Paper Money - Vol. LIII, No. 3 - Whole No. 291 - May/June 2014

Paper Money Vol. LIII, No. 3, Whole No. 291 www.SPMC.org May/June 2014 Official Journal of the Society of Paper Money Collectors Inside Wendell Wolka Battle of New Orleans and City Scrip Rare Confederate Paper Money for Sale! T-15 PF-1 PCGS VF-20 Above Average $7700 T-19 PF-1 PCGS VF-30 PPQ; Best Certified? $9800 T-22 PF-1 PCGS VF-20 PPQ Choice! $1695 T-27 PF-1 PCGS F-12 App; (minor) edge repairs $16K Super note with great eye appeal – far better than average BUYING!! Pierre Fricke, P.O. Box 1094, Sudbury, MA 01776; pfricke@csaquotes.com; www.csaquotes.com TERMS AND CONDITIONS PAPER MONEY (USPS 00-3162) is published every other month beginning in January by the Society of Paper Money Collectors (SPMC), 101-C North Greenville Ave. #425, Allen, TX 75002. Periodical postage is paid at Hanover, PA. Postmaster send address changes to Secretary Benny Bolin, 101-C North Greenville Ave. #425, Allen, TX 75002. © Society of Paper Money Collectors, Inc., 2014. All rights reserved. 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SPMC assumes no financial responsibility for typo- graphical errors in ads, but agrees to reprint that portion 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. LIII, No. 3 Whole No. 291 May/June 2014 ISSN 0031-1162 Benny Bolin, Editor Enemy at the Gates: The Fall of New Orleans ................ 155 by Wendell Wolka The Paper Column--Enhanced Small Size $10 Master Back Plate ....................................... 173 by Peter Huntoon and Jamie Yakes A Rare Dual-State Obsolete Sheet .................................. 176 by Robert Gill Alabama Obsolete Notes New Discoveries ..................... 178 by Bill Gunther FDR Portrait Proposed for U.S. $3 Silver Certificates ..... 185 by Lee Lofthus A Civil War Draft Commutation Receipt .......................... 186 by Terry Bryan About Texas Mostly 1st Nat’l Bank of Ketchikan, AK ..... 190 by Frank Clark Small Notes—Series of 1950 “18/12” Specimens .......... 192 By Jamie Yakes Texas Currency Exhibit at Capitol Visitors Center ........... 193 The Western Exchange Fire & Marine Insurance Co. ..... 195 by Marv Wurzer Uncoupled—Short Snorters ........................................... 204 by Joe Boling and Fred Schwan Chattanooga Depression Scrip ........................................ 208 by Dennis Schafluetzel Paper Money Classes at ANA Summer Seminar ............ 212 SPMC Activities at ANA Atlanta ...................................... 215 President’s Column—Pierre Fricke ................................. 218 SPMC New Members—Frank Clark ................................ 219 Editor Sez—Benny Bolin ................................................. 220 Chump Change—Loren Gatch ....................................... 221 An Index to 2013 Paper Money—Terry Bryan ................. 222 Money Mart ...................................................................... 229 ___________________________________________________________Paper Money * May/June 2014 * Whole No. 291_____________________________________________________________ 153 Society of Paper Money Collectors The Society of Paper Money Collectors was organized in 1961 and incorporated in 1964 as a non-profit organization under the laws of the District of Columbia. It is affiliated with the ANA. The annual SPMC meeting is held in June at the Memphis International Paper Money Show. Up-to-date information about the SPMC, including its bylaws and activities can be found on its web site www.spmc.org. SPMC does not endorse any company, dealer, or auction house. MEMBERSHIP—REGULAR and LIFE. Applicants must be at least 18 years of age and of good moral character. Members of the ANA or other recognized numismatic societies are eligible for membership; other applicants should be sponsored by an SPMC member or provide suitable references. MEMBERSHIP—JUNIOR. Applicants for Junior membership must be from 12 to 18 years of age and of good moral character. Their application must be signed by a parent or guardian. Junior membership numbers will be preceded 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 eligible to hold office or vote. DUES—Annual dues are $39. Dues in Canada and Mexico are $45 and members throughout the rest of the world are $60. Life membership — payable in installments within one year is $800, $900 for Canada and Mexico, and $1,000 elsewhere. The Society has dispensed with issuing annual membership cards, but paid up members may obtain one from the Membership Director by submitting an SASE. 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 to June. These renewals are due before the expiration date. Renewal envelopes appear in a fall issue of Paper Money. Checks should be sent to the Secretary. Officers ❖ ELECTED OFFICERS: PRESIDENT Pierre Fricke, Box 1094, Sudbury, MA 01776 VICE-PRESIDENT Shawn Hewitt, P.O. Box 580731, Minneapolis, MN 55458-0731 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 Jeff Brueggeman, 1032 Lower Brow Rd., Signal Mountain TN 37377 Gary J. Dobbins, 10308 Vistadale Dr., Dallas, TX 75238 Pierre Fricke, Box 1094, Sudbury, MA 01776 Shawn Hewitt, P.O. Box 580731, Minneapolis, MN 55458-0731 Kathy Lawrence, 5815 Clendenin Ave., Dallas, TX 75228 Matt Janzen, 3601 Page Drive Apt. 1, Plover, WI 54467 Scott Lindquist, Box 2175, Minot, ND 58702 Fred L. Reed III, P.O. Box 118162, Carrollton, TX 75011-8162 Michael B. Scacci, 216-10th Ave., Fort Dodge, IA 50501-2425 Lawrence Schuffman, P.O. Box 19, Mount Freedom, NJ 07970 Robert Vandevender, P.O. Box 1505, Jupiter, FL 33468-1505 Wendell A. Wolka, P.O. Box 1211, Greenwood, IN 46142 APPOINTEES: PUBLISHER-EDITOR---Benny Bolin, 101-C N. Greenville Ave #425, Allen, TX 75002 EDITOR EMERITUS--Fred Reed, III ADVERTISING MANAGER Wendell A. Wolka, Box 1211 Greenwood, IN 46142 LEGAL COUNSEL Robert J. Galiette, 3 Teal Ln., Essex, CT 06426 LIBRARIAN Jeff Brueggeman, 711 Signal Mountain Rd. # 197, Chattanooga, TN 37405 MEMBERSHIP DIRECTOR Frank Clark, P.O. Box 117060, Carrollton, TX, 75011-7060 iMMEDIATE PAST PRESIDENT Mark Anderson, 115 Congress St., Brooklyn, NY 11201 WISMER BOOK PROJECT COORDINATOR Pierre Fricke, Box 1094, Sudbury, MA 01776 REGIONAL MEETINg COORDINATOR Judith Murphy, Box 24056, Winston-Salem, NC 27114 Visit the SPMC website www.spmc.org ___________________________________________________________Paper Money * May/June 2014 * Whole No. 291_____________________________________________________________ 154 “Enemy at the Gates” The Fall of New Orleans and its Effect on Scrip Issues in the City by Wendell Wolka Most history buffs know bits and pieces of the stories surrounding the capture of the city of New Orleans in late April, 1862, but one of the least known and most interesting stories as far as paper money collectors are concerned is the withdrawal and redemption of merchant scrip and other “small notes” (typically denominations less than $5) by the city in the weeks just after capitulation. This article will focus on the events surrounding that effort. At the outbreak of the War, New Orleans was the largest city in the Confederacy and also served as an important commercial and financial center. This, coupled with its strategic location on the Mississippi River, made it an early and prime target for Union military planners. The beginning of the end for the doomed city came in March, 1862, when the West Gulf Blockading Squadron, commanded by Flag Officer David G. Farragut and composed of the U.S.S. Hartford (Farragut’s flag ship) plus sixteen warships and a number of smaller support vessels and mortar barges, began appearing off of the mouth of the Mississippi River and started probing and reconnaissance operations. After several weeks spent tugging and dragging a number of the deeper draft warships over the bar and making other preparations, the Squadron sailed upstream, approaching one of the city’s outer defense lines anchored by Forts Jackson and St. Philip, approximately seventy-five miles downriver of the city. On April 18, the mortar barges of the squadron began a five day bombardment of the two forts, bristling with 126 large caliber guns, which were garrisoned by nearly 1,000 troops. A large boom ran across the river near the two forts which occupied opposite banks of the river. Composed of a huge chain and several hulks, the boom was designed to stop vessels under the withering fire of the two forts. After it became apparent that the bombardment would not reduce the forts, Farragut decided to “run the gauntlet” and race past Flag Officer David G. Farragut ___________________________________________________________Paper Money * May/June 2014 * Whole No. 291_____________________________________________________________ 155 the forts early in the morning of April 24, 1862, through a breach which had been punched in the boom. Although suffering some minor damage, a majority of the squadron made it past the forts and, after brushing aside some additional Confederate resistance further upstream, appeared at the New Orleans riverfront on the afternoon of April 25, 1862. Farragut, who found parts of the levee burning (immense numbers of cotton bales and supplies had been put to the torch) along with unruly mobs along the river, immediately demanded the city’s surrender along with its garrison. The garrison had already been withdrawn from the city and so Farragut was reduced to negotiating with Mayor John Monroe. Because the forts had been bypassed but not captured, negotiations dragged on several days because the critical Union troop transports could still not pass by them. Then came the news, like a thunderclap on a clear day, that Forts Jackson and St. Philip had surrendered after a mutiny by the garrison of Fort Jackson. This dashed any hopes of a tactical stalemate and the city officially surrendered during the course of April 28-29, 1862, after intense negotiations over issues surrounding hoisting the national banner on government buildings such as the branch mint and who would do the job of lowering the state flag over city hall (officers and enlisted men from the squadron ultimately did the deed and wisely did not hoist the American flag at the time.) The first federal infantry units under General Benjamin Butler entered the city on May 1, 1862. In the months leading up to the city’s fall, a familiar situation had developed. Coins of all descriptions vanished from circulation and many merchants and shop owners in town turned to scrip as a means of making change. The scrip was typically denominated in fractions of a dollar but was also issued in low whole dollar values. In a city with a population of over 160,000 persons, a large number of scrip notes, which came to be known as “shinplasters” or “Small Notes,” very quickly began to appear in day-to-day commerce. As Charles L. Dufour relates in his book about the fall of New Orleans, The Night the War was Lost, the situation quickly degenerated by the fall of 1861: “Small coins practically disappeared from circulation and coffeehouses and saloons and even merchants issued change in the form of tickets good in trade. These were put into circulation, as were tickets for the new streetcar system, and they soon acquired the picturesque name of shinplasters. George W. Cable, who was a boy in New Orleans during the Civil War, wrote of shinplasters: ‘The current joke was that you could pass the label of an olive oil bottle, because it was greasy, smelt bad, and bore an autograph-Plagniol Frères, if I remember rightly. I did my first work as a Cashier in those days, and I can remember the smell of my cash drawer yet. Instead of five-cent pieces we had car-tickets. How the grimy little things used to stick together! They would pass and pass until they were soft and illegible with grocers’ and butchers’ handling that you could tell only by some faint show of their original color what company had issued them. Rogues did a lively business in ‘split tickets,’ literally splitting them and making one ticket serve for two. On all sides there were calls for abatement of the shinplaster nuisance, and doubtless among the voices raised against them was that of the divine who, according to the True Delta, ‘took up a collection in church, last Sunday, for the purpose of distributing temperance tracts and was appalled to find the contribution plate full of tickets for drinks, representing every coffee house in the city.’” As Mayor John Monroe of New Orleans was negotiating final surrender arrangements with Flag Officer David G. Farragut’s representatives on April 29, the city’s Committee for Public Safety moved to try to make some sense out of the numerous scrip issues that were circulating. It placed the following notice in the April 29, 1862 issue of The Times Picayune, one of New Orleans’ leading newspapers. The Committee essentially was making a market in notes that it had endorsed as “current funds.” The first list was short, with issues from eight private concerns listed along with Confederate treasury notes, Louisiana state issues, municipal issues from Baton Rouge and New Orleans, and issues of the “Jackson Railroad Company” (actually the New Orleans, Jackson, and Great Northern Rail Road). Interestingly, C. (Charles) W. Cammack, who was the paying teller for the Citizens Bank of Louisiana, also appears on this list because he issued his own private notes. Mayor John Monroe ___________________________________________________________Paper Money * May/June 2014 * Whole No. 291_____________________________________________________________ 156 A few days later, another notice appeared in the May 3 issue of The Times-Picayune. In it, the mayor announced that all scrip would be redeemed by the Committee of Public Safety in city funds. Accordingly, the May 6 issue of The Times-Picayune had an expanded list of “acceptable” scrip and small notes that now included, for the first time, issues of: Magee and George George W. Gregor & Co. Dan. Edwards & Son Joseph Santini Jacob Zoelly Cresap & McMillan Sam’l Bell Picayune Office Smith & Hine, on Stuart & James H.E. Lawrence, on P. Cazenave D.M. Hildreth & Co. Ben. Miller & Co. Adam Wagner G.H.W. Lehde Britton & Co. D.J. Hockersmith & Co. D.H. Holmes COMMITTEE OF PUBLIC SAFETY.           NEW ORLEANS, April 28, 1862  Resolved, That the Committee for Public Safety will  receive, until further notice, the following individual and  other small Notes circulated as money in this commu‐  nity, and that they believe our citizens may rely  on this   currency.  Resolved , That this Committee will add to this list such  other names as they may deem worthy of the confidence  of the community.  State Treasury Notes  Confederate Notes  J. & J.C. Davidson  Leeds & Co.  Henderson & Gaines  Thomas, Griswold & Co.  Thos. C. Payan  Jackson Railroad Company  H. Fassman & Co.  City of Baton Rouge  City of New Orleans  C.W. Cammack  McDonnell & Magraw  A true extract  from the minutes      GEO. C. LAWRASON, Secretary.   ___________________________________________________________Paper Money * May/June 2014 * Whole No. 291_____________________________________________________________ 157 The addition of these seventeen issuers brought the total to thirty types of notes that were deemed “acceptable” as of May 6, 1862. The next day, the Times Picayune reported on the City Council meeting held the evening of May 6, 1862. Of the major resolutions that were approved, one related to a more formalized effort to get private scrip issuers in the city out of the business. The Finance Committee proposed the following plan that was immediately approved and affirmed by the Board of Aldermen: 1. Each issuer of scrip was required to produce a statement of how many notes had been placed into circulation as of May 6, 1862. 2. Each such issuer was required to make a special deposit with the City Treasurer or some other acceptable security equal to the amount of scrip issued. 3. All printing plates and remaining notes were to be turned over to the Chairmen of the Finance Committees, who, in turn, were to destroy them. 4. Once the issuers had complied with the preceding requirements, their names were to be published in the city’s newspapers. 5. Any further issuance of private scrip notes was prohibited. 6. City notes were to be prepared and then used to redeem the notes of participating issuers which were presented for payment. The city notes were to be secured by the deposits and securities described above. 7. Once the city notes were prepared and ready for issuance, the Finance Committees were to provide public notice that the private scrip notes were no longer currency and must be presented for redemption and exchange for city notes at the city treasury. Nearly a week later, the May 13, 1862 edition of The Times-Picayune editorialized that the city’s expanded plan to redeem private scrip with city notes and then prohibit any further private scrip issues was an appropriate approach to relieving the plight of the city’s poor, who had often been left holding scrip notes which were rejected by many merchants in the city. On May 17, 1862, The Times-Picayune contained the following notice: Butler had, thus, put a deadline of May 27, 1862 on treating Confederate notes as “bankable funds.” There was a public outcry that this would place an undue burden on the city’s poor. As a result, General order 30 was issued three days later on May 19. The major thrust of this order was to force the city’s commercial banks and other bankers to stop paying out Confederate notes. It is believed that this General Order precipitated NOTICE  HEADQUARTERS DEPARTMENT OF THE GULF           New Orleans,  May 16, 1862  General Orders No. 29.  I.    It  is  hereby  ordered  that  neither  the  City  of  New  Orleans, nor the Banks thereof, exchange their Notes,  Bills, or Obligations for Confederate Notes, Bills, or Bonds,  nor issue any Bill, Note or Obligation payable in Confed‐  erate Notes.  II. On the twenty seventh day of May instant, all cir‐  culation of or trade in Confederate Notes and Bills will  cease within this Department; and all sales or transfers  of property made on or after that day, in consideration of  such Notes or Bills, directly or indirectly, will be void,   and the property confiscated to the United States‐one   fourth thereof to go to the informer.   By Command of  MAJOR GEN. BUTLER  GEO. C. STRONG, A.D.G., Chief of Staff  First City Issues of May 6, 1862  ___________________________________________________________Paper Money * May/June 2014 * Whole No. 291_____________________________________________________________ 158 $250 REWARD. CAUTION TO THE PUBLIC.  TREASURER’S DEPARTMENT           New Orleans May 23, 1862.  The printing office of  Isaac T. Hinton, on Commercial Alley, having  been broken open during the past night, and six hundred sheets of  printed Notes of the City of New Orleans stolen therefrom, of the  denomination of $2, $3 and $4, five of each on the sheet, the public  are hereby  cautioned not  to  receive any of  the City Notes of  the  above denomination, except as are printed on bank  note paper, and printed on both sides. Those stolen are printed on  a thin yellowish white paper, like the one dollar bills recently put in  circulation.  The  above  reward  will  be  paid  by  the  City  Treasurer  for  the  detection  of  the  thief  and  recovery  of  the  printed  sheets.  ADAM GIFFEN,                                                         City Treasurer  the famous “Forced Issue” stamped notes of the Bank of Louisiana, but that’s another story for another day. General Order 30 did have one provision that is germane to the subject of this article. The order required: “That all persons and firms having issued small notes or ‘shinplasters,’ so called, are required to redeem them on presentation at their places of business, between the hours of 9 am and 3 pm either in Gold, Silver, United States Treasury Notes, or Current Bills of City Banks, under penalty of confiscation of their property and sale thereof for the purpose of redemption of the notes as issued, and imprisonment for a term of hard labor.” As a result, by the third week of May, 1862, scrip and small note issuers apparently had two options available to them when deciding how (not if) they were going to retire their notes. They could either: 1. take advantage of the city’s program, as outlined above, by which the city redeemed the scrip with city notes or 2. redeem their notes directly in accordance with General Order 30. Different issuers took different approaches depending on whether they wanted to deal with direct redemptions (more likely when a limited amount of notes had been issued) or make a larger deposit and let the city deal with redemptions (more likely when a larger amount of scrip had been issued). Of course. there was also the option of simply leaving town and the obligation to redeem one’s notes behind. A few issuers took the tack that they would not redeem their scrip because it was “counterfeit.” This option seldom was successful when the offender was hauled into court. It appears that the New Orleans, Jackson & Great Northern Railroad opted out of the city program and substituted its own plan on May 21, 1862. In a notice which appeared in the May 24, 1862 issue of The Times-Picayune, it pledged to use 40% of future monthly gross earnings to redeem its “small note” issue which had amounted to $500,000. The notice included a small notation that the plan was approved by Major General Benjamin Butler. The railroad is, however, listed in later (ex. June 18-20, 1862) listings of issuers participating in the city program so perhaps the Butler-approved plan was simply one to raise the money to redeem the notes within the city’s program; in essence the railroad was perhaps making its deposit with the city in monthly installments rather than in one lump sum. In the midst of this maelstrom of activity, the City Treasurer, Adam Giffen, reported the theft from the printer’s office of some of the new city notes that were to be used in the city’s redemption program via this notice which appeared in the newspapers on May 25, 1862: The City Treasurer also placed a notice in the same issue of The Times- Picayune advising the public of the signers who were being used for this new issue of city notes. J.E. Toledano, R.A. Hebard, A.J. Villere, and John G. Monrose signed for the Comptroller and Richard Charles, H.R. Yenni, F.J. Forstall, and Charles Bayon signed for the Treasurer. After the theft, Hinton apparently printed replacements for the $2, $3 and $4 notes, using remainder sheets of Holly Springs, MS notes. As a result, the replacements could easily be differentiated from the stolen notes which were uniface and printed on different paper. Another New Orleans printer, J. Douglas, who earlier also did bond work for the Confederate government, printed 25¢, 50¢, and $1 denominations with red protectors. A few days earlier, on May 18, the initial list of scrip issuers participating in the city’s new program was released, with fifteen issuers being listed: ___________________________________________________________Paper Money * May/June 2014 * Whole No. 291_____________________________________________________________ 159 A week later, on May 25, 1862, the list had grown as ten additional firms were added: James Cosgrove H.E. Lawrence on P. Cazenave Henderson & Gaines Geo. W. Gregor & Co. Leeds & Co. Samuel Bell G. W. Holt Asa Holt McDonnell & McGraw H. Fassmann & Co. NOTICE TO THE PUBLIC  The undersigned parties having complied with  the  resolution  of the Common Council, 6027, and placed  their  securities  in  the hands of  the Treasurer,  the public are  hereby informed that the issues of Small Notes of said parties  will be  redeemed at  the City Treasurer’s Office, commencing  on  WEDNESDAY  21st  inst.  The  Treasurer  would  respectfully  request  parties  having  considerable  sums  of  these  Small  Notes, and  the means of holding  them  for a  few days,  to do  so; under the assurance that they will be redeemed as early as  possible, and by this means give a chance to the poor people  who have them in small amounts, and require it for their daily  sustenance, to be relieved first. He also assures merchants and  others  that  they  may  take  them  for  their  merchandise  in  safety, as the parties have  lodged abundant security for their  redemption, and bound themselves to make no further issue.  Thos. C. Payan & Co.  D.H. Holmes.  Joseph Santini.  B. Miller & Co.  William Williams.  Dan. Edwards & Son.  Adam Wagner.  G.H.W. Lehde.  Beals & Miller.  Holtzel and Zoelly  Cresap & McMillan.  J. & J.C. Davidson.  C.W. Cammack.  Merz & E. Hacker.  Haggerty Brothers.           ADAM GIFFEN.                                            City Treasurer.  ___________________________________________________________Paper Money * May/June 2014 * Whole No. 291_____________________________________________________________ 160 On June 18, 1862, the New Orleans, Jackson & Great Northern Railroad was added to the list for a total of twenty-six issuers. This was apparently the high watermark for the number of participating issuers. The last full listing appeared on June 20, 1862 with only a few further newspaper notices in July and August, 1862, notifying the public that the city was no longer responsible for the redemption of Small Notes issued by: G.W. Holt Asa Holt McDonnell & McGraw Adam Wagner The exact reasons for these suspensions are unclear; perhaps all notes had been redeemed, securities deposited had been exhausted, or some other infraction or ownership change had occurred. For example, G.W. Holt was probably on this list because the amount of his issues presented for redemption exceeded the security he had deposited with the city. According to a newspaper notice that appeared on July 22, 1862, a new owner had reopened Holt’s coffee house on July 15, 1862. A second news item which appeared on July 31, 1862, indicated that Holt was in court “again” and had been given until that day to “furnish means of redemption.” Based on the number of surviving Holt notes today, he was apparently not very successful in doing so. The subject of scrip note redemption vanished from the radar screen after August, 1862. A new series of city notes was authorized by resolution 6090 of the City Council which was approved on October 24, 1862. The purpose of this new series was to retire up to $185,760 in notes previously issued for various purposes including the redemption of merchant scrip notes by the city. The new notes were to be issued in denominations of 25¢, 50¢, $1, $2, and $3. The resolution also declared that notes issued under this resolution which might be subsequently cut in half to make change would be considered “canceled” and would not be received as payment for any debt due the city. A public notice that appeared in the February 21, 1864 edition of The Times-Picayune provides another piece of the puzzle. As part of a report on city liabilities, the amount of city notes issued to redeem private scrip or “Small Notes” was listed as $333,918 with another $101,186 in unissued notes residing in the Treasurer’s office, for a total of $435,104. Finally, under Ordinance 6250, approved October 12, 1864, a new series of $20 notes was authorized to redeem the earlier small denomination notes issued by the city for a number of purposes including the city’s private scrip redemption program. These large denomination notes were secured by real estate owned by the city and effectively provided the closing chapter on a unique city program. There is one final aspect of the subject that is worth exploring. Exactly who were the people who issued these shinplasters, what was their business, and where were they located in the city? There’s still some ___________________________________________________________Paper Money * May/June 2014 * Whole No. 291_____________________________________________________________ 161 work to be done on the “where” because the city revamped its street numbering system in the course of 1893-1894. This means that “old” street addresses do not correspond to the present street numbering scheme. Fortunately, the New Orleans Public Library has a couple of on-line tools that will provide at least approximate conversions for those interested in scouting out merchant locations in modern day New Orleans. At the end of this article is a list of “small note” and scrip issuing merchants and other entities who issued them from late 1861 until April, 1862. Based on the numbers, it is clear that:  the city program only covered a minority of all of the issuers. Most of the others probably just redeemed their notes directly, per General Order 30, or left town prior to the capitulation (notably Cook & Bro. and probably Patterson Iron Works)  the notes were a mixture of both fractional and dollar denominated issues (typically under $5.)  