Paper Money - Vol. LII, No. 2 - Whole No. 284 - March - April 2013

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Table of Contents

A Russian Counterfeit Intrigue: My Unexpected 10-year project . 83
By Doug Murray
The Paper Column: Evolution of Skies & Details on State Seals . . .102
By Peter Huntoon
Mary R. Moody, National Bank President . . . . . . . . . . . . . . . 115
By Karl Sanford Kabelac
1847 Note Survey of Type-64 CSA $500 Notes . . . . . . . . . . 116
By Steve Feller
CSA Type-41 Plate Varieties . . . . . . . . . . . . . . . . . . . . . . . . . 120
By James W. Astwood
Small Notes: ‘The’ dropped from Federal Reserve Bank Seals 133
By Jamie Yakes
The Buck Starts Here: Recalling Five Anniversaries . . . . . . . 134
By Gene Hessler
The Paper Column: So How Good Is This Note? . . . . . . . . . . . . . . .140
By Peter Huntoon
Addie P. Duncan (later Monroe), National Bank President . . 146
By Karl Sanford Kabelac
You Can Expand Your Paper Money Horizons . . . . . . . . . . . 153
By Brandon Ortega
First Person Story: ‘My Turning Point’ . . . . . . . . . . . . . . . . . 156
By Jeff Sullivan
Information and Officers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .82
Your Subscription to Paper Money Has Expired If . . . . . . . . . . . . . . . . . . . . 86
Last Call: SPMC needs a few good men or women . . . . . . . . . . . . . . . . . . .101
Abraham Lincoln, Beyond the American Icon review by John & Nancy Wilson .125
Collector Hilton shares Montgomery Insights review by Fred Reed . . . . . . .129
President’s Column by Mark Anderson . . . . . . . . . . . . . . . . . . . . . . . . . . . . .132
Uncoupled: Paper Money’s Odd Couple by Joseph E. Boling & Fred Schwan . .126
Last Call: 11th Annual George W. Wait Award Announcement . . . . . . . . . .155
Back of the Back Page with Loren Gatch and Fred Reed . . . . . . . . . . . . . .157
The Back Page with Paul Herbert and John Davenport . . . . . . . . . . . . . . . .158

Look for ‘smiley faces’ and ‘short thumbs’ Doug Murray recounts his saga researching Soviet Series 1914 $100 Federal Reserve Note fakes PAPER MONEY OFFICIAL JOURNAL OF THE SOCIETY OF PAPER MONEY COLLECTORS VOL. LII, NO. 2, WHOLE NO. 284 WWW.SPMC.ORG MARCH/APRIL 2013 *Mar-Apr 2013 Paper Money cover_Jan/Feb Cover 1/31/13 2:53 PM Page 1 Bourse Information: Jerry Lebo   sJCLEBO FRONTIERCOM Central States Numismatic Society 74th Anniversary Convention Schaumburg, IL Schaumburg Renaissance Hotel & Convention Center !PRIL   %ARLY"IRD$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. 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SPMC assumes no financial responsibility for typo- graphical errors in ads, but agrees to reprint that por- tion of an ad in which a typographical error occurs upon prompt notification.  Paper Money Official Bimonthly Publication of The Society of Paper Money Collectors, Inc. Vol. LII, No. 2 Whole No. 284 March/April 2013 ISSN 0031-1162 FRED L. REED III, Editor, P.O. Box 118162, Carrollton, TX 75011 Visit the SPMC web site: FEATURES A Russian Counterfeit Intrigue: My Unexpected 10-year project . 83 By Doug Murray The Paper Column: Evolution of Skies & Details on State Seals . . .102 By Peter Huntoon Mary R. Moody, National Bank President . . . . . . . . . . . . . . . 115 By Karl Sanford Kabelac 1847 Note Survey of Type-64 CSA $500 Notes . . . . . . . . . . 116 By Steve Feller CSA Type-41 Plate Varieties . . . . . . . . . . . . . . . . . . . . . . . . . 120 By James W. Astwood Small Notes: ‘The’ dropped from Federal Reserve Bank Seals 133 By Jamie Yakes The Buck Starts Here: Recalling Five Anniversaries . . . . . . . 134 By Gene Hessler The Paper Column: So How Good Is This Note? . . . . . . . . . . . . . . .140 By Peter Huntoon Addie P. Duncan (later Monroe), National Bank President . . 146 By Karl Sanford Kabelac You Can Expand Your Paper Money Horizons . . . . . . . . . . . 153 By Brandon Ortega First Person Story: ‘My Turning Point’ . . . . . . . . . . . . . . . . . 156 By Jeff Sullivan SOCIETY & HOBBY NEWS Information and Officers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .82 Your Subscription to Paper Money Has Expired If . . . . . . . . . . . . . . . . . . . . 86 Last Call: SPMC needs a few good men or women . . . . . . . . . . . . . . . . . . .101 Abraham Lincoln, Beyond the American Icon review by John & Nancy Wilson .125 Collector Hilton shares Montgomery Insights review by Fred Reed . . . . . . .129 President’s Column by Mark Anderson . . . . . . . . . . . . . . . . . . . . . . . . . . . . .132 Uncoupled: Paper Money’s Odd Couple by Joseph E. Boling & Fred Schwan . .126 Last Call: 11th Annual George W. Wait Award Announcement . . . . . . . . . .155 Back of the Back Page with Loren Gatch and Fred Reed . . . . . . . . . . . . . .157 The Back Page with Paul Herbert and John Davenport . . . . . . . . . . . . . . . .158 If your mailing label reads Mar or Apr 2013 RENEW NOW Paper Money • March/April 2013 • Whole No. 28482 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. 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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 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 • March/April 2013 • Whole No. 284 83 THIS IS A CHRONICLE OF MY UNEXPECTED COUNTERFEITnote research project – 1997/2007 – involving Series 1914Philadelphia District $100 Federal Reserve Notes counterfeited bythe Soviets c. 1928-1932: A Russian Counterfeit Intrigue: My unexpected 10-year research project By Doug Murray, LM250 Paper Money • March/April 2013 • Whole No. 28484 1997 December - Everything changed when I received my Currency Auctions of America catalog for the upcoming FUN show. When I came to the $100 1914 FRN lots, I was amazed at what I saw. There was a run of 36 (28 illustrated) 1914 $100 Philadelphia district notes that the catalog said were all from face plate “A4.” One illustrated note had serial C513707A. A note ending in "07" from 4 subject produc- tion should be “C” position. I thought it was a genuine serialing error by the BEP. There weren’t any consecutive serials, rather just very incomplete groups from seven packs of 100 notes, all plate position A. 1998 January - There were eight lots without images, so I had CAA fax me copies of them and discovered another serialing error. Serial number C513747A was being auctioned as well. I was now so excited that I drove to Orlando, then telling no one about this situation. I went to the auction in the evening, won both lots, and left for home the next day. I couldn’t have been happi- er. This was an interesting “run” of notes, but odd that none were from plate positions B, C or D. There were two serialing error notes, and 34 correct position A notes. 1999 January - The Jan/Feb issue of Paper Money reprinted a February 1998 article in The Numismatist by ANA’s Ed Rochette about some 1928-29 made $100 1914 FRN Russian-produced counterfeits. At this point, I had no reason to believe the two events were connected. May - I announced the two serialing errors in Bank Note Reporter and Coin World. June - I exhibited both of the serialing errors at Memphis, with a handout showing the relationship of the last two serial digits to the plate positions A-B-C-D. 2000 March - I received interesting news from my good friend Martin Gengerke that he had received a report of a third serialing error note, serial number C513750A from position A. April - Martin reported two correct position A notes, serials C515485A and C519833A. The latter was reported to him by a dealer November 1997. August - I again heard from Martin, reporting correct position A serial Soviet counterfeit Burke-McAdoo 3-C face New York Times June 13, 1929 Paper Money • March/April 2013 • Whole No. 284 85 C515445A. He also reported three more serialing errors, C512636A, C513727A, and C513778A, all position A. Not good news. What was going on here? Now I only had two of six error notes. Then the Ed Rochette article came floating back into my mind and I pondered if my two notes might not be genuine. But how could I find out? October - I became an eBay member, and within days, there was another serialing error on eBay, C513728A. The images were of high resolution and it had face plate A4. Here we go again. I got some kind of computer “certificate of author- ity” error message that prevented me from bidding, and the note sold for $900 at the last minute. I was very new at this and witnessed my first snipe bid. I went to the St. Louis PCDA show, found two more serialing error notes in a dealer’s stock, C512623A and C513792A, both from position A. He mentioned also having had two more, serials C512602A and C512699A, which I presume were position A. December - Correct position A serial C515497A was on eBay. 2001 January - Another serialing error note showed up on eBay, C513771A, position A. March - Two more serialing error notes showed up on eBay, C513735A Soviet counterfeit Burke-Glass 2-B face New York Times December 17, 1929 Paper Money • March/April 2013 • Whole No. 28486 If your label reads March or April 2013 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 • March/April 2013 • Whole No. 284 87 and C512642A, both position A. By now I was looking for a “genuine” A4 speci- men, just outside all these notes popping up starting C51xxxxA. It seemed there were just too many position A plate 4 notes, both error and correct position for seri- al, showing up since January 1998. August - I finally found a high grade Fr. 1092 on eBay that had the proper face plate of A4. Serial number was C491389A, just outside of all of the C51xxxxA notes. When it arrived after having the winning bid, I got out my 20x magnifier and compared the note to the two from the FUN auction. I stared at every part of all three notes for consid- erable time. Much to my dissappointment, very tiny dif- ferences began to be seen. I now had to conclude that two different face plates were involved from the A4 posi- tion. My serialing errors had problems, and were likely counterfeits. September - My trip to Washington DC included getting a copy of the proof of the Philadelphia A4 plate at the Smithsonian. This would confirm what the genuine plate produced when it was on the press. Not surprisingly, the proof confirmed that my eBay note was real, and that the FUN notes were counterfeit, possibly the Russian ones. I was at the BEP with Peter Huntoon on Tuesday (9-11) just beginning a scheduled one day of research. The attacks in New York and at the Pentagon ruined that day’s planned event. Luckily, I could still go to the Archives at College Park the next day, and back to Smithsonian later in the week. 2002 January - Another serialing error note showed up on eBay, C513724A, position A, of course. Also, eBay correct position A serial C511613A, graded CGC EF-45. March - A correct position A serial C519817A was on eBay. Also eBay had cor- rect position A serial C519849A, graded CGC CU-65, from Soviet counterfeit Burke-Houston 12-L face New York Times January 27, 1930 Paper Money • March/April 2013 • Whole No. 28488 the 1998 FUN auction. June - Lyn Knight auctioned a correct position A serial C515441A. August - I couldn’t stand it any longer, and I pondered about getting Secret Service assistance. I wanted to know if they had examples of these 1928 Russian counterfeits in their possession. Jim Hughes of the Smithsonian pro- vided a contact person in the Secret Service, Marc Surrency, who had taught at an ANA summer seminar. I found on eBay a now graded “error note” CGA EF-40, ser- ial number C512642A, seen before in March 2001. October - Marc of SS sent me copies of three magazine articles (Saturday Evening Po st September 30, 1939, Master Detective February 1940, and American History Illustrated May 1984) on the 1914 $100 Russian counterfeits, which gave some diagnostics. But when I tried to find these clues on my two FUN notes, I just wasn’t sure if I saw them or not. Marc also sent a chart of 21 SS counterfeits. He said all four signatures were represented in the chart, Burke-McAdoo, Burke-Glass, Burke- Houston and Burke-Mellon (I’m sure he meant White- Mellon). Although lacking serial numbers, it did contain the plate position letter and face/back plate numbers. 2003 February - I finally received a list of the 21 requested serial numbers, but I was going nowhere trying to get the “diagnostics” that identified them as counter- feits. A dealer had correct position A serial C512969A. Had report of another serialing error note C512647A April - There was a correct position A serial C512809A note on eBay. July - Found on eBay now graded CGA CU-63 correct position A serial C515485A, from Gengerke April 2000. August - Marc of SS had moved, so he suggested I now e-mail Anthony Chapa of the SS asking for help with this seemingly stalled project. There was a correct position A serial C519517A note on eBay. September - I was now working with Lorelei Pagano of the SS, still trying to get the desired diagnostics of the SS counterfeits. November - There was a correct position A serial C519857A note on eBay. Gotta love eBay! 2004 April - After making monthly phone calls to Lorelei and getting no results, I finally explained to her in a message that I was coming to DC in early May anyway Soviet counterfeit White-Mellon 4-D face New York Times April 7, 1932 Paper Money • March/April 2013 • Whole No. 284 89 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 to do planned research at the BEP and Smithsonian, so it was very convenient to stop by the Secret Service. I wanted to see the 21 examples and locate the useable “diagnos- tics” myself. This apparently got things going. Having me do the work was the key. Next I got a response from Jeff Kegley saying the notes had been located and I could see them when in DC. I found on eBay a graded RCGS AU-58 correct position A serial C519517A, previously eBay August 2003. Also another serialing error note eBay C513736A. May - I met Steve Howerter in the SS lobby the first morning I was there and got into the SS to see the counterfeits. They were very cooperative with my requests once I got inside. They informed me they had located 19 of the 21. After inspecting all 19 face and backs thoroughly with a 20x glass, I had confirmed that one unfailing diag- Paper Money • March/April 2013 • Whole No. 28490 ORIGINAL PLATE - UNITED STATES SECRET SERVICE COUNTERFEITS Catalog # Serial # Signatures Face Back SS # Recovered Fr.1088 B1371304A Burke-McAdoo D 8 5 602 05-02-28 Fr.1088 B1374665A Burke-McAdoo D 8 5 602 05-08-28 Wrong plate letter for serial Fr.1088 B1376863A Burke-McAdoo D 8 5 602 05-08-28 Wrong plate letter for serial Fr.1088 B1389273A Burke-McAdoo A11 7 626 Fr.1088 B1389809A Burke-McAdoo A 3 2 --- (Not available to study) Fr.1088 B1391605A Burke-McAdoo A11 7 626 Fr.1089 B2244151A Burke-Glass C15 15 626 Fr.1092 C511645A Burke-McAdoo A 4 25 626 Fr.1092 C515973A Burke-McAdoo A 4 25 626 Fr.1099 D549068A White-Mellon B 7 26 626 06-10-29 Wrong plate letter for serial Fr.1099 D555394A White-Mellon B 7 26 626 12-13-29 Fr.1130 L764781A Burke-Houston A 6 27 626 Fr.1130 L768313A Burke-Houston A 6 27 626 12-13-29 CORRECTED PLATE - UNITED STATES SECRET SERVICE COUNTERFEITS Catalog # Serial # Signatures Face Back SS # Recovered Fr.1085 A388101A Burke-Glass A 3 20 626 Fr.1085 A398979A Burke-Glass C 3 20 626 Fr.1085 A487641A Burke-Glass A 3 26 626 03-25-31 Fr.1096 D84310A Burke-McAdoo B 1 4 626 Fr.1108 G481088A Burke-McAdoo D 4 13 626 (Not available to study) Fr.1108 G485424A Burke-McAdoo D 4 13 626 12-24-32 Fr.1112 H148796A Burke-McAdoo D 2 18 626 05-25-31 Fr.1128 L458935A Burke-McAdoo C 4 13 626 Paper Money • March/April 2013 • Whole No. 284 91 Published: February 24, 1933 Copyright © The New York Times Published: February 24, 1933 Copyright © The New York Times Left New York Times February 24, 1933 Below Master Detective February 1940 nostic did occur on each side of all 19 notes. Copies were made of both sides of all of them, plus the SS made very high resolution images of selected notes. It was found that the 19 SS notes were from two counterfeit plate types, original and cor- rected. There were 12 original types, and 7 corrected types. The originals had con- fiscation dates of 1928 and 1929. The corrected had dates of 1931 and 1932. To absolutely confirm the counterfeit nature of the SS notes, I reviewed the Smithsonian proofs of all the genuine plates by districts, signatures, plate number and position letter. I made copies of the pertinent plate positions to compare with the copies of the 19 SS counterfeits. In every case, the Smithsonian proofs did not have the two diagnostics found on the SS counterfeits for the same plate serial num- ber and position. Heritage auctioned a correct position A serial C513794A, and correct posi- tion A serial C515477A was on eBay. June - I announced to the hobby at the Memphis show the existence of numerous high grade excellent counterfeits that started to appear at the January 1998 FUN show. Then an unbelievable event happened. While looking at a dealer’s stock, I found another $100 Philadelphia counterfeit, but this note was circulated, outside the C51xxxxA notes seen previously, and was from the corrected plate, only seen in the SS holdings! I didn’t dare to buy the note after making my announcment of all the Philadelphia counterfeits in the hobby, so another dealer friend of mine bought it “for resale.” It was the correct position D, serial C525828A, and plate number 4 again. Paper Money • March/April 2013 • Whole No. 28492 Sign up for special free features on the official SPMC website Your one-time exclusive PIN is on your mailing label Bank Note Reporter issue of July 2004 article on my discovery and Memphis show exhibit 93Paper Money • March/April 2013 • Whole No. 284 Soviet counterfeit Burke-Glass 1-A face Soviet counterfeit Burke-Glass 1-A back Soviet counterfeit Burke-Glass 1-A back closeup of Secret Service data Paper Money • March/April 2013 • Whole No. 28494 Soviet counterfeit Burke-McAdoo 2-B Type 1 diagnostic characteristics Soviet counterfeit Burke-McAdoo 4-D Type 2 diagnostic characteristics Genuine note and Soviet counterfeit “smiley face” comparison 95Paper Money • March/April 2013 • Whole No. 284 CAA/Heritage had C519817A in their just after Memphis Internet auction, previously reported March 2002. Removed from sale by my counterfeit alert. July - I received dealer reports of five correct position A notes, serials C511617A, C511625A, C513621A, C513673A and C519873A. August - I received copies of period New York Times andWashington Post articles from Karl Kabelac that were about the $100 1914 FRN counterfeits. Two were very specific, giving district, face and back plate numbers, in one case perfectly matching the actual SS notes. I received from Patterson Smith, bookseller, a complete copy of the February 1940 Master Detective article. The SS copy was missing the last few pages (48-50), and was also very dark. 2005 March - Lyn Knight had C513778A in the CPMX auction, previously reported August 2000. I informed him of the high likelyhood it was counterfeit, and the lot was withdrawn from the auction. August - Had a report of correct position A serial C512937A. 2006 March - A dealer at the CPMX show had a serialing error note C513759A. 2007 January - A dealer at the FUN show had a serialing error note C513779A. Soviet counterfeit Burke-McAdoo 7-G face Soviet counterfeit Burke-McAdoo 8-H face Paper Money • March/April 2013 • Whole No. 28496 Soviet counterfeit Burke-McAdoo 12-L face Soviet counterfeit Burke-McAdoo 12-L back Soviet counterfeit