Paper Money - Vol. LVI, No. 3 - Whole No. 309 - May/June 2017

Please sign up as a member or login to view and search this journal.

Table of Contents

The Well Traveled Turk--Peter Huntoon

2017 SPMC Hall of Fame

Images of Value--Artwork Behind U.S. Security Engraving--Mark Anderson

Raphael Thian's Register of the Confederate Debt--Michael McNeil

City of Des Moines Scrip--Marv Wurzer

Quincy Mining Company Scrip Varieties--Dave Gelwicks

$500 Counterfeit Program-Pt. II--Bob Ayers

Star Notes-An Examination of Production and Scarcity--Joe Farrenkopf

What Became of Series 1988A Web Star Notes--Joe Farrenkopf

Paper Money Vol. LVI, No. 3, Whole No. 309 May/June 2017 Official Journal of the Society of Paper Money Collectors Two Eras Ending Two New Eras Being Ushered In! Kansas City, the new Memphis. Join us for the 2017 IPMS! A Fond Farewell to Pierre Fricke as SPMC President. Peter A. Treglia LM #1195608 John M. Pack LM # 5736 Peter A. Treglia John M. Pack Brad Ciociola 800.458.4646 West Coast Offi ce • 800.566.2580 East Coast Offi ce 1231 E. Dyer Road, Suite 100, Santa Ana, CA 92705 • 949.253.0916 123 West 57th Street, New York, NY 10019 • 212.582.2580 • California • New York • New Hampshire • Hong Kong • Paris SBG PM ConsignAug2017 170404 America’s Oldest and Most Accomplished Rare Coin Auctioneer Showcase Auctions Peter A. Treglia Aris MaragoudakisJohn M. Pack Brad CiociolaManning Garrett Here at Stack’s Bowers Galleries, our unsurpassed expertise, unwavering commitment to personal service and over 80 years of fi nancial security have earned the trust of the most astute collectors, dealers, museums, bankers and fi duciaries worldwide. Whether you are a seasoned collector or are anticipating your fi rst consignment, the experts at Stack’s Bowers are just a phone call away, ready to share our numismatic knowledge and guidance and earn you top dollar for your currency. Stack’s Bowers Galleries is accepting consignments to auctions throughout the year, including the Offi cial Auctions of the Whitman Baltimore Expos and the ANA World’s Fair of Money. Professionals You Can Trust Consign to our O cial Auction of the 2017 ANA World’s Fair of Money! Auction: August 1-5, 2017 Consignment Deadline: June 5, 2017 Fr. 2221-H. 1934 $5000 Federal Reserve Note. St. Louis. PMG Choice Uncirculated 64 EPQ Realized $258,500 Fr. 1700. 1933 $10 Silver Certi cate. PMG Superb Gem Uncirculated 67 EPQ. Realized $105,750 Salem, New Jersey. $100 Original. Fr. 454a.  e Salem National Banking Company. Charter #1326. PMG Choice Very Fine 35 Net. Realized $164,500 Fairbanks, Alaska. $5 1902. Fr. 598. First NB. Charter #7718. PCGS Superb Gem New 68 PPQ. Realized $129,250 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 Fr. 1191. 1882 $50 Gold Certi cate. PCGS Extremely Fine 40. Realized: $411,250 Fr. 193a July 15,1864 $100 Compound Interest Treasury Note. PCGS Very Fine 25. Apparent. Realized $282,000 Fr. 167b. 1863 $100 Legal Tender Note. PCGS Very Fine 25. Realized: $352,500 Terms and Conditions  PAPER MONEY (USPS 00-3162) is published every other month beginning in January by the Society of Paper Money Collectors (SPMC), 711 Signal Mt. Rd #197, Chattanooga, TN 37405. Periodical postage is paid at Hanover, PA. Postmaster send address changes to Secretary Jeff Brueggeman, 711 Signal Mtn. Rd, #197, Chattanooga,TN 37405. ©Society of Paper Money Collectors, Inc. 2014. All rights reserved. Reproduction of any article in whole or part withoutwrittenapproval 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. PAPER MONEY  Official Bimonthly Publication of The Society of Paper Money Collectors, Inc. Vol. LVI, No. 3 Whole No.309 May/June 2017 ISSN 0031-1162 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 ( 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 Alladvertising onspaceavailable basis. Copy/correspondence shouldbesent toeditor. Alladvertisingis payablein advance. Allads are acceptedon a “good faith”basis. Terms are“Until Forbid.” Adsare Run of Press (ROP) unlessaccepted 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 be 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 Fullcolor covers $1500 $2600 $4900 B&W covers 500 1400 2500 Fullpagecolor 500 1500 3000 FullpageB&W 360 1000 1800 Halfpage B&W 180 500 900 Quarterpage B&W 90 250 450 EighthpageB&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 materialoreditcopy. 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. Benny Bolin, Editor Editor Email— Visit the SPMC website— The Well-Traveled Turk Peter Huntoon ............................................................... 177 SPMC 2017 Hall of Fame ....................................................... 184 Images of Value: Artwork Behind U.S. Security Engraving Mark Anderson .............................................................. 187 Raphael P. Thian’s Register of the Confederate Debt Michael McNeil .............................................................. 189 City of Des Moines Scrip; Money to Burn Marv Wurzer .................................................................. 201 Quincy Mining Co. Scrip Varieties Dave Gelwicks ............................................................... 205 $500 Counterfeit Program—Pt II Bob Ayers ...................................................................... 213 Uncoupled Joe Boling & Fred Schwan .................................. 215 Tom Bain Raffle Frank E. Clark III ........................................ 221 KC IPMS Happenings ........................................................... 222 Star Notes: An Examination of Production and Scarcity Joe Farrenkopf .............................................................. 224 What Became of Series 1988A Web Star Notes Joe Farrenkopf .............................................................. 244 Small Notes—Fantastic Life of $20 Back Plate 204 .............. 247 Interesting Mining Notes—David Schenkman ..................... 249 Obsolete Corner--Robert Gill ................................................ 251 Chump Change--Loren Gatch ............................................... 254 Presidents Message ............................................................. 255 Editor’s Report ...................................................................... 257 New Members ....................................................................... 258 Money Mart ............................................................................ 259 Paper Money * May/June 2017 * Whole No. 309 174 Pierre Fricke—Buying and Selling Confederate and Obsolete Money!  P.O. Box 1094, Sudbury, MA 01776;;  And many more CSA, Southern and Obsolete Bank Notes for sale ranging from $10 to five figures  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 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 5439, Sun City Ctr., FL 33571 Joshua Herbstman, Box 351759, Palm Coast, FL 32135 Fred Maples, 7517 Oyster Bay Way, Montgomery Village, MD 20886 Vacant APPOINTEES: PUBLISHER-EDITOR---- Benny Bolin, 5510 Bolin Rd. Allen, TX 75002 EDITOR EMERITUS--Fred Reed, III ADVERTISING MANAGER--Wendell A. Wolka, Box 5439 Sun City Center, FL 33571 LEGAL COUNSEL--Robert J. Galiette, 3 Teal Ln., Essex, CT 06426 LIBRARIAN--Jeff Brueggeman, 711 Signal Mountain Rd. # 197, Chattanooga, TN 37405 MEMBERSHIP DIRECTOR--Frank Clark, P.O. Box 117060, Carrollton, TX, 75011-7060 IMMEDIATE PAST PRESIDENT- - Mark Anderson, 115 Congress St., Brooklyn, NY 11201 WISMER BOOK PROJECT COORDINATOR--Pierre Fricke, Box 1094, Sudbury, MA 01776 REGIONAL MEETING COORDINATOR 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. Information about the SPMC, including the by-laws and activities can be found at our website, .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 or by check/money order sent to the secretary. Paper Money * May/June 2017 * Whole No. 309 175 • 1% credit back on all purchases through the Kagin’s Auction Loyalty ProgramTM • Free memberships in the Society of Paper Money Collectors. • Free grading initiatives for consignors and buyers from PMG and PCGS. Contact or call 888.8Kagins to speak directly to Dr. Donald Kagin, Ph.D., senior numismati st David McCarthy or senior currency specialist Meredith Hilton for a FREE APPRAISAL of your collecti on today! Record Prices Realized From Kagin’s Aucti on’s Offi cial ANA Nati onal Money Show Aucti on Realized $27,025 Lincoln, Illinois $2 “Lazy Deuce” Note PCGS CU 64 PPQ Realized $114,562.50 FR 107 1880 $10 PMG CU 69 Realized $8,225 FR 216 1886 $1 PMG CU66 Realized $21,150 FR 300 - 1891 $10 “Tombstone” PMG CU 66 Realized $99,875 FR 2231-B 1934 $10,000 Federal Reserve Note. New York. PCGS Apparent Choice New 63. Ex: Binion’s Hoard. Realized $99,875 Complete Signature Set of 11 1899 $5 “Chiefs” FR 271-FR-281 Kagins PM ANA PR SC Cons 04-05-17 KAGIN’S AUCTIONS is now Accepting Consignments for its WEST COAST AUCTION September 15, 2017 Held in conjunction with CoinExpo Santa Clara • 0% Seller’s fee for $50,000 and up consignments* • Unprecedented Exposure to millions of potential buyers leveraging our extraordinary marketing with Amazon, ANA, Coin World, NGC, PCGS, iCollector and non-numismatic media • Innovative marketing as we did with The ANA National Money Show Auction and the “Saddle Ridge Hoard Treasure” • Innovative programs including the fi rst ever KAGIN’S AUCTIONS LOYALTY PROGRAMTM *5% Seller’s Fee for under $50,000/ consignment and $2,500/ item Only one session planned with less than 500 lots so reserve you space now! Let Kagin’s tell your personal numismati c story and create a lasti ng legacy for your passion and accomplishments! 99% Se ll T hro ug h! Kagin-PM-ANA-PR-SC-Cons-Ad-04-05-17.indd 2 4/10/17 10:30 AM The Paper Column The Well-Traveled Turk by Peter Huntoon This is the story of two vignettes, “Pocahontas Presented at Court,” also known as “Introduction of the Old World to the New,” and “Turk on Cushion Smoking Pipe.” For the sake of brevity, they will be called Pocahontas and Smoking Turk in this article. Pocahontas (Figure 1) is thought to be the larger and earlier engraving, whereas the Smoking Turk (Figure 2) is a derivative die made using the image of the Turk lifted from Pocahontas and embellished to serve as a standalone 1-1/4-inch diameter vignette. Most of the Pocahontas engraving was used for the right vignette on early $10 legal tender notes produced at the Bureau of Engraving. The Smoking Turk found its way onto tax paid revenue stamps. Figure 1. Original engraving of Pocahontas Presented at Court attributed to engraver Stephen Alonzo Schoff. Photo courtesy of Mark Tomasko. The attribution for both came from Margaret Richardson and Barbara Bither of the Bureau of Engraving and Printing Historical Resource Center from BEP die cards that list Stephen Alonzo Schoff as engraver of Pocahontas and credit Louis Delnoce with the Smoking Turk. Be forewarned that both die cards were made in 1869 and contain transcribed information. An early Treasury ledger at the Bureau lists September 1864 as the date of entry for Pocahontas. The Smoking Turk was logged in during August 1868. The dies were renumbered in 1869, respectively 168 and 896. The BEP Historical Resource Center has a Congressional report compiled in July 1868 that lists existing Treasury dies that has 168 but stops at 850. This provides additional confirmation that the Smoking Turk came second, and that the August 1868 date is consistent with its completion. Engraving historian Mark Tomasko advises that Schoff did freelance work for both the Continental and National bank note companies, and he believes, based on the 1864 date of the die, that Pocahontas was executed at one of those companies and later acquired by the Treasury. He suspects that it was more likely done at the National Bank Note Company, but does not have proof. Schoff possessed the requisite skills to make it. Paper Money * May/June 2017 * Whole No. 309 177 Figure 2. Turk on Cushion Smoking Pipe, BEP die no. 896. My acquaintance with these vignettes began with the Smoking Turk illustrated on Figure 2. The disarray in the smoker’s surroundings makes it quite evident that the pipe was not charged with tobacco. Hashish pretty obviously was the inspiration. I consider it to be one of the finest engravings for capturing a scene that I have ever seen. The first use made of the vignette was on three pound Manufactured Tobacco 96-cent tax paid stamps issued in 1869. They were followed in 1870 by identical looking stamps, an example appearing here as Figure 3. The difference between the two is that the large open letters US straddling the vignette on the 1869 issue is a green tint, whereas the US was incorporated into the black intaglio design for the 1870 version. The next incarnation of the vignette came 21 years later when it was more appropriately used on a set of three fabulous Series of 1891 Prepared Smoking Opium tax paid stamps denominated in 4, 8 and 16 ounces (Figure 4). Those taxes were figured at the rate of $10 per pound. Now here is where the story gets both embarrassing to me but interesting. Greg Alexander wrote asking if I was aware that the Smoking Turk also appeared on the right vignette on the faces of $10 Series of 1869 through 1880 legal tender notes. He even sent a link to a photo of one of the notes. Greg is a revenue stamp and vignette collector who is a member of the board for the Northwest Philatelic Library in Portland, Oregon. Huh – what’s this! I pulled the photo up, and I’ll be darned. As shown on Figure 5, there was my old friend the Smoking Turk snuggled up against the lower right corner of the note. I’ve seen those notes in the flesh. I’ve looked at them in auction catalogs. Furthermore, I’ve sorted the face plate proofs for them at the Smithsonian. But I never noticed the Turk! The truth is that I had never Figure 3. 1870 3-lb Manufactured Tobacco tax paid stamp. really looked at the engravings on the notes! Greg went on to say he was very interested in the vignette on the $10s because he was a correspondent of the great great grandson of the engraver who the BEP credits with producing it. The descendent is Rhode Island artist Jonathan Small, and the engraver was Stephen Alonzo Schoff. The Schoff attribution was provided by Small from information supplied by Merl Moore, an art historian affiliated with Paper Money * May/June 2017 * Whole No. 309 178 the Smithsonian American Art Museum, who obtained it from the die cards held by the Bureau of Engraving and Printing Historical Resource Center. It was obvious that I better learn something about Schoff’s vignette. I quickly learned that the engraving is entitled “Introduction of the Old World to the New” or “Pocahontas Presented at Court.” The court is that of England’s King James I and his wife Queen Anne. I contacted Mark Tomasko to determine what he knew about the two vignettes. He immediately responded that he thought the Smoking Turk was a lift from the larger Schoff engraving. He concluded that if the Delnoce attribution for the Smoking Turk is correct, Delnoce used a standard Perkins roll transfer of the Turk to a new die and engraved the foreground and background elements that made the new 1-1/4-inch diameter vignette so distinctive. The transfer of an available figure or detail from a die made by another engraver and placing it in a new composition was widely employed in the banknote engraving trade. The skills of siderography made the job easy. Tomasko advised that it was common practice in the trade to extract figures from larger vignettes for use on smaller scenes as needed. This was done both at the Bureau and at the bank note firms. Tax paid revenue stamps exhibit many examples. Hessler and Chambliss (2006, p. 117) attributed the engraving of Pocahontas to W. W. Rice based on art prepared by Theodore August Liebler (1830-1890). I contacted Hessler who advised that the attribution came from early collectors, but Richardson’s and Bither’s attribution to Schoff appears to be based on better information. We have not discounted the possibility that Schoff was working from art prepared by Liebler. Tomasko has Theodore Liebler’s scrapbook with many proof vignettes of both his work and others along with some of his original drawings. Pocahontas Presented at Court is not among them. Tomasko went on to Figure 5. Series of 1869 $10 legal tender face where the right vignette displays the Smoking Turk. Photo courtesy of Heritage Auction Archives. Figure 4. 1891 4-oz Prepared Smoking Opium tax paid stamp. This fabulous tax stamp is 12 inches long and 1.5 inches high. Paper Money * May/June 2017 * Whole No. 309 179 say that Liebler was a freelance lithographer in New York who had a talent for doing wash drawings for bank note vignettes for various companies. Otherwise little is known about him. A careful analysis of the Pocahontas and Smoking Turk renderings reveals that Schoff’s engraving was lifted intact; including the modest puff of smoke from the Turk, for use on the $10, although the cushion the Turk is resting against is slightly retooled. The primary difference on the tax paid stamps is the cloud of smoke being exhaled by the Turk. Figure 6. To-scale comparison between the Smoking Turk as he appeared on the 1869 legal tender $10 face and the tax paid 1869-1870 3-lb Manufactured Tobacco stamp. Now a little history is in order. The scene being captured on Schoff’s engraving is John Rolfe presenting his wife Pocahontas to King James I and his court in 1616. Pocahontas was the daughter of Native American chief Powhatan, a beauty whom Rolfe married in 1614 who bore him a son. Bare-footed Pocahontas is on the left wearing a feather headdress and elaborate Native American robe complete with feathered trim draped across her shoulders and breasts. John Rolfe is holding her hand, guiding her to her presentation. Queen Anne - Anne of Denmark - is seated with left hand touching her chin looking on with bemused curiosity. King James I, or possibly one of his ministers, is the bearded man standing behind the Turk. Usually King James I is portrayed in far more flamboyant dress, causing me to question if he is present in the scene, but it would be hard to image him not being there. John Rolfe (1585-1622) earned access to the king’s court by emigrating to Jamestown in the Colony of Virginia and using seeds taken with him to successfully cultivated tobacco on a large scale. Tobacco was thus emerging as a major export crop from the colony. Not only was he rich, he was feeding the coffers of the empire through trade and tribute. The British had a particular reverence for crops like tobacco that were addictive, because such commodities, which could be readily transported by sea, translated into very long term, highly lucrative worldwide trade. The British already had learned to enjoy the bounty of marketing caffeine in the form of tea, and later in the 19th century they would hone those propensities to their loftiest levels through the Chinese opium trade. Clearly the tobacco industry was being viewed with relish, and that is where the Smoking Turk comes in. Paper Money * May/June 2017 * Whole No. 309 180 Not only was the curious new world princess being received at court, it was only appropriate that the commodity that gained the Rolfes entree to the court in the first place be on display. There is little question that the smoker is of Middle Eastern bearing and dress. I would have thought it would be more appropriate if he were a Native American. At least in the presence of the Queen, he is exhaling a tasteful puff instead of the cloud of smoke in Delnoce’s rendering for the tax paid stamps. The three documented uses for the Smoking Turk transformed him into a Native American stand-in on the 1869-1880 legal tender notes, a Turk on the 1869-1870 tobacco tax stamps, and finally into an opium addicted Chinaman on the 1891 opium tax stamp; each playing to prevailing stereotypes of the respective periods. His image, even though distinctively Middle Eastern, morphs within the fertile imaginations of beholders into the perfect character for each context! That=s good artistry - taking advantage of our only too-human ability to see what we want to see - to stereotype - something every spin master and advertiser knows! Similarly, in fairness, you may well ask what place does Pocahontas meeting the King of England in 1616 have on a piece of U. S. currency conceived just after the Civil War when everything in American consciousness was grappling with redefining concepts of national identity. There is much in this image that resonates as “American” even if the scene predates the United States by 160 years. There is the notion that we of “American” ancestry are passing on such a high level of civilization to Native Americans that they are fit to intermarry with us as well as to meet royalty in England or Europe, that an “American” entrepreneur can rub shoulders in any court with the best of them, and that tobacco is a major “American” export crop. Here is art transcending and merging our conception of where we came from with our current sense of self and future aspirations. Transference is a real psychological phenomenon. We’ll make this image an American icon! We’ll even incorporate Pocahontas Presented at Court into the tapestry of our own national myth. Sure, we’ll buy in. If this isn’t American reality, it’s close enough and that’s good enough! Stephen Alonzo Schoff Jon Small, great great grandson of Schoff, provided this distillation of Schoff’s life and career. Schoff was born January 16, 1818, in Danville, Vermont, third of eight children of John Chase and Eunice Nye Schoff. The family moved to Newburyport, Massachusetts, around 1825. Schoff began a five-year apprenticeship with Oliver Pelton, a Boston engraver, in the firm of Terry, Pelton & Co. at age 16 in 1834. The Terry, Pelton & Co. dissolved in 1837, so Oliver Pelton organized the Boston Bank Note Co. with new partner Joseph Andrews. Schoff transfer his apprenticeship to Joseph Andrews, and together in October 1839 they sailed for Europe where they toured Netherlands and Belgium before arriving in Paris in December. Schoff studied in Paris in the atelier of Paul Delaroche and befriended many Figure 7. Bureau of Engraving and Printing records reveal that Stephen Alonzo Schoff (1818-1904) engraved Pocahontas Presented at Court. Photo courtesy of Jon Small, Schoff’s great great grandson. Paper Money * May/June 2017 * Whole No. 309 181 American artists including Asher B. Durand, John F. Kensett, Benjamin Champney, G.P.A. Healey, John Vanderlyn and John Casilear. He shared a flat with John F. Kensett and Thomas P. Rossiter, before his return to the U.S. in the summer of 1841. He won his first large commission shortly upon his return to engrave John Vanderlyn’s painting Caius Marius on the Ruins of Carthage for the Apollo Association. He also found work in 1841 with the bank note firm Draper, Toppan & Co. in New York. He married Maria Josephine Rosalina Hastings in Williamsburg, NY, in 1843. His next large commission, a large engraving for the American Art-Union, The Return of Columbus to Cadiz after Emanuel Leutze, was never finished because he worked too slowly and as a result he lost a great sum of income upon which he was relying. He was elected as an Associate Member of the National Academy of Design in 1844, and by 1848 was back in Boston working with Toppan, Carpenter & Co. In 1852 he was working for Danforth, Bald & Co. in Boston. Around 1853 he rented a studio in the Liberty Tree Building, still standing, in Boston. This was the same address as Toppan, Carpenter & Casilear with whom he also worked. He engraved the portrait of Walt Whitman for the second edition of Leaves of Grass in 1859. From 1859 to 1862 Schoff worked on a portrait of William Penn in armor for the Pennsylvania Historical Society. He met and became friends with the artist William Morris Hunt who assisted him with design of the Penn portrait. The Continental Bank Note Co. was formed in 1863 and at some point, soon after Schoff started working with them. He also was finding work around that time with the National Bank Note Company. Schoff was requested in an August 30, 1869 letter from George B. McCartee, Chief, Bureau of Engraving and Printing, to supply “a specimen of your portrait engraving suitable for bank note work, and to hear from you what salary you would expect should your specimen work prove satisfactory.” He replied on September 1st, and on September 3rd received an offer of employment starting at once “at a compensation of fifty dollars per week.” He began working at the Bureau on October 25th. He took a leave from the BEP in October 1870, in which he returned to Newtonville, Massachusetts, and in May of 1871 he left the BEP to resume his career full time in the private sector. At this time, he was finding bank note work in New York City, traveling there from Massachusetts for weeks at a time. In 1878 Schoff engraved a portrait of Ralph Waldo Emerson, which G.F.C. Smillie described as the “best piece of portrait engraving executed in America.” Schoff did freelance work for the Continental and National bank note companies, and continued to do so with the American Bank Note Company after Continental and National were merged with ABNC in 1879. He also found a good deal of work with the John A. Lowell Bank Note Company. Around 1880, at the urging of Sylvester Rosa Koehler, Schoff started doing more etchings with a freer touch than he previously had in his engravings. In 1882 he engraved a large plate The Bathers after William Morris Hunt’s Painting. His wife died in 1882. In 1886 Schoff had four etchings published in S.R. Koehler’s American Art. Sometime around 1890 he started engraving the calendars for the New England Mutual Life Insurance Co., which were printed by the ABNC. He moved from Newtonville to Greenfield, Massachusetts, in 1892, where he lived in a hotel run by his son Alfred, where he continued doing engravings, mostly the calendars, until 1902. He lived in various western New England hotels run by Alfred until he died in 1904 in Norfolk, Connecticut. Margaret Richardson of the Bureau of Engraving and Printing Historical Resource Center provided the following list of BEP dies that she could attribute to Schoff during his 1869-1871 tenure there. This list should not be considered comprehensive. 1. MISC 168: vignette, Introduction of the Old World to the New (Pocahontas Presented at Court by John Rolfe) used on $10 Series 1869-1880 United States Notes, 2. MISC 1017: vignette, Justice (Female Figure with Scales, Shield and Sword) used on $500 Series of 1869 United States Notes. 3. MISC 1018: vignette, Liberty (Female Figure) used on $20 Series of 1869-1880 United States Notes. 4. MISC 1049: vignette, Americans at Valley Forge. Paper Money * May/June 2017 * Whole No. 309 182 5. MISC 1069: vignette, Head of Anson Burlingame used for the $5,000 5% Regular and Coupon Bonds (unknown series date) 6. MISC 1086: vignette, General George H. Thomas used for 1871 10 Gallon Tax Paid Stamp. 7. MISC 1119: vignette, Head of Madison used for the $500 Funding Loan of 1885 coupon face. 8. MISC 1135: vignette, Head of Edwin M. Stanton used for $100 Series 1881 5% Coupon Bond and Series 1872 4 oz. Tobacco Stamp. 9. MISC 1186: vignette, Head of General George H. Thomas used for the $10,000 4 1/2% Regular Bond, Unknown Series; and on an “Invitation to Unveiling of Statue” (presumably a statue of Thomas). 10. MISC 1237: vignette, Tarleton Pursued by Col. Washington at the Battle of the Cowpens. Luigi Delnoce According to Hessler (1993, p. 99-102) Luigi (Louis) Delnoce was born in 1822 in Italy and died in the Bronx, New York, in 1890. He began his professional career as an engraver in 1848, studied under John Casilear from 1851 to 1855, and executed engravings for the major bank note companies and the Bureau of Engraving and Printing. He ranks in the top tier of vignette engravers. Among his most famous vignettes on U. S. currency are those that appeared on Original/1875 nationals; including, Stars and Stripes ($2 face), Loyalty (right vignette $20 face), prayer for victory (right vignette $50 face) and Battle of Lake Erie (left vignette $100 face). His Landing of Columbus was an early version of that engraving that appeared on the backs of some of the $5s. Hessler in his book provides a list of his engravings that were used on type notes. Caveat The premise that threads through this article is Figure 8. Engraver Luigi (Louis) Delnoce (1822-1890) is credited with adapting the Smoking Turk for use on the vignettes used for the tax paid revenue stamps. Photo from Gene Hessler’s The Engraver=s Line, p. 99, used with permission. that the Smoking Turk was lifted by Delnoce from Schoff’s Pocahontas. I did not find hard documentation for or against this. Rather the evidence is circumstantial and turns primarily on the timing of the entries of the engravings into the BEP inventory. However, either engraving could have been made at a bank note company so may have been in existence for some time before being turned over to the BEP. The overriding concept in play is that engravers borrowed parts of engravings from each other and the Smoking Turk is about as fine an example of this as can be found. Could it be that Delnoce engraved the Smoking Turk and Schoff, who needed a smoking Native American, borrowed him because he was the right size and available? Who would quibble about the substitution of a Turk for a Native American at that time? Schoff was eminently capable of producing a Native American smoker, but the Turk might already have been available from the equally capable Delnoce so why not use him? This one point - the distinction between Turk and Native American - is the strongest argument for such a lift by Schoff from Delnoce. The fact is that the use of a Turk in Schoff’s Pocahontas appears to inconsistent with the scene. I prefer the notion that Delnoce lifted the Turk from Schoff, a preference based on the fact that all Delnoce had to do was flesh out his engraving around the existing figure. If, on the other hand, Schoff had Paper Money * May/June 2017 * Whole No. 309 183 lifted the Turk from an independent Delnoce engraving, it seems too convenient that the Turk just happened to be the right size to serve Schoff’s needs. We may never know, but one should keep an open mind until definitive documentation reveals itself. It has been my experience in this game that every time I make an assumption or speculate, documentation discovered later proves me wrong! Often the truth is more nuanced than the either/or choices that appear to be so attractive. Some Enlightening Web Surfing and Sources Hessler, Gene, 1993, The Engraver=s Line: BNR Press, Port Clinton, OH, 437 p. Hessler, Gene, and Chambliss, Carlson, 2006, The Comprehensive catalog of U. S. paper money: BNR Press, Port Clinton, OH, 672 p. Huntoon, Peter, July 2005, Evocative vignette on 1891 opium tax stamp: Banknote Reporter, v. 33, p. 36, 38, 40. 