official journal of The Society of Paper Money Collectors Stagecoach Money 1550 Scenic Avenue, Suite 150, Costa Mesa, CA 92626 • 800.458.4646 470 Park Avenue, New York, NY 10022 • 800.566.2580 • NYC@StacksBowers.com 1735 Market Street, Suite 130, Philadelphia, PA 19103 • 800.840.1913 • Philly@StacksBowers.com Info@StacksBowers.com • StacksBowers.com California • New York • Philadelphia • New Hampshire • Oklahoma • Hong Kong • Paris SBG PM Aug2022 Boston 220701 America’s Oldest and Most Accomplished Rare Coin Auctioneer LEGENDARY COLLECTIONS | LEGENDARY RESULTS | A LEGENDARY AUCTION FIRM Contact Us for More Information Today! 800.458.4646 West Coast • 800.566.2580 East Coast • Info@StacksBowers.com Stack’s Bowers Galleries Presents Fr. 781H. 1918 $5 Federal Reserve Bank Star Note. Boston. PMG Very Fine 30. Fr. 892a. 1914 Red Seal $10 Federal Reserve Note. Boston. PMG Gem Uncirculated 66 EPQ. Fr. 832a. 1914 Red Seal $5 Federal Reserve Note. Boston. PMG Gem Uncirculated 65 EPQ. Fr. 844H. 1914 $5 Federal Reserve Note. Boston. PCGS Banknote Choice Uncirculated 63 PPQ. Fr. 1132-A. 1918 $500 Federal Reserve Note. Boston. PMG Very Fine 25. Fr. 1072A. 1914 Red Seal $100 Federal Reserve Note. Boston. PCGS Banknote Gem Uncirculated 65 PPQ. A Featured Collection in the August 2022 Global Showcase Auction An ANA World’s Fair of Money® Auctioneer Partner The Boston Proper Collection Pierre Fricke—Buying and Selling! 1861-1869 Large Type, Confederate and Obsolete Money! 246 Confederate Stagecoach & RailRoad Scrip--Steve Feller First NB of Bisbee, Territory of Arizona--Peter Huntoon Southern Printers--Ketinge & Ball--Charles Derby Treasury Building Display--Peter Huntoon The Delaware Coat of Arms--Terry Bryan 269 236 257 263 278 The Last Date of T-40 Confederate Currency--Enrico Aidala 303 SPMC Upcoming Show Activities SPMC.org * Paper Money * July/August 2022 * Whole Number 340 229 Columns Advertisers SPMC Hall of Fame The SPMC Hall of Fame recognizes and honors those individuals who have made a lasting contribution to the society over the span of many years.  Charles Affleck Walter Allan Doug Ball Hank Bieciuk Joseph Boling F.C.C. Boyd Michael Crabb Forrest Daniel Martin Delger William Donlon Roger Durand C. John Ferreri Milt Friedberg Robert Friedberg Len Glazer Nathan Gold Nathan Goldstein James Haxby John Herzog Gene Hessler John Hickman William Higgins Ruth Hill Peter Huntoon Don Kelly Lyn Knight Chet Krause Allen Mincho Clifford Mishler Judith Murphy Dean Oakes Chuck O’Donnell Roy Pennell Albert Pick Fred Reed Matt Rothert Herb & Martha Schingoethe Hugh Shull Glenn Smedley Raphael Thian Daniel Valentine Louis Van Belkum George Wait D.C. Wismer From Your President Editor Sez New Members Uncoupled Chump Change Cherry Picker Quartermaster Obsolete Corner Small Notes Robert Vandevender 231 Benny Bolin 232 Frank Clark 233 Joe Boling & Fred Schwan 287 Loren Gatch 291 Robert Calderman 292 Michael McNeil 295 Robert Gill 299 Jamie Yakes 301 Stacks Bowers Galleries IFC Pierre Fricke 229 PCGS-C 235 Higgins Museum 256 Bob Laub 256 Lyn Knight 268 Tom Denly 262 Evangelisti 262 FCCB 277 Tampa Paper Money Expo 286 Fred Bart 302 Tony Chibbaro 302 ANA 303 PCDA IBC Heritage Auctions OBC Fred Schwan Neil Shafer SPMC.org * Paper Money * July/August 2022 * Whole Number 340 230 Officers & Appointees ELECTED OFFICERS PRESIDENT Robert Vandevender II rvpaperman@aol.com VICE-PRES/SEC'Y Robert Calderman gacoins@earthlink.net TREASURER Robert Moon robertmoon@aol.com BOARD OF GOVERNORS Mark Anderson mbamba@aol.com Robert Calderman gacoins@earthlink.net Gary Dobbins g.dobbins@sbcglobal.net Matt Drais stockpicker12@aol.com Mark Drengson markd@step1software.com Pierre Fricke aaaaaaaaaaaapierrefricke@buyvintagemoney.com Loren Gatch lgatch@uco.edu William Litt Billlitt@aol.com J. Fred Maples Cody Regennitter cody.regennitter@gmail.com Wendell Wolka APPOINTEES PUBLISHER-EDITOR Benny Bolin smcbb@sbcglobal.net ADVERTISIN Wendell Wolka purduenut@aol.com LEGAL COUNSEL Megan Reginnitter mreginnitter@iowafirm.com LIBRARIAN Jeff Brueggeman MEMBERSHIP DIRECTOR Frank Clark frank_clark@yahoo.com IMMEDIATE PAST PRESIDENT Shawn Hewitt WISMER BOOk PROJECT COORDINATOR Pierre Fricke From Your President Robert Vandevender IIFrom Your President Shawn Hewitt Paper Money * July/August 2020 6 maplesf@comcast.net purduenut@aol.com G MANAGER jeff@actioncurrency.com Greetings: As we enter another Summer, I suspect many of you will be attending both the Florida United Numismatists Summer FUN show in Orlando this July followed by the American Numismatic Association Chicago World’s Fair of Money in August. I hope to make an appearance at the Summer FUN show but the SPMC will not have a table. The SPMC will have a significant presence at the ANA Show including a club table and will be holding a membership meeting with several guest speakers. If you are at the show, please stop by our table and say hello. Planning for our upcoming annual meeting at the Winter FUN show in January is continuing. Arrangements have been made for our table, and rooms for both our meetings and breakfast. If you are interested in donating an item to support our fundraising Thomas Bain Raffle to be held during the breakfast, please contact one of our board members. I am pleased to welcome two new members, Jerry Fochtman and Andy Timmerman, to our Board of Governors. Both of these gentlemen bring valuable skills to our team, and I am looking forward to working with them to further the interests of our Society. The world has certainly changed around us regarding how we communicate. One of the tasks our Board is currently working on is to create a more effective way for our membership to vote. With our two methods of membership, one being electronic only, while others continue to receive communications primarily via this magazine, changes may be needed to both our website and to our bylaws to accommodate this hybrid existence to ensure all members have adequate access to information. Please stand-by for more on this topic. On a different note, it was interesting to read Arthur L. Friedberg’s’ April 25, 2022 article in Coin World regarding the Secret Service reviewing counterfeit notes in counterfeit holders. This is a subject we have not heard much about in the currency world, but I suppose it was just a matter of time since we are often hearing of similar incidents in the coin arena. I have never come across a counterfeit slab of paper money and certainly hope I do not. We should keep an eye out for anything suspicious and report it to the appropriate authorities including the Anti-Counterfeiting Educational Foundation (ACEF). In closing, I would like to thank our long time Board member, Gary Dobbins, for his service to our Society. Gary has decided not to run for reelection as a Governor so he can spend more time on other personal activities. Gary has been a great asset to our Board. He and his often-witty comments will both be missed. Thanks for helping us, Gary! SPMC.org * Paper Money * July/August 2022 * Whole Number 340 231 Terms and Conditions  The Society  of  Paper Money  Collectors  (SPMC)  P.O.   