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 Mar2019AucSol 180926 America’s Oldest and Most Accomplished Rare Coin Auctioneer Peter A. Treglia LM #1195608 John M. Pack LM # 5736 Peter A. Treglia John M. Pack Brad Ciociola Peter A. Treglia Aris MaragoudakisJohn M. Pack Brad CiociolaManning Garrett LEGENDARY COLLECTIONS | LEGENDARY RESULTS | A LEGENDARY AUCTION FIRM Now Accepting Consignments to the O cial Auction of the Whitman Spring Expo Stack’s Bowers Galleries continues to realize strong prices for currency, as shown by these results from our recent auctions. We are currently accepting consignments to the O cial Auction of the 2019 Whitman Coin & Collectibles Spring Expo. Headlining our Spring Expo Auction will be Part III of the Joel R. Anderson Collection and Part II of the Caine Collection. Whether you have an entire cabinet or just a few duplicates, the experts at Stack’s Bowers Galleries are just a phone call away and ready to assist you in realizing top dollar for your currency. Auction: February 27-March 2, 2019 | Consign U.S. Currency by: December 31, 2018 Call one of our currency specialists to discuss opportunities for upcoming auctions.  ey will be happy to assist you every step of the way. 800.458.4646 West Coast O ce 800.566.2580 East Coast O ce T-2. Confederate Currency. 1861 $500. PMG Very Fine 30. Realized $39,950 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. PCGS Very Fine 30 PPQ. Serial Number 1. Realized $64,625 Fr. 202a. 1861 $50 Interest Bearing Note PCGS Currency Very Fine 25. Realized $1,020,000 Fr. 346d. 1800 $1000 Silver Certifi cate of Deposit. PCGS Currency Very Fine 25. Realized $1,020,000 Fr. 183c. 1863 $500 Legal Tender Note PCGS Currency Very Choice New 64 PPQ. Realized $900,000 Fr. 187b. 18803 $1000 Legal Tender Note PCGS Currency Choice About New 55. Realized $960,000 Fr. 2. 1861 $5 Demand Note PMG Gem Uncirculated 65 EPQ. Realized $372,000 Ketchikan, Alaska. Small Size $5. Fr. 1800. The First NB of Ketchikan. Charter #4983. PMG Gem Uncirculated 65 EPQ*. Realized $90,000 Terms and Conditions  PAPER MONEY (USPS 00-3162) is published every other month beginning in January by the Society of Paper Money Collectors (SPMC), 711 Signal Mt. Rd #197, Chattanooga, TN 37405. Periodical postage is paid at Hanover, PA. Postmaster send address changes to Secretary Jeff Brueggeman, 711 Signal Mtn. Rd, #197, Chattanooga,TN 37405. ©Society of Paper Money Collectors, Inc. 2014. All rights reserved. Reproduction of any article in whole or part withoutwrittenapproval is prohibited. Individual copies of this issue of PAPER MONEY are available from the secretary for $8 postpaid. Send changes of address, inquiries concerning non - delivery and requests for additional copies of this issue to the secretary. PAPER MONEY  Official Bimonthly Publication of The Society of Paper Money Collectors, Inc. Vol. LVII, No. 6 Whole No. 318 November/December 2018 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. 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Advertising Deadline: Subject to space availability, copy must be received by the editor no later than the first day of the month preceding the cover date of the issue (i.e. Feb. 1 for the March/April issue). Camera ready art or electronic ads in pdf format are required. ADVERTISING RATES Space 1 Time 3 Times 6 Times Fullcolor covers $1500 $2600 $4900 B&W covers 500 1400 2500 Fullpagecolor 500 1500 3000 FullpageB&W 360 1000 1800 Halfpage B&W 180 500 900 Quarterpage B&W 90 250 450 EighthpageB&W 45 125 225 Required file submission format is composite PDF v1.3 (Acrobat 4.0 compatible). If possible, submitted files should conform to ISO 15930-1: 2001 PDF/X-1a file format standard. Non-standard, application, or native file formats are not acceptable. Page size: must conform to specified publication trim size. Page bleed: must extend minimum 1/8” beyond trim for page head, foot, front. Safety margin: type and other non-bleed content must clear trim by minimum 1/2” Advertising copy shall be restricted to paper currency, allied numismatic material, publications and related accessories. The SPMC does not guarantee advertisements, but accepts copy in good faith, reserving the right to reject objectionable or inappropriate materialoreditcopy. The SPMC assumes no financial responsibility for typographical errors in ads, but agrees to reprint that portion of an ad in which a typographical error occurs upon prompt notification. Benny Bolin, Editor Editor Email—smcbb@sbcglobal.net Visit the SPMC website—www.SPMC.org Misspelling Error on $1000 Series 1882 Gold Certificates Peter Huntoon ............................................................... 368 Progression to the Misspelling Error Peter Huntoon. ............................................................. 374 The Farmers& Merchants National Bank David Hollander ............................................................ 379 Zambia – “Chain Breaker” David B. Lok ..................................................................... 390 Plate Numbers on Series 2000 $10 FRNs Joe Farrenkopf ............................................................ 395 A Montgomery Mystery Bill Gunther ................................................................. 414 Oak Hill Store Ronald Horstman ........................................................ 420 Uncoupled—Joe Boling & FredSchwan……………………..…423 Small Notes—R&S $1 1935A Experimentals ....................... 431 Cherry Pickers Corner—Robert Calderman ....................... 436 Chump Change--Loren Gatch ............................................... 439 Quartermaster Column—Michael McNeil ............................ 440 Obsolete Corner--Robert Gill ................................................ 442 President’s Message ........................................................... 445 New Members ....................................................................... 446 Money Mart .............................................................................. 447 ___________________________________________________________Paper Money * Nov/Dec * Whole No. 318_____________________________________________________________ 365 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 Anderson, 115 Congress St., Brooklyn, NY 11201 Robert Calderman, Box 7055 Gainesville, GA 30504 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 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 treasurer. 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 * Nov/Dec 2018 * Whole No. 318_____________________________________________________________ 366 For more information about consigning to Kagin’s upcoming 2019 auctions contact us at : kagins.com, by phone: 888-852-4467 or e-mail: Nina@kagins.com. Contact Nina@Kagins.com or call 888.8Kagins to speak directly to Donald Kagin, Ph.D. who will arrange to visit you and appraise your collecti on free and without obligati on. Consign with The O cial Auctioneer of the ANA National Money ShowsTM March 28-30, 2019 David L. Lawrence Convention Ctr, Pittsburgh, PA Limited Space available for your consignment alongside these: Let Kagin’s tell your personal numismatic story and create a lasting legacy for your passion and accomplishments!  RECORD PRICES REALIZED! 99% Sell Through National Bank Note Collection Experience the Kagin’s Di erence: - 0% Seller’s Fee - Unprecedented up to 6 months of Marketing and Promotion of your consignment - Innovative marketing and research as we did with the “Saddle Ridge Hoard Treasure” and the 1783 Quint—The  rst American coin - Groundbreaking programs including the  rst ever Kagin’s Auctions Loyalty Program that gives buyers 1% back in credit - Free educational reference books and memberships The Joel Anderson Collection of the #1 Registry Set of Treasury Notes of the War of 1812: The First circulating U.S. Bank Note The Carlson Chambliss Collection: Fractional Currency Collection New Zealand Currency Collection Israeli Currency Collection Encased Postage Stamps Kagins-PM-Ad NMS-Cons-10-15-18.indd 1 10/15/18 11:11 AM Misspelling error on $1000 Series of 1882 Gold Certificates Introduction and Purpose Doug Murray, while perusing the scans of the Bureau of Engraving and Printing proofs on the Smithsonian website, discovered that the word Thousand is misspelled “Thonsand” in the “One Thousand Dollars” banner on the proofs for all the $1000 Series of 1882 gold certificates, including the countersigned variety. The misspelling was acknowledged on the last proof made for the $1000s in the series—a proof lifted from a Lyons-Treat plate upon which someone at the Bureau of Engraving and Printing sketched a correction on the A-subject. However, the mistake had been detected over 15 years earlier because the identical banner was corrected on $1000 Series of 1890 and 1891 Treasury notes. It is the purpose of this article to describe the occurrence of this mistake and reveal how it was produced. The $1000 Misspelling The plates for the Series of 1882 gold certificates were designed and master dies made for them The Paper Column by Peter Huntoon Doug Murray Figure 1. Series of 1882 gold certificate, all of which contain the misspelling “Thonsand” in the banner underneath the Treasury seal. Smithsonian photos. ___________________________________________________________Paper Money * Nov/Dec 2018 * Whole No. 318_____________________________________________________________ 368 during the heyday of the reign of Bureau of Engraving and Printing Chief Engraver George Casilear. The notes incorporate lines of text and numbers made using Casilear’s patented lettering technology. The concept was that full alphabets of letters and/or numbers were designed and engraved on a die, each alphabet consisting of a specific font. The characters were then taken up one at a time on a transfer roll. When text was needed on a die or plate, the required characters were efficiently laid-in one character at a time to compose the text instead of having the text hand-engraved by a letter engraver (Huntoon, 2018). In this manner, the same font could be reused on any number of Bureau products. Classic examples on the face of the note illustrated on Figure 1 include “THIS CERTIFIES THAT,” “GOLD CERTIFICATE,” “DEPARTMENT SERIES,” “Gold Coin,” “WASHINGTON, D.C.,” and the letters and numerals used in the corner counters. One of the most distinctive of the fonts reproduced by Casilear’s patented lettering process was that used to spell out GOLD CERTIFICATE on the back of the note. All the other letters and numerals on the back also were laid-in using the patented lettering process including the large M. However, the banner “One Thonsand Dollars,” which is the focus of this article, was not composed using the patented lettering process. In contrast, that line of text was hand-engraved on a component die by a letter engraver as a one-off job. This is evident if you will carefully examine the three occurrences of the letter n in the banners illustrated on Figures 2 and 3. Notice that the crossbars at the tops differ in detail, something that could not occur if laid-in from one n from one of Casilear’s character rolls. What transpired in the case of the misspelled line is that it was engraved only once, lifted on a roll from the component die upon which it was engraved, and then transferred to the generic full-face master dies for both the countersigned and non-countersigned varieties of the $1000 notes. This type of recycling of text was a common practice in the bank note industry. The completed images on the two generic full-face master dies, which included everything except the Treasury signatures and plate serial number, were picked up on master rolls that were used to lay-in the generic designs of the notes onto the required plates. The plate-specific Treasury signatures were rolled in separately and plate numbers probably etched in. All the proofs for the $1000 Series of 1882 gold certificates are listed on Table 1. A total of six plates were made but additional proofs were lifted because the Treasury signatures were altered on some. Bureau personnel didn’t harden such little-used plates, which allowed alterations to be made with relative ease. The Mistake is Acknowledged After poring over the proofs several times, Murray spotted the sketched U on the A-note on the proof lifted from the second Lyons-Treat plate illustrated on Figure 5. The image is from Treasury plate number 21325, plate serial number 5. We have no way of knowing if the sketch was made before or after the plate was certified on Figure 2. Misspelled Thonsand as it appears on all $1000 Series of 1882 gold certificates. Notice the differences in the crossbars at the top of the letter n, which occurs three times in the line. The differences reveal that the line was engraved instead of being laid-in one letter at a time. In contrast, “IN” and “Gold Coin” were laid-in one letter at a time using Casilear’s patented lettering process. ___________________________________________________________Paper Money * Nov/Dec 2018 * Whole No. 318_____________________________________________________________ 369 February 7, 1906. Significantly, BEP Director William M. Meredith’s initials were not crossed out to cancel the certification. No second proof was lifted from plate 5 to reveal that the misspelling was corrected. A total of 27 $1000 Series of 1882 gold certificates are recorded in Gengerke’s census, four of which are Lyons-Treat notes. The highest serial number among them is D15131 from plate 4. The last serial number used in the series was D16000. Plate 5 never was sent to press. A Joker The fact is that the misspelling on the 1882 gold notes was old news at the Bureau of Engraving and Printing by 1906. Lee Lofthus, while reviewing this article, pointed out that the same One Thousand Dollars engraving was recycled to the faces of the $1000 Series of 1890 and 1891 Treasury notes, except the misspelling was corrected on them as illustrated on Figure 6. Consequently, the problem had been caught over a decade and a half earlier. Furthermore, a smaller version of the engraving was adapted for the 1890 backs but with a peculiar twist. A crossbar was correctly added to the bottom of the u but left on the top. See Figure 7. Evidently when it came to the 1890 and 1891 Treasury notes, a new die with the banner was laid- in from the roll lifted from the original and the u repaired before the die was hardened. A new roll was lifted from the new die, hardened and used to lay the correctly spelled banner into the generic master die made for the $1000 Treasury note faces. Although very straight forward, this explanation begs the question of why they didn’t change it on the Series of 1882 gold certificates. The problem they faced was that the full-face generic die and roll they Figure 3. Misspelled Thonsand as found on the countersigned version of the $1000 Series of 1882 gold certificates (Fr.1218a). Notice that every detail in “One Thonsand Dollars” is identical to that on Figure 2 revealing that the line of text was reproduced from the same component die. Table 1. Record of all the proofs lifted from the $1000 Series of 1882 gold certificate plates used in the series, all with the spelling "Thonsand." All were 4-subject plates. Treas. Pl. # Pl. Ser. # Register Treasurer Cert. Date Status Special Consideration none 1 Bruce Gilfillan Sep 16, 1882 new plate countersigned version 814 1 Bruce Gilfillan Nov 23, 1882 new plate Treasury plate no. in pencil 814 1 Bruce Wyman no date sig change Treasury plate no. in pencil 814 1 Rosecrans Hyatt no date sig change 814 1 Rosecrans Hyatt no date re-entry 814 1 Rosecrans Hyatt no date re-entry 814 1 Rosecrans Huston Mar 18, 1891 sig change 814 1 Rosecrans Huston no date re-entry 814 1 Rosecrans Nebeker Jan 28, 1892 sig change 9426 2 Lyons Roberts Aug 21, 1899 new plate 13548 3 Lyons Roberts Jan 19, 1904 new plate 21310 4 Lyons Treat Jan 29, 1906 new plate 21325 5 Lyons Treat Feb 7,1906 new plate misspelling flagged on A-subject ___________________________________________________________Paper Money * Nov/Dec 2018 * Whole No. 318_____________________________________________________________ 370 had for the gold certificates already were hardened so could not be altered. The fact is that nothing was done about the misspelling on the $1000 gold certificates so the tack taken by those in the know was to let sleeping dogs lie. Curiosity Murray had the distinct advantage of looking at naked proofs, which facilitated his ability to spot the error, but so did the trained and critical plate inspectors who scrutinized the first proofs back in 1882 who missed it. The big surprise for us is the fact that no numismatist ever published on the misspelling. More than half of the reported Series of 1882 $1000 gold certificates are in collector hands and collectors tend to intently study their notes. However, when you glance at text, you tend to see it as it should be. Those who own varieties with a large seal certainly can be forgiven for missing it because the seal obscures the offending character. However, the misspelling is fully exposed on the more common variety with small seals as per Figure 8. References Cited and Sources of Data Bureau of Engraving and Printing, 1863-1958, Certified proofs of U. S. currency printing plates: Division of Numismatics, American Museum of History, Smithsonian Institution, Washington, DC. Bureau of Engraving and Printing, Sep 9, 1905-Sep 20, 1907, Historical Record of Plates in the United States and Miscellaneous Vault, plates 20515-25290: Record Group 318, UD1, entry 1, volume 24, U. S. National Archives, College Park, MD. Gengerke, Martin, on-demand, The Gengerke census of U. S. large size currency: gengerke@aol.com. Huntoon, Peter, Mar-Apr 2018, Patented lettering on Bureau of Engraving and Printing products: Paper Money, v. 57, p. 93-107. Figure 4. Proof of the countersigned version of the $1000 Series of 1882 gold certificates payable at the Assistant Treasurer’s office in New York. Thomas C. Action hand- signed the issued notes. The seals on the issued notes did not obscure the misspelling. Smithsonian photo. Figure 5. Sketched correction that appears on the A-subject of Lyons-Treat plate 21325/5, which was the last $1000 plate made for the series. The plate was certified February 7, 1906 despite the misspelling. ___________________________________________________________Paper Money * Nov/Dec 2018 * Whole No. 318_____________________________________________________________ 371 Figure 6. Series of 1891 Treasury note with small scalloped seal that allows you to see the entire One Thousand Dollar banner, which was recycled to this design but with the correct spelling of Thousand. Smithsonian photo. Figure 8. Series of 1882 gold certificate with a small scalloped seal that does not cover the misspelling of Thousand in the banner. These seals were used on Rosecrans-Nebeker, Lyons- Roberts and Lyons-Treat notes. Heritage Auction Archives photo. Figure 7. Series of 1890 Treasury note back. The banner here is a look-a-like but different, smaller engraving where the misspelling has been partially corrected by adding a crossbar to the bottom of the u but erroneously leaving it at the top. This is curious! Smithsonian photo. ___________________________________________________________Paper Money * Nov/Dec 2018 * Whole No. 318_____________________________________________________________ 372 Progression to the Misspelling Error on $1000 Series of 1882 Gold Certificates by Peter Huntoon, Doug Murray & Lee Lofthus Introduction and Purpose The presentation of the letter u in the word thousand became progressively more ambiguous on large size notes employing a similar Gothic font to spell out thousand until the u morphed into an n on the $1000 Series of 1882 gold certificates. The purpose of this article is to illustrate this progression and the steps taken to right the problem after it occurred. Significantly, thousand was spelled correctly on the Series of 1882 $5,000 and $10,000 payable in New York notes that employed banners made with the same Gothic font as used on the $1000s. A separate die was engraved for each denomination, thus explaining why the mistake was confined to the $1000s. This article is designed to be a companion and supplement to the preceding article in this volume. Gothic Thousand Figure 1 illustrates the word thousand from every series of large size high denomination note that Figure 1. Occurrences on large size U. S. currency of the word thousand spelled out in similar Gothic letters. Notice that the outcome on the GC 1882 $1000s was the misspelling Thonsand. ___________________________________________________________Paper Money * Nov/Dec 2018 * Whole No. 318_____________________________________________________________ 374 employed a similar Gothic font to spell out the word. All were engraved at the Bureau of Engraving and Printing except the 1862/3 legal tender face, which was prepared at the American Bank Note Company. Six distinct engravings were involved, respectively: 1 $1000 legal tender 1862/3 2 $1000 gold certificates 1863, 1870, 1875 3 $1000 gold certificate 1882 & $1000 Treasury note 1890/1 4 $5000 gold certificate 1882 5 $10000 gold certificate 1882 6 $1000 Treasury note 1890 back. The engraving used for the $1000 Series of 1882 gold certificates and Series of 1890/1 Treasury notes was the same except the misspelling was corrected on the Treasury notes. A characteristic of Gothic fonts is that the letters are dominated by bold vertical strokes. Individual letters composed of two or more vertical strokes, such as o, n and u, utilize caps and boots on the strokes with shapes that visually appear to connect the verticals yet sometimes don’t. This is particularly evident in the lowercase o in both Thousand and Dollars in the LT 1862/3 and GC 1863,1870 & 1875 examples on Figure 1. Notice that the black parts of the two halves of the o don’t actually connect in the ABNC engraving and barely touch in the first BEP engraving. Our minds forge those connections thanks to the use of clever foreground white outlining and fine-line background shading by the engravers. The u on the GC 1863, 1870 and 1875 engraving is more ambiguous than on the ABNC rendering because the caps on the top of the two strokes actually touch whereas those of the boots don’t. The u and n are barely distinguishable save for some subtle differences in outlining and shading. See Figure 2. This particular engraving represents an intermediate between the LT 1863 and GC 1882 $1000s. Once we arrive at the GC 1882 $1000, the n and u are all but indistinguishable so Thousand became Thonsand. The engravings for the GC 1882 $5000 and $10000 eliminated all confusion because the u is well formed on both. A careful letter-by-letter comparison between the GC 1882 $1000, $5000 and $1000 engravings reveals that each is a distinct engraving. It is obvious that the misspelling on the GC 1882 $1000s was recognized by the time the Series of 1890 Treasury notes were being designed because they used the same engraving but corrected the spelling. The process used to make the correction is described in the preceding article. The engraving used on the back of the 1890 TN $1000s was an entirely new but smaller replica of that on the face. They were careful to avoid the spelling problem on it. Photo Gallery The $1000 proofs illustrated on Figures 3 through 7 were not shown in our companion article. Figures 8 through 10 are proofs of the $5000 and $10000 Series of 1882 gold certificates that were payable in New York. We thought you would enjoy seeing these because the issued notes are virtually unobtainable owing to their high face value and the fact that most were redeemed. Sources for Photos Bureau of Engraving and Printing, 1863-1958, Certified proofs of U. S. currency printing plates: Division of Numismatics, American Museum of History, Smithsonian Institution, Washington, DC. Heritage Auction Archives: https://www.ha.com Figure 2. Notice the subtle means used to connect the tops and bottoms of the bold vertical strokes within letters. The u and n are virtually indistinguishable here. ___________________________________________________________Paper Money * Nov/Dec 2018 * Whole No. 318_____________________________________________________________ 375 Figure 3. Face used on $1000 1862/3 legal tender notes. Heritage Archives photo. Figure 5. Face used on $1000 1863 gold certificates. Smithsonian photo. Figure 6. Face used on $1000 Series of 1870 gold certificates. Smithsonian photo. Figure 4. Back used on $1000 1863, 1870 and 1875 gold certificates. Smithsonian photo. ___________________________________________________________Paper Money * Nov/Dec 2018 * Whole No. 318_____________________________________________________________ 376 Figure 7. Face used on $1000 Series of 1875 gold certificates. Smithsonian photo. Figure 8. Face used on $5000 Series of 1882 gold certificates payable in New York. Smithsonian photo. Figure 9. Face used on $10000 Series of 1882 gold certificates payable in New York. Smithsonian photo. Figure 10. back used on $10000 Series of 1882 gold certificates. Smithsonian photo. ___________________________________________________________Paper Money * Nov/Dec 2018 * Whole No. 318_____________________________________________________________ 377 Congratulations to Our Winners... This group of collectors deserve special recognition for standing out among such highly competitive sets. Chosen for the quality of their set presentation and composition, the winners will receive a plaque, and their winning set will be adorned with a winners’ icon on the PMG Collectors Society site. To learn more about membership and PMG Registry participation, visit PMGnotes.com/registry THE NINTH ANNUAL PMG REGISTRY AWARDS Best US Set Jack Ackerman: $5 Federal Reserve Note - District Set with Stars and Varieties Best World Set Atul Kumar Singh: India Complete Type Set, 1917-Date, P1-Date Best Presented Set Meso Numismatics: Banco Central De Costa Rica, 1950-Date, P215-Date Overall Achievement Award dustycat Honorable Mention Jerry and Diane Fishman Collection PMGnotes.com | 877-PMG-5570 18-CCGPA-4564_PMG_Ad_RegistryWinners_PaperMoney_NovDec2018.indd 1 9/26/18 2:19 PM The Farmers & Merchants National Bank of Huntsville,  Alabama, 1892‐1905  HUNTSVILLE’S NATIONAL BANKS.1  Like  the  great  majority  of  national  banks  throughout  the  country,  the  story  of  those  in  Huntsville (Table 12) is one of extended families  or  long‐term business relationships.  