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Table of Contents
Duplicated National Bank Titles--Peter Huntoon
CSA Watermarks--Richard Melamed & Benny Bolin
The First National Bank in Utah Territory--Peter Huntoon
Mining Vignettes on Obsolete Notes--Jerry Dzara
Mason's Job Office of Rome, Georgia--Charles Derby
Farmers & Merchants NB of Baltimore--J. Fred Maples
The Vivandière--Terry Bryan
Small-Town Postal Note Rarities-Kent Halland & Bob Laub
$1 1918 Out-of-Range Numbered Note Discovery--Peter Huntoon
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Duplicated National Bank Titles--Peter Huntoon
CSA Watermarks--Richard Melamed & Benny Bolin
The First National Bank in Utah Territory--Peter Huntoon
Mason's Job Office of Rome, Georgia--Charles Derby
Small-Town Postal Note Rarities-Kent Halland & Bob Laub
Mining Vignettes on Obsolete Notes--Jerry Dzara
$1 1918 Out-of-Range Numbered Note Discovery--Peter Huntoon
The Vivandiere--Terry Bryan
426
439
389
413
422
441
448
437 Farmes & Merchants NB of Baltimore--J. Fred Maples
Paper Money * Nov/Dec 2020 * Whole No. 330
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Contents continued
Columns
Advertisers
SPMC Hall of Fame
The?SPMC?Hall?of?Fame?recognizes?and?honors?those?individuals?who?
have?made?a?lasting?contribution?to?the?society?over?the?span?of?many?years.?
Charles Affleck
Walter Allan
Doug Ball
Joseph Boling
F.C.C. Boyd
Michael Crabb
Martin Delger
William Donlon
Roger Durand
C. John Ferreri
Milt Friedberg
Robert Friedberg
Len Glazer
Nathan Gold
Nathan Goldstein
James Haxby
John Herzog
Gene Hessler
John Hickman
William Higgins
Ruth Hill
Peter Huntoon
Don Kelly
Lyn Knight
Chet Krause
Allen Mincho
Judith Murphy
Chuck O?Donnell
Roy Pennell
Albert Pick
Fred Reed
Matt Rothert
Neil Shafer
Austin Sheheen
Herb & Martha
Schingoethe
Hugh Shull
Glenn Smedley
Raphael Thian
Daniel Valentine
Louis Van Belkum
George Wait
D.C. Wismer
From Your President Shawn Hewitt 387
Editor Sez Benny Bolin 388
Uncoupled Joseph E. Boling & Fred Schwan 450
Chump Change Loren Gatch 456
Small Notes Jamie Yakes 457
Obsolete Corner Robert Gill 460
Cherry Pickers Corner Robert Calderman 462
Quartermaster Column Michael McNeil 464
New Members Frank Clark 468
Stacks Bowers Galleries IFC
Lyn F. Knight 402
Gunther/Derby 411
DBR Currency 411
FCCB 413
Denly's 413
Jim Ehrhardt 420
Vern Potter 420
Kagins 421
Kagins 421
Bob Laub 424
ANA 425
Higgins Museum 436
Fred Bart 454
Whitman 455
PCDA 469
Heritage Auctions OBC
Paper Money * Nov/Dec 2020 * Whole No. 330
386
Officers & Appointees
ELECTED OFFICERS
PRESIDENT Shawn Hewitt
shawn@shawnhewitt.com
VICE-PRES. Robert Vandevender II
rvpaperman@aol.com
SECRETARY Robert Calderman
gacoins@earthlink.net
TREASURER Bob Moon
robertmoon@aol.com
BOARD OF GOVERNORS
Mark Anderson mbamba@aol.com
Robert Calderman gacoins@earlthlink.net
Gary J. Dobbins g.dobbins@sbcglobal.net
Matt Drais Stockpicker12@aol.com
Pierre Fricke pierrefricke@buyvintagemoney.com
Loren Gatch lgatch@uco.edu
Steve Jennings sjennings@jisp.net
William Litt Billlitt@aol.com
J. Fred Maples maplesf@comcast.net
Cody Regennitter cody.regennitter@gmail.com
Wendell A. Wolka purduenut@aol.com
APPOINTEES
PUBLISHER-EDITOR
Benny Bolin smcbb@sbcglobal.net
ADVERTISING MANAGER
Wendell A. Wolka purduenut@aol.com
LEGAL COUNSEL
Megan Regennitter mreginnitter@iowafirm.com
LIBRARIAN
Jeff Brueggeman jeff@actioncurrency.com
MEMBERSHIP DIRECTOR
Frank Clark frank_spmc@yahoo.com
IMMEDIATE PAST PRESIDENT
Pierre Fricke
WISMER BOOK PROJECT COORDINATOR
Pierre Fricke
From Your President
Shawn Hewitt
I trust you enjoyed the refreshing changes in our inaugural
redesigned edition of Paper Money. As we move forward, I anticipate a
continual evolution of the look, as we proceed with our experiment. What
you see is the result of a few hundred dollars on new software and many
volunteer hours of hard work. Our financially conservative approach to
improvements means that it will take a little longer to get where we want
to be, so please bear with us.
I?ve been reading about how other numismatic organizations are faring
through the COVID-19 crisis, and I hadn?t realized how bad it is. Many of
them rely on revenue from a sponsored convention for a significant share
of their budget, and with these events being cancelled, their finances are
directly impacted.
