate” backing for Silver Certificates. The Treasury could now freely issue notes against reserves of silver dollars, subsidiary coins, and silver bullion. Secondly, the Silver Purchase Act, passed June 19, began a monu- mental silver purchase program by the Treasury. This would vastly increase its silver stocks over the next decade, and necessitated the issue of millions of dollars of Silver Certificates. Both acts consolidated into one account the Treasury’s separate reserve accounts for the 1928 and 1933 notes, as well as unreserved sil- ver. This required the issue of a new Silver Certificate to reflect the com- bined reserve requirements. On June 14, in anticipation of the purchase act, Treasury officials had already begun production of Series of 1934 Silver Certificates. They issued the first notes on June 29. Unlike previous issues, the 1934s were redeemable for “dollars in silver to the bearer on demand.” They had no mention of the form of silver. Acknowledgment The Professional Currency Dealer’s Association supported this research.
Small Notes by Jamie Yakes Redemption Clauses on Silver Certificates Paper Money • November/December 2012 • Whole No. 282454 “Old Abe,” the war eagle MANY COIN COLLECTORS KNOW ABOUT “PETERthe Eagle” (also called “Old Pete” or the “Mint Bird”), the mascot who lived and flew freely through the interior of the U.S. Mint in the early 1800s until he suffered an accidental death. Peter the Eagle was the model for some of our coins. But some readers might not know about “Old Abe,” who served as the model for the tiny eagle in the engraving by Charles Burt (1823-92) used on six denominations of paper money and bonds. The eagle on the shield in the vignette of Justice with Shield obviously is based on a painting of Old Abe. Old Abe served for three years as the mascot of Company “C” of the 8th Wisconsin Volunteer Infantry during the Civil War. In retirement he was supported by the state of Wisconsin and enjoyed a "career of public appearances, ban- quets, and practically everything except autograph parties," to quote historian Bruce Catton. This feathered soldier attended v e t e r a n s ' reunions and political conven- tions. However, Old Abe did not receive a mili- tary burial: like Peter the Eagle he was stuffed and mounted. Old Abe was born in the spring of 1861 in northern W i s c o n s i n where he was captured by Chief Sky, a C h i p p e w a Indian. The young bird Initially was sold for a bushel of corn. Ownership changed hands a few times before he found his niche as mascot for Company “C.” Although it was against regulations, Old Abe often accom- panied his regiment into battle. He whistled, chuckled and whined, and each sound had a specific meaning. (The latter showed his displeasure for poor or short rations.) Retirement came in 1864 when this extraordinary eagle took up residence in the basement of the Wisconsin State Capitol. In 1868 he made an appearance at the Republican Convention, and in 1876 he delighted crowds at the Philadelphia Exposition. Old Abe died in 1881 in a fire in the capitol basement. The vignette Justice and Shield, or Justice with Scalesthe latter applies to the 50¢ third issue fractional currency note (H1586-1608a) cataloged in the Comprehensive Catalog of U.S. Paper Money (CCUSPM) 6th ed.was engraved by Charles Burt during his employment at American Bank Note Co. (ABNCo). This engraving was used on the $50 (H945c), $100 (H1140) and $1,000 (H1401 & 1402) interest-bearing treasury notes, and the $100 (H1137-1139a) compound interest treasury note, each authorized by the Act of March 3, 1863. All are rare. Two gov- ernment bonds for $50 (HX141G) and $10,000 (HX141F) authorized by the same Act also include this engraving. These bonds are illustrated in my book An Illustrated History of U.S. Loans, 1775-1898. Although all these notes were counterfeit- ed, the $1,000 note has created the most inter- est. The Bureau of the Public Debt has two examples of authentic notes bearing serial numbers 999999 and 102997. The 999999 note is illustrated in the CCUSPM. When Charles Burt engraved the tiny image of the eagle on the shield, it could have been based on the illus- trated painting. If so, the engraver took some artistic liberties. Close examination of the painted version of Old Abe finds the bird with a rather forlorn and pitiful expression. The artist chose not to show the bird “with warts and all.” Even though his depiction of Old Abe is small in size, the engraver created a proud image worthy of his famous model. Reprinted with permission from The Numismatist December 1993 www.money.org
A Pr imer for Col lectors BY GENE HESSLER THE BUCK Starts Here The 50-cent third issue fractional currency note with Old Abe on the shield. Left: A regal Old Abe engraved for National Bank Note Co. in 1878. Above: The painting of the mature Old Abe. Paper Money • November/December 2012 • Whole No. 282 455 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 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 Goldrushnumi@aol.com. Full-Time Numismatists since 1985. Member ANA, FUN, IBNS, FSNC, SPMC (285) 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 @law.miami.edu (283) WANTED 1862 Private Scrip Notes with Jefferson Davis in Circle printed in Memphis. Send photocopies. Frank Freeman, Box 163, Monrovia, MD 21770. (281) WANTED: 1790s FIRST BANK OF THE UNITED STATES. Kenneth Casebeer, (828) 277-1779; Casebeer @law.miami.edu (284) 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 fred@spmc.org (282) 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 (282) WANTED: MATERIAL FROM WHITEHALL, NY. Obsoletes, Nationals, Scrip, etc. Jeff Sullivan, P.O. Box 902, Manchester, MO 63011 (A) WANTED: charters #769 Whitinsville, Mass., #1022 Uxbridge, Mass.; #1385 Tolland, Conn.; national bank notes and obsolete currency contact: Terry Jackson, P.O. Box 783, Tolland, CT 06084-0783 email: Terry.Jackson@comcast.net (286) vIRTUALLY ALL ISSUES OF PAPER MONEY, from 1971-72 through 2010. Also auction catalogs (Donlon, Kagin, etc.) from the same period. FREE! You pay packing ans shipping. Bill Kostr, 17 White Water Way, Milford, OH 45150 [billkoster@aol.com] (282) BUYINg COUNTERFEIT DETECTORS: Heath, Hodges, Foote, Ormsby, Bond Detectors, Bank Note Reporters, Autograph Detectors, Related Receipts and Sales material, Naramore, and more. I will pay a strong mar- ket price for items need. Michael Sullivan, POB 10349, Fayetteville, AR 72703 or numisbookmjs@gmail.com (284) PAPER MONEY BACK ISSUES NEEDED: Need Paper Money issues Vol. 31, no. 5 (1992), Vol. 32, no. 1 (1993), and Vol. 43, no. 4 (2004). PRE- MIUM PRICE PAID FOR CRISP NEW COPIES. Michael Sullivan, POB 10349, Fayetteville, AR 72703 or numisbookmjs@gmail.com (280) AR 72703 or numisbookmjs@gmail.com vIRgINIA NATIONAL BANK NOTES FOR SALE -- For list, contact jameslbecknerjr@gmail.com (285) You can place YOUR paper money ad here inexpensively