Burke-McAdoo 12-L back closeup of Secret Service data 97Paper Money • March/April 2013 • Whole No. 284 Final Comments I have not recorded any new counterfeit serial num- bers since January 2007, but missing serial numbers indicate more will turn up. I have recorded 75 Philadelphia plate position A “counterfeits,” occurring in 11 serial number groups, with confirmed counterfeits occurring in each group. If the serial begins C51xxxxA, has face plate A4, back plate 25, and is high grade, statistically it will be counterfeit. Of course, the BEP did print the same C51xxxxA serials, but only one has been confirmed as genuine, C512276A, face plate D4, back plate 27. All but one of the known in the hobby Philadelphia $100 1914 Russian counterfeits are original plate Burke-McAdoo notes. The lone modified plate exam- ple is a circulated Philadelphia Burke-McAdoo note, from a 1994 census report, where it was obviously believed to be genuine. Its last appearance was at Memphis 2004, in a major dealer’s stock as real. As this unique modified plate in the hobby note shows, the likelyhood that more from other districts and signatures certainly could exist in collections yet to be discovered. Interestingly, the three serialing error notes in the SS holdings (B1374665A, B1376863A, both position D plate 8, and D549068A position B plate 7) are from the original counterfeit plate. Simularly, the hobby’s 21 Philadelphia serialing error notes are also from the original plate. Possibly the counterfeiters finally realized the relationship of the serial to the plate position letters when they started using the corrected plate. The SS has not asked me for any updates since my visit, and I don’t think they will, as this project does not involve current fake $100s being spent at face, which is their present concern. New York Times March 8, 1930 Genuine note and Soviet counterfeit “short” thumb & branch back comparison Publi hed: March 8, 1930 Copyright © The New York Times Master Detective February 1940 Paper Money • March/April 2013 • Whole No. 28498 COUNTERFEIT RUSSIAN 1914 $100 PHILADELPHIA FEDERAL RESERVE NOTE CENSUS F-1092 C511413A A4 25 CU CAA 1/9/98:1866 $935 F-1092 scan C511421A A4 25 CU CAA 1/9/98:1867 $880 [no photo]; CAA/Heritage 5/7/04:18217 $1380 F-1092 scan C511613A A4 25 EF-45 eBay 1/2/02 [CGC]; eBay 8/6/03 [CGC] F-1092 scan C511617A A4 25 EF Dealer 7/5/04 F-1092 scan C511625A A4 25 EF-AU Dealer 7/5/04 F-1092 C511641A A4 25 CU CAA 1/9/98:1868 $1,155 F-1092 copy C511645A A4 25 F-VF Secret Service Counterfeit 2/12/03 F-1092 C511669A A4 25 CU CAA 1/9/98:1869 $935 F-1092 C511673A A4 25 CU CAA 1/9/98:1870 $990 F-1092 scan C512602A # A4 25 AU SERIAL ERROR – St.Louis PCDA 10/27/00; eBay 8/7/02 F-1092 scan C512623A # A4 25 AU SERIAL ERROR – St.Louis PCDA 10/27/00; eBay 12/26/00 F-1092 C512636A # A AU SERIAL ERROR – Gengerke: Internet auction 8/31/00 F-1092 scan C512642A # A4 25 EF-40 SERIAL ERROR - eBay 3/15/01; eBay 8/27/02 [CGA] F-1092 C512647A # A4 25 EF SERIAL ERROR - Dealer report 2/22/03 F-1092 scan C512699A # A4 25 AU SERIAL ERROR – St.Louis PCDA 10/27/00; eBay 6/2/01 F-1092 scan C512809A A4 25 EF eBay 4/30/03 $447 F-1092 scan C512817A A4 25 CU CAA 1/9/98:1871 $935; eBay 9/9/03 $1775 F-1092 copy C512917A A4 25 CU CAA 1/9/98:1872 $880 [no photo] F-1092 copy C512929A A4 25 CU CAA 1/9/98:1873 $880 [no photo] F-1092 scan C512937A A4 25 EF Dealer 8/22/05 F-1092 C512957A A4 25 CU CAA 1/9/98:1874 $935 F-1092 C512969A A4 25 AU-CU Dealer 2/22/03 F-1092 C512973A A4 25 CU CAA 1/9/98:1875 $907.50 F-1092 scan C513621A A4 25 EF 7/5/04 Dealer F-1092 scan C513673A A4 25 EF 7/5/04 Dealer F-1092 scan C513707A # A4 25 CU SERIAL ERROR - CAA 1/9/98:1876 $935 F-1092 scan C513724A # A4 25 EF-AU SERIAL ERROR - eBay 1/27/02 F-1092 C513727A # A AU SERIAL ERROR - Gengerke: Internet auction 8/31/00 F-1092 scan C513728A # A4 25 CU SERIAL ERROR – eBay 10/19/00 $900 F-1092 scan C513735A # A4 25 AU SERIAL ERROR - eBay 3/5/01 F-1092 scan C513736A # A4 25 EF-AU SERIAL ERROR - eBay 4/12/04 $810 F-1092 scan C513742A # A4 25 EF-AU SERIAL ERROR - Dealer 7/5/04 F-1092 copy C513747A # A4 25 CU SERIAL ERROR - CAA 1/9/98:1877 $935 [no photo] F-1092 scan C513750A # A4 25 AU SERIAL ERROR – Gengerke: eBay 3/12/00; eBay 5/29/02 F-1092 C513759A # A4 25 AU-CU SERIAL ERROR – Rosemont CPMX 3/10/06 F-1092 scan C513771A # A4 25 AU SERIAL ERROR - eBay 1/9/01 F-1092 scan C513778A # A4 25 CU SERIAL ERROR - Gengerke: Internet auction 8/31/00; Lyn Knight 3/18/05:1096 F-1092 C513779A # A4 25 AU-CU SERIAL ERROR – Orlando FUN 1/5/07 F-1092 copy C513792A # A4 25 AU SERIAL ERROR – St.Louis PCDA 10/27/00 F-1092 scan C513794A # A4 25 EF-AU SERIAL ERROR - CAA/Heritage 5/7/04:18218 $862.50 Paper Money • March/April 2013 • Whole No. 284 99 F-1092 C515401A A4 25 CU CAA 1/9/98:1878 $880 F-1092 copy C515409A A4 25 CU CAA 1/9/98:1879 $852.50 [no photo] F-1092 C515417A A4 25 CU CAA 1/9/98:1880 $880 F-1092 C515421A A4 25 CU CAA 1/9/98:1881 $825; Lyn Knight 12/2/00:227 $1375 F-1092 C515425A A4 25 CU CAA 1/9/98:1882 $880 F-1092 C515429A A4 25 CU CAA 1/9/98:1883 $852.50 F-1092 C515433A A4 25 CU CAA 1/9/98:1884 $852.50 F-1092 C515437A A4 25 CU CAA 1/9/98:1885 $907.50 F-1092 scan C515441A A4 25 CU Lyn Knight 6/15/02:1728 $1610 F-1092 scan C515445A A4 25 AU Gengerke: Internet auction 8/31/00; CAA/Heritage 1/9/04:19178 EF $1265 F-1092 copy C515449A A4 25 CU CAA 1/9/98:1886 $825 [no photo]; CAA 5/14/99:1618 $1,650 F-1092 scan C515477A A4 25 AU eBay 5/13/04 F-1092 scan C515485A A4 25 CU-63 Gengerke: Dealer 4/12/00; eBay 7/4/03 $1682 [CGA]; eBay 9/26/04 [CGA] F-1092 scan C515497A A4 25 CU eBay 12/7/00 F-1092 scan C515973A A4 25 AU Secret Service Counterfeit 2/12/03 F-1092 scan C519517A A4 25 AU-58 eBay 8/8/03 $1900; eBay 4/14/04 $1525 [RCGS}; eBay 7/28/04 [RCGS} F-1092 C519801A A4 25 CU CAA 1/9/98:1887 $852.50 F-1092 copy C519805A A4 25 CU CAA 1/9/98:1888 $797.50 [no photo] F-1092 copy C519809A A4 25 CU CAA 1/9/98:1889 $797.50 [no photo] F-1092 C519813A A4 25 CU CAA 1/9/98:1890 $797.50 F-1092 scan C519817A A4 25 CU eBay 3/26/02; CAA/Heritage 6/15/04:22374 AU (withdrawn) F-1092 C519821A A4 25 CU CAA 1/9/98:1891 $825; Lyn Knight 2/27/04:1716 $2415 F-1092 C519825A A4 25 CU CAA 1/9/98:1892 $797.50 F-1092 C519833A A4 25 AU Gengerke: Dealer 11/13/97; R.M. Smythe 6/19/98:1212 $770 F-1092 C519841A A4 25 CU CAA 1/9/98:1893 $797.50 F-1092 scan C519849A A4 25 CU-65 CAA 1/9/98:1894 $852.50; eBay 3/13/02 [CGC] F-1092 C519853A A4 25 CU CAA 1/9/98:1895 $825 F-1092 scan C519857A A4 25 CU eBay 11/8/03 $1975 (reserve not met); Dealer 7/27/04 F-1092 scan C519869A A4 25 CU CAA 1/9/98:1896 $825; eBay 3/26/01 F-1092 C519873A A4 25 CU Dealer 7/27/04 F-1092 C519877A A4 25 CU CAA 1/9/98:1897 $797.50 F-1092 C519881A A4 25 CU CAA 1/9/98:1898 $825 F-1092 C519885A A4 25 CU CAA 1/9/98:1899 $852.50 F-1092 C519889A A4 25 CU CAA 1/9/98:1900 $825 F-1092 C519897A A4 25 CU CAA 1/9/98:1901 $825; Lyn Knight 6/17/00:485 $1210 F-1092 scan C525828A D4 25 F-VF Gengerke: Dealer auction 11/24/96:146; Memphis 6/11/04 VF  You can add to this census Check your own collection and report additional notes to the Paper Money Editor or to author Doug Murray directly at Paper Money • March/April 2013 • Whole No. 284100 THE WONDERFUL WORLD OF PAPER MONEY OFTEN GIVES US SOME INTRIGUING ERRORSTOstudy and enjoy. Case in point is the La Porte & Plymouth Plank Road Company pair of notes shown above.Here we have a good example of an obsolete error note that is obtainable, and at the same time, quite afford-able. Notice in top image a usual $5 note from an old business that operated out of Indiana during the middle 1800s. It comes from my uncut sheet of fully issued notes, which was printed from a printing plate that also included two $1 notes and one $2 note, all of which had no print of the back side. To discourage counterfeiting, the engraver / printer, Danforth, Wright & Co. New York & Philadelphia, printed the notes with two different face printings. One of the printings gave the note its detail of vignettes, company name, town and state, etc. The other included brown lace net- work over the note, and the word FIVE in large white outlined block letters. But notice the second note image that the large word FIVE at the bottom of the note. It is spelled backwards. The reason…this printing, which was intended to be appear on the face of the note, was actually done on the back. Because of the very thin paper, the second print does show from the backside, thru the paper, and appears to be on the front side. With a casual glance, all would look fine, since FIVE is oriented correctly on the error back side of the note, AND if it weren’t for the spelling of the word FIVE. One would think that all sheets printed with the under-printing on the backside would have been destroyed when noticed. But fortunately for obsolete collectors someone back then saved some of the error notes for us to enjoy. Being a very serious obsolete sheet collector, I have never seen, let alone had the privilege of acquiring, a full, uncut sheet of these notes. And after talking to many obsolete currency people “in the know,” I have never talked to anyone who has seen or even heard of one. But who knows what lies “hiding in the wood-work” just waiting to be discovered. Just another pleasant example in the wonderful world of paper.  An obsolete currency error By Robert Gill Paper Money • March/April 2013 • Whole No. 284 101 Last Call: SPMC needs a few good men or women Your Society needs several good members to serve on the SPMC Board of Governors. Two spaces are already vacant on the Board and Board Members Pierre Fricke and Lawrence Schuffman’s terms are expiring. Of course the expiring Board members may run again, but it is clear that SPMC needs an infusion of new leaders to guide the Society through its next decades. If you love your hobby and want to help -- Step up! Board Members typically meet at our annual meeting at the Memphis International Paper Money Show and in some years at a second meeting at another show. The Board elects the Society’s officers, and is responsible for the financial health, educational programs, and other important aspects of SPMC. If you are willing and have the time, please consider contributing back to the hobby in this important way. Contact SPMC President Mark B. Anderson immediately at to find out how you can qualify to run for one of these seats. Paper Money • March/April 2013 • Whole No. 284102 SUNRISES CONSTITUTED A RECURRING THEME ON THE STATEseals used on the backs of Original Series, Series 1875 and Series 1882National Bank Notes. A sunrise over newly opened land was a universalmetaphor for hope and the promise of future prosperity, so many states incorporated one into their seals. Most state seals - or coats of arms as they were called at the Bureau of Engraving and Printing - were engraved at the bank note companies. Then they were transferred to the BEP during the transition to the Series of 1875 in 1875-77. Bureau engravers gave very serious attention to how to portray sunrises. The result was that they set about to improve most of them. Use of the Smithsonian Proofs The BEP proofs in the National Numismatic Collection at the Smithsonian Institution include Series of 1875 backs made at the Bureau and all of the 1882 backs. Consequently we studied them in order to discover the varieties that are included here. Our incentive to use the proofs was the fact that they con- stituted a comprehensive set of the seals. Also they are perfect prints, which is ideal for illustrating a study of this kind. The same seals were used on both Series of 1875 and 1882 back plates. The changes that were made were carried out by BEP personnel when the Series of 1882 was current, so all the changes occur in that series. However, not all the varieties showed up on Series of 1875 notes. The rea- son is that the only way a new variety could make it to a Series of 1875 back was if a replacement plate was required and a new plate was made at the Bureau after the variety had been adopted. The Paper Column By Peter Huntoon & Andrew Shiva Evolution of Skies & other Details on State Seals on National Bank Notes Paper Money • March/April 2013 • Whole No. 284 103 Making Seal Varieties There were two ways a new state seal was made: (1) engrave an entirely new die or (2) alter the image on an existing die. Both techniques were employed. The procedure for modifying an existing engraving involved laying the image into a new die using the transfer roll made from the original. The image on the new die, which was still soft, could then be altered. It was not possible to alter the original die directly because it had been hardened. Once the desired result was obtained, the new die was hardened and a new transfer roll was made from it and also hardened. Savers The people involved in the intaglio engraving trade were notorious savers. They rarely threw away dies or transfer rolls, even after they had become obsolete. The consequences were occasionally delightful, especially in the case of transfer rolls. Obsolete transfer rolls were in the inventory so siderographers occasionally used them to lay obsolete images into a new plate. The result was that the changeovers between varieties often were not abrupt. Instead some new plates came out with the old variety, a situation that went on for years in the cases of some states! In fact, we discovered three Series of 1882 10-10-10-20 back plates for Indiana where all the seals on the $10s are of our 3rd variety whereas those on the $20s are the 4th! Now that is unusual, and was totally unexpected! Indiana Figure 1 illustrates that we identified four distinct engravings of the same basic seal on the Series of 1882 proofs for Indiana. The primary feature that differs between them is the sunrise. Other elements that were altered include the patterns of the bark on the tree trunks, the details of the cut being made in the tree, the shape of the bushes in the background to the left of the wood chopper and the patterns defining the topographic facets on the faces of the two mountains to the left. At first glance, varieties 2 and 3 look the same, with variety 2 being a weak transfer. However, a weak transfer does not explain the distinctively different line work in the tree trunks. Figure 1. Sunrise varieties found on the Indiana state seal: (1) bold white rays, (2) weak spiked rays, (3) spiked rays and (4) stylized engraved rays. Paper Money • March/April 2013 • Whole No. 284104 The progression is toward the highly stylized engraved rays on variety 4, which very successfully evoke a sunrise. The same evolutionary trend and final result will be observed on the sunrises in the seals for several other states. The data on Table 1 clearly reveals that obsolete rolls were resurrected to make plates after a new variety had been adopted. This is poignant evidence the intaglio workers never threw anything away! Our most astonishing Indiana discovery is shown on Figure 2 where you can see that the Series of 1882 10-10-10-20 proofs for plates 8, 10 and 11 exhibited variety 3 seals on the $10s and variety 4s on the $20s! It is apparent that two sidero- graphers were involved in making those plates. The fellow laying the seals into the $10s used an obsolete transfer roll whereas the fellow laying in the $20s used the new roll! Discoveries like this really keep you going in this game! There is a final quibble to be made with regard to the Indiana seals. As shown on Figure 3, some of the skies come out entirely clear, especially on Original/1875 backs. We are attributing this to weak transfers of the weak ray design because the rest of the details are identical between the two varieties. However, it is entirely possible that the clear sky image represents a distinct 5th Figure 2. The state seals on 10-10-10- 20 Series of 1882 Indiana plates 8, 10 and 11 have sunrises with spiked rays on the $10 subjects and stylized engraved rays on the $20s. It is obvi- ous that two different transfer rolls were being used to make the plates, wherein the one with spiked rays was obsolete. Paper Money • March/April 2013 • Whole No. 284 105 variety. One problem with classifying it as such is that you couldn’t tell the different between it and a weak ray seal on a worn note. Michigan The Michigan seal is a bit of a tough call. When we examined the proofs, we easily could see a distinct difference between the earlier and later seals. Close examination revealed that both were made from the same die, but the variety 2 ver- sion had been retooled during the early brown back era to darken the entire field and to bring out the rays behind the eagle and in the TUEBOR shield. The effect is visually obvious on Figure 4 where the eagle and other details are much more boldly defined. The rays on the original appear to be separated from each other by white lines that radiate from a source behind the eagle. Those lines are not lines at all, but instead are vertically aligned tiny gaps separating the engraved horizontal lines that make up adjacent rays. The tiny gaps on the retooled image were closed by extending the horizon- tal engraved lines. The fact that the lines in the adjacent rays are offset where they now touch maintains the visual effect of the rays, but gives them and the whole a richer, darker appearance. All the Original/1875 plates are variety 1 except for the last 5-5-5-5 plate made at the BEP. The first of the Series of 1882 plates are also variety 1, specifically 5-5-5-5 plates 1 to 9, and 10-10-10-20 and 50-100 plates number 1. Series of 1882 5-5-5-5 plates 10-18, 10-10-10-20 plates 2-16 and 50-100 plates 2-3 are variety 2. Figure 3. The weak spiked sky (left) appears to come out as a clear sky (right) on weak transfers of the weak spiked seal. There is a possibility that the two were made from different dies; however, all the other details are identical. Figure 4. The variety 2 Michigan seal on the right was made by duplicating the original die and deepening and extending the tiny horizontal dashes that make up the interiors of each of the rays until most touched. The visu- al effect of the rays was strengthened giving the overall image a darker, richer appearance. Paper Money • March/April 2013 • Whole No. 284106 Minnesota The Minnesota seal was reengraved and the design on it was the most changed in the group treated in this article, but you still will have to carefully com- pare the before and after versions to spot the differences. Once you do, you’ll exclaim “why didn’t I notice all them before!” The new die was made to materially improve the appearance of the sunrise, a job that was undertaken shortly after the start of the Series of 1882. Figure 5 reveals that the waterfall and all the vegetation to the right of the man’s head and shoulder was totally reworked as well. The ground in front of and below the horse as well as details in the vegetation and powder horn were similarly redone. The only Series of 1882 plates to utilize variety 1 seals were 5-5-5-5 plates 1-8. Plates 9-12 were variety 2, as were all the 10-10-10-20s and 50-100s. All the back plates made at the BEP for the Series of 1875 were also variety 2, although it is certain that existing variety 1 bank note company back plates were used to print the early Series of 1875 notes. New York The first New York state seal underwent a succession of two changes in order to sharpen the appearance of the sunrise as shown on Figure 6. Each is a dif- ferent engraving. Better defined clouds were added to variety 2, and the definition of the sun was improved each time until its profile became