You may be wondering how SPMC is doing financially. Our ship is
steady. We own no conventions and are therefore not affected by event
cancellations to this extent. That being said, it has been on my mind
for a while that, for the sake of our long-term health, we need to build a
formal giving program. We?ve been blessed with many years of financial
support from the National Currency Foundation, a one-time gift from the
Eric P. Newman Educational Society, and numerous smaller donations
from SPMC members ? see https://www.spmc.org/donors-wall). With
those funds and our relatively small endowment, we?ve been able to add
value to SPMC membership by investing in initiatives like the Obsoletes
Database Project and Bank Note History Project. That goes above and
beyond the fine research and articles you read in every issue of Paper
Money. I?d argue that dollar for dollar, we provide among the best of
returns on investment in the hobby. As we approach the end of the year,
I?d like to encourage you to make SPMC a regular benefactor of your
charitable donations.
Speaking of fund raising, the H.G. ?Bill? Corbin Silent Auction of Paper
Money Journals that was advertised in the previous issue is now closed,
and realized a total of $807. Thanks to Gary Dobbins for the logistics,
including picking up the journals, storing them, and mailing them out, and
to Bob Moon for taking and recording the bids.
As we look forward to 2021, we very much hope that we can soon return
to attending our favorite numismatic shows and conventions. At the top of
the list in January is the Florida United Numismatists (FUN) convention
in Orlando. As of now, we?re planning to be there with a couple speakers
and a membership meeting. That would be great to be back in the saddle
again.
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Paper Money * July/August 2020
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Paper Money * Nov/Dec 2020 * Whole No. 330
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Terms and Conditions
The Society of Paper Money Collectors (SPMC) P.O. Box
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Periodical postage is paid at Hanover, PA. Postmaster send
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Editor Sez
Benny Bolin
Wow. We have almost made it through an
incredible year, one that has been unprecedented in so
many ways, it is hard to imagine. Any of this years events
in and of themselves would be truly memorable and it
would seem unfathomable that any one, much less all
could have happened at the same time. Experiencing a
pandemic on the scale of COVID-19 in and of itself was
certainly a challenge, especially with the way it redefined
"normalcy" and made us think how fortunate we are at
times. Having to re-evaluate day-to-day activities and
often adopt new ways of doing things was challenging and
oft times scary. Couple that with the most contentious
election and political times/climates in history has
certainly been almost overwhelming. The canceling of
shows has been rough for many as buying is many times
not the main focus, but the socialization is very important.
Here is to our leaders who are actually listening to those
who know and doing what is right for the body populous
and not for their own careers!
This issue brings the reporting the sad news of the
passing of Austin Sheheen. He was a great mentor to me
and a great friend. I always enjoyed seeing him at IPMS
with that ever-present smile. He was gracious and patient
with me and my never-ending questioning about South
Carolina obsoletes and related paper. Two of my favorite
memories are of him allowing me to purchase a large
number of vignettes pictured on SC obsoletes and seeing
my name in the acknowledgments section of his revised
book on SC notes. He will be truly missed and I extend
his family not only my condolences but those of the entire
SPMC and hobby as a whole.
Unfortunately, this issue is a bit late, but not as
late as the last one. I hope you are liking the new layout
and refinements we have made, but they are challenging
to my computer savvy. I hope to be able to get back on a
schedule that allows you getting the magazine earlier than
these last two.
I want to wish you all a happy and safe holiday
season and hope to see you at a show again soon!
Benny
Paper Money * Nov/Dec 2020 * Whole No. 330
388
In Memoriam
Austin Moses Sheheen, Jr.
September 11, 1934 - August 29, 2020,
It is truly sad that we announce the passing of one of the SPMC?s stalwarts and giants, Austin Sheheen. He
was inducted into the SPMC Hall of Fame in 2019 and served the Society well. He was SPMC member #2207 and
Life Member #122. He served the Society as President from 1991-1993; vice-president 1989-1991 and governor from
1988-1992. He published South Carolina Obsolete Notes in 1960 and did a major revision South Carolina Obsolete
Notes and Scrip in 2003. We will all certainly miss that every present smile, his knowledge and his friendship. As a
fixture at the IPMS, Austin was always anxious to help collectors out and to share his wealth of knowledge.
Besides his work with the SPMC, Austin was active in the ANA, serving as treasurer and in 1983 was
awarded the Medal of Merit. He was also named a Numismatic Ambassador in 1988. Austin was the owner and
publisher of Bank Note Reporter, taking over from Grover Criswell in the late ?70s until he sold it to Chet Krause.
He also served as President of the South Carolina Numismatic Association in 1975. He collected paper money for
over 70 years, focusing on notes from South Carolina.
A stalwart at IPMS and many other shows, he was always at a table in a row with Don Fisher, Hugh Shull
and Tom Denly until he shared a table with his daughter Amanda. It was always entertaining to walk past that row as
the laughs and smiles were ever present. He was a great friend and share more than anyone can know of his South
Carolina stock/bond and obsolete currency knowledge. It was always a privilege just getting to sit and talk with him
at shows. He could always be counted on to give me information for my exhibits and articles and it seemed he never
had to look any of it up in a reference book?he was the reference book.
Pierre Fricke writes--Austin was a great leader and inspiration for our hobby and for me personally! When I knew
he was attending a show, I would make a point to go visit and catch up with him on his projects, the hobby in
general and his family and work. He was always helpful, open and shared his knowledge freely. I only hope to
carry on his tradition and work to do so.?
From Frank Clark--A true gentleman.
