Paper Money - Vol. LVI, No. 5 - Whole No. 311 - September/October 2017

Paper Money Vol. LVI, No. 5, Whole No. 311 www.SPMC.org September/October 2017 Official Journal of the Society of Paper Money Collectors Learn about the SPMC’s Obsolete Data Base And much more inside Inverted Fractional Wide vs. Narrow 1922 $500 Gold Certificates Surcharges Peter Huntoon clarifies 800.458.4646 West Coast Office • 800.566.2580 East Coast Office 1231 E. Dyer Road, Suite 100, Santa Ana, CA 92705 • 949.253.0916 123 West 57th Street, New York, NY 10019 • 212.582.2580 Info@StacksBowers.com • StacksBowers.com California • New York • New Hampshire • Hong Kong • Paris SBG PM Cons NovBalt2017 170808 America’s Oldest and Most Accomplished Rare Coin Auctioneer Showcase Auctions Now Accepting Consignments to the Official Auctions of the Whitman Baltimore Expos Call one of our currency consignment specialists to discuss opportunities for upcoming auctions. They will be happy to assist you every step of the way. 800.458.4646 West Coast Office • 800.566.2580 East Coast Office Peter A. Treglia LM #1195608 John M. Pack LM # 5736 Aris Maragoudakis #3186775 Peter A. Treglia John M. Pack Brad Ciociola Stack’s Bowers Galleries continues to realize strong prices for currency as illustrated by our results from the recent ANA World’s Fair of Money showcased below. When the time comes for you to sell, let us put our world renown expertise to work for you. Whether you have an entire cabinet or just a few duplicates, the experts at Stack’s Bowers are just a phone call away and ready to assist you in realizing top dollar for your currency. Stack’s Bowers Galleries is currently accepting consignments for our full array of live auctions and internet auctions throughout the year, including the Official Auctions of the Whitman Coin & Collectibles Expos in Baltimore. Share in our success by putting us to work for you! It may be the most financially rewarding decision you have ever made. T-2. Confederate Currency. 1861 $500. PMG Very Fine 30. Realized $39,950 T-31. Confederate Currency. 1861 $5. PCGS Choice About New 58. Realized $30,550 Fr. 128. 1875 $20 Legal Tender Note. PCGS Gem New 66 PPQ. Realized $32,900 Fr. 169. 1875 $100 Legal Tender Note. PMG Very Fine 25 Net. Realized $24,675 Fr. 1192. 1882 $50 Gold Certificate. PMG Very Fine 30. Realized $28,200 Fr. 2200-C. 1928 $500 Federal Reserve Note. Philadelphia. PMG Gem Uncirculated 65 EPQ. Realized $21,150 Fr. 2200-Ldgs. 1928 $500 Federal Reserve Note. San Francisco. PMG Gem Uncirculated 66 EPQ. Realized $25,850 Fr. 2211-A. 1934 $1000 Federal Reserve Note. Boston. PCGS Gem New 66 PPQ. Realized $19,975 Fr. 2220-F. 1928 $5000 Federal Reserve Note. Atlanta. PCGS Very Fine 30 PPQ. Realized $129,250 Deadwood, South Dakota. $10 1882 Brown Back. Fr. 487. The American NB. Charter #4983. PCGS Very Fine 30 PPQ. Serial Number 1. Realized $64,625 Spearfish, South Dakota. $10 1902 Red Seal. Fr. 614. The American NB. Charter #8248. PMG Choice Very Fine 35. Realized $37,600 Bellingham, Washington. $10 1902 Red Seal. Fr. 613. The First NB. Charter #7372. PCGS Extremely Fine 45 PPQ. Realized $39,950 The Whitman Coin and Collectibles Winter Expo Baltimore, Maryland Auction: November 8-10, 2017 Consignment Deadline: September 12, 2017 The Whitman Coin and Collectibles Spring Expo Baltimore, Maryland Auction: March 21-23, 2018 Consignment Deadline: January 22, 2018 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 Societyof Paper Money Collectors, Inc. Vol. LVI, No. 5 Whole No. 311 September/October 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 (smcbb@sbcglobal.net) or by sending memory stick/disk to the editor. Scans should be grayscale or color JPEGs at 300 dpi. Color illustrations may be changed to grayscale at the discretion of the editor. Do not send items of value. Manuscripts are submitted with copyright release of the author to the Editor for duplication and printing as needed. ADVERTISING 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. 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Benny Bolin, Editor Editor Email—smcbb@sbcglobal.net Visit the SPMC website—www.SPMC.org The First 1922 $500 Gold Certificate Face Plate Jamie Yakes .................................................................. 345 The Origin of the $5 Wide II Back Plate Varieties Peter Huntoon ............................................................... 349 Origins of Mormon Currency in Great Salt Lake City 1848-49 Douglas Nyholm ............................................................ 354 Surcharge Errors on 2nd Issue Fractionals Rick Melamed ................................................................ 362 The Anti-Eatam Iron Works David Schenkman ......................................................... 376 The Saga of the Southern BankNote Company Michael McNeil ............................................................. 381 Brazil Introduced Radically New Designs for its Notes in 1970 Carlson Chambliss ....................................................... 387 Uncoupled Joe Boling & Fred Schwan .................................. 393 SPMC Obsolete Database Update ....................................... 399 Obsolete Corner--Robert Gill................................................. 403 Interesting Mining Notes—David Schenkman ..................... 407 Small Notes—$20 Back Plate 204 Discovered ...................... 409 Chump Change--Loren Gatch ............................................... 411 Presidents Message ............................................................. 413 Editor’s Report ...................................................................... 414 New Members ....................................................................... 415 Money Mart ............................................................................... 416 ___________________________________________________________Paper Money *Sep/Oct 2017 * Whole No. 311_____________________________________________________________ 342 Society of Paper Money Collectors Officers and Appointees ELECTED OFFICERS: PRESIDENT--Shawn Hewitt, P.O. Box 580731, Minneapolis, MN 55458-0731 VICE-PRESIDENT--Robert Vandevender II, P.O. Box 2233, Palm City, FL 34991 SECRETARY--Jeff Brueggeman, 711 Signal Mtn., Rd. #197, Chattanooga, TN 37405 TREASURER --Bob Moon, 104 Chipping Court, Greenwood, SC 29649 BOARD OF GOVERNORS: Mark B. Anderson, 115 Congress St., Brooklyn, NY 11201 Gary J. Dobbins, 10308 Vistadale Dr., Dallas, TX 75238 Pierre Fricke, Box 1094, Sudbury, MA 01776 Loren Gatch 2701 Walnut St., Norman, OK 73072 Joshua T. Herbstman, Box 351759, Palm Coast, FL 32135 Steve Jennings, 214 W. Main, Freeport, IL 61023 J. Fred Maples, 7517 Oyster Bay Way, Montgomery Village, MD 20886 Michael B. Scacci, 216-10th Ave., Fort Dodge, IA 50501-2425 Wendell A. Wolka, P.O. Box 5439, Sun City Ctr., FL 33571 APPOINTEES: PUBLISHER-EDITOR--Benny Bolin, 5510 Springhill Estates Dr. 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.,ssex, 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--Pierre Fricke WISMER BOOK PROJECT COORDINATOR--Pierre Fricke, Box 1094, Sudbury, MA 01776 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 i s 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, www.spmc.org. .The SPMC does not does not endorse any dealer, company or auction house. MEMBERSHIP—REGULAR and LIFE. Applicants must be at least 18 years of age and of good moral character. Members of the ANA or other recognized numismatic societies are eligible for membership. Other applicants should be sponsored by an SPMC member or provide suitable references. MEMBERSHIP—JUNIOR. Applicants for Junior membership must be from 12 to 17 years of age and of good moral character. Their application must be signed by a parent or guardian. Junior membership numbers will be preceded by the letter “j” which will be removed upon notification to the secretary that the member has reached 18 years of age. Junior members are not eligible to hold office or vote. DUES—Annual dues are $39. Dues for members in Canada and Mexico are $45. Dues for members in all other countries are $60. Life membership—payable in installments within one year is $800 for U.S.; $900 for Canada and Mexico and $1000 for all other countries. The Society no longer issues annual membership cards, but paid up members may request one from the membership director with an SASE. Memberships for all members who joined the S o c i e t y prior to January 2010 are on a calendar year basis with renewals due each December. Memberships for those who joined since January 2010 are on an annual basis beginning and ending the month joined. All renewals are due before the expiration date which can be found on the label of Paper Money. Renewals may be done via the Society website www.spmc.org or by check/money order sent to the secretary. Pierre Fricke—Buying and Selling! 1861‐1869 Large Type, Confederate and Obsolete Money!  P.O. Box 1094, Sudbury, MA 01776 ; pierrefricke@buyvintagemoney.com; www.buyvintagemoney.com And many more CSA, Union and Obsolete Bank Notes for sale ranging from $10 to five figures ___________________________________________________________Paper Money * Sep/Oct 2017* Whole No. 311_____________________________________________________________ 343 1550 G Tiburon Blvd. #201 Tiburon, CA 94920 Email: info@kagins.com Phone: (415) 435-2601 Fax: (415) 435-1627 Toll Free: 1-888-8Kagins www.kagins.com Always Buying Currency & Coins We’ll pay top dollar for your collection. Call us today! Donald Kagin, PHD Meredith Hilton Currency United States currency has varied signifi cantly since its inception 156 years ago. Over the last 84 years, Kagin’s, Inc. has handled nearly 99% of all notes listed in the Friedberg book. Today, Kagin’s presents an assortment of paper money for your consideration. Presents... An Assortment of Historically Important Pieces of U.S. Currency MasterCard, Visa and American Express accepted Kagins PM Curr Ad 08.11.17 FR 18 $1 1869 Legal Tender PCGS 65 PPQ The Series of 1869 Legal Tender notes are some of the most colorful and appealing examples of United States paper money extant. The detail especially on this example is second-to-none and the workmanship is without reproach. Upon closer inspection, you will fi nd the word “one” micro-printed a thousand times along the top creating the note’s greenish hue. Coupled with bluish tinted paper, black ink, red seal and serial numbers, the overall result is one radiating note.  This is one of the fi nest examples we have handled and will fi t well into any collection of exceptional notes. $17,500 FR 64 $5 1869 Legal Tender PMG 65 EPQ Pleasing Rainbow/Woodchooper Note with sharp vivid detail, remarkable color and some of the best print detail we have seen. Representing one of our personal favorites, the Rainbow series notes are not only incredibly beautiful but also quite popular as well; a great bang for the buck. $9750 FR 123 $10 1923 Legal Tender PCGS 65 PPQ This is a remarkable note. This one Friedberg number type note is surprisingly rare and fi nding nice uncirculated examples can be a challenge. This example portrays phenomenal print detail, near perfect margins, noteworthy eye appeal and sensational color. On the back, you will notice the radiating disks that make the note’s nickname of “Poker Chip” obvious. Listed as #46 in “100 Greatest American Currency Notes” securing this note will most certainly add value to your collection today. $24,500 FR 214 $10 1879 Refunding Certifi cate PCGS 45 Refunding Certifi cates are one of the few type notes that have not realized their full potential. With only 161 examples known (6 permanently impounded in museums) this note is not only beautiful but rare as well.  Securing this note will most likely be a decision well made. $8500 FR 304 $10 1908 Silver Certifi cate PMG 40 This is a very pleasing, bright and lightly used blue seal tombstone note that exhibits light circulation throughout. With no major fl aws, this will be a nice addition to any collection. $3750 FR 368 $10 1890 Treasury Note PMG 64 EPQ 1890 Treasury Notes represent some of the rarest, most alluring pieces of United States currency extant.  With its stunning back and fl awless face, this note is set to take off.  What may be the most extraordinary fact is how rare these notes are.  A quick look at the census will reveal there are only 162 examples known for this Friedberg number.  Further research will reveal that there are only 343 $10 1890 Treasury Notes known for all Friedberg numbers!  And with most Fancy Backs in circulated condition, fi nding a nice example in uncirculated condition is more diffi cult than most people realize. $14,000 FR 1079b $100 1914 Red Seal Federal Reserve Note St. Louis PCGS 45 St. Louis $100 1914 Federal Reserve Notes are rare, especially the $100 red seal. According to my calculations, the red seal is nearly 3.5 times rarer than its more common blue seal counterpart.  A quick review of the population report will reveal that there are only a handful examples known for each Friedberg number / district. A deeper inspection will also reveal that are no examples graded EPQ/ PPQ. This note literally stands out from the rest with its bright red seal, pleasing margins, exceptional eye appeal and is the FINEST KNOWN WITH BOTH SERVICES.  With only 18 examples known, it is notes like this that represent good value and fortune to its next owner. $28,500 FR 1159a $20 1873 First National Gold Bank of Santa Barbara There are several words that are frequently used incorrectly to describe collectibles but none more than the word UNIQUE.  Time and time again, one hears the word used to describe an item that maybe rare but is certainly not UNIQUE. This note on the other hand is UNIQUE so much so that when the fi rst Friedberg book was fi rst created in 1953, this note was not known to exist.  It was not until the third edition that the correction was made.  Since 1959 there have been no other additions to the census and as such, the current Friedberg book lists this note as “1 known”.  Like most national gold bank notes, this note has gone though its share of honest circulation and has escaped the eager hands of the numerous “note doctors” located throughout the country.  As such, PCGS has rewarded this note with NO NEGATIVE COMMENTS contrary to most other national gold bank notes.  Unlike other unique numismatic items, the potential for this item is incredible and I am certain that the price of this note today will most likely be a fraction of its price tomorrow. $55,000 Celebrating Our 84th Anniversary Kagins-Currency-Ad-08-11-17.indd 1 8/14/17 11:59 AM The First 1922 $500 Gold Certificate Face Plate By Jamie Yakes Congress awarded legal tender status to gold certificates in 1919, and the first series to bear a legal tender clause was the Series of 1922. This change prompted the Bureau of Engraving and Printing to alter a non-legal tender Series of 1882 $500 face into a 1922 face. The spectacular result was a plate that served two entirely different laws during its life. Notes printed from each version are shown in Figure 1. Series of 1882 gold certificates were authorized by the Act of July 12, 1882, and resulted from an embattled compromise between opposing factions in Congress. In the early 1880s the earliest chartered national banks were facing possible liquidation because their charters were close to expiring under the terms of the National Bank Acts of 1863 and 1864. Proponents for “soft money” favored national bank notes and the fiat legal tender notes they were exchangeable for, and fought for passage of legislation to allow national banks to extend their charters. In contrast, “hard money” supporters repeatedly blocked such legislation in order to discontinue national currency and see the nation’s currency based strictly on gold and silver. Figure 1.  These  two notes,  respectively  Series of 1882  and  1922, were printed  from  the  same plate (48047) and same plate position (B). Obviously the plate was heavy altered  in  order  to produce  the 1922  version.  Such alterations were  routine on high‐denomination  plates, although this one probably involved a record number of revised elements. (Courtesy  Lyn Knight Currency Auctions.)  ___________________________________________________________Paper Money * Sep/Oct 2017 * Whole No. 311_____________________________________________________________ 345 The concession to both sides was the 1882 act that allowed national banks to extend their charters for 20 years, but also authorized the issuance of gold certificates backed by gold coin. The act allowed the Treasurer to “receive deposits of gold coin...in sums not less than twenty dollars, and to issue certificates therefor [sic] in denominations not less than twenty dollars.... Said certificates shall be receivable for customs, taxes, and all public dues, and when so received shall be reissued.” Congress never made gold certificates legal tender because they were exchangeable for gold coin and such a provision was superfluous. The lack of legal tender status, though, came to the forefront during World War I. By 1919, high demand for silver and declining silver production increased the bullion value of silver coins above their face value, and it became profitable to redeem silver certificates for silver dollars and sell the coins as bullion. As silver certificates comprised the majority of small-denomination bills, this had potential to cripple commerce. To prevent this, Treasury officials exercised provisions in an Act of March 4, 1907 to redeem large-denomination legal tender notes and replace them with small-denomination legal tenders to supplement the shortage of silver certificates.1 Legal tender notes were the only paper money in the late 1910s deemed legal tender and were predominantly held by banks for making payments in legal tender required by certain contracts. Congress’s solution was to award legal tender status to gold certificates in an Act of December 24, 1919 and free those high-denomination legal tenders. However, the issuance of gold notes bearing a legal tender clause was delayed for three years. During the war, nearly $1 billion of gold certificates had been redeemed, and the gold held in reserve exported to Europe. Demand for gold certificates was minimal at the end of the war, but much of the gold was quickly repatriated so the outstanding volume of gold certificates soon began to increase. Gold certificate production resumed, and in 1922-23 the BEP began delivering to the Treasury new legal tender Series of 1922 $10, $20, $50 and $100 Gold Certificates.2 The first $500s and $1000s followed two years later.3 Designs for the 1922 $100 and $500 denominations were virtually identical to those 1882 notes. Series of 1882 $500 Plates Five-hundred dollar gold certificates didn’t circulate widely, so demand for them was low and the occasional printings small. Consequently, those printing plates had long service lives. It was routine for the BEP to alter large-denomination large-size plates rather than make new ones with new signatures. During the 40 years the series was current, they prepared only four 1882 $500 faces, but by altering them accounted for seven Treasury signature varieties (see Table 1). First 1922 $500 Face Plate The first Series of 1922 $500 gold certificate face plate was prepared by altering 1882 plate 48047. The page for $500 1882 plates in the plate history ledger carries this definitive notation for 48047: “Altered, see new record of plates for alterations.” On the next page is a list of 1922 plates, and plate 48047 appears again as having been altered into a 1922 plate and certified November 25, 1924. Table 1. Certified Series of 1882 $500 Gold Certificate Face Plates.  Plate No.   Serial No.  Treasury Signatures  Certification Date  Comment  811  1    Bruce‐Gilfillan Sep. 13, 1882  new plate  812  1    Bruce‐Gilfillan Nov. 18, 1882  new plate   812  1    Bruce‐Wyman 1883 1st alteration  812  1    Rosecrans‐Hyatt    1887‐88    2nd alteration  812  1    Lyons‐Roberts Aug. 16, 1899  3rd alteration  812  1    Napier‐McClung    Jul. 24, 1911  4th alteration  17552  2    Lyons‐Roberts Jan. 28, 1904  new plate  17552  2    Napier‐McClung    Jul. 22, 1911  1st alteration  17552  2    Parker‐Burke Jan. 29, 1914  2nd alteration  17552  2    Teehee‐Burke Jun. 15, 1915  3rd alteration  48047  4    Teehee‐Burke Jul. 12, 1915 new plate  ___________________________________________________________Paper Money * Sep/Oct 2017 * Whole No. 311_____________________________________________________________ 346 Proofs lifted from the 1882 and 1922 versions of plate 48047 are shown in Figure 2. Notice that “ALTERED” is stamped in the left margin of the 1922 proof. Altering the 1882 face to a 1922 face required extensive work that included: (a) removal of the 1882 act and “Department Series” legends; (b) addition of “Series of 1922” twice; (c) addition of the legal tender clause; (d) changing both Treasury signatures; and (e) revision of the plate serial number from 4 to 1. Because high-denomination plates often were minimally used, they weren’t hardened or chromed when finished. Consequently, altering them was fairly easy because they didn’t have to be softened by dechroming or heating. The obsolete information was burnished off the plates by scraping or grinding. If this left a slight depression, the back of the plate was hammered to bow the front surface outward to make it flat. The damaged areas were then polished. The elements to be added were engraved into various component dies, the dies hardened and transfer rolls lifted from them. The rolls were hardened and used to imprint those elements onto the plate. The transfers were accomplished by mounting the rolls on a transfer press, registering the plate in the desired position to receive the transfers, and rocking the rolls over the plate to impress the images onto the plate. The old plate serial ground was away and a new plate serial number acid-etched in the same spot. Figure  2.  Series  of  1882  and  1922  proofs  lifted  from  plate  48047. Notice  the  numerous  elements altered to produce the 1922 version. (Courtesy National Numismatic Collection.)  ___________________________________________________________Paper Money * Sep/Oct 2017 * Whole No. 311_____________________________________________________________ 347 $500 Numbering Runs Press dates are unavailable for Series of 1882 $500 faces, but deliveries of serial numbers by fiscal years exist (see Table 2). In many cases, those deliveries correlate well with the available plate varieties. When printing of $500 gold certificates resumed in 1924, Series of 1922 plates were used. Speelman-White plate 48047 was logged out to the press room twice, from December 10-18, 1924 and January 13-16, 1925, and sheets from those printings provided the stock used for serial numbers E1- E32000. Four electrolytic Speelman-White plates were made in May 1926 and used to print the rest of the Series of 1922 $500s. Treasury records showed 77,786 $500 gold certificates outstanding as of June 30, 1929,4 after which no more were issued. Luckily the notes from plate 48047 illustrated in Figure 1 have since avoided redemption. The 1882 serial D71522 note bearing plate serial number B4 was numbered in 1915-16. The 1922 serial E5354 note carries revised plate serial number B1 and was numbered in 1924-25. What an amazing pair! Acknowledgments The Professional Currency Dealers Association provided support for this research. Sources Cited 1. Yakes, Jamie. “Silver Made Gold Certificates Legal Tender.” Paper Money 52, no. 5 (2013, Sep/Oct): 381. 2. Bureau of Engraving and Printing. Annual Report of the Director of the Bureau of Engraving and Printing, Fiscal Year 1923. U.S. Government Printing Office: Washington, D.C., 1923: 10. 3. _____. Annual Report of the Director of the Bureau of Engraving and Printing, Fiscal Year 1925. U.S. Government Printing Office: Washington, D.C., 1925: 10. 4. Annual Report of the Secretary of the Treasury on the State of the Finances, Fiscal Year 1929. U.S. Government Printing Office: Washington, D.C., 1930: 581. Sources of Data Bureau of Engraving and Printing. Certified proofs lifted from Federal currency plates, 1863-1985: National Numismatic Collection, National Museum of American History, Smithsonian Institution, Washington, D.C. U.S. Treasury. Bureau of Engraving and Printing. Ledgers Pertaining to Plates, Rolls and Dies, 1870s- 1960s. Volume. Record Group 318: Records of the Bureau of Engraving and Printing. National Archives and Records Administration, College Park, Maryland. Table 2. Fiscal Year Deliveries of   $500 Series of 1882 and 1922 Gold Certificates.  