04# Tomasko, Mark, 2009, The Feel of Steel, The Art and History of Bank Note Engraving in the United States: Bird & Bull Press, 177 p. Hall of Fame The Society of Paper Money Collectors is Proud to Announce the 2017 Class of the SPMC Hall of Fame: Chuck O'Donnell Judith Murphy Fred Schwan Joseph Boling Daniel Valentine These great friends have distinguished themselves presonally and/or professionally above and beyond in their service to the hobby and will be formally inducted into the Hall at Kansas City in June. We thank them for their pioneering contributions, their generosities and unflagging support. Paper Money * May/June 2017 * Whole No. 309 184 Lyn Knight Currency Auct ions If you are buying notes... You’ll find a spectacular selection of rare and unusual currency offered for sale in each and every auction presented by Lyn Knight Currency Auctions. Our auctions are conducted throughout the year on a quarterly basis and each auction is supported by a beautiful “grand format” catalog, featuring lavish descriptions and high quality photography of the lots. Annual Catalog Subscription (4 catalogs) $50 Call today to order your subscription! 800-243-5211 If you are selling notes... Lyn Knight Currency Auctions has handled virtually every great United States currency rarity. We can sell all of your notes! Colonial Currency... Obsolete Currency... Fractional Currency... Encased Postage... Confederate Currency... United States Large and Small Size Currency... National Bank Notes... Error Notes... Military Payment Certificates (MPC)... as well as Canadian Bank Notes and scarce Foreign Bank Notes. We offer: Great Commission Rates Cash Advances Expert Cataloging Beautiful Catalogs Call or send your notes today! If your collection warrants, we will be happy to travel to your location and review your notes. 800-243-5211 Mail notes to: Lyn Knight Currency Auctions P.O. Box 7364, Overland Park, KS 66207-0364 We strongly recommend that you send your material via USPS Registered Mail insured for its full value. Prior to mailing material, please make a complete listing, including photocopies of the note(s), for your records. We will acknowledge receipt of your material upon its arrival. If you have a question about currency, call Lyn Knight. He looks forward to assisting you. 800-243-5211 - 913-338-3779 - Fax 913-338-4754 Email: - support@lynknight.c om Whether you’re buying or selling, visit our website: Fr. 379a $1,000 1890 T.N. Grand Watermelon Sold for $1,092,500 Fr. 183c $500 1863 L.T. Sold for $621,000 Fr. 328 $50 1880 S.C. Sold for $287,500 Lyn Knight Currency Auctions Deal with the Leading Auction Company in United States Currency Liberty Loan Bond Collectors Support the SPMC This bond has been generously donated by Joshua Herbstman in memory of his late father. It will be featured in the IPMS Kansas City auction with proceeds going to the SPMC. This $50 Fourth Liberty Loan carried a 4 ¼% interest rate, and would have started with coupon #5. The Fourth Liberty Loans (long format) are the most commonly found Treasury Bonds of any issue within numismatics. This series has also the distinction of being the only federal bond issue within American history to default on its terms. The Fourth Liberty Loan was to be payable, "in United States gold coin of the present standard of value." However, in 1933 Congress passed House Joint Resolution 192 which suspended payment in gold, a year before the Fourth Liberty Loan was to be called. Despite a legal challenge to the default, (wherein the Supreme Court acknowledged a violation of the 14th Amendment), the Fourth Liberty Loan was not redeemed at the original terms of its issuance. The high court felt that to pay bondholders at a 1918 gold value would be an unjust enrichment. About 100 of these bonds are estimated to exist today. Paper Money * May/June 2017 * Whole No. 309 186 Images of Value: The Artwork Behind U.S. Security Engraving 1830s‐1980s through the eyes of Mark Anderson On February 22nd, at the historic Grolier Club in New York City, an exhibit opened which is a feast for the eyes and minds of all in our numismatic community interested in the history and beauty of engraving. Curated by our fellow long‐time SPMC member Mark Tomasko, who has long had a passionate interest in the underlying art and the evolution of the process of engraving, the exhibit is built into 10 large individual vitrines and two standing display cases, each of which represent a “chapter” in a remarkable story. The story is told by a remarkable range of original wash drawings and paintings, period photographs and prints used in making engravings, as well as the final printed form on which the engravings were utilized. The breadth of documents which benefitted from these beautiful works of art is well represented: banknotes, certificates, coupons, and even fabric labels, from of course the United States but also an extensive range of other countries, from Argentina to China to one of this reviewer’s personal favorites, Spain. Laid out in the Grolier Club’s large ground‐floor exhibit area and open to the public daily until April 29th, visitors can enjoy a variety of thoughtfully and precisely curated individual “histories,” virtually all of which provide visitors with the artistic context or source for a vignette [be it a painting or drawing or printed illustration], the “working art” created by the bank‐note companies, the proofs of the vignettes, and examples of final work, if extant, in which the work was commercially utilized. A private collector, long time Society members are well aware of Mark’s research and scholarship, frequent and delightful contributions over many years to Paper Money, and his painstaking efforts to document the source art, artists, designers, engravers and bank note firms behind each engraving or complete product. What is perhaps less familiar to many is the extent to which Mark has been able to locate the physical pieces, and assemble and tell these stories with the original objects at hand. As one tours the room, one moves through the logical eras Mark has identified as the pivotal evolutions which led to the United States’ acknowledged world leadership in security engraving. This leadership, achieved by the late 1850s, is amply supported by a series of objects which are logically organized, beautiful and interesting unto themselves, and meticulously attributed, and whose significance is briefly but completely annotated. The exquisite miniature drawings of Asher Durand, George Hatch, Henry Inman, and Thomas Birch illustrate the era when artwork needed to be drawn in small scale to suit the engraving process. When photography later liberated the artwork from miniature dimensions, then began the golden age of the wash drawings of the 1850s to the 1870s. Works of this era by F. O. C. Darley, James Smillie, and Walter Shirlaw illustrate the high standards of the day, with marvelous allegorical and genre works, including Darley's drawings of Union Civil War soldiers. By the twentieth century photographs had become a common source for the images used in bank note and other engravings. The exhibit tells this story as well, displaying photographs of Chinese subjects turned into engravings for Chinese bank notes produced by American Bank Note Company. Other striking period photos and the resulting engravings include a panorama of Lower Manhattan in 1904, as well as the remarkable portrait of Evelyn Nesbit, the celebrity center of one of America’s most lurid scandals [the murder of famed architect Stanford White in 1906], a portrait which ultimately became a decorative engraving for coupon bonds. Paper Money * May/June 2017 * Whole No. 309 187 Fine picture engraving, particularly bank note engraving, for much of the rest of the 20th century was epitomized by the work based on the art of painters Alonzo Foringer and Robert Lavin. Foringer, a muralist, is a star of the show, with several original oils of allegorical females from the 1910s to the 1940s on display in this exhibit. The engravers of that day arguably created the best allegorical engravings of the twentieth century from Foringer’s work, and this “marriage” of inspirational original art and superior engraving has never been equaled. These works have graced the stocks and bonds of hundreds of U.S. companies and at least 50 different notes issued by foreign banks and governments. Lavin followed in Foringer’s footsteps, producing both allegorical paintings and what Mark refers to as “Capitalist Realism” during the 1960s to the 1980s. His allegorical works and paintings of working individuals were the leading source for the engravings on stocks and bonds in the last quarter of the 20th century, and examples of his and other artists’ work are well represented in the exhibition. Paper Money’s press deadline and mailing date will make it difficult for our members to see the exhibit before it closes, although the event was prominently written up by the New York Times and has been featured in news at our website. In conjunction with his exhibit, Mark is conducting Wednesday lunchtime tours of the exhibit throughout its run, provided a lecture and panel discussion at the Club on March 7th, and has produced a full‐color, 173 page catalogue of the exhibit. Comprehensively illustrated with most everything displayed, and with a preface by William H. Gerdts, the book complements the exhibit beautifully. As an added treat, and Mark has repeated his practice established with his last book [The Feel of Steel]. Every copy of the catalogue comes with an intaglio printing of a Robert Savage engraving entitled “Abundance.” Created for American Bank Note from an Alonzo Foringer painting, the print is tipped in as a frontispiece. The book is priced at $40, and those interested in a copy are can acquire it in person at the Grolier [see above] or by mail from Oak Knoll Books [310 Delaware Street, New Castle, DE 19720;302.328.7232]. Lastly a word about the Grolier Club of New York. Founded in 1884, it is America’s oldest and largest society for bibliophiles and enthusiasts of graphic arts. Named after Jean Grolier, a Renaissance‐era book collector renowned for enjoying and sharing his personal library with friends, the Club seeks to foster study, collection, preservation and appreciation of books and works on paper. Located in the heart of New York City’s midtown district, at 47 East 60th Street [between Park and Madison Avenues] New York, NY 10022, it is open to the public free of charge Monday through Saturday, from 10 a.m. to 5 p.m.. Further information can be found at or by contacting the Exhibitions Manager, Jennifer Sheehan [, 212‐838‐ 6690] or Public Relations Consultant Susan Flamm [, 212‐289‐2999]. Mr. Tomasko has created a wonderful, one‐of‐a‐kind event, a treat for all who enjoy and appreciate art, the many sciences and skills which go into creating engraved art and its marvelous timeless products. Paper Money * May/June 2017 * Whole No. 309 188 Raphael P. Thian’s Register of the Confederate Debt by Michael McNeil Raphael Prosper Thian, a Federal civil servant of sixty-one years, fifty of which were served in the Adjutant General’s Office, established a group of clerks to organize and transcribe the documents of the Confederate Treasury Department. In fact, we are indebted to Thian for his efforts to prevent these documents from being destroyed after the fall of Richmond. Congress eventually provided the funds to publish his work in five volumes; the Appendix to these volumes is the Register of the Confederate Debt. This Register, republished by Dr. Douglas Ball in 1972, may be found occasionally in Ebay auctions.1 It is an indispensable tool for advanced collectors, as it lists all of the serial number runs from the beginning of production in early 1861 until the middle of 1864 when the record ended; production continued until the middle of February 1865. The start and end of every serial number run, typically in multiple blocks of 100 numbers, is accompanied by the signer for Register and the signer for Treasurer. As a point of interest, these entries represent real, not engraved, signatures on the Treasury notes. One value of this list is that it helps in the identification of counterfeit notes, and there were many such notes, perhaps as much as a fifth of the circulating notes. Some of these counterfeits are amateurish and obvious, but others could easily pass as genuine. The Treasury Department kept the Register for the precise purpose of identifying counterfeits. Today, we can use the Register to help decipher the sometimes illegible signatures and hand-numbering of the notes; we sometimes find such misinterpreted serial numbers on the holders of Confederate Treasury notes. The Register allows us to compare a serial number with the signature pair on the note, and this usually resolves the confusion; the most common error is deciphering a serial number “3” or “5”. Dr. Ball literally photocopied Thian’s Register in his 1972 reprint. Thian’s clerks had the same problem deciphering the hand-written numbers and names of signers as we do today, and the Register contains more than a few typographical errors. There are many ways to understand and correct these errors. Online access to microfilms of the original, hand-written Register is not known to the author, but Philip Chase obtained some microfilms of the original Register and those were examined by the author, courtesy of Pierre Fricke, who obtained them from Dr. Ball. The author also spent many hours hand- entering a sizeable amount of the Register into an Excel file, then sorting the entries by sequential serial number runs for typographical errors. Many were found.2 This article describes some of the errors and corrections found by the author over a period of fifteen years while observing tens of thousands of Confederate Treasury notes. Readers may also refer to the book published by the author as a visual aid to the identification of the signatures.3 In an earlier article in Paper Money magazine, the author collaborated with W. Crutchfield Williams, II, to describe how to use the Register.4 Here follows a quick review. The important key identifiers of a Confederate Treasury note, as shown in Figure 1, are: 1. Date on the note 2. Denomination 3. Series number 4. Plate Position Identifier 5. Serial number 6. Signature “for Register” 7. Signature “for Treasurer” Paper Money * May/June 2017 * Whole No. 309 189 A section of page 32 of Thian’s Register is shown in Figure 2 below. The circled features relate to the Treasury note above, serial number 162665, and its numbered key features for identification: The circled date on the illustrated page of the Register in Figure 2 is the date of the Congressional Act authorizing the issue. The date on the note will be different. Here is a list of the relevant dates: Issue Date of the Act Date on the note First March 9th, 1861 various, hand dated Second May 16th, 1861 July 25th, 1861 Third August 19th, 1861 September 2nd, 1861 T-46, error dated September 2nd, 1862 Fourth April 17th, 1862 T-38 error dated September 2nd, 1861 T-39 to T41, various, hand dated T-42 to T-45 June 2nd, 1862 Fifth October 13th, 1862 December 2nd, 1862 Sixth March 23rd, 1863 April 6th, 1863 Seventh February 17th, 1864 February 17th, 1864 The next hurdle for the collector is Thian’s organization of the Register, which is not at all easy to correlate with the modern Type system. Here follows an updated and corrected list of the Types and the pages where they are found in the Register. The author has abandoned the confusing Bradbeer references and now refers only to the Criswell Types; the reader may refer to Pierre Fricke’s latest catalog for a description of the numerous varieties.5 Paper Money * May/June 2017 * Whole No. 309 190 Type Denom. Page Number and Title in the Register 1 $1,000 6 A.-(Montgomery), signed by Clitherall & Elmore 2 $500 6 A.-(Montgomery), signed by Clitherall or Jones & Elmore 3 $100 6 A.-(Montgomery), signed by Clitherall & Elmore 4 $50 6 A.-(Montgomery), signed by Clitherall & Elmore 5 $100 6 B.-(Richmond), signed by Tyler or Jones & Elmore 6 $50 6 B.-(Richmond), signed by Tyler or Jones & Elmore 7 $100 7 $100-B, $100-C 8 $50 7 $50-B, $50-Bb, $50-C 9 $20 7 starting $20-B, ending p. 8 $20-D 10 $10 9 $10-A, $10-B, $10-C 11 $5 9 $5-B, $5-Bb 12 $5 10 $5-F to I 13 $100 10 starting $100-A, ending p. 11 $100-A1 to A8 14 $50 11 starting $50-A, ending p. 12 $50-A9-A16 15 $50 11 $50-A (Southern Bank Note Company) 16 $50 12 $50-wA to zA, $50-wA to zA (2d series), $50-1A to 4A 17 $20 12 $20-A (green) 18 $20 12 starting $20-A, ending p. 16 $20- A19 to A26 19 $20 16 $20-A (Southern Bank Note Company) 20 $20 17 starting $20-1 to 8 (1st series), ending p. 20 $20-1 to 10 (3d series) 21 $20 20 $20-W to Z 22 $10 21 starting $10-A and B (number black - Southern Bank Note Co.) 23 $10 21 $10-A (number red), $10-A1 24 $10 22 $10-H to K 25 $10 23 $10-W to Z (number red) 26 $10 23 starting $10-W to Z (number red), ending p. 24 $10-W to Z, 2d series) 27 $10 21 starting $10-Ab, ending p. 22 $10- A9 to A16 intermixed with T-28 28 $10 21 starting $10- A9 to A16, ending p. 22 29 $10 23 $10-A to H 30 $10 24 starting $10-1 to 8 (1st series), ending p. 27 $10-1 to 10 (4th series) 31 $5 28 $5-A and B, $5-C (number black - Southern Bank Note Co.) 32 $5 28 $5-A (number red), $5-AA 33 $5 28 $5-H to K, L to O (number black) 34 $5 28 starting $5-H to K (number red), ending p. 29 $5-W to Z 35 $5 28 $5-Ab 36 $5 29 starting $5- 9A to 16A, ending p. 34 $5- 9A to 16A (3d series) 37 $5 34 starting $5-A to H, ending p. 35 $5-1 to 8 (2d series) 38 $2 39 starting $2-1 to 10 (1st series) dated 1861, and ending p. 40 39-40 $100 35 starting $100-A, and Ab to Ah, ending p. 38 $100-Aa to Ah 41 $100 37 starting $100-W to Z, ending p. 39 42 $2 39 starting $2-1 to 10 (1st series), ending p. 42 $2-1 to 12 (3d series) 43 $2 40 starting $2-1 to 10 (2d series), ending p. 41 44 $1 42 starting $2-1 to 10 (1st series), ending p. 45 $1-1 to 12 (3d series) 45 $1 42 starting $1-1 to 10 (1st series), ending p. 44 $1-1 to 10 (2d series) 46 $10 27 starting $10-I to P ending p. 28 49 $100 46 $100-A to D (1st series), $100-A to D (2d series) 50 $50 46 $50-wA to zA (3d series) 51 $20 47 $20-A to H (1st series) 52 $10 47 starting $10-A to H (1st series), ending p. 52 $10-A to H (4th series) 53 $5 52 starting $5-A to H (1st series), ending p. 57 $5-A to H (3d series) 54 $2 57 starting $2-A, ending p. 59 $2-B to I (2d series) 55 $1 59 starting $1-A, ending p. 62 $1-B to I (2d series) 56 $100 62 starting $100-A to D May Issue, ending p. 102 $100-A to D Jan. (1864) Issue 57 $50 62 starting $50-wA to zA May Issue, ending p. 106 $50-wA to zA Feb (1864) Issue Paper Money * May/June 2017 * Whole No. 309 191 58 $20 63 starting $20-A to H May Issue, ending p. 87 $20-A to H October Issue 59 $10 63 starting $10-A to H May Issue, ending p. 107 $10-A to H February (1864) Issue 60 $5 66 starting $5-A to H May Issue, ending p. 111 $5-A to H February (1864) Issue 61 $2 112 starting $2-A to H (1st series), ending p. 114 $2-A to H (3d series) 62 $1 114 starting $1-A to H (1st series), ending p. 118 $1-A to H (3d series) 63 $0.50 177 50c., A to I (1st series), 50c., A to I (2d series) 64 $500 118 $500-A to D 65 $100 118 starting $100-A to D, ending p. 122 $100-A to D (2d series) 66 $50 122 starting $50-wA to zA, ending p. 128 $50-wA to zA (4th series) 67 $20 128 starting $20-A to D, ending p. 145 $20-A to D (11th series) 68 $10 145 starting $10-A to H, ending p. 161 $10-A to H (10th series) 69 $5 161 starting $5-A to H, ending p. 172 $5-A to H (7th series) 70 $2 178 $2-A to H 71 $1 178 $1-A to H 72 $0.50 178 50c., A to I (1st series), 50c., A to I (2d series) The author’s new spreadsheet of the Register includes an analysis of all of the First and Second Issues and a portion of the Third Issue up to page 27 of the Register.2 The method for finding typographical errors in the serial number runs is shown in Figure 3. The entries for each row included the Register page number, the signer for Treasurer, the signer for Register, the Type number, the denomination, the Series or plate position letters or numbers (also known as “plens”), the start of the serial number run, the end of the serial number run, the number of notes per sheet with the same serial number and denomination, and the calculated total number of notes in a specific run. Figure 3 shows an example from the start of the Second Issue for T-7 notes with plate letters B and C: Paper Money * May/June 2017 * Whole No. 309 192 After the set of data was constructed in Figure 3, the serial number runs for the notes were copied to a different sheet and the runs were resorted in numerical order. Then a simple calculation was performed where the ending value of a run was subtracted from the starting value of the next run; the value of this subtraction would be “1” if the runs were consecutive. In Figure 4 the Thian Register entry for “20201- 20800” produced an error of 201 serial numbers seen in the far right column, indicating a typographical error (highlighted in yellow) with a correction in the far left column (not knowing which run is in error). The results for notes with plate letter C and its correction may be observed in the highlighted cell in Figure 3. With this correction, the accurate quantity of total notes issued, 37,155, is seen in red font at the bottom of Figure 3. This total agrees with Thian’s total as well. But this exercise was expanded to many pages of the Register and it showed significant errors in the totals of issued notes. These corrected values may be found in the table included in the author’s article in the 2017 January/February issue of Paper Money magazine.6 This type of analysis was extremely useful with the more complex issues. A good example would be the T-14 $50 notes, which are very difficult to understand with their overlapping serial numbers and complex forms of plate position letters and numbers, but they become clear when laid out in this manner along with cropped images of the different plens. The author has also included corrections of the listed signers from more than a decade of observations, and although the author has most assuredly not found all of the errors, the new Excel file is a good start. With the inclusion of images of the various Types and their details, the Excel file grew to 70Mb in size. Collectors and researchers may email the author for a copy which will be delivered via Dropbox. No charge will be made, and no guarantee of accuracy is made. The courtesy of giving credit to the author when this work is cited is requested. See Note 2 for restrictions.2 It is hoped that the National Archives will see fit to find the original Registers and make high resolution digital copies of them. The quality of the Chase microfilms of select portions of these Registers is very poor and the images in this article cropped from those microfilms required extensive enhancement to make them at all legible. Perhaps a future researcher with both the time and financial means can work with the National Archives to make this happen. Let’s look at some of the Register’s issues, starting with the list of signers. Page 3 contains a list of the signers “for Treasurer.” The actual Treasurer, E. C. Elmore, and the actual Registers, A. B. Clitherall, C. T. Jones, and R. Tyler, signed the T-1 through T-6 notes and are not included in these lists of signers “for” Treasurer or “for” Register. Paper Money * May/June 2017 * Whole No. 309 193 Here are the errors of the signers “for Treasurer” on page 3: “E. W. Jones” is a typographical error, and it is also seen on page 9 at the end of the listings for plen A, T-10 notes. Philip Chase’s microfilms of the original Register confirm this to be the ubiquitous signer, J. W. Jones, as in Figure 5: The correct entry for “Miss M. L. Savage” is “Miss Parkie Savage.” The correct entry for “Miss A. S. Stuart” is “Miss A(delaide) L(ewis) Stuart.” The correct entry for “Miss V. M. Tyler” is “Miss M. V. Tyler.” Here are the errors of the signers “for Register” on page 4: “W. H. Brown” is missing from the list but appears on pages 29, 34, 35. He appears in the original Register of the Treasury-note Bureau as seen in Figure 6: “W. G. Harvey” is missing from the list but appears many times starting on page 71. “M. Johnson” is missing from the list but is commonly seen starting on page 64. The entry for “M. S. Johnson” is genuine and rare, and only seen on page 51 where many coupon signers of the bond division were transferred to help with the production of the T-52 Series 4 notes.10 The four known Johnson signatures for Register are very different in style. The correct entry for “Mrs. S. L. Pelot” is “Mrs. S(arah). E(lizabeth). Pelot”; she is the great-great-grandmother of the author. The listings for Pelot in the serial number runs are also incorrectly listed as “L. Pelot.” The correct entry for “Miss Parkie Savage” is “Miss M. L. Savage,” the names for Savage having been reversed on pages 3 and 4. The two signatures for Savage are correct in the listings of the serial number runs. The transcription error rate for names with a similar sound is quite large. The author has kept a database of 515,000 notes signed by Sarah Pelot and found that 6.1% of the serial number runs were incorrectly attributed; some runs assigned to Pelot were actually signed by Miss A. P. Pellet, and vice versa.7 This was determined from the observation of many thousands of notes signed by Pelot. The error is probably with Thian, but there are no microfilms of the Register in this 1864 time frame to prove it. Another example is the listing on page 39 of N. A. Bass and A. S. Watkins for a great many T-41 serial number runs, which are signed by men with the alliterative names of T. W. Bell and W. B. Walston. In this case the error is not with Thian but rather the Treasury-note Bureau itself; the Chase microfilms of the original Register show the same error. Observations of thousands of T-41 notes have never produced an example signed by Bass and Watkins. Figure 7 shows a typical incorrect entry of N. A. Bass and A. S. Watkins in the original Register of the Treasury-note Bureau for two serial number runs of T-41 notes. Page 5 of the Register contains an interesting analysis of the male and female signers of the Treasury notes. At least one entry is in error, the entry for the “Highest number of partners” for the Act of February 17th, 1864, which lists a total of 40 partners. The author’s analysis of 515,000 notes signed by Paper Money * May/June 2017 * Whole No. 309 194 Sarah Pelot indicates that she had 48 partners.7 This may be the result of more fluidity in partners in the latter half of the 1864 issue for which there are no published records. The author has reconstructed about 95% of the serial number runs signed by Sarah Pelot in the period for which there is no data in the Register.7 An analysis of these entries showed that Pelot worked from May 9th, 1864, a date very close to the commencement of work by the Treasury-note Bureau at Columbia, South Carolina, to approximately February 2nd, 1865. Sherman arrived at Columbia on February 15th, 1865, shelled the train station on February 16th burning the last car in the train loaded with the equipment of the Treasury-note Bureau, and burned the city on February 17th. Pelot’s employment spanned nearly all of the period not documented by the Register and serves as a good model for the pairing of the signers. Page 6 of the Register is a listing of the T-1 to T-6 Montgomery and Richmond issues signed by the Treasurer and the Register, not the clerks who signed “for” them on subsequent issues. E. C. Elmore signed as the Treasurer on all of these notes. A. B. Clitherall declined to make the move to Richmond, Virginia, when the Confederate capitol was relocated there from Montgomery, Alabama, and he was temporarily replaced by C. T. Jones until Robert Tyler assumed the role of Register. Although C. T. Jones’ signature is well known on T-2 notes, it was Marvin Ashmore who pointed out that Jones also signed a single-known T-5 note on August 12th, 1861, and more importantly, Ashmore’s careful inspection of the Register also indicated that Jones probably signed two T-6 notes. This motivated the author to graphically analyze the Register by volume of notes and dates of issue, seen in Figure 8 (below). Clitherall resigned one day before the last Montgomery notes were issued, and observation of extant T-2 notes issued on July 23rd, 1861, indicates that Clitherall signed serial numbers 577 to 583. Jones signed serial numbers 584 to 607 dated July 27th, 1861.8 Marvin Ashmore’s T-5 note, serial number 2103, was issued on August 12th, 1861. The Register shows that Ashmore’s note was part of a run of just nine notes from serial number 2101 to 2109. The only other notes issued on that day were just two T-6 notes serialized 2101 and 2102, with the implication that Jones signed those as well. As Ashmore has pointed out, C. T. Jones was an Assistant Register of the United States Treasury, and Treasury warrants with his signature are known from 1858; he held a similar position in the Confederate Treasury Department. With the exception of missing records for April, 1863, the quantities of notes, their serial numbers, and signers are complete up to the middle of 1864, when for unknown reasons the Register abruptly ends, even though production continued until mid-February 1865. In the process of reconstructing Pelot’s output the author kept records of the highest serial numbers observed for all denominations