Please sign up as a member or login to view and search this journal.
Table of Contents
Hutton & Freligh--Mississippi Treasury Notes--Charles Derby
Lanuch of the 1928E Silver Certificated--Peter Huntoon, Jamie Yakes, Lee Lofthus
Rare Vignettes Link to Philatelic Collectibles--Terry Bryan
New Generation Series of Philippines Notes--Carlson Chambliss
Utilizing Postage Currency as Postage Stamps--Rick Melamed
Rare Scrip from Utah--Douglas Nyholm
A Tale of two (Alabama) Cities--Bill Gunther
Citizens National Bank of Weatherford--Frank Clark.
Paper Money
Vol. LV, No. 3, Whole No. 303 www.SPMC.org May/June 2016
Official Journal of the
Society of Paper Money Collectors
Come on in and see all the neat things inside!
Also join us in Memphis at the International
Paper Money Show, June 2-5
800.458.4646 West Coast Offi ce • 800.566.2580 East Coast Offi ce
1231 East Dyer Road, Ste 100, Santa Ana, CA 92705 • 949.253.0916
Info@StacksBowers.com • StacksBowers.com
California • New York • New Hampshire • Hong Kong • Paris
SBG PM Gen Cons 16.04.08 America’s Oldest and Most Accomplished Rare Coin Auctioneer
Stack’s Bowers Galleries takes tremendous pride in the expertise and competency of our
associates, which include some of the most prominent numismatic authorities in the world.
Whether you are a seasoned collector or are looking forward to your rst consignment, the
experts at Stack’s Bowers are just a phone call away, ready to share our numismatic knowledge
and guidance to help you earn top dollar for your currency.
Stack’s Bowers Galleries is accepting consignments to auctions throughout the year, including
the O cial Auctions of the Whitman Baltimore Expos and the ANA World’s Fair of Money.
Professionals You Can Trust
Call one of our currency consignment specialists to discuss opportunities
for upcoming auctions. ey will be happy to assist you every step of the way.
800.458.4646 West Coast Offi ce • 800.566.2580 East Coast Offi ce
Showcase Auctions
Peter A. Treglia
Aris Maragoudakis
John M. Pack
Peter A. Treglia LM #1195608
John M. Pack LM # 5736
Peter A. Treglia
John M. Pack
Brad Ciociola
Brad Ciociola
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
Manning Garrett
SBG_PM_GenCons_160408.indd 1 4/8/16 12:08 PM
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.
MANUSCRIPTS
Manuscripts not under consideration elsewhere and
publications for review should be sent to the Editor.
Accepted manuscripts will be published as soon as
possible, however publication in a specific issue
cannot be guaranteed. Include an SASE if
acknowledgement is desired. Opinions expressed by
authors do not necessarily reflect those of the SPMC.
Manuscripts should be submitted in WORD format
via email (smcbb@sbcglobal.net) or by sending
memory stick/disk to the editor. Scans should be
grayscale or color JPEGs at 300 dpi. Color
illustrations may be changed to grayscale at the
discretion of the editor. Do not send items of value.
Manuscripts are submitted with copyright release of
the author to the Editor for duplication and printing as
needed.
ADVERTISING
All advertising on space available basis.
Copy/correspondence should be sent to editor.
All advertising is payable in advance.
All ads are accepted on a “good faith” basis.
Terms are “Until Forbid.”
Ads are Run of Press (ROP) unless accepted on a
premium contract basis.
Limited premium space/rates available.
To keep rates to a minimum, all advertising must be
prepaid according to the schedule below. In
exceptional cases where special artwork, or
additional production is required, the advertiser will
be notified and billed accordingly. Rates are not
commissionable; proofs are not supplied. SPMC
does not endorse any company, dealer or auction
house.
Advertising Deadline: Subject to space availability,
copy must b e received by the editor no later than
the first day of the month preceding the cover date of
the issue (i.e. Feb. 1 for the March/April issue).
Camera ready art or electronic ads in pdf format are
required.
ADVERTISING RATES
Space 1 Time 3 Times 6 Times
Full color covers $1500 $2600 $4900
B&W covers 500 1400 2500
Full page color 500 1500 3000
Full page B&W 360 1000 1800
Half page B&W 180 500 900
Quarter page B&W 90 250 450
Eighth page B&W 45 125 225
Required file submission format is composite PDF
v1.3 (Acrobat 4.0 compatible). If possible, submitted
files should conform to ISO 15930-1: 2001 PDF/X-1a
file format standard. Non-standard, application, or
native file formats are not acceptable. Page size:
must conform to specified publication trim size. Page
bleed: must extend minimum 1/8” beyond trim for
page head, foot, front. Safety margin: type and other
non-bleed content must clear trim by minimum 1/2”
Advertising copy shall be restricted to paper
currency, allied numismatic material, publications and
related accessories. The SPMC does not guarantee
advertisements, but accepts copy in good faith,
reserving the right to reject objectionable or
inappropriate material or edit copy.
The SPMC assumes no financial responsibility for
typographical errors in ads, but agrees to reprint that
portion of an ad in which a typographical error occurs
upon prompt notification.
PAPER MONEY
Official Bimonthly Publication of
The Society of Paper Money Collectors, Inc.
Vol. LV, No. 3 Whole No. 303 March/April 2016
ISSN 0031-1162
Benny Bolin, Editor
Editor Email—smcbb@sbcglobal.net
Visit the SPMC website—www.SPMC.org
Hutton & Freligh--Mississippi Treas. Notes During the Civil War
Charles Derby ............................................................... 152
Launch of the Series of 1928E Silver Certificates
Huntoon, Lofthus, Yakes .............................................. 162
Rare Vignettes Link to Philatelic Collectibles
Terry Bryan ................................................................... 170
New Generation Series of Philippines Notes
Carlson Chambliss ........................................................ 177
Utilizing Postage Currency as Postage Stamps
Rick Melamed ............................................................... 180
Rare Scrip from Utah
Douglas Nyholm ........................................................... 190
A Tale of Two (Alabama) Cities
Bill Gunther ................................................................... 202
Citizens National Bank of Weatherford
Frank Clark ................................................................... 210
Small Notes--Jamie Yakes ................................................... 212
Uncoupled—Joe Boling & Fred Schwan .............................. 216
Obsolete Corner—Robert Gill .............................................. 222
Interesting Mining Notes—David Schenkman .................... 224
Chump Change—Loren Gatch ............................................. 221
President’s Message ............................................................. 226
Editor’s Message ................................................................... 227
New Members ....................................................................... 228
Money Mart ............................................................................ 229
___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________
149
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- - M ark Anderson,
115 Congress St., Brooklyn, NY 11201
WISMER BOOK PROJECT COORDINATOR--Pierre Fricke,
Box 1094, Sudbury, MA 01776
REGIONAL MEETING COORDINATOR--Judith Murphy,
Box 24056, Winston-Salem, NC 27114
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.
Support the SPMC
Donate an item and attend the Tom Bain Raffle
Friday June 2
Buy your tickets online at SPMC.org
___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________
150
The Society of Paper Money Collectors is Proud to
Announce the 2016 Class of the SPMC Hall of Fame:
Walter D. Allan
Michael Crabb, Jr.
Herbert and Martha Schingoethe
Raphael Prosper Thian
These great friends have distinguished themselves personally and/or
professionally above and beyond in their service to our hobby, and will be
formally inducted at Memphis in June.
We thank them for their pioneering contributions, their generosities, and unflagging support.
Walter D. Allan: Mr. Allan has a long history of involvement in the paper money field, both
domestically and in the Canadian arena. Domestically, he has long been helpful to researchers and
collectors in the area of die proofs and vignettes, including assisting in the SPMC’s Ohio book. While
perhaps less well known than [HoF member] James Haxby, Allan was the key collaborator in the massive
Standard Catalog of Obsolete Bank Notes, 1782-1866, and has also had long involvement in Canadian
paper money through the Canadian Paper Money Society (serving as President from 1993-95) and is the
past editor of their journal.
Michael Crabb, Jr.: Mr. Crabb, has long been justifiably associated with the founding, nurturing and
growth of the IPMS for its first 35 years of existence. The show, the first of its kind, put paper money
collecting and exhibition on the map as a viably independent arm of the numismatic field, and the show,
under the aegis of the Memphis Coin Club, has become a historic institution. Mike has been inextricably a
part of this history since day one.
Herbert and Martha Schingoethe: While two individuals, the Schingoethes are presented as one
candidate for the HoF, due to their long-term collective involvement in the obsolete and college currency
fields. Hardworking, persistent and organized collectors of obsolete and related currency, the
Schingoethes were enthusiastic participants in the field, amassing a collection of approximately 30,000
notes, and ensuring that a quality College Currency reference came to be.
Raphael Prosper Thian: Mr. Thian was truly an early pioneer in the field of the hobby. Born in France
in 1830, he moved to the US as a young man and served as an employee of the Federal government for
over 60 years. During those 60 years, he was responsible for a number of publications driven by his
personal conviction of the importance of the lessons of history, most notably Register of Issues of
Confederate States Treasury Notes Together with Tabular Exhibit of the Debt, Funded and Unfunded, of
the Confederate States of America, 1861-1865, a seminal work which has been utilized and cited by
researchers for decades. He is also credited with creating the first confederate currency collector’s album
[privately published] as early as 1876. He amassed a large personal collection, and utilized the massive
trove of confiscated confederate held by the government after the war for his pioneering research. He was
actively involved in research until his death in late 1911.
___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________
151
Hutton & Freligh and the Making of Mississippi
Treasury Notes During the Civil War
by Charles Derby
During the Civil War, the State of Mississippi released four series of Treasury notes. The first series was
printed in 1861 and bears the imprint of the American Bank Note Company of New Orleans, which soon
became the Southern Bank Note Company. The fourth series was printed in 1864 and bears the imprint of
the prolific Southern printer, J. T. Paterson of Augusta, Georgia. The second and third series were the
cotton-pledged notes and faith-of-the-state-pledged notes, respectively. They were issued in 1862 and
lack an engraver’s imprint. Furthermore, none of the major books on Mississippi Treasury notes – Leggett
(1975), Criswell (1992), Kraus (2003), and Shull (2006)– reports who was the printer of these cotton- and
faith-of-the-state-pledged notes.
Who printed these notes? A search of Paper Money reveals a 1969 article by Everett Cooper
on railroad notes from Mississippi. Cooper reported that the vignettes on two notes from The
Mississippi and Tennessee Railroad Company were the same as on three cotton-pledged or faith-of-
the-state-pledged Mississippi Treasury notes, which Cooper said were “lithographed by Hutton and
Freligh of Memphis.” Though brief, this hints to the origin of these notes. But only half of Cooper’s
statement is correct: the cotton-pledged and faith-of-the-state-pledged Mississippi notes were indeed
printed by Hutton and Freligh, but not using lithography. And there is so much more to this story.
This article is about those printers, William Maury Hutton and John Henry Freligh: who they were
and how they made the cotton-pledged and faith-of-the-state Mississippi Treasury notes.
Hutton and Freligh: The Road to Mississippi Money
The partnership of “Hutton & Freligh, Printers” produced the Mississippi cotton- pledged and
faith-of-the-state-pledged notes during 1862, first in Memphis, Tennessee, and later in Grenada,
Mississippi. The paths that Hutton and Freligh took to form this partnership were starkly different.
William Maury Hutton was born in 1822 in Williamson County in central Tennessee, just
south of Nashville. His father was a South Carolinian and his mother a Virginian before they settled in
Tennessee. He grew up in and around Nashville, and married a Nashville woman, Margaret Jane
Taylor, in 1850. They had six sons and two daughters between 1852 and 1872. Hutton lived in
Tennessee for virtually his entire life, with an adventure in Mexico during the Mexican-American War
(Memphis Daily Appeal, August 24, 1882) and an important time in Mississippi from 1862-1865.
Hutton got into the newspaper business in the 1840s, apprenticing at the Nashville
American. He was recruited in 1849 by John Reid McClanahan, the talented
writer/editor/publisher/owner of The Memphis Daily Appeal (Fig. 1). The story of the Appeal and
Hutton’s association with it is told brilliantly by Barbara Ellis in her 2003 book, The Moving Appeal.
Hutton began as a compositor and proved himself to be an outstanding employee. This was
recognized by McClanahan, who increased Hutton’s responsibilities and position over the next 8 years
to include being foreman, manager, head of printing sales, overseeing accounts, and writer.
According to Ellis, Hutton “built the Appeal’s reputation for quality job printing and became a main
resource on printing and labor practices.” In 1851, Hutton’s name was added to the newspaper’s
front page, as McClanahan, Hutton & Co. (Fig 1). But McClanahan refused to make Hutton a
partner (Ellis, 2003).
___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________
152
Hutton felt that he was not sufficiently
recognized and rewarded by McClanahan for his
contributions to the Appeal – not just for his
labors and knowledge but also for his cash
investments into the newspaper. So, in July 1857,
Hutton resigned. Hutton joined forces with
Matthew Gallaway (Fig 1) to compete with
McClanahan’s print job business, forming
Hutton, Gallaway & Co. and its Avalanche
Southern Book and Job Office. The firm
printed books, includingMississippi Presbyterian
minister James A. Sloan” The Great Question
Answered, or Is Slavery a Sin in Itself (Per
Se)? Answered According to the Teaching of the
Scriptures (Goodspeed, 1886-1887).
The major activity of Hutton, Gallaway
and Co. was publication of a new newspaper,
The Memphis Daily Avalanche. Gallaway earlier
tried to buy into the Appeal, but McClanahan
would not allow it. Instead, Gallaway
established in January 1858 the Avalanche, a more virulently pro-secessionist and Democratic
newspaper compared to the more moderate, but still, pro-Democratic Appeal. Gallaway recruited Hutton
as his part-time printing foreman & became McClanahan’s bitter competitor (Ellis, 2003)
Hutton left The Avalanche after just one year, in 1859, and
focused on job printing and publishing rather than newspapers. An
early partnership was Hutton & Clark, Publishers. Among their
publications were two with surviving copies today. One was an eight-
volume set of advertisements: Memphis City Directory for 1859; Being a
Complete General and Business Directory of the Entire City;
Embracing a Complete List of All the Manufacturers, Merchants,
Traders, and Heads of Families. Compiled by Tanner, Halpin & Co. The
other publication is a flyer for an opera troupe in Memphis (Fig. 2).
By 1860, Hutton had formed his own firm, W. M. Hutton & Co.,
and then established a business relationship with J. H. Freligh.
John Henry Freligh was born in 1812, ten years earlier than
Hutton, in Plattsburgh, New York. At an early age, he moved to
Missouri. He married Susan Rebecca Ruland in 1843 and had eight
children, eventually outliving all but one. Freligh lived in St. Louis
through 1850 and worked on and around the river, including as
steamboat officer. He was called “Captain Freligh” by business
associates and “Henry” by friends. He and his family moved to
Memphis in the early 1850s, with four of their children being born there
from 1853 to 1860.
Figure 1. Hutton’s newspaper days in Memphis. Top,The Memphis Daily
Appeal, issue from Feb. 11, 1857, by McClanahan, Hutton & Co.
Bottom Left, John Reid McClanahan. Bottom right, Matthew Gallaway.
Bottom courtesy of Mercer Univ. Press.
Figure 2. Flyer for an opera troupe
printed by Hutton & Clark in 1859.
___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________
153
Freligh must have known Hutton during this time, but it was not until January 1861 that their names appeared
together in business. It was then that W. M. Hutton & Co. Printers, Memphis, published a 35-page
pamphlet, compiled by J. H. Freligh, entitled The True Position, Interests, and Policy of the South. Union or
Succession: Which is Best? (in 4 nos.) The Crisis (in 8 nos.) (Fig. 3). This was a compendium of reprinted
articles written by others that advocated secession (Wakelyn 1996).
Hutton and Freligh apparently found in each other kindred spirits
and minds in political philosophy and business. W.M. Hutton & Co.
soon became “Hutton & Freligh,
Southern Publishing House, located on the corner of Second and
Adams, near the Calvary Episcopal Church.” Freligh was the
business and financial partner and Hutton handled the printing
and publishing. Over the next two years, Hutton & Freligh
became a powerful force in printing and publishing, taking on
jobs big and small, political, religious, governmental,
commercial, and financial.
Hutton & Freligh’s most significant publication was Southern
Monthly, a Southern literary journal (Fig. 4). It consisted of nine
monthly issues of Volume 1
starting in September 1861 and
ending with one issue of Volume 2
in May 1862. At that time,
Southern literature was less well
developed compared to its
Northern counterpart. Hutton &
Freligh wanted to change this with
their journal (Bernath 2010). They
wrote in one of their issues:
“The present condition in the
country…is propitious to the
cultivation of Southern periodical
literature…[Our journal is not] as
able as Blackwood, nor as
handsome as Harper…[but] it is
ours, made here at home by
Southern men for Southern use, free
from poison and promising growth.”
Figure 3. Hutton published Freligh’s political
pamphlet in January 1861.
Figure 4. Hutton & Freligh’s Southern Monthly. Left-cover of Dec. 1861 issue. Right-
1st page of opening article in Sept. 1861 issue. Courtesy of Boston Athenaeum online
catalog.
___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________
154
The journal did not make money, but it was self-sustaining, and even began to grow. But then,
Federal troops invaded Tennessee, and the situation changed In 1861, Hutton & Freligh’s Southern
Publishing House of Memphis published several significant books. One was Allen M. Scott’s A New
Southern Grammar of the English Language: Designed for the Use of Schools and Private Learners. This
book focused on educating young Southerners in a traditional and formal manner relatively free from
Northern influence. They also published William Hardee’s Rifle
and Light Infantry Tactics: For the Exerc ise and Manoeuvers of
Troops When Acting as Light Infantry or Riflemen, 1st edition,
issued in Memphis, Philadelphia, and New York (Figure 5).
Commissioned by then U.S. Secretary of War Jefferson Davis, this
best-selling manual modernized American infantry drill and was
used extensively by both the North and South during the war.
Hutton & Freligh also published religious material in 1861.
Among these were Henry C. Lay’s 21-page Pastoral Letter to the
Clergy and Members of the Protestant Episcopal Church in the
State of Arkansas, and James Hervey Otey’s 12-page Pastoral
Letter Addressed to the Laity of the Protestant Episcopal Church
in the Diocese of Tennessee on the Duties of Church Wardens and
Vestrymen.
Hutton & Freligh also published government reports, such
as Meriwether Minor’s 40- page Report of the Chief Engineer of the
Mississippi Levees, Made to the General Board of Levee
Commissioners at Their Meeting, 1st July, 1861, Board of Mississippi
Levee Commissioners; J. H. Unthank and George S. Hebb’s 84-
page A Digest of the Militia Laws of Tennessee, Now in Force,
with a Synopsis and Index also an Appendix Containing the
Permanent Constitution and Articles of War of the Confederate
States, &c., &c; and The Eleventh Annual Report of the Board of Directors, to the Stockholders in the
Memphis and Charleston Railroad Co. July 1, 1861.
Hutton & Freligh had more commercial ventures, including printing and selling patriotic
envelopes, flags, and cards, as in the advertisement from an 1861 issue of a Little Rock, Arkansas,
newspaper (Fig. 6).
They continued to publish in Memphis in early 1862. One publication was another religious
pamphlet from the Episcopal Church: “Catechism; that is to say, an Instruction to be Learned by Every
Person Before he be Brought to be Confirmed by the Bishop.” They also published an 80-page Southern
patriotic piece: “The Southern Monthly Collection of Patriotic Songs and Heroic Poems.”
But the War forced changes to Hutton & Freligh’s activities and plans. By early 1862, Federal
troops had moved into Tennessee, and in February they had captured Fort Donelson. Memphis was in
peril of being occupied, so, in early April of 1862, Hutton & Freligh moved their presses, staff, and
families south to Grenada, Mississippi. Their move was just in time, as Memphis was occupied by
Federal troops June 6
th
. Hutton & Freligh chose Grenada because of its proximity to Memphis,
accessibility by rail, and relative safety. Grenada was 100 miles directly south of Memphis and located
at the intersection of two railroads: the Central Mississippi Railroad and the Greenwood & Columbus
Railroad.
Figure 5. Hutton & Freligh printed Hardee’s
influential book, Rifle and Light Infantry
Tactics. Courtesy of Manhattan Rare Books.
___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________
155
The Confederates established a strong defensive line in
Mississippi, known as the Yalobusha Line, along the Greenwood
& Columbus Railroad and with Grenada at its center. There was
a Confederate army post in Grenada, and numerous forts were
constructed around the area during the winter of 1862 to protect
this vital rail center. Hutton & Freligh were not alone in moving
to Grenada. McClanahan moved his Memphis Appeal newspaper
there too, soon after Hutton & Freligh (Ellis, 2003).
Despite their hopes and intentions, Hutton & Freligh’s
move to Grenada not free them from all concerns, and their
professional lives were compromised by the surrounding
hostilities. When they published their last issue of Southern
Monthly in Memphis in April 1862, they promised “to keep
beyond the reach of Lincoln’s stretching arm” and that their
journal “will cease but with the Confederacy that gave it birth.”
But it was not to be. They published only one issue in Grenada –
Vol. 2, Issue 1, May 1862, before circumstance made them
abandon their journal. Their printing business continued in
Grenada, at least until the end of 1862. One of their later print
jobs was Samuel Howard Ford’s “An Address to the Confederate
Soldiers of the Southwest,” published in Oct. 1862.
Hutton & Freligh’s commercial ventures in Memphis and
Grenada extended to the Confederate government. The war in the
West was hot in 1861 and 1862, including around Memphis and Grenada, so the Confederates
needed documents printed. Hutton & Freligh supplied them. They printed for various
Confederate departments, including medical and ordnance. Two examples are shown in Figure 7.
The one to the left is the first record of printing for the Confederate government, from
Memphis invoicing print jobs on Oct. 21, 1861. The document to the right is the last record of a
print job for the Confederates, from Grenada dated Dec. 7th 1862. This documentation of the
Hutton & Freligh’s business with the Confederate government dates Hutton & Freligh’s move
from Memphis to Grenada to the first two weeks of April 1862.
Figure 7.
Orders printed
by Hutton &
Freligh for the
Confederate
government.
Courtesy of the
National
Archives.
Figure 6-1861 newspaper ad for items printed
by Hutton & Freligh.
___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________
156
Hutton & Freligh’s business moved into another print medium by the beginning of 1862: the
production of scrip. Table 1 shows a list of 93 notes identified to date. Undoubtedly, more types did not
survive, especially given the rarity of known types. Others that do not bear the imprint of Hutton &
Freligh probably exist.
Examples of identified notes are shown in Figure 8, and or notes bearing a date, all are from the first
half of 1862 – from January 1 to June 15. Most were produced for private businesses in Tennessee
(Memphis, Humboldt, Big Bottom), Mississippi (Columbus, Corinth – but surprisingly not Grenada),
Kentucky (Hickman), and Alabama (Huntsville). They also include one for the Confederate States
Armory in Columbus, Mississippi. Many of the vignettes on these notes are identical to those that
Hutton & Freligh used for the Mississippi Treasury notes. That is not surprising, given that they
printed scrip notes and Mississippi Treasury notes at the same time.