FY  Notes  Serials    Series  Signatures  1883  8,000  A1‐A8000  1882  Bruce‐Gilfillan 1884  20,000  A8001‐A28000  1882  Bruce‐Wyman  1888  16,000  C1‐C16000  1882  Rosecrans‐Hyatt  1900  36,000  C16001‐C52000  1882  Lyons‐Roberts  1902  32,000  C52001‐C84000  1882  Lyons‐Roberts  1904  60,000  C84001‐C144000  1882  Lyons‐Roberts  1914  40,000  D1‐D40000  1882  Parker‐Burke  1916  40,000  D40001‐D80000  1882  Teehee‐Burke  1925  20,000  E1‐E20000  1922  Speelman‐White  1926  12,000  E20001‐E32000  1922  Speelman‐White  1927  52,000  E32001‐E84000  1922  Speelman‐White  ___________________________________________________________Paper Money * Sep/Oct 2017 * Whole No. 311_____________________________________________________________ 348 Introduction and Purpose The wide and narrow small size currency varieties have remained popular with U. S. small note collectors since the first of them was cataloged in the Goodman, Schwartz, O=Donnell catalog in 1968. The varieties were created when the physical dimensions of the images on the dies used to make small note plates were standardized between 1947 and 1950. The backs were one size, the faces larger. The wide to narrow varieties on the $5 backs were among the first to be discovered. They proved to be particularly fun because for some reason a short group of wides followed the first narrows. These were called the wide II variety. It is the purpose of this article to explain how the short group of wide IIs came about. Resizing Program Huntoon and Hodgson (2006) discovered that almost all the back and face dies had been resized, which meant that collecting this type of variety became a particularly rich in-depth pursuit. With more recognized varieties in the stable, they became even more popular for specialists to collect. The reason for standardizing the dies was to reduce spoilage when the notes were trimmed from sheets. The same printing and processing machines were used for all denominations so it made sense to adopt uniform image sizes for the engravings. The narrow $5 and $10 back dies were the last to be completed in the resizing program. They were hardened on September 20, 1950. BEP personnel started making plates from the new $5 back die a year later in November 1951. The $5 backs comprised the only case during the changeover to the narrow varieties where some wide plates were made after the narrows appeared. The Paper Column The Origin of the $5 Wide II Back Plate Varieties on U. S. small size notes by Peter Huntoon Figure 1. The primary diagnostic feature between the wide and narrow $5 back varieties is the number of pair lines to the right of the tip of the curled solid line in the embellishment below the plate serial number. The wides have three pairs, the narrows two. ___________________________________________________________Paper Money * Sep/Oct 2017* Whole No. 311_____________________________________________________________ 349 First a bit of background. The width of the $5 back was shortened slightly yielding one of the subtler varieties in the entire line of resized dies. The height was left unchanged. The primary diagnostic feature used to identify the varieties is illustrated on Figure 1. The wide to narrow changeover occurred between back plate serial numbers 2006 and 2007. The second group of wides started with plate 2067 and ended with 2096. Narrows resumed at 2097. Plate 2097 was significant not only because it represented resumption of use of the new narrow die, but also because it was the first 18-subject back plate. Formerly the plates were 12 subjects. Figure 2. Back plate 4503-2006 was the last of the regular wide plates. EI in the upper margin stands for electrolytic iron. Figure 3. Back plate 4550- 2007 was the first of the narrow plates. E in the upper margin stands for electrolytic nickel. Figure 4. Back plate 4700-2067 was the first of the wide II plates. Notice that it is an EI - electrolytic iron plate. ___________________________________________________________Paper Money * Sep/Oct 2017* Whole No. 311_____________________________________________________________ 350 Much was going on during this era at the BEP. One of the biggest visible changes was the step up from 12- to 18-subject plates. However, the innovation responsible for the wide II backs was invisible to collectors because it involved a change in the technology used to make the plates. Electrolytic Plates George U. Rose, Superintendent of the Engraving Division at the BEP, invented a process whereby printing plates were made using electrolytic deposition of metal on a mold made from a master plate, rather than traditional Perkins die-roll-plate transfer technology. A change in Rose’s technology coupled with a quirk in the scheduling of the preparation of some plates gave us our wide/narrow/wide II varieties. The Perkins transfer method involved rolling a cylinder of soft steel over a hardened die containing the intaglio image of the note. The cylinder, called a roll, was rocked back and forth over the die under such high loads that the steel on its surface flowed into the intaglio lines of the die, thus picking up a perfect reverse image of the engraving. After hardening, the roll was used to lay in that image as many times as needed on any number of plates. Master plates were made using this technology during the era under consideration. Rose’s electrolytic process involved submerging a master plate in an electrolytic bath through which an electric current was passed. The plate was set up as the cathode and the anode was comprised of a suitable metal. When current was passed through the solution, the metal comprising the anode dissolved and moved through the solution where it deposited on the surface of the plate. This is the same process used to chrome plate bumpers on cars. The deposit on the surface of the plate was called an alto and was a perfect negative of the plate. Consequently, the alto was a mold of the master plate. After the alto was separated from the plate, it was submerged in the bath and metal deposited onto it. The new object - called a basso - was a perfect replica of the plate so after it was separated from the alto, shaped and etched with plate numbers, the basso was transformed into a production plate. Rose first began to test this concept in 1911 and 1912 (Huntoon, 2016).. His first electrolytic production plate was a 400-subject 2-cent definitive postage stamp that he made in 1912. His work on the process was stalled by the advent of World War I. Ultimately the BEP established an electrolytic plate making facility in 1920. Layered nickel and copper was tested, wherein the nickel was deposited first on the alto followed by copper and nickel layers to thicken the plate. Nickel is hard so it made a durable plate surface. The first currency production plate that was attempted was an 8-subject $1 back plate for the Series of 1899 silver certificates. It was started on April 12, 1921 and finished with Treasury plate number 74741 and plate serial number 5922. Rose continued to perfect the electrolytic process. He developed technology to use iron as the plating metal because it would yield a more durable plate and would be cheaper. The first iron plates were made at the end of 1928 shortly after the startup of small size notes. The iron plates were chrome plated because iron was porous and chroming produced a smoother surface. The smoother surface facilitated plate wiping and the hardness of the chrome materially extended the life of the plates. Figure 5. Back plate 4748- 2097, a narrow, was the first 18-subject master plate. S in the margin reveals that is was a steel plate made using roll transfer technology. F indicates that it was finished as a production plate. ___________________________________________________________Paper Money * Sep/Oct 2017* Whole No. 311_____________________________________________________________ 351 Iron deposition technology was used until 1956. However, a parallel nickel electrolytic capability was brought on line in 1950. The timing of the startup of the nickel facility coincided with the wide to narrow changeover on the $5 back plates. Iron versus Steel Electrolytic Plates The altos used in the new nickel facility were of the narrow variety, so plates 2007 through 2066 came out as narrows. Plates 2067-2096 happened to be assigned to the old iron production facility, which utilized altos of the wide variety. Consequently, they came out as wides. This quirk in the scheduling of plate production gave us our wide II varieties. See Table 1. Table 1.    Data associated with the key $5 back plates made during the  changeover from wide to narrow backs. Plate  Treasury  Serial  Plate  Certification  Plate    Number of  Number  Number  Date  Code  Type  Subjects  2006  4503  May 2, 1951  EI  wide  12  2007  4550  Nov 16, 1951  E  narrow  12  2066  4663  Feb 26, 1952  E  narrow  12  2067  4700  Apr 24, 1952  EI  wide II  12  2096  4747  May 28, 1952  EI  wide II  12  2097  4748  Mar 31, 1953  FS  narrow  18  2098  4751  Mar 31, 1953  S  narrow  18  2099    no proof  2100  4780  Jul 31, 1953  EI  narrow  18  Plate codes:    EI = electrolytic iron, E = electrolytic nickel, FS = steel finished as printing  plate, S = steel.  Plate 2097, a narrow, was the first 18-subject plate. It started life as a master plate that was prepared using traditional roll transfer technology. However, it was completed as a production plate and sent to press. Plate 2098 also was a steel master and served as the master for 18-subject back production. Electrolytic iron plates continued to be made after the introduction of 18-subject plates, but because the masters were narrows, all the 18-subject iron plates came out as narrows. In fact, plate 2100, which was the first $5 electrolytic 18-subject back plate, was an iron plate. There was alternating production of 18- subject iron and nickel back plates until the iron facility was closed in 1956. Overview The curious group of wide II small size back plates that followed the first narrow designs came about because they happened to be assigned to the old iron electrolytic fabrication facility instead of the new nickel facility that had just come on line. The iron altos in use in the old facility were of the wide design so the plates came out as what we call wide IIs. Literature Cited and Sources of Data Bureau of Engraving and Printing, various, Certified proofs of $5 uniform backs: National Numismatic Collection, Smithsonian Institution, Washington, DC. Goodman Jr., Leon J., John L. Schwartz and Chuck O’Donnell, 1968, Standard handbook of modern U. S. paper Money: Self-published, 54 p. Huntoon, Peter, Jan-Feb 2016, Invention and evolution of electrolytic plate making at the Bureau of Engraving and Printing: Paper Money, v. 55, p. 4-17. Huntoon, Peter, and James Hodgson, Sep-Oct 2006, The transition from wide to narrow designs on U. S. small size notes between 1947 and 1953: Paper Money, v. 45, p. 323-343. ___________________________________________________________Paper Money * Sep/Oct 2017* Whole No. 311_____________________________________________________________ 352  Origins of Mormon Currency in Great Salt Lake City 1848-49 by Douglas A. Nyholm I recently came upon two newspaper articles published in Salt Lake regarding Mormon currency. The first was published in 1898 which commemorates the 50th anniversary of coinage in Salt Lake. Even though the first Mormon gold coins were dated 1849 the $10 denomination was actually struck in December of 1848. The second article was written by Feramorz Fox in 1940 who was President of the L.D.S. Business Collage. This article included additional research into early Mormon journals relating to early commerce and business in Salt Lake. The Church of Jesus Christ of Latter Day Saints is a ‘record keeping’ Church which indeed they are, but just as with anything historic, certain items of history at the time of their occurring are much more likely to be recorded than others. This is the case with much of the actual details of commerce and also the early coinage and currency operations. One area included in this lack of history and actual details recorded were the operations of many of the mercantiles and storehouses that produced both paper scrip and tokens. There were over one hundred of these establishments and virtually nothing was recorded for most of them as to what types, denominations, and quantities of items they produced. A lot of what is known comes from their journals and personal histories, but even these facts are scarce. When writing my book on the history of Mormon currency, I employed several BYU research students for over a year, and even they uncovered very little new information. Getting back to the above two articles and my previous research the emphasis here is on the more mainstream early currency and not the mercantiles which occurred years later. When the Mormons arrived in the Salt Lake valley in 1847 they were almost completely isolated from the outside world. It is estimated that about 1,700 individuals were present in the valley during the first winter and it is also estimated that the coin and currency available was probably less than $250. Most immigrants spent or exchanged virtually all of their funds for supplies prior to departing across the prairie for the Salt Lake valley. Available currency included what little funds in hard currency the immigrants brought with them and the $50 Brigham Young brought on his first trip. Later in the fall of 1847 approximately 100 ‘Battalion Members’ which were released from duty after their trek ended in California traveled to Salt Lake who undoubtedly also brought some funds but probably very little actual currency. The first large influx of cash occurred in November 1847 when Captain James Brown brought into the valley the payroll from the Pueblo detachment of the Battalion which amounted to about $5000 in Spanish doubloons. Additionally, any cash and currency available was far different from anything we would recognize today, there was nothing standard. Circulating medium especially in the west consisted of a large number of foreign coins from Mexico, France, a Great Salt Lake City from an original engraving circa 1850 ___________________________________________________________Paper Money * Sep/Oct 2017* Whole No. 311_____________________________________________________________ 354 few from Europe, South America and several other countries. There was a small amount of U.S. Federal coinage which had worked its way to the west and almost no paper currency. The paper which did circulate in the United States generally was available only in the east and this consisted of a smattering of broken bank notes and regional scrip all of which consisted of issues of questionable value and acceptability. The Kirtland Safety Society banknotes were numbered among these issues. As an interesting note, when California gained statehood in 1850 the original constitution of California outlawed the use of paper currency. This is further evidence of the general distrust of any currency accepted in commerce other than gold or silver bullion and coin. Initially in 1847-48 any commerce done in Salt Lake was crippled by lack of specie and barter was a significant form of any transaction. Barter can be acceptable and work in a basic society but in order for the local economy to grow and flourish a better system was needed and Church leaders understood this. During 1848 additional individuals arrived from several handcart companies swelling the population to over 4,200 souls. President Young brought an additional $84 in change in late 1848 which was immediately absorbed into commerce. For the most part there was not much more than $1 in coin for every person in the valley. This and the barter system of commerce pushed the cost of goods to exorbitant prices and many began to complain. Gold had been discovered in California and an additional 37 Battalion members who had temporarily remained in California found their way to Salt Lake bringing a fair amount of gold dust and nuggets. During the beginning of the gold rush in California the first 49ers were able to retrieve large amounts of surface gold from the rivers of the Sierra foothills. It has been reliably reported that some early prospectors were able to gather over a pound of gold daily. This readily available surface gold was depleted very quickly and within the first year of the gold rush the recovery of gold soon required major operations and equipment to recover significant amounts. After the return of these battalion members for a time there was a significant amount of raw gold in circulation in the valley. As you can imagine, the daily transactions and commerce using gold dust was not without its problems. No one knew exactly the fineness of the gold and weighing it was not a simple matter. Some refused to accept it altogether. The same situation was present in San Francisco. A pinch of gold was a standard payment for a beer or drink in the bars on the Barbary Coast. Bar owners, being good businessmen and also sly would hire bartenders with very large hands, therefore when a pinch was plucked from the miners pouch large fingers could pinch more than smaller fingers. It was soon discussed in Salt Lake by Church leaders that an improved system was needed. As early as November 1848 a system involving coining gold was discussed by Brigham Young, John Taylor, and John Kay. They decided on the actual inscriptions to be used on the proposed coinage. “Holiness to the Lord” should encircle the emblem of the Priesthood; a 3-point crown over the all-seeing Figure 1 Original Dies & Tools used in the striking of Mormon Gold Coins Brigham Young John Taylor John Kay ___________________________________________________________Paper Money * Sep/Oct 2017* Whole No. 311_____________________________________________________________ 355  eye would appear on one side, while the other side should contain clasped hands, the emblem of friendship, encircled by the words Pure Gold and the denomination. Plans moved forward and the actual dies were cut and prepared in December as prescribed above with a few modifications. The $10 coin was different from the other gold coins as the inscription included PURE GOLD which later was changed to only initials, “PG.” The first beginning for coinage occurred on December 10 when 14 ½ ounces of gold valued at $232 was credited to a depositor. This was equal to $16 an ounce which was the accepted value in California for Placer gold. This value of $16 per ounce was officially recorded and accepted in San Francisco on Sept 9, 1848. Within four months almost $8000 was accepted on deposit in Utah which was mostly gold dust with a few coins. Fifty-five members of the Battalion were responsible for 77% of the deposits and 135 other individuals comprised of the other 23% of the deposits. After the dies were completed and coinage operations began there were immediate problems. The first striking of coins occurred on December 12th 1848 when 25 $10 coins were struck by John Kay. These for some unknown reason were paid out with a 50c premium. 20 went to Brigham Young while the other 5 went to John Kay. A week later an additional 21 pieces were coined and paid out to Brigham Young without the 50c premium previously charged. Most of these immediately entered circulation. The crucibles had cracked during these preliminary coinages and gold coinage was suspended until replacement crucibles could be obtained. This delay in gold coinage extended until September of 1849 at which time the other denominations of $2.5, $5 and $20 were coined. This suspension in coinage was met with great disappointment with the depositors. As noted in Thomas Bullock’s journal on December 22, he states that many brethren came to the office to exchange ‘dust’ for hard coin, but no business was done because President Young had no coin. It was because of this that the issuance of paper notes or currency was contemplated. President Young said that he offered to return the ‘dust’ to the depositors, however they refused it. New crucibles were ordered through Orson Hyde who was at the time operating as an agent for the Church in Iowa. Ordered as stated in the records were “one dozen nests of the best crucibles for the melting of the most precious coins” and some acids. Also stated in the letter to Hyde was that if any brethren carrying the mail have any of our paper currency, let the brethren coming on in the camp exchange their funds with them, and the gold will be ready to redeem it when they arrive at this place.” There was a meeting of the council on December 28th ‘at the stand in Great Salt Lake City’ and under the authorization of Brigham Young, Heber C. Kimball, and Newell K. Whitney and it was approved that bills would be issued. Again, there were significant problems to overcome as there was no printing press in Salt Lake so the bills to be issued were to be completely handwritten. Mormon $10 gold coin struck in December 1848 Thomas Bullock Heber C. Kimball Newell K. Whitney ___________________________________________________________Paper Money * Sep/Oct 2017* Whole No. 311_____________________________________________________________ 356  This is well documented and presently there are no surviving hand-written bills which was noted by Mark Hoffmann who took the opportunity to forge hand-written bills for modern collectors. There are several original notes outstanding according to Church records which, if ever discovered, would most likely bring very significant bids either at auction or privately. Again, this information was known to Mark Hoffmann who forged several other Mormon currency items as well as documents. Pictured in Al Rust’s book prior to their status as being forged was discovered are several of these handwritten notes. The printed examples of Hoffmann’s forgeries are probably a fair representation of how they actually appeared. Hoffmann also had access to the embossing machine which was used to apply the Seal of the Twelve Apostles on his forgeries. It was actually used as a door stop for a time in the Church museum! Other than the hand-written bills no other currency reported here was known to have been forged. To accomplish the issuance of these bills Thomas Bullock and Robert L. Campbell who were clerks in the office of the Presidency spent the day writing bills by hand and also many hours were spent applying authorizing signatures. The first day, December 28th saw the completion of both $5 and $1 bills and on following days quantities of 50c, $1, $2, $3, and additional $5 bills were created. All of these bills were dated January 2, 1849. All of the issued bills contained four signatures which were of B. Young, H. C. Kimball, N. K. Whitney and Thos. Bullock. Added protection was had by embossing each bill with the ‘Seal of the Twelve Apostles.’ This emblem of the priesthood is encircled by sixteen letters as follows: STAPCJCLDSLDAOW which stand for – Private Seal of the Twelve Apostles Priests of the Church of Jesus Christ of Latter-day Saints in the Last Dispensation All Over the World. Thomas Bullock spent all day, New Years, January 1, 1849 in the office of John Kay using the embossing tool to impress the emblem on the bills previously signed while Bishop Newell K Whitney signed additional bills in an assembly line action. It was noted that the first bill, as a commemoration event, was also signed by Brigham Young, Heber C. Kimball and paid out that day. This first bill was a $1 denomination. The next day, January 2, the other bills and denominations were paid out a rapidly as possible to the depositors of ‘dust’. Meanwhile a second is- sue was being prepared with the date of January 5, 1849. A third issued dated Jan 9, 1949 was noted in Al Rust’s book however I could not find any additional source of this information. Also the number o f n o t e s t h a t would have been created and issued by this 3rd issue is missing from the totals. Mark Hoffmann did forge a hand-written note with a Jan. 9th date which may have muddled the information related to a 3rd issue date. It should be noted that production statistics for the hand written notes are known for series 1 dated Jan, 2 and series 2, dated Jan 5 are documented via Church records. The success and acceptance of these bills was so great that it was soon realized that the manual by hand preparation could not keep up with demand. It was then decided to re-issue Seal of the 12 Apostles Mark Hoffman forged hand written “White Note” Counter-Signed Kirtland $5 re-issued in Salt Lake City, January 1849 ___________________________________________________________Paper Money * Sep/Oct 2017* Whole No. 311_____________________________________________________________ 357 some of the Kirtland Banknotes of which the Church had a large supply. These were engraved professionally and contained signatures of Joseph Smith Jr. and Sidney Rigdon. There are multiple other signature combinations on some of the Kirtland Banknotes, eight different to be exact, but the re-issued notes all contained only Joseph Smith Jr. and Sidney Rigdon’s signatures. Regarding the Kirtland notes which were issued it is documented that 135 of the $5 denomination were re-signed, or counter-signed by B. Young, H.C. Kimball, and N.K. Whitney. Thom. Bullock also added his monogram. Of the 135 $5’s it was reported that 129 were issued. Later $1, $2, $3 and $10 denominations were also counter-signed and re-issued. There are minor variations and possible discrepancies with the number of signed and actually issued Kirtland banknotes. This is noted for all denominations except the $10 note. Totals given in Al Rusts reference show the following totals for signed Kirtland banknotes. Once again, these differ slightly from the record of actually issued notes. KIRTLAND COUNTER-SIGNED NOTES Denom. Counter-Signed $1 38 $2 22 $3 23 $5 135 $10 56 The reissuance of these Kirtland banknotes in Salt Lake essentially fulfilled a prophecy made by Joseph Smith Jr. in Ohio that one day these notes would be a good as gold. Both the previously mentioned hand-written bills and the reissued Kirtland notes were now backed by gold! The gold backing was 80% and by April of 1849 hand-written, printed and re-issued Kirtland notes totaled $9443 and with the 46 $10 gold coins the Church had placed nearly $10,000 into circulation in just over 4 months. PRINTED NOTES HAND-WRITTEN NOTES Jan. 20, 1849 Denom Series1 / Jan. 2 Series 2 / Jan. 5 Series 3 / Jan. 9 50c 1-130 1-235 $1 1-200 1-300 Unknown $2 --- --- $3 1-100 1-100 $5 1-100 1-100 TOTAL NOTES / Hand-Written & Printed 3329 Total Value of Individual Hand-Written & Printed notes Denom Value 50c $ 595 $1 $1600 $2 $1590 $3 $3327 $5 $1000 Total $8812 *Discrepancies between issued and signed. Total Value Issued Kirtland Banknotes Denom Issued Value $1 35* $ 35 $2 17* $ 34 $3 19* $ 57 $5 129* $ 645 $10 56 $ 560 Total $1331 Denom Issued Printed 25c Printed but no issued 50c 1-185 1000 $1 1-100 1000 $2 1-795 1000 $3 1-909 1000 These numbers are for issued notes TOTAL Currency Issued = ___________________________________________________________Paper Money * Sep/Oct 2017* Whole No. 311_____________________________________________________________ 358 Currency was still in high demand even after the initial offering of the hand-written notes and the re-issuance of the defunct Kirtland notes. A printable font was improvised by Truman Angel who also began work on the construction of a printing press in the hopes that printed notes could be produced at a higher rate in much less time. By January 20 of 1849 the printing of bills began and nearly 1,000 each of 50c, $1, $2, & $3 notes were produced. A 25c printed note was also produced however all known examples are without signatures or serial numbers indicating that this denomination was never issued. Handwritten and printed notes were referred to as ‘Valley Notes.’ In more modern times they have and are referred to as ‘White Notes.’ Although the following story is unconfirmed the paper for these notes, at least the printed notes which survive, is rumored to have come from unused pages of Brigham Young’s journal(s). If one closely observes the paper on which these notes are printed you can see faint blue writing lines which even at the time were present on stationary. Paper was scarce and the notes could have easily been cut from such paper. This marked the first typeset printing to be accomplished in Utah. Again, the seal of the 12 Apostles was added to these printed bills. The multiple signatures and the embossed seal were a significant process to assure the authentication and validity of these bills which were readily accepted in the valley. A total of $9,443 in notes was paid out between January 1 and the end of April. Details of the issuance can be observed in the previous tables. Although it was originally planned to serialize each note, apparently it was not 100% complete or effective. Although it cannot be verified by observing surviving notes but it was noted in Church records that serial numbers were attached to all of the hand-written notes. Church ledgers indicate issued and redeemed notes of which there remain 19 outstanding notes from Series 1, 12 outstanding from Series 2, and again a possible discrepancy of 28 outstanding from Series 3 dated Jan. 9th of which no issuance records exist. In any event the possibility definitely exists that a surviving example may one day be discovered as all were not redeemed. In regard to serial numbers on the printed notes it appears that the majority never received a serial number possibility as they were not officially issued. The exemption is for the 50c bills which all contained a serial number. Of the other denominations only a small number were serialized when they were issued and again crossed off the ledger upon redemption. I am aware of only a single issued note surviving with a serial number. Those redeemed were called in by Brigham Young on Sept. 10, 1849 and ordered to be burned. Daniel H Wells and Thomas Bullock spent that day burning between 3000-$4000 in old paper currency. Shortly thereafter the coinage of gold resumed, specifically on Sept. 12, 1849. It is estimated that there was approximately $70,000 in gold coin produced by the end of October 1850. Even with the labor intensive task of hand writing the original bills and then the printed notes it was still a tall order to have the Church leaders hand sign each note. There were over 5000 bills including the Kirtland banknotes all of which had to be signed with multiple signatures. Unlike the scribe signatures which were used extensively in Kirtland Ohio the Utah signatures are all considered to be original. An entry in Thomas Bullocks journal on January 30 states that neither Heber C. Kimball who had been ill nor Newell K Whitney had signed enough bills and many brethren who Unique serialized printed $2 Note Printed “White Note” Jan. 20, 1849 Note the strong embossed seal ___________________________________________________________Paper Money * Sep/Oct 2017* Whole No. 311_____________________________________________________________ 359  One of the finest known surviving Mormon gold coins. had deposited gold had been turned away. He further states that on January 31, Whitney signed 400 bills and the office was again filled with anxious customers to obtain the currency. Eventually by April the shortages and excessive demand was met, and although not abundant, there was sufficient currency in the valley to accommodate commerce. As it has been stated, generally Valley Notes and even the Kirtland notes were preferred to gold dust but there were those who refused to accept these bills. Notable exceptions were local butchers in Salt Lake who refused to exchange bills for meat products. The Church’s municipal council actually passed a resolution to revoke the licenses of any butcher who refused to accept these bills. There, at the time, was significant mistrust of paper currency with many residents who were familiar with the worthless paper issued by many of the wildcat banks from the Midwest and East from which they immigrated from. These included the Kirtland banknotes. The bank however was reported to have strength and good faith among the early saints as well as an established reputation outside the immediate circle of Saints in Salt Lake. One noted report was a record of dealings between the bank and mountaineer trader Thomas L. ‘Pegleg’ Smith of Bear River Valley. In a letter to President Young he signified a willingness to take Mormon currency in exchange for $300 in small coins, as well as for skins, furs, and robes. In June “Pegleg” Smith deposited both notes and gold dust in the bank. The record shows under the date of June 11th a deposit of notes of $274.50 and again on June 19th, a deposit of $357.50 in notes and $81.30 in dust. The record carries a significant notation “For redemption when dust is coined.” The reputation for the gold coinage however was soon to be under scrutiny as it was soon discovered that the Mormon coinage was significantly underweight. Brigham Young mandated that business and merchants in Salt Lake accept the coins at full value but those coins which found their way to the outside were redeemed only at a discount or refused. Most likely a large percentage of the Mormon gold was subsequently melted due to this fact which no doubt had led to the rarity of Mormon gold available for collectors today. There was no exact record on the number of coins originally minted and any estimates are based crudely upon sketchy reports and speculation. Gold $5 coins dated 1850 and 1860 were also coined in later years. In summary, from the fall of 1847 in less than two years, an original group of Mormon pioneers orchestrated a significant currency and coinage operation. Helped in part by the California gold rush they were able to coin gold, create currency operations and benefit commerce to all who arrived. Mormon currency operations began in 1837 in Kirtland Ohio with the Kirtland Safety Society Bank and continued into the 20th century with Church sponsored programs as well as private mercantiles, Bishop’s Storehouse scrip and many other issues. The Mormon currency operations existed for longer, and with more varied types of currency than any other group or organization in the United States other than the U.S. Federal Government. It is highly collected by both paper and coin enthusiasts today and was recently highlighted with a Mormon $10 coin from the original mintage selling for $705,000.00 at auction. The Deseret Mint Building ___________________________________________________________Paper Money * Sep/Oct 2017* Whole No. 311_____________________________________________________________ 360 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: www.centralstates.info Bourse Information: Patricia Foley (414) 698-6498 • foleylawoffice@gmail.com Hotel Reservations: Schaumburg Renaissance Hotel - 1551 North Thoreau Drive • Call (847) 303-4100 Ask for the “Central States Numismatic Society” Convention Rate. Problems booking? - Call Convention Chairman Kevin Foley at (414) 807-0116 Free Hotel Guest and Visitor Parking. • Numismatic Educational Forum • Educational Exhibits • 300 Booth Bourse Area • Heritage Coin Signature Sale • Heritage Currency Signature Sale • Educational Programs • Club and Society Meetings • Free Hotel Guest and Visitor Parking • Complimentary Public Admission: Thursday-Friday-Saturday No Pesky Sales Tax in Illinois SURCHARGE ERRORS ON 2nd ISSUE FRACTIONALS by Rick Melamed   Fractional currency errors are a provocative facet of the hobby. While books have been written on the singular subject of small and large sized error currency, the only reference book containing broad error fractional information is Milton Friedberg’s “Encyclopedia of Postage and Fractional Currency.” The information is quite extensive but it is scattered throughout the book. Unfortunately the images are limited and are not the best quality. Outside of Milton’s reference, there are 2 very good research articles on the subject:  “Fractional Currency Inverts” written by Tom O’Mara (and updated by SPMC Editor, Benny Bolin).  “Fractional Currency Errors” written by Benny Bolin in the January/February 2003 edition of Paper Money. Previous auction results are another good source of information. The largest fractional error collections sold were: Currency Auctions of America’s (CAA) Sale of the Milton Friedberg Collection in 1997, Heritage’s Sale of the Tom O’Mara Collection in 2005, Stack’s Sale of the John Ford Collection from 2005-7, and the anonymous consignor for the Heritage FUN Auction in 2016. We combined the aforementioned research along with the myriad of images collected from several SPMC members; and from the auction archives of Stack’s/Bowers, Heritage, and Lyn Knight. The result is a profusely illustrated update. 2nd issue fractionals offer a variety of errors found nowhere else in US issued currency; that being the use of bronze surcharges (the third issue offers a rich variety as well). The bronze surcharges were one of the many anti-counterfeiting measures undertaken by the Treasury. The process was fairly straightforward. Glue was applied to the notes and a bronzing powder was sprinkled onto the note. The bronzing that adhered to the note resulted in the familiar surcharges. The improper application of the surcharge resulted in a fascinating array of errors that we will explore in detail. 2nd Issue Obverse Errors Most 2nd issue surcharge errors are on the reverse side; though as we shall see, there are some interesting obverse errors. The note at left is a double imprint oval error that appeared in the John Ford sale. A double die so to speak. This second issue Experimental appears to contain an extra wide oval but upon closer examination, one can see that the oval was applied twice.     This regular 2nd issue 10¢ fractional is missing the familiar bronze oval. While it is not unusual to see an Experimental without the bronze oval, it is rare to view a regular issue example.     These two notes are a couple of minor errors with some extraneous bronzing. This was the result of some wayward glue catching the extra bronzing powder. ___________________________________________________________Paper Money * Sep/Oct 2017* Whole No. 311_____________________________________________________________ 362 2nd Issue Shifted Surcharges  Shown are a 10¢ and 50¢ fractional obverses where the bronze oval missed the bullseye.  The right side  of  the ovals bisect Washington’s portrait resulting in a minor but interesting left shift error.  The 3rd example is a 25¢ fractional with the oval shifted to the right and the 4th one has the oval  shifted  down so the top of the oval crosses Washington’s forehead. The 5th  example  is an FR1286 with  the oval spectacularly off center.  Below are six different second  issue reverses where the surcharges have shifted.   Because of a  severe  shift, some contain parts of two surcharges.  Also note how the corner surcharges  seem to float  on various portions of these notes.  ___________________________________________________________Paper Money * Sep/Oct 2017* Whole No. 311_____________________________________________________________ 363 Dual Denomination Surcharge Errors      Sometimes the surcharge error is spectacular like this  25¢ Negative essay note with a ‘50’ surcharge  printed on the  face instead of the reverse.  Note the rare ‘D‐5‐18‐63’ corner  surcharge.          Here is a common 50¢ Specimen note with a ‘10’ bronze  surcharge.    From mundane  to  stunning…that’s  for  sure.  In his  Fractional  currency  encyclopedia,  Milton  Friedberg  cites  #2R10.1f; a unique fractional with the inverted ‘10’ surcharge on  the face.  No  image exists, but it last appeared at the Chapman  sale of R.B. Windsor in the 1890s.   2nd Issue Reverse Surcharge Errors  Reverse  surcharge  errors  are  the  area  where  the most  research  has  been  dedicated.  It  is  interesting to  observe how many Friedberg numbers contain surcharge errors.  In these cases  it  is the  result of  human error; the simple act of a careless Treasury worker  feeding the sheet  improperly.      It  would  be  technically  inaccurate  to  describe  all  these  errors  as  ‘inverted  surcharge  errors’.  Some  examples  are  indeed  the  result  of  inverted  surcharges;  others  are  inverted  reverses…the  reverse  engraving are  inverted relative to the surcharge and the obverse. We owe a great deal of thanks to Tom  O’Mara  in  providing  the  original  charts  that marry Milton  Friedberg’s  catalogue  numbers with  his  research on  population.  Over the past few years SPMC editor, Benny Bolin, has been maintaining the  database of  known examples.  There are three possible varieties of surcharge errors for every 2nd issue Friedberg number:    Inverted  Back  Engraving,  Regular  Surcharge.    The  obverse  is  normal,  the  reverse  design  is  inverted  but  the  surcharge  is  right‐ side  up  in  relation  to  the  face.          Inverted  Back  Surcharges,  Regular  Engraving.  The  obverse  and  reverse  are  normal  and  just  the  bronze  reverse  surcharge  is  inverted. ___________________________________________________________Paper Money * Sep/Oct 2017* Whole No. 311_____________________________________________________________ 364 Inverted  Reverse  Engraving  and  Inverted  Surcharges.   The  obverse  is  normal,  the  reverse  design  and  surcharge are inverted.  The following charts of surcharge errors include a rich variety of images and are listed in order  by  denomination and by Friedberg and Milton number:  2nd Issue – Five Cents  Possible 5c Error Varieties‐‐12        Known or Reported Varieties‐‐7  The juxtaposition of the “5” surcharge against the reverse engraved “5” is eye‐catching.  Perhaps  more  than the other denomination since it is a single numeral.  Milton #  Friedberg #  Inverted Back Engraving Regular Surcharges  Inverted Back Surcharges  Regular Engraving  Total Back Inverted  (Engraving & Surcharges)  1232  2R5.1h Unique  2R5.1e  2 Known  2R5.1d  Reported  1233  2R5.2i Unique  2R5.2f  7‐8 Known  2R5.2e  Unique  1234  Unknown  Unknown  Unknown  1235  Unknown  2R5.5b Reported  Unknown             Fr. 1232 – Milton 2R5.1h    Fr. 1232 – Milton 2R5.1e          Fr. 1233 – Milton 2R5.2i              Fr. 1233 – Milton 2R5.2f             Fr. 1233 – Milton 2R5.2e  ___________________________________________________________Paper Money * Sep/Oct 2017* Whole No. 311_____________________________________________________________ 365 2nd  issue ‐ 10 Cents       Milton #   Friedberg#  Inverted Back Engraving, Regular Surcharge  Inverted Back Surcharges,  Regular Engraving  Total Back Inverted (Reverse & Surcharge)    1244  2R10.1d  Unique  2R10.1c 2 known  2R10.1b Unique    1245  2R10.1e  Unique  2R10.2d 20+ known  Unknown    1246  2R10.3d  4 known  2R10.3c 20+ known  2R10.3b Unique    1247    Unknown  2R10.4b 2 known    Unknown  1248  Unknown  Unknown Unknown   1249    Unknown  2R10.7a 2 known    Unknown  Possible 10c Error Varieties‐‐18     Known or Reported Varieties‐‐10  Milton Friedberg logs an uncut FR1244  sheet with the inverted ‘10’ surchages {2R10.1i  ‐(20) x  2R10.1c}.  The  uncut block of (4) FR1246 – 2R10.3C is a neat piece.  Perhaps the most stunning of all  the 10¢ surcharge  errors is the FR1249 fiber note in PCGS64 (Milt 2R10.7a). Most examples are found  in circulated  condition; near gems are very scarce and being a fiber note is icing on the cake.                Fr. 1244 – Milton 2R10.1d      Fr. 1244 – Milton 2R10.1c Fr. 1244 – Milton 2R10.1b Fr. 1246 – Milton 2R10.3c     Fr. 1246 – Milton 2R10.3b Fr. 1249 – Milton 2R10.7a ___________________________________________________________Paper Money * Sep/Oct 2017* Whole No. 311_____________________________________________________________ 366 2nd  issue ‐ 25 Cents  Milton # Friedberg# Inverted Back Engraving, Regular Surcharge Inverted Back Surcharges, Regular Engraving Total Back Inverted (Reverse & Surcharge) 1283 Unknown 2R25.1d 5 known Unknown 1284 2R25.2i Unique 2R25.2e Unique Unknown 1285 Unknown Unknown Unknown 1286 2R25.3h 3 known, vert strip of 3 in Ford and HA 2R25.3f 4 known Unknown 1288 Unknown 2R25.6b Reported Unknown 1289 Unknown 2R25.8c Reported Unknown 1290 Unknown 2R25.9c Unique Unknown Possible 10c Error Varieties‐‐21     Known or Reported Varieties‐‐8  The 25¢ denomination remains the most elusive surcharge error of the entire second  issue.   Hopefully,  additional examples will show up adding to the population.  Fr. 1283 – Milton 2R25.1d           Fr. 1284 – Milton 2R25.2e    Fr. 1286 – Milton 2R25.3h Fr. 1286 – Milton 2R25.3f         Fr. 1290 – Milton 2R25.9c ___________________________________________________________Paper Money * Sep/Oct 2017* Whole No. 311_____________________________________________________________ 367 2nd  issue ‐ 50 Cents  Possible 10c Error Varieties‐‐18   Known or Reported Varieties‐‐10      The occurrence of second issue 50¢ surcharge errors is quite widespread.  The FR1322 –  2R50.9a is an  especially intriguing fiber error in excellent condition.      Milton # Friedberg# Inverted Back Engraving, Regular Surcharge Inverted Back Surcharges, Regular Engraving Total Back Inverted (Reverse & Surcharge) 1316 Unknown 2R50.2g Unique 2R50.2c Reported 1317 2R50.3d Unique 2R50.3e Unique Unknown 1318 2R50.4d Unique 2R50.4c 3 known 2R50.4b 2 known 1320 Unknown Unknown Unknown 1321 Unknown Unknown 2R50.7a Unique 1322 Unknown 2R50.9a 2 known 2R50.9b Unique   Fr. 1316 – Milton 2R50.2g             Fr. 1317 – Milton 2R50.3e               Fr. 1318 – 2R50.4b   Fr. 1318 – Milton 2R50.4c             Fr. 1322 – Milton 2R50.9a               Fr. 1322 – 2R50.9b ___________________________________________________________Paper Money * Sep/Oct 2017* Whole No. 311_____________________________________________________________ 368 FR1286 Inverted ‘S’ Surcharge. This is actuality an  engraving error and not a printing error.  The FR1286 is a  second  issue 25¢ fractional with the “S‐18‐63”. When the  plates were prepared for  the bronze reverse surcharge, the  ornate Old English ‘S’ was engraved inverted onto the  plate.  The normal ‘S’ contains a loop on the bottom of the  font, but the inverted ‘S’ version has the  loop on top,  hence the inverted ‘S’.  Missing “18 & 63” Corner Surcharge Errors.  Second  issue fractionals missing either  the “18” or  “63” corner surcharge on the reverse were once thought to be ‘as made’ notes produced by  The  Treasury.  Early editions of Robert Friedberg’s Paper Money of the United States assigned specific  catalogue numbers but they were eventually delisted as the consensus among fractional  experts was  the missing “18” or “63” was a minor printing error; a case where the glue and/or  bronzing powder was  not applied.   Now in its 20th edition, Friedberg’s book has seen many  iterations since first printed in  1953.   By 1978 (9th edition), Friedberg permanently removed  these entries.  To be fully transparent,  there were some cases where the corner surcharges were  purposely removed to create a faked variety.  Understandable since these were once highly  sought after and commanded premiums. While the  following Friedberg numbers have been delisted, they are still cataloged within Milton  and are now  considered minor errors.  As with the second  issue 5¢ varieties shown above, the 10¢ examples also had their own Friedberg# with  just  the  “18”  or  “63”  reverse  surcharge.  An  interesting  anomaly  needs  to  be  pointed  out;  Robert  Friedberg  designated  FR1233a  with  just  the  “18”,  the  FR1233b  with  just  the  “63”  surcharge.   Conversely,  the  FR1245a  is designated  as having  just  the  “63”  surcharge,  the  FR1245b with  just  the  “18”.  The  numbering pattern was inconsistent.  ___________________________________________________________Paper Money * Sep/Oct 2017* Whole No. 311_____________________________________________________________ 369     Same as above for the 10¢ denomination.  An interesting side note is that Friedberg should have  designated this as FR1284a/FR1284b.  The regular issue FR1283 contains no reverse surcharges;  it’s the  FR1284 that contains the “18‐63” surcharge.      FR1314  ‐  second  issue 50¢  ‐ No surcharges.     While  the 5¢, 10¢ and 25¢  second  regular  issue  reverses  all  have  varieties without  the  corner  surcharges,  the  regular  issue  50¢  version was  never  released by  the Treasury free of corner surcharges. Up until 1978 Friedberg had it listed as a legitimate  variety  based on the strength of  the single note shown.  But with only  (1) known example  its validity     was  in  question.  Close  observation  of  the  unique  FR1314  showed  that  the  corner  surcharges  were  removed after  it left the Treasury.    It is not an error, but rather an altered note. We  include this  in the  article  for context and  for  its  interesting back story.  The  following  is the  Heritage Auction description  from the 2005 O’Mara sale:  Fr. 1314  (altered) Milton 2R50.1 50¢ Second  Issue  Choice  New.    