William Litt?What a huge loss. Austin was a leader in numismatics, very generous with his time, and an
extraordinarily nice man.
Mark Anderson?Such a gracious guy. What a loss for us all.
Robert Calderman?I can picture his smile! Said to hear of Mr. Sheheen?s passing. I?m glad to have met him.
Austin?we will surely miss you!!
Paper Money * Nov/Dec 2020 * Whole No. 330
389
Duplicated National
Bank Titles
Purpose
A total of 172 banks operating during the national bank note era utilized bank names, towns and
states that were exactly duplicated from earlier banks. The purposes of this article are to list and classify all
of them, and to explain how they came about.
Of the new banks with the same title, 127 had corporate succession or ownership ties to the earlier
bank, whereas 45 appear to have had no relationship whatsoever.
The use of the duplicate title was not used on notes for Gainesville, TX (6292) and Delaware, OH
(13535). The organization process was not completed for Rutland, VT (2537).
Problems Posed by Duplicated Titles
The reuse of bank titles?name of the bank plus name of the town?generally was avoided by the
Comptroller of the Currency?s office in order to eliminate confusion between the businesses of defunct and
current banks and, as a practical matter, to avoid sorting problems as worn notes were redeemed from
circulation. Errors in sorting and accounting for redeemed notes from different banks with the same title
The Paper
Column
Peter Huntoon
The Paper
Column
Peter Huntoon
Figure 1. Duplicated bank titles on Series of 1902 proofs for charters 8126 and 9963. Charter 8126 was
liquidated in order to organize the First State Bank, Eldorado, to take advantage of Oklahoma?s deposit
guarantee program. When that didn?t work out, the bankers organized a new national bank under charter
9963 and were allowed to reuse their old title. Notice every detail in the title block is identical between the two
except the plate date and Treasurer?s signature. National Numismatic Collection, Smithsonian Institution,
photos.
Paper Money * Nov/Dec 2020 * Whole No. 330
390
was a systemic problem that continually plagued the Treasury, a difficulty that was exacerbated when the
two banks issued from the same series of notes (Lofthus and Huntoon, 2011).
Banks with Duplicated Titles
Table 1 is a classification of the duplicates by cause. Table 2 is a list of the duplicated titles along
with an explanation of how the duplicates came about. The discussion that follows explains the
classifications and fleshes out some nuances involved.
Group A: Act of 1863 banks facing forced corporate expirations
that liquidated and reorganized as new banks
The Act of July 12, 1882, which provided for the first 20-year extension of corporate life for
national banks, was not passed in time to save many banks organized under the Act of February 25, 1863.
The impacted banks were those with initial corporate lives of less than 20 years. The corporate existence
of 21 of them simply expired before July 12, 1882, and they had to liquidate. The only option for the bankers
caught in this bind was to organize a new bank with a new charter number. The reorganization was
undertaken under the terms of the Act of June 3, 1864.
Seventeen of the 21 banks forced into liquidation were reorganized. Another 60 banks were
voluntarily liquidated before their charters actually expired and were succeeded by new banks (Ridgely,
1901, p. xxiv).
The big question was whether the successor banks could use the same titles as the banks they
replaced. Comptroller Knox requested an opinion from Attorney General Benjamin Harris Brewster on the
issue, and his reply, dated February 23, 1882, legitimized the reuse of the old titles:
The present national banking laws do not forbid the stockholders of an expiring corporation from
organizing a new banking association, nor from assuming the name of the old corporation, with the
approval of the Comptroller of the Currency, and, in the absence of any prohibition to that effect, no legal
obstacle to the formation of a new association by such stockholders, and the adoption of the name of the
old association, would, in my opinion, exist (Knox, 1882, p. x).
Fifty-three banks were reorganized under new charter numbers with their original titles as a result.
They comprise the largest group on Table 2. One example was The First National Bank of Philadelphia,
Table 1. Classification of the circumstances that culminated in the exact duplication
of the bank name, town and state on national bank notes from different banks.
Group Population
Banks with shared ownership or ownership linkage
A Act of 1863 banks facing forced corporate expirations that liquidated and reorganized
as new banks
53
B Banks that were liquidated and replaced by new banks by essentially the same owners
for reasons other than forced corporate expirations
21
C Banks that were liquidated in order to convert into state banks, then later nationalized 35
D Banks that underwent mergers whereby a title of the liquidating entity was adopted by
a survivor at the time of the merger or later
16
E Exotic occurrences 2
B ks ith n pparent ownership or corporate linkage
F Banks that were liquidated and followed by new banks 37
G Banks that failed and were followed by new banks 6
H Banks that moved to a new town that were followed by a new bank in the former town 2
Paper Money * Nov/Dec 2020 * Whole No. 330
391
charter 1, a 19-year bank that expired on June 10, 1882. It was reorganized under the same title, but new
charter number 2731. The new bank carried an organization date of June 10, 1882, the same day that charter
1 was liquidated.
In time, the bankers felt cheated of their prestigious low charter numbers and agitated for
reinstatement of them. The Comptroller?s office established a procedure in 1902 whereby the bankers could
petition for such reinstatement and the early numbers were reinstated to 28 of the banks listed on Table 2.
Group B: Banks that were liquidated and replaced by new banks by
essentially the same owners for reasons other than forced corporate expirations
The option of liquidating a bank and reorganizing under a new charter was always open to its
owners. Often this option was seriously considered when the bank came up for extension, but could be
exercised at any time if shareholders owning 2/3rds of the stock voted to do so.