a significant number of the city’s issuers must have redeemed their shinplasters via the city’s program or under the terms of General Order 30. This, coupled with a climate that is not friendly to unprotected paper items, makes it come as no big surprise that a great many New Orleans scrip issues are uncommon to rare today.  We have identified 130 issuers of cardboard chits, shinplasters and small notes from New Orleans in this timeframe. There are undoubtedly others and I would really appreciate hearing from you if you can add any new issuers or can provide any needed information which is highlighted in the trial listing. New Orleans is one of the richest antebellum American cities from a paper money standpoint. I would like to thank Randy Haynie for his help and support in the production of this article and look forward to collaborating with him on future endeavors. Resources Consulted: www.ancestry.com www.newspapers.com www.fold3.com “The Night The War Was Lost” by Charles L. Dufour, Univ. of Nebraska Press, 1994 All images courtesy of Heritage Auctions. Notes such as this $1, part of a series dated October 24, 1862, were issued to redeem the city’s first series of locally printed notes which, in turn, had been used to redeem shinplaster issues in May, 1862. ___________________________________________________________Paper Money * May/June 2014 * Whole No. 291_____________________________________________________________ 162 Selected New Orleans Scrip Issuers Early Express Company New Orleans based firearms manufacturers for the Confederacy New Orleans Liquor Dealers New Orleans Bakery ___________________________________________________________Paper Money * May/June 2014 * Whole No. 291_____________________________________________________________ 163 Soap Manufacturer Equipment supplier for Ironclad CSS Mississippi Grocer Saddle and Leather Goods Manufacturer ___________________________________________________________Paper Money * May/June 2014 * Whole No. 291_____________________________________________________________ 164 New Orleans Scrip Issuer Checklist  Issuer  Address  Profession  Notes  Known  Denoms  Known  Printed Date  Aaron & Dreyfuss  70 & 72 St. Charles St  Confectioners  Yes  50ȼ, $1  April 1, 1862  S. Aaron & Co.  96 Poydras Street  Clothiers  Yes  25ȼ  _____ 1862  J.J. Albert & Co.  33 Chartres Street  Hattiers  Yes  $2   _____ 1862  James Andrews  Corner of Canal & St  Charles Sts  Note and Exchange Broker  Yes  $1   April 1, 1862  J. Bazax  127 St. Louis Street  Grocer  Yes  50ȼ  March 15,  1862  Beals & Miller  5,6,& 7 Triangle Bldgs  Bakery  Yes  $1   January 1, 62  Samuel Bell  Unknown  Unknown  No Unknown  J.A. Benjamin  Corner of Union &  Morales Sts  Dry Goods  Yes  50ȼ  January 20,  1862  Bennett & Clark  339 Chartres Street  Harness Manfacturers  Yes  $1   April 12, 1862  Jean Berthin  29 Magazine Market  Unknown  Yes  50ȼ  _____ 1862  J.N. Bradford at R.F.  Harrison  40 St. Charles Street  Equipment Sales Office  Yes  $2, $3  March 25,  1862  A.T. Brady & Co. at  Citizens Bank  Unknown  Unknown  Yes  $1, $2  February 1,  1862  R. Brauss & Co.  Royal corner of  Customhouse  Barber  Yes  $1, $3   undated  P.H. Brinton  19 Crossman Street  (plus other locations)  Commission and  Forwarding Mcht.   Yes  $1   January 1,  1862  W.A. Britton & Co.  Unknown  Banker  Yes  $2   184_ (ca. 1861)  W.D. Brown & Co.  Unknown  Grocers  Yes  50ȼ  ms. ca. 1862  M.J. Bujac at New  Orleans Canal &  Banking Co.  34 & 36 Carondelet  Note Broker  Yes  $1   _____ 1862  A. Calve & Co.  158 Levee Street  Coffee House  Yes  25ȼ  Jan 20, 1862  C.W. Cammack  Unknown  Private Banker?  Yes  $1   186_ (ca. 1862)  John Cannell & Co.  Thalia Street  Architects & Bldrs  Yes  50ȼ  Feb 4, 1862  Carondelet Canal &  Navigation Company  Old Basin, near St.  Peter Street  Transportation Co.  Yes  50ȼ  ms. ca. 1861  L.E. Carter 1  Unknown  30th Regiment MS Vols  Sutler  Yes  $2   March 1, 1862  "The Charm" 2  No. 5 Old Levee Street  Opp. the PO.  Unknown  Yes  $1   Jany. 1862  Thomas Clarke 3  Corner of Magazine  and Thalia Streets  Druggist & Apothecary  Yes  25ȼ  undated  Confederate States  Restaurant 4  89 Common Street  Restaurant  cc  10ȼ  undated  ___________________________________________________________Paper Money * May/June 2014 * Whole No. 291_____________________________________________________________ 165 Issuer  Address  Profession  Notes  Known  Denoms  Known  Printed Date  A. Constant & Co. 5  21 Hospital Street  Photographer ‐ ambrotypes  Yes  $2   ms. ca. 1862  Cook & Brother 6  1 Canal Street  Gun & Weapon  Manufacturer  Yes  25ȼ,50ȼ,  $1,$2,$3   186_ (ca.  1862)  James Cosgrove  5 St. Charles Street  Saddlery and Leather Gds  Yes  $1, $2.50  ms.(ca. 1861‐2)  Steamer J.A. Cotton 7  ‐  Steamboat  cc  10ȼ  undated  Pierre Coussirat  258 St. Philip Street  Confectionary Store &  Grocery  Yes  25ȼ  186_ (ca. 1862)  Geo. Cramer & Co.  46 Robin Street  Unknown  Yes  50ȼ  April 10, 1862  Cresap & McMillan  (at Union Bank of LA.   66 and 68 Magazine St  Commission Merchants   Yes  $5   186_ ? (ca.  1862  A.F. Cubicke 8  Corner of Ursuline &  Rampart Sts  Grocer  Yes  25ȼ  _____ 1862  J. & J.C. Davidson 9  1 Davidson Row, 110  Carondelet  Slate Merchants  Yes  10ȼ, 25ȼ,  50ȼ  var. 1861‐2  H.M. Dowlin 10  15 St. Ferdinand St  Painter  Yes  $1   Feb 1, 1862  Ansel Edwards  490 Magazine Street  Grocer  Yes  50ȼ  Dec. 1, 1862  Dan. Edwards & Son  27‐31 Fulton Street,  28‐32 New Levee  Metal Fabricator‐Copper,  Tin, Sheet Iron  Yes  ?  ?  F. Egglestone 11  Unknown  Unknown  Yes  $2   ms.ca. Mar,1862 George L. Eldrige  212 & 214 Du Maine St  Grocer  Yes  50ȼ  ms. ca. 1862  H. Fassmann & Co.  22 Commercial Place  Cotton Press, manufacturer  of bale iron ties  Yes  25ȼ, $1,  $2.50  var. 1862  James Feliu  Corner of Union &  Goodchildren  Grocer  Yes  $3   April 2, 1862  J. Fernandez ‐ Pig and  Whistle 12  257 (?) Old Levee  Street  Possibly a bar (Pig and  Whistle) or cigar importer  based on 1861 CD  cc  5ȼ  undated  J.S. Franklin & Co. 13  SW Corner Villere & Du  Maine St  Grocer  Yes  50ȼ  ms. ca. April,  1862  Himel Freres Jr. 14  Unknown  Unknown  cc  5ȼ  undated  August Fritz?? 15  160 Front Levee  Unknown  Yes  $1   Jan. 17th(1862?) A.H. Gardner 16  Unknown  Unknown  Yes  $2   ms. ca. 1862  The Gem‐A.A. Pray 17  21 Royal Street  Coffee House  Yes  5ȼ, 50ȼ  undated  Geo. W. Gregor Co. 18  Corner of Camp &  Canal  Jewelry and General  Mchdse  Yes  $1   undated  H. Guild  180 St. Charles Street  Gas Fitter ‐ "Confederate  States Ordnance"?  Yes  ?  ?  Haggerty Brothers  128 Canal Street  Wholesale & Retail Dry Gds  Yes  25ȼ  _186_ ca. 1862  Hall & Briscoe  33 Common Street  Dealers& Importers Wines  & Liquors  Yes  $1, $2, $3  ms. var. 1862  I. (Ignatz) Hartman  85 Baronne Street  Saddlery & Leather Goods  Yes  $1   April, 1862  ___________________________________________________________Paper Money * May/June 2014 * Whole No. 291_____________________________________________________________ 166 Issuer  Address  Profession  Notes  Known  Denoms  Known  Printed Date  John Hawkins/  Steamer Natchez 19  On board the Natchez  Ship's Purser ‐ Officer??  Yes  50ȼ  ms. ca. March,  1862  Henderson & Gaines  100 Canal Street  Crockery and glass  Yes  ?  ?  A. Hermann  Corner Felicity &  Bachus  Grocer  Yes  25ȼ  ms. ca. March,  1862  P.F. Herwig 20  Adele Street near  Tchoupitoulas Street  "Herwig's Steam Coffee,  Corn, Flour & Spice Mills"  Yes  25ȼ  undated  D.M. Hildreth & Co.  Unknown  St. Charles Hotel (Payable  at the Union Bank)  Yes  $5   Mar 25, 1862  Himel & Bourgeois 21  Unknown  Unknown  cc  10ȼ  undated  D.J. Hockersmith &  Co.‐Southern Mills 22  181‐183 Poydras Street  Milling  Yes  50ȼ, $1, $2  var. 1862  Hoelzel and Zoelly  296 Tchoupitoulas St  Millers  Yes  25ȼ  undated  D.H. Holmes  155 Canal Street  Dry Goods  No Unknown  Asa Holt 23  107 Gravier Street  Mobile, AL.  Whiskey Seller ‐ Tavern  keeper ‐   Yes  25ȼ, 50ȼ  undated;  March 1, 1862  G.W. Holt  107 Gravier Street  Coffee House  Yes  25ȼ, 50ȼ,  $1, $2, $3,  $5  January 1,  1862  S.B. Holt & Co.  Unknown  Unknown  Yes  50ȼ  ms. 1862  D.H. Hormes  161 St. Charles Street  Unknown  Yes  50ȼ, $1  March, 1862  W. Hoyer & Co.  226 Tchoupitoulas St  Unknown  Yes  50ȼ, $1  March 1, 1862  Louis Hubert ‐  Confed States Bakery  498 Casacalvo Street  Bakery  Yes  $1   undated  Hufft's House 24  185 Poydras Street  Grocery?  cc  5ȼ  undated  John's Restaurant 25  9 Carondelet Street  Restaurant  cc  10ȼ  undated  D.C. Johnston & Co.26  Under the St. Charles  Hotel  St. Charles Hat Emporium  Yes  $1   March 8, 1862  R. Jones & Co. 27  108 St. Charles Street  Unknown  Yes  $1   1862  H.E. Lawrence on P.  Cazenave 28  26 Conti Street  Commission Merchant  Yes  25ȼ  December 26,  1861  Leeds & Co.  Corner of Foucher and  Delord  Industrial equip. manuf.  Yes  $1   undated  G.H.W. Lehde  81 St. Charles Street  Boot & Shoe Manufacturer  Yes  ?  ?  Lewis & Holmes 29  198(?) New Levee St  Grocery and Liquor Dealers  Yes  50ȼ  February, 1862  Magee & George  6 Magazine Street  Saddlery and Leather Gds  Yes  50ȼ, $1, $3  various  McDonnell & McGraw  147 Common Street  Restaurant  Yes  25ȼ, $1  Jan 15, 1862  J.J. McKeever 30  96 Camp Street  Express Co.  Yes  $1, $2, $3  186_var1861‐2  E. McLain & Co. 31  426 Tchoupitoulas St  Unknown  Yes  25ȼ  April 15, 1862  Merz & E. Hacker  Orleans St fronting  Treme Mkt?  Hardware?  Yes  ?  ?  ___________________________________________________________Paper Money * May/June 2014 * Whole No. 291_____________________________________________________________ 167 Issuer  Address  Profession  Notes  Known  Denoms  Known  Printed Date  Ben. Miller & Co.  Stalls 52 & 104 Old  French Mkt  Unknown  Yes  50ȼ, $2  March 1, 1862  A.B. Mitchell 32  279 Melpomene Street  Unknown  Yes  50ȼ, $1  Mar 11, 1862;  Feb 1862  C.C. Morgan & Co. 33  Corner St. Joseph St. &  New Levee  Soap manufacture & sales  Yes  50ȼ, $1  _____ 1862  J.L.C. Mosier & Co. 34  Tchoupitoulas Street  Unknown  Yes  $2   Feb. 5, 1862  J.P. Nathan 35  85 Circus Street  Unknown  Yes  50ȼ  ms. ca. Mar1862 New Orleans &  Bayou Sara  Mail Co  Unknown  Packet line  Yes  50ȼ, $1, $3  var. 1861‐2  New Orleans, Coast  & LaFourche  Transportation Co.   19 Conti Street  transportation co.  Yes  50ȼ, $1  Nov. 19, Dec.  5, 1861  New Orleans,  Jackson & Great  Northern Railroad 36  Unknown  Railroad  Yes  50ȼ, $1 (2),  $1.50, $2,  $3  undated; Nov.  16, 1861  Henry Nye at J.B.  Gribble & Co.  Commission  Merchant 37  35 Carondelet Street  Nye was a merchant in  Holmesville, MS  Yes  25ȼ, $1  January 15,  1862  Charles Ogilvie  Corner of Bienville &  Bourbon Sts  Grocer  Yes  25ȼ  undated  Narcisse Paris/  Steamer J.A.Cotton 38  201 Dauphine Street  Barkeeper  Yes  25ȼ  undated  Patterson Iron Works  / Jackson & Co. 39  Unknown  Machinery manufacturer  Yes  25ȼ, 50ȼ,  $1, $2, $3,  $5  var. 1862  Thos. C. Payan & Co.  72 Canal Street,  Wholesale & Retail  Clothing Dealers  Yes  ?  ?  People's Line of New  Orleans and Fort  Adams Packets 40  7‐9 Poydras Street  Packet line  Yes  $1, $2  var. 1861‐2  F. A. Peterson  41  N/A  1860 "Merchant"‐ Champagnolle, AR (Cotton  related?)  Yes  25ȼ  April 21, 1862  Peterson's Brass Wks  80 Circus Street  Brass Foundry  Yes  50ȼ, $1  March, 1862  Sam's Saloon /  Phoenix House /  Murphy's Hotel 42  96 St. Charles Street  Cardboard chit for three  businesses; Phoenix House  checkmarked  cc  25ȼ  undated  Picayune Office  66 Camp Street  Newspaper  No Unknown  ___________________________________________________________Paper Money * May/June 2014 * Whole No. 291_____________________________________________________________ 168 Issuer  Address  Profession  Notes  Known  Denoms  Known  Printed Date  Louis J. Piffet 43  138 Canal Street  Importer of foreign fancy  goods and ladies dress  trimmings  Yes  25ȼ  January 2,  1862  Planter's Hotel ‐  H(ermann).  Luneschloss  Proprietor 44  Corner of Magazine  and Julia Streets  Hotel ‐ Proprietor listed as  DeBare as early as 5‐4‐62  T.P.  Yes  $1   ____ 1862 ca.  March, 1862  Plaquemine Old Line  Packets  Old Levee  Packet line  Yes  25ȼ  April 25, 1862  J.R. Powell (also  Montgomery)  Unknown  Unknown  Yes  50ȼ  January 15,  1862  J.B. Price & Co. at  New Orleans & Texas  Overland Mail Co.  St. Charles Hotel  Unknown  Yes  $1   January 1862  Red River Packet Co45  Unknown  Packet line  Yes  50ȼ, $1, $2,  $3  ND; Dec 1,  1861  J. Remont 46  Unknown  Store  cc  10ȼ  undated  John L. Riddell 47  Post Off.‐Royal New  Custom House  Postmaster  cc  24ȼ, 48ȼ  undated  Chas. Rolling's  Marble Hall 48  252 St. Peter Street  Billiard Parlor  cc  5ȼ  undated  C.N. Roth & Co. 49  Unknown  Grocers  cc  10ȼ  undated  Joseph Santini  105 Gravier Street  Coffee House  Yes  ?  ?  John B. Schiller ‐  Sazerac House at  Mechanics' &  Traders' Bank  16 Royal Street  Coffee House / Bar ‐ of  Sazerac Cocktail fame  Yes  25ȼ  April 3, 1862  Geo. W. Sharp 50  161 Common Street  "Soda" (Based on the  vignette,  a restaurant or  bakery?)  Yes  25ȼ, 50ȼ  March 7, 1862  Smith & Hine, on  Stuart & James, NO  42 Union Street  Commission Merchants  Yes  25ȼ, $1  Nov., 1861  Smith & Brother  74 Union Street  Grocers  Yes  $2   ms. ca. 1862  R. Sproule & Co.  24 St. Charles Street  Men's Clothing  Yes  Unknown  Unknown  G.L. Stuart  317 Carondelet Street  Unknown  Yes  $1   undated  Thomas, Griswold &  Co.  Corner of Royal and  Canal Streets  Sword & edged weapon  manuf.  Yes  $1   October  ??  Phillipp Tobias  Corner of Chartres &  Bienville Sts  Jewelry Store  Yes  $3   April 1, 1862  Undecipherable 51  220 Thehoupitoulas  (sic.) St  Unknown  Yes  50ȼ  March 20,  1862  Bulkley ‐  McKinney??? 52  Unknown  $1 Lot 15769 HA Sale 362  Yes  $1   February 1,  1862  ___________________________________________________________Paper Money * May/June 2014 * Whole No. 291_____________________________________________________________ 169 Issuer  Address  Profession  Notes  Known  Denoms  Known  Printed Date  S.A. Vincent & Co.  60 Canal Street  Unknown  Yes  $1   Unknown  Adam Wagner  51 French Market  Butcher  Yes  ?  ?  The Dover Wagoner53  Unknown  Unknown  Yes  25ȼ  Jan 1, 1862  W.J. Weaver  155 Baronne Street  Unknown  Yes  ?  ?  Webb,Weaver & Co54  155 Baronne Street  Unknown  Yes  $1   Feb __ 1862  S(imeon) D.  Wendover  209 Rampart Street  "City Police" as late as 1861  Yes  25ȼ  undated  A.C. Wilbur  99 Gravier Street  Lime and other bulk mats.  Yes  $1   ms. ca. Apr, ‘62  I.L. Wilbur  Under the St. Charles  Hotel  Omnibus Line  Yes  25ȼ  Mar 15, 1862  Geo. Wilkinson 55  133 Rousseau Street  Unknown  Yes  25ȼ  Mar 25, 1862  William Williams  Levee n. Adele?  Grocer?  No Unknown  Louis Willmer  135 Magazine Street  Unknown  Yes  50ȼ, $1  Jan 18, 1862  Footnotes  1  Note is datelined New Orleans 2  Possibly the steamer The Charm? Or a Bar/Coffee House 3  signer Charles H. Kect (?)   4  Owner: Fritz Huppenbauer  was United States Restaurant   5  address in 1860‐61 was 26 Hospital Street 6  Several varieties exist    7  blue cardboard 8  first name Alphonse 9  Several varieties exist    10  First name Hugh ‐ info from 1861 City Directory 11  Dead End search 12  blue cardboard ‐ Alvarez, Fernandez & Co. Cor. Of Bienville & Old Levee 1861  13  no confirming info found   14  blue cardboard 15  Dead End search based on interpretation of signature 16  Dead End search 17  Albert A. Pray ‐ 17 & 19 Royal in 1861 ‐ 5ȼ is a cardboard chit 18  Advertising note converted to $1 note 19  Two stretches in the 1860 Census ‐ boatman or pilot 20  Info confirmed 1861 City Directory 21  yellow cardboard ‐ Related to Himel Freres, Jr.? 22  Several varieties exist    23  Apparently a relative of G.W. Holt's from Mobile,AL. 24  orange cardboard ‐ Two different Hufft listings for grocer in 1861 C.D. 25  gray cardboard ___________________________________________________________Paper Money * May/June 2014 * Whole No. 291_____________________________________________________________ 170 Issuer  Address  Profession  Notes  Known  Denoms  Known  Printed Date  26  Info confirmed 1861 City Directory 27  Possibility‐ 1870 Census ‐ R. Jones printer 28  Varieties exist 29  no confirming info found 30  Varieties exist 31  Dead End search 32  Grocer based on $1 vignette? 33  Varieties exist 34  Dead End search 35  Dead End search 36  Varieties exist; 50ȼ and one $1 are cardboard 37  Holmesville, MS is 100 miles north of NOLA 38  Address and Occupation from 1861 City Directory 39  Varieties exist 40  Varieties exist 41  Champagnolle was a shipping point for cotton to NOLA 42  gray cardboard 43  located at 135 Canal Street in 1860, but same business 44  Hotel contents sold at auction October 8, 1862 (10‐4‐62 T.P.) 45  Varieties exist 46  red cardboard ‐ Probably from Lafourche Parish based on name & occupation  47  green cardboard 48  green cardboard ‐ named in ad for billiard tables in 1860 T.P. 49  gray cardboard 50  159 Common Street in 1861 52  Dead End search based on interpretation of signature 53  "Hungarian"? MAYBE some kind of a huckster? 54  Dead End search; S/B "Tchoupitoulas" Street 54  A partnership related to W.J. Weaver (see that issuer) 55  Only George Wilkinson in NOLA ‐ Clerk Steamer Grosse Tete ___________________________________________________________Paper Money * May/June 2014 * Whole No. 291_____________________________________________________________ 171 Lyn Knight Currency Auct ions If you are buying notes... You’ll find a spectacular selection of rare and unusual currency offered for sale in each and every auction presented by Lyn Knight Currency Auctions. Our auctions are conducted throughout the year on a quarterly basis and each auction is supported by a beautiful “grand format” catalog, featuring lavish descriptions and high quality photography of the lots. Annual Catalog Subscription (4 catalogs) $50 Call today to order your subscription! 800-243-5211 If you are selling notes... Lyn Knight Currency Auctions has handled virtually every great United States currency rarity. We can sell all of your notes! Colonial Currency... Obsolete Currency... Fractional Currency... Encased Postage... Confederate Currency... United States Large and Small Size Currency... National Bank Notes... Error Notes... Military Payment Certificates (MPC)... as well as Canadian Bank Notes and scarce Foreign Bank Notes. We offer: Great Commission Rates Cash Advances Expert Cataloging Beautiful Catalogs Call or send your notes today! If your collection warrants, we will be happy to travel to your location and review your notes. 800-243-5211 Mail notes to: Lyn Knight Currency Auctions P.O. Box 7364, Overland Park, KS 66207-0364 We strongly recommend that you send your material via USPS Registered Mail insured for its full value. Prior to mailing material, please make a complete listing, including photocopies of the note(s), for your records. We will acknowledge receipt of your material upon its arrival. If you have a question about currency, call Lyn Knight. He looks forward to assisting you. 800-243-5211 - 913-338-3779 - Fax 913-338-4754 Email: lyn@lynknight.com - support@lynknight.c om Whether you’re buying or selling, visit our website: www.lynknight.com Fr. 379a $1,000 1890 T.N. Grand Watermelon Sold for $1,092,500 Fr. 183c $500 1863 L.T. Sold for $621,000 Fr. 328 $50 1880 S.C. Sold for $287,500 Lyn Knight Currency Auctions Deal with the Leading Auction Company in United States Currency ___________________________________________________________Paper Money * May/June 2014 * Whole No. 291_____________________________________________________________ 172 Enhanced Small Size $10 Master Back Plate by Peter Huntoon and Jamie Yakes The self-explanatory BEP internal memo dated June 4, 1943 shown here as Figure 1 hints that we may have a new $10 back variety of World War II vintage on our hands. Figure 1. Internal BEP memo written by C. J. Benzing, Superintendent of the Engraving Division, describing the creation of a new deep etch $10 master back plate with sharpened details. ___________________________________________________________Paper Money * May/June 2014 * Whole No. 291_____________________________________________________________ 173 A correlation has to be made because the numbers listed in the memo are the plate numbers found in the margins of sheets, not the plate serial numbers on notes. The plates bridging the changeover are the following. Plate Plate Serial Begun Certification Number Number Date Date Variety 3310 1034 Feb 15, 1943 Mar 2, 1943 old 3313 1035 Mar 1, 1943 Sep 14, 1943 new 3317 1036 Apr 1, 1943 master new 3321 1037 May 20, 1943 Jun 18, 1943 new Plate 1035, which is not mentioned in Benzing’s memo, was a new variety plate. It probably was begun as a master, but was converted into a production plate when not needed in that capacity; hence its delayed September completion date. We closely examined the proofs as well as several issued notes straddling the changeover. There is no question that the details on those with serial numbers 1035 and above are sharpened. The memo mentions noticeable improvements in the sky of the vignette where the engraved elements appear crisper and better formed, something we hope will come through on Figure 2. There is a cleaner and sharper appearance to the white line work in the borders on plates made from the new die. In contrast, the borders on most but not all of our notes with plate serial numbers 1034 or lower have the bled or soft look characteristic of early small size backs. The improvements are somewhat subtle. The plates made from the new master don’t exhibit an unambiguous diagnostic or telltale secret mark. It would have been nice if they had added a secret mark such as the one on $10 Series of 1928B FRN face plates with a retooled Hamilton portrait that we profiled in 2011 after we discovered a similar memo. The distinction is that the 1928B retooling occurred on a 1-subject master die, whereas this change involved an entire master plate. The present case would have required adding the same distinguishing mark precisely to all twelve subjects. A hidden mark probably wasn’t even contemplated in this case. Plate 3321/1037 was begun May 20, 1943, certified June 18, and first sent to press June 21. However plates 1038, 1040, 1041 and 1044 were the first finished, all on June 12, 1943. As per the memo they were sent to press together as a set on June 14th, so were the first used. Plates 1037, 1039, 1042 and 1043 went to press July 21, 1943 as the second set to see production. Plate 1035 wasn’t used until April 1944. Figure 2. Comparison between the proofs lifted from plates 1034 (top) and 1037 (bottom). Notice the improved definition of the clouds on the image from 1037, an effect created by deepening the intaglio elements used to portray them. ___________________________________________________________Paper Money * May/June 2014 * Whole No. 291_____________________________________________________________ 174 Use of plates 1034 and lower did not cease with the appearance of the new variety. They continued to be used until September 21, 1944, when the last of them wore out. The technical details accompanying this changeover are these; The new 12-subject electrolytic master was begun April 1, 1942. At the time electrolytic master plates were made by electrolytic deposition onto a 12-subject alto upon which the intaglio image stood in relief. The 12-subject alto was fabricated by joining 12 one-subject altos made by electrolytic deposition from the original 1-subject die. The master plate made from the 12- subject alto was assigned plate number 3317 and plate check number 1036, although 1036 was not etched onto its subjects. The new master plate was made by electrolytic deposition of first nickel and next iron onto the alto, which was the technology employed to make electrolytic plates at the Bureau at the time. Once fabricated, the surface of the plate was etched using acid, a process that deepened the engraved intaglio elements. The deepen elements held more ink, which increased contrast on the printed images, particularly the vignettes. An entire page was given over to the new master in the plate history ledger and “deep etch” is penned at its top. The next page, which leads off with plate 1037, also is labeled deep etch. Master 3317/1036 was canceled April 7, 1950. Numerous altos had been made from it which served as the electrolytic molds used to produce the slew of production plates having plate serial numbers 1037 and above. Master 1036 never was converted into a production plate so it wasn’t sent to press as occasionally occurred with other retired masters. Look at your World War II vintage $10s of all classes to determine if you can see a difference between the varieties. Let us know if you find a definitive diagnostic, especially a secret mark. Sources of Data Bureau of Engraving and Printing, 1943, Central Correspondence Files (318/450/79/16/3/box 286, folder labeled "Orders Plates"): U. S. National Archives, College Park, MD. Bureau of Engraving and Printing, undated, Plate history ledgers for currency backs (318/450/79/17/2/v. 18 labeled "Currency Backs Noyes 4-8-12 Subject"): U. S. National Archives, College Park, MD. Bureau of Engraving and Printing, various dates, Certified proofs lifted from $10 uniform small size back plates: National Numismatic Collection, National Museum of American History, Smithsonian Institution, Washington, DC. Huntoon, Peter, & Jamie Yakes, June 2011, Secret mark on 1928B FRN $10s: Bank Note Reporter, v. 60, p. 36-37, 40. Figure 3. $10 back plate 1040 was in the first set of electrolytic plates sent to press on June 14, 1943 that were made from the new master plate. Notice how crisp and clean the white line work is within the borders as well as the crispness of the line work in the vignette. This is the back of an issued Series of 1934A Boston Federal Reserve Note. ___________________________________________________________Paper Money * May/June 2014 * Whole No. 291_____________________________________________________________ 175 A Rare Dual-State Obsolete Sheet by Robert Gill In this volume of Paper Money I'm going to share with you a very rare Obsolete sheet from my collection. Although on an unidentified merchant, because of issued notes, it is known that the owner of this business was Randall Marshall. The bottom note on this sheet, being on a different state, is quite a puzzler. There is unsubstantiated speculation that Mr. Marshall had not only business interest in Marshallville, New Jersey, but also had some kind of interest in Darlington, Maryland, and ordered notes printed for both places at the same time. This sheet is the only one that not only I, but also in-the-know Obsolete dealers that I have shown it to, have ever seen. I invite anyone with information on this rare piece to contact me at robertgill@cableone.net. ___________________________________________________________Paper Money * May/June 2014 * Whole No. 291_____________________________________________________________ 176 ___________________________________________________________Paper Money * May/June 2014 * Whole No. 291_____________________________________________________________ 177 Known Alabama Obsolete Notes Now Top  1,000 with New Discoveries   by Bill Gunther  The  major  reference  for  Alabama  obsolete  notes,  Alabama  Obsolete  Notes  and  Scrip,  was  published in 1984 by Walter Rosene, Jr.1   For many years it remained the only listing of Alabama notes  and  contained  796  different  private  issues.2      In  the  January‐February  2013  issue  of  Paper  Money,  a  listing of previously unlisted notes was offered as an update to Rosene.3      In that article an additional  179  notes  were  identified.      