Box 7055,  Gainesville, GA    30504, publishes    PAPER    MONEY (USPS   00‐ 3162)  every  other  month  beginning  in  January.  Periodical  postage  is  paid  at  Hanover,  PA.  Postmaster  send  address  changes  to  Secretary  Robert  Calderman,  Box  7055, Gainesville,  GA  30504. ©Society  of  Paper Money  Collectors, Inc.  2020.  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.  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. 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.  Ads are 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  Editor Sez Benny Bolin Until next issue! Be safe, have fun and love those notes! 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, and front.  Safety margin:  type  and  other  non‐bleed  content must  clear  trim by minimum 1/2”.   Advertising c o p y   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.  Benny Space  Full color covers  1 Time  $1500  3 Times  $2600  6 Times $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 Hot Times! It is hot! Not only the numismatic market, but the temp as well! Here in the great state of Texas, it hovers daily around the 100-degree mark with a heat index of 110-115! I wanted to have my A/C checked to make sure it was cooling effectively, so I had a company come out and he hooked up a lot of wires, monitors and such and said, "well, looks like your compressor is not working." You know what that means, $15,000 later (it and the ducts, etc were over 20 years old) and now we are cool! No more buying currency for me for a while! Oh well, its just money as my wife says! I want to apologize for the lateness of the last issue of the journal, but in April our printer was hit with a MAJOR cyberattack that took down all seven of the printing facilities nationwide. They literally had to re- create their entire system which took a while, but now they are back up and functioning so hopefully this issue is out on time. Fortunately, none of our data or mailing list was compromised. As I said in our last issue, it is time for governor elections. We actually had two members who were interested in seats so this would require an actual contested election. I was excited about this since in my opinion it shows our members are wanting to be more involved with the society. However, we discovered that we have not updated our by-laws since we put in the on-line only option and therefore we do not have an option for on-line elections. This is being reviewed and corrected for future elections. In the meantime, governor Gary Dobbins declined to run for re-election due to personal and hobby reasons and President Vandevender gave up his board seat yet remains as president as allowed by our by-laws, so we had a non-contested election. We welcome two new governors, Jerry Fochtman and Andy Timmerman. Their bios along with returning governors, Matt Draiss and Mark Drengson are in the following pages. Welcome aboard! Finally, there are some exciting new opportunities for paper people upcoming. Jim Fitzgerald has a paper money show in Tampa coming in October and SPMC will have a strong presence at both summer ANA in Chicago (actually Rosemont, I think) and our IPMS activities will happen again at winter FUN. We hope to keep this going again and we will start slow but come join us in Florida in January! Our fun breakfast and Tom Bain raffle happen on the Saturday of FUN with our always entertaining emcee, Mr. Wendell Wolka! Keep an eye on the website for ticket information. Also keep an eye on the site for voting for literary and other awards. 232 WELCOME TO OUR NEW MEMBERS! BY FRANK CLARK SPMC MEMBERSHIP DIRECTOR NEW MEMBERS 05/05/2022 15424 Scott Bradley, Website 15425 Robert Yingling, Website 15426 Ted Williams, Frank Clark 15427 Ben Gruver, Website 15428 Jerry Kleindolph, Frank Clark 15429 John McCollam, Website 15430 Dennis Lebo, Website 15431 David Showers, Website 15432 Wayne Venters, Pierre Fricke 15433 Krishna Tangella, Rbt Calderman 15434 Kyle Boyd, Website 15435 Barry Dissinger, N. News 15436 Jeff DePry, Website 15437 Jeff Blind, Robert Calderman 15438 Dr. Thomas O'Shaughnessy 15439 Michael Coffey, Website REINSTATEMENTS None LIFE MEMBERSHIPS None NEW MEMBERS 06/05/2022 15440 Gary Cathey, Website 15441 David Bing, Frank Clark 15442 Kevin Tessneer, ANA AD 15443 Peter Peterson, Frank Clark 15444 Nancy Pressly, Frank Clark REINSTATEMENTS None LIFE MEMBERSHIPS None Dues Remittal Process Send dues directly to Robert Moon SPMC Treasurer 104 Chipping Ct Greenwood, SC 29649 Refer to your mailing label for when your dues are due. You may also pay your dues online at www.spmc.org. The Society of Paper Money Collectors was organized in 1961 and incorporated in 1964 as a non-profit organization under the laws of the District of Columbia. It is affiliated with the ANA. The Annual Meeting of the SPMC is held in June at the International Paper Money Show. Information about the SPMC, including the by- laws and activities can be found at our website-- 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. A parent or guardian must sign their application. 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- u p 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. SPMC.org * Paper Money * July/August 2022 * Whole Number 340 233 Meet the Governors Two New and Two Returning With the retirement of Governor Gary Dobbins and the vacating of his governor’s seat of President Vandevender, the SPMC is proud to introduce two new governors and two returning governors. They will all serve a three-year term beginning in June 2022. The SPMC welcomes them all to and back to the board. Jerry Fochtman Jerry Fochtman began collecting before kindergarten with taking pennies from his piggy bank and working on a blue Whitman Lincoln cent album. During college, Jerry went to a local coin shop and saw some fractional currency and became fascinated with them. He began developing exhibits and presentations for coin shows and community groups promoting the collecting of postage/fractional currency and sharing the many stories and their history he had learned with others. For the past 20 years Jerry has served as the Newsletter Editor for the Fractional Currency Collector’s Board, a group dedicated to the study of postage and fractional currency history and research. He develops award-winning exhibits, recently winning first place in both Paper Money and 1-Case Exhibits categories, as well as Best of Show at the 2022 Texas Numismatic Association’s annual show. As an SPMC governor, his goal is to help continue and expand the educational programs offered by the society to promote the hobby to the next generation of collectors. We are but caretakers of these artifacts of history, charged with their care and with passing them and their stories along to others so they too, might enjoy our numismatic history. Matt Draiss Returning for a second term is current board member Matt Draiss. Matt is a coin dealer and die- hard New York state bank note buff who started collecting and studying New York bank notes at age 14. Since then he has built the Greene County Collection, which is