Paper Money - Vol. LVIII - No. 5 - Whole #323 - Sep/Oct 2019

Paper Money Vol. LVIII, No. 5, Whole No. 323 www.SPMC.org September/October 2019 Official Journal of the Society of Paper Money Collectors Congratulations Treasurer Moon! 2019 ANA WoM First Place exhibit Paper Money Radford Stearns Memorial Award 1st Runner-up Best-in-Show 2019 IPMS KC First Place exhibit National Banknotes SPMC Stephen R. Taylor Best-in-Show Exhibit Now Accepting Consignments to the Stack?s Bowers Galleries Official Auctions of the Whitman Baltimore Expos Call one of our currency consignment specialists to discuss opportunities for upcoming auctions. They will be happy to assist you every step of the way. 800.458.4646 West Coast Office ? 800.566.2580 East Coast Office Stack?s Bowers Galleries continues to realize strong prices for currency as illustrated by results from our recent auctions showcased below. When the time comes for you to sell, let us put our world renown expertise to work for you. Whether you have an entire cabinet or just a few duplicates, the experts at Stack?s Bowers are just a phone call away and ready to assist you in realizing top dollar for your currency. Stack?s Bowers Galleries is currently accepting consignments for our full array of live auctions and internet auctions throughout the year, including the Official Auctions of the Whitman Coin & Collectibles Expos in Baltimore. Share in our success by putting us to work for you! It may be the most financially rewarding decision you have ever made. The Whitman Coin and Collectibles Winter Expo Baltimore, Maryland Auction: November 12-15, 2019 Consignment Deadline: September 18, 2019 The Whitman Coin and Collectibles Spring Expo Baltimore, Maryland Auction: March 18-20, 2020 Consignment Deadline: January 22, 2020 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 Cons2020 PR 190731 America?s Oldest and Most Accomplished Rare Coin Auctioneer Legendary Collections ? Legendary Results ? A Legendary Auction Firm Realized $1,440,000 Fr. 184. 1869 $500 Legal Tender Note. PCGS Currency Choice About New 55 PPQ. From the Joel R. Anderson Collection. Realized $470,000 Fr. 1203. 1882 $100 Gold Certificate. PCGS Fine 15. Realized $881,250 Fr. 186c. 1863 $1,000 Legal Tender. PCGS Fine 15 Apparent. Realized $372,000 Fr. 2. 1861 $5 Demand Note. Philadelphia. No.17369. Series 7, Plate A. PMG Gem Uncirculated 65 EPQ. From the A.J. Vanderbilt Collection. Realized $660,000 Fr. 376. 1891 $50 Treasury Note. PCGS Currency Gem New 65 PPQ. From the Joel R. Anderson Collection. Realized $1,020,000 Fr. 202a. 1861 $50 Interest Bearing Note. PCGS Currency Very Fine 25. From the Joel R. Anderson Collection. Terms?and?Conditions? PAPER MONEY (USPS 00-3162) is published every other month beginning in January by the Society of Paper Money Collectors (SPMC), 711 Signal Mt. Rd #197, Chattanooga, TN 37405. Periodical postage is paid at Hanover, PA. Postmaster send address changes to Secretary Jeff Brueggeman, 711 Signal Mtn. Rd, #197, Chattanooga,TN 37405. ?Society of Paper Money Collectors, Inc. 2014. All rights reserved. Reproduction of any article in whole or part without written approval is prohibited. Individual copies of this issue of PAPER MONEY are available from the secretary for $8 postpaid. Send changes of address, inquiries concerning non - delivery and requests for additional copies of this issue to the secretary. PAPER?MONEY? Official Bimonthly Publication of The Society of Paper Money Collectors, Inc. Vol.LVIII, No. 5 WholeNo. 323 September/October 2019 ISSN 0031-1162 MANUSCRIPTS Manuscripts not under consideration elsewhere and publications for review should be sent to the Editor. Accepted manuscripts will be published as soon as possible, however publication in a specific issue cannot be guaranteed. Include an SASE if acknowledgement is desired. Opinions expressed by authors do not necessarily reflect those of the SPMC. Manuscripts should be submitted in WORD format via email (smcbb@sbcglobal.net) or by sending memory stick/disk to the editor. Scans should be grayscale or color JPEGs at 300 dpi. Color illustrations may be changed to grayscale at the discretion of the editor. Do not send items of value. Manuscripts are submitted with copyright release of the author to the Editor for duplication and printing as needed. ADVERTISING All advertising on space available basis. Copy/correspondence is to be sent to editor. All advertising is payable in advance. All ads are accepted on a ?good faith? basis. Terms are ?Until Forbid.? Ads are Run of Press (ROP) unless accepted on a premium contract basis. Limited premium space/rates available. 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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 o r inappropriate material or edit copy. The SPMC assumes no financial responsibility for typographical errors in ads, but agrees to reprint that portion of an ad in which a typographical error occurs upon prompt notification. Benny Bolin, Editor Editor Email?smcbb@sbcglobal.net Visit the SPMC website?www.SPMC.org $1 Series of 1899 S.C. Series Date Placement Varieties Peter Huntoon ............................................................... 307 The Genesis of Postage Currency Rick Melamed. .............................................................. 316 New Members ...................................................................... 327 Treasury Sealing Assigned to Treasurer?s Office Peter Huntoon ............................................................. 328 $100 Counterfeit FRNs Bob Ayers ....................................................................338 Depositaries at the Port of Wilmington, NC Enrico Aidala ............................................................... 343 Large Size Type Signature Changeover Protocols Peter Huntoon ............................................................. 349 N.C. Civil War Treasury Notes at Univ. North Carolina Bob Schreiner, et.al. ................................................... 356 Sand, Clay, Coal and National Banks Jerry Dzara ................................................................. 368 Uncoupled ............................................................................ 370 Auction Nights Loren Gatch ................................................ 374 Quartermaster Colum .......................................................... 376 Small Notes .......................................................................... 378 Obsolete Corner .................................................................. 379 Cherry Pickers Corner............................................................ 382 Chump Change .................................................................... 384 President/Editor ................................................................... 385 Money Mart .......................................................................... 387 ___________________________________________________________Paper Money * Sept/Oct 2019 * Whole No. 323_____________________________________________________________ 305 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 Matt Drais, Box 25, Athens, NY 12015 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 Wendell A. Wolka, P.O. Box 5439, Sun City Ctr., FL 33571 APPOINTEES: PUBLISHER-EDITOR--Benny Bolin, 5510 Springhill Estates Dr. Allen, TX 75002 EDITOR EMERITUS--Fred Reed, III ADVERTISING MANAGER--Wendell A. Wolka, Box 5439 Sun City Center, FL 33571 LEGAL COUNSEL--Robert J. Galiette, 3 Teal Ln., Essex, CT 06426 LIBRARIAN--Jeff Brueggeman, 711 Signal Mountain Rd. # 197, Chattanooga, TN 37405 MEMBERSHIP DIRECTOR--Frank Clark, P.O. Box 117060, Carrollton, TX, 75011-7060 IMMEDIATE PAST PRESIDENT--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 Society prior to January 2010 are on a calendar year basis with renewals due each December. Memberships for those who joined since January 2010 are on an annual basis beginning and ending the month joined. All renewals are due before the expiration date which can be found on the label of Paper Money. Renewals may be done via the Society website www.spmc.org or by check/money order sent to the secretary. Pierre?Fricke?Buying?and?Selling! 1861?1869?Large?Type,?Confederate?and?Obsolete?Money!? P.O. Box 1094, Sudbury, MA 01776 ; pierrefricke@buyvintagemoney.com; www.buyvintagemoney.com And many more CSA, Union and Obsolete Bank Notes for sale ranging from $10 to five figures ___________________________________________________________Paper Money * Sept/Oct 2019 * Whole No. 323_____________________________________________________________ 306 $1 Series of 1899 Silver Certificate Series Date Placement Layout Varieties Introduction and Purpose Series of 1899 $1 silver certificate production began December 1898 and continued through January 1925. Almost 3.5 billion were printed from 21,743 face plates and 9,575 back plates assigned to the design. More of these notes were made than any other large size U. S. type note. Aside from different Treasury signature combinations and tinkering with the placement and form of the plate serial numbers, the only other intaglio face plate varieties that occurred on them during all this time involved the positioning of the right series date. The purpose of this article is to document the different series date placement varieties and explain why they came about. Obviously, a change in the position of a design element such as the series date constitutes a minor variety. Even so, some of them have been awarded separate Friedberg catalog numbers, which has forced collectors to pay serious attention to them. Fr 226 and 226a refer to Lyons-Roberts notes where Fr 226 designates those with the series date above the right serial number. In contrast, the series date is below the right serial number on the Fr 226a notes. Equally dramatic are the Fr 229 and Fr 229a Vernon-McClung varieties. The series date occurs below the serial number on the Fr 229 notes, whereas it was rotated sideways and against the right border on the Fr 229a notes. Fr 229a notes are quite scarce. The placement of a series date on a note may seem like a decidedly esoteric concern. However, moving it about was not done on whims. Its changing position was driven by unfolding technical issues associated with overprinting serial numbers on the notes. Consequently, the essence of this story revolves around changing machinery. This gives purpose to the varieties thus solidifying their legitimacy. Serial Numbering Machinery The Series of 1899 spanned every major means used to number large size currency. Figure 1. $1 Series of 1899 Lyons-Roberts silver certificate with the right series above the serial number. The right series moved during the life of the series. It occupied its highest position on these first notes in the series, which were given catalog number Fr 226. The Paper Column Peter Huntoon ___________________________________________________________Paper Money * Sept/Oct 2019 * Whole No. 323_____________________________________________________________ 307 When the series began, authority for serial numbering and sealing the notes was split between the Bureau of Engraving and Printing and the U. S. Treasurer?s office. The notes were printed in 4-subject sheet form and numbered at the Bureau, then sent to the Treasurer?s Division of Issue to be sealed and separated. The serial numbers were applied to the sheets at the BEP by women who operated paging machines. A paging machine held a single numbering head that was used to stamp the serial numbers onto the sheet one serial number at a time. Each sheet required eight applications. The $1 1899 notes were designed such that the right series date served as a guide to help the operator position the numbering head in order to apply that number. Rotary serial numbering presses made by the Potter Printing Press Company came on line in 1903 that revolutionized the process. The presses applied all eight numbers as the sheet passed through the press. The sealing and separating operations were still carried out at the U. S. Treasurer?s office. Several years later a radically new machine was designed at the Bureau and built by the Harris Automated Press Company that both numbered and sealed 4-suject sheets, and also separated the notes and collated them in numerical order. The Secretary of the Treasury authorized the transfer of the sealing operation to the Bureau from the Treasurer?s Division of Issue and the Harris machines came on-line in 1910. From then on, the Bureau delivered currency to the Treasurer?s office in note rather than sheet form. Lyons-Roberts Move The positon of the right series date is specified by the vertical distance in millimeters between the base of the I in ?America? and the base of ?Series of 1899.? The right series date occupied a high position on the first 100,000,000 $1 Series of 1899 notes; specifically, at 4 mm. It was abruptly dropped to 9.5 mm in June 1901. See Figure 3. The 4 mm Fr 226 notes comprise the first serial number block in the series and they have no prefix letter. See Figure 1. Serial numbering of the 9.5 mm Fr 226a Lyons-Roberts notes commenced at A1. I have not documented the technical explanation for the move, but suspect it was made to aid the paging machine operators. When the series date was in the 4-mm position, it was hidden behind the numbering head on the machine as the operators looked down on the sheets whereas at 9.5 mm it was in front in plain view. Consequently, at 9.5 mm it could better serve as a guide for the placement of the right serial number and reduce spoilage caused by accidentally printing the serial number on it. The changeover from the use of plates with 4 mm spacing to 9.5 mm on the printing presses was abrupt on June 28, 1901. The production from the two varieties was necessarily segregated for numbering. Figure 2. Sealing currency at the Division of Issue in U. S. Treasury Building after the numbered sheets had been delivered from the Bureau of Engraving and Printing. Sealing was carried out at the Division of Issue from 1885 to 1910. Shown are flatbed cylinder typographic sealing presses. ___________________________________________________________Paper Money * Sept/Oct 2019 * Whole No. 323_____________________________________________________________ 308 Table 1. Changeover plate numbers when the right series date on $1 Series of 1899 plates was lowered from 4 to 9.5 mm in June 1901 during the Lyons- Roberts era. Treasury Plate No. Plate Serial No. Position Certification Date 12400 507 above May 8, 1901 12405 508 below June 3, 1901 12408 509 above May 8, 1901 12411 510 below June 3, 1901 Vernon-McClung Lowering Major changes were afoot during the Vernon-McClung era. Rotary press numbering of the sheets had been implemented in 1903. Consequently, the right series date no long served as a guide for the placement of the right serial number. However, an annoying problem came into play. The wetting of the paper required for intaglio printing resulted in differential shrinkage of the paper. The rotary numbering presses blindly printed the serials at set intervals, so occasionally the right one landed on the right series date, which caused spoilage. Figure 3. The right series was moved from above the right serial number at 4 mm (left) to below at 9.5 mm (right) during the Lyons-Roberts era. The distance is measured from the base of the I in ?America? to the base of ?Series of 1899.? Figure 4. Illustration showing the four placements of ?Series of 1899? on the right side of Vernon-McClung notes that began with the 9.5 mm spacing inherited from the Lyons-Treat era, a small group at 10.5 mm, followed by a large group at 12 mm. Finally, the series was turned on end and pushed against the right border. ___________________________________________________________Paper Money * Sept/Oct 2019 * Whole No. 323_____________________________________________________________ 309 The solution was to lower the right series date again so that it would be out of the way of the serial number. This step was untaken during November and December of 1909 and the final outcome was to lower it to 12 mm. See Figure 4. The changeover looked messy to Huntoon, Hewitt and Murray (2014) when they looked at the proofs in the Smithsonian in order to determine the spacing on each. They found that the spacing was mixed within a group of 100 consecutive Vernon-McClung plates having plate serial numbers between 5579 and 5678. Not only that but five of those plates sported intermediate placements of about 10.5 mm. To further complicate the situation, a group of ten obsolete but never used Vernon-Treat plates had been altered by swapping out Vernon?s signature for McClung?s and simultaneously lowering the series date from 9.5 to 12 mm. That work was completed between December 14 and 16, 1909 and those plates arrived as the first with the 12-mm spacing. The disarray clarified beautifully when the plates were arranged in order of their certification dates. The result is presented on Table 2. The certification dates represent the order in which the plates were finished so they reveal exactly when the decisions were made about where to place the series date. Initially they decided to lower the series date to 10.5 mm. Then they quickly decided that 12 mm was better. Table 2. Well-defined temporal transition from 9.5 to 12 mm spacing of the right series date on $1 Vernon-McClung Series of 1899 silver certificate plates that became evident when the plates were arranged in order of completion date. Comment column: VT=Vernon-Treat, VM=Vernon-McClung, the Vernon- Treat versions of the plates had not been used prior to being altered to Vernon-McClung. Treas. Plate Serial Number Pl. No 9.5 mm 10.5 mm 12 mm Certification Date Comment 31593 5668 Nov 15, 1909 31607 5670 Nov 15, 1909 31603 5669 Nov 18, 1909 31608 5671. Nov 18, 1909 31622 5673 Nov 18, 1909 31647 5677 Nov 18, 1909 31621 5672 Nov 20. 1909 31623 5674 Nov 22, 1909 31635 5675 Nov 22, 1909 31652 5678 Nov 22, 1909 31636 5676 Nov 24, 1909 30917 5556 Dec 14, 1909 VT 9.5 mm altered to VM 12 mm 31085 5576 Dec 14, 1909 VT 9.5 mm altered to VM 12 mm 30895 5545 Dec 15, 1909 VT 9.5 mm altered to VM 12 mm 31055 5570 Dec 15, 1909 VT 9.5 mm altered to VM 12 mm 31079 5575 Dec 15, 1909 VT 9.5 mm altered to VM 12 mm 31086 5577 Dec 15, 1909 VT 9.5 mm altered to VM 12 mm 30893 5544 Dec 16, 1909 VT 9.5 mm altered to VM 12 mm 30914 5555 Dec 16, 1909 VT 9.5 mm altered to VM 12 mm 31056 5571 Dec 16, 1909 VT 9.5 mm altered to VM 12 mm 31078 5574 Dec 16, 1909 VT 9.5 mm altered to VM 12 mm 31660 5679 Dec 17, 1909 31667 5680 Dec 17, 1909 31668 5681 Dec 17, 1909 31673 5682 Dec 17, 1909 31124 5589 Dec 21, 1909 31092 5579 Dec 23, 1909 The plates being made during this period were 4-subject plates that were used individually on spider presses. All the serviceable plates regardless of spacing were sent to press concurrently until the last of the 9.5 and 10.5 mm plates wore out. The production from them was intermingled and fed through the Potter ___________________________________________________________Paper Money * Sept/Oct 2019 * Whole No. 323_____________________________________________________________ 310 rotary numbering presses without regard to the spacing. The sheets were then sent to the Treasury for overprinting of the seals and separation into individual notes. Problems with right serial numbers landing on the series date on the 9.5 and 10.5 mm notes during the transition period had to be dealt with by removing the spoiled sheets at the BEP or during the final inspection of the notes at the Treasury Department. The reality was that interference between the series date and serial number wasn?t totally resolved, even after introduction of the 12 mm notes. The high, intermediate and low placement varieties currently are lumped together as Fr 229 notes. The 10.5 and 12-mm spacings began to appear on notes with serial numbers greater than V10000000. Probably those with 10.5 mm spacing will prove to be quite scarce. Changeover pairs between the varieties were made although none have been reported yet. Vernon-McClung Horizontal to Vertical Move The right series date was moved from the 12-mm horizontal position to vertical against the right border in 1911 during production of the Vernon-McClung notes. Bureau of Engraving and Printing Director Joseph E. Ralph wrote a letter to Secretary of the Treasury Franklin MacVeagh on June 20, 1910, requesting approval for the change in which he explained how it was to be accomplished. The material in the square brackets has been added for clarity. June 20, 1910 The Honorable Secretary of the Treasury Sir: In preparing the designs for notes and certificates, the words ?Series of ?? were placed on the right- hand side of the note in the position indicated by the model herewith marked A, to give a guide line for the numbering, which was executed on hand-operated numbering machines [paging machines], but the location of these words has given considerable trouble since the numbering, as well as the sealing, has been done on printing presses [Potter numbering machines placed in service in 1903 & Harris numbering and sealing machines placed in service in 1910], for the reason that the slightest variation in position of either the number or seal, due to the unequal shrinkage of the paper, causes the printing to cover the inscription. The original die used for making plates for $1 silver certificates is cracked and it is necessary to harden and use a duplicate of it, but before hardening the die I desire to take advantage of the opportunity and change the location of the inscription to the position at the extreme right-hand edge of the note, as shown by model B herewith. I have the honor, therefore, to request that the matter be referred to the Treasurer of the United States for consideration, and that if he approves the change, and you concur therein, such approval be indicated on the model B, and both models be returned. It is desired to have this authority apply as well to other denominations of other notes and certificates. Respectfully J. E. Ralph Director The vertical placement created the popular and scarce Fr 229a Vernon-McClung variety and subsequently was used for the rest of the signature combinations in the series. The changeover to the vertical variety was as complicated as the changeover from the 9.5 to 12 mm spacings because there was simultaneous production of the plates with the 12 mm and vertical varieties between plate serial numbers 6734 and 6803. However, unlike the 9.5 to 12 mm changeover, this changeover did not break at a specific certification date. The technical explanation for why is that some siderographers were provided with rolls made from the new die with the vertical series date whereas others were using obsolete rolls without it. All of these plates were 4-subject plates used individually on one-plate spider presses. There is great interest in the Fr 229a variety so all the plates involved in the changeover are listed on Table 3. Be aware that in addition to the 43 Fr 229a plates listed on Table 3, another 78 with plate serial numbers 6803 to 6881 were made to close out the Vernon-McClung issues. The on-press data on Table 3 reveal that the plates were sent to press as soon as they became available. The result was concurrent production of the 12 mm and vertical varieties. We know from reported serial number data (Gengerke, 2014) that they were comingled and fed through the Harris numbering machines without regard to the position of the right series date. This occurred between serial numbers ___________________________________________________________Paper Money * Sept/Oct 2019 * Whole No. 323_____________________________________________________________ 311 ranging from about Y247---- through Y51------, with a second group of late-numbered notes from about Y684----- through Y689-----. The late numbered notes are explained in Huntoon (2016). Table 3. Series of 1899 $1 silver certificate plates with Vernon-McClung signatures that were made during the 1911 transition period when some plates were completed with the 12-mm horizontal placement of "Series of 1899" in the upper right quadrant (Fr 229) and others were completed with the series date oriented vertically against the right border (Fr 229a). Treas. Plate Cert. Plate No. Serial No. Date Placement On-Press Dates - inclusive 35226 6734 Mar 28, 1911 vertical-first Mar 29, 1911-Jun 19, 1911 35229 6735 Mar 29, 1911 horizontal Mar 30, 1911 - May 3, 1911 35230 6736 Mar 29, 1911 horizontal Mar 30, 1911 - May 22, 1911 35231 6737 Mar 29, 1911 horizontal Mar 30, 1911 - May 5, 1911 35237 6738 Mar 30, 1911 horizontal May 31, 1911 - Apr 21, 1911 35238 6739 Mar 31, 1911 horizontal Mar 31, 1911 - May 25, 1911 35241 6740 Apr 1, 1911 horizontal Apr 3, 1911 - Jun 12, 1911 35242 6741 Apr 5, 1911 horizontal Apr 6, 1911 - May 23, 1911 35245 6742 Apr 5, 1911 horizontal Apr 9, 1911 - Jun 14, 1911 35246 6743 Apr 3, 1911 horizontal Apr 4, 1911 - Jun 5, 1911 35247 6744 Mar 31, 1911 horizontal Apr 1, 1911 - May 2, 1911 35248 6745 Mar 30, 1911 vertical Mar 31, 1911 - May 16, 1911 35253 6746 Apr 1, 1911 vertical Apr 3, 1911 - Jun 7, 1911 35255 6747 Mar 30, 1911 horizontal Apr 1, 1911 - May 25, 1911 35256 6748 Apr 6, 1911 horizontal Apr 7, 1911 - May 16, 1911 35259 6749 Mar 31, 1911 vertical Apr 3, 1911 - Jun 14, 1911 35262 6750 Apr 3, 1911 horizontal Apr 4, 1911 - May 8, 1911 35263 6751 Apr 4, 1911 horizontal Apr 6, 1911 - Jun 19, 1911 35265 6752 Apr 8, 1911 vertical Apr 10, 1911 - May 26, 1911 35267 6753 Apr 1, 1911 horizontal Apr 3, 1911 - May 15, 1911 35269 6754 May 4, 1911 vertical May 10, 1911 - Aug 2, 1911 35270 6755 Apr 8, 1911 vertical Apr 10, 1911 - Jun 13, 1911 35272 6756 Apr 3, 1911 horizontal May 3, 1911 - May 22, 1911 35273 6757 Apr 20, 1911 vertical Apr 22, 1911 - Jun 13, 1911 35274 6758 Apr 4, 1911 vertical Apr 5, 1911 - Jun 10, 1911 35275 6759 Apr 22, 1911 vertical Apr 26, 1911 - May 16, 1911 35276 6760 Apr 4, 1911 horizontal Apr 6, 1911 - Jun 2, 1911 35278 6761 Apr 5, 1911 vertical Apr 7, 1911 - Jun 1, 1911 35285 6762 Apr 11, 1911 horizontal Apr 12, 1911 - May 16, 1911 35286 6763 Apr 20, 1911 vertical Apr 26, 1911 - May 27, 1911 35288 6764 Apr 20, 1911 vertical Apr 27, 1911 - Jun 1, 1911 35289 6765 Apr 20, 1911 vertical Apr 27, 1911 - May 24, 1911 35290 6766 Apr 10, 1911 horizontal Apr 11, 1911 - Jun 3, 1911 35291 6767 Apr 10, 1911 vertical Apr 11, 1911 - Jun 6, 1911 35296 6768 Apr 8, 1911 vertical Apr 10, 1911 - Jun 13, 1911 35301 6769 Apr 6, 1911 vertical Apr 7, 1911 - Jun 8, 1911 35303 6770 Apr 8, 1911 vertical Apr 10, 1911 - May 10, 1911 35304 6771 Apr 21, 1911 horizontal Apr 25, 1911 - May 31, 1911 35305 6772 Apr 21, 1911 horizontal Apr 25, 1911 - May 29, 1911 35306 6773 Apr 19, 1911 vertical Apr 11, 1911 - May 17, 1911 35311 6774 plate not finished 35312 6775 Apr 20, 1911 horizontal Apr 27, 1911 - Jun 21, 1911 35316 6776 Apr 8, 1911 vertical Apr 10, 1911 - Jun 19, 1911 35318 6777 Apr 12,1911 vertical Apr 14, 1911 - Jun 6, 1911 35320 6778 Apr 14, 1911 horizontal Apr 17, 1911 - May 27, 1911 35321 6779 Apr 11, 1911 vertical Apr 12, 1911 - Jul 18, 1911 35325 6780 Apr 11, 1911 vertical Apr 12, 1911 - Jun, 28, 1911 35327 6781 Apr 12, 1911 vertical Apr 14, 1911-Jun 15, 1911 ___________________________________________________________Paper Money * Sept/Oct 2019 * Whole No. 323_____________________________________________________________ 312 35329 6782 Apr 13, 1911 vertical Apr 14, 1911 - Jun 12, 1911 35331 6783 Apr 15, 1911 vertical Apr 17, 1911 - May 18, 1911 35333 6784 Apr 15, 1911 vertical Apr 18, 1911 - Jun 9, 1911 35335 6785 Apr 13, 1911 vertical Apr 14, 1911 - May 23, 1911 35339 6786 Apr 15, 1911 vertical Apr 17, 1911 - May 17, 1911 35340 6787 Apr 19, 1911 vertical Apr 20, 1911 - Jun 7, 1911 35343 6788 Apr 15, 1911 vertical Apr 18, 1911 - Jun 30, 1911 35344 6789 Apr 15, 1911 vertical Apr 18, 1911 - Jun 17, 1911 35347 6790 Apr 15, 1911 vertical Apr 18, 1911 - Jun 24, 1911 35349 6791 Apr 15, 1911 vertical Apr 18, 1911 - May 29, 1911 35352 6792 Apr 27, 1911 vertical Apr 28, 1911 - Jun 16, 1911 35353 6793 Apr 22, 1911 vertical Apr 27, 1911 - May 31, 1911 35354 6794 Apr 18, 1911 vertical Apr 19, 1911 - Jun 24, 1911 35358 6795 Apr 15, 1911 vertical Apr 18, 1911 - May 17, 1911 35359 6796 Apr 21, 1911 vertical May 19, 1911 - Jun 15, 1911 35360 6797 Apr 29, 1911 vertical May 1, 1911 - Jun 29, 1911 35361 6798 Apr 18, 1911 vertical Apr 19, 1911 - Jun 9, 1911 35362 6799 May 2, 1911 horizontal May 4, 1911 - Jun 6, 1911 35363 6800 Apr 15, 1911 vertical Apr 18, 1911 - Jun 7, 1911 35368 6801 Apr 29, 1911 horizontal May 1, 1911 - May 26, 1911 35371 6802 Apr 27, 1911 vertical Apr 28, 1911 - Jun 9, 1911 35373 6803 Apr 27, 1911 horizontal-last Apr 28, 1911 - Jun 17, 1911 Overview The placement of the right series date was moved over the course of the production of the Series of 1899 $1 silver certificates. It was first moved from the 4-mm horizontal position downward to 9.5 mm on the Lyons-Roberts notes in 1901. Next is was moved downward first to 10.5 and then to 12 mm in 1909 during the Vernon-McClung era. Finally, it was reoriented vertically and placed against the right border in 1911 at the end of the Vernon-McClung era. The purpose of the move during the Lyons-Roberts era was to position the series date below the right serial number so that the women operating the paging machines could see it and better use it as a guide for placing the number. During the Vernon-McClung era, the number was moved progressively downward and finally over to the right border to get it out of the way of the right serial number, because by then the serial numbers were being printed from rotary numbering presses and some were landing on the series date owing to differential shrinkage of the paper. The ability to move the right series date to create the 4, 9.5, 10.5 and 12 mm plates was facilitated by the fact that the right series date was not on the rolls used to lay-in the generic intaglio designs on the Figure 5. One of only two reported $1 Series of 1899 Vernon-McClung star notes with the right series against the right border. Photo courtesy of Doug Murray. ___________________________________________________________Paper Money * Sept/Oct 2019 * Whole No. 323_____________________________________________________________ 313 printing plates. Instead it was on separate rolls. It and the Treasury signatures were added after the generic faces had been laid in. When a new generic face die was made in 1911, the right series date was incorporated on it against the right border. Consequently, the rolls made from it carried the date. Table 4. Inclusive on-press dates for $1 Series of 1899 Silver Certificate plates with the different placements of the right series date. LR = Lyons-Roberts, VM = Vernon-McClung, SW = Speelman-White. Range of Plate Range of Treasury Series date placement Serial Numbers Plate Numbers Inclusive On-Press Dates horizontal series date above serial LR 1 - LR 509 8618 - 12408 Dec 6, 1898 - Jun 28, 1901 horizontal series date below seal at 9.5 mm