Of  these  new  notes,  54  represented  new  issuers,  while  125  were  design/denomination/date varieties.   That brought  the  total of known private  issues  to 975,  including  120 different cities in 51 counties.4   Since  that date, an additional 43 unlisted private notes have now been  identified.   Of  the 15  notes that have no Rosene number, 7 are new cities to Rosene.  The other 8 notes are new merchants  from  cities  already  represented  in  Rosene.    In  addition,  these  notes  include  two  from  counties  not  previously known.   To date, 53 of the 67 counties have notes which have been identified.   The number  of  individual  cities  identified  now  totals  125  (Rosene  had  108).      Finally,  there  are  28  notes which  represent new denominations/dates from previously known  issuers.   With this  list, the total of known  Alabama privately issued obsolete notes is now 1,018.    In addition, there are two new additions to the known types of State issued Treasury Warrants.5   Unlisted Merchants/Cities:  R‐Unl.  Ashville, Alabama. (St. Clair County).   25  cents.  November 1862.  A. M. Nickson.   No vignette. No printer.e R‐Unl.  Barton, Alabama. (Colbert County).   25  cents.  Oct. 1, 1862.   No vignette or merchant name.d ___________________________________________________________Paper Money * May/June 2014 * Whole No. 291_____________________________________________________________ 178 R‐Unl.   Coloma, Alabama. (Cherokee County).   50 cents.  Jas. H. Savage.  August 1862.g    $1 note identified in Jan‐Feb article.  R‐Unl.  Elba, Alabama.  50 cents. (Coffee  County‐ New County).  Bank of Georgetown  (Georgia).  June 1, 1862.  Payable at H. Yaretzky   store.b   R‐Unl.  Hazelgreen, Alabama  25 cents.   (Madison County).  June 14, 1828.   Stagecoach/horses center.   Signature:  “Tho. Hart.”  Printer: Simpson,  Nashville.  No merchant name.c    R‐Unl.   Lathamville, Alabama.  25 cents.  (DeKalb County‐ New County).  September 29, 1862.  Red ink on light brown  paper.  Train vignette center.  Printed Mason Job Office,  Rome (Georgia).  Serial #259.  Signed J. C. Latham.   No merchant name.d R‐Unl.  Jasper, Alabama.  $1.  (Walker County).  Cox and  Davenport.  Oct. 24, 1862.  Tan paper.  Rose branch center.   Printed at Southern Republic, Columbus, MS.b  ___________________________________________________________Paper Money * May/June 2014 * Whole No. 291_____________________________________________________________ 179 R‐Unl.  Marion, Alabama. 5 cents. (Marion County – a  new County discovery).  July, 1862.  Rae and England.   Green ink on light yellow paper.  Serial # 169.  Small  eagle bottom center.  Number “5” in all four corners.d R‐Unl.                  Mobile, Alabama.  6 ¼ cents.   June 1837.  Unique design from other City of  Mobile issues.  Technically a “Treasury  Order”.d R‐Unl. Northport, Alabama. (Tuscaloosa County).   North‐Port Exchange Company.  10 cents.  May 19, 1862.   James Cain, R. & A. Cain, J. W. Shepherd.    Center vignette “Steamboat”.d R‐Unl.   Pollard, Alabama.  (Escambia County).   A. F. Gresham.  Five Cents.  October 8, 1862  manuscript date.  Small eagle top center.   No printer.e ___________________________________________________________Paper Money * May/June 2014 * Whole No. 291_____________________________________________________________ 180 R‐Unl.   Wakefield, Alabama. $1. (Washington  County).  October 9, 1862.  Red ink on light  brown paper.  Indian vignette left.   Printed Mason Job Office, Rome (Georgia).  Serial #486.  Appears signed by “T. J. Evans.”   No merchant name.d R‐Unl.  Wesobulga, Alabama.  (Clay County).   April 1, 1862.  50 cents.  Mullins & Handley.   April 1, 1862.  Ornate design left side.    No printer.e R‐Unl.  Wetumpka, Alabama.   (Elmore County).  Wetumpka  Bridge Company.  50 cents.  April 15, 1862.  Ornate design  left side (similar to Wesobulga, Mullins and Handley above).   No printer.e R‐Unl  Wetumpka, Alabama (Elmore  County).  Wetumpka Insurance Company.   25 cents.  January 1, 1862.    Ornate design  on left side.  No printer.d  ___________________________________________________________Paper Money * May/June 2014 * Whole No. 291_____________________________________________________________ 181 Unlisted Denominations/Dates/Descriptions  R39‐Unl.   Chepultepec, Alabama.    (Blunt County). $1.  June 18, 1862  (new date).     Printer Steam  Presses,  Atlanta.    Vignette  Indian  woman,  woman  kneeling  left.    This  date  and  description are not in Rosene.e R44‐Unl.  Clayton, Alabama.    (Barbour County).   50 cents.        Jan. 1, 1862.     M. M. Laseter.   Red  overprint.  Rosene only lists 5 cent.  No printer.e  R44‐Unl.  Clayton, Alabama.  (Barbour County).  $1.  July 1, 1862.   M. M. Laseter.  Red overprint.   Rosene only lists 5 cent.  No printer.d  R44‐Unl.  Clayton, Alabama.  (Barbour County). $2.  July 1, 1862. M. M. Laseter.   Rosene only lists  5 cent note.  Red overprint.d  R52‐Unl.  Courtland, Alabama.    (Lawrence County).   Owen &  Sturdivan. 25  cents. No date.   No  vignette.   Denomination not in Rosene).e   R98‐Unl.  Frankfort, Alabama.  (Franklin County).   Treasurer of Franklin County, $5 Bond. Nov. 3,  1862.  Rosene only lists the $2.  Design is similar.a R120‐Unl.       Guntersville, Alabama.  (Marshall County).   5 cents.   1862.   May and Lamar Merchants.   Sailing ship vignette top center.  Denomination unlisted in Roscne.d     R122‐Unl.  County of Loundes, Alabama.   $1.00.   June 28, 1866.   Rosene   only has 25 and 50 cent  notes.e   R163‐Unl.  Lexington,  Alabama.    (Lauderdale  County).    25  cents  .    18__.   W.  B. Westmoreland.   Unissued.   Seated woman in upper center.  Rosene only lists a 75 cent note.e   R172‐Unl.  Livingston, Alabama.    (Sumter County).   The  Treasurer of  Sumter County, $3, Printed  Date of Sept. 15, 1866.  Vertical train vignette left; ship scene at center.d    Rosene only  lists $1 note. R178‐Unl.  Marion, Alabama.  (Marion County).  Selma, Marion, Memphis Railroad.  $10.  March 1,  1871.d   Rosene does not list this denomination  R189‐Unl.               Mobile, Alabama.   City  Savings Association of Mobile.    $2.    June  25,  1862.   Rosene  example has  title  in arch across  the  top, not a horizontal  title  in  this note.   Name of  printed payee is also different.f  R204‐Unl.  Mobile, Alabama. (Mobile County).  Mobile and Ohio Rail Road.  $1.  February 15, 1862.   Rural scene on top right.  Denomination not in Rosene.e R228‐Unl.  Montgomery, Alabama.  (Montgomery County).  Alabama Insurance Company, 75 cents.   George Washington standing left.  Jan. 1862.  Vignette not in Rosene.d   R228‐Unl.  Montgomery, Alabama.  (Montgomery County). Alabama Insurance Company. 10 cents.   Jan. 1862.   Standing  female  figure with  female kneeling on  left.   Vignette not  listed  in  Rosene.d R228‐ Unl.       Montgomery, Alabama.  (Montgomery County).  Alabama Insurance Company.  $1.  April  1, 1862.  Vignette is of two men in horse race.   Unlisted in Rosene.  Double plate letter  DD.f ___________________________________________________________Paper Money * May/June 2014 * Whole No. 291_____________________________________________________________ 182 R228‐ Unl.       Montgomery, Alabama.  (Montgomery County).  Alabama Insurance Company.  $3.  April  1, 1862.  Vignette is horse‐drawn cotton wagon accompanied by two slaves. Printed on  the back of 5‐cent note from same company.   Unlisted in Rosene.  Dbl. plate letter DD.f  R231‐Unl.  Montgomery, Alabama.  (Montgomery County). Central Bank of Alabama.   $1.   Aug 1,  1855.  Vignette new with slaves loading cart with sugar cane. Small eagle bottom center.  Conestoga wagon left bottom.  Date and vignette not in Rosene.e  R284‐Unl.  Roanoke, Alabama.    (Randolph County).   W.V. Thomason and Co.   5 Cents.   March 1,  1862.  Franklin Printing House top left.  Steam Presses Atlanta bottom left.  Only note in  Rosene is 50 cents.e R284‐Unl.          Roanoke,  Alabama.    (Randolph  County).    W.V.  Thomason  and  Co.    10  Cents.    Date  unreadable.  Only note in Rosene is 50 cents.e R284‐Unl.  Roanoke,  Alabama.    (Randolph  County).W.V.  Thomason  and  Co.    15  Cents.    Date  unreadable.  Only note in Rosene is 50 cents.e R284‐Unl.  Roanoke,  Alabama.    (Randolph  County).  W.V.  Thomason  and  Co.    25  Cents.    Date  unreadable.   Only note in Rosene is 50 cents.e R287‐Unl.   Round Mountain, Alabama.  (Cherokee County).  Round Mountain Iron Works. 25 cents.    Sam Marshall.  August 1, 1862. Same as R87‐1 except the date is different.g  R294‐Unl.  Selma, Alabama.  (Dallas County).  Commercial Bank.  $2.  Dec. 9, 1861.  Denomination  not listed in Rosene.d R304‐Unl.  Sparta, Alabama.   (Conecuh County).     5 cents.   A. D. Cary     July 1, 1862.   Rosene only  lists a 10 cent note.e    R340‐Unl.  Union  Springs, Alabama.    (Bullock County).   D. A. McRaye.   10 Cents.   December 10,  1861.  Issued Columbus, Georgia payable at “my store” in Union Springs.  Rosene has 25  and 50 cent notes but dates are July 4, 1865.e     R323‐ Unl.  City of Tuscaloosa, Alabama.   (Tuscaloosa County).   50 cents.   Similar to R323‐9  (Eagle  vignette).  Manuscript date, March 1, 1862 unlisted in Rosene.e    R324‐Unl.  County of Tuscaloosa.   (Tuscaloosa County).   50 cents.   June 20, 1862.   One steamship  center top.  Denomination unlisted in Rosene.f  Alabama Treasury Warrants  In  an  earlier  article  that  covered  Alabama  Treasury  Warrants,  11  different  types  listed  by  Criswell were noted along with an additional 23 new  types  in Hugh Shull’s book.6   Below  is  listed an  additional 1820 note that is believed to be a new type, but due to the lack of an image in Shull’s work,  cannot be positively  identified.   The note, which  is shown below, may be similar to Cr.10 (plate A) and  Cr.12 (plate B) in Shull’s book.  Since this note is plate “C” it would most likely be assigned Cr.14, which is  not assigned  in Shull’s book.   The more  interesting question, which cannot be verified,  is  if the  lack of  smoke/steam coming from the steamboat vignette on plate C is a new type.   Since there are no images  of Cr.10 and Cr.12, it cannot be determined if they have steam/smoke coming from the ship.  All of the  1821 and 1822 images showing steamboats show steam/smoke coming from the ships suggesting that it  was normal to have this as part of the ship image.  That could possibly make this note an error note with  the steam/smoke missing.  ___________________________________________________________Paper Money * May/June 2014 * Whole No. 291_____________________________________________________________ 183 Cr.  ?  $20.  1820.  Vignette of early  steamboat without smoke center.   Printed by Allen and Brickell.e  The second note  is unlike any earlier Treasurer’s or Comptrollers warrants known. There  is no  vignette and the dollar amounts are written in, rather than preprinted. Since these apparently existed at  the same time as the earlier warrants, their specific purpose appears to be the need for warrants that  did not have preprinted amounts.  Sources of Unlisted items:  a. eBay Listing, September 6, 2013 b. Courtesy  of Greg Ton c. This note discovered in the collection at the Department of Archives and History, Montgomery, Alabama. d. Personal Collection e. Courtesy of Hudson McDonald f. Courtesy of Amanda Sheheen g. Courtesy of John L. Ellis h. Sold on eBay March 20, 2014 i. Courtesy of Ben Purvis Footnotes  1Walter Rosene, Jr. Alabama Obsolete Notes and Scrip (Society of Paper Money Collectors, 1984). 2Rosene also contains “Issues of the State of Alabama”.  3Bill Gunther, “Alabama’s Illegal Scrip of 1863 and a Rosene Update,” Paper Money, Vol. LII, No.1, (January‐February, 2013), pp. 20‐30.  4This represents a corrected total from the original estimate of 50.  5Bill Gunther, “State‐Issued Money from Alabama’s First Capital,” Paper Money, May‐June, 2013, pp. 196—213. 6Hugh Shull, Southern States Currency (Atlanta: Whitman Publishing, LLC), 2007.  Cr.? Written Amounts.  No Vignettei  ___________________________________________________________Paper Money * May/June 2014 * Whole No. 291_____________________________________________________________ 184 F.D.R. Portrait Proposed for U.S. $3 Silver Certificates by Lee Lofthus From time to time the Treasury Department in Washington received public inquiries about whether or not the government had issued $3 bills, or had plans to do so. The Treasury would patiently explain the federal government had never issued $3 bills, but in 1948 it turns out there was at least one congressional proposal to issue new U.S. $3 bills with Franklin Delano Roosevelt’s portrait on them. On Mary 24, 1934, a Mr. Brady from Great Falls, Montana wrote to the Treasury: “Gentlemen: Would you please let me know whether or not the U.S. Treasury ever put out a $3.00 bill and if so what year were they recalled. This is to decide a bet and I would thank you very much for an early reply.” 1 The full force of the United States government moved to assist this citizen’s emergency need for information, and thus the Treasury promptly replied on May 31: “Sir: In reply, you are advised that since the establishment of the present form of Government there has been no United States paper currency issued of the denomination of $3. The first paper money ever issued by the United States Government was authorized by the Acts of July 17 and August 5, 1861. Prior to 1861, however, paper currency was issued by State banks in various denominations, including that of $3. Gold coins of the United States in the denomination of $3 were issued under the Act of February 21, 1853, and discontinued by the Act of September 26, 1890. Respectfully, S.R. Jacobs, Assistant Commissioner of the Public Debt.” Along similar lines, a woman from Florida sent a handwritten note to the Treasury along with a stamped, self-addressed envelope asking if the U.S. government issued $3 bills. The Assistant Secretary of the Treasury sent a cordial reply, indicating the federal government issued $3 gold coins but not $3 bills. The SSAE was returned. On May 20, 1948, an attorney from Cleveland wrote the Bureau of Engraving and Printing (BEP) with a one line inquiry: Gentlemen: Please advise whether it is accurate that the government is contemplating the printing of three dollar bills.” This time the answer was a bit more complicated. Alvin W. Hall, the BEP director, referred the matter to the main Treasury, indicating he was aware of a proposed Congressional bill that would place Roosevelt’s portrait on a $3 silver certificate. Hall stated “This bureau is not informed of any further action in this matter.” The Treasury replied to the Cleveland attorney on May 27: “Legislation (House Resolution 6512) has been introduced in Congress by Representative Arthur G. Klein of New York to authorize the issuance of a three dollar bill bearing the portrait of Franklin D. Roosevelt. No action has been taken by the Treasury Department.” H.R. 6512 was referred to the House Committee on Banking and Currency. The proposed bill did not become law, and therefore numismatists must make do with Roosevelt dimes but without Roosevelt $3 silver certificates. 1 The letters and Treasury replies cited in this article are from the Records of the Department of the Treasury, Office of the Secretary, Record Group 56/450/57/13/03 Box 16, file titled “Banknotes and Currency 1945-1948,” National Archives, College Park Md. Illustration from the Library of Congress, Prints and Photographs Collection. ___________________________________________________________Paper Money * May/June 2014 * Whole No. 291_____________________________________________________________ 185 A Civil War Draft Commutation Receipt by Terry A. Bryan A recent item in Bank Note Reporter (August, 2013, Vol. 62#8, p.19) mentioned that one of the certification and grading services encapsulated a collection of draft commutation receipts from the Civil War. The Draft Act of March, 1863 was conceived to provide 100,000 able-bodied men between the ages of 20 and 45 for the Union Army. Initially, deferments were provided for married men, ill-health, and for certain civilian professions. Married men were to be taken only after single men were called up. A broadside that was posted prior to the second draft of January 5, 1864 reads as follows: Headquarters Provost Marshal of the State of Delaware, December 1, 1863. Notice is hereby given, in pursuance of Circular No. 101, War Department, Provost Marshal General’s Office, Washington, November 17, 1863, that any person enrolled in the District of Delaware under the Act of Congress entitled “An Act for enrolling and calling out the National forces,” &c., approved March 3, 1863, may appear before the Board of Enrolment, for the said District, at any time prior to the 20th day of December, 1863, and claim to have his name stricken from the list, if he can show to the satisfaction of the Board that he is not, and will not be, at the time fixed for the next draft, liable to military duty on account of:--- 1st. Alienage. 2d Non-Residence. 3d Unsuitableness of age. 4th Manifest permanent physical disability. Applications for exemption for other causes will not be heard until after the next draft, (January 5, 1864.) Persons who may be cognizant of any other persons liable to military duty, whose names do not appear on the enrolment list, are requested to notify the Board of Enrolment. Edwin Wilmer, Provost Marshal Attached to this notice is a list of men in Broadkill Hundred, Delaware who are “consolidated in the first class”, i.e. draft status One-A in modern terms. On the roster are names of a few of my relatives. In addition, among the approximately 250 names are the names of 10 men listed as “colored”, eligible for the controversial draft of black men. Another controversial provision of the Draft Act was the privilege of paying a cash bounty of $300.00 for commutation after your name was drawn. Another alternative was hiring a substitute. Often, recent immigrants were hired to take the place of draftees. Once a name was drawn, only the draftees who had access to the cash were excused, hence the class distinction that was a source of dissatisfaction throughout the North. For a while, it was possible to buy “draft insurance”, payable if your name were drawn. Instances are known where brothers or groups of eligible men would pool money to pay the bounty of the member who got drafted. In any case, there were eventually various ways to raise the needed $300.00 cash. Union forces took advantage of four Draft Acts. A total of about 250,000 men were drafted. It is estimated that about 6% of this total actually served. The rest simply did not show up, or paid the $300 bounty, or hired substitutes. Sources differ about the total numbers. An internet reference suggests that 30% of 169,000 men drafted in the North personally served. Eventually the marketplace demand for substitutes bid the asking price up to exorbitant levels. The Confederacy had similar draft regulations, however more strict in details. The Constitutionality of a Federal draft Fig. 1 This glass wheel enclosed the names of eligible males in several of the Delaware draft drawings. [Courtesy of the Delaware Historical Society] ___________________________________________________________Paper Money * May/June 2014 * Whole No. 291_____________________________________________________________ 186 was questioned, and violent riots occurred in some urban centers, based on the perceived unfairness of the business. The draft even appeared on the minstrel stage as a topical song. “How Are You, Conscript?” was written in 1863 by Frank Wilder. It was an obvious takeoff of the popular tune, “How Are You, Greenbacks?” which is familiar to collectors for its spectacular cartoon currency cover. The conscript song speaks to the draft issue in a light-hearted tune, on a subject which was anything but comical to most people. Note that the composer avoided the easy rhyme with the word “die” in the last line of the verse. How are you, Conscript? How are you, I say? Have you got three hundred greenbacks To pony up and pay? If not you are a goner, Now don’t you fret and cry, For you’re only going to Dixie To fight and mind your eye. Chorus: How are you, conscript? How are you, today? The Provost Marshal’s got you In a very tight place, they say. Collectors of Civil War memorabilia appreciate documents that were associated with drafting soldiers. While receipts are undoubtedly financial documents, I was surprised to see draft commutation receipts entering the numismatic market in the form of encapsulated commodities. Rather, it seemed to me that the old papers took on value because of the personal stories behind them. This is of a different quality and historical significance, compared to a piece of collectable currency. Seeing a faint picture in Bank Note Reporter prompted me to submit the images of my great-grandfather’s draft notice and commutation receipt for a clearer picture in Paper Money. John Wesley Davidson was born in Sussex County, Delaware in 1832. He married Leah Rodney Green in 1855 and over the next 22 years, they produced 14 children. Their youngest was my maternal grandfather. In spite of John’s status as a 30- year-old married farmer with children, his name was drawn in the summer draft of 1863. He was not a landowner at this time. His father owned large acreage near the Sussex County seat of Georgetown, but the father had dependent children and in-laws on his farms. There could not have been much cash available among the entire family. I have always wanted to know how they scraped together $300.00 to pay for the draft commutation. John Wesley Davidson continued as a farmer in neighboring hundreds around his birthplace. Delaware still retains political divisions of “hundreds” to this day. Up to a few decades ago, they were legislative districts, but the voting maps have been revised to even out population numbers. Property deeds still describe locations using “hundred” designation. The land division comes from ancient English practice. It is thought to describe lands inhabited by 100 families, or to denote an area where 100 able-bodied men could be raised to fight marauders. The text of the “Form 39” Draft Notice is partly printed, with blanks [with printed underlines] filled in. The State of Delaware was a single district for draft and Congressional purposes, but the blank form includes a blank for a district number where appropriate. ___________________________________________________________Paper Money * May/June 2014 * Whole No. 291_____________________________________________________________ 187 The draft notice reads: Provost Marshal’s Office, ___District, State of Delaware, August 27th, 1863 To John W Davidson Indian River Hnd [Hundred] Sir: You are hereby notified that you were, on the 14th day of August, 1863, legally drafted in the service of the United States for the period of three years, in accordance with the provisions of the act of Congress, “for enrolling and calling out the national forces, and for other purposes,” approved March 3, 1863. You will accordingly report, on or before the 12th of October, at the place of rendezvous, in Smyrna, Del. or be deemed a deserter, and be subject to the penalty prescribed therefor by the Rules and Articles of War. Transportation will be furnished you in presenting this notification at_________, on the Delaware R.R., or at the station nearest your place of residence. Edwin Wilmer Provost Marshal, ___Dist. of Delaware. Commutation of the draft order was granted to my great-grandfather. Upon payment of the $300 bounty, grandfather was granted a receipt. On the left end of the form it reads, “Triplicate”; military paperwork has evidently not changed much. Delaware still has but one Congressional District. The rest of the receipt reads as follows: No. 390 Office of Receiver of Commutation Money, 1st District of Delaware Received at Dover on the 16th day of October 1863 from John W. Davidson of Indian River who was drafted into the service of the United States on the 14th day of August 1863, from the 1st Congressional District of the State of Delaware, the sum of Three Hundred (300) Dollars, to obtain, under section 13 of the “Act for enrolling and calling out the National forces, and for other purposes,” approved March 3d, 1863, discharge from further liability under that draft. Charles M. B. Day Receiver of Commutation Money. ___________________________________________________________Paper Money * May/June 2014 * Whole No. 291_____________________________________________________________ 188 It is presumed that a commuted draftee would want his receipt near at hand, if he were questioned about his continued civilian status, particularly as the War dragged on. Mr. Davidson kept both his draft notice and commutation receipt in his wallet. In fact, he kept them in his wallet for the rest of his long life. He died in 1926 in his 94th year. The wallet is similar to what a previous generation might call a “pocket secretary”. It is a tri-fold leather cover with green edging. Several compartments of various sizes held a number of farm receipts and tax receipts, along with the draft documents and a pencil graphite. It may not have been meant for currency, and unfortunately, there was no currency in it when it came into my care. In his retirement, he planned to live in the household of his newlywed youngest son, my grandfather. John and his equally elderly wife, Leah, purchased a small farm in eastern Sussex County. His son would work the farm and provide a place for John and Leah to live out their lives. Sadly, Leah died before moving to the new farm. John Wesley lived in a subdivided parlor of the old farmhouse for another 20 years. My grandparents worked the farm without any certain knowledge that the farm would be theirs once John died. The matter was never discussed, and my grandparents did not know the fate of their 20 years of labor until the will was read. John could have left the property jointly to his many living children, for example. He was a man who kept his own counsel. Little wonder that there is no family story about raising the $300 bounty money. Those folks were exceptionally closed-mouthed about their business. In retrospect, it seems rather unkind to keep his son in suspense for so long. I am sure that my grandparents could not have envisioned that the old man would live so long, either. My mother was a junior in high school when her grandfather died, and her parents finally found out that they owned the farm free-and-clear. My brother and I inherited the farmstead, which after 108 years of family ownership, has the designation of a Delaware Century Farm. The Federal Draft was a new idea in the 1860s. It was reasonable to provide a cash alternative to service. The money raised through commutation went toward cash incentives to “jine up”. I believe that the 2002 movie Gangs of New York features a scene of immigrants being paid to sign up as they stepped off the boat from Ireland. It was legal for the draftee to hire a substitute in a private transaction. Clearly, the Government did not care about the exact means of obtaining the necessary troops. Even without knowing how great-grandfather raised the cash, I am glad that he did. Otherwise, I might not be around to write about it. References: Photo of the lottery drawing wheel from the Delaware draft: The Delaware Historical Society, Faust, Patricia L., Ed. Historical Times Encyclopedia of the Civil War. Harper Perennial: New York. 1991. Scharf, J. Thomas. History of Delaware. L. J. Richards: Philadelphia. 