Paper Money - Vol. LVIII - No. 6 - Whole #324 - Nov/Dec 2019

Paper Money Vol. LVIII, No. 6, Whole No. 324 www.SPMC.org November/December 2019 Official Journal of the Society of Paper Money Collectors Featured Highlights from the Stack?s Bowers Galleries Official Auction of the Whitman Coin & Collectibles Winter Expo Contact Us for More Information Today 800.458.4646 West Coast Office ? 800.566.2580 East Coast Office November 12-15, 2019 ? Baltimore, Maryland 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 NovBalt2019 HLs 190930 America?s Oldest and Most Accomplished Rare Coin Auctioneer Legendary Collections ? Legendary Results ? A Legendary Auction Firm Great Salt Lake City, Utah Territory. Deseret Currency Association. 1858. $20. PMG About Uncirculated 50. Brigham Young Handwritten Signature. Indianapolis, Indiana. $5 1882 Brown Back. Fr. 477. The Columbia NB. Charter #5845. PMG Choice Uncirculated 64. Serial Number 1. Elsinore, California. $10 1902 Plain Back. Fr. 633. The First NB. Charter #11922. PMG Choice Uncirculated 63. Serial Number 1. Fr. 1133-C. 1918 $1000 Federal Reserve Note. Philadelphia. PMG Very Fine 30. Fr. 1922-KH. 1995 $1 Federal Reserve Star Note. Dallas. PMG Gem Uncirculated 66 EPQ. Serial Number 1. Fr. 2407. 1928 $500 Gold Certificate. PMG Choice Uncirculated 63. Kingfisher, Territory of Oklahoma. $10 1902 Red Seal. Fr. 613. The Farmers NB. Charter #6702. PMG Very Fine 30. Fr. 824. 1915 $20 Federal Reserve Bank Note. Chicago. PMG Choice Uncirculated 63 EPQ. Raton, Territory of New Mexico. $5 1882 Date Back. Fr. 533. The First NB. Charter #4734. PMG About Uncirculated 50 EPQ. Rosebud, Montana. $10 1902 Plain Back. Fr. 632. The First NB. Charter #11437. PMG Choice Uncirculated 64. Serial Number 1. Fr. 150. 1863 $50 Legal Tender Note. PCGS Currency About New 50 PPQ. Nashua, New Hampshire. $2 Original. Fr. 387a. The Indian Head NB. Charter #1310. PMG Very Fine 20. 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 Robert Calderman, Box 7022, Greenville, GA 30504. ?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. 6 Whole No. 324 November/December 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 should be sent to editor. All advertising is pay in advance. All ads are accepted on a ?good faith? basis. Terms are ?Until Forbid.? Ads are Run of Press (ROP) unless accepted on a premium contract basis. Limited premium space/rates available. To keep rates to a minimum, all advertising must be prepaid according to the schedule below. In exceptional cases where special artwork, or additional production is required, the advertiser will be notified and billed accordingly. Rates are not commissionable; proofs are not supplied. SPMC does not endorse any company, dealer or auction house. Advertising Deadline: Subject to space availability, copy must be received by the editor no later than the first day of the month preceding the cover date of the issue (i.e. Feb. 1 for the March/April issue). Camera ready art or electronic ads in pdf format are required. ADVERTISING RATES Space 1 Time 3 Times 6 Times Full color covers $1500 $2600 $4900 B&W covers 500 1400 2500 Full page color 500 1500 3000 Full page B&W 360 1000 1800 Half-page B&W 180 500 900 Quarter-page B&W 90 250 450 Eighth-page B&W 45 125 225 Required file submission format is composite PDF v1.3 (Acrobat 4.0 compatible). If possible, submitted files should conform to ISO 15930-1: 2001 PDF/X-1a file format standard. Non-standard, application, or native file formats are not acceptable. Page size: must conform to specified publication trim size. Page bleed: must extend minimum 1/8? beyond trim for page head, foot, front. Safety margin: type and other non-bleed content must clear trim by minimum 1/2? Advertising copy shall be restricted to paper currency, allied numismatic material, publications and related accessories. The SPMC does not guarantee advertisements, but accepts copy in good faith, reserving the right to reject objectionable or inappropriate material or edit copy. The SPMC assumes no financial responsibility for typographical errors in ads but agrees to reprint that portion of an ad in which a typographical error occurs upon prompt notification. Benny Bolin, Editor Editor Email?smcbb@sbcglobal.net Visit the SPMC website?www.SPMC.org Napier-Thompson & Napier Burke Rarities Peter Huntoon ............................................................... 392 ABNCo?s ?Progress? Vignette Roland Robbins. ........................................................... 407 Election of 1912 Steve Feller .................................................................. 413 Drug Store Scrip of Vandiver & Henderson Bill Gunther ................................................................. 422 Overlapping Production of $1 1928, 1934 & 1935 S.C.s Peter Huntoon ............................................................. 426 A.F.R.O. Dollars of 1990-91 Loren Gatch ................................................................ 135 Pancho Villa?s Bedsheets Elmer Powell ................................................................ 438 Uncoupled?Joe Boling & Fred Schwan ........................... 440 Chump Change .................................................................... 447 Cherry Pickers Corner ........................................................ 448 Obsolete Corner .................................................................. 451 Quartermaster Colum.......................................................... 454 Small Notes?$5 NY Late-Finished Face 58 ........................ 450 New Members ...................................................................... 456 ___________________________________________________________Paper Money * Nov/Dec 2019 * Whole No. 324_____________________________________________________________ 389 President's Message............................................................ 457 Money Mart .......................................................................... 459 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?Robert Calderman, Box 7055, Greenville, GA 30504 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 33513, San Antonio, TX 78265 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 Cody Regennitter, 514 Hickory Dr., Norwalk, VA 50211 Wendell A. Wolka, P.O. Box 5439, Sun City Ctr., FL 33571 APPOINTEES: PUBLISHER-EDITOR--Benny Bolin, 5510 Springhill Estates Dr. Allen, TX 75002 ADVERTISING MANAGER--Wendell A. Wolka, Box 5439 Sun City Center, FL 33571 LEGAL COUNSEL--Robert J. Galiette, 3 Teal Ln., 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 33513, San Antonio, TX 78265 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 * Nov/Dec 2019 * Whole No. 324_____________________________________________________________ 390 Contact Don@Kagins.com or call 888.8Kagins to speak directly to Donald Kagin, Ph.D. for a FREE Appraisal! Kagin?s has handled over 99% of the coins listed in The Guide Book of U.S. Coins from Colonials to Pioneer and 99% of the currency listed in Paper Money of the United States from Fractionals to Errors ?? Check out our website or contact us for our latest o erings. We also handle want lists and provide auction representation. Highlights Already Consigned to the Kagin?s O cial 2020 ANA National Money Show Auction Experience the Kagin?s Di erence! An Unprecedented 5 months of Marketing and Promotion! ? 0% Seller?s fee for consignments ? Original award winning professional auction catalog cover designs ? Unprecedented Exposure to millions of potential buyers leveraging our extraordinary marketing with Amazon, ANA, Coin World, NGC, PCGS, iCollector and non-numismatic media ? Innovative marketing as we did with The ANA National Money Show Auctions and the ?Saddle Ridge Hoard Treasure? ? Innovative programs including the fi rst ever KAGIN?S AUCTIONS LOYALTY PROGRAMTM that gives you 1% back in credit. ? Free educational reference books and coin club memberships Consign to Kagin?s 2020 ANA National Money Show Auction Only one currency session of just 500 lots anti cipated! Let Kagin?s tell your personal numismati c story and create a lasti ng legacy for your passion and accomplishments! For more information about consigning to Kagin?s upcoming 2020-2021 auctions contact us at : kagins.com, by phone: 888-852-4467 or e-mail: Don@kagins.com. KAGIN?S AUCTIONS OFFICIAL AUCTIONEER ANA National Money Show? | February 27-29, 2020 | Atlanta, Georgia NOW Accepting Consignments! Fr-1133-L $1000 1918 Federal Reserve Note , San Francisco, PCGS 50 Fr-391 $2 1875 National Bank of Newport, Rhode Island , PMG 30 VF Prices Realized from Previous Kagin?s O cial ANA National Money Show Auctions Realized $29,400 FR-831, $50 1918 Federal Reserve Bank Note , St. Louis Realized $336,000 TN-14b, $10 War of 1812 Treasury Note Act of February 24, 1815 Fr-268 $5 1896 Treasury Note, PMG 45 Kagins-PM-NMS-Cons-Ad-10-10-19.indd 1 10/9/19 2:18 PM Napier-Thompson & Napier-Burke Treasury Currency Rarities This is the story of why the Napier-Thompson and Napier-Burke signature combinations are among the scarcest on large size type notes. Both were short-lived combinations, respectively current November 22, 1912 to March 31, 1913 and April 1, 1913 to October 1, 1913, the former less than four months and the latter six months in duration. The brevity of those joint tenures is not the real story here though. Rather, this is the tale of Bureau of Engraving and Printing Director Joseph E. Ralph because his no-nonsense management style directly caused both signature combinations to be far rarer than otherwise would have been the case. Ralph served as Director from 1908 to 1917. To fully appreciate his role, it is important to become acquainted with the man. The following biographic sketch is distilled from WES (May 11, 1908), Yellin (2013, p. 117-118) and BEP (circa 2006). Joseph E. Ralph Joseph Ralph was born 1863 in Allegheny City, Pennsylvania, and raised in Joliet, Illinois, where according to the Washington Evening Star he developed his ?western spirit of hustle? and ?frank and open- handed manner.? Lacking a formal education, he apprenticed in a steel works machine shop, eventually The Paper Column Peter Huntoon Figure 1. This is the most obtainable of Treasury currency type notes bearing Napier-Burke signatures. Heritage Auction Archives photo. ___________________________________________________________Paper Money * Nov/Dec 2019 * Whole No. 324_____________________________________________________________ 392 becoming an expert mechanic and union leader. The Republican patronage machine landed him several Federal positions from Assistant Postmaster in the House of Representatives to Superintendent of Construction at Ellis Island to Deputy Collector for the Customs Department at the 1893 World?s Fair in Chicago. He entered the civil service during the Cleveland administration where at the Bureau of Engraving and Printing he first worked as a plate cleaner in 1895 and then as the Custodian of Dies and Rolls in 1897. He was appointed Assistant Director in 1906. Then in 1908 upon the sudden death of Director Thomas Sullivan of pneumonia, President Theodore Roosevelt appointed him Director at a pay of $5,000 per year overseeing more than 1,000 employees. During his tenure, Ralph oversaw the design and construction of the Bureau?s new facility on 15th Street that opened in 1914 and still serves as the Bureau?s main building. He resigned from the Bureau in 1917 to head the newly organized United States Intaglio Surety Company, a banknote printing firm. He eventually went on to become the assistant to the president of the United States Steel Corporation. He died suddenly December 30, 1922 at age 59. When you keep crossing the wake of such a fellow in the form of his correspondence, Congressional testimony, and assess his impact on internal policies and technological innovations at the BEP, you begin to get a measure of the man. Not stated in the biography was the fact that Ralph shepherded the BEP into and through the World War I era, which imposed on the Bureau an explosive demand for war bonds and currency to support the war effort. Similar growth also was taking place in revenue and postage stamp production. As Director, Ralph, a union man in his youth, actively worked to overcome serious, well-coordinated union resistance to the use of labor-saving machines, such as four-plate intaglio power presses and rotary web-fed intaglio stamp presses (NYT, Jun 29, 1913). His capacity to meet crushing currency production deadlines was immediately tested by passage of the Aldrich-Vreeland Emergency Currency Act in 1908, which required that nearly 8,000 national bank note face plates had to be altered, 4,000 replaced and $500,000,000 in notes printed as soon as possible (NYT, Jun 11, 1908). His managerial skills were further honed just prior to U. S. entry into the war by being the one who coordinated the construction of the new 15th Street plant for the Bureau and moving its entire operation there from its antiquated former home, all the while ramping up production rates. During his tenure, he continually nudged internal policies and procedures toward greater efficiency in order to wring the maximum capacity out of his workforce and machines. He comes through in his Congressional testimony as a self-confident, brash individual whose forcefulness instilled in his inquisitors confidence in his ability to carry forward his agenda. One highly symbolic example of this was his introduction in 1910 of 4-subject Harris serial numbering, separating and collating machines into the currency production line. These were hugely labor-saving machines, but a subtly was that they also could print the Treasury seals on the currency, a responsibility that had been lodged with the U. S. Treasurer?s office since 1885. The idea was that the U. S. Treasurer, not the printers, should have responsibility for formally monetizing the currency by overprinting the Treasury seals on it within their building (Huntoon and Lofthus, 2014). Figure 2. Joseph E. Ralph, Director of the Bureau of Engraving and Printing from 1908 to 1917. Philatelic database photo, circa 1913. ___________________________________________________________Paper Money * Nov/Dec 2019 * Whole No. 324_____________________________________________________________ 393 Ralph went before Congress in 1909, told them he already let contracts to purchase the presses and was ready install them in 60 days. His pitch was that they would greatly streamline currency production and significantly reduce costs. With regard to the seals, if allowed the machines could print the seals along with the serial numbers at a great savings. More fundamentally, the BEP could be trusted to carry out every step in the printing of the currency including the sealing because the Bureau had in place security measures that under his watch never had allowed an unauthorized dollar?s worth of currency, or even a postage or internal revenue stamp, to get away from it (House, Jan 29, 1909, p. 169-172). Over the objections of the Treasurer, sealing was returned to the Bureau in 1910. The savings were estimated to have been almost $400,000 by the end of 1913, a figure that at the time was large enough for Congress to notice (NYT, Jun 29, 1913). Ralph answered to the Secretary of the Treasury and as a practical man saw the job of the Bureau, and his job as the Federal government?s securities printer, to crank out product as efficiently and as cheaply as possible. He was tough, pragmatic and focused. Congress could and did meddle in his operation through legislative actions such as forbidding or authorizing the use of power presses for the printing of certain types of securities. Orders came down from the Secretary?s office and his suggestions rose to the Secretary. You occasionally meet a man in history who happened to drop in at the right moment to overcome unprecedented challenges and hurdles. Ralph was such a man, so he became one of the most accomplished BEP Directors. You will see, though, that darker historic impulses beyond his control overtook and tainted him and his operation with the election of Woodrow Wilson in 1912. Changing of the Guard Republican President William Howard Taft served from March 4, 1909 to March 4, 1913. On November 5, 1912, Democrat Woodrow Wilson won election by defeating Taft and Bull Moose (Progressive) candidate Theodore Roosevelt. Wilson?s victory meant changes were coming to the top echelon of the Treasury Department when he took office in March 1913. However, a change occurred before he took office. Treasurer Lee McClung resigned on November 14, 1912, and his resignation became effective November 21st. McClung departed Taft?s government prematurely because he got caught up in written criticism of Secretary of the Treasury Franklin MacVeagh by an Assistant Secretary of the Treasury named A. Pratt Andrew. Andrew sent a letter of resignation to President Taft in July stating that he was resigning because MacVeagh exhibited lax methods for doing business and had poor administrative skills. A number of key Treasury officials supported these allegations and some actually signed on to the complaint including Comptroller of the Currency Lawrence O. Murray and BEP Director Ralph. However, McClung backed away from signing on but would not refute the charges, thus souring his relationship with MacVeagh. McClung tendered his resignation as a result but President Taft called a truce among the bickering Treasury officials so as not to have the bruhaha cloud his Presidential campaign, so McClung delayed his departure (NYT, Nov 15, 1912). This saddled Taft with the responsibility of appointing a short- term Treasurer for the duration of his term. As a convenience, he chose Carmi A. Thompson, his secretary, to fill the position effective November 22nd. BEP Director Ralph suddenly was faced with a signature change on the currency, but that signature would be current only for four months. To say the least, this was a managerial nuisance. Figure 3. Lee McClung resigned as President Taft?s Treasurer prematurely in November 1912, causing Taft to appoint Carmi A. Thompson for the four-month duration of his term. Wikipedia photo. ___________________________________________________________Paper Money * Nov/Dec 2019 * Whole No. 324_____________________________________________________________ 394 It was the practice during this era for the Bureau to continue to use the plates with obsolete signatures until they wore out, but as expeditiously as possible to make new plates or alter some of the old to carry the new combination. The productions from both were carefully segregated and serial numbered separately. New prefix letters usually were assigned to the serial numbers on the notes with the new combination and numbering of those blocks begin at 1. Every class and denomination was impacted, providing the Treasury placed orders for the notes. It was almost as if printing and accounting for the separate streams doubled the work of printing the currency. This was not the type of hassle a man such as Ralph appreciated, especially when he knew it was going to happen again in four months. Secretary of the Treasury Franklin MacVeagh had to deal with matters pertaining to the form of Treasury currency. The form of the national bank notes came under the preview of Comptroller Lawrence O. Murray. Ralph jumped on the problem of the national bank notes the day McClung resigned by sending the following letter to Murray because that job was the easier. November 22, 1912 The Comptroller of the Currency Sir: I have the honor to state that this Bureau has made all the plates for extension of charters of banks and printed the currency therefor, up to and including December 30, 1912. Inasmuch as Mr. Carmi Thompson has been appointed Treasurer of the Unites States, I respectfully recommend that I be authorized to place his signature on all plates for newly organized banks, bearing date of November 22, 1912, and subsequent thereto, so long as he fills the position of Treasurer, and that all plates where there is an extension of charter from and after January 1, 1913, contain the name of Mr. Thompson. In order that we may proceed with the work, please let me have this order as soon as possible. Respectfully, J. E. Ralph Director Ralph was not completely forthright in this letter, probably because dealing with the first of the plate orders for the extended banks was eminent and he simply didn?t want to be bothered with trying to get Thompson?s signatures on them. Instead, he proposed an arbitrarily distant date?new year day 1913? that was sufficiently far off that obtaining a sample of Thompson?s signature and making the requisite die and lifting rolls from it could be accommodated without strain. Comptroller Murray was ill at the time so Deputy and Acting Comptroller Thomas P. Kane signed off on Ralph?s proposal. The reality was that fourteen banks were extended between November 22 and December 31, 1912. None of the plates for them had been made prior to Ralph?s November 22 letter let alone notes printed. As revealed on Table 1, those plates were certified inclusive of October 7, 1912 and January 7, 1913. Under normal circumstances, Napier-Thompson signatures would have been mated with the date of extension that appeared on them, but instead they carried the obsolete Napier-McClung combination as per Ralph?s proposal. In contrast, orders for plates for new banks chartered on or after November 22 would dribble in such that the normal delays in making plates for them would provide sufficient leeway that they could be dealt without much inconvenience in the weeks ahead. The Napier-Thompson signature combination appeared on them. Figure 4. Carmi A. Thompson, President Taft?s secretary, served as Taft?s Treasurer from November 22, 1912 to March 31, 1913. Wikipedia photo. ___________________________________________________________Paper Money * Nov/Dec 2019 * Whole No. 324_____________________________________________________________ 395 Table 1. Series of 1902 date back face plates made for banks extended between November 22 and December 31, 1912, instead of prior to November 22 as stated by BEP Director Ralph. These plates bore the obsolete Napier-McClung Treasury signature combination instead of Napier-Thompson. Ch. Date of Plate Certification No. Location Bank Extension Combination Date 2068 SD Yankton First NB Nov 26, 1912 50-50-50-100 Oct 7, 1912 2073 MN Northfield First NB Dec 14, 1912 5-5-5-5 Nov 1, 1912 10-10-10-10 Nov 1, 1912 2076 NJ Dover N Union B Dec 26, 1912 10-10-10-20 Oct 24, 1912 2078 PA Conshohocken First NB Dec 29, 1912 5-5-5-5 Oct 24, 1912 10-10-10-20 Oct 24, 1912 4821 MN Wadena First NB Nov 28, 1912 5-5-5-5 Dec 9, 1912 10-10-10-20 Dec 9, 1912 4828 WV Davis NB Dec 21, 1912 10-10-10-20 Oct 25, 1912 4830 OK El Reno First NB Dec 8, 1912 5-5-5-5 Oct 24, 1912 10-10-10-20 Oct 24, 1912 4832 PA Philipsburg First NB Dec 30, 1912 5-5-5-5 Oct 