LR 508 - VM 5677 12405 - 31647 Jun 28, 1901 - Apr 19, 1910 horizontal series date below seal at 10.5 mm VM 5672 - VM 5678 31621 - 31652 Dec 3, 1909 - Feb 8, 1910 horizontal series date below seal at 12 mm VM 5544 - VM 6803 30893 - 35373 Dec 15, 1910 - Jun 21, 1911 vertical series date at right end VM 6734 - SW 2922 35226 - 95927 Mar 29, 1911 - Jan 8, 1925 The discussion above provides non-star serial number data for the various changes. Star notes were introduced in 1910 coinciding with the arrival of the Harris numbering, sealing, separating and collating machines (Huntoon and Lofthus, 2014). This means, of course, that the scarce Vernon-McClung vertical placement variety also occurs on star notes. Only two are recorded in the Gengerke census; specifically, *1146220B and *1153709B. See Figure 5. The star notes offer a lesson. The astute variety collector has the opportunity to acquire significant rarities by paying attention to the placement of the right series date. It is likely that the 10.5 mm placement variety from Vernon-McClung plates 5672, 5674, 5675, 5676 and 5678 will prove to be scarce to rare on both regular and star notes when people start to look for them. Acknowledgment This topic was first treated in Huntoon, Hewitt and Murray (2014). This article updates and corrects that piece and delves further into how the Bureau of Engraving and Printing handled the transitions between the varieties. References Cited and Sources of Data Bureau of Engraving and Printing, 1899-1923, Certified proofs of $1 Series of 1899 silver certificates: National Numismatic Collection, National Museum of American History, Smithsonian Institution, Washington, DC. Bureau of Engraving and Printing, various dates, Plate history ledgers: Record Group 318, U. S. National Archives, College Park, MD. Gengerke, Martin, 2014, U. S. paper money records, a census of U. S. large size type notes: privately produced on demand by gengerke@aol.com. Huntoon, Peter, Nov-Dec 2016, Large size type note signature changeover protocols created collectable varieties: Paper Money, v. 55, p. 414-423. Huntoon, Peter, Shawn Hewitt and Doug Murray, Mar-Apr 2014, Series date placement varieties on the right side of $1 Series of 1899 silver certificates: Paper Money, v. 53, p. 84-97. Huntoon, Peter, and Lee Lofthus, Nov-Dec 2014, The birth of star notes, the back story: Paper Money, v. 53, p. 400-411. Ralph, Joseph E, Director of Bureau of Engraving and Printing, Jun 20, 1910, Letter to Secretary of the Treasury Franklin MacVeagh concerning the placement of the right series date on $1 Series of 1899 silver certificates: Bureau of Engraving and Printing, miscellaneous and official letters sent, vol. 376, p. 439: Record Group 318 (318/450/79/8/v. 284), U. S. National Archives, College Park, MD. ___________________________________________________________Paper Money * Sept/Oct 2019 * Whole No. 323_____________________________________________________________ 314 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 THE GENESIS OF POSTAGE CURRENCY By Rick Melamed ECONOMIC CAUSE AND RESULTING NEED FOR COIN ALTERNATIVES It is a well-established fact that it was the severe coin shortages in the early 1860?s that gave rise to the creation and issuance of postage currency. The reasons behind the shortages are complicated by many contributing factors. The seeds were planted with the financial panic of 1857 which arose from an over-extension of commercial loans and their subsequent, wide-spread defaults. Much of this is attributed to the slowdown of mined gold and the collapse of the overleveraged railroad industry who were betting heavily on their continued expansion out west. As gold supplies slowed to a trickle, payment on the loans used for expansion by the railroad and related industries could not be met. It resulted in wide spread bank closings and many businesses going bankrupt. In turn, this made borrowing money by the Federal Government more difficult. At the time of poor economic conditions the Government needed more money to meet the expenses of running the country and funding the Civil War. Certainly the breakout of the Civil War was a factor, but circumstances involving the Treasury and U.S. banks added to the coin shortage problem. It was not a harmonious relationship. In late August 1861, Treasury Secretary Salmon Chase created circulating U.S. currency, Demand Notes. Commercial banks at the time opposed their issuance since it would compete with their own manufactured ?Bank Notes.? Secretary Chase insisted that the banks accept the Demand notes and they were eventually and reluctantly accepted in deposit. In December 1861 the ability of the U.S Government to redeem Demand Notes in specie (specie is money in the form of coins and not currency) came under great pressure. Chase indicated that war expenditures were far exceeding Federal revenue expectations. By the end of December 1861, banks suspended specie payments on their own ?bank notes.? In turn, Demand Notes turned up in great numbers at the Treasury for redemption. With all the demand for specie, the government could not obtain adequate supplies of coins to fulfill their obligations. Eventually the Government was forced to follow suit and suspend the redemption of Demand Notes for gold in the first few days of 1862. By suspending specie payment, the holder would not be able to redeem their notes in coins. The unfortunate effect not only made gold and silver coins virtually disappear from circulation, it also had the deleterious effect of paper money losing value relative to what it could fetch in precious metal coins. By June 1862, paper currency was worth only about 91% of its value to precious metals. Citizens? reactions were either to horde coins or trade them to brokers for a premium; and in turn the brokers were exporting much of the silver and gold out of the country. The net result was a severe coin shortage. At its nadir, there were literally no circulating coins to be found. Coin production during the postage/fractional currency period (1862-1876) dropped precipitously. For example: in 1857 the Treasury minted 9.6 million quarters; in 1868 only 30,000 were made. 8.6 million half dimes were produced in 1857; from 1862-1867 about 130,000 were made per year. This proved to be an existential crisis and a solution needed to be found quickly. A paralyzed nation was desperate for answers. INTERIM SOLUTION #1 ? CIVIL WAR TOKENS AND PRIVATE SCRIP Many private firms resorted to minting their own tokens as a means to counteract the coin shortages. Civil War Tokens or CWT?s (also colloquially knowns as ?Hard Time Tokens?), were a short term solution albeit with less than 100% acceptance. Generally their value was 1? or 2?; though there are examples valued up to 50?. They were categorized in 3 main areas: merchant tokens, patriotic tokens and Sutler tokens (used by private merchants when dealing with the Army or Navy). Often the obverses had images of period coinage such as Indian head cents; historical or allegorical figures were also used. Many included patriotic sentiments reacting to the Civil War. The reverses would often contain the name of a merchant. CWT?s were in existence from 1861-64. But by June 1864 the U.S. Government made them illegal for use realizing that privately issued coinage was a very bad idea. CWTs are avidly collected today and have a large collector base. They are an interesting artifact, their existence borne out of desperate times. ___________________________________________________________Paper Money * Sept/Oct 2019 * Whole No. 323_____________________________________________________________ 316 The amount of privately issued merchant scrip is vast. Like CWTs they lacked anything of fungible value. Their worth was only as good as the issuing merchants? word to take them in trade. So literally their worth is the paper they were printed on. Books have been written on the subject and we endeavor to bypass this with only the mention of their use during their period of issue. INTERIM SOLUTION #2: ENCASED POSTAGE John Gault was a savvy businessman and saw two ways that he could profit off the implementation of these new ?coins.? First, Gault sold his encased postage to businesses that had a high demand for coins. He charged 20% of the face value of the stamp to defray his manufacturing costs. Secondly, he soon realized that the blank brass backing provided space that could be used for advertising. Companies paid Gault a 2? premium on top of the cost of the stamp in exchange for a customized case to the specifications of the company?s advertising desires. At least 30 companies stamped advertisements on the backing of his brass currency. Gault sold an estimated $50,000 in encased postage stamps. Of the approximately 750,000 pieces sold, only 3,500-7,000 are believed to have survived. Gault?s encased postage was only a momentary success (from 1862-63). ___________________________________________________________Paper Money * Sept/Oct 2019 * Whole No. 323_____________________________________________________________ 317 INTERIM SOLUTION #3: POSTAGE STAMPS HASTILY PRESSED INTO USE With virtually no coins in circulation, businesses resorted to using anything they could find as a replacement. Tickets, private scrip, coupons, IOUs to name a few; but on a much larger scale postage stamps, because their value was backed by the government, were rushed into use to make change for commercial transactions. Matt Rothert from his 1963 book, A Guide Book of United States Fractional Currency, gives a very good explanation on how postage stamps were put into use as ?postage? coins. Because of the severe shortage of circulating coins, the country was really hard pressed to carry on even the simplest commercial activities in early 1862. On July 14th of that year, Secretary of the Treasury Salmon P Chase suggested two alternative proposals to Congress. The first outlined a plan for the reduction in size of silver coins and for the second; Chase asked for the authority to issue and use ordinary postage stamps as circulating change. Chase himself favored the proposal that would legalize the circulation of small squares of gummed paper (postage stamps) on a national medium of exchange. Congress went ahead and adopted the postage stamp idea, and it became law when President Lincoln signed the bill on July 17, 1862. The immediate effect of the law was a run on stamps at the post offices as they were needed everywhere a n d no means had been provided by The Treasury Department to acquire and release the stamps as money. The volume of stamps purchases increased dramatically. In New York, for example, stamp sales jumped from a daily amount of $3,000 to over $20,000 soon after the new law was announced. The supply of stamps soon was exhausted. Postmaster General Montgomery Blair was understandably irritated, since he had not been consulted ___________________________________________________________Paper Money * Sept/Oct 2019 * Whole No. 323_____________________________________________________________ 318 beforehand. He therefore refused to permit further sale of stamps to be used as money. The Treasury Department then called the Commissioner of Internal Revenue, George Boutwell, to settle things with Blair. In short, Boutwell suggested that specially marked stamps be made; that the Treasury sell and redeem them, that post offices accept them as postage, and that either party be free to withdraw from such an agreement. Blair accepted these proposals and went ahead to print the special stamps for the treasury. Shown are the stamps used to combat the coin shortage crisis. These are familiar to paper money collectors since their image was used on postage currency (more on that later in this article). Since the U.S. Post Office is a federal agency it was reasoned that postage stamps could be pressed into service as change. This solution became temporary due to the fragile nature of a thin, paper postage stamp. Postage stamps were easily torn and damaged by constant handling. The adhesive backs literally gummed up the works and even when the Postal Service had the National Bank Note Company print un-gummed stamps it did not alleviate their fragility. Additionally, there was concern that cancelled stamps used as postage could have the ink removed and be re-used as postage coins. INTERIM SOLUTION #4: POSTAGE ENVELOPES & PRIVATE SCRIP UTILIZING POSTAGE STAMPS There were merchants who realized that the value of federally issued postage stamps created a tangible and transferrable asset. The inherent problem of using stamps as a replacement for circulating coins was obvious. Postage stamps were a one-time use item whereas coins were meant for constant circulation. To alleviate the inconvenience of raw stamps, many merchants created postage envelopes with their value printed on the face. Inserting stamps inside the envelope was a more efficient way to make change for commercial transactions. It protected the stamps from constant human exposure and it was a convenient piece of advertising. Postage envelopes widely circulated in the 1860?s and are avidly collected today; an interesting ephemeral artifact borne out of desperate times. ___________________________________________________________Paper Money * Sept/Oct 2019 * Whole No. 323_____________________________________________________________ 319 Several enterprising merchants came up with a better idea of pasting stamps onto pre-printed pieces of rectangular paper. In the process private scrip was created with the intrinsic value of the affixed stamps being its net worth. The recipient would not have to look inside the envelope to see if the amount of stamps equaled the preprinted value of the envelope. With a quick glance the value of the stamps could be easily equated to the preprinted value of the scrip. The following bit of ingenuity from Stack?s sale of the John Ford collection is by a Newport grocer, William Newton & Co. The July 4, 1862, date was a month before U.S. issued postage currency came into existence. It must?ve surely influenced U.S. Treasurer Francis Spinner in his initial design of postage currency proofs. LONG TERM SOLUTION: U.S. TREASURER FRANCIS SPINNER TO THE RESCUE: HOW POSTAGE CURRENCY WAS DEVELOPED Private scrip, postage envelopes, encased postage and CWTs were never produced in the quantities that could support an entire nation?s need for circulating coinage. American citizens and businesses were already stung by the suspension of specie and federally issued Demand notes worth less than par in gold and silver. Exacerbated by worthless bank issued currency and private firms issuing their own coins, scrip and currency; it was clear, that the Treasury had to take control and put the circulating money supply back into government hands. Failure to act would cause continued economic chaos with a broad economic collapse a near certainty. Francis Spinner was first to foster the idea of converting postage stamps into postage currency; usable as a substitute for coins. Spinner systematically developed the idea that solved the coin shortage problem. The introduction of postage and fractional currency into daily use Drawing from various archives including Spinner?s own personal collection, currently residing in the Smithsonian, we are able to recreate some of the processes Spinner undertook from the first crude postage stamp currency proofs to the finished product: circulating postage currency. Francis E. Spinner U.S. Treasurer ___________________________________________________________Paper Money * Sept/Oct 2019 * Whole No. 323_____________________________________________________________ 320 A newspaper article in the Washington Star in 1860?s sums things up succinctly: In 1862 Small Change became very scarce it was more than a day's search to find a $0.05 silver piece. General Spinner was then Treasurer of the United States. He was constantly appealing to and from all quarters to do something to supply the demand for small change. In his dilemma he thought to use postage stamps. He sent down to the post office department and purchased a quantity of stamps. He then ordered up a package of the paper upon which government securities were printed. He cut this into various sizes and then on the pieces he pasted stamps to represent different amounts. He thus invented a substitute for fractional silver. Spinner?s initial idea was to paste period postage stamps onto cut pieces of U.S. Treasury letterhead. The crude proofs shown are from the archives of the National Numismatic Collection of the Smithsonian?s Museum of American History. They came from Herman Crofoot who donated Spinner?s personal collection of postage stamp mock-ups and currency proofs to the Smithsonian in the 1960s. Spinner?s designed mock-ups depicts all 4 denominations: 5, 10, 25 and 50 cents. The 50? contains Spinner?s signature approving the design. All 4 denominations were mounted on a single large card; we?ve digitally cut the images to provide more detail. A rough design, but he was on the right track. The next piece with an unknown origin, was from the Stack?s sale of John Ford?s collection. It is an extraordinary and historically crucial experimental essay used in the development of postage currency. Unlike all previous coin replacement ideas, this piece has no mercantile connection suggesting that is was quite possibly created by the National Bank Note Company (aka NBNC) for Spinner as a way to progress the Treasurers? original idea (pasting stamps onto Treasury paper). Telltale signs like the heavy bond paper and the ?Patent Pending? on the right side are strong clues. Note the outlines reserved for postage stamps and the title in script indicating ?United States 25 Cents Legal Tender?. On the bottom, in block letters, ?POSTAGE STAMP CURRENCY? suggests that the NBNC presented this to Spinner as their concept of how federally issued postage stamp currency could look. By pasting (five) 5? stamps in the outlines, a 25? postage stamp currency note is created. ___________________________________________________________Paper Money * Sept/Oct 2019 * Whole No. 323_____________________________________________________________ 321 This design was never advanced but with the stamps attached the note would have appeared like this: While Spinner was on the right track, he realized early on that these early proofs and essays were not sustainable. Having to glue millions of stamps onto millions of pieces of Treasury paper was not a viable and sustainable solution. Then he came up with the ?EUREKA!!? moment. As with most great ideas, the key component of success is simplification. Instead of attaching stamps to a piece of Treasury paper, why not print the currency with the images of the stamp? It was sublimely simple and brilliant. In a 2 step printing process (front and back) a sheet of postage currency could be easily produced. It was efficient, cost effective and most importantly great quantities could be produced quickly?something the country urgently needed. Shown is the next step in the process towards the finished product. The 50? example is a work in progress ?Postage Stamp? proof. With close inspection, we can see that the ?50? on the top corners are hand inked and glued onto the proof. The ?US? shield below the center stamp is glued onto the proof too. ___________________________________________________________Paper Money * Sept/Oct 2019 * Whole No. 323_____________________________________________________________ 322 Citing Tom O?Mara?s article from SPMC Paper Money January/February 2003: The following four notes are examples of artist designs, which are partially drawn or hand pasted notes. These notes combine both hand drawn and cutout printed design pieces pasted onto cardboard. For example, on the 5? note the center stamp vignette, the ?5? on dies on either side, and the four-corner scroll work, are pasted on printings, while the borders and wording are hand drawn with a watercolor type ink. On the 10? artist design the top corner paste on scroll work fell off over the years. The positioning of the ?POSTAGE STAMP? titles are different on the next 25? progress proofs. Notice the fonts change from a solid form to an open outline. With a clear vision, Spinner mobilized to produce specimen proofs, something that Congress would approve. His initial proofs are remarkably similar to the final circulating examples. One of the major difference is on the top of the note. The initial proofs were called ?POSTAGE STAMPS?...the final circulating notes were renamed ?POSTAGE CURRENCY?. The other difference is on the bottom left of the Postage Stamp note; the familiar ?NATIONAL BANK NOTE? imprint is missing. Regular first issue obverses all have the NBNC imprint, the early proofs do not. With these hand worked artist drawn proofs deemed acceptable, Spinner had the following proofs printed. ___________________________________________________________Paper Money * Sept/Oct 2019 * Whole No. 323_____________________________________________________________ 323 Note that there is a pencil ?X? on top of ?STAMPS? and a pencil inscription to the immediate right that states ?CURRENCY?. The idea to change the title from ?STAMPS? TO ?CURRENCY? was logical. Postage Currency was a Treasury product and not a U.S. Post Office product. In future issues (2nd ? 5th), Postage Currency was renamed Fractional Currency. The nomenclature ?POSTAGE? and ?STAMPS? was abandoned forever and all ties to the Postal Service were severed. There are 2 examples of postage currency proof reverses donated by Crofoot. These earliest of examples currently reside at the Smithsonian. Like the obverses shown above, they are mounted on cardboard and show similar foxing. Both contain a pencil notation simply stating ?Back.? ___________________________________________________________Paper Money * Sept/Oct 2019 * Whole No. 323_____________________________________________________________ 324 It should be noted that there were several versions of essays produced, some on different paper and several with different color inks. These very rare essays contain the original design but were printed in green ink. They were never adopted, but it shows how Spinner was experimenting. From the 2005 O?Mara sale is a postage currency essay printed on white paper (as opposed the tan paper used in the regular issue) and printed in black ink. A unique variant that was never adopted. From the 1904 Chapman and the 1997 Friedberg sales is a fascinating 5? essay printed on a soft yellow paper and a dull black ink (instead of the brown ink we see on regular issue postage currency). DESIGN COMPLETED With design set and the word ?STAMPS? at the note?s top jettisoned, Spinner had quite a few narrow and wide margin ?POSTAGE CURRENCY? specimens made by the National Bank Note Company. They are the final test pieces before circulating currency was issued. ___________________________________________________________Paper Money * Sept/Oct 2019 * Whole No. 323_____________________________________________________________ 325 The reverse contain no NBNC imprint, however as a security measure during the regular issue production of Postage Currency the reverses were printed by the American Bank Note Company which explains why there are some reverses with the monogram (ABNC) and some without (NBNC). Once in production the Treasury printed nearly 125 million Postage Currency notes. The breakdown per denominations is as follows: Value Number Issued 5? 44,857,780 10? 41,153,780 25? 20,902,784 50? 17,263,344 From a historical perspective the contribution made by Spinner is remarkable bordering on miraculous. When one considers all the flawed stopgap measures undertaken by enterprising Americans during the early 1860?s, what Spinner accomplished makes this one of the great achievements of the 19th century. Spinner led the way in stabilizing the U.S. economy during a very tenuous time (Civil War era) and placed control of the U.S. circulating money supply back where it belongs? in the hands of the U.S. Treasury, where it still ___________________________________________________________Paper Money * Sept/Oct 2019 * Whole No. 323_____________________________________________________________ 326 resides today. Imagine going into a store buying some goods and not knowing if you were going to receive token, stamps, encased postage, private scrip, etc. in change. Unnerving indeed. The U.S. public didn?t love postage and fractional currency, but it was a huge improvement and was widely accepted until 1876, when circulating coins were available in enough quantities to finally retire fractional currency. Thank you General Spinner! A great deal of thanks and support has to be extended in composing this article. First on the list is FCCB fractional newsletter editor Jerry Fochtman. Jerry?s tireless fight to make a lot of the images available to the community are to be recognized. Next a thank you to Jennifer Gloede from the Smithsonian for providing the Crofoot images. Thanks also the SPMC editor Benny Bolin for his encouragement, the dearly departed Matt Rothert and Milton Friedberg for their research on the subject. Also to former FCCB President Tom O?Mara for first bringing the Crofoot images to the public and to the wonderful Heritage and Stack?s Bowers archives which contain a treasure trove of information. Last, but certainly not least, a big debt of gratitude for my son David?s excellent editing skills. W_l]om_ to Our N_w M_m\_rs! \y Fr[nk Cl[rk?SPMC M_m\_rship Dir_]tor NEW MEMBERS 07/05/2019 PM14979 Joe Gorak,, Website PM14980 Lawrence Povlow, Website PM14981 John DiLoreto, Website PM14982 Mary G. Holland, Richard Self PM14983 Mark de Jeu, Mark Drengson PM014984 Jim Bernstein, Website PM014985 Sev Onyshkevych, IPMS Show PM014986 Andrew Timmerman, Cody Regennitter PM014987 Robert Wheless, Website PM014988 Michael Granberg, Shawn Hewitt PM014989 Richard Hunter, Frank Clark PM014990 Tim O'Keefe, Robert Moon PM014991 John D. Oxford, Robert Calderman PM014992 Eugene Rowe, Gary Dobbins PM014993 Bobby Swicegood, Website PM014994 James Tremaine, Robert Calderman PM014995 Allan Craven, Website PM014996 John Grost, Website PM014997 James Carroll, Website NEW MEMBERS 08/05/2019 PM014998 Kevin Rumes, Harry Jones PM014999 Mitchell Davis, Website PM015000 Kirk Jackson, Website PM015001 Salvatore Germano Jr, Don Kelly PM015002 Terry Dodd, Robert Calderman REINSTATEMENTS None LIFE MEMBERSHIPS None LIFE MEMBERSHIPS None REINSTATEMENTS None ___________________________________________________________Paper Money * Sept/Oct 2019 * Whole No. 323_____________________________________________________________ 327 Treasury sealing assigned to Treasurer?s office in 1885 Introduction and Purpose The sealing of Treasury currency and certificates was reassigned from the Bureau of Engraving and Printing to the Treasurer?s office in 1885. The purpose of this article is to explain why this was done and how it impacted Treasury currency. The key person responsible for this change was Edward O. Graves, an employee of the Department of Treasury who was a champion for efficiency and Civil Service status for all Treasury employees. Graves served as a trouble shooter for Secretary of the Treasury William Sherman, which resulted in two reports that were highly critical of the Bureau of Engraving and Printing in 1877 and 1881. His reward was to be appointed Chief of the Bureau of Engraving and Printing in 1885, a position he held until 1889, wherein he implemented many of his proposed reforms, among them the transfer of the sealing currency out of the BEP to the Treasurer?s office. Treasury Currency Treasury currency is currency that Congress authorized the Secretary of the Treasury to issue. It included demand notes (1861-1862), legal tender notes (1862-1971), gold certificates (1863-1934), silver certificates (1878-1963) and Treasury notes (1890-1893). Congress also authorized the issuance of bank currency, which encompassed national bank notes (1863-1935) and Federal Reserve notes (1913-present). Federal Reserve bank notes, an emergency supplemental currency with backing similar to national bank notes, were current during 1915-1923 and 1933-1934, The difference between these classes of currency was who was obligated to redeem the notes into legal money. The Treasury itself carried the obligation for all Treasury currency. The bankers were obligated in the case of the bank currency, although ultimate liability for the Federal Reserve notes rests with the United States. The Paper Column by Peter Huntoon Doug Murray Figure 1. This is the very first $20 silver certificate that was sealed in the Treasury building after responsibility for sealing was transferred to the Treasurer?s office from the Bureau of Engraving and Printing in 1885. It carries a small round red Treasury seal because that seal didn?t become available until 1886 before the order containing this note was executed. Heritage Auction archives photo. ___________________________________________________________Paper Money * Sept/Oct 2019 * Whole No. 323_____________________________________________________________ 328 Only Treasury currency was affected by the events described in this article. Sealing of national bank notes continued to be carried out at the Bureau of Engraving and Printing because those notes weren?t considered to be complete unless signed by the issuing bankers. The Big Picture When John Sherman was appointed Secretary of the Treasury by Republican President Rutherford B. Hayes in March 1877, the employment rolls of the Bureau of Engraving and Printing were bloated with patronage appointees and the Bureau was under fire for lax security. Hays advocated in his campaign for a monetary gold standard and for civil service reform in order to base Federal employment on merit rather than political patronage. Former Ohio Congressman and Senator John Sherman was a like-minded Republican who upon appointment as Secretary used his position to further the goals of hard money and fiscal responsibility as Treasury policy. Immediately upon taking office in March 1877, Secretary Sherman appointed a committee of three, chaired by Edward Graves, to examine the operations of the Bureau. The other members were Edward Wolcott of the Comptroller of the Currency?s office and E. R. Chapman of the Internal Revenue Commissioner?s office. Graves had been hired as a clerk under Francis E. Spinner in the Treasurer?s office in 1863. He was promoted to chief clerk in 1868 and then moved on to become chief examiner of the Civil Service Commission. On July 1, 1874, he was appointed as the first superintendent of the newly organized National Bank Redemption Agency within the Treasurer?s office mandated by the Act of June 20, 1874, which provided for an expedited procedure for removing unfit national bank notes from circulation (BEP, 2004). Graves was the ideal candidate to spearhead Sherman?s reviews, having an intimate knowledge of the inner workings of the Treasury Department and progressive views toward reforming