Table 1. Scrip Notes by Hutton & Freligh
Name Denomin
ation
Date Location Vignettes Note ID
W. D. Robinson 25₵ 1861 Columbus, KY Jeff Davis H-139
S. G. Cabbell, Steamboat
Jeff Davis 25₵ (none) (none)
Jeff Davis, slaves with wagon, slaves
picking cotton M-M.SJD-25c
R. Couch & Co. 10, 20c Dec 1, 1861 Bowling Green, KY Jeff Davis, slaves with wagon, slaves picking cotton H-UNL
Geo. S. Miller $1 Dec 1, 1861 Bowling Green, KY Jeff Davis, steam boat (MS), slaves picking cotton H-UNL
W. D. Powell 50₵ Jan 1 1862 Hickman, KY Jeff Davis, slaves with wagon, slaves picking cotton H-UNL
J. K. Robbins 50₵ Jan 24 1862 New Madrid, MO steam boat (MS), train (MS) UNL
White & McMahan 5, 10, 25, 50₵ Feb 1 1862 Hickman, KY Jeff Davis, slaves with wagon, slaves picking cotton H-338-341
C. G. Davidson & Co.'s
Steam Bakery 5, 50₵ Feb 1 1862 Memphis, TN Indian facing right (MS) M.M.Dvd-5c, -50c
Johnson House 5, 10, 50₵ Feb 15 1862 Huntsville, AL Jeff Davis, slaves with wagon, slaves picking cotton R-UNL (Gunther 2013)
Martin & Wade 25, 50₵, $1 Feb 25 1862 Eunice, AR Steam boat , train R171-1, -2, -3
Kemper & Gump 5, 10, 25, 50₵, $1, 2, 3 March 10 1862 Corinth, MS Jeff Davis, steam boat, train K-53050 to 53056
J. C. Eadelman $1 March 12 1862 Humboldt, TN Jeff Davis, steam boat, train Ho-M.EAD-1
Ryan & Co., St. Charles
Restaurant 25₵ March 15 1862 Corinth, MS Jeff Davis, steam boat, train K-53075
M. D. Miller & Co. 50₵ March 15 1862 Montgomery AL Jeff Davis, steam boat, train R-UNL
Confederate States
Exchange
25, 50₵, $1,
2, 3 1862 Corinth, MS
Eagle and shield or Jeff Davis, steam boat,
slaves picking cotton K-55210 to 55244
Coosa Steamboat Co $1 (none) Salem, AL Alabama State seal, steam boat, slaves picking cotton R-UNL
Dr. J. F. Smith 50₵ March 17 1862 Memphis, TN Jeff Davis, slaves picking cotton, slaves with wagon M-M.DrS-50c
Wm. H. Lane's
Confectionary 5, 10, 25, 50₵ (none) Memphis, TN sailor boy with oar, dog
M-M.Lne-5c-1, -5c-1a, -10c, -
25c, -50c
T. H. Feagin 25₵ April 21 1862 Burnsville, MS Jeff Davis, steam boat, slaves picking cotton K-52820
J. T. Waggoner 25₵, $1 May 1 1862 Big Bottom, TN TN state seal, dog head, man with plow BB-M.Wag-25c-1 & Wag-1
Columbus Life & General
Insurance Co.
$1, 1.50, 2,
$2.50, $3, $5 May 1 1862 Columbus MS (no vignettes) K-51510 to 51515
Confederate States
Armory
5, 10, 20, 50, 75₵, $1,
1.50, 2, 2.50, 3, 3.50, 4 May 1 1862 Columbus MS blacksmith looking left K-55050 to 55061
Confederate States
Armory
5, 10, 20, 50, 75₵, $1,
1.50, 2, 2.50, 3, 3.50, 4 June 1 1862 Columbus MS blacksmith looking left K-55080 to 55091
Confederate States
Armory
5, 10, 20, 50, 75₵, $1,
1.50, 2, 2.50, 3, 3.50, 4 June 15 1862 Columbus MS blacksmith looking left K-55101 to 55111
H.C. Winslow 25, 50₵, $1, 2 (none) Corinth, MS Ceres with Indian, train, slaves with wagon, dog head K-55330 to 55332
H.C. Winslow 25, 50₵, $1, 2 (none) Army (Corinth Xed out) Ceres with Indian, train, slaves with wagon, dog head K-54975 to 54978
___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________
157
Figure 8. Examples of scrip printed by Hutton & Freligh. Images are courtesy of: 1st row – Heritage Auctions; 2nd row
– Heritage Auction (left), Tom Carson and Dennis Schafluetzel’s Obsolete Tennessee notes at http://www.schafluetzel.org
(right); 3rd row – www.schafluetzel.org; 4th row – www.schafluetzel.org (left), author (right); 5th row – Spink (left),
Heritage Auctions (right).
___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________
158
Hutton & Freligh probably printed one note in 1861. Hughes (1998) lists a 25-cent note for the
business of W. D. Robinson of Columbus, Kentucky. Hughes designated this note H-139 but did
not provide an image of it. He described it as having a central vignette of Jefferson Davis, a date
of 1861, and an imprint of “Hutton & French.” The central vignette of President Davis suggests that it
may be similar in design to the notes that Hutton & Freligh printed in early 1862 from Hickman and
elsewhere. This “Hutton & French” note must be a “Hutton & Freligh,” for two reasons. One, most
imprints of “Hutton & Freligh” are crisp, such as the top image in Figure 9. However, some imprints
suffered from worn type and were blurry, such as the bottom image in Figure 9, which could easily be
mistaken for “Hutton & French.” Second, no other record of a note or business of Hutton & French
has appeared. Thus, this 1861 W. D. Robinson note appears to be the earliest known note by Hutton &
Freligh.
Coming Next Issue—Part II—Mississippi Treasury Notes
Figure 9. Imprints of Hutton & Freligh.
Top, from Confederate States Exchange 50-cent note in Fig 8.
Bottom, from Columbus Life & General Insurance $1 note in Fig 8,
easily mistaken for “Hutton & French.”
___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________
159
References
Bernath, Michael. 2010. Confederate Minds: The Struggle for Intellectual Independence in the Civil War South.
University of North Carolina Press: Chapel Hill.
Bowers, Q. David. 2006. Obsolete Paper Money: Issued by Banks in the United States 1782- 1866: A Study and
Appreciation for the Numismatist and Historian. Whitman Publishing, LLC: Atlanta, Georgia.
Cooper, Everett. 1969. Paper Money Issued by Railroads in The Confederate States of American (concluded).
Paper Money Vol. VIII, No. 3 - Whole No. 31 - Summer 1969, pp. 82-86.
Criswell, Grover C., Jr. 1992. Confederate and Southern States Currency: A Descriptive Listing, Including
Rarity and Values. BNR Press: Port Clinton, Ohio.
Doty, Richard. 2013. Pictures From a Distant Country. Seeing America Through Old Paper Money. Whitman
Publishing, LLC: Atlanta, Georgia.
Dubay, Robert W. 1975. John Jones Pettus. Mississippi Fire-Eater: His Life and Times 1813- 1867. University
Press of Mississippi: Jackson, Mississippi.
Ellis, Barbara G. 2003. The Moving Appeal. Mr. McClanahan, Mrs. Dill, and the Civil War’s Great Newspaper
Run. Mercer University Press: Macon, Georgia.
Goodspeed’s History of Tennessee. County Histories. 1886-1887. The Goodspeed Publishing Co.: Nashville,
Tennessee.
Gunther, Bill. 2013. The Many Design Changes of Johnson House Merchant Scrip, Huntsville, Alabama. Paper
Money Vol. LII, No. 6 - Whole No. 288 - November - December 2013, pp. 418-423.
Hughes, Earl. 1998. Kentucky Obsolete Notes and Scrip. SPMC.
John J. Pettus Correspondence and Papers, 1859-1863. Letter of March 1, 1862, IUF #1218. Mississippi
Department of Archives and History. Mississippi Department of Archives and History. Jackson,
Mississippi.
Journal of the House of Representatives of the State of Mississippi, at a Regular Session thereof, held in the city
of Jackson, November and December 1861 and January 1862. Cooper & Kimball, State Printers: Jackson,
Mississippi, 1862. Pp 430-431.
Journal of the House of Representatives of the State of Mississippi, December Session of 1862, and November
Session of 1863. Jackson, Mississippi. Publisher, Cooper & Kimball Steam Printers and Binders. 1864.
Pp 96-98
Keating, John M. 1888. History of the City of Memphis and Shelby County Tennessee: With Illustrations and
Biographical Sketches of Some of Its Prominent Citizens. 2 Volumes.
D. Mason & Co., Publishers: Syracuse, New York.
Kraus, Guy Carleton. 2003. Mississippi Obsolete Notes and Scrip. SPMC.
Laws of the State of Mississippi Passed at Regular Session of the Mississippi Legislature Held in the City of
Jackson, November & December 1861, and January, 1862. Jackson, Mississippi. Cooper & Kimball,
State Printers, 1862.
Leggett, L. Candler. 1975. Mississippi Obsolete Paper Money and Scrip. Krause Publications: Iola,
Wisconsin.
Shull, Hugh. 2006. Guide Book of Southern States Currency. History, Rarity, and Values.
Whitman Publishing, LLC: Atlanta, Georgia.
Tremmel, George B. 2007. A Guide Book of Counterfeit Confederate Currency. History, Rarity, and Values.
Whitman Publishing, LLC: Atlanta, Georgia
Wakelyn, Jon L., editor. 1996. Southern Pamphlets on Secession November 1860 – April 1861.
University of North Carolina Press: Chapel Hill.
Acknowledgments. I thank Bill Gunther, Dennis Schafluetzel, and especially Barbara Ellis for comments on a
draft of the manuscript, and Dennis for providing images of Tennessee scrip.
___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________
160
THE CHOICE IS CLEAR
Introducing the New PMG Holder
PMG’s new holder provides museum-quality display with
crystal-clear optics and heavy gauge inert materials.
Engineered for superior clarity and long-term preservation,
it not only enhances the eye appeal of your notes, but
also gives you complete peace of mind knowing that your
priceless rarities have the best protection.
Learn more at PMGnotes.com
PMGnotes.com | 877-PMG-5570 United States | Switzerland | Germany | Hong Kong | China | South Korea | Singapore | Taiwan | Japan
Bruce Thornton, R-1209871 | Chad Hawk, R-3131712
16-CCGPA-2744_PMG_Ad_NewClearHolder_PaperMoney_April2016.indd 1 3/31/16 10:16 AM
Launch of the Series of 1928E
$1 Silver Certificates
Peter Huntoon
Lee Lofthus
Jamie Yakes
Lee Lofthus got very lucky when he was able to purchase on E-bay in 2015 a $1 Series of
1928E silver certificate from the GB block. This prize is the sleeper rarity among the 1928E
serial number blocks, a note that is represented in censuses in fewer numbers than the ultra-pricy
1928E star notes of which eleven are reported.
Early block collector Graeme Ton (1977) identified the GB block as a rarity and brought
this fact to the attention of collectors decades ago.
Lofthus’ prize set off a frenzied analysis that drew in Huntoon and Yakes to determine
why the GB block is so rare and how it fit into the larger picture of the startup of the 1928E
series. That startup was launched with a special rush printing of presentation sheets and notes
before regular production commenced.
The presentation printing was numbered within the FB serial number block beginning
with serial F72000001B. The highest serial we have observed from the group is F72000753B.
Then no 1928Es appeared until a cluster in the mid GB block at G42xxxxxxB, followed by
another apparent hiatus before Lofthus’ note was numbered at the very tail end of the GB block
at G99333569B.
The bulk of the known 1928E notes are from the HB, IB and JB blocks. Serial
J55796000B was the last Series of 1928 $1 silver certificate printed.
Most of the uncirculated 1928Es in numismatic hands came from the early FB
presentation printing with most of those having been cut from the sheets.
Presentation Notes
Secretary of the Treasury Henry Morgenthau Jr. took office on January 1, 1934. His
signature and that of William A. Julian were those that appeared on the 1928E $1s.
William Broughton, the Commissioner of the Public Debt who oversaw currency matters
for the Treasury, took the opportunity of the Julian-Morgenthau signature change to add a legal
tender clause to the new plates. He sent an order on January 12th to Alvin Hall, Director of the
Bureau of Engraving and Printing that authorized the revision.
Figure 1. Currently fewer Series of 1928E notes have been reported from the GB block than from
the *A block!
The Paper
Column
___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________
162
The first Series of 1928E face plate bearing plate serial number 1 was certified January
14, 1934 and immediately sent by itself to a press.
Small size notes at the time were printed on 4-plate presses from 12-subject plates, but
the first order for the 1928Es was the rush printing that was to consist exclusively of 1928E
notes. Consequently the press operator mounted the lone available number 1 plate on the press.
The result was that every note in the order bore plate serial 1.
The special new 1928E sheets were isolated from the ongoing production from older
plates on different presses and were moved as a batch to the numbering division where they were
numbered in mid-February.
Numbering kicked off with the 25 presentation sheets followed by a group of cut notes.
The sheets were assigned serials F72000001B through F72000300B. The cut notes began with
serial F72000301B. The sheets and notes arrived at the Treasury sometime in late February 1934.
The lowest numbered sheets were passed around to Treasury officials upon delivery to
the Treasury Department. Those unspoken for were made available to the public at the cash
window in the Treasury Building. The cut notes also were made available at the cash window,
some of which were purchased by Treasury officials who signed and distributed them.
Numbering the F72xxxxxxB Notes
The F72xxxxxxB notes were serial numbered in two distinct batches.
All were numbered on 12-subject numbering and sealing presses that numbered notes
down the respective sides of the sheet, slit the sheet in half and then cut the subjects from the half
Figure 2. The
principals in the
Series of 1928E story:
upper left - Secretary
of the Treasury
Henry Morgenthau
Jr., upper right - U. S.
Treasurer William A.
Julian, lower left -
Commissioner of the
Public Debt William
S. Broughton, lower
right - Director of the
Bureau of Engraving
and Printing Alvin W.
Hall.
___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________
163
sheets. The pressman would divide the range of serial numbers in the batch in half and then
assign the first half to the left side of the press and the second half to the right. The result was
that the serials on the left side of a sheet were not consecutive with those on the right.
However the numbering of the 25 presentation sheets required special handling. First the
slitter that cut the sheets in half had to be removed from the press. Then the knives that separated
the notes from the half sheets had to be disengaged. The big nuisance was that the 24 serial
numbering heads on the machine had to be operated so that the twelve numbers on each sheet
were consecutive.
Once they finished with the 25 sheets, they reconfigured the press so that it once again
numbered consecutively down the respective sides of the sheet and separated the notes.
Figure 3. We
consider the most
historic of the
presentation sheets
to be F72000073B-
F72000084B, which
carries this
handwritten
inscription: “To
Franklin D.
Roosevelt who
make it possible for
me to sign this
issue. With tenfold
appreciation.
Henry Morgenthau
Jr. April 16, 1934.”
This sheet resides in
the FDR
Presidential
Library at Hyde
Park, NY. This
handheld digital
scan was provided
by the curator.
___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________
164
Every note that we have observed between F72000301B and F72000753B was numbered
on the left halves of the sheets. Consequently all have position letters inclusive of A to F.
We never have seen an F72xxxxxxB note with a serial over F72000301B that sports a
position letter from G to L.
F72000753B is one of several reported notes that make the case that numbering of all the
reported cut notes was down the left side of the sheets. The note carries plate position letter C.
Had it been numbered like the sheets with consecutive serials on all twelve subjects, its serial
number would have landed on position I.
The unknown here is that we have no idea what the size of this initial print run was.
Because we have never seen a note from the G to L positions, we wonder what serial numbers, if
any, were being printed on the right sides of the affected sheets. Our expectation is that they also
carry numbers in the F7200xxxxB range, but for all we know they could have been star notes.
If we assume that the G to L position notes were in fact numbered with the higher half of
the serials assigned to the cut notes, our burning question is what happened to them?
In other instances where we have seen delivery data for early presentation production
runs, the typical run consists of a brick or two of 4000 notes, with the first brick being short the
300 serials used on the 25 sheets. If this holds up for this first 1928E printing, notes beginning
with serial F72002001B or maybe F72004001B should be those with plate letters from the right
sides of the sheets. But none have been reported.
The GB Block
So what does all of this have to do with the rare GB block 1928Es? We have scoured our
sources and have come up with exactly eight serial numbers from the GB block. They are:
G42258579B C1/2431 Lindquist 8/15 vf
G42256922B Track and Price via Ebay 4/23/11 vf
G42278198B Track and Price via Heritage 5/04 vf ink graffiti
G42279185B E1 Heritage photo fine
Figure 4. This is the first note
from the fourth sheet, which
was hand cut from the sheet,
autographed by Henry
Morgenthau Jr., and presented
to Capt. E. S. Duffield, a Navy
Department official.
Figure 5. F72000753B, plate
letter C, autographed by
William A. Julian, was
delivered to the Treasury as a
cut note that was from the left
side of the sheet. The serial
number would have been
placed on the I-note had it
been from an uncut sheet.
___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________
165
G42279968B Track and Price via Ebay fine
G42282656B B1 Heritage photo vf
G42351131B K1 Heritage photo vg
G99333569B K12 Lofthus vg-f
The first seven serials are tightly clustered in the G42xxxxxxB range, which were
numbered in late March 1934. The spread is less than 100,000 notes. Furthermore, in every case
where we have face plate information, the plate number is 1. We can’t believe that the clustering
of the serials and the fact that most if not all of them came from plate 1 is a coincidence.
Then, almost as an afterthought, we see the appearance of G99333569B from plate 12 at
the end of the block, which was numbered May 1st or 2nd.
Yakes went to the plate history ledger and discovered that plate 1 was not taken off the
press after the presentation notes were printed. Instead it served continuously from February 13
to July 16, 1934, with but only one day off on May 30.
It is apparent that plate 1 was left on the press after the presentation notes were printed
and went into regular production. At that time three other plates were put on that press with it,
but they weren’t 1928Es because no other 1928E plates were available until March 2nd when
plate 4 was sent to press.
Use of plate 4 was followed by 2 and 7 on April 13; 3, 8, 10 and 12 on April 19; and
finally 9 and 11 on April 24. No other 1928E plates were finished.
The only 1928E production notes being printed between February 13 and March 2 were
coming from plate 1. The other three plates on that press could have been any available 1928
series plate; specifically, 1928B, C or D or any possible mix of them. Consequently every fourth
sheet leaving the press was printed from 1928E plate 1.
Furthermore, after the presentation run was completed, the production from the press
holding plate 1 was being streamed into the production from all the other $1 SC presses, all of
which were using older plates. The 1928E plate 1 sheets were being seriously diluted.
It appears to us that the pre-March 2 production from plate 1 finally arrived in the serial
numbering division when the G42xxxxxxB serials were being applied. The 1928Es that received
these numbers represented a small fraction of the numbers in that range.
By the time Lofthus’ G999333569B was numbered, face production from April was
Figure 6. G42279185B appears to be from a group of 1928E production notes that were printed
exclusively from plate 1 between February 13 and March 2. Those notes were numbered in the
middle of the GB block. Most of the notes numbered along with them were from older series plates
that were on the same press as plate 1 or on the many other presses being used to print 1928 series
$1 silver certificates at the time. Photo courtesy of Heritage Auction Archives.
___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________
166
reaching the numbering division because his note was printed from plate 12. Was there truly a
hiatus in the numbering of 1928Es between G42xxxxxxB and G99xxxxxxB? Maybe, maybe
not.
Obviously what we need are more reports from the GB block. We know a few have to be
out there that aren’t on our list so if you happen to have one please provide the serial number and
plate numbers.
We won’t be shocked to see numbers sprinkle throughout the GB block beyond the
G42xxxxxxB range; but on the other hand, we also won’t be surprised to see them restricted to
the G42xxxxxxB and G99xxxxxxB ranges either.
1928 Plates
A total of only 20 Series of 1928E plates were begun, and of those only 10 were finished
and certified for use. Once sent to press, all remained on the presses until July 16th with a few
having short breaks except plates 7 and 9, which wore out in June.
The 1928E plates were assigned to presses as older plates wore out, so most if not all
served side-by-side with 1928B and D plates that were still serviceable, and possibly even 1928C
plates.
There was one day when it is possible that four of the 1928E plates served together on the
same press. Plates 3, 8, 10 and 12 were checked out of the plate vault on April 19, 1934, which
looks suspiciously like all were destined for one press. However plate 12 was rotated out of
service the next day for reentry so it had to be replaced by an older series plate because no other
1928E plate went out on April 20th.
ies of 1928E plates was that they carried a legal tender clause. The new clause was AThis
certificate is legal tender for all debts, public and private@ as compared to the old, which was
AThis certificate is receivable for all public dues and when so received may be reissued.@
The new clause reflected the fact the Agricultural Adjustment Act of May 12, 1933, accorded
Legal Tender Clause Conundrum
An important distinguishing characteristic of the Series of 1928E plates was that they
carried a legal tender clause. The new clause was “This certificate is legal tender for all debts,
public and private” as compared to the old, which was “This certificate is receivable for all
public dues and when so received may be reissued.”
The new clause reflected the fact that the Agricultural Adjustment Act of May 12, 1933
accorded legal tender status to all paper money issued under authority of the United States. A
parallel change occurred on legal tender notes. Specifically “This note is a legal tender at its face
value for all debts public and private except duties on imports and interest on the public debt”@
was replaced by “This note is a legal tender at its face value for all debts public and private.”
Figure 7. All paper money issued under the authority of the United States was granted leg l tender
by the Agricultural Adjustment Act of May 12, 1933. The change in signatures to Julian and
Morgenthau was used as an opportunity to place the legal tender clause on $1 1928E silver
certificate plates (right note).
___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________
167
The revised clause on the $2 and $5 legal tender notes was considered to be such a big
deal at the time that a line was drawn between the production of notes with the old and new
clauses. Legal tender plates with different clauses never served together on the same press. The
changeover serial numbers between the old and new production also were abrupt. In fact all
unused and still serviceable plates with the old clause were canceled (Yakes, 2015).
This reaction was in stark contrast to the handling of the Series of 1928E silver certificate
plates. The 1928E plates were commingled on the presses with Series of 1928B and D plates,
and possibly even 1928Cs. This resulted in delivery of notes that alternated between the old and
new clauses within the packs of new notes sent out for distribution.
It is this fact that makes serial number changeover pairs between the 1928E and older
1928 series notes so interesting. So far 1928B/E and 1928D/E changeovers have been found. It is
possible that 1928C/E pairs were produced as well.
Perspective
Preliminary census data available to us reveals that $1 Series of 1928E silver certificates
from the GB block appear to be scarcer than 1928E star notes. Currently eleven of the stars have
been recorded versus eight of the GBs. The joker here is that the GB notes are sleepers, largely
unrecognized as scarce by their owners, so they haven=t been reported. When the smoke clears,
their population probably will edge out the star notes, but even if that happens, they certainly will
remain in good company at the high end of the rarity scale.
References Cited and Sources of Data
Broughton, William S., Commissioner of the Public Debt, January 12, 1934, Letter to Alvin W.
Hall, Director of the Bureau of Engraving and Printing authorizing the addition of the
legal tender clause to Series of 1928 silver certificates: Bureau of the Public Debt files,
Record Group 57, (450:54/01/6 box 16, file K721), U. S. National Archives, College
Park, MD.
Bureau of Engraving and Printing Custodian of dies, rolls and plates, undated, ledger and
historical record of stock in miscellaneous vault, 4-8-12 subject silver certificate 1899-
1935 series: Record Group 318, U. S. National Archives, College Park, MD.
Bureau of Engraving and Printing, undated, Serial numbering press room log book containing a
list of beginning and ending dates for the numbering of $1 1928 series silver certificate
blocks: Bureau of Engraving and Printing Historical Resource Center, Washington, DC.
Graeme M. Ton Jr., Jul-Aug 1977, A Rarity Index - Depression Notes 1928-C-D-E: Paper
Money, v. 41, p. 216-219.
Yakes, Jamie, Jul-Aug 2015, First serials on legal tender 1928 United States notes: Paper
Money, v. 54, p. 190-193.
Figure 8. Could it be that the
silver certificate Series of
1928E GB block is scarcer
than the *A, or are they just
under reported because
collectors don’t recognize
them as potential rarities?
Photo courtesy of Heritage
Auction Archives.
___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________
168
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
Rare Vignettes on American Bank Note Company Files Link to
Philatelic Collectibles
by Terry A. Bryan
Old ABNCo. file folders contain evidence of modern uses of Obsolete Currency vignettes
on Post Office products. This group of philatelic souvenirs complements our collections.
From 1987 to 1992, the American Bank Note Company (ABNCo.) issued series of souvenir pages
which they marketed as their “Archive Series”. Hundreds of vignettes were exhibited in montages with
explanatory text. Attractive binders and additional historical information completed the packages.
Many of the vignettes were rare examples, used on few bank notes or share certificates. All were from
the vast storehouse of steel vignette dies accumulated by ABNCo. and its component companies over
the span of many decades. Before and after this usage of the images, the United States Post Office
offered similar vignettes on philatelic collectibles.
The auctions of ABNCo. paper and metal archival material over many years excited Obsolete
Currency collectors. Such artifacts had never been seen in private collections previously. Among other
interesting business papers, many ABNCo. file folders and file envelopes were sold. The heavy card
folders featured a proof vignette glued to the outside and serial numbers of the same vignette stamped
prominently. It is speculated that these file folders
held the paperwork appropriate to the usage of the
particular vignette, tests, work orders and invoices. The
metal dies corresponding to the vignettes were filed
separately under the same serial number as on the file
folder.
The cardboard folders are not as old as the
vignettes referred to. The numbering machine serial
numbers are centered rather exactly. The backs of the
folders were printed with columns for Die Number,
Case, Design, Roll Number, Other Cuttings, etc. In some
cases, a die number change was recorded. Some of the
changed serial numbers were noted as instances where
the die came from a component firm, such as Toppan,
Carpenter and Company. In all cases, the most recent
serial number of the vignette appears on the file folder.