24, 1912 10-10-10-20 Oct 24, 1912 4833 MA Haverhill Merchants NB Dec 7, 1912 10-10-10-10 Oct 25, 1912 4836 PA Clearfield Clearfield NB Dec 21, 1912 5-5-5-5 Oct 25, 1912 10-10-10-20 Oct 24, 1912 4839 OH Arcanum First NB Dec 11, 1912 5-5-5-5 Oct 24, 1912 10-10-10-20 Oct 25, 1912 4842 OH Medina Old Phoenix NB Dec 30, 1912 5-5-5-5 Dec 21, 1912 10-10-10-20 Dec 20, 1912 4844 ME York Village York County NB Dec 24, 1912 5-5-5-5 Nov 19, 1912 10-10-10-20 Nov 19, 1912 4853 OH Cadiz Fourth NB Dec 21, 1912 10-10-10-20 Jan 7, 1913 Ralph?s minor subterfuge has the appearance of an expedient of a man who simply wanted to get the job done without getting bogged down by delays caused by an issue as trivial as to whose signatures were to appear on the notes. Certainly no one using the notes would care. Figure 5. Proof for The Fourth National Bank of Cadiz, Ohio, charter 4853, that extended December 21, 1912. That plate date normally would have been mated with newly current Napier-Thompson signatures but BEP Director Ralph fenagled permission to continue using Napier-McClung signatures on plates for extended banks until January 1, 1913. Smithsonian Institution National Numismatic Collection photo. ___________________________________________________________Paper Money * Nov/Dec 2019 * Whole No. 324_____________________________________________________________ 396 The next day he tackled the more burdensome issue of getting Thompson?s signature on the Treasury currency. Here was his proposal. Memorandum for Assistant Secretary [Robert O.] Bailey Your attention is respectfully called to the unusual features relative to the changing of the engraved signatures of the United States Treasurer on United States notes and gold and silver certificates arising out of the recent appointment of Mr. Carmi Thompson as United States Treasurer, whereas in a little more than three months another person will undoubtedly take the office under the new administration. The custom for years required the United States notes and certificates to bear the engraved signatures of the United States Treasurer. A careful examination of the statutes fails to find a law requiring engraved signatures on United States notes and gold and silver certificates, but it is statutory on Treasury notes, coupon and registered bonds and National-bank notes. The Act approved December 23, 1857, (11th Stats. at L., page 257, Section 3) provides that Treasury notes shall be signed in behalf of the Untied States by the Treasurer thereof, and countersigned by the Register of the Treasury. This was reaffirmed in the Act approved February 25, 1863, (12th Stats. at L., page 346, Section 3), and also extended the signatures to coupon or registered bonds, authorized by the Act. The Act of February 25, 1863, (12th Stats. at L., page 670, Section 18) requires that National-bank notes be attested by the written or engraved signatures of the Treasurer of the United States, and the Register of the Treasury. The printed stock of paper money on hand in the course of completion is sufficient to last about thirty days and the completed engraved plates on hand will produce a printed stock to last at least sixty days. Under ordinary circumstances, all new plates required to be engraved would bear the signature of the newly appointed Treasurer and old plates would be altered as soon as practicable, and deliveries of the new stock would commence about three months after the new Treasurer was inducted into office. If the usual practice be followed, Mr. Thompson?s term would almost be ended before any notes bearing his signature are delivered. There are on hand 535 face plates of United States notes and certificates. The cost of altering them, together with the expenses incidental thereto, will amount to about $10,000. However, if deemed desirable to deliver some notes with the new signature and at an earlier date, a few plates could be altered immediately of each denomination, printing therefrom started at once, and deliveries commenced by about January 1, 1913. I would suggest that, if this plan be adopted, about 20 plates of $1 silver certificates, and 5 plates each of $2, $5, and $10 silver certificates, $5, $10 and $20 United States notes and $10 and $20 gold certificates be altered. About 40,000 sheets of notes and certificates with Mr. Thompson?s signature could be delivered daily from January 1 1913, to March 4, 1913, with little additional expense to this Bureau but with considerable inconvenience in keeping the stock of the two Figure 6. Treasury currency bearing Napier-Thompson signatures are highly prized scarcities. This note was the third in the first shipment of $2 silver certificates sent to the Treasury on December 21, 1912. The low serial numbers were intercepted by Carmi Thompson. Heritage Auction Archives photo. ___________________________________________________________Paper Money * Nov/Dec 2019 * Whole No. 324_____________________________________________________________ 397 signatures separate in the printing, examining, and numbering and sealing divisions. These stamps [sic] would commence with a new series of numbers, beginning with number one for each denomination of each class. I would suggest that a conference between yourself, the Treasurer and myself be held upon this subject. Respectfully, J. E. Ralph Director PS: I include herewith a copy of letter on the same subject, dated November 22, 1912, to Comptroller of the Currency, relative to National-bank notes. Ralph was attempting to get as far away from dealing with Thompson?s signature as possible, primarily by making the case that there were extensive work and costs involved, knowing the appointed Republican administrators in the Treasury Department would flinch at the costs. He softened them up by pointing out that there really wasn?t anything in the laws that required Treasury signatures to appear on the notes. Instead, displaying the signatures was a custom inherited from the past. The subtle point being pressed was that the signatures really didn?t matter. As to the costs, this is where Ralph pushed the envelope knowing full well that his superiors weren?t sufficiently versed in his operation to call his hand. It was indeed true that it would take a few weeks to crank out notes with Thompson? signature so they wouldn?t arrive until he was about to leave office. However, Ralph?s memo stated that he had on hand 535 plates that would cost $10,000 to alter, both numbers designed to give his superiors pause. The fact was, only a handful of those plates were candidates for alteration; specifically, a few little-used, still-serviceable, high-denomination plates. The rest simply would be consumed during the transition period. New plates that would follow would carry the new signatures without additional cost. This established practice resulted in no interruption in production rates. If Ralph could get the Secretary of the Treasury?s office to sign off on his proposal, and they did, he gave himself license to make a token number of Napier-Thompson plates, get some of those notes over to Treasury, and be done with the matter. This is exactly what he did. See Table 2 for a summary listing of all the Napier-Thompson plates. Notice that after the smoke cleared, only eight plates were altered. Figure 7. Five LT $10 plates were altered to carry Napier- Thompson signatures, but none were used. Smithsonian Institution National Numismatic Collection photos. ___________________________________________________________Paper Money * Nov/Dec 2019 * Whole No. 324_____________________________________________________________ 398 In the meantime, all the production lines for the high-volume, low-denomination notes continued uninterrupted using now-obsolete Napier-McClung plates. Not only that, the Bureau siderographers continued to manufacture new Napier-McClung plates at the same time they were producing the token Napier-Thompson plates. Furthermore, they continued to make Napier-McClung plates long after production of the last of the Napier-Thompson plates were but a memory. The largest number of Napier-Thompson plates made for any class or denomination was those for $1 Series of 1899 silver certificates. A total of 43 of them were made between November 30, 1912 and March 25, 1913. However, 398 Napier-McClung plates were made during that same interval. More startling is that another 845 Napier-McClung plates were made after March 25th. The Napier-McClung $1 plates were on the presses continuously from May 26, 1911 until January 14, 1914. The Napier-Thompson plates saw service only between December 2, 1912 and May 21, 1913. Production from the Napier-McClung plates totaled 469,200,000 notes; that from the Napier-Thompson plates totaled a mere 6,740,000. Table 2. Numbers of plates, serial number block letters and number of notes delivered for all the Napier- Thompson and Napier-Burke Treasury currency plates that were made. No. First Last Type of Block Number Type Series Pls Certified Certified Plates Letters Delivered Special Factors2 Napier-Thompson LT $5 1907 15 Dec 4, 1912 Mar 31, 1913 new D 1,596,000 LT $10 1901 5 Nov 30, 1912 Dec 3, 1912 altered not used none GC $10 1907 11 Dec 2, 1912 Apr 21, 1913 new DD 2,276,0001 GC $20 1906 16 Dec 4, 1912 Apr 8, 1913 new E 1,480,000 GC $100 1882 3 Dec 19, 1912 altered K 198,000 GC $5,000 1882 1 Feb 19, 1913 new not used none SC $1 1899 43 Nov 30, 1912 Mar 25, 1913 new DD 6,740,000 SC $2 1899 13 Dec 5, 1912 Apr 1, 1913 new H 1,816,000 SC $5 1899 13 Dec 2, 1912 Mar 25, 1913 new H 2,324,000 Napier-Burke GC $100 1882 6 Aug 18, 1913 Sep 18, 1913 3 alt., 3 new M 200,000 M prefix on NB,PB,TB GC $1,000 1907 1 Jul 25, 1913 altered D 12,000 D prefix on NB,PB,TB GC $10,000 1882 2 Jul 2, 1913 Jul 30, 1913 1 alt., 1 new K 4,000 K prefix on VT,VM,NB,PB,TB GCD $10,000 1900 1 Sep 4, 1913 new K 6,000 K prefix on VM,NM,NB 1. There were two varieties of $10 1907 GCs split 800,000 bearing Act of 1882 and 1,476,000 bearing Act of 1907. 2. VT=Vernon-Treat, VM=Vernon-McClung, NM=Napier-McClung, NB=Napier-Burke, PB=Parker-Burke, TB=Teehee-Burke. BEP Director Ralph knew that Treasurer Carmi Thompson was eagerly awaiting the arrival of notes bearing his signature, so he kept him appraised of when the first of the low denominations would arrive at the Treasury Division of Issue through a series of letters, yielding for us precise first delivery data as follows (Ralph, Dec 14, 20, 21, 30, 1912). $1 Series of 1899 silver certificates Dec 13, 1912 1-60,000 $5 Series of 1907 legal tender notes Dec 20, 1912 1-60,000 $2 Series of 1899 silver certificates Dec 21, 1912 no quantity specified $5 Series of 1899 silver certificates Dec 23, 1912 no quantity specified $10 Series of 1907 gold certificates Dec 30, 1912 no quantify specified $20 Series of 1907 gold certificates Jan 2, 1913 no quantity specified Another Changing of the Guard Secretary Thompson was leaving because Wilson had just appointed Democrat John Burke to replace him effective April 1st. Ralph also knew it would be only a matter of time before Register James C. Napier was swept out now that a new political party was at the helm. What he dreaded was a delay in the ___________________________________________________________Paper Money * Nov/Dec 2019 * Whole No. 324_____________________________________________________________ 399 appointment of the Register that would leave him stuck with another short-term signature combination to deal with. He preemptively decided to push for delaying fooling with signatures until the second appointment was made using the same cost-saving strategy he had employed with Thompson appointment. He sent the following letter to Acting Secretary John Shelton Williams. March 25, 1913 Hon. J. S. Williams Assistant Secretary of the Treasury My dear Mr. Williams: Referring to the fact that the recently appointed Treasurer of the United States will take the oath of office and assume his duties on the 1st proximo and that it will therefore be necessary to alter approximately 500 face pates, from which United States notes and coin certificates are printed, in order to substitute the name of the new Treasurer for that of the present one, I beg to call attention to the fact that it will also be necessary in case there should be a change in the Office of the Resister of the Treasury, to again alter the same plates for the purpose of substituting the name of the new Register for that of the present one and that, in the interest of economy and convenience of the work of this Bureau, it is desirable that the alteration of these two signatures be made on the plates at the same time. I therefore suggest your consideration of the plan of not altering the name of the Treasurer until a change is made in the office of the Register, provided the latter is contemplated to be made at an early date. Respectfully, J. E. Ralph Director Williams immediately signed off on Ralph?s proposal. Burke had already submitted a sample of his signature to the BEP via the Treasurer?s office and Ralph under a separate letter the same day wrote the following to out-going Treasurer Thompson. March 25, 1913 Hon. Carmi A. Thompson Treasurer of the United States Dear Sir: I have the honor to enclose herewith a facsimile of the signature of Honorable John Burke, who will be the new Treasurer of the United States, and beg to request that you will please have Mr. Burke, if the same meets with his approval, indicate it upon the proof and return it to me at your earliest convenience. Respectfully, W. E. Ralph Director Clearly Burke was anxious to see his signature on notes because that was one of the perks of the office. However, President Wilson had other matters to contend with so deferred dealing with the lower visibility appointment of the Register of the Treasury. But the clock kept ticking. Ralph followed up. June 2, 1913 Honorable J. S. Williams Assistant Secretary of the Treasury My dear Mr. Williams: With further reference to your approval by endorsement of Bureau letter of March 25 th last of the plan of making no change in the signature of the Treasurer of the United States on plates for printing faces of United States notes and coin certificates until a new Register of the Treasury should be appointed in case Figure 8. John Burke was appointed Treasurer by President Wilson and served from April 1, 1913 to January 5, 1921, but only until October 1, 1913 with Register of the Treasury James C. Napier. ND.org photo. ___________________________________________________________Paper Money * Nov/Dec 2019 * Whole No. 324_____________________________________________________________ 400 it was contemplated to made a change in that office, I have the honor to state that the Treasurer is desirous of having his autograph placed on the money at as early a date as possible and to suggest that, in the event that there will be no early change in the office of the Register, you will give instructions to change the name of the Treasurer without waiting any further time. Respectfully, J. E. Ralph Director Williams responded immediately and obviously was twisting Burke?s arm to be patient in order to save Ralph a lot of bother. What none of them realized was just how patient Burke would have to be before Napier would be replaced. June 2, 1913 Hon. Jos. E. Ralph Director Bureau of Engraving and Printing Dear Mr. Ralph: I have your letter of June 2nd, in regard to the signatures of the Treasurer and Register on our paper currency. I spoke to Treasurer Burke on this subject and think he understands the situation. I will advise you further in a few days. Sincerely yours, John Skelton Williams What Ralph got was permission to avoid fooling with the signatures on the Treasury currency plates until Napier was out. Segregation Ralph?s tenure as Director was blemished by the rise of Jim Crow. The Bureau, and the Treasury Department itself, had a large number of black employees at the turn of the century and some in the Bureau had risen to lower level supervisory positions. Separate dressing and wash rooms were assigned to the races at the BEP but otherwise the people worked together at the same machines, ate in the same lunch room and shared toilet facilities. Hardening segregationist sentiments began to overtake Washington during Theodore Roosevelt?s administration, progressed steadily under Taft and quickly became onerously institutionalized within the government agencies under Democrat Woodrow Wilson (Meier and Rudwick, 1967). Upon taking office in March 1913, Wilson, originally from Virginia, appointed southerners to his cabinet as well as key positions down the line. Two of these, Secretary of the Treasury William G. McAdoo (Wilson?s future son-in-law) also from Virginia and Postmaster General Albert S. Burleson of Texas proved to be ardent segregationists and through directives to underlings imposed their wills on their agencies. On April 2nd, Assistant Secretary of the Treasury John Skelton Williams, who had just been appointed March 24th and was a virulent segregationist from Virginia, visited the BEP and was shocked to find white and black women working side by side and white women answering to black supervisors. He put a reluctant Ralph on notice that such arrangements would not be tolerated and ordered strict segregation in the workplace, lunchroom and toilet facilities (King, 1996, p. 71; Yellin, 2013, p. 117). Although Ralph advised that formal segregation would be ?unpracticable,? he carried out the order (BEP, 1913, segregation). In July Figure 9. Wilson appointees Secretary of the Treasury William G. McAdoo and Postmaster General Albert S. Burleson led Wilson?s cabinet officials in imposing rigid segregation within their departments. Library of Congress photo. ___________________________________________________________Paper Money * Nov/Dec 2019 * Whole No. 324_____________________________________________________________ 401 1913, Williams imposed segregation throughout the main Treasury building as well (King, 1996, p. 71). Williams later was appointed Comptroller of the Currency by President Wilson, a post that he held from February 2, 1914 to March 2, 1921. Ralph found himself saddled with an unanticipated problem. When it came time to open the new state-of-the-art BEP building in March 1914?a building designed by Taft?s Secretary of the Treasury Franklin MacVeagh?he discovered that the need for segregated toilets and dressing rooms had been overlooked (Yellin, 2013, p. 119). This certainly was a problem, but before its discovery, an historically more visible fallout from the imposition of segregation within the Treasury Building itself had already blown up. James C. Napier, a prominent black, had been appointed Register of the Treasury by President Taft. As such, Napier occupied the highest post in the government held by a black. The post was not a highly visible executive position and a custom had developed to award it to blacks as a token political gesture. Napier was a well-educated, highly regarded, accomplished lawyer who hailed from Nashville and was a civil rights activist. Napier protested when the order promulgated by Assistant Secretary John Skelton Williams came down to segregate the toilet facilities in the Treasury Building. Rather than suffer that indignity, Napier immediately went to see Secretary of the Treasury William McAdoo to request that the order be rescinded. McAdoo was out of the city; therefore, Napier requested an audience with Williams. Napier tendered his resignation when Williams refused to rescind his order (Clark, 1990, p. 251). President Wilson passively allowed Napier?s resignation to proceed. Besides, he was a Taft appointee. Napier left office October 1, 1913 and was replaced by Gabe E. Parker that same day. Parker was a respected politically active educator from the Choctaw Nation in the Indian Territory, who was one-eight Native American (Thoburn, 1916, p. 1197). Parker served until December 31, 1914. The upshot of Napier?s departure and Williams? permission to delay the use of Burke?s signature was that Ralph avoided dealing with the Napier-Burke signature combination altogether on all the high- and medium-demand Treasury currency. However, at virtually no inconvenience to the Bureau, the Napier-Burke combination was placed on eight high-denomination currency plates and one $10,000 gold certificate of deposit plate. See Table 2. The result is that the Napier-Burke combination became the most difficult to obtain of all the signature combinations on Treasury currency. Less than four dozen Napier-Burke $100 Series of 1882 gold certificates along with four $1000 Series of 1907 gold certificates have Figure 11. Taft appointee James C. Napier, Register of the Treasury from May 11, 1911 to October 1, 1913, resigned in protest over the segregation orders that were imposed on employees of the Treasury Department by the Wilson government. BlackPast.org photo. Figure 10. Assistant Secretary of the Treasury John Skelton Williams was the Wilson government?s point man for implementing rigid segregation of the Treasury Department beginning in April 1913, followed by discriminatory practices against blacks. Wikipedia photo. ory . ___________________________________________________________Paper Money * Nov/Dec 2019 * Whole No. 324_____________________________________________________________ 402 been recorded in numismatic hands. None of the $10,000 Series of 1882 gold certificates or 1900 gold certificates of deposits seem to have survived. The Napier-Burke combination was used on national bank notes plates for new banks organized from April 1, 1913 forward following existing protocols because to do so was no extra burden on the BEP. However, use of the combination on plates for extended banks was delayed for five banks having extension dates of April 3 to 13, 1913. The plates for those banks carried the then obsolete Napier- Thompson combination. The Napier-Burke combination appeared on the plates for extended banks after those five. Every national bank that issued notes with the Napier- Thompson and Napier-Burke signature combinations is listed in Huntoon (2017). They tend to be scarce but are available. BEP Director Ralph reduced the burden on the work load of the Bureau by delaying and ultimately minimizing the use of the Napier-Thompson and Napier-Burke signature combinations. To accomplish this, he found it expedient to exaggerate the effort and costs associated with changing the signatures. As expected, his superiors in the Treasury Department bit and never were the wiser that they had been played. All of this took place in 1913. Ralph was already five years into his directorship of the BEP, and he knew how to handle the white shirts above him and had the brass to manipulate them if the ends justified the means. History Repeats An identical situation arose in 1915 when the Aldrich-Vreeland Emergency Act expired that impacted every national bank note-issuing bank in the country. The design of the