it. What the 1877 committee found in terms of employment was a Bureau payroll bloated by lavish Congressional appropriations that were in turn used to cover appointments made to the workforce on the behalf of Congressmen ?without the regard to the fitness of the appointees or the necessities of the work. * * * Moreover, the Bureau has been made to subserve, to a great extent, the purposes of an almshouse or asylum? (Graves and others, 1877, p. 9). The issue was job creation under the political spoils system whereby Congressmen with a sympathetic ear were finding employment for Union veterans and constituents left bereft from the Civil War by death or infirmity of providers who served the Union. The following examples were provided (Graves and others, 1877, p. 8). We are informed and believe that the force employed in some divisions was for a number of years together twice as great as was required for the proper performance of the work, and that in others it was three times as great as necessary. In one of these divisions a sort of platform had been built underneath the iron roof, about seven feet above the floor, to accommodate the surplus counters. On this shelf, on parts of which a person of ordinary height could not stand erect?deprived of proper ventilation, and exposed in summer to the joint effects of the heated roof above and the fumes of the wetted paper beneath?were placed some thirty or more women who had received appointments, and for whom room must be found. * * * the surplus force stowed away in the loft was entirely unnecessary; and that some of them, at times for lack of occupation, whiled away the time in sleep. * * * In the printing division we found twenty female messengers, sixteen of whom were ostensibly engaged in taking the sheets, as received from the printers, to the examining division. As soon as a few hundred sheets were ready they were taken up on a board and carried by a messenger through a narrow passage to the examiners. The messengers were so numerous as to be actually in each others? way. On our recommendation they have all been discharged and replaced by one man, who takes all the sheets to the examiners on a truck, and finds time for other work besides. Secretary Sherman was so intent on implementing reforms at the BEP that he began instituting changes being suggested by the committee before the report was finalized or published. In the realm of employment, the workforce at the Bureau was reduced from 958 on April 1, 1877 to 367 by June 10th when the report was submitted for publication (Graves and others, 1877). This constituted a 62 percent reduction of the workforce. More reductions followed. ___________________________________________________________Paper Money * Sept/Oct 2019 * Whole No. 323_____________________________________________________________ 329 The committee also examined practices that would provide security against fraudulent issues, which led them to question why Congress had been progressively assigning more work on the notes to the Bureau. The committee concluded ?the public confidence in such security would be promoted by a division of the work between Government and private agencies, each of these agencies doing one or more of the printings necessary to wholly complete any obligation of the Government. * * * we accordingly recommend that at least one plate-printing on all legal-tender notes, national-bank notes, and United States bonds, be executed by capable, experienced, and responsible bank-note companies; and that, if it should be thought advisable to have a greater number of printings done outside of the Bureau, no company be permitted to execute more than one of them upon any obligation. * * * To obtain the full measure of security contemplated by this plan, the plates with which each establishment does its portion of the printing should be prepared by itself, and, together with the stock used in their preparation, should remain in its custody? (Graves and others, 1877, p. 12-13). The purpose for printing Treasury seals on notes was to indicate that they were lawful issues. The responsibility for printing the Treasury seals on legal tender notes was assigned to the National Currency Bureau within the Treasury Department in 1862, a practice deemed appropriate because the seals were the final printing step prior to monetizing the notes. Overprinting them within the Treasury Department allowed the government to maintain ultimate control over this all-important final step in their production and served as a safeguard against spurious issues from the bank note companies. Sealing of national bank notes and gold certificates also was carried out in the Currency Bureau when those currencies came along. The National Currency Bureau evolved into the Bureau of Engraving and Printing. The committee worried that as progressively more plate printing work was turned over to the Bureau, the situation had reached the point by 1877 that people within the Bureau could conspire to turn out fully printed spurious notes. Consequently, a primary recommendation of the committee was to divide the work between the Bureau and bank note companies in order to prevent such spurious issues, but to maintain sealing within the Bureau as the final printing step. Allowing the Bureau do all the work except sealing wasn?t even contemplated. However, that idea did germinate within a few years! Secretary Sherman left office in 1881, having been elected again to the Senate from Ohio where he served for another 16 years before being appointed Secretary of State by President William McKinley in 1897. However, before leaving Treasury in 1881, Sherman again turned to his trouble-shooter Graves and commissioned another report by him to evaluate criticism leveled against the quality of work being turned out by the BEP (New York Times, May 10, 1885). The complaints were being fomented by the bank note companies, which were smarting from the loss of printing contracts to the Bureau. The 1881 committee was seriously critical of the design work on all securities being turned out under the auspices of Chief Engraver George Casilear whose designs were dominated by lettering made using a reproduction process that had been patented by him. See Huntoon (2018). Politicians continued to run against perceived inefficiencies within the Treasury Department and the quality of work being turned out by the Bureau well after Sherman left. In 1884, it was the Democrats turn when Grover Cleveland ran a successful reform campaign that specifically targeted the Treasury Department. President Cleveland appointed Daniel Manning as his Secretary of the Treasury on March 8, 1885, four days after taking office. Manning had worked his way up from modest means to become president of the Albany Argus newspaper and president of The National Commercial Bank of Albany. He was a close friend and supporter of Samuel J. Tilden, New York?s former Democratic governor and 1876 presidential candidate, whom he collaborated with to oppose the corruption of New York City?s Tammany Hall politicians. Cleveland appointed Manning to the Secretary post as a reformer on Tilden?s recommendation. (New York Times, Dec 25, 1887). It is apparent that agitation by the bank note companies coupled with Grave?s reports had made Manning weary of the BEP. On April 16, he removed Chief Engraver Casilear as Superintendent of Engraving and Transferring (New York Times, Apr 17, 1885). ___________________________________________________________Paper Money * Sept/Oct 2019 * Whole No. 323_____________________________________________________________ 330 Secretary Manning next appointed Conrad N. Jorden as U. S. Treasurer on May 1st. Jordan was an accomplished New York banker with a solid reputation for creating order out of the chaos of the failure of the Gold Exchange Bank in 1869. He later served as Treasurer of the New York, Ontario and Western Railroad, where it was said he looked after the interests of former governor Tilden in that corporation (New York Times, Apr 23, 1885). Jordan was a reformer who helped the Cleveland campaign draw up plans to clean up the Treasury Department. It was Manning?s objective that Jordan bring business acumen to the Treasury Department upon his appointment. With this aggressive reform team in place, it was all but pre-ordained that they would identify and appoint Edward Graves to head the Bureau of Engraving and Printing as its Chief. He had been promoted to Assistant Treasurer in 1883. His appointment to head the Bureau was made by Manning on May 9, 1885, expressly ?to carry out his intention to have sound business methods have something to do with the administration of a bureau which needs improvement? (New York Times, May 10, 1885). In short order, marching orders came down from Secretary Manning to the Bureau?a Bureau now headed by a Chief who was entirely on board with the orders and who had a hand in formulating them. Manning?s order is reproduced in its entirety with emphasis added to highlight directives that impacted the manufacture of Treasury currency. Notice that the radical step was being taken to move sealing of it from the BEP to the Treasurer?s office within the Treasury building where the Treasurer could exercise complete control over that all-important final step in its manufacture. Not only would sealing be carried out there, the notes also would be separated there as well. Treasury Department Office of the Secretary Washington, DC June 20, 1885 Rules and Regulations regarding the printing, delivery, sealing and separating of U. S. Notes and Certificates: It is hereby directed that U. S. Notes, Gold, and Silver Certificates, and Certificates of Deposit, Act of June 8, 1872 shall be printed and the serial numbers placed thereon by the Bureau of Engraving and Printing, and that such notes and certificates shall be delivered to the Treasurer of the United States unseparated, and in the sheets of paper upon which the same are printed. Delivers shall be made only upon requisitions of the Treasurer of the U. S. and such requisitions shall state the number of sheets of each denomination required and shall also specify the numbers of the notes Figure 2. Reform management team at the Treasury Department who oversaw moving the currency sealing operation from the Bureau of Engraving and Printing to the Treasury Building in 1885. Left: Secretary of the Treasury Daniel Manning, center: Treasurer Conrad Jordan, right: BEP Chief Edward Graves. ___________________________________________________________Paper Money * Sept/Oct 2019 * Whole No. 323_____________________________________________________________ 331 to be delivered. A new series of numbers shall be placed upon the notes and certificates to be delivered under these regulations, commencing with number one on each denomination. The Treasurer shall receipt to the Chief of the Bureau of Engraving and Printing, which receipt shall specify the number of sheets of paper containing unfinished notes or certificates of the denominations, numbers and amounts delivered. The Chief of the Bureau of Engraving and Printing shall make a detailed report to the Secretary of the Treasury of all unfinished notes and certificates delivered by hand to the Treasurer. The Treasurer shall make requisitions for all U. S. Notes, only in amounts corresponding with such amounts of notes as have been redeemed, cancelled and delivered to the proper officers for destruction by maceration, and for which he shall have their receipts. Requisitions for Gold, Silver and Currency Certificates shall be made by the Treasurer whenever he shall deem that the interests of the public service and the laws make a further supply necessary. Upon ascertaining by count, the correctness of the amount of U. S. Notes, and Gold and Silver Certificates purporting to have been delivered to him, the Treasurer shall charge himself with a like amount of money. The Treasurer shall hereafter be charged with the duty of placing the imprint of the Seal of the Treasury upon all U. S. Notes, Gold and Silver Certificates, and Certificates of Deposit of the Act of June 8, 1872. The Treasurer shall also cause the notes and certificates to be separated and prepared for issue. The Treasurer shall make to the Secretary of the Treasury such detailed reports of unfinished notes and certificates received by him from the Chief of the Bureau of Engraving and Printing, and of finished notes and certificates issued and redeemed by him, as may be required for the use of this office. D. Manning Secretary Sealing goes to the Treasurer?s Office Manning wrote the following in his annual report for 1885 (Manning, 1885, p. 491). The method in which United States notes and gold and silver certificates were issued at the time when the present Treasurer [Conrad N. Jordan] assumed the duties of the office appeared to him to lack the security which is had in every institution where such instruments of credit are issued. In order to remedy this defect, in part, the imprinting of the seal of the Treasury on the newly-printed notes was transferred from the Bureau of Engraving and Printing to this office. The incomplete notes are now received by the Treasurer and completed by the imprint of the seal, then cut and separated under his supervision. An internal memo dated January 27, 1908 to Assistant Secretary Edwards in the Treasurer?s office introduced into a Congressional appropriation hearing in 1908 fleshes out Manning=s decision (House of Representatives, Jan 28, 1908, p. 518). In 1885, when the control of the Treasury Department passed into the hands of a new political party, the officers who were charged with the responsibility and payment of these notes as obligations of the Government, after very careful and full consideration of the situation, reached the conclusion that it was unsafe to trust the final completion of the notes to the same establishment that manufactured them. They held that inasmuch as the officials of the Bureau of Engraving and Printing were not bonded officers and were only responsible for the delivery of perfect and imperfect notes to balance the blank paper received by them that they should not be authorized to authenticate the notes or convert them into a money obligation of the Government. They held that the final authentication of the notes should be made by the officer who was responsible for the money thus produced - this is, the Treasurer of the United States. They also held that there was a danger in transporting the completed notes through the streets from the Bureau to the Department. The central issue was who should have the authority to complete the transformation of pieces of paper into currency. Those concerned felt that it was appropriate for Treasurer to carry out that final step inside the Treasury building. Two seemingly gratuitous secondary issues were raised to bolster the argument, probably because they could be more easily understood by the public than the subtle concept of completing a note. First, there was a risk of theft of completed currency as it was being transported between the BEP and the Treasurer?s office, and second, the Director of the Bureau of Engraving and Printing was not a bonded official. Chief of the BEP Graves wrote the following in his 1885 annual report (Graves, 1885, p. 307-308): ___________________________________________________________Paper Money * Sept/Oct 2019 * Whole No. 323_____________________________________________________________ 332 Since the close of the fiscal year an important change has taken place in the method of finishing United States notes. A committee of officers of the Department was directed by the Secretary of the Treasury, on May 29, to devise and recommend to him a plan for imprinting the seals upon United States notes, and gold and silver certificates, and for separating the same, under the direction and supervision of the Treasurer of the United States. The committee, in its report, submitted the following propositions: 1. That public policy requires that there should not only be absolute security against fraud and overissue in the engraving and printing of the public securities, but that the public should be assured in some conclusive way that such security exists. 2. That such security can best be attained by intrusting the final authentication of the public securities to other control than that of the mechanical establishment by which they are executed. 3. That this object may be accomplished with reference to United States notes and certificates by intrusting to the Treasurer of the United States the duty of affixing the seal of the United States thereon. 4. That it is indispensable, in order to secure the full assurance of security at which this plan aims, that the imprint of the seal should not be made in the building where the securities are executed, but in the Treasury building, under the direct supervision of the Treasurer of the United States. 5. That, having examined the question, we believe that no legal obstacle exists to the transfer to the office of the Treasurer of the United States of a sufficient number of operatives and machines from the Bureau of Engraving and Printing to perform this duty, and to charging such salaries and other expenses connected therewith to the appropriation for ?labor and expenses of engraving and printing.? 6. That the notes and certificates complete, except as to the imprinting of the seal thereon and the separation thereof, should be delivered by the Bureau of Engraving and Printing to the Treasurer of the United States, and that the responsibility of the Bureau should end and that of the Treasurer begin upon such delivery. 7. That, in order to fully fix the responsibility of the Treasurer of the United States, the notes and certificates should be taken up in the cash account of his office immediately on the imprinting of the seal thereon. This report having been approved by the Secretary, steps were at once taken for the transfer to the Figure 3. Postcard photo taken after 1900 showing the press room in the U. S. Treasury building where rotary presses were used to overprint Treasury seals on Treasury currency. Each press utilized a male pressman and female assistant. ___________________________________________________________Paper Money * Sept/Oct 2019 * Whole No. 323_____________________________________________________________ 333 office of the Treasurer of the United States of the presses, machinery, and operatives required to carry its recommendations into effect. The necessary arrangements were completed on the 16th of July, and on that day the sealing and separating of the notes were begun by the Treasurer?s Office, to which they are transferred by this Bureau unsealed and in sheets. This plan has worked to the satisfaction of all parties concerned. It relieves the Bureau of Engraving and Printing of the risk of holding finished notes, and deprives it of the power to produce perfect securities of any kind. Graves gave up a rather modest operation in 1885. Two pressmen, three separators who cut the sheets into individual notes and three sheet feeders were transferred from the BEP to the Treasurer?s office to seal and separate Treasury currency, along with their budget. Treasurer Jordan included the following statement in his letter accompanying his 1887 budget request to Congress (Jordan, Oct 29, 1885). Mr. E. O. Graves, Chief of the Bureau of Engraving and Printing, has expressed the desire to have those employees of his office who are now engaged in sealing and separating United States notes under my supervision transferred to the rolls of this office. I fully concur as to the propriety of such transfer. The work is being done for the Treasurer?s office, and the persons engaged on it should be paid on the Treasurer?s rolls. The sealing and separating of Federal currency was carried out in the Treasurer?s Issue Division for the next 23 years. Figure 4. Pair of $10 Series of 1880 legal tender notes that bridged the transfer of sealing from the BEP (top note) to the Treasurer?s Office (bottom note). Such pairs exhibit differences between the seals, seal color and/or seal arrangement as is this case here. Serial numbering on the notes sealed in the Treasurer?s office started over at 1 with a different prefix letter so the bottom note is the 405th of its type that was sealed there. The differences that resulted between the two sealing operations explain why two Friedberg numbers were assigned to the Bruce-Wyman pairs that are listed on Table 1. ___________________________________________________________Paper Money * Sept/Oct 2019 * Whole No. 323_____________________________________________________________ 334 Impact on Treasury Currency The sealing of Treasury currency in the Treasurer?s office commenced on July 16, 1885. As per Manning?s order, the sheets were serial numbered at the Bureau of Engraving and Printing beginning with serial number 1, then sent to the Treasurer?s office to be sealed and separated. The transfer of sealing to the Treasurer?s office took place a little over five weeks into the Rosecrans-Jordan era, before any sheets bearing Rosecrans-Jordan signatures were available. Consequently, many of the first sheets to be sealed in the Treasurer?s office carried the then obsolete Bruce- Wyman Treasury signatures. In due course, Rosecrans-Jordan plates became available for the heavily used denominations and sheets with those signatures followed. Plates for the low-demand high denominations were made on an as- needed basis. As a result, the first printings from them could arrive at the Treasurer?s office years after the transfer, thereby skipping one or more Treasury signature combinations in the process. The before and after data for all the Treasury currency that bridged the transfer is summarized on Table 1. The definitive character of the post-transfer printings is that serial numbering restarted at 1 on all of them. All those serial numbers were blue. A Mystery Something strange occurred with the Series of 1880 legal tender notes after the sealing operation was transferred to the Treasurer?s office. Doug Murray?s analysis of delivery data in the annual reports of the Bureau of Engraving and Printing for 1885-1890 reveals that the following notes were printed and numbered at the BEP, then delivered to the Treasurer?s office for sealing but never seen again. $1 Bruce-Wyman A1-A1636000 $2 Bruce-Wyman A1-A984000 $2 Rosecrans-Jordan A984001-A1052000. The next shipments of Series of 1880 $1 and $2 LTs carried Rosecrans-Huston signatures and started at serials A1636001 and A1052001, respectively. Murray?s finding is supported by a complete lack of reported notes from these serial number ranges in Gengerke?s census. Despite the reality that none of the phantom notes has ever turned up, they were assigned Friedberg catalog numbers; respectively, 30a, 52a and 52b. We have yet to find documentation explaining this peculiar situation. It appears they were destroyed. Aftermath Years after the sealing operation was transferred to the Treasurer?s office, the fact that the work was taken from the BEP began to rankle BEP management, particularly because it was born of mistrust Figure 5. Owing to the mysterious disappearance of the Bruce-Wyman and Rosecrans-Jordan $2 notes that were sealed at the Treasurer?s office, this is the lowest reported $2 from that operation. Notice that the serial number on the note is only 559 above the last Rosecrans- Jordan note that was sealed. ___________________________________________________________Paper Money * Sept/Oct 2019 * Whole No. 323_____________________________________________________________ 335 (BEP, 1962). There was agitation at the Bureau to get it back and thereby trust the Bureau to deliver finished currency to the Treasury. There were some in the Treasury who also were in favor because they wanted to receive completed separated notes and, also, they wanted to get the industrial sealing and separating operation out of the Treasury Building with its noise and fumes. After all, when people thought of the Treasury Building, the expectation was that it was filled with white collar employees! Having the sealing and separating operations in a different facility than the intaglio printing and numbering struck the cost-cutting Republicans in Congress as inefficient as they eyed the Treasury Department during the latter part of Theodore Roosevelt presidency. Joseph P. Ralph, a particularly aggressive BEP Director who assumed the position in 1908, seized on this mood as a wedge to pry the sealing operation away from the Treasurer. That story is developed in detail in Huntoon and Lofthus (2014). Ralph accomplished the job by having his engineers write the specifications for a high-speed rotary overprinting press that would not only print the seals and serial numbers on the sheets, but also cut and collate the notes from the sheets in one operation. He contracted with the Harris Automatic Press Company to build the machines and then sold the concept as a fait accompli to Congress as one offering significant cost savings. Not only did the sealing operation go back to the BEP in 1910, the Bureau invented the concept of star replacement notes to maintain the count of notes in the streams that came from the presses. This innovation was required because the machines were producing finished notes so an efficient process was required to cull the misprints in note rather than sheet form without crippling production rates. Incidentally, another of Graves? primary goals came to fruition. On June 29, 1888, President Grover Cleveland ordered that virtually all of the positions in the Bureau be covered by the Civil Service Act while Graves was Chief (BEP, 1962, p. 55). References Cited Bureau of Engraving and Printing, 1885-1890, Reports of the operations of the Bureau of Engraving and Printing for the fiscal year: U. S. Government Printing Office, Washington, DC. Bureau of Engraving and Printing, 1962, History of the Bureau of Engraving and Printing, 1862-1962: U. S. Government Printing Office, Washington, DC, 199 p. Bureau of Engraving and Printing, 2004, A brief history of the Bureau of Engraving and Printing: BEP Historical Resource Center, Washington, DC, 30 p. Gengerke, Martin, on demand, The Gengerke census of U. S. large size currency: gengerke@aol.com. Graves, Edward O., 1885, Report of the operations of the Bureau of Engraving and Printing: p. 312-313; in, Manning, Daniel, Annual report of the Secretary of the Treasury on the state of the finances for the year 1885, vol. 1: U. S. Government Printing Office, Washington, DC, 745 p. Graves, Edward O., Edward Wolcott and E. R. Chapman, June 10, 1877, Report on the Bureau of Engraving and Printing made by the Committee of Investigations appointed by the Secretary of the Treasury: Government Printing Office, Washington, DC, 52 p. with 10-page supplement consisting of an exchange of letters written by Secretary of the Treasury John Sherman and Chief of the Bureau of Engraving and Printing, Edward McPherson. House of Representatives, Jan 28, 1908, Seals on United States notes; in, Appropriation Hearings for 1909: Government Printing Office, Washington, DC, p. 509-518. Huntoon, Peter, and Lee Lofthus, Nov-Dec 2014, The birth of star notes, the back story: Paper Money, v. 53, p. 400-411. Huntoon, Peter, Mar-Apr 2018, Patented lettering on Bureau of Engraving and Printing products: Paper Money, v. 57, p. 93-107. Jordan, Conrad, October 29, 1885, Letter from the U. S. Treasurer to Secretary of the Treasury Daniel Manning, submitted as Appendix E with Estimates of Appropriations for 1887: U. S. Government Printing Office, Washington, DC, p. 264. Manning, Daniel, Secretary of the Treasury, June 20, 1885, Rules and Regulations regarding the printing, delivery, sealing and separating of U. S. notes and certificates: Bureau of Engraving and Printing, Copies of Official and Miscellaneous Letters Sent, v. 41, p. 791, U. S. National Archives, College Park, MD (318:450/79/06, v. 41). Manning, Daniel, 1885, Annual report of the Secretary of the Treasury on the state of the finances for the year 1885, vol. 1: U. S. Government Printing Office, Washington, DC, 745 p. New York Times, Apr 17, 1885, Notes from the Capital. New York Times, Apr 23, 1885, A new Treasurer chosen; Mr. Wyman resigns; and Mr. Jordan is appointed. New York Times, May 10, 1885, Promotion for merit; a proof of sincerity in civil service reform; the appointment of Edward O. Graves as Chief of the Bureau of Engraving and Printing. New York Times, Dec 25, 1887, Mr. Manning?s career; outline of the life of one who made himself. United States Statutes, Jun 20, 1874, An Act fixing the amount of United States notes, providing for a redistribution of the national- bank currency, and for other purposes: Government Printing Office, Washington, DC. ___________________________________________________________Paper Money * Sept/Oct 2019 * Whole No. 323_____________________________________________________________ 336 F ig u re 6 . B ri d g e p a ir th a t sp a n s d if fe r en t T re a su ry si g n a tu re c o m b in a ti o n s. T a b l e 1 . T r e a s u r y c u r r e n c y t h a t b r i d g e d t h e t r a n s f e r o f s e a l i n g i n J u l y 1 8 8 5 f r o m t h e B u r e a u o f E n g a v i n g a n d P r i n t i n g t o t h e U . S . T r e a s u r e r ' s o f f i c e . S e a l i n g a t t h e B u r e a u o f E n g r a v i n g a n d P r i n t i n g S e a l i n g a t t h e U . S . T r e a s u r e r ' s o f f i c e S e r i a l S e r i a l T y p e S e r i e s D e n T r e a s u r y S i g s B l o c k L t r S e a l F r . # T r e a s u r y S i g s 1 B l o c k L t r 2 S e a l F r . # L T 1 8 8 0 1 B r u c e - W y m a n Z ( r e d ) l a r g e b r o w n w i t h s p i k e s 3 0 R o s e c r a n s - H u s t o n A ( b l u e ) l a r g e r e d w i t h s p i k e s 3 1 $ 1 B r u c e - W y m a n A 1 - A 1 6 3 6 0 0 0 p r i n t e d b u t n o t i s s u e d 1 8 8 0 2 B r u c e - W y m a n Z ( r e d ) l a r g e b r o w n w i t h s p i k e s 5 2 R o s e c r a n s - H u s t o n A ( b l u e ) l a r g e r e d w i t h s p i k e s 5 3 $ 2 B r u c e - W y m a n A 1 - A 9 8 4 0 0 0 & R o s e c r a n s - J o r d a n A 9 8 4 0 0 1 - A 1 0 5 2 0 0 0 p r i n t e d b u t n o t i s s u e d 1 8 8 0 5 B r u c e - W y m a n Z ( r e d ) l a r g e b r o w n w i t h s p i k e s 7 2 B r u c e - W y m a n A ( b l u e ) l a r g e r e d r o u n d 7 3 1 8 8 0 1 0 B r u c e - W y m a n Z ( r e d ) l a r g e b r o w n w i t h s p i k e s 1 0 2 B r u c e - W y m a n A ( b l u e ) l a r g e r e d r o u n d 1 0 3 1 8 8 0 2 0 B r u c e - W y m a n Z ( r e d ) l a r g e b r o w n w i t h s p i k e s 1 3 2 B r u c e - W y m a n A ( b l u e ) l a r g e r e d r o u n d 1 3 3 1 8 8 0 5 0 W y m a n - B r u c e Z ( r e d ) l a r g e b r o w n w i t h s p i k e s 1 5 6 J o r d a n - R o s e c r a n s A ( b l u e ) l a r g e r e d r o u n d 1 5 7 1 8 8 0 1 0 0 B r u c e - W y m a n Z ( r e d ) l a r g e b r o w n w i t h s p i k e s 1 7 3 R o s e c r a n s - J o r d a n A ( b l u e ) l a r g e r e d r o u n d 1 7 4 1 8 8 0 5 0 0 B r u c e - W y m a n Z ( r e d ) l a r g e b r o w n w i t h s p i k e s 1 8 5 - f R o s e c r a n s - J o r d a n A ( b l u e ) l a r g e r e d r o u n d 1 8 5 - g 1 8 8 0 1 0 0 0 B r u c e - W y m a n Z ( r e d ) l a r g e b r o w n w i t h s p i k e s 1 8 7 - b R o s e c r a n s - J o r d a n A ( b l u e ) l a r g e r e d r o u n d 1 8 7 - c S C 1 8 8 0 1 0 B r u c e - W y m a n B ( b l u e ) l a r g e b r o w n o v e r X 2 8 9 B r u c e - W y m a n A ( b l u e ) l a r g e r e d r o u n d 2 9 0 1 8 8 0 2 0 B r u c e - W y m a n B ( b l u e ) l a r g e b r o w n o v e r X X 3 1 1 B r u c e - W y m a n A ( b l u e ) s m a l l r e d r o u n d 3 1 2 1 8 8 0 5 0 B r u c e - W y m a n B ( b l u e ) l a r g e b r o w n o v e r L 3 2 7 R o s e c r a n s - H u s t o n A ( b l u e ) l a r g e b r o w n w i t h s p i k e s 3 2 8 1 8 8 0 1 0 0 B r u c e - W y m a n B ( b l u e ) l a r g e b r o w n o v e r C 3 4 0 R o s e c r a n s - H u s t o n A ( b l u e ) l a r g e b r o w n w i t h s p i k e s 3 4 1 G C 1 8 8 2 2 0 B r u c e - W y m a n A ( b r o w n ) b r o w n e a r l y s c a l l o p e d 1 1 7 6 R o s e c r a n s - H u s t o n C ( b l u e ) l a r g e b r o w n w i t h s p i k e s 1 1 7 7 1 8 8 2 5 0 B r u c e - W y m a n A ( b r o w n ) b r o w n e a r l y s c a l l o p e d 1 1 9 0 R o s e c r a n s - H y a t t C ( b l u e ) l a r g e r e d w i t h s p i k e s 1 1 9 1 1 8 8 2 1 0 0 B r u c e - W y m a n A ( b r o w n ) b r o w n e a r l y s c a l l o p e d 1 2 0 3 R o s e c r a n s - H y a t t C ( b l u e ) l a r g e r e d w i t h s p i k e s 1 2 0 4 1 8 8 2 5 0 0 B r u c e - W y m a n A ( b r o w n ) b r o w n e a r l y s c a l l o p e d 1 2 1 5 - c R o s e c r a n s - H y a t t C ( b l u e ) l a r g e r e d w i t h s p i k e s 1 2 1 5 - d 1 8 8 2 1 0 0 0 B r u c e - W y m a n A ( b r o w n ) b r o w n e a r l y s c a l l o p e d 1 2 1 8 - b R o s e c r a n s - H y a t t C ( b l u e ) l a r g e r e d w i t h s p i k e s 1 2 1 8 - c 1 8 8 2 5 0 0 0 B r u c e - W y m a n A ( b r o w n ) b r o w n e a r l y s c a l l o p e d 1 2 2 1 - b R o s e c r a n s - H y a t t C ( b l u e ) l a r g e r e d w i t h s p i k e s 1 2 2 1 - c 1 8 8 2 1 0 0 0 0 B r u c e - W y m a n A ( b r o w n ) b r o w n e a r l y s c a l l o p e d 1 2 2 3 - b R o s e c r a n s - H y a t t C ( b l u e ) l a r g e r e d w i t h s p i k e s 1 2 2 3 - c 1 . T h e T r e a s u r y s i g n a t u r e s a r e l i s t e d h e r e i n t h e l e f t t o r i g h t o r d e r i n w h i c h t h e y a p p e a r o n t h e n o t e s . 