the most extensive research project and permanent exhibit ever done on the county. He has given numerous lectures, written articles and worked on projects about New York financial history that have won ANA and local coin club awards. His goal is to make the SPMC the premier organization by doing the following: extensive work on the New York section of the Bank Note History project, regular postings on Instagram and Facebook and helping any fellow paper money collector out anyway that he can. Andy Timmerman Andy Timmerman, is from the Grand Island Area of Nebraska. He started collecting as a child with baseball cards, stamps, and sorting Dad's change jar looking for wheat cents. As he grew older, he would continue to throw interesting coins and currency into a small container. In 2014, while at a farm auction, he purchased a Mercury Dime album with a handful of coins pushed into the slots renewing his collecting passion. While visiting Kearney Coin Center in Kearney, Nebraska he met Bjorn Bergstrom who had a passion for collecting. He showed him his personal collection of Nationals and asked “Do you know anything about the Wood River Hoard?” He then met Gerome Walton at the Denver Coin Show. Gerome was cordial and shared all the information he had about the Wood River Hoard. Intrigued by National Bank Notes he set forth to find examples from his hometown. Gerome gave him a signed copy of his book: A History of Nebraska Banking and Paper Money. This led to him researching local national banknotes, scrip, and obsoletes. In 2018, he went to work for Kearney Coin Center as a currency specialist. His involvement with the hobby as a dealer has helped him grow his personal collection and make new discoveries for Nebraska National Bank Notes, as well as other currency types. Mark Drengson Also returning to the board is Mark Drengson. Mark was born and raised in Pipestone, Minnesota and graduated from St. Olaf College in Northfield, Minnesota. From there he “went west” to California to help form Step1 Software Solutions, a company that provides business software and support services to janitorial supply distributors in the U.S. and Canada and is still going strong more than 40 years later. As a database programmer, he has been involved in several currency- related data projects, including the SPMC Obsoletes Database Project and the SPMC Bank Note History Project. Mark has been collecting and researching National Bank Notes since 2003 and is looking forward to helping SPMC move this great hobby forward. SPMC.org * Paper Money * July/August 2022 * Whole Number 340 234 You Collect. We Protect. Learn more at: www.PCGS.com/Banknote PCGS.COM | THE STANDARD FOR THE RARE COIN INDUSTRY | FOLLOW @PCGSCOIN | ©2021 PROFESSIONAL COIN GRADING SERVICE | A DIVISION OF COLLECTORS UNIVERSE, INC. PCGS Banknote is the premier third-party certification service for paper currency. All banknotes graded and encapsulated by PCGS feature revolutionary Near-Field Communication (NFC) Anti-Counterfeiting Technology that enables collectors and dealers to instantly verify every holder and banknote within. VERIFY YOUR BANKNOTE WITH THE PCGS CERT VERIFICATION APP Confederate Quartermaster Stagecoach and Railroad Scrip by Steve Feller Fig. 1a: Stagecoach scene on a $1 1862 note of Cherry Valley, TN. Fig. 1b: 1862 $1 note of Cherry Valley, TN, serial 175. Paper currency of the American Civil War occasionally featured stagecoaches and an example is shown in Figs. 1a and 1b. This example stagecoach appeared on a one dollar note of Cherry Valley, TN. The most impactful of American wars, the Civil War, generated thousands of issues of scrip. Amongst the more interesting ones are stagecoach and railroad fares issued by the Quartermaster’s Department of the Confederate States. These are quite rare, but not in very high demand, and are interesting historically. The rules and regulations for this department may be found in Regulations of the Confederate States Army for the Quartermaster’s Department, including the Pay Branch Thereof, with an Index and an Appendix. This book gives very detailed instructions (almost 200 pages worth) including, for example, the detailed discussion of the types of accommodations officers and enlisted men may travel in! It is readily found online. The next note depicted is dated March 11, 1865 a time when the war was winding down (Fig. 2). It is number 4868 and is good for one seat from Albany, GA to Quincy, FL on the stage. On its back is the stamp of Treasury Agent Hoyt. On the right margin of the back is the imprint of noted civil war philatelist Patricia Kaufmann, it being the custom among stamp people to indicate the provenance directly on the object. A set of initials, RCA, is there as well. The back of the note contains the stamp of Confederate Treasury Agent Hoyt who authorized the use of the note. This note was explicitly issued under the authority of the Quartermaster’s Department of the C.S.A. SPMC.org * Paper Money * July/August 2022 * Whole Number 340 236 Fig. 2 a and b: Face and back of stagecoach scrip for one seat on the stage between Albany, GA and Quincy, FL. The trip from Albany to Quincy is shown in the Google map of Fig. 3. The trip was about 85 miles a journey today by car of just over an hour and a half. In the civil war a typical stage traveled about 5 to 10 MPH thus this trip would have likely taken over 10 hours! Fig. 3: Google map showing the stagecoach trip from Albany, GA to Quincy, FL. Other images of scrip from Albany to Quincy are shown below. A summary of the four examples of the scrip I am aware of is shown below: Number Seats Source Date Signer 3642 1 Albany, GA 1/15/1865 AQM CAPT R or P. K. Hines 4868 1 Albany, GA 3/11/1865 Treasury Agent ? F. Hoyt 5187 1 Albany, GA 3/?/1865 None visible 10023 1 Augusta, GA 3/31/1865 None Visible Fig. 4: Stagecoach scrip for one seat on the stage between Albany, GA and Quincy, FL, #3642. SPMC.org * Paper Money * July/August 2022 * Whole Number 340 237 Fig. 5: Stagecoach scrip for one seat on the stage between Albany, GA and Quincy, FL, #5187. Fig. 6a: Face of stagecoach scrip for one seat on the stage between Albany, GA and Quincy, FL, #10023. This note has the interesting comment that the scrip would be “Payable at Government Rates.” Fig. 6b: back of stagecoach scrip for one seat on the stage between Albany, GA and Quincy, FL, #10023. Other examples of stage or railway scrip are shown in the following pages. SPMC.org * Paper Money * July/August 2022 * Whole Number 340 238 Fig. 7: Stagecoach or railway scrip for one seat on the stage between Greenville, AL, and Montgomery, AL, #4097. It was issued at the “Transportation Office in Greenville, AL.” The notes were printed in Memphis, TN. Fig. 8: Google Map between Greenville, AL, and Montgomery, AL a distance of about 45 miles. Assuming this was a train ride it would have taken about 5 hours toward the end of the war. This was increased from about 2 hours in 1861 due to engine repair issues as well as the state of the track. Fig. 9: Scrip for one seat on the railroad between Grenada, MS, and Canton, MS. The note is