OK, SO WE'RE ABUSING OUR STATUS AS COLUMNISTSthis month, but it has always perplexed me that the ANA can fill every [coin] grading course early, and all the [coin] coun- terfeit detection courses before Summer Seminar starts, yet some years we can't get enough folks to look at queer paper to even conduct the course. It's always a last-minute decision whether to cancel or proceed, and if I were not going to be there to teach in the second week anyway, Susan McMillan would have cancelled my first-week course even more frequently than she has. Back when I started liquidating my collection of Japanese notes, bonds, and share certificates, I realized that there had been a lot of official counterfeiting during WWII involving notes that I had in my collection. In Fred's and my second mili- tary currency book, we had addressed some of this, but not all of it. I decided to retain all of the bad paper that I had, from what- ever source, and build a new collection around that. Little did I know how much was out there to collect. So tell me – (1) which of these Timorese notes is original and which is an officially-produced WWII circulating counter- feit that is worth four to five times what the plain-Jane note is worth? Paper Money • November/December 2012 • Whole No. 282456 THE BEST KEPT SECRET IN COLLECTING IS THEAmerican Numismatic Association (ANA) paper money seminar. OK, to the rest of the collecting world it is the ANA summer seminar, but to me it is the paper money seminar. It is a week (or two weeks) immersion in collecting! For the past forty plus years, collectors have met in Colorado Springs to study, socialize, and celebrate their collecting passions. I can hear many of you saying, “I do not collect coins.” Of course, it is no surprise to you that the wonderful world of numismatics includes paper money, and paper money is well represented in the course offerings at the seminar. However, this representation should not be taken for granted. That is basically the subject of this column. First, I want to tell you that I have taken the classes on National Bank Notes with Peter Huntoon and paper money counterfeit detection with Joe Boling. Both were wonderful. I learned much and had a great time. Since I have mentioned both of these great collectors in one paragraph, I will take this opportunity to mention that both of them were recognized by the ANA at this summer's seminar for their excellence in teach- ing. They were awarded honorary doctorates of numismatics (the eighth and ninth such awards ever made)! Both well deserved if I may give my opinion. I have also been fortunate to teach classes on military money (MPC and the like) for the past twelve years. Let me tell you the story. About thirteen years ago, Gail Baker, then the summer seminar leader, asked me if Joe Boling and I would be interested in teaching a class at the seminar on military numis- matics. Of course I jumped at the idea. After accepting I started worrying. Would we get enough students? Would we get any students? That is where I came up with a good idea. As a community we should offer scholarships to the class! Marcus Turner liked this idea and became chair of the project. We (the greater com- munity) raised money in many different ways. We accepted donations of cash and material. Then Larry Smulczenski had a great idea. He suggested that we hold a benefit auction to sup- port the scholarships. (The auction is held at MPCFest, but I will talk about the Fest at length another time). From the first year the system worked! We have had a class for twelve consecu- tive years and awarded about three scholarships each year. That is (approximately) thirty-six scholarships! Kathy and Dan Freeland received scholarships and are now the chairs of the fund. They have continued the great job started by Marcus and added their own innovations. I am sure that they would be happy to hear from you about a donation! Now to the real points! You can create a class on your favorite paper money subject! The ANA will be happy to have it and you! I never would have thought that there would be a class on military money, so I was fortunate that Gail Baker thought U n c o u p l e d: Paper Money’s Odd Couple So what are you doing next summer? Joseph E. Boling Fred Schwan Please turn to page 458 of it and asked us. Instead of wait- ing and hoping that someone will call, you can, and should, take the initiative. You can write a simple proposal and likely be accepted to offer a class. Boling used this approach to start his class on paper money counterfeit detection. This is a great case study in creating a class. I really like the fact that it is a nontraditional subject. Then I like the applicability across many paper money specialties. Finally, and most importantly, I love the depth of knowledge and passion of the instructor (Boling) for the subject! As mentioned, I took this class and learned a huge amount. It would be great if every collector could do so too, but every dealer and absolutely every auction- eer should take this class. Graders! I did not even think of them. Graders from the services absolutely should take the class. I know some dealers and employees of auction companies who have taken the class. I am sure that they agree with me about the importance and utility of this class. I have seen the following additional paper money subjects offered over the years: Confederate numismatics (therefore, mostly notes and bonds), grading, introduction to U. S. paper money, introduction to world paper, revolutionary numismatics, military payment certificates, concentration camp money (these last two in addition to the military money class), and I am prob- ably missing some. It seems to me that many paper money specialties lend themselves to a class. Fractional notes, large size notes, small size notes, error notes, obsolete notes, stocks and bonds, and others. Another approach could be a single country or area. I think that Canadian collectors should adopt the military model of offering a class and guaranteeing its success by raising scholarships. A few years ago I offered a mini seminar (two evenings instead of an entire week) on war bonds, but I did not do much promoting and had no students. I plan on trying that one again. Probably I will broaden the scope and do some promoting myself instead of just relying on the inherent publicity of the seminar itself. There are a few more things about the seminars that you should know. The seminars are held on the campus of Colorado College where the ANA headquarters is located. Although there are some additional options, lodging is in dormitories and meals are in a college dining facility. Sandwiched between the two one- week sessions is the coin (sic) show of the Colorado Springs Coin Club. The calendar is sprinkled with other good activities, and the opportunity to use the various resources of the ANA (think museum and library). On top of all of this, I think that the high- light of the seminar is the opportunity to interact with new and old friends and legends of numismatics too. This starts in the classroom, extends to the dining facility, and culminates at the Lunar Lounge! This last item is the informal meeting of interest- ed adults on a patio overlooking Pike's Peak evenings from about 10pm ’til, well, that depends. Finally, in addition to opportunities for individual classes, I believe that the seminar offers opportunities for the greater paper money community to both take advantage of resources and to reinforce appropriate behavior! The SPMC, International Bank Note Society, and likely other organizations, could support the seminar far more than we do now. Obviously, the societies can and should offer scholarships to paper money classes. This clearly supports the educational missions of the organizations. Probably there are other ways to support the pro- grams. As I write this, the curriculum for the 2013 summer semi- nar has not been set, although it might have been by the time that you read this. Summer seminar dates for 2013 are June 22- 27 for Session I and June 29-July 4 for Session II. Susan McMillian is the current leader of the seminar. I am sure that she would be happy to talk to you about details. Call her at (719) 482-9850. For that matter, I will be happy to answer any ques- tions that I can: fredschwan@yahoo.com. Of course you can also consult the ANA site at http://money.org/numismaticevents/ summer-seminar.aspx.