Pratt (1910, p. 283) laid out the incentives to reorganize in gentlemanly terms when considering
whether to extend or reorganize; however, this same logic could apply at any time.
It may, however, be deemed best by those principally interested in the National bank about to expire
if owning the controlling stock not to avail themselves of [extension]. There are obvious reasons for this.
For example; In a twenty years? life the personnel of the stockholder of an association undergoes great
changes. The stock which was originally in the hands of active resident business men, who brought custom
Figure 2. Charter 57 was liquidated June 30, 1882, before the Act of July 12, 1882 was passed allowing for
extensions. The bankers organized a new bank the same day, which was awarded charter 2714, that used the
same title in accord with Attorney General Brewster?s opinion that nothing in national bank legislation
prevented the reuse of titles. Bob Liddell and National Numismatic Collection, Smithsonian Institution, photos.
Paper Money * Nov/Dec 2020 * Whole No. 330
392
and business to the bank, by various vicissitudes falls into the possession of widows, heirs, and non-
residents, whose only interest in the institution is to draw dividends. The active stockholders remaining in
such associations will doubtless prefer in many instances to let the old association expire, and, with their
proportion of the capital, joining with themselves other new capitalists such as they many think will add
strength form a new association to occupy the place vacated by the one which has expired.
There was nothing in the law to prevent the reuse of the same title for the new bank until 1882.
However, an obscure provision buried in Section 5 of the Act of July 12, 1882 offered up the following for
bankers preferring to liquidate and reuse their old title for their new bank.
That in the organization of any banking association intended to replace any existing banking
association, and retaining the name thereof, the holders of stock in the expiring association shall be entitled
to preference in the allotment of the shares of the new association in proportion to the number of shares
held by them respectively in the expiring association.
Group C: Banks that were liquidated in order to convert into state banks,
then later nationalized
There were numerous instances where bankers liquidated their bank to reorganize under a state
charter, which often resulted in less regulation or other advantageous. In some of these cases, the bankers
decided to rejoin the national banking system and applied for a new national charter. The Comptrollers
allowed the new national bank to retain the exact title of the earlier bank if the bankers wished to do so
during the period 1882 through 1914.
Figure 3. This is another Oklahoma case where the bankers liquidated their bank (charter 6061) in 1909 to
reorganize under a state charter to take advantage of the state deposit guarantee law. They left the state system
in 1910 to rejoin the national system with a second bank with the same title (charter 9801). In this instance, the
issuances bridged the 1882 and 1902 series. National Numismatic Collection, Smithsonian Institution, photos.
Paper Money * Nov/Dec 2020 * Whole No. 330
393
A Populist movement that gained traction within the heartland state banking systems was that of
guaranteeing bank deposits through various mandatory or voluntary insurance structures. Eight states
enacted some form of deposit guarantee legislation between 1907 and 1917; specifically, Kansas,
Mississippi, Nebraska, North Dakota, Oklahoma, South Dakota, Texas and Washington (Walton, 2002).
These programs proved to be unsustainable so the last of them was rendered inoperative by the end of 1930.
The Oklahoma deposit guarantee system greatly impacted the discussion at hand, which was
enacted on December 17, 1907 shortly after Oklahoma was granted statehood. Numerous Oklahoma
bankers relinquished their national charters between 1908 and 1910 in favor of joining the state bank system
in order to take advantage of the guarantee program. That program didn?t serve them well so many dropped
their state charters and reapplied for national charters before the program became inoperative in 1921 and
was repealed in 1923. Twenty-three such banks that returned to the national banking system between 1909
and 1913 utilized their original title. This block comprises two-thirds of the Group C listings.
Similar mass defections from the national banking system occurred in the other guarantee states,
but they left no mark on Table 2 with the possible exception of The Commercial National Bank of Sherman,
Texas, charter 10607.
Group D: Banks that underwent mergers whereby a title of the liquidating entity
was adopted by a survivor at the time of the merger or later
Of all the groups, Group D is the most interesting and the logic for including some of the members
within it is the most convoluted. The overriding objective at the Comptroller?s office was to allow a given
title to pass through a merger if there was any logical thread that could justify it.
The typical case involved some variation on the following theme. In a merger, one of the banks
was liquidated so its charter number and title vanished. However, the bankers in the surviving entity often
wished to use the lost title. They were allowed to do so by applying for a title change either at the time of
the merger or at some future date. Thus, the title survived but it was thereafter associated with the charter
number of the surviving bank.
It took a Philadelphia lawyer to come up with the machinations behind the duplication of titles for
Cincinnati, Ohio 20/2798 and Nashville, Tennessee 150/1669. I?ll leave it to you to navigate your way
through those puzzles. The Cincinnati case required an act of Congress to get the job done!
Figure 4. The Second National
Bank of Pittsburgh title was
used twice. Charter 252
employed it between 1864 and
1913 followed by charter 776
from 1930 forward. Bob
Liddell photos.
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394
Group E: Exotics
When you attempt to categorize things, invariably you end up with items that just don?t fit your
scheme. Either your scheme is fatally flawed or for some reason you have been thrown curves to test your
patience. Pittsburgh, Pennsylvania 252/776 and Rutland, Vermont 2537/2950 are cases that just don?t fit
into any of the groups laid out here.
The Rutland case is almost a throwaway. The same people organized both banks, but they never
completed the organization of the first. Even so, a plate was made for the first with The Clement National
Bank title, but the plate was never used.
