Paper Money - Vol. LV, No. 1 - Whole No. 301 - January/February 2016

Paper Money Vol. LV, No. 1, Whole No. 301 www.SPMC.org January/February 2016 Official Journal of the Society of Paper Money Collectors From the SPMC! Our March 2015 Baltimore Auction achieved impressive prices realized including these highlights and more. Consign to the Stack’s Bowers Galleries O cial Auction of the Whitman Coin & Collectibles Baltimore Expo March 30-April 1, 2016 | Baltimore, Maryland | Consign by February 5, 2016 We invite you to consign your U.S. paper money to one of our upcoming events. For more information, contact a consignment director. 800.458.4646 (West Coast) | 800.566.2580 (East Coast) | Consign@StacksBowers.com. 800.458.4646 West Coast Offi ce • 800.566.2580 East Coast Offi ce 1231 E. Dyer Road, Ste 100, Santa Ana • 949.253.0916 Info@StacksBowers.com • StacksBowers.com California • New York • New Hampshire • Hong Kong • Paris SBG PM CurrPR MarBaltCons 151210 America’s Oldest and Most Accomplished Rare Coin Auctioneer Boston, Massachusetts. Mount Vernon Bank. December 1, 1860. $100. About Uncirculated. Proof. From the Peter Mayer Collection, Part III. Realized $9,400. Fall River, Massachusetts. Massasoit Bank. ND (186x). $50. About Uncirculated. Proof. From the Peter Mayer Collection, Part III. Realized $9,400 Marblehead, Massachusetts. Marblehead Bank. ND. $50. Choice Uncirculated. Proof. From the Peter Mayer Collection, Part III. Realized $10,575 Fr. 2231-A. 1934 $10,000 Federal Reserve Note. Boston. PMG Choice Uncirculated 64 EPQ. From the Holecek Family Foundation Collection. Realized $227,050 Fr. 1890-G★. 1929 $100 Federal Reserve Bank Note Star. Chicago. PMG Gem Uncirculated 65 EPQ. Realized $58,750. Pueblo, Colorado Territory. $1 Original. Fr. 382.  e First NB. Charter #1833. PMG About Uncirculated 55 EPQ. Realized $28,200 Fr. 95b. 1863 $10 Legal Tender Note. PMG Gem Uncirculated 65 EPQ. Realized $29,375 Fr. 1197. 1882 $50 Gold Certi cate. PMG Choice Uncirculated 64. Realized $19,975 Fr. 2221-H. 1934 $5000 Federal Reserve Note. St. Louis. PMG Choice Uncirculated 64 EPQ. From the Holecek Family Foundation Collection. Realized $258,500 Terms and Conditions  PAPER MONEY (USPS 00-3162) is published every other month beginning in January by the Society of Paper Money Collectors (SPMC), 711 Signal Mt. Rd #197, Chattanooga, TN 37405. Periodical postage is paid at Hanover, PA. Postmaster send address changes to Secretary Jeff Brueggeman, 711 Signal Mtn. Rd, #197, Chattanooga, TN 37405. ©Society of Paper Money Collectors, Inc. 2014. All rights reserved. Reproduction of any article in whole or part without written approval is prohibited. Individual copies of this issue of PAPER MONEY are available from the secretary for $8 postpaid. Send changes of address, inquiries concerning non- delivery and requests for additional copies of this issue to the secretary. 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Vol. LV, No. 1 Whole No. 301 Jan/Feb 2016 ISSN 0031-1162 Benny Bolin, Editor Editor Email—smcbb@sbcglobal.net Visit the SPMC website—www.SPMC.org Inventions & Evolution of Electrolytic Plate Making Peter Huntoon ................................................................... 4 Roslyn, Long Island, NY; Postal Note Timeline Bob Laub ........................................................................ 21 North Korea’s Paper Money Issues Carlson Chambliss ......................................................... 26 Fractional Currency; The Engravers & Artists Robert Kravitz .................................................................. 36 Small Notes—“Series 1934A Late Finished FRNs” Jamie Yakes ................................................................... 42 Uncoupled—Joe Boling & Fred Schwan ................................ 44 Alabama “Lost” Community Bill Gunther ..................................................................... 50 Interesting Mining Notes David Schwenkman ....................................................... 59 1934 Silver Certificate Stars Bill Brandimore ............................................................... 54 Obsolete Corner—Robert Gill ................................................ 56 Chump Change—Loren Gatch ............................................... 60 President’s Message ............................................................... 61 New Members ......................................................................... 62 Editor’s Message ..................................................................... 63 2015 Index to Paper Money .................................................... 64 Money Mart .............................................................................. 70 ___________________________________________________________Paper Money * Jan/Feb 2016* Whole No. 301_____________________________________________________________ 1 Paper Money * Jan/Feb 2016* Whole No. 301 Society of Paper Money Collectors Officers and Appointees ELECTED OFFICERS: PRESIDENT--Pierre Fricke, Box 1094, Sudbury, MA 01776 VICE-PRESIDENT--Shawn Hewitt, P.O. Box 580731, Minneapolis, MN 55458-0731 SECRETARY—Jeff Brueggeman, 711 Signal Mtn., Rd. #197, Chattanooga, TN 37405 TREASURER --Bob Moon, 104 Chipping Court, Greenwood, SC 29649 BOARD OF GOVERNORS: Mark Anderson, 115 Congress St., Brooklyn, NY 11201 Jeff Brueggeman,711 Signal Mtn. Rd #197, Chattanooga, TN Gary J. Dobbins, 10308 Vistadale Dr., Dallas, TX 75238 Pierre Fricke, Box 1094, Sudbury, MA 01776 Loren Gatch 2701 Walnut St., Norman, OK 73072 Shawn Hewitt, P.O. Box 580731, Minneapolis, MN 55458-0731 Kathy Lawrence, 5815 Clendenin Ave., Dallas, TX 75228 Scott Lindquist, Box 2175, Minot, ND 58702 Michael B. Scacci, 216-10th Ave., Fort Dodge, IA 50501-2425 Robert Vandevender, P.O. Box 1505, Jupiter, FL 33468-1505 Wendell A. Wolka, P.O. Box 1211, Greenwood, IN 46142 Vacant Vacant APPOINTEES: PUBLISHER-EDITOR-----Benny Bolin, 5510 Bolin Rd. 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 WISMERBOOKPROJECTCOORDINATOR--PierreFricke, Box 1094, Sudbury, MA 01776 REGIONAL MEETING COORDINATOR--Judith Murphy, Box 24056, Winston-Salem, NC 27114 2 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 Meeting of the SPMC is held in June at the International Paper Money Show in Memphis, TN. Information about the SPMC, including the by-laws and activities can be found at our website, www.spmc.org. .The SPMC does not does not endorse any dealer, company 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 17 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 for members in Canada and Mexico are $45. Dues for members in all other countries are $60. Life membership—payable in installments within one year is $800 for U.S.; $900 for Canada and Mexico and $1000 for all other countries. The Society no longer issues annual membership cards, but paid up members may request one from the membership director with an SASE. Memberships for all members who joined the S o c i e t y prior to January 2010 are on a calendar year basis with renewals due each December. Memberships for those who joined since January 2010 are on an annual basis beginning and ending the month joined. All renewals are due before the expiration date which can be found on the label of Paper Money. Renewals may be done via the Society website www.spmc.org or by check/money order sent to the secretary. Frederick J. Bart, announces the release of the 4th edition of United States Paper Money Errors.  extensively re-written and updated  550 photos with approximately 450 new to the edition  Relative Rarity Index, devised by the author  expanded pricing to four grades  Insights and Incidents sections  A full color gallery of inverted overprints on the back. The book is available for $29.99 delivered in the US. Additional information is available from BART, Inc, PO Box 2, Roseville, MI 48066 or via email at bart@ExecutiveCurrency.com ___________________________________________________________ _____________________________________________________________ 2 Invention and Evolution of Electrolytic Plate Making at the Bureau of Engraving and Printing by Peter Huntoon The invention of the electrolytic process for making intaglio printing plates at the Bureau of Engraving and Printing and subsequent establishment of a production-scale facility within the bureau to implement the technology was fraught with unexpected pitfalls that seriously delayed its success. As expected, there were technical issues that required resolution as the kinks were worked out during the scale-up from successful bench experiments to a commercial process. However, human drama caused the most serious problems. This is a tale of technological innovation, but innovation is a human achievement so the story cannot be told without weaving in the interplay among the men who shaped it. The narrative through 1928 that follows is adapted from Slattery (Jan 21, 1928). Additional factual details that flesh out the tale are cited in place. The story began about 1911 when George U. Rose, Chief of the Engraving Division, started to explore the feasibility of duplicating intaglio plates by electro deposition instead of the traditional Perkins steel roll transfer method. The Director of the BEP at the time was Joseph E. Ralph, a progressive administrator who pushed hard for technological innovation. In brief, the steel roll transfer process involves rolling a soft cylinder of steel back and forth under great force over a hardened intaglio die until the image on the die is picked up in reverse on the surface of the cylinder. That image stands in relief on the cylinder, which is called a roll. Next the roll is hardened and used to roll the image any number of times onto printing plates. The image on the printing plates is, of course, an intaglio duplicate of the die. In contrast, electro deposition involves submerging a master plate in an electrolytic bath through which an electric current is passed. The plate is set up as the cathode and the anode is comprised of a suitable metal. When current is passed through the solution, the metal comprising the anode ionizes and the ions move through the solution where they deposit on the surface of the master. This is the process used to chrome plate car bumpers. After sufficient buildup, the deposited metal is separated from the master yielding a mold of it. Notice that this object, called an alto, contains the image in relief, the same as what appeared on the roll. Next, the alto is submerged in the electrolytic bath and the process repeated. The object separated from the alto is a perfect replica of the master. This second object is called a basso, and when finished becomes an intaglio production printing plate. Creation of a commercial scale facility for making electrolytic plates took time but was punctuated by two events that caused hiatuses, the first being World War I and the second an unrelated scandal that Figure 1. George U. Rose, Chief of the Engraving Division of the BEP, was the first to adapt electrolytic deposition technology to the duplication of intaglio printing plates from master plates. Photo courtesy of the BEP Historical Resource Center. Figure 2. Joseph E. Ralph, Director of the Bureau of Engraving and Printing from 1908 to 1917, was a particularly accomplished man who oversaw mechanization and modernization at the BEP. He facilitated the research carried out by George U. Rose to apply electrolytic deposition technology to plate making. He also presided over the construction of today’s main Washington building, which was completed in 1914. Library of Congress photo. ___________________________________________________________Paper Money * Jan/Feb 2016* Whole No. 301_____________________________________________________________ 4 Figure 4. The first practical demonstration that George U. Rose made of the electro deposition technology was Post Office plate 6023 for the ordinary 2 cent Washington postage stamp. The plate was used to produce 2,591 impressions in 1912, which were delivered to the Post Office Department and sold to the public. The proof was certified by Joseph E. Ralph, Director of the BEP at the time. Photo courtesy of the National Postal Museum, Smithsonian Institution. caused President Harding to purge the entire top tier of BEP management in 1922 including the two key people involved in developing the electrolytic facility. Laboratory scale demonstrations proved the concept during 1911 and 1912. Commercial scale currency back plate production commenced in 1921 but the facility was closed at the end of March 1922. When the facility was reopened in 1924, it produced both back and face plate plates. The technology also was being used for other types of intaglio printing plates including postage stamp plates. First Attempts Apparently one of the first things Rose attempted to replicate was the master die for the $1 Series of 1899 face. Buried among the 21,743 $1 Series of 1899 proofs in the National Numismatic Collection is a lone 1-subject proof labeled Experimental Plate. The plate wasn’t certified so the proof doesn’t carry a date. Treasury plate number 34910 is written in pencil on the proof. The proof is sandwiched in Treasury plate number order between regular 4-subject Series of 1899 $1 face proofs 34852-6611 and 34919-6612, which were respectively certified January 17 and 27, 1911. Consequently the 1-subject proof dates from early 1911. The numbers 34852 and 34919 are Treasury plate numbers, which appear in the plate margin, whereas 6611 and 6612 are the plate serial numbers, which appear inside the borders of the notes. Although the proof is not labeled as being lifted from an electrolytic plate, there is giveaway evidence that this is exactly what it is. There are no siderographer or plate finisher initials on the plate, both being hallmarks of plates made using traditional roll transfer technology at the time. Figure 3. It appears that one of the first things that George U. Rose attempted to duplicate using the electrolytic process was the master die for the $1 Series of 1899 face. This proof was lifted from the result in early 1911. Photo courtesy of the Smithsonian Institution. ___________________________________________________________Paper Money * Jan/Feb 2016* Whole No. 301_____________________________________________________________ 5 The first of Rose’s electrolytic plates to actually see service on a press appears to have been a 400-subject ordinary 2-cent Washington postage stamp plate (Scott 406). He had a steel master plate made for the stamp, which was numbered 5990 in the Post Office Department set of plate numbers. From it, using an intermediate alto, he created production plate 6023, which was certified June 8, 1912. 2,591 impressions were printed from it between June 10 and 13, 1912 (Cleland and Johnston, 1995 & Cleland 2012). The stamps were sent to the Post Office Department, which sold them to the public. Thus Rose not only demonstrated the feasibility but also the practicality of the concept. At issue at the time was finding a metal or combination of metals that would hold up under the extreme loads brought to bear on the plates when the paper was pressed against them on the presses. Scale-Up Serious work did not follow for almost seven years, probably in part delayed by the pressing demands of World War I. A labor slowdown by the siderographers suddenly caused electro deposition to come to the fore in 1919. Siderographers were the men who operated the transfer presses that were used in the fabrication of plates using roll transfer technology. Bureau Director James Wilmeth documented that the siderographers were reducing their output to a crawl in an effort to secure more compensation. He went public with his plan to establish an electrolytic plate making facility within the bureau in order to thwart them in an article that appeared in the Washington Times (1919) excerpted here. Calls Hand of Bureau Union Director Wilmeth Supplants 45 Transferrers With Electrolytic Outfit Wilmeth took occasion to point out today that something had to be done to remedy the situation, as the transferrers’ output per man had been reduced to about two notes per day, despite the fact that the transferrers were working from one and a half to five hours per day overtime. Under ordinary circumstances, said the director, “an average day’s work for a good transferrer would be to transfer ten notes in a working day of eight hours.” All Unions Loyal Save One Pointing out that there are twenty-one different branches of organized labor represented in the bureau, Director Wilmeth said: “I have found this to be a help instead of a hindrance to practically all of the organized workers in the great money making plant; and all during the period of the war, when there was such a deluge of work, and at the present time, when the bureau is overwhelmed with demands for money to meet the current needs of our Government and the country, and also to supply permanent bonds for the temporary issues put out during the war, all the organizations, with one exception, has stood loyally by the Government. Since the signing of the armistice the transferrers’ organization, through its accredited representatives, has endeavored to reduce the daily output of work to such an extent that much serious embarrassment has resulted to Figure 5. James L. Wilmeth, BEP Director from 1917 to 1922, was a no-nonsense individual who established the electrolytic plate making facility in 1919 to overcome a labor slowdown by siderographers. Wilmeth fell victim to President Harding’s 1922 purge of 29 of the BEP’s top management over the duplicate Liberty Loan scandal. Later exonerated, Wilmeth did not return to the BEP. Photo from BEP (2004). ___________________________________________________________Paper Money * Jan/Feb 2016* Whole No. 301_____________________________________________________________ 6 the country.” In July 1919, Wilmeth requested that the Bureau of Standards assist in development of the electrolytic process and help design a production facility. Rose’s early attempts utilized deposition of nickel against the alto followed by copper to build up a backing. Nickel is very hard but copper is soft so the plates deformed under the loads involved in plate printing. He then tried alternating layers of nickel and copper, which yielded the desired strength. The Bureau of Standards conducted tests that demonstrated the commercially viability of the technology. Thomas F. Slattery was appointed Superintendent of the new facility. Slattery was hired away from his position as superintendent of the plating department of the American Hardware Company of New Britain, Connecticut. Dr. William Blum of the Bureau of Standards was charged with working out the engineering details. Electrolytic plate production was begun April 1, 1920. They created the alto - the mold of the master steel plate - by washing the master and then burnishing its surface with graphite, which allowed the basso to separate from the master after the basso was formed. The first metal deposited on the alto was nickel for a period of six hours resulting in a buildup of 0.005 inch. Then alternating deposition of nickel and copper for periods of an hour each were continued for the next six days. A final layer of copper was deposited for two more days. After separation, the basso was laid face down so its back could be ground smooth to give the basso a uniform thickness. The basso was then sweated onto a thin sheet of steel using tin foil between the two, which served to solder them together to form press plates. Reproduction of the original image was extremely accurate right down to capture of minute scratches. The plates were cheap to make, less than $20 per plate at the time. BEP Director Wilmeth (1920, p. 10) wrote the following in his annual report. On account of our force not producing enough plates to meet the requirements of the bureau, it was decided to install an electrolytic section in [the Engraving Division] to make printing plates under a new patented method of electro-deposition. The installation was made under the direction and supervision of the Bureau of Standards. Work was commenced in this section in March, 1920. Considerable difficulty and delay was encountered in securing the necessary machinery and equipment. The actual making of plates was started April 1, 1920, on a small scale. As the plant was then in the experimental stage, we found many changes had to be made which materially reduced the expected output. Comparatively few plates were finished and ready for use by June 30, 1920. Since that date a maximum day’s output of 20 plates has been reached. The experimental stage has now been safely passed, and the process successfully established. As an indication of its success, an entire power press section, consisting of 27 presses, 4 plates to the press, is at the present time equipped and operating with plates made in this plant. Many of these plates have produced considerably above an hundred thousand impressions per set. It has been found that the cost of plates produced by this process is materially less than the cost of steel plates, and it is believed that this cost will be further reduced. The impressions from plates made by this process have proven to be superior to transferred steel plates in clearness of detail and in the beauty of expressing the highest ideal of the engraver’s art. The installation of this plant, at the date of the submission of this report (October 1, 1920), has enabled this bureau for the first time for several years to furnish enough plates to keep all of its plate printers at work, and we now have on hand a supply of plates in excess of the number of printers available throughout the country. ___________________________________________________________Paper Money * Jan/Feb 2016* Whole No. 301_____________________________________________________________ 7 The plates being made in 1920 were not currency plates. The fact is that no $1 Series of 1899 silver certificate back plates of any type were certified between January 30, 1920 and March 16, 1921. The only currency plates made in the facility before it was closed in 1922 were backs, and only for the $1 silver certificate Series of 1899 and $1 legal tender Series of 1917. These began to be turned out in 1921. It appears that the first attempt to make a $1 electrolytic 1899 back involved a 1-subject plate begun March 14, 1921 bearing plate number 74181, plate serial number 5865. It wasn’t completed and was canceled the next day. The lowest plate number-plate serial number to appear on a electrolytic Series of 1899 production back was 74741-5922, an 8-subject plates that was begun April 12, 1921 but not finished until December 15. Electrolytic backs 5997, 6015, 6064 and 6065 beat it to the finish line, with 5997 and 6015 becoming the first to be certified on May 24th. Once production of electrolytic backs began, they were sprinkled in plate serial number order between the traditional steel plates, which were still being made. Plates 5997, 6015, 6064 and 6065 were sent to press as a set to a 4-plate power press from June 10 to 23, 1921, reentered June 24th, used again June 29 to July 6, then canceled July 17th. They were 8-subject plates with the two columns arranged head to toe, and won the distinction of being the first electrolytic currency plates to go into production. Figure 6. The first plate number assigned to an electrolytic production plate was 74741, a $1 silver certificate Series of 1899 back that was begun on April 12, 1921. It carried plate serial number 5922 and was certified December 15th. This is a photo of the note from the lower left corner of the proof so the image is upside down because it is from an 8-subject head to toe plate. Photo courtesy of the National Numismatic Collection, Smithsonian Institution. Figure 7. The first electrolytic $1 legal tender Series of 1917 back plate was 78426-331, which was certified December 6, 1921 and sent to press with three others as a set three days later. Photo courtesy of the National Numismatic Collection, Smithsonian Institution. ___________________________________________________________Paper Money * Jan/Feb 2016* Whole No. 301_____________________________________________________________ 8 The first electrolytic Series of 1917 legal tender back plate was 4-subject 78426-331 certified December 6, 1921, along with 332, 343 and 345. These four plates were sent to press as a set between December 9 and 21. All were canceled the next day. At first it was difficult to obtain accurate information on wearing properties of the electrolytic plates because there was resistance to their use by the plate printers who appeared to be colluding with the siderographers to discredit them. The printers were rejecting the plates prematurely as worn and using harsh wiping rags on them that damaged their surfaces. Slattery (1928) documents one case where a set of four plates was recommended for cancellation because of excessive wear by a pressman after obtaining 10,000 impressions from each. The same plates, without alteration, were then assigned to another printer who obtained an additional 40,000 perfect impressions from them. Postage stamps were not being neglected during this period. A set of four 1-cent Washington ordinary electrolytic postage stamp plates (Scott 481) was made bearing Post Office Department plate numbers 13376, 13377, 13389 and 13390 (Cleland, 2008). These were respectively certified September 8, September 9, October 1 and September 30, 1921 (O’Donnell, 2014). They were used as a set on a 4-plate power press from October 5 to 17, 1921 (Cleland and Johnston, 1995). The Harding Purge The roof fell in on March 31, 1922. A scandal had been brewing since September 1920 when former Assistant Register of the Treasury J. W. McCarter claimed in a letter to then Secretary of the Treasury David F. Houston that he had been discharged because he brought to the attention of his superiors that “millions of dollars’ worth of duplicate numbered Liberty bonds were issued” (New York Times, Apr 6, 1922). Charges mushroomed through the Department of Justice and Congress, fanned by disgruntled BEP employees both current and recently laid off. The duplicate bond issue was something of a red herring. There was serious labor discord at the bureau in 1922 over labor saving machinery such as power presses, rotary intaglio stamp presses and electrolytic plate-making, all of which Director Wilmeth was pushing hard to implement. This was compounded by downsizing of staff as the