In  his  Encyclopedia,  Milt  states,  "The  authenticity of  this number  is questionable, as no genuine  example has  been  seen." That  still  stands. This piece has  been altered  from a  Friedberg 1317 by  the  removal of  its  surcharges.  Tom  O'Mara  was  aware  of  this  when  he  acquired it, and collected it as an altered piece to  represent  the number. It is extremely unlikely than any Fr. 1314's were  produced, and in this  cataloger's opinion, it's well past time  to  de‐list  these  before  more  problems  ensue.  Were  the  alteration  less obvious, we would be  reluctant  to  sell  this,  but  this piece  is apparent enough  that  its presence  in  the  market will not cause problems  ___________________________________________________________Paper Money * Sep/Oct 2017* Whole No. 311_____________________________________________________________ 370 FR1315 & FR1315a – second  issue 50¢ with just “18”  or “63” surcharge only;   FR1315 and FR1315a are  in  reality an FR1316 missing  the  “18” or  the “63”  surcharge.  While  Robert Friedberg did not cite any “18” or “63” only surcharges in his 1st edition for the 5¢,  10¢  and 25¢ varieties (c. 1953), he did so for the 50¢ second issue variety and assigned its own  Friedberg  number…FR1315 (“18” only).   In the 4th  edition (c. 1962) he first  included a “63”only  example and  designated  it as  FR1315a.  None of  these  varieties warrant  their own  Friedberg  number and all  references to it have been eliminated by the 10th Edition (c. 1981).  Experimental/Specimen/Essay  Surcharge Errors. There a quite a few non‐ regular issue  surcharge errors.  Some are in  debate since this may be a case where the  Treasury was  experimenting with surcharge  placement.  But even the appearance as an  error, warrants its  inclusion.  “18‐39” Experimental Surcharge Error.  The  following 50¢ Experimental pair contains  ___________________________________________________________Paper Money * Sep/Oct 2017* Whole No. 311_____________________________________________________________ 371 an  intriguing surcharge error. One has a blank reverse and the second contains the familiar crimson  shield. With close examination, the “18‐39” surcharge is an error.  The “39” is inverted.  One  could  call this a new surcharge combination; an “18‐39” surcharge.  But all other corner  surcharges on the  second  issue bottom reverse are “18‐63”.  With some reasonable speculation one  could opine that  the  engraver  meant  to  engrave  a  “63”...getting  it  all  messed  up.  These  experimentals  were  produced in the year 1863, so a reasonable conjecture. The fonts are right;  it is quite possible that  this is an inverted and mirrored “63”.      50c Experimental on blank back and inverted ‘39’ surcharge or is it a poorly engraved ‘63’?    D‐5‐18‐63/5‐D‐18‐63 Corner Surcharge Error.  This 25¢ negative essay pair contains an  interesting engraving error.  The normal corner surcharge  layout  is “D‐5‐18‐63” as displayed on  the  first note. Take a closer  look on  the second example.  The  surcharge  is a “5‐D‐18‐63”.   The  placement of the “5” and “D” has been swapped.  Obverse Surcharge.    These  early  experimentals  from  Stack’s  John  Ford  sale  display  the  large  number  surcharge  on  the  obverse.  Note  the  dates  below  the  large  “50”  (March  21,  1863)  and  the  “25”  (February  20,  1863).  While  they  appear  to  be  an  error,  they  technically  are not.                        D‐5‐18‐63 surcharge             5‐D‐18‐63 surcharge  ___________________________________________________________Paper Money * Sep/Oct 2017* Whole No. 311_____________________________________________________________ 372 Missing  Corner  Surcharge  on  a  negative  Essay  –  (D)‐5‐18‐63.  This  5¢  negative  essay  note  is  missing the “D” in the upper left corner.  Obverse Bronze Oval on 50¢ Specimen Reverse.   There is some debate if this is a legitimate  error.  The bronze  oval that is almost always found on the obverse is shown on  the reverse. This  may have been a case where the Treasury  was  experimenting  with  the  placement  of  the  oval.  Contrarian logic dictates that the oval was obviously made to  surround the portrait…hence an  error.  “I‐9‐18‐63” Surcharge.   The 5¢ and 10¢  Experimentals with the  very rare “I‐9‐18‐63”  Surcharge are not errors,  but they are interesting  sidebars.  Note that the  actual surcharges are  bolder and more  pronounced than the  regular issue.  These  were virtually unknown  in fractional  circles until it reappeared in the John Ford sale last decade.  Oval Only Obverse.  At first glance this looks like a  spectacular error.   The note contains no  design,  just the second  issue oval.  In reality, this is a fiber  Experimental  showcasing  just  the  oval…the  engraving design was purposely omitted.  ___________________________________________________________Paper Money * Sep/Oct 2017* Whole No. 311_____________________________________________________________ 373   Reverses with Just Surcharges.  As above, these appear to be incredible errors; missing all reverse  designs and only containing the surcharges.  However, these are just early Experimentals.  But the impact  is quite profound.                  Shifted “25”. Here  is an uncut pair of Experimental notes.  The  double outlined “25” normally  found on the reverse  is on the obverse.  That  is  not  the  error  since  the  placement  of  the  surcharge  on  Experimentals  sometimes  (though  rarely) made  its way  to  the obverse.   However,  the position of the “25” shows a big shift downwards on the  top note.      Misprinted  “SPECIMEN”.   Shown is the reverse of a 25¢ where the  “C” in “SPECIMEN” is omitted  and it also  contains  another  error.  There  is  a  second  imprint  of  “SPECIMEN”;  however,  it  is only  partial but  is  clearly  inverted.         In a  future  issue of Paper Money we will undertake 3rd  issue surcharge errors and  inverted  engraving  errors.  Also, there is a running series of fractional error articles in the F.C.C.B. Fractional  newsletter.  They’ve published research on fractional dual denomination errors and missing signature  errors.  Anyone wishing to receive a color copy of those articles please email me (riconio@yahoo.com)  and I will  gladly forward you a copy.  I would like to thank Benny Bolin, Jerry Fochtman, Martin Gengerke and Tom O’Mara for their  help. Tom  especially was very helpful with his keen eye in editing.  Also a great deal of appreciation to  Milton  Friedberg and his groundbreaking research detailing the exhaustive varieties on fractional and  postage  currency in his Encyclopedia.  And finally a big thanks to Heritage and Stack’s/Bowers Auctions  for the  use of their extensive database of images from their auction archives  ___________________________________________________________Paper Money * Sep/Oct 2017* Whole No. 311_____________________________________________________________ 374 PMGnotes.com | 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 PMGnotes.com 16-CCGPA-2889_PMG_Ad_NewHolder_PaperMoney_JulyAug2016.indd 1 5/27/16 8:12 AM THE ANTI-EATAM IRON WORKS by David E. Schenkman Antietam is a place in Washington County, Maryland. Not a city or a town; just a place that happens to be part of the town of Sharpsburg, and the location of a historic iron furnace. It is also well known to Civil War history buffs as the site of a very famous 1862 battle, in which more than twenty-three thousand soldiers were killed or wounded. And, to most numismatists it is the subject of a commemorative half dollar struck in 1937 to mark the seventy-fifth anniversary of that battle. Long before the Civil War, Antietam was the site of a famous iron works. The first owner of the land was a man by the name of Israel Friend, the earliest white settler in the area. In 1725 the governor of Maryland appointed him ambassador to the Shawnee Indians, and two years later he was able to purchase a large parcel of land above Harper’s Ferry from the Indians. On a web site page titled “Israel Friend, Frontiersman,” Corinne Hanna Diller writes, “On 10 January 1727, a deed was made from six chiefs, styled ‘Kings of the Five Nations,’ named Cunnawehala, Taw-Senaw, Captain Sivilite, Toile Hangee, Shoe Hays, and Callakahatt, ‘for love to our brother Israel Friend,’ for land on the Potomac River and Antietam Creek.” According to legend, Friend’s land was measured with a bow and arrow. One account relates that it was determined “not in acreage, but on how far an archer could shoot an arrow. His land covered 200 shoots along the Potomac River and 100 shoots in depth. The backside was squared off to intersect with Antietam Creek. The deed was recorded on birch bark. Researchers believe, based on an arrow’s shooting distance, that Israel Friend’s land would be 72 square miles.” It is thought that Israel's wife, Sarah, was actually an Indian princess by the name of Bokavar, and possibly that is why he was able to acquire the land. Unfortunately for him, in 1736 he evidently lost it when the governor of Maryland declared that his title was not valid, since it had been made with an Indian. By this time William Chapline and his son, Joseph, each owned large tracts of land in the area. Joseph’s 2175-acre estate, which he named Mount Pleasant, was obtained from Lord Baltimore in a land grant. His home, which was located a mile from Sharpsburg in the Snyder’s Landing area, was completed in 1740. During the French and Indian War of 1756-1756, Joseph Chapline helped to finance the war effort, and he was instrumental in organizing troops. He also had a part in the construction of Fort Cumberland and Fort Frederick. For his work, Maryland governor Horatio Sharpe rewarded him with an 11,000-acre tract of land which included the land formerly owned by Israel Friend. Chapline established the town of Sharps Burgh which he named, appropriately enough, in honor of Governor Sharpe. Chapline’s land was rich in iron ore deposits and in 1763 he leased it to three area businessmen, Samuel Beall Jr, Richard Henderson, and David Ross, for £900. The agreement specified that the tract was located “beginning on the Potowmack River, one hundred yards west of the Anti-Eatam Creek and extending parallel to Anti-Eatam Creek until a west course will meet Beaver Creek, and then by the Marsh Branch of Beaver Creek, so as to include all the ore and wood of South Mountain, then down the east side to the Potowmack and up the Potowmack to the beginning.” Other land in the area contained iron ore, and an advertisement in the April 7, 1763 issue of The Maryland Gazette in Annapolis offered for sale “about sixteen hundred acres of land lying on Anti-Eatam in Frederick County, being part of a tract called Fellfoot Enlarged, formerly granted to Captain Tobias Stansbury; the greatest part of it very good, and well timber’d; on part of it there is great appearance of Iron Ore, and a stream sufficient to work a Furnace.” In 1770 Samuel and Daniel Hughes built the Rock Forge Furnace. Located near Leitersburg on Little Antietam Creek, it operated until 1795. However the Antietam Forge, which they built about a mile and a half away on the same creek, continued to operate for some time after that. According to an article on the Maryland Historical Trust’s web site, “ore and wood for charcoal were obtained from the company's large The April 7, 1763 issue of The Maryland  Gazette in Annapolis included this  advertisement. ___________________________________________________________Paper Money * Sep/Oct 2017* Whole No. 311_____________________________________________________________ 376 landholdings in the South Mountain area. Pig iron was the major product, which was used in various forges then operating in Western Maryland. Just prior to the Revolutionary War, Antietam and other ironworks nearby were acquired by the brothers Samuel and Daniel Hughes, who began producing cannon for the Baltimore Town Committee of Correspondence, for the Continental Marine Committee and, through Congress, directly for the Continental Army. Cannon were cast, bored, and proved by Hughes at the Antietam Iron Works (and probably at other Hughes-owned ironworks as well), and were transported to Baltimore by wagon. Following the Revolutionary War, Hughes moved his operations to Principio Furnace in Harford County, and the Antietam Furnace may have been inactive for a time.” The lessees of Chapline’s land formed the Frederick Forge and Iron Works on Antietam Creek and, as workers moved to the area the town of Antietam was established. The interesting spelling of the name in some accounts and on the notes issued by the company – Anti-Eatam – comes from an old Algonquian Indian word meaning “Swift Water.” In the early 1800s John McPherson Brien purchased the business and it was renamed Antietam Iron Works. By this time there were two hundred white laborers and sixty slaves at the Works. A nail factory was established in 1831 and, according to an early account, “twenty-five nail machines and a small rolling mill with two heating furnaces and two trains of rolls, were erected and operated until 1853. In 1845 a second charcoal furnace was built, 50 ft high and 15 ft wide at the boshes. Also a forge was built in connection with the original furnace and operated until the 1850’s. It became the area’s largest industrial complex, producing pig iron to be sold to other forges, and its own forge made tools, hinges farm implements, nails and other iron commodities needed by the community.” In nearby northern Frederick County, the Catoctin Furnace was established in the 1770s. It was in full operation by 1776, and among the items produced in its early years was an order of ten inch mortars which is supposed to have been used at the battle of Yorktown. By 1819 the company was bankrupt, and the following year it was purchased by John Brien. The business was not successful under his management, and eventually passed through various owners. In the late 1850s it was acquired by John Baker Kunkel, who was able to make it a flourishing operation. Thomas J. C. Williams, in A History of Washington County, Maryland from the Earliest Settlements to the Present Time, which was published in 1906, gives an interesting account of Brien’s enterprise in that county, as follows: The old Nail Factory at Antietam Iron Works, owned at the time by John McPherson Brien, was burned on the 25th of April 1841. It was rebuilt, increased in size and in successful operation in two months. These works situated about three hundred yards from the junction of the Antietam and the Potomac, gave employment in 1841 to two hundred white laborers and sixty slaves. To these slaves Mr. Brien was a remarkably kind master and it was said that their clothing, food and general condition of happiness were superior to those enjoyed by any free negroes. The head of the fall at these works is about twenty feet. At the time of which we are speaking one water-wheel fourteen feet high and eight feet wide drove an improved saw-mill, and shingle, stave, and jointing machines. The furnace bellows wheel was twenty feet high and four feet wide. The furnace blown by this wheel made 40 to 60 tons of metal a week. Another water-wheel sixteen feet high drove nineteen nail and spike machines with the necessary cutters to prepare the plates. Between 400 and 600 kegs of nails varying in size from two-penny up to seven inch spikes were manufactured each week. Another water-wheel twelve feet high worked a ponderous chaffery hammer. There was a six-fire forge, with a hammer weighing twenty-one tons driven by a sixteen-foot wheel. There were also two forge bellows wheels seventeen feet Daniel and Samuel Hughs (sic) offered to hire servants or slaves  to work as wood cutters in the June 13, 1776 issue of  The Maryland Gazette. ___________________________________________________________Paper Money * Sep/Oct 2017* Whole No. 311_____________________________________________________________ 377 high. There was a rolling mill for turning rolls of various sizes, nail rods, nail plates, and bar Iron. This machinery was driven by an overshot wheel fourteen feet high and twenty feet wide. There were also three puddling furnaces and an air furnace. Two other wheels, seventeen feet high, drove a merchant grist mill, with four run of French burrs. All of these wheels were driven from the same race, supported by a strong wall laid in hydraulic cement. Two hundred and fifty yards away was the canal basin, where coal, lumber and ore were received and the products of the works shipped in boats owned by Mr. Brien. Brien constantly experienced financial difficulties, and he was forced to borrow a large sum of money from a Baltimore businessman, Robert Gilmor, using Antietam Iron Works and Catoctin Furnace as security. When he defaulted on the loan in 1843, Gilmore became owner of these enterprises. Brien continued to work as manager of Antietam for the next five years, at which time it was shut down. The property was put on the market, and Brien was somehow able to raise the $110,000 necessary to purchase it. Following Brien’s death in 1849, less than a year after he reclaimed ownership of the iron works, his wife started disposing of the property in an attempt to settle the many outstanding debts. At first she offered the land in small parcels, and in 1850 a portion of the iron ore bank was offered for sale or lease. The company continued to operate under various owners, and in 1854 William B. Clarke, a resident of Baltimore, paid $40,000 for the company and 1186 acres of land. The iron works was inactive during part of the Civil War, and shortly thereafter it was purchased by the Ahl family of Carlisle, Pennsylvania, who also owned iron works in that state. The firm of P. A. Ahl and Brothers converted the furnace from wood to coke fuel. The 1876 United States Industrial Directory notes that “this furnace is for sale.” There was extensive damage from a flood in 1877, and a few years later the works ceased to operate for good. A general store was opened by Peter Allen Otzelberger in the late 1880s to service the needs of residents in the area; it remained open until the 1950s. In 1891 the furnace was dismantled. In 1996 the Maryland Historical Society published Money & Banking in Maryland. Written by Denwood N. Kelly, Armand M. Shank Jr., and Thomas S. Gordon, this tome lists all Maryland obsolete notes issued between 1790 and 1865 which were known to the authors. The following six denominations of Anti-Eatam Iron Works notes are cataloged: TWELVE & A HALF CENTS, listed only as a proof (catalog number 4.1.2p) TWENTY FIVE CENTS, listed as a regular issue and as a proof (catalog numbers 4.1.3. and 4.1.3.p respectively) FIFTY CENTS, listed only as a proof (catalog number 4.1.4.p) ONE DOLLAR, listed as a regular issue and as a proof (catalog numbers 4.1.5 and 4.1.5.p respectively) TWO DOLLARS, listed only as a proof (catalog number 4.1.6.p) THREE DOLLARS, listed as a regular issue and as a proof (catalog numbers 4.1.7. and 4.1.7.p respectively). Twelve and a half cents, fifty cents, and two dollar denominations are known as regular issues, although I haven’t seen a signed example of the twelve and a half cents. The imprint on all of the notes is Underwood, Bald, Spencer & Hufty, Philada. / Danforth, Underwood & Co. New York. The notes issued by the Antietam Iron Works are all rare. The few issued examples I know of are dated June 1, 1840 and signed Jno. McP. Brien; most have what appears to be “Co.” after the name. The March 2005 Shingoethe collection sale included unsigned examples of the three fractional denominations, which I assume came into existence when a sheet was cut up. An uncut sheet of the same three This advertisement appeared in the November 26, 1850  issue of The Sun, a Baltimore newspaper. ___________________________________________________________Paper Money * Sep/Oct 2017* Whole No. 311_____________________________________________________________ 378 denominations was sold in the January 2016 Heritage sale. The 1840 date on the notes is significant, since the early 1840s seems to have been the most profitable era of the iron works’ operation. According to a contemporary report, during 1840 nearly fifteen hundred tons of pig iron were produced, plus nearly a thousand tons of bar iron. A sheet consisting of the one dollar, two dollar, and three dollar notes was reproduced on souvenir cards for sale at the November 13-15, 1998 Baltimore, Maryland Coin and Currency Show. A total of five hundred cards were printed. Some of these were cancelled by the United States Postal Service at the show. One Dollar Anti‐Eatam Iron Works note. Author’s collection. Two Dollar Anti‐Eatam Iron Works note.           Image courtesy of Heritage Auctions. Three Dollar Anti‐Eatam Iron Works note. Author’s collection. A signed example of the Twenty‐Five Cents        Anti‐Eatam Iron Works note. Author’s collection. Uncut sheet of three Anti‐Eatam Iron Works notes.    Author’s collection. Souvenir cards depicting sheets of the highest  three denominations of Anti‐Eatam Iron Works  notes were produced for sale at the November  1998 Baltimore Coin and Currency Show. ___________________________________________________________Paper Money * Sep/Oct 2017* Whole No. 311_____________________________________________________________ 379 Today the site of the Anti-Eatam Iron Works, and the village that sprang up around it, is on the Maryland National Register of properties. Unfortunately, not much remains of the iron works, although a few houses are still standing. A marker titled “Antietam Iron Works Bridge” informs readers that “This four-arch stone bridge spanning the Antietam Creek was built in 1832 by John Weaver. It is located at the site of a large ironworks complex, first known as the Frederick Forge and later as the Antietam Iron Works which operated intermittently from 1763 until 1886, when the facility was sold at a bankruptcy sale. This bridge was one of the first two contracted by the county government after the Levy Court had been renamed the Board of County Commissioners in 1830.” I’d like to express my appreciation to my good friends, Eric and Heather Schena, for making a trip to Sharpsburg and photographing the remains of the iron works. The company’s main store/office is the building in the  foreground. The building behind that was some sort of  workshop, and way behind that are the stack ruins. The stacks at Anti‐Eatam Iron Works. The Antietam Iron Works bridge. Anti‐Eatam Iron Works arch. ___________________________________________________________Paper Money * Sep/Oct 2017* Whole No. 311_____________________________________________________________ 380 The Saga of the Southern Bank Note Company by Michael McNeil The Southern Bank Note Company in New Orleans, Louisiana, produced some of the most artistic and colorful designs on Confederate Treasury notes. All of these notes were made with the intaglio process using incised steel plates, producing notes of the highest quality and images of the highest resolution. This process produces what is known as “embossing,” which results when the paper is pressed into the steel plate; features of the design may be seen in relief on the back of the note when the note is held in the light at an angle. The paper was also of the highest quality, often including red silk fibers. Like the National Bank Note Company, the Southern Bank Note Company was, in reality, a branch of the northern, New York based printer named the American Bank Note Company. The New Orleans branch was renamed the Southern Bank Note Company in a politically astute move after the Confederate States seceded from the Union. The New Orleans branch stopped production in May 1862 when that city fell to Union forces. The first issues of this printer are called “Richmond notes,” or $100 Type-5 and $50 Type-6 notes, because they were issued after the Confederate capitol was relocated from Montgomery, Alabama, to Richmond, Virginia. The New Orleans branch of the Southern Bank Note Company was deeply involved in the production of Confederate bonds and had some difficulty ramping up production of the “Richmond notes.” Figure 1. $100 T‐5, Southern  (American)  Bank  Note  Company  of  New  Orleans,  5,798 issued.  Justice at  left. Hudson River  railroad  scene  at  center.  Minerva at right.  Issued  from  August  25th,  1861  through  September  23rd, 1861.1 Figure  2.  $50  T‐6,  Southern  (American)  Bank  Note  Company  of  New  Orleans,  5,798 issued.  Justice  at  left.  Agriculture  and Industry seated on a bale  of  cotton  at  center. George  Washington bust at right.  