ABNCo. numbering of dies necessarily changed during
the company’s corporate history. The file folders and
file envelopes appear to date from the final numbering
of dies in the 1923‐1924 period.
The folders and envelopes display vignettes from Continental Bank Note Company, Western
Bank Note, ABNCo., and the other components of ABNCo. All folders and envelopes in my possession
contain serial numbers in the 38,000 to 49,000 range. Numbers below 50,000 apparently indicate re‐
numbered dies on hand, irrespective of source, before late 1923.
As seen in many die proof vignettes, the serial number on the steel die was scribed through with
horizontal lines, and the new number was engraved above or beside the old number. Both numbers are
often readable on the proof, and occasionally both new and old numbers are written on the file folder.
Obviously, the serial numbers were an important part of the process to keep track of the location and
usage of the many thousands of images on hand, images from many sources and vintages. The file
folders and envelopes were part of the tracking system.
Vignette data is sometimes recorded on 9.5” X 12”
ABNCo. file folders.
___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________
170
The exterior of these file folders sometimes contained other data. The hardness test results of
the die steel were recorded. Once the dies were etched and engraved with the image, they were
hardened. It was necessary to harden the steel sufficiently to resist deformation during the process of
picking up the intaglio engraving by a soft steel roller die. This transfer process was siderography, and it
was essential to the process of moving the image from the small vignette die to a full bank note plate.
The success of the whole process depended on the correct hardness/softness relationship of the steel
parts that came into contact at each stage.
There are many standards for hardness testing of steel. Several of the methods yield a hardness
number derived from pressing or dropping a point or ball onto the metal surface and measuring the
resulting dent or rebound. Among the common tests are the Rockwell and the Brinell. The Shore
Scleroscope test results are written on some folders. The Scleroscope is an obsolete device developed
after 1900. This test does not mar the surface of the piece, which is an obvious advantage for die and
roll testing. From the file folders, it appears that vignette dies were re‐tested after long storage. Tests
were also performed before and after tempering in some cases. There are notes that some dies are not
uniform in hardness (“soft on right side”), and the odds of “picking up the roll” are estimated.
The pencil notes on one vignette die cardboard folder are as follows:
45N scale = 67 [Rockwell hardness]
Sclerescope [sic] = 82
Temper die before picking up roll
75% chance of picking up roll
DG [operator’s initials?] 1‐21‐75
Used on Archive Series
“The Price of Freedom” 1989
A few of the file folders in my collection also contained brief notes about the usage of the
vignettes. As noted above, there are several references to the ABNCo. Archives Series issues. Some of
these notations were mysterious. Notations dated 1982, 1983 and 1984 referred to “Postal Panel”,
“USPS”, or “shipped to BEP” (and “returned” 2 months later). Gene Hessler’s monumental reference
The Engraver’s Line lists a vignette from artwork by F. O. C. Darley. “Washington at Trenton”, engraved
by A. Jones, is said to be used on a “U.S. Postal Panel” in 1975. This “Trenton” vignette turns out to be
“Washington at the Delaware” [River], used on Panels # 73 and #88, and titled by ABNCo. in their 1989
Archives Series “The Price of Freedom”. Naming of vignettes is sometimes problematic.
In a “reprise” of an Essay‐Proof Journal article by Thomas F. Morris, Junior, Barbara Muller uses
the term “commemorative panel” for these postal products. These several references to postal items in
conjunction with bank note vignettes deserved some research.
Having very little familiarity with philatelic materials and terms, I asked Mr. Hessler about the
source of his reference. He could not find the citation. In fact, the term “postal panel”, used several
times in The Engraver’s Line, proved to be misleading to an experienced stamp dealer and to several
senior stamp collectors that I asked. The philatelic Scott reference books were no help, because of my
terminology confusion. EBay presented a bewildering array of philatelic items.
An e‐mail to the National Postal Museum in Washington resulted in a phone reply from a
curator. He was not familiar in detail with retail collectibles, and he did not recognize anything specific
from my hazy description that would correspond to these items. The kindness and speed of a reply by
personal phone call was appreciated, and his advice led to the answer. He referred me to the American
Society of Philatelic Pages and Panels website (www.asppp.org).
The principal issue proved to be terminology. Among the items detailed by the ASPPP were
American Commemoratives panels, American Commemorative Cancelation Pages, Souvenir Pages,
Commemorative Panels, and Stamp Posters. Many of these were pictured on the website, but not
___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________
171
nearly all. Ron Walenciak, President of the ASPPP was gracious and very patient with multiple e‐mails. I
was directed to a dealer site with images of many USPS American Commemoratives© panels.
The American Commemoratives panel series extends from 1972 to date. A panel has been
offered for every U.S. commemorative stamp since that time. The Society is conducting ongoing
research about these items. Apparently, the USPS does not have precise records of numbers printed or
sold. Various companies have assisted in the preparation of these panels, including ABNCo., Jeffries
Banknote Company, and United States Banknote Corporation, although the details are not certain.
American Commemorative panels from 1972, 1973, 1974
and 1975 carry the copyright line of ABNCo. All subsequent
issues are copyright United States Postal Service. The panels are
printed on creamy card stock, 8 ½ by 11 ¼ inches. This is the
same size as the ABNCo. Archives Series pages. From 1972 up to
2002, the panels are decorated with multiple ABNCo. vignettes
from Obsolete Currency and share certificates. A printed frame
sets off a block of four commemorative stamps. The Post Office
logo and series title, footer copyright lines, and the vignettes are
printed from intaglio engraving. Text with history and data about
the stamps is printed in ordinary letterpress form. These are nice
collectibles indeed.
Collectors can order current‐year American
Commemoratives panels directly from the Philatelic Sales Unit in
Washington. After the first year, suitable binders were offered.
In 1972 only 8 panels were prepared. Through the 1970s, each
year numbered less than twenty available. Since then there was
a low of 16 in 1980 and a high of 35 in 1995. A few recent issues
feature larger panes of stamps accommodated in a folder. These
items are modestly priced. At the start, they were $2.00 each, up
to $4.00 by 1982, and the current year’s are $7.95, unless the
face value of the attached stamps exceeds this price. The
majority of panels from past years are available on eBay or
philatelic websites.
Panels were originally mailed in heat‐sealed plastic with
a backer board or price list. The USPS price sticker contains the
warning, “Package not suitable for philatelic archiving.” The plastic wrap appears to contain PVC or
other chemicals. Some older panels are covered in clouded, wrinkled‐up, vaguely sticky materials. It is
recommended that the panels be placed in sheet protectors made of approved plastics without the
backer boards. Another warning: As with any intaglio‐printed materials, the ink stands above the
surface. Exposure to heat can cause the ink to adhere to the cover material.
American Commemoratives panels are uniformly attractive. All have color print selected to set
off the stamp’s colors. From 2002 to the present decorative elements have been photos and color
graphics, sometimes with a background image. Before 2002, all the panels have intaglio vignettes from
Obsolete Currency, book illustrations, letterheads, or share certificates. Panels have been numbered
using different systems at times (e.g. no number at all, or “# 545 in a series”, or “#7304” [fourth panel of
1973]). Collectors usually organize these by consecutive numbers from #1 of 1972 (Wildlife Stamps).
The total number of these items now approaches 1,000.
Many currency collectors are interested in the vignettes found on engraved material. One
traditional way to collect vignettes is to find varied end uses of the image. American Commemoratives
panels are an interesting use of old vignettes on modern material. In fact, the later intaglio USPS panels
The first 30 years of American Commemoratives
panels display stamps, intaglio vignettes and
historical data.
___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________
172
probably represent the last time many of these dies and rolls were ever used. The change from intaglio
panels in 2001 to offset color picture panels in 2002 corresponds to organizational changes in the
ABNCo., and to the decisions resulting in the sale of the metal archive material by the corporate owners.
Our collections now contain ABNCo. dies, rollers and proof vignettes that were never available
prior to the auctions in the early 2000s. These relics have stimulated new interest in vignettes.
Obsolete Bank Notes with a rare vignette now command large premiums. The several Santa Claus
vignettes are an example. Three of these rare vignettes (Durand types II, IV, and V) are printed in green
ink on #7, “ ’Twas the Night before Christmas” American
Commemoratives panel.
The Civil War “Charge of the Zouaves” vignette on
a rare bank note reached the heights at auction in 2014.
This vignette is found on the 1998 panel #545, devoted to
the poet Stephen Vincent Benet. Another numismatic
reference on this panel is the background of the 32‐cent
stamps, behind Benet’s portrait. Marching Afro‐American
soldiers from the Augustus St. Gaudens’ Robert Gould
Shaw Memorial are clearly visible.
An interest in the artwork of Felix Darley caused
me to bid on several ABNCo. file folders, and data hand‐
written on some of these was another spur to investigate
the American Commemoratives panels. I was fortunate
to obtain the vignette die and roller die for “News from
Home”, showing Civil War soldiers reading mail in camp.
Panel #167 of 1982 is devoted to Dr. Mary Walker, a civilian
female winner of the Congressional Medal of Honor. In addition
to “News from Home”, this panel also uses Darley’s “The
Vivandiere” showing a lady filling the canteen of an exhausted
soldier.
There is still a lot of research to be done on vignette
images. The Dr. Mary Walker Panel has a third vignette of a
beautiful standing Columbia personification. She holds a Federal
shield, a laurel wreath of victory and a Caduceus. The winged
rod entwined by two snakes is the staff of Hermes the
Messenger, associated with commerce and trade. In modern
times the symbol has been mistaken for the Staff of Asclepius,
The Healer (one snake, no wings); this confusion has led to the
universal mis‐identification of the Caduceus as a symbol of
medical science. Many of the goddesses and qualities
personified in bank note vignettes are graced with a mixture of
Desirable Santa Claus vignettes are used on
panel #7 from 1972.
A Santa Claus
vignette adds value
to a rare obsolete
note.
___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________
173
symbolic objects that may or may not reflect the particular qualities of the deity. This is not important,
except that the vignette specialist may have trouble interpreting just who those ladies are supposed to
be in a typical symbolic personification. Bank note descriptions in references might say something
vague, like, “woman holds a shield”.
ABNCo. and Post Office personnel who chose the panel vignettes had a lot of material to pick
from, but their choice of images was made more difficult by the subject matter of the particular stamp
issue. The Caduceus on physician Walker’s panel was obviously chosen because of the misinterpretation
of the symbol. Other panels show vignettes that are tenuously related to the theme. For example, a
heroic vignette of George Washington appears on the “Lexington & Concord” stamp panel (#48).
A glorious Standing Liberty appears on panel #155 devoted to
John Hanson (the “first” President of the United States). I have never
seen this vignette before, but it is a masterpiece. Miss Liberty is
draped in the flag. She plants her foot on a broken yoke and shackle.
Hundreds of other interesting vignettes are found on American
Commemoratives panels.
Cataloging all the vignettes that appear on USPS American
Commemoratives panels from 1972 through 2001, over 640 pages,
most with three vignettes, would be a monumental task. There are
some vignettes that are immediately recognizable, but most would
require extraordinary recall to match the vignette with a note or
certificate.
In the various ABNCo. auctions, besides the file folders, the
materials have included cardboard envelopes that may have served the
same purpose as the file folders. These envelopes mostly have
multiple vignettes glued to the front with a list of serial numbers.
Under this filing system, the vignettes were grouped into related
subjects. Several envelopes labeled “Historical” show Civil War and
Revolutionary War scenes.
Quite a number of proof vignettes were cut from file folders, also. Many of these retain the
serial number from the
top center cardboard.
There was an attempt to
center the glued proof
vignette under the serial
number on the edge of
the file. The careful
ABNCo. employees tried
to mount the images
straight. A mucilage‐type
glue was brushed on the
vignette. Some of the
images were slid around
for straightness on the file. The glue smear shows the track of the realignment. Some auctions have
described these clipped items as “ABNCo. file cards”, but they are cut from the 12 x 9 ½ inch file folders.
Unfortunately, the file folder data is lost from the proofs that are affixed to these cut‐down folders.
The American Bank Note Company and United States Banknote Corporation have supplied
intaglio‐engraved souvenir cards to philatelic events, just like they have done for numismatic shows.
Images of these can be found on the Internet also. A few of the philatelic ones have vignettes of
A triumphant Miss Liberty is
a beautiful image, more
easily identified than some
other personifications on
bank notes.
The ABNCo. 6” X 12” heavy file envelopes grouped vignettes into topics, such
as “Historical”
___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________
174
interest, too. There are many other unofficial retail collectibles, in addition to USPS American
Commemoratives panels. In fact, there appear to be many more government philatelic products than
there are numismatic ones.
I would urge others who have ABNCo. files and envelopes to review the information written on
them. Insights might be gained as to business practices and further end uses of the “little works of art”
represented by the vignettes.
USPS American Commemoratives© panels are very attractive educational presentations of
stamps and vignettes. A researcher of vignettes can see images of perhaps 99% of these Post Office
products on various websites. Cataloging or obtaining different end uses of a vignette is a collecting
challenge, and the research is interesting, especially for the opportunity to see a lot of bank notes in
books, at shows, and on websites. These panels could make an accompaniment to a nice show exhibit.
In any case, they are high quality products for a reasonable price.
References:
Durand, Roger. Interesting Notes About Vignettes, Rehoboth, Mass., various dates.
Hessler, Gene. The Engraver’s Line, Port Clinton, Ohio: BNR Press, 1993.
Hardness Testing, University of Maryland, ©2001, text file of paper on website.
Muller, Barbara & Grill, Fred. “F.O.C. Darley, Bank Note Engraver”. Essay‐Proof Journal, #188, 4th quarter 1990, Vol.
XLVII, #4, pp. 147‐156.
Pearlmann, Donn. “American Bank Note Company Archives Totals 200 Tons”. Paper Money, XLV #242,
March/April, 2006.
Tomasko, Mark D. “Die Numbers Reflected Changes at ABN”. Bank Note Reporter, June, 2004, pp. 38‐44.
Tomasko, Mark D. “Examination Shows All That Glitters is Not Darley”. Bank Note Reporter, June, 2007, pp.40‐45.
www.asppp.org for explanations and definitions of USPS products.
www.ebay.com for images of American Commemorative Panels and related material.
www.instron.com for hardness testing information.
www.postalmuseum.si.edu for curatorial advice.
www.stampprofessor.com for images of many panels.
Many thanks to Assistant Curator Calvin Mitchell from the National Postal Museum for advice critical to the
preparation of this article.
Thanks also to Ron Walenciak, Scott Janke, Gerald Blankenship from ASPPP, and to Fred Bean, The Stamp
Professor, for encouragement and advice.
Still more thanks to Robert Van Ryzin, editor of Bank Note Reporter for reference material.
___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________
175
The Puerto Pricessa
River is shown too
far north on the
island of Palawan.
SOME COMMENTS ON THE “NEW GENERATION”
SERIES OF NOTES OF THE PHILIPPINES
by Carlson R. Chambliss
With much fanfare and advance planning the Central Bank of the Philippines (Bangko Sentral ng
Pilipinas) announced what it termed the “New Generation” series of banknotes. These first appeared in
2010 and were designed to replace quickly the so-called “New Design” series of notes that first were
issued in 1985. Due to various problems, however, the “New Design” series of banknotes continued to be
printed well into 2013, and thus the two series circulated side by side for a few years. The BSP (Central
Bank) has recently announced that it intends to remove all of the “New Design” notes during 2015 and to
demonetize them by the end of 2016. Whether these plans are really being carried out on schedule and in
their entirety remains to be seen.
Over the past couple of decades the Philippine peso (piso in Pilipino) has remained reasonably
stable with an exchange rate that has floated between about 40 and 50 P to the U. S. dollar. Originally the
“New Design” series of notes had items for 5 P and 10 P, but these were replaced by coins of these
denominations in 1995 and 2000, respectively. The other six values (20 P, 50 P, 100 P, 200 P, 500 P, and
1000 P) were retained, and they are what are used for the current notes.
Various other features remain basically unchanged from the previous series. Philippine notes are
still numbered in blocks of one million, and the block letters provided for allow for up to 650 million
notes to be printed before the series designation needs to be changed. For the “New Design” notes of
1985-2013 this was usually done by changing the colors of the serial numbers and then beginning anew.
For the current notes, however, the scheme that is used employs suffix letters for the series designations
where needed. For instance, huge numbers of 20 P notes were printed in the year 2014, and these come
with series designations 2014, 2014A, 2014B, and 2014C. All “New Generation” notes are annually
dated, and thus far all notes of these types bear the facsimile signatures of Benigno Aquino III as
president and Armando Tetangco, Jr. as governor of the central bank. Their terms of office expire in
2016 and 2017, respectively, and so there will soon be some changes with regard to the signatures. The
basic color schemes (orange, light red, violet, green, brownish yellow, and blue for the 20 P through 1000
P notes, respectively) have been carried over from the previous series of notes, and the sizes of the notes
remain the same as they have been for the past 65 years. These notes feature a new BSP seal printed in
bright blue that is quite different from the versions that were used in previous years, and the Philippine
coat of arms also appears in full color on each note.
The persons portrayed on these notes remain the same as those of the “New Design” notes except
that the 500 P now depicts both president Corazon Aquino (1933 – 2009) as well has her assassinated
husband Benigno Aquino, Jr. (1932 – 1983). The portraits of Manuel Quezon on the 20 P and Sergio
Osmena on the 50 P depict these individuals as youthful persons near the starts of their respective
political careers. Various events in modern Filipino history are also shown on the faces of these notes.
Design
errors, however,
are to be found on
the back sides of
these notes.
___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________
177
Depicted on each note is the view of a natural wonder or other feature, most of which are national
parks or Unesco world heritage sites. Given the importance of the island of Luzon in the national life of
this country, it is not surprising that three of the six scenes are from this island. The central Visayas
islands are represented by the so-called Chocolate Hills on Bohol (on the 200 P note). The southern
Philippines are represented by a scene from Palawan on the 500 P and a reef in the Sulu Sea on the 1000
P. The locations of these views are marked on an outline map that appears on each note. But the
locations of these scenes are seriously out of place on both of the two high values. The Puerto Princessa
River (on the 500 P) is near the center of the long, narrow island of Palawan and not close to its northern
end. The Tubbataha Reefs (on the 1000 P) is in the center of the Sulu Sea and not far to the south. The
place marked on the notes would put this feature either on the coast of Malaysian Borneo or perhaps
somewhere in the interior of this huge island. Since Borneo is foreign territory, its shoreline is not
marked on these notes. How either of these two rather blatant errors got through the design process
baffles me.
Each note depicts an animal species, and both the English and scientific (i.e., Latin) names for
these are given. But scientific names for plants or animals always use initial capital letters for the genus
name and small letters for the species designation. On these notes both are capitalized. I am far more
expert on snakes than I am on parrots, but I understand that the colors of the blue-naped parrot shown on
the 500 P note are not correct. These birds have far more red and much less green in their plumage.
The most serious errors, however, occur in the outline map of the Philippines that appears on each
note. Only one of the two island groups that lie to the north of Luzon is shown. These are the Babuyan
Islands, which indeed are displayed in their correct location. But the Batanes Islands, three of which are
inhabited, have either sunk into the Pacific Ocean or been taken over by Taiwan. This is a Filipino
province, and the 17,000 citizens who live there might feel a bit left out. Incidentally the Batanes Islands
are not to be confused with the more famous Bataan Peninsula that is in central Luzon. The outline map
is fairly good, but I did note that the fairly small island of Tablas seems to run into the northwest corner
of the much larger island of Panay in the central Visayas. There are a few km of salt water separating
them. It seems that to make up for the loss of the Batanes, a medium size island is shown well to the
southeast of Mindanao. This is Pulau Karakelong, but the problem here is that this island belongs to
Indonesia and not to the Philippines. The tiny islands that are found in many parts of the South China Sea
are claimed by several nations. The Philippines claims the Scarborough Shoal (Kulumpol ng Panatag)
which lies well to the west of Subic Bay on Luzon. This minute feature is depicted quite clearly on the
notes, but the somewhat larger Spratly Islands (Kapuluan ng Kalayaan in Pilipino) that lies due west of
central Palawan do not appear. Although Tagalog/Pilipino and Malay/Indonesian are, of course related
languages, they are not close enough to be mutually intelligible, but their words for island group or
archipelago – kapuluan in the former and kepulauan in the letter – are almost the same.
The Tubbataha Reefs are shown
much too far south. They are near
the center of the Sulu Sea and not
in or close to Malaysian Borneo.
___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________
178
Islands such as the Spratlys are very small and utterly insignificant, but there is one small Filipino
island of great historical significance whose absence from this map surprises me. That is the island of
Corregidor (“corrector” in Spanish) which lies at the entrance to Manila Bay. Although small in area, it
should have been shown in its proper location as a dot on the outline map that appears on these notes. I
think we all know what happened there in 1942.
Although it is often stated that there are more than 7000 islands in the Philippines, the great
majority are mere rocks or reefs that are uninhabited. The eleven largest of the islands have rather more
than 92% of the total land area of the nation.
Clearly there are errors of design that need to be taken care of in new versions of these notes.
There have been complaints about the fact that the violet-colored 100 P notes can be confused with the
blue-colored 1000 P notes, although the designs of these two notes are quite different. Plans are now
underway to add a brown-colored feature in the watermark area of the 100 P note to prevent any possible
confusion.
To me the orange 20 P note portraying the youthful Manuel Quezon and the light red 50 P with
the youthful Sergio Osmena seem much more similar than do the 100 P and 1000 P notes. One of these
should probably have some additional color added to its design. But why not abolish to the 20 P note and
replace it with a 20 P coin depicting Quezon? Today only 1 P, 5 P, and 10 P coins are seen in normal
circulation, and the 20 P note is worth only about 45 U. S. cents. The use of 20 P coins instead of 20 P
notes would doubtless save huge sums of money. Although notes for 200 P would seem to be useful, they
do not appear to be popular. The “New Generation” 200 P notes have been printed only for the year
2010, and not for any of the more recent years. In contrast notes for 500 P and for 1000 P are printed in
huge numbers every year, and these two denominations clearly represent most of the face value of the
Philippine currency that is now in circulation. Notes for 2000 P and 5000 P will probably be needed in
the not too distant future.
Let me know what you think of my proposed design changes for Filipino notes. I may send these
suggestions off to the Bangko Sentral to see what they think of them.
The outline map of the Philippines
could be kept the same size, but it needs to be
moved somewhat down. The Batanes Islands,
which are a province of the Philippines, need
to be included at the top.
The geometrical feature that appears
at the LL of the back of each note and the LR
of the corresponding face needs to be
shortened so that it does not overlap the
southern end of Palawan.
I also feel that the island of
Corregidor should be added as a dot at the
entrance to Manila Bay.
There is water between the island of
Tablas and the NW corner of Panay.
The island Pulau Karakelong to the
southeast of Mindanao is Indonesian territory
and should be removed.
___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________
179
UTILIZING POSTAGE CURRENCY AS POSTAGE STAMPS
By Rick Melamed
In 1862, the US was faced with a severe coin shortage, as individuals were hording gold, silver
and even copper coins during the country’s dire economic condition. Several measures were attempted,
but the best solution was the issuance of Postage Currency notes to replace scarce coinage. While
Postage Currency was never meant to be used as postage stamps, some people who did not have a
stamp handy used these notes as an emergency replacement. This did not occur very frequently since it
cost only 2¢ to mail a letter and the smallest postage currency denomination was 5¢.
Instances of this usage are quite rare. Over the past 30 years, only a handful have surfaced at
auction. The placement of Postage Currency notes on an envelope is eye‐catching (especially to the
fractional enthusiast), and when an example shows up at auction, it attracts a lot of attention.
While most of the research in this niche has uncovered generic specimens; we have discovered a
special envelope, which was a part of President Franklin D. Roosevelt’s personal collection. Roosevelt
was an avid philatelist his entire life (from the age of 8 until his death), and amassed a collection of over
1.2 million specimens.
HOWLAND/BYRNE/FDR ENVELOPE
Following FDR’s death in 1946, the Roosevelt family sold his collection through the noted stamp
auction house H. R. Harmer. The item of interest, the Howland/Byrne/FDR envelope, was part of a group
lot sold in these auctions, and thus does not have a unique auction record.
The Howland/Byrne/FDR envelope is quite a
busy piece, which adds to its charm. With no
shortage of distractions, the envelope
contains the following:
On the Front;
‐Sender: J.A. Howland (Jesse Addison
Howland);
‐Addressee: Capt. P. J. Byrne (Captain Patrick
“Pappy” Byrne).
‐Six Portuguese postage stamps
‐One 15¢ US postage stamp
‐One 5¢ and one 25¢ Postage Currency Note
‐A USPS “Registered” rubber stamp (partially
hidden with the Portuguese postage stamps
affixed to the envelope).