Paper Money • November/December 2012 • Whole No. 282 457 Schwan continued . . . Summer Seminar Military Numismatics students pose with instructors Joseph Boling (third from left) and Fred Schwan (second from right). (Warren Talso photo) Military Numismatics instructor Fred Schwan (right) congrat- ulates successful student Walter Talso. Paper Money • November/December 2012 • Whole No. 282458 And (2) which of these appears on an officially-produced WWII UK circulating counterfeit that is worth 1/2 to 1/4 what the plain-Jane note is worth? (3) Which of these is an inkjet copy of the overprint on an Albanian note, intended to deceive collectors and increase the value of the un-overprinted note? (4) Which of these Argentinian pieces is movie prop money that has made its way into dealer stocks? (5)Which serial number appears on a modern inkjet replica of the original Philippine note? The answers to these questions and scores more are provid- ed in my ANA Summer Seminar course titled “Detecting coun- terfeit world paper money.” Anyone who handles paper money (whether it is “world” or “domestic”) will benefit from taking this course, which provides 25 hours of hands-on experience looking at hundreds of examples of funny money. You will learn what several printing technologies look like at twenty power, and which technologies you would expect to find on genuine and spurious notes. You will learn about many security features that appear on genuine notes, and how makers of boodle attempt to replicate them (sometimes very successful- ly). You will learn how to protect yourself from being deceived by those who want to get over on you, and how to avoid passing sleepers to collectors with better knowledge. In short, if you are a serious paper money collector or deal- er, you can’t afford to miss this opportunity. Join me in Colorado Springs for one of the most useful five days you will ever enjoy. In 2013 it will be June 22-27. (Followed June 29- July 4th by Fred's and my course on military numismatics since 1930.) Answers: Boling continued . . . (1) Timor - Portuguese original (top) and Australian counter- feit 2) England - portion of medallion on genuine note (top) and Operation Bernhard counterfeit (3) Albania - original overprint (left) and today's inkjet ver- sion (4) Argentina - intaglio (left) and four-color process lithogra- phy Philippines - genuine (top) and replica (5) (you saw this in the last issue of Paper Money) Philippines - genuine (top above); fake (bottom above)
Paper Money • November/December 2012 • Whole No. 282 459 National Coin AND Currency Convention s,YN+NIGHT!UCTION s5NITED3TATESCOINS s5NITED3TATES0APER-ONEY s7ORLD#OINS0APER-ONEY s!NCIENT#OINS #ROWNE0LAZA#HICAGO/(ARE .ORTH2IVER2OAD 2OSEMONT)LLINOIS (OTEL2ESERVATIONS #ALLTHE#ROWNE0LAZAAT   ANDASKFOR THEDISCOUNTEDh.ATIONAL #OINAND#URRENCY#ONVENTIONv 2ATEOF SPONSOREDBY0ROFESSIONAL#URRENCY$EALERS!SSOCIATION Thursday-Sunday November 8-11, 2012 Bourse Chairman Kevin Foley P.O. Box 573, Milwaukee, WI 53201 (414) 807-0116 kfoley2@wi.rr.com &ORADDITIONALINFORMATIONABOUTTHE 0#$!ANDTHE.### WWWPCDAONLINECOM &ORINFORMATIONABOUTTHE,YN+NIGHTAUCTION WWWLYNKNIGHTCOM 0UBLIC!DMISSION(OURS &RIDAY.OVEMBER!- 0- 3ATURDAY.OVEMBER!- 0- 3UNDAY.OVEMBER!- 0- FORA DAYPASSVALID&RIDAY 3UNDAY "OURSE(OURS 0ROFESSIONAL0REVIEW4HURSDAY.OVEMBER 0- 0- 2EGISTRATION&EE Paper Money • November/December 2012 • Whole No. 282460 THERE ARE MANY WAYS OF COLLECTING BANKNOTES. ONEsuch avenue that I like is collecting by denomination. The StandardCatalogue of World Paper Money, Modern Issues of 1961 to Present, liststwo hundred twenty-three note-issuing countries from around the world. However, only sixty-three countries have printed or continue to print a currency note with a denomination of TWO. Deuce notes can be found for every continent including Antarctica, which is not owned by any country. Even though, a two dollar New Zealand note issue-dated 30 July 2007 commemorates its participation of scien- tific studies at the Bay of Takelau on Antarctica. The customary design of banknotes in most countries is a portrait of a notable statesman on the face and a different motiff on the back, often something relating to the notable person depicted on the face. For example, the 2-peso note of Argentina features Bartolume Mitre on face and a view of the Mitre Museum on the back. Whereas, the two dollar note of the United States has long featured the third president Thomas Jefferson on face but the back has changed many times, with the current design featuring the signing of the Declaration of Independence, of which Jefferson is credited as principal author. And so it is with other banknotes often featuring likenesses of presidents, doctors, scientist or heroes on the face, and their accomplishments of each person, or a sign of the country’s gross national product on the back. The Western Hemisphere is home to forty countries, comprised of thirty three north of the Equator and seventeen south of the Equator. However, only seven- teen of the forty countries have issued a note with a “two,” such as two dollars, dos pesos, or deux dollars as in the case of Canada. The following are the countries printing two-unit notes and their respective denominations, along with several examples of the diversity of designs available: Afganistan 2 afganis Antarctica two dollars What the deuce is going on here? You can form a collection of 2-unit notes from around the world By Henry Brasco Paper Money • November/December 2012 • Whole No. 282 461 Argentina dos pesos Australia two dollars Barbados two dollars Belize two dollars Bermuda two dollars Bhutan 2 ngultrum Bolivia dos bolivianos Brazil dos cruzieros Bulgaria 2 levia Canada deux dollars Ceylon 2 rupees China 2 Jiao Colombia dos pesos Costa Rica dos colones El Salvador dos colones Estonia 2 kroon Fiji two dollars France deux francs Paper Money • November/December 2012 • Whole No. 282462 Germany two marks Ghana 2 cedis Greece 2 drachmai Guinea 2 sylis Haiti deux gourdes Honduras dos lemperas Hungary 2 korona India 2 rupees Italy 2 lira Jamaica two dollars Kazakhstan 2 tenge Latvia 2 rubli Lesotho 2 malotti Malasia 2 ringgit Maldives 2 rufiyaa Malta 2 liri Mexico dos pesos Namibia 2 kalahar Nepal 2 rupees New Zealand two dollars Nicargua dos cordobas Pakistan 2 rupees Papua New Guinea 2 kina Philippines dos pesos Poland 2 polekie Rhodesia 2 dollars Russia 2 kopeks Shri Lanka 2 rupees Sierra Leon two dollars Paper Money • November/December 2012 • Whole No. 282 463 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: lyn@lynknight.com - support@lynknight.c om Whether you’re buying or selling, visit our website: www.lynknight.com Fr. 379a $1,000 1890 T.N. Grand Watermelon Sold for $1,092,500 Fr. 183c $500 1863 L.T. Sold for $621,000 Fr. 328 $50 1880 S.C. Sold for $287,500 Lyn Knight Currency Auctions Deal with the Leading Auction Company in United States Currency Paper Money • November/December 2012 • Whole No. 282464 Singapore 2 rupees Slovenia 2 tolarjev Solomon Islands two dollars South Africa two rand Swaziland 2 emalangen Tonga 2 pa'anga Ukraine 2 hryvni United States two dollars Venezuela dos bolivares Viet Nam 2 dong Western Samoa 2 tala Zambia 2 kwacha Zimbabwe 2 dollars