notes was going to be Figure 13. If you collect Treasury signature combinations, you will find that the Napier-Thompson and Napier-Burke combinations are available on Series of 1902 blue seal date and plain back national bank notes. Heritage Auction Archives photos. Figure 12. Wilson appointee Gabe E. Parker, one-eighth Choctaw, became Register of the Treasury upon the resignation of James C. Napier. Old-picture.com photo. ___________________________________________________________Paper Money * Nov/Dec 2019 * Whole No. 324_____________________________________________________________ 403 changed, which included using new backs and a modified security clause on all the face plates. Ralph saw this as a far worse headache than the 1913 signature changes. He once again ran cost savings up the flag pole in order to deflect the hassle that was coming his way at the Bureau. Specially, this time he got the Treasury Department to sign off on allowing him to continue printing and delivering national bank note faces on the huge inventory of preprinted now-obsolete backs that he had on hand. In turn, the Comptroller of the Currency would be allowed to continue to issue notes of the old design until the stocks that the Comptroller had in inventory plus the new stocks Ralph would be delivering were depleted. But the really big deal for Ralph was that he did not want to undertake altering all the thousands of national bank face plates to reflect the new securities clause. He had already endured that trial in 1908 when the Bureau had to alter or replace some 12,000 plates to reflect the terms of the Aldrich-Vreeland Act. That bullet couldn?t be dodged in 1908 because the change was written into the act by Congress. This time, the alterations were not mandated, but instead were being contemplated at the discretion of the Secretary of the Treasury. Once again, he resorted to a ruse. He claimed that the face plates could not stand another alteration so would have to be replaced at great time and expense. This was not true. National bank note face plates were not hardened because they were not heavily used, so alterations could and were carried out on them for any number of reasons and in many cases multiple times. The white shirts upstairs bought off on his arguments, so Secretary of the Treasury McAdoo signed off on everything Ralph proposed. This entire story is chronicled in Huntoon (2015). Ralph?s approach was that of a practical man. The public could have cared less about what the backs were on their notes or what the securities clause said on their faces so long as the notes would spend. The approach absolved the Bureau of another huge crash plate alteration and printing program, saved the Treasury of upwards of $1,500,000 in attendant expenses, and avoided the waste of the huge existing inventory of now technically obsolete notes in the Comptroller?s inventory and a similar huge inventory of preprinted but now obsolete backs in the Bureau inventory. References Cited and Sources of Data Bureau of Engraving and Printing, 1913, Record Group 318, BEP Central Correspondence Files 1913-1939, Box 6, file ?Segregation,? U. S. National Archives, College Park, MD. Bureau of Engraving and Printing, 1863-1980, Certified proofs lifted from intaglio printing plates: National Numismatic Collection, Museum of American History, Smithsonian Institution, Washington, DC. Clark, Herbert, 1990, James Carroll Napier, national negro leader: Tennessee Historical Quarterly, v. 49, p. 243-252. Historical Resource Center, circa 2006, A brief history of the Bureau of Engraving and Printing: Bureau of Engraving and Printing, Washington, DC, 30 pages. House of Representatives, Jan 26, 1909, Sealing, numbering and trimming notes; in, Hearings, Sundry Civil Appropriations Bill 1910: Government Printing Office, Washington, DC, p. 169-172. 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, Jan-Feb 2015, The national bank note Series of 1882 and 1902 post-date back transition: Paper Money, v. 54, p. 4-19. Huntoon, Peter, Mar-Apr 2017, Treasury signatures on national bank notes: Paper Money, v. 56, p. 128-169. King, Desmond, 1996, The segregated state, Black Americans and the Federal government: in, Ware, Allen, editor, Democracy and North America, Frank Cass & Co., London, p. 65-92. Meier, August, and Elliott Rudwick, 1967, The rise of segregation in the Federal bureaucracy, 1900-1930: Phylon, Clark Atlanta University, v. 28, p. 178-184. National Association for the Advancement of Colored People, Nov 1913, Segregation in government departments: The Crisis, v. 6, p. 343-344. New York Times, Jun 11, 1908, $500,000,000 issue rushed at Capital, p. 6. New York Times, Nov 15, 1912, Treasury row finds victim in M?Clung, p. 6. New York Times, Jun 29, 1913, Cheapening the cost of making Uncle Sam?s Money, p. 43. Ralph, Joseph E., Dec 14, 20, 21, 30, 1912, Letters from the Director of the Bureau of Engraving and Printing to Treasurer Carmi Thompson advising him of deliveries of notes bearing his signature to the Treasury Division of Issues: Record Group 318, BEP Letters Miscellaneous and Official sent, v. 435 & 436, U. S. National Archives, College Park, MD. ___________________________________________________________Paper Money * Nov/Dec 2019 * Whole No. 324_____________________________________________________________ 404 Ralph, Joseph E., Nov 22, 1912, Letter from Director of the Bureau of Engraving and Printing to Comptroller of the Currency Lawrence O. Murray: Record Group 318, BEP Letters Miscellaneous and Official sent, v. 434, p. 54, U. S. National Archives, College Park, MD. Ralph, Joseph E., Nov 23, 1912, Letter from Director of the Bureau of Engraving and Printing to Assistant Secretary of the Treasury Robert O. Bailey: Record Group 318, BEP Letters Miscellaneous and Official, v. 434, p. 74-76, U. S. National Archives, College Park, MD. Ralph, Joseph E., Mar 25, 1913, Letter from Director of the Bureau of Engraving and Printing to Assistant Secretary of the Treasury John S. Williams: Record Group 318, BEP Central Correspondence Files 1913-1939, box 6, file ?Signature Change in Signature of New Treasurer?, U. S. National Archives, College Park, MD. Ralph, Joseph E., Mar 25, 1913, Letter from Director of the Bureau of Engraving and Printing to Treasurer Carmi A. Thompson: Record Group 318, BEP Central Correspondence Files 1913-1939, box 6, file ?Signature Change in Signature of New Treasurer,? U. S. National Archives, College Park, MD. Ralph, Joseph E., Jun 2, 1913, Letter from Director of the Bureau of Engraving and Printing to Assistant Secretary of the Treasury John S. Williams: Record Group 318, BEP Central Correspondence Files 1913-1939, box 6, file ?Signature Change in Signature of New Treasurer,? U. S. National Archives, College Park, MD. Thoburn, Joseph B., 1916, A standard history of Oklahoma, vol. III: American Historical Society, p. 949-1342. Washington Evening Star, May 11, 1908, New head of Bureau, p. 4. Williams, John S., Jun 2, 1913, Letter from Assistant Secretary of the Treasury to Director of the Bureau of Engraving and Printing Joseph E. Ralph: Record Group 318, BEP Central Correspondence Files 1913-1939, box 6, file ?Signature Change in Signature of New Treasurer,? U. S. National Archives, College Park, MD. Yellin, Eric S., 2013, Racism in the Nation?s service, Government workers and the color line in Woodrow Wilson?s America: University of North Carolina Press, 301 p. Figure 14. A $5000 gold certificate plate was made bearing Napier-Thompson signatures but no notes were printed from it. Smithsonian Institution National Numismatic Collection photos. ___________________________________________________________Paper Money * Nov/Dec 2019 * Whole No. 324_____________________________________________________________ 405 HONG KONG SHANGHAI LONDONMUNICH SARASOTA Collect With Confidence Worldwide For more information, visit: NGCcoin.com PMGnotes.com NGC and PMG have earned the trust of collectors and dealers worldwide through their unrivaled expertise, stability and integrity. Together, the companies have certified more coins and paper money than any other grading services, and operate the largest network of global submission locations. In fact, NGC and PMG now operate more than 82,000 square feet of purpose-built offices dedicated to expert certification services, including expanded locations that recently opened in Hong Kong and Munich. As part of the Certified Collectibles Group (CCG), NGC and PMG share a long-term management team, as well as the financial backing to support their industry-leading guarantees of authenticity and grade. That?s strength and stability you can trust. 20 GLOBALLOCATIONS 50 GRADINGEXPERTS 47,000,000 COLLECTIBLES GRADED 46 YEARS OF COMBINEDINDUSTRY LEADERSHIP 19-CCGPA-4959_CCG_Ad_NGC_PMG_Stability_PaperMoney_MayJune_2019.indd 1 4/1/19 11:14 AM The Many Uses of the American Bank Note Company?s ?Progress? Vignette by Roland Rollins As William H. Griffiths noted in The Story of American Bank Note Company, ?the man who was perhaps the greatest allegorical artist of them all was Alonzo E. Foringer.?1 Indeed, the cover page of the book shows his iconic vignette ?Progress.? At least 29 banknotes produced by ABNCo used Foringer?s vignettes ? over half of these in Canada.2 Foringer teamed up with fellow ABNCo engraver Robert Savage in 1919 to produce the well-known and prolifically used ?Progress? vignette. Savage was prolific on bank notes as well, his engravings appearing on 31 different countries.3 Both the ?Progress? and ?A Woman Holding the Globe? jointly produced by Foringer and Savage found use as banknotes and stock certificates. This article covers the many uses of the ?Progress? vignette: ? ABN Archive Series (1) 1989 ? Souvenir Card (3) 1930, 1973, & 1978 ? Stamp (1) 1935 ? Banknote (1) 1920 ? Stock Certificates (21) 1927-1977 ? Bonds (2) 1920 & 1926 ? Test Notes (2) circa 1920 The last use of ?Progress? was the 1989 issue, the Allegories of Finance sheet of the American Bank Note Archive Series, which ran from 1987 to 1992. The accompanying information sheet lists uses of the ?Progress? vignette. It is not complete and in error. The list includes a Murray Corporation of America stock certificate. This certificate was printed by Security Bank Note Co. and the vignette is similar to the ABNCo ?Progress? vignette, but a different engraving entirely. The Banquet Program for Arts and Crafts Club of the ABNCo? s 22nd Annual Banquet, Hotel Astor, Jan. 19, 1929 depicts the "Progress" on front cover, eagle head in circle flanked by lathe pattern on back. The tri- fold closed measures 191 x 124 mm. The Souvenir Card Collectors Society lists this card as FSO-1930A4. ___________________________________________________________Paper Money * Nov/Dec 2019 * Whole No. 324_____________________________________________________________ 407 The Souvenir Card Collectors has not posted yet a Best Wishes card from 1973 with the assigned catalog number F1973A(k). ?Progress? was the theme on the Souvenir Card for CAPEX 78 ? the Canadian International Philatelic Exhibition, held in June 1978. The Souvenir Card Collectors Society lists this bond paper ?card? as SO-64, with a printing of 10,000. The wording on the sheet reads in English and French: ?The engraved vignette symbolic of progress was hand cut in steel in 1926. It was re-engraved in 1935 in reduced size to form part of the 20-cent special delivery stamps printed for the Canada Post by the Canadian Bank Note Company Limited.? The 1926 date may have been the first use by the Canadian Bank Note Company of the ?Progress? vignette; certainly not the date the vignette was engraved. One can view an enlarged view of the 1935 stamp and the vignette itself, as the souvenir card is 168 x 213 mm. At right is the actual Canada 20-cent special delivery stamp. The first use of the vignette was as a 10 Dinara banknote for YUGOSLAVIA - Kingdom of Serbs, Croats and Slovenes (Pick 21a as issued note and 21s as specimen note).5 The note measures 81 x 142 mm. The date on the note is November 1, 1920 ? six years before the date the Capex sheet claims the plate was engraved. ___________________________________________________________Paper Money * Nov/Dec 2019 * Whole No. 324_____________________________________________________________ 408 Of the plethora of stock certificates issued with the ?Progress? vignette, the oldest stock I have been able to attribute is for Florida Power & Light in 1926. The newest stock attributed is QCI Industries Ltd, the Netherlands in 1977. Here are some samples: Some firms issued stock certificates of different colors, all with the ?Progress? vignette. One of these is shown on the next page; it also has a reduced size image of ?Progress? and another Foringer vignette of ?Mercury.? Green and red Pennsylvania Railroad Co stock certificates are available. ___________________________________________________________Paper Money * Nov/Dec 2019 * Whole No. 324_____________________________________________________________ 409 Here is a list of known firms issuing ?Progress? vignette stock certificates: ? Alleghany Corporation ? The American Austin Car Company ? American European Securities Co. (1926) ? American Metal Products ? Bond Stores Incorporated (1944) ? Bucyrus-Erie (1927) ? Carriers & General Corp (1964) ? Chicago South Shore & South Bend RR ? Controls Company of America (1959) ? Florida Power & Light (1926) ? General American Investors Co. Inc (1936) ? General Precision Equipment Corp (1968) ? Kansas City Power Light Company (1927 & 1950) ? Midland United Company (1930) ? Niagara Hudson Power Corp (1942) ? Niagara Mohawk Power Corporation (1973) ? Packard Electric Co (1929) ? Pennsylvania Railroad Co ? QCI Industries Ltd (1975 & 1977) ? Skil Corporation (1972) ? United States Plywood Corporation (1937) The ABN Archive Series in the 1989 portfolio mentions in the accompanying information sheet two foreign bonds with the ?Progress? vignette. ? Canada Northern Power Corp. Bond (1926) ? Kingdom of Belgium Bond (1920) ___________________________________________________________Paper Money * Nov/Dec 2019 * Whole No. 324_____________________________________________________________ 410 There are two test notes with one variant produced by the American Bank Note Company presenting the ?Progress? vignette. The notes are 66 x 155 mm, known in three colors and with or without serial numbers. Shown below is the more common ABNC-1916 attributed in my eBook The Catalog of Printers? Test Notes, 14th Edition and the new American Bank Note Company Test Notes, 2019 book. One of the more scarce types, ABNC-192b6 is shown below. Note the extra scrollwork in the background. While this summary of known ?Progress? security documents is broad, it is probably not complete. Any information on examples omitted would certainly be appreciated to make this study more complete. My email address is currencyden@yahoo.com. References 1 Griffiths, William H., The Story of American Bank Note Company, 1959 2 Hessler, Gene, ?Alonzo Foringer, Bank Note Artist?, IBNS Journal, Volume 32, Number 1, 1993 3 Hessler, Gene, ?Notes on Paper?, The Numismatist, November 1993 4 Souvenir Card Collectors Society Semi-Official web page 5 Schmidt, Tracy, Standard Catalog of World Paper Money, General Issues-16th Edition, 2016 6 Rollins, Roland, The Catalog of Printers? Test Notes, 14th Edition, 2019 and Rollins, Roland, American Bank Note Company Test Notes, 2019 Acknowledgements Alexander, Greg; Souvenir Card Collectors Society? ___________________________________________________________Paper Money * Nov/Dec 2019 * Whole No. 324_____________________________________________________________ 411 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 Election of 1912 by Steve Feller Last week, as is my custom, I visited one of the coin and ephemera shops in the Cedar Rapids area. I love to see what new and interesting items are present. I am fortunate that there are several fine establishments here. This time I bought an intriguing item that is shown here. I paid a reasonable $65: This is a known remainder from one of America?s most famous elections?the election of 1912. In fact, it was briefly discussed in Paper Money by Charles Roberts in the article entitled Bull Moose Party Receipts (Volume XIV (6) (1975) Whole Number 60 302-303). There an illustration of this note was give with a recap of the note?s inscriptions and a very brief review of the election. Here, I will extend the discussion and give to a new generation of readers an appreciation of what led to this note being issued in American history. First more on this note. The note is a receipt for a one-dollar donation to the Progressive Party in 1912. It gave the donor charter membership in the party! There are at least two varieties: with and without serial number. The illustrated note has a red serial at the top middle of the face. I have seen notes without any serial number, perhaps those are unissued remainders. Closeups are shown as follows: On the face are images of the two Progressive Party standard bearers. On the back we see candidate statements that are refreshingly noble: ___________________________________________________________Paper Money * Nov/Dec 2019 * Whole No. 324_____________________________________________________________ 413 Finally, but notably, we have an image of a bull moose, the nickname of the party that was taken from Roosevelt?s own words regarding himself. Just six days ago the following was presented on the History Channel website. It gave a brief summary of the Bull Moose nickname as part of its This Day in History program (August 7, 2019): 1912 Teddy Roosevelt nominated as Bull Moose candidate Theodore Roosevelt is nominated for the presidency by the Progressive Party, a group of Republicans dissatisfied with the renomination of President William Howard Taft. Also known as the Bull Moose Party, the Progressive platform called for the direct election of U.S. senators, woman suffrage, reduction of the tariff, and many social reforms. Roosevelt, who served as the 26th president of the United States from 1901 to 1909, embarked on a vigorous campaign as the party?s presidential candidate. A key point of his platform was the ?Square Deal??Roosevelt?s concept of a society based on fair business competition and increased welfare for needy Americans. On October 14, 1912, minutes before a campaign speech in Milwaukee, Roosevelt was shot at close range by anarchist John Flammang Schrank. Schrank, who was immediately detained, offered as his motive that any man looking for a third term ought to be shot. Roosevelt, who suffered only a flesh wound from the attack, went on to deliver his scheduled speech (which lasted an incredible, declaring, ?You see, it takes more than that to kill a Bull Moose!? The former ?Rough Rider? later collapsed and was rushed to the hospital. He recovered quickly but in November was defeated by Democratic candidate Woodrow Wilson, who benefited from the divided Republican Party. https://www.history.com/this-day-in- history/teddy-roosevelt-nominated-as-bull-moose- candidate Further details were provided in the July 21 version of the program: The horrified audience in the Milwaukee Auditorium on October 14, 1912, gasped as the former president unbuttoned his vest to reveal his bloodstained shirt. ?It takes more than that to kill a bull moose,? the wounded candidate assured them. He reached into his coat pocket and pulled out a bullet- riddled, 50-page speech. Holding up his prepared remarks, which had two big holes blown through each page, Roosevelt continued. ?Fortunately, I had my manuscript, so you see I was going to make a long speech, and there is a bullet?there is where the bullet went through?and it probably saved me from it going into my heart. The bullet is in me now, so that I cannot make a very long speech, but I will try my best.? The shirt that Roosevelt was wearing when he was almost killed by an assassin on Oct 14, 1912. (Harlingue/Roger Viollet/Getty Images). Only two days before, the editor-in-chief of The Outlook characterized Roosevelt as ?an electric battery of inexhaustible energy,? and for the next 90 minutes the 53-year-old former president proved it. ?I give you my word, I do not care a rap about being shot; not a rap,? he claimed. Few could doubt him. Although his voice weakened and his breath ___________________________________________________________Paper Money * Nov/Dec 2019 * Whole No. 324_____________________________________________________________ 414 shortened, Roosevelt glared at his nervous aides whenever they begged him to stop speaking or positioned themselves around the podium to catch him if he collapsed. Only with the speech completed did he agree to visit the hospital. https://www.history.com/this-day-in-history The main candidates for president in 1912 are depicted using Wikipedia images: Woodrow Wilson William Taft Theodore Roosevelt The youngest United States president of all time was Theodore Roosevelt who became president at age 42 years, 322 days (John F. Kennedy was 43 when he became president in 1961 after being elected in 1960). The Roosevelt ascendency occurred in 1901 after the assassination and subsequent death of President McKinley. Roosevelt served almost two full terms but decided not to run for a third term in 1908. William Howard Taft, a fellow Republican and prot?g? of Roosevelt, became president in 1909. However, in 1911-2 a group of Republicans, who thought the party was becoming too conservative, split off to form the Progressive Party. According to Wikipedia: The Progressive Party was a third party the United States formed in 1912 by former President Theodore Roosevelt (note?It actually was formed in 1911 by other dissatisfied Republicans but was soon reorganized by Roosevelt) after he lost the presidential nomination of the Republican Party to his former prot?g? and conservative rival, incumbent President William Howard Taft. The new party was known for taking advanced positions on progressive and populist reforms and attracting leading national reformers. After the party's defeat in the 1912 presidential elections, it went into rapid decline in elections until 1918, disappearing by 1920. The Progressive Party was popularly nicknamed the "Bull Moose Party" since Roosevelt often said that he felt "strong as a bull moose " both before and after an assassination attempt on the campaign trail. ___________________________________________________________Paper Money * Nov/Dec 2019 * Whole No. 324_____________________________________________________________ 415 This Progressive party actually outpolled the regular Republican Party in 1912 and finished second to Woodrow Wilson and the Democrats: https://uselectionatlas.org/RESULTS/national.php?year=1912 Note that the Republicans out polled the Democrats 50.57% to 41.83%. However, the electoral college went 435 for Wilson and 96 for the two Republican parties