In the case  of The  Farmers & Merchants National Bank of  Huntsville,  Alabama,  it  was  built  solely  upon  business associations among men who migrated  in  the  late 19th  century  to Huntsville, Madison  County, Alabama, from Pierre, South Dakota.  Table 1: Huntsville Was Home to Four National Banks During the Note Issuing Period.  Charter  No.  Title  Chartered  Fate  1560  The National Bank of  Huntsville  September 15, 1865  Liquidated, July 3, 1889  4067  The First National Bank  of Huntsville  June 22, 18893  March 23, 1985, Changed to  a Domestic Branch of a  Domestic Bank4  4689  The Farmers &  Merchants National  Bank of Huntsville  January 25, 1892  Liquidated, March 16, 1905  8765  The Henderson  National Bank of  Huntsville  June 1, 1907  August 31, 1985, Changed to  a Domestic Branch of a  Domestic Bank5  CHARTER 4689: THE FARMERS & MERCHANTS NATIONAL BANK OF HUNTSVILLE WAS HUNTSVILLE’S SHORTEST‐LIVED BANK.  Several  businessmen…COL 6  Willard  Irvine  Wellman, COL Tracy Wilder Pratt7, and William  Sherley Wells8…doing business  in Pierre, South  Dakota…heard about opportunities in Huntsville,  Alabama,  and  moved  south  in  1891‐1892  to  exploit them.9  Among  their  many  ventures,  they 10  founded  The  Farmers  &  Merchants  National  Bank.  Because  of  its  short,  13‐year,  existence,  the  bank  made  no  lasting  impact  on  the  Huntsville community. In fact, today its existence  appears to be lost in history. However, the bank  officers and their colleagues did make significant  contributions to the city, to Madison County, and  to the northern part of the state.  THE  BANK.  The  Farmers  &  Merchants  National Bank was organized  January 20, 1892,  with $100,000  in capital stock. (See Figure 111.)  COL  Wellman  was  elected  President  and  Mr.  Sidney Jonathan Mayhew, a northerner living in  Huntsville since the Civil War, Vice President. The  Board  of  Directors  consisted  of  Mr.  Milton  Humes, a lawyer from Virginia and president of  the Board of Trade12; Mr. Charles Henry Halsey;  Mr.  Mayhew;  Mr.  Oscar  Richard  Hundley,  a  financier and politician; Mr. Henry McGee, who  came  from  Philadelphia  in  1866  and  operated  the McGee Hotel starting in 1869; Mr. C. L. Nolen,  a  northerner  living  Huntsville  since  Reconstruction;  Judge David Davie  Shelby; Mr.  By David Hollander ___________________________________________________________Paper Money * Nov/Dec 2018 * Whole No. 318_____________________________________________________________ 379 William  Sherley Wells of  Pierre,  South Dakota,  where  he  was  a  Railroad  President;  and  COL  Wellman.  The  Cashier  was  Edward  Hotchkiss  Andrews.  (See Tables 2 and 3.13) The bank was  located  in  the  Halsey  Building  opposite  the  Huntsville Hotel on Jefferson Street.14  The  bank  seemed  to  have  operated  normally during its first years. However, the first  clear  evidence  of  financial  problems  was  the  receipt  of  the  July  30,  1901,  “Notice  of  Impairment”  from  the  United  States  Treasury  Department  in the not‐inconsequential amount  of  $30,000  (Figure  215). One may  assume  the  bank satisfied the Treasury Department because  it  remained  in  business  for  almost  four more  years.  Another compelling  indication of potential  financial  issues  with  the  bank  occurred  as  a  result  of  Act  374  (February  12,  1901)  of  the  Alabama  General  Assembly  incorporating  the  “Heralds of Liberty” in Huntsville, Alabama. The  trustees were Tracy Wilder Pratt, Willard  Irvine  Wellman, and James Richardson Boyd. This was  ostensibly a fraternal benefit society. However,  in reality, it was a front company, headquartered  in  Philadelphia,  that  allowed  the  Heralds  of  Liberty to evade state insurance regulations. The  parent company’s officers adopted a variety of  schemes to embezzle  funds  from the  fraternity  by  selling  worthless  bonds,  borrowing  money  with  insufficient  collateral,  and  having  the  Heralds make “payments” to the parent. It took  20 years of illegal practices, resulting in an excess  of unpaid claims, before the Alabama Insurance  Department  took  over  the  fraternity  in  June  1921.16  Prior  to  1921  and  even  after  the  ruse  exploded, the general public was unaware of the  issues  involving  the Heralds of  Liberty and  the  reputations of the key figures were not sullied.  Whether  the  Huntsville  trustees’  involvement was merely  innocent or  part of  a  larger conspiracy is unknown, but the latter case  seems quite  likely. These  financial  shenanigans  may have contributed to the sale of the bank.  On March 16, 1905,  the bank was  sold  to  the Huntsville Bank & Trust Company.17  Figure 1: The Bank Opened for Business in 1892.  ___________________________________________________________Paper Money * Nov/Dec 2018 * Whole No. 318_____________________________________________________________ 380   Figure 2: By 1901 There Were Obvious Financial Issues at the Bank                  ___________________________________________________________Paper Money * Nov/Dec 2018 * Whole No. 318_____________________________________________________________ 381 Table 2: The Farmers & Merchants National Bank of Huntsville Had a Single President.  Year  President  Born  Died  Spouse  1892‐1905  Willard Irvine Wellman  11/2/1858  3/23/1922 Helen L. Leet  Table 3: There Were Two Cashiers During the Bank’s Existence.  Year  Cashier  Born  Died  Spouse  1892  Edward Hotchkiss Andrews  2/22/1863  4/9/1932  Emma Yaste  1898  James Richardson Boyd  4/14/1860  11/4/1907  Elizabeth  “Bettie”  Watkins Mathews  WILLARD IRVINE WELLMAN (Figure 318) was  born  in  Farmington, Minnesota,19  November  2,  1858.20 On March 6, 1884, he married Helen  L.  Leet  (January  27,  1865‐September  12,  1934)  in  Rochester, Minnesota. COL  Wellman  moved  to  Pierre,  South  Dakota, where  he  teamed with  COL  Pratt  and  Mr. Wells  in  several  businesses,  including  the  Northwestern Land Association (Figures 421 and  522), a South Dakota corporation23.  In 1892  the  three of them moved to Huntsville.  In  Huntsville  COL  Wellman’s  activities  included realty,  insurance, banking  (Figure 724),  textile mills25 and 26, and civic involvement27 and 28.  He  died  March  23,  1922,  and  is  buried  in  Huntsville’s Maple Hill Cemetery.29  Figure 3: Willard Irvine Wellman (left) and Tracy Wilder Pratt  (right) Were Longtime Business Partners.  ___________________________________________________________Paper Money * Nov/Dec 2018 * Whole No. 318_____________________________________________________________ 382   Figure 4: The Pierre, South Dakota, 1890‐1891 Directory Confirms that COL Wellman, COL  Pratt, and Mr. Wells Were Business Partners in South Dakota.30      Figure 5: COL Wellman Was the Secretary of the Northwestern Land Association.  ___________________________________________________________Paper Money * Nov/Dec 2018 * Whole No. 318_____________________________________________________________ 383 EDWARD  HOTCHKISS  ANDREWS   (Figure  6 31 )  was  born  February  22,  1863, in Cazenovia,  New  York.  His  father was  a well‐ known  Methodist  minister  and  was  assigned  to  many  different  pastorates.  It  was  in  the  various  towns  where  his  father  was  a  minister  that  Mr.  Andrews  secured  his  education  in  the public schools. He completed his instruction  at  Wesleyan  University,  Middletown,  Connecticut.  Then  followed  several  years  of  varied experience while he was trying to find the  particular calling to which he was best fitted. He  became  an  Assistant  Geologist  for  the  US  Geological Survey during 1884‐1886.   On October 5, 1886, he married Miss Emma  Amelia Yaste (January 26, 1864‐March 30, 1947)  in Washington, DC.   For five years, 1886‐1891, he was a banker  in Pierre, South Dakota (where he probably met  COL Wellman,  COL  Pratt,  and Mr. Wells).  For  climatic reasons he came to Alabama in 1891 and  spent  five  years  in  the  banking  business  in  Huntsville  as  the  Cashier  of  the  Farmers  &  Merchants National Bank.  Figure 7: As the President of the Farmers & Merchants Bank, COL Wellman Was  Authorized to Issue Stock to Himself.  Figure 6: Mr. Andrews Was  the Cashier Until 1898.  ___________________________________________________________Paper Money * Nov/Dec 2018 * Whole No. 318_____________________________________________________________ 384 In  1898  Mr.  Andrews  resigned  as  the  Huntsville bank Cashier and started his insurance  career  in Mobile as manager of the Central Life  Insurance Company of Cincinnati. He was forced  to  leave Mobile  during  an  epidemic  of  yellow  fever  and  became  a  permanent  resident  of  Birmingham.  In  1896  he  was  the  State  of  Alabama  Manager  of  the  Union  Central  Life  Insurance  Company,  Cincinnati,  Ohio,  and  developed 27 subordinate agencies, comprising  one of the largest general insurance agencies in  the South.  For two years Mr. Andrews was president of  the  Birmingham  Council  of  the  Boy  Scouts  of  America.  He  was  a  Mason  and  in  1918  was  President of  the Rotary Club, a member of  the  board of governors of  the Country Club, and a  member  of  the  Southern  and  Roebuck  clubs.  During World War  I  he  became  a member  of  Headquarters Company of the Fifty First Infantry.  He was one of the men who saw active service at  the front in France.32  Mr.  Andrews  died  April  9,  1932,  and  is  buried  in  Birmingham,  Alabama’s  Elmwood  Cemetery.   JAMES RICHARDSON BOYD (Figure 833) was  born in Jackson, Mississippi, April 14, 1860.  He came to Huntsville in the late 1890’s to  work  as  a  clerk  in  the  First  National  Bank  of  Huntsville,  where  his  uncle,  MAJ  James  Richardson34 Stevens, Sr., was President.35  After Mr. Andrews’ resignation in 1898, Mr.  Boyd was elected to be Cashier of the Farmers &  Merchants National Bank.  He  married  Elizabeth  “Bettie”  Watkins  Mathews  (March  29,  1876‐November  8,  1951)  April 29, 1901, in Huntsville. They had one child,  James Richardson Boyd, Jr. (September 1, 1902‐ March 16, 1981).  When  the  Farmers & Merchants National  Bank was  sold  to  the  Huntsville  Bank &  Trust  Company in 1905, Mr. Boyd continued his career  as the Cashier at the new bank.  He was an esteemed and  trusted member  of  the Huntsville  community.  For  instance,  the  Madison Spinning Mill was placed in his hands as  receiver through bankruptcy proceedings in the  United  States District Court.  Further, he was a  member of the Huntsville City Council for eight  years,  his  last  term  expiring  in  April  1907.  In  September 1907 he was elected as President of  the Huntsville City Council even  though he had  not been a candidate.36  However,  during  his  last  year  of  life, Mr.  Boyd borrowed extremely heavily (thousands of  dollars)  from  the  Huntsville  Bank  &  Trust  Company;  the  Hamilton  National  Bank,  Chattanooga,  Tennessee;  and  the  Peoples  National Bank of Shelbyville, Tennessee. Some of  his loans were co‐signed by COL Wellman.  He  committed  suicide  on  November  4,  1907.37 At the time it was assumed the strain of  his work was the reason for him killing himself;  however,  during  probate 38  it  became  obvious  that  he  must  have  been  very  depressed  and  despondent about his enormous debts. He died  intestate. His estate was deemed  insolvent and  his creditors,  including his widow, his  son, and  COL  Wellman,  were  reimbursed  by  Probate  Court order at the rate of $0.21 per $1.00.39   Mr. Boyd is buried in Huntsville’s Maple Hill  Cemetery.  .  Figure 8: Mr. Boyd Was Cashier  from 1898 Until the Bank Was  Sold in 1905.  ___________________________________________________________Paper Money * Nov/Dec 2018 * Whole No. 318_____________________________________________________________ 385 THE BANKNOTES. Records  indicate  that at  least $22,500.00 of the $95,600.00 printed were  on the balance sheet as liabilities, which one may  assume entered circulation. (See Figure 9.40)  There  are no  known  surviving notes  from  the  Farmers & Merchants National Bank. Only  the  approved  proofs  of  the  notes  are  known.  (See Table 441 and Figure 1042.)  Table 4: No Surviving Notes Are Known from the Farmers & Merchants National Bank.  Series  Denomination  Serial  Numbers Notes  Printed  Total Value  Known  1882  Brown  Back  $10 and $20, printed  in sheets of three  $10’s and one $20  1‐1912  $10=5,736 $20=1912 $10=$57,360.00  $20=$38,240.00  0  Totals:  7,648 $95,600.00  0  Total Unredeemed Notes in 1910:  $2,850.00  Figure 9: In 1895 $22,500 of the National Bank Notes Were Listed as Liabilities.  ___________________________________________________________Paper Money * Nov/Dec 2018 * Whole No. 318_____________________________________________________________ 386 Figure 10: Banknote Proofs of The Farmers & Merchants National Bank of Huntsville,  Alabama, Are in the Smithsonian Institute.  ___________________________________________________________Paper Money * Nov/Dec 2018 * Whole No. 318_____________________________________________________________ 387 1 Hollander, David, “The National and First National Banks of Huntsville, Alabama, 1865‐1935,” Paper Money, 2017,  Volume 56, Number 312, Page 426. This was the first article in the series “Huntsville’s National Banks.”  2 Kelly, Don C., NATIONAL BANK NOTES, SIXTH EDITION, Oxford, Ohio: The Paper Money Institute, Inc., Copyright  2008, Page 33.  3 Floyd, W. Warner, Form 10‐300, Revision 6‐72, United States Department of the Interior, National Park Service,  National Register of Historic Places Inventory‐Nomination Form, signed July 19, 1974, Certified October 25, 1974.  4 Federal Reserve System, National Information Center,  http://www.ffiec.gov/nicpubweb/nicweb/InstitutionHistory.aspx?parID_RSSD=72632&parDT_END=20100129  5 Federal Reserve System, National Information Center,  http://www.ffiec.gov/nicpubweb/nicweb/InstitutionHistory.aspx?parID_RSSD=140830&parDT_END=19851130  6 The Huntsville Daily Times, Thursday, March 23, 1922, Page 1. This news report about COL Wellman’s death is the  only reference seen showing his title as “COL” rather than “Mr.”. It is assumed that the titles for both COL Wellman  and COL Pratt were honorary, neither could be confirmed.  7 The Community Builder, Huntsville, Alabama, October 31, 1928, Page 1. COL Tracy Wilder Pratt (September 1,  1861‐October 29, 1928) died suddenly of “heart failure” while sitting in his home and listening to the radio.  8 The Daily Mercury, Huntsville, Alabama, March 1, 1900. Mr. William Sherley Wells (1839‐February 28, 1900)  suffered from Pneumonia for six days and unexpectedly died. He was a native of Elmira, New York, and moved to  Forrest, City, Minnesota. In 1892 he moved to Huntsville, Alabama.  9 www.familysearch.org and www.ancestry.com. The three men were probably well‐acquainted prior to moving to  South Dakota because they had roots in the same area of Minnesota.  10 COL Wellman, COL Pratt, and Mr. Wells were involved together in a variety of businesses, sometimes overtly and  sometimes as silent partners. One assumes that COL Pratt was involved with the bank’s founding, but there is no  tangible evidence.  11 The Weekly Mercury, Huntsville, Alabama, February 3, 1892, Page 5.  12 Record, James, A DREAM COME TRUE, THE STORY OF MADISON COUNTY AND INCIDENTALLY OF ALABAMA AND  THE UNITED STATES, VOLUME II, John Hicklin Printing Company, Huntsville, Alabama, copyright 1978, page 80.  13 www.familysearch.org, www.ancestry.com, and www.findagrave.com.  14 Op. Cit., Record, Page 82.  15 Huntsville Madison County Public Library, Archives.  16 ACTS OF THE GENERAL ASSEMBLY OF ALABAMA PASSED AT THE SESSION OF 1900‐1901, HELD IN THE CITY OF  MONTGOMERY, COMMENCING TUESDAY, NOVEMBER 30, 1900. A. Roemer, Printer for the State of Alabama,  Montgomery, Ala., 1901, Pages 990‐1994.  17 The Huntsville Bank & Trust Company was formed in the late 1890’s with Sidney Jonathan Mayhew (May 28,  1829‐May 17, 1912) as the President. The bank was housed in the old Huntsville Hotel Corner (13 North Side,  Public Square) until it burned in 1908 at which time it moved into the Herstein Building until February 1930. Its  then President, Richard Holland Gilliam, Sr. (October 7, 1897‐January 24, 1976), sold the bank to the Henderson  National Bank of Huntsville (as reported by the Huntsville Daily Times on February 26, 1930).  18 Huntsville Madison County Public Library, Photograph Collection.  19 The Church of Jesus Christ of Latter‐day Saints, "Pedigree Resource File," database, FamilySearch  (https://familysearch.org/ark:/61903/2:2:37K6‐77Y : accessed 2016‐05‐22), entry for Willard I. /Wellman/.  20 There is some ambivalence in certain references about COL Wellman. For instance, in the United States Census  of 1900, his middle name is noted as “Quinn” and his year of birth as “1857.” In the same census and in the 1910  Census his wife’s name is recorded as “Hellen.”  21 Huntsville Madison County Public Library, Archives.  22 Huntsville Madison County Public Library, Archives.  23 Ryan, Patricia H., THE HUNTSVILLE HISTORICAL REVIEW, Volume, 15, Spring‐Fall 1985, Numbers 1 and 2,  Published by The Madison County Historical Society, “Tracy Pratt,” Page 28.  24 Huntsville Madison County Public Library, Archives.  25 Op. Cit., The Daily Mercury, July 21, 1900. THE LOWE MILL PLANS: COL Wellman received a letter from Mr.  Arthur Lowe stating that plans and specifications of the Lowe Mill would be at the Farmers & Merchants National  Bank and any contractor wanting to see them could do so at the bank. Mr. Lowe stated in his letter that he would  remain in the city until the mill was operational.  ___________________________________________________________Paper Money * Nov/Dec 2018 * Whole No. 318_____________________________________________________________ 388 26 The News Scimitar, Tennessee, November 4, 1918. COL Wellman was the treasurer of the Abingdon Mills and  was appointed receiver for the bankrupt company.  27 Op. Cit., The Daily Mercury, December 20, 1894. COL Wellman was a candidate for Mayor of Huntsville.  28 The Journal, Huntsville, Alabama, August 1, 1907. COL Wellman was elected to Huntsville’s first Board of  Education.  29 Op. Cit., The Huntsville Daily Times. At the time of his death COL Wellman was, among other positions, the  President of the Huntsville Bank & Trust Company, Treasurer and General Manager of Lincoln Mills, and Head of  the Huntsville Knitting Mills.  30 City Directory, 1890‐91, Pierre, South Dakota.  31 Birmingham Public Library, Digital Collections,  http://bplonline.cdmhost.com/digital/collection/p4017coll6/id/206/rec/1  32 Cruikshank, George M., A HISTORY OF BIRMINGHAM AND ITS ENVIRONS, Volume II, The Lewis Publishing  Company, Chicago and New York, c. 1920, Pages 215‐216.  33 Huntsville Madison County Public Library, Photograph Collection.  34 http://www.Ancestry.com. His maternal grandmother’s maiden name was “Richardson.”  35 The Weekly Mercury, Huntsville, Alabama, November 6, 1907, Page 3.  36 Ibid.  37 Ibid.  38 Madison County Records Center, Huntsville Madison County Public Library, “James Richardson Boyd” probate  records. Mr. Boyd left no last will and testament.  39 Ibid.  40 Annual Report of the Controller of the Currency, 1895.  41 Op. Cit., Kelly, Page 33.  42 The American History Museum of the Smithsonian Institute,  americanhistory.si.edu/collections/search/object/nmah_1453283.  I very much appreciate the advice and assistance from the Huntsville Madison County Public  Library, the Madison County Records Center, and William David Gunther.  SPMC Speaker Series F.U.N. 2019 Come join us as we present multiple speaker sessions on Friday, January 11 2019 at F.U.N. 8a—Bob Moon--"A Beginner's Guide to Collecting National Currency" 9:30a—Wendell Wolka--“Enemy at the Gates: The Fall of New Orleans and its Numismatic Consequences” 11a--Robert Calderman, "Introduction to Small Size Currency Collecting" 1230p--Pierre Fricke, “Counterfeit Confederate money made in the Union” And join us for the SPMC membership meeting on Saturday January 12 at 0830. Speaker TBA ___________________________________________________________Paper Money * Nov/Dec 2018* Whole No. 318_____________________________________________________________ 389 Zambia “Chain Breaker” Mpundu Mutembo 1936 – 100 Kwacha by David B. Lok (Zanco) Mpundu Mutembo was born March 31, 1934 in the North- Eastern city of Mbala, Zambia, then known as Northern Rhodesia, where evidence of human habitation in that area dates back well into the ancient past before written history. When he was only 18 years old, Mutembo dropped out of school and joined the political struggle led by the politician Robert Makasa, and it was then that he started writing what would eventually be several books about the damages that colonial administration had on the country. By 1957 Mutembo had already begun making a name for himself in Northern Rhodesia as an activist for political reform and was quite outspoken against colonialism, for which he had been beaten and arrested by government agents. Because of his commitment to the political struggle, Mutembo was sent to Kenya to assist Dedan Kimathi’s Mau uprising. Dedan had been captured the previous year and was executed in early 1957 for his armed anti-governmental activities. Seeing a fellow freedom fighter so committed to his cause that he would risk death must have left an impression upon the young Mutembo. While in Kenya, Mutembo and his companions were tasked with learning how to foment rebellion and then return home and start the process there. It’s unlikely that he learned much about the armed conflict and guerrilla fighting that the Mau Mau uprising had been doing, for when he returned, he worked closely with Kenneth Kaunda (later the first president of Zambia) and Simon Kapwepwe (later the first Vice President), which placed him in a political sphere, not a military one. Nevertheless, Mutembo is well known for a famous court case concerning a fight about his political views during which he had been sorely beaten and two of his teeth were knocked out. The judge asked him to demonstrate how he was beaten, do Mutembo walked over to the prosecution table, where a colonial lawyer was seated, and punched the lawyer in the face. For his actions, he was sentenced to 10 years in prison, with an additional punishment of four lashes for striking the prosecutor. Mutembo was held in Livingstone prison, and while there he was reportedly forced to witness the executions of three black men accused of murder. He was later transferred to Mukobeko prison, where he spent the rest of his sentence in comparative peace. Back in the realm of politics, Mutembo’s role was that of an opening act for the future president. He would go out on stage before Kaunda would make an appearance and fire up the audience by telling them how bad the colonialist administrators were for the country and to rally them to fight for independence that, with Kaunda at the helm, could be achieved. It was during a formative meeting on October 24, 1958 that the ZANC (Zambian African National Congress) was formed. It was then that Mutembo got a similar nick-name ‘’Zanco’’. But Mutembo was not alone in receiving a new name; a new nation was being formed by these young men, and that new nation also needed a new name. In an interview many years later, Mutembo recalled that Kaunda and Kapwepwe were mulling over a couple of possible names. Inspired by the Zambezi River, “Zambia” was proposed, and soon it was being chanted over and over, and the decision was made. The motto, “One Zambia, One Nation” was also decided at that meeting. ‘Zanco’ Mpundu Mutembo ___________________________________________________________Paper Money * Nov/Dec 2018 * Whole No. 318_____________________________________________________________ 390 In the early 1960’s, Kenneth Kaunda drafted a letter to then Governor Sir Arthur Benson, asking for a change in the constitution that granted the Colonial Europeans more power in the legislature. Mutembo (Zanco) was tasked to deliver the letter, but when he arrived at the governor’s office, he was arrested and beaten. But by 3:00 pm that afternoon, he was back in Kaunda’s offices where he was given a hero’s welcome. 