Paper Money • November/December 2012 • Whole No. 282 465 Do color ads in Paper Money Really Work? Just Did! . . . Gotcha Isn’t it time that YOU advertised in Paper Money? 466 Paper Money • November/December 2012 • Whole No. 282 At Left: SPMC President Mark Anderson (left) and Regional Coordinator Judith Murphy accept the ANA 50 Year Membership plaque from the association’s President Tom Hallenbeck. Citation shown opposite. Below: SPMC members convene dur- ing this past summer’s ANA show in Philadelphia. Front row (L-R): Bob Schreiner, Pierre Fricke, Wendell Wolka. Back row (L-R): Lee Quast, Claud Murphy, Judith Murphy, and David Gladfelter. Citation honors SPMC for 50 years ANA membership Paper Money • November/December 2012 • Whole No. 282 467 Paper Money • November/December 2012 • Whole No. 282468 Introduction FIRST, A LITTLE BACKGROUND ON THE TOWN OF GRANBURY. IT WASfounded in 1863 by Thomas Limbert, and named after Confederate General Hiram B. Granberry. Granbury and the county it is the seat of, Hood County (which is named for Confederate General John Bell Hood), are rich in Texas History. Davy Crockett's wife, Elizabeth, received a land grant in Hood County after the Texas Revolution. She moved there from Tennesse in 1854. She is buried in Acton State Park, the smallest state park in Texas. A large statue of her marks her grave. For loca- tion purposes, Hood County is the county immediately southwest of Tarrant County, the home of Fort Worth. Granbury has two popular local legends. The first concerns the notorious bank robber and thief, Jesse James. Contrary to the popular belief that James was shot in the back by one of his gang in his home in Missouri on April 3, 1882, the Granbury legend states that James escaped to Granbury. He changed his name and lived to a ripe old age. The second Granbury local legend has John Wilkes Booth not being shot to death by Union soldiers in Virginia. The legend goes that Booth evaded the massive manhunt and settled down in non-assuming Granbury. He changed his name to John St. Helen. In fact, a store on the town square is known as “St. Helen’s.” The First National Bank The First National Bank was chartered on June 18, 1887, and is still operat- ing under that name today. The First is located in its original two story Italianate Victorian building on the courthouse square. It was built in 1883 for a predecessor private banking and loan company. The building has been declared a Texas Historical Landmark. The inside and outside of the building still holds much of its original charm. The bank has a locked curio cabinet that displays several checks and other banking forms that were used in the past. Granbury as a town wholeheartedly embraces its his- torical past as tourism is a main- stay of the local economy. Many of the buildings on the square have been declared historical landmarks. During the non-win- ter months on the weekends there is a nighttime historical tour of the courthouse square that is very informative. The FNB was the first of two national bank note issuing banks to be chartered in Granbury. The FNB received charter #3727. It issued $10 and $20 Series 1882 Brown Backs, $50 and $100 Series 1902 Red Seals, $5, $50 and $100 Series 1902 Date Backs, $5, $10, and $20 Series 1902 Plain Backs, and $5, $10, and $20 Series 1929 Type 1 and Type 2 notes. The Kelly reference is incorrect in its listing of $10 and $20 Series 1902 Date Backs, as these notes are actually $10 and $20 Series 1902 Plain Backs. The First National Bank of Granbury, TX By Frank Clark The First National Bank of Granbury on a bright Saturday in October. Paper Money • November/December 2012 • Whole No. 282 469 800.458.4646 West Coast Office 800.566.2580 East Coast Office 1063 McGaw Avenue Ste 100, CA 92614 • 949.253.0916 123 West 57th Street, New York, NY 10019 • 212.582.2580 P.O. Box 1804, Wolfeboro, NH 03894 • 603.569.0823 Email: info@stacksbowers.com • Website: www.stacksbowers.com SBG PM 11.22.11 We Invite You to Consign U.S. AND WORLD COINS AND CURRENCY Date Auction Consignment Deadline Jan 6-7, 2012 Stack’s Bowers and Ponterio Closed Official N.Y.I.N.C. Auction New York, NY World Coins and Paper Money Jan 25-27 2012 Stack’s Bowers Galleries Closed New York Americana Sale New York, NY U.S. Coins and Currency Mar 19-24, 2012 Stack’s Bowers Galleries January 30, 2012 Official Auction of the Whitman Coin & Collectibles Baltimore Expo Baltimore, MD U.S. Coins and Currency Apr 2-4, 2012 Stack’s Bowers and Ponterio January 9, 2012 Hong Kong Auction of Chinese and Asian Coins & Currency Hong Kong Chinese and Asian Coins & Currency Aug 1-11 2012 Stack’s Bowers Galleries June 8, 2012 Official Auctions for the ANA World’s Fair of Money Philadelphia, PA U.S. Coins and Currency Aug 1-11 2012 Stack’s Bowers and Ponterio May 14, 2012 Official Auctions for the ANA World’s Fair of Money Philadelphia, PA World Coins and Paper Money Aug 20-22, 2012 Stack’s Bowers and Ponterio May 21, 2012 Hong Kong Auction of Chinese and Asian Coins & Currency Hong Kong Chinese and Asian Coins & Currency Sept 18-22, 2012 Stack’s Bowers Galleries July 23, 2012 Philadelphia Americana Sale Philadelphia, PA U.S. Coins and Currency 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 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. Auction & Lot Viewing November 13-17, 2012 StacksBowers.com ÊÊ ÊÊ Ê ÊÊ ÊÊ Ê ÊÊ ÊÊ Ê Paper Money • November/December 2012 • Whole No. 282470 Bank officer signature combi- nations on notes of charter #3727 known to the author include: Cashier J.N. Nutt and Vice President Jess Baker are found on Series 1882 Brown Backs. Cashier Nutt and President D.C. Cogdell are found on Series 1902 Date Backs. Cashier Nutt and President Cogdell and Cashier W.F. Juliff and President Cogdell