‐Five postage cancellations from 1939 on the
face; six on the back.
On the Back;
‐‐Authentication stamp stating: “From the
Franklin D. Roosevelt Collection
Authenticated by H.R. Harmer, Inc., N.Y.”
‐One 6¢ US postage stamp
‐Capt. Byrne’s name with 5 of his fellow naval
officers (C.J. Doyle, C. F. McDonough, R.V.
Carlson, T.S. Terrill, 5th officer is not
identifiable).
___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________
180
Some other interesting things to note:
‐Just to the left of the FR1230/1231 is the following: “Shore to shore 46½ (hours) – Flying time 42½ H –
4,800m”
‐The address of “Horta, Fayal” (Actually spelled Faial) is a remote city on the island of Faial in the Azores,
where Byrne took receipt of the letter.
‐Based on the postal cancellations – the following is the letter’s timeline:
* August 1, 1939 ‐ letter was mailed from Sea Bright, NJ
* August 2, 1939 ‐ received at NY Registry Division
* August 2, 1939 ‐ received at NY Foreign Department at the USPS
* August 4, 1939 – received at Sheepshead Bay, Brooklyn, NY division of the USPS
* August 9, 1939 – received at Horta, Faial, Azores Islands, Portugal
Fortunately the winning bidders had the option to confirm their purchases with a rubber stamp
verifying that they came from FDR’s collection, as is the case with this envelope which was recently
authenticated by H. R. Harmer as genuine. Normally one would not want their specimen branded with
the name of the auction company, but in this case, the tie‐in to the FDR auction is a very good thing.
The Howland/Byrne/FDR envelope contains a number of unique features. The envelope contains
two different Postage Currency notes (FR1230/1231 ‐ 5¢ & FR1281/1282 – 25¢), while similar examples
only features a single note. The envelope is postmarked rather late, in 1939, meaning that the Postage
Currency notes were affixed to the envelope nearly 80 years after they were issued. Aside from one
other example, all envelopes substituting Postage Currency notes for stamps were postmarked before
1901 (see the end of this article for other specimens). Anyone using a Postage Currency note to mail a
letter in 1939 did so on purpose and to make a statement. In this case, Jesse Howland, a serious coin
and stamp collector, knew exactly what he was doing. His cost to distinguish the envelope was very
modest; in 1939, the retail price for an average circulated piece of Postage Currency was $1‐$2 per note.
The recipient, Howland’s son‐in‐law Patrick Byrne, was a decorated Navy pilot tasked with an important
maiden flight across the Atlantic. In the 1930’s, cargo planes did not have enough fuel to cross the
Atlantic Ocean, and Byrne was involved with testing the newly constructed airstrips on various Islands in
the North Atlantic to facilitate cargo transport to Europe. On one of the maiden flights, Byrne stopped in
the Azores for refueling and took possession of this envelope with the Postage Currency notes as a
memento of the historic flight. Byrne’s descendants indicated that he was very diligent in logging flight
details, and it’s in his hand that the following was written onto the envelope’s face: “Shore to shore 46½
(hours) – Flying time 42½ H – 4,800m”
The following quote from Byrne’s granddaughter, Megan Jagger, gives us insight on her grandfather’s
mindset:
“Knowing my grandfather (he viewed anything you could write on as a log & he logged everything) he
made this note on this envelope as documentation of the trip. The President needed this information to
make an educated commitment to the war and since we were not officially at war there could be no
official military log of this trip.”
HOWLAND/BYRNE BIOGRAPHY
The sender of the letter, Jesse Howland, was an accomplished and noted marine contractor who
specialized in the construction of seawalls and marine jetties. The recipient, Captain Patrick J. Byrne, was
an American hero, a skilled pilot with a long and distinguished flying career in the Navy. In order to
bring a more human side to this historical artifact, a biography of the lesser known participants helps
tremendously. The Howland/Byrne/FDR specimen is not just an envelope with names, but a warm story
of lives well lived.
___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________
181
Jesse Addison Howland
(Bio excerpts from findagrave.com)
Birth: Nov. 10, 1869 ‐ Oceanport, Monmouth County, New Jersey, USA
Death: Nov. 5, 1945 – Rumson, Monmouth County, New Jersey, USA
The sender of the envelope is J.A. Howland ‐ Jesse Addison
Howland. Howland was the President of the Jesse A. Howland & Sons,
Inc., a general contracting firm specializing in the building of bulkheads,
piers and jetties. Born in Oceanport in 1869, Mr. Howland first began
working for other contractors along with his father building bulkheads
on the river when he was fourteen (approx. 1884‐85). He eventually
founded his own firm in the early part of the 20th century. His company
built (with stones excavated from Howland owned quarries) the Sandy
Hook, NJ seawall, and huge jetties at the Manasquan, NJ inlet and at the
Ocean City, Maryland inlet. His company also constructed other stone jetties at Indian River, Delaware;
and NJ beaches at Monmouth, Asbury Park and Ocean City. Howland was also contacted for his
expertise when Texas built the great seawall in Galveston, after the previous structure was destroyed by
a hurricane in 1900.
Regarded as an authority in beach protection devices and beach erosion problems, Mr. Howland
was delegated by Governor A. Harry Moore in 1928 to survey the beach protection work in England,
Ireland and Scotland and along the coast of Europe. On his return, he asserted that contractors in his
country were far ahead of those abroad.
Mr. Howland served one term on the Sea Bright Borough Council. He was a member of the New
England Historic Geographical Society and Monmouth County Historical Society. He also collected
stamps, antiques and old coins. His granddaughter, Nancy Byrne Phillips, indicated that Jesse spent
much time and money on his hobby and he once owned a sheet of very valuable inverted Jenny stamps
(examples have recently sold for $575,000 each).
Howland’s daughter, Margaret (“Nan”), was the office manager at his construction firm and the
wife of the letter’s recipient Captain Patrick Byrne. Byrne and Margaret Howland were married in 1932
and, at the time of the letter, they had a five‐year‐old daughter, Nancy. During my correspondences
with the Byrne/Howland family, there is some debate as to whether the letter was written by Margaret
or Jesse (the envelope is in Jesse’s hand). Since getting a letter mailed from New Jersey to the remote
Azore Islands was no easy task, there very well could have been a letter from Captain Byrne’s wife as
well as his father‐in‐law. Alas, the letter has been lost…only the envelope survives.
Captain Patrick J. “Pappy”
Byrne
Birth—Mar. 18, 1896 –
Orange, Essex Co. N.J.
Death—Nov. 23, 1979 –
Rumson, Monmouth Co. N.J.
___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________
182
From the USPS and Find‐a‐grave websites is a colorful biography on the letter’s recipient, Captain Patrick
J. Byrne:
Sometime prior to the Spanish American War and yes, even prior to the Wright Brothers
epochal experience at Kitty Hawk, a lad was born in South New Jersey named Patrick J. Byrne. Pat or
"Pappy", as his shipmates called him, wrapped up his Naval career as Lt. Commander Naval Aviator, USN
in 1958 with a record 23,000 hours (over 2½ years in the air!) of flying time a record that still stands
today since the FAA now limits pilot flying hours. Not too many Silver Eagles can match that, especially
when it was performed in 140 different types of aircraft. Byrne enlisted during World War I as landsman
for the Machinists Mates School at Pensacola, Florida. He rapidly advanced from a boot pilot to plane
Captain and taxi‐pilot.
Byrne advanced to Chief Petty Officer and found himself selected for the first enlisted men's
flight class. By this time, he probably had as much time in the air as his instructors, and by October 10,
1920, he received his flying wings which he would henceforth wear with pride, honor, and distinction.
He was selected as a chief instructor for the enlisted and Warrant Officer neophytes.
Byrne was integral in convincing the US Navy to incorporate aircraft as a part of the fleet. He
joined the first Fleet Air Detachment at Norfolk, VA, flying wooden hull planes with all their grievances;
one time losing a propeller over the wintry Atlantic. He quickly proved that even these early aircrafts
were remarkably efficient at spotting and bombing, even though drift indicators and bombsights were
rather primitive devices at the time.
Now with an accepted Naval Air Arm, Byrne participated in the first flight from Norfolk, VA to
Guantanamo, Cuba. Because of the aircraft’s limited range, many stops were made in route on the East
Coast. Later, with bigger flying boats, air cooled engines, metal hulls and longer cruising range, his
squadron successfully undertook a non‐stop flight from Norfolk to Coco Sola, Panama. Joining the VRF‐1
(Naval Air Transport) with its various transport assignments, Byrne was flying cross‐country, with Corpus
Christi, Texas, as his first stop. Upon the request of Chief Naval Officer Admiral Forrest Sherman, Byrne
was asked to explore potential sites for seaplane bases in the Mediterranean. By this time, Byrne was
recognized as a trail blazer.
In 1937, American Export Steamship Company (eventually creating a division named American
Export Airlines1) decided to venture into air transportation. Byrne was chosen to establish a route to
Europe. The Navy Department granted him a leave of absence for this survey. Incidentally, this route
was later used by Pan American Airways. Next, he was
called upon to conduct a survey for a seaplane base in
Calao Harbor, Peru. The result was favorable, and the
Lima‐Tampa‐New Orleans Airlines was established.
Upon completion of the survey, Byrne flew back to
New York, making the first non‐stop flight from Peru
to New York City. While resting, he undertook the
testing of the famous "Mars" seaplane at the Martin
Aircraft Factory. The “Mars” was the largest cargo
plane constructed to date with an enormous wingspan
of 200 feet.
1 American Export Airlines (AEA) was founded
in 1937 with the goal of establishing North Atlantic
aviation routes. One of the strategic routes was in The Azores and AEA was responsible for the
lengthening of its runways. By 1939 commercial airlines began using the Azores as a landing strip. Its
location, 915 miles due west off the coast of Portugal, was a strategic spot allowing commercial airlines
to refuel on their way to Europe. By 1939, with the world on the brink of World War 2, the use of the
Portuguese owned Azores Islands became of considerable importance. With political influence pressed
___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________
183
upon the Portuguese government, the commercial airstrip was allowed to be upgraded for military use.
By 1943 the Azores became a crucial outpost for the British and American armed forces.
In 1954, the assistant Secretary of the Navy for Air, James A. Smith, presented Byrne with the
distinguished Legion of Merit award. The Legion of Merit (LOM) is a military award from the United
States Armed Forces, given for exceptionally meritorious conduct in the performance of outstanding
services and achievements.
In 1954 Byrne was transferred to NAS Lakehurst. At long last, he was close to home; Lakehurst
was within jogging distance of Rumson, NJ, where his wife Nan (Margaret) and daughter Nancy lived.
Finally in 1958, after 40 years’ service in the U.S. Navy, much of it in the air, Byrne retired.
A history of Patrick Byrne’s amazing
naval career is on display at the Pensacola
Navy Air Museum in Florida where a large
showcase is dedicated to his achievements.
A LETTER’S AMAZING JOURNEY
Captain Byrne was on the move
during the pre‐war and war years. My
following correspondence with his daughter,
Nancy, is illuminating on how integral Byrne
was to the war effort:
"Dad was never stationed in the Azores. It was
always a stopover point for his trans‐Atlantic
flights for American Export Airlines survey
flights. He was on loan from the Navy. This
would have been in 1938‐1939. These were
secret spy searches for German U‐boats and
led to the sinking of the Bismarck.
He later was stationed in Greenland doing the same thing for the Navy. My Dad flew the first
American plane into the war zone as he was in Greenland on patrol duty and was flying a survey plane
over Europe when war was declared. That is why he was the first US plane in the war zone when war was
declared as he was in‐flight looking for subs along the English coast."
The timing of the letter coincided with one of the inaugural flights of the transatlantic Flying
Boat to Foynes, Ireland. Since AEA was integral in developing these routes and Byrne was an active pilot
during his work with the company, his father‐in‐law, Jesse Howland, affixed the Postage Currency notes
onto the envelope to distinguish it. His daughter confirmed that the names of five officers inscribed on
the back of the envelope were members of her father’s crew.
Nancy also provided insight on how the envelope made its way to FDR. Not only was Patrick a
distant cousin to FDR, but on occasion he personally flew the President to his summer home in
Campabello, Maine. It was on one of those flights where Byrne gave the letter to FDR. The envelope
had many things the stamp loving President would appreciate: the Portuguese and American postage
stamps and postmarks, the 1862 Postage Currency notes, and the important and strategic flight
information written across the envelope’s face.
The envelope resided with FDR until his death in April 1945. It was dispersed at the H.R. Harmer
auction in 1946 and has been in the hands of private collectors for many decades.
POSTSCRIPT…A 2ND HOWLAND/BYRNE ENVELOPE SURFACES
After my submission to the editor for publication, a 2nd Byrne/Howland envelope surfaced from
an online auction. This example does not have the FDR provenance, but it is certainly a fascinating
piece. Please note the inscription on the bottom left corner of the envelope’s face: “Ship Transatlantic
___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________
184
– 3rd Survey flight.” This leaves no doubt that Jesse Howland added the Postage Currency notes to
distinguish the envelopes on his son‐in‐laws inaugural flights across the globe. One also comes to the
conclusion that Jesse must’ve come across a small horde of Postage Currency notes as evidenced by his
usage on the two envelopes in quick succession.
The 2nd envelope was postmarked a week letter from the FDR specimen. It contains an
FR1230/31 Postage Currency note and postage stamps from: The United States, Portugal, The Canadian
Provence of Newfoundland, and France.
The envelope also contains postal cancellations from: Sea Bright, NJ; Sheepshead Bay, Brooklyn;
Botwood, Newfoundland; Seccao, Portugal; and 2 locations on the southwest coast of France
(Biscarrosse and Landes).
As with the FDR envelope, this example is also signed by the same members of Patrick Doyle’s
crew.
I am pleased to report that this story has a happy ending. Working with Byrne’s granddaughter, Megan
Jagger, we were able to secure the envelope and reunite it with the Howland/Byrne family. They were
overjoyed with their good fortune and the comment of divine intervention creeped into the
conversation. Whether metaphysical forces played a role or not, the timing was quite fortuitous.
___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________
185
OTHER EXAMPLES OF POSTAGE CURRENCY NOTES USED AS POSTAGE
Shown is another envelope where a 5¢ Postage Currency note was used instead of a traditional
postage stamp. The newly discovered piece is subject to some speculation. While a postage cancellation
would have been positive proof that this example is legitimate, a close examination of the letter
indicates that the ink and paper used is consistent for the period. The actual postage note was hand
cancelled with a big “X” across Jefferson’s portrait. The note itself is in in excellent condition and would
grade Choice CU on its own. If deception was employed, why would the person use a Choice CU postage
note? Additionally, some aged staining spots that bleed from the postage note to the envelope indicate
that the note has been affixed to this letter a very long time. This writer believes this example to be
genuine.
The description of the auction lot reads as follows:
Not sure what to make of this but it is a genuine Postal Currency 5 cent note adhered to full
envelope from the 1870's or so based on the Newcastle Delaware CDS and when this style had been
used,.................. to New Jersey, Salem County. Everything is 100% genuine except that I am unsure that
the note and the cover go together,..............The cancelled note X appears to be the same ink as the
addressee ink from that period but will not make any guarantees if they originated for mail.
On the newly discovered example there is a town listed in the postal mark: Newcastle (likely in
Delaware, since it was only 36 miles away; right over the Delaware River). There is a month/date (April
5th) but the year is not shown. A search on the addressee: John Janvier from Daretown, Salem County,
NJ, indicated that Mr. Janvier lived from 1824‐1874 and is buried in the Daretown Presbyterian Church
in Daretown, NJ. By the turn of the century there were only 250 residents in the small and rural
unincorporated town, so no doubt this is the same person. Janvier’s 2nd son was also named John, but
died at age 7. Since first issue postage notes were first printed in 1862 and Mr. Javier passed away in
1874, we come to the conclusion that the missing year had to be in the range of 1862‐1874.
‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐
___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________
186
Fellow FCCB and SPMC member John Roos has contributed the following example to the census.
He indicated that he purchased this item from an online auction.
John adds the following information about the Lindsay letter:
[The letter] was mailed October 17, 1866 in Oneida Castle, NM to R. Lindsay. Lindsay practiced law in
Columbia County, WI, from 1858 to 1876. The 1866 date is derived from the annotations at the left
border, which makes it the earliest known example of postage currency actually used to mail a letter.
This specimen is interesting, since the stamp on the postage note was rather haphazardly cut.
The entire stamp was used, but there is about a ½” border surrounding the stamp, proving conclusively
that it came from a Postage Currency note. Had the letter writer trimmed it to the border of the stamp,
then it is likely this example would not have come to light.
‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐
There are no examples from the John Ford sales conducted by Stacks Auction, but from the CAA
(Currency Auctions of America) Milt Friedberg sale in January 1997, three different examples were sold.
Shown is the lot description and auction sale price.
Lot 96. Postage Currency used as
Postage. A 5¢ FR.1230 (Milton 1R5.4)
mounted to the upper left of an
envelope and postmarked “New York
September 20 9PM 1901.” The
identical postmark appears at the right
of the envelope. One of the very few
known indisputably genuine uses of
postage currency as postage (750‐UP).
Purchased by Milt from Fractional
Currency Inc in 1994 at the Memphis
show. Sold for $770. This same
example sold twice more both at
exactly $2,300. At the Tom O’Mara HA sale in September 2005 and from the Peter Gamble collection
auction by HA in January 2008.
___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________
187
Lot 97. Postally Used Fractional
Currency. A 10¢ First Issue note
was used as a stamp to mail this
George Washington bicentennial
cover. It was sent from Mount
Vernon, Virginia on February 22,
1932 (the 200th anniversary of
George Washington’s birth), to
Fred Wm. Bernet in Newark, New
Jersey. There are very few
known examples of First Issue
Fractional Currency having been
used as postage, and this is the
latest date example we have seen. It’s tied to the cover by both the postmark and the special
Washington’s bicentennial cancel. The envelope has contents but remains sealed. (500‐up). Formerly
Lot 243 from NASCA’s April 19, 1982 sale. Sold for $1,155.
Lot 98. Postally Used Fractional Currency.
A 5¢ First issue note has been used as a
stamp to mail a letter which is
postmarked September 18, 1901.
Although not specifically authorized for
use as postage, First issue notes
occasionally, although rarely, were
pressed into service as stamps. This five
cent note on its plain cover appears to
have been used as postage rather than a
gimmick, souvenir or hobby stunt. (500‐
up). From Abe Kosoff’s 1971 sale of the
Julian Marks Collection. Sold for $577.50.
From the Heritage
September 2008 Long
Beach Auction:
Lot 13034, First Issue 50¢
Note Used as Postage. The
stamped portion of the
First Issue 50¢ note was
clipped and used as
postage on a large
envelope. Although the
date is not legible, the
postmark of Cincinnati, OH is clear, and the postmark ties the strip to the cover. This is only the third
instance that we have seen where postage currency was actually used as postage. This great item
popped up in a recent stamp auction where our consignor obtained it for over $1400.
___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________
188
Speaker Series
Coordinated by Peter
Huntoon
Exhibits Extraordinaire!
Exhibit Chairs Mart Delger
& Robert Moon
email for application
Robertmoon@aol.com
New exhibit class sponsored
by SPMC—
Best one case exhibit.
Friday AM
SPMC Annual Tom Bain
Breakfast & Raffle
World Famous Emcee—
Wendell Wolka!
Although the date is uncertain, it was most likely mailed in the 1890s, as it was sent to a
Lieutenant H. H. Bandholtz, a member of the 6th U.S. Infantry in Fort Thomas, Newport, KY. The 6th
infantry was based at Ft. Thomas from the early 1890s until the outbreak of the Spanish‐American war
in 1898. Bandholtz, the recipient of this letter, went on to become a Major General in WWI. He was also
called on by President Harding to quell unrest in McDowell County, WV during the "Miner's Rebellion" in
1920. Anyone desiring to see a statue of H. H. Bandholtz, need look no further than the front lawn of the
U.S. Embassy in Budapest, Hungary. Only the front of the envelope is present, but the postage currency
strip and the addressee's information is fully present and crystal clear. Sold for $1,955.
These interesting items represent a strong connection between Postage Currency notes and
postage stamps, and deserve a place in any well‐rounded fractional collection. The rarity of these
examples most likely stems from the fact that letter recipients don’t often save their envelopes.
Considering that, and its unique history, the Howland/Byrne/FDR envelope is truly a stellar item and
elevates it above all other specimens.
Many thanks must be extended: to my son David Melamed for his expert editing skills; the FDR
Library; Bill Bergstrom, archivist for H. R. Harmer Auctions; the USPS website for the Capt. Byrne
biography, Find‐a‐grave website for the Jesse Howland biography, Steve Howland, Nancy Byrne Phillips,
Megan Jagger and the rest of the Howland/Byrne family; fellow SPMC and FCCB members and John
Roos and Tom Schott (Tom discovered the Byrne/Howland/FDR letter); and a special thanks to Heritage
for their fabulous auction archives, which are a treasure trove of great and useful information and
makes researching these article easier with accessible and reliable information.
If there are any other examples in collectors’ hands, please drop me a line at
riconio@yahoo.com . It would be great to share this information with everyone.
Make Plans now to attend the 40th Annual IPMS in Memphis!
The annual premier show devoted to the collecting of paper money.
Fun and Education for everyone
___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________
189
RARE SCRIP FROM UTAH
Featuring Items from Eric P. Newman
by Douglas A. Nyholm
Every few years a major collection will come forth with some very special rare and desirable
items as were offered in the recent 7th installment of the Eric Newman collection by Heritage Galleries.
Eric Newman, now 104 years old is in the process of selling his entire collection un-reserved at auction.
Both the sixth installment earlier this year and the seventh contained some extraordinary gems from Utah.
There were 46 Utah items in this sale while the previous auction contained 30 for a total of 76 lots from
Utah. Several years ago the John J. Ford auctions sixth installment contained 121 Utah and Mormon
items, while another notable collection, that of the Schingoethe’s contained dozens of special Utah items.
While comparing one auction to another is difficult as they all contained rarities, however the
latest offering from Newman had the largest number of totally unknown or previously un-actioned items
available for the first time. Newman’s earlier auction contained a grouping of Kirtland banknotes of
which all different types and denominations are presently known. The most recent Kirtland discovery
was an eighth different signature combination and presently there are rumors that a signed uncut sheet is
known, but the real story here is about the Storehouse and Mercantile scrip. These items have survived in
much smaller quantities and are much rarer than the mainstream Kirtland banknotes. My personal census
of Kirtland banknotes now list over 500 individual note, far from rare, but still in relatively high demand.
Many of the mercantile scrip have survived by only a handful of known specimens. This literally means
that for many issues you can count the number of survivors on the fingers of one hand. There are a few
exceptions but even those are scarce and unknown to many collectors except for those who avidly seek
after them. The collectors who do collect Utah scrip are few but as can be shown by the prices realized in
this auction they are very competitive and place strong bids to acquire these rare notes. What set the
Newman auction apart from the previous auctions is that there were no less than six unique items for sale.
Those items which have not been previously described or previously offered at auction always
create excitement at auction as well as headlines. In addition to the six unique items there were also a
number of items almost as rare which have not been available for over 50 years. Unique items
occasionally come to market every few years and whether they are just tightly held in old-time collections
or recently discovered is just a matter of chance. Similar items many times are unknown from banks
issuing National Currency as it seems that most recent discovery pieces are paper currency, finding a new
variety of a coin does occur but far less often. The recent PCDA auction conducted by Lyn Knight
contained three such pieces of National Currency highlighted by the unique Rhyolite Nevada specimen.
Since the publication of my book on Mormon Currency in 2010 there have been just 3 or 4 new and
unique Utah items discovered. I do believe that in the future more will trickle onto the market probably
not from major collections, but onesies or twosies that have long been hidden away or lost in someone's
personal holdings who knows nothing in regard to their rarity. A large number of Eric P. Newman’s
collection was acquired in the early 20th century, much via private sale and therefore no auction records
exist. This is what numismatics is all about. Definitely everything is not known even in 2015!
Co-op Scrip and Mercantile Scrip
In the Oct 1865 Church conference, Brigham Young announced that the Saints needed to help
one another. ‘Let every one of the Latter-day Saints, male and female, decree in their hearts that they will
buy of nobody else but their own faithful brethren, who will do good with the money they shall obtain. I
know it is the will of God that we should sustain ourselves, for, if we do not, we must perish, so far as
receiving aid from any quarter, except God and ourselves….We have to preserve ourselves, for our
enemies are determined to destroy us.”