a circle on variety 3. Variety 2 is dis- tinctive in that a set of parallel vertical lines was used to cast a shadow across the water in front of the mountain. Those lines were removed from variety 3. An important improvement on variety 3 was the strengthening and darkening of the horizontal lines comprising the field behind the eagle. There are obvious differences in the patterns on the women’s clothing between each variety. Figure 5. The Minnesota seal was completely redone. Notice the differ- ences in all the vegetation, the water- fall, and the sunrise. Write the Editor and speak your mind Paper Money • March/April 2013 • Whole No. 284 107 Variety 2 was the least frequently used on Series of 1882 plates and variety 3 the most. All three varieties appear on Series of 1875 backs, with variety 2 being by far the least used because it occurs only on two each of 5-5-5-5 and 50-100 plates. Ohio As shown on Figure 7, it took three engravings to arrive at the final version of the sunrise for the first Ohio seal. All look fairly similar at first glance until you take a closer look. Figure 6. The evolution of the first New York seal involved a progression through three varieties from left to right culminating in a round sun on variety 3 and an evenly and darkly shaded background behind the eagle. The sunrise is bright and the rays ill defined on variety 1. Variety 2 is distinguished by the parallel vertical lines that represent a shadow cast by the mountain across the water in the foreground. Figure 7. Three engravings were made of the first Ohio seal. The boat on variety 1 on the left exhibits a wake as well as a parallel white flash on the smooth water in the foreground. Variety 2 is most notable for the deeply shaded flank of the mountain on the left. Variety 3 has the best defined sunrise and well developed clouds, lit from below. Paper Money • March/April 2013 • Whole No. 284108 The quality of the engraved work depicting the sunrise and sky improve substantially from left to right culminating on variety 3 with very well defined rays and attractive clouds that are well-lit from below. However, if you want to hone in on other differences, we suggest that you look at the mountains, because all are dif- ferent. The dark shading on the left side of the variety 2 mountain is the most dis- tinctive. There are obvious differences in the wake to the left of the boat, with variety 1 sporting not only a wake but second parallel white flame that represents a smooth spot on the water below the wake. You will see numerous differences in the vegeta- tion and in the presentation of the items in the foreground. We only found two BEP proofs with variety 1 vignettes; specifically, an 1875 20-20-50-100 and an 1882 10-10-10-20, both plate number 1. Variety 2 appears on 1882 5-5-5-5 plates 1-3, 10-10-10-20 plates 2-3, and 50-100 plate 1. The vast majority of the proofs are variety 3, and there are plenty of them because Ohio was a large issuer. Maine The story of the Maine state seals is terrific, not because the varieties are gigantic, but because they brought with them one totally unexpected surprise. The centerpiece of the Maine state seal is the polar star, a feature that the creators of the seal wished to load with symbolism. The following is one of the resolves attending adoption of the seal by the legislature in 1820. “ the Polar Star has been considered the mariner’s guide and director in conducting the ship over the pathless ocean to the desired haven, and as the center of magnetic attraction; as it has been figuratively used to denote the point, to which all affections turn, and as it is here intended to represent the State, it may be considered the citizens’ guide, and the object to which the patriot's best exertions should be directed.” Belaboring this point, the state motto Adirigo , which is Latin for “I direct” or “I guide,” was added to the banner within the seal to foster the notion that the state serves as a guide to the citizen and thus the state should become the focus of his patriotic exertions. One of the BEP engravers took steps to sharpen the radiating star on the Maine seal at the same time Bureau engravers were perfecting how to portray sunris- es on the other state seals. You can observe on Figure 9 that he darkened the star in order to better differentiate it from the rays and also enhanced the contrasts between the rays, both to good effect. Figure 8. A duplicate was made of the Maine seal in 1892 whereupon an engraver greatly enhanced the con- trast between the star and rays ema- nating from it. The enhanced version was used only on the last $5 Series of 1875 and last nine $5 Series of 1882 5-5-5-5 back plates. Paper Money • March/April 2013 • Whole No. 284 109 This was a case where a copy of the original die was laid in to a new die and altered rather than engraving a totally new seal. The new die was entered into the BEP die ledger on December 30, 1892. The strange thing about the new die was that it only was used to make new $5 plates, one in the Series of 1875 and nine in the Series of 1882. The first was brown back plate 11 certified April 19, 1894. All the higher denomination plates that were required continued to be made with the weak star. The big surprise arrived on the second plate made from the new die, the lone duplicate $5 Series of 1875 back plate certified June 20, 1894. You can see from Figure 10 that some perfectionist engraver just couldn’t leave well enough alone. Figure 9. Notice how the engraver darkened the star and added contrast to the rays on Maine seal on the right. Figure 10. An engraver added texture to the letters spelling DIRIGO on the C-position note on the last Series of 1875 5-5-5-5 Maine back plate that was made. This ad hoc embellishment was not used on any other subject or plate. Paper Money • March/April 2013 • Whole No. 284110 Notice that he decided to add texture to the hollow letters spelling Dirigo by inscribing flourishes within them. He practiced on the C position directly on the plate, not on the die, which by then had been hardened. His effort never went any further, so the only way to find this variety is to obtain a $5 from the C position of the last Series of 1875 plate made for the state! Illinois The Illinois seals on Figure 11 exhibit the subtlest of the varieties we have found, but the changes are neat. Someone didn’t like the configurations of the eagle’s claws, so they were redone. The new die was a new engraving, but a very faithful copy of the original. As shown on Figure 12, the left talon originally clasped a small branch but the branch was removed from variety 2. Figure 13 reveals that the right talon on the original has one weakly engraved claw wrapped around the arrows, whereas there two very prominent claws around the arrows on Variety 2. Figure 12. There are two well defined claws wrapped around the arrows on variety 2 Illinois seal on the right. Figure 11. A new engraving was made of the Illinois state seal to change both of the Eagle’s talons. Variety 1 is on the left. Paper Money • March/April 2013 • Whole No. 284 111 The new die was logged into the ledger in 1897, but we found that it start- ed to be used to make plates beginning at least as early as 1894. If it hadn’t been for the ledger entry, we wouldn’t have spotted the varieties. The new variety was heavily used on all the Series of 1882 sheet combina- tions, but only one 5-5-5-5 Series of 1875 back was made with it. Acknowledgment The research leading to this article was supported by the National Currency Foundation. Sources of Data and References Cited Bureau of Engraving and Printing. Certified proofs of national bank note face and back plates, 1875-1929. National Numismatic Collections, Museum of American History, Smithsonian Institution, Washington, DC. Bureau of Engraving and Printing. Record of dies received for national currency, plate vault division, 1875-1941. Record Group 318, U. S. National Archives, College Park, MD. Maine state seal: Figure 13. The talon is clearly grasp- ing a small branch on variety 1 Illinois seal on the left. Table 1. Varieties of the Indiana state seal observed on proofs for Series of 1875 and 1882 national bank notes backs in the National Numismatic Collection. No bank note company proofs were saved from the Original Series back plates that were transferred to the Bureau of Engraving and Printing and used there to print Series of 1875 backs. Plate Plate Plate Serial No.2 Serial No.2 Certification Combination No.1 in Margin in Note Date Ray Variety Series of 1875: 1-1-1-2 -- 13 -- -- weak spiked 5-5-5-5 270 -- -- -- bold white 341 -- -- -- bold white 401 -- -- May 1, 1894 stylized engraved 10-10-10-10 -- 9 -- Jun 4, 1896 spiked 10-10-10-20 -- 1 -- -- weak spiked -- 7 -- -- weak spiked 50-100 -- 1 -- -- weak spiked Paper Money • March/April 2013 • Whole No. 284112 Plate Plate Plate Serial No.2 Serial No.2 Certification Combination No.1 in Margin in Note Date Ray Variety Series of 1882: 5-5-5-5 -- 1 -- Jul 17, 1882 bold white -- 2 2 -- bold white -- -- 3 -- weak spiked -- 4 4 -- weak spiked -- 5 5 -- weak spiked -- 6 6 -- weak spiked -- 7 7 -- weak spiked -- 8 8 -- weak spiked -- 9 9 Mar 16, 1894 weak spiked -- 10 10 Jun 12, 1894 weak spiked -- 11 11 May 3, 1895 stylized engraved -- 12 12 Dec 10, 1895 stylized engraved 108 12 12 Dec 6, 1898 weak spiked renumbered 13, recertified Jul 7, 1899 118 13 13 Dec 10, 1898 stylized engraved renumbered 14, recertified Jul 7, 1899 393 14 14 Dec 8, 1900 stylized engraved misnumbered 14, number not changed 394 15 15 May 11, 1901 stylized engraved 830 16 16 Nov 21, 1906 stylized engraved 915 17 17 Sep 7, 1907 stylized engraved 1031 18 18 May 2, 1908 stylized engraved 10-10-10-10 885 1 1 May 6, 1907 stylized engraved 10-10-10-20 -- 1 -- Jul 17, 1882 weak spiked -- 2 2 Aug 22, 1882 weak spiked -- 3 3 -- spiked -- 4 4 -- spiked -- 5 5 -- spiked -- 6 6 -- stylized engraved -- 7 7 -- stylized engraved -- 8 8 Jun 5, 1894 $10 spiked, $20 stylized engraved -- 9 9 May 3, 1895 stylized engraved -- 10 10 Aug 10, 1895 $10 spiked, $20 stylized engraved -- 11 11 Sep 13, 1898 $10 spiked, $20 stylized engraved 106 12 12 Oct 21, 1898 spiked 107 13 13 Nov 2, 1898 spiked 381 14 14 May 11, 1901 spiked Paper Money • March/April 2013 • Whole No. 284 113 SPMC NEW MEMBERS - 12/05/2012 - 13961 - 13968 13961 Ann Filsinger (C), Tom Denly 13962 Joshua Herbstman (C), Website 13963 K. Todd Kroll Sr. (C), Website 13964 Dennis L. Quayle (C), Tom Denly 13965 Laverne Shaull (C), Frank Clark 13966 Mike Richards (C), Scott Lindquist 13967 Richard A. McDowell Sr., 763 Hanging Rock Road, Boiling Springs, SC 29316 (D, US Large Size Stars, Nationals), Website 13968 Frederick R. Smith, 200 E Stagecoach RD, Pahrump, NV 89060 (C & D, US Small), Website SPMC NEW MEMBERS - 01/05/2013 - 13969 - 13978 13969 Darren Varga (C), Frank Clark 13970 Michael Fogarty (C), Website 13971 Edward von Stein (C), Website 13972 Stephen Reichek (C), Website 13973 None 13974 David B. Richard (C), Wendell Wolka 13975 John R. Petrow (C), Wendell Wolka 13976 Robyn Einhorn (C), Wendell Wolka 13977 John L. Kipp, PO Box 1926, Nashville, IN 47448 (C, Indiana Nationals and Obsoletes), Wendell Wolka 13978 Charles M. Grace (C), Pierre Fricke REINSTATEMENTS 1322 Dean Oakes, PO Box 1456, Iowa City, IA 52240 (C & D), Frank Clark 2676 Edward Zegers Jr, 17209 Falstaff Lane, Olney, MD 20832- 2909 (C, Research), Frank Clark LIFE MEMBERSHIP None  NEW MEMBERS Membership Director Frank Clark P.O. Box 117060 Carrollton, TX 75011 Share your hobby, Sign up a new member TODAY! United States Paper Money special selections for discriminating collectors Buying and Selling the finest in U.S. paper money Individual Rarities: Large, Small National Serial Number One Notes Large Size Type Error Notes Small Size Type National Currency Star or Replacement Notes Specimens, Proofs, Experimentals Frederick J. Bart Bart, Inc. website: (586) 979-3400 PO Box 2 • Roseville, MI 48066 e-mail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`IW[VVK& ! !"#$%&''#()&*+,+$-"&.$ 7NOOPE7Q&R&S@SPO&7DTTP74.UTP>&R&7D.E>& D74DUPO&KK&W&KYB&IJKY& !PUON@OQ&KL&W&K_B&IJKL& 4+#&T,2#1,5$&7#5-#"& XJK&Z#)-&T(9#&>-"##-B&T,2#1,5$B&!T&YY[KV& Z#<&>(-#\&***%*(6%8/9;8/(5)+/*);8/11#8-/",9,& P$&]0)^9,"&R&V_KWY`IW[VVK& ! 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"#$%!&'!$%!($))!*+!,-.!/)-.$'&!01..+234!&2'!0-$2%!&2'!5!(-1)'!)$6+!7-!.12!7#&7!,-.!&))!%$8!&'%!,-.!9:;<=! /012345$%62278%9$584$%138-$ KLK&E%&Z%&IJ4'&>-"##-&R&>0(-#&UWYB&U/8,&O,-/5B&!T&YYLYK& 7:)+;'<:"#=$<>$?&(+$2+)&>@$/'&*<=+$:<>(#$ABCC$ a.>.4&D O&EPZ&ZPU&>.4P& Z#&<0C&,5$&)#11&9,5C&$(33#"#5-&,5$&050)0,1& &N%&>%&70""#58C&(-#9)&,5$&E#,-&S,A#"&@9#"(8,5,%& D#$=&$>&)$;EF$&*$:#''$)"<*=$G+*)F$H*+=#=$%E** >(FI$ !/"&9/"#&(53/"9,-(/5&8 11&P$&]0)^9,"&R& _KWY`IW[VVK& & S1#,)# ,(1&9#&,5$&1#-&9#&25/*&(3&-+()&,11&*(11&*/"2%&&.&*(11&<#&<,82&(5&-+#&)+/A&/5&40#)$,CB&,5$&*(11&)#5$&C/0& -*/&8+#82)&3/"&bIIV%&&D5#&3"/9&7/11#8-/",9,B&,5$&-+#&/-+#"&3"/9&!1/"($,&70""#58C&,5$&7/(5)%&&4+,52)%& P$&]0)^9,"! Paper Money • March/April 2013 • Whole No. 284114 Plate Plate Plate Serial No.2 Serial No.2 Certification Combination No.1 in Margin in Note Date Ray Variety Series of 1882: 10-10-10-20 382 15 15 Jul 23, 1900 spiked 491 16 16 Dec 18, 1902 stylized engraved 566 17 17 Jun 24, 1904 stylized engraved 567 18 18 Jun 29, 1904 stylized engraved 838 19 19 Dec 20, 1906 stylized engraved 949 20 20 Nov 16, 1907 stylized engraved 50-100 -- 1 -- Aug 19, 1882 weak spiked -- 2 2 -- spiked -- 3 3 Jun 3, 1898 stylized engraved 1. Plate numbers are from an omnibus set of numbers instituted in September 19, 1898 for large size national bank note intaglio plates that thread through all the plates made from then on. 2. Plate serial numbers are variety numbers that thread consecutively through plates of the same kind.  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) ______________________________ ___________________________________ ___________________________________ ___________________________________ ONLY $20.50 / YEAR ! ! ! (wow) Paper Money • March/April 2013 • Whole No. 284 115 MARY R. FLEECE, THE DAUGHTER OF JAMESand Louisa (Yeates) Fleece was born in July 1863 in Lake City, Calhoun County, Iowa. Her parents had recently moved to this community and she is said to have been the first white girl born in the county. She married Lewis Warren Moody of Pomeroy, Iowa on September 3, 1882. Pomeroy is also located in Calhoun County, an agri- cultural area in the northwestern part of the state. It was named for Charles W. Pomeroy, an early landowner in the area and a one-term congressman from Iowa. Its popula- tion at the beginning of the last century was slightly over 900 residents, today the population is about 650. Lewis W. Moody, born in 1856 in Virginia, had set- tled in Pomeroy in 1881. Through hard work and perse- verance, he became a successful land developer, lawyer and banker. He was the founding president of The First National Bank of Pomeroy (charter #6063) in 1902, and served as its president until his death on October 9, 1914. His widow, Mary R. Moody succeeded him as presi- dent with the local weekly newspaper of November 19, 1914, carrying a short news item, “At a meeting of the stockholders of the First National Bank, M. R. Moody was elected president and director.” She served for several years until 1917/18 when W. C. McCulloch, the vice pres- ident of the bank, assumed the presidency. Mrs. Moody died on April 16, 1945, and is buried in the family plot in Union Cemetery in Pomeroy. The bank itself had closed in 1931. Sources and Acknowledgements The county history, Past and Present o f Calhoun County, Chicago, 1915, v 2, pp. 5-10 has a picture and biographical sketch of Lewis W. Moody. His obituary appeared in The Pomeroy Herald for October 15, 1914, with a long tribute by J. A. Davy, a friend of over forty years, appearing in the paper on October 29, 1914. The notice of Mary R. Moody’s election as president and direc- tor appeared in the paper on November 19, 1914. Unfortunately, the issue of the paper that would have con- tained her obituary in 1945 has apparently not survived. The assistance of Jim Ehrhardt, who shared his research on Mrs. Moody, is gratefully appreciated.  UNESCO WANTED Coupons, both new and used; individual Specimen notes and Specimen books; and related ephemera wanted! Cell 585-305-4848 email David Seelye P.O. Box 13117 Prescott, AZ 86304-3117 FOR THE SERIOUS ERROR COLLECTOR MONEYMISTAKES.US Mary R. Moody, National Bank President By Karl Sanford Kabelac The weekly Pomeroy Herald carried a front page ad each week for The First National Bank of Pomeroy. This ad from November 26, 1914, is the first with M. [Mary] R. Moody listed as president and director. The week before a short notice about her election as bank president and director had appeared in the paper. Paper Money • March/April 2013 • Whole No. 284116 Introduction to the Update on the Type-64 CSA Note Survey FOR THE PAST SEVERAL YEARS I HAVE BEEN KEEPING TRACK OFthe serial numbers on Criswell Type-64 Confederate States of America notes[1,2,3,4,5,6]. In this article, as of November 18, 2012, I report on serialnumber information from 1847 examples of this issue. In earlier articles in Paper Money [2,3] I reported on observations from 1641 (July 16, 2011) and 976 notes (as of September 15, 2007); in addition I reported earlier data that contained the first 604 observations (as of December 23, 2005) [4]. The serials have ranged between 3 and 38386. I remain convinced that serial 38386 is near to or might just be the very last note issued from this type. This assertion remains the focus of this brief update. A Statistical Look at the Type-64 CSA Note The previous article had detailed graphs of the data, these will not be repro- duced here as this was meant as a briefer look at the survey. Rather I will summarize the data in the following table. Table 1: Number and Rate of Type 64 Notes Surveyed Date Notes Seen by Date Change Change/day November 18, 2012 1847 206 0.419 July 16, 2011 1641 665 0.475 September 15, 2007 976 372 0.589 December 23, 2005 604 The average serial separations for the current 1847 and the previous 1641 note cases are 20.8 and 23.4 as we continue to add precision to the data. A measure of the amount we could expect the average to vary is known as the standard deviation and is 23.9 currently and was 26.1 for the last set of results. This means that about 2/3 of the separations will fall within 23.9 of the average separation of 20.8. Very few fall 2 or 3 standard deviations from the mean; for example a mere 32 pairs of notes are separated by more than 100 serials and only 2 pairs surpass 150 serials. This means that it is almost a sure thing that the final serial seen, 38386, will not be more than 40 or so off from the true end serial. As more numbers are observed we will get surer of this. Next we come to the relative frequency of the notes. This is defined by the number observed divided by the total number printed, including the four serial let- ters (A,B,C, and D). Three versions of the notes were identified by Criswell: Type A Somewhat Frequent Series on Wonderfully Historic Confederate Notes -- 3 By Steve Feller 1847 Note Survey of Type-64 CSA $500 Notes What Was the Last Note Issued? A Brief Update By Steve Feller Paper Money • March/April 2013 • Whole No. 284 117 489, 489A, and 489B [7]. These were supposed to be regions of dark, light, and dark red printings but it is not precise. The frequency and other data are shown in the fol- lowing chart and bar graph: Table 2: Number and Frequency of Type-64 Notes Seen Serial 11/18/12- Range Printed Type # Seen Frequency 07/16/11 1-6000 24000 489A 279 0.01162 34 6001-33000 108000 489 1253 0.01160 137 33001-38386 21544* 489B 315 0.01462 35 Total 153544* 1847 0.01203 206 *In the Table I assumed the Type 489B notes ceased production with the last serial observed, 38386. We see in the above table Type 489B have survived with the most frequency (22% more than the other types) whereas Types 489 and 489A are observed with the virtually the same relative frequency. Raphael Thian gives two related pieces of information in his book, Register of the Confederate Debt [8]. First, the serial number with the last recorded signature com- bination for the Type-64 notes is 32900. Second, the last observed serial number by Thian was 37607 and he indicates his data are incomplete although he had access to thousands of Confederate notes. Once again, from this it is reasonable to suppose that my observed last serial of 38386 is near or perhaps at the end of the issued notes. Another bit of information may be gleaned from the 1847, 1641 and 976 observed serials from the last three survey sampling dates. I looked at the last six groups of one thousand serials (this constitutes the entire range of Criswell 489B notes; these often come with the marvelous dark red ink) and counted how many notes there were in each group of a thousand serials. I observed the following: Table 3: Numbers of Type 489-B Notes Observed Group of Thousand Serials 976 Note Set 1641 Note Set 1848 Note Set 33001-34000 30 47 53 34001-35001 32 64 69 35001-36000 34 56 62 36001-37000 39 49 61 37001-38000 35 49 53 38001-last note (38386) 13 15 17 Is this the last CSA note issued? Note the serial number 38386. Paper Money • March/April 2013 • Whole No. 284118 For the current data set Criswell 489B notes (with the range of serial num- bers 33001 to 38000) there is on average 60 observed notes per 1000 serials with only a small variation, 53 to 69, in the numbers observed. The sudden drop to 17 serials above 38000 is a clear indication that the serials stopped abruptly. Extrapolating the rate of observed notes of 60 per 1000 to the range above 38000 and using the fact that 17 notes have been observed above 38000 leads to a predict- ed end of the serial range to be 38000 + (17/60)*1000 or 38283. This is fairly close to 38386 indicating that 38386 is close to the end. The last three surveys predict the final serial numbers of: Table 4: Predicted Last serial Numbers Based on the Trend of Type 489-B Notes. 