12 hours later he went to Cairo Road in Lusaka and climbed a tree with his megaphone. Early that morning he started denouncing the constitution, and demanding it be changed. Police soon arrived and, unable to talk him down, they threatened to shoot Zanco if he did not stop. The threats of being shot were enough, and Mutembo climbed down and was again arrested. The tree later came to be known as the “Zanco Tree”. Then, on New Year’s Eve, 1963, Mutembo was summoned by Kaunda and was told that he had been chosen to die for the nation. One can only speculate the thoughts and feelings that assuredly rushed into Mutembo’s mind, such as his memory of Dedan Kimathi’s execution in Kenya years ago. Perhaps this gave him the strength to accept his fate. Together with Kaunda, they rehearsed demands for independence that Kaunda wanted him to make to the Rhodesian Governor. There are no records of why he was told this, nor what it could achieve, but he soon found himself in a car with Sir Evelyn Hone, the last Governor of Norther Rhodesia, en route to police headquarters in Lusaka. Sir Evelyn Hone, a Rhodes Scholar in the Colonial Service, had served in Africa, islands in the Indian Ocean, Middle East, and Central America. He was the Chief Secretary to the Governor of Northern Rhodesia from 1957 to 1959 and had been appointed Governor in 1959. His primary role at the time was to assist Northern Rhodesia to obtain independence without resorting to the armed conflict which had resulted in Kenya. To start off, Hone opened talks with African nationalists, including Kenneth Kaunda, which might explain how his actions have been reported below. Mutembo was brought into an interview room inside the police station where he was interrogated. He was afterwards taken into another room, this one filled with reporters and photographers standing by. More concerning though was the 18 armed officers lined up, waiting for him. Mutembo was then fettered with a heavy chain and was given an order to break free from the chain, or to be shot. Most people would have given up then and there and waited for the bullets to send him to his death. Breaking a small chain is hard enough, but the heavy chain he was shackled to was quite large. Mutembo however, started to pull. Perhaps he did not want to die without the notoriety that Dedan Kimathi had achieved in Kenya. Perhaps he acted as instructed by Kaunda, after informing him of his fate. Whatever the reason, Mutembo raised his arms and pulled, harder and harder. The photographers started taking photos, and Mutembo continued to pull on the chains. Eventually, the chain broke. The Governor raised his hands in amazement and declared: “You are now the symbol of the nation”. Then as rehearsed earlier with Kaunda, Mutembo made his demands for independence to the governor. Oddly, Mutembo was made to swear on a bible and was then taken to the Governor’s palace for four days. He was then driven a few miles away to a house at 6 Nalikwanda Drive, where he spent the next few months, guarded by police, but with a full set of servants to take care of him. In March 1964, Mutembo was taken to a town called Abercorn, since renamed to Mbala, and given a plot of land to live on at 214, Bwangalo Road, and awarded a lifetime pension. He stayed there until October 17, 1964 when he was flown back to Lusaka and reunited with Kaunda. Zambia got its independence on October 24th, 1964 with Mutembo attending the ceremony and standing only a few feet from Kaunda and the British representative, Princess Mary (officially, Mary, Princess Royal and Countess of Harewood). On October 23, 1974, a statue based off photographs of Mutembo when he broke his chains was unveiled. It has since become the symbol of Zambia’s fight for independence from colonial rule. Many memorials take place for fallen freedom fighters at this statue, and it has been placed on the countries banknotes. Meanwhile, Mutembo donated his land in Mbala to the United Nationalist Independent Party (UNIP) which used it for a while, but it was later turned into a carpentry business. His pension and status also disappeared when Kaunda ceded power in 1991, and today few remember Mutembo’s name or role in their independence. Mutembo was last known as still working to regain his status and pension returned to him but has made no progress with the current government. Several articles have been written about him in the local press, yet most are reported as not knowing the name of the man whom the statue was made of. The statue lives on in modern memory, while the man slowly fades away. There are several things about this story that leave me scratching my head. Most of it is due to the vagueness of the stories available online and in print, and have me asking, “Is this story true?” ___________________________________________________________Paper Money * Nov/Dec 2018 * Whole No. 318_____________________________________________________________ 391 It seems really odd that the Colonial Governor would declare Mutembo to be the symbol of the new country. Yet, once we know that the Governor was to assist in the peaceful transition of power, perhaps it isn’t as odd as it first would seem. The manner in which it was reportedly played out, however, is nothing but strange. In looking at why would they chain Mutembo in the first place leaves us wondering why, if a person was going to be executed, would they need to chain him instead of tying him down, or simply just shoot him? Further, why tell him to break the chain, which would normally be shear folly? Taunting a prisoner isn’t unheard of, but it usually isn’t while a room is full of supposed reporters. While I’m certainly not speaking from experience here, it doesn’t make sense that if you want to kill someone, you offer them an out, and then honor it. It reads like a cheesy novel, having a man bent on killing someone be honor bound by his word. A logical conclusion is that it must’ve all been planned, and that the police were goading Mutembo to try to break the chain in order to make him do so for the reporters. When we examine Mutembo’s motives, and his mission, it is not beyond suspicion that he was in collusion with Kaunda, and perhaps even Governor Hone, all along to create a national symbol for the budding independence of Zambia. While I cannot state for certain that the story, including the chain breaking, is sprinkled with some untruth or deception, I can’t help being suspicious concerning the lack of specified dates and timelines, and certain odd behavior, especially by the governor after the chain breaking. My take on this is that Kaunda and his cabinet had decided to fool Mutembo into thinking that he had been chosen to be a martyr for his country, all the while knowing that he would try to pull the chains, which must’ve been carefully altered to make them breakable. By his own accounts, Mutembo stated that he tried very hard, and kept on trying, eventually snapping the chain, to the supposed surprise of all in attendance. To continue the farce, perhaps he was made to swear on the bible that he had done so, which would further cement his conviction that it was real. It seems that he was then held for quite a while, away from all who would be able to convince him that the chain may have been weakened somehow. His sequestration at this point seems to be something that wasn’t necessary unless they were trying to keep others from interfering in some type of odd con job. Later, he was then given acreage to live on far from the capital, and from those whom he would have had close relationships with. The distance by road between Lusaka and Mbala in 2018 is listed as 636 Miles, or 1024 Kilometers, with an estimated travel time of 14 hours. I’m quite certain it would have taken longer in the 1960’s. It seems odd that the ‘Symbol of the Country” would be placed so far away from those he had worked so closely with, and far from the goings on of a new nation. Of all the stories I’ve read, most are identical in their chronology, but a bit vague on certain dates. Most suspiciously, while there are many photos of the chain breaker statue, and of Mutembo, there are none to be found of Mutembo breaking the chains in the police headquarters office where he was supposedly about to be executed unless he broke the chains. If the statue was based off photos, wouldn’t those photos themselves also be famous? But supposing that the story of breaking the chain is fake, and Mutembo was either fooled or was a willing participant, there is still the question of why it would be done. Would it matter if it was merely an allegorical representation, instead of a real man? In order to push a spirit of unification among the populace, perhaps having a real person embody the strength of the resolve for independence was thought to be a quicker way to unite the people than a statue that merely represents a concept of independent rule without a personal connection. After all, there are 73 distinct indigenous ethnic groups within the Zambian border. The statue depicting a man breaking the chains of colonial oppression serves its purpose to embolden the people with the strength of national unity and pride. But as a statue of a real man, now mostly forgotten, it serves as a proxy for each of each Zambian citizen’s personal break from foreign rule. Whether it is accepted as told, and we ignore the apparent holes in the story as evidence for a faked sequence of events, or draw the conclusion that the whole scene was scripted and sold to the Zambian public, is there any real impact or is it rather a moot point at this time? I am reminded that in the United States there is a story of a young George Washington cutting down a cherry tree and, when confronted, was so honest that he admitted that he was the one who committed the deed. The story was made famous after Washington’s death on December 14th, 1799, by Parson Weems in his book The Life of Washington, first printed in 1800 and reprinted in 1809. Parson Weems claimed that he heard the story from an old, unnamed neighbor who claimed to have known George Washington when he was a small child. As the only reference to the story, it can hardly be accepted as a credible source. True or not, the story itself does no harm, and as it’s been repeated it so often, it resides deep within the hearts and minds of almost every American. Whatever the role that Mutembo and the other’s played, Zambia was able to achieve its independence without the violence and bloodshed that ___________________________________________________________Paper Money * Nov/Dec 2018 * Whole No. 318_____________________________________________________________ 392 so many others have had to endure. Surely that is worth any doubt concerning a man who broke a chain to free himself yet wound up binding the people of Zambia together as a nation. Zambian Banknote issued 1989 ___________________________________________________________Paper Money * Nov/Dec 2018 * Whole No. 318_____________________________________________________________ 393 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 Anatomy of a Series: Plate Numbers on Series 2009 $10 Federal Reserve Notes By Joe Farrenkopf  Plate development of Series 2009 $10 Federal  Reserve Notes bearing  the signatures of Secretary  of the Treasury Timothy F. Geithner and Treasurer  of the United States Rosa Gumataotao Rios began in  March 2010, and printing of  the  first  sheets  from  those new series plates began five months later at  the Western Currency Facility (WCF) in Fort Worth,  Texas.   Except  for  two hiatuses of several months  each, production of Series 2009 $10 FRNs continued  at the WCF through October 2013 when the last run  of notes  from  the  JG‐B block was  serialed.    In all,  1,465,600,000  regular  notes were  serialed  for  all  twelve Federal Reserve districts, and 7,936,000 star  notes  were  serialed  for  four1  Federal  Reserve  districts.  The quantity of both regular and star notes  combined was  about  4%  less  than  the  preceding  Series 2006.  The WCF has twelve presses for printing faces  and backs of currency sheets.  Four of those presses  are  the  newer  Super Orlof  Intaglio  (SOI)  presses,  which  use  three  plates  in  rotation,  while  the  remaining eight presses are the older I‐10 presses,  which use four plates in rotation.  That means that  four sheets are printed, one from each plate, before  the  first  plate makes  its  second  impression.    All  Series 2009 $10 FRNs were printed using  the  I‐10  presses.  The  lifespan  of  a  currency  printing  plate  can  vary widely from one plate to another.  For instance,  a plate could sustain damage that warrants removal  from  the  press  after  little  use;  nowadays,  such  plates  are  not  usually  repaired  and  reintroduced  into  production.    But  barring  any  mishaps,  it  is  common for a plate to make hundreds of thousands  of  impressions  before wearing  out.    Some  plates  that are particularly durable and happen to remain  damage‐free  can  exceed  easily  one  million  impressions.   If a set of four plates remains usable  for  500,000  impressions,  those  plates  collectively  will print 2,000,000 sheets.  A standard press run of  regular  $1,  $2,  $5,  $10  and  $20  notes  comprises  200,000 sheets, so those four plates would produce  enough  sheets  to  serial as many as 10 press  runs  (not  taking  into  account  spoilage  for  any  defective/damaged sheets).  1 The BEP’s monthly production report from  September 2010 listed a full (3.2 million) note‐ replacement star run for the New York Federal  Reserve District.  However, that run is presumed to  have been destroyed before issuance as no notes  from that run have been observed or documented.  ___________________________________________________________Paper Money * Nov/Dec 2018 * Whole No. 318_____________________________________________________________ 395 PLATE SERIAL NUMBERS  Each note image on a plate is engraved with a serial number that identifies the plate from which the note’s  image was produced.  Since about the mid‐1990s, the BEP’s practice  has  been  to  start  each  new  series  face  and  back  plate serial numbers at 1 and progress (more or less)  sequentially  through  the  life  of  the  series.    Plate  serial numbers of many recent series have reached  into  the  low hundreds before  the next new series  began,  even  reaching  the mid‐hundreds  in  a  few  instances.   Prior to the mid‐1990s, the resetting of  plate  numbers  did  not  occur  with  the  same  regularity,  resulting  at  times  in  some  plate  serial  numbers reaching into the thousands.  For various reasons, it is typical for plates to be  used out of sequence or  to go unused altogether.   As with other contemporary new series, both face  plate and back plate serial numbers of Series 2009  $10 FRNs started at 1.  By the time the series ended,  the  face plate  and back plate  serial numbers had  reached 80 and 68,  respectively, although only 69  face plates and 65 back plates had been used.  Table  1 lists all of the face and back plate serial numbers  used  for Series 2009 $10 FRNs and  identifies each  plate’s percentage of the entire series.  Figure 1 is a  pictorial representation of the same information.  Table 1. Series 2009 $10 FRN Face and Back Plate Frequency.  Plate  Serial  FP  Frequency  BP  Frequency  Plate  Serial  FP  Frequency BP  Frequency Plate Serial  FP  Frequency BP  Frequency Plate  Serial  FP  Frequency BP  Frequency 1  2.4%  2.4%  21  1.2% 3.1% 41 2.3%  1.5% 61  1.1% 1.7% 2  2.4%  2.4%  22  1.0% 3.1% 42 2.0%  1.5% 62  1.0% 1.7% 3  2.4%  2.4%  23  1.0% 3.1% 43 2.0%  1.5% 63  1.0% 1.7% 4  2.4%  2.4%  24  1.0% 1.4% 44 2.3%  1.5% 64  1.1% 1.7% 5  1.9%  2.5%  25  1.0% 0.5% 45 2.0%  0.5% 65  1.0% 0.6% 6  1.9%  2.5%  26  0.2% 2.1% 46 2.0%  1.9% 66  1.0% 0.6% 7  1.9%  2.5%  27  1.3% 0.5% 47 2.3%  1.8% 67  unused 0.6% 8  1.9%  2.5%  28  unused 1.7% 48 1.3%  1.8% 68  1.7% 0.6% 9  unused  1.4%  29  1.3% 1.7% 49 1.3%  1.8% 69  unused ‐  10  unused  unused  30  2.4% 1.7% 50 1.8%  1.8% 70  1.2% ‐  11  unused  1.4%  31  2.4% 2.1% 51 1.8%  0.5% 71  1.4% ‐  12  unused  1.4%  32  2.4% 1.7% 52 1.8%  0.5% 72  0.9% ‐  13  2.2%  unused  33  2.4% 1.7% 53 1.1%  0.5% 73  unused ‐  14  unused  1.4%  34  1.2% 1.5% 54 0.7%  1.1% 74  0.9% ‐  15  2.2%  0.8%  35  1.2% 1.5% 55 0.05%  1.9% 75  unused ‐  16  2.2%  0.8%  36  unused unused 56 0.05%  1.9% 76  0.9% ‐  17  2.2%  0.8%  37  1.2% 1.5% 57 2.9%  1.9% 77  0.6% ‐  18  1.2%  0.8%  38  0.7% 1.5% 58 1.7%  1.1% 78  0.6% ‐  19  1.1%  0.5%  39  0.5% 2.1% 59 0.6%  1.1% 79  0.6% ‐  20  1.2%  0.5%  40  2.3% 2.1% 60 0.6%  1.1% 80  0.6% ‐  ___________________________________________________________Paper Money * Nov/Dec 2018 * Whole No. 318_____________________________________________________________ 396 Figure 1. Series 2009 $10 FRN Face and Back Plate Frequency  PLATE SEQUENCES  At  times when Series 2009 $10 FRNs were  in  production,  just one pair of  face and back presses  were printing $10s while the remaining presses at  the WCF were printing other denominations.  There  were times, though, when two and even three pairs  of  face  and  back  presses  were  printing  $10s  simultaneously.    Table  2  shows  $10  FRN  plate  sequences by press.  For example, face plates 1, 2, 3  and 4 were  loaded to Press 22 at the beginning of  the  series, producing  consecutive notes with  face  plate serials 1, 2, 3, 4, 1, 2, 3, 4, 1, 2, and so on.  A  cell  that  contains  more  than  one  four‐plate  sequence indicates that one, two or three plates in  the  sequence were  replaced  at  some  point.    For  example, Press 22 shows both 34‐35‐37‐38 and 34‐ 35‐37‐39  in  the  same  cell.    This means  that  face  plates 34, 35, 37 and 38 were  loaded to the press  initially and  that  face plate 38 was  replaced some  time  later by face plate 39 while plates 34, 35 and  37 were kept on the press.  Table 2. Series 2009 $10 FRN Face and Back Plate Sequences by Press.  Face Plates  Back Plates  Press 20  Press 22  Press 23  Press 24  Press 10  Press 12  Press 13  Press 14  62‐63‐65‐66  1‐2‐3‐4  5‐6‐7‐8  13‐15‐16‐17 54‐58‐59‐60 1‐2‐3‐4  5‐6‐7‐8  9‐11‐12‐14  77‐78‐79‐80  18‐19‐20‐21  18‐26‐20‐21  22‐23‐24‐25  42‐43‐45‐46 65‐66‐67‐68 21‐22‐23‐24  21‐22‐23‐28  19‐20‐25‐27 15‐16‐17‐18 30‐31‐32‐33  55‐56‐57‐59  55‐61‐57‐59  64‐61‐57‐59  64‐61‐57‐60  58‐68‐57‐71  58‐68‐57‐70  72‐74‐76‐70  40‐41‐44‐47 29‐30‐32‐33  46‐55‐56‐57 34‐35‐37‐38 34‐35‐37‐38  34‐35‐37‐39  27‐29‐48‐49 47‐48‐49‐50  61‐62‐63‐64 26‐31‐39‐40 50‐51‐52‐53  50‐51‐52‐54  41‐42‐43‐44 45‐51‐52‐53 ___________________________________________________________Paper Money * Nov/Dec 2018 * Whole No. 318_____________________________________________________________ 397 The longest‐lived face plate sequence was 30‐ 31‐32‐33,  which  shows  up  in  about  9.5%  of  the  entire series.   Those  face plates appear  in greater  than  14  press  runs  spanning  the  end  of  the  JB‐A  block and continuing through most of the JB‐B block  as well as  in 7  runs of  the  JC‐A block, plus a  little  more than 1 run of the JH‐A block and small portion  of  the  JG‐  block.    The  shortest‐lived  face  plate  sequence was 55‐61‐57‐59; only about 5,400 sheets  were  printed  in  that  sequence.    If  any  new  sequential notes with that sequence exist, they are  most likely in run 2 of the JB‐C block.  The longest‐ lived back plate sequence was 5‐6‐7‐8, which shows  up  in about 10% of  the entire  series.   Those back  plates appear in most of the early runs of the series  across almost all Federal Reserve districts, although  they show up only in very small quantities in the JB‐ A and JH‐A blocks; they appear to be entirely absent  from the JA‐A block.   The shortest‐lived back plate  sequence  was  19‐20‐25‐27,  which  shows  up  in  about 1.9% of the series and  is  limited to near the  tail end of the JB‐A block and the first two‐thirds or  so of the JL‐A block.  There is no correlation between face and back  plates; the plate serial numbers are independent of  one another.  A sheet printed from back plate 1, for  example, could be matched with any face plate that  happened  to  be  on  the  press  at  the  same  time.   Plates are replaced on an as needed basis, so a face  plate  that  is  used  for  a  very  short  time  might  ultimately be paired with only four back plates.  By  contrast, a  face plate  that  is used  for  a  very  long  period  could  end  up  being  paired  with  lots  of  different back plates.  Face plate 56 for Series 2009  $10 FRNs, for example, was on the press for a mere  six  days  and  is  found  paired  with  just  four  back  plates.  Face plate 57, on the other hand, was on the  press for nearly two and one‐half months and can  be found paired with 12 different back plates.  SCARCE PLATES  In terms of scarcity of any individual plate for  Series 2009 $10 FRNs, face plates 56 and 55 are  tough to find, with 26 only slightly less so (see fig.  2).  FP 56 is found in run 2 of the JB‐C block as is FP  55 (although an instance of FP 55 has also turned  up in run 1 of the JB‐C block); FP 26 is found in run  9 of the JL‐A block and in runs 13 through 15 of the  JB‐A block.  None of the back plates are overly  difficult to find, although 19, 20, 25 and 27 show  up least often. FP 56  FP 55  FP 26  SCARCE PLATE PAIRINGS  When considering scarce plate pairings, FP 1‐ 2‐3‐4 with BP 5‐6‐7‐8 exists but in extremely small  quantities; in fact, it might be limited to a single  half‐load (a range of 10,000 sheets) in run 11 of the  JB‐A block.  Some other tough pairings to locate  are FP 1‐2‐3‐4 with BP 21‐22‐23‐24; FP 5‐6‐7‐8 with  BP 9‐11‐12‐14; FP 13‐15‐16‐17 with BP 1‐2‐3‐4; FP  13‐15‐16‐17 with BP 5‐6‐7‐8; FP 50‐51‐52‐53 with  BP 41‐42‐43‐44; and FP 72‐74‐76‐70 with BP 54‐58‐ 59‐60.  Figure 2. FPs 56 and 55 are the keys to  Series 2009 $10 FRNS; FP 26 is a semi‐key.  ___________________________________________________________Paper Money * Nov/Dec 2018 * Whole No. 318_____________________________________________________________ 398 Figures 3 and 4. Most Series 2009 $10 FRNs from FP sequence 1‐2‐3‐4 are paired with BP sequence 1‐2‐3‐4, but a small  quantity of notes from FP sequence 1‐2‐3‐4 are paired with BP sequences 5‐6‐7‐8 and 21‐22‐23‐24.  There are a couple of ways that scarce FP/BP  pairings  can be produced.    It  should be explained  here that the backs of sheets are printed first and  are then stored for 72 hours to dry and cure before  the faces are printed.  Presses at the WCF and at the  Eastern  Currency  Facility  (ECF)  in Washington  DC  can be configured to print either faces or backs of  sheets,  but  most  of  the  time,  a  given  press  is  dedicated to just one or the other.  Further, presses  are paired such that sheets printed on a particular  back  press  are  usually  finished  on  the  same  face  press.   For example, back press A and face press Y  may  constitute  a  press  pair, meaning  that  sheets  that are back‐printed on press A are usually  face‐ printed on press Y.   Meanwhile back press B  and  face press Z may constitute a different press pair,  meaning that sheets that are back‐printed on press  B are usually face‐printed on press Z.  (Diagram 1.)  ___________________________________________________________Paper Money * Nov/Dec 2018 * Whole No. 318_____________________________________________________________ 399 Diagram 1. Two fictional press pairs showing the usual printing path of currency sheets.  Sheets that are started on Press  A (backs) are usually finished on Press Y (faces) while sheets that are started on Press B (backs) are usually finished on  Press Z (faces).  The reason for this is likely attributable to the  physical  layouts of  the production  facilities  rather  than  to  any  internal  BEP  policy;  face  and  back  presses  are  probably  in  close  proximity  to  one  another  with  drying  and  curing  areas  located  nearby.  But whenever two or more pairs of presses  are  simultaneously  printing  the  same  denomination,  “cross‐press  pairing”  can  occur,  resulting  in  notes  that  have  FP/BP  pairings  from  unpaired face and back presses.  That is, sheets that  are  back‐printed  on  Press  A may  occasionally  be  face‐printed  on  Press  Z  instead  of  Press  Y,  and  sheets  that  are  back‐printed  on  Press  B  may  occasionally be  face‐printed on Press Y  instead of  Press Z.  (See Diagram 2.)  (It’s worth noting that the  BEP manages  to  keep  sheets  printed  on  the  SOI  presses  separate  from  sheets  printed  on  the  I‐10  presses,  so  a mechanism  of  some  kind  exists  to  prevent that sort of cross‐press pairing.) Diagram 2. Two fictional press pairs showing cross‐press pairing of currency sheets.  Sheets that are started  on Press A (backs) are occasionally finished on Press Z (faces).  Likewise, sheets that are started on Press B  (backs) may occasionally be finished on Press Y (faces).  With this information in mind, the first of two  ways  that  scarce  FP/BP pairings  can  be produced  involves  slightly  out‐of‐sync  timing  when  back  plates and face plates are replaced.  If a set of four  plates on a back press is replaced with a set of four  new back plates, and then a few days later, a set of  four  plates  on  the  corresponding  face  press  is  replaced with a set of four new face plates, that few  days  of  overlap  can  result  in  a  small  quantity  of  sheets in which the new back plates are paired with  the old face plates.  In the scarce pairings noted in  the preceding paragraph, FP 1‐2‐3‐4 with BP 21‐22‐ 23‐24 exists as a result of this scenario.  Both sets of  plates were on the same pair of presses,  i.e., back  Press 12 and face Press 22.   BPs 21‐22‐23‐24 were  loaded to the press on October 25, 2010, and four  days  later,  FPs  1‐2‐3‐4  were  removed  from  the  press,  resulting  in  a  short  timeframe when  those  FP/BP pairings could be created.   The second way  that scarce FP/BP pairings can be produced involves  cross‐press pairing.  Since backs printed on Press 12,  for example, usually have faces printed on Press 22,  most of the time the FP/BP pairings will be limited  to  the  same pairs of presses.   But  if  some  sheets  ___________________________________________________________Paper Money * Nov/Dec 2018 * Whole No. 318_____________________________________________________________ 400 printed on back Press 12 are subsequently fed into  a face press other than Press 22, the result would be  cross‐press pairings.   Cross‐press pairing can occur  only  if  more  than  one  pair  of  presses  is  simultaneously printing the same denomination or  if the face press normally paired with a back press is  out  of  service  for  some  reason.    Two,  and  sometimes  three,  pairs  of  presses  were  printing  Series  2009  $10  FRNs  simultaneously  for  a  little  more than one‐third of the time that the series was  in production.  But data from observed notes shows  that  cross‐press  pairing  occurs  infrequently;  less  than  1.5%  of  Series  2009  $10  FRNs  have  cross‐ paired plate numbers.  In the scarce pairings noted  in the preceding paragraph, FP 1‐2‐3‐4 with BP 5‐6‐ 7‐8 exists as a  result of  this  scenario; BPs 5‐6‐7‐8  were on Press 13 (paired with face Press 23) while  FPs 1‐2‐3‐4 were on Press 22 (paired with back Press  12).  UNSERIALED REPLACEMENT SHEETS  For most denominations, blank currency paper  is delivered to the BEP in loads of 20,000 sheets (two  pallets of 10,000 sheets).   