The Pittsburgh case is a bit involved. The Second National Bank of Pittsburgh (252) was chartered
in 1864. It and The First National Bank of Pittsburgh (charter 2745?the reorganized successor to charter
48) merged under charter 252 and became The First-Second National Bank of Pittsburgh in 1913. The bank
was renamed First National Bank at Pittsburgh in 1918.
The Second National Bank of Allegheny (776), organized in 1865, was annexed by Pittsburgh so
the Comptroller of the Currency changed its title to The Second National Bank of Allegheny, Pittsburgh,
in 1917. The bankers then went on to formally change their title to The Second National Bank of Pittsburgh
in May of 1930.
Consequently, the title ?The Second National Bank of Pittsburgh? was used twice. It was used
between 1864 and 1913 by charter 252 and from 1930 forward by charter 776.
The finale to this tale is that First National Bank at Pittsburgh (252) absorbed The Second National
Bank of Pittsburgh (776) in 1931!
Group F: Banks that were liquidated and followed by new banks
Thirty-seven titles are listed as belonging to Group F on Table 2. These are pairs of seemingly
unrelated banks wherein one liquidated years before the second was organized, yet the second was allowed
to reuse the title of the first or eventually change its title to that of the first. Most of the new banks were
organized before the turn of the century, but some as late as 1933.
Membership in this group is not readily explained because in general the Comptroller?s office
avoided the reuse of defunct titles unless there was some shared ownership or corporate linage between the
two. Could it be that the policy to avoid the reuse of defunct titles was laxly enforced during certain eras?
There are only 37 in this group out of 14,320 banks of concern to us. I will guess with you.
There is the possibility that a few banks are misplaced within this group. One issue that plagued
this compilation is that the recording of predecessor and successor banks is spotty in the Federal records.
Also the reporting of such information was voluntary on the part of the bankers. It wouldn?t surprise me to
find that some of the banks in Group F should be moved to Group C or possibly one of the other groups
when more information is found.
Group G: Banks that failed and were followed by new banks
There are only six titles in this group. Everything pertaining to the Group F banks applies to these
six as well.
Group H: Banks that moved to a new town that were followed by a
new bank in the former town
This group of two banks doesn?t cause as much heartburn as those in Groups F and G. Here the
bankers abandoned a town and eventually a new association was formed to replace their bank. At least the
first bank didn?t fail. Allowing the second bank to use the original title of the first probably was an ad hoc
call on the part of the Comptroller?s office.
Avoiding Duplicate Titles
There were many hundreds of cases where bankers tweaked their titles to avoid duplicating
titles that had been used previously in their town. These alterations gave rise to titles where ?of?
was simply omitted or the prepositions ?at? or ?in? were substituted. Also, the article ?The? was
added or dropped.
These minor changes came in a flood after Roosevelt?s bank holiday in 1933 when weak
banks were swept out of the system and replaced by reorganized successors that were sound
Paper Money * Nov/Dec 2020 * Whole No. 330
395
enough to be licensed to operate under the terms of the Emergency Banking legislation that was
passed then.
Duplicate Titles Used by the Same Bank
There are 10 cases across the country where a given bank reused an identical title twice on
its own national bank note issues. This situation arose when three or more titles were employed
over the life of the bank so one or two intermediate titles separated the duplicated title. That is
another interesting and highly technical story. Suffice it to say that the following banks were
involved: Alabama (4250), Connecticut (335), District of Columbia (1069), Illinois (3296),
Massachusetts (643), New York (11768, 13006), Pennsylvania (2864, 6645) and Texas (4248).
Perspectives
The entries on Table 2 are arranged by group and next in order of the charter numbers of
the second bank within each group. This arrangement places the chartering of the second banks in
chronological order within each group, which allows the systematics associated with these
duplicated titles to come though.
Pairing notes with identical titles but different charter numbers makes for an interesting but
difficult pursuit. Of the possibilities, most uses of the first titles terminated before 1920, an era for
which survival was dismal. Excellent examples are the 23 Group C Oklahoma banks that
supplanted banks with the same title before mid-1914 or earlier. Only a handful of notes have been
reported from all of the earlier banks, with most being unreported.
The Group A banks offer serious challenges. These are the Act of 1863 banks that
liquidated in 1882 or earlier prior to passage of the Act of July 12, 1882, which provided for
extensions. Their reorganized successors carry charter numbers in the 2493 to 2875 range. Notes
from the predecessor banks are uniformly rare or unreported.
Especially interesting are the 28 Group A banks wherein the officers in the reorganized
successor bank were able to retrieve the use of their prestigious original charter number. It is
possible to assemble a set of three consisting of a note from the original bank and two notes from
the successor, the earlier with a 2000 charter number and the later with the reassigned original
number. Finding notes bearing the middle 2000 charter numbers for such sets is notoriously
difficult.
References Cited
Knox, John Jay, 1882, Report of the Comptroller of the Currency: U. S. Government Printing Office, 785 p.
Lofthus, Lee, and Peter Huntoon, Sep-Oct 2011, The ?Out in 1910? national bank note trap: Paper Money, v. 50, p. 337-345.
Pratt, A. S., & Sons, 1910, Pratts? digest of National Bank Laws: A. S. Pratt & Sons, Washington, D. C, 421 p.
Ridgely, William B., Report of the Comptroller of the Currency: U. S. Government Printing Office, 818 p.