2 . S e r i a l n u m b e r i n g b e g a n a t 1 . T h e s e r i a l n u m b e r s w e r e p r i n t e d a t t h e B u r e a u o f E n g r a v i n g a n d P r i n t i n g . ___________________________________________________________Paper Money * Sept/Oct 2019 * Whole No. 323_____________________________________________________________ 337 $100 Counterfeit Federal Reserve Notes by Bob Ayers In 2004 Doug Murray alerted the community by describing in detail the characteristics of the counterfeit 1914 $100 Federal Reserve Notes (FRN) (see Paper Money for Mar/Apr 2013, Russian Fakes). Doug?s article made me curious as to how these notes came to be produced, and after some very helpful correspondence with Doug, I decided to make an effort to find out the story behind them. Little did I know at the time that I was about to embark on a story involving an old Soviet program directed by Stalin himself. My curiosity obliged me to enter into a series of Freedom of Information requests, study contemporary coverage of this counterfeiting program, understand the role that US organised crime played in the program, and try to determine what was the actual truth from the memoirs of a Soviet GRU (Military Intelligence) General. I found the effort to correlate all the various - and often contradictory - sources to determine what really happened extremely difficult, even for an old intelligence officer like myself. Here is what I found?. Origins of the counterfeiting program The USSR introduced their first Five-Year plan for 1928-1933. The plan called for massive industrialization of the Soviet Union. The problem that confronted Josef Stalin was quite simple - the USSR was broke and had little to no foreign exchange with which to buy the materials called for in the Five-Year plan. The answer was quite simple, especially for an old pre-Soviet era bank robber like Stalin: he would solve the problem by counterfeiting approximately $10,000,000 of US currency. Like most government programs, various other reasons were found to rationalize the counterfeiting program. The Soviet New York Residency (Covert Espionage Office) needed hard cash to support its operations in America, and according to W. G. Krivitsky, a General in Soviet Military Intelligence (GRU) who eventually defected to the US in 1938, the original purpose of the counterfeiting scheme was to pay for Soviet operations in China and Asia. The operation was approved in 1928 or early 1929, and Stalin appointed Alfred Tilton (the First USSR Resident in New York) as the Director of an American Counterfeiting effort and Nicholas Dozenberg as the Deputy Director. Shortly after this, Dozenberg replaced Tilton as the Resident in New York. Preparation for the Counterfeiting Program The first decision was about what to counterfeit. Large ($500 or higher denomination banknotes) were considered too difficult to pass and were in any case comparatively scarce, while smaller notes were not cost effective to produce. So the decision was made to counterfeit the 1914 $100 Federal Reserve Note (FRN). Banknote information: Dozenberg and one of his American agents, Dr Valentine G. Burtan, a successful New York physician, cultivated contacts at the US Bureau of Printing and Engraving. These contacts were then developed by J. Polyakov, of the Red Army ?Registration Department? (Registrupravlenie or RU) who was sent to the US specifically to exploit these US Treasury contacts. According to Raymond Leonard in his book ?Secret Soldiers of the Revolution?, the BEP contacts were ?several [Federal] employees ? induced to provide technical assistance? with details on the US currency. Banknote Paper. Here is a place where the story gets a bit murky. Leonard states that eventually one of the BEP federal employees, ?actually assisted the Soviets in acquiring a large stock of U. S. banknote paper?. Krivitsky reinforces this contention by stating that the banknotes were printed on ?special stock imported from the United States?. The source for all US banknote paper at the time was Crane Paper Mill Company. Plates and Printing: The Soviet OGPU office (Fourth Department Clandestine Documents bureau) in Moscow was tasked with engraving the plates and printing the counterfeits. This Moscow- centric effort was supported in part by a German engraver in the German Communist Party. Chronology of Passing the Counterfeits Stage 1: The Soviet Operation 1928, Leonard speculates that the first of perhaps millions of counterfeit notes were successfully passed in China, due to the high quality of the counterfeits and dubious Chinese expertise in detecting counterfeit US currency. March 1929, the first counterfeit $100 turned up in a Vienna bank. May 1929, counterfeit notes started appearing in US banks, quickly followed by banks in Geneva, Mexico City, Bucharest, Vienna, Sofia, Shanghai and Berlin. January 1930, the National City Bank of New York discovered $15,000 in counterfeit $100s in a shipment of currency from its Berlin Branch. ___________________________________________________________Paper Money * Sept/Oct 2019 * Whole No. 323_____________________________________________________________ 338 January 1930, German Reichsbank- Directorium warned the US that unless the estimated $25,000 in counterfeit bills were tracked down and eliminated, the Berlin Bankers Association might declare all $100 notes non- negotiable. 23 January 1930, the Berliner Tageblatt published the story of the counterfeit $100 bills and said that the counterfeiters or their location were unknown, but reported that a Franz Fischer, who had been passing counterfeit notes in Berlin had returned to Russia in March 1930. Also on 23 January 1930, General Walter Krivitsky, a professional Soviet Intelligence Agent, learnt of the counterfeiting effort and the identification of Franz Fischer, a result of reading the newspaper story in the Berliner Tageblatt and immediately knew that this was a Soviet Intelligence effort. He had known Fischer was a Soviet Agent since 1920 and had worked with him in the intervening years. 24 January 1930, Berliner Tageblatt announced that a reward had been offered by the Berlin police for the capture of Fischer, and his pictures appeared in railway stations throughout Germany. 26 January 1930, Associated Press article stated that between $75,000 to $100,000 in counterfeit $100s appeared in Havana casinos. 27 January 1930, the Polish government claimed that the State bank was flooded with counterfeits and required depositors of US currency to guarantee they were legitimate and make good any losses to the bank due to counterfeit notes. 29 January 1930, Dr Alphonse Sack, a celebrated German attorney, while defending a client accused of counterfeiting Russian roubles, announced that he could prove that the Russians were counterfeiting US currency from the Russian State Printing office in Moscow. He didn?t! Around this time, Krivitsky met in Rome with a General Tairov, a personal emissary of Stalin who was inspecting Soviet intelligence operations, and expressed grave concerns that any investigation into the counterfeiting effort would expose much of the Soviet intelligence network, not just those directly involved. Krivitsky recommended shutting down the effort to prevent further public exposures (and exposure of real intelligence assets). Tairov said because Stalin was in on the operation, he was reluctant to ask him to shut it down. 5 February 1930, A Polish Communist Party Official was arrested for possession of a several forged US $100 Treasury notes. In the same week, US Secret Service and Berlin police announced that large shipments of counterfeit $100s had been introduced into the Deutsche Bank of Berlin by the small privately-owned banking firm of Sass and Martini. (Note: Several years earlier, Sass and Martini had been covertly bought by the Soviet Government for the express purpose of funnelling a large amount of the counterfeit currency into the banking system.) Police started an investigation, and the owners and managers of the bank disappeared, leaving behind a large quantity of counterfeit US notes. A small number of bills continued to appear for the next several months: 07 March 1930 in Techen, Polish frontier; 30 March 1930 in Mexico City. The police seizure of the Sass and Martini Bank and the following sensational newspaper stories convinced Tairov to ask Moscow to shut down the effort. He consulted Moscow and was told to have Krivitsky do this. May-June 1930, the counterfeiting effort was terminated, and Krivitsky ordered all outstanding counterfeits returned to Moscow. Franz Fischer was exiled to Siberia for his failures in Berlin. Nicholas Dozenberg, who secured technical information like the US Treasury?s serial numbering system, was recalled to Russia and assigned to the American-Roumanian Export Film Company ? a front company for future Soviet espionage in the US. You might think this was the end of the story, but don?t go away! Stage 2: The Mafia Connection In early 1932 Dozenberg and his wife left for Berlin and then went on to the US, where Dozenberg recruited an American communist, Dr Valentine Gregory Burtan, as his Deputy. Dozenberg unilaterally began passing large amounts of $100 bills that he had apparently smuggled out of either Berlin or Moscow. April 1932, Geneva warned European Banks to be on the lookout for counterfeit $100 FRNs. 29 April 1932 Berlin Boersenzeitung reports that counterfeit $100s had once again appeared in Vienna and Budapest. A shady American character named Hans Dechow, or as he was also known ?Count? von Buelow, joined Dozenberg and Burtan in the scheme. Mid-1932, Burtan asked Buelow if he had contacts that could be used to pass a large amount of counterfeit currency. Buelow claimed to be a personal friend of the Minister of Finance for Guatemala, but nothing seems to have come of this relationship. Buelow also said he had another contact, a Chicago Private Detective named ?Smiley? who had contacts with the Chicago underworld. Dr Burtan and Dozenberg green-lighted Buelow?s ___________________________________________________________Paper Money * Sept/Oct 2019 * Whole No. 323_____________________________________________________________ 339 plan to use the Chicago underworld to pass the counterfeits. ?Smiley? handed over $100,000 in bogus notes to members of the Arnold Rothstein gang, who were to receive 30% of the receipts from their counterfeit passing. December 1932, Rothstein gang members used the Christmas shopping season to pass counterfeits. 23 December 1932, the Continental Illinois National Bank and the Northern Trust Company forwarded more than $25,000 in counterfeit currency to the Federal Reserve Bank in Chicago. The Secret Service Chief in Chicago, Captain Thomas M. Callaghan, was called in to examine the bogus notes and declared them identical to the ones that had flooded Berlin and other European capitals in 1928 and 1929. Callaghan initiated a full-scale bank alert that led to an arrest the following morning. 24 December 1932, Frank A. W. Johnson, one of the Chicago mob, was arrested as he tried to exchange 100 of the now obsolete old style $100 notes for ten new $1,000 bills in the First National Bank of Chicago. Johnson?s arrest led police to the Chicago ?Syndicate?, who believed they were passing the bills on behalf of bootleggers afraid of being investigated for income tax evasion if they passed a large amount of currency. The Chicago mobsters were outraged when they discovered they had been duped by Soviet Intelligence. In response to a grant of immunity, the mobsters turned over $40,000 of counterfeit currency still in their possession and agreed to cooperate fully with Federal authorities. ?Count? von Buelow went to New York to report the situation to Dr Burtan. Dr Burtan and Buelow both fled the country to the Mount Royal Hotel in Montreal Canada. The Communist Party back in Moscow ordered Buelow, the only link between the mobsters and the Communist Party, to leave immediately for Europe and lie low until the crisis blew over. 03 January 1932, Buelow ignored his instructions to flee to Europe and boarded a plane to Newark New Jersey, where he was promptly arrested upon his arrival and found to be carrying $30,000 in counterfeit notes. He immediately agreed to turn state?s evidence and testify against his accomplices. 04 January 1932, Dr Burtan was arrested in New York while his Russian supervisor, Nicholas Dozenberg, fled to Moscow. Poor Dr Burtan was now being prosecuted by the US Attorney, pursued by organised crime for tricking them into acting as a Soviet agent, and anxiously watched by Moscow Centre, who were enraged at the bad press he was getting (especially since the USSR was courting the US for diplomatic recognition at the time) and afraid that he would spill the beans in court. Dr Burtan did the only thing possible ? he clammed up and maintained absolute silence about the counterfeiting program for the year leading up to his conviction on 04 May 1934. The trial was rather strange. Burtan was offered immunity if he would testify against his superiors in the scheme but refused the offer. The principal witness against him was his former partner in crime, the American ?Count? von Buelow. Dozenberg?s name never came up during the trial and no evidence was introduced to link the counterfeit program to Moscow. When the trial ended, Burtan was sentenced to 15 years in the North-Eastern Federal Penitentiary at Lewisburg Pennsylvania. Dozenberg snuck back into the US in the late 1930s and finally arrested for espionage in 1940. Dozenberg and Burtan then both appeared before the US House Committee on Un-American Activities (HUAC) where they spent their time claiming innocence and each blaming the other for everything. Finally, both blamed GPU General Walter G. Krivitsky, who in 1938 had defected to the US. 10 February 1941, shortly after the appearance of Dozenberg and Burtan before the HUAC hearings, Krivitsky was found dead in a questionable suicide in New York?s Hotel Belvedere. Stage 3: Reappearance of counterfeit $100s circa 2000. A large horde of uncirculated counterfeit Philadelphia $100 bills appeared around the year 2000. These are pictures of my Soviet counterfeit ___________________________________________________________Paper Money * Sept/Oct 2019 * Whole No. 323_____________________________________________________________ 340 Being unaware of, or having forgotten, the 50- year-old history of the Soviet counterfeiting program, many reputable dealers, auction houses and collectors bought and sold these notes as genuine ? and at substantial prices. That is, until Doug Murray broke the news that these notes were counterfeit at the Memphis show in 2004 and documented these notes as counterfeit. As you can imagine, people who had purchased (for big money) these notes as genuine were not at all happy. The large auction houses and dealers quietly withdrew these notes from. It is unclear as to if the large auction houses or dealers reimbursed purchasers of these bogus notes, as they went silent after the notes were revealed as counterfeit. Conclusions Conclusion 1. The paper used in this program was legitimate US currency paper from Crane paper Mill. I have not been able to verify this, because: A. I wrote to Crane, told them the history of the old Soviet counterfeiting operation and explained that I was researching the operation for the currency collecting community. I then asked if their historical records had any information as to how the Soviets came into possession of official US currency paper. Crane never replied. B. I submitted a FOIA request to the US government asking if the investigation into the 1914 counterfeits had revealed the source of the paper used and specifically whether Crane Paper Mill was involved. After well over a year, I received only a reply saying ?? the Department of Justice can neither confirm nor deny that an exclusion was employed in this particular case, see Attorney General?s memorandum of the 1986 Amendments to the Freedom of Information Act 27DEC1987. Please be advised that this response should not be taken as an indication that an exclusion was or was not used in response to your request?. C. I was advised that if I was dissatisfied with this response, I could ?file a lawsuit in federal district court?. Not being either a lawyer accredited to the Fed or having the deep pockets needed to hire one, I declined to pursue the federal lawsuit. And there this part of the story ends. It does seem, though, that my FOIA inquiry into a 90+ year-old counterfeiting program conducted by a country that went out of business over 30 years ago is still a sensitive subject for the US government. That said, I have good reason to believe that the paper used either came directly from Crane Paper Mill, was diverted while in transit to the BEP, or came from within the BEP itself. Both Leonard and Krivitsky lend credence to this conclusion. Reinforcing this belief is the fact that, when I used a jeweller?s loupe to carefully examine the paper - paying special attention to the blue and red threads in the paper of my own bogus 1914 $100 note ( Philadelphia C519833A) compared to an authentic 1914 Federal Reserve Note - there was no discernible difference between them. Conclusion 2. I do not agree with Leonard?s claim that ?millions? of dollars of counterfeits were passed in China/Asia. The reason is very simple: even assuming that only $1 million were passed, none of these 10,000 notes has ever appeared. Conclusion 3. Dozenberg went rogue. I believe that when Dozenberg returned to the US in 1932 with approximately $125,000 of the old counterfeit currency (which was supposed to have been returned to Moscow when Krivitsky ordered the program was terminated), this was his own decision and not one that originated with Moscow Centre. The Soviets had too much at stake to risk the revelation of the part Moscow played in the original counterfeiting program, especially for the relatively small amount that Dozenberg tried to pass. Perhaps a better indication of Dozenberg?s unsanctioned action and Moscow?s disfavour of it is a statement by Krivitsky before he died that Dozenberg had been purged. Conclusion 4. The 1990s appearance of counterfeit $100s came from the old Soviet bloc (again!). While I have no source data, a couple of factors that may bear on the reappearance of the counterfeit 100s spring to mind. The first is that when Dozenberg returned to the United States in 1932 he passed through Berlin. If, as rumoured, while in Berlin he picked up the large amount of counterfeit 100s that he subsequently passed in the US, did Dozenberg get it all in 1932, or was some still left in Soviet offices in Germany? Secondly, as noted above, when General Krivitsky ordered the original program terminated, he also directed that all the unused notes were to be returned to Moscow. If so, the possibility exists that a stock of the old counterfeits was still around in Moscow. What I find particularly interesting is that the late 1990s appearance of counterfeits from the original 1928/1929 program came as the German Democratic Republic disintegrated (1990) and the Soviet Union collapsed (1991). As the Soviet and East German and Soviet state control systems were falling apart, did some enterprising government official in either Berlin or Moscow discover a stack of the old counterfeit $100s in a musty archive in the basement of a GRU, KGB, or Stasi office and decide to make a few dollars out of the discovery? The coincidence of their ___________________________________________________________Paper Money * Sept/Oct 2019 * Whole No. 323_____________________________________________________________ 341 appearance with the collapsing Communist bloc is a question worthy of further exploration. A few concluding observations are in order. First, the entire Soviet operation to counterfeit US currency was a true comedy of errors. You just couldn?t make it up. For one thing, the Soviets were trying to pass large size US currency counterfeits after the US had already converted to the smaller sized currency. Secondly, the purchase of the Sass and Martini bank to facilitate the passing of the counterfeits was an unmitigated disaster. Within two weeks of Sass and Martini?s deposit of $19,000 into Deutsche Bank, the US Treasury had confirmed that the currency was counterfeit, and immediately after that, Sass and Martini was raided by the Berlin police and the bank shut down. The decision to trick the Rothstein mob into passing the bogus money was at best ill considered. The thought that the average hoodlum (never the sharpest knife in the box) was well suited to walk into a bank with a handful of brand new looking obsolete large sized $100 Federal Reserve notes and smoothly swap the bogus notes for the small sized legitimate ones was wishful thinking. Furthermore, while the Federal punishment for counterfeiting was incarceration, the penalty the Rothstein mob would have levied on whoever tricked them into unknowingly working for the Russians would most likely have been death. Dr Burtan was probably thankful that his 15-year prison sentence took him off the streets! Finally, a concluding word about Doug Murray. Doug made many people unhappy when he discovered and revealed the 1914 $100 counterfeit Federal Reserve Notes. Instead of receiving well-deserved thanks from the community, Doug took a lot of heat for this work, almost as if he was the one who was responsible for the counterfeits! I guess that Claire Luce Booth was right when she said, ?No good deed goes unpunished?. Proof that the Soviet counterfeiting program was very big! ___________________________________________________________Paper Money * Sept/Oct 2019 * Whole No. 323_____________________________________________________________ 342 Depositaries at the Port of Wilmington, North Carolina, during the Civil War and their Endorsements on Confederate 7.30 Notes by Enrico Aidala ? On June 4th, 1862, the Secretary of the Treasury for the Confederate Government, Christopher Gustavus Memminger advertised that: ?...the Treasury Department is now ready to issue Treasury notes of the denomination of one hundred dollars, bearing interest at the rate of two cents per day, in payment of dues or in exchange for ordinary Treasury notes of every denomination.... These notes, being receivable for all dues in the same manner as ordinary Treasury notes, offer to the holder the double advantage of an interest of $7.30 per $100, while retained in his hands, and the capacity of being used as currency whenever he may desire to pay them away. They thus afford an opportunity for investments of small sums at short dates, at the will of the holder.? Three offices of the Treasury organization, the Collector of Customs, Assistant Treasurer, and that of Depositary were all entrusted with the keeping of public funds. The Depositary in each town had the authority to pay out funds on proper warrants and receive and register notes; he managed the notes, giving them to other civil agents (Deputy & Sub Depositary or Collector, Cotton Loan) and to military agents (Commissary of Subsistence, Quartermaster, Paymaster), handing them out, establishing an Interest Date and paying interest every year. With the Union capture of New Orleans, Louisiana, in April 1862 and the fall of Norfolk, Virginia, in May, Wilmington became one of the Confederacy?s most valuable blockade running ports, rivaling Charleston, South Carolina, and Mobile, Alabama. Large amounts of goods vital to the Confederacy, including weaponry, food, and clothing, flowed into the city onboard blockade runners and the city became the main Confederate port on the Atlantic Ocean. Its defenses, mainly due to the presence of Fort Fisher at the outlet of the Cape Fear River, were so sturdy that it resisted Federal occupation until February 1865. James Telfair Miller was a native of Wilmington, educated at Washington College, Hartford, Connecticut, and graduated from that institution. He received his license as an attorney, but never practiced. He entered politics and soon became prominent as a party leader, was elected to the legislature in 1838 and again in 1840, when he declined re-election. He served as Mayor of the city for many years and was also Chairman of the County Court for a long period and Chairman of the Court of Pleas and Quarter Sessions. From 1846 he was president of the Thalian Association that perpetually leased a theatre in Wilmington in 1800, and through the decades sustained the arts and education; among the members of the association also listed were Edward and Henry Savage. In 1854 Miller was appointed Collector of Customs for the Port of Wilmington by President Pierce. Upon the Secession of North Carolina Miller wrote to Memminger asking to continue in that position under the Confederate Government (Fig. 1). With the appointment of Collector of Customs and Depositary of Wilmington, James T. Miller issued some 7.30 notes, mainly Type-39. Michael McNeil, author of the book ?Confederate Quartermasters, Commissaries, and Agents,? describes the endorsement as being of an ?elegant style? (Fig. 2). Fig. 1 June 21st, 1861, application for continuation as Collector of Customs (from Fold3.com), it reads ?We the undersigned formerly acting as Collector, Naval officer and Surveyor for the Port and District of Wilmington NC ??. would respectfully solicit the continuation of our respective offices under the Confederate States of America.? ___________________________________________________________Paper Money * Sept/Oct 2019 * Whole No. 323_____________________________________________________________ 343 In the summer and fall 1862 the outbreak of a yellow fever epidemic caused unimaginable strife in the city, and this in turn posed a potentially disastrous situation for the Confederacy. Introduced into the city by the blockade runner Kate and her sick crewmen on August 6th, 1862, the epidemic affected every aspect of daily life in Wilmington. A mass exodus began and the population of almost 10,000 people rapidly reduced to only 4,000 inhabitants. Among these residents, at least 1,500 and perhaps as many as 2,000 contracted yellow jack. Of those, between 650 and 800 died. The latest dated James T. Miller issued Type- 39 notes seen by many collectors are from September 4th, 1862 (as the one showed here) after the outbreak of the epidemic. After mid-September, Wilmington became a ghost town and all the traffic, offices and works were paralyzed. From the book City of the Dead: The 1862 Yellow Fever Epidemic in Wilmington, North Carolina, by Jim D. Brisson: ?The pestilence did not discriminate. It was, observed James Fulton, editor of the Wilmington Journal ?no respecter of persons, [invading] alike the homes of the poor and of the rich? It spared neither age nor sex. It?turned aside for no profession or calling, no matter how sacred or useful.? According to the Wilmington Journal, the most ?deeply felt? loss during the epidemic occurred on October 7th. James T. Miller, Collector of the Port of Wilmington and Chairman of the New Hanover County court system, was one of the city?s most important figures. Miller?s death presented a problem for the Confederate government. The epidemic had already caused a decrease in the number of supplies that arrived from Wilmington through the blockade, but the death of the chief custom official created an even more chaotic situation. Without the experience of Miller, it became even more difficult to facilitate the transfer of supplies from blockade runners to the Confederate armies that desperately needed them. His death also meant the loss of a valuable law enforcement officer. Under normal circumstances, Miller?s untimely death would have disrupted the city?s judicial system. With so many other jurors sick or absent, his death left Wilmington with virtually no civil authorities.?? From the book Chronicles of the Cape Fear River, 1660-1916 by James Sprunt we find a nice description of Miller: ?James T. Miller, the first president of the Thalian Association, was very active and instrumental in perfecting the organization, but never appeared upon the stage. He took great interest in its success and was always very busy behind the scenes during every performance. Mr. Miller became quite prominent as a party leader, served in the House of Commons, was mayor of the town and also chairman of the Court of Pleas and Quarter Sessions, and from 1854 till his death was