During each step of the  manufacturing  process,  sheets  that  cannot  be  processed due  to  significant  flaws or damage  are  removed.    When  the  batch  of  remaining  sheets  reaches the offline inspection stage, sheets that do  not  meet  quality  standards  (e.g.,  those  with  ink  spots or smears, ink deficiencies, etc.) are removed,  and  the  remaining  good  sheets  are  collated  into  new  batches  of  20,000  half‐sheets  for  serial  overprinting.  Because a varying number of sheets is  removed at each step of the manufacturing process,  including offline inspection, the resulting new batch  may  be  made  up  of  sheets  from  two  or  more  consecutive input loads.  During  the  serialing  process,  half‐sheets  that  have  been  damaged  prior  to  receiving  serial  numbers,  either  during  loading  or  due  to  feeder  issues, may be  replaced by unserialed  sheets  that  have  been  held  in  reserve  for  replacement  purposes, in the same way that star sheets are used  to  replace damaged half‐sheets  that have already  been serialed.  At the start of a new series, a small  supply of unserialed sheets  is typically set aside  in  reserve  for  this  purpose  and  is  replenished  periodically as  the reserve  is used up.   Like sheet‐ replacement  star  sheets,  these  unserialed  replacement  sheets  can  be  inserted  at  any  point  during  the  serialing  stage.    It  is  also  common  for  them to be added in small batches at the end of the  press run in order to bring up the sheet count of the  press  run  to  its  standard  run  size.   Unlike  sheet‐ replacement star sheets, which are identified by the  star  suffix  in  the  serial  number,  these  unserialed  replacement  sheets  are  indistinguishable  from  all  other  unserialed  sheets  because  they  are merely  regular production sheets with no special markings  of  any  kind.    It  is  sometimes  possible  to  identify  them, though, by their plate serial numbers because  those numbers may be atypical of most of the other  sheets in a press run.  An example of unserialed replacement sheets  in Series 2009 $10 notes involves FP sequence 1‐2‐ 3‐4.  That sequence appears at the beginning of the  series,  starting  with  the  JB‐A  block  serialed  in  October 2010.   By  January 2011,  sheets with  that  sequence  had  been  used  up,  the  last  batches  appearing in run 9 of the JL‐A block.  Production of  $10 notes then ceased for several months.   A new  production  run  began  in  late  August/early  September 2011, with serialing starting  in October  2011.  The first few press runs serialed that month  have FP and BP sequences left over from the end of  the previous cycle’s production, indicating that the  resumed production started by using up old leftover  stock.  Then a brand‐new FP sequence 30‐31‐32‐33  made its appearance late in run 15 of the JB‐A block.   FP  sequence  30‐31‐32‐33  is  present  almost  exclusively  from  that  point  on  for more  than  21  press runs, or 134+ million notes (through run 14 of  the  JB‐B  block,  in  runs  7  through  13  of  the  JC‐A  block,  and  into  run  4  of  the  JH‐A  block)  before  another different FP sequence began to appear.    I  say  “almost exclusively” because dotted here and  there in those 21+ press runs, seemingly randomly,  are  notes  with  FP  sequence  1‐2‐3‐4  (see  fig.  5).   Those  notes  came  from  unserialed  replacement  sheets  that were needed during  various points  in  the serialing process.   Table 3  identifies FP and BP  sequences  of  unserialed  replacement  sheets  in  Series 2009 $10 FRN production.  ___________________________________________________________Paper Money * Nov/Dec 2018 * Whole No. 318_____________________________________________________________ 401 FP 31  FP 31  FP 3  FP 33  Figure  5.  Notes  from  about  the  lowest  25,000 sheets from the last run of the JB‐A  block plus the first fourteen runs of the JB‐B  block  (serials  JB89600001A  through  JB96000000A  and  JB00000001B  through  JB89600000B) – more than 90 million notes  – exhibit  almost  exclusively  face  plate sequence  30‐31‐32‐33  and  back  plate  sequences  21‐22‐23‐24  and  21‐22‐23‐28.   But  the  note  with  serial  JB61245577B  pictured  at  left  comes  from  a  randomly  intermixed  unserialed  replacement  sheet  that had been held in reserve from the days  when face plates 1‐2‐3‐4 and back plates 1‐ 2‐3‐4 were on the presses.  BEP Building. Engraved 1880 by Lorenzo Hatch and Francis H. Noyes  ___________________________________________________________Paper Money * Nov/Dec 2018 * Whole No. 318_____________________________________________________________ 402 Table 3. Series 2009 $10 FRN Face and Back Plate Sequence Pairings of Unserialed Replacement Sheets.  FP / BP Sequence  Production Months and Press Runs  Where Primarily Found  Production Months and Press Runs  Where Found Later as an Unserialed  Replacement Sheet  1‐2‐3‐4 / 1‐2‐3‐4  Oct 2010 JBA runs 1‐12  Nov 2010  JEA run 1  JGA run 1, run 6  Dec 2010  JFA run 1, run 2, runs 7‐9  JKA run 4  Jan 2011  JLA run 8, run 9  Oct 2011 JBB run 2, run 10  Nov 2011  JCA run 7  Jan 2012  JAA run 7  Feb 2012  JFA run 15  42‐43‐45‐46 / 26‐31‐39‐40  Dec 2011 JDA run 14  Jan 2012  JAA runs 5‐10  JEA runs 8‐13  Feb 2012  JEA runs 14‐15  JFA runs 14‐15  JFB runs 1‐2  Apr 2012 JJA run 4  Jun 2012  JLB run 4  Feb 2013  JBB run 15  JBC run 1  Mar 2013  JBC run 5, run 7  64‐61‐57‐60 / 46‐55‐56‐57  Mar 2013 JBC runs 6‐8  JHA runs 8‐9  JJA runs 7‐8  Apr 2013 JFC runs 2‐3  May 2013  JEB runs 1‐4  Jun 2013  JDA run 15  JGB runs 5‐6, run 8  Sep 2013  JG* run 1  FACE AND BACK PLATE SEQUENCE PAIRINGS  Table  4  lists  face  and  back  plate  sequence  pairings  of  Series  2009  $10  FRNs  and  how  often  those sequences are found paired.  For example, a  note from FP sequence 1‐2‐3‐4 will be found paired  with BP  sequence 1‐2‐3‐4 about 99% of  the  time,  with BP 5‐6‐7‐8 less than 1% of the time, and with  BP 21‐22‐23‐24 also  less  than 1% of  the  time.   By  comparison, a note from FP sequence 22‐23‐24‐25  will be found paired with BP 5‐6‐7‐8 about 64% of  the time and with BP 19‐20‐25‐27 about 36% of the  time.  The lowest and highest FP/BP pairings in the  series are 1/1 and 80/68, respectively.  Twenty‐five  pairings in which the FP and BP match can be found:  1/1, 2/2, 3/3, 4/4, 5/5, 6/6, 7/7, 8/8, 15/15, 16/16,  17/17,  20/20,  21/21,  25/25,  30/30,  32/32,  33/33,  40/40,  41/41,  44/44,  50/50,  55/55,  56/56,  57/57  and 58/58.  ___________________________________________________________Paper Money * Nov/Dec 2018 * Whole No. 318_____________________________________________________________ 403 Table 4. Series 2009 $10 FRN Face and Back Plate Sequence Pairings.  FP Sequence  Paired w/  BP Sequence  How Often  Paired  BP Sequence  Paired w/  FP Sequence  How Often  Paired  1‐2‐3‐4  1‐2‐3‐4  99%  1‐2‐3‐4  1‐2‐3‐4  96%  5‐6‐7‐8  <1% 5‐6‐7‐8  3%  21‐22‐23‐24  <1% 13‐15‐16‐17  <1%  5‐6‐7‐8  1‐2‐3‐4  4%  5‐6‐7‐8  1‐2‐3‐4  <1%  5‐6‐7‐8  95% 5‐6‐7‐8  73%  9‐11‐12‐14  <1% 13‐15‐16‐17  <1%  13‐15‐16‐17  1‐2‐3‐4  <1% 22‐23‐24‐25  26%  5‐6‐7‐8  <1%  9‐11‐12‐14  5‐6‐7‐8  <1%  9‐11‐12‐14  64% 13‐15‐16‐17  99%  15‐16‐17‐18  34%  15‐16‐17‐18  13‐15‐16‐17  100%  18‐19‐20‐21  19‐20‐25‐27  1%  19‐20‐25‐27  18‐19‐20‐21  3%  21‐22‐23‐24  99% 18‐26‐20‐21  21%  18‐26‐20‐21  19‐20‐25‐27  55% 22‐23‐24‐25  76%  21‐22‐23‐24  45%  21‐22‐23‐24  1‐2‐3‐4  1%  22‐23‐24‐25  5‐6‐7‐8  64% 18‐19‐20‐21  73%  19‐20‐25‐27  36% 18‐26‐20‐21  6%  27‐29‐48‐49  41‐42‐43‐44  62% 30‐31‐32‐33  20%  45‐51‐52‐53  38%  21‐22‐23‐28  30‐31‐32‐33  100%  30‐31‐32‐33  21‐22‐23‐24  12%  26‐31‐39‐40  40‐41‐44‐47  78%  21‐22‐23‐28  69% 42‐43‐45‐46  22%  29‐30‐32‐33  19%  29‐30‐32‐33  30‐31‐32‐33  27%  34‐35‐37‐38  29‐30‐32‐33  100% 34‐35‐37‐38  43%  34‐35‐37‐39  29‐30‐32‐33  100% 34‐35‐37‐39  28%  40‐41‐44‐47  26‐31‐39‐40  70% 42‐43‐45‐46  2%  41‐42‐43‐44  30%  34‐35‐37‐38  42‐43‐45‐46  100%  42‐43‐45‐46  26‐31‐39‐40  24%  41‐42‐43‐44  27‐29‐48‐49  53%  29‐30‐32‐33  1% 40‐41‐44‐47  46%  34‐35‐37‐38  75% 50‐51‐52‐53  <1%  50‐51‐52‐53  41‐42‐43‐44  1%  45‐51‐52‐53  27‐29‐48‐49  100%  47‐48‐49‐50  99%  46‐55‐56‐57  55‐56‐57‐59  2%  50‐51‐52‐54  47‐48‐49‐50  100% 55‐61‐57‐59  <1%  55‐56‐57‐59  46‐55‐56‐57  100% 64‐61‐57‐59  27%  55‐61‐57‐59  46‐55‐56‐57  100% 64‐61‐57‐60  29%  64‐61‐57‐59  46‐55‐56‐57  100% 58‐68‐57‐71  41%  64‐61‐57‐60  46‐55‐56‐57  100%  47‐48‐49‐50  50‐51‐52‐53  61%  58‐68‐57‐71  46‐55‐56‐57  58% 50‐51‐52‐54  39%  61‐62‐63‐64  42%  54‐58‐59‐60  58‐68‐57‐70  8%  58‐68‐57‐70  54‐58‐59‐60  25% 62‐63‐65‐66  91%  61‐62‐63‐64  75% 72‐74‐76‐70  <1%  72‐74‐76‐70  54‐58‐59‐60  1%  61‐62‐63‐64  58‐68‐57‐71  34%  61‐62‐63‐64  99% 58‐68‐57‐70  15%  62‐63‐65‐66  54‐58‐59‐60  100% 72‐74‐76‐70  51%  77‐78‐79‐80  65‐66‐67‐68  100%  65‐66‐67‐68  77‐78‐79‐80  100%  ___________________________________________________________Paper Money * Nov/Dec 2018 * Whole No. 318_____________________________________________________________ 404 FACE AND BACK PLATE SEQUENCES BY BLOCK AND RUN  Finally,  Tables  5a  and  5b  list  the  blocks  and  press runs where the face and back plate sequences  of Series 2009 $10 FRNs are found.  For example, FP  sequence 40‐41‐44‐47 is found in runs 2 through 15  of  the  JF‐B  block,  runs  8  through  15  of  the  JG‐A  block, runs 2 and 3 of the JI‐A block, run 5 of the JJ‐ A  block,  and  in  the  JF‐  block.   Meanwhile,  BP  sequence  45‐51‐52‐53  is  found  only  in  runs  8  through 13 of the JK‐A block and runs 10, 11 and 13  of the JL‐A block.  Where more than one sequence  is  listed  in  a  given  block  and  run,  sequences  are  shown in order of predominance within the run.  For  example,  run  1  of  the  JC‐B  block  shows  FP  sequences 62‐63‐65‐66 and 72‐74‐76‐70, with  the  former sequence listed first.  That means notes with  FPs 62, 63, 65 and 66 are more common in that run  than  are  notes  with  FPs  70,  72,  74  and  76.    A  sequence  followed by  the  letter  ‘e’  indicates  that  the sequence is found in roughly equal proportions  with  another  sequence  in  that  same  run.    A  sequence followed by a single asterisk indicates the  sequence  is  found  in  10%  or  less  of  the  run;  a  sequence  followed  by  a  double  asterisk  indicates  that the sequence is found in 1% or less of the run.   (It  should  be  noted  that  unserialed  replacement  sheet  notes  can  show  up  anywhere  and  typically  account  for  the  inclusion  of  a  sequence  with  a  double  asterisk.    Since  it  isn’t  really  possible  to  account  for  every  unserialed  replacement  sheet  occurrence,  sequences  not  listed  in  a  run  in  this  table  could  exist.    Such  sequences,  however, will  account for just a minute fraction of the run.)  It is interesting to observe from the table how  frequently  a  press  run  comprises  a  single  plate  sequence.   Of  the  229  regular  block  runs,  nearly  two‐thirds  (147)  are  made  up  of  just  one  FP  sequence‡,  and  another  20  are made  up  almost  entirely  (more  than 90%) of  just one FP sequence  (excluding  single  instances  of  unserialed  replacement sheet notes).  Conversely, only 17 runs  are made up of 3 or more FP sequences.    Table 5a. Series 2009 $10 FRN Face Plates by Block and Run.  Federal Reserve Districts A through F  Regular A Blocks  JA‐A  JB‐A  JC‐A JD‐A JE‐A JF‐A  Run 1  00000001 to 06400000  13‐15‐16‐17  1‐2‐3‐4 *  1‐2‐3‐4  5‐6‐7‐8 13‐15‐16‐17 1‐2‐3‐4 1‐2‐3‐4  Run 2  06400001 to 12800000  13‐15‐16‐17  18‐19‐20‐21 *  1‐2‐3‐4  5‐6‐7‐8 13‐15‐16‐17 5‐6‐7‐8 ** 5‐6‐7‐8 1‐2‐3‐4  Run 3  12800001 to 19200000  13‐15‐16‐17  1‐2‐3‐4  13‐15‐16‐17 1‐2‐3‐4 5‐6‐7‐8 13‐15‐16‐17  13‐15‐16‐17 5‐6‐7‐8  Run 4  19200001 to 25600000  18‐19‐20‐21  1‐2‐3‐4 **  1‐2‐3‐4  5‐6‐7‐8 13‐15‐16‐17 5‐6‐7‐8 5‐6‐7‐8  1‐2‐3‐4 ** Run 5  25600001 to 32000000  42‐43‐45‐46  1‐2‐3‐4  13‐15‐16‐17 1‐2‐3‐4 *  5‐6‐7‐8 * 13‐15‐16‐17 5‐6‐7‐8 13‐15‐16‐17 Run 6  32000001 to 38400000  42‐43‐45‐46  1‐2‐3‐4  5‐6‐7‐8 13‐15‐16‐17 5‐6‐7‐8 13‐15‐16‐17 *  13‐15‐16‐17 Run 7  38400001 to 44800000  42‐43‐45‐46  1‐2‐3‐4 **  1‐2‐3‐4  30‐31‐32‐33 1‐2‐3‐4 ** 34‐35‐37‐38 5‐6‐7‐8 1‐2‐3‐4  13‐15‐16‐17 * Run 8  44800001 to 51200000  42‐43‐45‐46  1‐2‐3‐4  30‐31‐32‐33 34‐35‐37‐38 42‐43‐45‐46  1‐2‐3‐4  13‐15‐16‐17  5‐6‐7‐8 *  Run 9  51200001 to 57600000  42‐43‐45‐46  1‐2‐3‐4  30‐31‐32‐33 34‐35‐37‐38 42‐43‐45‐46  1‐2‐3‐4  Run 10  57600001 to 64000000  42‐43‐45‐46  1‐2‐3‐4  30‐31‐32‐33 34‐35‐37‐39 42‐43‐45‐46  22‐23‐24‐25 18‐19‐20‐21 Run 11  64000001 to 70400000  72‐74‐76‐70  58‐68‐57‐70  1‐2‐3‐4  5‐6‐7‐8  30‐31‐32‐33 34‐35‐37‐39 34‐35‐37‐38 42‐43‐45‐46  22‐23‐24‐25 13‐15‐16‐17 Run 12  70400001 to 76800000  72‐74‐76‐70  58‐68‐57‐71  1‐2‐3‐4  30‐31‐32‐33 34‐35‐37‐39 42‐43‐45‐46  13‐15‐16‐17 Run 13  76800001 to 83200000    18‐19‐20‐21  18‐26‐20‐21  22‐23‐24‐25 *  30‐31‐32‐33 34‐35‐37‐39 34‐35‐37‐38 *  42‐43‐45‐46  34‐35‐37‐39 *  22‐23‐24‐25 13‐15‐16‐17 *  Run 14  83200001 to 89600000    22‐23‐24‐25  18‐26‐20‐21  72‐74‐76‐70 42‐43‐45‐46 34‐35‐37‐39 42‐43‐45‐46  42‐43‐45‐46 Run 15  89600001 to 96000000    18‐26‐20‐21  30‐31‐32‐33  22‐23‐24‐25  72‐74‐76‐70 72‐74‐76‐70 77‐78‐79‐80  62‐63‐65‐66  64‐61‐57‐60 **    42‐43‐45‐46  42‐43‐45‐46 1‐2‐3‐4 **  ___________________________________________________________Paper Money * Nov/Dec 2018 * Whole No. 318_____________________________________________________________ 405 Regular B Blocks    JB‐B  JC‐B JD‐B JE‐B JF‐B  Run 1  00000001 to 06400000    30‐31‐32‐33  62‐63‐65‐66 e 72‐74‐76‐70 e  77‐78‐79‐80 62‐63‐65‐66  72‐74‐76‐70 * 58‐68‐57‐70  72‐74‐76‐70  64‐61‐57‐60 **  42‐43‐45‐46 Run 2  06400001 to 12800000    30‐31‐32‐33  1‐2‐3‐4 **  77‐78‐79‐80 62‐63‐65‐66 *  58‐68‐57‐70  58‐68‐57‐71  64‐61‐57‐60 **  42‐43‐45‐46 40‐41‐44‐47  Run 3  12800001 to 19200000    30‐31‐32‐33  77‐78‐79‐80 58‐68‐57‐71  58‐68‐57‐70  62‐63‐65‐66  72‐74‐76‐70 *  64‐61‐57‐60 **  40‐41‐44‐47 Run 4  19200001 to 25600000    30‐31‐32‐33  72‐74‐76‐70  64‐61‐57‐60 **  40‐41‐44‐47 Run 5  25600001 to 32000000    30‐31‐32‐33  40‐41‐44‐47 Run 6  32000001 to 38400000    30‐31‐32‐33  40‐41‐44‐47 Run 7  38400001 to 44800000    30‐31‐32‐33  40‐41‐44‐47 34‐35‐37‐38 * Run 8  44800001 to 51200000    30‐31‐32‐33  40‐41‐44‐47 Run 9  51200001 to 57600000    30‐31‐32‐33  40‐41‐44‐47 Run 10  57600001 to 64000000    30‐31‐32‐33  1‐2‐3‐4 **  40‐41‐44‐47 Run 11  64000001 to 70400000    30‐31‐32‐33  40‐41‐44‐47 Run 12  70400001 to 76800000    30‐31‐32‐33  40‐41‐44‐47 Run 13  76800001 to 83200000    30‐31‐32‐33  40‐41‐44‐47 Run 14  83200001 to 89600000    30‐31‐32‐33  40‐41‐44‐47 Run 15  89600001 to 96000000    50‐51‐52‐54  42‐43‐45‐46 **  40‐41‐44‐47 Regular C Blocks    JB‐C  JF‐C  Run 1  00000001 to 06400000    64‐61‐57‐59  42‐43‐45‐46 **  55‐56‐57‐59 **  62‐63‐65‐66 58‐68‐57‐71  Run 2  06400001 to 12800000    55‐56‐57‐59  64‐61‐57‐59  50‐51‐52‐53  50‐51‐52‐54 *  55‐61‐57‐59 **  62‐63‐65‐66 58‐68‐57‐71  64‐61‐57‐60 **  Run 3  12800001 to 19200000    64‐61‐57‐59  62‐63‐65‐66 58‐68‐57‐71  64‐61‐57‐60 ** Run 4  19200001 to 25600000    64‐61‐57‐59  58‐68‐57‐71 62‐63‐65‐66 * Run 5  25600001 to 32000000    64‐61‐57‐59  42‐43‐45‐46 **  58‐68‐57‐71 62‐63‐65‐66 Run 6  32000001 to 38400000    64‐61‐57‐59 e  64‐61‐57‐60 e  58‐68‐57‐71 62‐63‐65‐66  58‐68‐57‐70 * Run 7  38400001 to 44800000    64‐61‐57‐60  42‐43‐45‐46 **  58‐68‐57‐71 62‐63‐65‐66  58‐68‐57‐70 Run 8  44800001 to 51200000    64‐61‐57‐60  58‐68‐57‐70 58‐68‐57‐71  62‐63‐65‐66 * Run 9  51200001 to 57600000      58‐68‐57‐70 58‐68‐57‐71         Star Blocks    JB‐  JD‐ JF‐  Run 1  00000001 to 03200000    No examples known 5‐6‐7‐8 40‐41‐44‐47         Uncut Sheet Blocks      JC‐A   Serials begin 99...      30‐31‐32‐33     ___________________________________________________________Paper Money * Nov/Dec 2018 * Whole No. 318_____________________________________________________________ 406 Table 5a (continued). Series 2009 $10 FRN Face Plates by Block and Run. Federal Reserve Districts G through L  Regular A Blocks  JG‐A  JH‐A  JI‐A JJ‐A JK‐A JL‐A  Run 1  00000001 to 06400000  1‐2‐3‐4  5‐6‐7‐8 *  18‐19‐20‐21  22‐23‐24‐25 18‐19‐20‐21 13‐15‐16‐17 13‐15‐16‐17  5‐6‐7‐8 * 22‐23‐24‐25 13‐15‐16‐17 Run 2  06400001 to 12800000  5‐6‐7‐8  13‐15‐16‐17 **  18‐19‐20‐21  40‐41‐44‐47 27‐29‐48‐49 18‐19‐20‐21 5‐6‐7‐8 13‐15‐16‐17 22‐23‐24‐25 Run 3  12800001 to 19200000  5‐6‐7‐8  18‐19‐20‐21  22‐23‐24‐25 *  13‐15‐16‐17 *  27‐29‐48‐49 50‐51‐52‐53  40‐41‐44‐47 * 22‐23‐24‐25 5‐6‐7‐8 1‐2‐3‐4  18‐19‐20‐21 Run 4  19200001 to 25600000  5‐6‐7‐8  30‐31‐32‐33  34‐35‐37‐38  58‐68‐57‐71 62‐63‐65‐66  50‐51‐52‐53 27‐29‐48‐49  42‐43‐45‐46 ** 1‐2‐3‐4 18‐19‐20‐21 Run 5  25600001 to 32000000  13‐15‐16‐17  5‐6‐7‐8 **  34‐35‐37‐38  27‐29‐48‐49 50‐51‐52‐53  40‐41‐44‐47 13‐15‐16‐17  1‐2‐3‐4 *  22‐23‐24‐25 Run 6  32000001 to 38400000  1‐2‐3‐4  34‐35‐37‐38  30‐31‐32‐33 *  50‐51‐52‐53 27‐29‐48‐49  22‐23‐24‐25  1‐2‐3‐4 e  13‐15‐16‐17 e  18‐19‐20‐21 *  18‐19‐20‐21 Run 7  38400001 to 44800000  13‐15‐16‐17  34‐35‐37‐38  64‐61‐57‐60 27‐29‐48‐49  50‐51‐52‐53  22‐23‐24‐25 Run 8  44800001 to 51200000  40‐41‐44‐47  64‐61‐57‐60  62‐63‐65‐66  64‐61‐57‐60 62‐63‐65‐66 27‐29‐48‐49  1‐2‐3‐4 e  5‐6‐7‐8 e  Run 9  51200001 to 57600000  40‐41‐44‐47  58‐68‐57‐71  62‐63‐65‐66  64‐61‐57‐60  27‐29‐48‐49  50‐51‐52‐53 *  18‐26‐20‐21 1‐2‐3‐4 e  5‐6‐7‐8 e  18‐19‐20‐21  22‐23‐24‐25 *  13‐15‐16‐17 ** Run 10  57600001 to 64000000  40‐41‐44‐47    27‐29‐48‐49  27‐29‐48‐49 e 50‐51‐52‐53 e Run 11  64000001 to 70400000  40‐41‐44‐47    27‐29‐48‐49  50‐51‐52‐53 *  50‐51‐52‐53 27‐29‐48‐49 Run 12  70400001 to 76800000  40‐41‐44‐47    27‐29‐48‐49 e  50‐51‐52‐53 e  50‐51‐52‐53 Run 13  76800001 to 83200000  40‐41‐44‐47    50‐51‐52‐53  27‐29‐48‐49  50‐51‐52‐53 27‐29‐48‐49 * Run 14  83200001 to 89600000  40‐41‐44‐47    58‐68‐57‐71  50‐51‐52‐53 Run 15  89600001 to 96000000  27‐29‐48‐49  50‐51‐52‐53  40‐41‐44‐47 *    58‐68‐57‐71  62‐63‐65‐66 *  50‐51‐52‐53 27‐29‐48‐49 **  Regular B Blocks  JG‐B    JK‐B JL‐B  Run 1  00000001 to 06400000  27‐29‐48‐49    58‐68‐57‐71  62‐63‐65‐66  50‐51‐52‐53 50‐51‐52‐54 Run 2  06400001 to 12800000  27‐29‐48‐49  50‐51‐52‐53    50‐51‐52‐54 Run 3  12800001 to 19200000  27‐29‐48‐49  50‐51‐52‐53    50‐51‐52‐54 Run 4  19200001 to 25600000  62‐63‐65‐66  72‐74‐76‐70    50‐51‐52‐54 42‐43‐45‐46 ** Run 5  25600001 to 32000000  72‐74‐76‐70  62‐63‐65‐66  64‐61‐57‐60 **    50‐51‐52‐54 Run 6  32000001 to 38400000  72‐74‐76‐70  62‐63‐65‐66  64‐61‐57‐60 **    50‐51‐52‐54 Run 7  38400001 to 44800000  62‐63‐65‐66  77‐78‐79‐80  72‐74‐76‐70    62‐63‐65‐66 Run 8  44800001 to 51200000  77‐78‐79‐80  64‐61‐57‐60 **    58‐68‐57‐71 62‐63‐65‐66 Run 9  51200001 to 57600000  77‐78‐79‐80    58‐68‐57‐71 Run 10  57600001 to 64000000      58‐68‐57‐71 Run 11  64000001 to 70400000            58‐68‐57‐71         ___________________________________________________________Paper Money * Nov/Dec 2018 * Whole No. 318_____________________________________________________________ 407 Star Blocks  JG‐ Run 1  00000001 to  03200000  77‐78‐79‐80  64‐61‐57‐60  30‐31‐32‐33 *  Uncut Sheet Blocks  JG‐A JL‐A  Serials begin 99...  5‐6‐7‐8 22‐23‐24‐25 The plate sequences listed in this table have been observed on notes in the run. In cases when more than one sequence is listed within a run,  the order is the most predominant to least predominant. The notation 'e' indicates sequences that are of roughly equal proportions within the  run. Asterisks (* or **) indicate a sequence that has been observed only in small quantities (10% or less and 1% or less, respectively) within the  run. It is possible that other plate sequences not listed here could be found in the run; they would comprise a very small percentage of the run. Figure 6. Table 5a shows that the face plate sequence 64‐61‐57‐59 is found in run 4 of the JB‐C block.   The note with serial JB23757746C is from that run and has FP 64.  Table 5b. Series 2009 $10 FRN Back Plates by Block and Run. Federal Reserve Districts A through F  Regular A Blocks  JA‐A  JB‐A  JC‐A JD‐A JE‐A JF‐A  Run 1  00000001 to 06400000  15‐16‐17‐18  1‐2‐3‐4 *  1‐2‐3‐4  5‐6‐7‐8 1‐2‐3‐4 ** 9‐11‐12‐14 1‐2‐3‐4 1‐2‐3‐4  Run 2  06400001 to 12800000  15‐16‐17‐18  21‐22‐23‐24 *  1‐2‐3‐4  1‐2‐3‐4 5‐6‐7‐8 9‐11‐12‐14 5‐6‐7‐8 ** 5‐6‐7‐8 1‐2‐3‐4  Run 3  12800001 to 19200000  15‐16‐17‐18  1‐2‐3‐4  9‐11‐12‐14 1‐2‐3‐4 5‐6‐7‐8 9‐11‐12‐14 9‐11‐12‐14 5‐6‐7‐8  Run 4  19200001 to 25600000  21‐22‐23‐24  1‐2‐3‐4 **  1‐2‐3‐4  5‐6‐7‐8 9‐11‐12‐14 5‐6‐7‐8 5‐6‐7‐8  9‐11‐12‐14  1‐2‐3‐4 ** Run 5  25600001 to 32000000  34‐35‐37‐38  1‐2‐3‐4  9‐11‐12‐14 1‐2‐3‐4 *  5‐6‐7‐8 * 9‐11‐12‐14 5‐6‐7‐8 9‐11‐12‐14 Run 6  32000001 to 38400000  34‐35‐37‐38  1‐2‐3‐4  5‐6‐7‐8 9‐11‐12‐14 5‐6‐7‐8 9‐11‐12‐14 *  9‐11‐12‐14 15‐16‐17‐18  5‐6‐7‐8  Run 7  38400001 to 44800000  34‐35‐37‐38  1‐2‐3‐4 **  1‐2‐3‐4  21‐22‐23‐28 1‐2‐3‐4 ** 29‐30‐32‐33 5‐6‐7‐8 1‐2‐3‐4  15‐16‐17‐18 * Run 8  44800001 to 51200000  34‐35‐37‐38  1‐2‐3‐4  21‐22‐23‐28 29‐30‐32‐33 34‐35‐37‐38  1‐2‐3‐4  15‐16‐17‐18  5‐6‐7‐8 *  Run 9  51200001 to 57600000  34‐35‐37‐38  1‐2‐3‐4  21‐22‐23‐28 29‐30‐32‐33 34‐35‐37‐38  29‐30‐32‐33 *  1‐2‐3‐4  21‐22‐23‐24 * Run 10  57600001 to 64000000  34‐35‐37‐38  1‐2‐3‐4  21‐22‐23‐28 29‐30‐32‐33 29‐30‐32‐33 34‐35‐37‐38  5‐6‐7‐8  21‐22‐23‐24 Run 11  64000001 to 70400000  61‐62‐63‐64  1‐2‐3‐4  5‐6‐7‐8  29‐30‐32‐33 29‐30‐32‐33 34‐35‐37‐38  5‐6‐7‐8  15‐16‐17‐18 Run 12  70400001 to 76800000  61‐62‐63‐64  1‐2‐3‐4  29‐30‐32‐33 29‐30‐32‐33 34‐35‐37‐38  15‐16‐17‐18 Run 13  76800001 to 83200000  21‐22‐23‐24 19‐20‐25‐27 29‐30‐32‐33 29‐30‐32‐33 34‐35‐37‐38  29‐30‐32‐33 *  5‐6‐7‐8  9‐11‐12‐14 * Run 14  83200001 to 89600000  19‐20‐25‐27 21‐22‐23‐24 ** 61‐62‐63‐64 29‐30‐32‐33 34‐35‐37‐38 34‐35‐37‐38  26‐31‐39‐40  26‐31‐39‐40 ___________________________________________________________Paper Money * Nov/Dec 2018 * Whole No. 318_____________________________________________________________ 408 Run 15  89600001 to 96000000    21‐22‐23‐24 19‐20‐25‐27  61‐62‐63‐64 61‐62‐63‐64 65‐66‐67‐68  54‐58‐59‐60  46‐55‐56‐57 ** 26‐31‐39‐40  34‐35‐37‐38  26‐31‐39‐40 1‐2‐3‐4 **  Regular B Blocks    JB‐B  JC‐B JD‐B JE‐B JF‐B  Run 1  00000001 to 06400000    21‐22‐23‐24 54‐58‐59‐60 e 61‐62‐63‐64 e  65‐66‐67‐68 54‐58‐59‐60  61‐62‐63‐64 * 61‐62‐63‐64  54‐58‐59‐60  46‐55‐56‐57 **  26‐31‐39‐40 Run 2  06400001 to 12800000    21‐22‐23‐24 1‐2‐3‐4 **  65‐66‐67‐68 54‐58‐59‐60 *  61‐62‐63‐64  54‐58‐59‐60  46‐55‐56‐57 **  26‐31‐39‐40 Run 3  12800001 to 19200000    21‐22‐23‐28 21‐22‐23‐24  65‐66‐67‐68 61‐62‐63‐64  54‐58‐59‐60  46‐55‐56‐57 **  26‐31‐39‐40 Run 4  19200001 to 25600000    21‐22‐23‐28 61‐62‐63‐64  46‐55‐56‐57 **  26‐31‐39‐40 Run 5  25600001 to 32000000    21‐22‐23‐28 26‐31‐39‐40 Run 6  32000001 to 38400000    21‐22‐23‐28 26‐31‐39‐40 Run 7  38400001 to 44800000    21‐22‐23‐28 26‐31‐39‐40 29‐30‐32‐33 * Run 8  44800001 to 51200000    21‐22‐23‐28 26‐31‐39‐40 Run 9  51200001 to 57600000    21‐22‐23‐28 26‐31‐39‐40 Run 10  57600001 to 64000000    21‐22‐23‐28 1‐2‐3‐4 **  26‐31‐39‐40 Run 11  64000001 to 70400000    21‐22‐23‐28 26‐31‐39‐40 Run 12  70400001 to 76800000    21‐22‐23‐28 26‐31‐39‐40 Run 13  76800001 to 83200000    21‐22‐23‐28 26‐31‐39‐40 Run 14  83200001 to 89600000    21‐22‐23‐28 26‐31‐39‐40 Run 15  89600001 to 96000000    47‐48‐49‐50 26‐31‐39‐40 * 26‐31‐39‐40 Regular C Blocks    JB‐C  JF‐C  Run 1  00000001 to 06400000    46‐55‐56‐57 26‐31‐39‐40 ** 54‐58‐59‐60 61‐62‐63‐64 Run 2  06400001 to 12800000    46‐55‐56‐57 47‐48‐49‐50  54‐58‐59‐60 61‐62‐63‐64  46‐55‐56‐57 ** Run 3  12800001 to 19200000    46‐55‐56‐57 54‐58‐59‐60 61‐62‐63‐64  46‐55‐56‐57 ** Run 4  19200001 to 25600000    46‐55‐56‐57 61‐62‐63‐64 54‐58‐59‐60 * Run 5  25600001 to 32000000    46‐55‐56‐57 26‐31‐39‐40 ** 61‐62‐63‐64 54‐58‐59‐60 Run 6  32000001 to 38400000    46‐55‐56‐57 61‐62‐63‐64 54‐58‐59‐60 Run 7  38400001 to 44800000    46‐55‐56‐57 26‐31‐39‐40 ** 61‐62‐63‐64 54‐58‐59‐60 Run 8  44800001 to 51200000    46‐55‐56‐57 61‐62‐63‐64 54‐58‐59‐60 Run 9  51200001 to 57600000      61‐62‐63‐64 54‐58‐59‐60         Star Blocks    JB‐  JD‐ JF‐  Run 1  00000001 to  03200000    No examples  known  5‐6‐7‐8 26‐31‐39‐40         Uncut Sheet Blocks      JC‐A   Serials begin 99...      29‐30‐32‐33       ___________________________________________________________Paper Money * Nov/Dec 2018 * Whole No. 318_____________________________________________________________ 409 Table 5b (continued). Series 2009 $10 FRN Back Plates by Block and Run. Federal Reserve Districts G through L  Regular A Blocks  JG‐A  JH‐A  JI‐A JJ‐A JK‐A JL‐A  Run 1  00000001 to 06400000  1‐2‐3‐4  5‐6‐7‐8 *  21‐22‐23‐24 5‐6‐7‐8 21‐22‐23‐24 15‐16‐17‐18  5‐6‐7‐8 9‐11‐12‐14 5‐6‐7‐8 **  5‐6‐7‐8  15‐16‐17‐18  19‐20‐25‐27 ** Run 2  06400001 to 12800000  5‐6‐7‐8  9‐11‐12‐14 **  21‐22‐23‐24 41‐42‐43‐44 21‐22‐23‐24 5‐6‐7‐8 15‐16‐17‐18 19‐20‐25‐27 Run 3  12800001 to 19200000  5‐6‐7‐8  21‐22‐23‐24 5‐6‐7‐8 *  15‐16‐17‐18 * 41‐42‐43‐44 47‐48‐49‐50  5‐6‐7‐8 5‐6‐7‐8 1‐2‐3‐4  21‐22‐23‐24 Run 4  19200001 to 25600000  5‐6‐7‐8  29‐30‐32‐33 46‐55‐56‐57 54‐58‐59‐60  47‐48‐49‐50 41‐42‐43‐44  26‐31‐39‐40 ** 1‐2‐3‐4 21‐22‐23‐24 Run 5  25600001 to 32000000  9‐11‐12‐14  1‐2‐3‐4 *  5‐6‐7‐8 **  29‐30‐32‐33 41‐42‐43‐44 47‐48‐49‐50  15‐16‐17‐18  1‐2‐3‐4 *  19‐20‐25‐27 Run 6  32000001 to 38400000  1‐2‐3‐4  29‐30‐32‐33 47‐48‐49‐50 41‐42‐43‐44  5‐6‐7‐8 15‐16‐17‐18 e  21‐22‐23‐24 e  1‐2‐3‐4 * 21‐22‐23‐24 Run 7  38400001 to 44800000  9‐11‐12‐14  29‐30‐32‐33 46‐55‐56‐57 41‐42‐43‐44  47‐48‐49‐50  19‐20‐25‐27 Run 8  44800001 to 51200000  41‐42‐43‐44  26‐31‐39‐40  46‐55‐56‐57 54‐58‐59‐60 46‐55‐56‐57 54‐58‐59‐60 41‐42‐43‐44  45‐51‐52‐53 **  1‐2‐3‐4 e  5‐6‐7‐8 e  Run 9  51200001 to 57600000  26‐31‐39‐40  46‐55‐56‐57 54‐58‐59‐60  45‐51‐52‐53  41‐42‐43‐44  47‐48‐49‐50 *  19‐20‐25‐27 1‐2‐3‐4 e  5‐6‐7‐8 e  9‐11‐12‐14 **  21‐22‐23‐24 ** Run 10  57600001 to 64000000  41‐42‐43‐44 45‐51‐52‐53  45‐51‐52‐53 e 47‐48‐49‐50 e Run 11  64000001 to 70400000  41‐42‐43‐44 45‐51‐52‐53  47‐48‐49‐50 *  47‐48‐49‐50 45‐51‐52‐53 Run 12  70400001 to 76800000  41‐42‐43‐44 45‐51‐52‐53 e  47‐48‐49‐50 e  47‐48‐49‐50 Run 13  76800001 to 83200000  41‐42‐43‐44 47‐48‐49‐50  45‐51‐52‐53  47‐48‐49‐50 45‐51‐52‐53 * Run 14  83200001 to 89600000  41‐42‐43‐44 46‐55‐56‐57  47‐48‐49‐50 Run 15  89600001 to 96000000  41‐42‐43‐44  47‐48‐49‐50  46‐55‐56‐57  54‐58‐59‐60 *  47‐48‐49‐50 41‐42‐43‐44 ** Regular B Blocks  JG‐B JK‐B JL‐B  Run 1  00000001 to 06400000  41‐42‐43‐44 46‐55‐56‐57  61‐62‐63‐64  54‐58‐59‐60  47‐48‐49‐50 Run 2  06400001 to 12800000  41‐42‐43‐44  47‐48‐49‐50  47‐48‐49‐50 Run 3  12800001 to 19200000  41‐42‐43‐44  47‐48‐49‐50  47‐48‐49‐50 Run 4  19200001 to 25600000  54‐58‐59‐60  61‐62‐63‐64  47‐48‐49‐50 26‐31‐39‐40 ** Run 5  25600001 to 32000000  61‐62‐63‐64  54‐58‐59‐60  46‐55‐56‐57 **  47‐48‐49‐50 Run 6  32000001 to 38400000  61‐62‐63‐64  54‐58‐59‐60  46‐55‐56‐57 **  47‐48‐49‐50 Run 7  38400001 to 44800000  54‐58‐59‐60  65‐66‐67‐68  61‐62‐63‐64  54‐58‐59‐60 Run 8  44800001 to 51200000  65‐66‐67‐68  46‐55‐56‐57 **  46‐55‐56‐57 54‐58‐59‐60 Run 9  51200001 to 57600000  65‐66‐67‐68 46‐55‐56‐57 Run 10  57600001 to 64000000  46‐55‐56‐57 Run 11  64000001 to 70400000  46‐55‐56‐57 ___________________________________________________________Paper Money * Nov/Dec 2018 * Whole No. 318_____________________________________________________________ 410 Star Blocks  JG‐ Run 1  00000001 to  03200000  65‐66‐67‐68  46‐55‐56‐57  29‐30‐32‐33 *  Uncut Sheet Blocks  JG‐A JL‐A  Serials begin 99...  