with the progressive version outdueling the regular Republicans. The map below shows the split in the electoral college and how Wilson won. In the map the shades of pink/ red/brown represent increasing degrees of support for Wilson. The greens are the Roosevelt states and the two blue states went for Taft. https://uselectionatlas.org/RESULTS/national.php?year=1912 Presidential Candidate Vice Presidential Candidate Political Party Popular Vote Electoral Vote Woodrow Wilson Thomas Marshall Democratic 6,294,384 41.83% 435 81.9% Theodore Roosevelt Hiram Johnson Progressive 4,121,609 27.39% 88 16.6% William Taft Nicholas Butler Republican 3,487,939 23.18% 8 1.5% Eugene Debs Emil Seidel Socialist 900,743 5.99% 0 0.0% Eugene Chafin Aaron Watkins Prohibition 208,095 1.38% 0 0.0% Other (+) - - 33,770 0.22% 0 0.0% Total 15,046,540 531 ___________________________________________________________Paper Money * Nov/Dec 2019 * Whole No. 324_____________________________________________________________ 416 A Punch cartoon by Leonard Raven-Hill depicted the perceived aggression between Taft and Roosevelt. In a similar way Abraham Lincoln had been elected president in 1861 with just 39.8% of the popular vote. That time the Democratic Party split in two (Northern and Southern Democrats) and other parties formed as well with the fourth-place party?a pro union party in the south?the Constitutional Union Party drawing 12.6 % of the popular vote. Other numismatic items from the 1912 election are shown in the following pages. This is but a sampling of a large variety of items. Ticket for an alternate to the National Progressive Convention of August 1912. This was held in Chicago as had the Republican Convention that had been held a few months before. https://www.loriferber.com/presidential- memorabilia/theodore-roosevelt/1912- progressive-party-convention-ticket.html ___________________________________________________________Paper Money * Nov/Dec 2019 * Whole No. 324_____________________________________________________________ 417 . Other tickets to the Progressive Convention California delegate?s badge to the Progressive Convention ___________________________________________________________Paper Money * Nov/Dec 2019 * Whole No. 324_____________________________________________________________ 418 Tickets to the Democratic National Convention of June 2012. This convention was held in Baltimore https://www.etsy.com/listing/544802616/vintage-1912-democratic-national Badge to the Republican National Convention of June 1912 that was held in Chicago. https://www.loriferber.com/categories/re publican-conventions/1912-republican- convention-badge-eagle.html ___________________________________________________________Paper Money * Nov/Dec 2019 * Whole No. 324_____________________________________________________________ 419 Ticket to the Republican National Convention of 2012. This was held in June in Chicago. This ticket was for a platform seat. https://picclick.com/1912-Chicago-Republican-National-Convention-William-Taft- Fourth-232253287808.html#&gid=1&pid=1 The Progressive Convention of 1912 (Wikipedia) was held in Chicago. I presented but the tip of the iceberg. The election was bitterly fought, and a president was elected without a majority of the popular vote. Sound familiar? Stay tuned to the 2020 election and we?ll see what happens. ___________________________________________________________Paper Money * Nov/Dec 2019 * Whole No. 324_____________________________________________________________ 420 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 Drug Store Scrip of Vandiver & Henderson, Talladega, Alabama by Bill Gunther ? The four small scrip from Talladega, Alabama shown below are unremarkable in their appearance, but are nonetheless quite remarkable for several reasons. First, they represent the only known notes from this issuer that have survived for over one hundred fifty years.1 None of these notes appear in any of the standard reference works on obsolete notes, and prior to 2016 none have appeared in any major auction archives.2 Second, they are notable because they provide a link to two remarkable men, one a physician and the other a druggist. While both were in the health care field at the time, they do not seem likely to have been business partners. Yet, they must have believed there were positive synergies in the partnership since it lasted for many years. We begin this remarkable story with the creation of Talladega County. A Short History of Talladega County The State of Alabama was admitted to the Union on December 14, 1819. However, the great land rush into Alabama, referred to as the ?Alabama Fever?, was well established as early as 1817.3 Land office sales from the town of St. Stephens (which would become the capital of the Alabama Territory 1817-1819) grew from 1,463 acres in 1814 to 212,241 acres by 1817, two years before statehood!4 Statehood only served to supercharge interest in the fertile lands Alabama offered. Vandiver & Henderson, Talladega, Alabama. 10 cents. 1862. No vignette. Courtesy of Heritage Auctions. Vandiver & Henderson, Talladega, Alabama. 25 cents. 1862. Courtesy Heritage Auctions. Vandiver & Henderson, Talladega, Alabama. 25 cents. 1862. No vignette. Vandiver & Henderson, Talladega, Alabama. 25 cents. 1862. Train vignette. Green Teliaferro McAfee Among the early settlers to Alabama was Green Teliaferro McAfee, a young man from Rutherford County, North Carolina. In 1823 at age 19, he settled near the small town of Ashland, then the county seat of St. Clair County, where he reportedly joined ?kinspeople.?5 In 1828, he met and married his first wife, Charlsea Ann Hall in Ashland, St. Clair County. (Their first child, Augustus Wellington McAfee was born in 1829, but died in 1847 at Matamoros, Mexico at age 18 during the Mexican- ___________________________________________________________Paper Money * Nov/Dec 2019 * Whole No. 324_____________________________________________________________ 422 American War.)6 Their second child, Mary Eliza Emma McAfee, was born in Talladega in 1832 and she will become the focus of our attention later. Green T. McAfee, date unknown. Source: Ancestry.com. Green T. McAfee?s first job in Alabama was as a teacher, followed by opening a store and becoming a merchant. He was also reported to have read law at some point and practiced law in St. Clair County. He must have been a respected member of community because he was elected to the State legislature as a representative from St. Clair County. It was during his tenure there that in 1832 he ?drew up the bill? that created Talladega County. He relocated from St. Clair to adjacent Talladega County the very year it was created, where he was elected a county judge and held that position for ten years. He continued his interest in merchandising and, based on his knowledge of the Creek Indian language, reportedly developed a large trading business with them as well as whites.7 He began speculating in land following his move to Talladega County, acquiring 240 acres in 1835, 520 acres in 1837, 520 acres in 1839, and 40 acres in 1841, a total of 1,320 acres.8 Such purchases would suggest a large cotton plantation but in 1840 he only owned 20 slaves, and in 1850 and 1860 he reportedly did not own any slaves.9 This suggests that he was in the land speculation business, buying and selling much of the land he acquired during these early days. However, the war had a serious impact on the family and Census records show the value of his real estate dropped from $5,000 in 1860 to $500 in 1870. His personal estate similarly fell from $2,500 before the war to just $200 in 1870. As a patriot, McAfee supported the Confederate cause and used much of his wealth to support the war effort.10 The war had its impact on the population of Talladega County as well, losing almost 25 percent of its population between 1860 and 1870.11 McAfee?s many contributions as teacher, merchant, lawyer and judge were again recognized in 2015 when the McAfee family presented the Talladega County Commission with a portrait of McAfee as well as a plaque documenting his many contributions to the county. It hangs in a place of honor in the County courtroom.12 Signers of the Scrip: Dr. John H. Vandiver and Rufus M. Henderson We now turn our attention to the scrip shown above which are all signed as ?Vandiver & Henderson.? Vandiver was Dr. John Harrington Vandiver, born in Spartanburg, South Carolina in 1815.13 In the early 1840s he began the study of medicine in Spartanburg. In 1844, perhaps in recognition of his stature in the community, he was elected to carry the electoral vote of South Carolina to Washington for James K. Polk who was elected President. He continued his medical studies in Philadelphia graduating from Jefferson Medical College in 1845 at the age of 30. By 1847, he was practicing medicine and living in what was then Benton County, Alabama. (The name of the county was changed to Calhoun County in 1858 and is adjacent to Talladega County.) That same year, 1847, he married Mary Eliza Emma McAfee, daughter of Green T. McAfee, just before her 16th birthday in her home town of Talladega. Their first son, Jehu Wellington was born in Calhoun County in 1850, and the second son, John McAfee, was born in 1852 in Talladega. They would have one daughter and three sons, all of whom survived to adulthood. Home of Dr. John Vandiver, about 1840. Source: commons.wikipedia.org. ___________________________________________________________Paper Money * Nov/Dec 2019 * Whole No. 324_____________________________________________________________ 423 There is no record of Dr. Vandiver serving in either the Alabama militia or the Confederate Army. There is also no record of his applying for a Presidential Pardon after the war.14 Such facts suggest (but do not prove) that he did not serve in any high capacity for the Confederate government, nor did he have wealth estimated at more than $20,000. In fact, Census records show that his personal wealth in 1870 after the war was $5,000, one third of his reported 1860 personal wealth. Dr. Vandiver reported his occupation as a physician as late as the 1870 Census but curiously, he claimed to be ?druggist? in 1880. As we shall see soon, he was a business partner with a Rufus Henderson who also claimed to be a ?druggist?. Vandiver?s wife, Mary McAfee, died on March 3, 1903 at the age of 71. He died only five months later on August 17, 1903 at the age of 88. Both are buried in Talladega. Rufus M. Henderson It is more difficult to trace the early life of our second signer, Rufus Morgan Henderson. Information available through Public Member Trees on Ancestry.com reveals that he was born in 1824 in Sevier County, Tennessee. However, no Census records of him could be located until 1870, when he was living in Talladega, married to Mary D. Castleberry with 4 children, all born in Alabama. His occupation is reported to be a ?druggist.? It is possible that in the earlier years (particularly 1850) he was attending a pharmacy school and was missed by the Census taker. Since most of the pharmacy schools were private and in the Northeast, it seems most likely that he attended school in Philadelphia, New York or Baltimore.15 Rufus Henderson had eight brothers and sisters, all of whom were born and died in Tennessee.16 It seems that he was the only one in his family with a sense of adventure. In January of 1860, military records reveal that Rufus Henderson signed up as a 1st Lieutenant with the ?Mountain Rangers;? a Talladega based local cavalry company. This was an ?amateur cavalry company [formed] for the purpose of drilling, military discipline, [and] perfecting the members in the arts of horsemanship and the various feats of the tournament.?17 Each member was required to furnish his own horse and uniform. No record of service in the Confederate Army could be located and it is assumed that his wartime service was limited to this local militia unit. According to the Family Tree record, Rufus Henderson married a young 16-year-old, Mary Drucilla Castleberry, in her home county of St. Clair (adjacent to Talladega County) on September 11, 1860.18 She was the daughter of a wealthy planter, J. H. Castleberry, who owned 23 slaves in 1860. It is not likely that he would have given permission for his young daughter to marry unless Rufus Henderson was a man with a strong reputation and good prospects. Castleberry was relatively wealthy with real estate valued at $6,500 and his personal estate valued at $30,490. As was the case with many planters, the value of their personal estates was often tied directly to the number of slaves they owned, with young productive males worth as much as $1,500 each.19 While Henderson married in St. Clair County, we presume that he first settled in Talladega County sometime in late 1859. It is not clear exactly where or when John Vandiver and Rufus Henderson met but we assume that it was in Talladega where they both lived. We do know the result of that meeting was the decision to create a ?drug store? to be known as ?Vandiver & Henderson.? The earliest date for this joint venture would appear to be in the very early part of 1860. The 1880 Census shows Henderson and Vandiver as both ?druggists? and Henderson?s son working as a ?drug clerk?. The scrip shown above was most likely used in the drug store in 1862, although it is also possible that Dr. Vandiver used these notes in his medical practice as well. Rufus Henderson and wife Mary would have four children before she died in April of 1870 at the young age of 26. Four years later in 1875, Rufus remarried, again in Talladega, to Jane C. Ables. She was 26 years old and apparently widowed with three children between 3 and 7 years old. She and Rufus would have an additional three children of their own between 1876 and 1878. There is no record of Rufus Henderson applying for a Presidential Pardon after the war. He, like many others, had lost much of their wealth due to the war and thus did not meet the $20,000 threshold for requiring a special presidential pardon. He died in 1898 at the age of 74 and is buried at Talladega. Jane Ables Henderson died in 1926 at the age of 85 in Talladega. It would be enlightening to discover what these two men were doing in 1890, but unfortunately, the records of the 1890 Census were lost in a fire. ___________________________________________________________Paper Money * Nov/Dec 2019 * Whole No. 324_____________________________________________________________ 424 A Short Comment on Drug Stores During the Civil War For most readers, the term ?drug store? conveys a specific image of a modern dispenser of miracle drugs. Our 1860s drug store would be far different from that vision. In a paper titled ?Some of the Drug Conditions During the War Between the States,? which was read before the American Pharmaceutical Association meeting in August of 1898, Joseph Jacobs stated that ?At the outset of the struggle?druggists of the South had either to manufacture what they could from native barks and leaves and herbs and roots, or purchase at the Southern ports such supplies as the blockade runners brought in??21 Consequently, druggists were forced to rely upon old botanic practices.22 There is no reason to believe that these shortages and reliance on old botanical practices did not affect Vandiver and Henderson in Talladega. The lack of suitable drugs, both because of availability and because of lack of medical understanding at that time, led to large numbers of deaths due to war-related injuries and disease. More than twice as many soldiers died from injuries and disease than from direct battle deaths on both sides of conflict.23 Even whisky, an imperfect substitute for pain relief and in fact not appropriate for injured soldiers, at $150 per bottle was extremely expensive and thus not often available.24 For a druggist and a physician, the inability to respond adequately to injuries of war as well as diseases at home must have been personally and professionally very difficult. Summary The story these notes tell is one of a life-long friendship between two men in the early days of Alabama. Given the professional tensions that may have existed between physicians and pharmacists, the fact that these two men remained business partners for more than 20 years is remarkable. A final comment on the merging of these two souls is the fact that by 1880, our physician, Dr. Vandiver, listed his occupation as that of a ?druggist.? Footnotes 1Unless otherwise noted, images of notes are courtesy of Heritage Auctions 2Standard references are Walter Rosene, Jr., Alabama Obsolete Notes and Scrip (Society of Paper Money Collectors, 1984), and James A. Haxby, United States Obsolete Bank Notes (Iola, Wisconsin: Krause Publications, 1988), Vol. 1. 3Malcolm Rohrbough, The Land Office Business (New York: Oxford University Press, 1968), p.91. 4Malcolm Rohrbough, p. 112. 5Thomas McAdory Owen, History of Alabama and Dictionary of Alabama Biography (Chicago: S. J. Clarke Publishing Company, 1921), Vol. 4, p. 1065. Book is available at the Alabama Department of Archives and History (www.archives.state.al.us) 6Green Taliaferro McAfee, Public Family Tree, Ancestry.com. 7Owen, p. 1085. 8U.S. General Land Office Records, available at www.ancestry.com. 9United States Federal Census, 1840, and Slave Schedules, 1850 and 1860. Accessed through Ancestry.com. 10Owen, p. 1085. 11?Talladega, Alabama,? Wikipedia.com. 12Minutes of the Talladega County Commission, June 8, 2015. 13Steve Fleming, ?Bio of John Harrington Vandiver,? Fleming Public Family Tree, Ancestry.com. 14For a complete reading of the Proclamation, including all 14 excluded classes, http://www.britannica.com/presidentws/aticle-9116918. 15Joseph L. Fink, ?Pharmacy: A Brief History of the Profession,? at The Student Doctor Network (www.studentdoctor.net). 16Rufus Morgan Henderson, Find-a-grave.com. Accessed through Ancestry.com. 17?List of Names Composing the Mountain Rangers of Talladega, Alabama, January 28 1860?, in Alabama Civil War Muster Rolls, 1861-1865, accessed through Ancestry.com 18Rufus M. Henderson, Alabama, Select Marriages, 1815-1942, accessed through Ancestry.com. 19Before the war (about 1850) it was estimated that slaves who worked the fields were worth approximately $1,000-$1,200 each while domestic slaves were valued at $500-$600 each. See ?Dixie,? Harpers New Monthly Magazine, 1864, p. 232. 20Rufus Morgan Henderson, Public Family Tree, Ancestry.com. 20Joseph L. Fink, III, ?Pharmacy: A Brief History of the Profession?, Student Doctor Network, accessed www.studentdoctor.net. p. 2. 21Joseph Jacobs, ?Some of the Drug Conditions During the War Between the States,? (1898), p. 3. www.civilwarhome.com. 22Joseph Jacobs, p. 4. 23?Casualties in the Civil War,? www.civilwarhome.com. 24Joseph Jacobs, p.10. ___________________________________________________________Paper Money * Nov/Dec 2019 * Whole No. 324_____________________________________________________________ 425 Overlapping Production of $1 1928, 1934 and 1935 Silver Certificates by Peter Huntoon One of the things that makes the collecting of early U. S. small size notes so fascinating is the fact that there was overlapping production of notes from different series plates. Two entirely different types of overlaps occurred. Not only were there simultaneous printings from plates with different signatures within a given series such as 1928A and 1928B notes, there also were simultaneous printings from plates from entirely different series such as Series of 1928 and 1934, and Series of 1934 and 1935. Well known by collectors was the simultaneous use of plates within the 1928 and 1934 series that bore different Treasury signature combinations. This occurred because plates carrying obsolete signatures were being used up on the same press with plates with current signatures as an economy measure. Little known is the fact that there also was overlapping production of notes from two entirely different series. Face printing of $1 Series of 1934 silver certificate overlapped face printings of the 1928 series for two months in 1934. Then production from Series of 1935 face plates overlapped printings from Series of 1934 face plates for eight months spanning 1935 and 1936. The Paper Column Figure 1. Production of Series of 1934 $1 silver certificates overlapped the production of the Series of 1928s and 1935s by a little less than a year at both ends. Photo courtesy of Mike Abramson. ___________________________________________________________Paper Money * Nov/Dec 2019 * Whole No. 324_____________________________________________________________ 426 Questions arise. Why did overlapping production occur? Then, more fundamentally, why were there different series in the first place and was there a legal distinction between the authorities under which they were issued? The easiest question to answer is why did these overlaps occur. The answer was that there were significant cost savings associated with doing so. Let?s briefly review why different signature combinations from the same series were in use at the same time and point out some collecting opportunities that resulted. The practice at the Bureau of Engraving and Printing was to incorporate the signatures of the Treasury officials into the overall design of the intaglio face plates when small size notes came along in 1928. The signatures were an integral part of a finished plate. When a signature change occurred, new plates followed with the new signature combination. For example, the Tate-Mellon combination on the Series of 1928 face plates yielded to Woods-Mellon on the 1928As. With each change, the Bureau of Engraving and Printing was left with an inventory of serviceable plates bearing the obsolete signature combination, so being frugal with taxpayer money, they continued to send the obsolete plates to press alongside the new ones that were being made. This got very interesting very quickly because the presses that were used to print the intaglio images carried four plates that circulated around the bed of the press. As the plates moved, they passed through inking, wiping, polishing and printing stations. The single stream of sheets leaving a given the press rotated through impressions from the four plates that were on it. New signature plates were cycled onto the presses as the old wore out so often there was a mix of the old and new on the same press. The simultaneous production from both yielded very collectable products. Included were (1) forward and backward changeover pairs among consecutively serial numbered notes and (2) use of the same serial number block letters on notes having two or even more different signature combinations. The term block refers to the prefix-suffix letter combination on a note. Serial A12345678B is from the AB block. Back in the 1960s when block collecting was at its zenith, collectors strove to obtain every different possible block from