United States Statutes, July 12, 1882, An act to enable national-banking associations to extend their corporate existence, and for
other purposes: U. S. Government Printing Office, Washington, DC.
Walton, Gerome, Mar-Apr 2002, Impact of Nebraska?s bank deposit guaranty law of 1909-30: Paper Money, v. 41, p. 75-92.
Figure 5. Charter 3082 failed in 1887. Other bankers organized 10670 in 1914. National Numismatic Collection,
Smithsonian Institution, photos.
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Paper Money * Nov/Dec 2020 * Whole No. 330
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Paper Money * Nov/Dec 2020 * Whole No. 330
401
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
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The First National Bank in
Utah Territory
Figure 1. A note from The Miners National Bank of Salt Lake, the first bank chartered in Utah
Territory. Notice that the postal location is Great Salt Lake. Photo courtesy of Andrew Shiva.
OVERVIEW
The Miners National Bank of Salt Lake was organized February 9, 1866 and chartered March 28th.
Not only was it the first national bank chartered in Utah Territory, it also was the first in what is today Salt
Lake City.
But Salt Lake City at the time the Miners National was chartered was called Great Salt Lake City,
so the location in the bank title is incorrect and the postal location written in script is also incomplete. This
is the type of situation that I thoroughly relish finding and unraveling.
The fact is, the bankers improperly filled out their organization certificate by providing incomplete
location information. Then an attempt by the clerks in the Comptroller?s office to improve it was flawed.
I?m not going to drag you through another bank history here, instead we are going to use this
fabulous note as an excuse to see how Utah Territory came about and how the name of its host city evolved
over time. Sure, we?ll look at the bank, but only briefly, because that?s not the best story here.
The Paper
Column
by
Peter Huntoon
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Figure 2. Map of the United States and northern Mexico before the Mexican-American War of 1846-8, where
the yellow area represents lands claimed by the Mexican Republic following Mexico?s independence from Spain
in 1821. Map adapted from Wikimedia Commons.
Origin of Utah Territory
The first in a group of 148 Mormon settlers in a wagon train led by Brigham Young arrived in the
Salt Lake Valley on July 22, 1847. Young, delayed by illness, arrived two days later. The party consisted
of 143 men, 3 women and 2 children. They had arrived in Mexico in a remote arid area in the northern part
of Alta California with the Great Salt Lake off to their west. They had purposefully left the United States
and their party represented the vanguard of thousands of likeminded Mormons who would follow.
They sought asylum from severe religious persecution in the United States, although there were no
Mexicans let alone Mexican officials to greet them, the closest being hundreds of miles to the west in
California. They asserted that the land was uninhabited although there were at the least seasonal migrations
of Native Americans through the area.
The Mormons assembled on an open field that would become their Temple Square on July 28th,
and unanimously named their new home Great Salt Lake City. They already were hard at work settling in
to build an agrarian community.
Their biggest problem was that they would not be free of the United States for very long because
sovereignty over the land they were squatting on was about to pass to the United States. This complication
had its roots in the Texas revolution in October 1835 when the English-speaking settlers there rebelled
against their Mexican overlords. Ultimately, on March 2, 1836, the Texans declared independence and
established the Republic of Texas.
The Texans then petitioned the United States for annexation as a state, at first to no avail because
neither the leadership of the Democrats or Whigs wanted to insert such a vast slave-holding region into the
contentious sectional slavery dispute that was roiling Congress. The United States did, however, recognize
the Republic of Texas as a sovereign nation in March 1837, despite the fact that Mexico would not
relinquish its claim to the region.
Outgoing President John Tyler negotiated an annexation agreement with President Sam Houston?s
Republic of Texas administration in April 1844 that contained pro-slavery provisions, which, with serious
political intrigue, was passed by Congress allowing Tyler to sign a compromised version of it on March 1,
1845. Tyler then forwarded it to Texas for ratification on March 3rd. James Polk, upon taking office the next
day, implored the Texans to ratify it, which they did. Polk signed the annexation bill on December 29th.
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Democratic President Polk was an expansionist who ran on a pro-Texas Manifest Destiny platform.
The outcome of the Texas annexation conveniently pitted his administration and the expansionists in
Congress against Mexico. Using as an excuse contrived provocations and skirmishes along the Mexican
border with Texas, the United States declared war on Mexico on May 13, 1846, ultimately invaded Mexico
City, and won for the United States in 1848 cession of all the lands that are now part of the United States
on Figure 3, except for a sliver along the southern tier of Arizona and New Mexico (Greenberg, 2012). The
29,670 square miles in the sliver was later purchased from Mexico as a corridor for the Southern Pacific
Railroad by U. S. Ambassador James Gadsden, a sale finalized in 1854.
The Treaty of Guadalupe Hidalgo signed February 2, 1848 that ended the Mexican-American War
placed Brigham Young and his Mormon flock squarely back in United States territory, less than a year after
they had departed.
Young, president of the church, considered
petitioning for territorial status, then decided upon
applying for statehood. His change in strategy turned
on the concern that a territory would be governed by
Federal appointees whereas through state election
procedures Mormons could maintain control. To that
end, he and church elders drafted a state constitution
based on the laws of Iowa in March 1849 and
established a state that they called Deseret.
Deseret is derived from a word for honeybee
in the Book of Mormon and the beehive was adopted
as a symbol for their industrious habits that ultimately
was used on the Utah territorial and state seals. You
can see it on the left side of the back of the note
illustrated on Figure 1.