1888. ___________________________________________________________Paper Money * May/June 2014 * Whole No. 291_____________________________________________________________ 189 About Texas Mostly (but Alaska this time) By Frank Clark The First National Bank of Ketchikan, Alaska The first time that I had ever heard of Ketchikan, Alaska was in 1978 when I acquired a copy of the book published by the Society of Paper Money Collectors entitled, "The National Bank Issues of 1929-1935" by Peter Huntoon, et al. I did not collect Nationals at this time and the book covered a subject I knew little about. The frontispiece depicted a Series 1929 National from each of the three banks in Alaska that issued them. They were in order The First National Bank of Fairbanks, The First National Bank of Ketchikan, and The First National Bank of Juneau. I had of course heard of Fairbanks and Juneau, but the middle note on the page was from a town with a strange name that I had never heard of. Ketchikan is on Revillagigedo Island, 235 miles south of Juneau and surrounded by the lands of the Tongass National Forest. Ketchikan is named after Ketchikan Creek, which flows through town. "Ketchikan" comes from the Native American Tlingit language. However, the actual meaning of "Ketchikan" is unclear. Ketchikan was incorporated in August 25, 1900. One nickname for Ketchikan is the "Salmon Capital of the World." The history of banking in Ketchikan began in 1901 when one John Koel moved from the Midwest to the town in 1901. Koel's first purchase was of a bakery on Dock Street. Soon thereafter he added on a small restaurant. A couple of years later he bought another lot on Dock Street. On the second lot he had constructed a concrete bank building with a thick-walled vault. It is said that this was the first reinforced concrete, fireproof commercial building in all of Alaska. The newly founded Miner's & Merchants Bank moved into the new structure and paid rent to Koel. The year-round population of Ketchikan grew to 2,458 in 1920. The Miners & Merchants wanted to build their own building, so they erected a new structure in the immediate area and moved in during April 1921. Today, this building houses the Wells Fargo branch. The M&M move in 1921 did not please their former landlord. Mr. Koel had been in the practice of making loans to people who were not able to qualify for a bank loan. Now, he decided to step up these activities. This led to him founding the First National Bank of Ketchikan on September 15, 1924 with charter number 12578. The grand opening was postponed due to new banking equipment being delayed and the inability of jeweler Gus Pruell to move out of Koel's concrete bank building, the former location of the Miners & Merchants in a timely fashion. Nevertheless, the First National opened on Monday October 20, 1924. ___________________________________________________________Paper Money * May/June 2014 * Whole No. 291_____________________________________________________________ 190 It was a successful bank as it weathered the Great Depression and continues today under the First Bank of Alaska umbrella. The first president in 1924 was Edward Anton Rasmuson. He was also the president of the Bank of Alaska in both Anchorage and Skagway since 1918. Rasmuson's term as president of the First National ended in 1928. His son and grandson would carry on the family banking tradition in Alaska into the 21st Century. The first cashier of the bank was W.A. Pries. It is known that Mr. Pries prospected in the area of Ketchikan. He resigned in 1934 and was replaced by H.F. Sprague. The second president was J.E. Berg. He also resigned in 1934 and his replacement was the founder, John Koel. Mr. Berg's next business enterprise was the founding of the Ketchikan Steam Ship Company in April 1935. One of his ships was named Evelyn Berg, after his wife.Mr. Berg died on Apr. 29, 1970. The founder and third president of the bank, John Koel, died in 1946 at the age of 82. As he was laid to rest, businesses in Ketchikan closed for an hour out of respect for Mr. Koel. He left behind in his will money for scholarships for the youth of Ketchikan. The First National elected to issue only Series 1929 Nationals. It issued both Type 1 and Type 2 notes in the $5, $10, and $20 denominations. Around 25 Type 1's and a half dozen Type 2's have been documented on charter number 12578. Both Series 1929 types have the bank officer combination of Cashier W.A. Pries and President J.E. Berg. Accompanying this article are a picture of a Series 1929 $10 Type 1 note and a draw-string bank bag on the First National Bank of Ketchikan. ___________________________________________________________Paper Money * May/June 2014 * Whole No. 291_____________________________________________________________ 191 Small Notes by Jamie Yakes Series of 1950 "18/12" Specimens The "R" plate position on this specimen Series of 1950 $10 Federal Reserve Note indicates the note came from an 18-subject sheet. So does the back plate serial: Twelve-subject $10 back plate serials ended at 1437, so the 1801 on this note obviously falls in the 18-subject range. All Series of 1950 notes printed for circulation, however, were printed on 12-subject sheets, so what's the deal? From the Treasury Secretary's annual report for 1952(1): "By the end of the fiscal year [June 30, 1952], this new procedure had been introduced and printing was being performed on one face and one back press. The operation was carried as far as overprinting, since the present numbering equipment cannot be adapted readily to the size of an 18-subject sheet." The "new procedure" mentioned was the printing of currency notes using 18-subject face and back plates on flatbed printing presses. The increase in plate size had taken over a year to develop, and would bring beneficial improvements to currency production. Once routine, the number of notes printed using such plates would increase by 50 percent. A dilemma was that the Bureau of Engraving & Printing couldn't alter the rotary numbering and sealing presses used for 12-subject sheets to handle 18-subject sheets. They had ordered new rotary typographic presses for 18-subject sheets, but those wouldn't be delivered until 1954. To see the 18-subject sheets in finished form, the Bureau cut unnumbered sheets into 12-subject and 6-subject sheets, and then numbered the 12-subject sheets using 12-subject numbering presses! At least in this case, the 12-subject sheet comprised the twelve notes from the right of an 18- subject sheet with plate positions G to R. Had the short sheet been cut with the twelve notes from the left, the plate positions would have been identical to the actual 12-subject sheets they were replacing. It would have taken a keen eye, then, to notice that the plate serials actually were from 18-subject plates even though the specimens had Series of 1950 overprints. The Treasury, of course, would use the Series of 1950A designation to identify the first Federal Reserve Notes printed and issued from 18-subject plates. Acknowledgments The Professional Currency Dealers Association and the Society of Paper Money Collectors supported this research. Photo courtesy of Heritage Auction Galleries(2). References Cited 1. Annual Report of the Secretary of the Treasury on the State of the Finances, June 30, 1952: Government Printing Office, Washington, D.C. (1953), 118. 2. Heritage Aution Galleries, Permanent Auction Archives. http://currency.ha.com/c/lot- image.zx?saleNo=3502&lotNo=14312&lotIdNo=138045&inventoryNo=0&id=3990577. ___________________________________________________________Paper Money * May/June 2014 * Whole No. 291_____________________________________________________________ 192 Exhibit on Republic of Texas Money Opens at the Texas Capitol Visitors Center Budget shortfalls, government gridlock and a national credit crisis! This might sound like a list of contemporary headlines but these themes echo back to an important era of Texas history. A new exhibit, On the Run: Currency, Credit and Capitals of the Republic of Texas details the fascinating financial history of when Texas was its own independent nation. The display, curated by James P. Bevill, author of The Paper Republic, includes more than 80 money-related documents, the majority of them from private collectors, which are rarely shown to the public. Arranged largely in chronological order, these pieces trace the economic, political and social history of Texas from the revolution through the annexation by the U.S. in 1846. Unknown to many, these pieces also trace the location of the seat of government from San Felipe, to Washington-on-the-Brazos, Harrisburg, Galveston, Velasco, Columbia, Houston, Austin, Houston, Washington and finally in Austin. For the paper money specialist, rarities abound. View the very first payment issued by Texas, Sam Houston's presidential paycheck, "star money", error notes, red backs, exchequer bills, military pay and issues from the Provisional Government of Texas. There is a receipt for cannon balls signed by James W. Fannin Jr. along with his gold pocket watch which was recovered by a soldier after the Battle of San Jacinto. For the newcomer, you can design your very own Texas currency and share it with your friends through an interactive portion of the exhibit. On the Run opened on February 1, 2014, and will remain on display through June 22, 2014. Admission to On the Run and all other exhibits at the Capitol Visitors Center is free. Please call 512.305.8400 or visit www.texascapitolvisitorscenter.com for more details. TEXAS CAPITOL VISITORS CENTER Located on the southeast corner of the Capitol Grounds and housed in the historic General Land Office Building (built 1856-1857), the Capitol Visitors Center provides an informative and fun orientation to the Capitol Complex. The Visitors Center features interactive exhibits and films about the Capitol and Texas history as well as free Texas travel information and a Gift Shop. These Republic of Texas notes, commonly known as "Star Money" were issued from the city of Houston in 1837-1838. A complete set of "Star Money" is one of several themes in this unique showcase of Texas numismatics featured in "On the Run". ___________________________________________________________Paper Money * May/June 2014 * Whole No. 291_____________________________________________________________ 193 AUTHENTICATION EXPERT GRADING ENCAPSULATION IMAGING INTEGRITY IMPARTIALITY Independent, expert grading. A collecting environment that benefits the collector. PMG values what our independence brings to the professional certification of US and World currency. To learn more, contact your PMG authorized dealer or visit www.PMGnotes.com PMGnotes.com | 877-PMG-5570 North America | Europe | Asia INDEPENDENCE DAY AT PMG, EVERY DAY IS safer and more transparent trading environment for the collector. removing conflicting interests from the certification process, we can create a Collectibles Group we strictly adhere to the fundamental principle that by comes to grading your notes. As an independent member of the Certified buying and selling currency, assuring their complete impartiality when it and third-party to the market. PMG’s team is prohibited from commercially ne of the great benefits of PMG grading is that we are truly independentO showcased online in the PMG Registry. a free resource on PMG’s website, and all PMG certified currency can be comprehensive population report of notes graded by PMG is available as —notes to date certification and authentication, having graded more than half a million As a result, PMG has become the most trusted name in currency including the Bebee and Harry Bass Jr. collections. A ___________________________________________________________Paper Money * May/June 2014 * Whole No. 291_____________________________________________________________ 194 The Western Exchange Fire & Marine Insurance Co. (1855-1857) Omaha City, N.T. Nebraska Territory’s First “Lynx Rufus” by Marv Wurzer ....all through the [eighteen] fifties the [Nebraska Territory] legislative body was of such a nature that at any time muscle was liable to become a factor in legislation, and the “revolver to serve as a representative of the people.” A Territory so governed was certainly a congenial habitat for the financial lynx rufus.1 The First Legislature of the new Nebraska Territory convened next door to a saloon in Omaha City in January of 1855. A special act of incorporation brought into existence The Western Exchange Fire and Marine Insurance Co. (“Western Exchange”), the Territory’s first bank and the first of the Territory’s infamous lynx rufus or “wild-cat” banks. Bribery was charged in the securing of their charters, rascality was obvious in the management of most of them, and a sort of epidemic cholera infantum destroyed them all before any of them had celebrated its third birthday.2 Nominally an insurance company, Western Exchange was “a banking establishment in disguise”3 and was the only issuing “bank” to come into existence out of the Territory’s First Legislature.4 It was the Territory’s first and only bank until five more wild-cats were “littered” in early 1856 during the next legislative session. Despite its deceptive name, it never sold an insurance policy. Some well-known men were associated with Western Exchange. Thomas Benton, a nephew of Senator Thomas Benton of Missouri, was president. Leroy Tuttle was Cashier and A.U. Wyman was Assistant Cashier and Teller, both men later to serve in the U.S. Department of the Treasury. The charter granted to Western Exchange on March 16, 1855, not only authorized it to insure fire and marine risks (which it never used), but also authorized Western Exchange to “receive deposits and issue certificates therefor.”5 Thus Western Exchange could not and did not issue notes but rather certificates of deposit. These “certificates” were issued in denominations of $1, $2, $3, $5, $10 and $20 and were basically bearer certificates.6 For example, the $20 note provided that “The Western Exchange Fire & Marine Insurance Co. Will pay to bearer on demand TWENTY DOLLARS Deposited by [name of depositor].” Each $1, $2, $3, and $5 issued certificate was signed by Thomas H. Benton, Jr., “Pres.” and L.R. Tuttle, “Sec.” Each of these four certificates are considered scarce (R4).7 The $10 and $20 certificates were signed by Benton as “President” and by Tuttle as “Cashier,” and are considered extremely rare (R7).8 The dates of ___________________________________________________________Paper Money * May/June 2014 * Whole No. 291_____________________________________________________________ 195 issuance of all certificates were written on all of the notes rather than preprinted. A few of the notes also have the word “KEWANEE” stamped in red vertically on the face, and some reportedly have “Kewanee” written in longhand on the face.9 For an example of the Kewanee stamp (vertically below the last “E” in “EXCHANGE”), see the $5 note appearing below. Understanding the pedigree of Western Exchange requires understanding a bit about the banking history of the neighboring state of Iowa, located on the territory’s eastern border. From 1839 until 1857, Iowa constitutionally prohibited the existence of issuing banks. But its neighboring states of Illinois, Indiana, and Wisconsin had adopted “free banking” (basically unregulated bank formations with little or no reserve) which flooded Iowa with “wild-cat” notes. To evade redemptions, these issuing banks were often located in hard to find locations accessible only to “wild-cats.”10 The more inaccessible the issuing bank, the better the location. A 19th century Iowa historian wrote: From 1845 to 1858 … we were the dumping ground of all the “wild-cat” banks of other States, and were doing business with their financial driftwood, the poorest and most worthless currency in circulation; we were powerless because we were prohibited by the constitution from establishing banks of our own…. Under this state of affairs it was conceived by some of our business men that if such currency had to be used, they might as well make and issue it themselves if they could find a place where it could be done. One was soon found. …Nebraska….11 The Nebraska Territory was largely a wilderness in the mid-1850s, still inhabited by native tribes - a perfect place to raise lynx rufus. Nebraska opened up a magnificent field for this kind of business. There were no railroads within hundreds of miles, and travel by way of the Missouri River was too uncertain and consumed too much time to give the note issuers much concern or anxiety.12 Bankers, primarily from the Mississippi River side of Iowa, sought to evade Iowa’s constitutional prohibition and capitalize on the demand of currency starved Iowans. The Western Exchange Fire and Marine Insurance Co. was the first of these banks. Its roster of officers and shareholders clearly indicate its Iowa heritage. After its charter was granted in early 1855, Western Exchange wasted no time in getting its certificates distributed throughout Iowa. Within a year, Western Exchange had more certificates in circulation in Iowa than any other banking organization. In early 1856, it moved into Omaha’s first brick building built in 1855 by Jesse Lowe, Omaha’s first Mayor. Lowe’s signature as Mayor appears on City of Omaha scrip (see article in January/February 2014 issue of Paper Money), all issued in 1857 and considered yet another Nebraska wild-cat issue. ___________________________________________________________Paper Money * May/June 2014 * Whole No. 291_____________________________________________________________ 196 The Personalities Behind Western Exchange Issued and signed notes have a three-dimensional quality not found in one-dimensional remainder notes. To borrow a phrase from a legendary currency collector, they are “history in your hand.”13 The signatures on issued notes are gateways to previously little known stories associated with the times and context of the note. Thomas H. Benton, Jr. The signature of Thomas H Benton, Jr., President appears on all issued certificates of Western Exchange. He was also an incorporator, a member of the Board of Directors and a shareholder through his interest in the firm of Greene, Weare & Benton. As the nephew and namesake of Thomas H. Benton, the famous U.S. Senator from Missouri, he was politically well connected. His uncle was known as “Old Bullion” (ironically because of his opposition to the use of paper currency), and one of the subjects of John F. Kennedy’s Profiles in Courage. The Senator was a strong advocate for westward expansion, including into the Nebraska Territory. The younger Benton is said to have lacked the “dignity and majesty” of his uncle. However, like his uncle, he did not lack self esteem: “If he has done anything, he does not affect modesty and refuse to let it be known.”14 Benton’s cousin (and the Senator’s daughter) Jessie Fremont, was the wife of explorer and adventurer John C. Fremont, who in 1856 was the first U.S. Republican presidential candidate.15 Given his family’s adventurist history, it is no surprise that the well-known Benton would lead the foray of Iowa bankers into the new western territory. He was not, nor did he become, a Nebraskan. He was an Iowan: a state senator serving in Iowa’s first General Assembly in 1846; State Superintendent of Public Instruction for Iowa in 1848; elected Secretary of the Iowa Board of Education in 1858; commissioned a Colonel in the 29th Iowa Volunteer Infantry in 1862, and later, after having his horse shot out from under him in battle, made a brevet Brigadier General for gallant conduct during the Civil War. Leroy R. Tuttle The signature of Leroy R. Tuttle, Cashier, appears on all issued certificates of Western Exchange. Tuttle began his banking career at the Mohawk Valley Bank in New York before migrating to the Nebraska Territory in 1855. He was not only the cashier of Western Exchange, but he was also an incorporator, 10% shareholder, a member of the Board of Directors and Secretary.16 He was also active with Thomas H. Benton, Jr., in the Sulphur Springs Land Company, formed to develop a town called Saratoga, adjacent to Omaha. The company’s goal was to take advantage of the lot sale fever which existed in the Nebraska Territory in 1855-1856. However, that company soon failed. One of his partners in the venture said that Tuttle “talks large for me, and if one half he tells me turns out right I shall be satisfied.”17 In late 1856, he also joined, for a time, the Council Bluffs banking house of Baldwin, Dodge & Co.18 Records indicate that Tuttle was still in Omaha around 1860 when he, ___________________________________________________________Paper Money * May/June 2014 * Whole No. 291_____________________________________________________________ 197 Thomas Benton and others incorporated the Bellevue Land Claim Association, an organization formed to provide self-help in enforcing land claims. In November of 1861, his service was requested in Washington by Francis E. Spinner (“whose hieroglyphics, resembling lithographed chicken-tracks in ink, ornamented the greenbacks for so long”19), who had just been appointed Treasurer of the U.S. by President Lincoln. Spinner had been the executive officer of the Mohawk Valley Bank (N.Y.) for twenty years. Prior to his involvement with Western Exchange, Tuttle “was employed in the Mohawk Valley Bank under the supervision of General Spinner, probably as a bookkeeper, as he was a fine penman, and an accomplished accountant.”20 In 1866, he was appointed Assistant U.S. Treasurer by President Johnson. He served in that capacity until Spinner submitted his resignation to President Grant in 1875. A.U. Wyman Although A.U. Wyman’s signature would grace U.S. bank notes in the latter part of the century, it did not appear on any Western Exchange certificates. However, his later prominence as U.S. Treasurer makes his involvement as the Assistant Cashier and Teller of Western Exchange noteworthy. In the late 1840s, he was known as the swiftest typesetter in Wisconsin. In the early 1850s, he traveled the country for a time as a journeyman printer, presumably to help his father who was a newspaper publisher. In 1856, he arrived in Omaha and took his position with Western Exchange shortly after it was formed.21 In 1863, he was called to Washington by Leroy Tuttle to assist him in his duties at the Treasury Department. Wyman rose in the ranks and ultimately was appointed by President Ulysses Grant in 1876 to serve as Treasurer of the U.S. Due to ill health, he relinquished this position after a year to become Assistant U.S. Treasurer. Then in 1883, he was again appointed U.S. Treasurer, this time by President Chester Arthur, and occupied that position until May of 1885. Other Major Personalities (Shareholders and/or Directors) in Western Exchange Judge George Greene: An Iowa State Supreme Court Justice (1847-1855), he directly or indirectly had an interest in 60% of the stock of Western Exchange. He was also a major shareholder in the Bank of Fontenelle located in Bellevue, Nebraska, another Nebraska Territory “wild-cat” bank. W. W. Wyman, father of A.U. Wyman, called the Bank of Fontenelle “one of the most savage of the Nebraska wild-cats.”22 Greene was involved in a multitude of businesses and a well-respected community leader and philanthropist in the eastern Iowa city of Cedar Rapids. He practiced law in Chicago during the Civil War and was heavily involved in banking, real estate and railroads. Calvin Graves: Successful banker and speculator from Cooperstown, N.Y. He subsequently moved to Cedar Rapids to join his son in law, Judge George Greene, in various successful businesses. Later he moved back to Cooperstown and reportedly died a very wealthy man.23 ___________________________________________________________Paper Money * May/June 2014 * Whole No. 291_____________________________________________________________ 198 John Weare, Jr.: Business partner of Judge Greene in various private banking enterprises, railroad projects, saw mills, and real estate. As President of the Bank of Fontenelle, his signature graces all of its “wild-cat” notes. The private banking company of Greene, Weare & Co. had branches in Des Moines, Sioux City, Fort Dodge, and other Iowa points. Judge Byron Rice: Sometimes referred to as the father of the city of Des Moines, Iowa, he was the County Judge for Polk County, Iowa. That position was the ruling power of the county, with no appeal from his judgments. He was a lawyer and banker, being in the private banking firm of Greene, Weare and Rice. James S. Izard: Son of Mark Izard, the Governor of the Nebraska Territory (1855- 1857), and his father’s personal secretary. Not surprisingly, Western Exchange became the official depository of the Territorial government and “was greatly aided by the government deposits under the control of the governor.”24 He left Omaha for the family home in Arkansas around October 28, 1857 (about a month after the bank’s collapse) having “acquired considerable property.” Jesse Williams: A member of the firm of Henn, Williams & Co. (private bankers), he was a founder of the Council Bluffs and Nebraska Ferry Company, which was instrumental in the founding of Omaha. He also held various positions in the pre-1848 administration of territorial Iowa. J. Smith Hooton: Mayor of the city of Council Bluffs during 1857-1858 and also served as County Sheriff. With this roster of community leaders and well connected political leaders (a former Supreme Court Justice, County Judge, Mayor, County Sheriff, and the Governor’s son and personal secretary), it is easy to understand why