Issued  from  August  25th,  1861  through  September  23rd, 1861. ___________________________________________________________Paper Money * Sep/Oct 2017* Whole No. 311_____________________________________________________________ 381 The Southern Bank Note Company also produced four notes for the Third Series, now known as $50 Type-15, $20 Type-19, $10 Type-22, $5 Type-31, all with beautiful red overprints. Collectors prize these Third Series notes, but their late production caused few of them to be printed before the fall of New Orleans, and few collectors are aware of how close the Treasury Department came to making sure that they were never produced at all. A persuasive New Orleans banker saved them. Here is the story of those beautiful notes. The Southern Bank Note Company $100 Type-5 and $50 Type-6 notes were a part of the First Issue authorized by the Confederate Congress, but production commenced late on August 25th 1861, well after the commencement of every one of the Second Issue notes by Hoyer & Ludwig and Manouvrier. By September 14th Hoyer & Ludwig had commenced the printing of the Type-17 $20 note, and by October 22nd their $100 and $50 issues would be well underway, all of them notes authorized by the Third Issue. Trouble was brewing for the Southern Bank Note Company by the month of October, 1861. We see a cryptic letter of October 8th, 1861, from Memminger to John V. Childs in New Orleans, stating “Your letter of the 1st instant, giving information as to the property of the American Bank-Note Company, has been received. Previous information had already induced action to be taken by the Department.” 1 By October 14th, in a letter to his agent, J. D. Dénégré, President of the Citizens Bank in New Orleans, Memminger clearly showed his distrust of Samuel Schmidt, the New Orleans manager of the Southern Bank Note Company, and is preparing to seize the company’s assets: DEAR SIR: I have been made to doubt the honesty of Schmidt from his very long delay in preparing the plates; but it was not on that account I directed the seizure of the tools and implements of the American Bank-Note Company. I did not know that Schmidt had anything to do with them. At great expense, I sent to New York to procure tools and workmen. I sent Mr. Ball, the gentleman who will hand you this letter, to make the requisite arrangements, and he it was who made the discovery that the implements which we wanted were at New Orleans. By conversing with him you will see that, with these tools in our possession, we need not have been embarrassed about our engravings, and that Schmidt’s retaining them is a great public injury. Had I known how matters stood, I would certainly have written to you before making the seizure; and now it is my respect for your judgment that induces me to send Mr. Ball to consult with you. My experience of men of the class engaged in the mechanical operations has not given me confidence in their integrity, and I do not know what may be your opportunities of judging Schmidt. It may be from envy, or the jealousy of trade; but certain it is, he is not trusted by those of his own craft. Allow me, therefore, to ask your attention to Mr. Ball, and a re-examination of the matter. It is absolutely necessary that the Government shall have some large establishment for engraving the issues which it will require. A private establishment is greatly to be preferred, but it must be nearer than New Orleans, particularly in the present state of the country. Please confer with Mr. Ball, and give him your best aid and counsel, and that which is determined upon please to forward with your usual energy and skill.2 A note appended to the letter above by Memminger reads: Since writing the above, Mr. Keatinge has returned and reported. I am fully satisfied that the public interest requires the transfer of the establishment, and that Schmidt should not be permitted to retain more presses than he can work himself, and so of the tools. ___________________________________________________________Paper Money * Sep/Oct 2017* Whole No. 311_____________________________________________________________ 382 Memminger took immediate action the same day and penned this letter to Governor Moore of Louisiana: SIR: I herewith accredit to you Mr. G. A. Ball, whom I have sent to superintend the forwarding of such tools, implements, and materials of the American Bank-Note Company at New Orleans as, upon his representation, you may deem proper to seize for the use of the Government of the Confederate States. It is necessary for the Government that it should be put in possession of all the means of engraving and printing Treasury notes, and I respectfully request that you will, in its behalf, take possession of all such implements, tools, and material belonging to said company, which, upon Mr. Ball’s representation, you shall deem expedient.3 The Southern Bank Note Company was late in delivery, and suspecting that the Southern Bank Note Company was in possession of more equipment than Schmidt could utilize, Memminger wanted to impound the high-quality engraving and printing tools for the use of the printers in Richmond. Note Memminger’s reference to his preference for a “private establishment” to produce Treasury notes, and his distrust of the men in Schmidt’s profession, men over whom he would have had more control in a government operation. Had Governor Moore of Louisiana quickly acted on Memminger’s request, there would have been no Type-15, Type-19, Type-22, or Type-31 notes ever printed. It appears that Dénégré appealed, probably by telegram, to stop the seizure and wrote to Memminger just before samples of the $10 Type-22 and $5 Type-31 notes would appear on Memminger’s desk. In a letter, just a day later on October 15th to Dénégré in New Orleans, Memminger appeared to rescind his order to impound the tools of the Southern Bank Note Company, and he appealed instead for any paper that could be spared: DEAR SIR: Your letter of the 5th instant, as to the seizure of Schmidt’s tools, has been received. In answer to your telegram of the 5th instant I sent the following telegram: “I did not know that Schmidt was using the tools of the American Bank-Note Company. Arrange the matter according to your best judgment, and send by Keatinge all that you can possibly spare. Especially send every sheet of paper. Please show this to Governor Moore.”4 In a letter of October 24th to Dénégré, Memminger mentioned seeing the first examples of the $10 Type-22 and $5 Type-31 notes. These two beautiful notes commenced issue in volume production on November 13th, 1861, and Memminger’s tone was very different in this letter: SIR: Your letter of the 18th, enclosing a five and ten-dollar specimen of the notes which Schmidt is now printing, has been received. The samples are very satisfactory, and I will be obliged to you to have them printed as rapidly as possible.5 “Very satisfactory” indeed! The Third Issue notes of the Southern Bank Note Company rank at the very top of artistic excellence and quality execution of Confederate Treasury notes. After having made such derogatory statements about Schmidt, perhaps this was high praise.           ___________________________________________________________Paper Money * Sep/Oct 2017* Whole No. 311_____________________________________________________________ 383 $5  T‐31,  Southern  (American)  Bank  Note  Company  of  New  Orleans,  58,860 issued.  Minerva  with  capstan  at  left.  Commerce,  Agriculture,  Justice.  Liberty, and Industry in the center.  George Washington statue at Boston  to the right.  Issued  from  November  13th,  1861  through May 15th, 1862. Another letter by Memminger to Dénégré on October 30th appeared to imply that Dénégré was perhaps the party who appealed to Memminger for patience in the matter of the Southern Bank Note Company: SIR: Your letter of the 24th, in relation to Mr. Schmidt's printing, has been received. Permit me to say that I shall give the best evidence of my confidence in you by calling in aid your valuable services whenever required by the Government.6 The disaster of the seizure of the assets of the Southern Bank Note Company in New Orleans was narrowly averted. It is interesting to note that at least one of Memminger’s agents in this matter was Keatinge, in all likelihood one of the founders of the firm Leggett, Keatinge & Ball, printers in Richmond, who certainly would have viewed the Southern Bank Note Company as a competitor. The other agent, G. A. Ball, may have been a relation to Thomas Ball, Keatinge’s partner. The firm of Leggett, Keatinge & Ball supplied high-quality lithographic notes to the Treasury Department on November 15th, what we now call the Type-23 and Type-32 notes, only two days after the Type-22 and Type-31 issues of the Southern Bank Note Company commenced, and for the duration of the war Keatinge & Ball would print a vast quantity of high-quality lithographed notes. The survival of the Southern Bank Note Company in October 1861 is a lesson in the importance of timing and chance. What Memminger came close to accomplishing in his recommendation for the seizure of the Southern Bank Note Company, was finally accomplished by military defeat. The fall of New Orleans on April 24th, 1862 accounted for the last date of issuance on May 15th, 1862, of any notes printed by the Southern Bank Note Company for the Confederate Treasury Department. With the single exception of Keatinge & Ball’s $100 Type 41 note in the Fourth Series, these would be the last intaglio-printed notes. $10  T‐22,  Southern  (American)  Bank  Note Company of New Orleans, 58,860  issued.  Thetis  at  left.  Group  of  Indians  at  center. Woman with “X” at right.  Issued  from  November  13th,  1861  through May 15th, 1862. ___________________________________________________________Paper Money * Sep/Oct 2017* Whole No. 311_____________________________________________________________ 384 $50 T-15, Southern (American) Bank Note Company of New Orleans, 14,860 issued. Hudson River railway scene in the center. Justice at right, and Hope with an anchor at left. Issued from January 8th, 1862 through May 15th, 1862. $20 T-19, Southern (American) Bank Note Company of New Orleans, 14,860 issued. Minerva at left. Navigation seated by a globe and charts in the center. Blacksmith at right. Issued from January 8th, 1862 through May 15th, 1862. NOTES: All images of Treasury notes are courtesy of Pierre Fricke. The crop of the T-31 vignette is by the author. 1. Thian, Raphel Prosper. Correspondence of the Treasury Department of the Confederate States of America, 1861-’65. Letter: C.G. Memminger to John V. Childs, Esq., New Orleans, La., October 8th, 1861. Washington, Appendix – Part IV, 1879, p. 199. 2. Thian, Raphel Prosper. Correspondence of the Treasury Department of the Confederate States of America, 1861-’65. Letter: C.G. Memminger to J.D. Dénégré, Citizens Bank of New Orleans, La., October 14th, 1861. Washington, Appendix – Part IV, 1879, p. 210. 3. Thian, Raphel Prosper. Correspondence of the Treasury Department of the Confederate States of America, 1861-’65. Letter: C.G. Memminger to His Excellency Governor Moore, New Orleans, October 14th, 1861. Washington, Appendix – Part IV, 1879, p. 211. 4. Thian, Raphel Prosper. Correspondence of the Treasury Department of the Confederate States of America, 1861-’65. Letter: C.G. Memminger to J.D. Dénégré, Citizens Bank of New Orleans, La., October 15th, 1861. Washington, Appendix – Part IV, 1879, p. 216. 5. Thian, Raphel Prosper. Correspondence of the Treasury Department of the Confederate States of America, 1861-’65. Letter: C.G. Memminger to J.D. Dénégré, Citizens Bank of New Orleans, La., October 15th, 1861. Washington, Appendix – Part IV, 1879, p. 222. 6. Thian, Raphel Prosper. Correspondence of the Treasury Department of the Confederate States of America, 1861-’65. Letter: C.G. Memminger to J.D. Dénégré, Citizens Bank of New Orleans, La., October 15th, 1861. Washington, Appendix – Part IV, 1879, p. 222. ___________________________________________________________Paper Money * Sep/Oct 2017* Whole No. 311_____________________________________________________________ 385 Lyn Knight Currency Auct ions If you are buying notes... You’ll find a spectacular selection of rare and unusual currency offered for sale in each and every auction presented by Lyn Knight Currency Auctions. Our auctions are conducted throughout the year on a quarterly basis and each auction is supported by a beautiful “grand format” catalog, featuring lavish descriptions and high quality photography of the lots. Annual Catalog Subscription (4 catalogs) $50 Call today to order your subscription! 800-243-5211 If you are selling notes... Lyn Knight Currency Auctions has handled virtually every great United States currency rarity. We can sell all of your notes! Colonial Currency... Obsolete Currency... Fractional Currency... Encased Postage... Confederate Currency... United States Large and Small Size Currency... National Bank Notes... Error Notes... Military Payment Certificates (MPC)... as well as Canadian Bank Notes and scarce Foreign Bank Notes. We offer: Great Commission Rates Cash Advances Expert Cataloging Beautiful Catalogs Call or send your notes today! If your collection warrants, we will be happy to travel to your location and review your notes. 800-243-5211 Mail notes to: Lyn Knight Currency Auctions P.O. Box 7364, Overland Park, KS 66207-0364 We strongly recommend that you send your material via USPS Registered Mail insured for its full value. Prior to mailing material, please make a complete listing, including photocopies of the note(s), for your records. We will acknowledge receipt of your material upon its arrival. If you have a question about currency, call Lyn Knight. He looks forward to assisting you. 800-243-5211 - 913-338-3779 - Fax 913-338-4754 Email: lyn@lynknight.com - support@lynknight.c om Whether you’re buying or selling, visit our website: www.lynknight.com Fr. 379a $1,000 1890 T.N. Grand Watermelon Sold for $1,092,500 Fr. 183c $500 1863 L.T. Sold for $621,000 Fr. 328 $50 1880 S.C. Sold for $287,500 Lyn Knight Currency Auctions Deal with the Leading Auction Company in United States Currency BRAZIL INTRODUCED RADICALLY NEW DESIGNS FOR ITS NOTES IN 1970 by Carlson R. Chambliss In the March/April issue of Paper Money I introduced readers to the Brazilian Treasury Notes of 1943‐67, most of which were printed by two foreign firms, the American Bank Note Co. in the USA and Thomas De La Rue in the UK. During 1960‐61 a few 5 cruzeiros notes were printed locally by the Brazilian mint (Casa da Moeda do Brasil), but it seems that these local products were not very well received at that time. Production of notes by the ABNC and TDLR continued through 1967, but so far as I can see no notes of these types were produced in either 1968 or 1969. By this time the lower value notes in circulation for 10 crs (old cruzeiros) to 1000 crs or 1 centavo to 1 NCr were increasingly in tatters. The notes for 5000 crs / 5 NCrs and 10,000 crs / 10 NCrs at least had some value (about $1.25 and $2.50 each, respectively), but those still in circulation were also taking on an increasingly ragged appearance. By the end of the 1960s there was an urgent need for notes of higher denominations, but these had to await the introduction of an entirely new series of notes. The changeover from cruzeiros (crs) to cruzeiros novos (NCrs) was officially made in 1966, but the first notes surcharged in the new currency continued with the same printers and the previous designs. Some coins in centavos currency were introduced at that time, but the newly designed banknotes did not appear until 1970. Doubtless during the late 1960s major efforts were being made at the Brazilian Mint to come up with radically different designs for the new banknotes, and subsequently even greater efforts were put into producing these new notes in the huge quantities that were needed. The newly designed notes were placed into circulation early in 1970, and they soon replaced all of the earlier types of notes. Officially all of the older notes were pulled from circulation between 1972 and 1975, but I expect that most of them were out of use well before then. The new notes are merely inscribed Banco Central do Brasil, and no obligations are printed as to how they are to be paid. They are denominated in cruzeiros, since the term cruzeiro novo or NCr was treated solely as a temporary designation that had been discarded by 1970. The newly designed notes of 1970 proved to be a fairly short‐lived issue, since they were basically out of circulation after 1981. Without doubt, however, they are the most distinctive of all Brazilian notes. As is the pattern for the banknotes of many other nations each denomination had its own size, and these ranged from 147 x 66 mm for the 1 cr to 172 x 79 mm for the 500 crs note. These notes are printed in a combination of intaglio and lithography. Several different colors are used on each note, but most of the shades utilized are fairly dark and rather somber looking. There are two components to the serial numbers for these notes. The upper part consists of the letter A or B followed by the series number, while the lower part features the sequence number within that series. As was the case for the notes of 1943‐67, this number always falls in the range 1 to 100000. This designation is six digits long, but the first digit on the left is always a zero. There is a watermark strip that features a watermark of the person or persons portrayed on the note. During the course of their usage the notes for 1 cr, 5 crs, 10 crs, and 500 crs underwent major changes in their designs, whereas the designs of the 50 crs and 100 crs remained more or less the same. Unlike the notes of 1943‐67, no notes for 2, 20, or 200 crs were included in this series. One feature that is entirely new to this basic series of notes is the use of asterisks to indicate replacement notes. No special indicators were used to indicate replacement status on the notes of 1943‐67, but for several series of notes printed between 1970 and 1991 asterisks were used to indicate replacement status. That method for marking replacement notes has not been continued to any exent, however, with the new “Reais” series of Brazilian notes that first began to be issued in 1994. ___________________________________________________________Paper Money * Sep/Oct 2017* Whole No. 311_____________________________________________________________ 387 The notes of 1970‐80 all bear the facsimile signatures of two officials, the President of the Monetary Council and the President of the Central Bank. Four persons (Delfim Netto, Simonsen, Rischbieter, and Galvaes) signed in the first capacity, while three individuals (Galvaes, Lira, and Langoni) signed in the latter. Ernane Galvaes served as president of the Central Bank prior to becoming head of the Monetary Council. There are a total of four different signature combos, but only the 10 and 500 crs notes feature all four of these. By far the best known of these individuals is Antonio Delfim Netto (1928 ‐ ), whose name is associated especially with price indexing. He devised a scheme in which wages and salaries became tied to those of basic prices, and price indexing proved to be a workable economic system in countries such as Brazil that were undergoing continuous but fairly modest inflation during periods such as the early 1970s. The really serious inflation did not come to Brazil until after Antonio Delfim Netto was no longer in office. In the early 1980s Brazil became a victim of sharp increases in oil prices that resulted in severe inflation at that time. The one cruzeiro note portrays an allegorical female head representing the Brazilian Republic on its face. This is an effigy that has been widely used on Brazilian notes and coins including all of the notes of the current Reais series. The reverse depicts the Banco Central do Brasil headquarters in Rio de Janeiro. The 1 cr notes are basically dark green in color, but there are two different versions of this note. In the first type the two images are printed in olive brown, while in the second that was first issued in 1972 the color of this medallion has been changed to green. The first type has series numbers ranging from 1 to 3000 preceded by the letter A, while the second has series ranging from 1 to 18094 preceded by the letter B. Replacement notes were produced in far larger quantities for this denomination than for any of the others. Their numbers range up to 49 (i. e., 4,900,000 notes) for type 1 and up to 19 for the type 2 notes. Figures 1 and 2--The four signature combos that are found on the notes of 1970-80. The first of these is also found on both types of the 10 NCrs on 10,000 crs notes that depict Santos Dumont. The other three combos are also found on the 1000 crs “double heads” type that was first issued in 1978. By 1981 inflation was really kicking in, and the issues of 1970-80 were replaced by five new types of “double heads” types. The first bunch of these featured the last of these signature combos. Figure 3 and 4--The one and five cruzeiros notes in replacement form. The 1 cr note features the signature of Antonio Delfim Netto, an economist who is well-known for his development of price indexing. Both notes carry the signature of Ernane Galvaes, who has signed as President of the Central Bank. ___________________________________________________________Paper Money * Sep/Oct 2017* Whole No. 311_____________________________________________________________ 388 The five cruzeiros note portrays the Portuguese King Pedro I (1798 – 1834), who became the first Emperor of Brazil in 1822. This side is printed in dark blue and dark violet. The back side depicts an early view of Rio de Janeiro and is printed in shades of brown. This note also comes in two types. In the 1970 version the back is printed in vivid violet brown, while in the second version first issued in 1973 the back is dull brown in color. The serials on the first version range only from A1 to A107 (thus implying a total printing of only 10,700,000 notes), while the type 2 notes have series that range from B1 to B6841. Quite possibly large quantities of the Tiradentes notes (for 5000 crs or 5 NCrs) were still on hand, and thus fewer additional notes were needed for this denomination. Replacement notes were printed in modest quantities but they aren't particularly scarce. The ten cruzeiros note depicts Dom Pedro II (1825 – 1891), who was the Brazilian Emperor for most of his life. This side is printed mostly in dark violet and bluish black. The back side depicts a statue of the Prophet Daniel that is printed in dark green on the earlier versions of these notes and lilac gray on the latter. The edge panels are printed in dark lilac and various shades of blue violet and lilac rose. The type one notes were in print from 1970 to 1978, and they were replaced by the later version only in 1979. The type 1 notes have series serials up to A7745, while for type 2 notes the serials go up to B5131. This denomination is noted for having one variety that is a rarity in replacement form. These notes were printed in 1980 and feature the Rischbieter‐Galvaes signature combo. Although quite common with normal serial numbers, only very few replacement notes with this combo were printed. The fifty cruzeiros note portrays Manuel Deodoro de Fonseca (1827 – 1892), who was the first President of the Brazilian Republic. The colors of its face are fairly similar to those of the 10 cruzeiros note. The back side depicts a painting of a scene of persons hauling coffee bags, and it is printed in dark brown rather than green or gray lilac. Only one color scheme was used for the three signature varieties that appear on these notes, and their series serials range from A1 to A5233. This note is appreciably larger than is the 10 cruzeiros note, and doubtless that difference helped to prevent confusion between these two denominations. The 100 cruzeiros note was the highest value to be printed originally in 1970. It depicts Floriano Vieira Peixoto (1839 ‐ 1895), the second President of the Brazilian Republic. Its colors are predominantly brown and red brown on its face. The back depicts the National Congress in Brasilia on it back and is printed in dark green with the rest of that side printed in red brown. This note was printed as late as 1981, but there are only three signature varieties. The WPMC makes an error when it implies that the first signature variety of these was printed by TDLR. In fact, all notes with the Delfim Netto & Galvaes signature combo feature