are found on Series 1902 Plain Back notes. The signature combination for Series 1929 notes pairs Cashier Juliff with President Cogdell. A $10 Series 1902 Plain Back with Serial number 7638-A and the pink rubber stamped sigantures of Juliff and Cogdell is presented here. A few facts about the officers must include that Daniel Calhoun Cogdell was a native Texan who came to Hood County in 1872 at the age of 22. He was the first president of the national bank and he served at that post for 48 years. He also started the predecessor private bank in 1883. Therefore, Cogdell served 52 years as a banker in Granbury. He married Lucy Norfleet Duke in 1873. They had five girls and three boys. Mrs. Cogdell died in 1925 as the result of an acci- dent. Mr. Cogdell lived alone until one of his widowed daughters, Leanna, came to live and take care of him. Mr. Cogdell died in 1945 at the age of 96. Cashier Walter F. Juliff had ties to the Cogdell family as he married President Cogdell's daughter, Zuma. Cogdell owned thousands of acres of land in Hood County and throughout Texas. He also raised hun- dreds of head of cattle. His only hobby was his sta- ble of race horses. The majes- tic home of President Daniel Calhoun Cogdell still stands today. It is within walking distance of the bank. It was origi- nally a Victorian Mansion with 22 rooms built in the 1880s. The home was destroyed by fire around 1900. It was replaced by a 15-room gabled Craftsman-style home that was built on the original foundation. The second home was completed in 1907. The Cogdell family would go on to refer to the second home as the “small house.” However, the “small house” is today the largest historic home in Granbury. In 1961, Leanna sold the house to a local physician. It was restored to its original splendor in 1992, and was a bed and breakfast for several years. It was designated as a Granbury Historical Landmark in December 2000. The house was vacant and for sale as of October 2011. It is located at 616 Thorpe Springs Road on the corner of Cogdell Street. A picture of the Cogdell residence are included with this article.
The Cogdell home located at 616 Thorpe Springs Road on the corner of Cogdell Street. A $10 1902 Plain Back with rubber stamped pink signa- tures of Cashier W(alter) F. Juliff and President D(aniel) C(alhoun) Cogdell. Paper Money • November/December 2012 • Whole No. 282 471 Paper Money • November/December 2012 • Whole No. 282472 IREALLY DON’T REMEMBER EXACTLY WHEN THISoccurred, but it was many years ago. Being a “paper” collector, I was contacted by a man from whom I had purchased something from in the past. But this time I was offered an unusual piece of paper that I’d never heard of previously. When he mentioned “gas rationing coupons from the 1970s’ oil crisis,” I had no idea what the offer was about. But the curiosity that I was born with kicked in, and I had to see what this opportunity was. So I arranged to get a Xerox copy of my potential purchase, and when I received it, I was immediately very intrigued. Not only was I offered something that appeared to be printed by the United States Government, but whatever it was, it was a whole sheet of them. Four columns of four coupons each that were printed in black and white, and with the wording “UNITED STATES ONE UNIT GASOLINE.” There was also a place for a signature and a tag number. After paying for and receiving the sheet of coupons, I started doing research to see just what I had. Since I was old enough to own a vehicle in the early 1970s, I remembered that we in the United States of America had been in a fuel crisis during that time. In my research I learned that we had been supporting Israel during the 1973 Arab-Israeli War. Members of the Organization of Petroleum Exporting Countries (OPEC), being Arabs, stopped or severely reduced exporting oil to countries friendly to Israel. This resulted in long lines at gas sta- tions and less availability of gas here in the U.S. Officials of the Federal Energy Agency decided it was time to consider rationing. In preparation for this, gasoline rationing coupons were printed during February and March of 1974. The Bureau of Engraving and Printing (BEP), along with two private printing firms, printed the coupons. The BEP supplied the firms with the plates and materials. Altogether, 4.8 billion coupons were printed, which was figured to be about a three- month supply. It was estimated that the cost for this project was about $13 million. But by mid-1974, the oil crisis had diminished greatly. It was decided the coupons, at least for the time, would not be needed. The large hoard was placed in storage in various locations around the country. Eventually, all 4.8 billion were placed in a U.S. Army storage facility in Pueblo, Colorado. They stayed there until 1984. The U.S. Government made the decision that the threat of gas rationing was gone, and that the coupons were to be destroyed. In June of 1984, the Department of Energy gave the order that all would be shredded, except for two sheets. One of the saved sheets was placed in the National Archives, and the other went to the Smithsonian Institution. But when I learned this, I was in a dilemma. If all but two sheets had been shredded, and those were placed in national insti- tutions, how had I come across a sheet! Had I somehow acquired something that could be illegal to own? Being a past collector of coins, and knowing about the saga of the illegal to own 1933 dou- ble eagle U.S. gold piece, could Uncle Sam come knocking at my door, so to speak, as he had to the owners of the illegal to own double eagles. So, for a long time, my sheet of 1974 United States Gas Rationing Coupons was locked up in my safe, enjoyed only by my eyes. But over time, a few of these supposedly destroyed pieces of his- tory started showing up as single coupons in large auctions and on eBay. How could this be? I suppose that someone who had access along the way took it on themselves to save some of these for pos- terity. So in conclusion, since a coupon(s) occasionally appeared on the market, and the fact that they were never intended to be legal tender, I came to the decision that our Government never saw the need to take on the matter of confiscating what had gotten out to the public. So, eventually my concerns sibsided, and I started shar- ing my prize with others. Please enjoy the image of my sheet, and feel free to contact me (at robertgill@cableone.net) with your input on these mysterious pieces of history.