Western Exchange was called “the most pretentious” of the wild-cat banks.25 What could go wrong? Although not signatures, the names found handwritten in the blanks of the Western Exchange certificates, preceded by the words “Deposited by”, are historically intriguing. On closer examination, all of the depositors named on the certificates were all shareholders.26 Their deposits were somewhat incestuously verified by Tuttle and Benton, who were also shareholders and were themselves often named as depositors on the certificates which they signed. Whether the funds were just accounts receivable or actual hard cash deposits (or were ever even made) is open to debate. The listed depositors were all well-known men in the geographic area in which the certificates were distributed. A Supreme Court Judge, Governor’s son or other man of worth as a depositor of funds was a celebrity endorsement as to the certificate’s worth. ___________________________________________________________Paper Money * May/June 2014 * Whole No. 291_____________________________________________________________ 199 September of 1857 -- The Collapse The Panic of 1857 flushed out the emperor into the town square where everyone saw he had no clothes. Western Exchange was undercapitalized while unregulated in its issuance of certificates. Business began for Western Exchange after $50,000 of its $500,000 capitalization was subscribed (not paid). There was “no provision for a fixed specie reserve, nor any guard against individual rascality or incompetency.”27 Currency was issued without any check or security. Although required by statute, neither Western Exchange nor any other wild-cat ever filed an annual report. Statutory violations went unchecked and without penalty as will be seen below. On September 23, 1857, a little over two years after its charter had been issued, Western Exchange was forced to close its doors and its certificates descended into worthlessness. The words “Stockholders Individually Responsible” appearing at the bottom of each certificate had little meaning. In fact, the statement should have read “Certificate Holders Individually Responsible” since they ultimately shouldered the liability of the worthless certificates. As reflected from the roster of men above, the stockholders were men of substance and continued to be so even after the collapse. A particularly seedy event happened just prior to the collapse of Western Exchange and other wild-cat banks. Overwhelmingly made up of lawyers and lawmakers from Iowa, the First Nebraska Territorial Legislature in 1855 adopted the then existing Iowa Civil Code almost in its entirety and much of the Iowa Crimes and Criminal Procedure Code. The Third Nebraska Territorial Legislature in early 1857 repealed the Crimes and Criminal Procedure Code “at the insistance of a former Iowa man and enacted nothing in its place …. As a result, the then territory had neither a crimes act nor any procedure for the punishment of offenses. Some say that this was for the benefit of the fraudulent bankers ….”28 The severe penalties imposed by the Code were now gone. Needless to say, this was a rather convenient occurrence, a “Get Out of Jail Free” card for the wild-cat banks and their officers, directors, and stockholders. Activities and statements following the closing of Western Exchange leave one to wonder what each of the personalities knew and what was gained by each. Leroy Tuttle had supposedly come back from New York to help the bank make good on its certificates. The October 15, 1857, issue of the Nebraska Advertiser (a Brownville, Nebraska newspaper) published a notice card over the signature of Leroy R. Tuttle in which Tuttle: …"made a statement of the affairs of the bank to the bankers and citizens of Omaha which, he is assured, is entirely satisfactory to them; and that in addition to the assets which of themselves were sufficient to meet the liabilities of the bank, he had placed in the hands of the trustee securities equal in amount, “for the further safety of depositors and the outstanding circulation.” Mr. Tuttle hoped to place the bank on its former footing. This card is followed by a statement from Enos Lowe [one of Omaha’s leading men who presided over Iowa’s 1846 Constitutional Convention], John A. Parker, and Albert U. Wyman, trustees that “not a doubt exists in our minds that the assets will greatly exceed the liabilities. But in addition, property to the amount of nearly $80,000, at a low valuation, has already been conveyed for the benefit of the creditors every one of whom, we confidently believe, will be satisfied in less than ninety days.” Depositors and note-holders are therefore advised that they “should not make a sacrifice of one cent.” This is followed by a further statement over the signatures of [a long list of local bankers and politicians] that Mr. Tuttle’s showing was entirely satisfactory, and that the securities which he had made over, in addition to the assets of the bank, were amply sufficient for the safety of all creditors. (Emphasis added.)"29 ___________________________________________________________Paper Money * May/June 2014 * Whole No. 291_____________________________________________________________ 200 One has to wonder how any of these statements could be made three weeks after the bank had failed since they were so far off the mark. The only hard assets Western Exchange possessed were $191.30. Two years later, an editorial in the Dakota City Herald of September 10, 1859, tallied up the losses to the public. It made no mention of any gallant effort by anyone to reimburse the losses. Hundreds were made bankrupt by their failures, and swindles, and every one in the country suffered more or less, and to this more than to any other fact are we indebted for the present hard times in Nebraska. The following is about the amount the people have been swindled out of … as near as ever could be ascertained: Western Exchange Bank …….. $150,000 [possibly the largest loss generated by a Nebraska wild-cat bank and a loss to be matched a few months later by the Bank of Fontenelle, another wild-cat bank controlled by Greene, Weare & Co.].30 The participation of Tuttle and statements of Wyman in the Western Exchange failure (e.g., “not a doubt exists in our minds that the assets will exceed the liabilities”) are a bit disconcerting. Tuttle is praised in several accounts for his voluntarily putting “up his entire private property to secure the issues of the bank, remaining until its affairs were entirely liquidated,” and “did all he could toward paying the bank’s obligations.”31 As reflected above, the historical evaluation of the devastating results and extent of the Western Exchange failure does not match with the relatively immediate upbeat efforts and largely self- serving statements of those who were intimately involved with its failure. Within a week after the failure, a local newspaper reported that Western Exchange had made an assignment of its assets “for the benefit of its creditors.” The assignment was made for the reported price of $9,500 by Thomas Benton, Jr., on Western Exchange’s behalf, to Olof Johnson. Johnson controlled the business interests of the Bishop Hill Colony of Galva, Illinois, a Swedish immigrant village founded as a utopian community in the 1850s. Western Exchange certificate issued by the Bishop Hill Colony of Illinois after the closing of the Omaha City bank and after the assignment of the charter. Notice that L.R. Tuttle continued to provide his signature. Olaf Johnson, of the Bishop Hill Colony, signed as President. ( Note: The “original” Western Exchange certificates are often confused with those which have the additional preprinted words “Bishop Hill Colony” for identification of the depositor. All of the Bishop Hill Colony certificates also had a preprinted date of November 2, 1857. These certificates were printed after the failure of Western Exchange in September of 1857 and after the charter had been sold to the Bishop Hill Colony near Galva, Illinois. Thus, the Bishop Hill Colony certificates are more correctly considered an Illinois issue, not a Nebraska issue. They were printed only in $1, $2, $3, and $5 denominations. All are very common (R1), even in gem condition, since very few of the Bishop Hill Colony certificates were placed in circulation.)32 ___________________________________________________________Paper Money * May/June 2014 * Whole No. 291_____________________________________________________________ 201 Surprisingly, even after the collapse of Western Exchange, the signature of Leroy R. Tuttle appears on each signed certificate of the November 2, 1857, new issue of the Bishop Hill Colony. One has to wonder if he was sincere in his attempts to stand behind the worthless certificates of Western Exchange. Why, after returning from New York, would he then jump right back into the controversy by supplying his signature to the new certificates of the Bishop Hill Colony, the assignee of Western Exchange’s charter? Within a few short months the Bishop Hill Colony bank also went bust. The reader is left to draw his or her own conclusions as to the level of culpability of the various personalities involved in Western Exchange. J. Sterling Morton, a noted Nebraska historian and politician,33 probably provided the best summation of the wild-cat bank era: To some extent these banks were established and conducted by reputable business men and their bills put out to meet legitimate demand for currency; but on the other hand, to a great extent, they were started and operated for the primary purpose of swindling the community through the emission of worthless bills.34 FOOTNOTES  1   “A Nest of Wild Cats”, The Overland Monthly, Vol. X No. 56, August, 1887; p.114‐115.  2  A.G. Warner, “Sketches From Territorial History,” Transactions and Reports, Nebraska State Historical Society, 1887, p.22.  3   Ibid., p. 115.  4  Western Exchange is frequently referenced as the only special charter to be issued by the First Legislature.  However, there  were two other charters issued which contained implied banking powers.  Franklin Insurance Co.’s charter contained authority  to  perform  “such  other  acts  or  things  as may  be  prescribed  in  the  company’s  bylaws.”  Although  large  enough  to  drive  a  stagecoach  through,  this power was never exercised  for banking.   Pacific  Emigration Co., with  language  similar  to Western  Exchange’s charter, was authorized “to  receive deposits and  issue certificates  for all money deposited.”   For some unknown  reason, this power was also never exercised.     Henry W. Yates, “Banking  in Nebraska”,  Illustrated History of Nebraska, Vol.  II  Chapter VIII, Lincoln, Nebraska:  Western Publishing and Engraving Company, 1907, p. 298‐299.  5   Laws of the Territory of Nebraska, (1855); (emphasis added).  6  None of The Western Exchange Fire & Marine Insurance Co. certificates is listed in Haxby for this very reason.  Haxby lists only  banknotes and considers  the Western Exchange  “notes”  to be certificates of deposit.    James B. Haxby, Standard Catalog of  United States Obsolete Notes, Iola, Wis.: Krause Publications, Inc., 1988, p.1180.  7    Leonard M.   Owen,  Territorial  Banking  in  Nebraska,  Central  States  Numismatic  Society,  1984,  p.  41‐42.      This  primary  reference on Nebraska Territorial notes  is a  follow up and up‐date  to Gerome Waltons’, A History of Nebraska Banking and  Paper Money, Lincoln, Nebraska: The Centennial, 1978, p. 58‐61.             8   Ibid.  Scale is based on R1 through R7.  The Western Exchange Fire and Marine Insurance Co. appears to have been the only  issuer (out of approximately eighteen wild cat era banks in the Nebraska Territory) which issued  a $20 certificate, making the  $20  Western Exchange certificate  even more of a desirable “note.”   9  Both Walton and Owen (see preceding endnotes) imply that the “KEWANEE” mark appears only on the $3 certificate, leaving  one with the  impression that this mark  is  isolated to that certificate.   However a survey of various  issued Western Exchange  certificates reveals that the stamp can also occasionally be found on the $5, $10 and $20 certificates.  The origin of the stamp is  believed to have been a bank located in Kewanee, Illinois, and possibly indicated the place of payment.  Kewanee is a relatively  short distance from Galva, Illinois, and the Bishop Hill Colony.  (See brief discussion of Bishop Hill Colony later in article.)   The  Colony which  bought  the  bank  charter  after  the Omaha  bank  failure,  attempted  for  a  time  to  honor  the  original Western  Exchange certificates of Omaha City which apparently was done through the local bank in Kewanee.    10   Howard H. Preston, History of Banking in Iowa, Iowa City, Iowa: State University of Iowa, 1922, p. 58‐59.  11  H.W. Lathrop, “Some Iowa Bank History,” Iowa Historical Record, Iowa City, Iowa: State Historical Society, 1899, p. 58.  12   John J. Knox, A History of Banking in the United States, New York: Bradford Rhodes & Company, 1908, p. 806.  13  John T. Hickman, www.thehigginsmuseum.org. (Used in the context of national bank notes, but arguably just as applicable, if  not more, to obsolete banknotes.)  14   http://www.geni.com/people/Gen‐Thomas‐H‐Benton‐Jr‐of‐Iowa/6000000012420969926.  15   Benton’s cousin,  Jessie Benton Fremont,  is worth an endnote.   She and her husband, Gen.  John C. Fremont, wrote best‐ selling books that made her husband and his scout, Kit Carson, famous.  During her husband’s losing presidential campaign of  1856,  she became  the  first wife of a presidential candidate  to play an active  role  in a campaign.     The  slogan at  rallies was  “Fremont and  Jessie Too!”   She was  such an active participant  in her husband’s political and military  campaigns  that  critics  ___________________________________________________________Paper Money * May/June 2014 * Whole No. 291_____________________________________________________________ 202 often called her “General Jessie.”  How much, if any, political capital of his famous cousin and her husband was used by Benton  in obtaining the first operating “banking” charter issued by the Nebraska Territory’s First Legislature in 1855 is unknown.   16  “Banking in Nebraska”, The Bankers Magazine and Statistical Register, Vol. 5 (November 1855), N.Y.: Published by J. Smith  Homas, p. 372‐373.     17  E .F. Beadle, “Saturday, June 6”, To Nebraska in 1857: A Diary of E. F. Beadle, New York City Public Library Publisher, 1923.   (See, www.davidbristow.com where Mr. Bristow has placed the entire book on his web site for all to read.)  18    The Northwestern Reporter, West Publishing Co., 1891, Vol. 49, p. 1005.  19     Transactions and Reports of the Nebraska State Historical Society, Vol.  IV, Lincoln, Neb.: State Journal Company, 1892, p.  133.  20   Arthur  T.    Smith,  “Herkimer County People  at  the National Capital”; Papers Read Before  the Herkimer County Historical  Society, Herkimer and Ilion, N.Y.: Citizen Publishing Co, 1902, p. 324 (from an address by Dr. P.H. Eaton delivered to the Society  on January 11, 1902).   21   A.U. Wyman’s father, W.W. Wyman, settled in Omaha in 1855 when he was appointed by President Pierce as postmaster of  Omaha.  In 1857, he was appointed Territorial Treasurer, thus establishing a profession followed by his son A.U. Wyman.  The  beginning of A.U.’s career and how he came to be the Assistant Cashier at Western Exchange is found in a passage of an early  1856 letter from his father in Omaha to A.U.’s brother:  “Tell Albert that I am trying to get him to be cashier of the new bank in  this place [Omaha].”  J. Sterling Morton, Illustrated History of Nebraska, Lincoln: Western Publishing and Engraving Company,  1911, Vol. I, Third Edition, p. 309‐310, FN 3.  22   Omaha Times, June 24, 1858, William W. Wyman, editor.  23   Readers who are baseball fans know that Abner Doubleday is credited (incorrectly) with inventing baseball and doing so in  Calvin Graves’ hometown of Cooperstown, N.Y.  This myth was established almost solely on the basis of eye witness testimony  (letters) of Abner Graves (the nephew of Calvin Graves) to a special commission set up in 1907.  Though slow to be accepted to  this day,  in June of 1953, Congress officially credited Alexander Cartwright with  inventing the game, and not  in Cooperstown.   Soon after providing the false testimony as to the origins of the game of baseball, Abner Graves killed his wife and thereafter  spent his remaining life in a mental institution.  24   Alfred Sorenson, History of Omaha, Omaha: Gibson, Miller & Richardson, Printers, 1889, p. 152.  25   The Overland Monthly, p. 117.  26  Original shareholders were Greene, Weare & Benton (20%), Greene & Weare (15%), Henn, Williams & Co. (15%), L.R. Tuttle  (10%), Calvin Graves (10%), Greene & Brother (10%), Greene, Weare & Co (5%), Greene, Weare & Rice (10%) and James Izard  (5%).  The Bankers’ Magazine and Statistical Register, p. 372.  27   Warner, p. 27.  28  “Organization of Nebraska”, Annals of Iowa, Des Moines, Iowa: Historical Department of Iowa, April 1915, p. 175‐177.  The  repeal of  the Crimes and Criminal Procedure Code was  called  “a mixture of  inexplicable and unprecedented  ignorance and  immorality….”   The  suspicion was  that  “the principal motive … was  to provide  immunity  for  the  culprits of wildcat banking  schemes….”  Morton, p. 304.  29  J. Sterling Morton, Illustrated History of Nebraska, Lincoln:  Jacob North & Company, Vol. II, 1906, p. 21‐22.  30   Ibid, p. 31.  The Bank of Fontenelle, a wildcat bank from Bellevue, Nebraska and owned by Greene, Weare & Co., “failed last  fall, benefiting bill‐holders by swindling  them out of ONE HUNDRED AND FIFTY THOUSAND DOLLARS and  thereby  illustrating  the fact that ‘corporations have no souls’ and that some banks have no bodies.” Nebraska Advertiser, June 12, 1858.  31   Ibid, p.23 and 36.  The Western Exchange debacle followed Tuttle a number of years later to Washington and into Spinner’s  office.   An  incident was recalled “in the  life of Mr. Tuttle and another Herkimer county man, who held a clerkship  in General  Spinner’s office – Abram Zoller.  Mr. Zoller had a few hundred dollars in an old State bank in which Mr. Tuttle was interested.   The bank [Western Exchange] failed; Zoller gave Tuttle no rest importuning for a settlement.  Finally Tuttle told him that if he  would shut his mouth he would transfer to him a piece of  land  in the neighborhood of Omaha  in settlement.   The offer was  accepted.”  The implication was that continued discussion of the Western Exchange failure was not helpful to Tuttle’s position  in Spinner’s office.  Smith, p. 326.  32   Owen, p. 20.  33   J. Sterling Morton served as the Secretary of the Nebraska Territory (at age 26), as Acting Governor of the Nebraska  Territory (at age 27), and as U.S. Secretary of Agriculture under President Cleveland.  Later he served as President of the  Nebraska State Historical Society. His son established the family name as a household name when he founded the Morton Salt  Company.  34   Morton, Vol. II, 1906, p.34.  ___________________________________________________________Paper Money * May/June 2014 * Whole No. 291_____________________________________________________________ 203 U n c o u p l e d: Paper Money’s Odd Couple Short Snorters Joseph E. Boling Fred Schwan Why do we like short snorters? Because they are truly “history in your hands.” At their best, they record the presence of an individual at a specific date and place, and frequently offer other information as well. See for instance figure 1 - a common Indian 1-rupee note. But it tells us what the rupee-dollar exchange rate was on 31 January 1944 in India. It’s not likely that we will ever know who Red and M.J.M. were, but that’s not terribly important. Now, if one of the Figure 1 individuals named was a famous personality that would add a lot to the piece’s interest, but as history it might not be significant. I paid $13 for this note, because of the information that it carries. Figure 2 is a short snorter I found at the Central Ohio Numismatic Assn show in Columbus on 9 September 2011 for $11. It intrigued me as it tells a real story. Boling Continued on Page 206. I have a confession to make. I have been collecting coins (gasp). Even coin collectors are surprised when they learn the specifics of my coin quest. My new pursuit is trench art, coin trench art. Soldiers and sailors have been great souvenir hounds for a very long time. Trench art fills that need. Souvenirs made from artifacts of a conflict are trench art. Think ash trays and umbrella stands from artillery canisters. Well my little niche is World War II trench art made from coins. These items are usually also love tokens. It took me a while to realize that short snorters are also trench art! Joe Boling handed me a gold-seal silver certificate short snorter at Memphis last year and said that it should be in my trench art collection. Now I call my collection numismatic trench art instead of coin trench art. One of my favorite trench art short snorters is from the Neil Shafer collection. It is particularly appropriate for this issue since it was created seventy years ago for the Normandy D-Day landings. It does not have ___________________________________________________________Paper Money * May/June 2014 * Whole No. 291_____________________________________________________________ 204 many signatures, but has original art. I was able to get only the image from Neil, but I am still trying to get the note! To make it all more complicated, my numismatic trench art pursuit intersects with another new interest—the American Red Cross (ARC) in World War II. The few, but keen, numismatists who even know about this area mostly collect chits. Larry Smulczenski and Garry Arva got me interested in the chits. They along with Jim Aitken and Kathy Freeland are finishing up a book on the ARC collectibles of World War II. They have dragged me along (I did not fight much). During the war, the ARC operated thousands of clubs and recreation centers for soldiers, sailors, airmen, marines, and coast guardsmen. Many were small and operated for only short periods of time. Others were large operations. For chit collectors, some (perhaps many or most) of these clubs issued chits of some kind. For trench art collectors, some of these clubs also offered craft shops where trench art could be created. The thousands of ARC workers were there, in general, to support the military personnel. It is not a surprise that when short snorters were created some bore the signatures of Red Cross workers! There is a small, but keen, group of collectors hunting these particular short snorters. Thankfully, the Red Cross personnel often added the initials ARC to their signatures. You must carefully study a short snorter to find those initials. Very fortunately, the ARC members frequently added the ARC affiliation even when the military personnel did not. Often there is more than one ARC signature on a note, but they almost always will be in a minority on a given note. For the new ARC book, Joe sent me images of an overall great short snorter with ARC signatures. The note was donated by Tim Kyzivat for the MPCFest scholarship benefit auction this year. I hope to add it to my collection there before this report appears. The note is a China Bank of Communications 10 yuan. BURMA ROADSTER DON is the title at the top of the back of the note, almost certainly applied by Don himself. The note has about fifteen signatures, only two of which have an indication of unit affiliation. Yes, they were from the American Red Cross. Both of the signatures are somewhat legible and one very much so. Alice Tiebout, ARC is the distinct signature. The other is less clear. The family name is Williams, but the first name is uncertain. The good news is that the legible name is also very distinctive—Alice Tiebout. It is so distinctive that I was afraid that I might have made a mistake in reading it. Only a very brief Internet search found Alice Margaretta Tiebout! Furthermore, the short obituary confirmed her World War II American Red Cross Service. I hope to do some more work on Alice. Here is what the New York Times had on October 14, 1998. “TIEBOUT-Alice Margaretta.” At age 96, died peacefully on Sunday, October 11 [1998] in Huntington, L.I. A talented interior decorator– the Air Force Academy Chapel was one of her projects–she was also an accomplished amateur musician in the Tiebout family tradition. During World War II, she served with distinction with the American Red Cross in the China-Burma-India Theater. Alice is survived by seventeen nieces and nephews. Interment was at Cypress Hill Cemetery, Brooklyn. ___________________________________________________________Paper Money * May/June 2014 * Whole No. 291_____________________________________________________________ 205 Boling Continued: Figure 3 is a close-up of the top left corner – “First 29 raid on Japan.” I immediately took that to be shorthand for B-29, the largest heavy bomber that the US fielded in WWII. Continuing across the top margin we find “Imperial Iron and Steel Works, Yawata.” Yawata (also spelled Yahata) is a major industrial area in northern Kyushu, just south of the strait separating Kyushu from Honshu. In my youth I passed that plant several times while traveling to Scout functions on Honshu. Now I was really interested in this note. What else is there in all the scribbling present? Turning the corner, we find “Sgt. M. F. Wertz, June 15, 1944.” This looks like the fellow who created this souvenir of a raid on Japan. The pen and the penmanship seem to match that along the top of the note. Continuing around the next corner we come to “14 hrs - from take off to landing.” Interpolated above the dash is “25 mins.” The rest of the text in the bottom margin of the note is inverted relative to what we have been following, but flipping the note 180 degrees yields “No fighters - mucho flack (sic) and lights.” Then running up the left edge of the note is the rest of the chronology of the mission - “Time - 16:34½ Alt[itude] 10,500.” This would be the time and altitude that the bombardier pickled his load and returned control of the plane to the pilot. So - who were those guys? Scattered over the rest of the note are multiple notations in other hands using other pens. H. R. Ford, Bomb[bardier] Nashville, Tenn. Pilot Robert ? Bledsoe El Paso, Texas. Ben Franklin Westmont, Ill Tail [gunner]. H. T. Wolcott St. Louis Radio Op[erator]. L.S. Chapl?? Akron Ohio L[eft] G[unner]. E.H. Mitchell Yonkers NY Nav[igator]. R. Billings Memphis Co-Pilot. R. L. Prey Flight Engineer Mil[waukee] Wis. Not identified are a top gunner, a right gunner, and a radar operator. One of those would be Sgt Wertz. Possibly the other positions were not manned on this mission. When I read “first 29 raid,” I thought that perhaps it was the first for this squadron, or for this crew - June 1944 seemed pretty late in the war to be the first B-29 raid on Japan. But during Summer Seminar 2012, one of the students in either the basic or advanced military classes at ANA was dredging around in the library looking for other information and stumbled over the fact that, yes indeed, the first B-29 raid on Japan was flown out of China on this date, and against this target! Great corroboration. So here is a short snorter that really puts