demand for replacement Federal Reserve notes decreased as a result of the economic downturn attending the ongoing agricultural depression caused by the collapse of agricultural commodity prices following World War I (New York Times, Mar 31, 1922). As the situation reached a feverish pitch, President Warren Harding issued an executive order on March 31, 1922 that summarily dismissed or forced into retirement 29 people, representing the entire top Figure 8. A set of four electrolytic plates for the ordinary 1-cent Washington stamp was made in 1921 and sent to press as a set for twelve days. Plate 13376 was the first of them to be finished. Photo courtesy of the National Postal Museum, Smithsonian Institution. Figure 9. President Warren G. Harding issued an executive order March 31, 1922 that purged the top 29 managers of the BEP, an action that also abolished the position of superintendent of the electrolytic facility. Wikipedia photo. ___________________________________________________________Paper Money * Jan/Feb 2016* Whole No. 301_____________________________________________________________ 9 Figure 10. Louis A. Hill, BEP Director from 1922 to 1924, was a traditionalist who had no use for electrolytic plates so he attempted to abolish the electrolytic plate making facility. Photo from BEP (2004). tier of BEP management, including Director Wilmeth “for the good of the service” (New York Times, Apr 1, 1922). The purge took out the most innovative technical people on the BEP rolls including George U. Rose, Thomas Slattery and Benjamin Stickney. Stickney had invented a revolutionary rotary intaglio stamp web-fed press bearing his name. Not only was Slattery sacked, the position he occupied as Superintendent of the Electrolytic section was abolished. In addition renowned engraver George F. C. Smillie, Superintendent of Picture Engravers, was swept out. There were no winners. Five hundred bureau employees were laid off as a result of the diminishing work load (New York Times, Mar 31, 1922). Director Wilmeth was replaced in the executive order by Louis A. Hill. A total audit of the Bureau of Engraving and Printing was begun immediately by the Treasury Department and Department of Justice. Hill would not sign a receipt for the government property that was placed in his custody until the audit was completed. He detailed 100 bureau personnel to assist saying it was ‘probable’ that there had been duplication of bonds (New York Times, Apr 6, 1922). Hill was Assistant Chief of the Engraving Division at the time he was elevated to Director. Even though the electrolytic section was part of the engraving division, Hill had no interest in it and had never entered the facility. Realizing that he would not support the facility, Assistant Secretary of the Treasury Gerrard B. Wilson ordered that the facility be mothballed in order to protect it. On July 9, 1922 Hill wrote a letter to Secretary of the Treasury Andrew Mellon recommending that the electrolytic program be abolished and the equipment disposed of. Over the course of the next year Assistant Secretary Wilson conducted a thorough investigation of data comparing the relative costs of steel versus electrolytic plates supplied by Hill, and found them to be unreliable and heavily biased against the electrolytic method. Wilson (Nov. 1, 1922, p. 4) decided to have a look at the facility in October and recorded his impressions in a memo he wrote for the record. About three weeks ago, I visited the Bureau by appointment to consider two matters - the drying machines and the electrolytic plant. Mr. Hill, the Director, and Mr. Perry, the assistant director, took me to inspect the drying machinery. I then asked that we should see the electrolytic plant. We proceeded to the street and walked up to the auditor’s building, entered an elevator, went up one flight, found we were in the wrong place, went up another flight, again we were in the wrong place, came down into the yard outside the power station where it was necessary for the assistant director to inquire of one of the workmen as to the location of the electrolytic plant. Under his guidance, we entered another building and finally found ourselves in the plant. Although I had especially stated that I wished to inspect this plant during the visit, the foreman had gone to lunch, not having been notified of the inspection and there was only one young man on hand who could tell us something about the operations, which seems to be entirely unknown to the director. It is interesting in this connection to point out that the director was formerly the assistant superintendent of the Division of Engraving and had under his supervision the electrolytic plant from the time it was first installed. On July 27, 1923 Wilson ordered Hill not to dismantle the electrolytic facility, but rather preserve it ___________________________________________________________Paper Money * Jan/Feb 2016* Whole No. 301_____________________________________________________________ 10 in good condition for future use because he was “not satisfied that the electrolytic process has had a fair test” (Wilson, Jul 27, 1923). Resumption In the meantime, President Harding realized he had been stampeded and a serious injustice had occurred. He restored civil service status to 17 of those dismissed in a second Executive Order dated February 14, 1923. Some of the others had either retired, such as George F. C. Smillie, or died. Harding himself died in August. The issue of the duplicate bond serial numbers was traced by the Department of Treasury and Justice Department auditors to periodic jamming of the serial number wheels in the serial numbering machines resulting in duplicate serial numbers on the bonds with a finding of no attempted fraud and no criminal intent (New York Times, Feb 15, 1923). Furthermore “fewer than fifty sheets of paper were unaccounted for as a result of the operations of five years. This record is called remarkable, in view of the immense amount of paper handled in the printing of securities during the war” (New York Times, May 12, 1922). Hill resigned as Director and left the BEP altogether on February 14, 1924, a year to the day from Harding’s turnabout, in order that Wilmeth could return; however, Wilmeth refused. President Calvin Coolidge immediately detailed Major Wallace W. Kirby of the Army Corp of Engineers to serve as interim Director. Congress had to pass a joint resolution to enabled Kirby to serve for six months effective June 16th because a commissioned military officer can’t hold a civilian position (BEP, 2004, p. 24). Kirby, a progressive on technical matters, quickly reinstated Slattery who reopened the electrolytic section on July 21, 1924. When Slattery returned, he found the facility to be in poor condition. It required three months and considerable expense to retrofit it in order to bring it back on line. The first electrolytic currency production plate made after resumption was $1 Series 1923 back 95819-1109 begun October 15, 1924 and certified November 18. The first face was silver certificate $1 Series 1923 96648-1911 begun December 17, 1924 and certified January 6, 1925. It didn’t take long for electrolytic plate-making to dominate plate production. Director Alvin W. Hall, Kirby’s successor appointed December 22, 1924, wrote (Hall, 1927, p. 19): Figure 11. Major Wallace W. Kirby, who served as interim director of the BEP Director in 1924, was detailed by President Coolidge to manage the BEP and rebuild moral after President Harding exonerated and reinstated most of the BEP top management. Kirby, from the Army Corps of Engineers, was a progressive proponent of innovation so he immediately reopened the electrolytic plate making facility under its reinstated superintendent, Thomas F. Slattery. Photo from BEP (2004). Figure 12. The first electrolytic plate produced after the electrolytic section was reopened in 1924 was a $1 Series 1923 back certified November 18, 1924 bearing plate number 95819 and plate serial number 1109. Photo courtesy of the National Numismatic Collection, Smithsonian Institution. ___________________________________________________________Paper Money * Jan/Feb 2016* Whole No. 301_____________________________________________________________ 11 Electrolytic-printing plates are now being used in printing approximately 75 per cent of all United States currency, as compared with 50 percent during the previous year. The cost of producing these plates is less than the cost of producing steel plates. Their extended use resulted in plates now being made to take care of the printing program 20 percent in excess of that for 1926, with a smaller total engraving cost than the cost for 1926. * * * In conjunction with the Bureau of Standards, a new graphite was developed which allows the reproduction of altos from steel masters without first having to nickel plate the master in order to facilitate separation after deposition. Nickeling the steel plates destroyed some of the fine detail. Electrolytic plates dominated plate production within a decade. Roll transfer steel plate making became largely confined to the production of master plates during the small note era, and in time even those yielded to electrolytic replication directly from master dies. Chromium Prior to his dismissal, Slattery had begun work with Dr. Blum of the Bureau of Standards on feasibility of electrolytic deposition of chromium, the hardest metal. Not only was chrome hard, it was corrosion resistant. The chrome work was continued upon his return. They now began to deposit a layer of chrome 0.002 inch thick on the working face of finished electrolytic plates. This tripled their wearing life, a life that now exceeded casehardened steel plates. The electrolytic plates produced a sharper impression than steel plates, they wiped easier, and all impressions were uniform from the first to the last. The maximum life of an electrolytic plate reached 273,328 impressions by the end of 1927, with averages running 40,000 to 63,000 impressions. By 1928, the average number of impressions from electrolytic plates was about 82,000 and 53,000; respectively for 8-subject backs and faces, compared to 72,000 and 28,000 for un-chromed steel plates. Furthermore, the electrolytic section could boost the life of traditional steel plates 60 percent by chroming them. The costs for the plates averaged about $44 for the electrolytic and $68 for the steel plates. Hall (1928, p. 16) had this to say about chroming rotary steel plates used in stamp production. A change in the procedure of chroming rotary steel plates, which improved the wearing qualities, was effected. It was found by a comparison of wearing qualities that case-hardened rotary plates were unfit for further use after the printing of 42,000 impressions, while chromed plates showed little signs of wear until they reached 60,000 impressions. As a consequence an electrolytic alkaline stripping solution which removes the chromium from the rotary steel plates without causing the metal to etch after 60,000 impressions have been taken was effected. Figure 13. The first electrolytic face plate used for currency production was $1 silver certificate Series of 1923 plate number 96648, plate serial number 1911, certified January 6, 1925. Photo courtesy of the National Numismatic Collection, Smithsonian Institution. ___________________________________________________________Paper Money * Jan/Feb 2016* Whole No. 301_____________________________________________________________ 12 The plate is then rechromed and another 60,000 impression printed. This operation can be repeated indefinitely. A number of sets of plates at press have printed more than a million impressions. The same rechroming technology was used to greatly prolong the life of electrolytic currency printing plates during the ensuing years. Hall (1929, p. 17-18) documented a significant improvement in the chroming technology. In making a slight change in the chromium solution and the method of cleaning nickel surfaces of plates, it was possible to secure a hard bright chromium of approximately 0.0003-inch thickness. This eliminated a machine and hand operation of buffing the chromium and reduced the number of employees engaged upon this particular class of work by 65 per cent. Iron Deposition Hall (1928, p. 16) described the next major innovation. Through the cooperation of the Bureau of Standards an important advance in the manufacturing of all electrolytic plates was accomplished during [1928]. Electrolytic plates were formerly made by deposition electrically alternate layers of nickel and copper to a master plate called an “alto.” This shell was then “sweated” to a steel base to give the plate rigidity. A new solution whereby iron is deposited directly to the master plate, to the thickness of a steel plate, has been introduced. Under this plan the sweating operation will be eliminated and the cost of production reduced approximately 25 per cent. As the plates will be one solid piece, many of the difficulties previously experienced by shells separating on the presses from the bases will have been eliminated. Iron electrolytic plates were made from 1928 to 1956. They were made by first depositing 0.010 inch of nickel onto the alto followed by iron deposition until the basso reached a full thickness of 0.20 inch. It took about 84 hours to create the required iron thickness in 1930 (Thomas and Blum, 1930, p. 282). After the basso was separated from the alto, the back of the basso was ground to yield a uniform 0.195 thickness. The iron plates were distinguished by having the letters EI in the upper margin of the plates rather than E as found on the earlier copper-nickel plates. The first of them appeared at the end of 1928 among the $1 Series of 1928 silver certificate plates. The first was 116407-849, a 12-subject back certified December 14, 1928. The first face was 116623-315 certified January 5, 1929. Beginning in 1935, 0.0002 inch of chrome was deposited on the working surfaces of many of the iron plates to increase their lives (Slattery, 1939). The chromed plates carried the letters CI in their upper margin. Figure 14. The first electrolytic iron face plate was a $1 Series of 1928 silver certificate 12-subject face certified January 5, 1929. The plate carried plate number 116623 and plate serial number 315. Photo courtesy of the National Numismatic Collection, Smithsonian Institution. ___________________________________________________________Paper Money * Jan/Feb 2016* Whole No. 301_____________________________________________________________ 13 Modern Developments A major development was fabrication of electrolytic master plates directly from single-subject master dies instead of first laying in a master steel plate and using that plate as a mold. The excitement over this development is captured in a June 16, 1939 memo from Superintendent Benzing of the Engraving Division to BEP director Alvin W. Hall. There is pleasure in submitting to you the accompanying impression of a twelve subject electrolytic plate which is comparable to a twelve subject note plate. This plate is the culmination of a dream of some years standing. Each subject is made directly (electrolytic) from the original die and assembled. These subjects are each identical and perfect replicas of the original. I will not go into further detail as you are familiar with the method and purpose. I should like, however, providing you are in accord with the purpose, to have permission to make a master plate of our present $1.00 face, and produce from that master plate electrolytic printing plates and send them to press. This method of assembling from the original die is, in my opinion, a real progressive development. The stamp electrolytic curved plates are moving along beautifully, but due to idiosyncrasies of philately I am not ready to ask permission to send any of these finished plates to press. Hall authorized him to proceed on the 19th. What they did was make twelve altos from the master die, machined the sides so that so they fit perfectly together, butt soldered them, and then used the composite to make bassos which were finished as the desired production plates. Figure 15. The last nickel-copper electrolytic $1 Series of 1928 back plate was 116389-847. The first iron electrolytic was 116407-849. Notice the E in the upper margin of 847 used to denote nickel-copper plates as contrasted to EI on 849 for iron plates. E was again employed beginning in 1950 when the modern generation of nickel plates began to be made. Photos courtesy of the National Numismatic Collection, Smithsonian Institution. Figure 16. The last electrolytic iron plate was an 18-subject $1 Series of 1935 silver certificate face certified April 17, 1956 bearing plate number 165697, plate serial number 8432. The last of the iron plates were made concurrently with new generation nickel electros that began to come on line in 1950. Photo courtesy of the National Numismatic Collection, Smithsonian Institution. ___________________________________________________________Paper Money * Jan/Feb 2016* Whole No. 301_____________________________________________________________ 14 They began to make thinner iron electrolytic bassos beginning in mid-June 1944 and again mounted them on steel backings. A plastic cement was substituted for the solder, yielding a stronger bond between the basso and its steel backing. The process was called cycle-welding and the plates so made were distinguished in the plate history ledgers by having either Cycle-weld or Cy-wel stamped above the plate serial number. The bureau brought on line a solid nickel electrolytic plate making capability in 1950 somewhat before the introduction of 18-subject plates. Both iron and nickel electrolytic plates were in production between 1950 and 1956, as production of iron plates was gradually phased out. The last iron plate was a generic 18-subject $1 Series of 1935 silver certificate face certified April 17, 1956 bearing numbers 165697/8432. The nickel plates once again utilized an E in the upper margin to distinguish them from iron plates. Modern 32-subject rotary electrolytic plates, which first came on line for currency in 1957, are made entirely of nickel with a chromed working face. The recently adopted 50-subject plates are the same. These thinner modern plates are not mounted on a backing, but rather are simply wrapped and secured to the drums of 4- or 3-plate rotary presses. Nickel electrolytic plates were averaging half a million impressions by 1962 (BEP, 1962, p. 109). The technology for making altos has evolved considerably since 1939. They now use a sheet of plastic that is pressed against the master die and heated so that the plastic picks up the image. Sixty-four or 100 single-subject plastic altos are made, which are then butt welded together to create two sets of 32- or 50-subject master altos. The masters are mounted back-to-back on a rigid partition with the images facing outward. They are coated with silver nitrate, or more recently with finely ground egg shells, to make their surfaces conductive and then submerged in the electrolytic bath. Consequently nickel bassos are made two at a time, separated from the plastic altos, and finished as production plates after the addition of etched plate numbers, etc. Figure 17. A codes was placed in the upper margins of a plate to denote the manufacturing process used to make it. From bottom to top: CS = roll transfer steel plate that has been chromed, E = early group of layered nickel and copper electrolytic plates, EI = iron electrolytic plate, CI = chromed iron electrolytic plate, E = later group of nickel electrolytic plates. Photos courtesy of the National Numismatic Collection, Smithsonian Institution. ___________________________________________________________Paper Money * Jan/Feb 2016* Whole No. 301_____________________________________________________________ 15 Margin Markings Codes letters were entered into the top margins of small size 12- and 18-subject plates to denote the manufacturing process used to make them. Steel plates made using traditional roll transfer technology carried the letter S. Two variants - CS and FS - occur on steel production plates. The C stands for chrome, indicating that the plate was chrome plated. The letter F, usually in the form of a superscript, indicates that the plate was finished. Electrolytic plates carried the following codes: E, EI and CI. There are two groups of E plates, an early group through January 1931 and a later group that picked up in 1950. The early group consisted of layered nickel-copper forms; the later were nickel. The EI and CI plates were iron electrolytic forms. CI indicates that the iron form was chrome plated, whereas it appears that EI indicates that the iron form with its thin nickel working face was not chromed. The CI $5 and $20 proofs begin with the new gauge plates that come on line beginning in 1935, where new gauge means that the vertical separations between the subjects was increased. There was concurrent production of CI and EI plates through 1944 when the CI plates ceased, then all the electrolytic plates were labeled EI until the second group of E plates supplanted them in 1950 Legacy The application of electrolytic deposition for the duplication of intaglio printing plates by George U. Rose was a revolutionary innovation that quickly spread through the entire intaglio printing industry. The fidelity of reproduction was so exact, the minutest flaws such as minor scratches on the master carried through. Electro deposition of a final layer of chromium greatly prolonged the life of the plates and made them easier to wipe during the printing process. In fact, the chrome plating technology proved so successful, it also was used to prolong the lives of conventional steel plates made by roll transfer technology. The big incentive to develop the technology was that it was cheaper and faster than the roll transfer processes. The impetus for implementing it at the BEP was an untimely labor slowdown on the part of the siderographers who were pressing for higher compensation. As expected, there was resistance to the adoption of the technology with some early collusion on the part of plate printers to reject the electrolytic plates prematurely or to cause them to wear excessively by using inappropriate wiping rags while polishing them between the inking and printing phases on the presses. Figure 18. Certification signatures on electrolytic plates by BEP director James L. Wilmeth, director Louis A. Hill, and acting director John P. Perry. Wilmeth, a proponent of the electrolytic process, was fired in the 1922 Harding purge of bureau management and replaced by Hill. Neither Hill nor Perry had any use for electrolytic plates, but they signed off on the last of them from the electrolytic facility before they attempted to dismantle it. Photos courtesy of the National Numismatic Collection, Smithsonian Institution. ___________________________________________________________Paper Money * Jan/Feb 2016* Whole No. 301_____________________________________________________________ 16 Labor resistance was not the only impediment to the electrolytic process. Louis Hill, the second BEP director to oversee the fully operational electrolytic facility, was a traditionalist formerly from the engraving division who had no use for the technology and attempted to abolish the facility. Gerrard B. Wilson, an Under Secretary of the Treasury, who was impressed with the technology and what he considered to be its cost effectiveness, refused to cave to this attempt and forbade the dismantling of the facility. Hill’s successor, Major Wallace Kirby, reopened the facility as soon as he was appointed. Today the technology is used to produce the vast majority of intaglio printing plates used at the BEP and within security printing facilities around the world. Acknowledgment Lee Lofthus provided the New York Times articles and Harding’s executive orders cited herein. References Cited and Sources of Data Benzing, J. O., Jun 16, 1939, memo from the Superintendent of the Engraving Division to BEP director Alvin W. Hall announcing fabrication of electrolytic master alto plates directly from dies: Bureau of Engraving and Printing Central Correspondence Files (318:450/79/15/7 to 16/2 boxes 277-291), U. S. National Archives, College Park, MD. Bureau of Engraving and Printing, 1962, History of the Bureau of Engraving and Printing, 1862-1962: U. S. Government Printing Office, Washington, DC, 199 p. Bureau of Engraving and Printing, 2004, A brief history of the Bureau of Engraving and Printing: BEP Historical Resource Center, Washington, DC, 30 p. Bureau of Engraving and Printing, 1912 & 1921, Certified proofs lifted from printing plates made for the Post Office Department: National Postal Museum, Smithsonian Institution, Washington, DC. Bureau of Engraving and Printing, various dates, Certified proofs lifted from currency printing plates: National Numismatic Collection, National Museum of American History, Smithsonian Institution, Washington, DC. Bureau of Engraving and Printing, various dates, Ledger and Historical Record of Stock in Miscellaneous Vault, plate history ledgers for 4-8-12 subject legal tender and silver certificate faces (318:450/79/17/01 vols 6 & 10); plate history ledgers for 4-8-12 subject legal tender and silver certificate backs (318:450/79/17/02 vol 18), U. S. National Archives, College Park, MD. Cleland, W. Wallace, and Kent Johnston, 1995, Printing History of Washington-Franklin flat 14 and 24 plates and rotary sheet and coil plates: Bureau Issues Association Research Paper # 10 (now United States Stamp Society). Cleland, W. Wallace, 2008, Durland standard plate number catalog: United States Stamp Society, Katy, TX, 237 p. plus appendices. Cleland, W. Wallace, philatelic expert, 2012, E-mail exchange with Peter Huntoon. Hall, Alvin, 1927, Annual report of the Director of the Bureau of Engraving and Printing: U. S. Government Printing Office, Washington, DC, 25 p. plus tables. Hall, Alvin, 1928, Annual report of the Director of the Bureau of Engraving and Printing: U. S. Government Printing Office, Washington, DC, 27 p. plus tables. Hall, Alvin, 1929, Annual report of the Director of the Bureau of Engraving and Printing: U. S. Government Printing Office, Washington, DC, 28 p. plus tables. O’Donnell, James, curator, 2014, National Postal Museum, Smithsonian Institution: Email exchange with Peter Huntoon. Slattery, Thomas F., Jan 21, 1928, History of the development of the electrolytic process for making engraved printing plates: Bureau of Engraving and Printing Central Correspondence Files, box 157, file E & P BU. Electrolytic (318:450/79/13/6, box 157), U. S. National Archives, College Park, MD. Slattery, Thomas F., 1939, Electrolytic processes as applied to the production of U. S. currency, bonds and stamps: Bureau of Engraving and Printing Central Correspondence Files, box 283, file Electrolytic (318:450/79/16/1 & 2/boxes 279-291), U. S. National Archives, College Park, MD. Thomas, C. T., and W. Blum, 1930, The production of electrolytic iron printing plates: American Electrochemical Society transactions, v. 57, p. 59; also same paper presented to the 57th general ___________________________________________________________Paper Money * Jan/Feb 2016* Whole No. 301_____________________________________________________________ 17 Central States Numismatic Society 77th Anniversary Convention Visit our website: www.centralstates.info Hotel Reservations: Schaumburg Renaissance Hotel - 1551 North Thoreau Drive Call (847) 303-4100 Mention “Central States Numismatics 2016” for our $155 Rate Free Hotel Guest and Visitor Parking. • Free Public Admission: Thursday-Friday-Saturday No Pesky Sales Tax in Illinois Bourse Information: Patricia Foley (414) 698-6498 foleylawoffi ce@gmail.com Schaumburg, IL Schaumburg Renaissance Hotel & Convention Center April 27-30, 2016 (Early Bird Day – April 27 – 12 noon-6pm $100 Registration Fee)  Educational Forum  Educational Exhibits  300 Booth Bourse Area  Heritage Coin Signature Sale  Heritage Currency Signature Sale  Educational Programs  Club and Society Meetings  Free Hotel Guest and Visitor Parking A W elco ming Con vent ion.. ... 