976 Note Set 1641 Note Set 1848 Note Set Predicted Last Serial 38442 38283 38283 Conclusions I conclude with ever more confidence than I had in the last articles in Paper Money [1,2] that the illustrated note with serial 38386 must be very near the end of the run for the Type-64 notes. It is surely the case that the note featured in this article is from near the end of the war and, to my knowledge has the highest known serial number for a Type-64 $500 note. If another note was found above 38386 a reasonable estimate of its value would be within one standard deviation of the mean change. This yields a range of serials from 38386 to 38410. I continue my study. Since the last article I’ve made 1848-1641 = 207 observations in about 16 months or from Table 1 about 0.419 notes a day. Before that from September 2007 to July 2011 there were 1641-976 = 665 observations in a period of about 45 months or about 0.475 observations a day. Similarly, in the 21 month prior to September 2007 I saw 976-604 = 372 new serials or just about 0.589 per day. Thus the trend is slowly downward and I’m seeing more and more dupli- cates as well. For example in the last 38 observations on eBay 22 of the notes were previously seen. This tells me that the rate of new observations likely will continue to slow. Of course, there are many T-64s in collections, institutions, and especially the Smithsonian with its world’s largest repository of Confederate Currency which inherited notes from the Rebel Archives [9]. Thus, it is quite likely that there are several thousand surviving T-64 notes out there. If readers have additional serial number and letter reports I would be pleased to receive them at Each article does generate several new observations. Bibliography [1] Feller, Steve. “1641 Note-Survey Update on Type-64 CSA $500 Notes: What was the Last number Issued,” Paper Money, L no. 6 (2011), Whole Number 276, pp. 464-476. [2] Feller, Steve. “A Survey of Nearly 1000 Type-64 Confederate States of America $500 notes: What Was the Last Note Issued? Paper Money XVII no. 1 (2008), Whole Number 253, pp. 11-18. [3] Feller, Steve. “The Criswell Type 64 Confederate States of America Note,” I.B.N.S. Journal 42 no. 3, (2003), pp. 41-42. [4] Feller, Steve, “Is This the Last Confederate Note Issued?”, I.B.N.S. Journal, 44 no. 4 (2005), pp. 31-32. [5] Feller, Steve. “The Criswell Type 64 Confederate States of America Note: A Statistical Update,” I.B.N.S. Journal, 43 no. 2 (2004), pp. 54-55. [6] Feller, Steve, “The Criswell Type 64 Confederate States of America $500 Note,” I.B.N.S. Journal, 42 no. 3 (2003), pp. 27-33. [7] Criswell, Grover C. Comprehensive Catalog of Confederate Paper Money. Port Clinton, OH: BNR Press, 1996. [8] Thian, Raphael P. Register of the Confederate Debt. Boston: Quarterman Publications, 1972. [9] Reed, Fred. “Shades of the Blue and the Grey,” Bank Note Reporter, July 2011.  Florida Paper Money Ron Benice “I collect all kinds of Florida paper money” 4452 Deer Trail Blvd. Sarasota, FL 34238 941 927 8765 Books available,,,, hugh shull Paper Money • March/April 2013 • Whole No. 284 119 MYLAR D® CURRENCY HOLDERS PRICED AS FOLLOWS BANK NOTE AND CHECK HOLDERS SIZE INCHES 50 100 500 1000 Fractional 4-3/4" x 2-1/4" $21.60 $38.70 $171.00 $302.00 Colonial 5-1/2" x 3-1/16" $22.60 $41.00 $190.00 $342.00 Small Currency 6-5/8" x 2-7/8" $22.75 $42.50 $190.00 $360.00 Large Currency 7-7/8" x 3-1/2" $26.75 $48.00 $226.00 $410.00 Auction 9 x 3-3/4" $26.75 $48.00 $226.00 $410.00 Foreign Currency 8 x 5 $32.00 $58.00 $265.00 $465.00 Checks 9-5/8 x 4-1/4" $32.00 $58.00 $265.00 $465.00 SHEET HOLDERS SIZE INCHES 10 50 100 250 Obsolete Sheet End Open 8-3/4" x 14-1/2" $20.00 $88.00 $154.00 $358.00 National Sheet Side Open 8-1/2" x 17-1/2" $21.00 $93.00 $165.00 $380.00 Stock Certificate End Open 9-1/2" x 12-1/2" $19.00 $83.00 $150.00 $345.00 Map & Bond Size End Open 18" x 24" $82.00 $365.00 $665.00 $1530.00 You may assort note holders for best price (min. 50 pcs. one size). You may assort sheet holders for best price (min. 10 pcs. one size). SHIPPING IN THE U.S. (PARCEL POST) FREE OF CHARGE Mylar D® is a Registered Trademark of the Dupont Corporation. This also applies to uncoated archival quality Mylar® Type D by the Dupont Corp. or the equivalent material by ICI Industries Corp. Melinex Type 516. DENLY’S OF BOSTON P.O. Box 51010, Boston, MA 02205 • 617-482-8477 ORDERS ONLY: 800-HI-DENLY • FAX 617-357-8163 See Paper Money for Collectors Harlan J. Berk, Ltd. “The Art & Science of Numismatics” 31 N. Clark Street Chicago, IL 60602 312/609-0016 • Fax 312/609-1305 e-mail: A Full-Service Numismatic Firm Your Headquarters for All Your Collecting Needs PNG • IAPN • ANA • ANS • NLG • SPMC • PCDA HIGGINS MUSEUM 1507 Sanborn Ave. • Box 258 Okoboji, IA 51355 (712) 332-5859 email: 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 • March/April 2013 • Whole No. 284120 It’s Time to Re-Visit T-41 Plate Varieties I first became interested in Confederate Currency when I was in high school in Winnipeg, Canada when I answered an ad from the Tatham Stamp & Coin Company offering to send Confederate notes on approval. It is a good thing they didn't ask my age or they probably would not have replied. I think the first notes I bought were a $5 and $10 of the 1864 issue. This would have been in 1948 or 1949 and they would have been very cheap. I have been fascinated with the series ever since. Over the years I have accumulated, bought and sold several collections and am probably on my last. For a number of years I have been putting together a collection of T-41's and have become increasingly frustrat- ed at the seeming lack of a decent catalog that properly describes the various plate varieties. The first catalogue I obtained was, of course, a fairly well worn copy of Bradbeer, who provided a fairly good listing of paper varieties but over-simplified the plate varieties. He correctly noted that there were two different corner designs, or scrolls but simply divided the plate varieties into two categories - Frame line ending before or after "Except Export Duties." Unfortunately, when the Criswells re-vamped Bradbeer's catalog they simply continued with the same categories and catalog numbers, with a few additions and corrections. It was obvious to me that there were many more variations to the bottom frame lines, and I could not understand how any cataloguer could ignore them. When I asked Grover Criswell at the 1957 ANA convention he replied that it was too complicated for most collectors and he wanted to keep it simple. Then along came Pierre Fricke's book in 2008 and I thought "at last, someone has taken the time to sort it all out!" While Pierre acknowledged the fact that there are, in fact, at least eight configurations of the bottom frame line he simply lumped a number of them together under the same catalogue number. In fairness to Pierre, he also had to deal with paper varieties and to try to include everything would have made it appear even more compicated to the average collector. He also made one fairly major omission in that he assumed that there were only two master plates for the variety commonly called "Scroll 1," whereas there were actually three master plates used, one being a correction of the first plate which had omitted the "The" before "Confederate States of America". The third plate was an entirely new plate that had additional frame lines added to the inside of each end. This omission prompted me to put together a summary of what I believe are most, if not all, of the major plate varieties. Matching individual letter plates ( "W," "X," "Y," and "Z" ) for the Scroll 1 varieties turned out to be fairly easy, as the master plates are so obviously different. However, matching Scroll 2 varieties with master plates proved to be impossible. There are at least three and possibly four master plates for the Scroll 2 varieties but without a set of uncut sheets, or even cut sheets, it is impossible to match the individual letter plates with a particular master plate. Perhaps further research will turn up enough evidence to allow a proper matching. I have simply listed and described all of the various letter plates and numbered them W-1, W-2, X-1, X-2 and so on starting with the plates for Scroll 1 and continuing with Scroll 2 varieties. I have made no attempt to incorporate paper varieties as this is a project for another day. CSA Type-41 $100 Interest-Bearing Treasury Note (Hoer Note) Plate Varieties By James W. Astwood Paper Money • March/April 2013 • Whole No. 284 121 Paper Money • March/April 2013 • Whole No. 284122 Paper Money • March/April 2013 • Whole No. 284 123 Paper Money • March/April 2013 • Whole No. 284124 Abraham Lincoln, Beyond the American Icon by well-known and respected author Fred Reed, with a foreword by Q. David Bowers, follows closely on the heels of his 2009 award-winning ref- erence Abraham Lincoln, The Image of His Greatness. This hardcov- er reference has 464 pages and more than 1,400 full color images. The Fred Reed collection contains 4,000 Lincoln items, many that have been reproduced here. The cover of the book has a vivid and very famous image of Abraham Lincoln by artist Cathee A. “Cat” Clausen. Quoting Q. David Bowers’ Foreword, “The present book is indeed comprehensive; it would be a rare find indeed to locate a significant image of Lincoln as a product advertisement, medal, civic monument, or other manifestation not known to the author.” We think that you will find a lot of useful information on Lincoln that won’t be found anyplace else. Why would anyone do another Lincoln book and quoting Fred, “Simply put, it is because I still have Abe-eagerness in my sinews, and my publisher thinks our public still has Abe-receptivity, too?” Fred goes on to say, “this new work has entirely new text, and all new illustrations, and the empha- sis has shifted. Its predecessor book was more heavily slanted toward Lincoln the man and Lincoln the ideal – the mythmaking phase of the story. This book is more heavi- ly slanted toward Lincoln the idol and Lincoln the icon – the brand- ing phase.” We liked the timelines. Chapter 1. Abraham Lincoln: 1809 – 1865. From his early years to the day before he was assassinat- ed, this book chronicles the impor- tant parts of his life. There are pic- tures of ephemera, tokens and medals, U. S. currency and coins, broadsides, pins, ribbons, stock certificates, tintypes, scrip, car- toons, periodicals of the time, seals, and letters. There is even an illus- tration of a check Lincoln signed on April 13, 1865, the day before he was assassinated by Booth. Chapter 2. Lincoln the Ideal: 1865 – 1909. This chapter chron- icles the important events from 1865 to 1909. Many pictures of Lincoln and items used during that period are shown. A Lincoln card was engraved and printed by the Treasury Department in 1866. In 2012 the Bureau of Engraving & Printing produced a sou- venir card using that same portrait. At the top of the Lincoln card there is a small eagle which was engraved by Henry Gugler. The head of the eagle is turned backwards and when inverted the vignette resembles the head of a jackass. This eagle is on the $10 United States Notes of Series 1869 to 1880. There is also an illustra- tion of New York collector Andrew C. Zabriskie’s 1873 catalog of medals struck honoring Lincoln. Only 75 copies were produced. The 1868 illustration of Alexander Hay Ritchie’s famous engraving of Lincoln’s deathbed scene will also be found in this chapter. Chapter 3. Lincoln the Idol: 1909 – 1959. 1909 was the cen- tennial celebration of Lincoln and the author covers events and items that were produced including the 1909 (centennial of Lincoln’s birth year) Lincoln cent. It was interesting to read that the Lincoln cent idea “was conceived by Lincolnphile Republican U. S. president Theodore Roosevelt as a daily reminder of the nation’s indebtedness to the nation’s savior.” Also quoting the book “As a young boy, Teddy witnessed the Lincoln funeral procession up the city’s Broadway from the window of his grandfather’s mansion.” One of the more interesting illustrations has an enlargement of the reverse of the Lincoln cent model with the name Brenner appearing. The mint stopped this design and later the initials V.D.B. (Victor David Brenner) were used and his last name disappeared. Many other great illustrations depicting Lincoln are found in items rang- ing from comic books and matchbook covers up to gold medals. On January 2, 1959, the U. S. Mint started striking Frank Gasparro’s Lincoln Memorial on the reverse of the cent. Chapter 4. Lincoln the Icon: 1959 – 2009. “No U. S. presiden- tial portrait in history has been more widely duplicated and dis- persed than Anthony Berger’s February 9, 1864, photograph known as O-92, except for the Washington portrait on the dollar bill and the Lincoln profile on the cent.” Use of this O-92 image of Lincoln is prominently illustrated. Sculptor Marcel Jovine’s medal illustrates the stylized process of reducing Brenner’s Lincoln cent design to coinage-die size. The version depicted was used in 1982 on Chet Krause’s aluminum medal marking the 30th anniversary of his weekly coin tabloid, Numismatic News. This period has several tele- vision and movie depictions of Lincoln. In one you see 23rd century ship’s captain James T. Kirk (William Shatner) meet- ing his boyhood idol, 19th century U.S. president Abraham Lincoln, played by Lee Bergere. In the timeline of events, we found on September 12, 2007, a link to the George Eastman House, Rochester, NY, “the great repository and museum of photographic history, posts a short podcast to YouTube, enti- tled Abraham Lincoln Plate Negative.” You can view the pod- cast at: Chapter 5. Lincoln the Immortal: 2009 and Beyond. The author states “Old habits die hard in regards to paper money.” Since their appearance on U.S. paper money in 1869, the iconic O-92 Lincoln image has consistently appeared on notes of $100, $500, $1, and (most famously) $5 bills for a period of 131 years. Two other photos in this chap- ter show author Fred Reed with his first edition of Lincoln at conventions. The timelines of Lincoln events in the chapter end with a February 2012 comment on “The Ford’s Theater Center for Education and Leadership” opened across from the famous Ford’s Theater and next door to the Petersen House. Construction for this facility started in July 2010. We think that everyone will enjoy reading this book and view- ing the many illustrations. The Whitman release for this second Lincoln image book (or sequel) by Fred Reed said: “Plus more award-winning analysis and commentary.” We think that any reader will appreciate greatly the author’s expertise. No one could have done this reference better than Fred Reed. The book is a must for any numismatist, historian, researcher, library or any person who cares about one of our most famous Americans. The author’s vast knowledge and love of Abraham Lincoln, his great care with detail writing the book, along with his immense collection illustrated throughout make this book an excellent source of information. The selling price of $29.95 is a real bargain. We also think this book will be a candidate for book of the year at the NLG function at this year’s ANA World’s Fair of Money. For information on purchasing this reference you can contact: Whitman Publishing LLC, 3101 Clairmont Rd., Suite G., Atlanta, GA. 30329, Phone Number (800) 546-2995 or or or barne-  Paper Money • March/April 2013 • Whole No. 284 125 Abraham Lincoln, Beyond the American Icon Review by John and Nancy Wilson, NLG Paper Money • March/April 2013 • Whole No. 284126 Paper Money • March/April 2013 • Whole No. 284 127 Paper Money • March/April 2013 • Whole No. 284128 EVERY WRITING COURSE INSTRUCTOR STRESSESthat authors should write about what they know best, so it should come as no surprise to Paper Money readers that South Carolina collector Wayne Hilton, who has assembled no fewer than 10 four-note condition census sets of high grade CSA Montgomery notes should have spun an amazing tome on this high-valued, historic series. Any new book on Confederate currency is a cause for excitement. The appearance of a great new book on this topic is cause for joy. Collector-investor Jerry Wayne Hilton’s Collecting Confederate Currency Hobby or and Investment. Vo lume One: Cri swe ll Typ es 1-4 “The Magnificent Montgomerys” is indeed such a book. In it the author conveys his journey quantifying the investment return advantage (if any) enjoyed by a collec- tor of high grade Montgomerys versus more traditional investments. To assess his position the author spent approximately 14 years attempting to record EVERY CSA Montgomery note sale at pub- lic auction since the Civil War. Hilton then turned over his data to college professor and fre- quent Paper Money contributor Dr. Steve Feller, PhD to assess return rates over the last 150 years. According to Hilton’s data and Feller’s calculations, an investor in the marketplace over the