in the February 17th, 1864 issue.7 Thian included his own estimates of these serial numbers on page 178 of the Register in an effort to calculate the total Confederate debt. Here follows the author’s data relative to Thian’s record on page 178: Paper Money * May/June 2017 * Whole No. 309 195 $500: The maximum serial number of this denomination has been well researched by Dr. Steve Feller in a series of articles.9 Dr. Feller lists 38386 as the highest known serial number; the author owns serial 38385. Thian lists 37607 as the highest serial he observed. $100: Thian observed serial number 32561 in Series 2. The author owns serial number 44770 with the genuine signatures of S. Johnson and M. Gist. $50: Thian observed serial number 44166 in Series 4. The author has observed serial number 43928 and has no reason to question Thian’s observation. $20: Thian observed serial number 78456 in Series XI. The author has observed serial number 39573 with genuine signatures, and questions this very large discrepancy. Many Series XI $20 notes exist without serial numbers or signatures. $10: Thian observed serial number 79841 in Series 10. The author owns serial number 71417 and 71430 with signatures which may be genuine and serial number 71469 which is numbered but has no signatures, and believes that 71430 likely represents the upper limit of genuine notes. $5: Thian observed serial number 7698 in Series 7. The author has observed many notes just below this number and has no reason to question Thian’s observation. $2: Thian observed serial number 102799. The author has observed many examples with higher serial numbers, including 117952 with the genuine signatures of J. Connor and J. Wilson. $1: Thian observed serial number 74800. The author has observed many examples with higher serial numbers, including 85250 with the genuine signatures of F. Jones and M. Allen. It is useful to recall that when Sherman burned the Treasury-note Bureau in February 1865, the result was that a great many unsigned sheets of notes of almost all denominations were turned loose on the public. Some of these sheets were numbered and signed by amateur counterfeiters who had no idea how to serialize a sheet, numbering the notes on a sheet consecutively, when of course all numbers on a correctly-numbered sheet would be the same, but have different plate position letters to make them unique. Such a consecutively-numbered T-68 sheet with counterfeit, unlisted signatures “for Register” is shown in Figure 9. Figure 9. A crop of the image of a genuine whole sheet with counterfeit numbers and signatures. Consecutive serial numbers 48799 on Plate Letter B and 48800 on Plate Letter C are obviously counterfeit, as genuine numbers would have been the same for all eight notes on the sheet, Plate Letters A to H, where the plate letters make each note unique. The counterfeit signature resembles no name in the Register. It has also been observed on individual notes with another counterfeit signature for Treasurer. The serial numbers are in a plausible range. Image courtesy HA. com. Paper Money * May/June 2017 * Whole No. 309 196 Some T-68 Series 10 notes have plausible serial numbers but obviously counterfeit signatures with unlisted names in the Register and are written in a cramped hand. Nearly all genuine signatures are large, fluid and rushed at this late date for Series 10 notes. Some notes exhibit crude imitations of genuine signatures. Figure 10 shows an example. Only one new genuine signature has been observed in the February 17th, 1864 issue, and all examples have been observed on $100, $10, and $5 notes with serial numbers which would place the signature in the January 1865 time frame; that signature, shown in Figure 11, is M. Selden “for Register.” The new signature is compact like that of a new signer, but its correlation with several genuine countersignatures for Treasurer shows that it is genuine and different from the ubiquitous M. Selden “for Treasurer.” Some signatures are nearly illegible on notes signed just before the fall of Columbia, but they are not counterfeit. The signature of L. Courtney in Figure 12 is a good example. It is nearly illegible on this late T-68 Series 9 note, but it is fluid and not written in a cramped hand. The style shows a normal progression from earlier, better-formed examples, and it occurs with genuine countersignatures. The normal trend of signature styles is small and careful in the earliest examples at the beginning of employment progressing to large, fluid, and much more open examples in later work. $100 T-65 Series II notes can be found with very high printed serial numbers in the range of 96000 without signatures, and a few have counterfeit signatures, as seen in Figure 11. These were likely cut from stolen sheets after the fall of Columbia, and none have been observed with genuine signatures. The highest observed serial number with genuine signatures is 44770. Figure 10. A serial number in a plausible range but a fictitious name “for Register” and a crude imitation of the signer L. C. Minor “for Treasurer. “ A great many such notes exist with counterfeit numbers and signers, and all are probably cut from sheets stolen after the fall of Columbia in February 1865. Image courtesy HA. com. Figure 11. New signer, M. Selden “for Register,” $100 Series II, serial 41454, plen C. Figure 12. The genuine, but rushed, signature of (Mrs.) L. Courtney “for Register” and (Miss) M(issouri) Godwin “for Treasurer, $10 Series 9, serial number 96493, plen B. Paper Money * May/June 2017 * Whole No. 309 197 Of importance to collectors is the great likelihood that forgeries exist of serial number “1” for T-70 and T- 71 notes for which there are no records in the Register of the signers. Uncut, stolen sheets are a prime candidate. More dangerous are notes with genuine signatures on which the serial number was inadvertently omitted. The forgery can sometimes be ascertained by looking at the printer’s imprint. Both denominations were printed by Hoyer & Ludwig in Richmond at the beginning of issue with two imprints reading “Engraved by Keatinge & Ball, Columbia, S.C.” on the bottom margin and “Litho’d by Evans & Cogswell” on the left in vertical print. These imprints ranged from serial 1 to about serial 37893 for the T- 70 notes; the highest serial observed for T-71 notes is 41272. At some point after those serial numbers the imprint reads “Engraved & Printed by Keatinge & Ball” only at the bottom margin. Any note bearing serial number “1” with only the imprint “Engraved & Printed by Keatinge & Ball” at the bottom margin is an obvious forgery. Such a note has been observed with genuine, fluid, later-style signatures. The signers of the first 100-serial block T-70 notes were I(sabel). De Leon and E(tta). Kelly. Caveat emptor. The most significant errors in the Register relating to the quantity of issued notes probably reside on page 178, where Thian recorded the highest serial numbers he observed. These high serial numbers will continue to be refined with time, but observations are fraught with the existence of counterfeit signatures and serial numbers on stolen, genuine sheets. The author believes that Thian’s highest- observed serial numbers for T-67 and T-68 notes may reflect such forgeries. The evidence lies in three T-68 notes, two of which are illustrated in Figure 14. Both notes are $10, Series 10 issues, the last series of T-68s. The note illustrated at top, serial number 71417, and an un- illustrated note, serial number 71430, exhibit the late-style signatures of E. Coffin and L. Holmes. Although these notes have large, fluid signatures, they have some disparity with the originals; if genuine, they probably define an upper serial number limit. The note illustrated at bottom, exhibiting serial number 71649 in the same style of script as the other notes, has no signatures. All of the many notes observed by the author with higher serial numbers exhibit obviously counterfeit signatures similar to those in Figure 10. Thian may have recorded a note with forged numbers and signatures. It is not impossible, but highly improbable that serial number 71469 was part of continuous run but had the unfortunate luck to be missing both signatures. Figure 13. The signatures are counterfeit on this $100, Series II, note with serial number 96211 plen D. The signature of E. Coffin is a crude attempt at the real signature of this genuine signer, and the signature “for Treasurer” in not listed or known. Serial number 96204 plen D also shows these signatures. Image from the author’s collection. Figure 14. Images from the author’s collection. Paper Money * May/June 2017 * Whole No. 309 198 Lastly, Figure 15 (at left) shows an extreme example of the range of a genuine signature, that of Miss Kate Korff “for Treasurer” on the right side of each note. Korff’s signature on the $1 T-71 note, serial number 1217, was signed during the very beginning of T-71 issues, and the $2 T-70 note, serial number 111773 was signed towards the very end of the T-72 issue. Note the size and fluidity of the later signature, which is 41% of the height of the T-70 design. While Korff’s signature is an extreme example, it stands in contrast to the cramped style of the signatures in Figure 10, typical of counterfeit signatures on stolen sheets. The Register is a gold mine for the serious collector and researcher of Confederate Treasury notes. Spend some time with it and your efforts will be rewarded; it may also save you from financial grief. Notes: 1. Thian, Raphael Prosper. Register of the Confederate Debt, edited by Dr. Douglas Ball, Quarterman Publications, Lincoln, MA, 1972, 190pp. 2. McNeil, Michael. Register of Confederate Treasury Notes, an Excel file named “Register1861_150525,” updated January 2017, Mead, Colorado. The author requests that he be given credit in citations of this work, which he places in the Public Domain with one important exception: the images of Treasury notes and cropped images of those notes are courtesy of Pierre Fricke and may not be reproduced without his permission — email him at This work was created by the author entirely by hand-entry extending over many hundreds of hours; optical character readers (OCR) will not convert the typeface used by Thian’s publisher from the 1870s. Future researchers are welcome to add to this database. The author will send a copy free of charge via Dropbox. Email the author at: 3. McNeil, Michael. Signers of Confederate Treasury Notes 1861-’65, self-published, Mead, CO, 2003, 156pp. Out of print. 4. McNeil, Michael and Williams, W. Crutchfield, II. A Cross Reference for Criswell to Thian, Paper Money, 2005, Vol. XLIV, No. 235, January/February, pp. 62-67. 5. Fricke, Pierre. Collecting Confederate Paper Money, Field Edition 2014, published by Pierre Fricke, Sudbury, MA, 2014. 6. McNeil, Michael. An Architecture of Confederate Treasury Notes by Series, Printer, Place, and Denomination with Dates and Quantities Issued, Paper Money, 2017, Vol. LVI, No. 307, January/February, pp. 39-45. See Tables 4a and 4B. 7. McNeil, Michael. The McNeil Collection of Confederate Treasury Notes signed by Sarah Pelot for the Register, an Excel spreadsheet and analysis of 515,000 Treasury notes named “170118_McNeil Collection.” The bottom of the first sheet contains the highest known serial numbers of the February 17th, 1864 issue with genuine signatures. The bottom of the second sheet shows Pelot’s number of partners for Treasurer. The author will send a copy free of charge via Dropbox. Email the author at: 8. Collecting Confederate Paper Money, Field Edition, 2014, p. 124. 9. Feller, Steve. 2363 Note Survey on T-64 CSA $500 Notes: What Was the Last Note Issued?, Paper Money, 2016, Vol. LV, No. 302, p. 118. 10. Ball, Douglas B., and Simmons, Henry F., Jr. Comprehensive Catalog and History of Confederate Bonds, BNR Press, Port Clinton, Ohio, 2015, p. 284. This list contains all of the coupon signers known to the author. A great many of these signers appear on T-52 Series 4 notes. This list can be compared with the Register to find correlations. Paper Money * May/June 2017 * Whole No. 309 199  City of Des Moines Scrip  Money To Burn by Marv Wurzer       One of the more difficult  Iowa obsoletes to  find  in  issued  form  is the City of Des Moines “city  scrip” notes of  the  late 1850s.    In  fact,  they may well be non‐existent.   Dean Oakes’ 1983 book,  Iowa  Obsolete Notes and Scrip,  indicates “the note  is not known to have survived, although  it  is thought to  have been  issued.”1    In his  recently published update  (2015), Oakes  reiterates  that  issued notes  are  unknown.2   In my research, I have found nothing to  indicate anything to the contrary.   The City of Des  Moines  notes  apparently  only  survive  in  proof  form.    There  are  eight  proofs  currently  known  in  existence for each of the four denominations.  Each denomination has four black and white proofs (see  the $1 and $2 notes in this article) and four proofs with a red overprint of the respective denomination  bannered across the lower half of the proof (see $3 and $5 notes pictured in this article).3     Generally, little is found about the City of Des Moines notes.  However, as with most obsoletes,  there is a story to tell, however brief it may be.  You just have to find it.  The “new” city of Des Moines was organized on January 28, 1857, as a successor to what had  formerly  been  known  as  Fort  Des Moines.      The  initial  set  of  city  ordinances were  twenty‐nine  in  number.  The preamble of the last and twenty‐ninth ordinances reflected the rather shaky economics of  the times:  “Whereas: Owing  to  the  present  scarcity  of money,  it  is  found  impossible  to  collect  sufficient  of  the  taxes  due  the  city  to  defray  current  expenses,  and  to  pay  outstanding indebtedness; and  Whereas,  it  is  impolitic  and  unwise  for  the  city  to  pay  the  rate  of  interest  demanded on loans; and  Whereas, it seems probable that if warrants on the city treasury were issued in a  form  to  render  them  readily  negotiable,  parties  holding  them  would  be  enabled  to  dispose of them readily to taxpayers and others; and  Whereas,  by  the  general  circulation  of  convenient warrants,  taxpayers would  become possessed of means by which to pay their taxes  ….4    Paper Money * May/June 2017 * Whole No. 309 201  These were tough times in Iowa.  The belief in the eastern U.S. was that “Iowa credit was so low  that were the State put up at auction, it would not bring enough to pay the taxes.”  Iowa Governor Ralph P. Lowe in 1858 encapsulated the problem:  “It  is  needless  to  disguise  the  fact  that we  are  greatly  in  debt ….    Possessing  millions of produce and other good property we have no money or available  credit  to  meet our liabilities.”5  The warrants were to be on bank note paper “and  in the form and with designs usual to bank  notes, the style of the same when in blank being:  State of Iowa  The city of Des Moines will pay the bearer  (one, two, three, or five as the case  may be) dollars at the office of the city Treasurer, out of any moneys  in his hands, not  otherwise appropriated.”6  (Emphasis added.)  The  “city warrants” were  issued  in  $1,  $2,  $3,  and  $5  denominations  “not  exceeding  in  the  aggregate the amount of taxes assessed for the current year.”7  Some of the results of this directive are  the proof notes that appear within this article.  $50,000 of the scrip was issued in accordance with the  city ordinance in 1857.  The local press was enthusiastic at the introduction of the “scrip.”  The following  appeared in the Tri‐Weekly Iowa State Journal (Des Moines), January 15, 1858:  “We have been  favored with a  sight at our new City  Scrip.    It  is a handsome  engraving, and  intrinsically  is no doubt better  for our  local purposes  than much of  the  stuff which has been circulating amongst us.  We do not know what arrangements have  been made with our bankers; but in the absence of sounder currency, we recommend the  use of the Scrip in ordinary business transactions.”   However,  in an 1865 decision  involving  litigation over the City of Des Moines “scrip,” the  Iowa  Supreme  Court  wrote  that  the  scrip  seemed  “not  to  have  realized  the  high  anticipations  which  its  emission had  inspired.”8    In fact,  it didn’t.   The notes were  issued  in $1, $2, $3, and $5 denominations  “not exceeding  in the aggregate the amount of taxes assessed  for the current year.”9   The notes were  only in general circulation around the city and did not gain much traction or popularity outside the city.   As  the  ordinance  indicated,  the  scrip  existed  to  satisfy  city  liabilities  to  vendors  in  a  negotiable  and  recognizable  format.    In  the  ideal  situation,  these holders would pass  the  scrip on  to  taxpayers who  would eventually pay their taxes with  it.   In essence, the city was pre‐spending  its tax collections.   The  city  gave  the  scrip  to  vendors  expecting  the  scrip  to  be  presented  and  be  redeemed  by  the  local  population  as  payments  for  taxes  due.  The  notes,  purely  a  local  currency,  were  withdrawn  from  circulation in just two years.  The terms of payment of the scrip (at “office of the City Treasurer out of any monies in his hands  not  otherwise  appropriated”)  made  the  “readily  negotiable”  goal  of  the  originating  city  ordinance  unattainable.  The  City  rarely  had money.    If  it  did,  it was  always  already  “appropriated.” Other  less  formalized  types of  interest bearing  city warrants were often  given  in partial  redemption of  the  city  scrip.    In  1860,  less  than  three  years  after  its  authorization,  the  city  issued  orders  for  the  complete  redemption of city scrip.10  Disgruntled  holders  of  “ordinary”  city warrants  brought  the  1865  Iowa  Supreme  Court  case  referenced above.   They held  interest‐bearing warrants  received  in exchange  for  the  city  scrip  in  the  redemption.  The  city  sought  to  avoid  payment  of  these warrants  by making  the  argument  that  the  ordinary city warrants given by the city in redemption of illegal and void scrip were therefore also illegal  and void.    (The city argued  that  the  Iowa Constitution prohibited  the  issuance of  scrip  to circulate as  money.)  Despite the court’s holding that the scrip was “illegal, we have no doubt,” the Supreme Court  Paper Money * May/June 2017 * Whole No. 309 202  was not buying the city’s argument.   It held against the city.   The court was not about to let the city use  its  illegal  issuance of scrip as a defense against the creditors.   The court found that the city had  issued  the scrip as payment of a bona fide indebtedness and intended the scrip to circulate as money.    Lampson P. Sherman – City of Des Moines Treasurer (1858‐1860)    The scrip/notes provided a signature line for the City Recorder and by its  Mayor.  But crucial in this process was the City Treasurer who was charged with  making payment on presentation by the bearer “out of any moneys in his hands,  not  otherwise  appropriated.”  The  Treasurer  of  the  City  of Des Moines  in  the  1858  to 1860 period happened  to be a member of  the soon‐to‐be well‐known  Sherman family.   Lampson P. Sherman was a former mayor of Fort Des Moines  and played an  integral part  in  the  founding of  the city.   He was  the city’s  first  newspaper publisher, active in politics and a founding father of Des Moines.    Lampson’s brothers are pictured below.   His brother  John  (on  the  left)  was a U.S.  Senator  from Ohio, U.S.  Secretary of  the Treasury under President  Hayes and U.S. Secretary of State under President McKinley.  Lampson’s brother Hoyt (on the right) was  a well‐known  early  banker  in Des Moines.   However,  the  best‐known member  of  his  family was  his  brother William Tecumseh Sherman  (middle),  the  famed Civil War General.   He became commanding  general  of  the  U.S.  Army  (1869‐1883)  succeeding  Ulysses  S.  Grant  when  Grant  assumed  the  U.S.  presidency in 1869.                              After  his  stint  as  City  Treasurer,  President  Andrew  Johnson  appointed  Lampson  in  1867  as  Collector of Internal Revenue for Iowa’s Des Moines area district.   With brotherly help, he held this post  until 1884.  His term was to have ended earlier during President Grant’s second term, but intervention  by General Sherman saved his position.    “I have seen the President and explained to him the removal of Lamp [Lampson].   He  [Grant] assured me  that he knew nothing of  it whatever, & only signed  the papers  presented  to him … and  that he would  recall  the nomination  [of  Lampson’s proposed  replacement].”    ‐Letter  from  General  William  Tecumseh  Sherman  to  Senator  John  Sherman, March 15, 1873.    Grant withdrew the nomination of Lampson’s replacement two days later.  Papers found in Lampson’s estate after his death shed some additional light on why issued scrip  of the City of Des Moines appears to be nonexistent.  Although the city had ordered the redemption of  Paper Money * May/June 2017 * Whole No. 309 203  the scrip within a year or two after its issuance, the question lingered as to what had been done with the  issued, redeemed scrip.  The answer was found among Lampson’s papers, specifically in the name of the  issuer of the following receipt:   “Received of L. P. Sherman, Treasurer of  the City of Des Moines, One Hundred  and Twenty‐nine Dollars of City Script, which has been signed and in circulation.   J.  A. Williamson  G. W. Cleaveland  J. H. McClelland  Committee Appointed to Burn the Same  February Twenty‐first, 1859.”11   (Emphasis added.)  Lampson Sherman likely received many of these receipts from the “burn” committee while the  City Treasurer.   By  specific appointment of a  “burn”  committee,  the City of Des Moines went  to  the  extent of making sure all scrip surrendered  to Sherman as the City Treasurer, “which has been signed  and  in circulation,” became “money to burn.”    (It  is a bit  ironic  that a different type of burning would  later play a significant role in his brother’s (General Sherman’s) legacy.)   If any issued scrip does survive, which now appears unlikely, it has managed to do so because its  holder or holders in 1859‐1860 failed to answer the call to redeem, thereby avoiding the authorized City  of Des Moines monetary bonfires.                                                                          1  Oakes, Dean G. Iowa Obsolete Notes and Scrip, Society of Paper Money Collectors, Inc. (1983), pp. 2, 38‐39.  2 Oakes, Dean.  Iowa Obsolete Notes & Scrip – A Revision of Original 1982 Book, (2015), p.50.  3 Ibid.  4 Brigham, Johnson.  Des Moines : The Pioneer of Municipal Progress, and Reform of the Middle West, S.J. Clarke  Publishing Company Chicago (1911), p. 156.  5 Iowa Historical Record, State Historical Society, Iowa City, Iowa (1899) p. 61.  6 Ibid., at 157.  7 Ibid.  8 Clark v. The City of Des Moines, 19 Iowa 199, at 226.  9 Brigham.  10 Ibid., at 226.  11 Andrews, L.F. Pioneers of Polk County, Iowa and Reminiscences of Early Days – Vol. I, Baker‐Trisler Company, Des  Moines (1908), p. 161.  Paper Money * May/June 2017 * Whole No. 309 204 Quincy Mining Company Scrip Varieties by Dave Gelwicks Many articles and much history have been written about the Quincy Mining Company, the copper mining giant of Michigan's Upper Peninsula. Quincy was known throughout Michigan's copper boom as Old Reliable since it paid stock dividends from 1867 to 1921. Through various internet search methods, and a personal review of some of the Quincy archives at Michigan Technological University’s Van Pelt and Opie Library, it appears that very few paragraphs have been dedicated to the various scrip details issued by the mine to pay employees and merchants whose labor and supplies kept the Quincy mines running for over 100 years. Dr. Wallace Lee lists 7 different Quincy scrip types and mentions office location variations of each.1 This article will describe many examples of Quincy mine scrip and concentrate on the various permanent plate changes, as well as a few hand-written changes, during the years when this scrip was distributed. National Bank Notes, issued by the United States government starting in 1863, eventually replaced the mining scrip shown in this article. Quincy Shaft No. 2 circa 1900 Fig. 1--The first scrip type known to this author is shown in Fig. 1. Abbreviated: Quincy Mining Com'y. , located at Quincy Mine, Lake Sup. No. 18, January 28, 1858. It reads: At sight pay to the order of R. Sheldon & Co. The sum of One Thousand one hundred fifty-three 73/100 Dollars. FOR VALUE RECEIVED AND CHARGE MY ACCOUNT. John Simpkins, Esq., Treasurer of Quincy Mining Co., New York City. Signed C.C. Douglas, Superintendent. Ransom Sheldon was one of the first merchants to set-up stores in the cities of Houghton and Hancock Michigan to service the miners and the mine owners with supplies. Christopher Columbus Douglas was the mine superintendent in 1858. This collector often wonders if pieces No. 1-17 still exist in other’s possessions or have those been destroyed leaving this as the oldest piece of scrip to survive all those years? Paper Money * May/June 2017 * Whole No. 309 205 The back of No. 18 is shown in Fig. 2 and shows how R. Sheldon signed this money over to L. Edgerton & Dunning in the same manner we would re-assign a check still today, 157 years later. The scrip type displayed in Fig. 1 is the rarest to locate for today's collector. Fig. 2 Fig. 3--Lady Liberty in the left margin, the color red in the full-name header and the formal address of No. 4 Hanover Street, New York were added by July 1858 and shown in Fig. 3. The Superintendent's signature was removed and the Clerk's added. The previous scrip type (Fig. 1) existed at least through No. 129, June 9, 1858. Fig. 3 scrip, No. 34 is payable at sight to Thomas F. Mason for four thousand dollars in 1858 dollars! Mason was one of the original founders of the Quincy Mining Company. Fig. 4--Until this piece the scrip’s printer was not identified but Wm. D.Roe & Co. 59 Wall St. N.Y. is shown on the bottom left of Fig. 4. Significant changes here also include the mining scene vignette on the left replacing Lady Liberty, the entire note is printed in blue, the notes are now labeled as OFFICE QUINCY MINING COMPANY, Quincy Mine, Lake Superior with Superior spelled in full. The address also changed to No. 3 Hanover St. New York. This note was payable to C.C.Douglas ten days after sight. Note that John Simpkins, Esq. is listed as Treasurer and N.S. Simpkins, Jr. is now the Clerk signing each note. This note No. 259, dated June 9, 1859, is an early example of these changes. From other notes in this collection it is known that the blue scrip was printed through at least No. 1799 dated August 24, 1861 and the next type shown in Fig. 5 was dated May 9, 1862. Paper Money * May/June 2017 * Whole No. 309 206 Fig. 5--A pattern begins to develop at this time showing that the printing plates and new scrip were issued with each main office change or personnel change of the Treasurer whose name was printed on the Quincy scrip. This Fig. 5 variety eliminated the blue print switching to all black, added W. Hart Smith, Esq. Treas. and No. 51 Exchange Place, New York. The printer changed to John J. Bloomfield, Stationer, 72 Chambers St., N.Y. and this firm would remain the for the balance of the scrip known and also shows on many other Quincy paper items. The United States government began taxing the mining company scrip by issuing tax revenue stamps with the Revenue Act of 1862. These tax revenues were to support the Civil War. Fig. 6 (below) shows the 5-cent and 3-cent George Washington variety revenue stamps on the left side of the note partially covering the mining vignette. These stamps were hand-stamp cancelled at QUINCY MINE PORTAGE LAKE. Mining notes are also collected by stamp collectors for both the revenue stamps and their respective cancellations. Note in both Figs. 5-6 where the bottom address begins to the right of the mining vignette below the treasurer's name. Fig. 7--The next variety, dated December 22, 1864 shown in Fig. 7, is very similar to Figs. 5 and 6 except the font size has changed. It becomes more difficult to read the printer’s identification on the lower left corner and other words below the date have been made smaller. The numeral after the No. is now printed in blue, no longer hand written. Fig. 8--The only noticeable difference in another variety (Fig. 8) is the location of the printing of the address now tucked tightly in the left corner just below the vignette, next to the left hand margin. The font has also been slightly increased but the rest of the note appears unchanged compared to the example in Fig. 7. Paper Money * May/June 2017 * Whole No. 309 207 Fig. 9--The note shown in Fig. 9 has another address change but at this time the plate had not been changed: No. 51 Exchange Place has been changed by hand- scratching-out 51 and changing to 43 in red. This started at least on May 14, 1869 and continued as a black stamped numeral change No. 43 until at least October 1, 1869 as shown in Fig. 10 (below). Fig. 10 Fig. 11--It appears that at least by Nov. 20, 1869 the plate had formally been changed to show No. 43 Exchange Place as the official address but now New York had been dropped from the address as displayed in Fig. 11. Fig. 12--Another address changed caused the same hand changes until the plate could be changed. Fig. 12 shows the 3 scratched out changing No. 43 to No. 4 and Exchange Place being changed to Exchange Court, and New York written in cursive. This is known to have happened from at least May 9, 1870 through December 22, 1870 when the address was formally shown as No. 4 Exchange Court New York, as seen in Fig. 13. Paper Money * May/June 2017 * Whole No. 309 208 Fig. 13--Fig. 13 also shows the 2- cent revenue stamped embedded in gold in the center of the note for the first time. It should also be noted that the “W.H.S. TREAS.” stamp (for W. Hart Smith) stamp cancellation continues the address confusion by still