10 YEARS. 1 MILLION NOTES. PMG was founded in 2005 with a commitment to accuracy, consistency and integrity. It is the first third-party paper money grading service to certify 1 million notes — an important milestone that reflects PMG’s impact on the hobby around the world. To learn why more collectors and dealers choose PMG, visit PMGnotes.com PMGnotes.com | 877-PMG-5570 United States | Switzerland | Germany | Hong Kong | China | South Korea | Singapore | Taiwan | Japan 15-CCGPA-2415_PMG_Ad_TenthAnniversary_PaperMoneyMag_NovDec2015.indd 1 10/6/15 10:04 AM 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 Roslyn, Long Island, New York  An 1883‐1894 Postal Note Timeline  Including an Introduction to the 1883-1894 Postal Note Series and A Brief Postal History of Roslyn, New York by Robert W. Laub with Computer Support by David van Popering   Many collectors are aware of  the  facts which  led  the Union government  to  the  invention, and  subsequent  engraving  and  printing  of  Postage  and  Fractional  Currency.  Those  same  people  would  also be aware that Postage and Fractional Currency served a dual purpose. The  first was to alleviate  a  major hole  in the economy formed by the hoarding of most gold, silver, bronze and copper  coins. The  second was to provide a means to send small amounts of money through the mail virtually undetected.    Fractional Currency was printed over a  fourteen year period  from 1862  through 1876. By 1876,  the U.S. Mint had significantly  increased production of small coins  to the eventual  result that Fractional  Currency was no longer needed. Or was it?    As  the number of small coins  increased  in availability and Fractional notes wore out and were  re‐  deemed,  the American people were  still  faced with a need  to  securely  transmit  small amounts of  money  through  the mail.  Postal Notes were  first  given  consideration  in 1875,  the  government  having  foreseen  the  imminent end of Fractional Currency. The objective was  to  introduce a convenient, easy‐ to‐use,  new  type  of  note.  The  plan  was  for  these  notes  to  be  printed  on  watermarked  banknote  paper using engraved plates. They were  to have effective safeguards against                 counterfeiting, and  they needed to be simple  to understand and easy to fill out. There was also the need  for  these notes  to  fit  into an ordinary  letter size envelope. The government spent years studying  the problem.    In 1882,  the American Express Company  initiated a private money order  system. This was  the  impetus  for  Congress  to  pass  HR5661,  the  legislation  which  introduced  Postal  Notes.  On  Monday,  September  3,  1883  the  sale  of  United  States  Postal  Notes  began  in  Post  Offices  throughout  the  nation.   During  the  next  twelve  years,  the  government  contracted  with  three  different  firms  to  produce Postal Notes. Five different types were produced (Type I‐Type V) and two sub‐types (Types II‐a  and IV‐a). The first contract was awarded to the Homer Lee Bank Note Company of New York City and  it  ran  from September 3, 1883 until September 2, 11887. The second contract,  from 1887  to 1891, was  awarded to the American Bank Note Co. of New York City. Thomas F. Morris was placed in charge of the  A September 3, 1883 “First Day of Issue” Postal Note. This is a Type I, Serial #1, from Roslyn, New York. The note is issued for seven cents, incorporates  an octagonal cancellation, and was payable at the Roslyn Post Office. This  yellow paper, produced by Crane Paper Co., was only used on Type I notes.  ___________________________________________________________Paper Money * Jan/Feb 2016* Whole No. 301_____________________________________________________________ 21 The Roslyn Post Office c. 1905, at the Junction of Bryant  Ave. and East Turnpike. It had a drive up window on the  east  side  (right side  facing  the viewer)  where a person  could drive  their horse and buggy to pick up  their mail.  The  Elijah Ward  horse  trough was  given  to  Roslyn  in  1884  and  remains  to  this  day.  Mr.  Ward  was  a  Congressman during the American Civil War.  design. Morris is best known to paper money collectors for his design work on the Educational Series $1,  $2, and $5 Silver Certificates of 1896. The  final  contract  to produce Postal Notes was given  to Dunlap  and Clarke, a Philadelphia, Pennsylvania firm. The  issue of Type V notes as they are known by collectors  began on September 3, 1891 and ended with “Last Day of Issue” notes on Saturday, June 30, 1894.    Government  archives  show  that  70,824,173  Postal  Notes were  purchased  during  the  twelve  year  series.  That  large number  shows  the  extreme  success of  Postal Notes, which were  the  progeny  of  Postage  and  Fractional  Currency  and  the  forerunners  of  today’s  modern  Postal  Money  Orders.  Even  though  almost  71  million  Postal  Notes  were  issued,  only  about  2,000  notes  are  known  to  exist. What  happened  to  the  other  notes?  They  were  used  as  planned,  cashed, and  finally  sent  to  Washington, D.C. for verification where they met with a fiery end to  prevent their fraudulent re‐use.    A Postal History of the Roslyn, New York Post Office  Roslyn, New York  is a nearly 400 year‐old village  located on  the North shore of Long  Island. The  town,  which  encompasses  only  0.6  square miles,  is  home  to  some  of  the  oldest  b u i l d i n g s   i n   the  United  States.  The village  was  founded  in  1643  after  Robert  Fordham  and  John  Carmen  sailed  from  Connecticut  and  settled  in  the  Hempstead  Harbor  area.  In  1838  a  post  office  was                      established  in  Hempstead  Harbor  and  six  years  later, on  September  7,  1844  the name of  the  town  was    changed  to  Roslyn.  The  Post  Office  approved  the  name   change   on October 24 , 1844. The name  was changed due  to postal confusion with  the other  “Hempsteads” in  Long Island and their distances from  each  other.  The  town  name  was  actually  decided  upon  by  a  board  of  individuals  who  lived  in  the  immediate  area.  The  members  had  rules  which  specified  the  name  should  be  short,  pleasant‐ sounding and not chosen for  any other post office in  the United States. Of the proposed names only ten fit  the rules.  Of  these  ten,  the  name  Roslyn  received  the most  votes  and  was  subsequently  approved.  Mr.  Cairns, who was  part  of  the  committee  to  come  up with  a  favorable  name  for  the  town,  chose  Roslyn because  the  surrounding valley  reminded him of Roslin,  Scotland.    One of  the  things  that  aroused my early  curiosity  about Roslyn’s  Postal Notes was  the  Postal  cancellations.  I was  studying  different  aspects  of  the  notes  in my  collection  one  day,  and  low  and  behold,  I  saw  several  Queens  County  cancellations  on my  Roslyn  notes.  It  should be noted  that  the  town of Roslyn  lies within  the boundaries of Nassau  County, not Queens County.  I did not understand  how  this  could  be.  Upon  investigation,  I  discovered  on  January  1,1899,  Nassau  County  was  created  from  the eastern‐most portion of Queens County. This was not a clerical error by the post office.  It was  my  lack  of  knowledge  pertaining  to  Long  Island,  where  I  live.  This  small  anomaly  is  what  led to my  research and subsequent writing of this article.    Type  I notes were engraved and printed by  the Homer Lee Bank Note  Company of  New  York City.  The  ornate  back design  does not resemble anything else in   American finances.  During bidding competition, against 6 other companies, Homer Lee was awarded the  first  four  year  contract which  ran  from  September  3,  1883, until  September 2, 1887. These notes were the  longest of any of the Postal Note types. ___________________________________________________________Paper Money * Jan/Feb 2016* Whole No. 301_____________________________________________________________ 22   Another view of  the Post Office  in Roslyn Village, c. 1910.   Pickard’s  Drug  Store  is  on  the  left  with  the  Post  Office  on  the  right.  Mr.  Pickard  commissioned most of  the post  cards which depict his  store  and the Post Office. The cards were  very big  sellers especially before  most  people  had  their  own  cameras.  In  1901  the  first  street lights  were  installed  in  Roslyn  and  by  1910  cars  were  already  replacing  horses.    A Pair of Type‐II Postal Notes Issued from the Roslyn, New York, Post Office  This Type‐  II Postal Note was printed by  the Homer  Lee Bank Note Company of N.Y.,  issued on  March 30, 1885, and was  payable  at  Roslyn,  N.Y.  A handwritten  amount  of  5  cents  is  also  punch  cancelled  for  that amount  in  the two numerical  columns. During Homer Lee’s 4 year printing contract the Post Office made numerous design changes. The end  results were  Type‐I,  II,  II‐a, and  Type‐III Postal Notes being issued. The Postmaster during this time was Valentine Downing.    Another  Type‐II  Postal  Note,  this  one  issued  on  January  29, 1886, was  redeemable  at  Jamaica, N.Y. Most  surviving  Postal  Notes were  issued  for  either  one  or  two  cents  and  are  considered  to  be  souvenirs.  This  fragile  paper  survivor  from  the  past  is  actually made  out  for  50  cents  and  would have been for payment of some form of goods or debt. The note at the  top of this page  is  serial #523 while this note is #668. Only 145 Postal Notes were issued during that 10 month period which  indicates Roslyn must have been  a  smaller,  very quiet Post Office. At  the  time of  issue the Postmaster was Samuel Hooper.  Notice the Queens County cancellation on the back.    ___________________________________________________________Paper Money * Jan/Feb 2016* Whole No. 301_____________________________________________________________ 23 Two More Surviving Examples of Roslyn, New York’s Postal Note Past  This example engraved and printed by  the American Bank Note Co. also of New York City was  issued  on  February  7,  1889.  The  second  four  year  contract  ran  from  September  3,  1887,  until  September 2, 1891. The amount on this note  is two cents  with an additional  issuing  fee of  three cents.  This  item  is a Type  IV Postal Note with 188–  in  the date. A Type  IV‐a, Postal  Note would have had  189–  in the date. The engraving change  from the 8  to  the 9  in  the year was  the ONLY printing plate  change made during ABNCo’s contract. The Queens County, N.Y. cancellation can clearly be seen  on the back of the note.          My  final Roslyn note,  issued on  January 17, 1893,  is what  current  collectors  refer  to as a Type V  Postal Note.  These notes  were  produced  by Dunlap &  Clarke,  a  printing  firm  located  in  Philadelphia, Pennsylvania. Other  than  the name  change on  the  front  (bottom)  and  eliminating  the  words  American  Bank  Note  Company  from  the  back  design,  the  plates  are  identical  to  those  used  by  American  Bank  Note  Company  for  Type‐IV‐a  Postal  Notes.  Most  collectors  believe  that  these  plates were  sold  to  Dunlap  &  Clarke when  the  ABNCo  finished  its  contract.  The  final  printing  contract  began  on  September 3, 1891 and ended with  the “Last Day of  Issue” notes on  June 30, 1894.  The  Postmaster who  signed  these  last  surviving notes was Francis S. Titus. The note employs a  plain, single circle cancelation: “Roslyn Jan. 17, 1893 N.Y”. ___________________________________________________________Paper Money * Jan/Feb 2016* Whole No. 301_____________________________________________________________ 24 Two Historic Views of the Long Island Rail Road Station at Roslyn, New York     About the Author:   I  first  started  collecting  at  the  age  of  8  or  10.  Bottle  caps, match  books,  marbles, baseball cards, whatever  would all eventually give way to U.S.  coins.  Coin  collecting  kept my  interest  for  quite  some  time.  There  always  seemed  to be an abundant  supply of  change  coming  into our home  for me  to  go  through.  This  was  no  great  surprise  because my mom was  a  part‐  time waitress. Coin collecting stayed in my blood for years but eventually  it  was time to move on. The little round metallic discs had lost some of their  appeal.   In  1991,  quite  by  accident,  I  discovered  Paper  Money.  More  specifically  I  became  extremely  focused  on  United  States Postage  and  Fractional Currency.  The  hands  got  sweaty,  the  pulse  quickened  and  before  I  knew  it  I was  hooked  and  on  another  journey  for  collectibles  and  knowledge.  These  small  historically  interesting  pieces  of  paper  transformed  my  otherwise  mundane  life‐style  into  a much  broader  collecting  passion  than  coins  had  ever done. These  items were  like miniature “magic carpets” which had  the  capability  of  transporting  me back  to  the 1862‐1876  time period  in which  they were commonly used. The approximate size of a lot of the  notes was  smaller  than  today’s  business  cards.  But  don’t  let  their size  fool you.  These  notes were  very  powerful. They  lifted me from the couch  in front of  the  television  and  prompted  me  to  create  some  award  winning  paper  money  exhibits  and  to  try my hand  at writing  articles.  This  chapter  in my  life has taken me to  many different show locations and introduced me to a  diverse cross section of very interesting fellow collectors.  The past 10 years Postal Notes of  the 1883‐1894  series have become  the  “new  kid  on  the  block”  for me.  A  good  deal  of  my  spare  time  is  now  focused  toward  Postal Notes  and  related material  although  I  still pursue  the  occasional Fractional Currency note as well as my many other collectibles.   If  you  have  any  Postal  Notes  that  you  would  like  to  discuss  I’m  always  receptive.  Please  forward  any  correspondence you may have to:  briveadus2012@yahoo.com and I will be sure to answer your emails.    The  Long  Island  Rail  Road began  operations  in  1834 with service  reaching  Roslyn  in 1864.  Mail  arrived  by  train twice  a  day  and  was  then taken  by  horse  and  carriage down  the hill  to  the post office in  Roslyn  Village.  Upon  arrival  clerks  would  begin  sorting  the  mail to get it ready for delivery.  Roslyn  Depot  c.  1908‐1910.  To  the  left  of  the  station  is  a  Trolley Car.  In 1907  the  Trolley began  service  through  Roslyn to  Mineola  but  ceased operating  in  1920  due  to  the  increase  in  cars.  In  1887  the  present  depot  was  built,  after the  old  one  was  torn  down. This  was  the  same  year  that telephone  service  was  established in the area.  ___________________________________________________________Paper Money * Jan/Feb 2016* Whole No. 301_____________________________________________________________ 25 NORTH KOREA’S PAPER MONEY ISSUES CONTINUE TO REMAIN ENIGMATIC by Carlson R. Chambliss Although there was one abortive attempt to issue paper money by the independent Korea kingdom in the year 1893, the first notes that saw actual circulation in Korea were those of the Dai Ichi Ginko of Japan (First National Bank of Japan). The first group of these was issued in 1902 at a time when Korea, although still nominally independent, was coming under increasingly strong Japanese influence. In 1910 Japan formally annexed Korea and made it an integral part of its empire. For the next 35 years the notes of the Bank of Korea or Chosen (Chosen Ginko in Japanese) were the sole issues for this country. The money in use was in effect the Japanese yen, and all Korean notes were tied to that currency. Doubtless one of the worst decisions made by the western Allies at Yalta in February, 1945 was the proposal to give the Soviet Union a hand in the occupation of Korea. At the beginning of 1945 the atomic bomb was still a thing of the future, and it was feared that American forces might have to invade Japan proper with enormous resultant casualties on both sides. Thus Soviet assistance was sought in the spring of 1945, and the Soviet Union did indeed honor its commitment to declare war against Japan but only on August 8, 1945 and only after an atomic bomb had already been dropped on Hiroshima on August 6th. A large Soviet offensive subsequently resulted in the rapid occupation by Red Army forces of much of Manchuria, the southern half of the island of Sakhalin (Karafuto in Japanese), and the northern half of Korea. Korea is a nation with a very high degree of ethnic homogeneity, and since the Seventh Century AD it had been a unified kingdom. The misguided decision to partition Korea into two different zones has resulted in a rupture that has remained unhealed for more than seven decades, and it also led directly to the Korean War of 1950‐53. As has been noted many times, the peace agreement reached in 1953 was only an armistice and not a full treaty of peace. Technically the Republic of Korea (South Korea) and the DPRK (North Korea) are still at war with each other. In 1945 the banknotes circulating in Korea were those of the Bank of Chosen, and in South Korea these were supplemented by Allied Military Currency. The AMC notes used in Korea were the so‐called A‐yen that came in seven denominations from 10 sen to 100 yen. Also issued were the B‐yen that also included a 1000 yen note. The B‐yen circulated in Japan until July, 1948, but they continued to be used in the Ryukyu Islands until 1958. The A‐yen circulated only to a very limited extent in Japan, but they were used in Korea during 1945 and 1946. The American authorities, however, were satisfied enough with the Bank of Chosen notes and continued their use in Korea up until the first distinctive issues of South Korean notes in 1949. When the Soviet forces took over northern Korea and portions of Manchuria, they put into use two quite similar issues of notes that were dated 1945 and were of the denominations 1, 5, 10, and 100 yen (yuan in Chinese or won in Korean). The words yuan, yen, and won are all derived from the same source (Chinese, of course) and refer to the round shape of a coin. Those for use in Manchuria were inscribed in Chinese only, and the 10 yuan and 100 yuan notes of this series also come with adhesive revalidation stamps attached. The 1, 5, 10, and 100 won notes of the Soviet Army Headquarters in North Korea were inscribed both in hancha (Chinese characters) and hangul (distinctive Korean alphabet). The colors and sizes of the 1, 5, 10, and 100 won notes were distinctive and the former were green, brown, violet, and red, respectively, while their sizes ranged from 127 x 70 mm for the 1 won to 168 x 92 mm for the 100 won note. There are two varieties of ___________________________________________________________Paper Money * Jan/Feb 2016* Whole No. 301_____________________________________________________________ 26 the 100 won notes, but all denominations of this series are scarce, especially in high grades. These notes are the first of a Communist administration in Korea, and they can be regarded and the first issue of North Korean notes, although the DPRK itself was not established until 1948. In 1947 the North Korea Central Bank was established, and in that year it began to issue a distinctive series of notes. These were to remain in circulation for a dozen years, a period that included the entire duration of the Korean War and much of its aftermath. The denominations were 15, 20, and 50 chon, and 1, 5, 10, and 100 won. (Incidentally the chon is 1/100th of a won and thus equivalent to fen in Chinese or sen in Japanese.) The three fractional values are predominantly brown, olive, and dark blue in color, respectively, and are quite small in size (85 x 46 mm for the two lower values and 104 x 54 mm for the 50 chon). The denominations of the two lower values are a bit unusual. Quite possibly they were used for purchasing a very cheap item such as a cup of tea or 100 grams of rice, but this is only my guess. At the time no coins were in circulation, so these items were needed for minimal purchases. The notes have hancha inscriptions on the face and hangul on their backs. They have no serial numbers. The won denominations are multicolored. All feature a worker and a farmer on the faces and a mountain (probably the sacred Paektu‐San on the Korean‐Chinese border) on their backs. Both hancha and hangul inscriptions are used. The three lower values are fairly small in size (from 115 x 62 mm for the 1 won to 137 x 74 mm for the 10 won), but the 100 won note is much larger at 170 x 95 mm. The serial numbers on these notes are printed in red. There are clearly at least two quite distinct printings of these notes. The notes most often seen are printed on a bright white, unwatermarked paper that appears almost bleached. The notes are always CU, and they most definitely were not printed in the late 1940s or early 1950s. The won values do have sequential serial numbers, and so they are not replicas of the original notes. But what are they? They could be remainder notes of a late printing that was never placed into circulation, or they could be reprints of these notes that were printed at a much later date long after the notes had become invalidated. Another possibility is that they could be counterfeits or clandestine printings of notes that were made from genuine plates. But who would want to make counterfeits of a near worthless currency? Thus I lean to the reprint idea, but this is only one of the numerous enigmas connected with North Korean paper money. The original notes of the 1947 series are printed on off‐white paper that features a watermark. This feature has a diagonal cross‐hatch pattern and is fairly weak, but it is most definitely there. The 5 won value apparently has two distinct printings. The first of these has a face design that differs in many respects from the late reprints, while the second variety corresponds more closely with these. In most cases the designs of the original watermarked notes are essentially identical with the late printings, and so I feel that all notes of these types were made using genuine plates. 