the imprint of the Casa da Moeda and were printed in Brazil. Nos. 195 and 195A in the WPMC are the same basic type of note, and these two listings should be merged. A variety that should be distinguished occurs with the second signature combination, that of Simonsen and Lira. On all notes of the 1970‐80 types there is a central strip that features a watermark of the person being portrayed on the note. On the 100 crs notes printed Figure 5 and 6--The 10 and 100 cruzeiros notes in replacement form. These notes also bear the signature of Ernane Galvaes, but in this case he is serving as President of the Monetary Council. ___________________________________________________________Paper Money * Sep/Oct 2017* Whole No. 311_____________________________________________________________ 389 in 1974 the watermark of Peixoto features him with a high collar (gola alta in Portuguese) while notes printed later have this feature with a low collar (gola baixa). Both varieties also exist as replacements. The substantial inflation and expansion of the money supply that took place in Brazil during the late 1970s led to a large issue of these notes, and their series serial numbers range between A1 and A12681. Although the exchange value of these notes was about $21 in 1970 when they were first issued, but by 1981 when they were last printed their exchange value was only about $1.20 per note. Although inflation was fairly modest in Brazil during the early 1970s, there was enough pressure to make the authorities issue a 500 cruzeiros note, and these first appeared in 1972. The face of this note depicts a group of five Brazilian men of Amerindian, European, and African heritage and of mixtures thereof. The face is in various shades of green and brown. The back side of the note depicts historic maps of Brazil that emphasize its discovery, early commercial activities, colonization by Portugal, Brazil at its independence, and the integration of Brazil within its present borders. Most peculiar of these maps is the fourth from the right that depicts Brazil at the time of its independence in 1822. Uruguay is correctly depicted at being inside Brazil, since this small republic did not gain its independence from Brazil until 1830. Most peculiar, however, are the inclusions of Dutch Suriname and French Guiana within the Portuguese possessions in Brazil. Both were settled in the 17th century by the Dutch and the French, respectively, and they were never under direct Portuguese or Brazilian control. Also Marajo Island at the mouth of the Amazon is shown in white as though it was never part of colonial Brazil. Although admittedly a wild frontier zone in colonial days, this huge riperian island was always treated as an integral part of Brazil by the Portuguese and Brazilian authorities in both the colonial and post‐colonial periods. Incidentally the colors used in printing this elaborately designed back are predominantly green, brown, and orange. The watermark in the strip on the 500 crs notes features the years 1822 – 1972, i. e., commemorative of the sesquicentennial of Brazilian independence. This note comes in five major varieties. The serial series numbers A1 to A2636 were used on the notes printed from 1972 to 1978, while B1 to B2763 were used on the notes printed in 1979 and 1980. In the first type the wide vertical strip is white, while in the second type it features green vertical lines on the face and similar lines in brown on the back. The second type of notes also features a small rectangle printed in green on the face side and brown on the back. When the 500 cruzeiros note was first issued in 1972, its face value was about $80, but by 1981 this amount had been reduced to about $5.50. It is hardly surprising that not too many of the first signature variety (Delfim Netto and Galvaes) were put aside. This variety with normal serial Figure 7 and 8) The face of a 500 cruzeiros note of the first type and the back of the second type of this note. The latter shows a series of vertical lines in the blank space along with a small rectangle at the bottom of this section of the note. Of the five maps shown the most peculiar is the one that depicts a map of Brazil at the time that it obtained its independence in 1822. The inclusion of Uruguay is correct, since the latter did not obtain its independence from Brazil until 1830. The inclusion of Suriname and French Guiana is far more mysterious, since these were never within the boundaries of colonial or independent Brazil. Marajo Island at the mouth of the Amazon should also have been colored in, since it always has been Brazilian territory. ___________________________________________________________Paper Money * Sep/Oct 2017* Whole No. 311_____________________________________________________________ 390 numbers is fairly expensive when in high grade. The replacement variety of this note is downright rare, and it is by far the most expensive of the varieties of the notes issued in the 1970‐80 period. The use of series numbers (at a rate of 100,000 notes per series) allows us to readily calculate how many notes of a given series of Brazilian notes were printed. The first data of interest are the rates of production of star notes compared to those of notes with normal serial numbers. For the six denominations these are as follows: 1 cr A1 – 3000 A1 – 49* rate 1.63% 50 crs A1 – 5233 A1 – 21* rate 0.40% B1 ‐ 18094 B1 – 19* 0.11% 5 crs A1 – 107 A1 – 4* rate 3.74% 100 crs A1 – 12681 A1 – 39* rate 0.31% B1 – 6841 B1 – 10* 1.46% 10 crs A1 – 7745 A1 – 22* rate 0.28% 500 crs A1 – 2636 A1 – 6* rate 0.23% B1 – 5131 B1 – 3* 0.06% B1 – 2763 B1 – 5* 0.18% The data for the first type of 5 cruzeiros notes are distorted by the small productions of these notes. Apparently enough of the 5000 crs / 5 NCrs notes that had been printed in 1963‐67 were still on hand for initial demand to be fairly limited for the newly designed 5 crs notes. Probably the 1 cruzeiro notes issued in 1970 were the first to be printed in quantity, and thus for these the numbers of replacements needed was relatively high. Once things really got underway, however, the amount of spoilage and hence the production of replacements seems to have been amazingly low. The lowest rate of spoilage that I have seen for notes printed at the BEP is 0.18%, and so clearly the workers at the Casa Moeda do Brasil were running a very efficient operation at this time. Another interesting set of data to examine are the total productions of notes of these types. In terms of billions the total numbers of notes printed and the total face value of these notes are as follows: 1 cr 2.109 B 2.11 B crs 5 crs 0.695 B 3.48 B 10 crs 1.288 B 12.88 B 50 crs 0.523 B 26.15 B 100 crs 1.268 B 126.80 B 500 crs 0.540 B 270.00 B The total face value for all notes of the 1970‐80 types is 441.4 billion cruzeiros. In actual fact the total amount of money printed in this decade was even higher, since in 1978 the Casa da Moeda issued the first of its “double portrait” notes, a 1000 crs item depicting the Baron de Rio Branco. Total production of this type during 1978‐80 was 330 million notes with a face value of 330 billion cruzeiros, an amount that is somewhat more than the total given above for the 500 cruzeiros note of the 1972‐80 type. During the decade from 1970 to 1980 the exchange rate on the cruzeiro fell from 4.70 to the dollar to about 50 to the dollar. This total face value printed, of course, is far higher than what it was for any of the previous decades. How should a collector assemble a group of these notes? A basic collection would consist of ten notes – one of each of denomination plus one each of the second types of the 1, 5, 10, and 500 crs notes. In normal form that is quite easy, since none are scarce. The next step is to obtain all of these notes by signature varieties, and here I am adding that extra 100 crs watermark variety that I have discussed. In this case the total expands to 25 different notes. One of these, the first of the 500 crs notes with the Delfim Netto & Galvaes signatures, is definitely scarce and will prove to be fairly expensive in high grade. As the data I have shown indicate, replacement notes were printed in decidedly limited quantities. In many cases, however, it appears that a fair number of these were saved, and thus ___________________________________________________________Paper Money * Sep/Oct 2017* Whole No. 311_____________________________________________________________ 391 several varieties are readily available. All 25 of the signature varieties of these issues exist in replacement form. By far the rarest is the first of the 500 crs notes. Oddly enough this item exists with three different series serial numbers, but apparently very few were saved due to its decidedly high face value in the early 1970s. Another replacement rarity is one of the 10 crs notes that I have already mentioned. In this case the rare status of this note is due to the fact that very few of these notes were issued. These 10 crs notes with the series serial number B00002* exist with three different signature varieties, and thus the 100,000 notes with this serial were distributed among the three signature varieties, one of which – Rischbieter & Galvaes – is decidedly rare. If collecting all 25 signature possibilities in replacement form is too much of a project, one might attempt to acquire the ten different note types in this form. Here the most difficult note would be the 500 cruzeiros note with an A prefix. Although fairly expensive, one of these notes should not be too difficult to acquire. As I warned readers in my previous article on Brazilian notes, no one in his right mind should attempt to collect the normal notes of these types by individual series serials. There are almost 65,000 different possibilities for these for all of the notes of the 1970‐80 types, and clearly this is a project that could never be completed. The authoritative catalog Cedulas do Brasil by Amato, das Neves, and Schutz lists and prices all 204 possibilities of series serial numbers for the replacement notes, but whether anyone has ever come close to completing such a project remains unknown to me. Another collecting possibility for the notes of 1970‐80 are the specimen notes (modelos in Portuguese). The catalog Cedualas do Brasil lists 16 different varieties for these. This covers all ten major types of these notes, but apparently not all 25 signature varieties exist in this form. Some of the notes are overprinted “Sem Valor” (without value) while others are inscribed or perforated “Modelo.” These notes were prepared for distribution to banks and other institutions and not for sale to collectors. Judging from the prices that are being asked for these items on eBay and other similar sources, it appears that they are undercatalogued in the standard listings. I have not collected these notes myself, but it is my feeling that any that are offered in the $50 to $100 range per note would be good buys. Bibliography: Amato, Claudio Patrick, Des Neves, Irlei Soares, and Schutz, Julio Ernesto, Cedulas do Brasil, 5a Edicao, Sao Paulo, 2011 Chambliss, Carlson R., “Brazil’s National Treasury Notes” , Paper Money, March/April, 2017, pp. 99 – 105 Cuhaj, George S., Editor, World Paper Money, Modern Isuues, 1961 – Present, 20th Edition, Krause Publications, Iola, WI, 2014 ___________________________________________________________Paper Money * Sep/Oct 2017* Whole No. 311_____________________________________________________________ 392 U N C O U P L E D PAPER MONEY’S ODD COUPLE Doctoring Fred’s part this month introduces you to an old-time practice for improving the appearance of notes. My half will deal with current practices (although some of them are not altogether recent in approach). In addition to counterfeit notes, I also collect Morocco by date. Sometime in early 2016 I was offered a very nice-looking example of a 1000- franc noted dated 9-2-50 (Fig 1 below). It was a date I did not yet have, and much nicer than such notes usually appear (they are very large, on fragile paper—I have no idea why the French used such thin and delicate paper for their notes). I sprang for it. When it arrived, I found that it did indeed look very nice—just a couple of barely discernable center folds. But when I held it up to the light, and then placed it on a light box, voila, the faults began to show (Fig 2 below). It has a lot of dirt in those center folds (evidently embedded in the paper but removed from the surface by some process I have not identified—there does not seem to be anything on the surface hiding the dirt); there are vertical quarter folds and several horizontal folds; there are several repaired tears in the edges (one about 11mm long); and all four corners have been replaced. Boling continued on page I am sure that we have mentioned what a hoot the ANA Summer Seminar is. A few critics will whine that there are too many classes about coins. Even if that were true, there is still plenty of paper money, but even beyond that there is plenty of collecting fun. Beyond the classroom, there are other collectors to meet and plenty of learning at the library, museum, and even the dining facility (I am fond of calling it the mess hall). One of the many little things that go on at the seminar is a benefit book sale conducted by the library. Library Manager David Sklow (I am not sure that I like his title) does a great job of assembling materials to be sold during both sessions of the seminar. Numismatic books, periodicals, auction catalogs and more fill the first floor conference room (I do not know if there is a second floor conference room). I always look forward to the sale and just about always find things of interest and, of course, this year was no exception. David put a twist on the sale (as he often does). In addition to the aforementioned printed literature, he had five albums of ephemera. They included exactly the kind of stuff that I like: letters, receipts, documents of all kinds. The only problem was that I had to look through those albums in the bedlam that was the book sale. In addition, I was far from the first to go through them. Drat. Still, I made what I consider to be a very nice purchase. It is a 1932 letter between two very famous paper money collectors—Albert Grinnell to Walter P. Nichols. Grinnell is mostly known to younger collectors today by the references in auction catalogs to notes once in the Grinnell collection. The catalogs of those sales were—and are—so important to collectors that they were reprinted. Twice! Walter P. Nichols too was a great collector, but his name is not nearly as well known unless you are a real paper money book hound, or devoted fan of none other than Q. David Bowers. Hmm, I guess that I am both. Joseph E. Boling Fred Schwan Figure 1 ___________________________________________________________Paper Money * Sep/Oct 2017* Whole No. 311_____________________________________________________________ 393 In 1984 Dave wrote (he claimed to have only edited) a modest of size, but in my view wonderful, book—An Inside View of the Coin Hobby in the 1930s: The Walter P. Nichols File. The book is an extensive reproduction of letters on numismatic subjects written to Mr. Nichols in, well, the 1930s with some commentary by Bowers. Because of this book I instantly recognized the Nichols name and knew that I would like to have this letter. I also loved the Grinnell Brothers letterhead. How many fine letterheads have you ever seen with an image of a piano factory? I certainly had never seen one, though I knew that Mr. Grinnell’s real business was music. The letter was really cheap too (thanks Manager Sklow) so I set it aside. That evening in the dorm (I like barracks) I had a better look at the letter and was thrilled with what I found. The first three paragraphs address a classic transaction with Nichols buying some notes offered by Grinnell. I was about knocked over by the balance of the long letter. It is a detailed tutorial with Grinnell telling Nichols how to wash his notes! The text of the entire letter is reproduced herewith. November 16, 1932 My Dear Mr. Nichols:- Your valued letter of November 14th received together with enclosure of check for $27.00 in payment for the lot of Federal Reserve Bank notes which I sent you on November 9th. Please accept my thanks for your kindness in sending remittance so promptly. Glad to note you were well pleased with the special forms which I sent you for listing your currency. Note that you are in the public accounting business so am sure you will be much pleased with this method of listing your collection of paper money and will find it very convenient to refer to. I will be glad to have you send me a list of your notes at your convenience which I will keep before me and as I find duplicates that I think will interest you will be glad to forward them to you for inspection. You need not feel under any obligation at any time to keep any more notes than you feel justified in keeping. Note you say you do not know how to improve the condition of paper money by cleaning and pressing. I have had a lot of experience in cleaning bills for my collection and have enjoyed it very much. The process I use is as follows:- In my bath room I have a wash bowl sufficiently large to lay a bill out smooth by the side of the bowl. I use an old lather brush and apply warm water with the brush spreading it as evenly as possible usually working the brush from the center towards each end. By so doing it has a tendency to straighten out any wrinkles there may be in the bill. I usually apply this process on the face of the bill and then turn the bill over and repeat the operation on the back putting only a sufficient amount of moisture on the bill to straighten out the creases so the bill will be smooth. I then lay the bill on an ordinary white blotter on an ironing board. I then use the edge of another blotter and carefully dry the bill with the blotter by drawing it from the center to each end of the bill. This makes the bill entirely smooth. I then put another blotter on top of the bill and press with a hot flat [iron?] first on one side and then turn the blotters and bill over and press on the other side. I do this until the bill has sufficiently dried and you will usually find that the bill is very much improved in condition. If the bill is considerably soiled with dirt I use a very small amount of Ivory soap on the brush but rub the dirt very little as the soap may take off part of the ink as well as the dirt so it damages the bill. As a matter of fact I do not use any soap except in extreme cases. If you should have occasion to use any soap on a bill, before proceeding with the drying and pressing operations, be sure that the soap is carefully rinsed off with clear water. If the soap is not removed it will make the bill sticky. In rinsing you must be careful not to get too much water on the bill. Suggest that you experiment with several ordinary bills which have no premium value and in different states of preservation so you will become more efficient in the method of cleaning. This is rather a rambling explanation but think perhaps you will be able to gain enough information so you can clean and press your bills ___________________________________________________________Paper Money * Sep/Oct 2017* Whole No. 311_____________________________________________________________ 394 quite satisfactorily. If I can be of any further service to you kindly advise. With best regards, I remain, Your very truly, [signed] Albert A. Grinnell Wow. I do not know what word describes my reaction to this description, but I was excited to do some more research. I had the Bowers book at home, but I was also on the campus of one of the world’s largest numismatic libraries, but there was another possibility too. I went back to the book sale at the first opportunity the next day. The sale starts with a price on everything. Periodicals and auction catalogs are priced by class, books are individually marked. On the second then third day the prices are reduced. On the final day the price is something like $5 per box for periodicals and auction catalogs, and 50% off for books. The postal service makes a lot of money on the final day. Anyway, I went looking for the Bowers-Nichols book in the sale. I had seen a copy the first night, but, as I said, I had one at home and did not know then that I needed another one. Yes, I needed it. It is much more fun to study your own copy of a book. Highlighting, underlining, written questions and the like add to the value of a book. It was still there. Again, it was cheap. No brainer. I was a bit surprised to find that Bowers gave the entire text of the subject letter on page 29. I was surprised because this meant that the letter that I now owned had become separated from the entire file that Bowers had used in 1984. I guess that I should not have been surprised, but I was (and still am a bit). Possibly I missed the news somewhere along the line about the sale of the Nichols papers. There was another small but pleasant surprise for me. In the 144 pages with the text of hundreds of letters reproduced, Bowers illustrates perhaps 50 letterheads, of which one was from Grinnell. It was from 1935. The letterhead is much different from my 1932 letterhead. A very obvious difference is the movement from the top and reduction of the size of the image of the factory on the earlier letter. Great. Instantly I have a new want list: type II Grinnell letterhead. Anyone have one for sale? Quite appropriately editor Bowers makes a few remarks about the (my!) letter. He said: “This is the first of many letters excerpted from Albert A. Grinnell, who in the 1930s had the largest organized collection of United States paper money in existence, although various hoards possessed by Col. E. H. R. Green gave it competition. Green, however, was hardly a scholar, while Grinnell was intensely interested in research. The above letter will perhaps startle present-day paper money collectors in that Grinnell gives explicit details concerning how he improved paper money by cleaning and pressing, a subject that was to become taboo in later years. In the 1940s Grinnell’s collection was auctioned by Barney Bluestone, the Syracuse (New York) dealer.” Darn, I should have known that Dave Bowers would have the exact word in 1984 to describe my reaction in 2017! “Startled” was the word that I searched for above. Well, I have told you what I think is an interesting story, but have I avoided the main issue? What do I think about washing? That is a fair point. I have not seen what Joe is writing, but from our editorial meeting (one minute phone call), I think that he will tell us much that we did not know about detecting washing and pressing, not to mention more exotic processes that I probably have never heard of. But will he tell us what he thinks about doctoring? Is it a surprise that I publicly say that I am against doctoring? Not likely. I am against doctoring. Well, most doctoring anyway. I have participated very little in what most people would call doctoring, but it is not extremely easy to speak in absolutes. I certainly think that it is OK to erase pencil marks from a note. I once put a note that seems to have curled from humidity in a book under a pile of books for a few days (or was it weeks?). By the way, it looked much better when it came out, but I think that it was uncirculated when it went into the book. It is proudly in a well-known collection today. One of my main reasons to be against doctoring is so that the next person will have the same choices that I did and that in a hundred years or two from now the owner will still have the same choices and the technology will certainly have changed and possibly attitudes too. Of course there are exceptions. ___________________________________________________________Paper Money * Sep/Oct 2017* Whole No. 311_____________________________________________________________ 395 I think that it is fine to remove World War II era cellophane tape from notes. The chemical reaction among the paper, ink, and goo is making the whole thing worse. Still, I have never removed such tape, but I know people who have done it very successfully. There is even a health and safety component to this. I believe that these doctors often use acetone to remove tape. That can be dangerous. The grading services have a stake in this and I should also have comments on that to be a good columnist. Looks like I will fail. You probably will have a hard time believing this. I have never had a note (or bond or even (gasp) coin) graded. Oops. That is wrong. In the 1970s when