listing his address as 51 Ex. Place, which was two address changes prior! Fig. 14--Major changes occur within the 2.5 years since the last example and the scrip example shown in Fig. 14. On this note dated April 20, 1873 the imbedded 2-cent revenue stamp is smaller, the mine location left of the date now shows Hancock, Lake Superior, Mich., Wm. Rogers Todd is now Treas. and the main office now shows No 60 City Exchange. Boston. and the printer’s identification has moved to a bottom-center location. Fig. 15--Fig. 15, dated January 14, 1878, has red overprint on the address now showing a return to No. 4 Exchange Court, New York lasting at least until March 17, 1879 as verified in this scrip collection. Fig. 16--Fig. 16, dated July 24, 1879, officially shows the Bloomfield plate change to 4 Exchange Court New York. This continued at least through Dec. 29, 1879 verified by other notes in this collection. Paper Money * May/June 2017 * Whole No. 309 209 Fig. 17--The example in Fig. 17 shows another plate change for the address to 52 Broadway Room 70 New York dated March 28, 1889. This example lasted at least through December 23, 1889 on other notes reviewed. The various types of notes are summarized in Table 1 and listed by a numeral system designed as a future reference for those collectors trying to assemble a set of all the Quincy scrip known by this author. QMC. Each note is defined by the following details: QMC No. (Quincy Mining Company assigned number in this paper) Lee Reference No. (from Michigan Banknotes, Dr. Wallace Lee 1) Corporate Office Address (Eastern States financial district area) Printer (length of name in millimeters defines many changes) Treasurer (as engraved on printing plate per type) Signature (physical signature on that note shown) Mine Location QMC Lee Corporate Address Printer Treasurer Signature Mine Location 1 Unknown Unknown John Simpkins C.C. Douglas Quincy Mine, Lake Sup. 3 1 No. 4 Hanover Street, New York Unknown John Simpkins J.P. Ovid Quincy Mine, Lake Sup. 4 4 No. 3 Hanover St., New York Wm.D. Roe, 59 Wall St. N.Y. John Simpkins N.S. Simpkins, Jr. Quincy Mine, Lake Superior 5 No. 51 Exchange Place, New York John J. Bloomfield, Stationer, 72 Chambers St., N.Y. W. Hart Smith N.S. Simpkins, Jr. Quincy Mine, Lake Superior 6 5 No. 51 Exchange Place, New York John J. Bloomfield, Stationer, 72 Chambers St., N.Y. W. Hart Smith J.N. Wright Quincy Mine, Lake Superior 7 No. 51 Exchange Place, New York John J. Bloomfield, Stationer, 72 Chambers St., N.Y. W. Hart Smith J.N. Wright Quincy Mine, Lake Superior 8 Same as QMC 7 but printer in far left left‐hand corner 9 No. 51x43 Exchange Place, New York John J. Bloomfield, Stationer, 72 Chambers St., N.Y. W. Hart Smith J.M. Foster Quincy Mine, Lake Superior 10 No. 51x43 Exchange Place, New York John J. Bloomfield, Stationer, 72 Chambers St., N.Y. W. Hart Smith J.M. Foster Quincy Mine, Lake Superior 11 No. 43 Exchange Place, New York John J. Bloomfield, Stationer, 72 Chambers St., N.Y. W. Hart Smith J.N. Wright Quincy Mine, Lake Superior 12 6 No. 4 x3 Exchange Place xx Court, New York John J. Bloomfield, Stationer, 72 Chambers St., N.Y. W. Hart Smith A.J. Coney Quincy Mine, Lake Superior 13 No. 4 Exchange Court, New York John J. Bloomfield, Stationer, 72 Chambers St., N.Y. W. Hart Smith A.J. Coney Quincy Mine, Lake Superior 14 No 60 City Exchange, Boston John J. Bloomfield, Stationer, 72 Chambers St., N.Y. Wm. Rogers Todd David Kloeckner Hancock, Lake Superior, Mich. 15 No. 4 Exchange Court, New York (red overprint) John J. Bloomfield, Stationer, 72 Chambers St., N.Y. Wm. Rogers Todd David Kloeckner Hancock, Lake Superior, Mich. No 60 City Exchange, Boston 16 4 Exchange Court, New York John J. Bloomfield, Stationer, 72 Chambers St., N.Y. Wm. Rogers Todd David Kloeckner Hancock, Lake Superior, Mich. 17 7 52 Broadway, Room 70 New York John J. Bloomfield, Stationer, 72 Chambers St., N.Y. Wm. Rogers Todd David Kloeckner Hancock, Lake Superior, Mich. $10 Green Notes 18 2 No. 43 Exchange Place, New York John J. Bloomfield, Stationer, 70 & 72 Chambers St., N.Y. W. Hart Smith A.J. Coney Hancock, Mich. 19 No. 4 x3 Exchange Place xx Court, New York John J. Bloomfield, Stationer, 70 & 72 Chambers St., N.Y. W. Hart Smith A.J. Coney Hancock, Mich. $20 Yellow Notes 20 No. 51 Exchange Place, New York John J. Bloomfield, Stationer, 70 & 72 Chambers St., N.Y. W. Hart Smith J.N. Wright Hancock, Mich. 21 No. 51x43 Exchange Place, New York John J. Bloomfield, Stationer, 70 & 72 Chambers St., N.Y. W. Hart Smith J.M. Foster Hancock, Mich. 22 3 No. 43 Exchange Place, New York John J. Bloomfield, Stationer, 70 & 72 Chambers St., N.Y. W. Hart Smith A.J. Coney Hancock, Mich. 23 No. 4 x3 Exchange Place xx Court, New York John J. Bloomfield, Stationer, 70 & 72 Chambers St., N.Y. W. Hart Smith A.J. Coney Hancock, Mich. Paper Money * May/June 2017 * Whole No. 309 210 During a certain period of time, the Quincy Mining Company also issued scrip in fixed $10 or $20 denominations. It is estimated that these fixed dollar amounts were much easier to distribute than the handwritten notes described above. These notes are shown in Figs. 18-23 and exhibit addresses and plate changes similar to the notes previously described. The $10 green notes state: At sight pay to my own order…The $20 yellow notes state: At sight pay to the order of... The remaining fixed denomination notes seem to be in the 1865-1870 range but this author has found no documentation defining their start or end dates except by comparing it to the scrip addresses shown in Table 1. Fig. 18 Fig. 19 Fig. 20 Fig. 21 Fig. 22 Fig. 23 In the Table 1 item descriptions reference is given to both the item No. on pages 495 – 498 in Dr. Lee’s book1 and to the length in millimeters of the Printer’s name. Another way to reference plate changes is by measuring the total width of the Printer’s name and also the length of the indentation from the left margin of the note to the first letter in the Printer’s name. This research has attempted to document each Quincy Mining Company scrip change from 1858 -1889. If you know of other scrip existing which shows other addresses, mine locations or other details not described here the author would certainly hope to see, or to learn of, such items so this record could remain as complete as possible. Bibliography 1. MICHIGAN OBSOLETE BANK & SCRIP NOTES OF THE 19TH CENTURY by Dr. Wallace Lee, Edited by Clifford Mishler, Krause Publications 2006. 2. OLD RELIABLE an Illustrated History of the Quincy Mining Company by Larry D. Lankton & Charles K. Hyde, Quincy Mine Hoist Association publisher, 1982. 3. COPPER MINES OF KEWEENAW NO.15 QUINCY MINING COMPANY by Don H. Clarke, Copyright 1987. 4. Quincy Mining Company Collection, MS-001 The Michigan Technological University Archives, Houghton, MI summer 2015. Paper Money * May/June 2017 * Whole No. 309 211 Central States Numismatic Society 78th Anniversary Convention April 25-28, 2018 (Bourse Hours – April 25 – 12 noon-6pm Early Birds: $125 Registration Fee) Schaumburg, IL Schaumburg Renaissance Hotel & Convention Center Visit our website: Bourse Information: Patricia Foley (414) 698-6498 • 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 Confiscated Currency Characteristics and Serial Numbers by Bob Ayers (Translated from German report of articles confiscated on February 20 1931 from the Berlin factory of Arkady Uralsky-Udinseff, with additional information added by the author.) 1882 $500 Obverse: Plate numbers B4 and A4 Reverse: Plate Number 2 Signatures: Tehee- Burke Identifying characteristics: Obverse: Very well reproduced. The masculine portrait as a whole makes a somewhat sooty and untidy appearance. The fold in the face which runs almost vertically between mouth and the left half of the beard – as seen by the observer - is joined to the shadow which is done in hatching and runs down diagonally from the corner of the nose; on genuine notes it is drawn detached. The oval in the background isn’t rounded; at the point where the hatching meets, the line is jagged in parts. In the left-hand upper corner above the portrait the small delicate lettering is irregular. In the text: “Under Chap. 290 Sec. 12” the second down stroke in the letter “n” and the first part of the following “d” and the figures “2” and “0” came out noticeably smaller, the final stroke of the letter 2a” is drawn too far downwards. The type of the line below it, which is slightly curved, shows similar irregularities, though somewhat less. The Treasury seal, printed in red, is sometimes put the wrong side around, so that the legend reads wrongly, beginning at the right in mirror writing: the key in the inside field is placed with the handle to the left. Reverse: The imprint gives the impression of a genuine well-worn print; sometimes it is produced as thicker and more brownish. In the word “hundred” of the written denomination, the second down stroke of the letter “h” and the first down stroke of the letter “n” appear shorter at the top because of the light. a. Red Treasury Seal in mirror writing (bit of key turned to the right, as seen by the observer). Serial Numbers: D 63012 D 63014 D 63015 D 63021 D 63022 D63024 D 63025 D 63027 D 63042 D 63044 D 63045 D 63047 D 63049 D 63050 D 63051 D 63052 D 63054 D 63057 D 63059 D 63070 D 63071 D 63072 D 63074 D 63077 D 63079 D 63091 D 620 95 D 63097 D 63102 D 77160 D 77163 D 77164 D 77165 D 77190 D 77192 D 77194 D 77195 D 77196 D 77200 D 77202 D 77203 b. Red Treasury Seal correct (bit of key turned to the left as seen by the observer). Serial Numbers: D 46437 D 46440 D 46444 D 46447 D 46451 D 46453 D 46455 D 46473 D 46475 D 77135 D 77143 D 77145 D 77152 Editors note—I want to express my apologies to Mr. Ayers for omitting this portion of his article “$500 Counterfeit Program” from the last issue of Paper Money. Please refer to it on pages 125-127. Paper Money * May/June 2017 * Whole No. 309 213 1922 $500 Obverse: Plate number D2 and C2 Reverse: Plate Number 5 also ineligible Identifying characteristics: Signatures: Speelman-White Obverse: Very well reproduced. The masculine portrait as a whole makes a somewhat sooty and untidy appearance. The fold in the face which runs almost vertically between mouth and the left half of the beard – as seen by the observer - is joined to the shadow which is done in hatching and runs down diagonally from the corner of the nose; on genuine notes it is drawn detached. The oval in the background is not smoothly rounded; at the point where the hatching meets, the line is jagged in parts. The orange colored foundation with the word “gold” is sometimes carried out in a pale orange. On the first note that was submitted, the Treasury seal was turned around so that the legend reads wrongly, beginning on the right, in mirror writing; the key in the inside field is placed with the handle towards the left. Reverse: The imprint is good without immediately discernible deviations. In the word “hundred” of the written denomination, the second down stroke of the letter “h” and the first down stroke of the letter “n” appear shorter at the top because of the light. a. Red Treasury Seal in Mirror writing (bit of key turned to right, as seen by observer). Serial Numbers: E 2550 E 2563 E2564 E 2575 E 35203 E 35210 E 35223 E 35230 E 35235 E 35238 E 35245 E 35265 E 35295 E 56958 E 56962 E 56965 E 56972 E 56986 E 56995 E 68257 E 68274 b. Red Treasury Seal Correct (Bit of key turned to the left as seen by observer). Serial Numbers: E 40834 E 40838 E 40845 E 40849 E 40861 E 40870 E 40876 E 40889 E 40896 E 68273 E 68275 Plates and Spare parts Recovered: 1. One steel Plate showing the obverse of a $500 of the department series July 12, 1882, with the portrait of Lincoln. On the plate the serial letter has obviously been removed, presumably to be replaced by another. 2. One steel plate showing the obverse of an American $500 note of the series of 1922 with the portrait of Lincoln and the serial letter C. 3. One steel plate showing the reverse of an American $500 note. 4. One steel plate showing the reverse of an American $500 note and, in addition, a part of the reverse of this note which had been begun. On this part which had been begun there is a Russian word in handwriting which translated means “neue” (new)”. 5. Another non-flexible plate showing the reverse of an American $500 note. 6. One steel plate bearing the inscription “Gold”. 7. Another steel plate bearing the inscription “Gold”. 8. One small plate showing the Treasury seal with natural writing. 9. One small plate bearing the inscription “The National City Bank of New York”. 10. 47 types showing single figures and letters. 11. Five types showing two figures. 12. Three types showing three figures 13. One type showing four figures. Author’s note: items 14– 23 are excluded as they are a list of plates and parts for counterfeiting the British £100 notes. Paper Money * May/June 2017 * Whole No. 309 214 U n c o u p l e d : Paper Money’s Odd Couple Banknote Companies Joseph E. Boling Fred Schwan The first weekend of April saw military money enthusiasts gather at Camp Leo May, Catawba Island, Ohio for the 18th incarnation of MPCFest. Along with over twenty educational programs (known as staff briefings), Festers enjoyed re-enacting several aspects of 20th century military life, such as pay call, use of military currencies, calls to buy savings bonds, and no-notice changes of the money in circulation. Since Festers are also collectors (by definition), some attention is paid to serial numbers on the notes that pass through their hands. Anyone who has attended a YN auction at the ANA Summer Seminar knows that yours truly has a fascination with the number 8 (which actually arose before I was associated with collecting oriental monies). Being an aficionado of serial number 8 notes, I was approached by a Fester who is assisting in the liquidation of the numismatic estate of Bob Olson, a fellow Fester who died late last year. The liquidator handed me a Series 161 $17 military Fest certificate with serial number A00000008★. He said he had found it in Bob’s collection and thought I might like it. It took me only a second to see that his note is not an original product of the Great Lakes Bank Note Company, the semi-security printer that produces MFC. For one thing, Series 161 had been printed on a special linen-finish paper (linen texture on one side only, used for the faces of the notes). Next, the image was relatively fuzzy—clearly not a laser printer product. Third, one could see elements of the face and back designs showing through on the Boling continued on page We have told you about MPCFest in the past. Well, the eighteenth Fest is now history. It was indeed a great event. MPCFest is unlike any other numismatic event. It is not a bourse. That is one of the reasons that we did not call the Fest a show. Collectors think bourse when they see the word “show.” We do, however, have a bourse as a pre-Fest. The bourse is from 10am- 3pm on Friday. Even though we did not have the bourse in the early years, it has now become an institution in its own right. The bourse is named after SPMC member David Seelye, who was the bourse chairman (“commander” and “do it all” would be more like it) over the entire life of the bourse. The fact that the bourse is only Friday makes it a unique event, but the greater point is that the bourse specializes in, of course, military numismatics. I do not think that there was a single Morgan dollar for sale! There were however many treasures and lots of commerce. MPCFest is a celebration of the very unofficial specialty known informally as military numismatics. The Fest started in 2000, when twelve collectors got together in a hotel room in Port Clinton, Ohio to overdose on military payment certificate lore and discuss every other aspect of military numismatics. That event was literally in a hotel room, where we moved a bed out of the way and sat on the floor! It sounds terrible. It was wonderful. Here we are seventeen years later and in many ways the Fest is similar to that first gathering. Here are the major events: * contest to crown the national champion. We call it March Madness. The NCAA has stolen that from us so we might change it. * pay operations, including a conversion (as needed, and they always have been) Paper Money * May/June 2017 * Whole No. 309 215 * presentations that we call staff briefings, in line with our military reenactment theme * dining-in, complete with toasts to deserving organizations and offices * military poker game reenactment * scholarship auction I will tell you a bit about each of these, but first I will mention some minor events. During the bourse we have informal meetings for collectors of war bonds, Japanese invasion money aka JIM, and even military stamps! These events are well attended, sometimes with as many as twenty participants! We have a sing- along led by Kathy Freeland on Saturday afternoon featuring patriotic songs. I cannot vouch for the quality of the singing, but I can attest to the gusto with which it is done. Thank you, Kathy. On Saturday morning we take battalion and company pictures (see battalion picture above). There is more. The time is really jammed. Friday night starts with dinner in the hotel— once the Fest starts, we do not leave the hotel. As mentioned above, this dinner includes toasts. Friday’s dinner is also our annual anniversary party, where we recognize the long marriages of many Festers. While we recognize golden anniversaries, we have a really unique wedding couple at the Fest. Fellow columnist Joe Boling and his bride, Louise (both Festers—unusual in itself), were actually married at Fest six! Since they honored everyone by having their big day at the Fest, we honor them each year at the Fest. My own wife, Judy, has gotten into the action by leading the wives who are not interested in Festing on excursions around northwest Ohio. She has been remarkably innovative in doing this, but I have figured out the secret: she includes eating and shopping! These women call themselves Tiger Lilies. They are also welcome to and do participate in many of the core Fest events. After dinner we have recognition of fallen Festers and introductions, then we move to the central events. Each year we crown the national champion military collector in a quiz tournament featuring head to head competition. The preliminary rounds are held on Friday evening, with the finals on Saturday night. The early rounds often include some humor and some mismatches, but that combination has resulted in some major upsets. Any possible hurt feelings of defeated Festers are soothed with the award of a special participation medal. It is a fine silver version of the annual Fest challenge coin. This silver version is available only by participating in our March Madness. Staff briefings also begin on Friday evening. These are presentations much like you might find at a coin club meeting or show, except that we have lots of them: usually 25-35. They are uniformly wonderful, but they range widely in just about every way. Some are simply a show and tell, although the item is usually very carefully selected for this unique group. Others are much more elaborate. The printed Fest program includes summaries and images introducing each staff briefing. The briefings are coordinated and run by the Fellers—Ray and Steve—although this year Ray could not attend the event as she is nearing delivery of a new Fester. The new Fester’s older brother attended his first Fest when less than a year old. Friday night concludes with pay call. Yes, Festers are paid to come to the Fest! We pride ourselves on being very different from other events, but this must certainly seem extreme. Festers are paid in MFC (military Fest certificates). These certificates have been issued since the first Fest and are negotiable for various things at the Fest. They are now hotly collected by many Festers and even a few non-Festers. The MFC is created in the tradition of MPC, and the entire undertaking is a reenactment of the MPC system that died in 1973. The highlight of the briefings is the keynote presentation on Saturday afternoon after chow. This year’s keynote presenter was Larry “Ski” Smulczenski. He gave a riveting account of a research trip that he (and I) made in 1999 to the Bureau of Engraving and Printing. He showed the group pictures of unissued art and military payment certificate designs. Paper Money * May/June 2017 * Whole No. 309 216 In an amazing coincidence, for each of the past 17 Fests there has been some sort of emergency on Saturday afternoon relating to the MFC. Counterfeiting, black marketing, or other irregularities have necessitated the withdrawal (conversion) of the then-current MFC. Amazingly, it happened again this year. Series 161 MFC was withdrawn for unstated reasons, although counterfeiting was reported. After evening chow the new MFC is unveiled and Festers receive their converted funds. This year Series 161 was replaced by Series 171. These activities set up the big Saturday evening events. The major Fest events are held at Camp Leo May. The hotel (the Holiday Inn Express, Catawba Island) calls it the Bay Shore Room, but we have renamed it for Leo May, who was the first of the original twelve Festers to go to the great bourse in the sky. The “sweet sixteen” meet in Saturday’s March Madness finals. By this time the competition is much more serious, with seats in the final four in sight. The final four this year were Harold Kroll vs two-time former champion Neil Shafer and Steve Feller vs defending champion yours truly, Joe having been eliminated in the round of sixteen. The semi-finals were both very exciting, with Neil and me moving through to the finals. Neil is not only a two-time former champion, but the recipient of every important award in numismatics and my mentor. Of course it was an honor to appear with him in the finals. Last year I had prevailed and won the national championship, but it was not head-to-head with Neil. I was excited and humbled, but I wanted to win. It was an exciting match up, just as the semis had been. We were tied at three with four points needed to win. He beat me to the bell by a nanosecond for the right to answer the final question and ascend to the national championship. After the contest, Neil stated that he was going to retire from March Madness competition, just as the two previous three-time winners—Jim Downey and Bill Myers—had done. I have stated, and state again, that I do not want Neil to retire—I want a rematch! After the national championship, annual awards are presented. Of course you know that Neil received the award as national champion. The Fest recognizes the most outstanding staff briefing, as determined by vote, with the Bob Olson award. The award itself was named only this year for Fester Bob Olson, who died since Fest 16. The presentation of the first Bob Olson award was made in an emotional talk by Jim Downey, who had originally created the award. The first Bob Olson award for Excellence in Training went to Cuneyd Tolek. The presentation had been on the secrets and lore integrated into the designs of MFC Series 161. The final award of the evening is the highest award of the unofficial fraternity of military numismatists. It is the Ray Toy Award for Service. Ray Toy was the leader in the 1960s and ’70s in promoting the collection of military payment certificates, Allied military currency, and other military money. He wrote and published the first wide-spread catalogs on the subject that are the direct forebears of World War II Remembered. The 2017 Ray Toy Award for Service was presented by the 2016 recipient, David Seelye, to Al Glaser. Glaser is an enthusiastic collector of MPC and MFC. He has been a Fest first sergeant since such positions were created. You might be amazed to learn that he has created a catalog of military Fest certificates! I must tell you, it is a wonderful book. Currently, it is available only in an electronic format. I had a discussion with Al on this point. We are going to work toward having hard copies available for Fest XX in 2019. The annual Fest poker championship is played late Saturday night. Compared to the other events described above and below, this sounds like a silly event, but it is hotly contested with pride at stake. Entry is by payment with MFC only. The winner received an $18,000 Fest bond, a silver bracelet, and, most importantly, bragging rights! I am very fortunate to have won the tournament in the early years when we did not have so many Festers. This year I was knocked out of the tournament on the first hand. Yes, the very first hand. To make matters worse, I was defeated by my kid brother, Brad. Oh well, that meant that I could go to bed instead of playing extremely late. Robert Drew won the event. Brad was second, using my chips to good advantage. Sunday morning is reserved for the Smulczenski Scholarship Auction. At the auction we raise money for scholarships to the American Numismatic Association Summer Seminar class in military numismatics. The auction is named for Larry Smulczenski, who is Paper Money * May/June 2017 * Whole No. 309 217 an original Fester and one of only three who have attended all eighteen Fests (with Harold Kroll and yours truly). The auction was his idea and he organized, ran, auctioned, shipped, and otherwise did all of the work for fifteen years before retiring from the post. As usual the auction had a wonderful and varied offering of material, and as you would expect, very different from what you would find in other sales. Auction invoices are settled in FRNs, not MFC. This year the sale raised over $2000. Over the life of the program, more than 40 scholarships have been awarded. The next military numismatics class will be in 2018. We would love to have your support in financing scholarships or to see you there as a student! After the auction, many Festers head for home, but others (about a dozen each year) stay over to Monday or longer. Sunday afternoon is field trip time. Over the years we have visited a restored WWII submarine, two air museums, two military museums, a play dealing with WWII, a lighthouse tour, and other historical attractions. There is never a dull moment at Fest. A major point of discussion this year was the upcoming Fest XX in 2019. Everyone is excited about making that a really landmark event. We have developed some ideas, but can always use more. Certainly, I will beat the drum from my soap box here in Paper Money. Boling continued: opposite sides of the note, a symptom of inkjet printer ink soaking through the paper. It turned out the courier had also noticed that the note is counterfeit, but had no explanation of how Bob happened to have carried it home from Fest last year. No counterfeits were reported at last year’s conclave. Had there been, it would have been grounds for immediate withdrawal of Series 161 in exchange for Series 162 or some earlier-printed series being held in war reserve. Finance mavens report that no $17 MFC were issued in pay packets this year, yet one Fester came to me with two more examples of this same note, with the same serial number. Clearly somebody produced them and placed them into circulation knowing that they would find their way to me as a collector of serial #8 notes (and that I would identify them as counterfeits). If the objective was to cause a disruption in the Fest finance system this year, it failed. I leave it to the MPs and CID to investigate further. So let’s discuss what made this counterfeit instantly recognizable to a practiced observer. These points will also apply to fakes of notes originally made using more advanced security printing technology. Figures 1-4 show a genuine note (serial # A00000008A) and the copy, made from a star note of the same series (which is apparently in the hands of whoever made the copies). Hopefully, you will be able to see the greater degree of sharpness and brightness in the original (laser printed) piece. The fake (printed by inkjet) is considerably more muddy. If the editor does not crop the images too closely, you may also be able to see that the fake is cut irregularly, especially on the bottom and right end, indicating that it was hand-cut from a sheet, not guillotined. Paper Money * May/June 2017 * Whole No. 309 218 I examined these notes under UV illumination to see if there was any significant difference, and there was not—both notes exhibit the bright white paper used for office products at this time (but not for bank notes). Even the laser printer could not cope with all of the micro-printing on the back of the original note (legible at the left end, but reduced to a series of illegible dots at the right end). The inkjet printer is not able to reproduce the micro- printing with any degree of clarity. Those names, by the way, are the names of the sailors who died on the USS Arizona at Pearl Harbor. Figures 5-6 show the original note at left and right ends of the back (actually top and bottom, if you orient the note vertically as intended by the designer), at 20x magnification. Figures 7-8 show the fake at the same positions in the design. Figures 9-10 show the upper right corner of the face at 20x. Note the drastic difference in clarity. Had the inkjet piece been printed from the original digital file used as input to the laser printer, it might look better, but would still not be as good. The all-around illumination of Figure 9 does not show the texture of the paper on the face of the note. Figures 11-12, shot with side illumination, show the texture of the face of the original piece, and the lack of same on the face of the counterfeit. Finally, figures 13-14 show the vertical gray bar at the left end of the face of each note. You can see that what appears to the eye to be gray is actually fine black lines. The inkjet printer fails utterly at keeping them distinguishable. That is the source of the much fainter gray line at the right end of the back of the spurious note (hopefully visible on the journal page). That is the inkjet ink soaking through the paper. The face image is a tribute to military payment certificates (first issued in 1946, seventy years before the Fest held in 2016). The prime-number denomination is tied to the number of the Fest that year—the 17th. The designers of MFC pay little attention to the difficulties they create for finance clerks by choosing such unusual denominations. Series 161 also had 17¢ and 34¢ fractional notes. We’ll get back to non-fantasy notes next issue. Paper Money * May/June 2017 * Whole No. 309 219 Reminder!  