entire last 150 years would have benefitted from purchases of CSA Montgomery notes compared to like investments in silver bullion, barrels of oil, or cor- porate stock (represented by the S&P Average). The data and calculations reveal two distinct phases in investment growth over the last century and a half: (1) through World War II; and (2) since mid-20th century. Rates of return for investments considered (including CSA Montgomery Notes) accelerated in the more recent phase. Having satisfied his desire to quantify and gauge his investment returns, investor Hilton proceeded to share his joy of collecting in the present volume, the first of several such books in which he plans to record the sales of the first 38 Criswell CSA types and the two so-called “essays.” We are indebted to Wayne for importuning Chet Krause and Clarence Criswell to recall their own illustri- ous excursions into this field. By prevailing upon them to reveal hidden nuggets from personal experience, Wayne succeeded in coaxing them onto the historical record for readers not yet born to enjoy. Their essays are tiny gems. Author Hilton also provides an interesting account of his own introduction to CSA currency collecting through his brother, and his background in media and advertising. Following these very enjoyable preliminaries, Chapter 1 offers Hilton’s reasoned but highly selective, illustrated timeline of a century and a half of collecting CSA paper money that is very readable and his style pleasing. He includes many “firsts,” which the present reviewer also regards as hallmarks of this saga, but ignores – it must be admitted – other more important events during that time. Chapter 2 provides a brief summary of numismatic auction history based on his first-hand, rigorous examina- tion of thousands of auction catalogs. However the gem of this chapter is his quantifying rarity of various CSA type notes based on frequency of auction appearances. Chapter 3, co-authored by respected researcher, deal- er Crutch Williams provides a highly speculative account of Montgomery note printing in the North early in 1861. In Chapter 4 statistician Feller explains his method of return rate calcula- tions presented in the volume. The meat of the book is Chapters 5-8, which detail ALL Montgomery note auc- tion appearances Mr. Hilton could discov- er in some 30,000 or so numismatic auc- tions in the last 150 years. The author’s research is to be commended. His detailed listings and illustrations of the four Montgomery note types provide eye candy and solid historical data much appreciated by collectors and researchers in this field. Quality printing, binding, paper and jacket (art by John W. Jones) compliment the work. However, this book is not per- fect, nor should one expect the brainchild of an auteur to be so as a self-published work. This book would have been much stronger for me if the author had skipped Chapter 3 altogether. The book could be improved by an editor. It also begs a condition census, running heads, and index. However its most serious failing is the author’s disre- gard of the accomplishments of Confederate currency author Pierre Fricke in the last decade. His contributions to the history of CSA note collecting are entirely excluded from the discussion except obliquely referenced in a single instance as “contemporary author” or something of the kind with regard to a Stack’s inventory of the remnants of the John Browne collection in 1969. Given its great strengths, however, I highly recom- mend this book and look forward to the additional tomes. It will be interesting to see what Mr. Hilton does for an encore. The subsidized cost is modest $49.95 (offset by ad revenue) plus $5.00 postage & handling. Mail checks to J. Wayne Hilton, PO Box 1, Graniteville, SC 29829-0001. Mention whether an autograph is desired; I did! v Paper Money • March/April 2013 • Whole No. 284 129 Hobby AND Investment Collector Hilton shares Montgomery insights Review by Fred Reed Paper Money • March/April 2013 • Whole No. 284130 Paper Money • March/April 2013 • Whole No. 284 131  Dear Fellow Paper Money Lovers: As I write this in early January, the hobby is again amidst two major events – the F.U.N. Convention [in Orlando this year], and the New York International Numismatic Convention [in the Waldorf here in l’il ole New York City]. And collectors and dealers who have broad areas of interest have again been asked to vote with their feet and pick one of these two terrific events. Not surprisingly, I have opted for the International Show, but envy the attendees in Florida and wish I could join the large contingent of fellow members, officers and governors who will be in attendance down there. Speaking of governors, I have written in previous columns of the Society’s annual elections and the opportunity available to any of our members – who may wish to serve – to run for a gov- ernor’s slot. I am happy to say that there has been a welcome response this year, in the form of two nominees for this year’s slate. Their bios and photos are below, and I believe you will find them both well-qualified for the office. In addition to being active in the hobby and motivated to serve the Society’s mission and members, they also represent the nice balance of collector and commercial interests the Board has so long personified. It is nice to see new energies and new commitments come to join what has always been a hard-working group. On another front, your President is unreasonably jazzed up about an upcoming event at the end of January. He wishes he could exhort you all to join him for it, but [as has happened before] the event will precede the mailing date of this issue of Paper Money. The event is the Fargo Show, taking place January 25th and 26th, an event I have never attended. And with greatest respect to North Dakotans everywhere, it is not exactly a show on everybody’s radar screen. But it is on mine this year on account of a couple of aspects. For starters, while I am no expert, it looks like Lyn Knight’s sale of Glenn Jorde’s North Dakota Nationals will be the be-all and end-all dispersal of a collection of that state for some time to come. Add to this the Friday evening “roundtable” which includes our very own Shawn Hewitt, plus the show, and you have the makings of a most pleasant and hobby-packed weekend. When you all read this, it will be too late to call your travel agent or hop in your cars. But that does not dilute the fact that this promises to be a neat week- end for all involved, regardless of any direct connection to North Dakota. My thoughts in last issue’s column were very much affected by the recent memory of Sandy. Sadly, there was more bad news to come but after all the tragic events of 2012, I hope this mis- sive finds you all off to a very happy first quarter of the New Year, with wishes for only good health and good things in 2013. Sincerely, Mark  Paper Money • March/April 2013 • Whole No. 284132 The President’s Column Scott Lindquist Scott began coin collecting at age 6. While attending college and earning a BA at Minot State University in Business Administration/Management, Scott opened his first shop, The Coin Cellar, in 1985. The brick-and-mortar shop was sold in 1988, but Scott operated under The Coin Cellar name as a regular bourse attendee and mail order business for almost 16 years. In January 2001 Scott joined R.M. Smythe & Co. in New York City and served for nearly eight years as Vice President of Retail Sales until the firm was sold. He has been a co-author of The Standard Guide to Small Size U.S. Paper Money beginning with the 8th edition and a major contributor since the 3rd edition. Scott is a Life Member of ANA & CSNS, a Board Member of the PCDA, and a general member in good standing of IBNS & SPMC. Gary J. Dobbins Originally from Dallas, Gary J. Dobbins holds degrees in Music Education, Trumpet Performance and Conducting from the University of North Texas, Michigan State University and the University of Northern Colorado. Throughout his teaching career, Gary has remained active as a professional musician, hav- ing participated in the Grand Rapids, Lansing and Baton Rouge Symphony Orchestras. He has a background which includes teaching all levels of music education, kindergarten through uni- versity. Currently Gary performs with the Dallas Wind Symphony and has participated in their recording project which has produced 18 critically acclaimed CDs with the Reference Recording label. In addition to other professional affiliations, Dr. Dobbins is a voting member of The Recording Academy (Grammy Awards). Gary Dobbins is married to Judy, an outstanding flutist, and also a recent retiree of the Richardson ISD. In addition to her distinguished teaching career, Mrs. Dobbins served a term as Elementary Division Vice President of the Texas Choral Directors Association. Judy and Gary have two adult children. Shannon, a violinist, is a full time orchestra director and per- former in the Austin Texas area. Michael, also a musician, lives in Los Angeles where he is a composer and music editor for the film and television industries. Throughout his career as a musician and music educator, Gary has also maintained a high level of interest in collecting paper money. Since retiring from full time teaching, Gary and Judy have had more time to organize their numismatic materials and to become more active in their local Dallas Coin Club. Recently they have accept- ed another term as Co-Secretaries of the DCC. Gary is also a member of the Texas Numismatic Association and the American Numismatic Association. “I am honored to have been accepted as a candidate to serve as a member of the Board of Governors for the Society of Paper Money Collectors. I am grateful to Frank Clark, former SPMC President, for first intro- ducing me to the Society. Thanks also to those members who have supported me during this journey,” he said.  Meet Gary Dobbins and Scott Lindquist Paper Money • March/April 2013 • Whole No. 284 133 The Series of 1934B didn’t only signify the display of Treasury Secretary Fred Vinson's signature on currency, but also signified the removal of the word “the” from the Federal Reserve bank titles in the bank seals on Federal Reserve Notes. Then-BEP Director Alvin Hall explained the reason for the omission in this 1945 letter to Public Debt Commissioner William Broughton: Yesterday Mr. Smead called on the telephone and asked that we change the title of the Federal Reserve banks at the same time we are making the change in the Secretary’s signature. In com- pliance we have reconstructed the seal on the left hand side of the portrait by dropping the word “the.” Mr. Smead said that “the” is not part of the corporate title of the banks.1 Mr. Edward Leon Smead was Director of the Federal Reserve Board’s Division of Banking Operations. His sug- gestion was consistent with section 2 of the Federal Reserve Act that required the organization of a bank in each Federal Reserve district. Each bank bore the name “Federal Reserve Bank of . . .” -- notice “the” was exclud- ed. Plates for large- and small-size Federal Reserve Notes up to Series of 1934A had the titles in the bank seals shown as “The Federal Bank of . . . .” “The” also preceded the bank titles on plates for 1915 and 1918 Federal Reserve Bank Notes, and the logotypes used to apply the titles on 1929 Federal Reserve Bank Notes. In 1945, the Treasury finally moved to make the titles in the seals consistent with other representations, like those used on official correspondence. The BEP altered the seals when they started preparing 1934B Federal Reserve note plates in November. They certified an initial group of New York $10s on the 6th, and followed the next day with groups of New York and Chicago $5s.2 Broughton – an influential treasury official with a say on all currency matters – expressed his approval of the new seals on Hall's letter: “an improvement” he said, and I happen to agree with him. Removing “the” from the bank titles had made the new seals less cluttered. Acknowledgments The Professional Currency Dealers Association and the Society of Paper Money Collectors provided support for this research. Peter Huntoon provided scans of curren- cy proofs from the National Numismatic Collection in Washington, D.C. References Cited 1. A. W. Hall, BEP Director, July 20, 1945 letter to W S. Broughton, Public Debt Commissioner, about drop- ping “the” from engraved Federal Reserve Bank seals: United States Treasury, Bureau of the Public Debt, Series F Currency (53-87-103), box 3, file 230. Record Group 53. Records of the Bureau of the Public Debt. National Archives and Records Administration, College Park, Maryland. 2. United States Treasury. Bureau of Engraving and Printing. Ledgers Pertaining to Plates, Rolls and Dies, 1870s-1960s, volume 33. Record Group 318. Records of the Bureau of Engraving and Printing. National Archives and Records Administration, College Park, Maryland.  Small Notes by Jamie Yakes ‘The’ dropped from Federal Reserve Bank Seals SPMC is seeking nominations for the following awards: Nathan Gold Memorial Lifetime Achievement Award Founders Award Forrest Daniel Award for Literary Excellence Wismer Award Contact SPMC Secretary Benny Bolin at for details Old & New Seals Paper Money • March/April 2013 • Whole No. 284134 Recalling five anniversaries The year past 2012 was the 270th anniversary of the birth of Abel Buel, the 120th anniversary of the death of Charles Burt, Dr. Thomas Sterry Hunt and E.C. Steimele. It was also the 70th anniversary of the death of Wesley Jerndal. Some, perhaps all, of these names are unfa- miliar to you, but if you collect paper money they should be more recog- nizable. Abel Buel, who was born in Killingsworth, Connecticut in 1742, is the possible engraver of the Seal for Colonial Connecticut. He was convicted of altering Connecticut 1 shilling and 2 shilling 6 pence notes dated March 1762 into 30 shilling notes. As punishment his ears were cropped and his forehead was brand- ed with a "C" for counterfeiter. Buel died in New Haven on March 10, 1822. Many of us have carried around in our pockets an example of Charles Burt’s engraving. The portrait of Abraham Lincoln on all small-size notes, prior to Series 1999 was based on a photograph by Anthony Berger. Charles Burt came to the United States in 1842 from Edinburgh, Scotland, where he was born on November 8, 1823. This engraver was employed by ten different bank note companies in the United States. Although he was never employed there, he produced engravings for the Bureau of Engraving and Printing for 20 years. Among these are the portraits of Thomas H. Benton, $100, (H1223-1241); Salmon P. Chase, $10 (H493-495a); DeWitt Clinton, $1,000 (H1379-1391); Thomas Jefferson $2 (H154). Burt also engraved America Seizing the Lightning, $10 (H497-532); the Baptism of Pocahontas, $20 (H728-749); Concordia, $1 (H29-34); the Landing of the Pilgrims, $1 (H29-34). (A comprehensive list of Burt's work and that of other engravers is included in The Engraver's Line by this author.) Dr. Thomas Sterry Hunt is responsible for formulat- ing the anti-photographic green ink that was used on some United States interest-bearing treasury notes before it was used in 1861 on our first greenbacks, our Demand Notes. Dr. Hunt was born in Norwich, Connecticut on September 5, 1826. After graduating from Yale, he moved to Canada where he created his formula, which he then sold to George Matthews; it received Patent No. 715 in Canada. This patented formula was later sold to Tracy Edson, American Bank Note Co. (ABNCo) vice president who later became president of the company. The ink foru- mulation was also patented in the United States. The American Patent is No. 17,688. Edson is often incorrectly credited with the development of this formula. In a letter to a friend, Dr. Hunt expressed his disappointment: “It is largely used in the United States, but I sold it there for a trifle, and here our large banks move slowly, but all have adopted it, so in a year they will have it in use, and pay me something. I hope to sell it in England, but nothing definite has come about, and have offered it to the Russian govern- ment through a friend. As yet it has been rather more trouble than profit.” Edward Charles Steimle was born in Berlin on December 15, 1863; he came to the U.S. at age seven with his family. In 1886 he submitted a design to ABNCo and was immediately engaged as an engraver. During his time at ABNCo as a portrait and picture engraver, Steimle engraved the following subjects: Locomotive, Bolivia 5 bolivianos, PS232; Bank of Montreal, Canada $10, PS253; Banco Occidental, El Salvador 50 pesos, PS179; and the portrait of A. Schmied, Paraguay 5 pesos, PS163. He also engraved subjects for corpo- rate bonds, stock certificates and miscellaneous work. In 1889 he was offered a position at the Bureau of Engraving and Printing; he declined the offer to remain at ABNCo. Wesley Jerndal is the only person mentioned here who was born in the 20th century. His short life began about 1914. With the exception of two years between 1934 and 1936, Jerndal spent his short professional life as a picture engraver at ABNCo from 1930 until his death in 1942. An example of Mr. Jerndal's work is the Airplane on the China 25 yuan (back), P160. (H)essler numbers are found in the 6th edition of The Comprehensive Catalog of U.S. Paper Money. Reprinted with permission from The Numismatist January 1993  A Pr imer for Col lectors BY GENE HESSLER THE BUCK Starts Here A self-portrait engraved by Charles Burt Paper Money • March/April 2013 • Whole No. 284 135 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 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 (283) WORLD PAPER MONEY. 2 stamps for new arrival price list. I actively buy and sell. Mention PM receive $3 credit. 