history in your hands - right down to the closest 30 secs. You all know that my favorite subject is counterfeits. While there might be a counterfeit short snorter floating around someplace, made to separate an Elvis fan from his shekels, I have not run across it. But how about a short snorter ON a counterfeit? The Japanese invasion money for Oceania was replicated by an Australian entrepreneur in Brisbane to provide souvenirs for GIs wanting something to send home to Susie. Those are the ones that say REPLICA in red on their backs, and in fact one set exists annotated “Brisbane, Australia” - it was in Leo May’s stock when he died, and unfortunately, one of the other Summer Seminar students discovered it and gave it a home. But there is another variety of replica of these notes that we have not traced to their source. Figure 2 Figure 3 ___________________________________________________________Paper Money * May/June 2014 * Whole No. 291_____________________________________________________________ 206 Indeed, were it not for short snorters, we could not even be sure that they were made during the war. Figure 4 shows one of these notes, and figure 5 shows another of them signed by members of a USO troupe. We don't know when or where, but there is little doubt that the note was a WWII product. Notice the names in figure 5 - Phyllis Brooks, Gary Cooper, and Una Merkel were all Hollywood actors. John L Lavette, Chester Kapran, and Nathan Bronstein were possibly other members of the same troupe whose names are not so familiar to us today, or GIs who saw the show. This note, tattered and taped, is not nice enough for most collections - but it certainly is for mine (and would be even without the signatures of famous actors). Figure 4 Figure 5 Here are the rest of the Burma Roadster Don’s short snorter—it truly is a three-bagger! ___________________________________________________________Paper Money * May/June 2014 * Whole No. 291_____________________________________________________________ 207 Chattanooga Depression Scrip by Dennis Schafluetzel Depression Scrip Overview Depression scrip is an unofficial currency, paper money, or note issued during the depression or recession by municipal governments, retail stores, banks or bank clearing houses to provide a circulating medium to transact business when official currency was in short supply. It has been issued extensively throughout the world. As early as February 1933 depression scrip was issued by U. S. banks in states that declared a “Banking Holiday” that prevented depositors drawing cash out of their accounts. Nearly every major city and state in the U. S. used local depression scrip in 1933 when U. S. President Franklin Roosevelt declared a "banking holiday" the first week he was in office. The four major national banks and a large grocery store in Chattanooga, TN issued depression scrip that circulated during the brief period the banks were “on holiday”. Advertisements and articles in the local newspaper indicated employees were paid wages in the scrip and merchants accepted it for purchases. Background - Stock Market Crash of 1929 From the early 1920s to the end of 1928 economic activity had doubled, even tripled, and yearly outstripped all but the rosiest predictions. Combinations, investment trusts, stock and bond issues and land syndicates proliferated. As early as March of 1929, there were signs the economy was headed for trouble. Industrial production and real estate sales were declining. Earnings on stocks were significantly less than interest on brokers' loans. The shock came on Thursday, October 24, 1929 when a wave of sell orders hit the New York Stock Exchange. Stock prices plunged as panicky speculators dumped millions of shares, many of which were bought on margin. The impact on the country was not immediate except in the real estate market where prices declined as speculators attempted to liquidate their holdings to pay for their loans on stock and/or real estate. Background - Weak Banks Fail As defaults on the loans increased, the banks found the collateral that backed the loans had less value than the outstanding loan balance. Caught in the squeeze, banks were forced to dip into cash reserves. Many banks like the 1st National Bank of Chattanooga also sold real estate participation certificates that that paid interest. As real estate lost value the bank had to use additional reserves to pay the interest on the certificates. As cash reserves decreased, rumors begin to circulate that the bank did not have enough money to cover the deposits of their customers. As rumors spread, more and more customers demanded their money, creating a run on the bank. The bank either failed or merged with another stronger bank. Banks fail across the U.S. In early February 1933 the Louisiana governor closed the banks in the state and declared a "banking holiday" to stop heavy withdrawals that were about to bankrupt may state banks. Before the end of February, Michigan, Indiana, Maryland Arkansas, Kentucky, Ohio California, Pennsylvania, Minnesota, Indiana and Oklahoma governors had either declared a "banking holiday" or frozen withdrawals. By March 1st 5,504 banks in 31 states were on holiday. On March 4th, New York banks, the largest in the country, declared a "banking holiday". This was the last day of President Hoover presidency. He said, "We are at the end of our string. There is nothing more we can do." ___________________________________________________________Paper Money * May/June 2014 * Whole No. 291_____________________________________________________________ 208 Roosevelt suspends gold payments, declares national "bank holiday On the second day in office, Sunday March 5, 1933, President Roosevelt proclaimed a national "banking holiday," suspended payments in gold and silver, authorized clearing house certificates to provide a medium of exchange during the banking holiday and ordered bankers to turn in names of gold hoarders for prosecution. Congress enacted legislation supporting Roosevelt's proclamation by Friday March 9th. The legislation banned gold ownership by US citizens, and expanded the money supply by printing and issuing Federal Reserve Bank Notes. The new banknotes were delivered to the Federal Reserve on Monday March 13th. The legislation also provided loans from the Federal Reserve to member banks that had been audited and certified as sound. Banks began to open on the March 14th, ten days after Roosevelt was office. Chattanooga Bank Depression Scrip The front and back of the depression scrip from the four Chattanooga banks is similar. The scrip was issued for six months from the issue date, March 10, 1933. The $1 issued by all four banks is printed with a black scalloped border with the value 1 at each corner; the center is yellow with the Bank name at the top with red serial numbers. Most Chattanooga depression scrip was canceled when it was redeemed. The holes punched in the note above read PD 87-36 4 29 33. 87-36 is the Hamilton NB bank number. 4-29-33 is the date canceled. However a few un- redeemed notes are known without punch canceling. All known Chattanooga National Bank scrip is un-canceled. Hamilton National Bank Scrip is signed by B. M. Preston, Vice President. Chattanooga National Bank Scrip is signed by W. H. DeWitt, cashier. ___________________________________________________________Paper Money * May/June 2014 * Whole No. 291_____________________________________________________________ 209 The $5 issued by all four banks is printed with a blue scallop border with the value 5 at each corner; the center is yellow with the Bank name at the top with red serial numbers. The St. Elmo Bank scrip is signed by J. R. Huffop or another bank officer. The $10 issued by all four banks is printed with a green scalloped border with the value 10 at each corner; the center is yellow with the Bank name at the top with red serial numbers. The American Trust & Banking Co. was signed by the Vice President and Cashier, Bradley Currey. The backs of all the depression scrip from the four Chattanooga banks are identical. The banks lithographed the scrip at the same Nashville printer. The back of all denominations are printed in green with the value outlined over a large value in the center of the scrip. Issuer No. $1 No. $5 No. $10 Hamilton NB 13 8 9 St. Elmo Bank & Trust 3 3 4 Chattanooga NB 5 0 0 American Trust & Banking Co. 1 1 1 All of the Chattanooga bank depression is rare to scarce. Only 0 to 13 serial numbers have been seen/recorded for each denomination from each bank. However, the price is not high. Recently a set ($1, $5 & $10) of the Hamilton National Bank scrip sold for $200. ___________________________________________________________Paper Money * May/June 2014 * Whole No. 291_____________________________________________________________ 210 Companies Issue Depression Scrip The Chattanooga H. G. Hills grocery store issued one dollar depression scrip in 1933 that was good in Tennessee, Kentucky, Alabama or Georgia. It has a printed signature of the general manager and was signed by the clerk who issued it and was printed on dull black/pink safety paper. (Uni-face 185 x 78 mm) The H. G. Hills depression scrip is scarce. I have only seen two although the "Standard Catalog of Depression Scrip of the US in the 1930s including Canada and Mexico" gives it a value about the same as the Hamilton NB depression scrip. All the H. G. Hills scrip I have seen are marked "specimen." Bibliography Mitchel, Ralph A. and Shafer, Neil, "Standard Catalog of Depression Script of the United States: The 1930s including Canada & Mexico." Iola, WI 54990, Krause Publications, 1984. Longwith, John, "Building to Last: The Story of the American National Bank and Trust Company. (Chattanooga, Tennessee)" Chattanooga, American National Bank and Trust Company Publisher, 1984. "A History of Banking in Chattanooga", Chattanooga, TN, Hamilton National Bank publisher, 1949. "Hamilton National Bank 1889 - 1939 Progress Through Fifty Changing Years", Chattanooga, TN, Hamilton National Bank publisher, 1939. Chattanooga, TN, The Chattanooga Times 1. "New Chattanooga Bank with Capital of $3,000,000 opens Tuesday Morning", Sunday January 1, 1933 a. "Opening Statement", Monday January 2, 1933 b. "Bank Officials Receive Praise on Opening Day", January 4, 1933 2. "Roosevelt Plunges into Bold Move to Solve Economic Problems of Nation," Sunday March 5, 1933. 3. "New York to use Script", Sunday March 5, 1933 4. "Tennessee's Banks get Added Holiday", Sunday March 5, 1933. 5. "Roosevelt Closes Banks Through Thursday" Monday March 6, 1933. 6. "All Local Banks Close - Issue of Certificates Already Considered", Monday March 6, 1933. 7. "Three Kinds of Money will be Out Tomorrow", Thursday March 9, 1933. 8. "Roosevelt Extends Nation's Bank Holiday Indefinitely", Friday March 10, 1933. 9. "Script Brings Grins, Awakens Business", Saturday March 11, 1933 10. "Roosevelt Orders Banks Begin Opening Tomorrow…", Sunday March 12, 1933. 11. "Chattanooga Banks Open Today", Monday March 14, 1933. 12. "Chattanooga National Asks Federal Conservator for It's Reorganization" Wednesday March 15, 1933. 13. "Banks Hit Pace; Business Hums into Normalcy" Thursday March 16, 1933. City of Chattanooga, TN Mayor's, 1881 John A. Hart; web site http://www.chattanooga.gov/Mayors_Office/9_342.htm J.T. Arnold History as told by his son; web site http://members.tripod.com/clipclop/ref/arnoldhist2/chattanooga.html. Chattanooga Clearing House Minutes March 8, 1933, April 19, 1933, August 17, 1933. ___________________________________________________________Paper Money * May/June 2014 * Whole No. 291_____________________________________________________________ 211 ANA Summer Seminar Courses Explore the World of Paper Money by Lauren Springli Don’t miss out on a great opportunity this summer to learn more about collecting paper money from leading experts in the field. The American Numismatic Association will be holding its 46th annual Summer Seminar from June 21 to July 3 this year. Summer Seminar offers individuals an opportunity to enhance their knowledge of numismatics through a wide selection of numismatic courses. Summer Seminar is jam-packed with learning opportunities including activities 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. Classes will be divided into two sessions, June 21-26 and June 28- July 3, and held on the campus of Colorado College in Colorado Springs adjacent to the ANA’s headquarters. With the campus located next to the Edward C. Rochette Money Museum and Dwight N. Manley Numismatic Library, students have many opportunities to tour the museum or conduct research. There are several classes and mini-seminars that delve into the world of paper money at the ANA Summer Seminar this year. Clases include: Detecting Counterfeit World Paper Money Session 1: June 21-26 Instructor: Joseph E. Boling, ANA Chief Judge and co-author of “World War II Remembered: History in Your Hands, A Numismatic Study.” Students will 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 have the opportunity to handle hundreds of examples of counterfeit notes, while matching genuine examples side by side. Special attention is devoted to counterfeit notes that are created specifically to sell to collectors. Joe Boling instructs students during a class aboutpaper money at Summer Seminar in 2013. Boling will be teaching Detecting Counterfeit World Paper Money at this year’s Summer Seminar. A student studies a note during a Summer Seminar class. Summer Seminar attendees will have the opportunity to expand their numismatic knowledge by learning from some of the leading experts in the field at Summer Seminar. ___________________________________________________________Paper Money * May/June 2014 * Whole No. 291_____________________________________________________________ 212 National Bank Notes A to Z Session 2: June 28-July 3 Instructors: Peter Huntoon, author of “The National Bank Note Issues of 1929-1935” and “United States Large Size National Bank Notes;” Lee Lofthus, researcher and author; and Gerome Walton, author of “A History of Nebraska Banking and Paper Money.” National Bank notes are stunning works of art, and artifacts of a changing America from the Civil War until the Great Depression. Learn about the struggles, skullduggery, accomplishments and personalities of the era, and discuss the history so beautifully preserved on these notes. Bring your favorite National Bank notes to share in class and learn about life in a bygone era. Finances of the American Civil War Session 2: June 28-July 3 Instructors: Dick Horst, Civil War currency expert; and Douglas Mudd, ANA Money Museum curator. The South had great generals, the North had industry, but the Civil War may have been won by a more potent force: money. Upheaval and turmoil were everywhere, but nowhere was this more obvious than in the financial world – from simple purchases of household goods to financing armies. Explore the finances of the Civil War: from token to bond and all of the monetary instruments in between. Learn how the South’s inability to create a stable currency system helped bring about its defeat, despite numerous battlefield victories. Get a close-up look at the money that changed U.S. history with examples from the ANA’s collection. Mini-Seminars Small Size $1 notes, 1928 to present Sunday, June 22, and Monday, June 23, 6:30-9:30 p.m. Instructor: Rick Ewig, avid currency collector and Secretary of the Greater Houston Coin Club. Learn the history of Legal Tender notes, Silver Certificates and Federal Reserve notes issued since the United States reduced the size of its paper money in 1928. Many specialized issues are covered, including “Funny Back” notes, Hawaii and North Africa World War II emergency notes, Series 1963 “Barr Notes,” and more. Production methods and materials used by the BEP are also examined. Gerome Walton will be teaching National Bank Notes A to Z with Peter Huntoon and Lee Lofthus at the ANA Summer Seminar in Colorado Springs this year. Students will have the opportunity to study world paper money as well as U.S. currency during the ANA’s Summer Seminar. ___________________________________________________________Paper Money * May/June 2014 * Whole No. 291_____________________________________________________________ 213 National Bank Notes, The Big Picture Sunday, June 29, 6:30-9:30 p.m. Instructor: Peter Huntoon, author of “The National Bank Note Issues of 1929-1935” and “United States Large Size National Bank Notes.” National Bank notes consistently comprise the most heated market within paper money but at the same time the most fickle for dealers to engage. Learn what National Bank notes are, why there are different series, what constitutes rarity, the importance of grade, how to judge a note, and how to market a note. Stars of TV’s ‘Diggers’ to Teach Summer Seminar Workshop The Summer Seminar, will host a special metal-detecting workshop instructed by the stars of the hit National Geographic Channel TV show "Diggers," Tim "The Ringmaster" Saylor and George "King George" Wyant. The one-day workshop, "Digging for Dollars," will be held June 27, 2014, the Friday between Session 1 and 2 of Summer Seminar. The registration fee for the one-day workshop is $235. Space is limited to 40 participants, so early enrollment is recommended. To register, contact Education Assistant Amber Bradish at 719-482-9865 or abradish@money.org. An enrollment form is available for download at www.money.org/SummerSeminar. Students will need to supply their own metal detectors and associated equipment. Information on rental options in Colorado Springs will be provided to registrants. For more information about the ANA’s Summer Seminar or to enroll contact Amber Bradish, ANA Education Assistant, at abradish@money.org or call 1-800-367-9723 ext. 165 or direct at 719-482-9865. To download the Summer Seminar course catalog, go to www.money.org/summerseminar. ___________________________________________________________Paper Money * May/June 2014 * Whole No. 291_____________________________________________________________ 214 SPMC does Atlanta! The SPMC had a regional meeting at the recent Atlanta ANA. Dennis Schafluetzel presented a very interesting program on the Western and Atlantic Railroad Scrip from the construction period in the 1840s and change notes from the Civil War. A small crowd was enthralled and appreciative of Dennis’ presentation. Before his talk, those in the audience all introduced themselves and told what their collecting interests were. Dennis also encouraged all non-members to join the SPMC and experience Paper Money at its best! Also at the show, United States Treasurer Rosie Rios was in attendance and autographed notes. Nancy Wilson was first in line to greet her and got a sheet of the new $100 notes autographed. Bill Shupe, Eric Head, Mack Martin and others attended the SPMC presentation by Dennis Schafluetzel. ___________________________________________________________Paper Money * May/June 2014 * Whole No. 291_____________________________________________________________ 215 ___________________________________________________________Paper Money * May/June 2014 * Whole No. 291_____________________________________________________________ 216 GALLER I ES 800.458.4646 West Coast Offi ce • 800.566.2580 East Coast Offi ce 1063 McGaw Avenue Ste 100, Irvine, CA 92614 • 949.253.0916 Info@StacksBowers.com • StacksBowers.com Irvine • New York • Wolfeboro • Hong Kong • Paris SBG Paper Money ANA Consign 04.11.14 Fr. 186c. 1863 $1,000 Legal Tender. PCGS Fine 15 Apparent. Realized $881,250 Fr. 340. 1880 $100 Silver Certi cate. PCGS Extremely Fine 40. Realized $352,500 Fr. 346e. 1891 $1,000 Silver Certi cate. PMG Very Fine 25. Sold privately for $2,600,000 Peter A. Treglia Matthew W. Quinn Bruce Roland Hagen John M. Pack Contact us today to discuss consigning your personal collection or rarities to the Chicago ANA Auction. 800.458.4646 West Coast O ce 800.566.2580 East Coast O ce Ron Gillio ANA LM # 950 Richard H. Ponterio LM #2163 Peter A. Treglia LM John M. Pack LM # 5736 Peter A. Treglia Matthew W. Quinn Bruce Roland Hagen John M. Pack Trust Your Collection to the Experts Whether you are an accomplished collector or if you are new to the numismatic market, the experts at Stack’s Bowers Galleries are available to guide you through the entire process. Paper Money * May/June 2014 * Whole No. 291 President’s Column May / June 2014 Spring is here and with it comes a busy paper money show schedule and relief from the “polar vortex”! It has been a good winter to catch up on reading, research, inventorying a collection and buying and selling paper money. I did not attend the Chicago CPMX show earlier in March due to work commitments, however, past-President Mark Anderson did along with several Governors. All reports indicate a healthy show with quite a bit of dealer selling activity as people seek out rare and common notes for their collections. I attended the Willimantic, Connecticut show in late March and found it to be a wonderful New England Sunday show. It is not just a coin show and is promoted as coins and currency, a trend we see more and more for local and regional shows. The Whitman Baltimore show was next and it was well attended. Currently, we do not have an SPMC meeting here, but this show has an increasing currency presence as represented by both dealers and collectors. Perhaps we will investigate a meeting at some of the Baltimore shows – please contact me if any interest in hosting or speaking. By the time you read this, the Georgia Numismatic Association and Central States shows will have passed – both great shows to attend in 2013. I have no further news with regard to our beloved editor, Fred Reed, who has experienced a medical situation which takes him out of pocket for the foreseeable future. Our prayers and well wishes are with him and his family and friends. In the mean time, Secretary Benny Bolin has assumed editorial duties for our Paper Money magazine. I was thrilled to get it in early March and love the new look and greater use of color! We have three governor slots up for election/reelection including at least one opening. This is an opportunity to shape our hobby as part of the leadership team of the Society of Paper Money Collectors. We are always looking for leaders and contributors to our hobby. If you have a vision or area you would like to lead advancement in such as research programs, education, presentations, meetings, internet, etc, please contact Pierre Fricke, pfricke@csaquotes.com. In the March/Apri l magazine on page 149, we find the second call for research proposals to receive the 12th annual George W. Wait Memorial Prize. Deadline is May 15, right after you receive this edition of Paper Money, so if you are thinking about a submission, please express it to: Ron Horstman, Box 2999, Leslie, MO 63056 or email to ruderonnie@hotmail.com. We are also reviewing applications for other research grants. Down in New York City, the Museum of American Finance is upgrading its currency exhibit. Some Society members have close relationships with the leadership of the Museum including myself and past-president Mark Anderson. We love attending the coin and paper money show there in October each year and it is a great place to visit while in “The City”. I understand that the Museum is looking for both donations of collectible money and time; as well as borrowing rare paper money for exhibit – please contact Mark Anderson ( MBAMBA@aol.com ) if you have an interest. Last month, I described a new webinar program where we would host live webinars periodically featuring noted collectors and specialists. We ran into logistical challenges at the ANA Atlanta show at the end of February, so we did a usual SPMC meeting with the neither recording nor live broadcasting. Internet connectivity at some/many of these shows is either costly or spotty – not an ideal situation for a live webinar. We are reformulating our plans and I have volunteered to go first to do a recorded session introducing Confederate money that will be featured on the website. Judith Murphy has other volunteers lined up, so if interested please contact her or me. We received a super proposal for research into National Currency that has been funded. The funding covers reasonable trip expenses to Washington, D.C. to research the national archives located there. More will be made known in the future and we expect a few Paper Money Magazine articles to come from this revealing the results. This is our Society at work at what we do – research and education. If you have ideas for research or writing, please bring them to our attention and we will plug you into the process to move forward and give guidance. Don’t forget the International Paper Money Show in Memphis, Tennessee. In 2014, it will be held from June 12 - June 15 at the Cook Convention Center in downtown. The SPMC breakfast is an annual event at the Memphis International Paper Money Show. This year it's on Friday, June 13, 2014, 7:30am, Crowne Plaza Hotel, 300 North Second Street, Memphis, TN. This is across the street from the downtown Memphis Sheraton (previously the Marriott). Breakfast tickets must be purchased in advance by ordering online, or contacting Wendell Wolka, P.O. Box 1211, Greenwood, IN, 46142. Please make checks and/or money orders payable to The Society of Paper Money Collectors, Inc. Tickets are $25 per ticket. Order early because a sellout is expected. You can purchase tickets online at - http://www.spmc.org/products/ticket-53rd-anniversary- breakfast-memphis-2014 . Many of your SPMC Board members will be present, including myself, and look forward to seeing you! Pierre Fricke 218 W_l]om_ to Our N_w M_m\_rs! \y Fr[nk Cl[rk—SPMC M_m\_rship Dir_]tor NEW MEMBERS 02/05/2014 ‐ 14186 ‐ 14204  14186 Mathew Liebsons, OH, (C), Frank Clark  14187 Joshua Greenberg, MA, (C), Website  14188 Tom Gaudet, FL, (C), Jason Bradford  14189 Mark Key, OK, (C, US All), Website  14190 Andrea Stevens, GA, (C), Jason Bradford  14191 Isaac W. Gilliam, OH, (C), Website  14192 Christopher Lowman, CA, (C), Website  14193 Allen Brown, CO, (C), Website  14194 Robert Carter, PA, (C), Website  14195 Dana Harrison, IL, (C), Pierre Fricke  14196 Thomas McGiuckin, DE, (C), Jason Bradford  14197 Stuart Meyer, GA, (C), Jason Bradford  14198 Karl Fillauer, TN, (C), Frank Clark  14199 Melissa Jones, CA, (C), Jason Bradford  14200 Stuart Packard, MI, (C), Website  14201 Steve Platt, FL, (C), Website  14202 Gilbert Chang, Malaysia, (C), Website  14203 Chris Patton, MI, (C), Jason Bradford  14204 Gregory Manning, NV, (C), Benny Bolin  REINSTATEMENTS  None  LIFE MEMBERSHIPS  None  NEW MEMBERS 03/05/2014 ‐ 14205 ‐ 14232  14205 Stanley Moore, IL, (C & D), Website  14206 Jeff Lawrence, IN, (C), Jason Bradford  14207 Stokes Houck, NC, (C), Website    14208 Frank Walsh, AZ, (C), Jason Bradford  14209 Dana Wood, FL,  (C), Jason Bradford  14210 Robert Wall, TX, (C), Website  14211 Charles Sullivan, MD, (C), Jason Bradford  14212 Mark I. Burton, IN, (C), Wendell Wolka  14213 David Lee, GA, (C), Website  14214 Cedrian Lopez‐Bosch, Washington, DC, (C),  14215 Terry Mueller, MI, (C), Website  14216 Stephen Webber, NC, (C), Jason Bradford  14217 Joe Spradlin, NV, (C), Jason Bradford  14218 Ben Purvis, AL, (C), Website  14219 Theodore Ey, CA, (C), Website    14220 Robert Wood, NJ, (C), Website  14221 Nathan Oppman, VA, (C), Jason Bradford  14222 Donald