1,2) A five won original issue of 1947 on watermarked paper (on the left) and a modern reprint on unwatermarked paper (on the right).. Note the different background lines between the hangul “Won” on the left and “O” (for five) on the right. The colors of these notes are also somewhat different with those of the original note being brighter than the later version. ___________________________________________________________Paper Money * Jan/Feb 2016* Whole No. 301_____________________________________________________________ 27 The late printings of the six lower values (15 chon through 10 won) of the 1947 notes are quite common, and large numbers of these are coming onto the market, especially from China. Advertisements for these items can be found on eBay. Do not make the mistake of paying serious money for them. The best deal that I have seen is about $280 postpaid for all six of these notes in packs of 100. That makes these notes cost rather less than 50 cents each. Single sets are also offered for something like $3 to $5 per set. Although sets of these notes are sometimes being offered at much higher prices, I certainly would advise against paying more than about $5 for a set. The 100 won value is usually sold separately from the others, and it is less common. Still an example of this note in CU condition should cost no more than $10. Oddly enough this value is seen more often in original, watermarked form than are some of the lower denominations. I have seen a 100 won note watermarked and in fairly high grade offered for $35. Expect to pay well over $100 for a full set of the watermarked notes of 1947 in nice condition. Before ordering a set of these by mail, however, make certain that you are purchasing an original watermarked set and not the common unwatermarked notes. During World War II both Japan and Korea suffered substantial inflation, and in Korea the Americans initially set a tentative value of 15 won or yen to the dollar in their zone of occupation. Strong inflationary pressures continued, however, and in 1948 an “official” rate of 450 won per dollar was adopted in South Korea. There was also a parallel market in which substantially more won were offered for American currency. By the time the Korean War began the de facto rate for the won in South Korea was something like 2000 to the dollar. In the Soviet‐occupied region of northern Korea the value of the won would presumably have been initially about the same as it was in the South (i.e., something like 15 won to the dollar), but inflation was less severe than in the American zone. With North Korea in basically a state of hostility with Western countries from its inception in 1948 and through most of the 1950s, it is very difficult to comment on exchange rates for their currency, but when a currency reform was initiated there in 1959 the “official” rate was something like 2.35 won per dollar of the new currency or about 235 won per dollar for the old. That would have made the face value of the largest of the old notes of 1947 only about 42 cents. In 1959 North Korea undertook the first of its currency reforms. A revalued won was issued by the newly‐formed Korean Central Bank that replaced the issues of 1947. The new won was worth 100 of the old, and so far as I know there were no restrictions on the amounts of money that could be exchanged or on the types of money involved (cash, bank accounts, bonds, etc.). There were six different notes in the new series that included notes for 50 chon, and 1, 5, 10, 50, and 100 won. The four lower denominations were fairly uniform in size ranging from 129 x 60 mm for the 50 chon to 154 x 68 mm for the 10 won. The two higher denomination notes, however, were large‐size, since the 50 won measured 192 x 90 mm while the 100 won was 205 x 96 mm in size. In comparison with US large‐size notes (1861‐1929) these notes were some 14% and 30% larger, respectively, in surface area. The predominant colors for the 50 chon through 100 won notes were blue, brown‐red, blue‐green, dark red, purple, and olive green, respectively. The three lower values were lithographed, while the three higher were printed in intaglio. All notes of 1959 are watermarked with a diagonal grid design. The 1 won depicts a fishing trawler, while the 5 won and 10 won feature government buildings on their faces. On their backs the 10 won and 50 won feature women picking fruits and harvesting wheat, respectively, while the faces of the 50 and 100 won notes depict urban and industrial landscapes. To round out these comments the back of the 100 won depicts a shoreline with cliffs. These notes are inscribed entirely in hangul, as are all later North Korean issues. Coins for 1, 5, and 10 chon that were struck in aluminum were also issued at the same time. Presumably the coins replaced the notes of the 1947 issue that were valued at 1, 5, and 10 (old) won. At this time the new North Korean won was officially valued at about 42 cents US. ___________________________________________________________Paper Money * Jan/Feb 2016* Whole No. 301_____________________________________________________________ 28 The notes dated 1959 were in use for the next two decades. This was a period in which North Korea was in a period of isolation and xenophobia with respect to most Western countries, and not many visitors at least from Western nations made it to Pyongyang. As a consequence not very many notes of this series made it out of the country, and all notes of the 1959 issue remain fairly scarce today. With some diligent searching over a period of a few years, I managed to put together a set of the six notes for about $80, but I would say that they should be regarded as very good buys at any price of under $125 for the full set in CU condition. For several years the World Paper Money Catalog listed these notes in circulated grades at very low values, but I have not found them to be at all common in such condition. While I was finishing up this article in August, 2015, a dealer in Hong Kong offered for sale on eBay single examples of the 50 and 100 won notes of this issue in CU grade. There were quite a few bids, and these items sold for $42 and $73, respectively. 3,4) The 5 won printed in blue green and the 10 won printed in dark red of the 1959 issue. Both depict government buildings on their faces. These notes were printed on paper watermarked with diagonal lines. 5,6) The 50 and 100 won values of the 1959 series are notable for their unusually large sizes. At the time the won was officially valued at about 42 cents US, but few notes were allowed to be exported from the country and they remain among the scarcest of North Korean issues. ___________________________________________________________Paper Money * Jan/Feb 2016* Whole No. 301_____________________________________________________________ 29 The next issue of North Korean banknotes are dated 1978. These were in actual use from 1978 to 1992, and it seems that they began to appear in quantity on the market soon after they were demonetized in 1992 or thereabouts. These notes have a peculiarity with regard to their shapes in that all exactly twice as long as they are wide, and their sizes vary from 130 x 65 mm for the 1 won to 170 x 85 mm for the 100 won note. The 50 chon note of the previous series was dropped in favor of an aluminum coin, and a 1 won aluminum coin was added in 1987. North Korea has also issued coins struck in cupronickel, silver, and even gold, but these items are strictly for sale to numismatists in foreign currency and they never circulate. The notes of 1978 were the first issue that included items intended for visitor use only. These circulated at a premium value above that of the normal notes and could be used to purchase goods and services that could not be obtained with the normal notes. Only the 1, 5, 10, and 50 won notes came in this form. The 100 won note depicts Kim Il‐ Sung on its face and Kim’s birthplace at the village of Mangyongdae on its back. Apparently it was felt that this note should not be used by foreigners, since they might not show sufficient respect for the “Gre at Leader.” When I first saw the series 1978 notes in dealers’ “junk boxes” fairly early in the 1990s, I was surprised to find them there at all, since prior to that time North Korean notes were usually not seen in any quantity. Clearly these items are not the results of small‐scale smuggling from North Korea but rather they were the result of releases of very large numbers of these items by the North Korean government. The normal notes of this series certainly much more available today than they were 15 or 20 years ago. With the exception of the 100 won note those intended for normal circulation have two serial numbers, one red and one black. On the 1, 5, and 10 won notes the red serial is on the left, while the black number is on the right. For the 50 won note this color scheme is reversed, and for the 100 won note only a single red serial appears on the left. The normal notes have no special markings on their backs. Although the catalogs formerly were listing these notes typically at $2 to $5 each, these values are currently too high. Large quantities of these items are now available from dealers in China, and they are currently being offered on eBay. Scanning offerings listed with this source the cheapest asking prices that I came up with (in August, 2015) for the 1, 5, 10, 50, and 100 won notes of 1978 per 100 in CU were $23, $28, $34, $30, and $38, respectively. Usually postage is extra, but assembling 100 sets of these items should not set you back much more than about $160. The price for a single set of five is usually in the $2 to $3 range, although postage may inflate your costs unless you order several sets at one time. Almost all of these offerings are coming from China. Lots of 1000 notes of the same value are not as easy to come by, and they typically sell for at least ten times that price of a lot of 100, but clearly huge numbers of these notes are available in today’s market. In terms of availability they have become comparable to the Bulgarian notes of 1951, some of the Cambodian notes of the 1960s and 1970s, a few of the Peruvian inflation notes of the 1980s, and a 7,8) A 5 won specimen note of the 1978 issue and the back of a 10 won note that was issued in 1986. The latter features a guilloche printed in dark blue and was intended for use only by foreign visitors. The background of the 5 won note emphasizes industrial production, but clearly air quality was not much of a concern to the regime. ___________________________________________________________Paper Money * Jan/Feb 2016* Whole No. 301_____________________________________________________________ 30 number of others. Nothing, of course, can approach the most abundant of the British Special Payment Vouchers where literally millions of notes were released at one time from a single source. Considerably less common are the special issues of the 1, 5, 10, and 50 won values that were made available only to foreign visitors. For each denomination there were four types of these notes. These notes are readily distinguishable on both their faces and backs. The notes intended for visitors from Capitalist countries have both serial numbers printed in red, while those intended for visitors from Socialist countries have these numbers printed in black. The notes issued in 1983 feature on their backs a small rectangle that measures 18 x 15 mm and is printed either in light red (for Capitalist visitors) or in blue green (for Socialist visitors). In 1986 these items were replaced by notes that have on their backs guilloches that are 40 mm long. These are either dark red or deep blue in color, and these were for either “Capitalist” or “Socialist” visitors, respectively. For some odd reason the deep blue seals have the value of the note spelled out in Korean, while the dark red guilloches do not. There also are sets of all five notes that have all‐zero serial numbers in the normal colors and the word Specimen in large red Korean letters overprinted on their faces. These were sold to collectors but only in limited quantities, and they are definitely scarce today. The visitor differentiation was applied even to the coins, and examples of the 1, 5, 10, and 50 chon coins exist with both two small stars or with one large star in addition to the normal coins without these features. The two‐star varieties were for ”Socialist” visitors, while the one‐star varieties were for the “Capitalist” visitors. Although the basic types of these notes are quite common, they are fairly well designed and rather attractive in appearance. All are printed by intaglio except for the one won note that is lithographed. The industrial scene that appears on the face of the 5 won note indicates that North Korea was not much concerned with air pollution, although the Kumgang Mountains depicted on its back side present a much more tranquil view. The 50 won note includes a soldier holding a most unrealistic flaming torch, while its back side depicts a tranquil lake scene. No watermarks or security threads were used in the paper for these notes. In 1988 another approach was tried for supplying money to foreign visitors. Special notes were issued by the Bank of Trade that were for use only by foreign visitors. Those for “Capitalists” were mostly blue green or blue in color, and the won values depicted a statue of Chollima, the legendary Korean flying horse. Those for “Socialists” were either dark red or pink in color, and the won values depicted the International Friendship Exhibition Hall, which is the building that houses the numerous official presents given to either Kim Il‐Sung or Kim Jong‐Il over the years. The fractional notes are for 1, 5, 10, and 50 chon, while the higher values include 1, 5, 10, and 50 won. The fractional notes measure 100 x 46 mm, while the higher values ranged from 110 x 56 mm for the 1 won to 139 x 70 mm for the 50 won. The “Socialist” set is readily available, but some values of the “Capitalist” set are a bit more difficult to come by. Eventually the concept of special currencies 9,10) A 50 won certificate printed mostly in dark red for use by visitors from Socialist countries and a 50 won note printed in blue green for use by visitors from Capitalist countries. Both were issued by the Bank of Trade in 1988. The latter item has two holes drilled at its top and thus has been cancelled. ___________________________________________________________Paper Money * Jan/Feb 2016* Whole No. 301_____________________________________________________________ 31 for foreign visitors was done away with, and since the late 1990s foreign visitors are permitted to use only foreign currency when making purchases in North Korea. During the late 1970s to the 1990s the “official” exchange rates for the North Korean won became increasingly unrealistic. For many of these years the official rate actually valued the won at above that of the US dollar, but the won remained an utterly non‐convertible currency that had a completely artificial value. New leaders such as Mikhail Gorbachev in the Soviet Union and Deng Xiaoping in China came to power in the two Communist superpowers, and no longer was North Korea able to play off one of these major nations against the other as it had been able to do in the 1960s and early 1970s. There was even a brief period in the late 1960s and early 1970s when the standard of living in North Korea approached that of the still‐impoverished South, but that was soon to change when the Republic of Korea began to develop into the economic giant that it is today. For the North the ultimate happened when the Soviet Union came apart in 1990‐91. Suddenly the subsidies and favorable trade arrangements with the Soviet Union that North Korea had been able to benefit from collapsed overnight. North Korea has been spending far too much of its budget on supporting a huge military force and on developing space research and nuclear research programs that have met with much international skepticism. Agriculture continued to follow rigid Stalinist models and was becoming increasingly inefficient. The country also suffered from a serious of floods and other adverse weather conditions that further reduced agricultural productivity. The net result was a crisis that came to a head in the 1990s. It is quite clear that North Korea suffered a famine in the mid‐1990s, but scholars differ radically on how many people died as a direct result of it. Certainly the death toll was at least a few hundred thousand, and some persons put the total at well over a million. Many persons died in the countryside, but industrial cities such as Hamhung and Chongjin were also badly affected. Even today these cities are filled with idle factories that are no longer producing goods. The food distribution system broke down in the early 1990s, and the regime was forced to allow people to grow produce that could be sold privately. All of this resulted in a severe amount of inflation, since the former system of rationing and subsidized pricing was completely undermined, Let us now return to the currency issues of this period. In 1992 the series of notes dated 1978 were replaced by a new series dated 1992. So far as I know this was done on a one‐for‐one basis without any complications. There were five values in the new set, and the denominations were the same as previous. The original notes state 1992 only, but later issues are also dated in the “Juche Era.” The word Juche in Korean means self‐reliance, but it is used in North Korea to reflect the political philosophy of the regime, the term “Marxism‐ Leninism” no longer being used. It also refers to the birth year (in 1912) of Kim Il‐Sung. Thus the notes dated 1998 also are dated Juche 87. In 1994 Kim Il‐Sung (the “Great Leader” or “Beloved Fatherly Leader”) died. He was succeeded by his son, Kim Jong‐Il (the “Dear Leader”). Kim Jong‐Il came to power at an inauspicious time. A serious famine was already underway, foreign aid was no longer flowing in from Russia, and the Chinese were reluctant to provide too much assistance. Furthermore inflation was now becoming rampant. A new “official” rate of 2.16 won per dollar was adopted, but this was a meaningless absurdity. This amount was chosen, since the official birth date of Kim Jong‐Il was February 16, 1942, i.e., 2.16.42. Most historians feel that he was actually born in 1941 in the Siberian city of Khabarovsk. By this time, however, the effective exchange rate was already well over one hundred won to the dollar. Between 1998 and 2005 four new denominations were added to the types that were initiated in 1992. These were notes for 500, 1000, 5000, and 200 won in that order. Thus the full set consists of nine values. The three lowest values (1, 5, and 10 won) are lithographed, while the others are intaglio. The size range is from 115 x 55 mm for the 1 won up to 156 x 76 mm for most notes of 100 won on up. Most denominations come with at least two different dates, and notes with dates as late as 2007 (or Juche 96) were issued. In 2007 a special set of all nine values honoring the ___________________________________________________________Paper Money * Jan/Feb 2016* Whole No. 301_____________________________________________________________ 32 95th anniversary of the birth of Kim Il‐Sung was issued. Previously three of the high values had been overprinted to celebrate the 60th anniversary of the Korea’s liberation from the Japanese. These notes also exist with specimen overprints and all‐zero serial numbers. These specimen notes are much more available than are the specimen notes of the 1978 issue. The sets of the 1992‐2007 type notes usually feature notes from several different years. These are readily available in quantity, but I don’t see as many of these offered for sale as is the case with the notes of the 1978 issue. I did obtain a set of packs of 100 in CU of the four higher values of this issue at a price that was well under $100 for all four, and I have seen offered for sale a set of the five lower values in packs of 100 offered for about $150. A single set of the nine values should not cost more than $3 to $5, although the special 95th anniversary issue would cost a bit more. That would also be the case with the specimen set. I have not seen the 95th anniversary set offered in specimen form. One agency in which the absurd 2.16 / $1 rate did have meaning was the North Korean bureau that sells stamps to philatelists. During the 1990s most stamps offered to collectors had face values well under 1 won, and typical souvenir sheets sold for about 2 won per item. After the summer of 2002, however, the face values of the latter were more typically 150 won or so. Apparently the philatelic agency went from selling stamps at a rate of 2.16 per dollar to something more like 135 per dollar almost overnight. Officially the 2.16 / $1 rate had been abolished in 2001, but it seems to have been continued for another year at the philatelic agency. None of this had any effect on foreign visitors to North Korea, however, since for them almost all expenses had been paid in advance in foreign funds and they were forbidden from using North Korean money when purchasing items in North Korea. Gradually more goods were being sold in private channels, but one of the consequences of this was a large increase in the money supply and also in the amount of inflation. In Chinese cities on or very close to the North Korean border there were transactions that involved both renminbi 11,12,13,14) Notes of 1992‐2007 types that were replaced on short notice late in 2009. The 50 won specimen dated 1992 that depicts the Juche Tower which is 170 meters tall. (This makes it just 2 feet taller than the Washington Monument.) The 500 won depicts the Great Study Hall and is a 95th anniversary commemorative as is the 5000 won portraying Kim Il‐Sung. Both of these were released in 2007. The 1000 won note is a normal issue released in 2002. ___________________________________________________________Paper Money * Jan/Feb 2016* Whole No. 301_____________________________________________________________ 33 (Chinese yuan) and North Korean won. By 2008 apparently the informal exchange rate was about 550 won per yuan, which would imply a rate of about 3500 won per US dollar. The increasingly large amount of money in private hands and the rapidly growing numbers of private transactions greatly concerned a North Korean government that wanted total control over the economic life of the country. Late in 2009 a drastic action was undertaken in the form of a Stalinist‐style currency “reform.” This was not the first time that such an action had been undertaken in a Communist country. In 1947 such measures were undertaken both in the Soviet Union and in Rumania. On very short notice a new currency is introduced, and all of the older currency must be exchanged within a short period of time or it loses all value. Strict limits, however, are placed on the amount of money that can be exchanged, and the limits tend to be different depending on whether the old currency exchanged is held in cash or in bank or savings accounts. After the “reform” has taken place, the costs of goods tend to be much higher in terms of the former currency. Thus such a reform renders the money being held by private individuals largely worthless, and it reduces the purchasing power of almost all persons. Wages continue much as before, so the buying power of most individuals using newly earned money is usually not too drastically affected. This is just what happened in North Korea late in 2009. The currency “reform” of 2009 was carried out between November 30th and December 7th of that year. All North Korean citizens were required to turn in their old money for new money at a rate of 100 “old” for one “new” won, but initially a limit of only 100,000 “old” won was allowed. At a black market rate of about 3000 won to the dollar, this would be equivalent to only little more than $30. Due to widespread protests this amount was raised significantly (to 500,000 won in some cases) during the week of the “reform,” but the regime was troubled by the protests that did arise. Allegedly the economist who directed this “reform,” Pak Nam‐Gi, was executed. Since prices in terms of either won did not change much as a consequence of the “reform,” it is estimated that this action resulted in a reduction of the buying power of North Korean citizens by about 97%. Initially the rate of exchange for the new won was about 130 to the dollar, but further inflation has reduced its value substantially. The new series of notes differ from those of 1992‐2007 in that all are of the same size, viz., 145 x 65 mm. There are nine values in the set ranging from 5 to 5000 won, and notes for both 200 and 2000 won are included. The three lower values are dated 2002 (Juche 91), while the others are dated 2008 (Juche 97). Clearly this reform had been planned for several years, but the details of its implementation had been kept a carefully guarded state secret. All of these notes are printed by intaglio, and the lowly 5 won note seems as well printed as the 5000 won high value that naturally depicts the Great Leader and his boyhood home at Mangyongdae. Historic homes seem to be a feature of these notes, since the 1000 won depicts the birthplace of Kim Il‐Sung’s mother, while the 2000 won features the log cabin at the base of Paektu‐ San where Kim Jong‐Il allegedly was born. The back of this note depicts the mountain itself. Thus far no Korean notes have portrayed Kim Jong‐Il, although he has been depicted on numerous postage stamps. All notes of this series include a watermark of a magnolia flower unlike the previous series in which watermarks were used only on the three highest values. The current notes exist in two different series. The first bear dates of either 2002 or 2008 and have no overprints. Several of the values of this issue also exist in specimen form. The second issue has the same dates but with special overprints honoring the 100th anniversary of the Juche Era, i.e., Kim Il‐Sung’s 100th birthday. Even in death the Great Leader still retains the title of the “Eternal President” of the DPRK. I paid about $22 for my first set of these notes (equivalent to about 400 won to the dollar), but I paid only about $8 for the second set (equivalent to about 1100 won per dollar). Officially the current exchange rate is about 900 won to the dollar, but the effective rate is now something closer to about 2000 per dollar. Very recently a special 5000 won note has been issued that pictures Kim’s house at Mangyongdae on its face. It also comes in ___________________________________________________________Paper Money * Jan/Feb 2016* Whole No. 301_____________________________________________________________ 34 specimen form and with a special overprint honoring the 70th anniversary of the end of World War II. The fact that these notes are being marketed inexpensively indicates that North Korea’s inflation is ongoing. All visitors to the country currently use Chinese yuan, US dollars, euros, or Japanese yen for making any incidental purchases. More goods are available in stores in Pyongyang these days than once was the case, but can the local currency be used to buy any of them? Today the North Korean won truly is “funny money.” The major developments in North Korea in the past few years concern the death of Kim Jong‐Il late in 2011 and the succession of his third son, Kim Jong‐Un. It was thought that his uncle, Jang Sung‐Taek, was the real power behind the young Kim Jong‐Un, but in December, 2013 Jang was purged and executed. It seems that Kim Jong‐Un is consolidating his grip on total control in a very ruthless fashion. Recently the former Minister of Defense, Hyon Yung‐Choi, was executed. Forming a basic collection of North Korean notes is fairly easy, since a few of the issues (the 1947 reprints, the 1978 regular issues, and various versions of the 1992‐2007 and the 2009 issues, usually dated 2002‐08) are readily available. Some, but not quite all of the foreign trade certificates of 1988 are also readily available. Less available, however, are the original printings of the 1947 notes, most of the 1959 notes, and some of the specimen notes of more recent issues. The Soviet Red Army issues of 1945 are also quite scarce in decent grades. Although I had no moral qualms about purchasing notes from a number of Chinese entrepreneurs, one should recognize that the current DPRK regime is today perhaps the most brutal and repressive government in the world, and I don’t think that one should contribute to it by purchasing too many of its products. 15,16,17,18) The current notes dated either 2002 or 2008 but released suddenly late in 2009. The 500 won depicts Kim Il‐Sung’s Arch of Triumph which is naturally slightly taller than the original version in Paris. The log cabin depicted on the specimen 2000 won note is supposed to be where Kim Jong‐Il was born in 1942. In 2012 a special set of these notes was issued to honor the year Juche 100. The 5 won depicts two engineers while the 5000 won features the Great Leader himself. ___________________________________________________________Paper Money * Jan/Feb 2016* Whole No. 301_____________________________________________________________ 35 Fractional Currency  The Engravers and Artists  by Robert Kravitz (edited by Benny Bolin)     During the time leading up to the Civil War and throughout the war, people hoarded gold,  silver and even copper coins due to the uncertainty of the ultimate value of the paper currency.  