numbered 7821. It was issued at Grenada. Fig. 10: Google map between Grenada, MS, and Canton, MS, a distance of 90 miles. SPMC.org * Paper Money * July/August 2022 * Whole Number 340 239 Fig. 11 a and b: Face and back of Train scrip for seats on the Richmond and Danville Railroad. This is a remainder. The Richmond and Danville Railroad is one of the more historic rail lines in the United States. This is especially true of the civil war period. Founded in 1847 when the line between Richmond and Danville was finished it lasted until it was absorbed into the Southern Railway Company in 1896 and 1897. Fig. 12 100 shares bond of the Richmond and Danville Railroad from the 1880s. SPMC.org * Paper Money * July/August 2022 * Whole Number 340 240 Next is shown, in Fig. 13, a handwritten pass for a return or roundtrip trip to Danville, VA dated October 19, 1863. The pass was written at Wytheville, VA. It is not clear if this is for the Richmond and Danville Railroad line. Fig. 13: Scrip for one seat return (roundtrip) on the train to Danville, VA, In the Civil War the Richmond & Danville line formed a main conduit to and from Richmond. On April 2, 1865 the Confederate government, with President Davis, and much of its remaining gold and silver escaped to Danville, VA aboard the railway. Fig. 14: Google map of the Richmond, VA to Danville, VA railroad route, a distance of about 140 miles. This was used by Jefferson Davis to escape from Richmond on April 2-3, 1865. Union forces arrived shortly thereafter. The Confederate government was reestablished in Danville, VA until April 10, 1861 when Davis and other officials were forced to escape further south. Shown above here are a few artifacts including a soldier’s ticket from the Confederate quartermaster for the railway, a post-war bond of this railway company (Figs. 11 and 12), and a map of the route taken by Jefferson Davis and the Confederates from Richmond to Danville on April 2-3, 1865, Fig. 14. That trip took 18 hours and it covered just 140 miles or the trip averaged under 8 miles per hour; ironically about the same as a stagecoach! Figs 15a and 15b show an historical endorsement written by Davis the day he left Danville. According to Heritage’s lot description of April 11, 2013: On February 20, 1865, outspoken secessionist, Confederate officer, and blockade runner, Charles Augustus Lafayette Lamar, wrote to Maj. General Howell Cobb informing him that he wished to supply "...troops operating in the States of South Carolina, Georgia, Florida & Alabama (& I think I can supply the whole army)," he writes, "provided, you will obtain for me from our Government permission to trade Cotton with the Enemy...The terms, if the Government will assent to it, shall be made acceptable to you. I want no advances from the Government, will demand cotton upon delivery of the goods. I have two of the fastest Strs: in the world, all ready to go immediately into the business." Gen. Howell Cobb, from his headquarters in Macon, GA, immediately endorsed the verso before forwarding the letter on to the John C. Breckinridge, Confederate secretary of war, saying: "I am clearly and decidedly of the opinions that we should obtain the supplies which our cotton will get for us..." Cobb then forwarded it on to President Jefferson Davis, who placed his own endorsement "...for consideration..." on the verso, dated April 10, 1865, just one day after the surrender of General Robert E. Lee at Appomattox Court House. SPMC.org * Paper Money * July/August 2022 * Whole Number 340 241 Figs. 15 a and 15 b (close up) show the Davis endorsement note by Jefferson Davis from Danville, VA. It was written on that fateful day of April 10, 1865. Fig. 16 illustrates a Quartermaster pass for the train from Canton, MS to Oxford, MS. It is undated and was issued at Meridian, MS. Fig. 16: Quartermaster pass for the train for “one seat” from Canton, MS to Oxford, MS. The coupon bears the imprint of R.V. Early, Treasury Agent. SPMC.org * Paper Money * July/August 2022 * Whole Number 340 242 Fig. 17: Google map of Canton, MS to Oxford, MS. The distance of the route is just about 140 miles. Fig. 18: Quartermaster pass for the train for “one seat” from ? to Canton, MS, 1865, #9763. The scrip was issued at Jackson, MS by Capt. Y.C. McMackin (?). Fig. 19: Quartermaster pass for the train for “two seats” from Columbus, GA to ?, #17804. The scrip was issued at Columbus, GA. Based on the small sample size of scrip in this article a two-seat scrip coupon is especially rare. SPMC.org * Paper Money * July/August 2022 * Whole Number 340 243 Fig. 20: Back of the quartermaster pass for the train for “two seats” from Columbus, GA, to?, #17804. Fig. 21: Soldier’s ticket for the Richmond and Petersburg Railroad. The trip was to go from Petersburg to Richmond, This one was for one seats and packages! Fig. 22: Quartermaster’s Department, Confederate States of America. Train ticket from Macon, Georgia, to Millen, GA. December 27, 1862. Confederate States of America Records, Manuscript Division, Library of Congress (124.00.00) [Digital ID# cw0124]. SPMC.org * Paper Money * July/August 2022 * Whole Number 340 244 Fig. 23: Google map of the 127-mile route between Macon, GA to Millen, GA. As the crow flies is just under 100 miles. Michael McNeil in his wonderfully detailed book Confederate Issuers of Train and Hoer Notes lists hundreds of quartermasters, assistant quartermasters and other officials of the C.S.A. No exact matches were found to the validators of these notes. One possible match was: E.V. Early, Treasury Agent at Meridian, MS: Michael lists an E.J. Early signing for interest on a $100 CSA note from Jackson, MS on July 1, 1863. It is interesting to note that the scrip shown here are all for relatively short runs of the railroads and stagecoaches, typically 50 to 150 miles. Perhaps they were expedients for soldiers needing to go home or back to their units. Undoubtedly, other notes were issued and some are in other collections. Few were saved and these are tangible examples of the emergency times they were issued in. These are true instruments of historical interest. Collectors who have these notes are urged to send scans (at least 300 dpi) to the author at sfeller@coe.edu. Fig. 24: Gone but not forgotten References  Burke Davis, The Long Surrender, (Random House: New York) 1985.  Michael McNeil, Confederate Issuers of Train and Hoer Notes, (VV&A:Mead, CO) 2010.  Records, Manuscript Division, Library of Congress  https://hometowncurrency.org/stage-coach-money/  https://en.wikipedia.org/wiki/Richmond_and_Danville_Railroad  Heritage Auctions, April 11, 2013.  