every possible signature combination on the $1s. This provided a never-ending challenge. For example, the Series of 1928 silver certificates served up an unprecedented array of signature combinations that were numbered in the JB block. That block could be found on 1928A, 1928B, 1928C, 1928D and 1928E notes. They resulted from mixing of the different plates on the several presses that were in use. The dates when the plates for the various series were on the face presses are summarized on Table 1. Figure 2 brings that data to life. Notice that the very last plates in use within the 1928 series happened to be 1928Ds, not 1928Es. This is great stuff! Table 1. Inclusive dates of use for the early small size $1 silver certificate face plates and the numbers of plates assigned and used. Plate Number of Number of Inclusive Dates of Use Numbers Plates Plates Series First Last Assigned Not Used* Used 1928 Oct 15, 1928 Jul 10, 1930 1022 97 925 1928A Jun 27, 1929 May 23, 1934 1814 142 1672 1928B Mar 25, 1932 Jul 17, 1934 594 63 531 1928C Mar 21, 1933 Jun 1, 1934 10 2 8 1928D Aug 22, 1933 Aug 10, 1934 49 6 43 1928E Feb 13, 1934 Jul 16, 1934 20 10 10 1934 Jun 6, 1934 Jun 9, 1936 838 29 809 1935 Oct 9, 1935 * The unused plate totals include plates that were not finished and plates that were finished but not used. ___________________________________________________________Paper Money * Nov/Dec 2019 * Whole No. 324_____________________________________________________________ 427 Although the 1928 series faces ceased to be printed in 1934, the last of them was numbered in 1935. In fact, the JB block with its wonderful mix of 1928A, B, C, D and E notes, which ended with serial J55796000B, was numbered between April 10, 1935 and May 28, 1935. All of the overlapping usage resulted from a frugal Treasury saving money by using up serviceable old plates! Nothing in the law required that current signatures be printed on notes. The people occupying the highest Treasury offices weren?t concerned about whose signatures were on the notes as long as some of theirs were in the stream. Certainly, the fellow checking out plates from the plate vault to the pressmen and the pressmen running the presses at the BEP didn?t care. To all a plate was a plate with the possible exception of an initial burst of interest when a new signer took office and the BEP rushed out some notes with his signature at the outset of his term. The explanation for why there were different series and why there was overlap between their production is a bit more complex, but once again cost saving was the primary driver. The Series of 1928 silver certificates were the small size equivalent of the large size silver certificates, the latest of which were Series of 1923 notes. They all owed their origin to the Bland-Allison Act of February 28, 1878, which restored the legal tender status of U. S. silver dollars and at the time required the Treasury to purchase between 2 and 4 million ounces of silver per month and immediately coin that bullion into silver dollars. Free silver advocate Representative Richard P. Bland, a Democrat from Missouri, joined forces with Senator William B. Allison, a Republican from Iowa, to win passage of the bill. Allison incorporated the 2- to 4-million ounce per month purchase restriction as a political ploy to temper the inflationary impact of the act as a compromise in order to win passage it. There was considerable resistance to a true free silver act with unlimited purchases as initially proposed by Bland. An unfettered free silver act would have allowed anyone with any amount of silver to bring it to the mint and have it coined, potentially flooding the country with money because silver was cheap. The Bland-Allison Act provided for silver certificates in denomination of $10 and up. An amendment passed August 4th,1886 authorized the $1, $2 and $5 denominations. The silver certificates were warehouse receipts for coined silver dollars held by the Treasury. The only silver certificates issued between 1928 and 1934 after the currency was downsized in 1928 were $1s. The origin of the Series of 1934 silver certificates and the explanation for the concurrent production of Series of 1928 and 1934 notes requires that we look into Congressional legislation and policies instituted by President Franklin Roosevelt?s New Deal Treasury that transformed the character of American currency. A free silver clause, called the Pittman Amendment in the Gold Reserve Act of January 30, 1934, called for unlimited silver coinage. It contained this language. Figure 2. Plot illustrating the overlapping use of Series of 1928, 1934 and 1935 silver certificate $1 face plates. ___________________________________________________________Paper Money * Nov/Dec 2019 * Whole No. 324_____________________________________________________________ 428 The President, in addition to the authority to provide for the unlimited coinage of silver * * * is further authorized to cause to be issued and delivered to the tenderer of silver for coinage, silver certificates in lieu of the standard silver dollars to which the tenderer would be entitled * * *. The president is further authorized to issue silver certificates in such denominations as he may prescribe against any silver bullion, silver, or standard silver dollars in the Treasury not then held for redemption of any outstanding silver certificates, and to coin standard silver dollars or subsidiary currency for the redemption of such silver certificates. * * * The president is authorized, in addition to other powers, to reduce the weight of the standard silver dollar in the same percentage that he reduces the weight of the gold dollar. Roosevelt, by proclamation, changed the price of gold from $20.67 to $35 per ounce on January 31, 1934, the day after the Gold Reserve Act passed. He left the value of silver at $1.2929 per ounce. What the Congress and Roosevelt were doing with respect to silver was monetizing the unobligated bullion stocks in the Treasury and pumping that new money into what they perceived was a cash starved depression economy. Roosevelt sent the following memo six months later. June 14, 1934 The Honorable Secretary of the Treasury [Henry .Morgenthau Jr.] My Dear Mr. Secretary: Pursuant to the authority vested in me by the act approved May 12, 1933, as amended by the Gold Reserve Act of 1934, I hereby authorize and direct the issuance of silver certificates, pursuant to law, in any or all of the following denominations, $1, $5, $10, $20, and $100, against any and all silver bullion or standard silver dollars now in the Treasury not held for redemption of any outstanding silver certificates. Sincerely yours, Franklin D. Roosevelt This order formally created the Series of 1934 silver certificates. The difference between the new series and the earlier 1928s was that most of the new notes were to be backed by bullion instead of silver dollars. Consequently, the obligation on them was changed from payable in coin to a revised ?in silver payable to the bearer on demand.? The Silver Purchase Act, an act requested by Roosevelt, was passed by Congress on June 19th, five days after Roosevelt authorized the Series of 1934 silver certificates. It directed the Secretary of the Treasury to purchase silver at home or abroad ?whenever and so long as the proportion of silver in the stocks of gold and silver of the United States is less than one-quarter of the monetary value of such stocks? and ?such certificates shall be placed in actual circulation.? The objectives of this act were to support the price of silver, which was faltering?a subsidy to domestic producers?and to further inflate the currency supply. Acting Secretary of the Treasury T. J. Coolidge spelled out the policies governing the issuance of the new series in an order sent to U. S. Treasurer W. A. Julian. The Treasury position was that the new Series of 1934 consolidated all previous silver certificate issuing authorities into a single series. Importantly, Coolidge?s memo addressed the phaseout of the Series of 1928. See the section that I italicized below. July 16, 1934 The Treasurer of the United States Sir: ___________________________________________________________Paper Money * Nov/Dec 2019 * Whole No. 324_____________________________________________________________ 429 Silver certificates of a new series designated ?Series of 1934", in denominations of $1, $5, $10, $20, and $100, have been authorized, and in due course will be available for issue pursuant to the Act of February 28, 1878 (as amended by the acts of March 3, 1887, and March 14, 1900), May 12, 1933 (as amended by the Act of Jan. 30, 1934), and June 19, 1934, against any silver bullion or standard silver dollars in the Treasury not then held for the redemption of any outstanding silver certificates. From time to time you will be specifically advised of additional amounts of silver certificates, Series of 1934, issuable against free silver bullion in the Treasury, and you will thereupon hold the silver bullion as security, and cause silver certificates in the amount fixed to be issued and paid out in regular course of business on Government account by your office or through the Federal Reserve Banks. After an increase in the amount of silver certificates has been authorized, thereafter the amount authorized shall be maintained as a part of the money circulation of the United States, through replacement of unfit certificates and payment on Government account. Silver certificates, Series of 1934 shall be receivable on demand at the Treasury of the United States in standard silver dollars. The issue of silver certificates of the Series of 1928 ($1 denomination) will continue in regular course until exhaustion of the reserve stock carried in your office (with additions thereto through completion of such certificates now in process at the Bureau of Engraving and Printing). When such reserve stock has been exhausted, you shall issue silver certificates, Series of 1934, in lieu of the Series of 1928, in regular course, against available standard silver dollars without further instruction. Respectfully, T. J. Coolidge Acting Secretary of the Treasury The Treasury had planned to segregate the Series of 1928 and 1934 silver certificates as they came in for redemption in order to maintain separate accounts for each based on the differing legislation that authorized them. The huge visual difference between the Series of 1928 and 1934 $1 silvers was that the seal was moved from left to right and a large blue numeral 1 was added to the 1934 notes. The purpose for the change was to facilitate sorting the two series when they came in for redemption (Broughton, Jun 19, 1934). However, once the Treasury Department lawyers parsed the language in the Pittman Amendment, they realized that the narrower authority underlying the Series of 1928 was in effect folded into the broader authority behind the Series of 1934. This allowed them to merge the accounts for both and thus avoid separating the notes as they came in for redemption. It also justified allowing them to replace redeemed Series of 1928 notes with Series of 1934s. Furthermore, it was clear that there were plenty of silver dollars in the Treasury to honor the coin redemption obligation on the 1928 silver certificates, so it would be unnecessarily wasteful to abruptly stop the production of the Series of 1928 notes still in the pipeline at the Bureau of Engraving and Printing. If a holder of a 1928 note wanted his silver dollar, they were available to him. The Series of 1934 silver certificates were anticipated by the Treasury officials before Roosevelt?s July authorization, so Treasury already had instructed the Bureau of Engraving and Printing to work on the new series. The manufacture of $1 Series of 1934 face plates already had begun May 15, 1934, and the first of the new plates was certified June 6, 1934. Those plates went into immediate production. The first serial numbers were printed on the Series of 1934 $1s on June 27, 1934. The first deliveries to the Treasury occurred June 29th. ___________________________________________________________Paper Money * Nov/Dec 2019 * Whole No. 324_____________________________________________________________ 430 The BEP had large numbers of Series of 1928 plates on presses as well as a large stock of serviceable plates. The inventory included 1928B, C, D and E plates. Consequently, Series of 1928 and 1934 $1 faces were being printed simultaneously between June 6 and August 10, 1934. The $1 Series of 1928 plates were finally taken out of service on August 10. The last of the sheets were numbered on May 28, 1935, over 9 months later. The final deliveries of the notes to the Treasury were made May 31, 1935. Both 1928 and 1934 $1s were being distributed for circulation by the Treasury during this period. The sole reason the 1928s were being printed after inauguration of the Series of 1934 was to save money. The machinery at the BEP already was configured to process them and there was a large inventory of serviceable 1928 plates. There was no legal constraint on continuing with their production, so they continued to be printed. The manufacture of the 1934 series could be phased in painlessly as the 1928 series was phased out. In order to satisfy strictly the obligation on the 1928 notes, all the Treasury had to do was maintain sufficient stocks of silver dollars to cover the outstanding notes, something that never was at issue because the Treasury was saddled with huge inventories of silver dollars. Normal attrition of the 1928s after the last of them were released would insure that there would be more than enough silver dollars to satisfy all holders of those silver coin notes. In contrast, if a holder of a 1934 or later silver certificate wanted silver, the Treasury could give him bullion, something that didn?t occur routinely until 1964. The $1 Series of 1935 silver certificates represented nothing more than a design change. They were the legal equivalent of the 1934s. FDR, an avid philatelist, thoroughly enjoyed hands-on participation in launching new postage stamp issues. Foremost among them were the National Parks commemorative issues of 1934 and the definitive Figure 3. Original model of the Series of 1935 back with FDRs suggestions to switch the vignettes of the Great Seal and to label them. Bureau of Engraving and Printing photo. ___________________________________________________________Paper Money * Nov/Dec 2019 * Whole No. 324_____________________________________________________________ 431 presidential series of 1938. His fingerprints were all over the design of the Series of 1935 $1 silver certificates as well, especially the backs. At his suggestion, the Great Seal of the United States became the centerpiece of the backs, replacing the generic monopoly backs of the 1928 and 1934 series, which were little modified from the standardized backs on the $1 Series of 1923 silver certificates and legal tender notes. In fact, when it came time to approve the design, it was Roosevelt who signed off on the new backs rather than Secretary of the Treasury Henry Morgenthau Jr. Morgenthau ceded that honor to Roosevelt despite the fact that Congress lodged responsibility for currency designs with the Secretary of the Treasury early in the history of the Federal issues. In fact, when the first model for the back was presented to Roosevelt, the BEP had laid out the seal so the obverse was on the left and reverse on the right. Roosevelt had them switched and the wording ?The Great Seal of the United States? added below them. The important aspect of the Series of 1935 for the purposes of this discussion is that it represented a simple substitution for the Series of 1934. There was no Congressional amendment to existing silver legislation that triggered it. The technological incentive for creating the new series was that the Treasury signatures were overprinted instead of printed from intaglio plates. This required modification of the overprinting presses to handle bi-color printing; black for the signatures, blue for the seal and serial numbers. On a practical level, it made little difference to the Treasury Department whether the Series of 1934 or Series of 1935 was printed because both represented the same legal entity. Thus, the Bureau was faced with the advantageous option of printing and delivering both at the same time, rather than undergo an abrupt retooling for the new series. This allowed them to ramp up production of the new 1935 series, which required bringing the new bi-color overprinting presses on-line, while tapering off 1934 production. This is exactly what they did. Figure 4. Final model of the Series of 1935 back with FDRs approval dated July 2, 1935. Bureau of Engraving and Printing photo. ___________________________________________________________Paper Money * Nov/Dec 2019 * Whole No. 324_____________________________________________________________ 432 The manufacture of the first $1 Series of 1935 face plates was begun on July 31, 1935. The last $1 Series of 1934 note was delivered to the Treasury on June 18, 1936. The overlap in production lasted a bit less than 11 months. The concurrent production of the Series of 1928, 1934 and 1935 $1 silver certificates during the changeovers between those respective series was an economy measure. Rather than abruptly cease production of the old series, retool and then commence with the new, the Bureau of Engraving and Printing could phase the old out and phase in the new with minimal disruption. A significant benefit was that by gradually retooling, there would be minimal impact on employee work loads. The concurrent serial numbering of the last of the Series of 1928 notes and first of the1934s during 1934-5 gave rise to one unintended mistake. At least one Series of 1934 sheet was accidentally switched into the Series of 1928 numbering stream to produce the spectacular hybrid note shown on Figure 5. A similar 1934/1935 version of this error has not been found. Sources of Data Broughton, William S., Commissioner of the Public Debt, Jun 19, 1934, memorandum to Herman Oliphant, General Counsel to the Secretary of the Treasury, recommending how the Bureau of Engraving and Printing and Treasury should handle the transition from Series of 1928 to 1934 silver certificates: Bureau of the Public Debt, Series K Currency, box 12, file 721 (53/450/54/01-05), U. S. National Archives, College Park, MD. 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, undated, Plate history ledgers for small size currency: Record Group 318, U. S. National Archives, College Park, Maryland. Bureau of Engraving and Printing, undated, Numbering Division serial number ledgers for the Series of 1928 and 1934 $1 silver certificates: BEP Historical Resources Center, Washington, DC. Coolidge, T. J., Acting Secretary of the Treasury, Jul 16, 1934, Letter to W. A. Julian, Treasurer of the United States setting out policies for the issuance of Series of 1934 silver certificates: Bureau of Public Debt, Series K Currency, silver certificates (53/450/54/01/05 box 12, file 214.3), Record Group 53, U.S. National Archives, College Park, MD. Huntoon, Peter, Mar-Apr 2010, Creation of money during the Great Depression, the greatest tectonic shift in Federal currency in U. S. History: Paper Money, v. 49, p. 90-120. Huntoon, Peter, Apr 2011, Numismatic first, note bridges series ($1 SC 1928-1934 error): Bank Note Reporter, v. 60, p. 1, 21-23. Roosevelt, Franklin D., President of the United States, June 14, 1934, letter to Henry Morgenthau Jr., Secretary of the Treasury, authorizing the Series of 1934 silver certificates: Bureau of Public Debt, Series K Currency, silver certificates (53/450/54/01/05 box 12, file 214.3), Record Group 53, U.S. National Archives, College Park, MD. Shafer, Neil, 1967, A guide book of modern United States currency, 2nd ed.: Whitman Publishing Company, Racine, WI, 160 p. United States Statutes, various dates, Government Printing Office, Washington, DC. Figure 5. This Series of 1934 face was accidentally overprinted with Series of 1928 serial numbers during July 1934 when both series were in concurrent production. Photo courtesy of Jess Lipka. ___________________________________________________________Paper Money * Nov/Dec 2019 * Whole No. 324_____________________________________________________________ 433 To order, please call toll-free: 1-800-546-2995 Online: www.whitman.com Email: customerservice@whitman.com Mention code USC8 at checkout to receive FREE SHIPPING AVAILABLE NOW? ? A Guide Book of United States Currency 8th Edition Hundreds of full-color images and illustrations of large-size, small-size, and Fractional Currency notes. Listings of every series, arranged by Friedberg numbers, market prices in up to seven collectible grades, historical background on each series and denomination, from $1 to $10,000. Advice on how to collect and store paper money; grading instructions, supply and demand, detecting counterfeits, glossary of collector terms, special sections on valuable varieties, World War II issues, uncut sheets, error notes, and much more! In Full Color 6"x9" Softcover RECEIVE FREE SHIPPING! $19.95 ORDER NOW! The A.F.R.O. Dollars of 1990-91 by Loren Gatch Although plans to update America?s currency grew complicated with the pushback by Alexander Hamilton supporters, the result, announced in April 2016, foresees Harriet Tubman taking Andrew Jackson?s place on the $20. This milestone will represent the first instance that a known African- American has appeared on legal tender currency (anonymous slaves graced the vignettes of a good number of Southern obsoletes). Given the Treasury Department?s timetable for revamping the currency by denomination, ?Tubmans? won?t be in circulation until as late as 2030. In the meantime, we can look back at a little currency experiment undertaken some twenty-five years ago that did place other prominent African-Americans on paper money: Chicago?s African-American Face Reserve Obligation notes of 1990-91. Back in 1990, Derric Price was a 32 year old investment banker and social entrepreneur with his hands in a number of projects that focused on African-American community empowerment in the south Chicago?northern Indiana area. One of his schemes, conceived in late 1990, involved the issue of a local currency that would be spent in black- owned businesses. Available in exchange one-for-one with official currency at local banks, African- American Face Reserve Obligation notes (A.F.R.O Dollars) would be accepted by participating merchants, who could then redeposit them with the banks. The idea behind this closed circuit of currency circulation was to encourage black consumers to patronize black-owned businesses, thus keeping wealth from leaking out to the larger (white) world. In an interview, Price explained, ?I came up with this idea when I was trying to figure out why African-Americans