This created a shortage of a medium to make change as most transactions of the day were less  than a dollar.   Postage Currency and then subsequent issues known as Fractional Currency was printed to  help ease this shortage. It was printed in five different issues from August 1862 through February  1876.  The notes were  small,  reflective of  their denominations  and were  intricately  engraved.  Most were counterfeited so the designs were done to discourage this counterfeiting, a tact that  did not work.   This article will detail the men who engraved these notes with biological histories of most.     First Issue (Postage Currency)   The  first  issue of  fractional currency was printed between August 21, 1862 and May 27,  1863. It is known as Postage Currency due to the fact that the designs of the faces were based on  the five and ten‐cent postage stamps of the day. The notes were printed by the American Bank  Note Co. and the National Bank Note Co.. The five‐cent notes had Scott# 76 and the twenty‐five  cent notes, five of the same. The ten‐cent notes had Scott #68 and the fifty‐cent notes had five  of the same. The transfer rolls used to print the stamps were used to print the multiple values of  the postage currency.   Obverse designer—James MacDonough. Born  in 1820  and died  in NYC on  Jan. 6, 1903,  MacDonough  began  engraving  around  1846 with  Danforth,  Spencer  &  Hufty.  He was  also  a  founder of the National Bank Note Co. and eventually served as VP of the American Bank Note  Co. until his death.   Letter engraver—William D. Nichols. Born around 1835 and died around 1880, he  joined  Danforth, Wright & Co. in 1858 and was a founder of the NBNCo. In 1859.  Frame engraver and back  lathe work—Cyrus Durand. He was born in NJ on Feb. 27, 1787  and died on Sept. 18, 1868. He was a  founder of Durand, Wright & Co.  in 1839. He  joined  the  NBNCo.  In  November  1859.  His  geometric  lathe  was  used  on  all  three  issues  of  1861‐1867  national banknotes.   ___________________________________________________________Paper Money * Jan/Feb 2016* Whole No. 301_____________________________________________________________ 36 Washington portrait artist—Gilbert Stuart (originally Stewart). From Rhode  Island, Stuart  is regarded as one of America’s foremost portraitists. He was born Dec. 3, 1755 and died on July  9, 1828. He was also probably  the artist  for  the  Jefferson portrait on  the  five and  twenty‐five  cent stamps.   Portrait engraver—William Edgar Marshall.   Marshall was born  in NYC on  June 30, 1837  and died there on August 29, 1906. He began his engraving career with Danforth, Wright & Co.  and moved to the ABNCo. when it was formed in 1858 and then to the NBNCo. when it formed in  1859.  One  of  his  best  known  works  is  the  large  engraved  portrait  of  Henry  Wadsworth  Longfellow in the National Portrait Gallery.   Reverse designer—James Parsons Major.  Major was born in  Somersetshire, England on May 13, 1818 and died in NJ on October  17, 1900. He came  to  the United States  in 1830 and  studied with  Augustus Halbert before  joining Rawdon, Wright & Hatch  in 1836.  He worked  for  the  ABNCo.  as  head  of  the modeling  and  design  departments.  Assistant reverse designer—Nathaniel Jocelyn (changed from  Jocelin in 1818). Born in CT on Jan. 31, 1796 he began his engraving career with Fairman, Draper,  Underwood & Co. He was a founder of the ABNCo. in 1858 and retired to a life of painting in New  Haven, CT.   Reverse  letter  engraver—J.  E.  Vanhouten.  Vanhouten was  an  engraver  for  the  ABNCo.  after a tenure with Danforth, Bald & Co.   Second Issue  The second issue was printed between October 10, 1863 and February 23, 1867. This issue  had  the  exact  same design on  the  face  for  all denominations  and  the only differences  to  the  backs were the colors and the bronze denomination skeletal numeral. The different back color  schemes were  the  idea of Spencer Morton Clark. Five cent notes were brown;  ten cent green,  twenty‐five cent purple and fifty cent red.  William Howard was the printing supervisor for fractional currency for the first part of the  issue.  He  then  took  over  as  plate  printing  supervisor  for  the  entire  BEP  in  February  1864,  replacing Charles Neale.   Washington’s portrait engraver‐‐Joseph Prosper Ourdan. Ourdan was born  in NYC on Feb. 16, 1828 and died in Washington, DC on May 10, 1881. After an  apprenticeship with W. L. Ormsby, he began his career as an independent book  engraver. He was one of the first engravers at the BEP and eventually became  the  Chief  of  the  Engraving  Division.  He  left  the  BEP  in  1867  and  joined  the  NBNCo.  In  an  interesting  turn  of  events,  James  was  the  teacher  to  his  dad,  Joseph James Ourdan who became an expert letter engraver.   Dock scene engraver‐‐James Duthie.   Duthie was born  in England around 1825 and died  around  1865.  He was  originally  a  partner  in  Gavit &  Duthie  in  Albany, NY  and  engraved  for  Rawdon, Wright, Hatch & Edson. In August, 1862, he became the first engraver hired by Spencer  Morton Clark for the BEP and served as Superintendent of engraving until 1865. The dock scene  is a very busy scene in a very  small space. At water’s edge  are  steamboats  with  their  gang  planks  down  and  barrels  and  crates  of  cargo  are  piled  on  the  dock.  A  ___________________________________________________________Paper Money * Jan/Feb 2016* Whole No. 301_____________________________________________________________ 37 horse‐drawn wagon and smoke from a steam engine is seen in the background and it is so finely  detailed that you can see the track the engine is on.   Letter  engraver‐‐Archibald McLees. McLees  was  born  in  England  in  1817  and  died  in  Rutherford, NJ in 1890. He worked for Bald & Cousland and was one of the first engravers at the  BEP. He had three brothers, Daniel, James and Michael who were also engravers.   Transferer  for  the  entire  series‐‐Elisha  Hobart.  Born  in  England,  Hobart  came  to  U.S.  around 1843  and worked  in Albany, NY  into  the 1850s. He  also worked  in Boston  for  Joseph  Andrews.  He  was  the  second  engraver  hired  by  Clark  for  the  BEP  and  the  first  to  work  as  transferer. He also engraved the famous “Landing of the Pilgrims” in 1850.   Back engraver  for  the entire series‐‐George Washington Casilear.  Casilear was born in NYC in 1825 and died in Charlottesville, VA in 1912.  He worked  for Toppan, Carpenter, Casilear & Co. before he  joined  the  BEP as an assistant  in model design. He was named Superintendent of  Engraving  on  Dec.  16,  1889  and  retired  from  the  bureau  on  Oct.  30,  1893. Casilear was very  skilled  in doing matchwork,  the process where  two  or more  designs were  laid  down  on  different  rolls  and  had  to  be  brought together by hand to form a consolidated piece.   Third Issue  The third issue of fractional currency was printed between December 5, 1864 and August  16, 1869. It is the largest issue, both in terms of number of denominations and different types. It  has the smallest note that was ever printed by the U.S., the three‐cent note (postage was three‐ cents at this time). Each denomination had a different design, both face and back.    Three Cent  Portrait engraver—Owen H. Hanks. Born  in 1816 and died  in 1865,  Hanks was  first  listed  as  an  engraver  in  the  NYC  Business  Directory  in  1838.  He  founded Wellstood,  Benson &  Hanks  in  1848  and  joined  the  ABNCo. in 1859. The portrait of Washington on the face of the three‐cent  note was a cut‐down of Hanks’ $500 Interest Bearing Treasury Note.     Five Cent—portrait of Spencer Morton Clark, first Superintendent of the BEP.  While Clark had the permission of Spinner and Secretary McCullough to put his portrait on  the note, the act made many  in Congress angry and they passed the Act of April 7, 1863 which  forbade any future living person’s portraits to be placed on currency. No engraving data on these  notes is currently known.     Ten Cent  The  ten cent note was printed without  the word “Cents” en graved  on  it. Some  less than honest people used  it as a $10 note much  like they  used the 1883 racketeer “V” nickels that were gold plated.   Washington’s portrait engraver—James Duthie.     Fifteen Cent  The  third  issue  fifteen  cent  notes  had  the  portraits  of  Ulysses  S.  Grant  and General  Tecumseh  Sherman  on  them. Due  to  the  fact  that  the  plates for these notes were not complete, the Act of April 7, 1863 forbade them  from being printed, so they exist only in uniface form.   No engraving information is known for this issue.   ___________________________________________________________Paper Money * Jan/Feb 2016* Whole No. 301_____________________________________________________________ 38 Twenty‐Five Cent  The  twenty‐five  cent  notes  had  the  portrait  of William  Pitt  Fessenden,  former  Secretary  of  the  Treasury  on  them.  They  came with  two  different  colors  of  backs,  green  and  red.  As with  the  Second  Issue,  they  utilized  bronzing  with  fleur‐de‐leis  on  the  face  and  a  large  bronze  skeletal  denominational numeral. Some notes were printed on thicker fiber paper  with bronze back corner surcharges “M‐2‐6‐5” as well as some having the  fleur‐de‐leis on the front solid instead of outline form. While these notes  were printed the time of the Act of April 7, 1863, their plates had been  engraved  prior  to  the  enactment  of  the  law  so  they  could  be  legally  printed.   Portrait engraver—Charles Skinner. Born  in 1841, Skinner began his  career as a book  illustrator  in NYC. He worked  for  the ABNCo.  in 1864 and  retired from there on June 20, 1911 and passed away on March 14, 1932.     Fifty‐Cent Justice  Even  though  the Robert Friedberg Paper Money Catalogs  list  the Spinner notes  first,  the  notes with  the  Justice Holding Scale  vignette were printed  first. As with  the Fessenden notes,  these also have a bronze fleur‐de‐leis on the face and many have back corner surcharges. They  also have red and green backs.   Justice with Scales engraver—Charles Kennedy Burt.   Burt was born  in Edinburgh,  Scotland on Nov. 8, 1823 and died  in Brooklyn, NY on  March 25, 1892. He began studying with S. Holme Lizars  in Scotland  at the age of 12 and came to the U.S. in 1842. He spent most of his  first  four  years  in  the U.S.  engraving Da Vinci’s  Last  Supper. He  engraved  for many  companies,  the  ABNCo., Homer  Lee  BNCo.,  Rawdon, Wright, Hatch & Edson, et. al. He engraved for the BEP  for 20 years although he was not employed  there. The vignette  has an eagle on  the shield  that  is under  Justice’s  right arm. The  eagle  is “Old Abe” which was the mascot of Company “C” of the  8th Wisconsin Volunteer Infantry during the Civil War.   This  same  vignette was used on  the  $1000  Interest Bearing  Note of 1865;  the $100 and $50  Interest Bearing Notes of 1864 and  the $100 Compound Interest Note of 1864.    Fifty‐Cent Spinner  Charles Burt was the engraver of the Spinner portrait used for these notes.     Fourth Issue    The  fourth  issue was  printed  between  July  14,  1869  and  February  16,  1875.  It  had  the  distinction of having the only fifteen‐cent note that actually circulated. It was also the first issue  to  have  treasury  seals  printed  on  the  notes.  All  have  the  engraved  signatures  of  Allison  and  Spinner. Due  to  counterfeiting,  there are  three different  fifty  cent notes. The  ten,  fifteen and  twenty‐five cent notes were all engraved by Frederick Girsch. Due  to counterfeiting,  this  issue  has three different fifty cent designs.      ___________________________________________________________Paper Money * Jan/Feb 2016* Whole No. 301_____________________________________________________________ 39 Ten Cent—portrait of “Liberty.”  The model for the note was reportedly Mary Hull.   Designer‐‐Charles Burt.   Engraver‐‐Frederick Girsch.  Born  in  Germany  on Mar.  31,  1821,  Girsch  died in Mt. Vernon, NY on Dec. 18, 1895. Early in his life he was taught drawing  by Carl Seeger and  later supported his mother and four sisters by painting. He  attended The Royal Academy of Darmstadt and engraved  for G. G. Lange. He  went to Paris to study in 1848 and came to NYC in 1849 where he was an etcher  and engraver for the New Yorker Criminal Zeitung. He also worked for a number  of  other  publishers. He worked  as  an  engraver  for Danforth, Wright &  Co.  from  1855 to 1866. He did engravings for the BEP as well.   Fifteen Cent—portrait of “Columbia.”  Designer‐‐Douglas Romerson. Romerson was an engraver for the NBNCo.   Engraver‐‐Charles Burt.  Letter engraver‐‐W. D. Nichols  Twenty‐Five Cent—portrait of George Washington.  Designer‐‐Douglas Romerson    Engraver‐‐Charles Burt  Fifty Cent Lincoln  Portrait Photographer‐‐Anthony Berger. Berger was the  manager  of Matthew  Brady’s  studio  in Washington  D.C.  He  took  13  photographs of Lincoln  including the one used for this note. There are  reports that there were two different portraits done for this one, one  with the beard (chosen) and one without his beard.  Engraver‐‐Charles Burt.  Fifty Cent Stanton   Fifty Cent Dexter  Engraver of both notes‐‐Charles Burt.  ___________________________________________________________Paper Money * Jan/Feb 2016* Whole No. 301_____________________________________________________________ 40 Fifth Issue    The Fifth Issue was printed between February 26, 1874 and February 15, 1876. Due to the  fact that silver coins were once again in circulation, this issue was probably not totally necessary.     Ten Cent—portrait of William C. Meredith                       Twenty‐Five Cent—portrait of Robert J. Walker  Portrait artist—Thomas Knollwood.        Engraver‐‐Charles Burt.  Engraver‐‐Charles Burt.      Fifty Cent—portrait of William C. Crawford  Portrait  artist‐‐John  Wesley.  Jarvis  was  the  nephew  of  Methodist   leader John Wesley. He was born in South Shield, England in 1781. His family  moved  to  Philadelphia  and  he  began  studying  portrait  artistry  with  Matthew Pratt and Christain Gullager. In 1796 he entered into an engraving  apprenticeship with Edward Savage and one of his employees, David Edwin.  He formed a partnership with Joseph Wood in 1803 that lasted until 1810.  He  suffered  a massively debilitating  stroke while  in New Orleans  in 1834  and  lived  the  rest of his  life  cared  for by his  sister until he died  in NYC  in  1840.   Engraver‐‐Charles Burt.      References:    Comprehensive Catalog of U.S. Paper Money. Gene Hessler. 6th edition. 1997.  The Engraver’s Line. Gene Hessler. 1993.  Fractional  Currency. Henry  Russell Drowne.  Twentieth Annual Meeting  of  the American  Numismatic and Archaeological Society of New York. March 19, 1878.   Recalling  Five  Anniversaries.  The  Buck  Stops  Here.  Gene  Hessler.  Paper  Money.        Mar/Apr 2013. Whole #284.  “Old  Abe,”  the war  eagle.  The  Buck  Stops Here.  Gene  Hessler.  Paper Money. Nov/Dec  2012. Whole #282.   The  Encyclopedia  of  United  States  Postage  &  Fractional  Currency. Milton  R.  Friedberg.        6th edition. 2000.        ___________________________________________________________Paper Money * Jan/Feb 2016* Whole No. 301_____________________________________________________________ 41 The list of late-finished small-size plate varieties has grown! Collectors should be on the lookout for notes printed from four Series of 1934A Federal Reserve Note faces. These are New York $5 58 and $10 169, Philadelphia $5 39, and San Francisco $5 52. From February to June 1938, the BEP altered 11 Series of 1934 $5 and $10 face plates into Series of 1934A faces (see list below). They accomplished this by etching an "A" after the "SERIES OF 1934" located on either side of the portrait of Lincoln or Hamilton. They did this to each note on the 12-subject plates. 1934A Face (altered from) Finished as production plate? $5 Boston 38 (4) No $5 New York 58 (13) Yes-Nov. 16, 1944; used Nov. 1944-Oct. 1945 $5 Philadelphia 39 (2) Yes-Nov. 13, 1944; used Jan. 1946 $5 Chicago 54 (3) No $5 St. Louis 45 (34) No $5 San Francisco 52 (2) Yes-Nov. 7, 1944; used Nov. 1944-Jan. 1945 $10 Boston 68 (15) No $10 New York 169 (9) Yes-Mar. 15, 1944; used Mar.-Nov. 1944 $10 Philadelphia 62 (12) No $10 Chicago 117 (21) No $10 San Francisco 64 (3) No The BEP had prepared the 1934 plates from October to December 1934, during the early months of Series of 1934 plate production. They used them as electrolytic master bassos. These were iron plates lifted from molds made from steel masters. Master bassos served as templates in the production of working plates. As such, master bassos physically did not have etched plate serials. Small Notes by Jamie Yakes Series of 1934A Late-Finished $5 & $10 FRNs Series of 1934A $10 New York Late-Finished Face 169 ___________________________________________________________Paper Money * Jan/Feb 2016* Whole No. 301_____________________________________________________________ 42 Altering them was a huge time-saver for the BEP. Every intaglio detail was identical for 1934 and 1934A face plates, except for, of course, the "A" after "1934" in the series date on 1934As. Alerting the plates canceled the need to prepare a master die and steel master plates for those types. This greatly speeded up the production of working faces. When they altered the 1934s into 1934As, they assigned each plate a 1934A-sequence plate serial. The 1934 plate serials never appeared on a printed sheet. Over the next six years, they used the 1934As as master bassos for producing 1934A working plates. In 1944, the BEP finished four of the 1934A faces as production plates: $5 New York 58, $5 Philadelphia 39, $5 San Francisco 52, and $10 New York 169. Each had plate serials etched in the macro-style normal for the era. The BEP then used all four plates for sheet printings at various times from 1944-46. They never finished and canceled the other seven plates. I own the $10 note shown here. Heritage Auction Galleries had a small group of New York $10s, also with B-D serials, as lot 16410 in their sale no. 3503. So far, these few notes are the only examples of this variety known to me. What I desperately need are reports and examples of the $5s. Because the BEP used these plates during the later years of 1934A production, notes should have serial numbers toward the higher end of each respective serial number range for those 1934A types. Based on usage, the New York faces may be the most common. Both plates spent at least nine months cycling through the press room. Philadelphia face 39 notes may be the most elusive. That plate had only a single press run in January 1946 that lasted two weeks. Most exciting is the possibility that the $5s were mated with sheets printed from micro back plate 637. Back 637 first went to press in June 1945, and plate records show overlaps in the use of it and each of the $5 faces. I am interested to know about discoveries of these varieties. It's important to narrow down the serial ranges for each type. Send information to fivedollarguy@optonline.net, including the type, serial number, and face and back plates. Scans are great, too. Good luck hunting! Reference U.S. Treasury. Bureau of Engraving and Printing. Ledgers Pertaining to Plates, Rolls and Dies, 1870s-1960s. Volume 33. Record Group 318: Records of the Bureau of Engraving and Printing. National Archives and Records Administration, College Park, Maryland. ___________________________________________________________Paper Money * Jan/Feb 2016* Whole No. 301_____________________________________________________________ 43 U n c o u p l e d : Paper Money’s Odd Couple Throw Aways Joseph E. Boling Fred Schwan This month we address ancillary materials that accompany notes when they are produced and introduced to commerce. The basic unit of notes is usually a group of 100 pieces secured by a strap or band. See figure one, a strap placed around 100 military yen one- sen notes of the series mostly used in China (the China M- numbers in the Standard Catalog of World Paper Money). It is secured with cellophane tape. In some oriental locales, a group of nine or nineteen notes is wrapped with a tenth or twentieth note, making a self-contained bundle that can be assembled with others to make a larger unit, secured with twine or a rubber band. In other places a group of notes is secured with a staple in one corner (leaving pinholes and, in due course, rust marks). I don’t know what the usual note count is in a stapled bundle—100 notes would require a hefty (industrial grade) stapler. Moving beyond the 100-note pack, bundle, or sometimes strap (borrowing the name of the paper band securing the group of 100), we get to accumulations of 1000 pieces forming a brick. See figures two through five. We can learn a lot from the markings on a strap or brick. In the Allied military currency (AMC) series, some straps tell what the replacement note indicator is (a variation in the serial blocks). Since bricks are usually wrapped, the wrapper has to tell something about the contents. Let’s look at some Japanese invasion money (JIM) bricks. Boling continued on page 20. I love throw away items related to my collections. Straps are the most common of these items, but there are more. Straps are just part of the packaging for notes. Specifically, I am thinking about military payment certificates (MPC) here. Extending the idea of packaging, throw aways for MPC include: straps, cardboard boxes, end labels thereto, and wooden crates. All of these are collectable and desirable to varying degrees, depending upon the level of your obsessive-compulsive disorder. The idea for the topic of this column was inspired by the recent article in Paper Money, “Fractional Currency: Packs and Secret Marks” by Rick Melamed. That made me think about the similarities among the many different paper money specialties, and here we are. Straps for MPC are similar to others used by the Bureau of Engraving and Printing. They include the all-important information regarding identification of replacement notes. The text on MPC straps reads: “If the numbers on the certificates in this package do not run in sequence the substituted certificates are preceded by a letter but do not have a suffix letter.” For MPC the straps were made in two different sizes— for cent-denominated and for dollar-denominated notes. More interestingly, they were also printed in multiple colors, with a color corresponding to the denomination. Forty packages (term used by the BEP on the straps as quoted above) were bundled together in a ___________________________________________________________Paper Money * Jan/Feb 2016* Whole No. 301_____________________________________________________________ 44 cardboard box. Significantly, these boxes had printed end labels identifying not only the series and denomination, but also the serial number range of the certificates therein. In the early 1970s it was popular to collect end labels from Federal Reserve notes with the first and last note from what was commonly called the brick. Believe it or not, some collector in Viet Nam took the idea and gathered some similar groups with labels and notes for Series 681 and 692 MPC! Tentative research indicates that the colors of the straps and end labels were coordinated. The following colors have been confirmed (series seen): 5¢ black, 10¢ brown, 25¢ green, 50¢ purple (692), $5 red (691), $10 yellow (692), $20 purple (692). It is likely that the same colors were used over time, but this is far from certain. Other reports are needed. The final step in packaging during World War II (Allied military currency) and for MPC was to seal four bricks of 4000 notes in a wooden box. The boxes were stenciled with coded information so as not to tempt thieves. We have seen pictures of these boxes in our studies, but no such boxes were held by collectors until the unofficial release of Series 691 and 701. At least a few of these wooden boxes have made their way into collections. Anyone using large quantities of cash creates expedient straps out of available paper. Usually these are used once and discarded. They are veritable scraps. In operating military banking facilities in Viet Nam, American Express had an established system of straps for internal use. AE-148 (12-69) was the American Express form number for an internal strap. This particular strap was created specifically for Viet Nam—MACV is part of the text! The illustrated piece is the only observed example. It is not known, but it is altogether possible or even likely, that other expedient straps were created by American Express in other areas, and by other banks or agencies as well. This American Express strap was shown to me by a collector at a Florida show several years ago. I had never seen such a thing. You can guess that I really wanted it. I spent the better part of a day working on a trade with the owner so that this throw away could go home with me. A similar discussion of throw aways can also be done for other issues. The Allied military (AM) notes printed in the United States had an identical system—straps, cardboard boxes with end labels, and wood crates. There are many Series 681 50ȼ end label with first and last notes American Express company strap for MPC. Possibly the greatest MPC snapshot ever taken. Collector and MPC enthusiast Marv Mericle is wearing an MPCFest sweat shirt while giving a presentation on Series 691 MPC at a Memphis paper money show. Under his right hand is a wooden crate used to transport the MPC. On top of the wooden box is a cardboard box with appropriate Series 691 end label. End label on cardboard box for Series 691 $5 MPC. ___________________________________________________________Paper Money * Jan/Feb 2016* Whole No. 301_____________________________________________________________ 45 twists and turns, and if MPC throw aways are scarce (they are), such AM items are really rare. AM lire, francs, marks, schillings (Austria), kroner (Denmark) and yen were issued. Below is a summary of what we know about these. AM lire straps are known, but very scarce. No known end labels. AM franc straps are known, but, of course, very scarce. One end label is known. It was from the C. M. Nielsen collection. One of the AM franc wooden boxes appears in a photograph of pay operations in England shortly before D-Day. This picture was used for the cover of World War II Remembered. AM mark straps are known and are less scarce than the others. No end labels reported, although it is very possible that some exist in collections. AM kroner and schillings have no known straps or end labels. Straps for these issues would be particularly interesting because most of the issues were printed in England, so I expect that the straps will be very different. Furthermore, the notes were of varying sizes that would have required corresponding straps. Of particular interest would be the strap for the 25 schilling note (printed by the BEP). The replacement thereof is extremely rare. Replacements are indicated by an X on the face of the note, but not directly as a suffix or prefix to the serial number, so it would be very interesting to see the explanation on the strap! AM yen straps are known but end labels are not. There is an extra twist for the yen. Two different types of replacements were used, necessitating two different straps. The rare type replacement used the MPC replacement system (no suffix letter). Finding such a strap would be very exciting. There are many other kinds of throw away items. Many people throw away their old checks. MPC checks were mostly thrown away and even though I like them, most collectors yawn. Pay stubs and PX receipts in MPC are uncommon throw aways that I like. Happily, others do not like them as much as I do. At the end of World War II, the United States Army in Germany created what they called barter stores. Notes were issued in the stores. Perhaps some collectors of national issues consider these notes to be throw aways. Others of us prize them, but that is not the point. A modest number of receipts from the stores are known in collections—I estimate fewer than 25 pieces altogether. The receipts have a barter store imprint and interesting information relating to the transaction in question. Obviously, like Starbucks receipts, these were thrown away. More likely, in 1945 and 1946 Germany, they were burned for heat. To my way of thinking, these are wonderful additions to a collection. WT, a collecting friend of mine, agrees about the attractiveness of throw away items, and barter store receipts in particular, but WT took it to a new level. He amassed a formidable collection of barter receipts. That is to say, seven A mountain of Allied military francs in wooden crates at Forbes Lithograph Mfg. Company and one of the boxes in the field paying troops in England just before D-Day 1944. Military banking facility check from a region using MPCs. Note the restrictions printed on the left face. (Yes, Boling still has every check he has written, up to when banks stopped returning them.) ___________________________________________________________Paper Money * Jan/Feb 2016* Whole No. 301_____________________________________________________________ 46 or eight pieces. He liked them. I was jealous. It was a balance. Well, one day in a fit of energy, WT cleaned up his office, which had overflowed to the entire house. With other scraps and possibly those Starbucks receipts, he trashed his barter store receipt collection, making them second generation throw aways. Boling Continued: Figure two shows two bricks of Philippine JIM notes. The PG brick says, translated, “ho group military use notes 5-sen notes PG 1000 pieces.” On the end it says “ho 5 sen” in a font intended to look like it had been lettered by brush. Not a word about where the military was going to use them. “Ho” here is a counter—just as we identify groups as A-B-C-D..., the Japanese use a classical text that has no repeating sounds, which starts out “i-ro-ha-ni- ho-he-to.” The ho group corresponds to our E group. Each JIM issue was assigned a different group identifier. Even though we know now that block PG was destined for the Philippines, there was nothing on this wrapper to show that when it was used. Even the denomination is ambiguous—the notes inside are 5-centavo notes, but the wrapper uses their homeland currency equivalent, which serves to hide the locale where the notes would be used. All JIM were pegged to the yen 1:1 except the Oceania “sterling” notes, where the pound was 1:10 with the yen. The other four JIM currencies were Netherlands East Indies gulden (ha group), Straits (Malayan) dollars (ni), Philippine pesos (ho), and Burmese rupees (he). The second brick in figure two is from the PN block. Now the text says “ho-group southern area 5-sen notes PN 1000 pieces.” Evidently, by the time block PN was printed, the game was afoot, and there was no reason to be cagey about the area of intended use (but it still does not say Philippines or centavos). Figure three shows the top of a brick of 1000 ni-group southern area one-yen notes. Figure four shows the end of that package, labeled “one yen.” The contents are 1000 Malaya JIM one dollar notes. The JIM Straits dollar was not the US dollar, and there never was a series of dollar JIM intended to be used in Hawaii or the US mainland. Figure five is an opened-out wrapper for a brick of 1000 pieces of he-group one-sen notes—when opened, it was actually one- cent notes for Burma. Use of cents was a novelty for Burma, which had been using India’s monetary system of rupees Barter unit and store sales receipt. A great throwaway item. Figure 3 Figure 4 ___________________________________________________________Paper Money * Jan/Feb 2016* Whole No. 301_____________________________________________________________ 47 divided into sixteen annas of four pice each. Going back to figure one, the strap that was originally on 100 1-sen military currency notes (not JIM), note that the denomination indicated on the wrapper is 1 rupee at the Yokohama Specie Bank office in Rangoon. This is further evidence of the interchangeability of yen and the four equivalent JIM units (rupees, pesos, dollars, gulden). Figure six is a wrapper for a brick of a different Japanese occupation currency—that of the Central Reserve Bank of China, headquartered in Shanghai. This was a brick of 1000 pieces of 1940-dated five-yuan notes, shown in figure seven. Unlike most JIM, these notes were serialized—the starting and ending numbers of the brick are on a label glued to the wrapper. Some years ago, dealers were able to obtain full bricks of this note, which led to the discovery of how replacements were treated. The notes in figure seven all came from this brick. Look at the block letters A on both serials of the three notes. They are not consistent in their orientation with respect to the rest of the serial number. The note in the middle (ending 600) is the replacement. Through most of the period that Japan produced western-style notes, they used a make-up press to replace the exact serial of a damaged note—no separate batches of replacement notes were printed. Unless there is a recognizable difference in the font used on the makeup press, one usually cannot distinguish replacements once they have been separated from their original production context. The angles of the letters seen here are not diagnostic. On a different day and on a different press you could find the orientations switched with respect to what this brick shows. One actually has to go through a brick note by note looking for the differences in the angles in that group. However, the printers made that task slightly easier. Because the replacement had to be inserted back into the pack, it was intentionally cut smaller, so that no oversized edges would protrude. Thus, when inspecting packs for replacements, one can look at the edges of the packs and see where the gaps are—even larger gaps if more than one note had to be replaced. Note that the replaced piece here was the last note in the strap—a note more likely to be damaged than one in the middle of the bundle. Now look at figure eight. It shows note 600 sitting on top of note 599, with their lower left corners precisely overlapped. At the opposite diagonal, there is a spread of 1- 2mm - the amount smaller that the replacement note was cut to avoid having a protruding edge at top, bottom, or on an end. Someplace in my collection I have (or had) a note that is cut irregularly at the top and shows damage exactly like you would expect if it were hanging out of the edge of a pack. I could not locate it tonight to photograph. The dealer who found this note 600 replacement had already sold most of the following pack, so I could not buy the following bookend—I had to settle for one 98 notes later. But it still serves to show the distinction between note 600 and those that preceded and followed it. No, I have not forgotten about counterfeits for this issue. Figure nine shows three Central Figure 6 Figure 8 Figure 7 ___________________________________________________________Paper Money * Jan/Feb 2016* Whole No. 301_____________________________________________________________ 48 Bank of China customs gold unit notes, all denominated 2000 CGU. Two are dated 1947 (correct) and one is dated 1930 (there were no 2000 CGU notes that early). All claim to be printed by ABNCo. Only the note on the left is genuine. It is intaglio and offset (the non-orange colors), with letterpress serials and seals and with planchettes in the paper. The planchettes are blue, pink, and yellow, with the yellow ones virtually invisible in white light, but both the pink and yellow are UV-reactive. The back is intaglio, also orange. The center note, with the correct date, is 100% letterpress. It probably has running serials, as the serial, even though in the same color as the main plate, is more heavily embossed. There are no planchettes. The serial number is the wrong color (should be black). The block format is not disqualifying—both single- and double- letter blocks exist on genuine notes. The right-hand note is 100% litho except for the serials, which are letterpress and running. They are the right color, but the characters SHANGHAI below them should be the color of the intaglio plate. The planchettes are printed, all in grey and undersized. As mentioned above, its date is incorrect. So how does this tie in with wrappers and straps? Figure ten shows counterfeit straps! The one on top came with the 1930-dated note in figure nine. The other one goes with notes showing Chiang Kai-shek’s portrait. These false notes are being created for the tourist trade, and having straps from which the vendors remove the notes “as you watch” makes them seem more authentic. Figure eleven is a genuine ABNCo strap for a Central Bank of China note—not one of these CGU notes, unfortunately—the holder it came in says it was on a pack of 1930 five-yuan notes SCWPM #200. It is the right size for that note, of which I also have several counterfeits. But they were made to circulate, long ago—they are a story for another day. Figure 10 Figure 11 ___________________________________________________________Paper Money * Jan/Feb 2016* Whole No. 301_____________________________________________________________ 49 Figure 1   A promissory note made to a “Judge Robinson” for $5 “on account of his services committed July  1834”. Signed in Chattahoochee, Alabama, 9 August 1834.   Signature “Hiles”??  An 1834 Promissory Note from Alabama Reveals a “Lost” Community by Bill Gunther One of the joys of collecting obsolete notes and financial documents is the ocassional discovery  of what  is believed  to be a unique piece.   Most  collectors  can  relate  to  the  “rush”  that  comes  from  finding such a note or document that reveals a part of history that had, to this point, been  lost.   Such  was my good fortune when I recentlly acquired a promissory note of 1834.  Promisory notes served as a type of “private currency” and are, in the grand scheme of obsolete  note collecting, not highly prized unless there is something unque  about the payee or payor, the date or  the  location.    In  the  case of  tthis note,  it  is  the  location, Chattahoochee, Alabama,  that  is  the main  attraction.    It  is, by all accoounts, a  “dead  town”  that has been  long  forgotten and absent  from any  current references or maps.  Moreover, there are no known obsolete notes from this town.  Here  is  the  research  path  that  led  to  the  conclusions  offered  above.    An  initial  search  for  Chattahooche,  Alabama  using Google  Earth  produced  no  results.   A  search  using  the Google  search  engine also produced no “hits” for a Chattachoochee, Alabama.  A search of the Alabama Department of  Archives  and  History  web  site  again  produced  no  results.  It  should  be  noted  that  there  is  a  Chattahoochee County in Georgia, a town of Chattahoochee, Florida and that the Chattahoochee River  runs from above Atlanta south‐west to the Alabama‐Georgia border.  But no Chattahoochee, Alabama.  A search of the Handbook of American Indians North of Mexico also produced no indian villages  or towns by the name of Chattahoochee.1      A search for the payee on the note, “Judge Robinson” using  Ancestry.com was made, but since there  is no  first name, date of birth or specific geographic  location  (other than Chattahoochee) it is not surprising that no identifiable individuals were identified.  ___________________________________________________________Paper Money * Jan/Feb 2016* Whole No. 301_____________________________________________________________ 50 Since Chattahoochee is an Indian name, a review of Historic Indian Towns in Alabama, 1540‐1838 was  conducted and it produced some limited but important information.2   The author of this book searched  through some 214 different historic maps dating from 1540 to 1838, and regarding Chattahoochee  concludes:        “Chattahoochee (Lower Creek)  Virtually nothing was found in the narrative records, but this town appeared frequently  on some sixty‐two maps from 1687 to 1828.  The location drifts up and down the Chattahoochee  River, making it difficult to establish a pattern.  In grouping the maps based on location, three  groups emerge.  One is at or near the Georgia/Alabama border on the west or east bank, which  includes twenty‐two maps from 1687 Homman to 1799 Arrowsmith.  The second group is at or  near the fall line on the west bank of the river, which includes fifteen maps from 1711 Nairne to  1803 Poinson.  The third group includes twenty‐five maps from 1733 Popple to 1828 Hall;  however more than half of these maps are after 1800.  The problem presented here is that the town appeared at all three locations during the  same periods.  It does appear, however, that the town was at some time located in Alabama on  the west bank of the Chattahoochee between the fall line above Phoenix City and the state line  near Lanett.”3  This conclusion regarding the possible location of Chattahoochee, Alabama would place the town in  either Russell, Lee or Chambers County, all bordering the Chattahoochee River (see map).      It would be safe to conclude that Chattahoochee, Alabama was at first a Lower Creek Indian  town which, like many other Indian villages in the early 1800’s became “occupied” by white settlers.    Tensions often led to violent clashes between the settlers and the Indians.  To address this growing  problem, the Treaty of Cusseta in 1832 awarded Creeks in Alabama legal title to their lands allowing  them to sell or remain legally on their land.   Unfortunately, being unfamiliar with the concept of title,  ___________________________________________________________Paper Money * Jan/Feb 2016* Whole No. 301_____________________________________________________________ 51 many Creeks were cheated out of their land by “unscrupulous land speculators.”4    The date of this  promissory note, 1834, falls into this period of increasing violence between the settlers and the Creeks  which culminated in the “Second Creek War” in 1836.   By 1837‐38, almost all of the Creeks had been  “removed” from Alabama to Oklahoma.    This promissory note appears to be a relic from a time of conflict between Lower Creek Indians  who resided in the village of Chattahoochee and the white settlers who “encroached” on their legally  owned land.  What service “Judge Robinson” provided to this unknown debtor and what eventually  happened to the village of Chattahoochee is difficult to say.  But whatever locational advantage the  Chattahoochee River site may have initially offered to the early Creek settlers, it was eventually trumped  by the development of the railroad system. Consider this fact from Wayne Cline’s Alabama Railroads:    “Led by the wealthy fifty‐three‐year‐old planter Abner McGehee, they organized the  Montgomery Railroad Company, which was chartered on January 20, 1832, to lay track through  the sandy, infertile pine barrens of east Alabama and connect Montgomery with the navigable  portion of the Chattahoochee River opposite Columbus Georgia.”5      Cline further notes that “Although the state legislature granted more than twenty‐five charters  to railroad companies in the 1830s, most of them never got beyond the planning states, and the panic of  1837 effectively brought an end to all of them.”6   However, the wide‐spread interest in building  railroads likely sent a message to villages like Chattahoochee that their days were numbered.   Finally, a  series of navigational improvements on the Chattahoochee that began in the mid‐1940’s may have  covered the original site of Chattahoochee.     Footnotes    1Hodge, Frederick Webb, Compiler. The Handbook of American Indians North of Mexico. Bureau of  American Ethnology, Government Printing Office. 1906. AccessGenealogy.com. Web. 26 August 2014.  http://www.accessgenealogy.com/native/handbook‐of‐american‐indians‐north‐of‐mexico.htm ‐ Last  updated on Aug 26th, 2013’    2Amos J. Wright Jr., Historic Indian Towns in Alabama, 1540‐1838.  (Tuscaloosa:  The University of  Alabama Press, 2003), p. xii.    3Wright, pp. 30‐31.    4Christopher Haveman, “Creek Indian Removal,”   Encyclopedia of Alabama, 2009, updated 2013.   Available at http://www.encyclopediaofalabama.org/face/Article.jsp?id=h‐2013.    5Wayne Cline, Alabama Railroads (Tuscaloosa: The University of Alabama Press, 1997), p.18.    6Cline, p. 17.  ___________________________________________________________Paper Money * Jan/Feb 2016* Whole No. 301_____________________________________________________________ 52 We will be attending the following shows in January 2016: New York International Numismatic Convention from January 7th to 10th, 2016 in NYC. The 15th Annual Stock and Bond Show, January 29th & 30th in Herndon, VA. Our next auction will be held late February at our offices in Fort Lee, NJ with dates to be determined. The Silver Certificate Star Notes of the 1935 Group by Bill Brandimore In 1928 Small Size Silver Certificates were first issued. In that series each change in signature combinations resulted in a different series designation, the adding of alphabetical figures for the notes resulting from these different signature combinations, as in 1928A, 1928B, 1928C, 1928D and 1928E. In 1934 a design change was made resulting in the series of 1934, although with the same signature combination as the 1928E issue. In 1934 the new design was created with the switch of the Treasury seal from one side to the other and a numeral one in its stead along with the elimination of the large letters ONE where the seal was now located. In 1935 the back design was radically changed to illustrate the front and back of the Great Seal of the United States. The numeral one on the Face was changed from a blue shading to light gray and the blue Treasury seal was reduced in size. Very slight changes in the size of the face and back plate letters led to the 1935A series designation, although the signature combinations remained the same as those of 1928E, 1934 and 1935. The face and back plate numbers had been ½ of one millimeter in height. For the new 1935A series they were increased in size to a full one millimeter in height. This is an easy distinction for me to make, as I can read the one millimeter sized numerals with only my reading glasses, while the earlier size plate letters need the help of my magnifying glass to decipher. This would remain the basic design for the ensuing series of 1935B, 1935C, 1935D, 1935E, and 1935F, with a slight change occurring mid-printing in the 1935D series. The space in the design between the lettering “one dollar” and the bottom frame line on the reverse was slightly narrowed to create a wide margin and narrow margin variety in the 1935D series. In addition, at the end of the 1935D series, 18 note plates were introduced on star notes of the *D block and $1 notes would be printed on the new and old plates until the advent of the 1963 Federal Reserve $1 notes, which were printed exclusively on 18 note plates. The adding of the Motto, “In God We Trust” was added mid-printing in the 1935G series, although this did not result in a series change. However, notes with and without the motto are recognized as separate varieties. The 1935 run was concluded with the notes of the 1935H series. The 1957, 1957A and 1957B series all came about due to changes in the signature combinations. Numbering of the 1935 series star notes began with the *A block and were continued from issue to issue. Altogether, 20 different varieties of star notes were issued with *A through *H being the range of serial numbers. The only deviations from numerical order apparently occurred in the Mule versions of the 1935 and 1935A star notes. This would seem to be because during early 1938, both 1935 and 1935A notes were in production. During the early months of production the back plates of both series seem to have been mixed together. Mules occurred with some 1935 notes having the 1935A 1 millimeter sized back plate numeral and some 1935A notes having the micro ½ millimeter sized plate numeral from the back plates of 1935. I have a 1935 ___________________________________________________________Paper Money * Jan/Feb 2016* Whole No. 301_____________________________________________________________ 54 star mule with serial number *21888962A and a 1935A star mule with serial number *20310651A. There are a number of changeover pairs of regular issue notes that also illustrate this mixture of plates with serial numbered pairs exhibiting both sized back plate numbers. The Mules are particularly scarce with approximately 7 1935 Mule stars reported to the two major grading services and 37 1935A Mule stars reported. Regarding scarcity, the 1935A series had two star blocks, *A and *B. Star B is the scarcer with about 2 million stars printed. The 1935B star note is also a bit on the scarce side with about 10 million *B notes printed. The Star B block continued through the 1935C series and into the 1935D series where a long run produced stars in the *B, *C and *D blocks. These 1935D stars are also found in wide and narrow varieties as discussed earlier in this article. The Star C Wide variety is particularly scarce. With the introduction of 18 note plates, the C* block was cut short in favor of issuing star notes in the *D block. These notes are also relatively scarce, as only 5 million or so notes were printed before entering into the 1935E series with this block. The 1935E series was productive in the sense that there were three star blocks, *D, *E and *F. The *F block carried over to the 1935F series which also had about 10 million *G blocks printed, the scarcest of 1935F, but by this time 10 million was not really scarce as many more were being saved by collectors at this time. The 1935G series saw the introduction of the motto, “In God We Trust”. The “With Motto” variety is the scarcer of the two varieties. Only 1,436,000 million *G notes were printed in the 1935H series. This note is somewhat of a condition scarcity, as well centered notes are elusive. The Small Size Silver Certificate notes are an interesting challenge. I have focused on the 1935 series because of the interesting varieties involved. Also, while elusive the star notes of 1935 are not subject to the extreme rarity of the 1928C, D and E stars, making it possible with time and patience to put together this set without entering into bankruptcy court. In addition to the Standard Guide to Small Size U.S. Paper Money, I also relied on a number of conversations with the co-author of that book, Scot Lindquist, who has been most helpful in allowing me to understand the mysterious nature of some of these notes. ___________________________________________________________Paper Money * Jan/Feb 2016* Whole No. 301_____________________________________________________________ 55 The Obsolete Corner The Obsolete Corner The City of Leavenworth by Robert Gill In this issue of Paper Money I’m going to share with you a very rare sheet from my Obsolete sheet collection. It is on the City of Leavenworth, Kansas. The City Council of Leavenworth, Kansas, authorized a scrip issue on May 16, 1871. The deflationary period following the Civil War proved extremely difficult for early towns in Kansas. Real money was scarce and many towns issued paper scrip to meet their financial obligations. Because of a previous failed experience of issuing scrip in earlier times, the city recognized that scrip was a bad idea. But because of a scarcity of real money and a lack of a circulating medium during those times, it was decided to authorize the engraving of $50,000 in city warrants to be used for expenses of the general fund for the fire department, streets, culverts, bridges, etc. In his excellent book Kansas Paper Money, Steve Whitfield tells us that an article appeared in the Kansas City Journal Post on February 6, 1927, reporting a small hoard of City of Leavenworth “single” notes. The holder of the hoard was a local woman whose family had obtained it from an old man’s holdings, a former African slave who had served her family for many years after the Civil War had ended. This man had occasionally done odd jobs for the city mayor over the years. When the old man died, the woman’s family went through his belongings. In the attic of his old shack they found a tin box that contained the hoard of notes. The article also stated that when the old City Hall was razed to make room