Deseret encompassed all of the drainage area
of the Colorado River north of Mexico, the Great
Basin and considerable adjoining areas as shown on
Figure 3. It boundaries were deliberately drawn
around an area that was virtually devoid of white
settlements at the time and thus could serve as a buffer
to protect the Mormons.
Figure 3. Boundaries of the Mormon state of Desert
(dotted line), Utah Territory as defined in 1850
(solid line) and future states (white lines and labels).
Map adapted from Wikipedia.
They operated the Deseret government for two years, without recognition by the United States.
Important for this discussion is that the General Assembly of the State of Deseret passed the act that
incorporated Great Salt Lake City on January 9, 1851, an act approved by Governor Brigham Young on
January 19th. In the meantime, a U. S. post office was established there in 1849 but apparently, Great
was omitted from its name according to Jim Forte?s postal location website.
The California gold rush that originated in 1848 and reached its zenith in 1849 materially impacted
Salt Lake City and Deseret. 49ers were streaming through Salt Lake City on their way to California but in
addition prospectors were fanning out across the Rocky Mountain region including Deseret and establishing
mining settlements throughout. A more challenging impact was political. Californians began agitating for
statehood and the United States was only too happy to comply in order to incorporate its booming economy
and wealth into the nation, as well as to establish its dominance along the west coast.
The problem was the status of slavery in the Mexican cession. The Compromise of 1850, a series
of five bills drafted by Whig Senator Henry Clay of Kentucky and brokered with the help of Democratic
Senator Stephen Douglas of Illinois, tamped down the sectional conflict for a while. When passed, the
provisions that affected Deseret and the Mormons included the following. California with is current
boundaries was admitted to the Union as a state on September 9, 1850. Texas relinquished its claim to New
Mexico, so Congress then carved out the territories of New Mexico and Utah with boundaries as shown on
Figure 4, the same day as California was admitted. The citizens of New Mexico and Utah territories were
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416
given authority to decide for themselves the legality of slavery within their borders. Of course, the Mormons
were not represented in Congress at the time.
Figure 4. Territories from September 9, 1850 to March
2, 1853, following the Compromise of 1850. At the time,
Utah Territory encompassed most of what would
become Nevada, the southwestern corner of Wyoming,
and western Colorado as shown on Figure 3. Oregon
Territory had been established August 14, 1848
followed by Minnesota Territory on March 3, 1849.
Map adapted from Wikipedia.
President Millard Fillmore appointed
Brigham Young governor of Utah Territory on
February 3, 1851. The first territorial legislature
adopted all the laws and ordinances previously
enacted by the General Assembly of Deseret;
which of course, included Great Salt Lake City as
the official name for the city.
Governor Young selected and named
Fillmore, Utah, at the geographic center of the
territory, as the site for its capital in October 1851.
One of the attributes of the proposed town site was
that it was located along the 38th parallel, which
was considered a likely route for the coming
transcontinental railroad. The territorial legislature
met at Fillmore in 1855, then decided in 1856 to
relocate the capital to Salt Lake City.
Utah territory was progressively trimmed
back in size by Congress. The most sizable losses
occurred in 1861 when a large piece on the west
was ceded to create Nevada Territory, the eastern
part was taken to square up Colorado Territory as
it was created, and a piece of the northeast corner
was allocated to Dakota Territory as it was being
split from Nebraska Territory. Another slice went
to Nevada Territory in 1862 followed by a third in
1866 to enlarge Nevada to its current dimensions at
the time it was admitted as a state. The last to go
was a bit more of the northeast corner in 1868 when
Wyoming Territory was squared up as it was being assembled from other pieces taken from the Dakota and
Idaho territories.
Nevada and Colorado achieved statehood in a timely fashion in 1866 and 1876, respectively, thanks
to the desire of the United States to firm up its hold on their mineral wealth. Admission of Utah languished
over controversy associated with Mormon polygamy, so Utah wasn?t admitted until 1896 after church
President Wilford Woodruff issued a manifesto that disavowed the practice in 1890.
Early during all these adjustments, the 17th Utah Territorial Legislature on January 29, 1868
officially dropped the word Great from Salt Lake City.
Great Salt Lake
The Miners National Bank was organized February 9, 1866 and chartered March 28th so at the time
the official name for its home was Great Salt Lake City. In contrast, the post office was using Salt Lake
City.
The first step in organizing a bank was to submit an organization certificate that contained a blank
for the title of the bank and four blanks to specify its location. As defined by the Comptroller of the
Currency, the title of the bank included the name of the bank plus the town but not that of the state/territory.
The four blanks for the location called for the type of town (town, city, borough, etc,) followed by the
names of the town, county and state/territory.
As the paper work was being processed, this information was transcribed onto a form called an
organization report, which had identical blanks. A copy of the organization report is included here as Figure
5 and is most revealing.
The problem was that the form of the organization certificate was imperfect so it occasionally
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caused confusion. At issue was the call for a duplicate of the town name, which seemed to be redundant.
The bankers faced two ambiguities. First, should they use the official name of the town or the name
of their post office for their location? Second, was writing City once in the dedicated space to describe their
town sufficient?
What you can see from the organization report is that the bankers at the Miners National used the
name of the post office for both their title and town name, but they omitted City from both because they put
that in the blank they felt was reserved it.
Upon processing this application, someone in the Comptroller?s office noticed that the town name
supplied didn?t jibe with the official town name so he wrote Great in front of Salt Lake to better specify the
location, but he failed to include City.