661-298-3149. Gary Snover, PO Box 1932, Canyon Country, CA 91386 (288) WANTED: 1790s FIRST BANK OF THE UNITED STATES. Kenneth Casebeer, (828) 277-1779; Casebeer (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 (288) 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 (288) 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: (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 and shipping. Bill Koster, 17 White Water Way, Milford, OH 45150 [] (284) 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 (284) TRADE MY DUPLICATE, circulated FRN $1 star notes for yours I need. Have many in the low printings. Free list. Ken Kooistra, PO Box 71, Perkiomenville, PA 18074. (288) vIRgINIA NATIONAL BANK NOTES FOR SALE -- For list, contact (285) Authors can request a free one-time ad. Contact the Editor (A) You can place YOUR paper money ad here inexpensively  Fred's going to blame it on me, so I might as well tell my side of the story. Along about 1973 or ’74 I was living in Seattle, and just get- ting my feet on the ground as a Japanese numismatist. I had liq- uidated my north African, middle-eastern, and southeast Asian collections, and was looking to add all manner of Japanese items to my holdings. I never saw any point to concentrating by fabric - metallic distinguished from paper, coins distinguished from medals. There was an antiques and collectibles shop downtown called Bamboo Hut, run by Ben Gorlick. I was in there one day looking at Japanese campaign medals and low-level decorations. As an aside, he showed me a group of Japanese bonds – 25 items, all different, ranging from the 5x8 pieces with military-equip- ment vignettes (or no vignettes at all) to large coupon bonds with intaglio portraits. I knew nothing about them, but they were attractive and not terribly expensive (certainly not as high as what Mr. Gorlick was asking for the military medal groups that he had – I passed on them). I learned later (through consec- utive serial numbers) that those bonds had come from the collec- tion of Walter Loeb, one of the founding fathers of world ban- knote collecting, and among the earliest authors of world note catalogs. I did not yet read Japanese, and did not realize that certain bonds that looked very different were actually parts of a long series that happened to change vignettes every few months. I knew only that within a design, you could find bonds with dif- ferent numbers in the margins that seemed to make a series. Skip ahead five years. Now I’m living in Heidelberg, collab- orating at long distance with Fred Schwan on our first catalog of WWII military notes (although both in the U.S. Army, we never could seem to be stationed on the same continent at the same time). One of our contributors was Don Terrill, at that time working as a U.S. Army civilian in Korea. I don't remember how he decided that I wanted the deal that he had for me, but one day a carton from Korea showed up at the APO – with a bill for $500. I didn’t have $500 in the checkbook and I wasn’t very happy about this demand for payment, but after I inventoried the carton, I couldn’t turn it away. He had bought the entire stock of scripophily from one of Seoul’s stamp dealers – almost 600 pieces of bonds and share certificates from Japan, Korea, and Manchukuo. That comes out to about 85 cents each – just too cheap to send back. It was a treasure. It gave me my first chance to collect Japanese bonds by issue date – something I had never thought of attempting. Working in my building (besides the Master Sergeant Daniel) was another master sergeant, Shunichi Aikawa. MSG Aikawa was a second- or third-generation Japanese- Paper Money • March/April 2013 • Whole No. 284136 This is going to sound like I am in denial. Last time I told you that the MPCFest was Harold Kroll's fault. Now I want to tell you that my obsession with collecting war bonds and the like is Joe’s fault. It is. Ok, so I am in denial. In the early 1990s when we were preparing to work on World War II Remembered (not yet titled that even in our dreams), Joe wanted to include Japanese war bonds because he had this really great collection of them and even a prepared manuscript thereon. I agreed wholeheartedly that we should put them in. The collection and manuscript were great. The material was a fruit of the war and was clearly, if not obviously to everyone, numismat- ic. Furthermore, inclusion would be really innovative. Such material had been ignored by previous catalogers of World War II numismatics. Our work was in a direct line with the earlier collectors of World War II. Among them are A. J. Swails, Ray Toy, James Rutlader, Arlie Slabaugh, and others. Even Joe and I had ignored the bonds in our 1978 book. Furthermore, expansion of our coverage to include bonds was innovative – I really liked that. It was also a bit dangerous if the inclusion was rejected by the community – I did not like that. However, the biggest prob- lem was that if we included bonds from Japan and its clients, what of the other countries? What about Germany, Italy, Russia, England, France, Canada, Australia, Newfoundland, the Netherlands, Malaya, India, New Zealand, China, and more? When I agreed to take on the rest of the world, I was likely thinking most of the United States. Even though I knew little or nothing about United States war bonds, I figured that in the implicit publication schedule that we did not lay out, I could at least manage some outline listings. This is an example of what I call a numismatic labyrinth. To lean on Winston Churchill, World War II war bonds are a “riddle wrapped in mystery inside an enigma.” To start with, the United States had bonds with the legend “war bond,” but this was only after first issuing “defense bonds.” Other coun- tries, dominions, colonies and the like had victory bonds, war bonds and some other variations of the theme. They often had war bonds and war (or defense) savings certificates! Then, just as in the case of Japan that we knew about, some countries that we did not know about had multiple issues. Canada had nine dif- ferent issues of victory bonds! So, rather innocently I started working on the United States. Somehow I was able to get a pretty good handle on the Series E defense and war bonds. I used a three-step model that I still use and highly recommend when in pursuit of information on a subject. I research the subject as best I can, then I write an article on the subject, and finally, I wait to be criticized. Criticism is wonderful. The article that I wrote for the Bank Note Reporter about U n c o u p l e d: Paper Money’s Odd Couple It’s Joe’s Fault Joseph E. Boling Fred Schwan Please turn to page 138 . . . United States defense and war bonds was the first that had ever been published (so far as I know) and was the standard used by collectors until 1995 when Remembered came out. Now for the best part. As good as the information was that I had on Series E defense and war bonds, I just about ignored Series F and Series G bonds! We knew that they existed even if we had never seen one in a collection, but I was able to discount them (in a numis- matic, not financial sense) because I believed that they were never issued with the seemingly critical “defense” or “war” leg- ends. Bad assumption. Now we know that the Series F and G bonds were issued with and without those tantalizing legends. We think that we have it figured out well enough that in 2012 we published a stand alone monograph on United States World War II bonds (we being Schwan, Smulczenski, Downey, and Watson). This might have been a dangerous step, but I am looking forward to the criticism that introduces us to yet more information. Canada is probably the best example. Canada had nine issues of victory loans in both registered and bearer forms. She also had war bonds (I have still never seen one), and she had war savings certificates! In the 1990s when I took on the task, we had never seen nor even heard of any of these. The key to the research on the Canadian issues was an advertising handbill that I found. It explained the various issues. Well, it outlined the issues. OK, it outlined most of the issues. Nonetheless, it was key to mostly understanding the series. By the time we started our book preparations in earnest, I had amassed a substantial collection of Canadian war savings certificates (but only three bonds). It was that collection that Joe mined very carefully for varieties when he spent a few weeks at my house in 1993 working on the manuscript. He did most of the cataloging of that sec- tion. We cursed, quietly of course, while working on those listings. Newfoundland was not part of Canada until after the war. Newfoundland issued war savings cer- tificates. Somehow, I not only found a few of those for our research, but the sample was robust enough that we found most of the likely varieties (including signatures and paper). I am waiting for some really good criticism on the Newfoundland war savings cer- tificates. Just to keep me from being smug, we know now that Newfoundland had at least one issue of victory bonds! You will also like how we know this. I found a handbill selling the victory bonds! Not only have we not found any of the bonds, even with the help of the Internet, we have hardly been able to find a hint of their existence. The final twist on this little story is that the handbill was lost in my office for years after I acquired it. I recently re-found and scanned it, so even if I cannot find the paper I can find the electrons! Although this changes from time to time, the number one item on my personal want (really, really want) list is a Newfoundland Victory Loan bond. The pursuit that Joe sent me on had many rewards. Eventually, I found that Brazil not only had war bonds, but sold them by mandatory payroll deduction! Somehow, I found a small group of the Brazilian bonds. Of course I bought it. I have never had another chance to buy a Brazilian bond. I do not know for sure if they are rare, but they certainly are hard to find and now other collectors want them too. Russian war bonds are beautiful and turned out to be not very scarce. I was proud of the listings that we developed. The good and bad news is that we received some really important criticism! We had missed half of the issues! The bonds that we listed were lottery bonds (we knew that), but, basically, for each of the lottery bonds there was a corresponding bearer (coupon) bond. We certainly did not know that, but are happy to know it now! There is one final irony. While Joe was collecting Japan, I stayed away. There was no conflict (at least not much). Now that Joe has sold his Japanese bonds, I have found myself building a collection of them! These little stories are only the tip of a spear. Most coun- tries that were involved in the war (and that is many, since it really was a world war) had some sort of issue to finance the war. With all of my complaining, I am happy that Joe dragged me into this field.  Paper Money • March/April 2013 • Whole No. 284 137 Schwan continued . . . “As good as the information was that I had on Series E defense and war bonds, I just about ignored Series F and Series G bonds.” Paper Money • March/April 2013 • Whole No. 284138 American who was fluent in Japanese. By this time I had taken two years of Japanese language at the University of Washington, and I could find my way around a Japanese dictionary pretty well, but MSG Aikawa could simply look through a stack of bonds and separate them into groups by major title – ignoring the fact that they started big, got small, had floral designs, then military designs, then ugly designs – all the while making a con- tinuous series that was changing because there was a war on. With his assistance I compiled my first date tables for Japanese war bonds, and I was off to the races. Skip ahead five more years – I'm in Japan! For two years I scoured every coin shop and book store in Tokyo, searching for bond varieties I did not yet own (or, in some cases, did not yet know existed). When I came home from Japan in 1985, I had a 21-page (double-spaced) article that I sold to one of our major commercial numismatic publish- ers – which never saw print. By this time Fred and I were working on our next joint book. These bonds were mili- tary-related – they belonged in that book. Fred agreed, so I told the publisher that if my article was still unpublished by the time we finished out book, he would be preempted. The article never did appear. But if we were going to include a section in our new book on financing the war for Japan, what about the other countries we were treating? Fred saw a task on the horizon – the subject of his column this month. But I saw one too – we still had nothing on the issues of Manchukuo and the other client governments that Japan estab- lished in China – all of whom had some kind of fiscal paper for consumers. And there were all the postal savings issues, too – not yet researched. And, it turned out, when I delved into the Finance Ministry reports (all in Japanese), some of the domes- tic treasury bond issues that did not seem to be war-related (the 1937 war in China had not yet started) actually were - their pro- ceeds were designated for expenses of the 1931 Manchurian Incident and mili- tary industrialization. Those emissions met our criteria for listing. By now I was working in a suburb of Washington, DC. In the DC area, Inauguration Day is a Federal holiday. In 1989 it fell on a Friday. Monday of that week was Martin Luther King day, also a Federal holiday. With consecutive three-day weekends, if I took leave for the three days between them (Tuesday-Thursday), I could get nine days off for the expenditure of only three days of leave. I could do a lot of work in a nine-day block - and did. When that nine days were history, I had a fifty-page singlespaced manuscript covering all of the Japan-related financial programs of WWII – and I was sick-to-death of bonds. Most of you know what I collect and study now – how am I going to tie that into this tale? How do you think? Japan’s war bonds were counterfeited! Shown are two pairs of bonds – a good and a bad for each. The vertical one is a Wartime Savings Bond (that is its actual title), for 7.50 yen, in release #8 (April 1943). I have seen three of the counterfeits, all with the same ser- ial number. Notice that the counterfeit has no tint (underprint) Boling continued . . . Genuine above; counterfeit below. Paper Money • March/April 2013 • Whole No. 284 139 under the serial number. The other piece is a Greater East Asia War Discounted Treasury Bond for ten yen. It is orange and black, with the orange in intaglio. The counterfeit is all lithographed (including its serial number), and is of distinctly lower quality (see the two vignettes). I was looking for an example of this type to use in my classes at ANA summer seminar. After selling my whole Japanese bond and share collection intact, I have had to reconstitute a “training set” for classes. I am not picky about grade for the training set. I bought this bond off of eBay and never thought it might be a fake until it got to me – was I amazed (and pleased – it’s exactly what I collect). I expect the seller did not know. You never know what will appear under the next rock you kick.  Above and below: genuine at left; counterfeit at right. Paper Money • March/April 2013 • Whole No. 284140 THE NEATEST NOTE I SAW WHILE ATTENDING THE ANA CHICAGOshow in August 2011 was this spectacular $2 issued by The Bank ofTennessee. The kicker was that the note wasn’t at the show. Instead, I wasstaying with my brother who lives nearby and his neighbor brought it over with some other pieces to see what I thought of them. The group of notes had been passed down to her via her grand uncle, so in numis-speak, it was coming right out of the weeds. This hints at authenticity. I love finding stuff in the weeds! The note is a Garland 869 in Paul Garland’s The History of Early Tennessee Banks and Their Issues, and isn’t a rarity. The thing that makes it great is the fabu- lous inscription written on the back; specifically: “if anything happens tuo me Samuel Mathias please no fied My Sister Mrs. C. Green 1817 Green St Harrisburg, Pa” It doesn’t take a rocket scientist to deduce that Mathias was a Union soldier who probably picked the note up while serving in the Tennessee campaigns. He might have served under Grant. Being a fatalist facing the hell of those gruesome bat- tles, he added his plea to its back knowing someone would pick through his personal effects if he were killed and certainly take at least the money. Soldiers in all wars figure means to have their bodies identified. World War II GIs wore dog tags around their necks. Iraqis now employ more effective tattoos on So How Good Is This Note? The Paper Column By Peter Huntoon Paper Money • March/April 2013 • Whole No. 284 141 their torsos as they face getting blown away by suicide bombers or roadside bombs. The inscription on the Tennessee note transforms it from a low grade mar- ginally collectable note into an historic piece with a poignantly human story. The piece transcends numismatics. You wonder if Mathias made it through the war. Then you speculate on where he came from, whose commands he served under and what became of him. The assumption is that he survived the war because there is no blood on the note or anything else that can be attributed to battle damage. There has to be a story here. One thing is clear. Mathias was barely literate, so it is unlikely he was an officer. This fellow had to be a grunt, and he mostly like came from Pennsylvania. These ideas and questions were coursing through my head as I drank in the note. I thought it was a truly great one. I patted myself on the back for being mature enough to look past the condition of the note and to have read the inscription. In fact, I wasn’t paying much attention to anything else but the inscription. I made a scan of the note, and everyone I flashed that scan to at the show expressed the same excitement and reverence for the thing as did I. What I know about obsolete notes can be written on my thumbnail with a magic marker, so I figured the first step was to get educated about the note itself. ‘if anything happens tuo me . . . please no fied My Sister’ Paper Money • March/April 2013 • Whole No. 284142 Frankly, I didn’t even know if it was classified as a Union or Confederate obsolete note. If it was from a Confederate bank, that would make sense because Mathias would have picked it up as a souvenir and it would have served as a convenient piece of paper for his message. On the other hand, if it was from a Union bank, it still might have been good, and it would defy logic that he would have tied up that much spendable cash to carry his message when other scraps of paper were available to him. The note was issued by The Bank of Tennessee with headquarters in Nashville. Nashville was in Union hands in 1863, which was the handwritten date on the front. However, this particular note was issued from the bank’s office in Danvil according to the penned location in the appropriate blank on its face. Obviously, Danvil was an abbreviation for Danville. Danville was situated along the Tennessee river some 63 miles west of Nashville, and was founded in 1860. It was a strategically important berg during the war because it was an important port for river boats plying the Tennessee river. Also it occupied the eastern end of the old Louisville & Nashville Railroad bridge that spanned the river con- necting Middle and West Tennessee. The town fell early to Union forces so was in Union hands when the note was dated. A Union garrison there protected the bridge. Today Danville is drown under Lake Kentucky, one of the chain of lakes behind the network of Tennessee Valley Authority dams on the Tennessee river. You can visit the former site of the town by taking Tennessee state highway 147 west from Stewart to a bridge where the road crosses the lake, and look down on the ruins of the Danville grain elevator built in 1915, which now sticks out of the water there. That road is called the Danville highway. I contacted veteran Tennessee national bank note collector Charles Dean about the note. I thought of him because he has been in the game as long as me and we always rub shoulders if something Tennessee comes my way. He said he didn’t know much about obsoletes either, but did provide the Garland catalog number. I forgot to ask if the bank was Union or Confederate. Next I scratched my head and thought. Hey, there’s another Tennessean who has written extensively about Tennessee obsolete notes, and that fellow is Dennis Schafluetzel. I even have his digital book on the banks of Chattanooga. Dennis had the goods. He wrote in a lengthy e-mail that The Bank of Tennessee was incorporated January 19, 1838, with the state as one of the major stockholders. It failed in 1865. Most of the notes from the bank were issued prior to the war so they classify as Union obsoletes. However, some were issued in December 1861 so those technically qualify as Confederate issues even though they didn’t indicate they were payable in Confederate Treasure Notes. Since the state was part owner, the U. S. Supreme Count ruled that the state was liable for the outstanding notes, so the state government acting under a state act passed April 24, 1875, developed a protocol whereby the notes could be used to pay state taxes. This authority was extended in 1883 and 1885. The issued notes were good during the early part of the Civil War, so it appears our fellow Mathais was carrying around $2. That’s not all bad. At least whoever would rifle through his possessions if tragedy befell him would pay close attention to real money. His sister just might get notified. I took a break from reading Schafluetzel’s information and decided to go after the people involved in the inscription. By the way, Schafluetzel sounds Swiss. That last name would have been a prime candidate for shortening into something more American when his people passed through Ellis Island. It should have come out Smith or some- thing. Who dropped the ball there? Anyway, I got on the web to see if I could find Samuel Mathias and any Greens who lived on Green Street in Harrisburg, Pennsylvania. All I came up with was that 1817 Green Street exists in an old part of town. I couldn’t develop any personal infor- mation of any kind. Too bad. Apparent dead end here. Paper Money • March/April 2013 • Whole No. 284 143 Lyn Knight Currency Auct ions If you are buying notes... You’ll find a spectacular selection of rare and unusual currency offered for sale in each and every auction presented by Lyn Knight Currency Auctions. Our auctions are conducted throughout the year on a quarterly basis and each auction is supported by a beautiful “grand format” catalog, featuring lavish descriptions and high quality photography of the lots. Annual Catalog Subscription (4 catalogs) $50 Call today to order your subscription! 