the ANA board of governors at a board meeting at an annual convention authorized ANACS to authenticate non-current United States paper money, I grabbed a military payment certificate (replacement, by the way) and submitted it on the spot. It was the first ever piece of paper money authenticated by a major (or any?) service. The certificate said that my military payment certificate was an authentic coin (yes). The certificate and (I hope) the note are around here somewhere. OK, beyond that I seldom even look at slabs. I am not against grading services or their customers. They offer a service that customers can purchase or not. I do have something to learn here. I will make a point of looking at some grading company policies re doctoring and find some excuse to report on what I find. Boling continued… So how does that all look under closer examination? Figures 3 and 4 show the lower left face corner in transmitted light (on the light box) and ultra-violet light. You can easily see the replaced paper. Figures 5 and 6 show the upper right back in transmitted and UV light. The black stain (invisible in white incident light) is some kind of filler or glue used to attach the new corner in that location. All four corners show this kind of evidence. This note’s manipulator did not use any starch or other UV-reactive substance on the folds and tears to hide and repair them, but others are not so meticulous. UV illumination is very helpful in finding such work; use it. Let’s move on to another note, doctored to appear to be an error (on a replacement note, no less). This is a UAE 1000 dirhams piece (Fig 7) with its hologram security strip missing (removed by the faker). In figure 8 (below right), note the absence of frame lines around the left end of the upper right counter. Whatever solvent was used to remove the optically variable foil also affected the intaglio ink, and removed (or displaced) some of it. You may also be able to see tiny fragments of the intaglio ink on the white portions of the first two numerals in the counter. Now look at figures 9 and 10, which show face and back under UV light. Whatever solvent was used leaked over from the face of the note to the back, and left faint UV-reactive stains above and below the hawk at the left end of the back, opposite to where the hologram strip is applied on the face. Note also that the transparent plastic substrate to which the optically variable foil was attached is still on the note. This is not an error note. Figures 3 & 4  Figure 5 &6 Figure 7 ___________________________________________________________Paper Money * Sep/Oct 2017* Whole No. 311_____________________________________________________________ 396 Figures 11 and 12 show a series 2001 $5 FRN with its seals and serials manipulated to appear to be errors in ink selection at the BEP. The black Fed seal and the H8 district code have been turned green, and the serials and treasury seal have been turned blue. Whatever chemicals were used to effect this fraudulent change also affected the infra-red-transparent ink on the back, making the IR pattern visible in white light. Oops. Figures 13-16 show a well-circulated $1 FRN with missing serials. Aside from the extremely low probability that both serials would be missing with the green seal still present, we look for other evidence of manipulation. Figure 14 shows no thinning of the paper (from scraping away the left serial) and figure 15 shows no abrasion of the paper. But figure 16, photographed at 20x, shows remnants of the green ink where the serial numerals were formerly located. Twenty power is your best friend in detecting altered notes. UV is your second best. Figures 9 & 10 Figure 16 Figures 11 & 12 ___________________________________________________________Paper Money * Sep/Oct 2017* Whole No. 311_____________________________________________________________ 397 We will close with another fraudulent alteration. Figure 17 shows an alleged miscut series 1995 $10 FRN on Atlanta. Most collectors know to look for such pieces to have been cut from sheets, but most collectors who know that much also know that serial numbers on sheets of that vintage usually started with 99.... A very useful website for uncut sheet serial block information is http://www.uspapermoney.info/general/uncut.html This site shows that uncut sheets were printed at Ft. Worth in the F* block. Schwartz and Lindquist do not include this issue in their uncut sheet appendix, but they show that the only 1995 $10 Atlanta stars from Ft. Worth were in a short production run that includes the serial on this note. It is not a stretch to conclude that this note was hand-cut from a sheet, and is not a legitimate error. Do your homework and beware. Fred finished his side with a few remarks about his views on doctoring, with an implicit request that I also provide mine. I always straighten turned corners and edges and provide enough fingernail pressure to “set” the paper back in a flat configuration. When dealing with counterfeits printed on inferior paper, this can occasionally result in the loss of a corner, which breaks off when I straighten it. It irritates me to see slabbed notes that have not had their paper straightened, but I can understand a grading company’s reluctance to straighten corners if one might become detached and leave them with an unhappy submitter. So—straighten your own notes before sending them to be slabbed. I am quite against washing and wet pressing (and Grinnell’s advice to use the edge of a blotter scraped across a wet note to remove water is a sure invitation to a damaged surface). I endorse pressing by placing a note in a book, or simply in a holder that is then inserted in a box of other notes that provide pressure. I remove old cellophane tape that is peeling away spontaneously and occasionally (carefully) remove recently-applied tape from sound notes that have had tears or cuts taped (so that the tape cannot deteriorate and damage the note in years to come). I would far rather have a torn or fragmented note to one that has been repaired with tape. But when the note is well-worn and removing tape will result in loss of ink or paper, I have to leave it alone. Grump. My doctoring objective is to preserve a note in its original configuration, not to improve its apparent grade. ___________________________________________________________Paper Money * Sep/Oct 2017* Whole No. 311_____________________________________________________________ 398 Using SPMC’s ODP Website  by R. Shawn Hewitt  In  the previous edition of Paper Money we gave you  the 30,000‐foot view of  the Obsoletes Database  Project (ODP) found at www.spmc.org/obs/.  Here we’ll get much closer to the ground, so hang on as we come in  for a landing.  Before we get too far along I’d like you to check out the home page.  Consider this to be a good starting  point if you ever get lost.  From here you can get to nearly any page on the website, via direct link or the Search  utility.  As ODP is an SPMC membership benefit, you need to be logged in to get past the home page.  In addition  to the “above the fold” area on the home page, you’ll see sections for Featured Notes (which are notes deemed  worthy  in some way by our State Experts (SEs)), Unidentified Notes (which users can help  identify), and finally  Recently Added Notes.  The latter should change frequently as SEs post new notes to the database.  Organizational Overview  There are three main elements associated with an obsolete note:    Issuer, Design and Note data.   Each  Issuer may have multiple Designs, and each Design may have multiple Notes.  The ultimate goal of ODP is to have  a web page dedicated to each and every one of these.  Those colorful boxes on the home page track our progress.  At the highest level, there is the Issuer, whose name or title appears on the note.  The Issuer has a few  core descriptive pieces of information about it, like its title, place of issue (state, city), business character (genuine,  fraudulent) and dates of operation.  Sub‐categorical to the Issuer are the Designs of notes  it has  issued.   Designs can be assigned based on  obvious or subtle differences, for example, the presence of an overprint.  If you’re on the Issuer home page, you’ll  ___________________________________________________________Paper Money * Sep/Oct 2017* Whole No. 311_____________________________________________________________ 399 see a tab that says “Reported Designs”.  Click on that to see what Designs have been reported for that Issuer.  Each  of the Designs is summarized in a graphical box we call a widget.  Click on one to drill into the Design page.  Designs have a great many attributes.  Among these are Denomination, Design Type (Bank Note, Scrip,  College Currency, etc.), Authenticity  (Genuine, Counterfeit, Spurious, etc.), Serial Number Type  (Handwritten,  Printed), Protector (Overprint, Tint), Protector Color, Dimensions (if not standard bank note size), Printer, Design  Details and more.  At the bottom echelon of this hierarchy are the notes themselves.  When on the Design page, you’ll see a  tab for “Reported Notes”, which will take you a page showing a widget for each of the reported notes.  Clicking  on one of these will take you its Note page.  This includes an image of the particular note, its grade, serial number,  etc.  One of these notes is designated as the plate note, the one that best represents its design.  Additional note  information  can  include  its Provenance.   Users  can  claim  a note  as  theirs,  and  thereby  track  their  collection  through the Set Registry, which we will discuss later.  For hoard notes, like remainders on the Canal Bank, we can  set the Census Count to some large number, so we don’t have the need for duplicate entries of identical notes.  Notice when on a Note page, you’ll see a trail of links near the top, called breadcrumbs, which show you  where you are in the hierarchy.  You can easily navigate to the higher tiers through those links.  Forum  The social interaction with other collectors can make a website experience fun.  We have a forum on the  ODP website  (www.spmc.org/obs/forum/)  for collectors  to ask and answer questions about ODP, but also  for  obsoletes in general.  It’s meant to be a place to learn, and everyone reading this probably has a number of good  questions as well as good answers.  Post them here.  ___________________________________________________________Paper Money * Sep/Oct 2017* Whole No. 311_____________________________________________________________ 400 FAQ  For general questions about ODP, refer to the Frequently Asked Questions page.  The link to the FAQs is  found on the top menu bar.  We’re certain to add more topics as we go.  Two items among the FAQs talk about  catalog numbers and the rarity scale.  I’d like to provide a little more background information here.  Catalog and IDN Numbers  SPMC has been responsible for publishing a number of state books on obsoletes over the last fifty years.   Every one of these has catalog numbers,  in a fashion designed by the author that helps collectors  identify the  different designs available to  them.   They are usually composed of a prefix  identifying  the  issuer, and a suffix  identifying the design.   These state book catalog numbers are  included  in ODP to the extent possible.   We’ve  actually devised two alternate uniform catalog numbers for ODP, one that is descriptive in nature called the SPMC  number, and another that is called the IDN (Issuer / Design / Note) number.  The SPMC number should at this time  be considered experimental, as SEs are permitted to change them at will, whereas the IDNs are fixed and always  will be, the numbers being tied to permanent node numbers in the online database.  Notice that the URLs for any  given Issuer, Design and Note page embeds those node IDs.  For example, the corresponding URLs for a note with  IDN 68‐4014‐24044 are:   Issuer page:   www.spmc.org/obs/i‐68  Design page:    www.spmc.org/obs/i‐68/d‐4014  Note page: www.spmc.org/obs/i‐68/d‐4014/n‐24044.  Rarity  Most of the state books present some kind of an indication of rarity.   In the late 1960s SPMC began in  earnest to help authors publish books on their states, and even these included the SPMC rarity scale, presented  as number between R1 and R7, ordered from common to rarest.  The numbers have always been estimated based  on  the  authors’ experience.   The  same  scale  is used  in ODP, but here we have  the option of using  the  SEs’  experience, or  letting  the data  speak  for  itself.   As more notes are populated  in ODP,  the  rarity  scale can be  generated dynamically by simply counting the number of notes for a given design.  Automatically generated rarity  values  in ODP are presented  in green, whereas  rarities estimated by  the  SEs are  shown  in  red.   Rarities are  presented at both the Design and Issuer levels of aggregation.  See the FAQ associated with the rarity scale for  detailed information.  My Information  You’ll see a person silhouette on  the upper  right side of  the menu bar.   Click on  that  for  information  specific to you.  At a minimum, it has links below it for My Account, My Notes and My Sets.  State Experts will have  additional links for tools to help them in organizing their data.  Search Utility  Now we’re getting to the good stuff.  The great thing about digitized data is the ability to easily search  through volumes of records to quickly find what you’re looking for.  The ODP database has a robust search utility  that generates hits by relevance to the search terms, and will return results even if the hits are not exact.  On the  home page you’ll find the main Search bar.  It is composed of three parts:   The first search criterion, or filter, is a pulldown menu for the state.  You have the option of selecting any state (at the top of the list) or a specific state, district or territory.   The second is a text field where you type in what you’re looking for.  You can enter any number of key words, or a string of words in quotation marks for an exact search.   The third is the Search pulldown, where you specify whether you want to limit the results to Issuers, Designs, Notes or all of the above.  The results will be formatted specifically to these criteria.  ___________________________________________________________Paper Money * Sep/Oct 2017* Whole No. 311_____________________________________________________________ 401 In this example we search for Minnesota designs that include the word “santa”.  The first result is  exactly what we’re looking for.  One of the key points that we need to make clear to our State Experts, who are  responsible for the quality of their state data, is that designs should have descriptions that are detailed and  meaningful to allow searches to be as effective as possible.  It is going to take our SEs a while to accomplish this.   Users should be aware that the database is ever changing as more data is populated.  The search results you get  will only improve over time.  What’s Next  This article summarizes how you can get around and use the data in ODP.  In our next article we’ll talk  about how you can add to that body of knowledge.  Please contact me at shawn@shawnhewitt.com if you have  questions.  ___________________________________________________________Paper Money * Sep/Oct 2017* Whole No. 311_____________________________________________________________ 402 The Obsolete Corner Missouri Defence Bonds by Robert Gill In this issue of Paper Money, I’m going to share with you four sheets from my collection. They come from a state that offers very little for the Obsolete sheet collector like myself. And that is on the state of Missouri. Missouri was established as a territory in 1812, and admitted as the 24th state to the Union on August 10, 1821. During the run-up to the Civil War, the people of Missouri were split over whether it should stay in the Union or secede. Governor Claiborne Fox Jackson, who harbored strong sympathies for the Confederacy, was unable to sway a state convention, held in February of 1861, to vote for secession. After a military confrontation in St. Louis, and a subsequent breakdown in negotiations with Federal authorities over the allegiance of the state to the Union, Governor Jackson, along with the state legislature and most of the state government, fled from Jefferson City to Booneville, Missouri. The secessionist state government convened in the town of Neosho, Missouri, and passed an Ordinance of Secession on October 28, 1861, which was signed into law by Governor Jackson three days later. Missouri found itself with two state governments; one bound to each of the two warring sides – the Union and the Confederacy. Missouri sent representatives to both the Unites States Congress and the Confederate States of America Congress, which admitted it into the Confederacy on November 28, 1861, as the 12th state. Technically, Missouri was a member of both warring parties, depending upon which state government was recognized. The pro-Union state government continued to govern the state both during and after the war. The secessionist state government was driven into exile when Federal forces eventually wrested control of the entire state from Confederate forces. It ended up “governing” from Marshall, Texas, at war’s end. Thus, it can be said that Missouri was one of two states to be admitted to the Confederacy without having formally seceded from the Union (Kentucky being the other). All Civil War issues of the secessionist state government were authorized by an act signed into law by Governor Jackson on November 5, 1861. Ten million dollars in so- called Defence Bonds were authorized. All of them were printed by Keating & Ball of Columbia, South Carolina. As can be seen in the four scans, all of my sheets lack selvege. All observed Defence Bond sheets are this way, giving us the notion that perhaps they were close to being cut and issued. But as far as we can tell, there have not been any notes located that were circulated. As I always do, I invite any comments to my cell phone (580) 221-0898, or my personal email address robertgill@cableone.net Until next time, HAPPY COLLECTING. ___________________________________________________________Paper Money * Sep/Oct 2017* Whole No. 311_____________________________________________________________ 403 ___________________________________________________________Paper Money * Sep/Oct 2017* Whole No. 311_____________________________________________________________ 404 INTERESTING MINING NOTES by David E. Schenkman Identifying the Crescent Coal Company Note  For many collectors of obsolete currency, part of the enjoyment is in the discovery of a previously unknown item. If your collection consists of notes from a certain state, there might be a catalog to refer to for information on rarity, or just to provide a yardstick with which to measure your collection. On the other hand, if you collect a series that has never been cataloged, you learn as you go along. In my case, I have a collection of notes relating to mining, and about three hundred of them are from coal mining companies. One of my projects is a catalog of the coal company notes, and I have nearly six hundred listings at last count. So, although I’m aware of many notes I’d like to own, it is a special moment when I find something I didn’t know existed. Such is the case of the Crescent Coal Company note, which was recently offered for sale. The company’s name was on the note, but there was nothing in the legend to suggest where the Crescent Coal Company was located. I Looked in Gordon Dodrill’s 20,000 Company Stores, which has the name and location of nearly every mine in operation between 1903 and 1958, and found listings of companies by that name in Alabama, Illinois, Indiana, Iowa, Kentucky, Ohio, Pennsylvania, Washington, and West Virginia. As it turned out, my note was not from any of those states. I did a Google search and soon hit pay-dirt. It was easier than I thought it would be because, fortunately, the note was signed by C. W. Kennedy as general manager, and he was an owner of a company in New Mexico. The incorporation of the Crescent Coal Company in Gallup was announced in the March 17, 1891 issue of the Santa Fe New Mexican newspaper. Charles W. Kennedy, John A. Lee, and Wiley M. Weaver of Bernalillo County, and E. J. Carson of Los Angeles were named as the principals of the new company, the stated purpose of which was to “purchase, lease and sinking of coal mines, buy and sell coal and merchandise.” One thousand shares of stock, each valued at a hundred dollars, were issued. On January 18, 1892 information concerning a major expansion of the new enterprise was provided via an article in the Las Vegas Free Press which advised readers that “one of the most important corporations ever formed in the southwest has just been effected at Gallup. All the five big companies operating at that place were consolidated in one corporation under the name of ‘The Crescent Coal Mining Company,’ with a capital of $1.250,000, and will probably control hereafter all the coal mining of that part of the country. The company owns all the good lands of the Gallup coal fields and will doubtless be able to control the market from that shipping point.” Although it was stated that “five big companies” were consolidated, in addition to Crescent I’ve only found mention of three; Gallup, Black Diamond, and Aztec. C. W. Kennedy was named vice president and general manager of the new company, which continued to expand its operations. In 1895 the Los Angeles Herald reported that it was “the largest concern of its kind in the southwest,” with an average output of twelve hundred tons of coal per day. Crescent was also an importer of coal, which was delivered to its wharf at East San Pedro, California. Wholesale and retail sales were handled at the company’s branch, which was located on the corner of First Street and Broadway Avenue in Los Angeles. Kennedy continued to run the company until his death in May, 1899. The following year the enterprise he helped to establish was acquired by the American Fuel Company. It was operated by the Colorado Fuel and Iron Company. Located about three miles from Gallup, the town of Gibson grew and prospered due to its proximity to the Crescent mine. During the 1890s there was a hospital, a hotel, a school, a church, and of course the company-owned store, which is where the notes were used. The population started to shrink after the mines closed in the 1920s, and by the late 1940s Gibson was a ghost town. One of the most interesting aspects of the note is the “Conditions of This Due Bill” on the back, which read “This due bill possesses no money value whatever, but simply represents a credit in ___________________________________________________________Paper Money * Sep/Oct 2017* Whole No. 311_____________________________________________________________ 407 merchandise which will be delivered upon surrender hereof. If lost it will not be replaced. All parties accepting this agree to these conditions.” The company appears to have been overly concerned about the legality of the note, and thus the lengthy caveat. This note is an excellent example of an issue by a very large company that has ended up being very rare. Logically, we can assume that a large quantity of them was printed, and various other denominations. Although we’ll never know for sure, a lot of companies destroyed all their privately issued “money” when their use was discontinued. So, the only examples extant would be those kept by employees who neglected to redeem them. If you own one, or have additional information, I’d appreciate hearing from you. Comments, questions, suggestions (even criticisms) concerning this column may be emailed to dave@turtlehillbanjo.com or mailed to P.O. Box 2866, La Plata, MD 20646. ___________________________________________________________Paper Money * Sep/Oct 2017* Whole No. 311_____________________________________________________________ 408 A Wayward $5 Silver Certificate Sheet By Jamie Yakes Personnel at the Bureau of Engraving and Printing (BEP) manage numerous processes every day to print currency. They follow strict procedures to ensure that imperfect sheets and notes get purged from the production pipeline. Mistakes still occur, and defective notes sometimes get into finished packages, as described in this letter from March 1938 sent to Wayne Taylor, Fiscal Assistant Secretary of the Treasury, by BEP Director Alvin Hall [1]: On October 28, 1937, there was found in the examining division of this bureau an overage of one sheet $5 United States Notes, 12-subject, Series 1928, and a shortage of one sheet $5 Silver Certificates, 12-subject, Series 1934. Upon discovery of the error, the sheets of $5 United States Notes on hand in the examining division, as well as $5 Silver Certificates, were sponged and recounted. The numbering section of the surface printing division was notified and requested to check and recount its stock. These efforts failed to adjust the discrepancy. There evidently has been a mixture of the stock of these two classes of securities, and it is believed that twelve pieces of currency originally comprising one 12-subject sheet of $5 Silver Certificates, Series 1934, eventually became part of a package of $5 United States Notes, Series 1928, and were delivered to the Treasurer of the United States as such. Upon this premise these twelve $5 certificates undoubtedly had printed thereon red seals and serial numbers instead of blue seals and serial numbers. (United States Notes are regularly printed with red seals and serial numbers; Silver Certificates are regularly printed with blue seals and serial numbers.) The two sheets in question are of the same size, denomination and portrait, and are identical as to the printing on the back. There is, therefore, no shortage or overage in either paper or value. To adjust the paper accounts of this bureau, I recommend that authority be granted to credit this bureau with one 12-subject sheet of $5 Silver Certificates, Series 1934, and debit it with one 12-subject sheet of $5 United States Notes, Series 1928. The error Hall described is called a wrong-stock error. These occur when a sheet of one class of currency is mistakenly numbered and sealed with an overprint intended for another class—in this case, a sheet of $5 Silver Certificates overprinted with red seals and serials intended for United States Notes. Another example  of a wrong-stock error surfaced a few years ago that involved a misplaced Series of 1934 $1 Silver Certificate sheet [2] (see Fig. 1). Owing to strict quality control guidelines at the BEP, wrong-stock errors are rare. The switch reported by Hall involved sheets of $5 Series of 1934 Silver Certificates and Series of 1928B United States Notes, the only series of those $5s in use in late 1937. Somehow the Silver Certificate sheet became mixed in a stack of United States Note sheets, and was processed through trimming, numbering and sealing, but never discovered. The mix-up occurred sometime between the intaglio face printing applied in the plate printing division, and serial numbering done in the numbering division. In between, finished intaglio sheets passed through the examining division to be examined for minor flaws and major errors, before being compiled into sheet stacks for numbering and sealing. At quick glance, unnumbered and unsealed sheets of $5 United States Notes and Silver Certificates appear similar, which can sew confusion for hurried sheet handlers (Fig. 2). Figure 1. Wrong‐stock 1934 $1 Silver Certificate error with  serial numbers and seal intended for 1928‐series $1 notes.  