for a new structure, a large amount of the scrip was found in uncut sheets. The sheets were destroyed. Today, only a single uncut sheet is known. When the City of Leavenworth authorized this scrip, the Continental Bank Note Company was contracted to do the engraving and printing. As you can see in the scans, very clean and beautiful notes were produced. Notice in the second scan that expense was not spared, as the reverse of the notes are of very high and eye-appealing quality. This was not the norm for Obsolete times. Knowing that this sheet of City of Leavenworth notes may very possibly be the only surviving sheet, I was elated when it appeared in auction a couple of years ago. And I was really surprised when there were no other bidders for it. It is definitely one of the “trophies” in my collection. As I always do, I invite any comments. I can be reached by my personal email address robertgill@cableone.net or by my cell phone (580) 221-0898. Until next time… HAPPY COLLECTING. ___________________________________________________________Paper Money * Jan/Feb 2016* Whole No. 301_____________________________________________________________ 56 ___________________________________________________________Paper Money * Jan/Feb 2016* Whole No. 301_____________________________________________________________ 57 ___________________________________________________________Paper Money * Jan/Feb 2016* Whole No. 301_____________________________________________________________ 58 INTERESTING MINING NOTES  by David E. Schenkman    In the field of obsolete paper money, rarity is sometimes a transient quality. I was reminded of this recently, when a note issued by Miller Bros & Co. of Mulberry, Kansas was offered in a Heritage sale. Described as “Whitfield only lists the 5¢ denomination on this merchant, followed by the word "Unique." The same now can be said for the 10¢ denomination. This discovery remainder from circa 1910 grades PMG Gem Uncirculated 65 EPQ,” the note sold for $705. Unfortunately for the purchaser, the note is not unique. In 2012 I spotted an unissued 5 denomination on eBay. I wasn’t interested, since I already owned a well circulated example, but I was interested in knowing what it sold for. After the sale ended I contacted the seller and asked whether she had any others. She replied, “I do have several more of the 5 cent and several of the 10 cent. They are all unused.” My curiosity aroused, I let her know that I would be interested in purchasing all of the notes, as long as the price was realistic. I pointed out that although there was another bidder right under the high bid of $200, the next highest bid was only $35. She wrote back, saying “actually I have about 60 of the 10 cent and about 80 of the 5 cent. But I don't know if I would be interested in selling the whole group. I can set on these for years if I have to. They are a fairly rare item. Most of them are even in consecutive numbers which makes them worth a little more. Putting this on Ebay was for the most part a trial run. None of them have been used. I was just at the right place at the right time. There couldn't be too many of these left.” I didn’t pursue the matter, and some time later found one of the 10 cent notes on an antique mall’s web site, offered by the same seller with a price of $200 or best offer. My offer of $75 was accepted. Realistically I probably overpaid, considering the fact that the seller still has nearly sixty of them. Miller Brothers & Company was established in 1895 by William Lewis Miller, along with his three sons and his daughter. The company quickly became the largest coal producer in Kansas. Their mine was located north of Mulberry, on the line of the Kansas City, Fort Scott & Memphis Railway. Around 1904 the mining operation was evidently closed, but the company continued operating a general store for many years. Their notes were printed by the Gast Bank Note Company of St. Louis. I imagine other denominations were printed and are yet to be discovered, but who knows. This is the first of what will hopefully be a regular column in Paper Money. The author has been a collector of numismatic items relating to the mining industry for many years, and is nearing completion of a catalog of obsolete notes from coal mining companies. Comments, questions, suggestions (even criticisms) may be emailed to dave@turtlehillbanjo.com or mailed to P.O. Box 2866, La Plata, MD 20646. ___________________________________________________________Paper Money * Jan/Feb 2016* Whole No. 301_____________________________________________________________ 59 There’s a War on Cash. Should We Be Worried? It first really hit me that cash was in trouble in June of 2013, when I went to The Netherlands for a conference on—of all things—complementary currencies. Usually, when I travel abroad, I pride myself on getting a supply of the local simoleons ahead of time, and avoid rapacious airport currency exchanges. Landing at Schiphol, feeling smart and not too jet-lagged at all, I made my way to the railway station to buy a ticket to The Hague. At the counter I tendered my Euro note for a ticket, only to be told that I needed to pay a penalty (a half-Euro, I think), since I was using cash for the transaction, and not some kind of, I don’t know, Euro-socialist debit card or whatever. OUTRAGE! Over the next few days I actually found plenty of opportunities to spend my precious paper currency in a wonderful city, so it was all good. But the idea that spending legal tender could nonetheless be subject to legal discrimination struck the wrong nerve. Cash has always been controversial, and for various reasons. The Harvard economist Kenneth Rogoff, no radical he, has recently spelled out the case for why paper currency ought to be retired.* For one, it facilitates tax evasion, corruption, and crime. This is nothing new (I would add that the average note is also swarming with cocaine-addled bacteria). Cash also complicates the conduct of monetary policy by defining the “zero bound”, meaning that central banks can’t push their benchmark interest rates much below zero without physical paper currency becoming vastly more attractive to hold. European countries like Germany, Switzerland, and Sweden are beginning to grapple with the challenges of conducting monetary policy in a negative interest rate environment. In that topsy- turvy world, savers are penalized for banking their money, and debtors are rewarded with rebates on the principals they have borrowed. In these countries, the prospect of negative interest rates has made the so-called War on Cash more than just rhetorical. In Sweden, for instance, the circulation of physical Kronor has fallen by some 20 percent in the last six years, accompanying the development of a reliable mobile payment app for small transactions (it goes by the unfortunate name “Swish”). This trend towards a cashless society has been particularly pushed by Björn Ulvaeus, formerly of the rock band ABBA (1972-1982) and, incidentally, one of my sartorial heroes when I was a teenager. Apparently, Ulvaeus got ticked off when his son was robbed some time ago, and he resolved to purge Sweden of the scourge of cash (of course, this wouldn’t have been necessary if his son had been packing a gun, but you just can’t reason with Swedes about some things). The high-trust, high-tech societies of Scandinavia could probably get along well enough without cash. But is Sweden a harbinger of a global turn away from filthy lucre? On my “News & Notes” blog I accumulate links that help document the trend (the blog appears on the SPMC website at spmc.org every Tuesday; check it out!), as well as some reactions to it. In particular, there has occurred some hyperventilating about Sweden’s shift towards a cashless society representing a “totalitarian’s dream” (oh, and buy gold). Now, the link between physical cash and civil liberties is real and important, and I wouldn’t want to be complacent about the implications of abolishing cash. Moreover, the optics of the government’s monetary policy going below the “zero bound” by unilaterally reducing the value of bank deposit balances would be just terrible, making the current abuses of civil asset forfeiture laws look like small beer indeed. Another Harvard academic, N. Greg Mankiw, even proposed in 2009 a scheme to drive people away from cash by a government-run lottery that would periodically invalidate a certain proportion of the outstanding currency supply according to the last digit of their serial numbers (apparently Mankiw was atoning for having been an economic adviser to George W. Bush). Over the years there have been a number of plans bruited for systematically taxing cash, going back to Silvio Gesell’s Schwundgeld of the early 20th century. Whether or not such a scheme ever becomes a complement to negative interest rates, clearly physical cash is in retreat. The storied banknote printer De La Rue retrenches its operations as a wired world votes with its thumbs to make payments via electronic apps rather than paper currency. Would the end of cash extinguish privacy, and thus freedom—or are we instead entering a golden age of quantum-encrypted digital currencies that provide perfect anonymity? All I know for sure is that, as a collector, I vastly prefer the physical sort. *Costs and Benefits to Phasing Out Paper Currency, NBER Working Paper No. 20126, May 2014. Chump Change Loren Gatch ___________________________________________________________Paper Money * Jan/Feb 2016* Whole No. 301_____________________________________________________________ 60 President’s Column Jan/Feb 2016   Fall  brings more  shows  and  a  flurry  of  activity on the numismatic circuit.  Baltimore, the  Wall Street Bourse, PCDA  show  in Chicago, and  the Houston Money show all offer opportunities  for paper money aficionados. And while the mid‐ west  has  suffered  an  early  winter  snowstorm  around the time of the PPCDA show, we back  in  New England have had it easy – so far!  Though it  looks  like  a  warm  start  to  the  winter  which  makes travel a bit easier to these shows!     I  did  attend  the  Baltimore  show where  many  currency  dealers  set  up  and  there  is  a  program of presentations, a kids corner and  lots  of  fun activities.   This  is no  longer a coin  show,  but offers numerous  items of  interest  including  current  activities.    One  thing  about  the  November  Baltimore  is  the  co‐location  of  the  Colonial Coin Collectors Club or C4 annual event.   While more focused on early American coins, C4  also draws out  those  interested  in  colonial  and  Continental  currency,  an  often  overlooked  and  underappreciated  era  in  paper  money.  SPMC  currently does not sponsor a booth, but several  SPMC board members and dealers do set up and  talk  about  the  Society  and  paper  money  in  general.  Some  of  us  carry  new  member  applications –  I encourage all who attend shows  like Baltimore – especially  those who  set up  to  carry  new  member  apps  and  promote  the  Society. Further, please consider presenting your  favorite  paper  money  topic  at  shows  like  Baltimore.     One other type of show which rarely gets  mentioned in most paper money circles are Civil  War  shows.  There  are  quite  a  few  around  the  country  –  I’m  most  familiar  with  Mike  Kent’s  shows. He holds the  largest show  in the country  on  the  first  weekend  in  December  in  Franklin,  Tenn. This show also offers paper money dealers  – some of the same well known people that we  see on our  regular  show  circuit, but  also offers  the  chance  to  meet  Civil  War  historians  and  other  dealers  that  have  paper money  as  well.  These  events  have  a  much  different  type  of  material on display from both sides of the War –  flags,  uniforms,  knives,  swords,  guns,  cannon,  paintings,  books,  paper  money,  coins,  letters,  period dress,  jewelry, etc… While there was not  a  presentation  program,  there  is  an  exhibit  program and we’ve not seen much paper money.   If  you  collect Civil War  era paper money –  this  includes  US  Large  Type,  interest  bearing,  fractional  currency,  obsolete  bank  notes,  Confederate and Southern State notes, and early  National  Currency  –  a  display  at  one  of  these  events  should be quite educational and a  lot of  fun for you and the attendees!     The  Society  board  members  and  other  volunteers  are  gearing  up  for  the  40th  annual  Memphis Paper Money  show.   This will be held  at  the  downtown  Memphis  convention  center  again with all of the usual programs such as the  SPMC Breakfast,  the exhibits,  the  lecture series,  and possibly a  few surprises  for the 40th!   Make  plans  to  attend  and  participate  –  winter  is  a  great time to build that new exhibit!  It is earlier  in June this year – June 2‐5, 2016.     We have added one new member to the  Board  last  year,  Loren  Gatch,  and  we  have  another  in  the process of nomination!   We  still  have  a  couple  of  slots  open,  so  please  contact  me  if  interested  in  helping  drive  the  hobby  forward  and  you  want  a  platform  to  own  a  project  that will give back and benefit all.  Ideas  can  be  in  the  on‐line  arena  –  new  content  formats,  delivery  methods;  help  publishing  books,  driving  SPMC  presences  at  a  show,  working  with  young  numismatists  with  an  interest  in currency, something we all should be  interested in! We also are initiating more contact  with  sister numismatic groups  such as ANA and  PCDA,  so  three  are  interesting  opportunities  to  collaborate  and  meet  fascinating  people  and  possible lifelong friends!      I  hope  everyone  had  a  great  holiday  season, Merry  Christmas  and  Happy  New  Year  and is having a great numismatic winter!  Pierre Fricke ___________________________________________________________Paper Money * Jan/Feb 2016* Whole No. 301_____________________________________________________________ 61 W_l]om_ to Our N_w M_m\_rs! \y Fr[nk Cl[rk—SPMC M_m\_rship Dir_]tor NEW MEMBERS 12/05/2015 - 14447 - 14455 14447 Terry Knight, (C), Jason Bradford 14448 Stephen Goldsmith, (C & D), Judith Murphy 14449 Mark Voight, (C), Robert Gill 14450 Thaddeus G. Hale, (D), Website 14451 Marshal Baker, (C), Pierre Fricke 14452 Ronnie Braswell, (C), Jason Bradford 14453 George H. Genuario III, (C), Website 14454 Charles Surasky, (C), Frank Clark 14455 Steve Litchfield, (C, US Small), Jim Hodgson REINSTATEMENTS 14319 Rodney Charlton II, (C), Frank Clark LIFE MEMBERSHIPS LM428 Rahul Arora, (C & D), Website   Letter to the Editor; A couple of comments about issue 300 (Nov-Dec 2015): Carlson Chambliss did not mention any ultraviolet characteristics of the Israel first issue notes in his article on page 403. An exhibitor who showed those notes at the Michigan State show in November also did not, which I inquired about as an exhibit judge. After removing his exhibit Sunday we crawled under a black jacket to see if any UV features were being used by DeLaRue in 1955. We found that only the cyclamen vignette on the face of the 500 prutah note was mildly UV- reactive. This was probably an accident of ink selection, and not intentional. On page 429, in Jamie Yakes’ article on late-finished plate 86 $10 silver certificates, there is a typo in the serial range for yellow-seal notes. The starting serial for $10 North Africa notes was A91044001A, not A091044001. As a matter of interest, one of the plate 86 notes also exists as a yellow-seal- changed-to-blue-seal post-war alteration, serial number A92594511A. Joseph Boling, LM388   ___________________________________________________________Paper Money * Jan/Feb 2016* Whole No. 301_____________________________________________________________ 62 Editor Sez I hope you all had a great holiday season and are ready for a really good New Year!!! I hope you watched the Rose Parade on TV and saw that big old band at the front of the parade. That is the Allen Escadrille, 775 strong, but alas, we only had 716 go. Yes, I am the nurse for that group and boy was that a challenge. The kids were great, but have you ever even thought about going through airport security with almost 100 prescription medications that ARE NOT YOURS! If you don’t see a March/April edition of Paper Money, the TSA must still be holding me. Anyway, I hope you all had a great New Year. I try to always get this edition out earlier than normal so that when it gets in the hands of the USPS, it won’t be overly delayed due to the holiday rush. 2016 is starting with a bang! Many of you will be reading (hopefully re- reading) this issue from FUN! What a great way to start a year! FUN is always a great show and the organizers and Cindy Wibker really do a BANG up job! We all owe them a debt of gratitude. I had a wonderful time doing cataloging for the Heritage auction. I cataloged most of the fractional, eight (yes 8) shields, 6 Heath Detectors, a lot of cool notes and the most wonderful collection of fractional currency inverts I have had the privilege of seeing. It was fun updating Tom O’Mara’s groundbreaking research on inverts and their rarity by adding in the inverts that were in the Boyd/Ford collection to those known. I smell an article coming on! After FUN we move to a number of other great shows during the year, including the 40th International Paper Money Show in MEMPHIS! It is a little earlier than normal this year, June 1-5 to avoid conflicts with Father’s day and the ANA Summer Seminar. Plan to attend this incredible event that will pay tribute to the prior 39 Memphis’ (I hope that is the plural of Memphis). Plan to not only attend, but also plan to place an exhibit! Mart Delger and Bob Moon will again serve as exhibit chairs. You could also give an educational seminar in the speaker series that is headed by Peter Huntoon! But best of all, IT IS MEMPHIS!!! So as we go forward this year, I hope you continue to enjoy the articles in the Award Winning Paper Money. This issue we welcome a new columnist, David Schwenkman who is going to do a column on mining scrip. We also have a couple of new authors, Bob Laub who did an excellent article on Postal Notes (not postage currency) and Robert Kravitz who did a nice piece on the engraving of fractional currency. Come on, join the fun. Write an article. I would really like to see some large size currency articles. But any topic is open---JDI—Just Do It! Until next issue (if I have been released from TSA custody that is), I bid you all a Happy New Year! Benny Texting and Driving—It can wait! ___________________________________________________________Paper Money * Jan/Feb 2016* Whole No. 301_____________________________________________________________ 63 An Index to Paper Money ***page numbers in issues 297 and 298 are duplicated, Volume 54, 2015 issue 299 returns to consecutive numbering. Whole Numbers 295-300 Compiled by Terry A. Bryan Yr. Vol. No. Pg. BANKS, BANKERS AND BANKING.(no articles under this heading this year) Barnes, Roger Biographical Abstracts/Early Paper Money Signers & Printers, illlus. ..................................... 15 54 296 136 Early Paper Money of America, Prominent Signatory Quick Reference Guide, table ........ 15 54 295 55 Selected Bibliography, illus., (Colonial, Continental, National Currency)................................ 15 54 297 237 Bolin, Benny Mythology & South Carolina Colonial Notes, illus. ..................................................................... 15 54 300 444 Boling, Joseph E. More on Printing & Other Stuff, illus. (with Fred Schwan) ......................................................... 15 54 295 44 Operation Bernhard, illus. (with Fred Schwan) ........................................................................... 15 54 298 201 St. Pierre & The Free French, illus. (with Fred Schwan) ........................................................... 15 54 299 346 Summer Travels, illus. (with Fred Schwan)(Counterfeit International Currency) ................. 15 54 300 416 Some Philippine Oddities, illus. (with Fred Schwan) .................................................................. 15 54 297 220 Wrapping Up Printing Technologies, illus. (with Fred Schwan) ............................................... 15 54 296 118 Bryan, Terry A. The Famous Polar Bear Vignette, illus. ........................................................................................ 15 54 297 210 Mr. Roebling’s Bridge, illus. ............................................................................................................. 15 54 295 20 Money and The Artist, illus. ............................................................................................................. 15 54 299 353 Chambliss, Carlson R. The “English” Series of Notes of the Central Bank of the Philippines, illus. ........................... 15 54 297 201 The First Issue of Bank of Israel Notes Proved Unpopular Within Their Country of Issue, illus. ....................................................................................... 15 54 300 403 The Fractional Currency of Israel, illus. ......................................................................................... 15 54 296 99 Many Yugoslavian Notes Reflect Extreme Inflation, illus. ......................................................... 15 54 298 184 Small-Size American-Printed Notes of Banco De Mexico, 1936-1978, illus......................... 15 54 299 334 Some Additional Comments Concerning The Mexican 10,000 Peso Note of 1978, illus. .................................................................................................................... 15 54 300 431 Some Thoughts & Considerations on Small-Size $500 & $1,000 Federal Reserve Notes, illus. ................................................................................................................................ 15 54 295 30 Clark, Frank First National Bank of West Plains, Missouri, illus. (About Texas Mostly column) ............... 15 54 297 196 COLLECTING The Crying of Lot 200, Loren Gatch (Chump Change column)(auction descriptions) ....... 15 54 299 369 COLONIAL AND CONTINENTAL CURRENCY Biographical Abstracts/Early Paper Money Signers & Printers, illus., Roger Barnes ......... 15 54 296 136 Early Paper Money of America, Prominent Signatory Quick Reference Guide Roger Barnes .......................................................................................................... 15 54 295 55 Mythology & South Carolina Colonial Notes, illus., Benny Bolin ............................................. 15 54 300 444 Selected Bibliography, illus., Roger Barnes (Colonial, Continental, National Currency) ..... 15 54 297 237 CONFEDERATE AND SOUTHERN STATES CURRENCY Alabama State Fractional Currency, Printing Sequence & A Variant 50-Cent Note, illus. Charles Derby .......................................................................................................... 15 54 300 384 COUNTERFEIT, ALTERED & SPURIOUS NOTES The Art of the Fake, Loren Gatch (Chump Change Column) ................................................. 15 54 300 439 St. Pierre & The Free French, illus. Joe Boling, Fred Schwan (WWII fakes) ........................ 15 54 299 346 Summer Travels, illus. Joe Boling, Fred Schwan (China, Columbia, Italy, Viet Nam Cft.) . 15 54 300 416 ___________________________________________________________Paper Money * Jan/Feb 2016* Whole No. 301_____________________________________________________________ 64 Derby, Charles Alabama State Fractional Currency, Printing Sequence & A Variant 50 Cent Note, illus. . 15 54 300 384 Ehrhardt, James C. Washington Lottery Dealer Issue Small Notes, illus. (Scrip Notes) ....................................... 15 54 296 130 ENGRAVERS & ENGRAVING AND PRINTING More on Printing & Other Stuff, illus., Joe Boling, Fred Schwan ............................................. 15 54 295 44 Wrapping Up Printing Technologies, illus. (with Joe Boling) .................................................... 15 54 296 118 Gatch, Loren The Art of the Fake (Chump Change column)(counterfeiting) ................................................ 15 54 300 439 The Crying of Lot 200 (Chump Change column) ....................................................................... 15 54 299 369 Dick Gregory’s “One Vote” Note, illus. .......................................................................................... 15 54 297 192 E. S. Wells Was “Rough on Rats”, illus. (check & company history) ...................................... 15 54 300 434 Give Me Liberty—or Give Me Six Month’s Home Detention (Chump Change column) ... 15 54 296 133 Grading the Third-Party Graders (Chump Change column) ................................................... 15 54 297 230 Making Cents of Small Denominations (Chump Change column) ........................................ 15 54 298 214 Who Wants to be a (M)(B)(Tr)illionaire? (Chump Change column) ....................................... 15 54 295 51 Gill, Robert The Dixon Hotel Co., illus. (Illinois) ................................................................................................. 15 54 296 134 The One That Got Away, illus. (Obsolete Corner column)(Mississippi) ................................. 15 54 300 442 A Prize from Memphis, illus. (Alabama) (Obsolete Corner column) ....................................... 15 54 299 370 Rare College Currency Bank (New York), illus. .......................................................................... 15 54 295 42 Short-Lived, but What a History, illus. (Chicago, Illinois Obsolete Notes) .............................. 15 54 297 227 Thomas Dyott & His Manual Labor Bank, illus. (Pennsylvania Obsolete Notes) ................ 15 54 298 210 Gunther, Bill Alabama Insurance Company of Montgomery: King of Alabama Obsolete Notes, illus. .. 15 54 298 159 Hewitt, Shawn (The Paper Column) Identification of Make-Up Replacement Type Notes, illus. (with Peter Huntoon) ................. 15 54 297 178 Huntoon, Peter Mono-Color 18-Subject Overprinting Operations created Distinctive Errors On $1 Series of 1935D & E Silver Certificates, Illus. (With Martin, Liddell, Yakes, Moffitt, Murray) ...................................................... 15 54 300 394 The Paper Column (with Shawn Hewitt, Jamie Yakes) Enduring Allure of $5 Micro Back Plates 629 & 637, illus. ................................................ 15 54 299 304 Identification of Make-Up Replacement Type Notes, illus. (with R. Shawn Hewitt) .... 