5‐6‐7‐8 19‐20‐25‐27 The plate sequences listed in this table have been observed on notes in the run. In cases when more than one sequence is listed within a run,  the order is the most predominant to least predominant. The notation 'e' indicates sequences that are of roughly equal proportions within the  run. Asterisks (* or **) indicate a sequence that has been observed only in small quantities (10% or less and 1% or less, respectively) within the  run. It is possible that other plate sequences not listed here could be found in the run; they would comprise a very small percentage of the run. ACKNOWLEDGEMENTS  Very special thanks goes to Mr. Karol Winograd for his work in recording and contributing serial and plate  data from almost 4,200 Series 2009 $10 FRNs and for his assistance with reviewing and proofreading this  article.  SOURCES AND NOTES  Farrenkopf, Joe. 2018. “Unserialed Replacement Sheet Notes.” Paper Money LVII, no. 4 (Jul/Aug): pp‐pp.  252‐257.  Press and plate sequence information comes from internal BEP production records obtained through  Freedom of Information Act requests.  Plate frequency calculations and plate sequence pairings were  determined from serial and plate data recorded from a random sampling of 20,378 regular and 312‐star notes  found in circulation.  The term “load” is used by the BEP to refer to a standard quantity of sheets used in a press run.  A load  comprises 20,000 sheets, and 10 loads make up one standard press run of 200,000 sheets.  The random  sampling for this analysis includes at least one note from more than 98% of all loads used in the series and at  least one note from close to 93% of all half‐loads used in the series.  ___________________________________________________________Paper Money * Nov/Dec 2018 * Whole No. 318_____________________________________________________________ 411 Central States Numismatic Society 78th Anniversary Convention April 24-27, 2019 (Bourse Hours – April 24 – 12 noon-6pm Early Birds: $125 Registration Fee) Schaumburg, IL Schaumburg Renaissance Hotel & Convention Center Visit our website: www.centralstates.info Bourse Information: Patricia Foley (414) 698-6498 • foleylawoffice@gmail.com Hotel Reservations: Schaumburg Renaissance Hotel - 1551 North Thoreau Drive • Call (847) 303-4100 Ask for the “Central States Numismatic Society” Convention Rate. Problems booking? - Call Convention Chairman Kevin Foley at (414) 807-0116 Free Hotel Guest and Visitor Parking. • Numismatic Educational Forum • Educational Exhibits • 300 Booth Bourse Area • Heritage Coin Signature Sale • Heritage Currency Signature Sale • Educational Programs • Club and Society Meetings • Free Hotel Guest and Visitor Parking • Complimentary Public Admission: Thursday-Friday-Saturday No Pesky Sales Tax in Illinois A Montgomery Mystery: Who Was John Henley of John Henley & Co., Bankers? by Bill Gunther The Montgomery, Alabama notes issued in 1862 by “John Henley & Co., Bankers” raise a number of intriguing questions. First, why do none of the 35 known notes carry the signature of a John Henley? Second, why were the John Henley notes signed by three different individuals, all in the same year (1862)? Third, why are several notes from John Henley & Co., Bankers, stamped “S. Cullom, & Co.”? Finally, since some of the notes were issued in 1862, why can’t a person with the name of “John Henley” be found in the 1860 Census records for Alabama? Various Signatures Appear on John Henley Notes All of the fractional John Henley & Co. notes reviewed were undated and all were signed by William H. Ogbourne (See Figures 1 to 4). All of the dollar and higher denominated notes were signed by either a representative from Smith Cullom, Bankers (Figures 6 to 8 and 10), or William H. Ogbourne (Figures 9 and 11). The dollar denominated notes contain both dated and undated varieties. Figure 1. R239-Unlisted.* Montgomery, Alabama. John Henley & Co. 25 cents. Signed W. H. Ogbourne. Undated. Figure 2. R239-1 (“no description available”). Montgomery, Alabama. John Henley & Co. 25 cents. Signed W. H. Ogbourne. Undated. ___________________________________________________________Paper Money * Nov/Dec 2018 * Whole No. 318_____________________________________________________________ 414 Figure 3. R239-2. Montgomery, Alabama. John Henley & Co. 50 cents. Signed W. H. Ogbourne. Undated. Figure 4. R239-Unl. Montgomery, Alabama. John Henley & Co. 50 cents. Unsigned and Undated. Figure 5. R239-Unl. Montgomery, Alabama. John Henley & Co. 50 cents. Signed W. H. Ogbourne and Undated. Image courtesy Heritage Auctions (ha.com). Figure 6. R239-4. Montgomery, Alabama. John Henley & Co. $1. Signed “SCullomAg,” March 19, 1862. Image courtesy Vern Potter (vernpotter.com). ___________________________________________________________Paper Money * Nov/Dec 2018 * Whole No. 318_____________________________________________________________ 415 Figure 7. R239-3. Montgomery, Alabama. John Henley & Co. $1. Signed “S CullomAg,” March 19, 1862. Image courtesy Heritage Auctions (ha.com). Figure 8. R239-8. Montgomery, Alabama. John Henley & Co. $2. Signed Hezekiah W. Cater, Atty., stamped “S. Cullom & Co.” Undated. Image courtesy Amanda Sheheen (aocurrency.com.) Figure 9. R239-Unl. Montgomery, Alabama. John Henley & Co. $2. Signed W. H. Ogbourne. Undated. Image courtesy Heritage Auctions (ha.com). Figure 10. R239-Unl. Montgomery, Alabama. John Henley & Co. $3. Signed by “SCullomAg,” Undated. ___________________________________________________________Paper Money * Nov/Dec 2018 * Whole No. 318_____________________________________________________________ 416 Figure 11. R239-Unl. Montgomery, Alabama. John Henley & Co. $3. Signed by W. H. Ogbourne. March 15, 1862. Image courtesy Heritage Auctions (ha.com). Who Was John Henley? An initial search in Federal Census Records for a John Henley in Montgomery, Alabama in either 1850 or 1860, produced no results. A new search was made in the Alabama Wills and Probate Records which produced the name of a John Joseph Henley.1 Unsure if this was our “banker”, further searching was initiated using Public Family Trees in Ancestry.com. That search resulted in information for a John Joseph Henley who lived in Montgomery and died in Montgomery in 1853.2 But additional confirmation was needed to confirm that John Joseph Henley was in fact our John Henley, Banker. The probate records for John Joseph Henley, dated 1854, contained a total of 150 different images. The number of images by itself suggested this individual was someone whose life was more than a little complicated and required substantial legal work to probate his estate. A search of these records finally produced the final piece of evidence we were seeking in the form of a long list of monies owed, with interest due to “John Henley & Company”. That was the first clue that “John Henley, Banker” was in fact John Joseph Henley. A second clue from the Probate Records showed an invoice for the purchases of a pair of boots for John Joseph Henley’s son, John Charles Henley, paid for by “John Henley & Co.” We can now be sure that “John Henley, Banker” was in fact “John Joseph Henley”. And we now know why no 1860 Census record of a John Henley existed: he died seven years earlier on October 18, 1853. It is unclear why no record of John Joseph Henley, his wife or family, could be located in the 1850 Census records. His Background John Joseph Henley was born on December 12, 1809 in Ireland. No record of his entry into the U.S. could be located, but on January 10, 1839 he married Narcissa Jane Molton in Montgomery, Alabama. Narcissa was born in North Carolina around 1822. John Henley was 29 years old and Narcissa Molton was one month from turning 18. The Molton family apparently came to Alabama between 1821 and 1823. John Joseph and Narcissa Henley had seven children between 1840 and 1848: four boys and three girls, all of them born in Alabama. Tragically, all three daughters died before their second birthdays. Attempts to locate a company charter issued by the state General Assembly for the John Henley Banking company proved unsuccessful. There was, however, a charter issued to the Montgomery Mining and Transportation Company on January 28, 1848.3 A John Henley was listed as one of the eight incorporators in the charter, and the date and the Montgomery location strongly suggest it was John Joseph Henley. If so, it shows he was an enterprising entrepreneur during the early years of Alabama. Multiple Signatures on Notes The signatures on the John Henley & Co. notes present another interesting story. We know that John Henley died in 1853 and all the dated notes carry dates of 1862, nine years after he had died. It is presumed that the undated notes are from the same 1862 period. When Henley died, all four of Henley’s sons were too young (one 3, one 9, one 11 and the oldest 13 years old) and would not have been legally capable of taking over the banking company. Given this situation, it seems likely that Henley’s wife, Narcissa, either sold the company or hired someone to run the enterprise. The likely buyer/manager, as we shall see, was Smith Cullom, another Montgomery banker. A total of 35 unique notes ($1, $2 and $3 notes) were located on auction archives and dealer websites. Of this total, 26 (74.3%) were signed “SCullomAg”, 6 (17%) were signed by William H. Ogbourne, and 3 (8.6%) were signed by Hezekiah W. Cater, apparently as an attorney or agent for S. Cullom & Co. William H. Ogbourne was most likely an employee, perhaps even an officer, of S. Cullom & Co. He was born in 1820 in Alabama and in 1836 ___________________________________________________________Paper Money * Nov/Dec 2018 * Whole No. 318_____________________________________________________________ 417 attended the University of Alabama and is listed as an 1839 alumnus with a M.A. degree.4 With this education, it does not seem likely that Ogbourne was a clerk for Cullom but more likely was a business partner. He married Sue Farley in Montgomery on April 28, 1846 and by 1850 he was listed as a “planter” in Montgomery with real estate valued at $11,500.5 In 1860 he was listed as “Deputy Sheriff” with a sizable wealth including real estate valued at $26,000 and a personal estate of $49,500.6 Cullom likely saw Ogbourne as a capable and trustworthy partner. Records show that Ogbourne signed all the fractional issues of John Henley & Co., Bankers, but only 6 of the larger denominations (4 of the $3 and 2 of the $2 notes). The fractional issues were not dated, but the others carry dates of either March 15 or March 19, 1862. Those dates are interesting since Ogbourne enlisted in Company F, 60th Alabama Regiment on Mach 7, 1862, more than two weeks before the date on the notes.7 Since the dates on the notes are printed dates, he could have signed these notes in advance of enlisting in the army. Ogbourne was appointed Assistant Quarter Master upon enlistment, a position which carried the rank of captain. In 1867 after the war, William H. Ogbourne signed notes of the County of Montgomery as Treasurer (Rosene 234-1, 2 and 3). An interesting comment regarding William H. Ogbourne is based on an open letter he wrote for the Tri-Weekly Alabama Journal, May 21, 1853.8 In that letter he recounted a “séance” he attended in his home with his wife and six others. He recounted in great detail how the table would move or tilt in response to questions. He offered no explanation for what he observed. While someone signed for Smith Cullom on the John Henley & Co. notes, he also had his own banking company, “S. Cullom & Co., Bankers” in Montgomery (see Figures 12 and 13). Of the known “S. Cullom & Co.” notes (only 5 have been discovered), are all undated and are limited to fractional issues (10 and 50 cents). They are all signed by George B. Holmes. George B. Holmes was born on November 14, 1836 in Montgomery, Alabama.9 His parents, Henry and Nancy Holmes, had moved to Alabama from South Carolina in the 1820s. Henry was most likely motivated to move to Alabama due to the availability of land (the so-called ‘Alabama Fever’). In 1830 Henry Holmes purchased 316 acres of land in Montgomery, followed by another 79 acres in 1833 and another 279 acres in 1837, for a grand total of 674 acres.10 In 1850, Henry listed his occupation as a “planter” with real estate valued at $10,000.11 It is hard to reconcile 674 acres of land with an 1850 value of $10,000, making the land worth about $15 per acre. Perhaps he sold some of his land by 1850. Henry did own 5 slaves in 1850 and 96 slaves in 1860, suggesting he worked a large plantation. One writer referred to Henry Holmes as “very rich” and had a “beautiful plantation” and was a “first-class farmer.”12 Henry Holmes died on December 9, 1866 in Montgomery. No 1860 Census record could be located for Henry Holmes, but based on his owning 96 slaves, his personal estate would be well over $100,000 and if he still owned 674 acres of cotton land, his real estate value would surely be another $100,000 making his total wealth at least $200,000. The evidence suggests that George B. Holmes, his son, came from a very wealthy family and that may explain how he was able to obtain a job in the banking house of Smith Cullom when he was only in his early twenties. George B. Holmes enlisted in the 2nd Alabama Calvary on April 23, 1862 at age 23.13 He would have been subject to the conscription laws which required all men between the ages of 17 and 35 to register for service. His rank “in” was that of a Private, but his rank “out” was that of “Captain/Acting Quartermaster”. The S. Cullom & Co. notes were most likely signed by Holmes sometime between late 1861 and April of 1862. Figure 12. R235-1. Montgomery, Alabama. S. Cullom & Co. 10 cents. signed by George B. Holmes. Undated. A similar version exists but with a period following “cents.” Figure 13. R235-2. Montgomery, Alabama. S. Cullom & Co. 50 cents. Signed by George B. Holmes. Undated. ___________________________________________________________Paper Money * Nov/Dec 2018 * Whole No. 318_____________________________________________________________ 418 An interesting fact is that in 1870, George B. Holmes listed his occupation as “banker” with real estate valued at $21,000 and a personal estate valued at $60,000.14 That would be a remarkable financial situation just five years after the end of the war. A final mystery to the story of the John Henley notes is the observation that several of the Henley notes are stamped “S. Cullom & Co., By----Atty” and signed by Hezekiah W. Cater. He was born in Virginia about 1805.15 Cater had considerable banking experience having been the Cashier for the Bank of the State of Alabama Branch in Montgomery in the 1830s.16 After the close of the State Bank in the 1840s, he found work as a “cotton broker” in Montgomery. In 1860 he listed his occupation as “bank cashier” with modest wealth consisting of real estate valued at $5,000 and a personal estate of $15,000.17 There is no indication that Cater was an attorney. No further information on Carter could be located for 1870 or after. Since we believe Smith Cullom purchased the Henley firm while at the same time still operating his own banking business, his signature and Cullom stamp on the Henley notes is not a great surprise. What is not clear is why Cullom did not personally sign any of the Henley or Cullom notes. Summary Our story began with attempting to discover the identity of John Henley, Banker. We quickly discovered that John Joseph Henley, the banker, died 9 years before the date of many of “his” notes which were signed by at least three different individuals. The evidence examined seems to support the theory that Henley’s widow sold the banking business to another Montgomery banker, Smith Cullom, and that explains the likeness of his signature on the majority of the Henley notes. One of the other signatures, William H. Ogbourne, was likely a Cullom business partner who joined the Confederate army in March 1862 limiting his signature to fewer notes. The third signature was that of Hezekah W. Cater, apparently a legal representative of the S. Cullom Company. One final comment on the acquisition of the Henley banking company by the Smith Cullom banking company. Since all the existing Cullom notes are fractionals and most of the Henley notes are not, it suggests that the two companies may have served different market segments and did not directly compete. The Henley name was probably more valuable than the Cullom name and that is why he continued to keep the Henley name. There are three issues that remain a mystery: first, why is there no record of either Henley or Cullom in the 1850 Census? Second, why could no record of a charter being issued by the Alabama General Assembly be found for either firm? Finally, why did Hezekiah W. Cater sign two of the Henley notes with the Smith Cullom stamp? Footnotes  *R numbers refer to catalog numbers in Walter Rosene, Jr., Alabama Obsolete Notes and Scrip, Society of Paper Money Collectors, 1984. 1“John Joseph Henley,” Alabama, Wills and Probate Records, 1753-1999, Ancestry.com. 2“John Joseph Henley”, Public Family Tree, Ancestry.com. 3“An Act to Incorporate the Montgomery Mining and Transportation Company,” Acts of the General Assembly, January 28, 1848, Alabama Department of Archives and History (www.archives.state.al.us/) 4“William Harrison Ogbourne”, U.S. College Student Lists, 1763-1924, Ancestry.com. 5“William H. Ogbourne”, Census of 1850, Ancestry.com. 6“William H. Ogbourne”, Census of 1860, Ancestry.com. 7“William H. Ogbourne”, Alabama Civil War Soldiers, 1861-1865, Ancestry.com. 8“William H. Ogbourne, Public Family Tree (Jim Hill) for transcript of the letter. 9“George B. Holmes”, Public Family Tree (Whatley family tree), Ancestry.com. 10See Henry Holmes, U.S. General Land Office Records, 1776-2015, Ancestry.com. 11“Henry Holmes,” Census of 1850, Ancestry.com. 12” Henry Holms,” Recollections of the early settlers of Montgomery County, Alabama, Ancestry.com. 13“George B. Holmes”, U.S. Civil War Soldiers, 1861-1865, Ancestry.com. 14“George B. Holmes,” Census of 1870, Ancestry.com. 15“Hezekiah W. Cater”, 1850 Census, Ancestry.com. 16See William H. Brantley, Banking in Alabama: 1816-1860, Privately Printed, 1961), p. 261. Signature of H. W. Cater appears on financial statement of the Montgomery Branch of the Bank of the State of Alabama, November 1, 1832. Another signature appears on a report dated October 1, 1835 (p.398). Due to widespread fraud, the Bank of the State of Alabama was closed in 1845. 17“Hezekiah W. Cater”, 1860 Census, Ancestry.com.  ___________________________________________________________Paper Money * Nov/Dec 2018 * Whole No. 318_____________________________________________________________ 419 Oak Hill Store By Ronald Horstman Today, the southwest section of St. Louis appears as a typical Midwest city. This area was part of a Spanish land grant made in the 1700's to encourage settlers. This land ran west from the Mississippi River through prairies and gently rolling tree-covered hills. In 1805, James Russell, a native of Virginia, purchased 432 acres of fertile land covered with clumps of walnut and oak trees. At the age of 40, Russell married Lucy Bent who was 20 years younger than him. This marriage produced 3 children, 2 boys and a girl. The daughter later married George Parker who eventually became a partner with James Russell. The Parkers built and lived in a large home which was called Oak Hill. A heavy downpour in the 1850's caused several deep gullies exposing a seam of coal on the property. James Russell and his son-in-law decided to start their own mining company in 1860. In 1865, the joint operation was officially chartered as The Oak Hill Fire Brick and Tile Works with a main office at 7th and Pine in downtown St. Louis. The coal was mined to a depth of 80 feet and it supplied St. Louis for the next 50 years. During the mining of the coal, a layer of fire clay was also uncovered, which was almost 100 feet deep. Other deposits of fire clay were uncovered in the same general area. Henry Shaw, a retired successful merchant from St. Louis, purchased a large tract of land in the area to build his home and gardens. Not wishing to have any of his land disturbed by mining operations, he donated a large tract to the city of St. Louis in 1867 as a municipal park and established a greenhouse and garden operating as a public attraction. After his death, Henry Shaw was buried in a mausoleum surrounded by a grove of trees on the grounds of the gardens he founded. Coal mined on the company property had to be hauled by wagon to a loading railroad track near 12th Street for out of town customers. In 1885, the Oak Hill and Carondolet Railroad was constructed to distribute the coal. Later, that railroad was taken over by the Iron Mountain Railroad. The mining and manufacturing operation established a company store on Morganford at Parker to serve the employees and residents in the area. The company workforce was paid in scrip consisting of $1, $2 and $3 notes, along with small change notes. Eventually, the coal seam ran out and the company engaged in mining and production of fire clay and its products only. The neighborhood became residential and today can be remembered by the occasional discovery of fire brick with the company name on it. The Oak Hill store issued notes in the denominations of $1, $2 and $3 along with small change notes. No imprint appears on any of the notes, but similar designed notes are known to have ‘printed by R.P. Studley of St. Louis’ on them. The $1 note features the Eads Bridge and a riverboat. The $2 and $3 notes feature a scene with a riverfront view of downtown St. Louis. ___________________________________________________________Paper Money * Nov/Dec 2018 * Whole No. 318_____________________________________________________________ 420 Notes on the Oak Hill Store Two signed Russel Parker Co. ___________________________________________________________Paper Money * Nov/Dec 2018 * Whole No. 318_____________________________________________________________ 421 U n c o u p l e d Paper Money’s Odd Couple World War I Joseph E. Boling Fred Schwan This issue we take up World War I. Everyone is hot to celebrate the centennial of the war’s conclusion this year, but of course its major impacts on circulating currencies began at the outset. And you will find, there were major impacts. I don’t know how long Fred can sustain a series on WWI, but I will have no trouble discussing war-related counterfeits for a year or more. Here are some of the affected players: U.K. (domestic); U.K. (Dardanelles campaign); Canada; Straits Settlements; Ottoman empire; Czechoslovakia; Hungary; Fiume; and Germany in Persia, East Africa, China, and postwar. I will start with Britain. The British government declared war on Germany on 4 August 1914. This created an immediate financial emergency, because the government wanted to suspend gold circulation, hoarding gold for war-related expenses in international trade. But gold was in everyday use by the entire populace, and there was no paper to substitute for it. For decades the Bank of England had been prohibited from issuing notes under £5 (long story relating to lots of hangings in the early 19th century), and there was no such thing as a treasury note. Gold sovereigns (£1) and half-sovereigns (ten shillings, indicated as 10/) were in everyday use. An immediate Order in Council was issued directing the treasury to issue circulating notes in those denominations. Banks and post offices were directed to pay out no gold, and the public was implored to deposit their gold holdings into the banks. Incredibly, the first £1 notes hit the streets on 7 August, three days after the declaration of war. Ten- shilling notes followed on 14 August (figures 1 and 2). As you would expect, these were crude notes—uniface and lithographed on paper intended for stamps. Over fifteen fonts and formats were used for the serial numbers, so the public could not look for uniformity on that score. The notes were easy to counterfeit and the counterfeiters lost no time in exploiting them. See Boling page 427 If I have figured out the Paper Money mailing schedule, this issue will be in your hands and be the current issue on November eleventh. Of course, here in the United States, we celebrate this as Veterans Day. Every year I write an article centering on this theme for the Love Letter, where I also write a column. That publication is the journal of the Love Token Society. There I write about numismatic trench art. Essentially, that means coins, so the column topics seldom overlap. This year I have also written a Veterans Day article for The Numismatist, because Veterans Day 2018 is a very special holiday indeed. Most of you know, but likely a few do not, that November 11th was the date that the shooting stopped in World War I by armistice. That was one century ago: November 11, 1918. That day is known as Armistice Day or Remembrance Day in most of the World War I Allied countries. It was