in this country can spend $300 billion a year on goods and services and yet as an ethnic group be the lowest on the economic ladder?With A.F.R.O. dollars, which technically means African-Americans will have their own money, we can shift the black purchasing power to selected stores and merchants.? While the idea of a local currency as a vehicle for the economic empowerment of a community wasn?t unique to Price, it did have a certain resonance with the racial self-reliance and separatism promoted by the Black Power movement of the 1960s. Indeed, even in its details, the proposed A.F.R.O. Dollar anticipated many of the local currency plans that have since sprouted across North America beginning about a decade later. To sweeten the terms for consumers to use the currency, they would earn $2 in ?points? for every 100 A.F.R.O. Dollars they purchased. While this aspect of the plan isn?t entirely clear, the most straightforward way to do this would have been for the bank to sell 100 A.F.R.O. dollars for $98 in standard funds. For example, this discount is also a feature of the ?Berkshares? currency of Great Barrington, MA, which is available at local banks for $95 for every 100 Berkshares. In addition, Price proposed to divert one percent of each A.F.R.O. Dollar sold into a community trust fund that would fund various projects like affordable housing, small-business investment and inner-city education. Finally, Price would take for himself 2.9% of each A.F.R.O. Dollar sold. These various revenue diversions added up to 5.9% of the proceeds of each unit of local currency purchased, and this presumably was to be funded by the participating merchants, who would absorb this ?haircut? when they accepted the currency at par with U.S. funds. In effect, this represented the cost to merchants of acquiring a more loyal clientele that would practice race-based economic patronage. Price compared these charges to the costs merchants might pay credit card companies for processing transactions. A FIVE A.F.R.O. DOLLAR NOTE, WITH PORTRAIT OF LOUIS ARMSTRONG A.F.R.O. Dollars were to appear in four denominations--$1, $5, $10, and $20?all with common scrollwork and color schemes (green on the obverse, red on the reverse). Each featured a portrait of a prominent African-American: Booker T. Washington on the $1, Louis Armstrong on the $5, ___________________________________________________________Paper Money * Nov/Dec 2019 * Whole No. 324_____________________________________________________________ 435 George Washington Carver on the $10, and Frederick Douglass on the $20. By far, the most common note extant is the $20; this writer has seen examples of the $5 and $10, but never a $1 (a poor-resolution image of the obverse of the $1 can be found on a defunct website advertising a recent revival of the A.F.R.O. Dollar concept?but more on that below). Printed by the Northern Bank Note Company of suburban Chicago, these notes have a professional look and feel. Indeed, Derric Price made a point of soliciting an opinion from the Secret Service that these notes wouldn?t run afoul of the nation?s laws against counterfeiting and had to make a few changes in verbiage to address the government?s concerns. The obverse of each note promises ?the face amount denomination is redeemable in U.S. Dollars at participating banks?; the reverse continues, ?this certificate is redeemable for all trade, merchandise or services for business under agreement with the African-American Face Reserve Obligation, or those displaying this logo.? A TEN A.F.R.O. DOLLAR NOTE, FEATURING GEORGE WASHINGTON CARVER The portrait of Armstrong is clearly derived from an early photograph, probably dating to the early 1930s. The note?s reverse features the statue of the musician and composer in New Orleans Armstrong Park. The rendering of an older Carver is passably accurate. The reverse depicts the Carver Museum in Tuskegee, Alabama. On the $20, however, a scraggly and emaciated depiction of Frederick Douglass does not at all do justice to the magnificent intensity that radiates from most photographs of the abolitionist and statesman. The reverse features Douglass?s home in Washington D.C. Price moved with energy to put A.F.R.O. Dollars in motion. In late 1990 he began advertising on cable television touting his plan and solicited the participation of banks and merchants in black neighborhoods of Chicago. By January 1991 he claimed to have printed up $70 million worth of his currency, denominational mix unknown, and to have gained the support of 15 banks and various retail establishments around Chicago. Price promised to have the first notes in circulation by February 1, the beginning of Black History Month, and to go nationwide with his plan by the end of the year. On May 28th, 1991, Price registered with the state of Illinois his company, The African-American Face Reserve Obligation, Inc., Derric Price, President. And then after that?nothing. There seems to be no evidence to account for why this project failed to launch, so a bit of conjecture must replace it. The very scale of A.F.R.O. Dollars? starting in a big urban area, with national expansion shortly thereafter?may simply have been too ambitious. Most local currency schemes have found it hard enough to mobilize the civic and institutional support necessary to sustain them and, all things being equal, a smaller scale makes them more sustainable. Derric Price claimed to be reaching out to banks and merchants, but it?s not clear if he actually engaged with Chambers of Commerce, merchants? associations, or other A TWENTY A.F.R.O. DOLLAR NOTE, WITH FREDERICK DOUGLASS ___________________________________________________________Paper Money * Nov/Dec 2019 * Whole No. 324_____________________________________________________________ 436 community groups that might have represented important constituencies for the A.F.R.O. Dollar product. Above all, the incentive structure of the proposition may have dissuaded potential stakeholders. Price proposed to scalp almost 3% off the issue of each A.F.R.O. Dollar to his own account. Had this scheme scaled up in the way that Price promoted it, he would have made many millions of (U.S.) dollars. Perhaps this may have dissuaded merchants and banks from participating in what amounted to a consumer loyalty program that offered them smaller and much less certain returns. Finally, as for the notes that were actually printed, it is not known who got stuck with them?Price, or the Northern Bank Note Co.?or how many of them were destroyed. Northern Bank Note was bought by CFC International in 1997, which in turn was acquired a decade later by Sekuworks, a Cincinnati firm whose closure in the summer of 2015 caused such disruption to municipalities around the country that depended upon its security paper for official documents. An intriguing coda to what remains an otherwise-obscure story is the filing of a ?Regulation A Offering Statement? with the Security and Exchange Commission by Derric Price and two associates on December 22, 2011 (under SEC rules, a Regulation A filing is a little-used way for small companies to use private placements to raise capital). Coming some twenty years after the stillbirth of the original A.F.R.O. Dollar, Price et al. filed their Form 1-A in order to raise capital for a new corporation, AFRO DOLLAR Inc., that represented the successor entity to the now-dissolved African-American Face Reserve Obligation, Inc. They also established a website, Afrodollar.org, now offline but which has been partially preserved by Internet Archive. As the SEC paperwork explains, Price proposed to launch ?an electronic digital pre-paid cash version of the A.F.R.O. Dollar as local digital money-currency? that would be implemented in basically the same way as the earlier paper currency. The offering sought to sell as many as 500,000 units of stock at $10 apiece, with an option to buy one additional share at $75 over a period ending December 31, 2015. How much of this stock offering was ever sold is also not known. Like the paper version, the plan for a digital currency contained some merit, especially if it addressed the chronic financial problems facing underbanked, low-income communities that fall prey to predatory lenders. Yet also like the previous version, this later attempt also seemed almost designed to send up red flags to potential investors. Of the possible $5 million that could be raised, nearly $4 million would have been paid out in intellectual property fees to, and licensing rights for, the A.F.R.O. Dollar concept?and the beneficiary of these payments would be none other than Derric Price himself! Caveat Emptor. REFERENCES A. Dahleen Glanton, ?Banker Wans to Give Blacks Own Money? Chicago Tribune, January 11, 1991. Richard Roeper, ?His AFRO Dollars Put New Face on Currency? Chicago Sun-Times, November 28, 1990. N. Zeman and L. Howard, ?Afro Dollars? Newsweek, December 17, 1990. United States Securities and Exchange Commission, Regulation A Offering Statement Under the Securities Act of 1933, AFRO DOLLAR Inc., December 22, 2011. Available at: https://www.sec.gov/Archives/edgar/vprr/12/9999999997-12- 000135 DeGolyer Library Exhibit 972 National Bank Notes from the DeGolyer Library?s Rowe-Barr Collection of Texas Currency are now available online. This ?TexTreasures? digitization project was funded by the U.S. Institute of Museum and Library Services through a grant to the Texas State Library and Archives Commission. The largest known collection of paper currency specific to Texas, the Rowe-Barr Collection was assembled and donated to SMU?s DeGolyer Library by John N. Rowe III and B. B. Barr, brothers-in-law, business partners, and avid numismatists with differing collecting interests. Rowe?s portion of the collection consists of 1495 examples of obsolete and canceled Texas currency produced from the 1830s to the end of the U. S. Civil War. Barr?s contribution consists of National Bank Notes dating from Reconstruction to the Great Depression. Every series of National Bank Note is represented: the original series, the 1875 series, the 1882 series and its many variants, the 1902 series, and the 1929 series. Each note contains imprints from issuing banks in Texas and the signatures of bank cashiers and presidents who endorsed the notes. When taken together, the completed collection exemplifies the monetary history of Texas. For more information, contact degolyer@smu.edu. SMU LIBRARIES ___________________________________________________________Paper Money * Nov/Dec 2019 * Whole No. 324_____________________________________________________________ 437 FRANCISCO (PANCHO) VILLA?S BEDSHEETS by Elmer Powell The Mexican Revolution started in 1910 when the multi-decade rule of President Porfirio Diaz was challenged by Francisco I. Madero, a reformist writer and politician. When Diaz refused to allow clean elections, Madero?s call for revolution were answered by Emiliano Zapata in the south, and Pascual Orozco and Pancho Villa in the north. Villa better known for a raid against a small U.S. border town which resulted in the battle of Columbus New Mexico on 9 March 1916. U.S. General John J. Pershing was sent on an expedition named the Punitive Expedition to capture Villa, but Villa eluded Pershing and was never captured. Villa through newspapers, Hollywood films and interviews to foreign journalists including the reknown U.S. Journalist and writer, John Reed, created his own image as an internationally known Revolutionary Hero. In the early days of the revolution Villa?s rebels financed their activities by confiscations and downright theft. However when Villa?s troops entered Ciudad Chihuahua on 1 Dec 1913 Villa appointed himself as Provisional Governor, decreed that the Tesoreria General Del Estado (State Treasurer) issue paper money to support his Division Del Norte and revive the economy of the state of Chihuahua. John Reed describes it as all done in a cavalier manner: Villa himself said: ?Why, if all they need is money, let?s print some?. So they inked up the printing press in the basement of the Governor?s palace and ran off two million pesos on strong paper, stamped with the signatures of government officials, and with Villa?s name printed across the middle in large letters. The counterfeit money, which afterwards flooded El Paso, was distinguished from the original by the fact that the names of the officials were signed instead of stamped. This first issue of currency was guaranteed by absolutely nothing but the name of Francisco Villa. It was issued chiefly to revive the petty internal commerce of the State so that the poor people could get food. Yet almost immediately, it was bought by the banks of El Paso at 18 to 19 cents on the dollar because Villa guaranteed it. A decree ordered the acceptance of his money at par throughout the State. Another decree ordered sixty days? imprisonment for anybody who discriminated against his currency. The notes issued by Villa on 12 December 1913 became known as Sabanas (bedsheets) from their increasing in size from small 5 centavos to larger 100 peso bills. In Ciudad Juarez the Sabanas value was established upon a Mauser and Winchester basis. By April 1914 villa?s troops had grown to 15,000 men and he ordered the State Government in Chihuahua to continue issuing paper money to cover their costs. The Sabanas carry Villa?s name as Provisional Governor, and the signatures of Manuel Chao, as Intervenor, and Sebastian Varlas hijo as Tesorero del Estado. Additional information on Villa?s Sabanas and Mexican Paper Money can be obtained from three web sites, The Paper Money of Chihuahua, The Paper Money of Sonora and Paper Money of Mexico. Information on the Mexican Revolution can also be obtained from the digital collection at the DeGolyer Library at Southern Methodist University https://www.smu.edu/home/libraries/digitalcollectio ns/pwl/. Constitutionalists?Cabinet?(revolutionaries)?Pancho?Villa?at?arrow.? General?Villa?and?one?of? his?captured?guns ___________________________________________________________Paper Money * Nov/Dec 2019 * Whole No. 324_____________________________________________________________ 438 ___________________________________________________________Paper Money * Nov/Dec 2019 * Whole No. 324_____________________________________________________________ 439 U N C O U P L E D : PAPER MONEY?S ODD COUPLE Joseph E. Boling Fred Schwan World War I?Part 7 This issue we take up the German homeland notes overprinted with denominations in Persian, used in Persia during the war. These are associated with Dr. Oskar von Niedermayer, orientalist and adventurer (he received his doctoral degree after WWI). Persia was ostensibly neutral during WWI, with Turks (Ottomans), Russians, and British all courting her to join the fight on their sides. Pre-war agreements had already carved Persia into zones of Russian and British influence, and the Imperial Bank of Persia was a British institution. The Germans (allied with the Ottomans) wanted Persia to join that side, and sent an expeditionary force through Persia and into Afghanistan to harass the British in India. It was that initiative that led to the creation of the overprinted German notes. Persia had no national paper currency at the time. The Imperial Bank?s notes were circulated in limited areas in the British influence zone, and thus were largely inaccessible to the Germans. A meeting of four German officials in Baghdad, probably in early 1916, produced an agreement to simply overprint German notes with Persian denominations, with no indication of sponsorship or redemption responsibility, and use those to finance German operations in Persia. The exchange rate established was one mark to 2? kran or four marks per toman. This overvalued the marks by 8.4%, a nice bonus for the instigators. The notes apparently faced no resistance in circulation. The notes were printed at the Reichsdruckerei, Berlin, from ?whole cloth??that is, the overprints were not placed on already-finished notes. That becomes an essential aspect of their authentication today. They were introduced in Persia in late 1916 by a German merchant firm, Woenkhaus & Co., who used them to pay for German military purchases in the local theater of operations. See Boling page 442 Allied Use of Military Payment Certificates?part 2 President Lyndon B. Johnson signaled the growing need for allied assistance in South Vietnam when he made a public call on 23 April 1964 for ?more flags? to come forth to support a beleaguered friend. In a similar move that month, the Ministerial Council of the Southeast Asia Treaty Organization issued a communiqu? declaring the defeat of the Viet Cong essential to southeast Asia?s security, and underscoring the necessity for SEATO nations to fulfill their treaty obligations. In January 1965 the United States became more actively engaged in the war in Vietnam. By August, it was necessary to introduce military payment certificates. The search for more flags was intensified. ___________________________________________________________Paper Money * Nov/Dec 2019 * Whole No. 324_____________________________________________________________ 440 An interesting group of additional countries eventually participated in Vietnam. They were (with peak strengths in parentheses): Australia (7,672), Republic of Korea (50,003), Thailand (11,586), New Zealand (552), the Philippines (2,020), Republic of China (31), and Spain (13). The participation by these countries is largely forgotten. Of interest to us is the fact that these countries paid their troops in military payment certificates! There is numismatic evidence of the allied participation. Medals and club tokens (for slot machines) are the most common such relics. In the paper money category, we find some club chits, but other evidence is sparse with a major exception described below. A short snorter made from MPC would be a nice artifact, but they are scarce. I have never seen one from Vietnam with an Allied signature. Fortunately, a small group of Series 681 certificates exists with a signature and back stamp. The stamp is of a typical general purpose type: PRESIDENT REGIMENTAL FUNDS ACCOUNT / 4 FIELD REGIMENT R. A. A. The first part of this important stamp is easy enough to understand. The regimental funds account was probably some sort of recreational account. I thought that the second line was easy enough until I tried to research this unit. It seems that there was a 4th Battalion, Royal Australian Regiment in Vietnam for at least part of the time that Series 681 was in use. The president of the regimental funds account would not likely use a stamp that had the name of the unit wrong. What gives? I am sorry to say that I do not know. I offer it for your ideas. [Boling?s ideas?Royal Australian Army or Royal Australian Artillery] One result of the various agreements was that allied soldiers would use military payment certificates. Not only could the allied soldiers use MPC, but they also could use the various club and exchange facilities. Eventually, some of the allies became involved in large-scale black market operations. By selling exchange merchandise such as refrigerators and electronics on the black market for MPC available there, they could return to the exchange and buy another round of merchandise, making a profit on every trip. By 1969 most of the problems centered on the Korean and Thai soldiers. Cultural factors were probably involved, but the overriding factor was numbers. The contingents from those nations dwarfed the others. In 1969 United States finance officers negotiated a new control system to be used by Korean and Thai soldiers. Under this plan, coupons would be paid to the Korean and Thai soldiers along with a like amount of MPC. Then the soldiers would have to pay for merchandise and services with MPC and a like amount of coupons. Since the coupons were not available from black market buyers, the soldiers could not make more than one round of purchases at the exchange until they were paid again the following month. This quickly reduced the amount of merchandise passing into unauthorized hands. The coupons were essentially identical in function to MPC and somewhat similar in appearance. They were printed by the United States Navy Printing Facility on Guam without significant security devices. MPC coupons were not reported in any numismatic literature until about 1975. Don C. Terrill collected MPC. He also lived in Korea and was interested in Korean paper money. He found an unusual and unknown to him piece of paper money that looked something like MPC. He sent me an image. I wrote an article about the note that was published in the Bank Note Reporter. Joe Adams read the article and knew what the mystery piece was. He had been one of the finance officers in Vietnam who had worked on the coupon project in 1969! He reported many of the details that we have today. In the intervening forty or more years, we have not found out many more details, but one at a time, we have been able to find images of most of the coupons. Acceptance by the collecting community since the first reports has been slow. The coupons are listed under Korea and Thailand respectively in the Standard Catalog of World Paper Money and have not been recognized by catalogs of United States paper money that list ?traditional? MPC. However, these coupons are certainly part of the MPC system and will continue to gain in popularity with MPC collectors. Ultimately, seven series of coupons were issued (four Korean, three Thai). Collecting coupons is wonderfully challenging. Coupons are much more ___________________________________________________________Paper Money * Nov/Dec 2019 * Whole No. 324_____________________________________________________________ 441 difficult to locate than the MPC that they supported. Indeed, no complete collection has been assembled and some of the issues are not reported in any collection! Allied participation in Vietnam Country 1964 1965 1966 1967 1968 Australia 200 1557 4525 6818 7661 Rep. of Korea 200 20620 45566 47829 50003 Thailand 16 244 2205 6005 New Zealand 30 119 155 534 516 The Philippines 17 72 2061 2020 1576 Rep. of China 20 20 23 31 29 Spain 13 13 12 Total 467 22404 52587 59450 65802 Allied participation in Vietnam Country 1969 1970 1971 1972 Australia 7672 6763 2000 130 Rep. of Korea 48869 48537 45700 36790 Thailand 11568 11568 6000 40 New Zealand 552 441 100 50 The Philippines 189 74 50 50 Rep. of China 29 31 ? ? Spain 10 7 ? ? Total 68889 67439 53850 37060 Next time, in part 3 of this series on Allied use of MPC, we will look in detail at the coupons, series by series. Boling continued The notes were redeemed in 1920-26 at pre- inflation exchange rates, to preserve Germany?s good relations with the Persian government and local merchants. This policy pretty well guaranteed that all available notes would be recovered. Of 4,000,000 marks issued, only 35,205 were not redeemed in three tranches. The