SPMC Breakfast and  Tom Bain Raffle  June 9, 2017 at 7:30am  See website for tickets  Tom Bain Raffle by Frank E. Clark III I was glad to see on the SPMC website that a venue for our society's breakfast at the Kansas City International Paper Money Show was secured at Harvey's at Union Station located at 30 West Pershing Road. The date and time is Friday June 9, 2017 at 7:30am. The price remains the same as in previous years at $20. Harvey's is three-tenths of a mile from the show location at the Sheraton Crown Center. Besides the buffet breakfast and the camaraderie, SPMC awards will be bestowed and the closing act will be the much anticipated and always fun Tom Bain Raffle. Tom Bain was the second SPMC president and his term in office was 1963-65. In the years before the society's banquet/breakfast was established at the International Paper Money Show at Memphis, it was held at the American Numismatic Association's annual convention. Tom hit upon the idea to hold a raffle of donated items to help out our society's bank account. The raffle produced a small profit at the 1964 convention in Cleveland. The next year at the 1965 ANA convention in Houston, Tom brought Dallas dealer Mike Brownlee into the fold. Brownlee donated several Texas notes for the raffle which helped increase the SPMC coffers. The gathering at the 1966 banquet in Chicago saw a net profit of $86. The 1967 Miami luncheon saw a loss, but the succeeding years produced profits such as $111 in 1971, $252 in 1972, and other increases throughout the decade. Tom's last eponymous raffle was during the St. Louis ANA convention in 1979 with the lucky winners in total taking home over $3,000 in prizes. Tom was born on March 25, 1906 in Caldwell, Texas. He received both bachelor and master's degrees in engineering from Texas A&M University. He served in the Pacific during World War II. I did not meet Tom until the mid-1970s when he was one of the few paper money dealers who set up at the coin shows in the Dallas area. In fact, Bain and fellow SPMC charter member John Rowe were staples at these shows. Tom was also a member of the Dallas Coin Club having been president in 1959. He always had about ten lots of paper money to start off the club's monthly auctions. Tom passed away on October 21, 1985. The last two notes I got from Tom he had acquired at the May 1984 Texas Numismatic Association convention. He called me up shortly thereafter and I went over to his house to pick up one large and one small Dallas National Bank Note. At this point, I would like to borrow a description of Tom Bain that Wendell Wolka used in another article about the Tom Bain Raffle that can be found in the society's January/February 2001 40th anniversary issue of Paper Money. Wendell wrote, "Tom's hallmark was that huge unlit cigar that he could move in his clinched jaw like a semaphore flag!" How very true. Items for the Tom Bain Raffle are donated by the members. You can always bring your donated items to the breakfast or give them to me or other members at the show, such as Pierre Fricke, Mark Anderson, Wendell Wolka, or Benny Bolin. Heritage Auctions has been generous over the years supplying many raffle items. The last two years have seen raffle ticket sales of over $1100 each. I look forward to the breakfast and raffle every year and encourage everyone to attend. Even if you do not donate to the Tom Bain Raffle, you can always purchase raffle tickets, which are only a $1. John Wilson is our hawker and there are quantity discounts. Wendell Wolka is the master of ceremonies, having succeeded Tom and does a “masterful job” which is always entertaining, especially when someone wins and opens one of our "mystery box" prizes.   Twin Cigar Towers! Bain and Amon Carter  Paper Money * May/June 2017 * Whole No. 309 221 2017 International Paper Money Show Speakers and Exhibits As usual, this year’s IPMS will have a wide variety of educational experiences for attendees. Peter Huntoon has put together an amazing slate of speackers and Martin Delger and Robert Moon will have an equally amazing exhibit area. Speakers include; Joseph Boling – The making of a specialist--converted to numismatics and wandered its paths for many years specializing in such areas as pre-Meiji monies, military emissions, Imperial bonds, and finally extra-legal paper. Steve Carr – National banks and notes from the other Kansas City—Mr. Carr will show you that there is another KC and it had banks that issued some of the most interesting nationals in Kansas. Carlson Chambliss – 106 years of Hawaii currency from scrip to WW II—He will illustrate and breathe life into the Hawaiian currency, scrip and many other Hawaiian fantastic notes. Lee Lofthus – Are the published outstanding National Bank Note data any good?—the big picture-- he will tell you just where these numbers came from, what they mean and the gapping pitfalls built into them. Peter Huntoon – George Casilear’s patented lettering on large-size U. S. currency—designer, inventor and Chief Engraver at the BEP whose patented lettering process dominated every new series of currency produced at the BEP from 1873 to 1885. Roger Urce – Currency of the first Indochina War—He will simplify a complicated area of currency. Wendell Wolka – Old tales connected to obsolete paper money and banking—In the way only Wendell can he will tell tales from the obsolete bank note era such as he has been bringing to life for us for the past several decades. Jamie Yakes – Series of 1928 Federal Reserve Notes—He will demonstrate that these notes are flush with history, intrigue and color! Exhibits Collector exhibits have long been a favorite at the IPMS. Some of the best collector showcases of material are presented and placed. Due to a space limitation this year, competitive exhibits are limited to a maximum of seven(7) cases. The society gives out a best in show award named for Stephen Taylor as well as two runners up. The Julian Blanchard award for the best exhibit featuring vignettes, proofs and/or specimens as well as an award for the best one case exhibit are also given out. Contact exhibit chairs Martin Delger or Robert Moon for an application ASAP as these are on a first come- first reserved basis. Paper Money * May/June 2017 * Whole No. 309 222 To order, please call toll-free: 1-800-546-2995 Online: Email: Mention code V9 at checkout to receive FREE SHIPPING Offer valid through 07/31/2017 Expand your Knowledge of Counterfeiting and Technology of Paper Money For centuries legitimate authorities and equally determined rogues have fought in an attempt to improve (or copy) the technology and security of paper money. Now, in Counterfeiting and Technology, their stories are captured in vivid detail from colonial times to the present. Paper-money historian Bob McCabe explores the lives of the innovators who made brilliant advancements in the chemistry and ingenuity of America’s paper money. Counterfeiters, mostly unknown or unrecognized for their dishonest cleverness until now, are finally brought to light. McCabe details the beginning and evolution of the U.S. Secret Service and the men who sought to capture the villains. And he follows the technology of American currency—from paper-making to fugitive inks to roller presses—from early colonial attempts to the modern era. Counterfeiting and Technology presents the history of paper money in a way that’s never been seen before. It combines chemistry and artistry, inventions and escapades, tales of arrest and daring escapes. Collectors and historians of American money will love this engaging and informative narrative about our nation’s paper currency. $39.95 • 480 pages • Hardcover Full Color • 8.5 x 11 inches By Bob McCabe • Foreword by Larry Adams 26 Colonial Money Colonial paper money from Georgia. The 1s-6 d note of 1775 (top) be ars the vignette of a sheaf of wheat. The “lighthou se” certificate of 1769 (bottom) bears early an ti-counterfeiting codes around the border. Although the Massachu setts Bay Colony paper money was a successful experiment in the last decade of the 17th cent ury, it was not immedi- ately adopted elsewhere in the colonies. South Carolina became the s econd colony to issue paper money but put it off until 1703, when it became necessary to sup port a military expedi- tion. Connecticut, New Hampshire, New York, and New Jersey all print ed money in 1709, again to fund military expedit ions, and Rhode Island followed in 1710. Nor th Carolina first issued notes in 1712, Pennsylva nia in 1723, Maryland in 1733, Georgia in 1735 , Virginia in 1755, and Vermont held out until 1781.1 The Crown did not oppose the emission of paper money in the colonies and in fact oft en encouraged it so the colonies could pay for Br itish military operations against their French, Ind ian, or Spanish enemies. To the British, it was far better to have the colo- nies pay for these oper ations out of their own pockets than to burden the Crown, and each emission of notes was ev entually paid back to the colonial treasury—at lea st in theory—by higher taxes levied against the c olonists. There were many milita ry conflicts in British America during the 18t h century that required emergency funding or in volved expenses beyond the capacity of a colony’s treasury to pay. Conse- quently, the colonies issu ed a profusion of differ- ent notes to solve thes e and other problems. Once a colony began i ssuing paper money, it soon discovered other re asons to emit new issues. Many of these notes wer e traded or exchanged in other colonies where th e ordinary citizens and merchants knew so littl e about them that they had trouble telling genui ne notes from those that were counterfeits. On to p of this, many of these notes had such simple designs and were so crudely printed that it was easy to copy them. When plates were occa sionally engraved with more-elaborate designs to deter counterfeiting, would-be counterfeiter s sent the real notes abroad to professional en gravers, usually in Eng- land or Ireland, who t hen made high-quality counterfeit plates and s ent them back to their American customers. Fin ding suitable paper was always a problem for leg itimate printers until the first American paper mills were established around 1729, and even t hen, good-quality paper continued to be in scarc e supply until long after Colonial Counterfeiting Chapter 2 C2_ColonialCounterfeiting_26 -43.indd 26 2/19/16 11:56 AM 167 Chapter 10: The Bad Boysoperation run by Chief Whitley and were impris-oned in the Ludlow Street Jail.102 Ballard cooper-ated with the police by giving them the address of his plant. When federal agents raided the Rivington Street tenement, they found only a few items of incriminating evidence—$3,500 of coun-terfeit U.S. currency; a partly engraved plate for a $1,000 Treasury Note; and engraving tools. The next day, Mrs. Effie C. Cole, the wife of Miner’s co- conspirator Henry C. Cole, working in the inter-est of her husband’s release, gave detetives the address of a second counterfeiting plant. Secret Service agents went immediately to 438 West 54th Street, arrested Llewellyn Williams, a printer, and found the fol-lowing: a large transfer press of the type used in bank-note companies, said to have cost $10,700; a second, smaller transfer press, said to have cost $1,200; two large roller presses for printing notes; and two smaller presses for the same purpose. There were ten full sets of original bed-pieces for making transfer rolls, a full set of Treasury seals for stamping red seals on the notes, two full sets of engraver’s tools, such as gravers, burnishers, calipers, etc., an unfinished plate for the $1,000 Treasury Note, finished plates for the front and back of a $20 greenback, and finished plates for the $10 National Bank of Poughkeepsie, New York, on steel. In addition, they captured a full set of steel plates for the “Lincoln head” 50-cent Fractional Currency; a second set of steel plates of the Lincoln-head scrip, but of superior quality; set of steel plates for making seven impressions t one time of the “Stanton head” 50-cent frac-tional notes; another set of the Stanton-head notes, on a steel plate to print ten impressions at a time; and a set of the Stanton-head notes on copper, for making five impressions at a time. There were numerous steel transfer rolls for making these notes; $45,000 in counterfeit money, in denominations of $2, $5, $10, $20, and $100; a large quantity of type for changing bank-title lines; 150 pounds of fiber paper; a quantity of pulp used in making fiber paper, still in the vat; and other devices for making fiber paper. And finally, there were inks and pigments for making inks, ink rollers, wiping cloths, etc.103 The Stanton-head 50-cent fractional note. (F-1376.) Tom did not like sitting in jail, and on the night of November 15, 1871, he and two others escaped under mysterious circumstances.104 Some thought Miner, being afraid of Ballard’s testimony, paid for his escape.105 For nearly three years, Tom was a fugitive from justice, and no trace could be found of him, even though a reward of $5,000 was offered. About two years after his escape, coun-terfeit $500 U.S. Treasury Notes began turning up. From the superior quality of the notes, the Secret Service thought it had to be the work of Tom Ballard, and they soon traced the bills to Buffalo, New York, but could not find the maker. The agents began looking for his brothers. A counterfeiter arrested in Michigan turned out to be Benjamin Ballard. Soon after, William Ballard Henry Cole. Hiram C. Whitley, the second chief of the Secret Service. C10_TheBadBoys_143-215.indd 167 2/17/16 3:29 PM WHITMAN PUBLISHING ANNOUNCES a call-to-action for collectors, dealers, and historians of obsolete paper money and 19th- century American banking to volunteer for the multiple-volume Whitman Encyclopedia of Obsolete Paper Money. Images, historical research, market analysis, and general insight are welcome for the Mid-Atlantic states, the Midwest, and territories. Anyone interested in volunteering can contact Whitman Publishing at obsoletes@whitman. com. Volunteers will be credited in the books’ acknowledgments. –Thank you! STAR NOTES: AN EXAMINATION OF PRODUCTION AND SCARCITY, 1991 TO 2014 by Joe Farrenkopf Why are notes from certain modern star runs more difficult to find than one would expect, given their published run size in monthly BEP production reports? Take Series 1999 $5 Kansas City star notes for example. A single standard-sized run comprising 3.2 million notes appeared in the June 2002 production report and was designated for note replacement. While notes from a star run of that designation and size are usually relatively plentiful because they are issued in full straps of 100 notes at a time, notes from that particular Kansas City run do not seem to be especially abundant. Another case of a difficult-to-find star run is Series 2009 $1 Boston star notes from the first run. That run, comprising just 640,000 notes, appeared in the September 2010 production report and was designated for sheet replacement. Sheet-replacement star runs are generally tough to find to begin with because their production size is often one-fifth or one-tenth the size of a standard-sized note-replacement star run, and notes from such runs are typically found just one or two at a time in new straps of 100 regular notes. Even so, notes from that particular Boston run seem scarcer than their reported population suggests they should be. A myriad of factors can play a role in the overall scarcity of a given star run. This examination considers the starting point for assessing scarcity: the published run size. SHEET-REPLACEMENT STARS VS. NOTE-REPLACEMENT STARS The BEP produces star notes to replace notes from regular production for a variety of reasons such as research, testing, or because of damage during production. Star notes are produced either for replacement of individual sheets or for replacement of entire straps of individual notes. Sheet- replacement stars are 16-subject half-sheets that are used to replace a single 16-subject half-sheet prior to the sheet being cut into individual notes. The production size of a sheet-replacement star run is variable, but quantities of 10,000 and 20,000 sheets, yielding 320,000 and 640,000 notes, respectively, were the most common during the 1991 to 2014 period. By comparison, note-replacement stars are individual star notes banded in straps of 100 that are used to replace a single strap of 100 notes in which damaged or defective individual notes have been found prior to being shipped to a Federal Reserve Bank for release into circulation. The standard production size of a note-replacement star run is 100,000 sheets, yielding Image courtesy of eBay Paper Money * May/June 2017 * Whole No. 309 224 3.2 million notes, although runs of smaller sizes are produced regularly, particularly for higher denominations. While several references to note-replacement star runs will be made in this article, the focus here will be primarily on sheet-replacement star runs. STAR NOTE PRODUCTION, 1991 THROUGH 2014 BEP production reports from 1991 through 2014 reveal that spoilage was greater at the Eastern Currency Facility (ECF) in Washington, DC than at the Western Currency Facility (WCF) in Fort Worth, as evidenced by the rate of star note production. For example, in the production of $1 notes at the ECF from September 1991 through July 2014, one standard-sized (100,000-sheet) note-replacement star run was produced for every 84.2 regular runs of 200,000 sheets. The comparable figure for the WCF from April 1992 through February 2013 was one standard-sized note-replacement star run for every 118.5 regular runs of 200,000 sheets. During those same periods, the equivalent of one partial (20,000-sheet) $1 star run designated for sheet replacement was produced for every 49.6 regular runs of 200,000 sheets and for every 61.1 regular runs of 200,000 sheets at the ECF and WCF, respectively. The BEP produces star runs on an as-needed basis, although production reports show that the timing of star note production during the 1991 to 2014 period was somewhat more irregular at the WCF than at the ECF. It was more common for the WCF to produce note-replacement star runs in “clumps.” That is, there were a number of occasions when two standard-sized note-replacement star runs appeared in the same monthly report, and several other times when two or three of those types of star runs appeared in reports just two or three months apart, well before the first of those runs would have been exhausted and a new run needed. By contrast, the production of sheet-replacement star runs was spaced at more regular intervals at both production facilities. Indeed, in analyzing the timing of sheet-replacement star runs in the monthly production reports, one finds that their appearance is remarkably predictable. That predictability makes it possible to assess the accuracy of the BEP’s monthly production reports, at least with respect to published sizes of sheet-replacement star runs, which in turn provides clues to answer the question posed at the beginning of this article. SHEET REPLACEMENT RATE Although the BEP normally publishes the size of every star run, it does not publish the actual number of star sheets or notes that are ultimately used from the run. But the appearance of sheet- replacement star runs at regular intervals suggests that a new sheet-replacement star run is produced because the previous such run has been or is nearly exhausted. If true, then it is possible to count the number of sheets from the star run as those sheets are used to replace sheets from regular runs. That count in turn makes it possible to estimate the rate of sheet replacement needed for the regular runs. In the early 1970s, the BEP implemented its COPE system for overprinting serial numbers on currency sheets. Prior to COPE, serial numbers were applied to full 32-subject sheets before those sheets were cut into individual notes. With COPE, 32-subject sheets without serials are trimmed and cut in half lengthwise, creating two unserialed 16-subject sheets. Those half-sheets are stacked into two piles of 10,000, and then serial numbers are applied to the half-sheets before being cut into individual notes. At every stage of the printing process, currency sheets are routinely inspected several times to ensure that printing requirements are accurate. Certain sheets in every production run are known internally at the BEP as “reader sheets” and are regularly pulled out of production for inspection. A reader sheet may be returned to the stack, or more commonly it will be replaced with a sheet from a previously serialed sheet- replacement star run. Reader sheets that are routinely replaced with star sheets include the first two sheets from every stack of 10,000 half-sheets (i.e., those whose serials end in 0000 and 9999, often referred to as “rollover” sheets by collectors), as well as the second-to-last half-sheets of the completed production run (i.e., sheets with serial numbers 00000002, 03200002, 06400002, etc.). The BEP implemented the routine replacement of the 0000/9999 reader sheets in order to reduce the number of defective notes that were periodically created at the start of the overprinting of each stack of 10,000 half-sheets. That routine Paper Money * May/June 2017 * Whole No. 309 225 replacement is the reason that notes whose serials end in 0000 and 9999 are generally not found in circulation. [See Fig. 1.] Fig. 1 – This strap of 100 notes (Series 2006 $1 K*1, a note- replacement star run) shows the routine replacement of the last two notes in the strap – so-called “rollover” notes with serials ending in 9999 and 0000 – by two notes from a sheet-replacement star run (Series 2006 $1 D*1). Image courtesy of Greg Muselli. That routine replacement also makes it possible to calculate the remaining number of sheets, or excess, from a sheet-replacement star run that are available to replace damaged/defective sheets in the regular runs. Dividing the excess by the number of stacks serialed in between two sheet-replacement star runs gives the excess rate of the earlier star run. That rate can be expressed mathematically as Excess Rate = (P – (2*S + R)) ÷ S where P is the published run size of the earlier sheet-replacement star run (in 32-subject sheets); S is the equivalent number of 32-subject 10,000-sheet stacks serialed in between two sheet-replacement star runs; and R is the number of runs of regular blocks and note-replacement star runs serialed in between two sheet-replacement star runs. As an example, consider Series 2003A $1 New York star run 1 (I’ll use shorthand notation in the form B*1 where B is the Federal Reserve Bank, * is the block, and 1 is the process or run number), which appeared in the May 2005 BEP production report as a sheet-replacement star run produced at the ECF. The published size of that star run was 10,000 sheets. The next $1 sheet-replacement star run produced at the ECF was Series 2003A Atlanta run 2 (F*2) in Nov 2005. During the period May 2005 through Oct 2005, the ECF produced 117 runs of regular blocks (200,000 sheets per run), 1 standard-sized run of note- replacement stars (100,000 sheets) and 1 partial run of note-replacement stars (60,000 sheets). All of those runs combined used 2,356 10,000-sheet stacks. The routine replacement of the first two sheets from every stack of 10,000 means 4,712 star sheets were used to replace sheets whose serials ended in 0000 and 9999. An additional 119 star sheets were used to replace each run’s second-to-last sheet. The remaining 5,169 star sheets would have been available to replace damaged/defective sheets in those runs. Dividing the excess 5,169 star sheets by the 2,356 stacks yields a figure of 2.19 excess star sheets used per stack. This can be shown using the above mathematical expression with P=10,000, S=2,356 and R=119: Excess Rate = (10,000 – (2*2,356 + 119)) ÷ 2,356 = 2.19 So for the period May 2005 through Oct 2005, the combination of the fixed sheet rate of 2 sheets per 10,000-sheet stack (i.e., the routine replacement of the first two sheets from each stack) as well as an additional fixed sheet rate of 0.05 for the replacement of serial number 2 sheets in 119 runs, plus the excess rate of 2.19 sheets per 10,000-sheet stack results in an average sheet replacement rate of 4.24 star sheets per 10,000 sheets. A typical run of 6.4 million regular notes, then, would have contained roughly 2,714 B*1 notes. In the absence of hard data from the BEP to confirm whether 5,169 B*1 sheets were used for replacing damaged/defective sheets, there are a couple of mechanisms that can be used to assess whether that estimated excess rate of 2.19 is reasonable: 1) Compare the estimated excess rate with a known excess rate for another sheet-replacement run; 2) Compare the estimated excess rate with the (likewise unknown) estimated excess rates for lots of other sheet-replacement star runs. The first mechanism would appear not to be possible given that the BEP does not publish the actual number of star sheets that are ultimately used from a given sheet-replacement star run. However, an exception exists. In late 1996, the BEP revived production of $2 notes when it printed 24 regular runs (200,000 sheets each) of Series 1995 $2 Atlanta notes plus two partial note-replacement star runs (F*1b: Paper Money * May/June 2017 * Whole No. 309 226 16,000 sheets and F*2: 20,000 sheets) as well as one small partial sheet-replacement star run (F*1a: 4,000 sheets). At the end of production, only 1,761 of the 4,000 sheet-replacement star sheets had been used as replacements for that quantity of regular runs. That precise figure is known because in 2002, the BEP made available for public sales the unused portion of the sheet-replacement star run F*1a. As part of the advertising for those sheet sales, the BEP explicitly identified the quantity for sale – 4,478 16-subject sheets (the equivalent of 2,239 32-subject sheets) – as the unused portion of the sheet-replacement star run. Thus, the known figure of 1,761 sheets can be used to calculate the known excess rate for Series 1995 $2 F*1a notes. That number of replacement sheets used in 24.18 regular runs yields a figure of 1.59 excess star sheets used per stack, which means the actual sheet replacement rate for Series 1995 $2 notes was 3.64 (2 + 0.05 + 1.59) star sheets per 10,000 sheet-stack. This shows the estimated excess rate for Series 2003A $1 B*1 notes to be of similar magnitude as the known excess rate for Series 1995 $2 F*1a notes. The second mechanism is easily applied once estimated excess rates are calculated for all sheet- replacement star runs. Those estimated excess rates are displayed in Table 1 for all sheet-replacement star runs produced between September 1991 and September 2014. It should be noted that across all denominations (excluding Series 2009 and Series 2009A $100s), 58% of all excess rates are between 1 and 4 star sheets per 10,000-sheet stack. That percentage is even slightly higher (60%) across denominations that had (more or less) continual production (i.e., $1, $5, $20). This suggests that, were the exact number of replacement star sheets known, the actual excess rate would likely fall in the 1 to 4 range most of the time. Some uncertainty of the estimated excess rate is due to the coarseness of the reported printing date of a star run. Production reports do not provide sufficient detail to know if the star run was produced at the beginning of the month, during the middle of the month, or at the end of the month. For purposes of standardizing calculations, I assumed in every case that the star run was produced at the beginning of the month and was therefore available for use in other regular runs produced during that same month. This is known to be true in at least once instance. The BEP monthly production report from February 2014 included the Series 2009 $1 Dallas sheet-replacement star run (K*1). Notes from that star run were reported in circulation as early as February 20 2014 (a full month before the production report was published on March 20!) as replacements in a rollover strap from the F-M block. Unfortunately the specific run in which the K*1 notes were found was not documented. However, given that the first four runs of the F-M block had appeared in the January 2014 monthly production report, one speculates that the K*1 star notes were not found in one of those runs since the star notes presumably did not yet exist. That leaves the next seven runs of the F-M block, which appeared together with the K*1 notes in the February 2014 monthly production report. Despite this one example, the lack of precise information about when during the month a sheet-replacement star run is produced necessarily introduces an unknown, but probably small amount of error in the estimated excess rate. But what factors might explain the more extreme outliers, those whose estimated excess rates are significantly farther outside of the 1 to 4 range (shaded in Table 1 using orange and red to designate high and extreme excess rates, respectively)? One factor might be that use of a sheet-replacement star run was delayed for two or three months after appearing in the monthly production report. Such a delay would have a more significant effect on the estimated excess rate because the count of regular runs produced between two sheet-replacement star runs would be lesser than the actual number of regular runs produced. Those cases might be identifiable if a series of consecutive estimated excess rates alternated between high and low. Another factor might be that a higher-than-usual number of sheets from regular runs were damaged or defective, causing the supply of sheets from the sheet-replacement star run to be exhausted sooner than expected. Such a situation would necessitate the production of a new sheet-replacement star run earlier than usual, which would in turn result in a