Paper Money • November/December 2012 • Whole No. 282 473 United States Gas Ration Coupons of 1974 By Robert Gill Confederate Currency by Pierre Fricke, 2012, Shire Publications Ltd, Midland House, West Way, Botley, Oxford OX2 OPH, United Kingdom, Reviewed by: John and Nancy Wilson NLG Confederate Currency by Pierre Fricke was released in the summer of 2012. It is a small soft cover 56-page book. This book follows closely on the heels of the Histo ry o f Co lle c ting Confederate States of America Paper Money, Volume 1, 1865- 1945 by this same author and Fred Reed. The new book covers, in an easy to read manner, the seven series of the Confederate States of America money, along with their financial history, and how the money fit into the Civil War and events of the time. The First Chapter. “Financing A New Nation.” From the formation of the Confederacy in February, 1861, the book gives the reader a basic knowledge of the measures taken to establish a treasury and issue money for the CSA. After the War, Confederate notes began to appear in auctions in the mid-1860s and 1870s. Montgomery and other rare notes gained fame and value and a new hobby was born. The First Series 1861. After Lincoln was elected and said his inten- tion was to use force to protect federal property in the south, the CSA quickly moved to create paper money by pass- ing an Act on March 9, 1861. The chap- ter tells you where the notes were print- ed and quantity. A timeline of impor- tant events such as on May 20-21 Kentucky and Missouri declared their neutrality follows. The Second Series 1861. The first issue contained $1 million in notes. Unlike the first issue which bore interest, this issue would bear no interest and was payable two years after the date of a treaty. The contract with the Southern Bank Note Co. for printing the 20 million of Treasury notes and 10 million Coupon Bonds is covered, and why the bonds are so rare today. The lithographer, Hoyer & Ludwig (Richmond, VA.), was granted a contract to print the July 25, 1861, issues from $5 to $100 which were quickly counterfeited by Sam Upham (because of the low quality of paper and printing). A Timeline of events follows. Printing Confederate Paper Money. All of the companies which printed CSA paper money as well as the printing tech- niques and plate layouts are explained. The Third Series 1861 - 62. The Third Series has the largest and broadest array of varieties and paper types. Some illustra- tions along with a timeline of the period are included. Counterfeit Confederate Paper Money. The chapter explains that counterfeit notes that were created during the Civil War are known as contemporary issues. Fake notes made after the war are called facsimiles or nineteenth-century or modern copies, depending on vintage. The $100 7.3 Percent Interest-Bearing Notes of 1862 - 63. These notes were used by the government and military to buy supplies, etc. They were poorly printed and quickly counterfeit- ed. The Act in April, 1862 authorized $170 million in notes and another Act in September, 1862 authorized $5 million of lower denomination $1 and $2 notes. The Fifth Series 1862. Though the Act of October, 1862 authorized $90 million in notes, more than $138 million were issued. Pink paper was used in the smaller denominated notes to deter counterfeiting. White paper was used on the higher valued notes. The Tran-Mississippi. It was a strategic area for the Confederacy, and the Union was able to cut off access to the area west of the Mississippi to the Confederacy. The lack of sufficient Confederate money to pay troops and sup- pliers played a key role in the losses in this theatre. The Sixth Series 1863. An Act in March, 1863 authorized $50 million per month of paper money bearing no interest in denominations from $5 to $100, and $15 million more was authorized in denomina- tions of $2, $1 and .50 for a total of $518 million. The Seventh Series 1864 - 65. Denominations from .50 to $500 were authorized by an Act in February, 1864, and $200 million were issued. Inflation raged through this period. Further Reading and the Index close out the book. We highly recommend this 56-page book which covers the Confederate States of America seven different series of currency. Counterfeiting, depreciation and inflation of the issues is covered in a clear and concise manner. From being worthless at the end of the Civil War CSA notes started a steady price rise by the middle 1870s. Quoting the press release for the reference, “Neither a price guide nor a catalog per se (see Collecting Confederate Paper Money by Pierre Fricke), Confederate Currency explains the ori- gins of the various notes issued by the South, putting the money into historical context. Fricke also briefly discusses the dissolu- tion of the Union and examines the collectability of Confederate Currency.” Amazingly all the information you would ever want to know about these fascinating CSA issues will be found within 56 pages. We recommend this book to anyone with an interest in the monetary history of the South, along with any collector, dealer or investor in paper money. The book sells for $12.95 ppd and is available from the author at: Pierre Fricke, P. O. Box 1094, Sudbury, MA 01776. More information will be found at this web page: http://www.csaquotes.com/csabooks/confederatecurrencyintr.html
Paper Money • November/December 2012 • Whole No. 282474 Fricke writes worthy introduction to CSA notes Paper Money • November/December 2012 • Whole No. 282 475 AN ERA IN THE HISTORY OF THE CENTRAL STATESNumismatic Society will be coming to a close at the conclu- sion of its 74th Anniversary Convention, to be held April 24-27, 2013, at the Renaissance Hotel and Convention Center, located at 1551 North Thoreau Drive in Schaumburg, IL, a northwest Chicago suburb, close to O’Hare Airport. CSNS Governor Patti Finner, a Past President and Chairman of its Convention Committee, has announced that Jerry Lebo, Bourse Chairman since 1998, will be retiring from that position at the conclusion of the 2013 convention. He will be succeeded by Patricia Foley, a Milwaukee attorney, who also serves as General Chairman of the Professional Currency Dealers Association-sponsored National Coin and Currency Convention. Finner said, “CSNS is extreme- ly fortunate to have found a succes- sor of such unquestionable conven- tion management credentials as Patricia Foley to succeed Bourse Chairman Lebo. In addition to knowing her long enough to have almost watched her grow up and mature into a confident and ener- getic young woman, I’ve been privi- leged to work with Patricia Foley in the context of the progressively responsible positions she has already held as a staff member of our CSNS events.” Finner continued, “When CSNS matured to a professional management model of conducting our anniversary conventions, Jerry Lebo was our first Bourse Chairman. Over the years he has rendered exceptional service. We all owe him a debt for that loyal service. In Patricia Foley, we’ve