also known by those names in the United States until 1954. At that time Congress made the day a federal holiday and named it Veterans Day. Since then Congress has messed around a bit with the date of the celebration, but it seems quite settled now where it should be: 11.11! It is not often that we get to celebrate the centennial of such an event. One of the particularly interesting points is that we can recognize the actual moment of the armistice. It took effect at 1100 hours on the eleventh day of the eleventh month. For all of the above reasons I suggested to Joe that for this column we write about the Great War/World War I. I knew that Joe had a substantial amount of material prepared on the subject because in 2017 we both presented programs at the World’s Fair of Money® on World War I topics. Joe thought that my proposal was a good one. He not only jumped on the topic but also finished his column in record time. In his text he suggests that he could and potentially would be able to fill the next year on the subject of World War I paper money. ___________________________________________________________Paper Money * Nov/Dec 2018 * Whole No. 318_____________________________________________________________ 423 That is a goal that I cannot possibly reach. My topic at the ANA convention (aka WFM) was on the aforementioned coin trench art theme. I am excited to chat about Liberty Loan bonds for this column, but I will not likely be able to expand on it for the next installment, much less an additional year! My favorite Great War/World War I item is not a Liberty Loan bond, note, or even trench art coin. The Story of the Liberty Loans by Labert St. Clair fills the niche as a favorite for me. It is quite a spectacular book on several counts. It is a beautiful and informative work. It was written and published in 1919 promptly after the war. The author knew of what he wrote, having worked in the Liberty Loan program. This fact is rather clear from the text, which seems overly laudatory. It was published as a history—not numismatic—book. It is lavishly illustrated with a great variety of interesting images. Many of them are in full color. I tried without luck to find biographical information on Mr. St. Clair. That is certainly an area of possible additional research. Having said all of this, there is a glaring omission. No Liberty Loan bonds are illustrated in the book! The absence is striking. It is also ignored by Mr. St. Clair! From our current perspective, this does not seem possible. Daily we look at images of notes and bonds on the Internet, weekly we receive auction catalogs with hundreds of images and several times a year we purchase reference books with images that are not only abundant, but in color. How quickly we forget. It was only in the late 20th century that paper money images appeared in color in printed numismatic publications. Indeed, the appearance of such color images was generally greeted with surprise and certainly pleasure by collectors. The appearance of color was brought about by the evolution of technology and jurisprudence. Before ca. 1980 the production of color was not only illegal, but also cost-prohibitive. The problem went back even farther. Do you remember the famous Grinnell paper money sale from 1945 and ’46? Of course, you do not remember the sale. I think that no one remains who attended the sale. However, it is a well-known landmark sale because of the catalog. This document is so important that it has been reprinted several times! It is not unusual in a current catalog for a Grinnell pedigree to be listed. For the thousands of notes listed and sold, not a single piece is illustrated in color. Not one. For the thousands of nationals, types, errors and more, not a single piece is illustrated in any way! Such illustrations were considered to be illegal. To print images of paper money was to counterfeit! (Need I say that there is not a single military payment certificate because they had barely been invented!) When the first paper money reference catalogs began appearing in the early 1900s, they too had no illustrations. They usually included a disclaimer that there were no illustrations because of Federal law. Mr. St. Clair’s solution was a bit different. He had abundant illustrations, but none were of the very subject of his book, and they were presented without disclaimer. My goal here will be to share some of the interesting information from St. Clair’s book. I certainly do not want to try an in-depth treatment of Liberty Loan bonds when SPMC Governor Josh Herbstman is one of the great authorities on the subject! Josh is the creator and manager of a great site on Liberty Loan (and other) bonds. Do yourself a favor and visit www.theherbstmancollection.com/liberty- loans. There you will find comprehensive images of Liberty Loan bonds and much information thereon. I will try to summarize the issues. From the declaration of war in 1917 until the end of combat in 1918, four issues of Liberty Loan bonds were created and sold. Creatively they were simply called First through Fourth Liberty Loans. Those were followed by an issue of Liberty Victory Loan bonds. Each issue had denominations $50 through $100,000. Five issues by six denominations sounds fairly straightforward, but beware, all issues above $100 are very rare. Furthermore, I left out an important detail. For all issues, both bearer and registered versions were sold. That just doubled the number of bonds in a theoretical collection! Finally, add something called convertible bonds that were sold to then be converted into, for lack of a better term, regular issue bonds. Altogether, Liberty Loan bonds constitute a sufficiently complex collection to keep just about anyone interested for a decade or three! The following section that summarizes the program in many ways appears on pages 32-43. [Comments by me are in square brackets.] “Liberty Bonds” vs Taxation “Immediately upon the declaration of war by the United States on April 6, 1917, the problem of financing the country’s share in the struggle leaped to the fore in Congress. The outstanding phrase of the question was whether a greater part of the cost of the war should be met by taxation or bonds, or if the cost should be evenly divided between the two. Secretary McAdoo, after extended conference with leading financial experts, maintained that a greater part of the money should come from the sale of bonds. He held that it would be unwise, if not impossible, to inflict such a heavy tax burden on the present generation. The ‘half and half plan,’—that is, dividing the war’s cost ___________________________________________________________Paper Money * Nov/Dec 2018 * Whole No. 318_____________________________________________________________ 424 equally between taxation and bonds—had many proponents. Eventually, however, it was decided as an initial step to authorize the issuance of $5,000,000,000 in bonds, not over $3,000,000,000 of which should be applied to loans to the Allies and take up the tax problem later. “This authorization was approved by President Wilson on April 24, 1917. A few days later Secretary McAdoo announced that he would offer for subscription, beginning May 14 and continuing until June 1, $2,000,000,000 in Liberty Bonds. The bonds were to pay 3.5 percent interest. “A call to the banks of the country for volunteers to aid in obtaining subscriptions met with a generous response and on May 4, the opening day of the preliminary campaign, a flood of pledges from banks began pouring into the Treasury Department from every part of the United States. At the end of the first day it was shown that $330,166 a minute had been subscribed. A Treasury Department statement on the night of May 5 declared that the first day’s sales indicated that the loan would be oversubscribed several times. New York City led all other communities in the amount subscribed the first day, obtaining $63,293,000, included in which was one $20,000,000 subscription. “The night of May 5 was one that long will remain in the memory of those who were alive at that time. News that the loan had achieved a flattering start set the country wild with enthusiasm. The front page of virtually every newspaper proudly acclaimed the successful start. Orators, actors, preachers and others announced the result in public meetings. Secretary McAdoo’s office was swamped with congratulatory telegrams. And to every person the eloquent answer given by the people’s dollars meant the same thing— the country was behind the war. “The enthusiasm which followed the report of the second day’s selling virtually ‘blew the roof off the country.’ Sales on that day jumped to an average of $480,508 a minute. At sunset it was announced that approximately one-sixth of the loan had been subscribed. Total pledges of $53,000,000 in New York City included two offers of $10,000,000 each, one of $4,000,000, one of $3,000,000, two of $2,500,000 and six of $1,000,000 from Cleveland, Milwaukee, Philadelphia, San Francisco, Detroit, Boston, New Orleans, Toledo, Chicago and Pittsburgh. [If there is a correlation between the amounts and the cities, it is not clear. Twelve subscriptions are mentioned and ten cities.] “Ten days after the first pledge was offered, the public drive began, Secretary McAdoo issuing an official statement setting forth the different features of the loan, and Liberty Loan committees beginning active canvassing throughout the country. Widely known men and women in every walk of life immediately dropped all other business and turned their undivided attention to the loan. Bankers and business men generally accepted leading positions in the sale campaign, prominent state and national officials and other widely known orators took the platform to urge an enormous oversubscription and a veritable army of publicity men began to bombard the public with printed Liberty Loan ammunition. [I love the firing of printed ammunition!] “The generous manner in which the country responded to the Treasury Department’s invitation to help boost the loan typified the true patriotic American spirit. A force of men was kept busy during the early days of the drive answering telegrams from civil, social, commercial, fraternal and patriotic organizations which inquired how they could be of assistance. Pittsfield, Mass., suspended all business for one hour in order that the entire town might turn its attention to purchasing Liberty Loan bonds. A Liberty Loan Sunday on which thousands of clergymen urged the support of the campaign opened the Liberty Loan week and proved a great aid to the cause; a special women’s Liberty Loan day was set aside; the Boy Scouts of American made a special campaign, and various other organizations lent their assistance in a national way. “Despite the fact that the bonds sold readily, it was a difficult task to make the buyers understand them. Instancing this situation, a number of letters were received at the Treasury Department asking whether Liberty bonds really were obligations of the United States government, making it necessary for Secretary McAdoo to issue a statement saying that they were official obligations and that they were called Liberty Bonds ‘because their proceeds are to be dedicated to the cause of human liberty.’ It was not unusual for the department to receive letters from buyers of bonds asking when they would have to pay their interest on them. “Secretary McAdoo announced on the closing day of the campaign that the Liberty Loan had been oversubscribed, and there was general rejoicing. The success of the loan, the secretary said, ‘is a genuine triumph for democracy. It is unmistakable expression of America’s determination to carry this war for the protection of American life and the reestablishment of peace and liberty throughout the world to a swift and successful conclusion.’ “A week later the secretary announced that a total of $3,035,226,850 had been subscribed to the loan and that $2,000,000,000 would be accepted, more than 4,000,000 persons bought bonds and ninety-nine percent of the subscriptions were from denominations ___________________________________________________________Paper Money * Nov/Dec 2018 * Whole No. 318_____________________________________________________________ 425 of from $50 to $10,000. Twenty-one subscribers bought $5,000,000 or more to a total subscription of $188,789,900. “Bonds were allocated in full to all subscribers who bought $10,000 worth or less, and purchasers of bonds of larger denominations were compelled to accept less than the amount for which they subscribed.” This last statement is remarkable. More bonds were sold than available and sales were declined to get down to the limit instead of expanding the limit and running the presses. It is possibly this experience that was applied in World War II for war bond sales. At that time, nine war bond drives were announced with goals. In all cases the goals were exceeded, and the bonds delivered! The book does not include any images of bonds, but in the section reproduced below, Mr. St. Clair comments—and mostly praises—the work of the Bureau of Engraving and Printing. “THE LIBERTY BOND ITSELF “The engraving and printing of the Liberty and Victory Loan bonds by the government Bureau of Engraving and Printing was the most stupendous task of its kind ever accomplished in the history of the world. “More than 100,000,000 bonds, or an average of one for every man, woman and child in the United States, were turned out by the Bureau from shortly before the opening of the First Liberty Loan in 1917 to the close of the Victory Liberty Loan in the spring of 1919. “For the first issue 6,060,500 bonds were printed; for the second 17,363,000; for the third, in excess of 25,000,000; for the fourth, 38,427,000, and the printing of the Victory Liberty Loan brought the total to more than 100,000,000. Of course, many persons bought more than one bond, so this number must not be confused with the total number of subscribers. “Each of the bonds was from 9 to 9 5/8 inches long, according to the issue, and if they were formed into a great Liberty chain they would reach half way around the world. “Much of the credit for the success of the prompt issuance of the Liberty Bonds is due to James L. Wilmeth, director of the Bureau. During the First and Second Liberty Loan campaigns, due to the Bureau’s unfamiliarity with the tremendous assignments they had, there was delay in delivery. Many persons did not receive their bonds for weeks or months after they bought them. Shortly prior to the opening of the Third Liberty Loan, however, Mr. Wilmeth took charge of the Bureau and immediately installed new methods which made possible delivery of bonds coincident with sales. [We would certainly like to have a better description of new methods.] ___________________________________________________________Paper Money * Nov/Dec 2018 * Whole No. 318_____________________________________________________________ 426 “From the time the paper from which bonds were made was manufactured in New England [by Crane? I do not know] until the finished bonds were turned in to the Treasury, a careful check was kept on every sheet of it. After the bonds were printed, each individual bond was examined for any possible tiny flaw which might have escaped notice on previous occasions. When this was done, the bonds were packed in stacks of 1,000, numbered consecutively and delivery made to the Treasury vaults.” The book includes much additional information regarding sales, with sections pertaining specifically to women and the Boy Scouts of America. Happy Veterans Day. Boling Continued. Figure 3 is the back of a counterfeit that was circulating in North Africa four months after the notes were issued. Genuine notes have a repeating watermark of the royal cipher (GVR) under a crown. The watermark appears about thirty times per note. Figure 4 is a genuine 10/ note on a light box, showing the watermark, and figure 5 is the counterfeit of figure 3, also on a light box, showing no watermark. Of course the authorities wanted to improve the quality of these notes as quickly as they could. By October 1914 they had obtained paper with a purpose- designed watermark for the £1 note, and in January 2015 the improved 10/ note was also ready. These notes reverted to the traditional Bank of England printing technology (letterpress) and were still uniface and unicolor (save for the 10/ note’s serials), so they were still highly vulnerable to counterfeiting. Figures 6 and 7 are the second-generation £1 and 10/ treasury notes. Figures 1 (above) and 2 (below) Figure 3 Figures 4 (above) and 5 (below) Figures 6 (above) and 7 (below) ___________________________________________________________Paper Money * Nov/Dec 2018 * Whole No. 318_____________________________________________________________ 427 Figure 8 shows the watermark in the 1915 10/ note (the violet lettering at the right is a rubber stamp on the back of the note). You may be able to make out the denomination in words across the top and in figures and symbols at the lower right and left (10/), and the royal cipher at the left and right ends (in much less fancy script than in the stamp paper). The “V” of GVR is inside the “G.” Buried in the note’s center are four floral devices representing England (rose), Scotland (thistle), Ireland (shamrock), and Wales (daffodil), symbols of the component lands of the United Kingdom. They are hard to make out under all the text. The entire watermark is on a ground of wavy lines. The watermark in my £1 note is much less bold, so it is not shown. It did not take the fakers long to copy these notes also. The most expeditious method of copying paper money is to do just that—copy it by hand, meticulously. Figures 9 and 10 are hand-drawn copies of the £1 and 10/ notes of the revised series. The £1 note is on unwatermarked paper, but the paper of the 10/ note shows a prominent screen pattern (figure 11), which might have been enough to fool some recipients who knew only that the notes should be watermarked but did not know exactly how. I have two examples of the hand-drawn 10/ note; they appear to be by the same hand and are on identical paper. They came to me about a decade apart. Of course, more professional counterfeits exist, letterpressed on “watermarked” paper. In this case the watermark is embossed into finished paper, rather than being created in the paper while it is still in the slurry stage of manufacture. Figures 12 and 13 show one such piece. In figure 12 the note is on a light box, and the watermark is barely visible (probably not visible in the magazine reproduction). Embossing does not change the number of fibers in a specific place in the note; it merely makes the paper a little thinner. A true watermark has less physical paper in the places where it shows as “white,” and more fibers where it is “dark.” That’s why the watermark is almost invisible in figure 12. But if you light it with low oblique light in a darkened room, the embossing becomes prominent, as shown in figure 13 (the back of the note is shown). A true watermark may also show its pattern when lit similarly, but it will not be as obvious as appears in figure 13. Figure 8 Figure 9 Figures 10 (above) and 11 (below) Figure 12 ___________________________________________________________Paper Money * Nov/Dec 2018 * Whole No. 318_____________________________________________________________ 428 At some point certain counterfeiters were apprehended and their undistributed products confiscated. In at least some cases, such notes were apparently used for training (probably of finance clerks), or the notes were simply marked as contraband and stored. When such material is not actively destroyed, it has a way of making its way out of government custody. Figures 14-17 show some of these repurposed notes. In figures 14-16 we have counterfeits of the first series notes. The £1 note is a perfect match at the 20x level for my counterfeit that was backstamped in Cairo. In figure 16 (photographed on a light box) you can see that there is no watermark, so these are not unfinished genuine notes. Figure 17, also taken on a light box, shows changed markings (as well as the note being from the second series). I have seen no evidence that such remainders have been created specifically to sell to collectors but be on your guard when acquiring these kinds of material. Next time we will look at second series notes overprinted with denominations in Turkish currency, sometimes referred to as “Gallipoli” notes. Figure 13 Figure 14 Figure 15 Figure 16 Figure 17 ___________________________________________________________Paper Money * Nov/Dec 2018 * Whole No. 318_____________________________________________________________ 429 To order, please call toll-free: 1-800-546-2995 Online: www.whitman.com Email: customerservice@whitman.com Mention code CP at checkout to receive FREE SHIPPING Offer valid through 01/31/2019 Shipping December 2018• • A Guide Book of United States Paper Money 6th ed. Building on the scope of Robert Friedberg’s groundbreaking research, the Guide Book of United States Paper Money, sixth edition, includes an engaging history of the paper currency of the United States. Every federal note—from the ultra rare Demand Notes of 1861 to the lunch money in our wallets today—is described in detail. Fascinating narrative captures the romance and history of American paper money, and also explores recent developments in the hobby and market. The book combines the standard Friedberg numbering system with retail values and hundreds of high-resolution, full-color photos. The sixth edition joins the critically acclaimed first through fifth editions as the hobby’s most popular paper-money reference. In Full Color $24.95postpaid Pre-Order Now! $ m a l l n o t e $ R & S $1 1935A Experimentals By Jamie Yakes In the summer of 1944, the Treasury Department conducted a test utilizing $1 silver certificates with red Rs and Ss printed on the faces (Fig. 1). The R paper was normal currency paper used as a control, and the S paper was experimental currency paper that contained melamine resin, a chemical compound added to increase the paper’s durability. They issued the notes to the Chicago Federal Reserve Bank for distribution within that Federal Reserve district. Problems plagued the experiment from the start, and Treasury officials ended it within two years. In that time, Treasury never received a significant quantity of notes to determine the benefits of melamine paper. The real problem was that they had never developed a sound protocol for conducting these types of paper experiments on a large scale. They lacked the manpower and resources to adequately distribute and redeem the notes and possessed no technical team capable of judging the results. This was true of prior experiments conducted in the 1930s and 1940s. In 1944, they were simply improvising, and developing protocol as they went along. Testing with Melamine Paper Currency paper is actually cloth composed of linen and cotton fibers. Although more durable than wood-pulp paper, those fibers are fragile and will fracture as they swell and shrink from being wetted and dried and stretched and folded. New, stiff currency paper eventually will become a limp rag much like a pair of well-worn blue jeans. In the early 1940s, the Treasury tested papers containing resins, such as melamine- formaldehyde, to develop a paper with a high wet-strength, or tendency to retain a greater percentage of its dry strength when wet. Melamine resins are one of many additives used in papermaking to enhance the wet strength of papers regularly exposed to moisture, such as wallpaper, food packaging papers, cleaning towelettes, and facial tissue.1 They are a family of nitrogen-based organic compounds with active sites that promote crosslinking when exposed to certain kinds of compounds. When mixed with the paper pulp during processing, the resin bonded with the cellulose fibers during drying, which reinforces the paper’s structure and provided water-resistant properties. By 1943, Treasury’s studies with melamine-treated paper had shown promising results. Writing to the Bureau of Engraving and Printing in 1943, Bourdon Scribner, a division chief at the National Bureau of Standards, described the paper as exhibiting greater bursting and tensile strength, improved stretch and folding endurance, better resistance to crumpling, and increased wet strength.2 Compared to regular currency paper, Scribner found melamine paper more durable for circulation. Figure 1. R and S 1935A $1 Silver Certificates issued by the Treasury in  1944. (Courtesy of Heritage Auction Galleries). ___________________________________________________________Paper Money * Nov/Dec 2018 * Whole No. 318_____________________________________________________________ 431 Alvin Hall, who as director of the BEP was the man tasked with turning the paper into finished currency, felt differently. He considered melamine paper inferior to regular paper because of its tendency to inhibit distribution of moisture in the sheet during wetting that preceded intaglio printing.3 Intaglio printing in the 1940s required moistened sheets for printing so the paper fibers would enter the grooves on the plate and bind the ink. Unless the sheet is uniformly wet, pressure will be unevenly distributed throughout the sheet and yield an imperfect impression from the plate. The R & S Experiment In light of his concerns, early in 1944 Hall informed William Broughton, chief of the Public Debt Service, that Crane and Company, the BEP’s paper supplier, had produced a suitable melamine-treated currency paper.4 In March, the BEP received 536,000 sheets of standard 75% linen and 25% cotton paper with 1.5% melamine resin, and also 1% titanium dioxide, an additive that improved opacity.5 Treasury officials decided to print and number the paper as finished notes, and circulate them alongside control notes printed on regular, untreated paper. For a period of time, the Treasury would analyze redeemed notes to determine how the experimental paper fared compared to regular paper qualities such as appearance and strength. The R and S experiment was the only time the BEP coded experimental notes. They hadn’t used identifying marks on previous experiments, such as the $1 Series of 1928 XYZ, 1935 ABC, and 1935A XYZ notes, and instead used serial number blocks separate from those being used for mainstream production.6 This complicated sorting the notes from normal notes, as the absence of a distinct mark made the experimental notes difficult to identify. Officials wanted to avoid complicating the current experiment. Furthermore, because the test would be conducted at the height of World War II, Hall recognized that labor shortages at the Treasury Department and Federal Reserve Banks may interfere with sorting, so he suggested coded notes to facilitate that task.7 Broughton proposed using an overprinted “R” for the regular, or control notes, and an overprinted “S” for the special, or experimental, notes.8 The letters were approximately five millimeters tall and three millimeters wide, and of a font similar to that used for state names in the title blocks on Series of 1929 National Bank Notes (Figs. 2a and 2b). The BEP overprinted them in red ink in a separate process after applying the seals and serial numbers and placed them to the lower- right of the treasury seal, so the letters would be unaffected by punch cancelations made during redemption and easily noticed by sorters.9 Additionally, the special marks allowed the BEP to number the notes with current serial number blocks. The BEP printed and numbered both paper lots as Series of 1935A $1 Silver Certificates in the spring of 1944. On June 14, Hall notified Broughton that 1,184,000 notes of each type had been prepared for shipment, with serial numbers S70884001C–S72068000C for the Rs and S73884001C–S75068000C for the Ss.10 In addition, they numbered 12,000 stars for each type: serials 91176001A–91188000A for Rs, and 091118001A–09120000A for Ss. The treasurer received the notes on June 20.11 Figures 2a and 2b. Closeups of the R and S  showing proximity to the Treasury seal.  ___________________________________________________________Paper Money * Nov/Dec 2018 * Whole No. 318_____________________________________________________________ 432 Issuing and Redeeming the Notes Treasury officials decided to issue the notes through the Federal Reserve Bank of Chicago, which would distribute the notes to its branches to issue to commercial banks in the district. The idea was that most of the notes would circulate within the Chicago Federal Reserve district and when redeemed would get returned to Chicago. On June 16, Broughton notified Chicago they would be receiving 296 packages of each type and instructed them to issue the notes in equal quantities to ensure even distribution.12 Otto Netterstrom, vice president at the bank, confirmed receipt of the notes within a few days, and later informed Broughton that all the notes had been issued as requested by the 29th (Fig. 3).13 The Treasury soon began receiving inquiries about the notes. In one instance, a manager at the St. Louis Federal Reserve Bank wrote to Treasury Undersecretary Douglas Bell about the significance of the notes and whether they required special handling.14 In response, in early July the Treasury issued the following statement by private wire to each Federal Reserve bank, and later as a public press statement: “The Secretary of the Treasury stated today that in order to test certain technical aspects of distinctive currency paper, two lots of $1 silver certificates, marked with red letters R and S, are being issued in regular course. The red letters will facilitate identification of the bills following their redemption as unfit.”15,16 As the notes circulated more widely and Chicago’s branch banks started redeeming them and sending them to Chicago, problems immediately became apparent. Originally, Treasury directed Chicago to have their sorting division separate unfit R and S notes with other $1 silver certificates and send them to the Treasury’s Division of Loans and Currency (DLC).17 DLC employees would then sort R and S notes from other $1 silver certificates and forward them to the appropriate department for examination. DLC soon became overwhelmed by the volume, however, and was forced to hold aside entire packages of unsorted $1s, which created backlogs and subsequent delays in accounting for redeemed notes.18 By October, the sorting problem became serious enough for DLC that Broughton pushed the burden onto Chicago. He relieved DLC employees of the task, and ordered Netterstrom to have his sorters separate R and S notes from other $1s and send the types in separate packages to the DLC.19 Netterstrom argued this would hamper his operations because it required an additional sort after first sorting by class and denomination, but reluctantly agreed, hoping it would be necessary only for a short time.20 Two months later, redeeming R and S notes was still taxing Chicago’s sorting division and DLC. Hall and Broughton decided to lessen the workload for Chicago by having them sort Figure 3. Letter from Netterstrom to Broughton listing exactly when the R and  S notes were issued from the Chicago Federal Reserve Bank. (See Note 13.) ___________________________________________________________Paper Money * Nov/Dec 2018 * Whole No. 318_____________________________________________________________ 433 unfit R and S notes only during the first six working days of each month.21 Unsurprisingly, Netterstrom happily complied.22 Sorting of R and S notes continued in that manner into 1946. In May, Hall recognized none had been received since February, presumably because the banks had ceased sorting them, and suggested to Public Debt Commissioner Edwin Kilby to discontinue the test.23 Kilby, who became commissioner in 1946, agreed, and in July informed Netterstrom to immediately cease sorting at all Chicago district reserve banks.24 Perspective The R and S experiment lasted nearly two years, during which the Treasury received 114,000 Rs and 95,000 Ss redeemed by the reserve banks, less than 10% of each type placed into circulation.25 Contributing to these low numbers likely was the Treasury’s frequent changing of the redemption process, and, as inferred by Hall, the banks’ premature halting of sorting the notes. The public was another factor: Enthralled by the novelty of the red R and S, they saved the notes in droves.26 For all the Treasury’s efforts, results from the R and S experiment were inconclusive. Gustav Justusson, assistant chief of the DLC, in a general summary of the experiment he wrote in 1947, ambiguously stated that technical problems during the production of R and S notes terminated further development of the paper.27 Frank Uhler, chief of the BEP’s Office of Research and Development Engineering, responded to a public inquiry in 1955 that the special paper adapted poorly to the wet intaglio process.28 Uhler’s comment affirmed Hall’s concern from 1943 and pointedly explained why the Treasury never utilized the paper past experimental stages: The water-resistant properties imparted by the addition of melamine resin interferred with the integral wetting steps that preceded intaglio printing. Treasury coded the R and S notes to make them easily identifiable for reserve bank and treasury employees, a lesson learned from previous experiments. Sorting personnel still had difficulties separating the notes, and over the course of the experiment those problems caused headaches for Treasury and officials at the Chicago Federal Reserve Bank. Ultimately, the paper’s unsuitable condition for intaglio plate printing negated its usefulness to the BEP. A lasting hallmark of this failed experiment is the striking contrast of the red R and S against the bold, blue treasury seal. Acknowledgments Peter Huntoon proofread this document and suggested improvements. Lee Lofthus provided the identities of Gustav Justusson and Bourdon Scribner. Notes 1. Linhart F. (1995) The practical application of wet- strength resins. In: Au C.O., Thorn I. (eds) Applications of Wet-End Paper Chemistry. Springer, Dordrecht. Accessed April 12, 2018 at https://link.springer.com/chapter/10.1007/978-94-017- 0756-5_7. 2. Scribner, Bourdon W., Chief, Paper Section, National Bureau of Standards, September 16, 1943 letter to Bureau of Engraving and Printing, “Report on Use of Melamine Resin for Currency Paper:” Special Collections, Raymond H. Fogler Library, University of Maine, “Shaw (Merle B.) Papers, 1914-1975” (2015), University of Maine, Orono, ME. 3. Hall, Alvin W., Director, Bureau of Engraving and Printing, October 4, 1944 letter to Dr. Lyman J. Briggs, Director of National Bureau of Standards, discussing melamine paper. Special Collections, Raymond H. Fogler Library, University of Maine, “Shaw (Merle B.) Papers, 1914-1975” (2015), University of Maine, Orono, ME. 4. Hall, Alvin W., Director, Bureau of Engraving and Printing, March 10, 1944 letter to William S. Broughton, Commissioner, Public Debt Service, discussing R & S experimentals. Record Group 53- Bureau of the Public Debt: Entry UD-UP 13, “Historical Files, 1913-1960.” Box 7, File 332.2. National Archives and Records Administration, College Park, MD. 5. Yakes, Jamie. “Titanium Dioxide $1 Experimentals.” Paper Money 53, no. 5 (2014, Sep/Oct): 346. 6. Huntoon, Peter, and Jamie Yakes. “1935 $1 XB, YX, ZB Experimentals.” Bank Note Reporter 65, no. 3 (2016, Mar): 16, 18-20; Yakes, Jamie. “The Experimental X-Y-Z Series of 1928 $1 Silver Certificates.” Paper Money 52, no. 6 (2013, Nov/Dec): 466-476. 7. Hall, Alvin W., March 10, 1944 letter to William S. Broughton, Commissioner, Public Debt Service, discussing R & S experimentals. Record Group 53- Bureau of the Public Debt: Entry UD-UP 13, “Historical Files, 1913-1960.” Box 7, File 332.2. National Archives and Records Administration, College Park, MD. 8. Broughton, William S., Commissioner, Public Debt Service, March 29, 1944 letter to Alvin W. Hall ___________________________________________________________Paper Money * Nov/Dec 2018 * Whole No. 318_____________________________________________________________ 434 discussing R & S experimentals. Record Group 53- Bureau of the Public Debt: Entry UD-UP 13, “Historical Files, 1913-1960.” Box 7, File 332.2. National Archives and Records Administration, College Park, MD. 9. Ibid. 10. Hall, Alvin W., Director, Bureau of Engraving and Printing, June 14, 1944 letter to William S. Broughton, Commissioner, Public Debt Service, discussing R & S experimentals. Record Group 53-Bureau of the Public Debt: Entry UD-UP 13, “Historical Files, 1913-1960.” Box 7, File 332.2. National Archives and Records Administration, College Park, MD. 11. Huntoon, Peter. “Release of $1 Series of 1935A experimentals.” Paper Money 51, no. 4 (2012, Jul- Aug): 312-315. 12. Broughton, William S., Commissioner, Public Debt Service, June 16, 1944 letter to Federal Reserve Bank of Chicago discussing R & S experimentals. Record Group 53-Bureau of the Public Debt: Entry UD-UP 13, “Historical Files, 1913-1960.” Box 7, File 332.2. National Archives and Records Administration, College Park, MD. 13. Netterstrom, O. J., Vice President, Federal Reserve Bank of Chicago, June 29, 1944 letter to William S. Broughton, Commissioner, Public Debt Service, discussing R & S experimentals. Record Group 53- Bureau of the Public Debt: Entry UD-UP 13, “Historical Files, 1913-1960.” Box 7, File 332.2. National Archives and Records Administration, College Park, MD. 14. Phillips, O. C., Manager, Federal Reserve Bank of St. Louis, June 29, 1944 letter to Douglas W. Bell, Undersecretary of the Treasury, discussing R & S experimentals. Record Group 53-Bureau of the Public Debt: Entry UD-UP 13, “Historical Files, 1913-1960.” Box 7, File 332.2. National Archives and Records Administration, College Park, MD. 15. Treasury Department Telegram to Federal Reserve Banks, July 3, 1944, discussing R & S experimentals. Record Group 53-Bureau of the Public Debt: Entry UD-UP 13, “Historical Files, 1913-1960.” Box 7, File 332.2. National Archives and Records Administration, College Park, MD. 16. Treasury Department Press Release No. 42-55, July 4, 1944, discussing R & S experimentals. Record Group 53-Bureau of the Public Debt: Entry UD-UP 13, “Historical Files, 1913-1960.” Box 7, File 332.2. National Archives and Records Administration. 17. Broughton, William S., Commissioner, Public Debt Service, June 16, 1944 letter to officers, Federal Reserve Bank of Chicago discussing R & S experimentals. Record Group 53-Bureau of the Public Debt: Entry UD-UP 13, “Historical Files, 1913-1960.” Box 7, File 332.2. National Archives and Records Administration, College Park, MD. 18. Broughton, William S., Commissioner, Public Debt Service, October 11, 1944 letter to Federal Reserve Bank of Chicago discussing R & S experimentals. Record Group 53-Bureau of the Public Debt: Entry UD-UP 13, “Historical Files, 1913-1960.” Box 7, File 332.2. National Archives and Records Administration, College Park, MD. 19. Ibid. 20. Netterstrom, O. J., Vice President, Federal Reserve Bank of Chicago, October 13, 1944 letter to William S. Broughton, Commissioner, Public Debt Service, discussing R & S experimentals. Record Group 53- Bureau of the Public Debt: Entry UD-UP 13, “Historical Files, 1913-1960.” Box 7, File 332.2. National Archives and Records Administration, College Park, MD. 21. Broughton, William S., Commissioner, Public Debt Service, December 7, 1944 letter to O. J. Netterstrom, Vice President, Federal Reserve Bank of Chicago, discussing R & S experimentals. Record Group 53- Bureau of the Public Debt: Entry UD-UP 13, “Historical Files, 1913-1960.” Box 7, File 332.2. National Archives and Records Administration, College Park, MD. 22. Netterstrom, O. J., Vice President, Federal Reserve Bank of Chicago, December 11, 1944 letter to William S. Broughton, Commissioner, Public Debt Service, discussing R & S experimentals. Record Group 53- Bureau of the Public Debt: Entry UD-UP 13, “Historical Files, 1913-1960.” Box 7, File 332.2. National Archives and Records Administration, College Park, MD. 23. Hall, Alvin W., Director, Bureau of Engraving and Printing, May 22, 1946 letter to E. L. Kilby, Commissioner, Public Debt Service, discussing R & S experimentals. Record Group 53-Bureau of the Public Debt: Entry UD-UP 13, “Historical Files, 1913-1960.” Box 7, File 332.2. National Archives and Records Administration, College Park, MD. 24. Kilby, Edwin L., Commissioner, Public Debt Service, July 8, 1946 letter to O. J. Netterstrom, Vice President, Federal Reserve Bank of Chicago, discussing R & S experimentals. Record Group 53-Bureau of the Public Debt: Entry UD-UP 13, “Historical Files, 1913-1960.” Box 7, File 332.2. National Archives and Records Administration, College Park, MD. 25. Heffelfinger, Ross A., Deputy Commissioner, Public Debt Service, May 20, 1946 interdepartmental memorandum discussing R & S experimentals. Record Group 53-Bureau of the Public Debt: Entry UD-UP 13, “Historical Files, 1913-1960.” Box 7, File 332.2. National Archives and Records Administration. 26. United States Treasury. History of the Bureau of Engraving and Printing, 1862-1962. Washington, D.C.: United States GPO, 1962: 149-150. 27. Justusson, G. A., xxx, December 10, 1947 memorandum discussing R & S experimentals. Record Group 53-Bureau of the Public Debt: Entry UD-UP 13, “Historical Files, 1913-1960.” Box 7, File 332.2. National Archives and Records Administration. 28. Uhler, F. G., Chief, Office of Research and Development Engineering, December 14, 1955 response to public inquiry discussing R & S experimentals. Record Group 53-Bureau of the Public Debt: Entry UD-UP 13, “Historical Files, 1913-1960.” Box 7, File 332.21. National Archives and Records Administration, College Park, MD. ___________________________________________________________Paper Money * Nov/Dec 2018 * Whole No. 318_____________________________________________________________ 435 “Clearly the sun was shining  brightly on you  that day!” said a  friend after hearing of my good fortune.   We  have  all  had  good  days  hunting  for  notes and it only takes one good pick to fuel us  for the next round.   Looking online for a new note to  buy, or bid  on,  can  be  a  rewarding  experience but  locating  something  for  your  collection  live  and  in‐ person  at  a major  show  is  infinitely more  exciting!  More often than you would expect, a Cherry‐Picking  opportunity can have nothing to do with the price of  admission.  An instance wherein the cost of the note  is not the defining factor that makes the acquisition  so monumental!  A perfect example of this took place  at a recent coin show in the Deep South.    Obsoletes are not my primary area of expertise,  but I have always found them to be rather intriguing.  The very early issue dates on these fragile notes are  hard to fathom and the artwork over the vast array of  vignettes  is  stunning!  I  don’t  often  seek  them  out  when  looking for notes to add to my collection, but  we can all agree that when you find yourself at a coin  show,  the  more  time  spent  looking  at  notes  the  better!    It  wasn’t  until  very  late  into  the  third  afternoon of a four‐day show that I stumbled across a  note that I recognized as something special.    Large denomination obsoletes in my eyes seem  to carry a certain gravitas that make them boldy stand  out  on  their  own.  It’s  hard  not  to  appreciate  this  fantastic  layout with  its bold  fancy signatures,  large  red “C” protector, and strong bearded portrait in the  lower  right  corner.  Not  to  mention  all  the  pretty  ladies to boot!  Even with all this note has going for it,  I would not have known to pluck  it  from the weeds  had it not been for the FUN show earlier this year, or  maybe it was IPMS in June? One of the huge highlights  of attending major shows throughout the year are the  speaker  sessions  that are available at no cost  to all  attendees.  If  you  want  to  learn  more  about  the  hobby,  there  is  no  better  place  to  be  than  sitting  courtside  right where  the action  is! Wendell Wolka  gave a presentation back in January at FUN entitled,  “How many Montgomerys were there anyway?” I was  one of the victims of his story telling session, and little  did I know my caffeine infused attention span would  spawn an unexpected opportunity later in the year.   The stern  looking mug on  the portrait above  is  Mr. Gazaway Bugg Lamar, no really that’s his name!  During  his  presentation,  Wendell  strongly  recommended  if  you  happen  to  encounter  an  example  of  this  vignette,  buy  it! When  I  stumbled  upon  this  note  at  a  recent  show,  I  suddenly  recognized the  infamous “Bugg” staring back at me.  Like  any  good  student  would,  I  followed  the  instructions instilled within me and bought the note.  It helped  tremendously  that  the price of admission  was around 75% less than the last example sold for on  Heritage back in 2015. Now take a very close look at  the signatures. Sure enough, the second signature is  clearly bank president G.B. Lamar! How very unusual  for a note to feature the portrait of one of its signors.  It  gives  bold  new  meaning  to  the  term  vanity  signature!   Lamar was a prominent businessman and banker  and one of the richest men in Georgia. His illustrious  carrier spanned more than just the banking industry.  ___________________________________________________________Paper Money * Nov/Dec 2018 * Whole No. 318_____________________________________________________________ 436 In  his  earlier  life,  Lamar  was  involved  with  experiments  in  Iron  Steamboat  fabrication,  one  of  which  he  sold  to  his  cousin  who  happened  to  be  Mirabeau Lamar the second president of the Republic  of Texas!  In 1850 G. B. Lamar became the  founding  president of the Bank of the Republic in New York on  Wall  Street  at  Broadway.  During  the  Civil War  his  business dealings included not only banking but even  blockade  running  and  arms  deals!  He  became  an  advisor to Confederate leaders and was the architect  of the famous first issue Montgomery Notes! It just so  happened  that  the National Bank Note Company of  NY was also  located at Wall and Broadway a  literal  stone’s  throw  away  from  Lamar’s  Bank  of  the  Republic. At the request of Confederate Secretary of  the  Treasury  Christopher  Memminger,  Lamar  was  able  to  secure  the  contracts  to  have  the  first  Confederate  Montgomery  notes  printed  and  delivered!                            Here’s  where  things  really  start  to  get  interesting! The Bank of Commerce in Savannah, GA  issued many more $100 notes.  For some reason, now  lost to history, the numerous examples available on  the market today almost exclusively feature a Sailor  vignette instead of G.B. Lamar! Based on their prices  at auction,  the Sailor version of  these notes can be  considered  relatively  common.  Fueled  with  this  knowledge and excited about my stellar Cherry Pick, I  was  instantly on the hunt  for another $100 Bank of  Commerce  example.  After  already  landing  the  toughie I was overwhelmingly compelled to complete  the two‐note set! It was now the last day of the coin  show  and  as  one would  expect,  the  tumble weeds  were in full force. Being a Southern show there were  still a few prominent dealers of obsolete material that  had not yet vacated  the premises. Sure enough, on  my  first  stop,  there  was  the  note  I  needed.  In  a  convention hall  that  two days prior held over  three  hundred tables packed full of dealers, one of the very         Sailor vignette version of the $100 Bank of Commerce note.  ___________________________________________________________Paper Money * Nov/Dec 2018 * Whole No. 318_____________________________________________________________ 437 few  that  remained  amazingly  had  the  note  I  was  looking  for!  For  those  expert  detectives  out  there,  these two notes have another shared feature that is  rather unexpected.   Try  to  figure  it out  for yourself  before I let the cat out of the bag.  There  is an extreme  variance when  comparing  the availability of these Sailor vignette notes to their  Lamar  counterpart!  The  scales  are  tipped  dramatically, and rarity clearly enters the arena. The  only  other  issued  example  I was  able  to  locate  for  Lamar  is SN# 8.  It was sold twice by Heritage and  is  also  the Haxby  Plate  note!  In  2010  Stacks  sold  the  individual proof note, pictured below, that came out  of the 1990 ABN Archives Sale, then as an original full  proof sheet.  Now  that  you  are  officially well‐versed  on  the  two varieties of $100 Bank of Commerce Obsoletes,  were your sleuthing skills able to uncover the other  surprising  feature  that  I’ve  yet  to  mention?  Take  another  look  if need be.  Find  the plate position on  both issued notes. The plate letter is stylized so it may  take  a  second  to  locate.    Now  check  the  serial  numbers on each note.  Okay now it’s out there, the  serial numbers are a perfect match!!! It would seem  when the vignette change took place the numbering  of the notes started over. These two examples, both  plate position “A” would support this possibility. All I  had hoped  for  that day was  to  find a Sailor note  to  pair up with  Lamar, when  I  then noticed  the  serial  number match  I  couldn’t believe my  eyes!  For  two  $100 notes from this bank to survive at all is a historic  occurrence. For both SN# 80 notes to have survived is  a statistical improbability. Now for these two notes to  both  be  at  one  show,  under  the  same  roof,  in  separate hands by two dealers that hail from different  parts of the country, and for both notes to be found  by  one  person,  and  subsequently  reunited. WOW,  you do the math.  