collector of customs. Poor Miller! We miss thy familiar form, thy pleasant greeting, thy hearty laugh, thy harmless idiosyncrasies; we miss thee from the favorite spots where friends did mostly congregate to while away the time in pleasant converse and innocent amusement, and thou, the centre of attraction, making all merry with thy playful humor. In the vigor of stalwart manhood, Miller was struck down by the fearful pestilence of 1862, and our city mourned the loss of a most useful, most popular, and most estimable citizen.? James T. Miller is buried in Oakdale Cemetery, Wilmington, North Carolina, Section J, Lot 24, at the moment without any stone marking his resting location. Edward Savage was born in Wilmington in 1821, and at 27 years-old he married Maria Teresa Fernandez, daughter of the Marquis de La Esperanza of Puerto Rico. In 1850 he was a merchant and, at the onset of Civil War, a member of the New York City commission house, Anderson & Savage. He was enlisted as Captain and commissioned to Company D, 3rd Regiment North Carolina Infantry, a company raised by him, on May 16th, 1861. On July the 3rd North Carolina was officially mustered in the Confederate service. On April 26th, 1862 he rose to Major and was transferred to the Field and Staff. He was severely wounded in the hand on June 26th, 1862 in the Battle of Mechanicsville, ?in front of Richmond? as per his muster roll. On July 1st, after the death of Col. Gaston Meares at Malvern Hill, he became Lieutenant Colonel of the 3rd. He was home in Wilmington from July to October 1862 after his wounding. He submitted his resignation due to ?physical inability to properly discharge the duties of my office? and on October 9th a Confederate Fig. 2 Type-39 serial #27841 Ac ?Issued this 4th day of September 1862 Jas. T. Miller Depositary?; below see the 1863 Interest Paid stamp, attributed to Edward Savage, and the 1864 Interest paid stamp by Henry Savage. ___________________________________________________________Paper Money * Sept/Oct 2019 * Whole No. 323_____________________________________________________________ 344 Surgeon found him unfit for military service. His resignation was officially accepted on December 10th, 1862. Three days only after the death of J. T. Miller, the Senator of North Carolina, Geo. Davis, wrote to C. G. Memminger to recommend Maj. Edward Savage for the vacant Collectorship (Fig. 3). As Collector and Depositary at Wilmington, Edward Savage was associated with handling currency and implementing monetary policy for the CSA. As opposed to his younger brother Henry, who will later succeed him in the same office, to my knowledge, his signature never appeared on Confederate 7.30 notes. But we have observed some Treasury notes likely issued by him during his duty. In Fig. 4 you can see a document signed by him and asking to resign with a date and place in Wilmington; above this document a Type-40 note, serial #52410 Aa is endorsed ?Issued Dec 22nd, 1862 Depositary Wilmington.? The style of the writing on the Wilmington Treasury note is almost identical, suggesting a correct attribution to Edward Savage, Depositary. Furthermore, from January 1863 we have found on these Treasury notes two different stamps with the same font, one for issue and another for interest payment. As we will see later, the same font of stamps for interest payment will be present in those for 1864 and 1865 with the name of Henry Savage. In the first months of 1863, Edward was Depositary at Wilmington and we could attribute the new stamps to him. It is logical to suppose that his brother Henry in the following two years improved the design of the stamps by adding his name. As you can see in Fig. 2, Fig. 5 and Fig. 6 the stamps are often found in association on the reverse of the same note, as well as with the signature of J. T. Miller and the Raleigh, NC interest stamps (Henry Savage completed his duties in Raleigh in 1865). Fig. 3 Recommendation of Edward Savage (from Fold3.com). Figure 5 Fig. 4 Request for approval of his resignation by Edward Savage in Wilmington, August 25th, 1862 (above, from Fold3.com) and Type-40 serial #52410 Aa Treasury note ?Issued Dec 22nd, 1862 Depository Wilmington? (below). See the same style for the writing of the word ?Wilmington.? ? Fig. 5 Type-40 serial #50203 An, Issued stamp 8 January 1863, Depository, Wilmington, attributed to Edward Savage, Depositary, and 1864 Interest Paid stamp by Henry Savage (above); Type-41 serial #1715 X, 1864 and 1865 Interest Paid stamps by Henry Savage.? ___________________________________________________________Paper Money * Sept/Oct 2019 * Whole No. 323_____________________________________________________________ 345 Edward had other duties to tend to for the War Department and he hired his brother Henry to work for him performing the duties of the office of Depositary on 30 December 1862, but C. G. Memminger considered that arrangement as nepotism and instructed Edward that he had to let his brother Henry go. Edward apparently hired a clerk to take care of his duties. After about five or six months as a Treasury Agent, Lt. Colonel Edward Savage gave up his position and left from the Port of Wilmington on about April 13th, 1863 for Europe on Government business as Agent for War Department. In 1851-1853 two beautiful houses were built side-by-side in Italianate style by the Wood brothers, with carpentry by James Post, in Wilmington. For the simple and elegant townhouse of Edward Savage, they probably drew on the design for a ?Cubical Cottage in the Tuscan style.? A more eclectic approach was chosen for the residence of Savage?s sister Elisabeth and her husband Zebulon Latimer: a brick house, stuccoed and trimmed in granite, with different stylistic devices. Both houses are part of Wilmington?s historical culture and are open to the public (Fig. 7). Edward sold his house to his brother Henry in 1868 and Henry lived there until his death in 1904. Edward relocated in New York City and, as per the 1880 census, he lived there as a bookkeeper. The Wilmington Morning Star newspaper reported on 4 March 1896 that Edward Savage of Wilmington, North Carolina died that morning in New York City where he had lived since the end of the US Civil War. He is buried in Green-Wood Cemetery, Brooklyn, New York, Lot 11352, Section 106, and even if, at the moment, he has no gravestone or marker, due also to this research, an application to the United States Department of Veterans Affairs will soon give one to him. Henry Russel Savage was born on April 9th, 1834 in Wilmington. He was a merchant and, in 1853, one of the organizers of the Wilmington Light Infantry. In April 1861, at age 26, he entered the Confederate Service with the rank of Junior Second Lieutenant of Company G of the 18th Regiment, North Carolina Infantry. On June 21st, 1861, he was elected Captain. He served in Virginia in the brigade of General Branch and participated in the Battle of Hanover Courthouse and the Seven Days? Battle which threatened Richmond. He escaped serious injury, though he was hit several times; but falling victim to disease as the result of his arduous service and exposure, he was sent to a hospital in Richmond and later allowed to go home on furlough. Four or five months afterwards, having partially recovered strength, he attempted to rejoin his regiment, but, suffering a relapse en route, he went back home in Wilmington. The discharge from the military service was somehow stormy and not completely clear. On November 21st, 1862 Capt. Savage wrote to Thomas J. Purdie, Colonel of his Regiment, tendering his resignation saying ?I cannot endure the exposure of a winter campaign? due to his health problem (Fig. 8); he enclosed a certificate of the Surgeon General of North Carolina, Edward Warren, stating he has a severe attack of typhoid fever. Fig. 6 Type-40 serial #52410 Aa. Below the endorsement, the 1863 Interest Paid stamp, attributed to Edward Savage, the 1864 Interest Paid stamp by Henry Savage, and the 1865 Interest paid stamp at Raleigh, NC. Fig. 7 Edward Savage?s house (right) and Latimer house (left), Wilmington, North Carolina. Fig. 8 Request for approval of resignation by Henry Savage, November 21st, 1862. ___________________________________________________________Paper Money * Sept/Oct 2019 * Whole No. 323_____________________________________________________________ 346 We don?t know exactly what happened, but on December 30th, 1862, Col. Purdie wrote to the Head Quarters in Raleigh, stating that Capt. Savage was absent from his Command from August 1st and had failed since October 1st to furnish any Surgeon?s Certificate for his disability. For those reasons he recommended to drop Capt. Savage from the rolls in the Army in disgrace and to furnish his name to the Commandant of Conscripts for enrollment in the ranks! We can only speculate why this happened! Maybe Col. Purdie had not received the letter and certificate from Savage, maybe there was friction between the officers due to the long absence. For that reason Capt. Henry Savage was dropped from the rolls on January 19th, 1863 and his commission revoked on February 16th. Nevertheless, it is certain that Henry Savage had friends in Wilmington and gained important contacts. He was also married to Jane Parsley Savage, the daughter of Oscar Grant Parsley, who was the Mayor of Wilmington. On March 10th, Mayor O. G. Parsley informed C. G. Memminger that the Collectorship of the city was about to become vacant and suggested the name of Henry Savage for vacancy. On March 19th the Senator of North Carolina, Geo. Davis, a few days after speaking to the Secretary of the Treasury about Capt. Savage, stated that Henry Savage ?as a fit successor of his brother Maj. E. Savage?, wrote to him since he received ?the enclosed recommendation to the same effect. The signers are all well known to me gentlemen characters and the list comprises a majority of the most respectable merchants of Wilmington now engaged in business. I add my own recommendation to theirs.? (from Fold3.com, Confederate Soldiers Service Records, North Carolina, Henry Savage, documents 46-47 and 50). Thus he acknowledged a letter from C. G. Memminger dated March 25th, 1863 appointing him Collector and Depositary Wilmington on April 1st, 1863. On April 11th, 1863 he wrote back to Memminger requesting the right to appoint an assistant, but the duties of the position occupied him until the close of the war. Fig. 9 shows a Type-40 serial #47352 Ag Treasury note with an uncommon interest paid endorsement signed by Henry Savage; as I wrote before, on the notes endorsed during his tenure, he generally used the Wilmington Interest Paid stamps with his name for 1864 and 1865 (Figs. 2, 5, 6). On January 17th, 1865 he sent a telegram stating that he was abandoning his office because of the attack on Fort Fisher, and by January 20th he had established his office in a railroad box car in Raleigh, North Carolina, and moved west as necessity demanded until the fall of the government. After the war he lived in Wilmington, as said before. Henry Savage died the morning of 1 August 1904, and his funeral was conducted from the First Presbyterian Church of Wilmington; a volley was fired at the graveside after which a bugler sounded taps (Wilmington Dispatch, 2 August 1904). He is buried in Oakdale Cemetery, Wilmington, North Carolina, Section C, Lot 8, with his wife and two of their daughters (Fig. 10). In this paper, with the help of some Confederate Treasury notes from my personal collection, the stories of three valuable and respectable gentlemen of Wilmington, North Carolina, could be described in some detail, with perhaps some interest for both collectors and lovers of Confederate States history. Enrico Aidala is a member of the Trainmen, a group of collectors, authors, and researchers who specialize in Type-39, -40, and -41 Confederate Treasury notes and their endorsements. Dr. Aidala resides in Turin, Italy. BIBLIOGRAPHY Confederate Finance. Richard Cecil Todd, The University of Georgia Press. Bill Reaves Collection Family Files Series I, Volume 48. City of the Dead: The 1862 Yellow Fever Epidemic in Wilmington, North Carolina. Jim D. Brisson. University of North Carolina, Wilmington. Chronicles of the Cape Fear River, 1660-1916. James Sprunt, Edward & Broughton Printing Co, Raleigh, 1916. North Carolina Architecture. Catherine W. Bishir, University of North Carolina Press, 2005. Civil War Service Records. Fold3.com. Fig. 9 Type-40 serial #47352 Ag, ?Interest Paid to 1st January 1864 by Henry Savage, Depositary, Wilmington NC.? Fig. 10 Graves of Henry Savage, Jane Parsley Savage, and their daughters, Anna and Isabel, in Oakdale Cemetery, Wilmington, North Carolina. ___________________________________________________________Paper Money * Sept/Oct 2019 * Whole No. 323_____________________________________________________________ 347 L otel & vations: Central States Numismatic Society 81st?Anniversary Convention Schaumburg, I Schaumburg Renaissance H Convention Center April 22-25, 2020 Early?Birds:?April?22???11am?3pm;?$125?Registration?Fee? Public?Hours:?Wednesday?Saturday? No Pesky Sales Tax in Illinois Hotel Reser 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. Visit our website: www.centralstatesnumismaticsociety.org? Bourse Information: Patricia Foley foleylawoffice@gmail.com ? 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 ? $5?Daily?Registraton?Fee?/?$10???4?Day?Pass Wednesday???Thursday???Friday???Saturday Now Including: The Chicago Coin Expo ? a foreign and ancient specialty event Also including: The National Currency Convention ? a rare currency specialty event sponsored by the PCDA Large Size Type Note Signature Changeover Protocols Created Scarce Serial Number Varieties Overview and Purpose It is the purpose of this article to identify and explain some scarce serial number varieties that came about through peculiar circumstances that developed when plates bearing an obsolete signature combination were in concurrent production with those with the new combination following the appointment of new Treasury officials. It was Bureau policy to continue printing from the plates with obsolete signature combinations until they wore out. As plates with the new combination became available, they were sent to press so there was a transition period in which the old and new were in concurrent production. Serial Numbering Protocols The general protocol used for high-volume Treasury currency until 1920 was to segregate the production of the old and new combinations during the signature transition periods, and number the two streams using different serial number block letters for each. Occasionally, however, the notes with the new combination were appended sequentially to the old within the serial number block assigned to the old. Then the issue became how to handle the on-going production from plates with the obsolete signatures after this had occurred. The solution settled upon was that the sheets with the obsolete signatures were accumulated as they continued to be printed until the last of those plates went out of service. Then the entire accumulation was inserted en masse into the on-going serial number sequence where they received what appear to be high out-of-range serial numbers. As a result, the notes in the group are called late-numbered by collectors. From 1920 forward, the production from the plates with the old and new combinations was comingled into a single stream and numbered without regard to the signatures. This greatly streamlined production, but it also created new collecting opportunities. The $1 Series of 1899 silver certificates will be profiled here because there were no breaks in their production so they were caught up in every change that will be discussed. Consequently, if you understand what occurred with the 1899 $1s, you will be able to recognize similar occurrences in other Treasury currency. Table 1 lists the Treasury combinations and serial number block letters for the 1899 $1s. The Paper Column Peter Huntoon Figure 1. E47748890 is a Lyons-Roberts serial number that landed on this Lyons-Treat note when some Lyons-Treat sheets were accidentally placed in the Lyons-Roberts production stream during the changeover between the signature combinations. This is the only reported example. Doug Murray photo. ___________________________________________________________Paper Money * Sept/Oct 2019 * Whole No. 323_____________________________________________________________ 349 Table 1. Treasury signature combinations, dates when current and serial number block letters used for them during the issuance of $1 Series of 1899 Silver Certificates. Register Treasurer Period when Current SC 1899 $1 Block Letters Judson W. Lyons Ellis H. Roberts Apr 7, 1898-Jun 30, 1905 no letter A B D E Judson W. Lyons Charles H. Treat Jul 1, 1905-Jun 11, 1906 H K William T. Vernon Charles H. Treat Jun 12, 1906-Oct 31, 1909 M N R T William T. Vernon Lee McClung Nov 1, 1909-May 17, 1911 V X Y James C. Napier Lee McClung May 18, 1911-Nov 21, 1912 Y Z AA BB EE HH James C. Napier Carmi A. Thompson Nov 22, 1912-Mar 31, 1913 DD James C. Napier John Burke Apr 1, 1913-Oct 1, 1913 none printed Gabe E. Parker John Burke Oct 1, 1913-Mar 23, 1915 KK MM NN RR Houston B. Teehee John Burke Mar 24, 1915-Nov 20, 1919 RR TT UU VV XX YY ZZ BA DA William S. Elliott John Burke Nov 21, 1919-May 1, 1921 DA EA HA MA NA RA William S. Elliott Frank White May 2, 1921-Jan 24, 1922 DA EA HA KA MA NA Harley V. Speelman Frank White Jan 25, 1922-Sep 30, 1927 HA KA MA NA RA TA VA XA Treasury currency applies to notes that were the liability of the Treasury; specifically, legal tender notes, silver certificates and gold certificates that were current during the period of interest. National bank notes, Federal Reserve notes and Federal Reserve Bank notes were classified as bank currency because they were the liability of the issuing banks. Treasury signatures were integral parts of the intaglio designs on large size currency plates during the entire period under discussion. This was troublesome for the Bureau of Engraving and Printing because when one or both Treasury officials changed, the Bureau had on hand printing plates that suddenly became obsolete. Of course, they made new plates with the new officers, but that took time. They also had the option to change the signature(s) on the existing serviceable plates. The general pattern was that the higher the denomination, the more likely it was that signatures would be altered on still serviceable plates. In contrast it was unusual to alter signatures on high-demand low-denomination plates because they would be consumed in relatively short order. In fact, there was only one instance when signatures were altered on the Series of 1899 $1 silver certificate plates. It occurred during December 1909 when ten Vernon-Treat plates were altered to Vernon-McClung. The updating of signatures on plates ceased altogether in 1915 after some higher value Parker-Burke plates were altered to Teehee-Burke. $1 1899 Lyons-Roberts Anomaly The rigid segregation of notes by signature combination accompanying signatures changes was in full force during the Lyons-Roberts/Lyons-Treat transition in 1905. Numbering in the Lyons-Roberts stream was in the E block at the time. The H block was assigned to the first of the Lyons-Treat notes, so numbering of them began at H1. Doug Murray discovered a $1 1899 Lyons-Treat note that bears serial E47748890. Obviously, some Lyons-Treat sheets were misplaced in the Lyons-Roberts stream during the transition period. That find required an educated eagle eye. See Figure 1. Late-Numbered $1 1899 Napier-McClung and Parker-Burke Notes A glitch developed during the transition from Vernon-McClung to Napier-McClung in the Series of 1899 silver certificates. Production of the two combinations was rigorously segregated with the last of the Vernon-McClung notes being numbered in the Y block. However, in what looks like a mistake, Napier- McClung notes were appended to the Y stream instead of being given a new block letter during May 1911. The changeover serial numbers were Y51404000/Y51404001. The dilemma was what should be done with the continuing Vernon-McClung production. It was simply stockpiled until the last of the Vernon-McClung plates left the presses in September 1911. Then the accumulation was inserted as one large group into the on-going sequence of Y-block serial numbers, thus creating a sizable out-of-sequence group of notes with Y68------ serial numbers surrounded by current Napier-McClung?s. The transitions involving the next two 1899 $1 signature combinations, Napier-Thompson and ___________________________________________________________Paper Money * Sept/Oct 2019 * Whole No. 323_____________________________________________________________ 350 Parker-Burke, were handled normally. Specifically, each was assigned a new serial number block so those notes began respectively at D1D and K1K. When the Teehee-Burke plates came along in July 1915, serialing of the Parker-Burke notes was in the RR block. The new Teehee-Burke notes were appended in sequence to it, which yielded changeover serials at R4966000R/R49660001R. Once again, they were faced with the problem of on-going production, this time from obsolete Parker-Burke plates. But there was a lot more of it than had occurred in the Vernon-McClung case. All the remaining Parker-Burke production was accumulated and inserted en masse into the RR block. This huge out-of-range group of 4,608,000 late-numbered notes bearing serials R68736001R to R73344000R was carefully labeled Parker-Burke in the midst of the Teehee-Burke entries in the delivery ledger for the series. The peculiar thing was that the late-numbered $1 1899 Napier-McClung and Parker-Burke cases had been preceded in 1909 during the Vernon-Treat/Vernon-McClung transition within the Series of 1899 $5s. See Table 2 and Figure 4. That case caused the identical hassle and was handled the same way. The expectation is that care would have been taken to carefully honor the protocol of numbering the new combinations with a new block letters thereafter. Figure 2. The Vernon-Treat/Vernon-McClung changeover in 1906 occurred at about serial D82870000. Continued production from obsolete Vernon-Treat plates was accumulated following the changeover and numbered as an out-of-sequence batch in the E-block with serials beginning E25-------. Three specimens from this group are reported. Doug Murray photo. Figure 3. Continued production from obsolete Parker-Burke plates after the Teehee- Burke combination became current at R49660001R was accumulated and inserted as an out-of-sequence batch at R68736001R-R73344000R once the last of the Parker-Burke plates left service. Doug Murray photo. ___________________________________________________________Paper Money * Sept/Oct 2019 * Whole No. 323_____________________________________________________________ 351 Change in 1920 The Elliott-Burke signature combination became current on November 21, 1919, and the first $1 1899 Elliott-Burke plates arrived on the presses on Jan 22, 1920. Big changes had been brewing at the Bureau of Engraving and Printing. Ever increasing demands had all but overwhelmed the Bureau thanks to Liberty Loan Bond production during World War I so there was tremendous pressure to streamline procedures. The long and short of it was that beginning with the Teehee-Burke/Elliott-Burke changeover, the BEP employees no longer would concern themselves with the signatures that were in the production stream. On-going production from plates bearing the obsolete combination would be commingled with that from the new, and all of it would be numbered in sequence in one stream without regard to the signatures. This radical shift away from segregating production by signature combination was an efficiency measure driven by technology. Consequently, it is necessary that we delve into how the faces were printed in order to understand the motivation behind the change. The next three paragraphs summarize information from the BEP 100th anniversary volume (BEP, 1952). All faces were printed on flatbed presses that utilized one 4-subject plate prior to 1919. By 1919 production also was coming from four-plate power presses. High demand notes such as the $1 1899 silver certificates were being printed concurrently on both types of presses. Four-plate power presses had been patented in 1876 and the BEP placed its first one in service during 1878. Some were used to print currency backs up through 1889. Labor was adamantly opposed to them and galvanized Congressional support to resist their use. Congressional meddling with royalties in 1889 caused their discontinuance; however, in 1898 some were again purchased for printing backs for silver certificates, legal tender notes and Treasury notes. Then their use for printing currency and bonds was Table 2. Recognized occurrences of pre-1920 late-numbered production of large size type notes from plates with obsolete signatures. High Serial Fr. Number at Observed Serials from Number No. Type New Combination Changeover Late-Numbered Group Reported 229 & 229a SC 1899 $1 Vernon-McClung Napier-McClung Y51404000 Y68426490-Y68955387 7 232 SC 1899 $1 Parker-Burke Teehee-Burke R49660000R R68736001R-R73344000R1 37 273 SC 1899 $5 Vernon-Treat Vernon-McClung D82870000 E25116858-E25207640 3 1. Official range from delivery ledger. Figure 4. The Vernon-Treat/Vernon-McClung changeover in 1906 occurred at about serial D82870000. Continued production from obsolete Vernon-Treat plates was accumulated following the changeover and numbered as an out-of-sequence batch in the E-block with serials beginning E25-------. Three specimens from this group are reported. Doug Murray photo. ___________________________________________________________Paper Money * Sept/Oct 2019 * Whole No. 323_____________________________________________________________ 352 outlawed by Congress in 1899. An act in 1912 lifted the restriction against printing currency backs on the presses. This was followed in 1917 and 1919 by further lifting of restrictions driven by the overwhelming demand for both currency and Liberty Loan bonds. Eight-subject power press currency plates came on line in 1918, which supplanted the 4-subject plates that had been used previously on the machines. The important development in 1920 was the decision to cease segregating production by signature combination in order to simplify processing. Consequently, obsolete Teehee-Burke and current Elliott- Burke plates were in simultaneous use on both types of presses for a short time in January and February. Furthermore, plates with the different signature combinations routinely were mixed on the same power press. All of this commingled production flowed into the DA block and was numbered in the next six million of so numbers following the first Elliott-Burke serial, which was D44712001A. Mixing of sheets with different signature combinations in the stream ushered in the phenomenon of signature changeover pairs. In the case of the power presses, the output from the four plates consisted of a stack of sheets that cycled through prints from the four plates. The plates were 8-subject so the stacks were cut in half and the respective halves fed through 4-subject Harris numbering, sealing and separating machines along with the 4-subject sheets from the flatbed presses. Serial numbers were applied sequentially down the four subjects so either forward or backward changeover pairs were created as numbering passed between the different signature combinations present. Scarce signature/block combinations also were created through single streaming of output. For example, the Speelman-White combination in the $1 Series of 1899 silver certificates began to be numbered in the latter part of the HA block in 1922. However, so many obsolete Elliott-White plates remained in the plate inventory, they preferentially were sent to press so most of the notes printed in the HA and succeeded KA block carry Elliott-White rather than Speelman-White signatures! Better yet is the story of a large residual inventory of even older still-serviceable and new Elliott- Burke plates that lingered in the plate vault into the Speelman-White era. They hadn?t been used up during the previous Elliott-White period, and in fact, had stopped being used on December 17, 1921. Their use was resumed on August 2, 1922. Production from them was fed into the Speelman-White and residual Elliott-White stream. The result was that Elliott-Burke, Elliott-White and Speelman-White notes were in Figure 5. Elliott-Burke/Teehee-Burke backward changeover pair created when plates with different signature combinations were mixed on 4-plate power presses after power presses began to be used to print currency faces in 1919. Heritage Auction Archives photo. ___________________________________________________________Paper Money * Sept/Oct 2019 * Whole No. 323_____________________________________________________________ 353 simultaneous production for 10 days, until the last of the Elliott-White plates were dropped from the presses on August 11th. From then on, the older Elliott-Burke plates continued in service until March 1923, outlasting the Elliott-Whites by 7 months. Their use undoubtedly creating peculiar Elliott- Burke/Speelman-White changeover pairs. But there was an even more subtle wrinkle associated with the old Elliott-Burke plates, and that involved the December 18, 1921 to August 1, 1922 hiatus in their use. Because of it, no Elliott-Burke notes were numbered in the KA block. The gap between the earlier and later groups of them has been narrowed to H40797764A-M42098443A based on reported specimens. This range will narrow further but you can stop looking for KA Elliott-Burke notes because they just weren?t made as shown on Table 1! Precedence Setting The practice of mixing plates with obsolete and current signature combinations on the same power press begun in 1920 set a precedent for how plates with obsolete signatures would be handled for the next 35 years. The change bridged the conversion to small notes so was employed throughout the 1928 and 1934 series because those plates also carried Treasury signatures. Mixing of plates persisted until 1953 when the last of the Series of 1928 and 1934 plates went out of service. By then all denominations in all classes had Figure 6. Use of plates with obsolete Treasury signatures until they wore out resulted in production of Elliott-White notes well into the Speelman-White era. The last of the Elliott- White notes were numbered in the NA block. Doug Murray photo. Figure 7. Obsolete Elliott-Burke plates survived into the Speelman-White era so the last notes from them were numbered in the RA block in 1923. Ironically the stock of obsolete Elliott-Burke plates lasted longer than the younger stock of Elliott-White plates, which also were used up during the Speelman-White era. Three Elliott-Burke RA-block notes have been reported. Doug Murray