Regulations of the Confederate States Army for the Quartermaster’s Department, including the Pay Branch Thereof, with an Index and an Appendix (J.W. Randolf: Richmond)1864. SPMC.org * Paper Money * July/August 2022 * Whole Number 340 245 The First National Bank of Bisbee, Territory of Arizona A Great Note, A Great Story When it came to Arizona nationals, one of the most eagerly sought notes was a discovery from The First National Bank of Bisbee, charter 7182. The titillating attribute of such a find was the fact that the bank was chartered in 1904, it was modest in size, and it failed in 1908. Thus, it was a short-lived Series of 1902 red seal-only issuer and, of course, all of the notes were territorials because Arizona didn’t win statehood until 1912. Red seals are uniformly rare across the country owing to how long ago they were in use. That story is amplified in Arizona because only nine banks issued them in the territory and only nine have been reported as of this writing in 2021. Beyond the notes, the story of The First National Bank of Bisbee is rich in Arizona territorial lore. Its organizers were J. N. Porter and S. F. Sullenberger. Porter was a banker and cattleman classified by Arizonans as one of their cattle and banking pioneers. In 1904 he was aggressively pursuing the copper boom in what was then considered the copper belt of Arizona. The copper occurred in rugged mountainous terrain east of Phoenix. The belt consisted of an arc that extended from Miami and Globe southeastward through Morenci and Clifton to Bisbee near the southeastern corner of the territory. Porter’s strategy was to organize a chain of small banks there and grow them as the economies they served flourished. Porter recruited Sullenberger to join the venture, first as cashier of his Globe bank and then president of the Bisbee bank once they organized it. After two years, Porter and Sullenberger sold their controlling interest in the bank. The new operators rode the speculative boom in copper to its crest in 1907 but embezzled the resources of the bank in order to speculate in copper mining stocks. Their treachery was The Paper Column Peter Huntoon Mark Drengson Figure 1. This Series of 1902 red seal note was from a total issue of 1672 10-10- 10-20 sheets sent to the bank during its four-year existence. This note was shipped to the bank on March 23, 1906, and signed by president William J. Eddleman and cashier John H. Nolan who looted the bank to speculate in copper stocks. Photo courtesy of Jess Lipka. SPMC.org * Paper Money * July/August 2022 * Whole Number 340 246 exposed when a national bank examiner discovered false entries in the bank’s books dating from January 1907 made to cover their tracks. This threw the bank into receivership in March 1908. Porter, a minor stockholder at the time, could not save the bank; he being stretched to his limits in the collapsed copper economy of Globe following the Panic of 1907. The Bisbee note illustrated here came into a Phoenix coin show in 2003 via a retired grocer from Colorado. This occurred at about the height of Jess Lipka’s career in corralling 1902 red seals and within a couple of days on the phone the dealer who bought it knew he had landed a truly great note and had found Jess. Jess acquired the note and it occupied the pinnacle of his red seal collection in terms of awe and lore. This is the story of the founding of the bank behind this amazing note and its failure at the hands of its president and cashier. Porter’s Bank Chain The prime mover in the organization of The First National Bank of Bisbee was James Newton Porter, already an accomplished entrepreneur and banker when the bank was organized. It is essential to track Porter’s career to understand the origin of the Bisbee bank and to place it into the context of its time. Porter was born December 20, 1853 in Grayson County, Texas, just south of the Oklahoma border. He became self-supporting at age 19 and was a man who was willing to move to pursue opportunity. Early on, he engaged in a general merchandise and cattle business in Kimball, Bosque County, Texas, for nine years, acquiring significant land and cattle holdings there as well as becoming a stockholder in the nearby Citizens National Bank of Hillsboro (4900) and First National Bank of Meridian (4016) (Chapman, 1901, p. 261-262). Kimball was about 20 miles northwest of Hillsboro near the neck of a sharp southward bend in the Brazos River on the west side of crossing of the Chisholm trail. It was bypassed by a railroad to its south and is now a ghost town missing from modern maps. Two other people who played significant roles in Porter’s banking future were from Kimball, P. P. Greer, born there, whom Porter recruited in the 1890s and his nephew James Newton Robinson also born there, moved to Arizona with his family at age 11, and joined Porter’s enterprise in 1901. Not only that, Porter’s first wife, who went by the name Ella Caruthers Porter in her later years, was born in Kimball. In 1884, at the age of 30, Porter drove a herd of cattle some 900 miles from Kimball to Cochise County in southeastern Arizona, where he settled for a time. Four years later he moved his stock northward to the Gila river valley in Graham County and developed a huge ranch in the vicinity of Geronimo where he met with considerable success in the cattle business. He owned and operated stagecoach lines that carried express and mail in the region, and opened mercantile stores in Geronimo and Fort Thomas as well as a slaughtering business. He contracted on a large scale with the Federal government during the 1890s to supply beef to army and Indian agencies in the region. (Hopkins, 1930, p. 29-30}. Porter didn’t relinquish all of his land and banking investments in Texas when he left for Arizona. Figure 2. James Newton Porter circa 1901. From Chapman (1901). SPMC.org * Paper Money * July/August 2022 * Whole Number 340 247 He is listed as cashier of The Sturgis National Bank of Hillsboro (3786) from 1887 through 1890. This appears to be a situation where he had a significant ownership position in the bank yielding for him the cashier title in absentia. He certainly couldn't have accomplished what he did in Arizona during that period if he had operational duties at the Hillsboro bank. This is a good example of where the cashier function, which usually is the chief operating officer, was carried out by someone else and the notes were signed by the assistant cashier or vice president. Porter had two children but they and Porter’s wife Ella stayed behind in Texas. Ella organized the Texas Congress of Mothers, an influential organization devoted to the welfare of children. As the decades rolled by, she emerged as a leader in the temperance and suffrage movements in Texas. (Johnson, 1916, p. 1489-1493). Porter was a major figure in the upper Gila river country at the turn of the century when the copper boom blossomed there and he was poised to take advantage of it. His first foray into Arizona banking was to partner with William F. Holt, a man born in Missouri and recently transplanted from Pueblo, Colorado, who wanted to open a bank in Safford, an agricultural center in the upper Gila river valley with a population of 5,000. This they did, opening The Bank of Safford on June 5th, 1899 with Porter as president (Hopkins, 1930, p. 29). In short order, they also organized The Bank of Globe in the copper district on October 10, 1899. Holt sold his interests in both banks and moved on to Redlands, California, in 1900. He went on to be a prime mover behind the transformation of a barren desert