Do you have a great Cherry Pick story that you’d  like to share? Your note might be featured here in a  future article! Email scans of your note with a brief  description of what you paid and where it was found  to: gacoins@earthlink.net   References:  ‐ Confederate Currency – Pierre Fricke      ‐ https://en.wikipedia.org/wiki/Gazaway_Bugg_Lamar     ‐ https://auctions.stacksbowers.com/lots/view/3‐B5SFV  ‐ http://www.savannahga.gov/DocumentCenter/View/1376/Thomas‐Gamble‐Building‐History‐?bidId=  ‐ https://www.jstor.org/stable/40577432?seq=1#page_scan_tab_contents  Proof example, Stacks lot# 5267 06‐29‐2010 Gem Uncirculated brought $3,737.50  ___________________________________________________________Paper Money * Nov/Dec 2018 * Whole No. 318_____________________________________________________________ 438 Preserving Paper Money On September 2, 2018, the National Museum of Brazil in Rio de Janeiro went up in flames, along with some 20 million artifacts that were meaningful to disciplines across the natural and human sciences. Though I’d never been there, the scale of the destruction sickened me. I liken it to losing the Smithsonian, or New York’s Museum of Natural History. When the news broke, it occurred to me to check whether any items of numismatic significance had been consumed by the fire. It turned out that extensive numismatic collections are in fact held at the National Historical Museum, an entirely different institution, but also in Rio. For the moment, those collections are safe and sound, but the awful precedent of that recent fire has left me feeling nervous. The fire also reminds me of how utterly fragile the objects are we take such an interest in. We commonly distinguish coins and currency from other kinds of collectible ephemera, but in a broader sense everything is ephemeral, subject to the constant degradation caused by accident and other spoilage. Every so often, banknotes that had been part of the airplane hijacker B.D. Cooper’s ransom stash come up for auction or are put on display, as are notes disinterred from the wreck of the Titanic. In those instances, the ravages inflicted by nature are vividly evident. But even without such violent incidents, all numismatic items are continually prey to the entropy of time itself. Writing recently about territorial national bank notes, Peter Huntoon noted as an aside, “a significant percentage of territorials exist in wretched condition … You simply have to respect and appreciate those few that survived.” In short, the things we collect have a bad habit of getting used, which only aggravates the preservation problem. Of course, the production of new currency, and thus of new collectibles, can go on indefinitely. But the supply of existing varieties—those national bank notes, say—are, in principle, fixed. From time to time we may discover previously unknown examples, but the size of the theoretically-possible supply can go in only one direction: down. When 6 World Trade Center collapsed on 9/11, a basement vault did survive with hundreds of millions’ worth of gold and silver ingots. But I think of the shower of paper that fluttered down from all the destroyed offices in the Twin Towers, and that image serves for me as a metaphor for the transitory character of all cultural artifacts. Despite our best efforts to preserve and care for our collections, paper or otherwise, in the words of Ecclesiastes, “time and chance happeneth to them all.” In the wake of the National Museum fire, a debate has ensued as to whether it’s even a good thing to have museums, since they concentrate valuable objects in a way that makes them vulnerable to single catastrophes. In contrast, distributing the same objects across several smaller, private collections might prove to be a more resilient alternative. I see virtues on both sides. Museums can aspire to higher levels of safety and security (alas, sadly lacking in the Brazilian case) than the average private collector might provide. Moreover, the public mission of many museums may assure that certain objects become accessible for wider appreciation, rather than remain secreted in private caches. On the other hand, keeping objects in many private hands does play the percentages, in the sense that the loss of any single collection wouldn’t be devastating, from a cultural point of view. Nonetheless, I can’t help wondering every time a tornado descends out of the sky or a hurricane lurches ashore: did somebody, somewhere, lose part or all of their collection of something or other? Thanks to improvements in imaging technologies, it has become increasingly feasible to consolidate images from private holdings into the virtual galleries of on-line museums, much as the Obsoletes Database Project does with the individual collections of SPMC members. In that way technology may reproduce the shared experience of visiting a physical exhibition of the same material. The traditional museum may itself become obsolete. All that said, a preservation model where a multitude of private collectors safeguard aspects of our material culture does presume that people are competent enough to maintain them at some standard of professionalism. While I have only confidence in the capacity of SPMC members, I do shudder regularly at the slipshod and even bizarre packaging that I encounter while doing business on eBay. Even under the best of circumstances, the inevitable reshuffling of collectors’ holdings, as one person sells items to another, must result in some loss and wastage. Imagine that continuing forward, across generations. I’d like to think I’m a good steward of my things. But will the next person be, and the next one after that? Chump Change Loren Gatch ___________________________________________________________Paper Money * Nov/Dec 2018 * Whole No. 318_____________________________________________________________ 439 The Quartermaster Column by Michael McNeil Among the many endorsements on Type-41 Confederate Treasury notes, collectors with a trained eye can spot the faint script of the Confederate Navy Paymaster, John W. Nixon. At a Fricke rarity of R-11 these endorsements are not excessively rare, and examples may be found in current online listings. The National Archive records of the Confederate Navy are available online with the website Fold3.com, where the Confederate Navy Subject File contains many scattered references to John W. Nixon, one of which listed Nixon as the Paymaster for Louisiana. Nixon’s endorsements are easy to miss. All of them are written in a very thin, fine script and nearly all of them are obscured by bright red 1864 Interest Paid stamps from Augusta, Georgia. Some endorsements, like the example shown, have a very unusual set of letters which are arranged vertically at the right of the endorsement, and which upon inspection are revealed to be “CSN,” the initials for Confederate States Navy (see arrow). John W. Nixon was appointed as a Paymaster of the Confederate States Navy on April 15th, 1861, and was stationed in New Orleans until it was surrendered to Union troops on May 1st, 1862. Nixon’s documents next place him in Jackson, Mississippi, where on August 15th, 1862, he signed a voucher for work performed on the stack and pilot house of the ironclad CSS Arkansas. But this gets us ahead of the story, so let’s backtrack to early 1862 when the keel of the Arkansas was laid in Memphis, Tennessee. After the fall of Island Ten on the Mississippi and the looming Union threat to Memphis, the unfinished Arkansas was floated downriver to Vicksburg, then towed up the Yazoo River. Consider for a moment that most of the history of ironclads taught to us in our schools focuses on the epic east coast battle of the Monitor and the Merrimac, ships built with the latest technologies in well-established shipyards. Then consider the story of Confederate Navy Lieutenant Isaac Newton Brown, given command of the Arkansas with orders to finish the ship without regard to expenditure of men or money in a makeshift shipyard in Yazoo City, Mississippi. Brown wrote that “The vessel was a mere hull, without armor. The engines were apart. Guns without carriages were lying about the deck. A portion of the railroad iron intended as armor was at the bottom of the river....” He got to work, fished up the armor, set up fourteen forges and ran them around the clock. Two hundred carpenters and rural blacksmiths completed the work in five weeks on July 12th, 1862. On July 15th Brown battled his way from Yazoo City to the Mississippi, where the rest is history: the Arkansas created extensive damage and forced the Union fleet to retreat to New Orleans on July 26th. The demise of the Arkansas was at least partly due to the poor judgment of Gen’l Earl Van Dorn. After his victory at Vicksburg Lieutenant Brown had taken leave of the Arkansas with explicit instructions that she was not be taken out again before the repair of the crank pins in the rocking beams of the engines, an apparent design flaw which was well known to the crew. Observing the Arkansas after its engagement with Union forces, Van Dorn exulted, “Smokestack riddled; otherwise not materially damaged.” Paymaster Nixon signed the payment voucher for the repair that riddled smokestack, with no mention of repairs to the engines. With Lieutenant Brown absent, on August 3rd Gen’l Van Dorn overrode the objections of the crew and ordered the Arkansas to engage the enemy without the crucial repairs. The rest is again history: on August 5th the Arkansas steamed out at maximum speed to engage the Union forces, the starboard engine failed, “and before the helmsman could port her wheel, the ram ran hard aground.” Later that night they got her afloat by casting off some armor and the engineers repaired the engine. She had gone no more than a hundred yards before the starboard crankpin snapped, and although the engineers forged and installed a new crankpin on The back of the Type-41 note with an endorsement “Issued Aug 1, ‘63, J. W. Nixon, Paymaster, CSN.” image Pierre Fricke ___________________________________________________________Paper Money * Nov/Dec 2018 * Whole No. 318_____________________________________________________________ 440 the spot, the port engine then quit and again forced the Arkansas hard aground. With Union vessels now firing on the grounded ship, the crew was forced to set fire to the Arkansas and abandon her.1 The Confederacy had its share of resourceful and talented men and women like Navy Lieutentant Isaac Newton Brown, but it could ill afford generals like Van Dorn. You can find more information on Nixon on pp. 533-535 in Confederate Quartermasters, Commissaries, and Agents.2 Nixon is especially interesting as a navy paymaster for his association with the Confederate ironclad CSS Arkansas, an improbable technical achievement in an improbable location by an improbable but determined group of Confederate Navy personnel. 1. For the references in this and the preceding paragraph, see Foote, Shelby. The Civil War, A Narrative, Vintage Books, 1986, vol. 2, pp. 387, 549-553, 577-581. 2. McNeil, Michael. Confederate Quartermasters, Commissaries, and Agents, published by Pierre Fricke, 2016. 3. A line engraving after a drawing by J. O. Davidson, published in “Battles and Leaders of the Civil War”, Volume III, page 556. – U.S. Naval Historical Center Photograph. Photo #: NH 73378. Licensed under Public Domain via Commons – https://commons.wikimedia.org/wiki/File:CSS_Arkansas_h73378.jpg#/media/File:CSS_Arkansas_h73378.jpg The front of the Type-41 Treasury note endorsed by Navy Paymaster J. W. Nixon. image Pierre Fricke “CSS Arkansas running through the Union fleet above Vicksburg, Mississippi, 15 July 1862”3 ___________________________________________________________Paper Money * Nov/Dec 2018 * Whole No. 318_____________________________________________________________ 441 The Obsolete Corner The Tale of Three Rare Sheets by Robert Gill The Christmas and New Year Holidays are almost upon us, and I hope this has been a good year for you in your paper money adventures. As for me, I have done very well with some new additions to my collection. I'm looking forward to seeing what January's FUN auction has in store for me, as I'm usually able to acquire a nice sheet from it. But now, let's look at the sheets that I've chosen to share with you in this issue of Paper Money. Webster’s Dictionary defines fate as “the force or power held to predetermine events”. And fate is what I believe was the force behind me being able to recently add three EXTREMELY RARE 1850s Tennessee Obsolete sheets to my collection. Tennessee is a tough state for a sheet collector like myself, and any acquisition is a pleasant surprise. It all started a few months back when two Tennessee sheets showed up for auction on an internet website. The first one up for bid was on The Bank of Nashville. Then, a few minutes later, a sheet on The City Bank, also located in Nashville, was to go to the high bidder. Most internet auctions are conducted in a different manner from how the usual auctions that we are accustomed to participating in are done. When an internet auction lot goes up for bid, it is either a Buy It Now option, which is in actuality an instant buy / sell transaction, or it is an auction that bidders can bid on at any time during a specific time duration, the seller usually choosing a seven-day auction. These two sheets were up for bid during a seven-day time period. When I participate in an internet auction, I usually wait for the very last few seconds before the auction ends, and then I make a bid that I think will be large enough to “nab my prize”. Using this method allows me to make a bid without concern that another bidder has time to see how much I have bid, and then top it. But the draw-back can be if another bidder, using the same strategy as me, posts a last second bid that is higher than mine. I do not have time to re-bid before the auction is over. And that is exactly what happened in The Bank of Nashville auction. With time running down for The Bank of Nashville sheet auction, I strategically waited for the last few seconds, having confidence in my high-speed internet. Immediately after my bid, the notice appeared that the auction was over. But then the dreaded message came on my monitor; “You have been outbid”. It’s not the first time this has happened to me, and it probably won’t be the last. But there was not time for tears, as The City Bank sheet auction would be in a short, few minutes. Tears could come later. With some reservation, I applied the same strategy to go for The City Bank sheet that had failed for me just a few minutes before. In the back of my mind, I was wondering if the “phantom” buyer of the Nashville Bank sheet would stifle me again. But, to my satisfaction, he was not as aggressive, and I was able to at least add one prize to my collection. The next day I talked to my good friend / Obsolete dealer, Hugh Shull, about my disappointment of the previous day. Hugh has helped me locate many, many sheets over the last fifteen years or so, and I often contact him for advice and information pertaining to our great hobby. He often alerts me about an internet listing of a good sheet to make sure that I am aware of it. And during our conversation he made a statement to me that I thought would never come to fruition; “Maybe someday we’ll come across that sheet again.” At that time, I could never imagine that fate would soon alter my disappointment. I then contacted the seller of the City Bank sheet to arrange for payment. The seller was a coin company located in Washington state. The person that I talked to, I’ll call him Zee, told me that he would immediately get the sheet in the mail to me. In passing, I told him that if he ever came across any other sheets to feel free to contact me, as private sales can eliminate seller fees that auction companies require. At that time, I again had no way of knowing what fate had in store for me. ___________________________________________________________Paper Money * Nov/Dec 2018 * Whole No. 318_____________________________________________________________ 442 ___________________________________________________________Paper Money * Nov/Dec 2018 * Whole No. 318_____________________________________________________________ 443 A few days went by and I finally had my “prize”. I had in my possession a very rare, eye-appealing piece of Tennessee history Even though it is not a full sheet, as the bottom note has sometime in its life been removed, The City Bank sheet is all but unobtainable, and a great addition to my obsolete collection. A couple of weeks went by, and then Mother Fate went to work. The coin company in Washington contacted me. Zee said he wanted me to be aware that he would soon be putting another sheet up for internet auction. This time, the auction would be for a sheet on The Southern Bank of Tennessee. That sheet, like the previous two Tennessee sheets, is extremely rare and one that neither Hugh or I have ever seen before. I asked him if he would consider my previous offer of dealing with me in a private transaction. I made him a generous offer, hoping to eliminate the threat of any competition and disappointment. He said that he would get with his boss and see if that would be possible. And, about a week later, I found out that my offer had been accepted. I would now be the proud owner of two of the three rare Tennessee sheets that had somehow found their way from Tennessee banks of the 1850s to a coin company in the Northwest part of the country of today. And then, Mother Fate leaned toward my direction again. Remember the statement that Hugh had made to me about “maybe someday we’ll come across that sheet again”. A week or so after acquiring The Southern Bank of Tennessee sheet, he contacted me with news that greatly surprised me. One of his contacts had come across that same Bank of Nashville sheet in a coin shop in Western Arkansas. It appears that the coin shop had obtained the sheet from the internet auction for a client. But at the last moment, the client declined. With a minimal amount over what the Arkansas coin shop had paid, we were able to land The Bank of Nashville sheet. So, there you have it. Three rare Tennessee sheets surface and could have very well went in different directions. But, because Mother Fate saw fit, they will now continue to be residing together, just in a different home. I guess it was just meant to be. As I always do, I invite any comments to my personal email address robertgill@cableone.net or my cell phone (580) 221-0898. Until next time… Happy Collecting. CONFEDERATE NUMISMATICA • 2018 SUPPLEMENT ONE • More Forerunners Through 1889 - plus feature article - THE CHEMICOGRAPH BACKS REVISITED FIRST EVER PAPER MONEY CATALOG OF THE CONFEDERATE CHEMICOGRAPH BACKS - INCLUDES ALL 4 PRINTINGS AND ALL 38 VARIETIES PLUS ESSAYS AND PLATES - 83 pages : 5 ½ x 8 ½ : soft cover, spiral bound : Price Guides : Over 200 individual color images $22.00 + $2.50 shipping via media mail to a USA address: Outside USA, please email for shipping cost Credit Cards, PayPal, Checks drawn on US Banks, and US Postal Money Orders welcomed at: www.ConfederateNumismatica.com Peter Bertram : PO Box 924391 : Norcross, GA 30010-4391 : peterbatl@aol.com ___________________________________________________________Paper Money * Nov/Dec 2018 * Whole No. 318_____________________________________________________________ 444 President’s Column Nov/Dec 2018 Christmas came early for national bank note collectors this year. If you’re into nationals you may have heard the big news. Seemingly out of nowhere, we were gifted with the digitized list of bank officers and other useful national bank information found in the annual Comptroller of the Currency reports from 1863 to 1935. I’ve never seen national bank note researcher Peter Huntoon so thrilled about something in a very long time, if ever. Peter recounts this interesting story in his Notes from Washington column, but briefly, a gentleman named Andrew Pollock for the last three years made it his personal project to transcribe the data from the hard-bound books to spreadsheet. No one asked him to do it and he does not collect nationals. Through his relationship with Bowers and Merena he saw a void and sought to fill it. Wow! We are working with data guru Mark Drengson to make this data easily accessible to the SPMC membership. I anticipate early next year we’ll have an interface ready with which you can search and further research national banks of interest to you. Looking forward to January, the annual wintertime retreat known as the FUN (Florida United Numismatists) show in Orlando is soon upon us. I’ve thought for a long time that this venue is ripe for harvesting new paper money collectors, so several members of the SPMC board are stepping up and making presentations aimed at entry level collectors. We have on the docket these four:  Robert Calderman, "Introduction to Small Size Currency Collecting"  Pierre Fricke, “Counterfeit Confederate money made in the Union”  Robert Moon, "A Beginner's Guide to Collecting National Currency"  Wendell Wolka, “Enemy at the Gates: The Fall of New Orleans and its Numismatic Consequences” The dates and times of these four talks are to be determined, but they will be printed in the FUN show agenda and elsewhere. We strongly encourage you to attends these talks so that we have a solid presence, and bring a friend or two with you, especially if they are oriented to round metal discs. Perhaps they will find the greater enjoyment that comes with rectangular paper. Also, our SPMC membership meeting is Saturday, January 12 at 8:30am. I hope to see you there. This information will also be posted the SPMC website www.spmc.org. If you haven’t been there for a while, I’d like to remind you that a lot of useful information can be found there, including an events calendar (thank you Jim Phillips!), all of our journals (which are also downloadable), News & Notes, our Obsoletes Database Project, Media Center, forum, dealer directory, awards programs, library, research grant information, advertisements and more. For me and my family, its back to traveling for the remainder of the soccer season. We’ve put on a lot of miles and had a great time doing it. Just a few more long weekends to go. Shawn Visit the SPMC’s Obsolete Database Our online census and catalog of U.S. Obsolete Notes, built with the assistance of many contributing members. ___________________________________________________________Paper Money * Nov/Dec 2018 * Whole No. 318_____________________________________________________________ 444 W_l]om_ to Our N_w M_m\_rs! \y Fr[nk Cl[rk—SPMC M_m\_rship Dir_]tor NEW MEMBERS 09/05/2018 14841 David Clayton, Renewal 14842 Claybourne Barrineau, Mack Martin 14843 Thomas van Meter, Jason Bradford 14844 Michael Slaughter, Jason Bradford 14845 Gerald Dzara, Website 14846 Bruce Dole, Frank Clark 14847 Nate Benton, Frank Clark 14848 Samuel Shafer, Don Kelly 14849 Israel ANA REINSTATEMENTS None LIFE MEMBERSHIPS LM440 Richard R.P. Di Stefano, Website LM441 Kent Halland, formerly 14421 NEW MEMBERS 10/05/2018 14851 Dean Parr, Ron Horstman 14852 Richard Royce, Website 14853 Russ Sennett, Jason Bradford 14854 Andrew Twedt, Website 14855 Ralph Muller, Don Kelly 14856 Richard Bagg, Website 14857 Erik Penner, Jason Bradford 14858 Jessie Mejia, Jason Bradford 14859 Eric Sprengle, Website 14860 Judy Blackman, Website 14861 Rick Shaddox, Website 14862 Gary Oliver, Website 14863 Robert Thompson, Paper Money Forum 14864 George Notarpole, Don Kelly 14865 Jason Cuneo, Website 14866 Scott E. Douglas, SPMC Application Brochure REINSTATEMENTS None LIFE MEMBERSHIPS None ___________________________________________________________Paper Money * Nov/Dec 2018 * Whole No. 318_____________________________________________________________ 446 WANTED: 1778 NORTHCAROLINACOLONIAL$40. (Free Speech Motto). Kenneth Casebeer, (828) 277- 1779; Casebeer@law.miami.edu 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 WANTED: Republic of Texas “Star” (1st issue) notes. Also “Medallion” (3rd issue) notes. VF+. Serious Collector. reptexpaper@gmail.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 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 WANTED: DC MERCHANT SCRIP. Looking for pre-1871 DC merchant scrip (Alexandria, Georgetown & Washington). Send photo/price/description to tip001@verizon.net. 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 UnitedStatesPaperMoney specialselectionsfordiscriminatingcollectors Buying and Selling the finest in U.S. paper money Individual Rarities: Large, Small National Serial Number One Notes LargeSize Type ErrorNotes SmallSizeType 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 $MoneyMart $  ___________________________________________________________Paper Money * Nov/Dec 2018 * Whole No. 318_____________________________________________________________ 447 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, 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 edition aimed at new collectors. Come join a group of fractional fanatics! New Membership is $30 or $22 for the Simplified edition only To join, contact Dave Stitely, membership chair Box 136, Gradyville, PA 19039. SIZE INCHES 50 100 500 1000 Fractional 43/4 X 21/4 $28.40 $51.00 $228.00 $400.00 Colonial 51/2 X 31/16 $25.20 $45.00 $208.00 $364.00 Small Currency 65/8 X 27/8 $25.45 $47.00 $212.00 $380.00 Large Currency 77/8 X 31/2 $31.10 $55.00 $258.00 $504.00 Auction 9 X 33/4 $31.10 $55.00 $258.00 $504.00 Foreign Currency 8 X 5 $38.00 $68.50 $310.00 $537.00 Checks 95/8 X 41/4 $40.00 $72.50 $330.00 $577.00 SHEET HOLDERS 10 50 100 250 Obsolete Sheet--end open 83/4 X 141/2 $23.00 $101.00 $177.00 $412.00 National Sheet--side open 81/2 X 171/2 $24.00 $108.00 $190.00 $421.00 Stock Certificate--end open 91/2 X 121/2 $21.50 $95.00 $165.00 $390.00 Map & Bond--end open 181/2 X 241/2 $91.00 $405.00 $738.00 $1,698.00 Photo 51/4 X 71/4 $12.00 $46.00 $80.00 $186.00 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 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 Fax: 858-679-7505 See out eBay auctions under user ID DBRcurrency 1507 Sanborn Ave. • Box 258 Okoboji, IA 51355 Open from Memorial Day thru Labor Day History of National Banking & Bank Notes Turn of the Century Iowa Postcards MYLAR-D® CURRENCY HOLDERS BANK NOTE AND CHECK HOLDERS 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.DENLY’S.COM ___________________________________________________________Paper Money * Nov/Dec 2018 * Whole No. 318_____________________________________________________________ 448 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 and Coin Convention during March in Rosemont, Illinois. Please visit our Web Site pcda.com for dates and location. • Encourages public awareness and education regarding the hobby of Paper Money Collecting. • Sponsors the John Hickman National Currency Exhibit Award each June at the International Paper Money Show, 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. • Is a proud supporter of the Society of Paper Money Collectors. Or Visit Our Web Site At: www.pcda.com Bea Sanchez – Secretary P.O. Box 44-2809 • Miami, FL 33144-2809 (305) 264-1101 • email: sol@sanchezcurrency.com Paul R. Minshull #AU4563; Heritage #AB665 & AB2218. BP 20%; see HA.com. 48410 DALLAS  |  NEW YORK  |  BEVERLY HILLS  |  SAN FRANCISCO  |  CHICAGO  |  PALM BEACH LONDON  |  PARIS  |  GENEVA  |  AMSTERDAM  |  HONG KONG Always Accepting Quality Consignments in 40 Categories Immediate Cash Advances Available 1 Million+ Online Bidder-Members PLATINUM NIGHT® & SIGNATURE® AUCTIONS January 9-15, 2019 | Orlando | Live & Online Consign Now to Our Official FUN 2019 Auction Deadline: November 19 Contact a Heritage Consignment Director today 800-872-6467, Ext. 1001 or Currency@HA.com La Crosse, WI - $2 1875 Fr. 391 The La Crosse NB Ch. # 2344 PCGS Gem New 65PPQ, From the James P. Myerson Collection Fr. 334 $50 1891 Silver Certificate PCGS Superb Gem New 67PPQ. From the James P. Myerson Collection Fr. 127 $20 1869 Legal Tender PCGS Gem New 65PPQ. From the James P. Myerson Collection Nogales, Territory of AZ - $10 1902 Red Seal Fr. 613 The First NB Ch. # (P)6591 PMG Fine 12. From the Indian Collection Tucson, Territory of AZ - $10 1902 Date Back Fr. 619 The Arizona NB Ch. # (P)4440, PMG About Uncirculated 50 EPQ. From the Indian Collection Fr. 1220 $1,000 1922 Gold Certificate PMG Very Fine 30.