first tranche (1920) totaled 3,941,750 marks, and was destroyed. The last two tranches (1926) were preserved, but included no 100 or 1000 mark notes. The only existing examples of those are printer?s proofs in a Berlin museum. As for von Niedermayer, think of Lawrence of Arabia, and transfer the area of operations to Persia. There is no evidence that Lawrence and von Niedermayer ever met, but they certainly had parallel careers in the same period. The next couple of paragraphs are based on Wolfgang Koenig?s 11-page article ?WWI Persian Overprints on German Notes: The So-called ?Dr. Von Niedermayer Notes?,? published in IBNS Journal 27:3/4 (1988). Von Niedermayer?s career was checkered, to say the least. He had already traveled to Persia before WWI with scholarly ambitions. Among other activities there, he joined the Baha?i religious sect. When the war started, he entered a Bavarian artillery regiment and was posted to France as a first lieutenant in 1914. Subsequent assignments were back to Germany and then to the Middle East, to exploit his knowledge of the region. He bounced back and forth between Iraq, Afghanistan, Persia, and Germany, as he irritated one commander after another with his outspoken opinions about what German policy should be in the Middle East. He ended the war in 1918 on the Western Front. Other than using the overprinted notes, he appears to have had nothing to do with their creation, distribution, or redemption. How his name became attached to them is vaguely related to one of the campaigns that used them while he was assigned there. In 1920, he received his doctorate with a dissertation on Persia. Still an Army reservist after the war, he was called to active duty in 1920, and from 1922-31 worked in Russia for German interests. He rose to command a division in WWII, but was relieved and court-martialed for remarks about Hitler?s Middle Eastern policies. Captured by the Soviets, he died in prison in Russia in 1948. The serial blocks for all of the notes are recorded (and an additional control letter for the 20 mark and 1000 mark notes). Unfortunately, those blocks were not used exclusively for the overprinted notes, so it is possible to find un-overprinted pieces to which false overprints can be applied. In addition, most of the fakers of the overprints pay no attention to the blocks, ___________________________________________________________Paper Money * Nov/Dec 2019 * Whole No. 324_____________________________________________________________ 442 so it becomes easy to distinguish most bad pieces without having to resort to close visual examination. The blocks and control letters are: Denominations Serial block Control letter 5 mark 12 kran 10 shahi (12.5 kran) N None 10 mark 25 kran J None 20 mark 5 toman N U 100 mark 25 toman D None 1000 mark 250 toman A N We will start with the 20-mark note, both the easiest to authenticate and the most commonly seen denomination of this series. Figures 1 and 2 are the face and back of a genuine example. First, it shows serial block N and control letter U; it passes test #1. Next, note the colors of the serials and seals and of the Persian overprint?they are identical. They were printed on the same press using the same ink on the same pass. If the serials/seals and the Persian legends do not match in color and ink density, the piece is not original. This note passes test #2. Finally, the last elements to be printed were the control letters and the letters RBD (for Reichsbankdirektorium) on the lower face. That means that on the back where the text and the control letter overlap, the grey U has to lie on top of the vermilion Arabic script. The same applies to the face as well, where the script and the B of RBD overlap; the B has to be on top of the script, but it is easier to see on the back. Figure 3 shows the overlap on the back?test #3. Figures 4 and 5 show face and back of a note with.the Persian applied by inkjet. First, the block and control are PH. The note fails test #1, but let?s look at Figure 1 Figure 4 (above) and 5 (below)) Figure 2 (above) Figure 3 (below) shows the overlap on the back?test #3. ___________________________________________________________Paper Money * Nov/Dec 2019 * Whole No. 324_____________________________________________________________ 443 the ink colors anyway. Note how pale the overprint is compared to the serials. The seals are the same ink as the serials, but since they have blue behind them, they do not seem to be as bright as the serials. Figure 6 shows the red inkjet ink over the control letter H on this note. While it appears that the control letter is on top of the red diacritical marks of the Persian, what has happened is that the fluid inkjet ink ran off of the letterpress ink used for the control letter. Beware?looks can be deceiving. Since this note failed tests #1 and #2 already, it really does not matter how deceptive test #3 might be. But notice also the crisp edges to the red overprint in figure 3 compared to the fuzzy edges in figure 6. That?s the difference between letterpress and inkjet. Figures 7 and 8 show face and back of a note with the Persian applied by rubber stamp. Notice the extra ink at the tops of the four clusters on the back. That is where the ?field? of the rubber stamp contacted the inkpad, and then also contacted the paper when the stamp was applied. Notice also that the lower right stamp on the back is crooked?the faker did not get it straight on the paper. This note fails both tests #1 and #2?NN block/control letter, and mismatch in the colors of the overprints. This note?s overprints are brighter than the ones in figures 4-5, but still not the correct red-orange shade. Figure 9 shows a note with the correct test #1 letter combination, but without the overprint. This is a junk box find?some fakers have applied bad overprints to such lucky finds. Test #1 is not always definitive. Moving back up the catalog number chart, let?s look at a 5 mark note. I do not yet own a genuine example of this note. Figures 10 and 11 show face and back of a note with inkjet overprints?a technology that obviously is incorrect. This note is not so easy to diagnose. It passes test #1?the block matches the genuine block (N). There is no vermilion ink used on this note, so there is no place to match the color (the overprint should not match the violet serial number and seal used on the original note). You can, however, carry a piece of the 20 mark note to compare the overprint to?it should match the seals/serials of a 20 mark note. And there is no place to apply test #3 because there is no place where the overprint overlaps some other letterpress component of the note. But we can still examine the note at 20x to see what printing technology was used. Figure 7 (above) and 8 (below) Figure 9 Figure 10 Figure 6 ___________________________________________________________Paper Money * Nov/Dec 2019 * Whole No. 324_____________________________________________________________ 444 Figures 12 and 13 show part of the overprint, with fuzzy edges (inkjet); compare that with the serial block letter (letterpress). The overprint should be letterpress in the same bright vermilion that was used for the 20 mark notes. The 10-mark note also has no place to apply tests #2 and #3. Figures 14-15 show a genuine note, passing test #1 and then moving to the 20x examination (figure 22?letterpress). Figures 16-17 show a note that has a letterpress overprint (figure 23) but fails test #1? incorrect serial block. If this faker had used a block J note, it would be a very dangerous counterfeit. There is no guarantee that every genuine example used the same font (we don?t know how many sets of Arabic type were available at the Reichsdruckerei for this job). There are subtle differences in the overprints of these two notes, but no guarantee that every genuine piece will look like the one I show here. Figures 18-19 show a note that passes test #1(block J), but there is obvious misalignment of the overprints on the back, and at 20x it is inkjet (figure 24). Figures 20- 21 show a note that fails test #1and also omitted half of the overprint on the back?the denomination in words is missing on the left. At 20x (figure 25) it Figure 12 (left) and 13 (right) Figure 14 (above) and 15 (below) Figure 11 Figure 22 Figure 23 Figure 16 (above) and 17 (below) Figure 24 Figure 25 ___________________________________________________________Paper Money * Nov/Dec 2019 * Whole No. 324_____________________________________________________________ 445 shows up as silkscreened. This one should fool nobody who knows the series. Figures 26-28 show the two high denominations, which, if you read above carefully, you know do not exist with circulation serials. These (and many, many more in all denominations) are probably the work of a Texas eBay seller who cranked these out in stacks about ten years ago. Armen Hovsepian waged a years-long war with eBay to get the seller closed down, and finally succeeded, but not before a lot of damage was done. Auction houses who should know better still list these for sale in ?name? collections. The counterfeiter did not know how to make these two notes. The 100-mark piece should have its overprints in the watermark window face and back?he placed the one on the back up in the vignette, making it almost illegible. On the 1000 mark note, he did not even use the correct color?the original overprinting in this case is blue, not red. I still lack one of each of these frauds in my collection?I doubt I will find one at a reasonable price (under $20) available from a victim of this crook. Next issue?don?t know yet. This wraps World War I for the present. Figure 20 (above) and 21 (below) Figures 26, 27, 28 Figures 18 (above) and 19 (below) ___________________________________________________________Paper Money * Nov/Dec 2019 * Whole No. 324_____________________________________________________________ 446 Mugabe is Gone, but Zimbabwe?s Zombie Dollar Lives On Robert Mugabe, the former Zimbabwean strongman, finally passed away last September at the age of ninety-five. As brutal tyrants go, he certainly wasn?t in a league with Hitler, or Stalin. However, Mugabe and his cronies in the Zimbabwe African National Union? Patriotic Front (or ZANU-PF) nonetheless managed in the span of some thirty years to take a promising young nation, blessed with abundant natural resources, and run it into the ground. For readers of Paper Money, Mugabe?s long reign is most remembered for the episode of hyperinflation that Zimbabwe endured, culminating by early 2009 in the issue of that icon of monetary hallucination, the 100- trillion Zimbabwean dollar bill. While not the highest denomination note of all time (a Hungarian note from 1946 has pride of place) Zimbabwe?s was distinctive for having the longest string of zeros (twelve) ever printed in a banknote denomination. When that note came out, currency collectors of course enthusiastically sought out samples of this hyperinflationary milestone. To paraphrase Ernest Hemingway, Zimbabwe?s descent into monetary ruin happened in two ways: gradually and then suddenly. The economic mismanagement began in earnest in 1997, when Mugabe promised pensions to the veterans of his guerilla war against the previous white-led Rhodesian government. The next year Mugabe embarked on a costly military intervention in nearby Zaire. These ZANU-PF veterans were his political base, and in 2000, Mugabe pandered to them by forcibly expropriating, and redistributing, the lands of white farmers who dominated the country?s highly productive commercial agricultural sector. In the resulting chaos, staple food production collapsed, and the export earnings it generated dried up. Frightened by the assault on property rights, foreign investment fled the country. As the decade progressed, the Zimbabwean economy, hobbled by international sanctions, shrank by half, while formal unemployment reached seemingly impossible levels above ninety percent. Lacking export revenues or an adequate domestic tax base, the government increasingly resorted to printing money. By 2003, inflation was already so high that the price of printing banknotes rapidly exceeded their value, leading to the issue of ?Special Agro-Cheques? that expired on specific dates with ever-shorter deadlines. As desperate Zimbabweans dropped out of (or fled from) the formal economy, the government responded in 2005 by cracking down on the black market. In this way, bad government policies produced social responses that in turn led to even more bad policies. As conditions worsened, the governor of Zimbabwe?s central bank, Gideon Gono, emerged as a kind of Merry Prankster of purchasing power, obliging Mugabe?s needs by cranking out ever-larger volumes of currency on demand. By the time inflation hit fifty percent a month in March 2007, the government had already subtracted three zeros from the currency (i.e. one new Zim dollar equaled one thousand old ones). This was only the beginning. Two more redenominations, in August 2008 and February 2009, would lop off a further ten zeros and twelve zeros, respectively. Giesecke + Devrient, the German security printer that had done such great business printing banknotes during the Weimar era, was Zimbabwe?s go-to supplier of its paper fantasies. By early 2008, the company was earning 500,000 euros a week delivering supplies of bearer checks to its client, and gave up the business only under pressure from the German government. Zimbabwean officials blamed everyone but themselves for the economy?s collapse. Ordinary people were forced to behave like street hustlers just to survive. Even as the government vilified the black market which its own policies had created, Gideon Gono was himself engaged in that market, sending out his agents to dispose of ever-larger amounts of freshly-printed banknotes for valuable foreign exchange. In the roadside currency markets of Harare and Bulawayo, referred to derisively as the ?World Bank?, the government dumped its own monetary creations in a desperate effort to stay ahead of its own hyperinflation. Inflation peaked by late 2008 at a monthly rate of some 76.9 billion percent, meaning that prices were effectively doubling every twenty-four hours. In February 2009, Zimbabwe issued its biggest bills, including the infamous 100 trillion note. Shortly thereafter, another twelve zeros were amputated from the currency, and the denominational game began anew. At this point, however, the Zim dollar collapsed from sheer uselessness, and the economy spontaneously shifted to a transactional mix of the U.S. dollar, South African rand, and other regional substitutes. Though the Zim dollar died that spring, the 100 trillion note itself has remained alive and well, fetching prices on eBay that are vastly in excess of any purchasing power it might have ever had during its brief life in circulation. Ten years later, Mugabe is gone. But poor Zimbabwe now teeters once again on the brink of a hyperinflationary abyss and cowers at the prospect of the Monetary Undead once again stalking the land. Chump Change Loren Gatch ___________________________________________________________Paper Money * Nov/Dec 2019 * Whole No. 324_____________________________________________________________ 447 ? Rarity?Conundrum? by?Robert?Calderman? ? ?? ???In the paper money collecting world, the word ?Rare? can be a hard pill to swallow. The term is so blatantly overused that I?ve cringed hearing the word Rare tossed around sounding almost like a four-letter expletive! If you hunt notes on eBay you?ve no doubt seen Rare used in countless titles, some even on notes that I?d consider ?Spenders?. As I write this, there are over six thousand listings in the U.S. Paper Money category alone with RARE in the title. Just in case you might miss it, many sellers have even added ?Very? Rare. Mind boggling are all the listings for Rare 1935 and Rare 1957 circulated $1 Silver Certificates. Surely these are notes we would all consider amazing modern-day Rarities, HA! So, with the Rare abuses aside, how do we actually quantify a note that truly deserves to be called Rare? One helpful measuring stick we can use is the URS or Universal Rarity Scale that Q. David Bowers introduced in the early 1990?s. This 1-20 scale provides an easy way to determine if a collectible paper money example is an Epic Rarity deemed a URS-1 (Unique) or extremely common and designated a URS-20 (over 250,000 known). This method can easily be applied to any collectible item hence the term Universal. With this in mind, can a note be considered both Rare and common at the same time? The answer is yes! Third party graded notes certified with an official numerical grade level of preservation offer collectors a very unique opportunity to set their sights on only the very best. Registry sets allow collectors to showcase their awesome collections of Top Pop finest known paper money on the websites of their favorite brand of certification companies, also referred to as TPG?s. These ?Grade Rarities? are sought after by dedicated collectors who compete with fellow enthusiasts for bragging rights and even coveted awards for assembling sets of paper money examples that are truly rare from a condition standpoint and often times even unique reaching nose-bleed grades topping out at a perfect 70! How can a note be both Rare and common at the same time? Let?s take a look at a note that is officially perfect, graded an impressive 70EPQ* by PMG. At first glance, the note pictured here appears to be very common. A modern colorized series of 2013 twenty-dollar Federal Reserve Note. Printed at the Dallas Fort Worth Facility in April 2014, this $20 note was part of an initial printing of 64 million notes for the 2013 Series M, L-A Block. The following month another 32 million notes went to print for a grand total of 96M 2013 L-A $20?s (usapapermoney.info). What makes this seemingly common note so rare are PMG?s graded population figures. From the very first $20 small size 1928 FRN series all the way through to the current 2017 series, PMG has graded a total of 25,571 Feds (pmgnotes.com). Out of all these graded twenties, only six examples have reached the lofty status of a Perfect 70! Five including this Online seller?s photo of a 2013-L $20 FRN graded PMG 70EPQ* ___________________________________________________________Paper Money * Nov/Dec 2019 * Whole No. 324_____________________________________________________________ 448 note from the Fr.2098-L MLA Block, and just a single example from the series of 2009-F JFD. With only six twenties every reaching perfection, how much is a $20 FRN graded PMG 70EPQ* worth? The example pictured in this article sold at auction on eBay October 2019 for a staggering $4,575. With an opening bid of $11.99 collectors went to battle for this trophy note and the new owner can be very proud to be one of only a select few to own an absolutely perfect twenty-dollar bill! Prior to the advent of third-party grading, this note would never have been appreciated for its full potential. It would have easily been spent in commerce and not been saved for the enjoyment of the collecting community. Someone had a great eye to spot this perfectly centered example and send it off for grading. What a stellar Cherry Pick! Top Pop finest known notes have opened up an impressive market especially for the small size category. For a solid fifteen years there have been two trusted options for collectors to submit their notes for grading. To the surprise of many in the hobby, 2019 has been a very tumultuous year especially for the registry collecting world as it was shell shocked at the end of January when the PCGS-Currency licensed brand of TPG holdered notes went into limbo. Overnight, online access to collector?s prized registry sets disappeared and the website went dark. This was truly a brutal blow to the hobby crushing the spirits of diehard collectors that put their heart and soul, and significant financial investment, into their collections. There may be some light at the end of the tunnel as Collectors Universe announced recently that it will be grading paper money again here in the U.S. beginning possibly as early as the first quarter of 2020. Hopefully they will quickly address the Registry program as it pertains to existing paper money examples graded over the past ten years under the licensed use of the PCGS brand name. We are now entering the ninth month since collectors saw their registry sets go dark and we are well past a reasonable period of time waiting for the switch to be turned back on. While the logistics are currently uncertain, and a solution will have to wait for the time being, I?m one advocate of keeping things simple. Do what is best for the collecting community and honor the notes. If it has a PCGS logo it should be honored by Collectors Universe. Regardless of when the note was graded or who was leasing rights to the trademarks, all existing holdered notes should be honored for Registry status. The key focus should be customer retention. Keeping collectors from exiting the hobby must be a focal point in this equation. Repair the damage that has been done and let?s get back to growing the paper money hobby and the overall market. There is one shot out the gate for a home run and there are many of us waiting for the first at-bat. Recently, collectors uncertain of the future marketability of their notes have haphazardly fled from one brand to another for no other reason but the impending fear of the unknown. Top Pop material in PCGS-Currency holders have been held hostage crippling both dealers and collectors without the ability to access population reports to verify holdings. It?s a very tough sell to offer a note for sale at a premium price as the single finest known without any ability to confirm the note has really been graded as top tier material. For now, we will still have to be patient and wait to see how things will unfold. I for one am looking forward to the future of the hobby and anticipate a great year ahead in 2020! 