800-243-5211 If you are selling notes... Lyn Knight Currency Auctions has handled virtually every great United States currency rarity. We can sell all of your notes! Colonial Currency... Obsolete Currency... Fractional Currency... Encased Postage... Confederate Currency... United States Large and Small Size Currency... National Bank Notes... Error Notes... Military Payment Certificates (MPC)... as well as Canadian Bank Notes and scarce Foreign Bank Notes. We offer: Great Commission Rates Cash Advances Expert Cataloging Beautiful Catalogs Call or send your notes today! If your collection warrants, we will be happy to travel to your location and review your notes. 800-243-5211 Mail notes to: Lyn Knight Currency Auctions P.O. Box 7364, Overland Park, KS 66207-0364 We strongly recommend that you send your material via USPS Registered Mail insured for its full value. Prior to mailing material, please make a complete listing, including photocopies of the note(s), for your records. We will acknowledge receipt of your material upon its arrival. If you have a question about currency, call Lyn Knight. He looks forward to assisting you. 800-243-5211 - 913-338-3779 - Fax 913-338-4754 Email: - support@lynknight.c om Whether you’re buying or selling, visit our website: Fr. 379a $1,000 1890 T.N. Grand Watermelon Sold for $1,092,500 Fr. 183c $500 1863 L.T. Sold for $621,000 Fr. 328 $50 1880 S.C. Sold for $287,500 Lyn Knight Currency Auctions Deal with the Leading Auction Company in United States Currency Paper Money • March/April 2013 • Whole No. 284144 Getting back to Dennis’ e-mail, I learned the parent bank was in Nashville; how- ever, branches had been established in Athens, Clarksville, Columbia, Knoxville, Memphis, Rogersville, Shelbyville, Sommerville, Sparta, and Trenton. Ah oh, Danvil[le] isn’t on the list. Schafluetzel went on to say that the bank note company imprint on the note was that of Carpenter, Casilear & Co., a firm that was in existence between 1850 and 1857. The notes normally have handwritten dates from the 1850s. Not good. The piece under the glass is dated 1863. Furthermore, the Haxby obsolete catalog lists the notes from the bank with the following disclaimer. “These are mostly remainders with phoney filling in.” Ugh! Bad news. Dennis opined “I believe this is what you have.” Armed with this crumby news, I took a more careful look at the note, drinking in details I had overlooked previously. The note has a handwritten date of Jan. 1, 1863 and carries handwritten serial number 1000. Both stink – they are too regular. What’s the chance my guy got note 1000? Now we have a dilemma. Just what is the story here? Pretty clearly this piece is a doctored up unissued remainder. The question becomes who fabricated it and when? There is a hint. The bank failed in 1865. It is unlikely the remainders got out before then. Probably this note was a post-Civil War fab- rication. Who did it, and how did my brother’s neighbor’s great uncle get his hands on it? We’ll never know. All we know is that people save stuff that looks like money when it falls into their hands. This guy saved the same some curious stuff. His lot contained a handful of circulated $1 and $2 large size type notes, some Japanese pesos from the Philippines, a Philippine Victory note, a $1 1935A Hawaii Silver Certificate and another $1 1935A blue seal from the BC block printed in 1942, and a couple of Japanese war-era notes. The guy had served in the South Pacific, and probably in the post-war occupation, so stuff from that era in his life stuck to him. He probably got the earlier type notes from his parents. The Bank of Tennessee note was out of character here, but it looked like money, so however he got it, it went into his little collection. We’ll never know. Everyone with relevant knowledge is dead. As for who produced this fantasy, the job looks old. People started hawking Civil War souvenirs from the moment the first shots were fired in the war. Collecting Civil War relics got real popular after the war was over. The possibilities are endless. All we know from observations of collectors summarized in Haxby is that the remainders from the bank got out, and at least one person had a good time filling them in with bogus information and pushing them off on the eternally gullible souvenir collectors of his day. This whole thing has been a great experience and eye opener for me. How else could I learn such stuff. How could I know that the old Danville grain elevator sticks out of the water in Lake Kentucky, or interesting information on how the state of Tennessee got stuck having to redeem notes issued by this particular bank, or that there is a Green Street in Harrisburg, PA that I can zoom in on using Google earth. I even had to reac- quaint myself with the sweep of the Civil War campaigns through central Tennessee. This note took me on a great romp for several days! More fun was watching the faces on fellow collectors and dealers light up when I flashed the image of the note with the inscription before them at the ANA show. All instantly figured the significance of what they thought the note was trying to tell us. I did- n’t have to say a word! You know, come to think of it, if I could get my hands on the piece, the way to handle it would be to set up at a big show, put it in with other notes in my display case, and watch people light up as they too figured it. Of course, no price tag would be on its holder. I wouldn’t have to say a word. The fabricator did all the work long ago. He cre- ated a truly authentic looking heirloom. Sooner or later some believer would come along, get real excited and try to buy it. I’d casually say “It’s not for sale.” Then I’d watch the hundred dollar bills peel off his roll as he attempted to bribe it out of me. Enough of them, and well . . .!  Paper Money • March/April 2013 • Whole No. 284 145 Do color ads in Paper Money Really Work? Just Did! . . . Gotcha Isn’t it time that YOU advertised in Paper Money? 146 Paper Money • March/April 2013 • Whole No. 284 Silver Springs is a community in rural Wyoming County, NY. It isabout 50 miles southwest of Rochester and 50 miles southeast ofBuffalo. Its population in 1900 was 667, today it is about 800. Addie and Joseph M. Duncan settled in Silver Springs (then called East Gainesville) in 1885. Both were natives of Syracuse, where Addie Pharis was born in June 1860. She graduated from Syracuse University in 1881 and later that year, on October 20, 1881, had married Joseph, who was about 15 years her senior. Joseph had been involved with the salt industry since he was a young man, and it was that business which brought them to Silver Springs. He was involved with several successive salt companies in the community. The final one was taken over by Morton Salt Compa- ny in 1943, and today it is said to be the old- est functioning evapo- rating salt plant in the Addie P. Duncan (later Monroe), National Bank President By Karl Sanford Kabelac Above: A view of the Main Street in Silver Springs a century ago. The bank is the second building from the left. It was completed in the fall of 1902, about half a year after the bank opened. The building contin- ues as a bank today. Bird’s eye view of Silver Springs, with the salt factory in the foreground. Paper Money • March/April 2013 • Whole No. 284 147 Paper Money • March/April 2013 • Whole No. 284148 United States. He also invented and held patents for several salt-related manufactur- ing procedures. They built a beautiful home in the village and in its yard built a small school- house, where their adopted twin daughters were schooled with several other children. Active also in civic affairs, Joseph was the first mayor of the community when it was took its current name and was incorporated in 1895. In 1902, he was the found- ing president of the Silver Springs National Bank (charter #6148). Addie was one of the founding directors. Two years later, while visiting in Syracuse, he died suddenly on February 28, 1904. Addie succeeded him as president of the bank. Three years later, on March 7, 1907, she mar- ried Dr. George T. Monroe of nearby Warsaw, NY. He became a director and vice president of the bank. In 1917, she relinquished the presidency and was succeeded by J. G. Kershaw, who had served as cashier of the bank since its founding. Several years later, she moved to Flint, Michigan, where she died on February 16, 1923. An obituary noted “her cheerful presence, kind words and sympathetic nature” and that “her first and best thought seemed always to be given to every good cause and her sympathy and help were unfailing in hours of need and sorrow.” The bank itself remained independent until 1955. Since then it has undergone several take-overs, and today is a branch of the M&T Bank out of Buffalo. It is still housed in the 1902 building on Main Street in Silver Springs. Sources and Acknowledgements The well-illustrated booklet, Remembering Silver Springs, 100 Years, 1895-1995, published in 1995 con- tains useful information about the Duncan family. A sixth A close-up of the salt factory a cen- tury ago. The company became a part of Morton Salt in 1943. Today the operation is said to be the oldest salt evaporating plant in the United States. Addie (Pharis) Duncan, 1907. Paper Money • March/April 2013 • Whole No. 284 149 800.458.4646 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: • Website: 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. 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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. ÊÊ ÊÊ Ê ÊÊ ÊÊ Ê ÊÊ ÊÊ Ê STACK’S BOWERS GALLERIES THE Only OFFICIAL ANA AUCTIONEER OF 2013 New Orleans National Money Show | May 9-11, 2013 Consign by March 18, 2013 Chicago World’s Fair of Money | August 9-18, 2013 Consign U.S. Coins and Currency by June 17, 2013 Consign World Coins and Paper Money by May 13, 2013 Realized $69,000 Realized $276,000 West Coast: 800.458.4646 | East Coast: 800.566.2580 | i Rec d Auction Price Realized $155,250 Record Auction Price Realized $115,000 Record Auction Price Realized $1,840,000 Two Great Cities. Two Great Shows. One Great Auction Firm. We look forward to seeing you in New Orleans and Chicago in 2013! Paper Money • March/April 2013 • Whole No. 284150 anniversary history of the bank with a picture and list of officers appeared in the Silver Springs Signal for May 7, 1908. An obit- uary of Joseph M. Duncan appeared the Ro c he s ter Demo c ra t and Chro ni c le on March 1, 1904. An obituary for Addie P. Duncan Monroe appeared in the February 22, 1923 issue of The Western New Yo rker, Warsaw, NY while a longer one appeared in the Wyoming Co unty Times , Warsaw, NY, undated clipping, but probably about February 22, 1923. The March 2011 study, available online, Genesee-Finger At right: Joseph M. Duncan, whom Addie Pharis had married in 1881. Far right: Dr. George T. Monroe, her second husband. He served as vice president of the bank. Notice of bank officer change in The Bankers’ Magazine, April 1904. A Series 1902 Red Seal number 1 note on the bank, signed by Joseph M. Duncan, the founding presi- dent. Paper Money • March/April 2013 • Whole No. 284 151 Paper Money • March/April 2013 • Whole No. 284152 A Series 1902 note signed as Addie Duncan Monroe. (Courtesy Heritage Auctions)  A Series 1902 note on the bank signed by George T. Monroe, her second husband, as vice president of the bank. (Courtesy Lyn Knight Currency Auctions) A series 1902 Red Seal note signed by Addie P. Duncan as president. Inked on the note in very small numbers is the date, 3/29/1904. This was a month after Joseph Duncan’s death, so presumably this was the first note she signed as president. Lakes Regional Inventory of Culturally Significant Areas, p. 58-59 discusses the “Morton Salt Company, Silver Springs Facility.” The assistance of Sharon S. Muth, the great granddaughter of the Duncans, was of immeasurable help both for information and illustrations and is gratefully acknowledged. Paper Money • March/April 2013 • Whole No. 284 153 THE AMERICAN NUMISMATIC ASSOCIATION’S SUMMER SEMINAR offers papermoney collectors a chance to spend a week immersed in their hobby and to dramaticallyincrease their knowledge. In National Bank Notes: Bringing History to Life, which runs from June 29 to July 5, students will learn about struggles, skullduggery, accomplishments and personalities of the National Bank Note era, which spans from the Civil War until the Great Depression. The course also will take a closer look at the history that is preserved on these notes. Attendees will also get the opportunity to rub shoulders with famous numismatists such as SPMC members Peter Huntoon, Lee Lofthus, and Gerome Walton, who will instruct the course, leading a small group of students in an active, lively and engag- ing class. “Most people collect stuff, but don’t have a good background of what it is all about, building that back- ground context is what this class is about,” Huntoon affirmed. For National Bank Note collectors, the course can help to enhance their knowledge of their collections. Students are encouraged to bring their favorite National Bank Notes to share and discuss with the class. In Dete c ting Co unterfe i t World Paper Money, which runs from June 22-28, Paper Money columnist and instructor Joe Boling leads stu- dents as they examine actual specimens using microscopes and the naked eye to distinguish good notes from bad. Topics include the history of counterfeiting, printing techniques, security devices and their illegal replication, raised and altered notes, and entrepreneurial counterfeiting since the 19th century. Students will have the opportunity to handle hundreds of examples of counterfeit notes, while examining genuine examples side by side. Special attention will be devoted to counterfeit notes that are created specifically to sell to collec- tors. ANA Governor Boling will also co-instruct, with Paper Money “Odd Couple” partner Fred Schwan two related courses during the June 29-July 5 Summer Seminar session. Military Numismatics Since 1930 will emphasize U.S. Military Payment Certificates. Their Advanced Military Numismatics, limited to students who already have taken the Military Numismatics class or by instructor approval, will cover this field more intensively, including independent research projects. Boling and Schwan literally wrote the book on this field, World War II Remembered: History in Your Hands, A Numismatic Study. Former SPMC Governor Neil Shafer will instruct the class Monies of the Panics and Depressions (1893, 1897 and the 1930s). When governments are unable to provide an adequate supply of currency for commercial trade, people step in to provide their own currncy to fill the vacuum. Noted author Shafer’s long-awaited book on this subject, sup- ported in part by a grants from SPMC and CSNS, will be published later this year by McFarland Publishing. The ses- You can expand your paper money horizons at an ANA Summer Seminar By Brandon Ortega A visit to one of Major League Baseball’s most beautiful parks, Coors Field, is a popular activity for Summer Seminar students. Paper Money • March/April 2013 • Whole No. 284154 sions will run June 22-28 as part of the ANA’s “Legends in Numismatics” series. Numismatics of the Civil War Era is a multi-disciplinary seminar taught by SPMC Governor and past President Wendell Wolka and former TAMS Journal Editor David Schenkman during the June 29-July 5 session. Course content will include both paper money and military medals, tokens and encased stamps utilized during the War Between the States. In addition to week-long classes, ANA’s Summer Seminar provides many other activities and learning opportunities. Mini-seminars present the chance for students to take evening classes in addition to their day-time seminars. The mini-seminar, Fractional Currency: The Notes and Stories Behind Them, instructed by currency collector and SPMC member David Stitley, runs from 6:30-9:30 p.m. June 30-July 1. Students will focus on the Treasury Department’s five issues of Postage and Fractional Currency from 1862 to 1876. In addition, the class explores merchant scrip, stamps, postage envelopes and encased postage. “Students should enroll in this class to learn about a relatively under-researched and under-collected but important niche of American currency,” Stitley said. Stitely will also conduct a mini-seminar Collecting College Currency on Tuesday July 2nd from 6:30-9:30. During the U.S. Industrial Revolution, business schools established entire communities with model businesses, banks, customs houses, import and export, insurance and other “companies,” employing facsimile paper money to facilitate instructional activities. Today hun- dreds of such instructional notes are known from dozens of business schools in the United States and Canada. Another mini-seminar will be conducted by Paper Money columnist Fred Schwan, titled MPC Boot Camp. The course will run from 1830 to 2130 hours (that’s 6:30-8:30 for you civilians) Monday and Tuesday June 24-25. “Mission includes basic to advanced study of MPCs. Deserters will be court-martialed!” the retired Major U.S.A. proclaimed. Preceding this seminar, Schwan will also conduct Alphabet Soup: Collecting Savings Bonds Series A-K from 6:30-9:30 p.m. on Sunday June 23rd. For background on this topic, see Schwan’s column in this issue of Paper Money. This year the ANA will celebrate its 45th Summer Seminar, from June 22-July 5. Summer Seminar offers individuals an opportunity to enhance their knowledge of numismatics through a wide selection of numismatic courses, taught on the Colorado College campus. With the campus locat- ed next to the Edward C. Rochette Money Museum and Dwight N. Manley Numismatic Library, stu- dents have many opportunities to tour the museum or conduct research. Individuals can also partici- pate in optional tours, special events, receptions and banquets. Summer Seminar is packed with activities and learning opportunities in the evening after regular classes. Mini-seminars provide a chance to take a one- or two-day evening class; bull sessions are more informal gatherings built around a specific topic or presentation. For questions or to enroll, contact ANA Education Project Manager Susan McMillan at or call 719-482-9850. To see the Summer Seminar course catalog, go to  Summer Seminar gives students, such as this young numismatist, an opportu- nity to look at a wide range of notes. Joe Boling will be teaching his course, Detecting Counterfeit World Paper Money, during the first session of the ANA Summer Seminar, June 22-28. Paper Money • March/April 2013 • Whole No. 284 155 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.  