photo. ___________________________________________________________Paper Money * Sept/Oct 2019 * Whole No. 323_____________________________________________________________ 354 been converted to overprinted signatures. The news in 1920 wasn?t that they used up plates with obsolete signatures following signature changes. There was nothing new in that. The new wrinkle was that they stopped segregating the sheets based on signatures and numbering the two streams separately. Instead they commingled the sheets and numbered them as they came. The change was an efficiency measure. The use of plates with different signature combinations on the presses and numbering the sheets as one stream gave rise in 1920 to signature changeover pairs and multiple signature combinations from the same serial numbering blocks. The phenomenon reached its zenith in the small size $1 silver certificates during 1934 when 1928A, 1928B, 1928C, 1928D and 1928E plates, each with different signature combinations, were on the presses at the same time. All five were being numbered together in the JB block. Collectors have found several of the possible changeover pairs. Abandonment of the practice in 1953 also was technology driven. By then the use of overprinted Treasury signatures begun in 1935 on $1 silver certificates had spread to all denominations and classes of currency. The protocols and timing of events outlined here apply across all classes and denominations in the large note series. For example, the $1 Series of 1917 legal tender issues spanning the Elliott-Burke, Elliott- White and Speelman-White era exhibit the same basic complexity found in the $1 1899 silver certificates. All three signature combinations appeared in the MA block on the Series of 1917 $1s. Acknowledgment Doug Murray provided invaluable insights, information and most of the photos for this article. Reference Cited and Sources of Data Bureau of Engraving and Printing, 1863-1929, Certified proofs of type note face plates: National Numismatic Collection, National Museum of American History, Smithsonian Institution, Washington, DC. Bureau of Engraving and Printing, 1962, History of the Bureau of Engraving and Printing, 1862-1962: U. S. Government Printing Office, Washington, DC, 199 p. Bureau of Engraving and Printing, Custodian of Dies, Rolls and Plates, 1869-1917, Record of miscellaneous plates in the United States and miscellaneous vault, several ledgers: Record Group 318, U. S. National Archives, College Park, MD., and Bureau of Engraving and Printing Historical Resource Center, Washington, DC. Bureau of Engraving and Printing, Custodian of Dies, Rolls and Plates, 1917-1953, Ledger and historical record of stock in miscellaneous vault, 4-8-12 sub faces, silver certificate Series 1899-1935 all denominations: U. S. National Archives, College Park, MD. Bureau of Engraving and Printing, Numbering Division, 1910-1928, Final receipts for notes and certificates: Record Group 318, vols. NC01 & NC02, U. S. National Archives, College Park, MD.; vols. NC03-NC09, Bureau of Engraving and Printing Historical Resource Center, Washington, DC. ___________________________________________________________Paper Money * Sept/Oct 2019 * Whole No. 323_____________________________________________________________ 355 Dues Envelope Enclosed in this Issue An envelope for you to remit your dues renewals is enclosed in this issue. Your mailing label will indicate when your dues are due. Renew your membership before it expires to ensure continued receipt of Paper Money! North Carolina Civil War Treasury Notes at the University of North Carolina at Chapel Hill by Robert Schreiner, Paul Horner, and Linda Jacobson Introduction Few collectors have an opportunity to examine a large focused collection of paper money. There are more than 3500 North Carolina Civil War treasury notes in the holdings of the Wilson Special Collections Library at the University of North Carolina at Chapel Hill. The authors have examined this collection in detail, and we report here what we found. The notes in the University Library Collection are housed in the North Carolina Collection, part of the Wilson Special Collections Library, a 1929 Beaux Arts neoclassical building that was once the main campus library. It is now the home of the University Library?s five special and historical collections: The North Carolina Collection, Rare Book Collection, Southern Folklife Collection, Southern Historical Collection, and University Archives and Records Management Services. The North Carolina Collection (NCC) focuses primarily on printed material about North Carolina or by North Carolinians. The Gallery is the exhibit and artifact component of the NCC and holds approximately 35,000 artifacts. About 10,000 of these are numismatic. Notable in the numismatic collection are a genuine Carolina Elephant token, the Herman Bernard Collection of Bechtler coins, and a significant group of North Carolina colonial and treasury notes, including State treasury notes issued from 1815 through 1824. This article focuses on the University Library?s Civil War Treasury note collection. We identify and describe listed and unlisted varieties, sheets both cut and uncut, and original note packs, and we provide several descriptors of the collection. We assume that the reader has some familiarity with North Carolina?s Civil War issues. A copy of Hugh Shull?s A Guide Book of Southern States Currency might come in handy for our discussion of catalog varieties. The specialist will learn about some previously unpublished varieties. Formation of the Numismatic Collection and Major Donors Collecting numismatics at the University dates to 1795 when ?copper coins of Rome? and Napoleonic war medals were among the ?curiosities? in the University?s short-lived first museum. The University Library established a formal numismatic collection in 1942 after Alexander Boyd Andrews, Jr., a Raleigh attorney and 1893 graduate of UNC, donated a large collection of Civil War era money to the library. The Andrews gift was combined with other numismatic specimens that library staff had gathered from the pages of rare books and manuscript collections over the years. By 1943, the collection contained about 10,000 items, including 1,792 obsolete bank notes, 620 Confederate notes, 1,844 North Carolina treasury notes, and 171 notes issued by other states during the war. Assistant Librarian Olan Cook attempted to improve the collection by selling duplicates and exchanging notes with other institutions. A dearth of records makes it unclear if any of these transactions occurred, other than a trade with Duke University. In the 1960s Cook worked with collector Claude Rankin, a UNC trustee and 1905 graduate of UNC, to organize a selection of the North Carolina Civil War issues by variety and plate letters. The two men also made attempts to acquire more North Carolina currency for the collection, Rankin?s area of interest. Rankin made several donations of Civil War money from his own collection. The absence of documentation about his gift and any subsequent sales or exchanges makes it impossible to differentiate Rankin?s donation from Andrews?. The collection remained in storage until the mid-1980s when its oversight was transferred to the North Carolina Collection. Neil Fulghum, first keeper of the North Carolina Collection Gallery, numbered and categorized the collection. He designated the core of the collection as ?The Andrews/Rankin Collection? in appreciation of these early donors. Fulghum created exhibits to increase public exposure of the collection, helping it to gain a regional and national reputation. Numismatic trust funds and the generosity of subsequent donors have made it possible for the Gallery to fill some gaps in the collection. ___________________________________________________________Paper Money * Sept/Oct 2019 * Whole No. 323_____________________________________________________________ 356 A second large group of North Carolina Civil War treasury notes was donated in 2006 by Dr. Sarah Davis of Chapel Hill in memory of her grandfather Matthew S. Davis, who formed the collection. The elder Davis was a UNC alumnus, and he served for many years as the headmaster of Louisburg Male Academy and later as president of Louisburg College from 1896 to 1906. The Andrews/Rankin and Davis collections comprise more than 95% of the Civil War treasury notes. The rest of the collection was provided by another 23 or so donors. About North Carolina Civil War Treasury Notes North Carolina?s Civil War era paper money emissions are perhaps best and most completely cataloged in Hugh Shull?s A Guide Book of Southern States Currency. His book builds on earlier work by Grover Criswell and other catalogers before him. Shull retains and expands Criswell?s cataloging system, and he has assigned numbers to 361 North Carolina Civil War Treasury note varieties, more than for any other Southern state. Shull also catalogs the North Carolina treasury notes from the 1815-1824 period, but these are not considered in this article. The Civil War notes were issued in denominations of five cents through 100 dollars in years 1861 through early 1865. Both letterpress and lithography were utilized by printers in North Carolina and other southern states. Methodology Each note in the University Library Collection was cataloged according to Shull, and we carefully noted varieties that are not listed in Shull. For each note we recorded serial number, plate letter, and signer(s) in a database. We made a scan of at least one example of every variety found. We did not record condition for each note, but the material is generally in good collectable condition, and includes many notes in high or uncirculated grade. Results There are 3528 individual notes in the University Library Collection. This includes two uncut sheets of twenty notes each. We count the two sheets as forty individual notes. The distribution of denominations is shown in Table 1. Denomination Number of notes Denomination Number of Notes 5 cents 77 3 dollars 79 10 cents 195 4 dollars 1 20 cents 20 5 dollars 65 25 cents 519 10 dollars 44 50 cents 713 20 dollars 77 75 cents 36 50 dollars 30 1 dollar 1332 100 dollars 8 2 dollars 332 Table 1. Distribution of denominations in the University Library Collection. ___________________________________________________________Paper Money * Sept/Oct 2019 * Whole No. 323_____________________________________________________________ 357 Shull identifies 361 varieties with a catalog number. The University Library Collection holds 228 of these; the collection is missing examples of 133 varieties. Table 2 lists the Shull catalog numbers present in the University Library Collection with the number of examples of each variety. Cr-1 16 Cr-1A 2 Cr-5 8 Cr-5A 2 Cr-5IB 1 Cr-9 3 Cr-13 24 Cr-13A 2 Cr-17 5 Cr-21 88 Cr-21A 4 Cr-21B 1 Cr-22 108 Cr-23 2 Cr-24 7 Cr-25 3 Cr-25A 3 Cr-25C 1 Cr-26 9 Cr-27 8 Cr-28 2 Cr-29 2 Cr-29IB 1 Cr-32 13 Cr-32A 15 Cr-32B 22 Cr-32C 16 Cr-32D 18 Cr-32E 16 Cr-32F 27 Cr-32F2 2 Cr-32G 45 Cr-32G3 4 Cr-32H 21 Cr-32I 41 Cr-32J 30 Cr-32K 19 Cr-38 3 Cr-38-1 2 Cr-38A 5 Cr-38B 3 Cr-38E 5 Cr-39A 1 Cr-39B 1 Cr-40 1 Cr-40A 1 Cr-40A 21 Cr-40B 35 Cr-42 22 Cr-43 10 Cr-44 14 Cr-45 1 Cr-46 3 Cr-47 36 Cr-48 7 Cr-48A 1 Cr-48B 1 Cr-52 1 Cr-52A 1 Cr-53 1 Cr-53A 1 Cr-53B 1 Cr-54 3 Cr-CT54 1 Cr-55 27 Cr-CT56 2 Cr-57 15 Cr-CT57 1 Cr-58 4 Cr-64 1 Cr-65 2 Cr-67 1 Cr-68 1 Cr-72 1 Cr-74-2 6 Cr-74A 1 Cr-74B 1 Cr-74C 2 Cr-74C1 3 Cr-74D 1 Cr-74E 2 Cr-75 5 Cr-76 2 Cr-76A1 1 Cr-76B 1 Cr-77 4 Cr-78 4 Cr-78A 2 Cr-78C 4 Cr-78D 4 Cr-79 3 Cr-79A 1 Cr-79B 1 Cr-80 4 Cr-80A 4 Cr-81 4 Cr-82 5 Cr-82A 1 Cr-83 3 Cr-83A 3 Cr-84 4 Cr-84A 2 Cr-84A1 1 Cr-84B 6 Cr-84C 1 Cr-84D 2 Cr-85 5 Cr-85A 1 Cr-85B 1 Cr-86 8 Cr-86A 6 Cr-86E 1 Cr-86H 1 Cr-87 4 Cr-87A 5 Cr-87B 1 Cr-88 74 Cr-88A 14 Cr-89 19 Cr-90 5 Cr-91 3 Cr-92 41 Cr-92A 28 Cr-92B 8 Cr-93 5 Cr-93A 1 Cr-94 2 Cr-94A 1 Cr-94B 2 Cr-96 16 Cr-97 1 Cr-97A 4 Cr-97B 3 Cr-97C 2 Cr-98 5 Cr-99 29 Cr-99A 5 Cr-99B 12 Cr-99B 15 Cr-99C 7 Cr-99D 5 Cr-99E 15 Cr-99F 27 Cr-100 30 Cr-100A 10 Cr-100B 5 Cr-101 30 Cr-101A 3 Cr-101B 3 Cr-101D 2 Cr-102 15 Cr-103 23 Cr-104 10 Cr-104A 8 Cr-105 9 Cr-105A 27 Cr-105B 2 Cr-106 16 Cr-107 9 Cr-108A 7 Cr-109 4 Cr-110 23 Cr-110 12 Cr-110A 2 Cr-110B 1 Cr-111 2 Cr-112 3 Cr-112A 2 Cr-113 45 Cr-114 33 Cr-11 5 1 Cr-116 11 Cr-117 2 Cr-118 19 Cr-118A 1 Cr-119 14 Cr-119A 2 Cr-120 13 Cr-120C 1 Cr-121 4 Cr-121B 1 Cr-122 8 Cr-123 27 Cr-124 5 Cr-124A 2 Cr-125 34 Cr-125B 1 Cr-126A 3 Cr-127 7 Cr-127A 3 Cr-128 10 Cr-129 12 Cr-130 8 Cr-131 61 Cr-132 340 Cr-132A 1 Cr-133 425 Cr-134 36 Cr-135 21 Cr-135A 10 Cr-135A 17 Cr-135B 3 Cr-136 13 Cr-136A 9 Cr-137 27 Cr-137A 32 Cr-137B 3 Cr-138 64 Cr-138A 5 Cr-139 63 Cr-140 22 Cr-141 51 Cr-142 31 Cr-143 6 Cr-143A 16 Cr-144A 12 Cr-145 19 Cr-146 18 Cr-147 48 Cr-148 59 Cr-149 64 Cr-149A 35 Cr-149B 22 Cr-149B 16 Cr-149E 3 Cr-150 57 Cr-150A 2 Cr-150B 1 Table 2. Counts of varieties in the collection that are listed in Shull. ___________________________________________________________Paper Money * Sept/Oct 2019 * Whole No. 323_____________________________________________________________ 358 For the Shull varieties in the University Library Collection, we tabulated the number of varieties for each Shull rarity rating, shown in Table 3. For example, the University Library Collection holds six varieties that Shull considers as extremely rare out of a total of twenty-six varieties so rated. As with most collections, this collection has relatively more common notes than rare ones. Shull rarity description Count of catalog numbers in collection/ Count of all Shull catalog numbers 10,000+ 1/1 5,001-10,000 20/20 2,501-5,000 14/14 1,501-2,500 30/33 801-1,500 38/43 401-800 30/38 101-400 26/33 51-100 30/62 16-50 (Rare) 16/41 5-15 (Very Rare) 17/50 2-4 (Extremely Rare) 6/26 Table 3. Distribution of rarity ratings of Shull varieties in collection. The University Library Collection consists of several donations, and it seems likely that some or all were not the work of people systematically building a broad collection. The number of duplicates of some varieties is astonishing?Cr-132 and Cr-133?one dollar notes of 1863?have a combined 765 examples. Several varieties that are common are not represented at all. Description of Unlisted Varieties We found 30 varieties not identified in the Shull reference. We were tempted to assign tentative Shull-Criswell type numbers to them, but we decided that this might reinforce a numbering system that has grown complex and perhaps outlived its usefulness. We hope the next edition of Shull, or perhaps some new reference, will venture an alternative numbering system. In the listing below, we itemize the unlisted varieties starting with the Shull number for the note that most resembles the new variety, followed by a general description of the listed note, and then finally the difference that constitutes the new variety. The list is sorted by ascending catalog number. Images of each of these notes can be found at https://oldnote.smugmug.com/Other/NCCvariants/ Cr-24 variant One dollar. Maiden standing by column, left; dog and safe, center; printed on recycled uncurrent notes, red "ONE DOLLAR" on back. October 1st, 1861. With ?For? before ?Pub. Treasr.? Imprint: N. C. Inst. Deaf & Dumb, Print. Difference: There is a period after the red "ONE DOLLAR." on back. Cr-32 variant One dollar. Maiden standing by column, left; small sailing ship, center. Oct. 10th, 1861. Difference: ?ONE DOLLAR.?, vertical on front right, has less space between letters and more space between the note borders and the beginning and ending of the phrase. See below; the images are rotated 90 degrees. normal unlisted Cr-32A variant One dollar. Maiden standing by column, left; small sailing ship, center. Oct. 11th, 1861. Difference: There is a notch in left side of O in ONE of the central "ONE DOLLAR" for plate letters A and B. From examining many notes in addition to those in the University Library Collection, we have observed that although notes dated Oct. 11th come with and without a notched "O," all dates Oct. 12 and later come only with the notched "O." ___________________________________________________________Paper Money * Sept/Oct 2019 * Whole No. 323_____________________________________________________________ 359 Cr-32B variant One dollar. Maiden standing by column, left; small sailing ship, center. Oct. 12th, 1861. Difference: For the B plate letter, ?TREASURY? curves up more on the left of the word. normal unlisted Cr-32D variant 1 One dollar. Maiden standing by column, left; small sailing ship, center. Oct. 14th, 1861. Difference: Back printing shifted (up or) down. Cr-32D variant 2 One dollar. Maiden standing by column, left; small sailing ship, center. Oct. 14th, 1861. Difference: High "T" in TREASURY; plate B only. normal unlisted Cr-32H variant One dollar. Maiden standing by column, left; small sailing ship, center; no watermark. Oct. 18th, 1861. Difference: Red fibers sparsely distributed in paper. Cr-32J variant One dollar. Maiden standing by column, left; small sailing ship, center. Oct 20th, 1861. Difference: 20th in Oct. 20th, 1861 shifted down; partial front offset on back. normal unlisted Cr-32K variant One dollar. Maiden standing by column, left; small sailing ship, center. Oct 21st, 1861. Difference: Red printed pattern on back skewed at an angle. Partial front offset on back. Cr-38E variant 1 One dollar. Maiden standing by column, left; small sailing ship, center; TEN watermark. Oct 21st, 1861. Difference: 21st in Oct. 21st, 1861 shifted down (see Cr-32J variant above.) Cr-38E variant 2 One dollar. Maiden standing by column, left; small sailing ship, center; TEN watermark. Oct 21st, 1861. Difference: 21st in Oct. 21st, 1861 shifted down; red printing (from back) on front; partial front offset on back. Cr-79A variant 20 dollars. Ceres Volant, center; recycled bills of exchange; red oval Fundable overprint center. Written date March 1, 1862. Difference: The red overprint is found with a bottom arc in two different font sizes, large and small. Since our sample size is small, we are uncertain which variety is more common. small font large font Cr-83 variant 10 dollars. Large train, center; recycled bills of exchange; no overprint. Written date Febry 15, 1862. Difference: Extra ?T? at right of ?FUNDABLE IN?. ?T? after IN in ?FUNDABLE IN? Cr-84A variant 10 dollars. Large train, center; recycled bills of exchange; TEN watermark; red oval FUNDABLE overprint in center. Written date March 1, 1862. Difference: The red overprint is seen with a bottom arc in two different font sizes, large and small. We are uncertain which variety is more common. See the illustration associated with Cr-79A variant above. Cr-84A1 variant 10 dollars. Large train, center; recycled bills of exchange; TEN watermark; red oval FUNDABLE overprint vertically right. Written date March 1, 1862. Difference: The red overprint is seen with ___________________________________________________________Paper Money * Sept/Oct 2019 * Whole No. 323_____________________________________________________________ 360 a bottom arc in two different font sizes, large and small. We are uncertain which variety is more common. See the illustration associated with Cr-79A variant above. Cr-84D variant 10 dollars. Large train, center; plain paper; red oval FUNDABLE overprint vertically right. Written date March 1, 1862. Difference: The red overprint is seen with a bottom arc in two different font sizes, large and small. We are uncertain which variety is more common. See the illustration associated with Cr-79A variant above. Cr-96 variant 50 cents. Sailing ship, center; plain paper, no plate letter; no ?No? written before serial number. Sept 1st, 1862. Difference: Serial number over ?For Pub. Treas.? instead of under January 1st, 1866. Cr-96A variant 50 cents. Sailing ship center, recycled Albemarle & Chesapeake Canal Company paper, serial number with no ?No.? Sept 1st, 1862. Difference: Serial number is above ?For Pub. Treas.? instead of under January 1st, 1866. Cr-97 variant 50 cents. Sailing ship, center; no plate letter, no ?No? written before serial number. Sept. 1st, 1862. Difference: Serial number over ?For Pub. Treas.? instead of under January 1st, 1866. Cr-99C variant 50 cents. Sailing ship, center; plain paper; plate letter above 1866, no ?No? written before serial number. Sept. 1st, 1862. Difference: Serial number just to right of ?FIFTY CENTS?. Cr-102 variant 25 cents. Proserpina standing with cornucopia, lower left; uppercase, thin plate letter to left of 25 Cts. Sept. 1st, 1862. Difference: Serial number on signature line to left of signature. Cr-103 variant 25 cents. Proserpina standing with cornucopia, lower left; lowercase, thin plate letter to left of 25 Cts. Sept. 1st, 1862. Difference: Serial number on signature line to left of signature. Cr-104 variant 25 cents. Proserpina standing with cornucopia, lower left; large uppercase plate letter upper right. Sept. 1st, 1862. Difference: Serial number at left center below Will in ?Will pay?? Cr-107 variant 25 cents. Proserpina standing with cornucopia, lower left; large uppercase plate letter to right of and just above CENTS, two lines for signature and serial number, serial number below Raleigh on upper line. Sept. 1st, 1862. Difference: Recycled Albemarle & Chesapeake Canal bond. Cr-108 variant 1 25 cents. Proserpina standing with cornucopia, lower left; no plate letter; plain paper. Sept 1st, 1862. Difference: Two lines below ?Raleigh?, one above and to the left of the signature line; serial number on upper line. Cr-108 only has the signature line. Cr-108 variant 2 25 cents. Proserpina standing with cornucopia, lower left; plain paper; large uppercase plate letter to right of CENTS, two lines below ?Raleigh.? Sept 1st, 1862. Two lines below ?Raleigh.? Difference: Serial number on bottom line left of signature. Cr-109 variant 25 cents. Proserpina standing with cornucopia, lower left; no plate letter, plain paper; serial number right of 1866. Sept 1st, 1862. Difference: Serial number in red ink. Cr-139 variant 25 cents. Proserpina standing with cornucopia, lower left; plain paper; plate letter A-O. Sept 1st, 1862. Difference: Plate letter K is slanted left. normal unlisted Cr-148 variant 1 5 cents. Prosperity standing by seated Liberty who is holding liberty pole and cap, in round frame, center. Difference: Retouched plate letter ?I/I?. Cr-148 variant 2 5 cents. Prosperity standing by seated Liberty who is holding liberty pole and cap, in round frame. Difference: Ghost image of STATE OF NORTH CAROLINA just below. The following two varieties of Cr-22 found in the University Library Collection are described in Shull, page 246, but are not given a number. The notes are illustrated on the web site listed above. Cr-22 variant 1 2 dollars. Oct 6th, 1861. Difference: Light 6 in date. Cr?22 variant 2 2 dollars. Oct 6th, 1861. Difference: Missing space between month/ day. Clearly, some of these varieties are minor. Perhaps the most significant new varieties are the variants of Cr-32, Cr-32B, Cr-32D (variant 2), Cr-32H, Cr-79A (and others with FUNDABLE overprint font variations), Cr-83, and Cr-108. ___________________________________________________________Paper Money * Sept/Oct 2019 * Whole No. 323_____________________________________________________________ 361 We found several partial offsets but don?t cite them as variants. They include: Cr-32B, Cr-32C, Cr-32D, Cr- 32F, and Cr-32H. Oddities We found these notes of special interest, but they do not constitute new varieties. The notes are illustrated on the web site listed above. Cr-150 variant 50 cents. Jany 1st, 1864. Difference: Unsigned and unnumbered. Cr-CT57 variant 10 cents. Counterfeit; Oct. 1st, 1861. Difference: Unsigned and unnumbered. These usually bear a forged signature of O H Perry. 10-Dollar Notes with Multiple Locations for Serial Number The 10-dollar notes depicting a central vignette of a railway train and bearing 1862 handwritten dates have a right and left line for serial number. Sometimes one, the other, or both places are used. Shull does not consider these as different varieties. Table 4 documents the quantity of each type for the examples in the University Library Collection. Left Right Both Cr-81 - 1 3 Cr-82 - 5 - Cr-82A - 1 - Cr-83 1 3 - Cr-83A - 3 - Cr-84B - 4 6 Cr-84C - 4 1 Cr-84D - 5 - Table 4. Serial number positions used in 10-dollar 1862 railway train varieties. Sheets The University Library Collection includes two uncut sheets, each with 20 subjects. Both are fully issued with serial numbers and signatures. Neither is listed in Shull. Cr-47/Cr-44 The sheet has four columns and five rows. The left two columns are Cr-47, a typeset 1861 10 cent note with no plate letter. The notes are numbered from 52481 through 52490 with the numbers starting with the top left-most note, proceeding down the column, then continuing to the top of the second column and down. The right two columns are Cr-44, a typeset 1861 20 cent note with no plate letters. These notes are numbered in the same manner as the Cr-47 notes, and they bear the same series of numbers. All notes are signed by O H Perry. Cr-55/Cr-57 The sheet has four columns and five rows. The left two columns are Cr-55, a typeset 1861 25 cent note, each with plate letter B. The notes are numbered from 20641 through 20650 with the numbers starting with the top left-most note, proceeding down the column, then continuing to the top of the second column and down. The right two columns are Cr-57, a typeset 1861 10 cent note, each with plate letter B. The notes are numbered in the same manner as the Cr-55 notes, numbers running from 24841 through 24850. All notes are signed by O H Perry. Neither sheet is in pristine condition. They bear ample signs of folds, paper toning, stains, foxing, and other evidence of considerable handling over their more than 150 years of existence. The sheets are illustrated on the web site listed above. The University Library Collection also has several cut sheets. Cr-137A This is a 50 cent note, sailing ship center, Jany 1, 1863. The sheet is easily pieced together by the irregular cuts. The 15 notes were in three columns of five rows. Plate letter A is at top left, the letters proceed down the column then continue at the top of the next column to the right ending with O and no skipped letters. All notes are number 288 and signed by Saml G Murphy. Cr-132 One dollar. Commerce and Prosperity seated holding a large 1, center. January 1, 1863. The 12 notes are arranged in two columns of six rows with plate letter A at upper left, letters proceeding ___________________________________________________________Paper Money * Sept/Oct 2019 * Whole No. 323_____________________________________________________________ 362 down to column and continuing to top of the next. Plate letters are A through M with letter J not used. All notes are number 341 and the signer is J Womble Jr. There is another Cr-132 cut sheet, same description, with number 2329 and signer G D Hardie. Cr-133 One dollar. This is the same as Cr-132, but a double plate letter was used. Letter B is on the right of each note; the variable plate letter is on the left. The notes are arranged in the same manner and with the same sequence of variable plate letters as the Cr-132 sheets. The collection has seven Cr- 133 cut sheets with these serial numbers and J Womble Jr. signer: 1710, 1711, 1712, 1713, 1714, 1720, 1722. All Cr-133 cut sheets are part of one donation. Cr-130 Three dollars. Liberty standing with pole and cap, Prosperity seated with cornucopia. 1st Jany 1863. The 8 notes are arranged in two columns of four rows with plate letter A at upper left, letters proceeding down to column and continuing to top of the next. Plate letters are A through H. Serial number is 1398 and signer, J Womble Jr. Plate letters for both Cr-132 and Cr-133 are in an Old English font. Some of the upper case letters are confusing, especially I (I) and J (J). We concur with Shull that for Cr-132 and Cr-133, plate letter J (or JB) is not used; I and IB are used. Original Packs There are three original packs of notes. The packs are all part of the Matthew S. Davis Collection. Each has a paper wrapper about 1 inch wide. It appears that some bundles have missing notes or notes that were removed from the pack, some of which remain in the University Library Collection. Images of the packs are on the web site https://oldnote.smugmug.com/Other/NCCvariants/ Pack 1 Cr-132. 98 notes. One dollar. Commerce and Prosperity seated holding a large 1, center. January 1, 1863. Plate letters A-M, no J. Band is unlabeled. All notes are signed by J Womble Jr. The table below lists the serial numbers present in the pack. For each serial number, the plate letters present in the pack and quantity of notes for the serial number (a sheet is 12 notes) are given. The right column is the quantity and plate letters for each serial number that is in the University Library Collection but not in the pack. Serial number Plate letters Quantity in pack Exists outside pack; quantity and plate letters 305 A-M, no J 12 0 306 F 1 10: A, D, C, E, G, H, I, K, L, M 307 A-M, no J 12 0 308 A-M, no J 12 0 310 A-M, no J 12 0 311 A-M, no J 12 0 312 A-M, no J 12 0 313 A-M, no J 12 0 314 A-M, no J 12 0 323 H 1 4: G, I, K, L Table 5. Notes in Pack 1. ___________________________________________________________Paper Money * Sept/Oct 2019 * Whole No. 323_____________________________________________________________ 363 Pack 2 Cr-133. 100 notes. Same design as Cr-132 but double plate letters AB-MB, no JB. Band is unlabeled. All notes are signed by J Womble Jr. Serial number Plate letters Quantity in pack Exists outside pack; quantity and plate letters 1681 AB-MB, no JB 12 0 1682 CB, DB, EB, FB 4 3: BB, GB, HB 1683 AB-MB, no JB 12 0 1684 AB-MB, no IB 12 0 1685 AB-MB, no JB 12 0 1686 AB-MB, no JB 12 0 1687 AB-MB, no JB 12 0 1688 AB-MB, no JB 12 0 1689 AB-MB, no JB 12 0 Table 6. Notes in Pack 2. We note that a second example of Cr-132 with serial number 1682 and plate letter BB exists in the University Library Collection. But it is part of a different donation and is signed by C Dewey. At least for some issues, serial numbers are unique for issue and signer, not just for issue. Exactly how the assignment of serial numbers was made needs further examination. Pack 3 Cr-132 and Cr-133. 