been fortunate to have found a person who literally has coin shows in her DNA. Our General Chairman, Kevin Foley, who served as President of CSNS from 1994-1996, has managed more major numismatic conventions than anyone in the history of American numismatics, roughly 150. In fact, so many that even he isn’t certain of the exact count. “Patricia Foley was raised in the convention management business,” Finner continued. “She has been a staff member of the New York International Numismatic Convention since 2003 and was recently promoted by the Professional Currency Dealers Association to chair its own annual convention, now in its 27th year and known as the National Coin and Currency Convention. In the coin business there is a saying about someone who dis- plays special talent as a coin dealer – ‘He has the eye’. Patricia Foley ‘Has the vision’ about what it takes to design and manage an exceptional numismatic convention, something that is an event and not just a show. I’ve worked with her on a succession of CSNS conventions in my dual capacities as Chairman of our Convention Committee and as Deputy Convention Chairman. From the moment she first walked in the door I could sense that ‘She had the vision.’ We couldn’t have made a better choice for the important position of Bourse Chairman. I know that she has a long career ahead of her and that she is representative of the future, of a changing of the guard.” Ms. Foley currently holds the position of Deputy Bourse Chairman for CSNS and will continue in that capacity through the conclusion of the 2013 convention, becoming responsible for booth sales for the 2014 CSNS convention, scheduled for April 23-26 at the Schaumburg Renaissance Hotel and Convention Center. Ms Foley said of her promo- tion, “2014 will mark the 75th Anniversary Convention of the Central States Numismatic Society. I consider it to be a considerable honor to be privileged to serve as Bourse Chairman for that event. Illinois is the home state of the Central States Numismatic Society. In the Schaumburg Renaissance Hotel and Convention Center we have what I expect will soon be acclaimed within the wider numis- matic community as the finest site to host any numismatic event any- where in this country. As a child I grew up with my younger sister Andrea playing “coin show” at home, never dreaming that I would one day be the Bourse Chairman for the Central States Numismatic Society Anniversary Conventions, let alone the 75th Anniversary Convention. “This is a real honor and a real challenge,” she continued. “An exceptional convention experience for our attendees is very much a partnership --- a partnership between our bourse dealers, our long time official auction company Heritage, as well as our convention staff and officers. As Bourse Chairman I’ll view myself as being, together with the General Chairman, at the cen- ter of that partnership. I’m excited and energized to have been selected by our Board for this important responsibility.” She concluded by saying, “I hope that everyone who partic- ipates in our CSNS conventions will always feel that they can and should share their ideas about our event with me, even if they think they have things to say that we don’t want to hear. That’s how we grow and improve, by hearing the difficult things that people are sometimes reluctant to share with us. I don’t want anyone to feel that way with me. Ronald Horstman, a Past President of the Society of Paper Money Collectors, once said to me ‘You’ll learn more by listening than by talking.’ I’ve never forgotten that. I’m ready to listen,” A graduate of St. Thomas More High School, the University of Wisconsin and the University of Dayton School of Law, Foley maintains her legal practice in Milwaukee, Wisconsin, with an office at 131 West Layton Avenue. She can be reached via e-mail at foleylawoffice@gmail.com.
Torch to pass as CSNS show bourse chairperson Patricia Foley, CSNS Bourse Chairperson in wait- ing. Paper Money • November/December 2012 • Whole No. 282476 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 posthumously in our S/O 2008 issue. Gene Hessler was honored 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. 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, 2013 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, 2013. 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 2013 issue of Paper Money.
11th Annual George W. Wait Memorial Prize Paper Money • November/December 2012 • Whole No. 282 477 Could cash end? My gosh, I hope not! Wayne Homren’s most excellent on-line publication, E- Sylum, has been running a number of items this year on the prospect of a “cashless” society. Most recently, Homren speculat- ed about the possibility of new digital wallet apps heralding a “tipping point” on the way towards a cashless nirvana. So what is the future of cash? It depends on where in the transactional universe you look. Despite the increasing use of electronic alternatives, coins and paper money aren’t going away. There is a robust versatility to cash transactions that no electronic equivalent can match. Yet in that part of the universe which interests me, things don’t look so good. Yes, there has been a spike in local currency issues in the United States, but these are quaint and short-lived. Canadian tire money is on its way out. American food stamps have been replaced by debit cards (not very collectible!). In the troubled Eurozone, local currencies have been popping up. The collector in me salivates, but I still feel guilt. Hoping that economic cata- strophes give rise to scrip and other emergency currencies is like an oncologist praying that carcinogens produce more tumors. The breakup of the Soviet Union did produce hundreds of ephemeral circulations, but big events like that don’t happen very often. In any case, in the near future smartphones with the right apps could simply make scrip obsolete. David Wolman’s recent book, The End of Money, not only rehashes old arguments against the stuff (it’s unhygienic; it abets crime) but makes the novel claim that cash is actually less effi- cient than electronic transfers, since using it requires a security apparatus of substantial cost. The tradition of utopian literature from Plato through Sir Thomas More to Edward Bellamy has long wanted to either abolish or heavily regulate money, for two reasons. First, the accumulation of money enables the sort of human greed that can unbalance social relations. Second, money confers a transactional freedom on its users that has socially- transgressive consequences. My favorite scenario remains the vision of money imagined by William Gibson in his Neuromancer trilogy from the 1980s. Despite the ubiquity of a corporate-domi- nated cyberspace, a paper currency of “New Yen” still circulated “through the closed circuit of the world's black markets like the seashells of the Trobriand islanders.” A world where cash still exists is a world where control is not yet total. That’s the world I prefer.