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 * Nov/Dec 2019 * Whole No. 324_____________________________________________________________ 449 $5 New York Late-Finished Face 58 By Jamie Yakes Shown in Fig. 1 is a spectacular Series of 1934A $5 Federal Reserve Note on New York with late-finished face 58 (Fig. 1). The particulars are serial number B53181640B, face 58, and back 1537. It?s the first of this variety known to this author. Five-dollar New York face 58 is one of four late-finished Series of 1934A FRN faces reported to the collecting community in 2017.1 The others were $5 Philadelphia 39, $5 San Francisco 52, and $10 New York 169. Each plate originally was a 1934 master plate that the BEP altered to a 1934A master plate in 1938, and then finished in 1944 as a production plate and used for sheet printings. Face 58 began as $5 New York Series of 1934 plate 13 in October 1934. That July the BEP had prepared four $5 steel intaglio faces for New York at the onset of Series of 1934 production. They designated plate 3 as the master and lifted from it four electrolytic altos. They began making electrolytic bassos in October, beginning with plates 6 and 7 on the 19th. Plate 13 followed a week later. Although the BEP designated 13 the master basso, they never used altos lifted from it for making 1934 bassos. The four bassos lifted from master 3 served to make all the 1934 bassos. In January 1938 the BEP began etching macro serial numbers on finished plates,2 and designated those FRN faces Series of 1934A. Series of 1934 faces had micro plate serials; otherwise 1934 and 1934A faces had identical designs. On April 12 the BEP simply altered plate 13 to a 1934A by etching an ?A? after each ?SERIES OF 1934? located on all 12 subjects. They reassigned it plate serial 58, which was the first serial for $5 1934A New York faces, and designated it the 1934A master basso. Over the next six years, the BEP lifted 15 altos from 58, which spawned a majority of 1934A New York production plates made through May 1945, inclusive of serials 59-203. In May 1944, they had prepared steel intaglio plate 179, and in July lifted from it bassos 184 and 185. They then designated 179 the new steel master, and used it to make the last four 1934A faces, serials 204-207, in May 1945. The BEP finished face 58 as a production plate on November 16, 1944, and added it to the rotation of $5 production faces. They initially sent it to press on November 25, and used it for five press runs until October 2, 1945. They canceled it on December 31, 1946. Face 58 sheets moved through the numbering division to receive higher B-B block serial numbers. That same block contains reported Series of 1934 and 1934A back plate 637 mules.3 Back 637 was a $5 master basso for 10 years until finished as a production plate on November 10, 1944 with micro serial numbers. It had numerous press runs between June 23, 1945 and June 14, 1949, and sheets wound their way to face printings from $5 legal tender, silver certificate and FRN faces.4 Press runs for $5 New York 58 overlapped the first two rotations for back 637 from June 23-September 21, 1945, and December 6, 1945-January 23, 1946. New York 637 mules are known with 1934 face 5, and 1934A faces 159, 160, and 203. The BEP used those faces concurrently with New York face 58, so the probability is high that they also mated face 58 to back 637 sheets. Sources Cited 1. Yakes, Jamie. ?Altered 1934A $5 and $10 Federal Reserve Note Master Plates.? Paper Money 56, no. 1 (2017, Jan/Feb): 54-56. 2. Huntoon, Peter. ?Origin of macro plate numbers laid to Secret Service.? Paper Money 51, no. 4 (2012, Jul/Aug): 294, 296, 316. 3. Author?s census. 4. Yakes, Jamie. ?The Extraordinary First Ten Years of Micro Back 637.? Paper Money 55, no. 3 (2016, May/Jun): 212-215. References Record Group 318-Bureau of Engraving and Printing: Entry P1, ?Ledgers Pertaining to Plates, Rolls and Dies, 1870s-1960s,? Containers 144 (12-subject bassos) and 147 (1934 FRN plate histories). National Archives and Records Administration, College Park, Maryland. Figure?1.?$5?1934A?New?York?note?with?late?finished?face?plate?58.?(Author?s collection? ___________________________________________________________Paper Money * Nov/Dec 2019 * Whole No. 324_____________________________________________________________ 450 The Obsolete Corner The Mineral Point Bank by Robert Gill The Holidays are upon us, and the New Year will be here before we know it. I hope it has been a good year for you in your paper money endeavors. As for me, it has been an incredible time for adding to my collection. I was able to pick up a nice sheet here and there, but the two auctions that Stacks Bowers Galleries had with the incredible offerings of a collection of Illinois sheets was that "once in a lifetime" opportunity. My wallet is a lot lighter, but my collection now has a few more sheets that could be the centerpiece of any prized collection. I have been in communication with FUN 2020, the large Florida coin and paper money show that starts off each new year in January. It appears that I'll be doing a massive ninety case display, totaling approximately two hundred twenty sheets. This will even be bigger than the Memphis 2015 International Paper Money Show display that I really enjoyed sharing with paper money enthusiasts. Orlando, here I come! Now, let's look at the sheets from my collection that I'll be sharing with you in this article. In this issue of Paper Money, let's go to Mineral Point, Wisconsin Territory, and look at their little bank that failed, and hurt that town immensely. On November 30th, 1836, The Mineral Point Bank was issued a charter to operate in Mineral Point, Wisconsin Territory (as Wisconsin did not become a state until May 29th, 1848). The capital was $200,000, and stock was to be sold in $100 shares with one-tenth ($20,000.) of the capital as down payment, and the remaining to be payable on demand by the Bank?s Board of Directors. Additional restrictions ? including how far in debt the Bank could go, and the minimum face value of the notes being issued ? were also meant to keep the Bank solvent, but ultimately didn?t. In November of 1838, Governor Henry Dodge recommended the appointment of a joint committee from both Houses of the Legislative Assembly to investigate the condition of banks in the Wisconsin Territory. The Mineral Point Bank was the longest surviving of the chartered banks in the Territory, but when it began to be investigated in early 1839, the road to its end was in sight. Upon arriving at the Bank, on January 4th, 1839, examiners were at first led to believe, by the Bank?s Cashier, Samuel B. Knapp, that all was in order, which they reported, noting that the Bank was in ?sound and safe condition?. However, Governor Dodge, who remained skeptical, ordered another investigation, which again found Knapp to be very helpful, and again found the Bank in good order. This time though, more critical questions were asked, and an issue on the Bank?s stock surfaced. By the early part of 1841, operations had started to go seriously bad, and the Bank had suspended specie payments. Another investigation reported that the amount of the Bank?s notes in circulation had increased dramatically in the sixth-month period since the last investigation, doubling to more than $200,000. An injunction was eventually issued, restraining the Bank from further activities. When receivers arrived, they found that $26,507 in specie, that had earlier been on hand, had been clandestinely removed. Gone also, were the cashier, his brother, the teller, and other portable assets. When the trio was caught up to in Rockford, Illinois, it was found that during their flight, they had tried to hide most of the Bank?s remaining assets in the leaves and covers of some books. One estimate put the loss to the community at more than $200,000. After just a little over five years of life, The Mineral Point Bank?s charter was officially repealed in February of 1842. As one studies the history of these old obsolete banks, it so often is the same story over and over again. A bank surfaces and gains the confidence of the surrounding small community, and then quite often, because of bad management, the citizens who placed trust in the institution are the ones who ending up "paying the price". We should never take our banking system of today for granted! As I always do, I invite any comments to my personal email address robertgill@cableone.net or my cell phone (580) 221-0898. Until next time... Happy Collecting. ___________________________________________________________Paper Money * Nov/Dec 2019 * Whole No. 324_____________________________________________________________ 451 ___________________________________________________________Paper Money * Nov/Dec 2019 * Whole No. 324_____________________________________________________________ 452 ___________________________________________________________Paper Money * Nov/Dec 2019 * Whole No. 324_____________________________________________________________ 453 The Quartermaster Column No. 9 by Michael McNeil Military endorsements on interest-bearing Confederate Treasury notes are most commonly seen with the titles of Quartermasters and Commissaries of Subsistence. We occasionally find the unusual title ?M. S. K.? This is a Military Store Keeper, a junior officer charged with producing, keeping, disbursing, and shipping stores of military supplies and ammunition. Endorsements by Military Store Keepers are relatively rare. There are only three known examples from 1st Lt. William H. McMain, M.S.K. of Ordnance. Here is the endorsement on the discovery note: McMain first showed up on a voucher dated March 24th, 1862 at Corinth, Mississippi, just prior to the Battle of Shiloh, where he signed as ?MSK, Ord(nance), In charge.? He assisted Capt. Hypolite Oladowski in the same location on May 13th, who recommended him to General Braxton Bragg for a commission as Captain in the Ordnance Department. Lacking such a position, General Bragg gave him the pay of a 1st Lieutenant. There are a great many personal letters between Oladowski and McMain, and the familiar tone is that of very close friends. Oladowski, a Polish immigrant who fought in the Polish Revolution of 1830-1831, eventually rose to the position of Lt. Colonel in the Confederate Ordnance Department. McMain reported to Oladowski for much of his career. McMain?s loyalty was clearly to his government and he did not refrain from blowing the whistle on shoddy workmanship. After visiting the arsenal at Columbus, Mississippi, McMain wrote, ?My attention was called to the miserable work on guns in this Arsenal in the iron work department...as such guns as are now put up here, are more dangerous to the shooter, than the one shot at.? He recommended the appointment of an inspector named Mr. Hyatt. His opinions were apparently well regarded and on June 30th he received his formal commission as a 1st Lt. in the Ordnance Department. Mr. Hyatt invented a method to convert lead dross back into usable lead; the dross is composed of the oxides which form at the surface of a pot of molten lead and are skimmed off prior to pouring in bullet molds. Hyatt?s method converted 75% of the unusable dross back into usable lead. McMain took the initiative to introduce Mr. Hyatt and his process to the Ordnance Bureau in Richmond, giving full credit to Mr. Hyatt. McMain was stationed in Dalton, Georgia in late 1862, supplying Oladowski with munitions for the Army of General Bragg in Tennessee. In early 1863 McMain was having difficulty obtaining the 1.5 million rifle cartridges and 5,000 rounds of field gun ammunition requested by Oladowski. In an obvious demonstration of trust in his abilities, General Bragg issued orders on February 20th, 1863 giving McMain authority to obtain any ordnance he needed at the arsenals in Atlanta, Columbus, and Augusta. The back of the Type-40 Treasury note with the May 22nd, 1863 re-issue and endorsement of W. H. McMain, MSK Ord(nance) CSA. This note had interest paid in 1863 and at Macon, Georgia in 1864. image: Amanda Sheheen There is a wealth of 531 documents for William Henry McMain in the National Archives on the website Fold3.com. Among the hundreds of mundane invoices, reports, and requisitions we find some personal letters which shed some light on McMain?s character. ___________________________________________________________Paper Money * Nov/Dec 2019 * Whole No. 324_____________________________________________________________ 454 The front of the Type-40 Treasury note endorsed by W. H. McMain, Military Store Keeper. image: Amanda Sheheen McMain found himself embroiled in the politics between the central government in Richmond and the State of Georgia when the superintendant of the railroad had instructed McMain to vacate his ordnance from the Dalton depot, which was according to McMain ?...the only fireproof building in town.? With Oladowski unreachable in Tennessee, McMain wrote directly to Col. Gorgas, Chief of Ordnance in Richmond, that the W & A Rail Road ?...is a State concern, and the Governor of Georgia is ex-officio President. The present Governor is not on good terms with the Executive of the General Government.? McMain had put his finger on a key weakness in the Confederacy: States Rights was the rallying cry of the Confederacy, but those rights often conflicted with the needs of the Confederacy as a whole. In a later letter to Col. Gorgas, McMain clarified that he had an excellent relationship with the railroad, which strongly suggested that the interests of the State of Georgia and the railroad had prevailed. History also tells us that Sherman prevailed in his 1864 push south to Dalton and his capture of Atlanta. States Rights was the rallying cry of self interest. To paraphrase Sam Houston, it is the cooperators who win wars. On March 18th, 1863 McMain was transferred from Dalton to report for duty with the Confederate States Central Laboratory at the new Arsenal in Macon, Georgia. In April he wrote Oladowski, ?I have met a countryman of yours here, Capt. Michaeloffski [a Quartermaster whose endorsement is well known on Treasury notes].? CSA laboratories were production sites for supplies ranging from guns to pharmaceuticals; at Macon the Central Laboratory produced guns and ammunition. McMain received Treasury Department drafts totaling $250,000.00 in early 1864, an indication of the size of his operations. Atlanta fell on September 2nd, 1864 and it was feared at the time that Sherman would proceed from Atlanta to Macon. This action never materialized, but it did galvanize McMain into scouting Savannah as a possible place to move the Macon Arsenal. Little did McMain know that Sherman would bypass Macon?s arsenal and Savannah would soon fall without a shot fired. McMain was an interesting personality. In the manner of an altruist, he clearly put the needs of the government ahead of his own interest, never asking for a promotion beyond the $90.00 per month pay of a 1st Lieutenant, even when those for whom he worked advanced to the positions of Colonel. He was also willing to take the initiative and on several occasions was willing to confront senior officers on issues important to the government. His work ethic and trustworthyness were appreciated to the extent that he was given carte blanche in his authority by General Bragg, a power he did not abuse. He never signed with his rank, but he consistently signed with the title ?CSA,? a central government for which he performed admirably. The depth of his friendship with Capt. Oladowski became clear when he named his third child, born on August 19th, 1862, Hypolite Oladowski McMain. The collector of military endorsements may find McMain somewhat rare, but the endorsement of another Military Store Keeper is quite collectable with a little persistence: look for notes issued with the initials ?J. U. A.? in red ink. This is John Urquhart Ansley, MSK at the Atlanta Arsenal. Ansley?s documents in the National Archives contain many references to W. H. McMain. You can find much more on Military Store Keepers in Confederate Quartermasters, Commissaries, and Agents. ? carpe diem ___________________________________________________________Paper Money * Nov/Dec 2019 * Whole No. 324_____________________________________________________________ 455 W_l]om_ to Our N_w M_m\_rs! \y Fr[nk Cl[rk?SPMC M_m\_rship Dir_]tor NEW MEMBERS 09/05/2019 PM15003 Darrell Tyler, Website PM15004 Andrew Day-Horner, Website PM15005 Dillon Kraft, Website PM15006 Jerry Craine, Robert Calderman PM15007 Eric DOttavio, Website PM15008 Leslie W. Stewart III, Website PM15009 Robert Mellor, Robert Calderman PM15010 Mary Toepfer, Frank Clark PM15011 Stanley Campbell, Robert Calderman PM15012 Carl Klein, Robert Calderman PM15013 Stephen Robideaux, Website PM15014 Kim Harris, Frank Clark PM15015 Bob Dix, Tom Denly PM15016 Hudson Wagoner, Website REINSTATEMENTS None LIFE MEMBERSHIPS None NEW MEMBERS 10/05/2019 PM15017 Vacant PM15018 Mike Tacha, Website PM15019 Paul Saylor, Frank Clark PM15020 Luis Ramon, ANA Ad PM15021 Mark Cole, BNR PM15022 William Germaske, Tom Denly PM15023 Robert Witmeyer, Don Kelly PM15024 Rodney Laubhan, Fred Bart PM15025 William Holliday, ANA Website REINSTATEMENTS None LIFE MEMBERSHIPS None ? ? ? Dues Remittal Process Send dues directly to Robert Moon SPMC Treasurer 104 Chipping Ct Greenwood, SC 29649 The mailing label of Paper Money has the renewal date of your dues. You may also pay your dues online at www.spmc.org. ___________________________________________________________Paper Money * Nov/Dec 2019 * Whole No. 324_____________________________________________________________ 456 President?s Column Nov/Dec 2019 I recognize opportunity when I see it. That was my impression when I first met Cody Regennitter at the International Paper Money Show (IPMS) in Kansas City back in June. I had known Cody from the Paper Money Forum (www.papermoneyforum.com), where he is frequently seen responding to questions or offering thoughtful advice. The short talk with Cody at our club table cemented my opinion that he would be a great addition to the governing body of SPMC. He is passionate about the hobby and has a youthful drive that can only serve to improve the posture of SPMC in our online presence. I asked Cody to become a governor and he has agreed. It was just sealed with a vote of the Executive Committee on our most recent conference call. So welcome, Cody, we?re glad to have you on board! Loren Gatch is making great progress on exploration of production of educational videos. It looks like we?ll see some our first ones completed by next summer. This is a wonderful stride toward expanding our outreach. At the same time, Matt Draiss has set up an Instagram account for SPMC. You can check it out at @societypapermoney. Are you on Facebook? Admittedly, I?m not so much on there, but I did recently discover two relatively new groups that are of interest to me, and perhaps you as well. They are the National Bank Note Collectors (Cody is a co-founder of this group) and Obsolete Currency Note Collectors groups. They seem to be growing fairly quickly and promise to be good venues for promoting the hobby. Looking ahead, our next big event is the Florida United Numismatists (FUN) convention in Orlando. We will be hosting our second annual paper money seminar. It was very well received last year, and we love this fertile ground for attracting new collectors. Watch for details on our website and the next issue of Paper Money. And for next summer, we?ve just learned that the dates for the next IPMS are June 10-13, again in Kansas City at the Sheraton Crown Center. Those dates are correct, being Wednesday through Saturday. Lyn Knight has decided to move the show dates up by one day in the week, in the fashion of other major numismatic shows that end on Saturday. June 10 is the setup day, and the show will be open to the public on Thursday, June 11. I know Lyn has given a great deal of thought to making changes to the show to improve attendance and I applaud him for making experimental tweaks in search of a more successful event. Let me wrap up this year-end issue of Paper Money with warm wishes for the holidays. I look forward to seeing my college-attending daughters at the dinner table at Thanksgiving and for a nice long visit over Christmas break. The whole family will join me in Orlando in early January for a much needed vacation while I spend part of that time at the FUN convention. I hope to see you there. Meet Cody Regennitter My interest in numismatics began when I was five when we were tearing down a barn on our farm, my grandpa found an 1853 Large Cent in the dirt. He gave it to me and I was hooked. My dad and I would go to estate auctions and purchase coins to fill my books. As with most children, my interest varied over the years. I got back into collecting after I got my first job. I could check the till for pieces and buy them out. Once I found a 34A $10 FRN (which I still have), my collecting focus shifted from coins to currency. I bought my first National from Tipton, Iowa (close to my hometown) and there was no going back. I bought every book I could on them and studied online auction archives non-stop all while learning to grade in the process. I was a grader at PCGS Currency for over 2 years. During that time, I worked on grading and attributing the Eric P. Newman material. I handled many rarities during that time. It also helped me develop a keen eye to detecting restorations, other forms of alterations, and counterfeits. I no longer work full time in the industry, but I consult with dealers and collectors regarding any questions they have on notes. I am open about sharing my Iowa Nationals by Charter (especially Tipton and Clarence ? send them my way ?) and Chicago Small Size Nationals by Charter and Denomination. I avidly report notes to the census and comb eBay daily for new additions for the National Bank Note Census website. I am a firm believer in an accurate census and do as much as I can to achieve that goal. I enjoy always learning more about currency. I enjoy currency collecting because there is ALWAYS something new to learn. My goal is to make at least one discovery - whether it be an unknown National or a new variety. ___________________________________________________________Paper Money * Nov/Dec 2019 * Whole No. 324_____________________________________________________________ 457 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 * Nov/Dec 2019 * Whole No. 324_____________________________________________________________ 459 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 * Nov/Dec 2019 * Whole No. 324_____________________________________________________________ 460 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 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 Now Accepting Consignments to Our Official FUN 2020 Auction PLATINUM NIGHT? & SIGNATURE? AUCTIONS January 8-13, 2020 | Orlando | Live & Online Fr. 1175a $20 1882 Gold Certificate From the Coral Gables Collection For a free appraisal, or to consign, contact a Heritage Consignment Director today. 800-872-6467, Ext. 1001 or Currency@HA.com Heritage Numismatic Auctions, Inc. AB665, Currency Auctions of America AB2218 Paul R. Minshull #AU4563. BP 20%; see HA.com. 52958 Savannah, GA- Central Rail Road and Banking Co. of Georgia $500 18__ G78a Proof From the Charles R. Pease Collection Fr. 193 $100 1863 Compound Interest Treasury Note PMG Very Fine 30 EPQ From the Coral Gables Collection Fr. 341 $100 1880 Silver Certificate From the Coral Gables Collection Minneapolis, MN - $5 Original Black Charter Number Fr. 399 The Merchants NB Ch. # 1830. PMG Choice Fine 15 From the Gilmore Sem Collection, Part II Serial Number 1 Guernsey, WY - $5 1882 Brown Back Fr. 477 The First NB Ch. # 5295 PMG Choice Extremely Fine 45