15 54 297 178 King City, Missouri, Blood Money, illus. ............................................................................... 15 54 298 175 National Bank Note Series of 1882 & 1902 Post-Date Back Transition, illus. .............. 15 54 295 4 “Partlys”/Salvaged Notes, illus. (with Jamie Yakes) .......................................................... 15 54 296 80 INTERNATIONAL. CURRENCY 1922 German 10,000 Mark Note: The Vampire Note, illus., Pam & David Stitely .............. 15 54 299 366 The Crying of Lot 200, Loren Gatch (Chump Change column)(Canadian currency) ......... 15 54 299 369 “English” Series of Notes of the Central Bank of the Philippines, illus.,C.R. Chambliss .... 15 54 297 201 The First Issue of Bank of Israel Notes Proved Unpopular Within Their Country of Issue, illus., Carlson R. Chambliss ............................................. 15 54 300 403 The Fractional Currency of Israel, illus. Carson R. Chambliss ................................................. 15 54 296 99 Making Cents of Small Denominations, Loren Gatch (small fractional notes) ..................... 15 54 298 214 Many Yugoslavian Notes Reflect Extreme Inflation, illus., Carson R. Chambliss ................ 15 54 298 184 Mr. Roebling’s Bridge, illus., Terry A. Bryan ................................................................................. 15 54 295 20 More on Printing & Other Stuff, illus., Joe Boling, Fred Schwan ............................................. 15 54 295 44 Operation Bernhard, illus., Joe Boling, Fred Schwan ................................................................ 15 54 298 201 St. Pierre & The Free French, illus. Joe Boling, Fred Schwan ................................................. 15 54 299 346 Small-Size American-Printed Notes of Banco De Mexico, illus. C.R.Chambliss ................. 15 54 299 334 Some Additional Comments Concerning The Mexican 10,000 Peso Note of 1978, illus., Carlson R. Chambliss .......................................................................... 15 54 300 431 Some Philippine Oddities, illus., Joseph E. Boling (with Fred Schwan) ................................. 15 54 297 220 Who Wants to be a (M)(B)(Tr)illiionaire?, Loren Gatch ............................................................. 15 54 295 51 ___________________________________________________________Paper Money * Jan/Feb 2016* Whole No. 301_____________________________________________________________ 65 Korver, Bob NumiStorica.com Website for Numismatic Stories & Slide Shows ........................................ 15 54 300 449 Liddell, Bob Mono-Color 18-Subject Overprinting Operations created Distinctive Errors On $1 Series of 1935D & E Silver Certificates, Illus. (With Martin, Huntoon, Yakes, Moffitt, Murray) ................................................. 15 54 300 394 Lofthus, Lee Fabulous High Denomination Feds of 1918, illus....................................................................... 15 54 297 160 Series of 1929 Dallas Federal Reserve Bank Notes Revealed, illus. .................................... 15 54 296 107 Martin, James Mono-Color 18-Subject Overprinting Operations created Distinctive Errors On $1 Series of 1935D & E Silver Certificates, Illus. (With Huntoon, Liddell, Yakes, Moffitt, Murray) ................................................. 15 54 300 394 Melamed, Rick The Crawford “K-20” Engraving Error, illus. ................................................................................. 15 54 296 89 Original Banded Fractional Packs, illus. ....................................................................................... 15 54 299 328 MILITARY PAYMENT CERTIFICATES AND MILITARY CURRENCY More on Printing & Other Stuff, illus., Joe Boling, Fred Schwan ........... ...................... 15 54 295 44 Operation Bernhard, illus., Joe Boling, Fred Schwan ............................ ...................... 15 54 298 201 St. Pierre & The Free French, illus., Joe Boling, Fred Schwan ............. ...................... 15 54 299 346 Summer Travels, illus., Joe Boling, Fred Schwan (WW II items, Conventions) ........ 15 54 300 416 Moffitt, Derek Mono-Color 18-Subject Overprinting Operations created Distinctive Errors On $1 Series of 1935D & E Silver Certificates, Illus. (With Martin, Huntoon, Liddell, Yakes, Murray)................................................. 15 54 300 394 Murray, Doug Mono-Color 18-Subject Overprinting Operations created Distinctive Errors On $1 Series of 1935D & E Silver Certificates, Illus. (With Martin, Huntoon, Liddell, Yakes, Moffitt) ................................................... 15 54 300 394 NEW LITERATURE (no new literature reviewed this year) OBSOLETE NOTES & SCRIP Alabama Insurance Company of Montgomery: King of Alabama Obsolete Notes, illus. Bill Gunther ................................................................................................................................ 15 54 298 159 Alabama State Fractional Currency, illus., Charles Derby ........................................................ 15 54 300 384 The Dixon Hotel Co. (Illinois), illus., Robert Gill (Obsolete Corner column) ........................... 15 54 296 134 The Famous Polar Bear Vignette, illus. Terry A. Bryan............................................................. 15 54 297 210 Great Omaha & Chicago Bank, Nebraska Territory (1857-64), illus., Marv Wurzer ........... 15 54 298 195 The Katahdin Iron Works & Its Scrip, illus., David E. Schenkman .......................................... 15 54 300 410 The Lorain Iron Company of Elyria, Ohio, illus., David E. Schenkman (Scrip) ..................... 15 54 296 125 Mr. Roebling’s Bridge, illus., Terry A. Bryan ................................................................................. 15 54 295 20 New Jersey Toll Scrip, illus., Jamie Yakes (Small Notes column) .......................................... 15 54 297 224 The One That Got Away, illus., Robert Gill (Obsolete Corner column)(Mississippi) ........... 15 54 300 442 A Prize from Memphis, illlus., Robert Gill (Alabama sheets) .................................................... 15 54 299 370 Rare College Currency Bank (New York), illus., Robert Gill (Obsolete Corner column) .... 15 54 295 42 Short-Lived, but What a History, illus., Robert Gill (Obsolete Corner column)(Illinois) ......... 15 54 297 227 Thomas Dyott & His Manual Labor Bank, illus., Robert Gill (Pennsylvania) ......................... 15 54 298 210 Washington Lottery Dealer Issues Small Notes, illus., James C. Ehrhardt (Scrip) .............. 15 54 296 128 PAPER MONEY AND FINANCIAL HISTORY Dick Gregory’s “One Vote” Note, illus., Loren Gatch (satirical currency) ............................... 15 54 297 192 E. S. Wells Was “Rough on Rats”, illus. Loren Gatch (check & company history) .............. 15 54 300 434 Early Paper Money of America, Prominent Signatory Quick Reference Guide (table) Roger Barnes .......................................................................................................... 15 54 295 55 Grading the Third-Party Graders, Loren Gatch (Chump Change column) .......................... 15 54 297 230 Museum of American Finance to Open “America in Circulation” Exhibition(U.S. paper) ... 15 54 297 209 NumiStorica.com Website for Numismatic Stories & Slide Shows, B.Korver ...................... 15 54 300 449 ___________________________________________________________Paper Money * Jan/Feb 2016* Whole No. 301_____________________________________________________________ 66 PAPER MONEY IN MOVIES, ART, and TV Money and The Artist, illus., Terry A. Bryan................................................................................. 15 54 299 353 Schenkman, David E. The Katahdin Iron Works & Its Scrip, illus. ................................................................................... 15 54 300 410 The Lorain Iron Company of Elyria, Ohio, illus. (Scrip Notes) .................................................. 15 54 296 125 Schwan, Fred Memphis (Uncoupled column, with Joe Boling) ......................................................................... 15 54 297 220 More on Printing & Other Stuff, illus. (with Joe Boling) .............................................................. 15 54 295 44 Operation Bernhard, illus. (with Joe Boling) ................................................................................. 15 54 298 201 St. Pierre & The Free French, illus. (with Joe Boling) ................................................................. 15 54 299 346 Summer Travels, illus. (with Joe Boling)(Conventions, WWII items)...................................... 15 54 300 416 Wrapping Up Printing Technologies, illus. (with Joe Boling) .................................................... 15 54 296 118 SOCIETY OF PAPER MONEY COLLECTORS. Editor Sez (Benny Bolin) ................................................................................ ................ 15 54 295 53 ................................................................................ ................ 15 54 296 145 ................................................................................ ................ 15 54 297 231 ................................................................................ ................ 15 54 298 216 ................................................................................ ................ 15 54 299 375 ................................................................................ ................ 15 54 300 447 In Memoriam: Robert (Bob) Cochran ............................................................................................................. 15 54 298 212 Index to Paper Money, Vol. 53, 2014, Nos.289-294, Terry Bryan .......................................... 15 54 296 148 Information and Officers: .................................................................................................................................... 15 54 295 2 .................................................................................................................................... 15 54 296 78 .................................................................................................................................... 15 54 297 158 .................................................................................................................................... 15 54 298 158 .................................................................................................................................... 15 54 299 302 .................................................................................................................................... 15 54 300 382 Letters to the Editor: (no letters published this year) Memphis Was a Happenin’ Place, illus. (Memphis Show photos) ......................................... 15 54 298 218 Money Mart: .................................................................................................................................... 15 54 295 70 .................................................................................................................................... 15 54 296 156 .................................................................................................................................... 15 54 297 242 .................................................................................................................................... 15 54 298 226 .................................................................................................................................... 15 54 299 377 .................................................................................................................................... 15 54 300 452 Paper Money & SPMC Members Feted at ANA, illus. (Orzano, Schwan honored) .......... 15 54 299 352 President’s Column (Pierre Fricke) .................................................................................................................................... 15 54 295 52 .................................................................................................................................... 15 54 296 144 .................................................................................................................................... 15 54 297 232 .................................................................................................................................... 15 54 298 215 .................................................................................................................................... 15 54 299 374 .................................................................................................................................... 15 54 300 446 SPMC Awards at Memphis, illus. .................................................................................................. 15 54 298 220 SPMC Board of Governors Meeting, June, 2015, Report of meeting ................................... 15 54 298 223 SPMC Hall of Fame, List of Class of 2015 .................................................................................. 15 54 297 233 SPMC Hall of Fame, Board report, illus. .............................................................................. 15 54 298 222 SPMC New Members, Frank Clark, Membership Director ..................................................... 15 54 295 70 .................................................................................................................................... 15 54 296 147 .................................................................................................................................... 15 54 297 234 .................................................................................................................................... 15 54 298 217 ___________________________________________________________Paper Money * Jan/Feb 2016* Whole No. 301_____________________________________________________________ 67 .................................................................................................................................... 15 54 299 376 .................................................................................................................................... 15 54 300 448 SPMC New Secretary Jeff Brueggeman .................................................................................... 15 54 299 380 SPMC Obsolete Database Project announcement .................................................................. 15 54 297 235 Stitely, Pam and David 1922 German 10,000 Mark Note: The Vampire Note, illus. ..................................................... 15 54 299 366 U.S. NATIONAL BANK NOTES First National Bank of West Plains, Missouri, illus., Frank Clark (About Texas Mostly) ...... 15 54 297 196 King City, Missouri, Blood Money, illus., Peter Huntoon (The Paper Column) ..................... 15 54 298 175 National Bank Note Series of 1882 & 1902 Post-Date Back Transition, illus. ...................... 15 54 295 4 Selected Bibliography, illus., Roger Barnes (Colonial, Continental, National Currency) ..... 15 54 297 237 U.S. LARGE and SMALL SIZE NOTES Crawford “K-20” Engraving Error, illus, Rick Melamed (Fractional Currency ........................ 15 54 296 89 Enduring Allure of Micro Back Plates 629 & 637, illus. P. Huntoon (The Paper Column) .. 15 54 299 304 First Serials on Legal Tender 1928 United States Notes, illlus., Jamie Yakes ..................... 15 54 298 190 Identification of Make-Up Replacement Type Notes, illus. P.Huntoon, R.S.Hewitt ............. 15 54 297 178 Original Banded Fractional Packs, illus. Rick Melamed ............................................................ 15 54 299 328 “Partlys”/Salvaged Notes, illus. Peter Huntoon, Jamie Yakes (The Paper Column) ........... 15 54 296 80 Secret Marks on 4th Issue Fractional Notes, illus., David Treter ............................................... 15 54 299 357 FEDERAL RESERVE NOTES Fabulous High Denomination Feds of 1918, illus., Lee Lofthus .............................................. 15 54 297 160 Legal Tender Series of 1928D $10 FRNs, illus., Jamie Yakes (Small Notes column) ....... 15 54 300 440 “Misplaced” 1928 $50 Kansas City Star Notes, illus., Jamie Yakes (Small Notes) ............. 15 54 299 362 Series of 1929 Dallas Federal Reserve Bank Notes Revealed, illus., Lee Lofthus ............. 15 54 296 107 Some Thoughts & Considerations on Small-Size $500 & $1000 Federal Reserve Notes, illus. Carlson R. Chambliss ........................................................ 15 54 295 30 SILVER AND GOLD CERTIFICATES $5 SC 1934A H-A Mule Rehashed, illus., Jamie Yakes ........................................................... 15 54 295 39 Mono-Color 18-Subject Overprinting Operations Created Distinctive Errors On $1 Series of 1935D and E Silver Certificates, illus. J. Martin, P. Huntoon, B. Liddell, J. Yakes, D. Moffitt, D. Murray ................... 15 54 300 394 Mysterious Series of 1935 $1 Back Plate 2, illus., Jamie Yakes ............................................. 15 54 297 216 Salvaged $10 Silver Certificate Faces 86 & 87, illus., Jamie Yakes ....................................... 15 54 300 426 Treasury’s Final Surge, illus., Jamie Yakes (Silver Certificates) .............................................. 15 54 296 115 TREASURY NOTES First Serials on “Legal Tender 1928 United States Notes, illus., Jamie Yakes ..................... 15 54 298 190 Treter, David Secret Marks on 4th Issue Fractional Notes, illus. ....................................................................... 15 54 299 357 Wurzer, Marv Great Omaha and Chicago Bank, Nebraska Territory (1857-64), illus. ................................. 15 54 298 195 Yakes, Jamie Small Notes (column) First Serials on Legal Tender 1928 United States Notes, illus. ....................................... 15 54 298 190 $5 SC 1934A H-A Mule Rehashed, illus. ............................................................................ 15 54 295 39 Legal Tender Series of 1928D $10 FRNs, illus. ................................................................. 15 54 300 440 “Misplaced” 1928 $50 Kansas City Star Notes, illus. ........................................................ 15 54 299 362 New Jersey Toll Scrip, illus. .................................................................................................... 15 54 297 224 Treasury’s Final Surge, illus. (Silver Certificates) ................................................................ 15 54 296 115 Mono-Color 18-Subject Overprinting Operations created Distinctive Errors On $1 Series of 1935D & E Silver Certificates, Illus. (With Martin, Huntoon, Liddell, Moffitt, Murray) ................................................. 15 54 300 394 Mysterious Series of 1935 $1 Back Plate 2, illus. ....................................................................... 15 54 297 216 “Partlys”/Salvaged Notes, illlus., (with Peter Huntoon, The Paper Column) ......................... 15 54 296 80 Salvaged $10 Silver Certificate Faces 86 & 87, illus. ................................................................. 15 54 300 426 ___________________________________________________________Paper Money * Jan/Feb 2016* Whole No. 301_____________________________________________________________ 68 Welcome 2016 2016 is year of the Red Monkey. The Chinese name of 2016 in the Chinese Horoscope calendar is . Chinese apply Five Elements (Metal, Water, Wood, Fire and Earth) into the Chinese calendar. is in the Fire group. The color of Fire is connected to Red is the calendar character corresponding to Monkey. Therefore, 2016 is the Red Fire Monkey year. 2016 is the 4713th Chinese Year. According to Chinese Horoscope calendar, the first day of Red Monkey is on February 4, 2016. This day is not the Chinese New Year Day. Most of Internet Chinese horoscope sites use Chinese New Year Day to determine the Chinese zodiac sign, which is wrong. Chinese New Year Day of Red Monkey Year is on February 8, 2016. This is the reason that some people confuse their Chinese zodiac signs. The first day of the Chinese astrological year is the first day of the Tiger Month (Start of Spring). The Tiger Month begins around February 4, each year. If you were born before February 4, then you should check Your Chinese Zodiac Sign first before reading your 2016 Chinese zodiac forecast. Monkey is the 9th animal in 12 zodiac signs. Monkey is after 8th Sheep and before 10th Chicken. Monkey is the animal in the first of Metal Cycle. Monkey, Chicken and Dog are in the cycle of Metal. Our Chinese horoscope prediction combines the theory of Five Elements, the relationships between animal signs and the image meaning of I-Ching hexagram. The prediction for 2016 Year of Monkey is based on your birth year, the Chinese zodiac signs. We have different forecasting method for 2016 using your entire Chinese astrology birth chart, which is required your birthday and birth time. You can find the hyperlink in the end of the prediction. According to Chinese Five Elements Horoscopes, Monkey contains Metal and Water. Metal is connected to gold. Water is connected to wisdom and danger. Therefore, we will deal with more financial events in the year of the Monkey. Monkey is a smart, naughty, wily and vigilant animal. If you want to have good return for your money investment, then you need to outsmart the Monkey. Metal is also connected to the Wind. That implies the status of events will be changing very quickly. Think twice before you leap when making changes for your finance, career, business relationship and people relationship. ___________________________________________________________Paper Money * Jan/Feb 2016* Whole No. 301_____________________________________________________________ 69 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 abbreviations, figure combinations and initials count as separate words. Editor does NOT check copy. 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 run on a space available basis. Special: Three line ad for six issues only$20.50! Authors can request a free one-time ad. Contact the Editor 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 Vermont National Bank Notes for sale. For list contact. granitecutter@bellsouth.net. WANTED: Any type Nationals from Charter #10444 Forestville, NY. Contact with price. Leo Duliba, 469 Willard St., Jamestown, NY 14701-4129. Stamford CT Nationals For Sale or Trade. Have some duplicate notes, prefer trade for other Stamford notes, will consider cash. dombongo@earthlink.net WANTED: 1778 NORTH CAROLINA COLONIAL $40. (Free Speech Motto). Kenneth Casebeer, (828) 277-1779; Casebeer@law.miami.edu 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. FREQUENT PAPER MONEY AUTHOR (Joaquin Gil del Real) Needs a copy of the Mar/Apr 1997 issue of the SPMC journal to complete his collection. Contact me if you can assist in this matter. 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 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 "Collecting Paper Money with Confidence". All 27 grading factors explained clearly and in detail. Now available at Amazon.com AhlKayn@gmail.com W A N T E D : R e p u b l i c o f T e x a s “ S t a r ” ( 1 s t i s s u e ) n o t e s . A l s o “ M e d a l l i o n ” ( 3 r d i s s u e ) n o t e s . V F + . S e r i o u s C o l l e c t o r . r e p t e x p a p e r @ g m a i l . c o m $$ money mart 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. ONLY $20.50 / YEAR ! ! ! (wow) ___________________________________________________________Paper Money * Jan/Feb 2016* Whole No. 301_____________________________________________________________ 70 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.hjbltd.com e-mail: info@hjbltd.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 * Jan/Feb 2016* Whole No. 301_____________________________________________________________ 71 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 Fractional Currency Collectors Join the Fractional Currency Collectors Board (FCCB) today and join with other collectors who study, collect and commiserate about these fascinating notes. LARGE SIZE TYPE NOTES SMALL SIZE TYPE NOTES SMALL SIZE STAR NOTES OBSOLETES New members get a copy of Milt Friedberg’s updated version of the Encyclopedia of United States Postage and Fractional Currency as well as a copy of the Simplified copy of the same which is aimed at new collectors. New members will also get a copy of Rob st CONFEDERATES Kravitz’s 1 edition “A Collector’s Guide to Postage ERROR NOTES TIM kYZIVAT (708) 784-0974 P.O. BOX 401 WESTERN SPRINGS, IL 60558 e-MAIL: TKYZIVAT@KYZIVATCURRENCY.COM and Fractional Currency” while supplies last. New Membership is $30 or $22 for the Simplified edition only To join, contact William Brandimore, membership chairman at 1009 Nina, Wausau, WI 54403. 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 StarorReplacementNotes Specimens, Proofs, Experimentals Frederick J. Bart Bart, Inc. website: www.executivecurrency.com (586) 979-3400 POBox2• Roseville,MI 48066 e-mail: Bart@executivecurrency.com Museum of American Finance opens Two New Exhibits “America in Circulation: A History of U.S. Currency” April 2015-March 2018 “Legal Tender” Currency Flag Paintings of Emily Erb April 1, 2015-August 31, 2015 www.moaf.org/exhibits 48 Wall St (corner of William St. Tues-Sat 10a-4p ___________________________________________________________Paper Money * Jan/Feb 2016* Whole No. 301_____________________________________________________________ 72 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 PLATINUM NIGHT® & SIGNATURE® AUCTIONS January 6-12, 2016 | Tampa | Live & Online THE WORLD’S LARGEST NUMISMATIC AUCTIONEER DALLAS | NEW YORK | BEVERLY HILLS | SAN FRANCISCO | CHICAGO | PARIS | GENEVA | AMSTERDAM | HONG KONG Always Accepting Quality Consignments in 40 Categories Immediate Cash Advances Available 950,000+ Online Bidder-Members Paul R. Minshull #AU4563; Heritage #AB665 & AB2218. BP 17.5%; see HA.com 39749 Highlights from our Official FUN 2016 Auction Inquiries: 800-872-6467 ext. 1001 Visit HA.com/3541 to view the catalog and place bids online. Fr. 282 $5 1923 Silver Certificate PCGS Superb Gem New 68PPQ Hamburg, IA - $5 1875 Fr. 403 The First NB Ch. # (P)10168 PMG Very Fine 30 Net T2 $500 1861 Cr. 2 PCGS Apparent Extremely Fine 40 San Diego, CA - Serial Number 1 $5 1882 Brown Back Fr. 467 The First NB Ch. # 3050 PMG Extremely Fine 40 $500 Treasury Note 5 2/5% 1847 Hessler X110C PMG Very Fine 25 Fr. 2231-B $10,000 1934 Federal Reserve Note PMG Choice Uncirculated 64