120 notes. This pack has two varieties of the 1863 one dollar note, single and double plate letters. All are signed by J Womble Jr. Pack 3 (shown at left) is more complex than the other two packs. It has two bands. An outer band apparently originally encompassed six banded 100-note packs. Within the outer band is one remaining banded pack of 100 notes and also 20 loose notes, exclusive of the 100 note pack. The outer band and the inner band are fastened at the bottom. The band on the pack of 100 notes is not labeled. The outer band has hand-written at top $600. Pack 3 is illustrated at https://oldnote.smugmug.com/Other/ NCCvariants/i-tBHVx8K and below. Table 7 shows the details of the contents of Pack 3. The notes in the pack are Cr-132; the loose notes are Cr-133. Serial number Catalog number Plate letters Quantity in pack Exists outside pack; quantity and plate letters Inner (bottom) pack of 100 notes 301 Cr-132 A-M, no J 12 0 302 Cr-132 A-M, no J 12 0 303 Cr-132 A-M, no J 12 0 304 Cr-132 A-M, no J 12 0 306 Cr-132 A, B, G, H, I, K, L, M 8 3: C, E, F 309 Cr-132 A-M, no J 12 0 315 Cr-132 A, G, H, I, K, L, M 7 2: B, C 317 Cr-132 F 1 10: A, B, C, D, G, H, I, K, L, M 325 Cr-132 G, H 2 0 333 Cr-132 A, B, C, D, E, F 6 0 335 Cr-132 A, B, G, H, I, K, L, M 8 2: E, F 344 Cr-132 A, B, G, H, I, K, L, M 8 0 ___________________________________________________________Paper Money * Sept/Oct 2019 * Whole No. 323_____________________________________________________________ 364 Loose notes above the pack (20 notes) 1708 Cr-133 AB-MB, no JB 12 0 1725 Cr-133 AA,BB,CB,DB, EB,FB, LB, MB 8 1: KB Table 7. Notes in Pack 3. Note that Packs 1 and 3 both have Cr-132 notes with serial number 306 and signer J Womble Jr, but different plate letters. Signers We know from unpublished research that the signers of the North Carolina Civil War treasury notes were almost always state officials or men associated with banks. Unlike the Confederacy, North Carolina signers were not hired off the street just to sign notes. Lower denomination notes have one signer while higher denomination notes ($5 and up) have two signers. For notes in the University Library Collection, some signers only signed notes that bear two signatures. T E Steele and Jona[than] Worth are signers of such notes. Sixty-five different signers were found in the collection, and they are listed below with the number of notes they signed. J H Adams 25 J W Albertson 6 W E Anderson 82 W J Anderson 18 D W Bain 39 E S Blackwood 47 C H Brogden 35 W R S Burbank 21 W A Caldwell 18 C A Carlton 2 Jas H Carson 8 R Chapman 13 D W Courts 40 C Dewey 232 F H Dewey 83 Thos W Dewey 18 W H Dodd 65 E J Erwin 1 W O Fowler 9 J Fulford 52 J A Guion 23 G D Hardie 110 Henry Hardie 396 T H Hardin 11 S Hayman 45 Joseph B Hinton 3 J M Horah 44 J W Hunt 66 Wm Huske 30 M W Jarvis 7 B F Jones 6 R F Jones 3 W H Jones 51 J J Lansdell 8 Wm Larkins 7 Thos J Latham 22 B Lawson 2 Ro W Lawson, Jr 18 R G Lindsay 57 J E Lippitt 29 J McGilvany 11 D H McLean 28 C P Mebane 21 Jas A Moore 32 Saml G Murphy 46 L S Perry 5 O H Perry 228 W R Richardson 3 S L Riddle 11 C L Rights 31 W A Rose 36 R M Sloan, Jr 2 B W Starke 23 T E Steele 2 M Stevenson 22 A T Summey 31 A Syme 102 J W Thompson 32 A K Walker 4 P A Wiley 36 J M Winstead 2 J Womble Jr 913 W T Womble 123 Jona Worth 29 S H Young 196 Table 8. Note signers represented in the University Library Collection with quantity signed. The original ledgers documenting who signed which serial number runs of which issues for most series of the Civil War treasury notes exist in the North Carolina State Archives. There have been a few articles about signers in the North Carolina Numismatic Scrapbook, published from 2001 to 2015 by Paul Horner and Jerry Roughton. The complete story of the signers of North Carolina Civil War treasury notes has not been written. In addition to the signers listed above, there were twenty-seven instances of notes with an obliterated signature and four notes missing signatures. Conclusion The University Library Collection of North Carolina Civil War treasury notes and other artifacts in the collection are available for study by coming to Wilson Library on the University of North Carolina at Chapel Hill campus. Advance notice is advised since most items are not on display. There is a newly- opened exhibit ?The Story of North Carolina Money? of North Carolina numismatic material in one area ___________________________________________________________Paper Money * Sept/Oct 2019 * Whole No. 323_____________________________________________________________ 365 of the Gallery. More information about the Wilson Special Collections Library can be found at https://library.unc.edu/wilson/. General information about the numismatic collection is at https://library.unc.edu/wilson/gallery/gallery-collections/. Bibliography Horner, Paul and Jerry Roughton, publishers. The North Carolina Numismatic Scrapbook, 2001-2015. In the publication?s almost 1000 pages are numerous articles about North Carolina?s Civil War treasury notes. Shull, Hugh. A Guide Book of Southern States Currency. Whitman Publishing, 2007. https://oldnote.smugmug.com/Other/NCCvariants/. This web site has images of the new varieties discussed in this article. https://dc.lib.unc.edu/cdm/universityhistory/collection/numismatics. The History of the University Library?s Numismatic Collection. Author Biographies Robert Schreiner has been active in numismatics since childhood. His collection themes include chop marked coins, obsolete paper money that depict Spanish coins, and North Carolina colonial paper money. He is past president of the North Carolina Numismatic Association and the Raleigh Coin Club and past secretary of SPMC. Schreiner works part time at the Wilson Special Collections Library Gallery, where he has enjoyed cataloging their numismatic collection. He can be reached at bob@oldnote.org. Paul Horner became interested in numismatics many years ago by collecting "Mercury" dimes from circulation. The obsolete paper money of North Carolina, especially of the Civil War era, has been of great interest for many years. Researching from original source documents, he has authored and co-written a number of articles on that subject. Many appeared in the North Carolina Numismatic Scrapbook, a periodical of original North Carolina numismatic research that he and Jerry Roughton published from 2001 to 2015. Linda Jacobson is Keeper of the North Carolina Collection Gallery in the Wilson Special Collections Library at the University of North Carolina at Chapel Hill. The Gallery presents rotating and longer-term exhibitions drawn from library materials and the Gallery?s collection of over 35,000 museum objects, including the University Library?s numismatic collection. She can be reached at ljacobso@email.unc.edu. ___________________________________________________________Paper Money * Sept/Oct 2019 * Whole No. 323_____________________________________________________________ 366 Entrust Your Notes to the Experts PMG was established in 2005 to provide expert and impartial authentication, grading and encapsulation services for paper money. Today, 4,000,000 notes later, it is the only global third-party paper money certification service, trusted worldwide for its accurate and consistent grading, its commitment to impartiality and its comprehensive guarantee of authenticity and grade. Learn more at PMGnotes.com 19-CCGPA-5195_PMG_Ad_TrustYourNotes_PaperMoney_SeptOct2019.indd 1 7/31/19 11:03 AM SAND, CLAY, COAL AND NATIONAL BANKS by Jerry Dzara The Village of Dawson PA is situated on the banks of the Youghiogheny River in northern Fayette County, about 35 miles from Pittsburgh. It has fertile land for crops, a very fine grade of sand, clay deposits for high temperature Fire Brick, and a 6-foot high seam of coal that ran for miles. The Cochran family came to Pennsylvania from Northern Ireland, before the revolution. They settled in what would become Dawson, in the early 1800's. James ?Little Jim? Cochran was born in 1823 (fig. 1). He left school to help on the farm when he was 13. In 1840, he borrowed money from his brother and bought a barge, loaded it with high-grade sand, and navigated it up river to the Monongahela River then onto Pittsburgh, which at this time was a center for glass making. The sand trade was very lucrative, with each barge load selling for $220, and Little Jim made many trips. He founded Cochran & brothers; and used his profits to start a barge company, buy coal land and invest in a brickyard. The coal while plentiful, did not burn hot enough to smelt iron ore. The ?coking? process, was developed in England, and brought to America in the 1820's. This process heated the coal with little oxygen, turning it into a charcoal that could smelt ore. The iron and steel boom of Pittsburgh began. In 1843, Cochran purchased some coking ovens, and started the Fayette Coal Works (fig 2). Little Jim began to sell barges of coke up river to the Iron and steel works for $440 per load. He was so successful, that at the time of his death in 1894, the primary school dropout was a millionaire. Little Jim brought in his son Philip (fig 3), and his nephew M.M. ?Mark? Cochran (fig 4) to help run the company. Philip was a Business School graduate, and Mark was a lawyer with political connections. With more coal land bought and more ovens built, they saw the need to diversify. The company founded the Washington Run railroad and built a bridge over the Youghiogheny to connect with the Baltimore & Ohio railroad. This enabled them to ship coal, coke, sand and firebrick all over the East. They also saw the need for financial help to keep the conglomerate running smoothly, and in 1891, the First National bank of Dawson with Jim as president received charter 4673 (fig 5).When Jim died in 1894, his son, Philip, became president. Upon Philip's untimely death in 1898, Mark assumed the bank presidency and served until his death in 1934. George G Cochran succeeded Mark as President in 1935. The FNB of Dawson issued over $1,100,000 in $5, $10, and $20 dollar notes. The bank issued 1882 Brown Backs (6000 $5's, 13,380 $10's, and 4460 $20's), 1882 Blue Seals (6600 $5's, 4260 $10's and 1420 $20's) 1902 Blue Seals (35,568 $10's and 11,856 $20's). In 1929 type ones they issued 8160 $10's and 2220 $20's. 1929 type two issues were, 1754 $10's and 498 $20's. The census lists 13 large and 15 small notes reported. (fig 6, 7). By the turn of the Twentieth Century, Mark was in total control of all of the Cochran holdings. Figure 1 Figure 2 Figure 3 Figure 4 Figure 5 Figure 6 images courtesy of Heritage Auctions HA.com Figure 7 ___________________________________________________________Paper Money * Sept/Oct 2019 * Whole No. 323_____________________________________________________________ 368 The mines, ovens, and railroad in Perry township were so valuable that the First National Bank of Perryopolis, with Mark as president, was chartered in 1902 as #6344 (fig 8). This bank issued over $900,000 in notes. In 1902 Red Seals, 4800 $ 10's and 1600 $20's were issued. The 1902 Blue Seals had 43,467 $10's and 14,489 $20's released. In 1929 small size Type one $10's had 1,444 sheets or 8664 notes printed and 360 sheets or notes of the Type one $20's were printed. Type Two 1929 had only, 1129 $10's and 492 $20's emitted. The Track & Price census lists five large and 16 small notes reported (fig 9.10). Extravagant living and the great Depression brought down the Cochran Empire. Its mines and ovens were bought by U.S. Steel; the railroad was shut down and the bridge across the Youghiogheny was bought by the state and converted to automobile use. The brick works went to a competitor. Both banks survived, but in 1953, the Second National Bank of Uniontown (the largest city and county seat) bought them along with most of the small town banks in Fayette County and formed The Gallatin National Bank, which became the largest bank in the county. Gallatin National was absorbed by Integra of Pa. in 1991. Integra was bought by National City Bank of Ohio in 1995 and PNC bought National City in 2018 and closed both the Dawson and Perryopolis branches. Figure 8 Figure 9 images courtesy of Heritage Auctions, HA.com Figure 10 FNB #6344 decked out for July 4, 1914, which was also the Centennial of the town's original charter Interior Photo of FNB Perryopolis PA has been dated to 1949. ___________________________________________________________Paper Money * Sept/Oct 2019 * Whole No. 323_____________________________________________________________ 369 U n c o u p l e d : Paper Money?s Odd Couple Joseph E. Boling Fred Schwan World War I?Part 6 Last issue I promised German-related counterfeits of WWI for this issue. Up to now we have been looking at notes prepared during or immediately after the war by several participants. Those notes were counterfeited for contemporary circulation. The German case includes counterfeits that came decades later. Economic and social disruption drove many municipalities to prepare scrip or tokens for local circulation (some of each were in non-traditional forms, such as ceramics for tokens and cloth for scrip). Collectively these are called notgeld?emergency money. On the national level, such emergency issues did not commence until after the war, when inflation began to accelerate, and the face values of coins and notes could not accommodate the price levels that were appearing. The German hyperinflation ended in early 1924, leaving behind scores of note types and millions of pieces of paper with face values extending into the trillions of marks. I have examples of three fraudulent uses for such notes, plus a garden variety contemporary counterfeit. Figure 1 shows a pair of notes that differ from each other in a single letter. By the simple expedient of changing that letter, the perpetrator changed a by-then- Allied Use of Military Payment Certificates The restrictions on the use of military payment certificates that are printed on the certificates state that they may be used ?only in United States military establishments by United States authorized personnel in accordance with applicable rules and regulations.? It has generally been interpreted that this meant their use was restricted to United States military personnel. We now know that this is not correct. It turns out that from at least near the beginning of MPC use, forces from more than the United States used MPC. Exactly what forces, where, and when are interesting questions. They are also difficult to answer. I believe that Canadian forces were the first foreign troops to use military payment certificates. They used MPC in occupied Germany. I am confident of the use, but uncertain of the inclusive dates. It is possible or even likely that the Canadians used MPC virtually from the start in 1946. The last release of MPC used in Germany by United States forces was Series 521 (withdrawn 27 May See Boling continued page 372 ___________________________________________________________Paper Money * Sept/Oct 2019 * Whole No. 323_____________________________________________________________ 370 1958). It is likely that it was also the last series for the Canadians, but that is not certain. It is not impossible that the Canadians discontinued use of MPC earlier, and even possible that they continued using them after the Americans changed to US dollars in Germany. It is very difficult to find definitive (or any) data on these matters. The most important document that I have ever seen establishing that the Canadians used MPC at all in Germany is a brochure that was distributed to Canadian personnel upon arrival in Germany. It clearly stated that Canadian personnel there were paid in military payment certificates. A collector showed me this document many years ago, but I have been unable to get an image or find another copy. Of course I watch eBay. The two pictures of Canadian Pay Corps personnel shown are important evidence of Canadian use of MPC, but use where? These look like staged publicity photos that normally have captions. If so, the captions have gone astray. My notations made when I obtained them were that I thought that they were made in Korea. Now I am not so sure. The photo with the two soldiers (I call it photo 2 because I scanned it second when I scanned it in 2009) clearly shows them working with a pile of circulated Series 481 MPC. This is the kind of work done on conversion days. This type work also often generates news photographs of this kind. Conversion from Series 481 was on 25 May 1954. That was after the shooting had stopped in 1953, but not necessarily after the Canadians had departed Korea. Now look at the other photograph (four Canadian soldiers, which I call photo 1...you know why). Only today did I enlarge and study them. The notes are not MPC. They are Bank of Canada notes. What does this mean? One additional clue is the uniforms. The C-Day soldiers are wearing short sleeves. In the other photo, the soldiers are wearing long sleeves and jackets. I now conclude that they are not closely related photographs as I thought they were in 2009. Indeed, I could omit the payday photo on the basis of relevance to this column, but I will include it for two reasons. First, it is just a good photograph, and, second, because perhaps a reader can recognize something important that I am overlooking. Chronologically (following the introduction of MPC during the post-WWII occupations), the next place where allies could have used military payment certificates was the Korean war, 1951-1953. Obviously, this was a big deal. More than twenty United Nations countries participated to some extent. The following countries provided personnel in some manner (in approximate order of degree of participation): United States, United Kingdom, Canada, Turkey, Australia, Philippines, New Zealand, Thailand, Ethiopia, Greece, France, Colombia, Belgium, South Africa, Netherlands, Luxembourg. It is hard to find information about which of these countries sent ground troops and in what quantities. If it is difficult to determine which countries had boots on the ground, imagine how difficult it is to find out how their troops were paid. Here is what we know. The United States and Canada paid their troops in military payment certificates. The United Kingdom paid its troops in British armed forces special vouchers (BAFSV), and I think Australia and New Zealand used them, too. ___________________________________________________________Paper Money * Sept/Oct 2019 * Whole No. 323_____________________________________________________________ 371 There is another tantalizing idea that I had not considered until preparing this column. In 1950 Belgium, France, and the Netherlands paid their troops in occupied Germany with their own national army issues. It is altogether possible that these same issues were used in Korea. That is another matter that would be very difficult to learn or confirm. Eleven additional countries provided medical support during the Korean war. Personnel from these countries may not have ever entered Korea: Denmark, Italy, West Germany, India, Israel, Norway, Sweden. Of these, Denmark (like France and the Netherlands above) had troops in occupied Germany with their own army currency that could have been used in Korea. However, this case is a little different. The money was not only specific to Denmark, but to what was called the Danish Brigade. Yet five more countries provided other types of support and probably were never in Korea, although some may have been: Taiwan, Japan, Cuba, El Salvador, Spain. While it is unlikely that we will ever make a connection of any kind between these countries and MPC in Korea, finding numismatic evidence of their participation would be wonderful. Short snorters, photographs, and unit histories, among others, are possible documents to show the connection. Next time we will continue this topic with allied forces use of military payment certificates in Vietnam. Boling continued worthless one million mark note into a note with a face value one million times higher. While in English the progression of values proceeds million-billion-trillion, in German that same progression runs million- milliard-billion. The billion-mark note in figure 1 is a trillion-mark note in English, one million times its original face value. By November 1923 notes denominated in billionen were circulating, so this fraud was feasible. Furthermore, the high-value notes were just like the older notes in technology? letterpress with blank backs. The only security feature was a watermark, and the raised note still has its original watermark. Figures 2-3 show the altered letter?originally M and then B. The M is letterpress?the B is pen-and-ink. The artist had to first scrape the M off of the note, then draw in the B. It is a masterful job to the naked eye. Of course, the new high-value notes were also subject to counterfeiting. Figures 4-5 show a pair of those. Both are letterpress (with the counterfeit being somewhat less bold than the original). In this case the proper watermark is missing, as shown in figure 6. There is a faint manufacturer?s watermark in the paper (illegible letters and some kind of artwork on the left end of the note), but it is not at all deceptive. Somebody obviously detected this counterfeit in circulation and cancelled it. Those old notes continued to be used for nefarious purposes. Figures 7-8 show a 500 mark note of 1922 and its watermark (properly read from the back of the Figure 2 Figure 3 Figure 4 (above) & Figure 5 (below) Figure 6 ___________________________________________________________Paper Money * Sept/Oct 2019 * Whole No. 323_____________________________________________________________ 372 note for some reason?I have to think that the press operator was having a bad day). If you remove the image of the 500 mark note from the paper, you have a very nice watermark remaining. Figures 9-10 show a counterfeit of a modern DM500 note printed on that paper. Since it is a genuine watermark (in the paper, not on the paper), it makes a very deceptive counterfeit if you don?t handle a DM500 note very often. The genuine note has a watermark of a head matching the principal vignette. Our final piece is a note for 500,000,000,000 marks issued by the German Railway System (Reichsbahn) office in Stuttgart in 1923. Around the year 2000 a currency scam operating in Taiwan was based on high-denomination notes of the German inflation. Taiwan dealers were paying large sums for such notes. When the supply in Germany dried up, a Swiss firm printed replicas of this particular note to feed the Taiwan scheme. Figures 11-12 show this pair. There is no watermark in the original note, but there is a blind-embossed seal, which is printed on the replica rather than being embossed. There are two strikes against this seal. In addition to not being embossed, the printed version refers to the Reichsbank; the genuine seal says Reichsbahn. You can see that the colors also do not match, but since the victims in Taiwan had doubtless never seen an original, that was a minor distraction. This almost wraps up our exploration of WWI- related counterfeiting. Next issue I will come back to the Persian overprints placed on German notes during WWI that became so available early in this century. Figure 7 (above) and Figure 8 (below) Figure 9 (above) and figure 10 (below) Figure 11 (above) and figure 12 (below) ___________________________________________________________Paper Money * Sept/Oct 2019 * Whole No. 323_____________________________________________________________ 373 ?Auction Nights? With the Aletheia Grotto, 1941 by Loren Gatch Throughout the 20th century, the use of auction scrip was a common feature of business promotion in communities across the United States. Often styled as ?auction bucks? and printed with a simplicity that made it impossible to confuse with any official currency, this local money worked in the following way. Businesses would issue it to paying customers in some proportion to their ordinary purchases; the more customers spent, the more auction scrip they accumulated. On some designated day, participating merchants would hold an auction of selected items, payment for which could only be made in the distributed auction scrip. Once the auction was concluded, any outstanding scrip became worthless. Such promotional schemes offered something to everybody. Merchants benefited from the increased traffic, fueled by popular demand for the scrip. Customers in turn got the opportunity to convert their scrip supplies into valuable goods. In addition, the auction process itself was a source of fun. Not knowing what the scrip could purchase until the auction actually took place created some public excitement. While each customer purchase earned a predetermined amount of scrip, the particular denomination was arbitrary. Whether a particular dollar purchase earned fifty or five hundred ?auction bucks?, the point was to spend completely one?s supply at auction time, getting some thrill out of bidding to spend large amounts of what was essentially temporary, fictitious money. For once the auction was over, the scrip would lose all its purchasing power. Since auction scrip was typically issued by local merchants? associations, usually it can be easily identified by the name of the town in which it was used. In other instances, attribution is not quite so straightforward. This article provides some brief background to two pieces of ?auction money?, dated 1941, produced by a fraternal lodge named the Aletheia Grotto, located in Worcester, Massachusetts. The Aletheia Grotto, No. 13, M.O.V.P.E.R. Up until about the middle of the last century, it could be taken for granted that Americans had a fair grasp of the multitude of fraternal organizations that structured associational life in the United States. With declining participation rates in such groups as the Freemasons, Odd Fellows, or Knights of Columbus, it can no longer be assumed that people know what these groups are, or why they exist. The Aletheia Grotto referred to on the ?auction money? pictured above is part of an offshoot of Freemasonry whose full name is the Mystic Order of Veiled Prophets of the Enchanted Realm (hence M.O.V.P.E.R). Each branch, or lodge, of this Order, is known as a Grotto. The first Grotto was established in 1889, by Le Roy Fairchild, of the Hamilton, New York, Lodge No. 120 of the Free & Accepted Masons. As the parent lodge of this new Order, the first branch was named Mokanna Grotto No. 1. While not strictly speaking a Masonic organization itself, membership in the Order is limited to Master Masons. Thus, any member of a local Grotto must already belong to whatever Masonic Lodges are present in the area. Spending Money on Auction Nights with the Aletheia Grotto ___________________________________________________________Paper Money * Sept/Oct 2019 * Whole No. 323_____________________________________________________________ 374 If the full name of the Order is a bit over the top even by the elaborate standards of fraternal organizations, it?s because M.O.V.P.E.R. was founded as a playful and somewhat tongue-in-cheek expression of fraternal camaraderie. Over the years, the M.O.V.P.E.R. has espoused and practiced ideals of fun and good fellowship, with an emphasis on various forms of organized entertainment. In particular, Grottoes have been associated with circus productions. Proceeds from these charitable and service activities have traditionally focused on various childhood disabilities. After the founding of the Order, the earliest Grottoes emerged mostly in upstate New York. The Aletheia Grotto, No. 13, was organized in Worcester, Massachusetts on April 13, 1904. Any member of the Aletheia Grotto had to be a member of an existing Masonic Lodge, and in Worcester at the time of the Grotto?s founding in 1904 these would have been the Montacute, Athelstan, Morning Star, and Quinsigamond Lodges. The founder of the Aletheia Grotto, Frederick A. Blake, was a boot manufacturer and member of the Montacute Lodge. He served as the Aletheia Grotto?s first Monarch. While no description can be found as to what actually happened on the Aletheia Grotto?s ?Auction Nights?, the notes pictured above were most likely used in a fashion similar to how auction scrip was employed elsewhere. Presumably, participants in ?Auction Nights? bid on items, with the winners paying for them using scrip that they had obtained from some other source. These events may have served simply to entertain the attendees or could have been part of the Grotto?s charitable fundraising efforts. The reverses of both notes feature views of the Worcester Memorial Auditorium, a stately neoclassical structure completed in 1933 and, at the time of this writing, now sadly empty and unused. In January 1937, the Aletheia Grotto began hosting a charity circus at the Auditorium, and this became an annual tradition that ran well into the 1960s, attracting many tens of thousands of visitors each year. Proceeds from the Aletheia Grotto Circus went to support the Cerebral Palsy Clinic at the Memorial Hospital in Worcester. On the front of each note appear facsimile signatures: Emile L. Rousseau and Dr. Malcolm W. Atkins on the $25 bill, and J. S. Sampson and William P. Gingras on the $50. A few details are available about each of these four Worcester residents: Emile Louis Rousseau (1893-1969), of the Morning Star Lodge, was President of the Rousseau Electric Co. and directed the production of the Grotto Circus for many years, though Sampson and Gingras also participated. Malcolm Williams Atkins (1895- 1947) had a career as a dentist and trained at Tufts College. His Masonic affiliation was with the Quinsigamond Lodge. He also ran the well-regarded ?Grotto Glee Club?. William Paul Gingras (1905- 1981) worked as an assistant manager at the Edwin Carlson Lumber Co. He belonged to the Athelstan Lodge. John Seaborn Sampson, Jr. (1906-1982) was a salesman, and a member of the Montacute Lodge since 1930. With the general decline of fraternal organizations in American life, the various Masonic Lodges in Worcester were obliged over the years to consolidate, as they have done elsewhere. Nonetheless, the Aletheia Grotto is still in existence, though its present-day location has changed slightly from Worcester to the nearby town of West Boylston. References: Ancestry.com. Massachusetts, Mason Membership Cards, 1733-1990 [database on- line].Provo, UT, USA: Ancestry.com Operations, Inc., 2013. The Billboard, various issues, 1943-1947. Fitchburg (Mass.) Sentinel, September 30, 1964. The Worcester Magazine, Volume XII (June 1909). Frederick A. Blake, first Monarch of the Aletheia Grotto ___________________________________________________________Paper Money * Sept/Oct 2019 * Whole No. 323_____________________________________________________________ 375 The Quartermaster Column No. 8 by Michael McNeil Endorsements on Confederate Treasury notes can be difficult to decipher, even when the handwriting is quite clear. Examples like the illustrated endorsement with the initials ?G.W.C.? occasionally appear in internet auctions. The formal wording ?Issued? and a date of issue in the endorsement suggested to the discoverers that ?G. W. C.? was a officer. But the initials on the many observed examples were never accompanied by a rank or title to confirm this. The basic resource for identification in the early years of research was the Journal of the Confederate Congress which listed the commissions and promotions of all military officers. Arthur Wyllie performed the herculean task of making an alphabetical list of roughly 11,000 officers gleaned from the Journal. Wyllie named that list Confederate Officers and published it as a PDF document in 2007. No officer corresponding to the