wasteland in southern California into what is now the thriving Imperial Irrigation District., With imported Colorado river water, the Imperial Irrigation District remains one of the primary sources for vegetables for the nation. He was heavily involved in promoting the district and providing it with its infrastructure needs including water, roads and power required to launch and nourish the venture. The nearby town of Holtville is named after him. (CC, Jun 22, 1953). He and his younger brother founded The First National Bank of Imperial (6027) in 1901. Parley Pratt Greer was brought down from The Bank of Globe to serve as cashier in the Safford bank. Greer, whom Porter knew from his early days in Kimball, Texas, was lured from Texas to work in Porter’s enterprise in the 1890s. He first served as forwarding agent and bookkeeper at Fort Thomas. Porter sent him back to Hillsboro to apprentice in the Sturgis National Bank, and in due course installed him as cashier at Safford upon his return (Connors, 1913, p. 286). Porter’s next banking venture involved Clifton, Arizona, another key town in the copper belt. The Clifton tale began when a prominent Clifton man, Judge George Hormeyer, incorporated the Bank of Clifton on February 24, 1900. Hormeyer died October 25th, so his wife Julia, a principal stockholder in the Figure 3. The First National Bank of Globe became the flagship in Porter’s chain of banks. This note was signed by Porter and Sullenberger in 1907 just before Sullenberger returned to Texas. It is the only known Arizona note with his signature. SPMC.org * Paper Money * July/August 2022 * Whole Number 340 248 bank, sold it to Porter. Porter nationalized it as First National Bank of Clifton under charter 5821, with a charter date of May 20, 1900. At this time Porter’s chain of banks was becoming significant, so he desired additional managerial assistance. He turned to Samuel Frank Sullenberger, whom he knew as a young man while in Hillsboro, Texas. Samuel is listed as cashier in The Hill County National Bank of Hillsboro (3046) 1894-1895 and cashier in the Stockmen’s National Bank of Canyon (5238) 1900-1901. Sullenberger’s older brother Charles had succeeded Porter as cashier at The Sturgis National Bank of Hillsboro and continued in that capacity through 1904. Porter recruited Samuel to serve as cashier of his Clifton bank in 1902. On January 12, 1903, Porter converted the Bank of Globe into The First National Bank of Globe (6579) with himself as president. Sullenberger moved to Globe as cashier, a position he held in that bank into 1907. P. P. Greer took over as cashier in Clifton. Sullenberger is pivotal to the Bisbee tale because he and Porter went on to organize The First National Bank of Bisbee, which was chartered March 22, 1904 with charter number 7182. Sullenberger had a significant ownership interest in it and served as its first president, probably in absentia while also the cashier at Globe. The bank opened on June 11th in a handsome new one-story building faced with dressed stone and plate glass on Main Street in the same block as the Copper Queen library. Porter in 1904 at age 50 now owned national banks in three of the primary copper towns in Arizona— Clifton, Globe and Bisbee, and the state bank at Safford, which was the principal agricultural center in the upper Gila river valley. The most significant competitor to his chain was the Gila Valley Bank, that at the time had its head office in Solomonville in the Gila Valley but main business at the Globe branch. Porter Sells Control of the Bisbee Bank Porter and Sullenberger sold their controlling interest in The First National Bank of Bisbee to William J. Eddleman and John “Jack” H. Nolan in January 1906. Eddleman was elected president, Nolan cashier and Porter vice president on January 9th (BDR, Jan 10, 1906, p. 4). Eddleman, born June 25, 1878 in Weatherford, Texas, had recently moved to Bisbee from Fort Figure 4. The First National Bank of Clifton was the third bank in Porter’s chain, but the first to be nationalized. This note, shipped to the bank from Washington April 26, 1902, was signed by Porter’s nephew J. N. Robinson as assistant cashier. Photo courtesy of Rahul Arora. SPMC.org * Paper Money * July/August 2022 * Whole Number 340 249 Worth in 1905 to take the position of vice president of the Bisbee bank under Sullenberger before he and Nolan bought control. His uncle, William H. Eddleman, was the primary owner of an extensive chain of national banks in Texas and Indian Territory at the time. Nolan was born September 1870 in Illinois, lived in Salmon, Idaho, where he was a salesman, and came with his wife to Bisbee sometime after the turn of the century where his brother was living. Sullenberger, now 45 years old, returned to Texas where he continued in banking. The readily visible part of his career to us is in the form of listings in the annual reports of the Comptroller of the Currency are that he served as presidents in The First National Bank of McLean (7413) 1907-1908, The First National Bank of Crosbyton (9989) 1913, and The National Bank of Commerce of Amarillo (6865) 1914-1916. Dark Clouds Form Over Porter’s Banks In January 1906, the Dow Jones Industrial Average hit a high of 103. Volatility set in and the economy witnessed a downturn about mid-year. The Arizona copper belt with Globe at the epicenter began to reel under a sharp decline in the price of copper. Copper was being overproduced in the district thanks to technological improvements and surpluses were piling up at the mills. The price of copper declined from 24.9 cents per pound in May 1907 to 17 cents in October, then plunged to 12 cents in November. In early October, some of the smaller and less profitable mines laid off their men. Economic insecurity began to grip Globe and jittery depositors started to withdraw their savings from the banks in town. In mid-October 1907, a stock manipulation scheme involving United Copper Company stock collapsed precipitating the failure of the Knickerbocker Trust Company in New York on October 23rd, triggering the Panic of 1907. Share prices crashed to half their 1906 high; the bottom as measured by the Dow Jones Industrial Average index being 53 on November 15, 1907. The economic contagion spread across the country resulting in widespread bank runs as depositors lost confidence. A run started at The Globe National Bank (8193) for no particular reason other than it was the youngest of Globe’s banks, having been chartered in April 1906. Those bankers appealed to Porter for cash to stem the run and he complied. Once word got out about that, a line began to form at Porter’s First National. The Globe National was forced to suspend on November 9th and The First National followed suit November 21st. (Hopkins, 1930, p. 90-91). Porter himself was now on the ropes looking for liquidity. He would find it and The First National Bank would be restored to solvency February 29, 1908, followed by The Globe National on May 23, but the cost to him would be that he lost his controlling interest in the bank. Porter, who still may have had a stake in