Chump Change Loren Gatch We all rely on other’s efforts I recently proofed final pages for my second Lincoln book, a sequel to my very successful 2009 book for the Abraham Lincoln birth bicentennial. The new effort is titled Abraham Lincoln: Beyond the American Icon. Some of you know the joy of being able to write about one’s lifelong collecting pursuits. We who are enabled to do so are among the most fortunate of human beings. I was struck most, however, by how many indi- viduals had assisted me in my collecting pursuits and in doing this new book and its predecessor. More than a hundred people are credited for their contributions to the new Lincoln book. Sharing one’s passion through the written word is a more permanent form for the enduring satisfaction of orally reciting the proverbial “war story.” Each of us has some or many such exploits we could recount. The usually rhetorical, “if this (note) could talk,” gains a voice when WE, the collectors who have rediscovered and cherish this or that treasure, give it one. Although I’ve been involved in several dozen books, and thousands of articles and many, many periodicals over the past 40 years as a journalist and publishing company executive, each new recitation presents a virginal opportunity to seek and share one’s wonderment with objects of material culture such as bank notes, scrip and the like. This sharing binds us as a community. Here’s something new that I just “discovered,” but couldn’t have done so if Chet Krause, a very long-time friend since 1975, hadn’t taken the time to share a portion of his collection with me. After seeing my survey of Civil War postage stamp envelopes in our July-August 2012 issue of Paper Money, Chet sent me a bound copy of his own research on these envelopes over many years, including full color illustrations of all the items in his very large 150-piece collection of these items, with the coveted injunction “feel free to rob anything you’d like . . .” The envelope below brought $575 in Chet’s sale in March by Stack’s- Bowers. Thanks Chet for sharing with us all for a long, long time now.
The Editor’s Notebook Fred L. Reed III Fred@spmc.org Newly reported Reed PE632 Paper Money • November/December 2012 • Whole No. 282478 Of paper money & hotels: just don’t mess up the story! Greetings from the road, where your peripatetic back-pager is on “tour,” shamelessly promoting his new literary offering, The Jefferson Hotel: The History of a Richmond Landmark. Without Power Point (the worst thing ever invented next to television) or written notes, my goal is to share interesting stories from the book without sounding like I’m saying the same thing over and over again. After the talk, people can buy books, which I happily sign if that’s what they want. Thinking of short and creative dedications for each book buyer isn’t easy. One woman asked me to write it to the people who browsed through her books, so I wrote, “For my friends and family browsing through my books.” She seemed to like that. Unfortunately, however, that’s a little wordy. Too bad “Champagne wishes and caviar dreams!” was already taken. The hotel was named for Thomas Jefferson, a big name in the hotel business. I found that in the early decades of the twen- tieth century there were at least 38 hotels in the United States named for our third president. Everyone loves The Jefferson, especially Richmond residents. I’ve never seen anything like it anywhere else. But it makes perfect sense: Richmonders have roots and connections to the 117-year old, five-star grand hotel. Their parents were married there, they had their high school prom there, or maybe, like one woman I spoke with, her father was arrested there almost a hundred years ago-- for taking the alligators for a stroll around Richmond (a teenage prank). Until 1948, real alligators resided inside the hotel in an area called the Palm Garden. The legend was that some Northerners brought baby alligators back with them in the spring on the way home from winters in Florida. These “snow- birds” would leave the alligators at the hotel. In addition, any- one in the Richmond area who ended up with an alligator quick- ly realized they needed their bathtub more than they needed the alligator, so they “donated” the creature to the hotel. It seems baby alligators were more of a household pet a hundred years ago than they are today. Over almost twelve decades, the hotel has accumulated a lot of interesting stories. The publisher (The History Press) schedules book events for me. I wish I could bottle and share the pleasure I get from talking about history. It’s a joy to hear someone say she didn’t think she really liked history but now wants to learn more about it. People love history, but how can you not? It’s about the peo- ple who came before us, with all their foibles and eccentric per- sonalities, with guilt, ambitions, vengeance and romance. You don’t need to make history fascinating, it already is. All I have to do is not mess it up.
Paul Herbert Don’t get me started Simple grading schemes leave a lot to be desired Last issue I began a discussion of grading as I see it, begin- ning with a model for an idealized goal – to describe a note com- pletely through some combination of grades. Not necessarily realistic, but it illustrates an important point. Even when a grade describes the condition of a note well, there is more to a note’s presentation and description than merely the technical condition. Centering, color, sharpness of printing – all of these issues factor into the description of a note. In general, though, a VG note does not get downgraded based on the centering, nor does a Fine-15 get a boost because the color is particularly bold. And yet, if we wanted to accurately describe the note to a potential buyer, these issues would be relevant, and would probably be information our potential customer would want to have. There are dealers who have at times attempted to take these issues, especially centering, into their grading scheme. Generally this has taken the form of two grades, like XF/F, where the first grade is the condition, while the second denotes the centering. I applaud these efforts, and any other attempts at new grading systems, because I completely believe that experimentation will ultimately lead to improvement. I am not optimistic about the chances for this style of grading sys- tem gaining widespread acceptance, however, for two related but perhaps slightly different reasons. The obvious benefit of the current grading system, or any one-dimensional scale, is the simplicity. I have enough faith in the collecting community, though, to believe that a multi-dimen- sional scheme would be well within anyone’s understanding. What a more complex system cannot give the collector, however, is an unam- biguous sense of “better.” My note is better than yours, this note is the best reported, and so on. As third-party grading services have increased in pop- ularity, so have registries and the ability to publicly brag about one’s collection. Not that I blame anyone – I love talking about my collection, even if I could realistically grade most of my notes with a system of Rectangular, Almost Rectangular, and Not Rectangular. The desire to create a great collection and the pride that comes from its realization are dri- ving forces for many, if not most, of the participants in our hobby. The fact remains, however, that there are too many con- dition factors for a single grade to describe. The choice is either a nice, simple ordered progression from bad through good to per- fect, or a robust multidimensional system. But in my opinion, the current system is in actually two sep- arate schemes combined, one from each of these two choices, and I will elaborate next time.
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