When these situations arose, it was the policy of the Comptroller?s office to honor the title provided
Figure 5. Organization report for The Miners National Bank revealing that
the bankers omitted ?Great? and ?City? from the blanks reserved for their
title and town name, and that someone in the Comptroller?s office added
?Great? to the postal location.
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by the bankers, so that title is what appeared in the title block on its notes. Changes that the Comptroller?s
office made to improve on the location information was made less conspicuously in the script postal
location. Technically the improvement was then appended to the banker-supplied title to yield a complete
title.
This effectively yielded a de facto title change; that is, a change that showed up on the banker?s
notes without their input. What came along on their 1-1-1-2 Original Series sheets was ?The Miners
National Bank of Salt Lake, Great Salt Lake.? It still wasn?t perfect because ?City? was missing!
We won?t know what appeared on the 5-5-5-5, 10-10-10-10 and 20-20-20-50 sheets printed for the
bank until specimens turn up. Occasionally, in similar situations, the titles on those combinations differed
from the aces and deuces.
The next bank to be chartered in Utah Territory was The First National Bank of Utah at Salt Lake
City, charter 1695. This bank was organized August 13, 1869 and chartered November 15. By then Great
had been dropped by the 17th Territorial Legislature. Also, the bankers had correctly filled out their
organization certificate. Their title appeared flawlessly on their notes.
The Miners National Bank
The name of The Miners National Bank reveals that its business was pitched toward the miners,
who were producing wealth in the vicinity. It was not organized by Mormons, but rather by outsiders who
saw a good business opportunity in Salt Lake City. The following two paragraphs, which provide an
overview of that activity and the organization of the Miners bank, are lifted from Arrington with minor
alterations.
The richest finds having been made or proved in 1862-63, the year 1864 seems to have been a boom
year in the mining regions north and west of Utah. It was this boom that was the immediate and compelling
reason for the establishment of formally organized private banking houses in Salt Lake City in 1864. Four
such banking houses were attracted to the city in that year: Clark and Company; Holladay and Halsey;
Powers, Newman and Company; and Scott, Kerr and Company. All of these concerns, which had
Midwestern connections, were freighters and merchants as well as bankers. They purchased the gold dust
from miners and sold it in New York City where it brought fabulous prices during the Civil War; they sold
drafts on Eastern and Midwestern banks, made exchanges, purchased land warrants and government
vouchers; and they provided a circulating medium for local use much superior to the wasteful and
inconvenient "trade dust." They also provided mining and other enterprises with working capital, and served
as middlemen in the purchase of machinery and supplies in the East. On each of these transactions, of
course, they earned a commission, fee, or other profit; and they appear to have enjoyed relatively good
incomes.
Utah?s first national bank was the Miners National Bank. The founders were two men attracted to
Salt Lake City as the result of the mining boom of the early 1860s?William Kiskadden, an Ohioan who
had freighted gold and supplies in Colorado after the Pike's Peak discoveries in 1859 and John F. Nounan,
a Kansas freighter who had previously maintained a small private bank in Salt Lake City [Nounan is spelled
Nounnan in the 1867 Comptroller of the Currency Annual report]. In 1867 John W. Kerr consolidated his
private bank with the Miners National and became its cashier. The total resources of the bank grew from
$165,000 in July 1866 to more than $400,000 in January 1869. The bankers maintained a national bank
note circulation of $135,000 from 1867 forward.
Postscript
The Miners National Bank was succeeded by The First National Bank of Utah, which was
chartered November 15, 1869 and assumed its assets. The Miners National was formally liquidated on
December 2, 1869. The First National ultimately went into receivership December 10, 1874, a casualty of
the Panic of 1873. The depositors ultimately were paid 24.4 percent of their money by the time the
receivership closed in 1879.
The first Mormon national bank organized in Salt Lake City, or in the Utah Territory for that matter,
was The Deseret National Bank in 1872. Its president was, of course, Brigham Young. It was the fourth
national bank organized both in Salt Lake City and Utah Territory. Its roots dated from 1868 in the form of
the Zion's Co-operative Banking Institution, a private church-sanctioned banking house that in 1871
incorporated as The Bank of Deseret under the first territorial bank charter to be issued (Arrington, 1994).
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Sources Cited and Sources of Data
Arrington, Leonard J., 1994, Banking and finance: in, Allan Kent Powell, ed., Utah history encyclopedia: University of Utah Press,
Salt Lake City, UT, 674 p. (http://www.uen.org/utah_history_encyclopedia/b/banking.html)
Bagley, Will, Dec. 2016, E-mail response forwarded through Salt Lake City Mayor Jackie Biskupski?s office by Holly Mullen,
Deputy Director of Communications, providing the date of July 28, 1847, for when Great Salt Lake City was first named.
Brand, Gary, 2002, Salt Lake City incorporation dates: http://www.astro.com/astro-databank/Cities:_Salt_Lake_City_UT
Comptroller of the Currency, Duplicate organization reports for national banks: Record Group 101, U. S. National Archives,
College Park, MD.
Greenberg, Amy S., 2012, A wicked War, Polk, Clay, Lincoln, and the 1846 U. S. invasion of Mexico: Vantage Books, New York,
NY, 344 p.
Wikipedia, free online encyclopedia, hosted by the Wikimedia Foundation, the description of historical events and key historical
dates discussed herein were obtained from Wikipedia web pages obtained by Googling the specific events.
(https://www.wikipedia.org/)
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