higher estimated excess rate. Still another factor might be that, like Series 1995 $2 F*1a, the published run size was not the number of sheets that were actually used from the sheet-replacement star run. For example, using F*1a’s Paper Money * May/June 2017 * Whole No. 309 227 published run size of 4,000 sheets yields an excess rate of 6.2 sheets per 10,000-sheet stack, which falls outside the typical 1 to 4 sheet range and is close to four times higher than the actual excess rate. Data from observed notes can help determine if the last factor is likely to be a contributor. The dataset must be sufficiently large, randomly mixed and well distributed throughout its reported population. Under those conditions, if the dataset contains noticeable gaps of missing sheets or if there is an absence of notes from one or more quadrants, that may be an indication that portions of the sheet- replacement star run were discarded before use, which in turn would result in a more extreme estimated excess rate. And that brings us back to the question posed at the beginning of this article: Why are notes from certain modern star runs more difficult to find than one would expect, given their published run size in monthly BEP production reports? With respect to sheet-replacement star runs specifically, upon examining the excess rate of the sheet-replacement star run and compiling data from observed notes from the run, the basic answer appears in many cases to be that the actual number of sheets used from the star run is smaller than the published run size, evidently because the remaining sheets from the star run were discarded before use and never entered circulation. Consequently, fewer notes from the run are available to be found than the published run size would indicate. ASSESSING SCARCITY OF STAR RUNS Collectors frequently use the published run size to gauge relative scarcity of both sheet- replacement and note-replacement star runs. However, it turns out that the published run size often is not an accurate indicator of the number of notes actually issued from the run and therefore is not always a reliable measure to assess the scarcity of a particular star run. A better assessment of the relative scarcity of a star run will take into account the published run size, the run’s excess rate (in the case of sheet- replacement stars), and additional supporting data from observed notes. The accuracy of the relative scarcity of a sheet-replacement star run can begin to be assessed as soon as the next sheet-replacement star run is listed in a production report, even before notes from the former run have been found and documented. If an excess rate calculates high, that could signal that there was a problem with the run. In such cases, a focused effort by the collecting community should be undertaken to document observed notes from the run when they do appear in circulation as the recorded data may reveal discrepancies between the published run size and the actual quantity of sheets used. The most extreme cases of inaccurate scarcity assessment involve both sheet-replacement and note-replacement star runs that don’t seem to exist or, conversely, that exist but never appeared in monthly production reports. A few star runs apparently were skipped altogether by the BEP given that their serial ranges never appeared in the monthly production reports while at least one higher serial range from the same block did, and that no examples of notes from those unreported serial ranges are known to exist. A list of those runs is shown in Table 2a. Conversely, star runs listed in Table 2b have been found in circulation but never appeared in monthly production reports. Lastly, several star runs appeared in the monthly production reports and yet are missing from circulation – no examples of notes from those runs are known to exist. A list of those runs is shown in Table 2c. It is worth noting here that a significant proportion of U.S. currency, particularly higher denominations, is shipped for use overseas, which could be a reason why one or more missing star runs have not been found in circulation in this country. Even so, the expansion of the internet over the last 20 years has made it more likely that notes shipped overseas will eventually find their way onto on-line auction sites and related venues that reach a global audience. In this context, the continued absence of these star runs is the basis for assuming today that none of the runs in Tables 2a and 2c exist. Having said this, scans of notes that would document their existence would be greatly appreciated. While most star runs listed in monthly production reports are known to exist, a surprising number of them exhibit discrepancies between their published run size and their apparent actual run size, i.e., the actual quantity of sheets used. Some of these sheet-replacement star runs are examined here in greater detail, starting with those produced at the ECF followed by those produced at the WCF. Paper Money * May/June 2017 * Whole No. 309 228 ECF SHEET-REPLACEMENT STAR RUN DISCREPANCIES $1 1988A B*3 – B06400001* to B09600000* The March 1992 monthly production report listed this run as “40,000 16-Subject Sheets Only.” No subsequent production report has specified sheet-replacement star runs in quantities of 16-subject sheets, so there has been some uncertainty in how to interpret this particular entry. A run size of 40,000 full-size sheets would be unusually high for any sheet-replacement star run during the 1991 to 2014 period. Indeed, the excess rate based on a 40,000-sheet run calculates to 14.6 sheets per 10,000-sheet stack, which is rather extreme and suggests a problem. If the run size was actually 20,000 full-size sheets (the equivalent of 40,000 16-subject sheets), which was much more typical for the period, the excess rate recalculates to 6.3 sheets per 10,000-sheet stack. That figure, though much better, is still somewhat high, so something else might not be quite right. (See related side article “What Became of Series 1988A $1 Web Star Notes? A New Explanation.”) $1 1988A F*3 – F06400001* to F09600000* This is a well-known and well-documented sheet-replacement star run as it was the only star run serialed using web-press stock. For more information about this star run and web notes in general, see Bob Kvederas’s book The Standard Handbook of $1 Web-Fed Test Notes – 1988A, 1993, 1995. The published run size of F*3 was 20,000 sheets, and the corresponding excess rate of 6.5 sheets per 10,000- sheet stack is somewhat high and is indicative of a problem. The related side article “What Became of Series 1988A $1 Web Star Notes? A New Explanation” provides an in-depth look at this one-of-a-kind run and attempts to explain its high excess rate. $1 1993 B*2 – B03200001* to B06400000* $1 1995 A*1a – A00000001* to A03200000* $1 1995 F*3a – F09472001* to F09600000* The published run sizes of B*2, A*1a and F*3a were 20,000 sheets, 10,000 sheets and 4,000 sheets, respectively. While the excess rates of all three are not inordinately high, they are elevated, with A*1a being the highest at 6.6 sheets per 10,000-sheet stack. Not knowing precisely during the month when these runs were produced likely contributes in part to the elevated excess rates. Another contributing factor could be the production of web notes during the period in which these sheet- replacement star runs were used, although the relationship between web notes and non-web sheet- replacement star notes is unclear. More data is needed from notes in these runs to assess their overall elevated excess rates. $1 1995 B*1 – B00000001* to B00640000* $1 1995 B*3 – B06400001* to B06720000* $1 1995 B*6 – B16000001* to B16320000* $1 1995 B*7 – B19200001* to B19840000* The published run size of B*1 and B*7 was 20,000 sheets while the published run size of B*3 and B*6 was 10,000 sheets, but there is nothing remarkable about any of their excess rates: 2.6, 1.6, 2.2 and 2.1 sheets per 10,000-sheet stack, respectively. What is notable about B*3, B*6 and B*7 is that no notes from any of these serial ranges are known. In 2008, an analysis of face and back plates of notes with serials in the range B00000001* through B00640000* revealed that B*3, B*6 and B*7 were all contained within that range. That is, all three runs were printed and issued but had been incorrectly serialed, beginning at B00000001* instead of their published starting serial. The result was notes with serials from B00000001* through B00320000* were printed four times (initially in B*1 and then again in B*3, B*6 and B*7), and notes with serials from B00320001* through B00640000* were printed twice (initially in B*1 and again in B*7). Paper Money * May/June 2017 * Whole No. 309 229 $1 1995 F*4a – F11136001* to F11520000* The published run size of F*4a was 12,000 sheets, and like B*1, B*3, B*6, and B*7, there is nothing remarkable about its excess rate of 2.8 sheets per 10,000-sheet stack. But also like B*3, B*6 and B*7, no notes from the published serial range[1] for F*4a are known. Evidently this run was likewise incorrectly serialed, beginning at F09856001* instead of its published starting serial. The note- replacement star run F*4b, produced that same month and comprising 48,000 sheets, spanned serial range F09600001* through F11136000*. The overlapping serial ranges of each star run resulted in the duplication of serials from F09856001* through F10240000*. It is unclear how the two runs ended up with overlapping serials, although it is curious to note that 35 data points recorded from both runs appear to show a gap in the serials of note-replacement start run F*4b that corresponds to the serial range of sheet-replacement star run F*4a. That missing serial range suggests that BEP personnel had become aware of a problem and subsequently discarded the duplicate serials from F*4b before use. One additional oddity about F*4a is that of the 11 data points recorded from that run, all notes with sheet numbers above 4,000 are from quadrants 1 and 2 while all notes with sheet numbers below 4,000 are from quadrants 3 and 4. Additional data from notes in these two runs is needed to form a conclusion about what may have happened. [1] The August 1996 monthly production report erroneously listed the serial range of F*4a as spanning F11360001* to F14080000*, which corresponds to a run size of 85,000 sheets rather than 12,000 sheets. That serial range also overlaps into the serial range reserved for F*5, which begins at F12800001*. $1 1999 C*3 – C06400001* to C07040000* The published run size was 20,000 sheets, and the excess rate of 13.9 sheets per 10,000-sheet stack is rather extreme and suggests a problem. The 11 data points recorded from this run show no sheet numbers under 10,000. More data is needed from notes in this run to determine if sheet numbers under 10,000 really are non-existent, making the actual run size just 10,000 sheets. $1 1999 E*2 – E03200001* to E038400000* The published run size was 20,000 sheets, and the excess rate of 10.9 sheets per 10,000-sheet stack is very high. Two factors are likely contributors. Some sheets from this run were used as replacements in regular runs, perhaps on the order of 7,000 to 8,000. Then when Series 1999 ended and Series 2001 began, the BEP diverted for public sales an unspecified number of unused sheets from this run. In addition, of 35 data points recorded from this run, sheet numbers under 10,000 are absent. More data is needed from notes in this run to determine if sheet numbers under 10,000 really are non-existent, making the actual run size just 10,000 sheets. $1 2003 E*1 – E00000001* to E00320000* $1 2003 F*1 – F00000001* to F00320000* The published run sizes were 10,000 sheets each. Unfortunately their individual excess rates cannot be determined because they were produced during the same month, so it is not possible to separate out usage from each run. The collective 20,000 sheets from both runs yield an excess rate of 6.1 sheets per 10,000-sheet stack, which is fairly high. The 73 data points recorded from E*1 and 52 data points recorded from F*1 do not show any obvious missing sheet numbers or plate positions, so it is not readily apparent why the excess rate is that high. Paper Money * May/June 2017 * Whole No. 309 230 $1 2003 B*1 – B00000001* to B00320000* The published run size was 10,000 sheets, and the excess rate of 10.8 sheets per 10,000-sheet stack is very high. However, the 49 data points recorded from this run do not show any obvious missing sheet numbers or plate positions, so it is not readily apparent why the excess rate is that high. $1 2003 D*1 – D00000001* to D00320000* The published run size was 10,000 sheets, and the excess rate of 6.3 sheets per 10,000-sheet stack is somewhat high. The 60 data points recorded from this run show one small gap in the 3,000 to 4,000 sheet number range, but more data is needed from notes in this run to determine if sheet numbers in that range really are non-existent. $1 2006 B*3 – B06400001* to B07040000* Arguably the most bollixed star run of any produced between 1991 and 2014, the published run size was 20,000 sheets, and the excess rate of 39.4 sheets per 10,000-sheet stack is beyond extreme. Several oddities contribute to this extraordinary excess rate. The oddity that caught the most attention from collectors was mismatched serials on notes from plate position H2. The left-hand serials of those notes (correctly) begin 0671 while the right-hand serials (incorrectly) begin 2671. The second oddity is less appreciated but significantly stranger. Observed serials on notes from every fifth plate position – E1, B2, G2, D3, A4 and F4 – show them to be 100,000 higher than they are supposed to be. In the case of notes from position F4, the serials actually fall outside of the published range for the run; the highest serial for the run should have been 07040000, but notes from position F4 begin 0709xxxx. Whereas notes with the mismatched serials have one incorrect serial, notes from positions E1, B2, G2, D3, A4 and F4 have two incorrect serials. The third oddity is that the monthly BEP report listed B*3 as a sheet- replacement star run, yet when notes from this run surfaced, they were found both as individual notes from sheet replacements as well as in full straps of 100 notes, which implies that a portion of the run was used for note replacement. More peculiar still is that some straps from this run were found to contain sheet replacement notes from this same run! So many oddities defy explanation. Finally, of 159 data points recorded from this run, sheet numbers under 10,000 are absent. Given all of the other irregularities of this run, the fact that 10,000 sheets are probably non-existent isn’t surprising. Reports of the problem notes to the BEP and/or discoveries of the problems at the BEP likely resulted in the BEP destroying any unused portion of the run, reducing the actual run size to 10,000 sheets (or fewer). $1 2009 A*1 – A00000001* to A00640000* The published run size was 20,000 sheets, and the excess rate of 16.3 sheets per 10,000-sheet stack is extreme and suggests a problem. Of the 34 data points recorded from this run, sheet numbers under 10,000 are absent. More data is needed from notes in this run to determine if sheet numbers under 10,000 really are non-existent, making the actual run size just 10,000 sheets. $1 2009 B*2 – B03200001* to B038400000* The published run size was 20,000 sheets, and the excess rate of 7.4 sheets per 10,000-sheet stack is high. Of the 21 data points recorded from this run, sheet numbers under 10,000 are absent. More data is needed from notes in this run to determine if sheet numbers under 10,000 really are non-existent, making the actual run size just 10,000 sheets. Paper Money * May/June 2017 * Whole No. 309 231 For denominations of $5 through $100 produced at the ECF, more data is needed from notes from most sheet-replacement star runs before speculation can be made as to why the excess rate of some of those runs is high. Refer to Table 1 for a list of those runs that have high excess rates. Some of those runs warrant further comment despite the need for more data. $5 1999 DG*2 – DG03200001* to DG03520000* Published run size: 10,000 sheets; Excess rate: 13.1 sheets per 10,000-sheet stack. Comments: Very high excess rate. The ECF produced $5 notes through July 2005, and then all $5 production was done at the WCF for the next eight years. Probably only about one-third of DG*2 had been used as sheet replacements at the time that the ECF ceased production of $5s. According to internal BEP documentation, at least 5,185 of the remaining sheets were purchased by a company called Universal Syndications, which resold the sheets to the public. (See also $10 2003 DA*1 and $20 2004A GA*1.) $10 2003 DA*1 – DA00000001* to DA00416000* $20 2004A GA*1 – GA00000001* to GA00384000* Comments: The published run sizes of $10 2003 DA*1 and $20 2004A GA*1 were 13,000 sheets and 12,000 sheets, respectively. An excess rate cannot be calculated for either, however, because neither run was used to replace sheets from regular runs. The ECF produced regular runs of $10 notes through September 2005, and save for DA*1, all $10 production has been done at the WCF since then. The final $10 sheet-replacement star run at the ECF (DK*1) appeared in the August 2005 monthly production report but may never have been needed as no notes from that run are known to exist. That makes it all the more curious as to why DA*1 was produced three months later in November 2005. Meanwhile, the appearance of $20 GA*1 in the November 2005 monthly production report is peculiar because a new $20 sheet-replacement star run (EA*4) comprising 18,000 sheets had appeared in the prior monthly production report. Not enough production of regular notes in between would have necessitated a new sheet-replacement star run so soon. It turns out that both $10 DA*1 and $20 GA*1 owe their existence to the fulfillment of a large purchase order of uncut sheets made in fall 2005 by a company called Universal Syndications. Over the course of the next twelve months, that company purchased from the BEP uncut sheets in every denomination from $1 to $50 and worth a total face value of $16.5 million. The request from Universal was so large that it far exceeded the BEP’s inventory of public sales sheets. As a result, in November 2005 the BEP began special production runs to fill this extraordinary request. The Series 2003 $10 DA*1 and Series 2004A $20 GA*1 runs were among those special production runs. Although they were both designated as sheet-replacement star runs in the BEP monthly production reports, according to Mr. Kevin Brown, marketing manager at the BEP, neither run was used for replacements in regular production runs and were only made available through public sales. In that twelve-month period, Universal purchased 12,000 16-subject sheets from the $10 DA*1 run – nearly half of the entire run – for resale to the public, plus a couple of hundred $10 sheets from each of Series 1995 F*1 and Series 2004A GB*1. Of $20 sheets, Universal purchased 8,450 16-subject sheets from the $20 GA*1 run plus the equivalent of 3,229 16-subject $20 sheets from the Series 1996 AL*3 run. Remaining sheets from the $10 DA*1 and $20 GA*1 runs that Universal did not purchase were sold to the public by the BEP. $50 1990 G*1a – G00000001* to G03200000* Published run size: 32,000 sheets; Excess rate: 14.1 sheets per 10,000-sheet stack. Comments: Extreme excess rate. This run was listed in the March 1992 BEP monthly production report, the first report to distinguish sheet-replacement star runs from note-replacement star runs. The report identified this run as comprising 32,000 sheets plus 8,000 notes, ostensibly meaning 32,000 sheets for a sheet- replacement star run and 8,000 sheets for a note-replacement star run. A run size of 32,000 sheets for a sheet-replacement star run is unusually large, and at that time in particular, sheet-replacement star run sizes for the two largest denominations ($50 and $100) were more commonly 4,000 and 8,000 sheets. It may be that the production report reversed the two figures by mistake and that 32,000 sheets were designated for note replacement while 8,000 sheets were designated for sheet replacement. In that scenario, the excess rate using a run size of 8,000 sheets calculates to 1.9 sheets per 10,000-sheet stack, a figure that is more in line with typical excess rates. Paper Money * May/June 2017 * Whole No. 309 232 $50 2001 CB*1 – CB00000001* to CB00320000* Published run size: 10,000 sheets; Excess rate: 11.4 sheets per 10,000-sheet stack. Comments: Very high excess rate. The ECF produced $50 notes through February 2004, and all $50 production has been done at the WCF since then. Probably less than one-third of CB*1 had been used as sheet replacements at the time that the ECF ceased production of $50s, and the BEP likely discarded the remaining unused portion of this sheet-replacement star run. Through 2013, the ECF produced six sheet-replacement star runs of the redesigned colorized $100 note, three for Series 2009 and three for Series 2009A, and the excess rate of all six is extreme. I suspect that unlike the high excess rates for many of the $1 sheet-replacement star runs being attributable to discarded portions of the runs, the high excess rates of the colorized $100 sheet-replacement star runs are probably attributable mostly to the high spoilage rate of regular note production. Data recorded from notes from these runs will reveal if that guess is correct. WCF SHEET-REPLACEMENT STAR RUN DISCREPANCIES $1 1993 K*2 – K03200001* to K06400000* This run is notable not because there is a discrepancy between its published run size and its actual run size based on data from observed notes, but rather because there is no discrepancy – its extremely large published run size appears to be accurate. The published run size was 100,000 sheets, and the excess rate of 2.1 sheets per 10,000-sheet stack is neither high nor low. Up until December 1990, BEP monthly production reports identified the total number of notes produced for a star run, but the reports did not explicitly identify star runs as either sheet-replacement or note-replacement. Beginning in January 1991, the figure used in the reports was changed from the total number of notes produced to the number of sheets used in the run. Then beginning in March 1992, the production reports were further refined to distinguish the portion of a run that was designated for note replacement from the quantity of star sheets that were produced for sheet replacement. During the fourteen months in between, though, the reports listing the number of sheets in the run created ambiguity as to whether the star run was for sheet replacement, for note replacement, or both. In cases involving star runs comprising 100,000 sheets, the estimated excess rate is extremely high in nearly every instance. Further, the appearance of a new sheet- replacement star run well before the 100,000-sheet star run would have been exhausted leads to the conclusion that most of those runs had to have been used either exclusively or primarily for note replacement. The one exception is Series 1993 $1 K*2. Not only is its excess rate “just right,” another three-and-a-half years of continuous regular note production went by before the next sheet-replacement star run appeared in the monthly production reports. Had K*2 not been produced for sheet replacement, several sheet-replacement star runs would have been needed during that time. Further, the quantity of regular notes produced in that time would have supported a sheet-replacement star run of 100,000 notes. Supporting this observation also is that data recorded from notes in this run show many pairs of consecutive notes. This is significant because sheet-replacement stars are frequently found in pairs due to the regular replacement of pairs of reader sheets. No sets of three or more consecutive notes appear in the data, which is not to say that that couldn’t happen. But multiple consecutive star notes are more typically seen in note-replacement star runs since those stars are disbursed in 100-note straps. $1 1995 K*2 – K03200001* to K03360000* The published run size was unusually small at 5,000 sheets, and the excess rate of 0.3 sheets per 10,000-sheet stack is unrealistically low. Of 14 data points recorded from this run so far, all serials fall within the published range, and no obvious gaps in the sheet numbers are present, so that small amount of data doesn’t indicate any discrepancies with the published run size. The extremely low excess rate instead could be attributable more to the coarseness of the monthly production reports. For example, if this run was produced at the end of the month Paper Money * May/June 2017 * Whole No. 309 233 rather than at the beginning, the 38 regular runs that were produced in that same month would have been associated with the previous sheet-replacement star run, and the calculated excess rate for K*2 would become a more realistic value of 1.6 sheets per 10,000-sheet stack. $1 2009 B*1 – B00000001* to B01280000* The published run size was 40,000 sheets, which is out of the ordinary; except for 1993 K*2 and 1995 K*2, the WCF always used 20,000 sheets for its $1 sheet-replacement star runs. Additionally, the excess rate of 8.2 sheets per 10,000-sheet stack is high and suggests a problem. Of the 35 data points recorded from this run, sheet numbers under 20,000 are absent. More data is needed from notes in this run to determine if sheet numbers under 20,000 really are non-existent, making the actual run size the usual 20,000 sheets. $1 2009 K*1 – K00000001* to K00640000* The published run size was 20,000 sheets, and the excess rate of 23.5 sheets per 10,000-sheet stack is beyond extreme – the highest, in fact, for any $1 sheet-replacement star run produced at the WCF. Not enough data has been recorded from this run to ascertain whether any sheet numbers are missing, but barring any out-of-the-ordinary action by the BEP, the data will almost certainly show gaps eventually. That’s because this was the final sheet-replacement run for 32-subject $1 note production, and probably only 3,000 to 3,500 sheets from the run had been used by the time all $1 note production switched over to 50-subject sheets. If the BEP does not issue the unused sheets from this run as full straps, this run could turn out to be the scarcest of any sheet-replacement star run produced at the WCF. $1 2009 L*1 – L00000001* to L00640000* The published run size was 20,000 sheets, and the excess rate of 7.8 sheets per 10,000-sheet stack is high and suggests a problem. The 21 data points recorded from this run do not show any obvious missing sheet numbers. However, missing from the data are any notes from plate positions in the left half of the run. More data is needed to determine if notes from quadrants 1 and 2 really are non-existent, making the actual run size just 10,000 sheets. $2 2003 I*2 – I03200001* to I0384000* The published run size was 20,000 sheets, and the excess rate of 36.4 sheets per 10,000-sheet stack is beyond extreme. The most probable reason is that the BEP simply does not produce enough $2 notes to need that large of a sheet-replacement star run. Only 19 regular runs plus 1 standard-sized note- replacement star run of Series 2003 $2 notes were produced. And even when production of Series 2003A $2 notes began three years later, there should have been ample quantities of sheets from I*2 remaining to be used as replacements for the entire production of Series 2003A and beyond. But a small sheet- replacement star run of Series 2003A $2 notes appeared in the production reports midway through that series, suggesting the remainder of I*2 had been destroyed before being exhausted. More data is needed from notes in this run to determine the actual run size. $2 2003A F*1 – F00000001* to F00320000* The published run size was 10,000 sheets, and the excess rate of 15.1 sheets per 10,000-sheet stack is extreme and suggests a problem. One of the major contributing factors in this case is the same as that of Series 1995 and Series 2003 $2s, namely a sheet- replacement star run of that size is too large for the limited number of regular runs of $2 notes that the BEP produces. Of 70 data points Paper Money * May/June 2017 * Whole No. 309 234 recorded from notes in this run, gaps appear in several sheet ranges of the run (sheet numbers under 2,000, between 4,000 and 5,000, and between 6,000 and 8,000 are absent), indicating that the actual run size is likely fewer than 5,000 sheets and probably is closer to about 3,000 sheets. A run size of 3,000 sheets would result in a more typical excess rate of 3.1 sheets per 10,000-sheet stack. $2 2009 B*1 – 00000001* to 00128000* The published run size was 4,000 sheets, but since the run was still being used in 2014, it is not possible to calculate its excess rate yet. However, portions of the run may eventually prove to be non- existent; of 61 data points recorded from notes in this run, sheet numbers between 1,000 and 2,000 are absent. More data is needed from notes in this run to determine the actual run size. For denominations of $5 through $100 produced at the WCF, more data is needed from notes from most sheet-replacement star runs before speculation can be made as to why the excess rate of some of those runs is high. Refer to Table 1 for a list of those runs that have high excess rates. Some of those runs warrant further comment despite the need for more data. $20 1996 AG*3 – AG06400001* to AG09600000* Published run size: 100,000 sheets; Excess rate: 16.7 sheets per 10,000-sheet stack. Comments: Extreme excess rate. The published run size is extreme for a sheet-replacement star run, but this could be a case similar to AL*1a where the run size was in fact 100,000 sheets but that only a portion, say 20,000 sheets, was designated for sheet replacement while the remainder was designated for note replacement. $20 1999 BG*3 – BG06400001* to BG07040000* Published run size: 20,000 sheets; Excess rate: 0.9 sheets per 10,000-sheet stack. Comments: Very low excess rate. Unlike most of the other star runs whose excess rate is high, BG*3 is one of a few runs whose excess