initials ?G. W. C.? was listed. Union control of the Mississippi River in 1863 effectively split the Confederacy. Communications with the Confederacy west of the Mississippi (called the ?Trans-Mississippi District?) was difficult, and we sometimes do not find Trans- Mississippi officers in the Journal of the Confederate Congress. With no obvious way to decipher these initials the speculation ran rampant. The first edition of the work which describes these endorsements shows a great deal of this speculation.1 One theory proposed that the initials G. W. C. represented the first three names of George Washington Custis Lee, adjutant to President Davis and a relative of Gen?l Robert E. Lee, although no one could explain why such a man would leave off the initial of his famous last name, or why an adjutant to the President would need to issue Treasury notes. The mystery was eventually solved with careful investigative work in the online database Fold3.com, which contains a great deal of the National Archives files for the Confederate States. To get to the punch line, the initials are those of George W. Caldwell, an Assistant Quarter Master in San Antonio, Texas.2 But this was no easy identification in the Fold3.com files. The document which initially provided a good signature match was not in the Confederate archives ? it was a letter from Caldwell in 1848 as a Union infantry Captain of the 3rd Dragoon in the war with Mexico. Caldwell was reporting from a camp in Mexico that two of his men had an altercation which resulted in a duel with one man shot. As a postscript in the letter he dryly noted, ?He is dead. March 16, 9 o?clock a.m.? This document established the identity of ?G. W. C.? and a search of the Fold3 website unearthed several of his documents filed in the Confederate Citizens category, where Caldwell signed requisitions and vouchers in San Antonio, Texas with no rank or title between October 29th, 1861 and June 24th, 1863. Then fate intervened when a Treasury note appeared on a Heritage auction with the illustrated endorsement, ?Issued at Monroe, L(ouisian)a, Jany 8th, 1863, G. W. C., QM.? This discovery provided the final necessary confirmation that we had made the correct identification of Caldwell as a Quarter Master, and it placed him in a specific location. Although his endorsement is a very collectable R10+, only two notes are known with his endorsement as a Quarter Master with a place of issue. The absence of rank on all of his endorsements was a strong clue. A search of the files of Texas military units explained why he did not use the title of an officer. Caldwell enlisted as a 2nd Corporal in Company D of Gould?s 6th Battalion Texas Cavalry on March 13th, 1862 and was discharged on May 27th of that year as ?being over 35 years of age.? Caldwell would have The back of the Type-40 note with an endorsement which reads: ?Issued at Monroe, La, Jany 8th 1863, G.W.C., QM.? The note was previously issued at Jackson, Mississippi on October 28th, 1862. image HA.com ___________________________________________________________Paper Money * Sept/Oct 2019 * Whole No. 323_____________________________________________________________ 376 been about 21 years old in 1848 as the Captain of the 3rd Dragoon in the Mexican War. The illustrated Treasury note is dated January 8th, 1863, and a further search led to the file for the 33rd Cavalry, Duff?s Partisan Rangers, where we find Caldwell promoted to Lieutenant and Adjutant of that unit as of February 7th, 1863. The Assistant Quarter Master of that unit was Capt. Edwin Lilly. Caldwell?s endorsements on Treasury notes were most likely made in his capacity as an Acting Quarter Master without formal commission, and probably assisting Capt. Lilly. Caldwell joined Duff?s Partisan Rangers as a 1st Corporal at San Antonio on May 4th, 1862, just before the date of his discharge from the 6th Battalion. The history of Duff?s Partisan Rangers tells a dark story. Duff sent part of his troops to the Battle of the Nueces on August 10th, 1862, where a great many Texas citizens of German descent and Unionist sympathies were slaughtered in their attempt to leave Texas. There is no mention of activity by the 33rd Texas Cavalry in Louisiana. We can only speculate as to the reasons we have found two notes issued by Caldwell in that state. George W. Caldwell signed his parole document of July 31st, 1865, at Matagorda, Texas, as ?Capt. & AQM.? Online access to National Archives documents on Fold3.com is a gold mine. When you find that new endorsement, you now know more places to look to identify the historic officer who signed it. And there are more to be discovered! ? carpe diem Notes: 1. McNeil, Michael. Confederate Issuers of Train and Hoer Notes, published by the author, 2010. See pages 122-126. 2. McNeil, Michael. Confederate Quartermasters, Commissaries, and Agents, published by Pierre Fricke, 2016. See pages 162-164. The descriptions of George W. Caldwell listed in these two editions are an excellent example of the evolution of the understanding of difficult endorsements in general and the importance of original documents in the resolution of controversies. The front of the Type-40 Treasury note endorsed by George W. Caldwell, Assistant Quarter Master. image HA.com A Unit Card for the officers of the 33rd Texas Cavalry from the National Archives. Note the entries for Edwin Lilly as AQM and George W. Caldwell as Adjutant. image Fold3.com ___________________________________________________________Paper Money * Sept/Oct 2019 * Whole No. 323_____________________________________________________________ 377 New 1s on Letter-Seal 1928 FRN Plates By Jamie Yakes The original district seals on Series of 1928 Federal Reserve notes had bold, black numbers representing each Federal Reserve district. Fearful the public might confuse those numbers for the denomination, the Bureau of Engraving and Printing (BEP) replaced them with letters on all new plates prepared from September 26, 1929 forward.1 This change occurred between Series 1928A/1928B for $5s, $10s, and $20s; and 1928/1928A for $50s and $100s. Large denomination notes were printed from plates only bearing letter seals. A previously unrecognized and concurrent change involved using a different font for the 1s in the four small district identifiers near the counters. The 1s on numeral seal plates had no serifs and resembled the letter I, but those on the letter seal plates had serifs (see figure below). Federal Reserve notes carried those corner markers because the Federal Reserve Act made Federal Reserve banks accountable for the circulation of their own notes. The act levied a fine for paying out notes from other banks, so unmistakable identification of Federal Reserve notes was crucial, both during the sorting process and when canceled or mutilated notes came in for redemption. The district seal served as the primary way to determine the bank. The prefix letters in the serial numbers also identified a particular bank and functioned as a secondary means of identification. Problems arose when fragments of notes were received that showed neither the seal nor the serial numbers. In those cases the corner markers acted as a third way to identify the banks. A letter-number combination had appeared in both the district seals and the corner markers on Series of 1914 Federal Reserve notes. When the Treasury reduced the size of currency in 1928, limited space remained for the BEP to fit both characters. This caused them to retain just the numbers in both the seals and corner markers. The 1s on the 1914 plates had no serifs and resembled the letter I. No potential for confusion existed because Boston notes displayed a ?1-A? and Minneapolis notes a ?9-I.? On the early 1928 plates, the lone 1 was very similar to the letter I, and persons used to sorting the 1914 notes could possibly mistake 1928 Boston notes for Minneapolis. To avoid any confusion, the BEP changed the font of the 1s when they altered the district seals. The new 1s appeared thereafter on letter-seal plates for every district with a 1 in the district number: Boston (1), Kansas City (10), Dallas (11), and San Francisco (12). References 1. Huntoon, P. ?Letters Replaced Number in 1928 FRN Seals.? Bank Note Reporter, 34 (April 2006): 42, 44. ___________________________________________________________Paper Money * Sept/Oct 2019 * Whole No. 323_____________________________________________________________ 378 The Obsolete Corner The Bank of Battle Creek by Robert Gill September is upon us, and I hope that you have been able to manage the summer where you live. As for me, this has been a "hot one" here in Southern Oklahoma. Fall weather cannot come fast enough! But now, let's look at the sheets from my collection that I've chosen to share with you. The state of Michigan has interesting history to offer us paper money enthusiasts when it comes to Obsolete Currency. And the small community of Battle Creek was no exception. In this issue of Paper Money, I'd like for us to look at The Bank of Battle Creek, and it?s very short life. The Bank of Battle Creek was not one of the banks specially chartered by the Michigan State Legislature but was organized under what was known as the Free Banking Act of 1837. Articles of Association were filed with the State authorities on February 12th, 1838. Capital stock was $100,000, of which $30,00 was given as paid in. The officers were Sands McCamly, President, and Tolman W. Hall, Cashier. Location of the Bank office was on Monroe Street. Business probably began before Articles of Association were filed with the State, because there have been a few observed signed notes dated January 18th, 1838, three weeks before the filing date. Looking back on the history of that time, the prospect for ultimate success of this Bank was gloomy. According to Blois? Gazetteer for 1838, Battle Creek had six stores, two taverns, two sawmills, two flourmills, two smitheries, two machine shops, a saddlery, a cabinet shop, and four hundred inhabitants. Under normal conditions, with a prosperous farming community to draw on, the Bank might have had a chance to survive, but the financial Panic of 1837 hit the whole country with a smashing blow. Ruin seemed to face all facets of commerce. But still, people did not seem to realize that over speculation and a disordered currency system were at the root of all problems, and so The Bank of Battle Creek began very early on to drift to destruction. The Bank managed to avoid ?the rocks? for almost a year. But the State Examiner?s report of December 15th, 1838, showed an indebtedness of $50,130, of which $23,600 was for bank notes issued. There were only seven depositors, with a total of $985 to their credit. There was no gold or silver in the Bank, and only $960 of bills on other banks on hand. In face of this desperate situation, the Bank Examiners, one of whom was Digby V. Bell, afterwards a resident of Battle Creek, advised State Authorities that the Bank be allowed further time for the redemption of its notes. Their report stated: ?The Bank of Battle Creek, there is good reason for assurance, will be in possession of the means to effect this desirable object in the course of two weeks, a favorable issue to the pending negotiation for that object being confidently entertained.? The expected aid, however, did not materialize. The end for The Bank of Battle Creek came in February of 1839, just about a year after going into business. So there you have it. Another little community, during Obsolete days, that ended up suffering greatly because of a very unorganized banking system that plagued our Nation during its early development. I suppose there was something positive that came out of the War Between the States..... that being President Lincoln realizing that our country needed a centralized banking system that had organization and accountability. As I always do, I invite any comments to my cell phone (580) 221-0898 or my personal email address robertgill@cableone.net Until next time, I wish you HAPPY COLLECTING. ___________________________________________________________Paper Money * Sept/Oct 2019 * Whole No. 323_____________________________________________________________ 379 ___________________________________________________________Paper Money * Sept/Oct 2019 * Whole No. 323_____________________________________________________________ 380 ___________________________________________________________Paper Money * Sept/Oct 2019 * Whole No. 323_____________________________________________________________ 381 by?Robert?Calderman? eBay Shenanigans! With non-stop shopping till you drop, the internet provides an endless avenue to fuel our collecting addiction needs. Anytime day or night we can find ourselves a new note to add to our collection. After seven years I finally decided to upgrade my now technologically ancient version of the iPhone and bite the bullet for the newest model with the mega jumbo screen! Now I can pull up images in ultra-high resolution at lightning speed and feed my collecting bug in style, without the laptop computer cooking my lap. Just a few weeks ago I noticed a nice note on eBay that instantly went into my ?Watch? list. An attractive Rainbow Ace graded VF30 by PCGS-Currency. Instead of a lofty asking price, to my pleasant surprise this listing was a true auction starting at only 99 cents! I decided this note was one that I wanted to fight for. After taking a closer look I noticed the top and bottom edges seemed to be a little rough. Still a nice note, but noticeably ruffled. The note was already TPG holdered so there didn?t seem to be any major cause for concern. Digging a little deeper never hurts and since the note was listed for a full week there was time to study a bit more. Trying to figure out what comparable sales prices might be, I noticed that just a few short months ago there was another VF30 that sold at the Central States auction. This example that sold via Heritage was also graded PCGS-C but with the ?Apparent? designation and the comments ?Edge Splits?. While this isn?t too bad of an issue, it was enough for the note to sell for a significant discount hammering for $528.00 including the buyer?s premium. Problem free examples of popular large size type notes can be extremely hard to find at bargain prices. You just have to pony-up what the market requires to take home the goods and I knew the note I was tracking on eBay would no doubt bring more than the similar ?Apparent? example once the auction ran its course. Consulting the online census nearly 1,900 Fr.18 examples have been observed with 111 notes listed as having been certified or estimated (raw) at the VF30 level. A number larger than I anticipated, this helped me figure out how high I was comfortable bidding the note up to. Whether I won or not, at least I?d given the price some thought. If I would inevitably win the note or cry uncle was yet to be seen. It almost didn?t dawn on me, but just before shutting down my web browser I remembered there was a serial number search function and decided to investigate if the note I was watching had sold previously. It didn?t Online seller?s photo of an 1869 Rainbow $1 LT Graded PCGS-C VF30 ___________________________________________________________Paper Money * Sept/Oct 2019 * Whole No. 323_____________________________________________________________ 382 matter in the grand scheme of things but while I was covering all the bases it was worth a look. I immediately chuckled when I saw the search results. The note I had been following on eBay was the same note that had sold a few months ago at Central States. I hadn?t paid any attention to the serial number prior to this moment. Here was a type note in a grade range I felt I could comfortably afford, and I was only looking at similar TPG grades that had recently sold, ignoring the SN?s completely. Here it was plain as day, the same note but something was clearly different! Take a close look at the TPG label. There is a significant change that took place from April to July that sure made me do a double take! Have you figured it out? I was slower than the average bear since I never thought to look for this. The note used to be in an ?Apparent? holder and now magically Fr.18 sold at Central States Heritage Auction 04-2019 the note resides in a regular straight graded VF30 holder! How the heck does that happen? Was the note cut out and re-submitted? Unfortunately, I knew the answer already. These PCGS- C holders have labels that are applied on the exterior of the slab. The layout printed on the stickers uses a type of magnetic ink, think of a laser printer. The printed product looks fantastic, but the ink is only semi-permanent on the surface of the label. Someone decided to give in to temptation and finding an angle that could reap them a potentially significant financial reward chose to alter the holder. Three very significant words were erased or chemically removed from the holder, ?Apparent, Edge Splits?. Now that three months had passed from the initial Heritage auction to the newly listed eBay offering, there is a reasonable possibility that the note changed hands, potentially more than once, since it was original won by the highest bidder at Central States. The now eBay seller may or may not have known the note was being misrepresented. Regardless, with the information I was now privy to, I chose to save my bid for another day and avoided doing battle on this Rainbow Ace. It still managed to make a hefty climb all the way up to $900! An increase of over 40% vs. the previous HA realized price. Right now, as I write this, the note is once again listed on eBay, this time from different seller with a BIN of $1,200! The vast majority of collectors and dealers frown on shenanigans like this, to say the least. The story presented here serves as wake-up call. When spending a healthy sum of your available funds on a slabbed note, performing a little advance homework will serve you well as you add notes to your collection. Fortunately, over time, the PCGS-C branded holders received a makeover and the newer labels feature a grade displayed in Italic?s on any note with added comments, now listed in detail on the back of the holder. Dealing with an established and trusted currency dealer can greatly help one avoid unusual pitfalls like the Rainbow Ace featured here. As Canada Bill Jones the riverboat gambler and three-card monte grifter would say, ?It?s immoral to let a sucker keep his money?. Study hard and become a Cherry Picking wizard, and don?t be a sucker! Do you have a great Cherry Pick story that you?d like to share? Your note might be featured here in a future article and you can remain anonymous if desired! Email scans of your note with a brief description of what you paid and where it was found to: gacoins@earthlink.net. ___________________________________________________________Paper Money * Sept/Oct 2019 * Whole No. 323_____________________________________________________________ 383 The Man Who Stole Portugal (and Uganda, and Liberia?) An airplane carrying twenty pallets of fresh Ugandan currency printed by France?s Oberthur Fiduciare arrives at Entebbe airport. Somehow, on that chartered flight five extra pallets have gotten on board; the mysterious cargo disappears amid insinuations of unauthorized currency printing. Apologizing for the irregularity, Oberthur offers the wary Ugandans a 10% discount on their next order. The American printer Crane Currency?s Swedish affiliate produces some $15 billion in Liberian dollars, seemingly at the behest of the Liberian government. Yet out of that amount, only L$ 5 billion was actually authorized by the country?s legislature. The rest of the currency, delivered to Liberia, enters the economy with little oversight or control. Mysteriously, a further L$ 2.6 billion appears to have been printed in addition to the amount reported by Crane itself. Those funds have simply vanished. The executive director of Liberia?s central bank and his deputy, the son of an ex-President of Liberia, are placed under arrest. Whatever are the outcomes of these two recent scandals, they pale in comparison to the most extravagant and ingenious banknote fraud of modern times, the Portugal Bank Note Affair of 1924-1925. Treated at book-length in Murray Teigh Bloom?s The Man Who Stole Portugal, the story recounts how Artur Virgilio Alves Reis, a minor Portuguese civil servant turned businessman with fabulist tendencies, induced the British banknote printer Waterlow & Sons to produce hundreds of thousands of real, albeit unauthorized, escudo banknotes. The repercussions of his ruse shook Portugal?s banking system, roiled the country?s politics, and occasioned one of the most convoluted cases in British legal history. Bloom?s true-crime account represents an acute and engaging study in the psychology of deception (and self-deception). An unknown forger produces a contract allegedly giving its bearer the power to negotiate with banknote printers, on behalf of the Bank of Portugal, to produce new supplies of the country?s currency. The firm of Waterlow & Sons not only agrees to the contract, but also acquiesces in a remarkable degree of secrecy concerning the project, in deference to the alleged delicacy of Portugal?s obscure financial politics. Written in the form of several dozen short chapters labeled only by date and place, the book is a terse, reportorial reconstruction of an extended conspiracy. Bloom narrates the events with a cheerful amorality, deftly crafting character sketches of the individuals involved. Several themes stand out in the book. The first is the awesome power of signatures and the casual rituals of authentication that make all manner of business possible, both then and now. Crucially, Reis forged the signature of the Bank of Portugal?s chairman by copying it off the very banknote he sought to have printed! (He also came to believe his version of the signature to be superior to the real thing). The second theme that emerges is the paradoxical relationship between cynicism and gullibility. At the time, Portugal was known for its corrupt business ethics, yet the very sleaziness of that reputation made it easier for Waterlow?s to accept the implausible conditions of secrecy as just another quirk of doing business. As Bloom put it, ?Waterlow?s was well-insured against the normal risks of fire, theft, and embezzlement. But who would sell you insurance against gullibility?or dare suggest you needed it?? Beyond gullibility, the narrative challenges the status of truth itself. In Bloom?s account, only Alves Reis fully knew of the extent of his criminal conspiracy?or was even aware that the arrangement was criminal in the first place. To varying degrees, even his collaborators, whatever their own ethical lapses, were tricked into believing in the fundamental legality of the scheme. A fourth theme is the sometimes-hazy boundary between deception and self-deception. Though they actually never met, the story?s key relationship is that between Alves Reis and Sir William Waterlow, between the grifter and his unwitting mark. Sir William, a man of some conceited self-importance, was anxious to keep the Portuguese account away from other printers, ignoring the warnings of his own company?s trade representative. He was also solicitous of his position in the family firm and jealous of his sibling rivals. As for Alves Reis, any ordinary criminal would have taken the money and ran, since in the immediate sense the scam was completely successful. Yet Reis?s ambitions transcended ordinary greed. A financial Icarus, he aimed not only to become rich, but to legitimate his scam by taking ownership of the Bank of Portugal itself, buying up the necessary shares using proceeds from the very banknotes whose supply he had conned into being! Fail at this he did, but it was a failure rendered beautiful by the sheer audacity of its ambition. Half charlatan and half visionary, Artur Virgilio Alves Reis deserves more than a footnote in the history of finance, fraudulent and otherwise. Chump Change Loren Gatch ___________________________________________________________Paper Money * Sept/Oct 2019 * Whole No. 323_____________________________________________________________ 384 President?s Column Sept/October 2019 For 34 years, my employer has been the Federal Reserve Bank of Minneapolis. Simply put, my job is to help economists do their jobs, focusing around the information technology infrastructure. I work with some of the most brilliant minds in economics, including Nobel laureates and distinguished professors. The image that the Fed has with the public is very important to it. It has the highest ethical standards and strives for continual improvement. I like the use my employer as a model for how we should run the Society. One of my favorite tenets I have observed at the Fed is that the definition of leadership is enabling people to succeed. The leaders of SPMC, including but not limited to the board of governors, has embraced the theme of continual improvement for several years now. If you follow my column, you know what we have been doing to improve the membership experience. We have got more to do, and I am pleased at how our leadership is stepping up to make our organization even better. At our board meeting in June at the International Paper Money Show in Kansas City, we discussed a few paths that we would like to focus on over the coming year. One has to do with how we make our educational mission more accessible. Loren Gatch will be leading the effort here. We agree that the creation of educational videos will be helpful, and we will work out the details this fall. Additionally, Matt Draiss is new to board. I believe he described himself as a ?social media weenie? and has offered to help. We look forward to how Matt can build our Facebook profile and Instagram presence. In addition, Pierre Fricke and others will kick off a re-start of the Publications Committee, which will further explore how SPMC can continue to be a leader in promoting paper money publications. As you can see, our project-oriented group has its work cut out. Let us all adopt the mindset of continual improvement and look for ways we can the better the hobby and the Society. Editor Sez I am leeching half of Shawn?s page partly due to time getting away from me with all the travel I did this summer and getting my clinic back and ready to welcome all the students back to school. It also has allowed this to be one of the most article- laden issues I have done since taking over the editorship. I want to thank all the authors for such fine submissions and hope they will be proud of having them included in this issue. I know that a lot has gone in this summer in the paper world and numismatics altogether! While I had an incredible summer, I did miss the goings on, seeing people and being part of the actions. First and foremost, I want to apologize to Bob Moon for my super gaff in the last issue. While I published the correct picture of him being awarded the Best-in-Show for his exhibit at KC, I put the incorrect caption on it. Ever the gentleman, Bob did not even point this out to me! Good news though?he set this same exhibit up at the recent ANA and not only took first place in paper money, but also was awarded the Radford Stearns Memorial Award for Best-of-Show Runner-up!!! It is certainly nice to have a paper exhibit did so well at ANA?a sincere congratulation to Mr. Moon!!! This issue has a wide range of articles, three from Peter Huntoon, one from our old friend and governor Bob Schreiner, in-depth research projects on counterfeit $500s and the genesis of postal currency. We also welcome a new author to our ranks and hope he will publish more! Our last issue of the year is soon coming around and it has some nice articles slated for it as well. Since it is the holiday season, it would be nice if someone would do an article on notes therein related such as Santa Claus notes, presents, holiday themes, etc. Deadline for the article to me would be October 10. I hope you all have a great fall (a season that does not exist in Texas), enjoy your hobby, and contribute however you can to make it better. With school being back in, please remember to watch out for the students, observe the speed limits in school zones and teach your children to work hard and learn as they are our future! Benny Texting and Driving?It can wait ___________________________________________________________Paper Money * Sept/Oct 2019 * Whole No. 323_____________________________________________________________ 385 United States Paper Money specialselectionsfordiscriminatingcollectors Buying and Selling the finest in U.S. paper money Individual Rarities: Large, Small National Serial Number One Notes Large Size Type ErrorNotes Small Size Type National Currency StarorReplacementNotes Specimens, Proofs,Experimentals FrederickJ. Bart Bart,Inc. website: www.executivecurrency.com (586) 979-3400 POBox2? Roseville,MI 48066 e-mail: Bart@executivecurrency.com Buying & Selling ? Obsolete ? Confederate ? Colonial & Continental ? Fractional ? Large & Small U.S. Type Notes Vern Potter Currency & Collectibles Please visit our Website at www.VernPotter.com Hundreds of Quality Notes Scanned, Attributed & Priced P.O. Box 10040 Torrance, CA 90505-0740 Phone: 310-326-0406 Email: Vern@VernPotter.com Member ?PCDA ?SPMC ?FUN ?ANA WANTED: 1778 NORTH CAROLINA COLONIAL $40. (Free Speech Motto). Kenneth Casebeer, (828) 277- 1779; Casebeer@law.miami.edu 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. $ MoneyMart $?___________________________________________________________Paper Money * Sept/Oct 2019 * Whole No. 323_____________________________________________________________ 387 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 S implified copy of the same which is aimed at new collectors. Come join a group dedicated to the are 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 * Sept/Oct 2019 * Whole No. 323_____________________________________________________________ 388 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 Serial Number 1, Pomona, CA - $5 1882 Brown Back Fr. 469 The First NB Ch. # 3518 PMG Extremely Fine 40 Net Chino, CA - $10 1902 Date Back Fr. 620 The First NB Ch. # (P)10271 PMG Very Fine 25 Fr. 344 $100 1891 Silver Certi cate PCGS Very Fine 25 Fr. 2404* $50 1928 Gold Certi cate PMG Choice Uncirculated 63 EPQ T1 $1,000 1861 PF-1 Cr. 1 PMG Extremely Fine 40 Honolulu, HI - $5 1882 Brown Back Fr. 477 The First NB of Hawaii Ch. # 5550 PCGS About New 50 For a free appraisal, or to consign to an upcoming auction, contact a Heritage Consignment Director today. 800-872-6467, Ext. 1001 or Currency@HA.com Highlights from Our Offi cial Long Beach Signature Auction Visit HA.com/3574 to view the catalog or place bids online. Heritage Numismatic Auctions, Inc. LSM0818768, Paul Minshull LSM0605473. BP 20%; see HA.com. 52957 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 U.S. CURRENCY SIGNATURE ? AUCTION September 4-9, 2019 | Long Beach | Live & Online