Last Call: 11th Annual George W. Wait Memorial Prize Most of us have a turning point, albeit gradual, where we switched from coin collecting to paper money collect- ing. I wanted to share my story. Like most of us, I started collecting coins at a very young age; it began by going through my grandfather’s wheat cents on Saturday mornings, filling holes in the blue Whitman coin folders. When I was older I was fortu- nate enough to inherit coins and paper items that had been passed down through my family. The coins I knew, but the paper items I knew absolutely nothing about. Thirty years ago I moved to St. Louis and joined the Missouri Numismatic Society. One day I decided to take a few of these paper items to the meeting to see if anyone knew anything about them. I sat in the front row next to a little older gentleman than myself, whom I did not know at the time. During the meeting he noticed that I had a few notes that I was holding and inquired about them. I mentioned that I knew nothing about them and that I was just look- ing for some information on them. The gentleman who I had just met happened to be Bob Cochran, and informa- tion about the notes he surely gave me, so much so that he completely overwhelmed me. I had a couple of obsolete notes, and two obsolete look-alike advertising notes, as he called them. He told me what era they were from, why these notes came to be, etc., all of which I had found very interesting. Bob’s knowledge and genuine enthusiasm had piqued my interest concerning these and the other paper items that I had. Thus came my turning point. From that point on, I became really interested in paper money and in turn became a paper money enthusiast. As I have been able to better know Bob over the years another thing that he has taught me was to not buy a note and just put it away, that I should always find out the background of the note. “Every note has a story to tell,” as Bob would say. Why was the note made? Why were different designs used? What was the background and history of the people who signed the notes, etc.? Every note has its own history and finance lesson. As many of you know, Bob served SPMC for many years as the Society’s Secretary and as a member of the board and past-President. He has also written many arti- cles for Paper Money, and in his articles he has always “told the story” be it of the bank, the note, or the person, and with such a story, I have learned, comes the true enjoyment of collecting paper money.  Paper Money • March/April 2013 • Whole No. 284156 A First-Person story: ‘My Turning Point’ by Jeff Sullivan MEMPHIS IS THE PAPER MONEY SPEAKINGevent of the year! We invite presentations on any fiscal paper or fiscal paper tie-in topic. We will have a packed program. Deadline for submissions is April 1st so we have adequate time to organize the program and send out press releases advertising your talk. Talks are scheduled on the hour throughout the show. Each talk is allotted 50 minutes, which includes time for questions. Speakers arrive 10 minutes before the hour for setup. You must use Powerpoint for your visuals. No exceptions. Lavishly illustrate your talk. Bring your own laptop or submit a disk with your presentation to Peter Huntoon two weeks in advance of the show. You are welcomed to mount a parallel exhibit in the exhibition area. Application requirements: (1) list of presenter(s) with full contact information for each, (2) title of talk, (3) catchy concise newsworthy description of the con- tent of your talk – this will be your primary draw, (4) advise if you need up to three display cases for show-and-tell items. Send applications to  Memphis Speakers Series Call for Papers 2012 Memphis International Paper Money Show June 14-16, 2013 Paper Money • March/April 2013 • Whole No. 284 157 A Trillion Dollar Coin? Don’t Count on It! At this writing, the fantastic idea of minting a trillion-dollar coin to break America’s debt-ceiling impasse seems to be fading. For those of you living on another (and better) planet, the idea was for the U.S. Treasury to exploit a loophole in 31 U.S.C. § 5112 by minting a trillion-dollar platinum coin and depositing it with the Federal Reserve. The monetary dingus would let the Treasury get around Congress’s unwillingness to raise the debt ceiling. Another variant of this idea has the Treasury issuing non-interest-bearing IOUs in anticipation of Congress restoring its borrowing authority. Legal these gambits may be, but the sheer craziness of a trillion-dollar coin or permutations thereof is a sad testimony to the embarrassing state of American politics. Crazy yes, but the idea itself has some legs. As with many other things, The Simpsons anticipated it in a 1998 episode (“The Trouble with Trillions”) in which Homer goes after a tril- lion-dollar bill supposedly issued by President Harry Truman. The Canadians even minted their own million-dollar coin in 2007, though their superior honesty compelled them to create a frying-pan sized slug of gold weighing in at 3,215 troy ounces. At current bullion prices, this makes its metal value nearly five and half million dollars! You’d think a country with a monarch would know something about seigniorage, eh? Mark Twain, so often broke himself, knew something about money when he wrote the little yarn, “The £1,000,000 Bank- Note.” The protagonist, a penurious clerk adrift in London, comes into possession of that precious note. Unable to literally spend the denomination, for nobody can make change for it, he nonetheless thrives because everyone grants him credit against their faith in his uncashable wealth. It’s the sheer promise of money that changes everything. Twain has one shopkeeper react thusly to the paper marvel: “He received it with a smile, one of those large smiles which goes all around over, and has folds in it, and wrinkles, and spirals, and looks like the place where you have thrown a brick in a pond; and then in the act of his taking a glimpse of the bill this smile froze solid, and turned yellow, and looked like those wavy, wormy spreads of lava which you find hardened on little levels on the side of Vesuvius.” I’d look the same way if someone gave me a trillion-dollar coin . . . or bill!  Chump Change Loren Gatch AbeBook2 is now available I’m happy to say that Whitman Publishing has now brought out a sequel to our 2009 book for the Abraham Lincoln bicentenni- al. The new opus is titled Abraham Lincoln, Beyond the American Icon, and is a true sequel on all counts. The book is entirely full color, 464 pages, with all new images (more than 1,400, so the pub- lisher tells me) and entirely new text (hundreds of thousands of words, I estimate) that allows me to expand upon my themes from the first AbeBook. What is most astounding (to me at least) is that the book, like its predecessor, is modestly priced at $29.95 retail. Readers of this publication will be most interested, I expect, in my graphic explanation of the importance of numismatic imagery in helping to create the Old Abe legacy and in making Lincoln the iconic figure in history that he has become. Money branded the Lincoln icon. There’s lots of good paper money, stock, bond, check and other financial paper shown in the new book that you will not find illustrated elsewhere. I think I counted more than 170 items of Lincoln fiscal paper in the tome. For those of you famil- iar with my first Lincoln book – think similar, but bigger, much bigger. Packed under Cat Clausen’s emotive cover illustration (shown at left), this 81⁄2 X 11 inch book weighs in at 3.6 pounds, the U.S. Postal Service tells me. More than 200 indi- viduals are recognized for their help with the book. SPMC member Q. David Bowers, an author of significant and well- deserved repute himself, wrote the book’s “Foreword.” According to Dr. James M. Cornelius, Ph.D., Curator, Lincoln Collection, Abraham Lincoln Presidential Library & Museum in Springfield, IL “I am an admirer of your work in the iconography of Lincoln, particularly The Image of His Greatness from Whitman Publishing in 2009; and we look forward to the next installment in 2013.” Interested readers can purchase the book at numismatic book dealers, the publisher’s website,, or bar- where discounts are generally available. Or if you want, you can purchase an autographed copy direct from yours truly for full retail plus $6.55 postage and packing, but in addition to one great autograph (personalized if you desire) I’ll throw in a 100+ year old check from Lincoln National Bank to the first 100 respondents. Email me at for full details.  The Editor’s Notebook Fred L. Reed III Paper Money • March/April 2013 • Whole No. 284158 Don’t be stupid File that cash transaction report Everyone knows that banks will file a CTR (Currency Transaction Report) when a customer deposits or withdraws more than $10,000 at one time. Years ago, drug dealers were depositing so many huge bags of cash that Congress figured it was time to pass laws to help track the money. So they instituted regulations, the most famous being the CTR. There’s also a form for reporting if you’re carrying more than $10,000 on flights in or out of the United States. I’d put this next sentence all in caps or maybe underline it, but that seems a little goofy. So I’ll use italics instead: Be care- ful, the government could seize the money. It doesn’t matter that you got the money legitimately by selling your Elvis memorabil- ia collection or your fully-restored 1979 Ford Pinto. Of course the obvious question is why wouldn’t the buyers of the collection or Detroit’s 4-wheeled explosive pay by check or money order? (The better question, however, might be why would anyone pay that much for an old Pinto.) Nor does it matter why you’re evading the CTR – to cheat a business partner, hide money from a spouse or girlfriend, or sim- ply because you don’t think it’s any of the government’s busi- ness. All perfectly stupid reasons to evade the law, but stupidity, by itself, is not a crime. Otherwise – feel free to complete this sentence at your leisure. And no, getting a CTR filed will not automatically lead to an IRS audit. Breaking up transactions to evade the CTR requirement, or not reporting the $10,000+ that you’re carrying in/out of the country is in itself illegal and might very well lead to government taking some or all of the money. If you came across cash legally and are not doing anything illegal, don’t be stupid; don’t try to hide it if you’re required to report it. You may be smart, but don’t kid yourself. Cash is not illegal, nor is carrying it around, depositing it, or spending it, but since criminals use it like engines use oil, its use, in large quantities, has become suspect. Report it like you’re supposed to. Proudly proclaim your restored Pinto fetched a lot of money and must be a safe car after all! As long as you don’t get hit from behind. You just sold Elvis stuff and now you’re going to Las Vegas! It’s your money and you earned it! Losing money at the craps table, while getting plied with plentiful vodka tonics by pretty hostesses is preferable to Uncle Sam taking it. Everyone knows that.  Paul Herbert Don’t get me started Co-opting coin grades neither realistic nor accurate Thumb through the grading standards of any of the rep- utable grading services and you might find entries along the lines of XF-40: Typically three folds, perhaps a pinhole or two. VF-35: An extra fold or a few bends more than an XF, but far nicer/brighter/more attractive than a typical VF. On its face, this is completely intuitive – we know how much wear an XF note should have, and similarly for VF, etc. An unusual consequence arises from this style of grading however. Unlike the grading system for coins, it is impossible for one ban- knote to wind its way through every grade in its lifetime – a note that is XF-40 (but still in circulation) because of a nick or pinhole or stain, cannot ever (by any natural means, at least) get a grade of VF-35. A note’s lifetime in circulation might go CU – AU53 – XF40 – VF25, etc., without ever earning the grades in-between. Compare this with the typical grading standards for coins, where a nice XF can become a typical XF, then a nice VF, and so on. Again, this may not be a big surprise or concern for most of us. For those of us who got into collecting before the prolifera- tion of TPGs, the idea of a “really nice VF” or “ugly XF” is almost second nature. And I tend to think in terms of technical grade first, then overall desirability separately. And when it comes to choosing to bid in an auction, or buy a note at a show or from a fixed price list, I weigh both considerations – often placing more emphasis on desirability. I suspect I’m not alone, especially in specialties where rarity is a constant concern, like nationals or obsoletes. My concern, then, is that by co- opting the 1-70 numerical scale from coin collecting, we are implicitly saying that all XFs are by definition “better” than all VFs, and should be priced accordingly. I don’t believe that to be the case, nor I suppose do many of you, but as third- party grading becomes an ever-increasing portion of the market- place, and price guides, dealers, etc. use the numerical grades with ever increasing resolution, it will become an explicit fact of our hobby. I just do not see any price guide ever showing a higher value for a 35 than a 40, regardless of what those numbers actual- ly represent. Is this a life or death matter? Of course not. But I still feel disappointment as the 1-70 scale becomes irrevocably ingrained in currency without reflecting on the differences inherent in cur- rency and coins. But I’ll get over it – likely in time for my next column.  John Davenport Spurious Issues Paper Money • March/April 2013 • Whole No. 284 159 DO YOU COLLECT FISCAL PAPER? Join the American Society of Check Collectors or write to Lyman Hensley, 473 East Elm St., Sycamore, IL 60178. Dues are $13 per year for U.S. residents, $17 for Canadian and Mexican residents, and $23 for those in foreign locations. This space for rent Only $225 for six issues, or $125 for three issues, or $45 for one issue DBR Currency We pay top dollar for • National bank notes • Large size star notes • Large size FRNs and FRBNs P.O. Box 28339 San Diego, CA 92198 Phone: 858-679-3350 Fax: 858-679-7505 See our eBay auctions under user ID DBRCurrency You are invited to visit our web page For the past 12 years we have offered a good selection of conservatively grad- ed, reasonably priced currency for the collector All notes are imaged for your review NATIONAL BANK NOTES LARGE SIZE TYPE NOTES SMALL SIZE TYPE NOTES SMALL SIZE STAR NOTES OBSOLETES CONFEDERATES ERROR NOTES TIM KYZIVAT (708) 784-0974 P.O. Box 451 Western Springs, IL 60558 E-mail Another chance missed to sell your duplicate notes at “collector prices” Advertise in this space and take home the big bucks!!! Paper Money • March/April 2013 • Whole No. 284160 OUR MEMBERS SPECIALIZE IN NATIONAL CURRENCY They also specialize in Large Size Type Notes, Small Size Currency, Obsolete Currency, Colonial and Continental Currency, Fractionals, Error Notes, MPC’s, Confederate Currency, Encased Postage, Stocks and Bonds, Autographs and Documents, World Paper Money . . . and numerous other areas. THE PROFESSIONAL CURRENCY DEALERS ASSOCIATION is the leading organization of OVER 100 DEALERS in Currency, Stocks and Bonds, Fiscal Documents and related paper items. PCDA To be assured of knowledgeable, professional, and ethical dealings when buying or selling currency, look for dealers who proudly display the PCDA emblem. For a FREE copy of the PCDA Membership Directory listing names, addresses and specialties of all members, send your request to: The Professional Currency Dealers Association PCDA • Hosts the annual National and World Paper Money Convention each fall in St. Louis, Missouri. Please visit our Web Site for dates and location. • Encourages public awareness and education regarding the hobby of Paper Money Collecting. • Sponsors the John Hickman National Currency Exhibit Award each June at the Memphis Paper Money Convention, as well as Paper Money classes at the A.N.A.’s Summer Seminar series. • Publishes several “How to Collect” booklets regarding currency and related paper items. Availability of these booklets can be found in the Membership Directory or on our Web Site. • Is a proud supporter of the Society of Paper Money Collectors. Or Visit Our Web Site At: James A. Simek – Secretary P.O. Box 7157 • Westchester, IL 60154 (630) 889-8207 *Mar-Apr 2013 Paper Money cover_Jan/Feb Cover 1/31/13 2:53 PM Page 3 Heritage Auctions’ Official FUN Currency Auction With Inaugural Platinum Night Tops $12.8 Million ❘ ❘ ❘ ❘ ❘ ❘ ❘ ❘ ❘ N TM N GH ® IUIPL TA & S N E NR ® UATGI T OICU A S ® ilaes recirl plw aeiV 1253/omc.A: Htd aez nel Tage0 L880 105l $58. 1rF Realized: $411,250 5e 3niy Free VciohG CM, Pred d Clo3 G680 12b $661. 1rF Realized: $352,500 0e 3niy FreS VGC, Petacfiitre el Tage3 L680 101a $76. 1rF Realized: $305,500 3w 6ee NciohS CGC, Predn trer Cevli0 S880 1011 $4. 3rF Realized: $235,000 4d 6etalucricne UciohG CM, Petacfii C, Petoy Nrusaer1 T980 156 $7. 3rF Realized: $235,000 munital Plauruga Ins’egaitreH CoN UF3 102e htf os noitcuA s er sddi4 b25,0, 1noitcun AiCo vs elatoe thh tsuo pe tunitnoc 8w 5et Nuobe Acioht CnerappS AG t®hgi N ompcc, anoitcuy Acnreru C lliM2 1$e htd essape vah, noitnevn s — t 9o6 l5,31g 1niyun bd iedeeccu erhgin he d Clo2 G880 105a $512. 1rF Realized: $193,875 retuangiy Scnrerue Chy td beina n ehW. dezilaeRs ecirPr ofk ramn oi oolF-no. Ndereffs otol llf a% o5 5e 1nit FnerappS AGC, Petacfiitre ® laicfife Ohf tt oras pn aoitcu A NUFs ’egatierHh tiwd eniombc syun BoitcuA-tsod Pns anoisser S d ng aolatae ceFr lloe ChT ulcn. Iecruoy snm aorf 3500 venue Maple A Dallas, T Annual Sales Exceed $800 Million FL licenses: Heritage Numismatic Auctions, Inc.: AB665; Curr Mike Sadler AU3795; Jacob W AGE Reg. U.S. Pat & TM OfHERIT SALLDA RKO YWNE EB k oobdnas H’rotce w cer no) feula5 v6$( l tiad mnn aoitamrofnt icatnor cuoe yd or mo. F3423-538-66l 8lar co exas 75219 800-872-6467 750,000+ Online Bidder ency Auctions of America: AB2218; FL Auctioneer licenses: Samuel Foose AU3244; oss AU4034; Chris Dykstra AU4069.ea Valker AU4031; Andr emium. See for details.s Prf. Auction subject to 17.5% Buyer’ SLL HIYRLEV OCISCNA FRNAS RAP . eciovnn ioitcut aimbue ssael. Pstneil l Ciam, e5241-904-41x 2a, fegatireo H .OCF/mo.cAo Ho t, gsliatee dr -Members SI VAENEG uCBF/moc.AH 25 73 7 ,yrogetas cihn t+ i0001f $s o ,mo.cAH@sredrOgolata ycnrer rtetiwT/mco.AH *Mar-Apr 2013 Paper Money cover_Jan/Feb Cover 1/31/13 2:53 PM Page 4