The First National Bank of Bisbee and another capitalist named W. D. Fisk also from Globe were given an option to buy back the controlling interest in the bank Figure 5. The Dow Jones Industrial Average stock index along with an inset showing the copper commodity price during the period encompassing the Panic of 1907. Sources: Dow Jones–Wikimedia, copper– Credit Suisse. SPMC.org * Paper Money * July/August 2022 * Whole Number 340 250 (EPH, Mar 24, 1908). Porter and Fisk went to Bisbee the second week of March 1908 to look things over prior to concluding the deal (BDE, Mar 19, 1908). Nothing came of their trip. Unstated was that they didn’t like what they found. The Bisbee Bank Goes Under National bank examiner H. D. Marshall, Jr., who was in charge of the closed Globe National Bank at the time, arrived in Bisbee on March 20th, a Friday, a few days after Porter’s party returned to Globe. His visit immediately following theirs probably was not a coincidence. Marshall threw himself into an examination of the Bisbee bank, working well into the night and much of Saturday. He found an appalling mess, especially that Eddleman had borrowed heavily without providing security in order to purchase stocks that had crashed in the panic. Marshall gave Eddleman Monday to make good on those loans. Failing that, Marshall suspended the bank before opening time on Tuesday. D. Norvill, the regular examiner for the district, was to arrive on Thursday to take charge as temporary receiver (BDR, Mar 25, 1908). T. N. Lakin was assigned as permanent receiver shortly thereafter. President Eddleman and cashier Nolan were arrested on April 1st and placed under bond by U. S. Commissioner Sanford to appear before the U. S. Grand Jury in Tombstone in May to answer charges that they had falsified entries on the bank’s books and provided false data on the condition of the bank in periodic reports to the Comptroller of the Currency. These indictments were the first of their kind to be tried in the Territory of Arizona. Leading the prosecution team was U. S. District Attorney J. L. B. Alexander from Phoenix using Special Attorney Campbell who came from Washington, DC, to present the case for the government. The team was assisted by George D. Christy, Assistant U. S. Attorney. Alexander indicated that more changes would be forthcoming for the grand jury to hear (EPH, May 17, 1909). On April 10th, a statement by Larkin in the Bisbee Daily Review indicated that the initial estimate for the defalcations by Eddleman and Nolan appeared to be about $24,000 and $12,000-$14,000 respectively. Eddleman and Nolan go to Trial The overall setup for the prosecution of the cases against the bankers was that the government would prefer specific charges one at a time before the Grand Jury and attempt to secure indictments for each. Each indictment would be presented to a different jury and tried. Guilty findings would be accumulated and sentences passed on those findings. The defense was nominally led by Arizona attorney Ben Goodrich. However, the deep pocket paying for the defense would be the United States Fidelity & Guaranty Company, which held the surety bonds for Eddleman and Nolan. Of course, that company didn’t wish to pay judgements that might be won against the bank officers. The defense was thus actually carried out by the formidable and slick team representing the U. S. Fidelity consisting of lawyers named Ives, Neale and Sutter. Eugene S. Ives was the senior, having been a senator in the New York Assembly in 1885 and 1887, and member of the Territory Council in the Arizona Territorial Legislature in 1901-2. From the outset, it is clear that the defense team would vigorously and tirelessly fight Alexander through the court system. Eddleman and Nolan would plead not guilty to all charges. On May 5th, the charges and evidence began to be brought before the grand jury in Tombstone. “Eddleman is charged with making a false entry in the individual ledger on January 9, 1907, crediting himself with $5,000 and that he checked against this as cash. Nolan is charged with making an entry in the cash record alleged to be false, showing a balance on hand in legal tender to the amount of $16,900, and that the same was done with the intention of deceiving the bank examiner. * * * Other indictments are expected against Eddleman, who was arrested on three separate charges.” Indictments on each charge were forthcoming. (BDR, May 6, 1909). The drumbeat was relentless. May 6th: Six additional indictments against Eddleman, one against Nolan. Eddleman entered ficticeous charges to Bank of Safford and Bank of Globe to deceive the bank examiner. May 7th: Six additional indictments against Eddleman, one against Nolan. Eddleman entered fictitious charges to Bank of Safford and Bank of Globe to deceive the bank examiner. May 8th: Additional SPMC.org * Paper Money * July/August 2022 * Whole Number 340 251 indictments; including for Eddleman another 3 for filing false reports of condition to the Comptroller of the Currency. Total number of indictments now 12. May 10th: 6 more against Nolan, 2 for Eddleman. In one Nolan loaned $4,000 to his wife Jean of which $3,700 was used to pay a debt of his to the bank and the remaining $300 was credited to himself. (BDR, May 7, 8, 9, 1909). Alexander was banking a torrent of indictments, each clear-cut and well documented. At this point, no time would be wasted collecting more, it was now time to take them to a jury. Eddleman’s trials began on May 18th. The first case involved the false entry of $5,000 on January 9, 1907. The Ives team spotted an error involving a wrong ledger number in the first indictment against Eddleman. This caused Judge Doan to order the jury to bring in a verdict of not guilty on the grounds of a variance between the charge of the indictment and the proof. (BDR, May 19, 1909). A new jury was empaneled and on May 19th heard about a $6,500 embezzlement by Eddleman. The jury couldn’t reach agreement. Ives had spun them claiming the prosecution failed to show criminal intent. The hung jury was dismissed on the 20tth and a third empaneled for the next day, a Saturday, “where Eddleman was charged with making a false report to the comptroller of the currency in December, 1907, showing a balance on hand at that time of $11,190, when it is claimed there was a balance of only $34” (BDR, May 20, 21, 22, 1909). At the end of the first day of the third trial, it also was clear that jury was headed for a mistrial, which would be announced on Monday the 22nd (BDR, May 23, 1909). To spectators, these cases looked ironclad but Ives and company sure could work a jury. Prosecutor Alexander also had the concern that the jury pool in Tombstone was fast becoming exhausted but he also was watching Eddleman who was increasingly showing severe mental strain under his relentless onslaught. Before the third jury could assemble to present what was obviously going to be a lack of agreement, Ives went into the U. S. district attorney’s office and they had a long talk. When they emerged, Neale and Sutter of the defense joined them and they continued