___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________
190
The first LDS cooperative institution was founded in 1864 in Brigham City under the direction of
Lorenzo Snow of the Quorum of the Twelve. Initially this town’s name was Box Elder which was later
changed to Brigham City. This cooperative was so successful that it served as a model to other co-ops to
come.
Elder Snow wrote in an 1875 letter to President Young that his main objective for the cooperative
movement was “to unite together the feelings of the people by cooperating their interests with their means
and make them self-sustaining according to the spirit of your teachings and to make them independent of
Gentile stores.”
Some of this co-op and mercantile scrip was a centerpiece of the Eric Newman collection. Due to
the large number of pieces it is clear the Mr. Newman had a significant interest in Utah scrip. Other than
small bits of information, very little specific information is known about these notes and their issuers
other than what is individually printed on them. During my years of research most co-op’s which issued
scrip has resulted in very little regarding their operations or issuance of scrip and tokens. I once used the
services of two Brigham Young University research assistants who looked diligently for information
regarding these notes as well as other LDS currency information and found almost no new information in
eight months of searching.
The “Brigham City Mercantile & Manufacturing Association,” for which several very rare notes
are known including two in the Newman collection, was the first of the Co-ops to open in the Utah
Territory. It was established in 1864 under the direction of Lorenzo Snow. Snow would later become
President of the Church of Jesus Christ of Latter-day Saints.
Almost everyone in the Territory was poor, and the Co-ops allowed them to own shares which
eventually helped them achieve prosperity. Parts of the workers’ wages were also paid with scrip from
these Co-ops. As a result there was an explosion of Co-op’s in the Territory, many of which issued scrip.
Some issued tokens as well.
Several co-ops also operated in Idaho and Arizona. There were hundreds of co-ops operating as
well as mercantiles, various stores, ZCMI locations and several organizations operating under the
auspices of ‘United Order’ establishments.
There are differing ideas as to which and how many of these establishments actually issued scrip,
either in the form of paper currency, or tokens. Tokens usually were issued in metal but paper tokens,
usually thicker in the form of heavy card stock, were issued both in round and rectangular sizes. It is also
important to note that various issuances by these establishments included both paper and currency. As to
the differing ideas, some experts familiar with these stores believe that virtually all, at one time during
their existence, issued some form of scrip. Others indicate that this is probably not the case, as a large
number of organizations have no record of doing so, nor are there any known surviving items, if they did
issue some form of scrip. The correct answer is probably somewhere in between, meaning that for many
who issued scrip, all may have been lost or destroyed. Luckily several items have come to the surface
recently in most part due to several recent auctions none the less is the Newman foundation. There are
most likely a number of these mercantiles who never issued anything.
To describe what is known, below is a list of types of establishments known to have issued scrip.
Co-ops – Indicated by the title of Co-op on their issuances.
Mercantiles – Essentially indicated by the title of Mercantile
Stores – Establishments which neither indicate Co-op or Mercantile
ZCMI – Indicated as a ZCMI establishment (Zions Cooperative Mercantile Institution)
Storehouses - Various titles conducting business for the LDS Church
United Order – Indicated as such
___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________
191
Brigham City Cooperative Mercantile and Manufacturing Institution
The two notes from the Brigham City Co-op shown here are wonderful additions to a very small
surviving population of scrip from the first Co-op to issue scrip in the Utah Territory.
The 10c item entitled ‘Home Products’ adds to a very small number of similar notes known, most
likely not to exceed five specimens.
The 5c note is a here-to-fore unknown design type from Brigham City. Both are hand signed by
the same secretary and are two of the rarest notes issued in the Territory, again, from the first organized
Co-op.
The settlement of Brigham City began in 1851, originally called Box Elder due to its proximity
along Box Elder Creek. Renamed Youngsville and finally named Brigham City in 1855.
The co-op was initially organized in October of 1864 consisting of four stockholders including
Lorenzo Snow, with a total capital of about $3000. The co-op eventually consisted of 34 industrial
branches including a tannery, woolen factory, butcher shop, livestock and many others.
The employees were paid weekly by two different kinds of paper money. The paper money or
checks as they were called were printed on strong paper in the form of ‘Due Bills” and created in
denominations from 5c to $20. Specific denominations were probably 5c, 10c, 25c, 50c, $1, $5, $10, and
$20. Thousands were probably issued for most denominations but survival rates are very low. The
surviving bills cover only three denominations, and of these, only a very few survived. This constituted
the bulk of currency which circulated in Brigham City at the time.
The co-op failed in 1877 due to a devastating fire in the Woolen Factory. This was followed by
an excessive federal tax assessment on co-op scrip in 1879 which ultimately crippled co-ops. Most of the
co-ops holdings were sold off to private individuals over the next few years.
Provo Scrip
Brigham City Home Products 10c Hammered for
$8212.50
This is the finest known of several.
Brigham City Co-op 5c
Hammered for $8212.50
Unique for the type
Provo Co-op East Store $5.00 - $8,225.00
The Provo ‘East Store” note is also unique and
is interesting in the fact that the design is
completely unlike any other Utah scrip.
___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________
192
Provo was one of the first LDS cities outside of Salt Lake City. It was settled in 1849.
During the “Mormon Insurrection” in 1858 when thousands of Saints moved to Provo. The war,
which never happened, resulted in most moving back to Salt Lake City shortly thereafter.
A later type of Provo co-op scrip was identified as “West Branch” which was known
prior to the Newman sale. It is unknown what the differentiation actually indicated other than
there may have been an East location which existed as I wrote in my book in 2010. At the time
it seemed unlikely that each would have issued scrip, and it was just another mystery to be
solved. It now appears now that the mystery is solved. There was indeed an East location and
they did in fact print their own unique scrip.
Spanish Fork Co-op
The Spanish Fork co-op was the second to open in the territory, after Brigham City. Operations
began in December 1866. This co-op was still in operation in 1935 with $140,000 in capitol. John Moor
was the first Secretary of the Spanish Fork co-op and signed some of the paper currency. Newman’s note
was also signed by him as Treasurer.
Earlier scrip was signed by Jos. E. Wilkins which was issued prior to 1896. This can be
ascertained by the printed location indicating ‘U.T.’ (Utah Territory). This co-op also issued tokens.
Early scrip indicating Utah as a territory from any issuing facility is quite scarce and highly sought after
by collectors.
The “Provo Bishops Store House” is a
completely new title not previously known.
Interestingly, there were also two National
Banks which issued currency in Provo and
presently neither bank has any reported notes
which survived.
Provo Bishops Store House 10c — $11,750.00
Peoples Emporium 50c - Unique
Yet another unique item from the Peoples
Emporium in Provo with a face value of 50c.
With a serial number of 558 there were
obviously hundreds issued with only this
specimen presently known.
The hammer price was $9400.00
Spanish Fork Co-op 15c
Hammered for $11,162.50
This is a newly discovered denomination.
___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________
193
In regard to scrip in Utah, ZCMI was a very prominent issuer of both scrip and tokens.
Zion’s Cooperative Mercantile Institution. There were eight locations in Utah associated with the
ZCMI organization, all apparently did not issue scrip but survivors are known from Salt Lake City and
Logan.
MORMON CHURCH ORGANIZATIONS ISSUING SCRIP
Name / Type Physical Descp./Color Years Issued Locations Known
Denominations
“The Presiding
Bishop”
Perforated coupons with multiple
punch cancels. (Tan)
V. Rare
1887
Salt Lake City 50¢ , $1, $5, $10
“Bishops Office” Small multicolored coupons
issued for produce except of a
unique Pink 10¢ coupon for meat.
(Brown, Rust, Green, Pink)
V. Rare (?) Salt Lake City
St. George
Logan (Unique)
5¢, 10¢, 25¢, 50¢, $1
“General Tithing
Store House”
Printed scrip for meat and
produce. Green for produce, tan
for meat. Produce overprints on
meat coupons exist.
1889-1898 Salt Lake City 5¢, 10¢, 25¢, 50¢, $1
“Bishops General
Storehouse”
Various size printed coupons.
Colors used are gray, brown, rose,
and pink which vary by
denomination
1896-1898 Salt Lake City 5¢, 10¢, 25¢, 50¢, $1,
$10
“Bishops General
Store House”
Red coupons for meat, blue
coupons for produce. (cancelled
and un-cancelled notes exist)
1898-1906 Salt Lake City 5¢, 10¢, 25¢, 50¢
“St. George Stake
Tithing Store
House”
Yellow 4 known (1891
& 1900)
St. George 10¢, 5¢
“St George
Storehouse”
Yellow V. Rare (1901) St. George 5¢, 10¢
“Sanpete Stake
Tithing Store
House”
Pink V. Rare (1894) Manti City 5¢
“Cache Stake
Tithing Store
House”
Pink V. Rare (1897) Logan 5¢
“Logan Storehouse” Purple Rare (1901) Logan 5¢, 10¢, 25¢
“Provo Storehouse” Rare Provo
The above table shows the different types of scrip issued by the Mormon Church. All are uncommon or
rare except for the three highlighted types.
Another note shown here from the Logan
Branch of the Z.C.M.I. is also a newly
discovered unique piece for its design.
It is also a relatively late dated item from
Feb. 1, 1894.
This unique item also sold for a record price
for a Logan Z.C.M.I. scrip at $9,400.00
___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________
194
Pictured here are all three of the rarest
types of Utah scrip. The ‘Stake Tithing
Store House’ title is only known for these
three locations, Logan, Manti, and St.
George. Any denominations other than 5c
and 10c are presently unknown. It would
seem likely that there were other higher
denominations printed and issued but
unfortunately so far none are known.
The Cache Stake Tithing Store House shown
here is the first offered at public auction.
It sold for an astounding $15,275.00
The only other known example is a black &
white photo in Al Rusts book on Mormon
Currency
This Sanpete Stake Tithing Store House 5c
note is also virtually unique. As with the
Cache note above the only image known is
also a Black and white image in Rusts book.
It sold for a record $22,325.00
This 10c note from St. George Stake Tithing
Store house is now known by 2 others. One
in your author’s collection and one which
has been laminated by the Church and is on
display at the Church Museum. It also set a
record price--$16,450.00
___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________
195
Presiding Bishop’s Office
These smaller sized Bishop’s Office coupons are also extremely rare. There are three locations
known to have issued this type –
Salt Lake City St. George Logan
No complete denomination set of both produce and meat from a single location is known to exist.
However, by observing notes that are known to have survived, it is a fairly safe assumption that each
location probably issued five different denominations for each, produce and meat. It is doubtful that any
denominations were issued in amounts exceeding $1 for this type. Each denomination was printed in a
different color and although similar, meat and produce of the same denomination were slightly different
in color.
The J. Chipman note shown here is quite
possibly the only known intact note from this
rare American Fork Mercantile. A previous
item is known with approx. 1/4 of the right
side of the note torn off and missing, and it
sold for $1725 in the Ford sale!
This fully intact note hammered for $5875.00
and quite possibly could be unique as such.
This is a new and unique denomination from
W.H. Freshwater mercantile in Provo. Other
known varieties are listed in Rusts book for
25c and $5. Both are very rare, possibly
unique and pictured only in black & white.
Similarly the signature line on those notes as
well as this one are a straight line. This
possible may have been a cancellation. Very
little is known about this merchant. The note
shown here sold for $7050.00.
High denomination scrip from Utah is
extremely rare. Even storehouse notes of a $1
denomination are rarely encountered let alone
this amazing $10 denomination from the
Bishops’ General Storehouse. As described in
the auction catalog the only other known
specimen resides in the Bob & Carol
Campbell collection. It sold for an amazing
$25,850.00 which was the highest priced Utah
Item in the sale.
___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________
196
When observing the serial numbers, it is apparent these too were issued in large numbers. They were
most likely destroyed after redemption, which attests to their extreme rarity.
Coupons in the Newman collection were issued by both Salt Lake City and St. George. A unique
example of a 25¢ coupon is known for the town of Logan. All three locations follow the same color
coding for denominations.
It is interesting that beginning with this issue, the type of goods available was separated by wording
indicating “Produce and Provisions” or “Meat.” The central vignette also varied with the type, a cow for
meat and a beehive for produce and provisions.
Unfortunately, none are dated so the exact dates of this issue are not known but it appears that they
were of a very early issue.
There was a number of Presiding Bishop’s scrip in the Newman sale. Denominations are known in
the amounts of;
Five Cents
Ten Cents
Twenty-five Cents
Fifty Cents
One Dollar
Denominations larger than $1 are unknown and were probably never printed or issued. Additionally this
type of scrip is known for three locations.
Salt Lake City St. George Logan (possibly unique)
Other locations were possibly issued.
It also appears that these notes were possibly torn from a booklet from the left side. If so, what a find it
would be for a complete or even partial booklet to be discovered.
Prices realized for the above pictures items were $3760.00, $2232.00, $2285.00, and $2585.00.
___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________
197
A single piece of interesting holographic paper with the signature of Brigham Young actually
sold for a bargain price. This was a check from the ‘Utah Southern Railroad Company’ in the amount of
$800.00. This item hammered for $446.50!
On the above check you will notice a place to attach a ‘Revenue Stamp.’ These were used
occasionally in Utah but unlike their widespread use in the eastern U.S. very few documents issued in
Utah actually include a stamp.
Holographic documents such as this are avidly collected especially items with prominent
signatures such as Brigham Young’s.
One other item included in the Newman sale, one was a $2 Great Salt Lake City note. Although
not unique like the previously mentioned items, this $2 note is quite scarce and sold for a record price of
$11,162.50
This type of currency is among the most colorful items issued in the territory by the Mormons. It
is interesting to note that the title shown on this note indicated ‘The Great Salt Lake City” corporation.
This was the original name for current day Salt Lake City. The word Great was dropped in 1868.
___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________
198
Vote for your favorite article/column/book
Voting is underway for the annual SPMC literary awards. Articles in
many categories, favorite column and book-0f-the-Year!
Voting open until May 10.
You have to be signed in as a member and then use the
link https://www.spmc.org/vote
Not to be left out was a single Kirtland Safety Society Bank note. The scrip previously mentioned
for the most part sold for record prices or near record prices. It would seem like collectors have finally
understand the history, rarity, and desirability of these notes. Kirtland notes obviously have been in the
forefront for years and are still highly desirable and collectable. However my census contains well over
500 Kirtland notes which take them out of the scarce or rare category except for a few special notes.
Kirtland $20 notes are a scarcer denomination and this item graded a VF-30. Recent sales of
similar $20 notes between 2008-2010 sold in the range of $7000-$9000. This note had a pre-auction
estimate of $4-$8k. The final hammer was $3,172.00. No, Kirtland notes are not dead but there has been
a correction to their value.
ALL IMAGES IN THIS ARTICLE ARE COURTESY OF HERITAGE GALLERIES AND THE
ASSOCIATED ERIC P. NEWMAN COLLECTION / PART VII.
___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________
199
Central States
Numismatic Society
78th Anniversary Convention
April 26-29, 2017
(Bourse Hours – April 26 – 12 noon-6pm
Early Birds: $125 Registration Fee)
Schaumburg, IL
Schaumburg Renaissance Hotel &
Convention Center
Visit our website:
www.centralstates.info
Bourse Information: Patricia Foley
(414) 698-6498 • foleylawoffice@gmail.com
Hotel Reservations:
Schaumburg Renaissance Hotel - 1551 North Thoreau Drive • Call (847) 303-4100
Ask for the “Central States Numismatic Society” Convention Rate.
Problems booking? - Call Convention Chairman Kevin Foley at (414) 807-0116
Free Hotel Guest and Visitor Parking.
• Numismatic 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
• Complimentary Public Admission:
Thursday-Friday-Saturday
No Pesky
Sales Tax in
Illinois
“A Tale of Two (Alabama) Cities”:
Where Should “Houston, Sims & Company, Mobile” Be Assigned?
by Bill Gunther
The Alabama obsolete note shown below raised an interesting, and apparently unique, dilemma for
Walter Rosene Jr. when he was compiling his catalog of Alabama obsolete notes and scrip in 1984.1 In two
places on the face of the note it is suggested that the note is from the small river town of Bluff Port,
Alabama. At the same time, the name of the merchant clearly printed on the face of the note is “Messrs.
Houston Sims & Co., Mobile.” These two towns, Bluff Port and Mobile, were some 274 river miles apart
and were located in two different non‐contiguous counties (Sumter and Mobile respectively).2
Figure 1 – Messrs. Houston, Sims & Co., Mobile. 1862 Rosene Bluff Port (R23‐1) and Mobile (R196‐1)
The question which surely confronted Walter Rosene was under what geography should the note
be listed: Bluff Port or Mobile? His solution, perhaps made out of frustration rather than any strong
commitment, was to list the note in both places thus making it the only note with dual listings
independently assigned by Rosene. For clarification, there are in fact three other notes in Rosene’s book
with multiple listings: Alabama and Tennessee River Railroad, R182 (Mobile) and R290 (Selma); Wetumpka
Trading Company, R 252 (Montgomery) and R357 (Wetumpka); and Real Estate Banking Company of South
Alabama, R250 (Montgomery), R300 (Selma), R305 (St. Stephens) and R351 (Wetumpka). In each case
however, Rosene claims he was following city assignments made by Wismer.3 Ironically, Rosene even
questions one of this assignments (Alabama and Tennessee River Railroad, Mobile ‐ R182) and states
“Wismer listed notes of this company under Mobile, which might be in error…” but still assigns them to
Mobile as well as Selma.4 With one exception (Wetumpka Trading Company, Mobile Office), these notes
clearly identify only one location on the face of the note yet Rosene assigned them to multiple locations.
Where Should a Note Be Listed?
The question of where to list a note is one that often answers itself by simply examining the note.
In the vast majority of situations, only one location is mentioned on the note (other than the location of the
printer) and that is where the note is assigned. If the purpose of issuing scrip was to “grease the wheels of
commerce” made difficult by the absence of specie (gold, silver and copper coins), it seems reasonable that
the scrip should be assigned to the location where it was issued and intended to circulate. While that is an
___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________
202
easy statement to make, how do we know from the face of this note where it was issued or intended to
circulate? Was this note issued to circulate in Mobile or Bluff Port or both? A closer examination of the
note itself may provide us with important clues as to where this note truly belongs.
The Note
The image of the note shown in Figure 1, is that of a ten cent note with a serial number of 1767.
The physical size of the note is relatively small (2” x 5”) as was the custom for most fractional notes.
Rosene’s only plate note for this issuer is also a 10 cent note but has a serial number of 820. The only other
known notes (5 total, all 10 cents) have serial numbers of 2,222 and 224 and 826. There are no plate letters
on these notes. The serial numbers suggest that there may have been as many as 2,222 of these notes
issued. The lack of other denominations may well be explained by an 1862 law which make it illegal to
issue such “change notes” effective December 1862, and required redemption of existing notes by April 1,
1863 under penalty of both fines and imprisonment.5 It is not too surprising that few examples of change
notes exist today.
There is no plate note shown in the Mobile R196‐1 reference and the reader is referred back to
Bluff Port. Is the only placement of a an image in Bluff Port an indication that Rosene favored Bluff Port as
the preferred location or was an image in Mobile omitted to save space?
Bluff Port is printed twice on the note, both at the top center and vertically on the right side of the
note. Thom. W. Sims is printed vertically on the left side of the note and the note promises “Will pay to
bearer in current funds, 10 cents, when ten dollars or its multiple is presented.” Actually, the proper way to
read this last statement is “Messrs. Houston, Sims & Co., Mobile, Will pay to bearer….” It seems clear from
this wording that the obligation to pay is that of Houston, Sims & Co. of Mobile, not of Thos. W. Sims who
also signed the note. Was the pledge of the firm “Houston, Sims & Co., Mobile” to “pay” believed to be
more compelling than the name “Thos. W. Sims” and thus would enhance the acceptance of the note
among the general population of Bluff Port? If so, then what exactly is the purpose of listing the printed
name of Thos. W. Sims on the left vertical margin? Does this listing preclude the note from being issued by
anyone else other than Thos. W. Sims? Apparently more information will be needed to resolve these
questions.
Where is Bluff Port?
Bluff Port was a relatively small village located about three miles west
of the Tombigbee River in Sumter County, Alabama. According to The
Heritage of Sumter County: “There were 6 stores and one bar room in Bluff
Port. The bar room was a hanging out place for the men who amused
themselves by getting the Indian men drunk. Bluff Port is only a ghost town
now. It’s hardly even that, for all that’s left of the town are a few breaks
scattered on the white chalk ground, 18 cisterns, an old cemetery and some
man‐made caves that were over used to store perishables items such as milk
and ice.”6
An important clue to the mystery of dual locations is that the above
source stated that “Cotton was shipped from there to Mobile and from there
to points east.” It is possible that the firm of “Messrs. Houston, Sims & Co.”
was engaged in the cotton business, perhaps shipping cotton from Bluff Port
to Mobile. Or was one of the 6 stores mentioned above a merchant named
“Houston, Sims & Co.? Let’s see what can be learned about the firm “Messrs.
Houston, Sims & Co.”
___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________
203
Houston, Sims & Company, Cotton Factors
A check of the first City Directory for Mobile which was published in 1861 reveals a listing of the
firm of Houston, Sims & Co., 46 North Commerce Street (“upstairs”), with the notation “cotton factors.”7
One mystery solved! Cotton factors were essentially agents who represented the planters to potential
buyers and received a commission, normally 2 ½ percent, for their services.8 They also often acted as
“commission merchants” and in that capacity purchased supplies for the planters and arranged for shipping
to the planter’s homes. According to Haskins, “…in practice the factor and commission merchant were
practically synonymous and the two functions shaded off into each other.”9 It seems entirely plausible that
Houston, Sims & Co. were cotton factors in Mobile but also were merchants in Bluff Port providing staples
to their cotton clients as well as others in the community. The directory also shows both Thom. W. Sims
and Robert Houston as being with the firm of Houston, Sims & Co. More will be said about these two
individuals later.
At this point, it can be concluded that this firm was a relatively small collection of cotton factors
located in Mobile. Supporting the conclusion that Houston, Sims & Co. was a small firm is the fact that
Mobile’s City Directory had an “Index of Advertisements” which contained a listing of six “Factors and
Merchants”, presumably relatively large firms, none of which was Houston, Sims and Co. Finally, Amos
discusses a number of the larger more prominent cotton merchants in Mobile in her book and Houston,
Sims and Co. is not mentioned.10 However, Amos reports the average cotton factor reported earnings of
$16,000 annually before the panic of 1837, it is likely that during the recovery and continuing into the
1850s, factor profits were more than sufficient to support all size firms. Amos also noted that with
commission fees relatively constant over the South and over time, the selection of a “factor” often
depended on friendships or personal contacts rather than price. By maintaining a physical presence in
Bluff Port, this firm would have an advantage over competing factors for the local business. Thus a note
circulating in Bluff Port with recognized names (Houston and Sims) would resonate loudly with local
planters. This note in fact could be a form of local advertising as well as a medium of exchange! Let’s see
what more we can learn by examining the individuals who comprised the firm of Houston, Sims and Co.
Matthew Cyrus Houston
Matthew Cyrus Houston was apparently the “means” behind the firm of Houston, Sims & Co. The
1860 Census showed the value of his real estate and personal estimated estimate at $175,000!11 Clearly,
Matthew was a very wealthy individual. He was born in Blount County, Tennessee on October 21, 1799.12
He first married in Tennessee in 1822 to Ester Gillespie (1799‐1828) but was living in Alabama by 1830
when he secondly married Martha Lyle Gillespie (1806‐1884), following Ester’s death in 1828. Matthew
Houston and his two wives had a total of 11 children, four with Ester and seven with Martha. One of his
children with his first wife was Robert G. who was listed in the 1861 Mobile City Directory as being with the
firm of Houston, Sims & Co. Apparently Robert was the “& Co.” part of the firm!