rate is notably low. Some $1 sheet-replacement star runs produced at the WCF have very low excess rates, but because the overall excess rate of sheet-replacement star runs at the WCF is generally lower than at the ECF to begin with, most of the cases of low excess rates at the WCF are not outliers comparatively speaking. The very low excess rate for $20 BG*3 is suspect, however, because significant production of regular notes continued after BG*3 should have been exhausted. In order to figure out what happened with BG*3, it is necessary to look at the larger picture of $20 note production at the WCF. There were two significant gaps in $20 note production at the WCF in 2001 and 2002. The first period in which no $20 notes were produced there was from March 2001 through September 2001. Then in October 2001, BG*3 appeared by itself as a sheet-replacement star run, the first since AL*3. The excess rate for AL*3 indicates that star run would have been close to being exhausted when BG*3 appeared. Coupled with the knowledge that a good amount of AL*3 was later made available for public sales (see $10 2003 DA*1 and $20 2004A GA*1), the appearance of BG*3 suggests that the BEP was preparing for a new production round and that BG*3 would be used right away. Indeed, AL*3 would not have had sufficient quantities remaining for the two months of production that followed the appearance of BG*3. A second, even longer production gap lasted from November 2001 through August 2002, after which production of Series 2001 began. Presuming that BG*3 had been in use since October 2001, that run would have been exhausted by approximately March 2003. Production of $20 notes continued, though, and 76 more regular runs of 200,000 sheets plus one note-replacement star run of 100,000 sheets were produced from April 2003 through June 2003. For that level of production, there had to be another sheet-replacement star run, but none ever appeared in the production reports. The note-replacement star run that appeared in the April 2003 production report was Series 2001 CG*1 and was published as a standard-sized (100,000-sheet) run. Given that CG*1 appeared right about the time when a new sheet-replacement star run would have been expected, perhaps CG*1 was actually the missing sheet-replacement star run even though its reported run size was entirely too large for that run type. Searching for notes from CG*1 to see what the data from that run might reveal proved to be surprisingly difficult. Of the just seven notes from that run that I was able to locate, all seven examples have sheet numbers limited to the 60,000 to 80,000 range. The fact that it was not easy to find notes from a run purported to comprise 100,000 sheets combined with the observation that the sheet numbers of the seven notes found so far are restricted to a 20,000-sheet range raises the possibility that CG*1 may have Paper Money * May/June 2017 * Whole No. 309 235 actually been a sheet-replacement star run comprising 20,000 sheets rather than a note-replacement star run comprising 100,000 sheets. Much more data from this run is needed to determine which is correct, and reports of notes from CG*1 would be greatly appreciated. $50 2004 EG*3 – EG06400001* to EG07040000* Published run size: 20,000 sheets; Excess rate: 7.1 sheets per 10,000-sheet stack. Comments: High excess rate. A portion of this run was made available for public sales. Of the 15 data points recorded from this run, sheet numbers under 10,000 are absent, and the right half of the run (quadrants 3 and 4) appears to have been serialed using half-sheets from the left half of the run (quadrants 1 and 2) by mistake. The WCF first started producing $100 notes in 2007. Most of the $100 production there has been for the redesigned colorized $100 note, and the excess rate of nearly every sheet-replacement star run printed through 2014 is high to extreme. Like the colorized $100 notes produced at the ECF, I’m guessing these high rates are attributable largely to the high spoilage rate of regular note production rather than to portions of the sheet-replacement star runs being discarded. NOTE-REPLACEMENT STAR RUN DISCREPANCIES The concept of the excess rate does not apply to note-replacement star runs because unlike sheet- replacement star runs, there is no routine replacement of straps using note-replacement star straps. Assessment of the relative scarcity of a note-replacement star run can still be made, though, by taking into account the published run size and examining data from observed notes in the run. A much larger dataset will generally be needed for most note-replacement star runs due to their typically larger published run size. As with sheet-replacement star runs, the dataset must be randomly mixed and well distributed throughout its reported population. Under those conditions, if the dataset contains noticeable gaps of missing sheets or if there is an absence of notes from one or more quadrants, that may be an indication that portions of the note-replacement star run were discarded before use, effectively reducing the run size. Table 3 lists several note-replacement star runs in which portions of the run may not exist based on the examination of serial data from those runs. Scans of notes from those runs would be welcome to help confirm the existence of those presently missing portions. A FINAL COMMENT: THE INTRODUCTION OF LEPE IN 2012 In preparation for the transition from 32-subject sheets to 50-subject sheets, the BEP in fall 2012 implemented a new system for overprinting serial numbers on currency sheets, starting with the $1 denomination. Different quality inspection capabilities with the Large Examining and Printing Equipment, or LEPE, system have rendered unnecessary the routine replacement of reader sheets. Hence, the formula for calculating the excess rate of a sheet-replacement star run serialed using COPE is not applicable to runs serialed using LEPE since the concept of the excess rate does not exist for sheet-replacement star runs printed using LEPE. For collectors, an interesting byproduct of the new system is that for the first time in some 20+ years, $1 notes with serials ending in 0000 and 9999 are turning up regularly in circulation. The first sheet-replacement star run produced with LEPE, Series 2009 $1 H*1, comprised 10,000 sheets and was produced in October 2012. (One other 32-subject sheet- replacement star run (Series 2009 $1 B*5) and two 32-subject note-replacement star runs (Series 2009 $1 J*1 and J*2) were produced with LEPE before $1 note production switched entirely to 50-subject sheets in November 2014.) According to internal BEP records, H*1 was finally exhausted in early June 2014 after having been used to replace sheets in 275 runs of regular blocks (200,000 sheets per run) and 2 partial runs of note-replacement stars (20,000 sheets each). Assuming that H*1 was used in its entirety, its 10,000 sheets would have been used as replacements in 5,504 10,000-sheet stacks, for an average sheet Image courtesy of Jim Futrell Paper Money * May/June 2017 * Whole No. 309 236 replacement rate of about 1.8 sheets per 10,000-sheet stack. That rate is comparable to the excess rates with COPE. Although just a single data point, if H*1 were representative of all sheet-replacement star runs using LEPE, it would mean that half as many sheet-replacement star runs would be needed with LEPE than with COPE since half of the star run is not used for the routine replacement of reader sheets. This suggests that in the future, sheet-replacement star runs could be produced half as often as they are with COPE or else in smaller run sizes. ACKNOWLEDGEMENTS This large-scale analysis of star note production necessitates a substantial quantity of data recorded from observed notes. I thank everyone who contributed to the 27,000+ note dataset, especially Karol Winograd, Greg McNeal, Derek Moffitt, Ron Baker, Bob Kvederas and Dean Davis. I am grateful to everyone who took the time to respond to my many inquiries in the course of conducting this research, including Kevin Brown, Jim Hodgson, Bob Kvederas, Greg Muselli and Robert Vandevender. And I am appreciative most of all to Derek Moffitt for his critical eye in reviewing this text, asking thought-provoking questions and offering astute advice. SOURCES “FRN deterrents recommended.” Bank Note Reporter Apr 1994 (vol. 22, no. 4): 16. “BEP provides long-awaited answers.” Coin World 15 Aug 1994 (vol. 35, issue 1792): 10, 12. “Seeks web-fed information.” Coin World 29 Mar 1993 (vol. 34, issue 1720): 27. “Mysteries of Series 1995 $1 B-Star Notes.” Paper Money Jan/Feb 2010 (vol. XLIX, no. 1): 43-52. Kvederas, Bob Jr., & Bob Kvederas Sr. The Standard Handbook of $1 Web-Fed Test Notes – 1988A, 1993, 1995. 2nd ed. 2004. TABLES Table 1 – Estimated excess rates for sheet-replacement star runs, 1991 to 2014 Paper Money * May/June 2017 * Whole No. 309 237 Paper Money * May/June 2017 * Whole No. 309 238 Table 2a – Star runs that were never listed in monthly production reports and also have not been found in circulation Paper Money * May/June 2017 * Whole No. 309 239 Table 2b – Star runs that were never listed in monthly production reports but have been found in circulation Paper Money * May/June 2017 * Whole No. 309 240 Table 2c – Star runs that were listed in monthly production reports but have not been found in circulation Paper Money * May/June 2017 * Whole No. 309 241 Table 3 – Note-replacement star runs in which portions of the run may not exist Image courtesy of Greg Muselli Paper Money * May/June 2017 * Whole No. 309 242 | 877-PMG-5570 United States | Switzerland | Germany | Hong Kong | China | South Korea | Singapore | Taiwan | Japan THE CHOICE IS CLEAR Introducing the New PMG Holder PMG’s new holder provides museum-quality display, crystal-clear optics and long-term preservation. Enhance the eye appeal of your notes with the superior clarity of the PMG holder, and enjoy peace of mind knowing that your priceless rarities have the best protection. Learn more at 16-CCGPA-2889_PMG_Ad_NewHolder_PaperMoney_JulyAug2016.indd 1 5/27/16 8:12 AM What Became of Series 1988A Web Star Notes? A New Explanation by Joe Farrenkopf The third run of Series 1988A $1 Atlanta star notes (F*3) is an oddity among sheet-replacement star runs. It was the only star run produced using web-fed stock, and its excess rate of 6.5 sheets per 10,000- sheet stack is somewhat high and is indicative of a problem. Although the published run size was 20,000 sheets – a typical quantity for the time – data recorded from observed notes strongly suggest that notes from no more than 5,000 sheets were released into circulation. According to Mr. Bob Kvederas, author of The Standard Handbook of $1 Web-Fed Test Notes: “This was prior to BEP personnel realizing that the replacement notes had been printed on Web Press Test Note stock. As these notes first surfaced, quick-witted collectors sent letters to the BEP asking if replacement star notes had been produced on Web Press Test Note stock. The BEP officially denied printing any.” Specifically, the BEP’s July 29, 1994 response letter to Mr. Kvederas stated: “We apologize for the delay in responding to your letter dated March 31, 1994. Your inquiry concerned the existence of star notes printed on the web-fed currency press. I consulted with experts here at the Bureau and was told that, at this time, no web-fed notes have been overprinted as star notes. Sheet-fed star notes replace web-notes when necessary.” The BEP’s response to Mr. Kvederas’s inquiry is perplexing because Mr. Kvederas and other collectors had notes from F*3 in hand. Indeed, notes from F*3 had been known for more than a year before the BEP’s response letter to Mr. Kvederas. One of the earliest researchers of web notes, Mr. Robert Vandevender, reports having found circulated F*3 notes in the April to June 1993 timeframe and that CU F*3 notes were available for sale at the International Paper Money Show in Memphis in June 1993. In his book, Mr. Kvederas goes on to say: “Once the BEP realized that in fact they had overprinted Web Press Test Note stock, an investigation probably ensued. Any Web Press star notes still at the BEP would then have been destroyed. This rumor has been circulating for years and never been officially explained by BEP personnel.” One wonders whether the apparent contradiction between the BEP’s response letter to Mr. Kvederas and the presence of F*3 notes in circulation might be attributable to a misunderstanding or miscommunication between personnel at the BEP. The modifying phrase “at this time” in the second sentence of the response letter is especially curious, for if star notes had never been printed using web-fed stock, that phrase would have been unnecessary. The presence of that phrase suggests otherwise. According to monthly production reports, the last Series 1988A web notes were serialed in October 1993. The first Series 1993 web notes were not serialed until May 1995. Meanwhile, two significant articles Paper Money * May/June 2017 * Whole No. 309 244 about the web-fed press appeared in the August 15, 1994 issue of Coin World magazine. One of those articles stated that the web-fed press was not [then] in production and had last been used on May 17 [1994].1 The communication between Mr. Kvederas and the BEP occurred in the middle of the period when web note production had been halted for what was then an unknown length of time. Perhaps the letter from the BEP was not so much a denial, per se, but instead was a reflection of what was happening at the BEP at that particular moment in time. That is to say, maybe the BEP’s letter was acknowledging that no web-fed star notes had been printed recently (say, between March and July 1994, which we know now to be true) and that web note production (were it to resume in the future) would use sheet-fed stars as replacements (because unbeknownst to us, the BEP had by that time already destroyed any remaining web star sheets and had also made a decision not to produce any more web stars). In support of that conjecture, I’ll offer another explanation as to why the bulk of F*3 may have been destroyed before being issued into circulation. This new idea takes into account the excess rate for F*3. It is difficult to come up with a satisfactory explanation as to how the published run size, the apparent run size and the excess rate for this run all mesh together. The sheet range of some 79 data points recorded from this run spans fewer than 4,600 sheets – less than a quarter of the published run size – and no significant gaps appear in that range. Had F*3 been used for sheet replacement from the time of its production in June 1992 until the BEP discontinued its use prematurely when the next sheet-replacement star run (E*1a) was serialed in September 1992, F*3 would have been used to replace sheets in as few as 84.5 and possibly as many as 116.5 runs. The problem is that the now-known figure of 4,600 star sheets would not have been enough to replace just the reader sheets in 116.5 runs, let alone have any remaining star sheets left to replace the defective sheets in those runs. And if F*3 was used in the minimum of 84.5 runs, there would have been enough star sheets to replace reader sheets, but the supply of star sheets remaining to replace additional defective sheets in those runs would have been insufficient. In order to replace 4,600 sheets, the run size of F*3 would have to have been closer to 10,000 sheets, give or take. Yet had 10,000 star sheets been used and only 4,600 managed to enter circulation, it means the remaining 5,400 would have to have been destroyed after having been inserted into 16-subject-sheet stacks of serialed sheets and then cut and packaged into individual straps. Entire runs from the period would be non-existent had that occurred, but data recorded from several thousand notes document the existence of nearly every run serialed at that time. Furthermore, Coin World published a letter from Mr. Vandevender in its March 29, 1993 edition in which he sought information from other collectors about web notes that they had found in circulation. What is significant about Mr. Vandevender’s letter and its publication date is that the letter explicitly stated that no web-fed star notes had been found. This is curious for two reasons. First, had F*3 been used in the BEP’s usual manner as any other sheet-replacement star run, its final use of the (now known) 4,600 sheets would have been about the same time that E*1a was serialed in September 1992. One would expect that at least some notes from F*3 would have turned up in circulation by the following March if all 4,600 sheets had been interspersed in anywhere from 84.5 to 116.5 regular runs produced the previous summer. That they were still unknown some six to nine months after their presumed use leads directly to the second curiosity, namely, that the apparent discontinued use of F*3 in September 1992 occurred long before web stars were found in circulation. If true, then it means that the BEP did not halt usage of F*3 as a result of receiving inquiries from collectors. Why, then – and when – did the BEP stop using web star sheets? It seems that another approach is needed to explain the published run size, the apparent run size and the excess rate for F*3. As a possible way to explain the incongruity between those three parameters, consider that the BEP may have handled F*3 differently than ordinary sheet-replacement star notes. Web notes were, after all, experimental in nature. In particular, whereas Mr. Kvederas posited the idea that the serialing of star notes on web-fed stock was either accidental or unintentional, I suspect just the opposite is true, namely that their production was in fact purposeful and that the BEP restricted the use of F*3 to replacement of sheets in web runs only. If true, then it would mean that the use of web star sheets was carefully controlled, in which case F*3 was neither accidental nor unintentional. It also means that instead of being halted in late summer 1992, use of F*3 could have continued for more than a year after it was produced given that web note production was sporadic and occurred into late 1993. Speculating that F*3 was used only in web runs resolves three problematic observations: Paper Money * May/June 2017 * Whole No. 309 245 1) No notes from F*3 had been found (by collectors actively searching for web notes) in circulation some six to nine months after the monthly production reports indicated that (at least 4,600 sheets) would have been used. When collectors finally began finding notes from F*3 in spring 1993, just 16 web runs had been serialed – a fraction of the 84.5 to 116.5 regular runs that were serialed during summer 1992. Instead of entering circulation en masse, notes from F*3 would have been entering circulation at a comparative trickle, hence their slowness to be found by collectors. 2) The excess rate of 6.5 star sheets per 10,000 sheets relies on the assumption that F*3 was used for replacement in 116.5 runs serialed in summer 1992. Yet for that excess rate to be reasonable, the run size of F*3 would have to have been more than double the number of sheets actually observed. Limiting use of F*3 to web runs exclusively requires a recalculation of the excess rate, because only 7 web runs were serialed in summer 1992. Exactly how many web runs F*3 may have been used in is unclear; just 29 more Series 1988A web runs were serialed after September 1992, and Series 1993 and Series 1995 account for only 12 additional web runs. Mr. Kvederas received reports of non-web replacement star notes in new straps of Series 1988A web notes. Meanwhile, Mr. James Hodgson, another early researcher of web notes, reports finding F*3 notes in new straps of Series 1988A web notes from the F-L (serialed July 1992), A-G (serialed June 1993) and G-Q (serialed August 1993) blocks, but only non-web replacement star notes in new straps of Series 1993 web notes from the C-A (serialed June 1995) block. If F*3 was used only in Series 1988A web runs before the remainder of the run was destroyed – which seems possible given the observations of early web note researchers plus the BEP’s response to Mr. Kvederas’s inquiry – the maximum number of runs F*3 would have been used in is 36. The number of 10,000-sheet stacks from those 36 web runs along with the apparent run size of 4,600 sheets results in an excess rate of 4.3 sheets per 10,000-sheet stack. That figure is still elevated, and would be higher still if F*3 was used in fewer than 36 web runs. The elevated recalculated excess rate is likely attributable to the greater spoilage rate of sheets produced using the experimental web press technology2. And now, in this scenario, subtracting the number of web star sheets used to replace reader sheets from the apparent run size leaves a sufficient quantity of web star sheets to replace additional defective web sheets, which wasn’t the case with the original assumption of how F*3 was used. 3) The excess rate of Series 1988A B*3, the sheet-replacement star run that immediately preceded F*3, is unexplainably high even after adjusting for the apparently erroneous published run size. Shifting F*3 to web runs exclusively means another sheet-replacement star run would have to have been available for the 113.5 non-web runs produced in summer 1992. It happens that B*3 would have had sufficient quantity remaining to be used until the point that the next sheet-replacement star run (E*1a) was produced in September 1992. The recalculation of the excess rate for B*3 following that adjustment results in a “just right” value of 2.2 sheets per 10,000 sheets. Given the various observations presented here and taking into account the excess rate for F*3, it seems probable that use of F*3 was likely different than other sheet-replacement star runs and was limited to web runs exclusively. If correct, the reason why the BEP destroyed much of the run is probably rather simple: not enough regular web runs were produced to use up a sheet-replacement star run of 20,000 sheets. While the BEP could not have known how short-lived the web-fed press would be at the time that F*3 was produced, ultimately a run of 5,000 sheets would have sufficed. It appears that at some point in 1994 when the future of the web-fed press was in question, the BEP decided to destroy the approximate 15,000 unused sheets from F*3 rather than keep them in stock for use in any web runs that might be produced in the future. (It turns out that there would have been a sufficient quantity of the run remaining to be used in all of the Series 1993 and Series 1995 web runs.) In an attempt to substantiate this hypothesis, I sent a letter of inquiry to the BEP in hopes of obtaining documents that would reveal what became of F*3. Alas, the response from the BEP stated that no records responsive to my request could be located. And so the mystery and intrigue of F*3 remain. 1In a report to Congress on March 4, 1994, BEP Director Peter Daly reported that the second module in the web-fed press – an automated on-line inspection system – had been delivered the previous year and was [presently] undergoing a series of test trials. But as no more Series 1988A web notes were serialed after October 1993, it is not known what became of sheets that were printed on the web-fed press during the seven-month period from November 1993 to May 1994. 2As of May 1994, the spoilage rate for the web-fed press when producing notes for circulation averaged 28 percent. By comparison, the FY94 standard for sheet-fed spoilage was 6 percent. Paper Money * May/June 2017 * Whole No. 309 246 The Fantastic Life of $20 Back Plate 204 By Jamie Yakes As a master electrolytic basso Bureau of Engraving and Printing (BEP) personnel utilized $20 back plate 204 as the source of most $20 back plates with plate serials between 206 and 489. When finished in 1944 as a production plate (Fig.1), they used 204 for the next two years to produce a plethora of mules on 1934-series $20 Federal Reserve Notes. Its history parallels that of other late-finished small- size plates.1,2 The life of 204 began when the BEP started making new-gauge plates in 1934. These plates had wider vertical margins between subjects and would replace the old-gauge plates then in use with narrower gutters that caused excessive sheet spoilage. The first $20 backs of the new type were plates 203, 204, and 205, all made in late 1934. Plate 203 was the new-gauge steel master that plate makers used to prepare two electrolytic altos in December, respectively assigned serials 204 and 205. They finished 203 and 205 as production plates in January 1935, and made 204 the master basso from which they produced 20 altos from March 1935 until October 1942. Twenty-dollar backs 206 and 207 were the first plates directly sourced from 204, on July 11, 1935. The last were serials 488 and 489 on November 12, 1943. Until 1939, platemakers had alternated altos made from 203 and 204 for making $20 backs; that August, beginning with back 349, they used altos sourced solely from 204. Platemakers ceased using 204 as a master basso in February 1944, when they began using plate 3480 (serial 490, never certified) as the new electrolytic master basso on February 10. They finished plate 204 as a production plate and certified it on March 18, 1944, with the 204s etched into each subject in the macro numerals common in 1944. Pressmen logged it to the pressroom for nine rotations from April 4, 1944 to October 2, 1946, and canceled it October 3. Back 204 notes are possible for most kinds of Series of 1934, 1934A, and 1934B $20 Federal Reserve notes, except three: 1934 New York and Chicago, and 1934A Minneapolis, because use of those faces had ceased before 204 went to press. Series of 1934 and 1934A San Francisco 204 sheets received green-seal and Hawaiian brown-seal overprints. Star notes are possible for all kinds that had regular serial numbers printed (Fig. 2). Figure 1. Proof of $20 back 204 lifted when the plate was certified in 1944. The “CI” at top denotes the plate was a chromed (C) electrolytic iron (I) plate. (Courtesy of National Numismatic Collection). Paper Money * May/June 2017 * Whole No. 309 247 Although unreported, Series of 1934C 204 notes may yet be an undiscovered variety. New York 1934C faces were first sent to press October 9, 1944, just a week after 204 was permanently dropped from service. It is plausible that 204 sheet stocks were still available and possibly overprinted with those faces. BEP personnel severed all ties to back 204 when they dropped from press the last plate traceable to it, serial 489, on August 6, 1948. A few months earlier, the BEP had revamped the White House vignette and platemakers began producing new steel master plates of the new design. By July, they were producing $20 backs sourced from those master plates, and pressmen were loading them onto the printing presses. Backs with the older-style White House—serials 586 and lower—were considered obsolete and never used again. Acknowledgment The Professional Currency Dealers Association supported this research. 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. Yakes, Jamie. “The Extraordinary First Ten Years of Micro Back 637.” Paper Money 55, no. 3 (2016, May/Jun): 212-215. Sources of Data U. S. Treasury. Bureau of Engraving and Printing. Ledgers Pertaining to Plates, Rolls, and Dies, 1870s-1960s. Volumes 44, 139, and 147. Record Group 318: Records of the Bureau of Engraving and Printing. National Archives and Records Administration, College Park, Maryland. Figure 2. Scarce 1934 $20 Atlanta star note with back plate 204. (Courtesy of Robert Calderman.) Reward our Authors Vote for you favorite articles, column and books from 2016! Go to and sign in to vote! Paper Money * May/June 2017 * Whole No. 309 248 INTERESTING MINING NOTES by David E. Schenkman The Coal Mine Scrip of Caleb S. Malty Born on August 10, 1811 in New Haven, Connecticut, Caleb S. Maltby lived a long and prosperous life. Although he moved to Baltimore after completing his education, he maintained a residence in New Haven throughout his life. His first commercial venture in Maryland was as an oyster packer, in partnership with Daniel Holt. An article concerning the increasing oyster trade in the December 1, 1848 The Baltimore Sun newspaper reports that “Messrs. Holt & Maltby, at their establishment on the city block, alone put up in cans and kegs, upwards of a thousand gallons per day, designed for exportation to our own western country and to foreign ports. Besides these they send off great quantities barreled up in the shell, all through the great west.” The company had twenty-five employees, including five that were kept busy just making tin cans. The Kingston Coal Company was established by Maltby circa 1856. Work progressed at a slow pace, but by April, 1858 coal was being shipped via the Lackawanna and Bloomsburg Railway. Kingston Township in Luzerne County was the first listed location for the mine, but eventually the town where the miners’ homes were built was named Maltby. Maltby’s numerous advertisements in the Baltimore Sun newspaper proclaimed that he had the “best anthracite coal field in the state. The coal is brilliant, bright and beautiful in appearance, clear of all impurities, purely white ash, of remarkably dense texture, square fracture, and admirably adapted to manufacturing and domestic purposes.” Maltby’s mine was operated by William G. Chase, and his sales were managed by William McClymont & Company in Baltimore. Baltimore business directories from the mid-1870s to the mid-1880s list C. S. Maltby & Company as oyster and fruit packers, and manufacturers of shell lime, at the foot of West Falls Avenue. Also, in partnership with various other men (Maltby seems to have had a number of business associates over the years), wholesale grocers and commission merchants at West Falls Avenue and Block Street. And, he is listed as owner of the Maltby House, a hotel at 180-184 West Pratt Street which also served as Maltby’s residence. On June 15, 1882 it was reported that “the coal works of Caleb Maltby, of Maltby Station, were sold yesterday to the Lehigh Valley Co., and that work has been suspended there for a few days on account of the change.” Four years later the co-partnership between Maltby and two other men, which had operated under the name C. S. Maltby & Company in Baltimore, was dissolved. The business was continued by Maltby by himself, under the same name. Although he was nearly eighty years old in 1890, he was in the headlines of a newspaper article titled “The New Hotel Project. “ It was announced that Maltby would be heading up a syndicate planning to build a huge hotel at the corner of Broad and Market streets in Philadelphia. Evidently he already owned a hotel in that city. “Maltby Colliery of the Lehigh Valley destroyed” was the headline in the April 5, 1897 issue of the Wilkes Barre Record, which went on to report “the breaker was originally built by Caleb S. Maltby of Paper Money * May/June 2017 * Whole No. 309 249 New Haven, Conn., from whom the colliery derived its name. There were in those times no advanced means for controlling quicksand, which abounds in that vicinity and Mr. Maltby, could not operate the colliery and sold the breaker to the Lehigh Valley Coal Co.” Damage was estimated to be between $50,000 and $60,000. Maltby never knew this. He died three years earlier, on June 2, 1894, leaving an estate valued in the millions. He was buried at the Evergreen Cemetery in New Haven. I have found nothing to suggest that Malty issued any numismatic items for his various enterprises in Baltimore. However, he did issue a note for his mining company. It is listed as 212-1 and attributed to Malty Mines, the location shown on the note, in Richard T. Hoober’s Pennsylvania Obsolete Notes and Scrip, which was published by SPMC in 1985. Hoober gives the date on the note as 1890, but in fact it is 1870. Only the 10 denomination is listed and it is assigned an R5 rarity, but it seems to be much rarer than that. I haven’t seen other denominations, although it seems logical to assume that they were printed. Comments, questions, suggestions (even criticisms) concerning this column may be emailed to or mailed to P.O. Box 2866, La Plata, MD 20646.   