Bucholz, WI, (C), Website      14223 Darrell Hutchins, TX, (D), Jason Bradford  14224 Jay Burscough, OK, (C), Jason Bradford  14225 Larry Myers, KS, (C), Scott Lindquist  14226 Daniel Bierman, FL, (C), Website       14227 Brian Whalen, CA, (C), Don kelly  14228 Charles Ellsworth, IL, (C), Website  14229 Don Sanders, TX, (C), Website  14230 Willis E. Russell III, MA, (C), Scott Lindquist  14231 John Helm, WI, 53024 (C), Website     14232 Wesley A. Smith, AR, (C), Website  REINSTATEMENTS  13222 Roger O. Goodwin, TX, (C), Website  13461 Paul W. Stettnisch, NY, (C), Frank Clark  13713 Eddie DeLoache, SC, (C), Website  13922 Preston Witt, IA, (C), PCGS  LIFE MEMBERSHIPS  None  For Membership questions, dues and contact information go to our website www.spmc.org ___________________________________________________________Paper Money * May/June 2014 * Whole No. 291_____________________________________________________________ 219 Editor Sez Hello and welcome to this sophomore edition of Paper Money under my editorship. First and foremost, I want to thank everyone for all their kind words and suggestions about the first edition (autographed copies will be available at Memphis for a price). I want to especially thank Peter Huntoon, not only for continuing to support the SPMC by writing quality articles, but also for being patient with me and teaching me a lot about being an editor. I also want to thank Mark Anderson for his proof reading extraordinaire! I thought he would do a cursory overview of the draft, but he took it down to the periods, commas and open/closed parentheses! Seems us Southerners have a little different take on grammar from those up Nawth! Without the help of these two fine gentlemen and all the contributors, the first edition would not have been nearly as good as it was. So, what makes a good journal? Not the editor, but the authors! Therefore, I will be focusing on making Paper Money an appealing medium where quality authors want to place their articles. I invite you to join me in this quest. The July/August edition will have a lead article on the First National Bank of Porto Rico, so I would like to have a couple more world currency articles to compliment it. Unfortunately, I and we (SPMC) have no news to report on the health and recovery of our esteemed editor, Fred Reed. We continue to think of him and hope and pray for his recovery. Going forward, I hope to produce a magazine that will contain varied articles so that collectors of all genres can find something of interest. So, if you are a collector, write about your passion. Just a reminder that articles submitted need to be in WORD format and all pictures/ scans must be JPEGs at least 300dpi. I am increasing the use of color to highlight notes. Unfortunately, color costs a lot more than black and white printing, so I have to be judicious in its use. Join with me and keep the award winning Paper Money on the top of the numismatic literature world! Along with my new duties as editor, for the present time, I will continue to do the duties of secretary. Please remember that you can find both your PIN (to access the website) and your membership expiration date on the label of your copy of Paper Money. Make an effort to use our website, www.spmc.org, to its fullest extent. Our webmaster, Shawn Hewitt has done a masterful job in making the site informative and functional. Not only can you find a calendar of upcoming events, past and present issues of our journal and currency related blogs, but you can also now vote for your favorite articles published in Paper Money in 2013. Use it well and often! Finally, I hope you are all going to the International Paper Money Show in Memphis this year. It is truly the best event any paper money collector can attend. Quality exhibits, educational forums, club meetings and a bourse full of dealers with something for almost any collector. The SPMC will be having its annual Tom Bain breakfast and raffle on Friday 13 at 0700 in the Crown Plaza just across the street from the convention center. This is where we will have a few awards given out, but the highlight will be the raffle emceed by the venerable Wendell Wolka. That alone is worth the price of admission and the breakfast fare is good too! Tickets can be purchased on line at the SPMC website or from an SPMC officer if you go to Central States or another show. While you are at Memphis, look me up. I will be on the bourse most of the time and would love to meet everyone and get your suggestions on how to make Paper Money better! Until next time— Benny ___________________________________________________________Paper Money * May/June 2014 * Whole No. 291_____________________________________________________________ 220 The Check is Dying: Long Live the Check RACING against a deadline, last month I renewed my car’s registration at the local tag agency (in Oklahoma we take care of routine automobile paper work at these private storefronts, found typically in strip malls). As I remitted my pound of flesh to the Oklahoma Tax Commission, I noticed this remarkable schedule of fees: Cash: no charge Check: no charge Debit Card: $3.95 per transaction What makes no sense in this schedule, of course, is that the safest, most efficient, and lowest cost payment alternative—electronic funds transfer—is the most expensive. The United States stands out among developed economies for relying, even into the 21st century, on the paper check, even when other countries either never embraced it, or have transitioned to purely electronic methods. While the United States does have an Automated Clearing House (ACH) for interbank settlements, it still isn’t easy or cheap for one person to wire funds into the account of another person. Chump Change Loren Gatch So why is the United States distinctive in this regard? A persuasive answer is given by Stephen Quinn and William Roberds in their 2008 article, “The Evolution of the Check as a Means of Payment: A Historical Survey”, in the Federal Reserve Bank of Atlanta’s Economic Review. In this piece, Quinn and Roberds examine the broader significance of the check in European (and later American) financial history, and what makes the United States different. As easy as it is to think of banknotes and checks as interchangeable, the modern check is actually a descendent of the bill of exchange, which in 16th century Europe acquired a crucial property that in turn made the check such a versatile instrument: its negotiability. The ability of paper instruments to circulate via endorsement made possible the rise of clearing arrangements that vastly increased the scale and scope of funds transfers. What made these financial innovations so versatile, Quinn and Roberds write, is that “the record-keeping function of the negotiable instrument was bound to the paper instrument itself.” While private banknotes dominated the American payments system during the antebellum period, Quinn and Roberds argue that their suppression by the Civil War-era National Banking Acts opened up a space for the emergence of checks as a device for inter-regional payments. Building upon clearinghouse arrangements (like the Suffolk System) that had been first perfected for banknotes, by the late 19th century the American payments system was increasingly dominated by paper checks processed and settled through bank clearinghouses. In effect, restrictions on banknote issues combined with unit banking created the need for a paper medium of payment like the check, which evolved from a device of purely local significance prior to the Civil War into the basic element of the nation’s interregional payments system. In the early 20th century, as the new Federal Reserve System supplanted the functions of private bank clearinghouses, the efficiency of its national settlements system assured that the check would remain at the financial center of the modern American economy. Meanwhile, other national economies were evolving different payments practices. In Northern Europe, ledger-based payments managed through post offices created the giro transfer, while in Germany a similar giro arrangement was introduced by the Reichsbank in 1876. Given their importance in American financial history, how should we think about check collecting as an aspect of notaphily? I would argue that checks aren’t just a niche or exonumial interest, but should be treated as a proper adjunct to paper money collecting. That checks and paper currency do intersect is suggested in part by the use of checks, in modified form, as emergency currencies during the Panic of 1907 or the Great Depression. Beyond those episodes, though, the historical salience of checks in the nation’s payments system imparts to them an intrinsic significance. Not only do checks of the late 19th and early 20th centuries often possess an extraordinarily aesthetic appeal, but the very specificity of their instructions—the payer, the payee, the amount and banks involved, and for what purposes—evoke details about prevailing financial practices that are simply unavailable from the face of a piece of standardized paper currency. Collecting checks also integrates the experiences of postbellum state banks, which otherwise did not enjoy circulation privileges, into our understanding of those financial practices. Checks are also collectible because the check itself is undergoing a rapid death. Having peaked in their volume at nearly 50 billion in 1995, the use of checks has entered a steady decline as paper payments have been supplanted by electronic means. Though Americans still write checks by the billions, the basic inefficiency of paper augurs its decline in favor of purely electronic alternatives. How did I finally settle with the Oklahoma Tax Commission? I paid $61.40 for my new sticker, naturally by check. ___________________________________________________________Paper Money * May/June 2014 * Whole No. 291_____________________________________________________________ 221 An Index to Paper Money Volume 52, 2013 Whole Numbers 283--288 Compiled by Terry A. Bryan Yr. Vol. No. Pg. Allen, Harold Don. Notes from North of the Border: Canada Rolls Out Polymer $20 ............................................................................................ 13 52 283 68 Anderson, Mark ANS publishes revised Tomasko engraving opus, illus. book review ................................... 13 52 285 181 Astwood, James W. CSA Type-41 $100 Interest-Bearing Treasury Note (Hoer Note) Plate Varieties, illus. ..... 13 52 284 120 CSA Type-41 $100 Interest-Bearing Treasury Note Plate Varieties, Part 2, Tables, illus. 13 52 285 222 BANKS, BANKERS AND BANKING. Addie P. Duncan (later Monroe) National Bank President, illus., Karl S. Kabelac ............... 13 52 284 146 Bettie B. Willis, National Bank President, illus., Karl S. Kabelac .............................................. 13 52 285 235 Mary A. Bartlett, National Bank President, illus., Karl S. Kabelac ........................................... 13 52 283 70 Mary R. Moody, National Bank President, illus., Karl S. Kabelac ........................................... 13 52 284 115 Mary R. Shuman, National Bank President, Karl Sanford Kabelac ....................................... 13 52 286 273 More On the Bank Canceling Hammer, illus., Terry A. Bryan ................................................. 13 52 286 243 Mrs. Annie M. Moores, Later Mrs. John R. Towler, National Bank President, Kabelac ..... 13 52 283 62 Mrs. E. F. Sell, National Bank President, illus., Karl S. Kabelac .............................................. 13 52 283 71 Phebe M. Rideout, National Bank President [Addendum], illus., Karl S. Kabelac .............. 13 52 283 59 Boling, Joseph E. Allied Military Francs, illus., ( with Fred Schwan) ........................................................................ 13 52 286 136 Allied Military Marks, illus., (with Fred Schwan) .......................................................................... 13 52 287 376 It’s Joe’s Fault, illus., ( Fred Schwan) (War Bonds) ................................................................... 13 52 284 136 June, Too Long To Wait?, illus., (with Fred Schwan) ............................ ...................... 13 52 283 56 Italian AMC, illus., (with Fred Schwan) ......................................................................................... 13 52 285 216 Special Army Currency, illus., (with Fred Schwan) .................................................................... 13 52 288 456 Bryan, Terry A. “If I Had A Hammer…” illus., ......................................................................................................... 13 52 287 352 More On the Bank Canceling Hammer, illus. ............................................................................. 13 52 286 243 Burns, Paul A Case for Three Types of 1902 Plain Backs ............................................................................ 13 52 286 278 Clark, Frank. First National Bank of Bells, Texas, illus....................................................................................... 13 52 283 60 COLLECTING. Bearer, Bearer On the Wall…, illus., Joshua Herbstman ......................................................... 13 52 288 408 Chasing Information for Numismatic Research, illus., Greg Davis ......................................... 13 52 288 442 Detecting “Enhanced” Notes, Jeff Sullivan .................................................................................. 13 52 288 451 A First-Person Story: “My Turning Point”, Jeff Sullivan ............................................................ 13 52 284 156 “If I Had A Hammer…” illus., Terry A. Bryan .............................................................................. 13 52 287 352 Odd Denominations, illus. Gene Hessler .................................................................................... 13 52 286 300 To Repair or Not?, illus., Jeff Sullivan ........................................................................................... 13 52 285 234 A United States Currency grading package really exists!, illus., Carson Miller ..................... 13 52 286 284 You Can Expand Your Paper Money Horizons at an ANA Summer Seminar, B. Ortega 13 52 284 153 CONFEDERATE AND SOUTHERN STATES CURRENCY. 150 Years, Remembering the Battle of Gettysburg, illus., Fred Reed ................................... 13 52 286 290 CSA Type-41 $100 Interest-Bearing Treasury Note Plate Varieties, illus., J.W. Astwood 13 52 284 120 CSA Type-41 $100 Interest-Bearing Treasury Note Plate Var., Part 2, illus.,J.Astwood ... 13 52 285 222 ___________________________________________________________Paper Money * May/June 2014 * Whole No. 291_____________________________________________________________ 222 Counterfeit Confederate Currency, New Discoveries, illus., George B. Tremmel .............. 13 52 286 267 A Stroll Across Richmond, Numismatically, illus., Steve Feller ............................................... 13 52 287 323 The Rebel Who Issued Obsolete Currency, illus., Richard Frey ............................................ 13 52 288 403 What Was the Last Note Issued? A Brief Update, illus., Steve Feller .................................... 13 52 284 116 COUNTERFEIT, ALTERED & SPURIOUS NOTES. Counterfeit Confederate Currency, New Discoveries, illus., George B. Tremmel .............. 13 52 286 267 Detecting “Enhanced” Notes, Jeff Sullivan .................................................................................. 13 52 288 451 Russian Counterfeit Intrigue: My Unexpected 10-yr. research project, illus., D. Murray .... 13 52 284 83 To Repair or Not?, illus., Jeff Sullivan ........................................................................................... 13 52 285 234 Davenport, John D. (Columnist) Spurious Issues ................................................................................................................................ 13 52 283 78 Spurious Issues ................................................................................................................................ 13 52 284 158 Spurious Issues ................................................................................................................................ 13 52 285 238 Spurious Issues ................................................................................................................................ 13 52 286 320 David, Greg Chasing Information for Numismatic Research, illus. ............................................................... 13 52 288 442 ENGRAVERS & ENGRAVING AND PRINTING. Recalling Five Anniversaries, illus., Gene Hessler ..................................................................... 13 52 284 134 Farrenkopf, Joe Start-Up Problems with Series 1996 $50 Federal Reserve Notes, illus. ............................... 13 52 283 3 Feller, Steve A Stroll Across Richmond, Numismatically, illus. ....................................................................... 13 52 287 323 What Was the Last Note Issued? A Brief Update (CSA type 64 $500), illus. ...................... 13 52 284 116 Frey, Richard The Rebel Who Issued Obsolete Currency, illus. ...................................................................... 13 52 268 403 Galligan, Ed Bank Difficulties in Putnam County, N.Y., illus. ........................................................................... 13 52 288 462 Gatch, Loren. Chump Change (column) .............................................................................................................. 13 52 283 77 Chump Change ............................................................................................................................... 13 52 284 157 Chump Change ............................................................................................................................... 13 52 285 237 Chump Change ............................................................................................................................... 13 52 287 399 Chump change ................................................................................................................................. 13 52 288 479 Dr. Borsodi’s “Constant”, illus. ........................................................................................................ 13 52 287 339 The Hague Conference on Complementary Currencies, A Brief Report, illus. ................... 13 52 287 394 One “Fart” & Other Examples of Detachable Canadian Political Currency, illus. ................ 13 52 286 304 Gill, Robert The Camden Patent Leather Company, illus. ............................................................................ 13 52 286 283 An Obsolete Currency Error, illus. ................................................................................................. 13 52 284 100 Scrutiny, magnifier reveal note’s “hidden” message, illus. ........................................................ 13 52 285 195 Gladfelter, David D. Did New Jersey Have Private Banks?, illus. ............................................................................... 13 52 288 438 Gunther, Bill Alabama’s “Illegal” Scrip of 1862 and a Rosene Update, illus. ................................................ 13 52 283 20 Many Design Changes of Johnson House Merchant Scrip, Huntsville, Alabama, illus. .... 13 52 288 418 Herbert, Paul (columnist) Don’t Get Me Started ....................................................................................................................... 13 52 283 78 Don’t Get Me Started ....................................................................................................................... 13 52 284 158 Don’t Get Me Started ....................................................................................................................... 13 52 285 238 Don’t Get Me Started ....................................................................................................................... 13 52 286 320 Don’t Get Me Started ....................................................................................................................... 13 52 287 400 Don’t Get Me Started ....................................................................................................................... 13 52 288 480 ___________________________________________________________Paper Money * May/June 2014 * Whole No. 291_____________________________________________________________ 223 Herbstman, Joshua Bearer, Bearer on the Wall (Treasury Bonds), illus. .................................................................. 13 52 288 408 Hessler, Gene. (Columnist) The Buck Starts Here (column) America Papered The World!, illus. ...................................................................................... 13 52 287 380 Clothing Walter Shirlaw’s “indecent” Design, illus. ............................................................. 13 52 285 220 Odd Denominations, illus. ...................................................................................................... 13 52 288 460 Odd Denominations, illus. ...................................................................................................... 13 52 286 300 Recalling Five Anniversaries, illus. ....................................................................................... 13 52 284 134 Unissued $2 Educational Note, illus .................................................................................... 13 52 283 54 Horstman, Ronald Mexican-American War Left Rare Scrip, illus. ............................................................................ 13 52 287 372 United States Certificates of Deposit, illus. .................................................................................. 13 52 283 66 Huntoon, Peter The Greatest Territorial Discovery of All Time, illus. .................................................................. 13 52 287 354 So How Good Is This Note?, illus. ................................................................................................ 13 52 284 140 The Paper Column (with Andrew Shiva , Jamie Yakes and Lee Lofthus) New Deal Design Changes, illus. ......................................................................................... 13 52 283 31 Evolution of Skies & Details on State Seals, illus. (Shiva) ................................................ 13 52 284 102 Evolution of Title Blocks for Use on 1929 National Bank Notes, illus. (Lofthus) .......... 13 52 288 447 Philatelist Was Catalyst for Revisions, illus. ........................................................................ 13 52 287 331 Salvaged Plates, illus. ............................................................................................................. 13 52 288 427 Special Wrinkles on Early NBN Backs, illus. ...................................................................... 13 52 286 260 Wyoming & Idaho State Seals & Utah Territorial Seals, illus. (Shiva) ........................... 13 52 285 182 Huntoon, Peter and Andrew Shiva State Seal Varieties on Series of 1882 National Bank Note Backs, illus. .............................. 13 52 283 11 Wyoming and Idaho State Seals and Utah Territorial Seals, illus. ......................................... 13 52 285 182 INTERNATIONAL. America Papered the World!, illus., Gene Hessler .................................................................... 13 52 287 380 Foreign Exchange Certificates, illus., Eric Meythaler ................................................................ 13 52 286 282 The Hague Conference on Complementary Currencies: Report, illus., L. Gatch ............... 13 52 287 394 Italian AMC, illus., Joseph E. Boling, Fred Schwan ................................................................... 13 52 285 216 It’s Joe’s Fault, illus., Joe Boling, Fred Schwan (War Bonds) .................................................. 13 52 284 136 Notes from Up North: Canada rolls out polymer $20, Harold Don Allen ............................... 13 52 283 68 Odd Denominations, illus., Gene Hessler ................................................................................... 13 52 286 300 One “Fart” & Other Examples of Detachable Canadian Political Currency, Loren Gatch . 13 52 286 304 Russian Counterfeit Intrigue: My Unexpected…Research Project,illus.,D.Murray ... 13 52 284 83 Kabelac, Karl Sanford. Addie P. Duncan (later Monroe) National Bank President, illus. ............................................. 13 52 284 146 Bettie B. Willis, National Bank President, illus. ............................................................................ 13 52 285 235 Mary A. Bartlett, National Bank President, illus. .......................................................................... 13 52 283 70 Mary R. Moody, National Bank President, illus. ......................................................................... 13 52 284 115 Mary R. Shuman, National Bank President ................................................................................ 13 52 286 273 Mrs. Annie M. Moores, Later Mrs. John R. Towler, National Bank President, illus. ............ 13 52 283 62 Mrs. E. F. Sell, National Bank President, illus. ............................................................................ 13 52 283 71 Phebe M. Rideout, National Bank President [Addendum], illus. ............................................. 13 52 283 59 Signatures Recall Love Story, illus. ............................................................................................... 13 52 287 367 Lofthus, Lee. Evolution of Title Blocks for Use on 1929 National Bank Notes, illus., (with P.Huntoon) ... 13 52 288 447 Series 1933 $10 Silver Certificates, the Making of a Rarity, illus. .. ................... 13 52 285 163 Meythaler, Eric Foreign Exchange Certificates, illus. ................................................ ................... 13 52 286 282 MILITARY PAYMENT CERTIFICATES AND MILITARY CURRENCY Uncoupled: Paper Money’s Odd Couple, Joseph E. Boling, Fred Schwan, columnists Allied Military Francs, illus., Joseph E. Boling, Fred Schwan ........ ...................... 13 52 286 296 Allied Military Marks, illus., Joseph E. Boling, Fred Schwan ......... ...................... 13 52 287 376 June, Too Long To Wait?, illus., Joseph E. Boling, Fred Schwan ...................... 13 52 283 56 ___________________________________________________________Paper Money * May/June 2014 * Whole No. 291_____________________________________________________________ 224 Italian AMC, illus., Joseph E. Boling, Fred Schwan .......................................................... 13 52 285 216 It’s Joe’s Fault, illus., Joseph E. Boling, Fred Schwan ................... ...................... 13 52 284 136 Special Army Currency, illus., Joseph E. Boling, Fred Schwan .... ...................... 13 52 288 456 Miller, Carson A United States Currency grading package really exists!, illus. ............ ...................... 13 52 286 284 Murray, Doug A Russian Counterfeit Intrigue: My Unexpected 10-Year Research Project, illus. .... 13 52 284 83 NEW LITERATURE. Abraham Lincoln, Beyond the American Icon, illus.,Review by John & Nancy Wilson ..... 13 52 284 125 ANS publishes revised Tomasko engraving opus, illus., Reviewed by Mark Anderson ... 13 52 285 181 Coin & Currency Inst. Brings Out 2nd Kravitz Edition in Full Color, illus. ................................. 