Matthew Houston began to acquire land in Alabama in 1834, with an 80 acre purchase in Sumter
County.13 Two more acquisitions totaling 200 acres occurred in 1837, and a final purchase of 40 acres in
1850. This makes a total of 280 acres of land purchased in Sumter County acquired by Matthew Houston
through the Federal land auction system. Of course, he could have acquired more land through the private
market, but with so much land available through the Federal government at very favorable terms, that does
not seem likely. Consider that “…from the fall of 1834 to the spring of 1837, the American people
generated the largest land office business in the history of the Republic.”14
Houston was listed as a merchant in the Census of 1850 and his slave holdings consisted of just one
slave.15 This strongly supports the argument that he was not a farmer or planter at that time although he
was actively purchasing land and accumulated no less than 280 acres by 1837. Given the high prices that
cotton began to command in the 1850s, Houston probably initially rented his land to others to farm. By
1860 however, Houston had accumulated 53 slaves and his occupation, like that of Sims’ was now listed as
___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________
204
a “farmer”. Although both Houston and Sims owned land in 1850, they apparently did not find it to their
advantage to farm. When cotton prices jumped by 50 percent between 1850 and 1860, Houston and Sims
must have decided it was time for them to actively farm the land.16
The evidence suggests that Houston was probably the driving force behind Houston, Sims & Co. His
accumulation of 280 acres of land in the 1830s would certainly suggest he was already a man of some
means at that time. By 1860, the Houston’s were indeed a wealthy family with an estate valued at
$175,000. For perspective, a farm laborer at the time was paid an average of $120 per YEAR and an
overseer was paid between $200 and $600 annually.17 As with many slave owners, a large portion of
Houston’s personal estate was based on the estimated value of his slaves.18
Thos. W. Sims (Thomas Wilkins Sims)
Thomas Wilkins Sims was born in Greensboro Alabama (Hale County) in 1825.19 He was first
married to a Lethe A. (Shelton) in Greene County in 1849 and later married three additional women,
presumable after the death of a previous wife. Together with his first wife they had a total of six children.
An interesting fact is that his last child, Clara, was born when he was 69 years of age and just a year before
he died in 1895. It is worth noting that together, Thomas Sims and Matthew Houston had a total of 17
children and 6 wives!
An exact record for a Thomas W. Sims could not be located in the 1850 Census, however a record
for a Thomas W. Simms who lived in Bluff Port, Alabama with his wife, Letha M. was located. Living with
this couple was a Walter S. Simms. The spelling of the family name with two “m’s” is most likely an error
on the part of the Census enumerator since it would be unlikely to have two individuals, one named
Thomas W. Sims and one name Thomas W. Simms, both living in the small village of Bluff Port and both
with a wife whose first initial was “L”. Some confirmation of this hypothesis is found in the 1860 Census
which only lists a Thomas W. Sims with a wife “L. A.” Sims living in Sumter County. The initial “L” could
stand for Letha.
A critical piece of information in the 1850 Census reveals that, like Matthew Houston, Thomas W.
Sims (or Simms) was a “merchant” and the “value of his real estate” was $1,100. Although we can find no
record of Thomas W. Sims purchasing land at one of the Federal land auctions, it is possible that he
purchased this land from a private owner. The 1850 Slave Schedule reveals that Thomas W. Sims owned
only one slave, a 27 year‐old female who was most likely a domestic servant. Without slaves to work the
land, Sims’ real estate was mostly likely a combination of his home and perhaps a store. “Walter S.
Simms/Sims,” age 22 who was living in the household with Thomas and Letha was listed as a “clerk” and we
presume he worked with Thomas. We assume Walter was the younger brother of Thomas, but could find
no evidence to confirm of this possibility.
By the time of the 1860 Census, Thomas W. Sims’ real estate was valued at slightly more than
$17,000 and his personal estate valued at $28,000. Certainly some of this increase in wealth reflects the
inflation of the times, but it also reflects the addition of land to the Sims estate. Interestingly, the 1860
Census now shows Sims’ occupation as a “Farmer” and the Slave Schedule of 1860 showed that Sims then
owned 21 slaves. The Heritage of Sumter County confirming Sim’s role as a planter with the following
statement: “One of the largest plantations at or near Bluff Port was owned by Mr. Thomas Sims”.20
While the 1861 City Directory listed Thomas W. Sims as cotton factor in Mobile (although no
residential address was given), the 1860 Census record shows him as a “farmer” living in Bluff Port. It is
most likely that Sims resided in Mobile only during the cotton harvest and sales period, returning to Bluff
Port and to his family in the “off season”. After the war broke out in April of 1861, it soon became clear
that the Union strategy would be to limit the shipment of cotton, the Confederacy’s only source of external
capital. It would not make sense for Sims to move from Bluff Port to Mobile AFTER that period since there
would be little cotton business. Also, the Confederate government discouraged the growing of cotton, in
___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________
205
part to drive up the price of cotton as well as to provide food and “…other necessities of life which up to
this time had been largely purchased in exchange for cotton.”21
As both cotton factors and planters, Houston and Sims were able to grow cotton and market their
cotton as well. Later they would add the term “commission merchants” to their firm’s offerings.22
Moreover, as a shipping point on the Tombigbee River, Bluff Port would have provided Houston, Sims and
Co. access to other planters in the region desiring their services both in shipping cotton and purchasing
supplies in Mobile and returning them to Bluff Port. As cotton factors, it does not seem reasonable that
they would have need for “change notes” in low denominations. They would have dealt with much larger
sums and would have been recipients of cash, not issuers of change notes.
The Final Clue: Petitions for Amnesty
At the end of the war (April 1865) President Johnson issued his Proclamation of Amnesty and
Pardon on May 29th.23 In his proclamation, Johnson specifically excluded fourteen classes of persons from
the general amnesty but provided that “special application may be made to the President for pardon…”
Both Sims and Houston made applications for pardon believing that the thirteenth class of individuals,
specifically, those whose “taxable property is over $20,000” applied to them. We will look at Sims’
application first.
Sims made his application for pardon on August 24, 1865 at Selma, Alabama.24 While he indicated
that his property would “appear at the value of more than twenty thousand dollars..” he argued that in the
present conditions of his section of the country the property was worth less. However, he did state that
“...for the purpose of this application, petitioner is willing to admit that the value of his taxable property
will appear at twenty thousand dollars.” He further stated that “he was and always been his habit engaged
in and occupied by his private affairs, taking but little part in public matters, but he was opposed to the so
called Ordinance of session of 1861. He has property acquired by a life of honest toil and patient labor in
trade before the war...” He also states that “by occupation a planter—he has also been a merchant.” His
petition was granted on November 10, 1865.25 He continued to live in Mobile and work as a cotton broker‐
commission merchant at least until 1895, the last year he appeared in the city directory.
Matthew Cyrus Houston made his application for a pardon on the same day as his business partner,
Thomas W. Sims.26 Indeed, the explanations offered in both petitions read very much the same and the
hand writing is very similar, if not the same. It may well be they both retained the same person to assist
them in their applications. Here is an example:
Sims: “Petitioner does not believe that he is worth twenty thousand dollars, in the present
depreciated value of property, in his section of the country, but for the purpose of this application,
petitioner is willing to admit that the value of his taxable property will be appraised at twenty
thousand dollars.”
Houston: “Petitioner does not believe that he is worth twenty thousand dollars, in the present
depreciated value of property, in his section of the country, but for the purpose of this application,
petitioner is willing to admit that the value of his taxable property will be appraised at twenty
thousand dollars.”
Other petitions selected at random read very much the same with regard to the statement of the
value of the property owned, but in the case of Sims and Houston, their statements are identical.
Moreover, Houston’s petition was granted the same day as Sims’, November 10, 1865.27 In his petition,
Houston states that his occupation too was that of a planter and that “he has also been a merchant.”
Both Houston and Sims admitted to being merchants and planters (farmers) and the City Director of
Mobile lists to firm of Houston, Sims & Co. as cotton factors in 1861. Logic suggests that the two formed a
partnership early in the 1850s as merchants in Bluff Port. They soon found the profits from growing cotton
and marketing that cotton themselves was too profitable to pass up. At that point they became farmers
___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________
206
and factors, but continued as merchants in Bluff Port as well. Matthew Houston died in 1872 at age 73 in
Sumter County while Sims died in 1895 at age 70 in Mobile, still listed as a cotton factor!
Summary
Houston, Sims and Company was a firm that provided cotton factoring and commission services to
planters in both Bluff Port and Mobile beginning sometime in the 1850s. Thomas W. Sims and Matthew C.
Houston were both initially merchants who then became planters and factors. It is likely that Matthew C.
Houston, the older and more wealthy of the two, financed their move into cotton factoring and Thomas
Sims along with Houston’s son, Robert, were the active partners is this side of the business. It seems likely
that Sims younger brother. Walter, remained in Bluff Port and served as a clerk in the store.
The circumstantial evidence suggests that the note in question here was issued to circulate in Bluff
Port and a separate listing under Mobile in Rosene’s catalog was probably unnecessary. Here is a summary
of the evidence:
a. Mobile was most likely the location for redemption of the notes. It was common practice for
some banks and merchants to use “remote” locations for redemption of their notes. In this
instance, the notes circulated in a remote location while redemption was in a place relatively
more accessible (although 274 river miles downstream!).
b. The note specifically states the obligation to pay is that of a firm in Mobile!
c. Houston and Sims began as merchants in Bluff Port no later than 1850 and most likely
maintained that business up to and including 1862. Thomas W. Sims was most likely well
known in Bluff Port, thus his printed name on the note enhanced its acceptability.
d. The issue date of this note, June 1, 1862, was well after the Union embargo (April 1861) began.
The need for cotton factor services in Mobile would have been severely curtailed.
e. The low denomination of 10 cents would be of very little value to a cotton factor in Mobile in
1862, but would have been useful to a merchant in Bluff Port.
f. The listing of Bluff Port twice on the note suggests it was the location in which it was intended
to circulate.
g. Although Thomas W. Sims was listed in the 1861 Mobile City Directory, he was a resident of
Bluff Port in 1850 and 1860. With the collapse of the cotton market in 1861 he most likely
resided in Bluff Port in 1862, not in Mobile.
h. There is only one known issue of merchant scrip from Bluff Port, while there are 11 different
private issuers with 35 denominations from Mobile. Mobile would have had only limited need
for another issue of scrip while one issue from a prominent resident in Bluff Port would have
likely been widely accepted. 28
It is believed that the above evidence supports the conclusion that the note in question was issued
and intended to circulate in Bluff Port, with Mobile the location of redemption. A second listing of
this note in Mobile by Rosene was unnecessary.
___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________
207
Footnotes
1Walter Rosene, Jr. Alabama Obsolete Notes and Scrip (Society of Paper Money Collectors), 1984.
2See Mobile City Directory, 1861, “Landings on the Tombigbee River,” (Appendix p. 15). Accessed through Ancestry.com.
3See D.C. Wismer, “Descriptive List of Obsolete Paper Money,” The Numismatist (1922), 35(6): 265‐270, and “Banks and Bank
Notes,” (1925) 38(1):19‐22.
4Rosene, p.67.
5 An “Act to Prevent the Circulation of Change Bills,” December 9, 1862, Acts of the Called Session, 1862, and of the Second
Regular Annual Session, General Assembly of Alabama, pp. 50‐51. Alabama Department of Archives and History.
6The Heritage of Sumter County, Alabama. Clanton, Ala.: Heritage Publishing Consultants, 2005. p. 25.
7Mobile City Directory, 1861. Accessed through Ancestry.com.
8Harriet E. Amos, Cotton City: Urban Development in Antebellum Mobile (Tuscaloosa: The Univ of Alabama Press, 1985), p. 28.
9Ralph W. Haskins, “Planter and Cotton Factor in the Old South: Some Areas of Friction,” Agricultural History, Vol. 29, No1 Jan.
1955, p. 1.
10Amos, pp.‐28‐30.
11U.S. Federal Census, 1850 and 1860. Accessed through Ancestry.com.
12See Find‐a‐Grave.com. Matthew C. Houston. Accessed through Ancestry.com. See also Edward Harris & Flora Douglas of
Ayrshire, Scotland Public Family Tree at Ancestry.com.
13U.S. General Land Office Records, 1796‐1907, accessed through Ancestry.com
14Malcolm Rohrbough, The Land Office Business (New York: Oxford University Press, 1968), p.234. The average price per acre
from 1834‐1837 was $1.27
15U.S. Federal Census, “Slave Schedule,” 1850 and 1860, accessed through Ancestry.com
16 “The Cotton Economy in the South,” American Eras 1997, Encyclopedia.com. Accessed 26 September 2014
(www.encyclopedia.com)
17Stanley Lebergott, “Wage Trends, 1800‐1900,” in Trends in the American Economy in the 19th Century (Princeton: Princeton
University Press, 1960), p. 453, and Lucille Griffith, Alabama: A Documentary History (Tuscaloosa: University of Alabama Press,
1972 Revised Edition), p. 145.
18See “Dixie” in Harpers New Monthly Magazine, 1864, p. 232. The anonymous author estimated the value of twelve “farm
laborers” at $14,000 or $1,167 each.
19Find‐a‐Grave (www.find‐a.grave.com). Thomas W. Sims. Accessed through Ancestry.com
20The Heritage of Sumter County, Alabama.
21P. 211‐212. Matthew Brown Hammond, “The History of Cotton Planting in the South,” in The South in the Building of the
Nation, Vol. V. Richmond: The Southern Historical Publication /Society, 1909. pp 211‐212.
22The addition of “commission merchants” to the firm’s activities first appeared in 1869 City Directory. However there were no
directories printed from 1862 to 1865.
23“Andrew Johnson: Proclamation of Amnesty and Pardon for the Confederate States,” in Encyclopedia Britannica’s Guide to
American Presidents, www.britannica.com. A total of 1,456 Alabamians were pardoned. See William W. Rodgers, Robert Ward,
Leah Atkins and Wayne Flint, Alabama: The History of a Deep South State (Tuscaloosa: The Univ of Alabama Press, 1994), p. 231.
24See Thomas W. Sims in Confederate Applications for Presidential Pardons, National Archives Microfilm, Accessed through
Ancestry.com.
25U.S. Pardons Under Amnesty Proclamations, Thomas W. Sims. Accessed through Ancestry.com
26Confederate Applications for Presidential Pardons, Matthew C. Houston.
27U.S. Pardons Under Amnesty Proclamations, Matthew C. Houston.
28The absence of other surviving notes can be explained by the passage of a law in Alabama that made it illegal to issue scrip
effective December 19, 1862 and all previously issued scrip must be redeemed by April 1, 1863. Higher valued notes would have
been redeemed while lower valued notes such as this 10 cent note could be kept as a souvenir at little loss. See Bill Gunther,
“Alabama’s Illegal Scrip of 1963 and a Rosene Update,” Paper Money (January/February 2013), pp. 20‐30.
___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________
208
Whitman Encyclopedia of
Obsolete Paper Money
The seventh volume of Q. David Bowers’s multiple-book
Whitman Encyclopedia of Obsolete Paper Money studies
in great detail the bank notes of Alabama, Arkansas,
Kentucky, Louisiana, Mississippi, Tennessee, and Texas.
Bowers gives historical narrative for every town, city,
and bank involved in producing notes in these states
from 1792–1866; note-by-note values in multiple grades,
current rarity levels, significant auction results, and
other market data based on ongoing research; full-color
images, and more.
Volume 7 is the second on the South Atlantic states; one
more volume will complete the region. Earlier volumes
studied New England in similar detail, and subsequent
volumes will cover the Mid-Atlantic and Midwest states.
To order, please call toll-free: 1-800-546-2995
Online: www.whitman.com
Email: customerservice@whitman.com
Mention code V7 at checkout to receive FREE SHIPPING
Offer valid through 07/31/2016
736 pages • Hardcover
$69.95
Available June 2016
Don’t Forget to Catch Up on Previous Volumes TODAY!
Volume 1
$39.95
An Introduction for
Collectors and
Historians
Volume 2
$49.95
New England, Part 1:
Connecticut, Maine, and
New Hampshire
Volume 3
$69.95
New England, Part 2:
Massachusetts, Book 1 –
Abington to Greenfield
Volume 4
$69.95
New England, Part 2:
Massachusetts, Book 2 –
Hallowell to Yarmouth
Volume 5
$69.95
New England, Part 3:
Rhode Island and
Vermont
Volume 6
$69.95
South Atlantic, Part 1:
Florida, Georgia, North Carolina
and South Carolina
Volume 7
Covering Alabama, Arkansas, Kentucky,
Louisiana, Mississippi, Tennessee, and Texas
O
BSO
LET
E PA
PER
M
O
N
EY
WHITMAN
ENCYCLOPEDIA
OF
INTRODUCTION
1
The Whitman Encyclopedia of Obsolete Paper Money is a multiple-volume
study of currency issued from 1782 to 1866, before the modern era of
National Banks and the Federal Reserve. Over the course of these decades
more than 3,000 state-chartered banks issued their own paper money.
In this magisterial set of standard references, the “Dean of
American Numismatics,” Q. David Bowers, has compiled decades of
research from 18th- and 19th-century bank reports, contemporary
newspapers, and other primary sources. He gives the history of every
state, every town and city, and every bank that issued this uniquely
American currency. Each note is studied, and thousands are pictured in
full color, with information on grading, rarity, values, significant auction
results, advice for collectors, and more.
The Whitman Encyclopedia of Obsolete Paper Money is a project of
grand scope, a gathering of stories about our nation—from small town to
big city, from the early days following the Revolution to the tribulations of
the Civil War. It paints a beautifully detailed landscape of America and its
early money.
Volume 1 is the beginning of the journey: an introduction to obsolete
paper money and an overview of the hobby.
“Bowers’s accomplishments in the field of numismatics are legendary. Every
serious collector and dealer of obsolete paper money will find this vital reference
the backbone to his or her collection or business.”
--- C. John Ferreri, numismatic researcher and historian
Inside volume 1: Collecting and enjoying obsolete bank notes • The anatomy
of a bank note • Banks and notes, 1782–1866 • Bank-note engravers and printers
• A study of vignettes and ornaments • Counterfeit, spurious, and altered notes
• Glossary • Bibliography • Detailed index
$39.95 / $43.80 Canada
Volume 1: An Introduction for Collectors and Historians
An Introduction for Collectors and Historians
FOREWORD BY C. JOHN FERRERI
O
BSO
LET
E PA
PER
M
O
N
EY
WHITMAN
ENCYCLOPEDIA
OF
New England, Part 1
Connecticut, Maine, and New Hampshire
2
The Whitman Encyclopedia of Obsolete Paper Money is a multiple-volume
study of currency issued by American banks from 1782 to 1866, before
the modern era of National Banks and the Federal Reserve.
In volume 2, the “Dean of American Numismatics,” Q. David
Bowers, has compiled decades of research from 18th- and 19th-century
bank reports, contemporary newspapers, and other primary sources.
He gives the history of every town and city, as well as of every bank
that issued this uniquely American currency in the New England states
of Connecticut, Maine, and New Hampshire. Each note is studied, and
thousands are pictured in full color, with information on grading, rarity,
values, significant auction results, advice for collectors, and more.
The Whitman Encyclopedia of Obsolete Paper Money is a
monumental work. Essential for collectors, it is equally valuable for
American historians. Volume 2 is an immersion in the life of New
England and our nation from the Revolution to the Civil War.
More than 140 towns and cities, 300-plus banks,
and nearly 6,000 individual notes
Volume 2: New England, Part 1: Connecticut, Maine, and New Hampshire
New England, Part 1: Connecticut, Maine, and New Hampshire
FOREWORD BY FRED REED
$39.95 / $43.80 Canada
Inside volume 2: How to use this book • The obsolete bank notes of Connecticut,
Maine, and New Hampshire, including Proofs, remainders, and uncut sheets, and
counterfeit, spurious, and altered notes • Glossary • Bibliography • Detailed index
“Destined to become a landmark event in the unfolding history of U.S. paper money
collecting. These works should be on the shelves of our institutions of higher education
and in historical societies of all the states covered.”
--- Fred Reed, editor, Paper Money Magazine
ZT40078-0314
FOREWORD BY ANNE E. BENTLEY
New England, Part 2: Massachusetts, Book 2
Hallowell to Yarmouth
74 towns and cities from
Hallowell to Yarmouth, 162 banks,
and 4,500 individual notes
Volume 4: New England, Part 2: Massachusetts, Book 2
Hallowell to Yarmouth
$69.95 / $76.59 Canada
Printed in China
The Whitman Encyclopedia of Obsolete Paper Money is a multiple-volume
study of currency issued by American banks from 1782 to 1866, before
the modern era of National Banks and the Federal Reserve.
In volume 4, the “Dean of American Numismatics,” Q. David
Bowers, has compiled decades of research from 18th- and 19th-century
bank reports, contemporary newspapers, and other primary sources.
He gives the history of every bank that issued this uniquely
American currency in the New England state of Massachusetts, from
Hallowell to Yarmouth (volume 3 covers Abington to Greenfield).
Each note is studied, and more than 800 are pictured in full color, with
information on grading, rarity, values, significant auction results, advice
for collectors, and more.
The Whitman Encyclopedia of Obsolete Paper Money is a
monumental work. Essential for collectors, it is equally valuable for
American historians. Volume 4 is an immersion in the life of New
England and our nation from the Revolution to the Civil War.
“A new and eagerly awaited series, the Whitman Encyclopedia of Obsolete Paper Money
is a treasure trove of information, vivid illustrations, and key data illuminating the
wonderfully decorative and colorful currency issued by American banks from 1782
to 1866.” — Anne E. Bentley, curator, Massachusetts Historical Society
Inside volume 4: How to use this book • The obsolete bank notes of Massachusetts,
from Hallowell to Yarmouth, including Proofs, remainders, and uncut sheets, and
counterfeit, spurious, and altered notes • Glossary • Bibliography • Detailed index
O
BSO
LET
E PA
PER
M
O
N
EY
New England, Part 2
Massachusetts, Book 2
Hallowell to Yarmouth
4
WHITMAN
ENCYCLOPEDIA
OF
Cover_ObsoletePaper_V4.indd 1 10/13/14 9:30 AM
FOREWORD BY MICHELE ORZANO
New England, Part 3: Rhode Island and Vermont
104 towns and cities,
267 banks, and 5,044 individual notes
Volume 5: New England, Part 3: Rhode Island and Vermont
$69.95 / $87.81 Canada
Printed in China
The Whitman Encyclopedia of Obsolete Paper Money is a multiple-volume
study of currency issued by American banks from 1782 to 1866, before
the modern era of National Banks and the Federal Reserve.
In volume 5, the “Dean of American Numismatics,” Q. David
Bowers, has compiled decades of research from 18th- and 19th-century
bank reports, contemporary newspapers, and other primary sources.
He gives the history of every bank that issued this uniquely
American currency in the New England states of Rhode Island and
Vermont. Each note is studied, and more than 1,300 are pictured in full
color, with information on grading, rarity, values, significant auction
results, advice for collectors, and more.
The Whitman Encyclopedia of Obsolete Paper Money is a
monumental work. Essential for collectors, it is equally valuable for
American historians. Volume 5 is an immersion in the life of New
England and our nation from the Revolution to the Civil War.
“ These volumes provide collectors, both seasoned and new, with vital information,
as well as many adventures, whether by armchair, bourse floor, or auction
catalog.” — Michele Orzano, Senior Editor, Coin World
Inside volume 5: How to use this book • The obsolete bank notes of Rhode Island
and Vermont, including Proofs, remainders, and uncut sheets, and counterfeit,
spurious, and altered notes • Glossary • Bibliography • Detailed index
O
BSO
LET
E PAPER
M
O
N
EY
New England, Part 3
Rhode Island and Vermont
5
WHITMAN
ENCYCLOPEDIA
OF
Cover_ObsoletePaper_V5.indd 1 3/3/15 9:46 AM
O
BSO
LET
E PA
PER
M
O
N
EY
WHITMAN
ENCYCLOPEDIA
OF
New England, Part 2
Massachusetts, Book 1
Abington to Greenfield
3
$69.95 / $76.59 Canada
Printed in China
The Whitman Encyclopedia of Obsolete Paper Money is a multiple-volume
study of currency issued by American banks from 1782 to 1866, before
the modern era of National Banks and the Federal Reserve.
In volume 3, the “Dean of American Numismatics,” Q. David
Bowers, has compiled decades of research from 18th- and 19th-century
bank reports, contemporary newspapers, and other primary sources.
He gives the history of every bank that issued this uniquely
American currency in the New England state of Massachusetts, from
Abington to Greenfield (volume 4 covers Hallowell to Yarmouth).
Each note is studied, and more than 700 are pictured in full color, with
information on grading, rarity, values, significant auction results, advice
for collectors, and more.
The Whitman Encyclopedia of Obsolete Paper Money is a
monumental work. Essential for collectors, it is equally valuable for
American historians. Volume 3 is an immersion in the life of New
England and our nation from the Revolution to the Civil War.
Inside volume 3: How to use this book • The obsolete bank notes of Massachusetts,
from Abington to Greenfield, including Proofs, remainders, and uncut sheets, and
counterfeit, spurious, and altered notes • Glossary • Bibliography • Detailed index
“ . . . a host of interesting stories about the banks, their notes, and the era they
represent. This encyclopedic series is designed not just for specialists and collectors
of paper currency, but also for all who enjoy learning more about various aspects of
our nation’s financial history. . . .”