Kansas City—Here We Come!!  (images courtesy of Heritage Auctions)  Paper Money * May/June 2017 * Whole No. 309 250 The Obsolete Corner Buffalo, New York's Benjamin Rathbun by Robert Gill I’ve have now been writing articles for my The Obsolete Corner column for about a year and a half. I hope our readers have recognized my passion for obsolete sheets. When a sheet comes on the market that I don’t have, I very seriously try within my means to acquire it. And within the last few months a really rare one came my way via a small, weekly internet auction. When casually looking at my pictured sheet, a person would assume, as I did, that it is simply a sheet of bank notes on The Commercial Bank that was located in Buffalo, New York. But after receiving it, I ran into the proverbial brick wall when trying to research it. When referring to James Haxby’s reference on Buffalo, New York’s Commercial Bank, the notes on the sheet were not listed. So I went to the one place that I thought I might get some information. I contacted my good friend Hugh Shull, who probably knows as much about Obsoletes as anyone. He immediately responded that he might have seen one of these sheets many years ago, and that these notes are not bank notes, but are actually private scrip. He pointed out to me that I had overlooked on each note there is only one signature line, instead of the two that are on a bank note; one for each the President and Cashier. He then led me to Gordon L. Harris’ New York State Scrip and Private Issues. And on page 28, there they were. The notes were prepared for Buffalo, New York’s Benjamin Rathbun. And what a history this man had! The person who had the greatest physical impact on 1830s Buffalo, New York, was Benjamin Rathbun who looked more like a clergyman than the master builder he was. Though he kept a low profile, never before or since has there been a builder in Buffalo who matched his empirical accomplishments. Most of Buffalo in the 1830s, in fact, could be said to have been Rathbun-built. He was known to Buffalonians as the "Municipal Napoleon". Ten percent of the population of Buffalo was on his payroll. In 1835 alone, he put up 99 buildings, 52 of them stores, and 33 dwellings. He built the first American Hotel on the west side of Main Street below Court Street, and in the same year, put up the United States on the Terrace. Rathbun built the jail and the four-story Webster Block that was located on Main and Perry Streets. The Darrow Block on Washington Street was also one of his many accomplishments. For Henry Sizer, he built a fine residence on the northwest corner of Niagara Square at Delaware Avenue, that years later became the headquarters of Spencer Kellogg & Sons. For the Unitarians, he built a church at the corner of Franklin and Eagle Streets. That building still stands today as the headquarters of the Abstract Title, the lone remaining monument to the otherwise long-gone Rathbun Empire. To support his seemingly endless building program, Rathbun operated stone quarries, brick plants, and machine shops. He had grocery stores and dry-goods establishments. He ran stagecoaches and horse-drawn omnibuses. He had his own private bank that issued bank notes over his signature. But Rathbun, caught up in the speculative excess that was rampant in the growing city, had moved too far, too fast. Not only did he borrow beyond his very substantial means, he borrowed on notes to which were forged the names of the most affluent Buffalonians. When the smoke of the scandal had cleared, and the extent of the skullduggery was sorted out, it was found that he had a total of $1.5 million in forged notes. Rathbun had not done the forging himself, but he was aware of it. His brother, Lyman, masterminded the forging and his nephew, Lyman Rathbun Howlett, was the master forger. Buffalonians, never dreaming that young Howlett was up to no good, knew him as a cute little fellow of 14 or 15 who rode a pony about the streets. Actually, he was so clever that he could execute a forgery under the very eyes of the bankers, and he was riding his pony on what turned out to have been his errands of mischief. By the time the Rathbun bubble burst, young Howlett and his Uncle Lyman were long gone. Benjamin Rathbun took the rap for all of them. While he was awaiting trial, he was incarcerated in the very jail he had built for Buffalo. Found guilty at a trial in Batavia, he was sent to Auburn Prison for five years. When he had served his time, Rathbun went into the hotel business in New York. Buffalonians still thought so highly of him that, to many of them, to stay at any hotel in New York, other than Rathbun's, was unthinkable. Paper Money * May/June 2017 * Whole No. 309 251 Rathbun's downfall caused tremors in Buffalo's financial community. And it was devastating to the 2,500 or so employees whose families counted on Rathbun paychecks for the bread on their tables. His shattering collapse in 1836 ended those paychecks, and gave Buffalo a head start on the financial panic that swept the country in 1837. Benjamin Rathbun eventually moved to Fort Washington, New York, where, on July 19, 1873, he died at the age of 83. So, there it is. What a history. And knowing the history behind why these old pieces of paper exist means as much to me as owning them. WOW. What a hobby! As I always do, I invite any comments to my cell phone number (580) 221-0898, or my personal email address Until next time... HAPPY COLLECTING. Paper Money * May/June 2017 * Whole No. 309 252 Chump Change Loren Gatch Looking Backward: 2061-1961 (with apologies to Edward Bellamy) Any discussion of the outlook for paper money collecting usually veers into a requiem for the hobby, which boils down to this cruel inevitability: Old guys are getting older and fewer in number, and on their deathbeds their spouses wonder if maybe it would have been more economical, after all, just to have let them take mistresses rather than accumulate expensive piles of Obsoletes, Nationals, and other weird bits of paper. But does it have to be this way? With the SPMC’s centennial a mere 44 years away, what might be the high notes of a retrospective on the previous century of collecting? Here’s what my future self might have written: On the occasion of the 85th annual International Paper Money Show and the centenary of our Society, it is my privilege to look back on the transformations that have made our hobby what it is today. Obviously, technological innovation drove many of these changes. Thanks to the invention of the Direct Cortical Interface, financed by Silicon Valley’s Peter Thiel, Neil Shafer was the first among many eminent paper money authorities to upload their consciousnesses into the Newman Numismatic Portal. By 2025, not only was the collective wisdom of the Society’s thereby preserved, but the activities of these researchers continued unabated. Joe Boling’s avatar still administers his ever-popular Summer Seminars on “Forgery of Quantum Optical Money” at the ANA headquarters in Colorado Springs which, thanks to the advance of global warming, possesses some of the finest beachfront property in the Mountain West. And who can forget the year 2031, when Peter Huntoon’s army of internet bots ferreted out from government archives the last possible knowable fact about Nationals? Fortunately the resulting existential crisis for our Society lasted only briefly, as we found other topics to publish about in our journal. From our perspective of 2061, it’s hard to imagine how seriously people took, at the turn of the century, the death of cash, and thus the demise of currency collecting. What worrywarts! In fact, those years ushered in a golden age of scripophily. Few foresaw that even cryptocurrencies might become a legitimate object of collector interest. In particular, after the impasse in 2019 over Bitcoin’s “hard fork”, producing a permanent divergence in the block chain, an entirely new subset of the hobby emerged, as enthusiasts pursued increasingly rare variants of that medium. Throughout these years, geopolitics has always mattered. Carlson Chambliss’s avatar has faithfully chronicled the various issues of marijuana-backed currency of the Second California Republic, as well as the holographic emissions of the Uighur Insurrectionary Government. The collapse of the Eurozone brought back many old favorites in new denominations and colors— including Scotland’s. Not to toot my own horn, but my own catalog of FEMA concentration camp scrip has recently appeared in its 5th edition, and now includes previously-unknown and extremely rare examples from the Third Trump Administration. In retrospect I’ve got to admit that there were moments when we all thought our hobby might die. When Chinese replicator technology became widely available by the 2040s, it seemed as if the very premise of collecting was in doubt. If any object could be potentially be reproduced without limit, then what would be the point of holding on to anything? Ironically, the very third-party grading services (TPGs) that we had so often maligned turned out to be our saviors. In particular, grading outfits like Oculus-PMG were crucial in reinvigorating the business model of collecting. As TPGs shifted from grading coins and currency to distinguishing real items from Chinese replicants, it became only logical to designate TPGs themselves as certified repositories of all authentic collectibles, granting access to their owners through proprietary holographic imagery. And from there it was only a short step to creating entirely new markets that allowed collectors to buy and sell fractional shares in the most coveted numismatic items. In 2061 we take this for granted, but you have to remember a darker and almost forgotten past when only the rich could afford to buy and enjoy genuine numismatic rarities. Markets in collectible shares not only democratized access, but also introduced a degree of liquidity that encouraged even further collector interest. True, once algorithmic traders became active in our markets, the ride was sometimes wild, especially during the 2532 crash in the share prices of Educational Deuces. My grandkids’ college fund still hasn’t recovered! All in all, it’s been a good century. As for my fellow avatars and facsimiles at SPMC, I look forward to seeing you all again at the IMPC on Jupiter’s Europa moon. Lyn Knight’s decision to relocate there from Kansas City is long overdue, and just getting there will be half the fun. As Benny Bolin always reminds us, Texting and Teleporting—it can wait! Paper Money * May/June 2017 * Whole No. 309 254 President’s Column May/June 2017 This  is my  last  of  twenty‐four  columns  I’ve  had  the  pleasure  and  honor  of  writing  for  Paper  Money magazine! Four years fly by and  it was Editor  Fred  Reed  who  asked  me  for  my  first  column.  Unfortunately,  Fred  experienced  health  issues  and  fortunately, we had Benny Bolin step up and carry the  ball  forward  wonderfully  with  an  award‐winning  magazine.  I hope  all of  you have  found  this  column  interesting and informative. I’ve tried to keep you up  to  date  with  the  Society  and  the  world  of  paper  money through the  lens of a president, collector and  dealer who also had a full‐time job during his tenure.   It  was  Judith  Murphy  and  Mark  Anderson  that pulled me onto the board in the mid‐00s. I was a  willing  traveler,  but  never  had  really  thought  about  board membership.  I was honored  to  join  the Board  of  the  Society  and  was  surrounded  by  long  time  veterans of the hobby, many of whom are still board  members and/or are active. I learned a lot about our  wonderful  hobby  as  well  as  learned  about  how  a  robust numismatic organization operates.   One of  the  first  things we needed  to  review  was the dues structure of the Society when I became  president.  While  we  were  still  strong  financially,  creeping  cost  increases  (printing  and  shipping  the  magazine  as  well  as  new  investments  in  online  properties) were  beginning  to  eat  into  our  financial  foundation.  Rather  than  let  it  incrementally  deteriorate  and  force  more  dramatic  action  later  (such as going from 6 to 4 magazines, reduced online  work,  etc.),  we  stepped  up,  did  the  analysis  and  concluded  that  a  raise  to  $39  for  standard  annual  paper magazine membership would be necessary for  the  long run. So, we did  it quickly and decisively and  that was  that. We  are  financially  sound  and  I  thank  Treasurer Bob Moon for keeping us in great shape!  Another major endeavor was a new web site.  Certainly, Bob Schreiner did a wonderful job with the  earlier generation  technology and we appreciate his  contribution  to  this  day.  However,  it  was  time  to  update  the  technical  base  into  the  2010s  and  do  some  other  modernization  around  online  memberships,  Paper  Money  magazine,  awards,  forums,  a  calendar,  and  other  community  activities.  Vice President Shawn Hewitt  led the charge  into this  expanded online presence with help  from  too many  to  list  here.  The  end  result was meeting  all  of  the  above goals with an easy to use and updated web site  that will carry the Society forward for some time. We  remain  open  to  suggested  improvements  and  implement them as best as we can.   I’ve  already  mentioned  the  transition  from  Fred  to  Benny  Bolin  as  the  Editor  of  Paper Money  magazine. Six months  into my presidency, Fred Reed  had a serious health  incident which took him off the  paper money playing  field.  It was a  traumatic event  to  me  both  as  president  and  personally,  having  known, worked with,  and  co‐authored  a  book with  Fred. Your Board stepped  into action to fill the great  void  left by Fred. Benny Bolin graciously  stepped up  and  filled  Fred’s  large  shoes  magnificently.  We  all  appreciate  what  Benny  has  done  as  well  as  Fred’s  long standing contributions and wish Fred well.   One of our newer Board members, columnist  Loren  Gatch,  created  a  monthly  newsletter  called  SPMC News and Notes sent by email giving us a peek  into all the news and events he can gather about the  paper  money  hobby.  Loren  also  includes  links  to  interesting and related web sites. If you are looking to  keep  up  on  the  goings  on  in  paper money,  bonds,  stocks and other ephemera, Loren’s newsletter  is for  you. Great work!   With the evolution of the Board as described,  we  needed  a  new  secretary.  The  traditional  role  of  secretary  had  two  parts  –  meeting  minutes  and  membership  administration  leadership.  Jeff  Brueggeman  stepped  up  to  the  membership  rolls  leadership  along  with  his  SPMC  librarian  responsibilities. Frank Clark continues as membership  recruiting  leader. Mark Anderson took on the role of  recording  the  meeting  minutes  and  helping  track  actions  board  members  take  on.  These  three  gentlemen have done a yeoman’s job and the Society  would not run as well without their work.   Gary Dobbins,  chair  of  the  SPMC Marketing  Committee,  along  with  Shawn  Hewitt  and  others,  have  led  the marketing  efforts  for  SPMC.  Activities  here  include  press  releases,  promotional  activities  and outreach to other clubs and press channels. This  remains  a  focus  for  SPMC  to  enlist  a  growing  membership base and all help and volunteer efforts  are appreciated and benefit the paper money hobby  at large.   One of the major projects of the SPMC is the  obsolete  currency  database  project  led  by  Shawn  Paper Money * May/June 2017 * Whole No. 309 255 Hewitt with major work  by  others  such  as Wendell  Wolka,  data  specialist  Mark  Drengson,  and  many  State Experts. A  lot of progress has been made and  the  database  is  available  to  members    .  This  is  a  wonderful  resource for our members and opportunities abound  to  add more  to  it. We welcome  volunteers  to  add  information  about  states  and  notes  not  present  or  add to existing entries as needed.   Other board members and Society members  have  been  very  helpful  at  the Memphis  shows,  on  committees and helping with regional meetings. The  list  is  too  long  to  enumerate,  but  I  also  thank  Bob  Vandevender,  Joshua  Herbstman,  Scott  Lindquist,  Mike  Scacci,  Judith  Murphy,  Ron  Horstman,  Mack  Martin,  Dennis  Schafluetzel,  and  many  others  for  their  contributions  to  the hobby and  to  the Society.  Incoming  President  Shawn  Hewitt,  currently  the  Society’s  Vice  President,  will  bring  his  own  long  experience  and  love  of  the  paper  hobby  to  the  job  beginning  this  June,  and  like  all who  have  held  this  role, will need your continued support.    The  Kansas  City  International  Paper Money  Show on June 9‐11 grows closer as we move into the  New Year! It will be held at the Sheraton Kansas City  Hotel at Crown Center, 2345 McGee St, Kansas City,  MO  64108.  We  have  agreed  to  hold  our  annual  breakfast at Harvey’s at Union Station in Kansas City,  a 0.3 mile walk via skybridge from the hotel. We have  negotiated an excellent rate and will pass the savings  onto the members with a $20 breakfast charge. This  will be a great fun event as always and I look forward  to seeing you there!   Sign up  for  the breakfast on  the  SPMC web  site  ‐56th‐ anniversary‐spmc‐breakfast‐kansas‐city‐2017 .   See  the  Kansas  City  show web  site  here  .  Have  a  great  numismatic  summer  and  see  you in KC!      Pierre Fricke  Pierre Fricke “Happy Trails to You!” As the board prepares to say good- bye to President Fricke, we thank him for all he has done, his hard work on behalf of the SPMC and his leadership. We look forward to continuing to work with him as past president and wish him strength, knowledge, courage and luck in his new position for SPMC—AWARDS CHAIRMAN! Speaking of Leadership The  SPMC  has  an  opening  for  one  more  governor  on  the  board.  If  you  are  interested,  contact  President  Fricke  or  VP  Hewitt.    Terms  are  for  three  years  and  are  integral for the continued smooth running of  the society.   Also, at Memphis, four of our current  governors  are  up  for  re‐election.  Our  two  newest  governors,  Herbstman  and  Maples  will be affirmed by the board for a three‐year  stint.   Also,  governors  Anderson  and Gatch  are up for re‐election and both have agreed,  so  unless  issues  arise  related  to  their  character (and quite the characters they both  are), they will be reaffirmed by the board.  Paper Money * May/June 2017 * Whole No. 309 256 Editor Sez Kansas City— Here we come! I hope the city knows what they are in for with a bunch of paper money collectors coming to their fine city. It will never the same! This is an exciting time as we embark on a new journey, an IPMS that is not in Memphis. Many of us are so ingrained in that Memphis way, that we will find it strange to be in a new place. But, I encourage each and every one of you to join us—it will be fun! I want to start off with a BIG apology to three of our main contributors;  To David Schenkman for consistently spelling his name incorrectly. I know that happens to me as in the paper business Bolin always comes out Boling or Boline! David—my sincere apologies.  To Joe Boling and Fred Schwan—I seem to have an inordinate difficult time formatting their column. This one you will see has no figure numbers on the illustrations—those anchors are a real weight around my neck! But on to things I cannot mess up. We have two new board members who are diving right in and working to keep your society strong—Josh Herbstman and J. Fred Maples. Welcome aboard and hope you enjoy this journey as much as the rest of us! We will also see a changing of the guard in KC as we bid adieu to President Fricke who has served so faithfully and competently for the past four years and now gets to enter the office everyone on the board strives to have—awards chair! We will also usher into a new era, the Hewitt era as VP Hewitt takes over the reins of leadership as new President and a new VP is chosen. The board is strong and working for you so let us know if you have ideas on how we can improve the Society and especially how we can grow it. In KC, besides a very busy and active bourse, many of the same things will be happening. Peter Huntoon has put together an excellent slate of speakers which will be both very educational and entertaining. On Friday morning, the SPMC breakfast and Tom Bain raffle will occur. Due to the very unrealistic price to hold these events at the hotel, the board opted to have it off-site. It will be at Harvey’s in Union Station, a mere 0.3 mile walk from the hotel. Wendell Wolka will again be our emcee and we hope to have some good (and maybe more entertaining than good) prizes in the raffle. Go to the website & buy your ticket now for this unforgettable event! Lyn Knight will also have an auction and one of the featured items is a Liberty Loan bond that was donated to the SPMC by Joshua Herbstman in memory of his father with proceeds going to the Society. As usual, exhibits will be a major part of the show. Chairman Delger and his able assistant Robert Moon will put together a wonderful area. Unfortunately, due to space constraints, there is a seven (7) case limit for competitive exhibits. The Society will also bring back its one-case award. So, a lot is happening and will happen on the IPMS front! Make plans to join us in KC! Benny Texting and Driving—It can wait! Paper Money * May/June 2017 * Whole No. 309 257 W_l]om_ to Our N_w M_m\_rs! \y Fr[nk Cl[rk—SPMC M_m\_rship Dir_]tor NEW MEMBERS 03/05/2017 14609 Charles Bryans, Frank Clark 14610 Gene Bula, Frank Clark 14611 Willie Hammack, Frank Clark 14612 Tim Putnam, Frank Clark 14613 Stephen Flowers, Website 14614 John Jones, Frank Clark 14615 Steve Zeller, Website 14616 Robert Groves, Frank Clark 14617 Ronald Simonson, Website 14618 Eddie Broussard, Website 14619 Donald Harms, Jason Bradford 14620 Emmett Ey, Website REINSTATEMENTS None Life Memberships None NEW MEMBERS 04/05/2017 14621 Theron Hunter, Frank Clark 14622 Jerry Reiley, Frank Clark 14623 Chris Steenerson, Peter Huntoon 14624 Patrick Walters 14625 Paul Stettnisch, Frank Clark 14626J Cole Hendrickson, Website REINSTATEMENTS None Life Memberships None         Vote! for your favorite articles, column, books go to You must be a member and must sign in to vote. Only one vote per member per category. For Membership questions, dues and contact information go to our website Paper Money * May/June 2017 * Whole No. 309 258    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 adsare run on a space available basis.   WANTED: 1778 NORTH CAROLINA COLONIAL $40. (Free Speech Motto). Kenneth Casebeer, (828) 277- 1779; 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 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. 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 FOR SALE: College Currency/advertising notes/ 1907 depression scrip/Michigan Obsoletes/Michigan Nationals/stock certificates. Other interests? please advise. Lawrence Falater.Box 81, Allen, MI. 49227 WANTED: Any type Nationals containing the name “LAWRENCE” (i.e. bank of LAWRENCE). Send photo/price/description to BUYING ONLY $1 HAWAII OVERPRINTS. White, no stains, ink, rust or rubber stamping, only EF or AU. Pay Ask. Craig Watanabe. 808-531- 2702. Vermont National Bank Notes for sale. For list contact. WANTED: Any type Nationals from Charter #10444 Forestville, NY. Contact with price. Leo Duliba, 469 Willard St., Jamestown, NY 14701-4129. "Collecting Paper Money with Confidence". All 27 grading factors explained clearly and in detail. Now available . Stamford CT Nationals For Sale or Trade. Have some duplicate notes, prefer trade for other Stamford notes, will consider cash. WANTED: Republic of Texas “Star” (1st issue) notes. Also “Medallion” (3rd issue) notes. VF+. Serious Collector. Wanted Railroad scrip Wills Valley; Western & Atlantic 1840s; East Tennessee & Georgia; Memphis and Charleston. Dennis Schafluetzel 1900 Red Fox Lane; Hixson, TN 37343. Call 423-842-5527 or email dennis@schafluetzel       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!!!! *    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)  $ MoneyMart $  Paper Money * May/June 2017 * Whole No. 309 259 Florida Paper Money Ron Benice “I collect all kinds of Florida paper money” 4452 Deer Trail Blvd. Sarasota, FL 34238 941 927 8765 Books available,, DBR Currency We Pay top dollar for *National Bank notes *Large size notes *Large size FRNs and FBNs P.O. Box 28339 San Diego, CA 92198 Phone: 858-679-3350 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 email: Open: Tuesday-Sunday 11 to 5:30 Open from Memorial Day thru Labor Day History of National Banking & Bank Notes Turn of the Century Iowa Postcards Advertise your products here. Only $45/issue Contact Benny Bolin, Editor 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 10 100 250 Obsolete Sheet 8 - 3/4" x 14 -1/2" $20.00 $88.00 $154.00 $358.00 End Open National Sheet 8 -1/2" x 17 -1/2" $21.00 $93.00 $165.00 $380.00 Side Open Stock Certificate 9 -1/2" x 12 -1/2" $19.00 $83.00 $150.00 $345.00 End Open Map & Bond Size 18" x 24" $82.00 $365.00 $665.00 $1530.00 End Open Foreign Oversize 10" x 6" $23.00 $89.00 $150.00 $320.00 Foreign Jumbo 10" x 8" $30.00 $118.00 $199.00 $425.00 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 Out of Country sent Registered Mail at Your Cost 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 29, Dedham, MA 02027 • 781-326-9481 ORDERS: 800-HI-DENLY • FAX 781-326-9484 Paper Money * May/June 2017 * Whole No. 309 260 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. 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 Kravitz’s 1 edition “A Collector’s Guide to Postage and Fractional Currency” while supplies last. New Membership is $30 or $22 for the Simplified edition only To join, contact William Brandimore, membership chairman at 1009 Nina, Wausau, WI 54403. United States Paper Money specialselectionsfordiscriminatingcollectors Buying and Selling the finest in U.S. paper money Individual Rarities: Large, Small National Serial Number One Notes Large Size Type ErrorNotes Small Size Type National Currency StarorReplacementNotes Specimens, Proofs,Experimentals FrederickJ. Bart Bart,Inc. website: (586) 979-3400 POBox2• Roseville,MI 48066 e-mail: Buying & Selling • Obsolete • Confederate • Colonial & Continental • Fractional • Large & Small U.S. Type Notes Vern Potter Currency & Collectibles Please visit our Website at Hundreds of Quality Notes Scanned, Attributed & Priced P.O. Box 10040 Torrance, CA 90505-0740 Phone: 310-326-0406 Email: Member •PCDA •SPMC •FUN •ANA Advertise your products here. Only $45/issue Contact Benny Bolin, Editor Paper Money * May/June 2017 * Whole No. 309 261 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 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: Paul R. Minshull #LSM0605473; Heritage Auctions #LSM0602703 & #LSM0624318. BP 17.5%; see 44405 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 1 Million+ Online Bidder-Members Straits Settlements Government of Straits Settlements $50 24.9.1925 Pick 12a. PCGS Very Fine 35PPQ Realized $26,290 - December 2016 China People’s Republic 10 Yuan 1953 Pick 870 PCGS Choice About New 58PPQ Realized $40,630 – December 2016 U.S. & WORLD CURRENCY AUCTIONS Now Accepting Consignments Hong Kong International Numismatic Fair Auction June 21-23, 2017 | Deadline: April 24 Salt Lake City, Territory of Utah - $2 Original Fr. 389 The Salt Lake City NB of Utah Ch. # 1921 PMG Very Fine 25 Spanish Fork, UT - $20 1902 Plain Back Fr. 652 The First NB Ch. # 9111 PMG Very Fine 20 Layton, UT - $10 1902 Date Back Fr. 616 The First NB Ch. # 7685 PMG Choice Very Fine 35 EPQ Salt Lake City, UT - $5 1882 Brown Back Fr. 474 The Deseret NB Ch. # 2059 PMG Choice Very Fine 35 From The Beehive State Collection of Utah National Bank Notes September 6-12, 2017 Long Beach Coin Expo | Deadline: July 17 To consign to an upcoming auction, contact a Heritage Consignment Director today. 800-872-6467, ext. 1001 or