Normal 1934 $1s have the treasury seal at right, and a large,  blue “1” on the left. (Scan courtesy of Peter Huntoon.)   ___________________________________________________________Paper Money * Sep/Oct 2017* Whole No. 311_____________________________________________________________ 409 Hall confirmed the package that contained the misprinted notes was delivered to the custody of Treasurer William Julian. The implication here is that the notes got into circulation. In a separate letter, Wayne asked Julian to have his redemption agency employees remain vigilant [3]: If and when the above described certificates (with red seals and serial numbers imprinted thereon) are presented to your office for redemption, the discrepancy will undoubtedly be discovered and the certificates should, of course, be redeemed as “United States Notes,” the classification of currency under which they were originally received and issued by you. Although the sheet was of Silver Certificates, the notes were issued as United States Notes on the Treasury’s books. The BEP had adjusted the sheet discrepancy for its own records, and it also was necessary to properly redeem the error notes to maintain integrity in the Treasury’s redemption accounts. None of the notes have ever appeared to the collecting community, so it is likely all were redeemed or have vanished. Acknowledgment The Professional Currency Dealers Association provided support for this research. Sources Cited [1] Hall, Alvin W., Bureau of Engraving and Printing Director, March 17, 1938 letter to Wayne C. Taylor, Assistant Treasury Secretary, discussing mix-up of $5 Silver Certificate and United States Note sheets: Record Group 53-Bureau of Public Debt, Historical Files 1913-1960 (53/450/54/02-07), Box 1, National Archives and Records Administration, College Park, Maryland. [2] Huntoon, Peter, “Numismatic first, note bridges series ($1 SC 1928-1934 error).” Bank Note Reporter 60, no. 4, (2011, Apr): 1, 21-23. [3] Taylor, Wayne C., Assistant Treasury Secretary, March 23, 1938 letter to William A. Julian, United States Treasurer, discussing mix-up of $5 Silver Certificate and United States Note sheets: Record Group 53-Bureau of Public Debt, Historical Files 1913-1960 (53/450/54/02-07), Box 1, National Archives and Records Administration, College Park, Maryland. Figure  2.  Two  proof  $5s:  1934  Silver  Certificate  (top)  and  1928B  United  States  Note  (bottom).  These  two  notes,  when  part  of  their  respective  12‐subject  unnumbered  sheets, were  what  personnel  in  the  various  BEP  divisions  handled.  In  finished  form,  customary  overprints  distinguished  each kind; otherwise, they look nearly  identical.  (Scans  courtesy  of National  Numismatic  Collection/Peter  Huntoon.)  ___________________________________________________________Paper Money * Sep/Oct 2017* Whole No. 311_____________________________________________________________ 410 Circulating in Traverse City It was a century ago this year that two brothers, John Newton and Loren Greeno Gatch, built a summer cottage on the shore of South Lake Leelanau, a body of water on the Leelanau Peninsula just northwest of Traverse City, Michigan. Since then, generations of Gatches have summered at that cottage which, despite the installation of an electric range alongside the original wood-burning stove, probably hasn’t changed much since my grandfather and great-uncle first brought their families there. My latest visit this August not only reunited me with my sisters, but also gave me the opportunity finally to research a bit of local currency lore: the Traverse City scrip of 1933. During the Great Depression, local governments and private groups across the state of Michigan were quite active in issuing diverse emergency monies, ranging from Detroit’s handsome municipal notes to the stamped “Trade Scrip” put out by small towns like Cadillac, Howell, and South Haven. For its part, Traverse City got into the scrip business in late February 1933. The broader context was Michigan’s banking crisis, which threatened the entire nation’s financial structure. Detroit’s banking woes reverberated throughout the state, leading Governor William A. Comstock to declare a state bank “holiday” on February 14, preventing mass withdrawals from panicked depositors. Business took a hit in Traverse City. With their reserve deposits frozen in Detroit, its own two institutions—the First Peoples and Traverse City State Banks— limited withdrawals to five percent of deposits. While municipal employees could cash their paychecks with the City Treasurer’s office, teachers received only one-third of their pay through the banks. Traverse City’s scrip plan emerged in this environment as a device for boosting trade. On February 24, a Chamber of Commerce committee led by William Hardy met to discuss issuing self-liquidating scrip to hire the unemployed and otherwise stimulate business. The local newspaper highlighted scrip schemes operating in other locales, giving a particularly favorable review of Howell’s “Trade Dollar”. By Saturday, March 4, the date of Roosevelt’s inauguration the Chamber had reached out to the City Commission with the idea of a joint public-private plan. Hardy and Arnell Engstrom of the Chamber formed a “control committee” together with Commissioner Con Foster, who was responsible for public works. A debate ensued as to whether the scrip should be stamped per transaction or per period of time. By the following Wednesday a plan was finalized for $2000 in Traverse City scrip in $1 and 50ȼ denominations, each note requiring the affixing of a 2ȼ (1ȼ) stamp for each transaction, with the proviso that any scrip note unused for at least one week would require an additional stamp before it could be spent. While private businesses sponsored and promoted the scrip, the city government would decide how to initially spend it, and the Treasurer’s office would collect the stamp revenues and otherwise serve as the agency of redemption. Printed by Ebner Brothers, a local outfit, the green and red scrip notes sported a cameo portrait of the new President. Initially, at least, the scrip seemed a success. By mid-March, the first work crews cleaned up the bed of Boardman River in downtown Traverse City, before turning to spruce up nearby Clinch Park. Some one Chump Change Loren Gatch ___________________________________________________________Paper Money * Sep/Oct 2017* Whole No. 311_____________________________________________________________ 411 hundred businesses endorsed the new currency in the local newspaper. For its part, the city accepted scrip in payment for some fees, and even considered paying public employees partly with it. Meanwhile, state and national officials endeavored to thaw frozen bank deposits. Responding particularly to Detroit’s finances, Governor Comstock and the state legislature also worked to grant municipalities across the state legal authority to issue scrip against future tax receipts. By month’s end, the first supply of scrip was paid out, and the City Commissioners voted to support a second $2000 issue. Complaints soon multiplied, however, about people’s unwillingness to affix the necessary stamps, the purchase of which was meant to create the scrip’s redemption fund. By May 11, the newspaper announced that the scrip was “seriously threatened by unethical practices” whereby buyers and sellers colluded to avoid purchasing and affixing the stamps. “If these practices keep up”, the newspaper warned, “the scrip will go on until it is worn out without maturing.” After that negative report, Traverse City scrip disappears from the newspaper as well as from City Commissioner meeting minutes. Without any official closure to the experiment, it appears that scrip use simply petered out without any organized attempt at its redemption. This was not an uncommon experience elsewhere in the United States, and reflected the basic nuisance of stamping each scrip note during its circulation. Unlike many municipalities downstate, Traverse City never resorted to tax anticipation issues, and its abortive experiment with stamp scrip represents its sole contribution to the local money of the Great Depression. Scrip images from Rod Charlton’s website www.depressionscrip.com ___________________________________________________________Paper Money * Sep/Oct 2017* Whole No. 311_____________________________________________________________ 412 President’s Column Sep/Oct 2017 Many years ago, I visited Eric Newman in his home in St. Louis. The purpose of this meeting was to scan images of Minnesota obsoletes in his collection, for inclusion in my book on the subject. At that time, Eric was 93 years old, and he seriously could have passed for 70 – he was sharp mentally and physically. As we were preparing to depart after a lovely day, he offered an unsolicited piece of advice about the secret to a long and happy life. He said it’s all about balance, whether its work, family, religion or hobby. I’ve taken that to heart in the years since. I find myself seeking balance in these areas. Summer is my time to enjoy the outdoors. I like sun and warmth. Living in Minnesota, we have a rather narrow window for what I like most about being here. The couple months after the IPMS are the best time for me to take a little break from paper money to pursue other interests and to re-balance. I hope you are having a great summer and can find the time to listen to the advice of a man much wiser than I am. I’d like to report a few updates since my last column. At our recent bi-monthly conference call, the board of governors unanimously approved the election of Steve Jennings to the board. I’ve known Steve for quite a long time. I think it was back in the 1990s when he was set up a local postcard show where we first met. We’ve often pondered the state of the hobby (among a number of other topics) in subsequent years at the IPMS. A few shows ago I planted the seed that he should be a board member. Steve is an educator by profession and has a lot of good ideas, so I’m very pleased that he signaled his willingness to serve at the most recent show. Welcome aboard, Steve! Although it’s taken a little longer than hoped, we have finally granted the Newman Numismatic Portal the right to post previous issues of our journal Paper Money, from inception to five years before the current issue. NNP (https://nnp.wustl.edu/) is a great archive and resource of numismatic writings and research, and we are pleased to add to that body of knowledge. We’ve migrated our website to another hosting service in July. Not only does the new hosting offer a faster response time, it is also considerably less in cost than our previous provider. In the near future, the board will be considering options to update our website. Our faithful blogger Loren Gatch has taken up the task of updating the SPMC Facebook page, and has been busy adding tons of content to our page. If you’re a regular on Facebook we could use your help as well to build a better profile. Just look us up on Facebook to see what we’ve been up to. We are continuing the transition in our Obsoletes Database Project from development to content building. You may have read the introduction I wrote that appears in the previous Paper Money. A few more obsolete note enthusiasts have come on board as we get the word out. Mack Martin is frequently seen out there adding to the Georgia section. In this edition of Paper Money, I’ve written a piece talking about some of the features of the interface. Be sure to visit the ODP website at https://www.spmc.org/obs/. As always, I am interested in what you think are important issues and ideas that are worthy of attention. Drop me a note at shawn@shawnhewitt.com. I’d love to hear from you. Shawn ___________________________________________________________Paper Money * Sep/Oct 2017* Whole No. 311_____________________________________________________________ 413 Editor Sez Oh where did the summer go? School is now in session for the 2017-2018 year and my only question is “where did that summer go?” It seems like only yesterday that school was FINALLY out and we were celebrating and having fun in KC! My son is getting married in late October so I made the decision to work some summer school to help pay for some of the wedding. Well, I meant to work a few days (maybe 10) but it turned out I worked 26 days! Bye-bye summer and any chance of a vacation (and not near as much money after the tax man cometh!). I certainly hope you had a great summer. I have heard many stories of fabulous trips and fun at coin shows! But now it is time to get back to business. The times we are in are certainly uncertain and a lot of things we never thought about are now problematic! It seems like the only good stuff you can read now are the comics and the sports if you happen to live in a good sport town. It is truly amazing to me how much the world has changed and more frighteningly how priorities have changed. It is nice and refreshing to have a hobby to fall back on and to bring us back to some semblance of sanity. How about helping me with that and giving people something to read and enjoy without having to think too much about it. You will notice that this issue of Paper Money has a number of shorter articles in it. I usually use these for fillers, but I had a number that had been with me for a while so I wanted to give those authors a change also. I have large articles on small size, obsoletes, confederates, world and fractional in the cabinet. Also a large article related to music and paper money and one dealing with an Audubon vignette on a note. What does that leave us? I really can use all types of article, but would really like some on large size and maybe some of the less written about areas like colonials, stocks and bonds, literature, just to name a few. I know I have an interesting one I am working on about fractional currency and a President (1930s style President). Also, what about a really good error note article, one on college scrip or even on tomato worm or hippocampus vignettes? Join me—it is your publication, I just piece it together! It is also my understanding that we may have an answer to next years’ IPMS from Mr. Lyn soon. The SPMC itself has changed somewhat over the summer. We have a new President (he doesn’t tweet near as much as that other guy); a new VP and a new governor. We have also sadly had to say good-bye to a wonderful board member, Scott Lindquist. We thank you sir for all you have done and hope all works out for you and you can re-join us in the future. But remember, school is back in session so watch out for those crosswalks, don’t pass a stopped school bus and support your local school and if you can read this—thank a teacher! Benny Texting and Driving—It can wait! ___________________________________________________________Paper Money * Sep/Oct 2017* Whole No. 311_____________________________________________________________ 414 W_l]om_ to Our N_w M_m\_rs! \y Fr[nk Cl[rk—SPMC M_m\_rship Dir_]tor NEW MEMBERS June 2017 14644 Roger Hornberger1, Website 14645 Vacant 14646 Ralph Wehnes, Jason Bradford 14647 William Wurzbach, Website 14648 Stanley Lehman, Jason Bradford 14649 Yale Lansky, Website 14650 Alfredo De La Fe, Pierre Fricke and Cory Williams 14651 Mathew Richter, Pierre Fricke and Cory Williams 14652 Clay Irving, Website 14653 Ray Williams, Mark Anderson 14654 Michael Dougherty, Shawn Hewitt NEW MEMBERS July 2017 14655 Edward Doll, Jason Bradford 14656 Justin Vidal, Website 14657 Dan Schley, Website 14658 Mike Perkins, Website 14659 Chin Ham Lim, Website 14660 Christopher Bower, Numismatic Bibliomania Society Reinstatements/Life Memberships None NEW MEMBERS August 2017 14661 John Scyphers, Frank Clark 14662 Bruce W. Smith, Frank Clark 14663 David Clayton, Website 14664 Daniel Novak, Website REINSTATEMENTS None Life Memberships LM0434 International Bank Note Society, Roger Urce For Membership questions, dues and contact information go to our website www.spmc.org ___________________________________________________________Paper Money * Sep/Oct 2017* Whole No. 311_____________________________________________________________ 415 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: www.executivecurrency.com (586) 979-3400 POBox2• Roseville,MI 48066 e-mail: Bart@executivecurrency.com Buying & Selling • Obsolete • Confederate • Colonial & Continental • Fractional • Large & Small U.S. Type Notes Vern Potter Currency & Collectibles Please visit our Website at www.VernPotter.com Hundreds of Quality Notes Scanned, Attributed & Priced P.O. Box 10040 Torrance, CA 90505-0740 Phone: 310-326-0406 Email: Vern@VernPotter.com Member •PCDA •SPMC •FUN •ANA WANTED: 1778 NORTH CAROLINA COLONIAL $40. (Free Speech Motto). Kenneth Casebeer, (828) 277- 1779; Casebeer@law.miami.edu WORLD PAPER MONEY. 2 stamps for new arrival price list. I actively buy and sell. Mention PM receive $3 credit. 661-298-3149. Gary Snover, PO Box 1932, Canyon Country, CA 91386 www.garysnover.com. TRADE MY DUPLICATE, circulated FRN $1 star notes for yours I need. Have many in the low printings. Free list. Ken Kooistra, PO Box 71, Perkiomenville, PA 18074. kmk050652@verizon.net 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 LFM@LARRYM.com BUYING ONLY $1 HAWAII OVERPRINTS. White, no stains, ink, rust or rubber stamping, only EF or AU. Pay Ask. Craig Watanabe. 808-531- 2702. Captaincookcoin@aol.com Vermont National Bank Notes for sale. For list contact. granitecutter@bellsouth.net. WANTED: Any type Nationals from Charter #10444 Forestville, NY. Contact with price. Leo Duliba, 469 Willard St., Jamestown, NY 14701-4129. "Collecting Paper Money with Confidence". All 27 grading factors explained clearly and in detail. Now available Amazon.com . AhlKayn@gmail.com Stamford CT Nationals For Sale or Trade. Have some duplicate notes, prefer trade for other Stamford notes, will consider cash. dombongo@earthlink.net WANTED: Republic of Texas “Star” (1st issue) notes. Also “Medallion” (3rd issue) notes. VF+. Serious Collector. reptexpaper@gmail.com. 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 $ MoneyMart $  ___________________________________________________________Paper Money * Sep/Oct 2017* Whole No. 311_____________________________________________________________ 416 Florida Paper Money Ron Benice “I collect all kinds of Florida paper money” 4452 Deer Trail Blvd. Sarasota, FL 34238 941 927 8765 Benice@Prodigy.net Books available mcfarlandpub.com, amazon.com, barnesandnoble.com DBR Currency We Pay top dollar for *National Bank notes *Large size notes *Large size FRNs and FBNs www.DBRCurrency.com P.O. Box 28339 San Diego, CA 92198 Phone: 858-679-3350 info@DBRCurrency.com Fax: 858-679-7505 See out eBay auctions under user ID DBRcurrency HIGGINS MUSEUM 1507 Sanborn Ave. • Box 258 Okoboji, IA 51355 (712) 332-5859 www.TheHigginsMuseum.org email: ladams@opencominc.com Open: Tuesday-Sunday 11 to 5:30 Open from Memorial Day thru Labor Day History of National Banking & Bank Notes Turn of the Century Iowa Postcards 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. N ew members will also get a copy of Rob Kravitz’s first edit ion “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. 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 www.denlys.com ___________________________________________________________Paper Money * Sep/Oct 2017* Whole No. 311_____________________________________________________________ 417 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 To be assured of knowledgeable, professional, and ethical dealings when buying or selling currency, look for dealers who proudly display the PCDA emblem. For a FREE copy of the PCDA Membership Directory listing names, addresses and specialties of all members, send your request to: The Professional Currency Dealers Association PCDA • Hosts the annual National Currency & Coin Convention during March in Rosemont, Illinois. Please visit our Web Site pcdaonline.com for dates and location. • Encourages public awareness and education regarding the hobby of Paper Money Collecting. • Sponsors the John Hickman National Currency Exhibit Award each summer at the International Paper Money Convention, as well as Paper Money classes and scholarships 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. Or Visit Our Web Site At: www.pcdaonline.com James A. Simek – Secretary P.O. Box 7157 • Westchester, IL 60154 (630) 889-8207 • Email: nge3@comcast.net Paul R. Minshull #16591. BP 20%; see HA.com. 44408 WORLD CURRENCY AUCTION December 6-8, 2017 | Hong Kong | Live & Online Now Accepting Consignments for our Offi cial Hong Kong International Coin Fair South Vietnam National Bank of Viet Nam 1000 Dong ND 1955-56 Pick 4As Specimen. PMG Choice Uncirculated 64 Realized $35,850 Bhutan Royal Government 100 Ngultrum ND (1978) Pick 4. PMG Gem Uncirculated 65 EPQ Realized $21,510 China Peiyang Tientsin Bank 1 Tael ND (circa 1910) Pick S2521r. PMG Uncirculated 62 EPQ Realized $23,900 Straits Settlements Government of Straits Settlements $50 24.9.1925 Pick 12a. PCGS Very Fine 35PPQ Realized $26,290 China Ch’ing Dynasty Board of Revenue 50 Taels Year 5 (1855) Pick A13c. PCGS Very Fine 30 Realized $26,680 Solid Serial Number 888888 Hong Kong Hong Kong and Shanghai Banking Corporation $500 11.2.1968 Pick 179e. PMG Choice Uncirculated 64 EPQ Realized $23,900 Deadline: October 10 To consign to an upcoming auction, contact a Heritage Consignment Director today. 800-872-6467, Ext. 1001 or currency@HA.com 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