— Anne E. Bentley, curator, Massachusetts Historical Society
51 towns and cities from
Abington to Greenfield, 169 banks,
and 3,945 individual notes
Volume 3: New England, Part 2: Massachusetts, Book 1
Abington to Greenfield
New England, Part 2: Massachusetts, Book 1
Abi g on to Greenfield
FOREWORD BY ANNE E. BENTLEY
Cover_ObsoletePaper_V3.indd 1 10/13/14 9:31 AM
Citizens National Bank of Weatherford
by Frank Clark
The founder of this bank was James Robertson (J.R.) Couts. He was a native of Tennessee and in
the mid‐1850s, he slowly moved his family to Texas. The birth of his daughter Mary occurred in
Lawrence County, Arkansas in July 1856. The Couts family eventually settled in Weatherford in Parker
County in 1858 when J.R. was 25 years old.
Couts served with the Texas Frontier Guard during the Civil War as Weatherford was very close
to the edge of civilization. Parker County is the county immediately to the west of Tarrant County where
Fort Worth is located. Weatherford is the seat of Parker County.
After the war, Couts undertook a long cattle drive to California and returned to Weatherford in
1868 with $50,000 in gold. He formed a banking partnership with John A. Fain, which was named Couts
and Fain Bank. It was located on the courthouse square.
Fain would leave the partnership in 1871 and was replaced by W.E. Hughes. The bank was now
known as Hughes, Couts and Company. Hughes only stayed until 1873 and the new partner was one
Henry Warren. The bank was now known as either J.R. Couts and Company or as Henry Warren &
Company as two different sources each state a different name. Perhaps the name depended on who
was in charge that day. Anyway, Warren left the bank in 1882 and Couts then applied for a national
bank charter. The charter was granted on June 10, 1882 and the name of the bank was changed to the
Citizens National Bank, charter number 2723.
The bank built a two‐story stone building on the corner of the courthouse square and North
Main Street in 1885. The bank expanded into adjacent buildings over the years. Remodeling in the late
1980s restored the original stone building and doubled the overall size of the banking house. Its address
is 101 N. Main Street. Today the bank is under the First Financial Bank, National Association umbrella.
The bank was chartered shortly before the end of the First Charter Period. It issued only the $10
and $20 denominations during the National Bank Note era. The note types the bank issued were First
Charter Series of 1875, Third Charter Red Seals, Date Backs, and Plain Backs, and Series 1929 Type 1 and
2 notes. The Citizens assumed by consolidation the non‐note issuing Parker County National Bank,
charter number 12762, on December 6, 1927.
Couts would go on to eventually become the wealthiest man in Parker County. At one time he
owned about 24,000 acres in Parker and the surrounding counties. Mr. Couts daughter, Mary Couts
Burnett, bequeathed her $3,000,000 estate to Texas Christian University in December 1923. The funds
were used to build the Mary Couts Burnett Library.
Several officer pairings through the large size years of National Bank notes for the Citizens were:
1885 President J.R. Couts, Cashier W.F. Altfather;
1894 President J.R. Couts, Cashier A.N. Grant;
1901 President J.R. Couts, Cashier G.A. Holland;
1909 President G.A. Holland, Cashier J.O. Tucker;
1927 President G.A. Holland, Cashier Couto Holland.
There were two officer tandems during the small size National era. The first Type 1 officers
were President G.A. Holland and Cashier J.S. Campbell. The second Type 1 and Type 2 duo was
President Fred Smith and Cashier J.B. Witherspoon.
The first note pictured is a Series 1875 $20 Friedberg 435 with the faded penned signature of
President J.R. Couts and the clear penned signature of Cashier A.N. Grant. The second note is a Series
1902 Plain Back $20 Friedberg 650 with bold purple rubber stamped signatures of President G.A.
Holland and Cashier J.O. Tucker. The linen postcard depicts an aerial view of Weatherford and an arrow
marks the location of the Citizens National Bank.
___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________
210
___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________
211
The Extraordinary First Ten Years of Micro Back 637
by Jamie Yakes
The purpose of this article is to document the untold story of $5 micro back plate 637
during the 10 years between the day it was begun on January 24, 1935, and when it was finished
as a printing plate on November 10, 1944.
Plate 637 spent most of its life as a master electrolytic basso from which it and its clones,
known as altos, and some bassos made from those altos, fathered all the small-size 12-subject $5
back plates made between 1935 and 1951. As such, it was the single most important plate of its
era. The design it carried was rendered obsolete in 1951 when back plates with narrower designs
began to be made.
Recent research1,2 has chronicled the salvaging and use of plate 637 as a printing plate
between 1944 and 1949. During that time sheets printed from it were mated with a host of $5
silver certificate, legal tender and Federal Reserve note faces to produce a plethora of rare mule
and non-mule varieties.
Two numbers are assigned to currency plates. The plate number is found in the margin of
the sheet and is trimmed away before sheets are sealed and numbered. The plate number for 637
was 1442 (Fig. 1). It was from a set of sequential numbers that originated in 19293 and threaded
through all small-size back plates for $5s and higher denominations.
The other number is the plate serial number, which was from a running sequence of
numbers assigned to the backs of a particular denomination. Those sequences also were initiated
in 1929, and began at 1 for all denominations. Plate serial numbers are not etched into a plate
until it is finished as a printing plate, so 637 never appeared on plate 1442 until 1944, almost ten
years after it was made.
Uniform back plate 1442 was one of eight $5 new-gauge electrolytic bassos made in
December 1934 and January 1935 from two altos lifted from $5 new-gauge steel master plate
1427. Let’s sort out these terms.
Figure 1. Uniform $5 back plate 1442--better known to collectors as $5 micro back plate
serial 637.
___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________
212
Figure 2. Plate serial number 637
was not etched into the subjects of
basso 1442 until it was finished as a
printing plate in 1944.
The vast majority of small-size currency plates were made by electrolytic deposition of
metal onto some type of mold.4 The technology was invented in 1911 and perfected by George
U. Rose, Chief of the Engraving Division at the BEP. By 1924 electrolytic deposition had
supplanted traditional steel-roll transfer for most plate production.5
By the 1930s, steel-roll transfer was primarily used to make steel master plates. That
process began with an intaglio die, a flat piece of steel containing reverse-reading intaglio image
of the face or back of a note. A soft steel cylinder was rocked over the die under great force,
which caused the steel in the roll to pick up the image. That image stood in relief on the roll. The
roll was hardened and then used to transfer the image 12 times to a flat steel plate to create a 12-
subject intaglio plate. This master then served as the mold used in the electrolytic process.
The steel master plate was submerged in electrolytic solution where nickel was deposited
onto its surface. The nickel object, called an alto, was separated from the master plate whereon a
mirror image of the steel intaglio plate stood in relief on its surface.
The alto in turn served as a mold upon which a thin layer of nickel and subsequent
thicker layer of iron were deposited. This object, called a basso, was separated from the alto and
was a perfect replica of the steel master plate.
Bassos went two ways. Plate serial numbers could be etched onto each subject to produce
a printing plate, or they could be left as is to serve as a master from which altos could be made
(Fig. 2). The advantage of nickel-iron master bassos over steel master plates was that nickel altos
separated from bassos more readily than from steel masters.
By 1928, sheet spoilage had become a serious
problem for plate printers because of tight margins on
finished sheets created by the narrow vertical separations
between the subjects on printing plates. The BEP
resolved this in 1934 by increasing the vertical
separations between subjects, on what were called new-
gauge plates. This change required production of new
steel masters, which commenced with production of a
new-gauge $1 steel master face in July.
The change for $5 backs came on October 26,
when the BEP started $5 new-gauge steel master back
plate 1427 using the $5 roll lifted from the original back
die in 1928. Each subject impressed on 1427 was spaced
slightly farther apart in the vertical direction to create
wider margins on the printed sheets.
Plate 1427 was used to prepare electrolytic altos
1216 and 1217 in early December. Later that month, the
BEP used those altos to make bassos 1430, 1431, 1434,
1435, 1440 and 1441. Bassos 1431, 1434, 1435 and 1441
were certified as printing plates in January 1935, respectively as backs bearing plate serial
numbers 632, 633, 634 and 636. Then, on January 31, steel master 1427 was certified as plate
630, thus ending its use as a master plate.
Bassos 1430 and 1440 had been held back in order to serve as masters, and were used to
make altos 1220 through 1226 in December 1934 and January 1935. Afterwards 1430 and 1440
were deemed defective and canceled.
___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________
213
On January 24, 1935, the BEP prepared electrolytic bassos 1442 and 1443 from altos
1216 and 1217. Basso 1443 was certified as back 638 in February. Basso 1442 was assigned all-
important plate serial 637, and began service as the sole $5 master electrolytic basso for making
$5 altos for the next eight years. Serial number 637 was not etched into each subject on the plate
at this time.
The first altos made from 1442 were 1228, 1229 and 1230 in March. The first production
plate made from one of those altos was basso 1447 started on July 9 from alto 1230, and certified
as back 642 on July 17.
Basso 1442 ultimately spawned 37 altos during 15 production cycles through 1943 (see
Table 1). These altos were the molds used to prepare all the $5 backs produced from July 1935
through October 1944. Many were prepared in the first few months of each fiscal year, which
began July 1. The largest group was made in September 1942, coincident with the initial North
Africa and Hawaii printings.
Table 1. $5 Altos Prepared from $5 Master Back Basso 1442.
Date Made Alto Numbers
March 1935 1228, 1229, 1230
July 1935 1241, 1242
1936 1276, 1277, 1281, 1283, 1291
March 1937 1333, 1340
July 1937 1372, 1373
August 1937 1374, 1375, 1376
December 1937 1377, 1378
January 1938 1379, 1380
July 1938 1437, 1440
August 1939 1442
August 1941 1468, 1469
July 1942 1476, 1477
September 1942 1481, 1482, 1483, 1485, 1487, 1489
September 1943 1510
October 1943 1511, 1512
The last altos made from basso 1442 were completed in October 1943. The BEP started
producing altos from two new electrolytic bassos in 1944. Those two bassos were fathered from
altos made from 1442.
Bassos 3724 and 3813 were made in July and November, respectively, and were used to
make altos 1565 through 1575 from October through December. Basso 3724 was finished as
plate 1691 on December 5. Basso 3813 became the new $5 master basso, and was eventually
canceled in 1955.
Basso 1442 was retired from duty as a mold for altos, but salvaged as an economy
measure and certified on November 10, 1944 as a production plate. Plate serial number 637 was
etched into each of its 12 subjects using micro-size numerals similar to those used on plates
finished prior to January 1938.
The remarkable plate entered service on June 23, 1945, and produced a steady stream of
scarce to rare mule and non-mule varieties until June 2, 1949. They have long been recognized
and revered by numismatists owing to the distinctive micro-size 637 plate serial number. Notes
___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________
214
with that back plate serial stuck out like a sore thumb against contemporary notes having macro-
size four-digit serial numbers.
Back 637 met its demise when canceled on June 14, 1949, an amazing 14 years after it
was made. No other plate in the history of U.S. currency is known to have had a more varied life.
The legacy of master basso 1442 is vast. Its altos fathered more than 1,000 $5 back plates
between 1935 and 1944. Master bassos made from those altos fathered another 500 plates
between 1944 and 1951. All told, production of nearly 1,500 $5 back plates can be traced to
basso 1442.
The last basso made from altos produced directly from basso 1442 were bassos 3783 and
3784 on October 23, 1944. Both were certified as printing plates, respectively, with serials 1692
and 1693 on November 5 and 10. Over the next few years they were logged out to press where
ironically they served alongside their father.
Sources Cited
1. Huntoon, Peter, and Yakes, Jamie. "Salvaged Plates: Late-Finished and other Exotic Plates
Explained." Paper Money 52, no. 6 (2013, Nov/Dec): 427-437.
2. Huntoon, Peter. "The Enduring Allure of $5 Micro Back Plates 629 and 637." Paper Money
54, no. 5 (2015, Sep/Oct): 304-326.
3. Huntoon, Peter. "There were two sets of early small-size back plates." Bank Note Reporter 34,
(2015, Aug): 26, 32, 34, 36, 38.
4. Huntoon, Peter. "Invention and Evolution of Electrolytic Plate Making at the Bureau of
Engraving and Printing." Paper Money 55, no. 1 (2016, Jan/Feb): 4-17.
5. Ibid.
Sources of Data
U. S. Treasury. Bureau of Engraving and Printing. Ledgers Pertaining to Plates, Rolls and Dies,
1870s-1960s. Volumes 21 and 116. Record Group 318: Records of the Bureau of
Engraving and Printing. National Archives and Records Administration, College Park,
Maryland.
___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________
215
U n c o u p l e d :
Paper Money’s
Odd Couple
Uncoupled Indeed
Joseph E. Boling Fred Schwan
Fred and I are going different directions this
issue.
I don’t spend all of my time pursuing
fraudulent notes coming from Warrington,
England. Below I discuss a pair that apparently
has originated in the US Midwest. Herein hangs
a tale....
Last summer at the ANA World’s Fair of
Money® in Rosemont, a collector friend asked
me to look at a note he had recently purchased
on eBay. It was a crude replica of the POW
camp chits from the Taiwan camp complex
operated by the Japanese military during WWII.
The original notes are printed on light paper,
with Japanese on one side and English on the
other, and are authenticated with a Japanese
signature seal (called a han in Japanese). The
serial number and han can appear on either side
of the note, but not both (see figure 1, (below
left) which shows
face and back of
two notes).
My friend’s
piece is typed in a
hand-drawn box,
with somewhat
smaller dimensions
than the originals
used, on paper with
a horizontal wavy
line watermark
(supplemented by
parallel vertical
lines 20mm apart).
Boling Continued on page 219
This month we are touching on some
obscurities. What is obscure to one can be a core
collecting area to another, but I think Joe has hit
the nail on the head with the Kume Shima chits
in terms of obscurity. I am not as sure with my
choice—MPC coupons.
Military payment certificates (MPC) are
now relatively well known among American
paper money collectors. Many, perhaps even
most, have never owned or handled an MPC, but
they at least know what they are. Of course that
was not the case over forty years ago when I
started collecting the stuff. I call that progress,
but we still have work to do!
I am going to discuss MPC coupons. If you
say "what (the heck) are those?" then I have also
made a good choice. If you say "I love those!" I
will be surprised, but still hope that I might have
a little something for you.
The restrictions on MPC use that are printed
on the certificates state that MPC may be used
“only in United States military establishments
by United States authorized personnel in
accordance with applicable rules and
regulations.” It has generally been interpreted
that this meant that use was restricted to United
States military personnel. We now know that
this is not correct. Various allied personnel also
have used MPC. Such use of MPC was first
documented in the 1970s when MPC coupons
were discovered.
We have been able to gather substantial
information regarding the use of MPC by allies
in Korea, Germany, and Vietnam. We are
interested in Vietnam today. We will discuss the
other areas and allies at another time, but I
___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________
216
Korean 10ɇ
would be happy to hear from you now if you
have any information on such MPC use.
President Lyndon B. Johnson’s public call
on 23 April 1964 for “more flags” to come forth
to support a beleaguered friend signaled the
growing need of allied assistance for South
Vietnam. In a similar move that month, the
Ministerial Council of the Southeast Asia Treaty
Organization issued a communiqué declaring the
defeat of the Viet Cong essential to southeast
Asia’s security, and underscoring the necessity
for SEATO nations to fulfill their treaty
obligations.
In January 1965 the United States became
more actively engaged in the war in Vietnam.
By August it was necessary to introduce MPC in
Vietnam. The search for more flags was
intensified. Gradually, the United States also
began to seek combat units. To erase the
conception that the Vietnam war was purely an
American undertaking supported only by non-
Asians, more effort was placed on increased free
world support, especially from nonaligned
countries.
An interesting group of countries eventually
participated in Vietnam. They were (with peak
strength in parentheses): Australia (7,672),
Korea (50,003), Thailand (11,586), New
Zealand (552), the Philippines (2,020), Republic
of China (31), and Spain (13—yes, 13
personnel).
We know that Australian, Korean, and Thai
soldiers used MPC. It is very likely that New
Zealand forces also used them. It would be very
interesting to know if the Chinese and Spanish
personnel used MPC, but the numbers are so
small that such use would be little more than a
footnote.
One result of the various agreements was
that allied soldiers would be able to use military
payment certificates. Not only could the allied
soldiers use MPC, but they also could use the
various club and exchange facilities.
Eventually, some of the allies became
involved in large-scale black market operations.
By selling exchange merchandise such as
refrigerators and electronics on the black market
for MPC available there (at substantial
markups), they could return to the exchange and
buy even more merchandise, making a nice
profit on every round trip. By 1969 most of the
problems centered on the Korean and Thai
soldiers. Cultural factors were probably
involved, but the overriding factor was numbers.
These contingents dwarfed the others.
In 1969 United States finance officers
negotiated a new control system to be used by
Korean and Thai soldiers. Under this plan,
coupons would be paid to the Korean and Thai
soldiers along with a like amount of MPC. Then
the soldiers would have to pay for merchandise
and services with MPC and a like amount of
coupons. Since the coupons were not available
from black market buyers, the soldiers could not
make more than one round of purchases at the
exchange until they were paid again the
following month. This quickly reduced the
amount of merchandise passing into
unauthorized hands.
The coupons were essentially identical in
function to MPC and somewhat similar in
appearance. They were printed by the United
States Navy printing facility on Guam without
significant security features.
MPC coupons were not reported in any
numismatic literature until about 1975. Don
Terrill collected MPC. He also lived in Korea
and was interested in Korean paper money. He
found an unusual and unknown piece of paper
money that looked something like MPC. An
article was subsequently published in the Bank
Note Reporter.
An army finance officer read the article,
knew what the mystery piece was, and shared
the information. He had been one of the finance
officers who had worked on the coupon project
in 1969! He reported the details that we have
today. Although more pieces have been found,
very little additional information has been found
and many questions remain.
___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________
217
Acceptance by the collecting community
since the first reports has been slow. The
coupons are listed under Korea and Thailand
respectively in the Standard Catalog of World
Paper Money, but have not been recognized in
catalogs of United States paper money that list
“traditional” MPC. Of course they are listed in
my own Comprehensive Catalog of Military
Payment Certificates (4th and earlier editions).
In my view, these coupons are essentially MPC
and will continue to gain in popularity with
MPC collectors.
Coupons, just as MPC, were issued in
denominations 5¢ through $20. There were three
series of Thai and four series of Korean
coupons. Collecting coupons is wonderfully
challenging. Coupons are much more difficult to
locate than “traditional” MPC. Indeed, no
complete collection has been assembled and a
few of the issues are not reported in any
collection!
We have learned much about MPC coupons
since 1975, but still have much to learn. In spite
of the still relatively limited amount of
information that we have on these issues, I could
ramble on about the seven issues enough to fill a
column on each, but I doubt that I could get that
idea past Joe. Additionally, each of those articles
would mostly be pleas for help, so I will cover
them all in one big plea—please help us with
any information that you might have!
I will show you some of the coupons to whet
your appetites.
Footnote from Joe: I know of no
contemporary counterfeits of MPC coupons, but
color copies have been made (and slabbed) for
collectors. Originals are line lithography; copies
are closely-spaced dots. Buy and use a 20x
magnifier.
Thai 25ɇ
Thai 5ɇ
Thai Series 3 - 5c
Genuine
Inkjet
Thai Series 3 - 10c
Genuine
Inkjet
___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________
218
Boling Continued:
The text is from a real typewriter, not a digital
print using a pica font. The box was originally
blue, and was then overlaid in black with an
unknown instrument that appears to be an
artist’s graphite or charcoal pencil. The serial
number is handwritten in blue ink that diffused
into the paper. The most curious aspect of the
piece is that the authenticating han is applied in
blue, not the standard vermilion of universal use
in the Far East. There is another blue han on the
back of the piece, which is further decorated
with graffiti in the form of Chinese characters
drawn in pencil by an un-expert hand. See
figures 2 and 3 below.
Within the month the same eBay seller had
another piece of similar appearance listed as a
buy-it-now-or-best-offer lot. It was titled
“JAPAN WW II POW CAMP 1 YEN P.O.W.
CANTEEN TICKET (VERY RARE).” I made
an offer and bought it. It is somewhat different
in size (the box is 6.5mm taller), and on paper
with strong vertical screen lines. The typing and
drawing are the same as on the first piece, and
the same two han appear on the face and back.
See figures 4 (below) - 6 (fig 6 is back-lit to
show the screen pattern in the paper).
Figures 5 (upper) & 6 (lower)
I could not reach a conclusion about the
authenticity of these pieces, because it was
possible that they were not intended to be used
in the Taiwan camp complex, and notes of other
camps have been known to be hand-created.
Move forward to November, to the PCDA
show in Rosemont. I was offered a typed version
of the chit issued by B.A. Caler on Kume Shima
during the first months of the occupation of
Okinawa. The originals of this issue were typed
on a mimeograph stencil and printed using that
technology. However, it was possible that
individually-typed versions of the chits had been
prepared, either as essays or as emergency issues
before the mimeo versions were ready. Besides
the misspelled word and the out-of-place
comma, there were two other things I did not
like about the chit—the signature was not at all
like the signatures on the mimeographed chits,
and the piece had three endorsement han on the
back— all in blue. I know it’s hard to sign a
stencil and have it look correct, so I could justify
that difference, and typos could be expected in a
100% hand-typed hurry. But the blue han
jangled. I did not connect them with the POW
piece from August. See figures 7-8.
___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________
219
Figures 9-10
I explained my reservations to the seller (a vest-
pocket dealer walking the floor) and made a
low-ball offer. I was surprised that he accepted
it. Figures 9-10 show the Caler-signed chit as
issued.
The same fellow was at the CPMX show this
month. He had another POW chit. I explained
that I already had one that had come from eBay,
but that I also had bought a Kume Shima chit
from him in November. He insisted that it had
been one of the POW pieces. When I got home,
I pulled out the two pieces and laid them side by
side. Behold, the two han from the POW chit
also appear on the Kume Shima chit (along with
a third one). That automatically condemns both
pieces. It is just not possible that two Japanese
troops on Taiwan (at least one of them an
officer) would be among the civilian laborers
hired by the US military government team
working on Kume Shima—and that all of them
would be using the same blue ink for applying a
han.
Tonight I got out all the correspondence
about the POW chit from last August. The eBay
seller told my friend who had brought me the
first piece where he had obtained them—it was
from the same guy who insisted he had already
sold me one. I am not naming names because I
consider the eBay seller to be an unfortunate
victim, and I don’t know that the vest-pocket
seller is actually making these—he may also be
a victim. But I can tell you that if you are
offered either of these pieces, don’t touch them.
Watch also for these han on any kind of
emergency issue—even if they appear in the
proper vermilion color.
Figure 7
Figure 8
___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________
220
Remember When?
Chump Change
Loren Gatch
How Healthy is Our Hobby? A Cautionary Glance at Philately—Part II
Last issue I began recounting the waning
fortunes of stamp collecting, with an eye towards
drawing some lessons about our own hobby’s future.
While I demurred that I’m no expert in stamps, after
that column appeared I received a long and
impassioned letter from a reader who does have deep
expertise in both stamps and currency. If anything,
that reader averred, the situation was even worse than
I described. Entire areas of philately have
experienced deep price declines, Scott catalog values
are increasingly meaningless, and the cumulatively
abusive over issues of commemorative and other
gimmick stamps have spread rot through the hobby.
As I reported earlier, the American
Philatelic Society’s new Executive Director, Scott
English, was brought in to revive membership.
Beginning in October 2015, the APS’s Membership
Committee began publishing its findings in the
American Philatelist, concluding that the falloff in
membership reflected not declining popular interest
in stamps, but rather the impact of the
transformations wrought by the rise of the internet.
With the explosion of online information sources,
social media outlets, and online buying platforms like
eBay, the traditional APS was simply providing less
value to its members than before. Accordingly, the
Committee recommended, reversing the
organization’s membership declines would entail
restoring the relevance of an APS membership in a
digital age.
Putting its journal and its back issues
completely online, seeking to engage members with
an enhanced web presence, and reaching out via
social media— if these suggestions sound familiar,
it’s because they should be: versions of the APS’s
measures have been debated and adopted by the
SPMC itself. Indeed, the American Numismatic
Association is pursuing the same clutch of reforms.
Hobby organizations of all stripes seem to be
imbibing the same paradoxical message: while the
pervasive charms of the digital age threaten these
traditional collecting pursuits, only an intelligent
embrace of those same digital media will restore
them to health.
These technological fixes are certainly
worth a try. But there may be a hidden danger here.