13 52 283 8 Coin & Currency Inst. Releases 20th Edition of Paper Money of the U.S., Fred Reed ....... 13 52 287 379 Collector Hilton Shares Montgomery Insights, illus., Review by Fred Reed ......................... 13 52 284 129 Diverse Group Talks Up New Books at Forum, illus. (Memphis, 2013) ............................... 13 52 287 396 Hawaii Overprint Currency Survey Released, illus., Reviewed by Fred Reed .................... 13 52 285 224 Lincoln Sequel Examines “branding phase”, illus., Reviewed by Bob Schreiner ................ 13 52 285 236 Monumental Money provides beginners guide to U.S. paper money, Dr. H.W. Berlin ...... 13 52 286 280 New Doty Book Covers Obsolete Paper Money, illus. Reviewed by Fred Reed ............... 13 52 286 282 Paper Money Editor Fred L. Reed III releases Civil War Stamp Envelopes Book ............. 13 52 288 453 United States Currency by Kenneth Bressett, illus., Review by J. & N. Wilson ................... 13 52 283 76 OBSOLETE NOTES & SCRIP. Bank Difficulties in Putnam County, N.Y., illus., Ed Galligan .................................................... 13 52 288 462 Camden Patent Leather Company, illus. Robert Gill ................................................................ 13 52 286 283 Chasing Information for Numismatic Research, illus., Greg Davis ......................................... 13 52 288 442 Did New Jersey Have Private Banks?, illus., David D. Gladfelter .......................................... 13 52 288 438 Many Design Changes of Johnson House Merch. Scrip, Huntsville, Ala.,illus, B.Gunther 13 52 288 418 More On the Bank Canceling Hammer, illus., Terry A. Bryan ................................................. 13 52 286 243 An Obsolete Currency Error, illus., Robert Gill ............................................................................ 13 52 284 100 Odd Denominations, illus., Gene Hessler ................................................................................... 13 52 288 460 The Rebel Who Issued Obsolete Currency, illus., Richard Frey ............................................ 13 52 288 403 Scrutiny, magnifier reveal note’s “hidden” message, illus., Robert Gill ................................... 13 52 285 195 So How Good Is This Note?, illus., Peter Huntoon ................................................................... 13 52 284 140 State-Issued Money from Alabama’s First Capital, illus, Bill Gunther .................................... 13 52 285 196 Ortega, Brandon You Can Expand Your Paper Money Horizons at an ANA Summer Seminar, illus. ......... 13 52 284 153 PAPER MONEY AND FINANCIAL HISTORY. Bearer, Bearer On The Wall…, illus., Joshua Herbstman ....................................................... 13 52 288 408 Dr. Borsodi’s “Constant”, illus., Loren Gatch ............................................................................... 13 52 287 339 Mexican-American War Left Rare Scrip, illus., Ron Horstman ............................................... 13 52 287 372 United States Certificates of Deposit, illus., Ronald Horstman ................................................ 13 52 283 66 PAPER MONEY IN MOVIES,. ART, and TV. The Buck Starts Here (Column) see Hessler, Gene Reed, Fred 150 Years, Remembering the Battle of Gettysburg, illus. ........................................................ 13 52 286 290 Schwan, Fred Allied Military Francs, illus., (with Joe Boling) .............................................................................. 13 52 286 296 Allied Military Marks, illus., (with Joe Boling) ................................................................................ 13 52 287 376 It’s Joe’s Fault, illus., (with Joe Boling) (War Bonds) .................................................................. 13 52 284 136 June, Too Long To Wait?, illus., (with Joe Boling) ................................. ...................... 13 52 283 56 Italian AMC, illus., (with Joe Boling) .............................................................................................. 13 52 285 216 Special Army Currency, illus., (with Joe Boling) ......................................................................... 13 52 288 456 Shiva, Andrew The Paper Column (with Peter Huntoon) Philatelist Was Catalyst for Revisions, illus. ...................................................... 13 52 287 331 Special Wrinkles on Early NBN Backs, illus. ..................................................... 13 52 286 260 Wyoming & Idaho State Seals & Utah Territorials, illus. ................................... 13 52 285 182 ___________________________________________________________Paper Money * May/June 2014 * Whole No. 291_____________________________________________________________ 225 Shiva, Andrew, and Huntoon, Peter State Seal Varieties on Series of 1882 National Bank Note Backs ....................... 13 52 283 11 Wyoming and Idaho State Seals and Utah Territorial Seals, illus. .......................... 13 52 285 182 SOCIETY OF PAPER MONEY COLLECTORS. 11th Annual George W. Wait Memorial Prize Announcement .... ................ 13 52 283 75 ................................................................................ ................ 13 52 284 155 12th Annual George W. Wait Memorial Prize Announcement ..... ................ 13 52 288 475 Draft of SPMC’s revised Book Publishing Policies ................................................................................ ................ 13 52 287 398 ................................................................................................................................... 13 52 288 478 Editor's Notebook (Fred Reed): Pennywise & Pound Foolish ................................................................................................. 13 52 283 77 Abe Book 2 Is Now Available ................................................................................................ 13 52 284 157 Hark, A New Year’s Resolution ............................................................................................ 13 52 285 237 Farewell, Good Fellow, R.I.P. (Richard Doty) .................................................................... 13 52 287 399 Three Cheers for Author Grants ........................................................................................... 13 52 288 479 In Memoriam: Death claims Indiana dealer Lowell Horwedel, illus. ......................................................... 13 52 283 20 Death claims scholar/author Dr. Richard G. Doty, illus. .................................................... 13 52 287 384 Longtime SPMC member John Glynn dies, illus. ............................................................. 13 52 287 353 Index to Paper Money, Vol. 51, 2012, Nos.277-282, John Davenport, ............................... 13 52 285 228 Information and Officers: ................................................................................................................................... 13 52 283 2 ................................................................................................................................... 13 52 284 82 ................................................................................................................................... 13 52 285 162 ................................................................................................................................... 13 52 286 242 ................................................................................................................................... 13 52 287 322 ................................................................................................................................... 13 52 288 402 Letters to the Editor: Is a business opportunity just waiting to be filled?, H. Brasco ......................................... 13 52 283 76 SPMC Web Blogger Appreciates recognition, Jim Phillips ............................................ 13 52 287 381 Can anyone help out on new edition of Iowa book?, Dean Oakes ............................... 13 52 288 426 Memphis Speakers Series Call for Papers ................................................................................. 13 52 283 74 ................................................................................................................................... 13 52 284 156 Money Mart: ................................................................................................................................... 13 52 283 55 ................................................................................................................................... 13 52 284 135 ................................................................................................................................... 13 52 285 215 ................................................................................................................................... 13 52 286 295 ................................................................................................................................... 13 52 287 375 ................................................................................................................................... 13 52 288 455 President's Column (Mark Anderson): ................................................................................................................................... 13 52 283 52 ................................................................................................................................... 13 52 284 132 ................................................................................................................................... 13 52 285 214 President’s Column (Pierre Fricke) ................................................................................................................................... 13 52 286 294 ................................................................................................................................... 13 52 287 374 ................................................................................................................................... 13 52 288 454 SPMC Awards at Memphis ........................................................................................................... 13 52 287 345 SPMC Board Announces Dues Increase ................................................................................... 13 52 287 366 SPMC Board of Governors Meeting, June, 2013, Report of meeting ................................... 13 52 287 393 ___________________________________________________________Paper Money * May/June 2014 * Whole No. 291_____________________________________________________________ 226 SPMC Call for Board Nominees ................................................................................................... 13 52 283 21 ................................................................................................................................... 13 52 284 101 SPMC Highlights of the 2013Memphis Show, illus. photos by J. and N. Wilson ................ 13 52 287 386 Correction of Memphis Highlights photo caption, Fred Reed ......................................... 13 52 288 406 SPMC Meet the Candidates, Gary Dobbins, Scott Lindquist ................................................. 13 52 284 132 SPMC New Members .................................................................................................................... 13 52 283 33 ................................................................................................................................... 13 52 284 113 ................................................................................................................................... 13 52 285 193 ................................................................................................................................... 13 52 286 273 ................................................................................................................................... 13 52 287 353 ................................................................................................................................... 13 52 288 433 SPMC President Names Two New Board Members .............................................................. 13 52 288 450 SPMC Thanks its donors, calls for tax-deductible contributions ............................................. 13 52 288 433 SPMC Wait Award Goes to Book on AMC proposed by Carlton Fred Schwan, illus. ...... 13 52 285 233 Sullivan, Jeff Detecting “Enhanced” Notes ......................................................................................................... 13 52 288 451 A First-Person Story: “My Turning Point” ..................................................................................... 13 52 284 156 To Repair of Not?, illus. ................................................................................................................... 13 52 285 234 Tremmel, George B. Counterfeit Confederate Currency, New Discoveries, illus. ..................................................... 13 52 286 267 U.S. NATIONAL BANK NOTES. Addie P. Duncan (later Monroe), National Bank President, illus, Karl S. Kabelac ............... 13 52 284 146 Bettie B. Willis, National Bank President, illus., Karl Sanford Kabelac ................................... 13 52 285 235 Case for Three Types of 1902 Plain Backs, illus., Paul Burns ................................................ 13 52 286 278 Evolution of Skies & Details on State Seals, Peter Huntoon, illus. .......................................... 13 52 284 102 Evolution of Title Blocks for Use on 1929 National Bank Notes, illus., Huntoon, Lofthus... 13 52 288 447 First National Bank of Bells, Texas, illus., Frank Clark .............................................................. 13 52 283 60 The Greatest Territorial Discovery of All Time, illus., Peter Huntoon ...................................... 13 52 287 354 Mary A. Bartlett, National Bank President, illus., Karl Sanford Kabelac ................................. 13 52 283 70 Mary R. Moody, National Bank President, illus., Karl Sanford Kabelac ................................ 13 52 284 115 Mary R. Shuman, National Bank President, Karl Sanford Kabelac ....................................... 13 52 286 273 Mrs. Annie M. Moores, later Mrs. John R. Towler, Nat. Bank Pres., illus.,K.S.Kabelac ..... 13 52 283 62 Mrs. E .F. Sell, National Bank President, illus., Karl Sanford Kabelac ................................... 13 52 283 73 Philatelist Was Catalyst for Revisions, Peter Huntoon, Andrew Shiva, illus. ........................ 13 52 287 331 Phebe M. Rideout, National Bank President [Addendum], illus., Karl S. Kabelac .............. 13 52 283 59 Salvaged Plates, Peter Huntoon, Jamie Yakes, illus. ............................................................... 13 52 288 427 Signatures Recall Love Story, illus., Karl Sanford Kabelac ...................................................... 13 52 287 367 Special Wrinkles on Early NBN Backs, Peter Huntoon, Andrew Shiva, illus. ...................... 13 52 286 260 State Seal Varieties on Series of 1882 National Bank Note Backs, Shiva, Huntoon ......... 13 52 283 11 Wyoming & Idaho State Seals & Utah Territorials, Andrew Shiva, Peter Huntoon, illus. ... 13 52 285 182 U.S. LARGE and SMALL SIZE NOTES. America Papered the World!, illus., Gene Hessler .................................................................... 13 52 287 380 New Deal Design Changes, Jamie Yakes, Peter Huntoon (The Paper Column), illus. .... 13 52 283 31 Salvaged Plates:Late-Finished & Other Exotic Plates Explained, illus., Huntoon,Yakes .. 13 52 288 427 Treasury Signatures on United States Currency, illus., Jamie Yakes ................................... 13 52 287 346 FEDERAL RESERVE NOTES. Recycled 1928D $10 Chicago Plates, illus., Jamie Yakes .............................................. 13 52 288 461 Russian Counterfeit Intrigue: My Unexpected 10-yr. Research Project, D. Murray ... 13 52 284 83 Start-Up Problems with Series 1996 $50 Federal Reserve Notes, J.Farrenkopf ....... 13 52 283 3 “The” Dropped From Federal Reserve Bank Seals, illus., Jamie Yakes ...................... 13 52 284 133 SILVER AND GOLD CERTIFICATES. Clothing Walter Shirlaw’s “indecent” Design, illus., Gene Hessler ................................. 13 52 285 220 Experimental X-Y-Z Series of 1928 $1 Silver Certificates, illus., Jamie Yakes ........... 13 52 288 466 ___________________________________________________________Paper Money * May/June 2014 * Whole No. 291_____________________________________________________________ 227 Series 1933 $10 Silver Certificates, the Making of a Rarity, illus., Lee Lofthus ............ 13 52 285 163 Silver Made Gold Certificates Legal Tender, illus., Jamie Yakes ................................... 13 52 287 381 Supply Problems Led to Large Serials on Gold Certificates, Jamie Yakes ................. 13 52 283 53 Unissued $2 Educational Note, illus., Gene Hessler ........................................................ 13 52 283 54 Washington’s New Clothes, illus., Jamie Yakes ................................................................ 13 52 285 221 TREASURY NOTES. FDR’s No. 2 Series 1928 USN, illus., Jamie Yakes ......................................................... 13 52 286 301 Series of 1928 United States Notes, illus., Jamie Yakes ................................................. 13 52 283 40 Yakes, Jamie The Paper Column (with Peter Huntoon) New Deal Design Changes, illus. .................................................................. 13 52 283 31 Salvaged Plates, illus. .................................................................................... 13 52 288 427 Experimental X-Y-Z Series of 1928 $1 Silver Certificates, illus., Jamie Yakes . 13 52 288 466 Series of 1928 United States Notes, illus. ........................................................... 13 52 283 40 Small Notes (column) FDR;s No. 2 Series 1928 $1 USN, illus. ....................................................... 13 52 286 301 Recycled 1928D $10 Chicago Plates, illus. .................................................. 13 52 288 461 Silver Made Gold Certificates Legal Tender, illus. ....................................... 13 52 287 381 Supply Problem Led to Large Serials on Gold Certificates, illus. ................ 13 52 283 53 “The” Dropped From Federal Reserve Bank Seals, illus. ............................ 13 52 284 133 Washington’s New Clothes, illus. .................................................................. 13 52 285 221 Treasury Signatures on United States Currency, illus. ....................................... 13 52 287 346 ___________________________________________________________Paper Money * May/June 2014 * Whole No. 291_____________________________________________________________ 228 Vote Now for your favorite articles fom 2013 in the following categories-- Confederate, Federal, Nationals, World, Obsoletes and Miscellenous. Voting is open to all current members of the SPMC. Access the ballot at www.spmc.org/vote. Reward and recognize our wonderful authors!! 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) $$ 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! Stamford CT Nationals For Sale or Trade. Have some duplicate notes, prefer trade for other Stamford notes, wil l consider cash. dombongo@earthlink.net (293) WANTED: 1778 NORTH CAROLINA COLONIAL $40. (Free Speech Motto). Kenneth Casebeer, (828) 277-1779; Casebeer@law.miami.edu (292) 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 www.garysnover.com. (288) Authors can request a free one-time ad. Contact the Editor (A) 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 (294) vermont National Bank Notes for sale. For l ist contact. granitecutter@bellsouth.net (294) WANTED: Any type Nationals from Charter #10444 Forestville, NY. Contact with price. Leo Duliba, 469 Willard St., Jamestown, NY 14701- 4129.t (295) FREQUENT PAPER MONEY AUTHOR (Joaquin Gil del Real) Needs a copy of the Mar/Apr 1997 issue of the SPMC journal to complete his col- lection.  You can contact the editor if you can assist in this matter. (A) 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. kmk050652@verizon.net (288) BUYINg ONLY $1 HAWAII OvERPRINTS. White, no stains, ink, rust or rubber stamping, only EF or AU. Pay Ask. Craig Watanabe. 808-531- 2702. Captaincookcoin@aol.com (291) Civil War Stamp Envelopes, the Issuers & Their Times, 672pp, hardcov-er, $89.95 postpaid. Inquire at freed3@airmail.net ___________________________________________________________Paper Money * May/June 2014 * Whole No. 291_____________________________________________________________ 229 United States Paper Money special selections for discriminating collectors Buying and Selling the finest in U.S. paper money Individual Rarities: Large, Small National Serial Number One Notes Large Size Type Error Notes Small Size Type National Currency Star or Replacement Notes Specimens, Proofs, Experimentals Frederick J. Bart Bart, Inc. website: www.executivecurrency.com (586) 979-3400 PO Box 2 • Roseville, MI 48066 e-mail: Bart@executivecurrency.com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`IW[VVK& ! !"#$%&''#()&*+,+$-"&.$ 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$&]0)^9,"&R&V_KWY`IW[VVK& ! "#$%!&'!$%!($))!*+!,-.!/)-.$'&!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&DNO&EPZ&ZPU&>.4P& www.flacurrencycoin.com 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$&]0)^9,"&R&V_KWY`IW[VVK& & S1#,)# ,(1&9#&,5$&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,"! FLORIDA CURRENCY AND COINS 2290 NW Boca Raton Blvd. Suite 9 Boca Raton, FL 33429 Mail: PO Box 294049, Boca Raton, FL 33429 VISIT OUR NEW WEB SITE www.flacurrencycoin.com We buy and sell many different and unusual U.S. Currency items and Neat Paper Americana. We do not buy or sell third party graded Currency. For more information call Ed Kuszmar – 561-392-8551 You are invited to visit our web page www.kyzivatcurrency.com For the past 13 years we have offered a ,good selection of conservatively graded. 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 401 WESTERN SPRINGS, IL 60558 e-MAIL: TKYZIVAT@KYZIVATCURRENCY.COM ___________________________________________________________Paper Money * May/June 2014 * Whole No. 291_____________________________________________________________ 230 Florida Paper Money Ron Benice “I collect all kinds of Florida paper money” 4452 Deer Trail Blvd. Sarasota, FL 34238 941 927 8765 Benice@Prodigy.net Books available mcfarlandpub.com, amazon.com, floridamint.com, barnesandnoble.com MYLAR D® CURRENCY HOLDERS PRICED AS FOLLOWS BANK NOTE AND CHECK HOLDERS SIZE INCHES 50 100 500 1000 Fractional 4-3/4" x 2-1/4" $21.60 $38.70 $171.00 $302.00 Colonial 5-1/2" x 3-1/16" $22.60 $41.00 $190.00 $342.00 Small Currency 6-5/8" x 2-7/8" $22.75 $42.50 $190.00 $360.00 Large Currency 7-7/8" x 3-1/2" $26.75 $48.00 $226.00 $410.00 Auction 9 x 3-3/4" $26.75 $48.00 $226.00 $410.00 Foreign Currency 8 x 5 $32.00 $58.00 $265.00 $465.00 Checks 9-5/8 x 4-1/4" $32.00 $58.00 $265.00 $465.00 SHEET HOLDERS SIZE INCHES 10 50 100 250 Obsolete Sheet End Open 8-3/4" x 14-1/2" $20.00 $88.00 $154.00 $358.00 National Sheet Side Open 8-1/2" x 17-1/2" $21.00 $93.00 $165.00 $380.00 Stock Certificate End Open 9-1/2" x 12-1/2" $19.00 $83.00 $150.00 $345.00 Map & Bond Size End Open 18" x 24" $82.00 $365.00 $665.00 $1530.00 You may assort note holders for best price (min. 50 pcs. one size). You may assort sheet holders for best price (min. 10 pcs. one size). SHIPPING IN THE U.S. (PARCEL POST) FREE OF CHARGE Mylar D® is a Registered Trademark of the Dupont Corporation. This also applies to uncoated archival quality Mylar® Type D by the Dupont Corp. or the equivalent material by ICI Industries Corp. Melinex Type 516. DENLY’S OF BOSTON P.O. Box 51010, Boston, MA 02205 • 617-482-8477 ORDERS ONLY: 800-HI-DENLY • FAX 617-357-8163 See Paper Money for Collectors www.denlys.com Harlan J. Berk, Ltd. “The Art & Science of Numismatics” 31 N. Clark Street Chicago, IL 60602 312/609-0016 • Fax 312/609-1305 www.harlanjberk.com e-mail: info@harlanjberk.com A Full-Service Numismatic Firm Your Headquarters for All Your Collecting Needs PNG • IAPN • ANA • ANS • NLG • SPMC • PCDA DBR Currency We Pay top dollar for *National Bank notes *Large size notes *Large size FRNs and FBNs www.DBRCurrency.com P.O. Box 28339 San Diego, CA 92198 Phone: 858-679-3350 info@DBRCurrency.com Fax: 858-679-7505 See out eBay auctions under user ID DBRcurrency HIGGINS MUSEUM 1507 Sanborn Ave. • Box 258 Okoboji, IA 51355 (712) 332-5859 www.TheHigginsMuseum.org email: ladams@opencominc.com Open: Tuesday-Sunday 11 to 5:30 Open from Memorial Day thru Labor Day History of National Banking & Bank Notes Turn of the Century Iowa Postcards ___________________________________________________________Paper Money * May/June 2014 * Whole No. 291_____________________________________________________________ 231 Come Join Us in Memphis June 12-15, 2014 And The International Paper Money Show Everything you want and could ever imagine in a paper money show! Exhibits Educational Seminars Club Meetings Paper Money Auction Networking with collectors and dealers SPMC Tom Baine Raffle with the notable Wendell Wolka as emcee and auctioneer www.Memphisipms.com Graceland and ??Elvis?? Great FoodThe Peabody Ducks ___________________________________________________________Paper Money * May/June 2014 * Whole No. 291_____________________________________________________________ 232 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 • Hosts the annual National and World Paper Money Convention each fall in St. Louis, Missouri. Please visit our Web Site pcdaonline.com 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. To be assured of knowledgeable, professional, and ethical dealings when buying or selling currency, look for dealers who proudly display the PCDA emblem. The Professional Currency Dealers Association For a FREE copy of the PCDA Membership Directory listing names, addresses and specialties of all members, send your request to: PCDA James A. Simek – Secretary P.O. Box 7157 • Westchester, IL 60154 (630) 889-8207 Or Visit Our Web Site At: www.pcdaonline.com Fr. 1202a $100 1882 Gold Certificate PCGS Apparent Very Fine 35 Realized $822,500.00 Fr. 1218e $1000 1882 Gold Certificate PCGS Apparent Very Fine 35 Realized $881,250.00 Fr. 379b $1000 1890 Treasury “Grand Watermelon” Note PCGS Extremely Fine 40 Realized $3,290,000.00 Fr. 1218d $1000 1882 Gold Certificate PCGS Very Fine 35 Realized $881,250.00 Fr. 1215d $500 1882 Gold Certificate PCGS Very Fine 35 Realized $1,410,000.00 CURRENCY AUCTIONS AUgUST 5-9, 2014 ❘ CHICAgO ❘ LIVE & ONLINE Licensed Auctioneer Andrea Voss: IL 441001787; Paul Minshull: IL #441002067. Heritage Numismatic Auctions, Inc; IL 444000370. Buyer’s Premium 17.5%; see HA.com for details. HERITAGE® Reg. U.S. Pat. & TM Off. 30990 Annual Sales Exceed $900 Million ❘ 850,000+ Online Bidder-Members 3500 Maple Ave. ❘ Dallas, TX 75219 ❘ 800-USCOINS (872-6467) ❘ HA.com DALLAS ❘ NEW YORK ❘ BEVERLY HILLS ❘ SAN FRANCISCO ❘ HOUSTON ❘ PARIS ❘ GENEVA Now accepting consignments for our upcoming auction at the ANA World’s Fair of Money Highlights from our recent auctions at FUN 2014: Call today: 800-USCOINS (872-6467) Ext. 1001 Always Accepting Quality Consignments in 38 Categories. Immediate Cash Advances up to $50 Million.