Online information research and purchasing do make
pursuing a hobby more efficient and easier. But, by
making collectors’ conventions, shows, and clubs
less necessary, the internet starves the organizational
ecosystems that make collecting a social activity in
the first place. Above all, by making collecting easier
the new technologies may simply be making
collecting less fun to begin with. As a result, our
hobbies may be literally dying from boredom.
Any optimism about the future must be
tempered by the brute fact that falling prices don’t
lie. Stamp collecting is in the process of a major
downsizing of its collector base and a grinding down
of the price levels which that base once sustained.
The bursting of the 1970s price bubble seems to have
interacted with exogenous shifts in public interest,
with particularly toxic consequences. As my
correspondent put it, “the sad fact is that young
people here in the USA and also in Western Europe
simply do not collect stamps any more. Serious
philatelists are becoming older and older, and
consequently they are dying off.”
Interestingly, the “slabbing” of stamps by
Third Party Graders (TPGs) has never caught on as it
has in coins and currency. For various reasons I
consider this practice to be a poisoned chalice. In the
long run, TPGs encourage an unhealthy imbalance in
favor of investment motives, as opposed to the
eccentric and disinterested curiosity that creates the
hobbies themselves. And yet: even the most sincere
of hobbyists wants to cash out at some point. No
hobby can flourish in the face of persistent price
declines. This leaves us with a second paradox: the
same price rises that motivate the hobbyists also
energize the opportunistic investors/speculators
whose excesses endanger the long-run enterprise of
collecting. And in truth, there’s an awful lot of
overlap between those two groups.
Ultimately, I would look to how young
people are socialized into collecting pursuits to gain a
sense for any hobby’s long-term viability. Can kids
still begin by filling Whitman albums out of pocket
change? Can kids still be enchanted and intrigued by
an envelope bearing exotic postage stamps? If not,
then these hobbies will need other sources of fresh
blood. I suspect paper money collectors skew
towards the adult to begin with, partly because face
value denominations alone (at least for American
currency) raise the budget bar for young collectors.
Since currency is simply more ephemeral than coins,
the chances of getting the paper equivalent of, say, a
Buffalo Nickel in change are nonexistent. In contrast,
world currency offers a much greater opportunity for
cheap thrills. Every time I see one of those bargain
boxes at a dealer’s table, piled up with ratty old
exotica, my hearts wishes I could be a child again.
___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________
221
The Obsolete Corner
The Utopian Bank
by Robert Gill
It's almost the middle of the year, and that means "MEMPHIS, HERE WE COME!" Last
year was the first time that I was able to attend the Memphis show, and it sure was a blessing for
me. Basically, all my paper money dealings are over the internet. But last year, not only was I
able to see some long distance friends that I have met before, I was able to put faces to other
friends that, up till then, were only voices over the phone or names on an email. What a thrill it
is for me to be able to shake a person's hand and see them face to face. And now for the subject
of this article.
The world of Obsoletes never ceases to amaze me. With the economy like it is, because of
hard times, some collectors are having to sell what they have in their collections. There also
have been a few major collections dispersed into the market the last couple of years. And, with
some, when old grandpa passes away, the family, not being interested in paper, sells his
Obsoletes. With whatever the scenario is there continues to be some very nice notes put in
auction for collectors to buy. And, as part of those notes, there has been some fabulous and rare
sheets for us sheet collectors to go after.
In this issue of Paper Money I'm going to share with you a new acquisition to my Obsolete
sheet collection. And that is on The Utopian Bank, which was to have been in the Baltimore,
Maryland area, in the early 1800s. This fascinating one-note sheet appeared in this year's FUN
Auction, which was just this past January. I feel very fortunate that I was able to acquire it.
According to the Maryland Historical Society's fine book, Money & Banking in Maryland,
"Little definitive information is known on this institution, if it ever was in actual operation. An
engraved copperplate, from which the relatively few recorded notes were printed, has been in the
collection of the Maryland Historical Society for many years, along with a proof-like impression
on thick, soft paper without watermark. Another impression on similar paper watermarked CRAN
DOESKIN in double-lined uppercase letters is known. Impressions are also known on thin, hard,
unwatermarked paper. Some paper specialists think that the notes were prepared for a Utopian
community planned for the Baltimore area which never came to fruition. Others consider that
they may have been prepared for a book on the Utopian system, in which there was a resurgence
in interest in the early nineteenth century in America. The imprint of the engraver of the plate
appears in the lower right corner of the printed note as "J. Sands.sc." John Sands was working in
Baltimore as an engraver and copperplate printer between 1824 and 1827, according to city
directories."
From these dates the engraver was working in the Baltimore area, we have a probable
window of time when this little piece of history was printed. During that time, there were some
people that believed our country would be better off under a socialistic type system. In my
opinion, we are very fortunate that idea never came to be in our great country, but it did pave the
way for this little piece of paper to have a history, and therefore a meaning to exist... What a
hobby!
It seems that as each issue of Paper Money arrives at members' homes, there are always
several comments that come to me from paper lovers. So as I always do, I invite any comments
to my cell phone (580) 221-0898 or my personal email address robertgill@cableone.net
Until next time.... HAPPY COLLECTING.
___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________
222
Maryland Paper Money: An Illustrated History,
1864-1935
This 348-page hardcover book documents Maryland’s national
currency era of banking from 1864 to 1935. Almost 300
photos of surviving notes are shown, including many rarities
from the landmark Marc Watts Collection of National
Currnecy.
“This is a wonderful specialized work on Maryland nation bank
and their notes that is destined to be the guidebook for generations
to come.” Mark Hotz
___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________
223
INTERESTING MINING NOTES
An Iron Company Note from an Unusual Location
by David E. Schenkman
The California Iron Company was incorporated in 1879. The owners of the new
enterprise, Anson P. Hotaling, E. Judson, a Mr. Fitzhue, and a Mr. Scott, immediately purchased
seventy‐six hundred acres of land at Clipper Gap and started construction of a plant. A modern
blast furnace, modeled after a furnace at a South Chicago steel plant, was completed in 1880,
and by early the following year the company was mining iron ore and smelting pig iron, most of
which is assumed to have been shipped to iron foundries in the San Francisco Bay area. A new
town was established and, appropriately enough, was named Hotaling.
The company was never profitable, and from the start was plagued with problems,
including defects in construction and equipment design. Then, in 1882, it suddenly met a tragic
end. In an article headlined “Smelting Works Burned,” the September 11 edition of The Topeka
State Journal reported that “yesterday at eleven p.m. the smelting works of the California Iron
Co. caught fire and was totally destroyed. No one was hurt. The fire is supposed to have caught
from gas escaping from the furnace works. Cost about $150,000, loss very heavy.”
A new company, with different owners, rose from the ashes of the fire. Named
California Iron and Steel Company, it was headquartered at 329 Market Street in San Francisco.
Its president was Egbert Judson, while U. Seeley, Jr. acted as superintendent of the plant.
Operations commenced in 1883, and the company had notes printed which are dated June 1,
1883. These notes, and the illustrated check, which bears the imprint “E. Bosqui & Co. Lith. S.F.”
and has a neat vignette of the company’s plant, were signed by U. Seeley, Jr.
In addition to the illustrated five cents note, which I purchased from Lyn Knight’s 2011
Memphis sale, a similar note of ten cents denomination was offered in a 2008 Lyn Knight sale.
Both are quite rare. The printer’s name does not appear on either note. I am not aware of any
other denominations, although I would be surprised if others weren’t printed. It seems logical to
assume that higher denominations would be more apt to have been redeemed than those
having lower values.
California Iron and Steel Company eventually had nearly two hundred employees on the
payroll, most of whom built homes in the new town. Unfortunately for them the company,
which, according to the 1884 Directory to the Iron and Steel Works of the United States, was
operating the only furnace in the state during that time, did not survive for very long. It
operated intermittently for a few years, and is listed in an 1888‐9 directory, but the 1894 edition
of the Directory reports that it is “out of blast since 1886 and not likely to run again.”
With no other businesses nearby, employees either found new employment and
relocated or remained in the area and made their living by farming. U. Seeley, Jr. is listed in an
1887 San Francisco directory as a partner in Seeley, Church, and Company, agents for the
Cleveland Twist Drill Company. The era of iron mining in that part of California had come to an
end, but collectors of obsolete notes have a tangible memento of a failed enterprise.
Comments, questions, suggestions (even criticisms) concerning this column may be
emailed to dave@turtlehillbanjo.com or mailed to P.O. Box 2866, La Plata, MD 20646.
___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________
224
___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________
225
President’s
Column
May / June 2016
Spring has sprung early this year in New England
– after last year’s 3 winter’s worth of snow, we
need it! This is the time of year when major and
regional shows proliferate and people travel
more to visit others. The Baltimore show kicked
off the season with a strong attendance and lots
of activity. Paper money people were out in
force at this show and it was great to catch up
with many of them! We saw a continued flow of
items to the market, both private and at auction,
and expect the pace to pick up into Memphis.
The Georgia Numismatic Association (GNA) show
is underway as I write this – unfortunately I am
unable to attend this year. But with Dennis
Schafleutzel and Mack Martin’s leadership, we
have a good run of SPMC paper money activities
including a meeting and exhibit discussions.
The planning for Memphis is well
underway – both by your SPMC board as well as
Lyn Knight and his team. Call for speakers has
been made by Peter Huntoon and the deadline
has passed – I’m not going to spill the beans, but
given the 40th anniversary, expect some great
talks and events! Some key information has
been posted to the SPMC blog here
http://www.spmc.org/event‐40th‐annual‐
memphis‐international‐paper‐money‐show .
There has been ongoing speculation as
to what happens to the Memphis show after this
year. Concern has been expressed about the lack
of an airport hub at Memphis by international
attendees and dealers and the cost of getting
there even for US residents. Lyn has not made
any decisions as of the end of March nor has
indicated what or when that decision will be
made. Stay tuned. We will work with Lyn
whatever his decision to keep up the many great
traditions of SPMC and even start some new
ones!
REMINDER: The SPMC Breakfast is
planned for Friday morning, June 3, at the
Crowne Plaza across the street from the
convention hotel (Sheraton) in downtown
Memphis. Like all SPMC breakfasts, this
promises to be a lot of fun and a great time to
catch up with old and new friends. We are
looking into something special for the tickets – a
real collectors’ item. We expect a lively awards
ceremony and raffle as usual as well! Tickets are
discounted to $20 through May 1st and more
information including online purchase of the
Breakfast tickets may be found at
http://www.spmc.org/products/ticket‐55th‐
anniversary‐breakfast‐memphis‐2016 .
Shawn Hewitt continues to do a great
job with the web site. A feature which is now
being used quite heavily is the calendar of
events – a handy guide to upcoming events of
interest to paper money collectors. You can find
it here https://www.spmc.org/calendar . The
SPMC Journal is now available to be downloaded
from the SPMC web site by SPMC members
which makes it even easier to use and learn from
the goldmine of information. You can view the
Journals here https://www.spmc.org/journals
Select the edition you want to peruse and in the
upper right hand corner is a download link.
Benny Bolin continues to shepherd the
SPMC Journal to new heights. We are using color
in more place where appropriate and cost
effective. We have a nice range of articles –
though more on colonial, Confederate and large
size type notes would be a good thing.
Advertising continues to help pay for the journal
and is an effective way to reach fellow
collectors. Advertising is also available on the
web site.
The obsolete database user interface is
finished – a challenging project – one that Shawn
and team have given a great deal of effort to get
right and easy to use. State experts are now
loading data up into the new database. Shawn
plans to create some instructional videos to help
people learn how to do this as we expand the
audience to the full membership when ready.
Stay tuned – this will be exciting!
Have a great numismatic Spring!
Pierre Fricke
___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________
226
Editor Sez
Kaboom goes the Car!
I was filled with excitement as
I had just finished doing one
of my all time greatest
passions, setting up a currency
exhibit, this one at the Dallas ANA. Being
that it was rush hour, I decided on an
alternate route to get out of downtown
which would take me past my former
employer of 32 years, Baylor University
Medical Center. I was just chilling and
listening to the radio, when all of a sudden
out of the corner of my left eye I saw a
flash of blue and then the terrible
KABOOM. I went flying to the right up on
the curb and was now sitting in the same
lane I was originally in but 180o around
looking at now on-coming traffic! The initial
shock knocked the breath out of me and
as a loooooong time trauma/ER nurse, I
was thinking of all the things that were
probably wrong with me! But, my breath
returned and I decided I did not need an
ambulance (yes, I walked across the
street to the ER that I was once the
director of)! Fortunately for me, the only
witness who stayed around to offer any
form of help was the DPD office who saw
the whole thing and wrote the report—
insurance couldn’t argue with the facts
with this one! It turned out I was not
seriously injured, but my chest muscles
and cartilage was bruised from the force of
the impact so for three weeks, I had to
sleep in a chair and oh wow—was
sneezing fun! I am now almost fully
recovered but it was quite the trauma so if
I have not responded to you lately that is
probably why!
Now, on to bigger and better
things. MEMPHIS and the IPMS! Plan on
joining us there. There will be a lot of fun,
buying of cool notes, selling others, great
exhibits and a wonderful educational
series coordinated by Peter Huntoon!
Also, this is a special Memphis—the 40th
anniversary! If you want to support the
SPMC, think about donating an item to the
Tom Bain raffle. This is always a highlight
as the world’s pre-eminent emcee and
overall good guy, Wendell Wolka will take
you on an hour long journey where he will
convince you to really like Zimbabwe
inflation notes and make you anxious to fill
your luggage with “suitcase fodder!” We
will also be handing out our service,
literary and exhibit awards. Some at the
Tom Bain breakfast and some at the
gathering on Saturday afternoon of the
show. We also have a new exhibit award
this year, the best one-case exhibit.
Also, please vote (short time frame
left) for your favorite articles, books and
column. The voting ends May 10 so we
can get the really expensive plexi-glass
and faux gold/silver metal hardware we
bestow on the winners.
You will notice that this issue is a
bit strange in that it is one of the most
varied we have done in the way of topics. I
am actually running low and need some
Large Size, Small Size and National
articles. I have some very, very long ones
that will probably have to be spaced into
two or more issues, so 3-8 page articles
are what are really needed. Also, please
mark in red font or some way where you
want the illustrations to go and send them
separately. It is much easier for me to
format an article if this is done. Again, on
illustrations, save as Jpegs and not Tiffs,
or other formats as these are hard to work
with and are HUGE!
Do you know MPC? If you do you
know in September is a special
anniversary for it. So, for the July/August
issue, I want to have 3-4 articles on MPC!
Please help us on this front! Research and
write about your passion!!!
Finally, I hope you all make it to the
40th IPMS in Memphis June 2-5. If you do,
look me up and let’s talk about how you
can get an article published
Benny
Texting and Driving—It can wait!
___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________
227
W_l]om_ to Our N_w
M_m\_rs!
\y Fr[nk Cl[rk—SPMC M_m\_rship Dir_]tor
NEW MEMBERS 03/05/2016 - 14481 - 14491
14481 Ron Aubry, (C,), Jason Bradford
14482 Robert W. Likes, Jason Bradford
14483 Jeffrey Hall, (C), Website
14484 Gary Gramm, (C), Jason Bradford
14485 Bryan Reger, (C), Website
14486 Charles Peterson, (C), Website
14487 Richard Miranda, (C), Frank Clark
14488 John Cox, Box (C & D,), Website
14489 Anthony Messier, (C,), Website
14490 David Stevenson, (C), Website
14491 David Killett, (C), Website
REINSTATEMENTS
2026 Joe Horka Jr, (C), Website
LIFE MEMBERSHIPS
LM429 Bob Ayers, (C), Website
NEW MEMBERS 04/05/2016 - 14492 - 14497
14492 Jim Ewalt, (C), Jason Bradford
14493 Bradley Thornton, (C & D), Website
14494 W. Lee Mackewiz, (C), Clyde Mackewiz
14495 Dominic Valentino, (C), Website
14496 Kiva Offenholley, (C), Scott Lindquist
14497 Gordon Berger, (C),Website
REINSTATEMENTS
None
LIFE MEMBERSHIPS
None
See you all in Memphis!
___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________
228
Collectors Invited!
Higgins Museum 2016 National Bank Note Seminar
July 27-28
Speakers and topics include:
Wendell Wolka: National Bank Notes; McCulloch's Early Insights
Lee Lofthus: National Banking Inside the Treasury
Frank Potter: The FNB of Harlan, IA (#5207); The Family Story
Mark Hotz: "Hotz Off the Press" / Interesting NBN Collection Insights
Peter Huntoon: Building Great AZ and WY National Collections
Roundtable Speaker and Attendee Discussions
Seminar Co-Sponsors
This seminar is being organized and produced in Okoboji, Iowa, by the Higgins Museum of
National Banking, the event being co-sponsored by the Central States Numismatic Society,
the Society of Paper Money Collectors, and the Professional Currency Dealers Association.
Seminar Registration Information
To register as a participant at the Higgins Museum 2016 National Bank Note Seminar
contact museum curator Larry Adams at 712-332-5859, or direct inquiry by e-mail to
ladams@thhigginsmuseum.org. The registration fee is just $75, or only $65 for individuals
who are members of the co-sponsoring CSNS, SPMC or PCDA organizations. Direct
registrations and remittances to the Higgins Museum, 1507 Sanborn Avenue, P. O. Box
258, Okoboji, IA 51355.
Overnight Accommodations Information
The following are overnight accommodation possibilities in Okoboji, all of which are a mile
or less away from the Higgins Museum, for those whose participation requires an overnight:
AmericInn Lodge, 105 Brooks Park Dr. (just off U.S. Hwy. 71) 1-800-634-3444 (res.), 1-712-332-9000 (dir.)
Arrowood Resort, 1405 U.S. Hwy 71, 1-800-727-4561 (reservations), 1-712-332-2161 (direct)
Vintage Block Motel, 1107 Sanborn Ave. (just two blocks from museum), 1-712-332-8040 (reserv. and dir.)
Bridges Bay Resort, 640 Linden Drive, 1-800-727-4561 (reservations), 1-712-332-2202 (direct)
___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________
229
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 * May/June 2016 * Whole No. 303_____________________________________________________________
230
Florida Paper Money
Ron Benice
“I collect all kinds
of Florida paper money”
4452 Deer Trail Blvd.
Sarasota, FL 34238
941 927 8765
Benice@Prodigy.net
Books available mcfarlandpub.com, amazon.com,
floridamint.com, barnesandnoble.com
MYLAR D® CURRENCY HOLDERS
PRICED AS FOLLOWS
BANK NOTE AND CHECK HOLDERS
SIZE INCHES 50 100 500 1000
Fractional 4-3/4" x 2-1/4" $21.60 $38.70 $171.00 $302.00
Colonial 5-1/2" x 3-1/16" $22.60 $41.00 $190.00 $342.00
Small Currency 6-5/8" x 2-7/8" $22.75 $42.50 $190.00 $360.00
Large Currency 7-7/8" x 3-1/2" $26.75 $48.00 $226.00 $410.00
Auction 9 x 3-3/4" $26.75 $48.00 $226.00 $410.00
Foreign Currency 8 x 5 $32.00 $58.00 $265.00 $465.00
Checks 9-5/8 x 4-1/4" $32.00 $58.00 $265.00 $465.00
SHEET HOLDERS
SIZE INCHES 10 50 100 250
Obsolete Sheet
End Open 8-3/4" x 14-1/2" $20.00 $88.00 $154.00 $358.00
National Sheet
Side Open 8-1/2" x 17-1/2" $21.00 $93.00 $165.00 $380.00
Stock Certificate
End Open 9-1/2" x 12-1/2" $19.00 $83.00 $150.00 $345.00
Map & Bond Size
End Open 18" x 24" $82.00 $365.00 $665.00 $1530.00
You may assort note holders for best price (min. 50 pcs. one size). You may
assort sheet holders for best price (min. 10 pcs. one size).
SHIPPING IN THE U.S. (PARCEL POST) FREE OF CHARGE
Mylar D® is a Registered Trademark of the Dupont Corporation. This also
applies to uncoated archival quality Mylar® Type D by the Dupont Corp. or the
equivalent material by ICI Industries Corp. Melinex Type 516.
DENLY’S OF BOSTON
P.O. Box 51010, Boston, MA 02205 • 617-482-8477
ORDERS ONLY: 800-HI-DENLY • FAX 617-357-8163
See Paper Money for Collectors
www.denlys.com
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
Maryland Paper Money: An Illustrated History, 1864-1935
This 348-page hardcover book documents Maryland’s national
currency era of banking from 1864 to 1935. Almost 300 photos of
surviving notes are shown, including many rarities from the
landmark Marc Watts Collection of National Currnecy.
“This is a wonderful specialized work on Maryland nation bank and
their notes that is destined to be the guidebook for generations to
come.” Mark Hotz.
Available for purchase online at lulu.com and
www.marylandpapermoney.com
___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________
231
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
SMALLSIZESTARNOTES
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. Nst ew members will also get a copy of Rob
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.
Buying & Selling
• Obsolete • Confederate
• Colonial & Continental
• Fractional
• Large & Small U.S. Type Notes
Vern Potter Currency
& Collectibles
Please visit our Website at
www.VernPotter.com
Hundreds of Quality Notes Scanned,
Attributed & Priced
P.O. Box 10040
Torrance, CA 90505-0740
Phone: 310-326-0406
Email: Vern@VernPotter.com
Member •PCDA •SPMC •FUN •ANA
United States Paper Money
specialselectionsfordiscriminatingcollectors
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
___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________
232
OUR MEMBERS SPECIALIZE IN
NATIONAL CURRENCY
They also specialize in Large Size Type Notes, Small Size Currency,
Obsolete Currency, Colonial and Continental Currency, Fractionals,
Error Notes, MPC’s, Confederate Currency, Encased Postage,
Stocks and Bonds, Autographs and Documents, World Paper Money . . .
and numerous other areas.
THE PROFESSIONAL CURRENCY DEALERS ASSOCIATION
is the leading organization of OVER 100 DEALERS in Currency,
Stocks and Bonds, Fiscal Documents and related paper items.
PCDA
• Hosts the annual National and World Paper Money Convention each fall in St. Louis, Missouri.
Please visit our Web Site pcdaonline.com for dates and location.
• Encourages public awareness and education regarding the hobby of Paper Money Collecting.
• Sponsors the John Hickman National Currency Exhibit Award each June at the Memphis Paper
Money Convention, as well as Paper Money classes at the A.N.A.’s Summer Seminar series.
• Publishes several “How to Collect” booklets regarding currency and related paper items. Availability
of these booklets can be found in the Membership Directory or on our Web Site.
• Is a proud supporter of the Society of Paper Money Collectors.
To be assured of knowledgeable, professional, and ethical dealings
when buying or selling currency, look for dealers who
proudly display the PCDA emblem.
The Professional Currency Dealers Association
For a FREE copy of the PCDA Membership Directory listing names, addresses and specialties
of all members, send your request to:
PCDA
James A. Simek – Secretary
P.O. Box 7157 • Westchester, IL 60154
(630) 889-8207
Or Visit Our Web Site At: www.pcdaonline.com
Paul R. Minshull #LSM0605473; Heritage Auctions #LSM0602703 & #LSM0624318. BP 17.5%; see HA.com. 40571
THE WORLD’S LARGEST
NUMISMATIC AUCTIONEER
DALLAS | NEW YORK | BEVERLY HILLS | SAN FRANCISCO | CHICAGO | PALM BEACH
PARIS | GENEVA | AMSTERDAM | HONG KONG
Always Accepting Quality Consignments in 40 Categories
Immediate Cash Advances Available
950,000+ Online Bidder-Members
U.S. CURRENCY
Platinum Night® & Signature® Auctions
To consign to an upcoming auction, contact a Heritage Consignment Director today.
800-872-6467, ext. 1001
Two fantastic consignment opportunities.
September Long Beach Expo | September 7-10, 2016 | Consignment Deadline: July 18
ANA’s World’s Fair of Money | August 10-12, 2016 | Consignment Deadline: June 20
Fr. 288 $10 1880 Silver Certificate
PCGS Gem New 65PPQ
Realized $39,950
Fr. 1180 $20 1905 Gold Certificate
PMG Gem Uncirculated 66 EPQ
Realized $54,050
Fr. 2221-B $5,000 1934 Federal Reserve Note
PCGS Choice New 63
Realized $129,250
Fr. 2407 $500 1928 Gold Certificate
PMG Gem Uncirculated 65 EPQ
Realized $105,750
Fr. 1132-J $500 1918 Federal Reserve Note
PMG Choice Extremely Fine 45 Net
Realized $44,650
Serial Number 1 FNB Elko, NV $5 1929 Type 1
PCGS Choice About New 55PPQ
Realized $58,750
Tweet