to talk on the lawn in front of the court with Mrs. Eddleman, She left and Eddleman joined them. He was asked to enter a plea of guilty, something he rejected without the consent of his wife. Mrs. Eddleman was again escorted to the group where she finally agreed to the proposition. The third jury was still out. Ives told Judge Doan that Eddleman wished to plead guilty to the current charge. The jury was brought in, heard the plea and then dismissed. (BDE, May 25, 1909a). The hammer that Alexander had wielded to accomplish this startling outcome was to advise that he would relentlessly continue the series of trials back-to-back until some jury finally rendered a conviction. If a conviction failed to materialize with the long list of indictments handed down by this year’s grand jury, he would bind the defendants over to the next grand jury in May 1910 and win more indictments including an amended version of the one that had failed due to the clerical error with the ledger number. This process would be tantamount to a term of imprisonment for the bankers. Alexander needed one conviction so Eddleman could be sentenced to 5 to 10 years. If the defense wished to try their luck and drag the process out, Alexander could go for more than one conviction and the sentences would be additive. Furthermore, as part of the deal, Alexander required that Eddleman agree to appear as a prosecution witness against Nolan. If he did, the sentence Alexander would recommend would be the minimum of five years, only to be announced after the conviction of Nolan. The defense wrestled assurances that 5 years would satisfy the United States and if Eddleman did plead guilty to the current count, the other indictments against him would be dismissed. As for dismissing the remaining indictments, Alexander simply said they wouldn’t be pursued. It was unclear how Eddleman’s guilty plea would affect the liability of the bonding company for his defalcations. Nolan’s first trial began forthwith on May 25th involving the misapplication of $5,143.35 alleged to have been paid to one R. M. Moore on an unsecured note. That jury also appeared deadlocked so a second jury was empaneled for May 26th to hear a charge on making a false entry by crediting the brokerage firm of Pritchard & Hagen of Bisbee with $1,312.51, when in truth no such sum was due or had been paid by them. The treadmill began for Nolan as well. (BDR, May 25b, 26, 27, 1909). On May 26th, the defense attorneys sent for Nolan and his wife to meet in the office of Ben Goodrich. Following that meeting, and after further conferences between the attorneys, Ives announced that SPMC.org * Paper Money * July/August 2022 * Whole Number 340 252 Nolan wished to plead guilty. What he pleaded to was the charge that he falsely stated that the bank had $16,900 in legal tender as laid out in the indictment handed down by the Grand Jury on May 5th. (BDR, May 27, 1909). “ * * * the attorneys would hardly have made a deal that didn’t protect their real client, the bond company” (BDR, May 28, 1909). Judge Doan sentenced both Eddleman and Nolan to 5 years so they where driven to the Yuma Penitentiary on May 30th (TWE, May 30, 1909). W. J. Eddleman of Bisbee, who was sentenced to serve five years, is at present working as a trusty in the warden's office on the outside of the penitentiary walls, so he enjoys much more liberty than those who are kept on the inside. Nolan is assisting in the inner office. Both will be taken to Florence within a few days and given clerical positions of a similar nature at the new institution. * * * Eddleman and Nolan, who are now serving five years each in the Yuma penitentiary, used the funds of the bank to speculate in mining stocks at a time when the market was booming. The panic came and it made convicts of the two men instead of financiers (BDR, Jul 19, 1909). The new Florence State Prison was finished in 1908 to replace the Yuma prison, so the prisoners were transferred there in due course. On a change of venue, the papers in the famous case of T. N. Lakin, Receiver, vs the United States Fidelity & Guaranty company to recover $40,000 alleged to have been embezzled from the First National Beak of Bisbee by W. J. Eddleman and John H. Nolan, were filed in the district court in Phoenix yesterday (BDR, Aug 26, 1909). Both Eddleman and Nolan were paroled on July 17, 1911 after serving 2 years of their 5 years sentences. Eddleman and his wife went to southern California. He died December 11, 1945. Nolan and his wife went to Texas where he was employed as an oil field operator then moved to Carlsbad, New Mexico, in 1935 where he was part owner of the Nolan and Rankin Tire Company until he retired. He died April 21, 1949 at age 75. (CCA, Apr 22, 1949). National bank receivership 486 for The First National Bank of Bisbee was closed April 21, 1916. The depositors received dividends totaling 59.25% of their money. It appears that the United States Fidelity & Guaranty Company was able to wiggle out of paying on their surety bonds for the president and cashier. What Became of Porter? The Panic of 1907 severely impacted Porter. Whatever interest he had in The First National Bank of Bisbee vanished in the receivership. His First National Bank of Globe was suspended. First National Bank of Clifton was intact and only mildly impacted by the panic. The Bank of Safford, serving the agricultural economy of the upper Gila river country, seemed to be the brightest star in his bank portfolio at the moment. His priority was to save The First National of Globe from going into receivership, which needed a serious injection of capital to give it liquidity. There also was the suspended Globe National Bank to contend with, because he had loaned heavily to it in a futile attempt to stave off the run that closed it. A situation was transpiring within his ardent competitor, the Gila Valley Bank, that would serve his needs. The original founders of that bank, merchants from the upper Gila Valley, were losing management control to men involved with or allied with the copper industry centered around the branch at Globe. Abijah G. Smith, one of the primary founders, already had defected and opened the competing Globe National Bank in 1906. In 1908, two other founders, D. W. Wickersham and I. E. Solomon, peeled off selling their shares in the process. Flush with cash, they saw opportunity in Porter’s plight. The deal they cut was to infuse his First National Bank with sufficient cash to get it out of receivership for as long as necessary for him to get it back on its feet, provided he gave them a controlling interest in the Bank of Safford. Porter accepted the proposition. (Hopkins, 1930, p. 106-107). Wickersham and Solomon incorporated the Bank of Safford on March 13, 1908, with Porter on its board revealing that he still had a minor ownership interest in the bank. The First National Bank of Globe was restored to solvency February 29, 1908, followed by The Globe National on May 23rd. Before the year was out, Wickersham and Solomon quietly withdrew from The First National, leaving Porter as its president through 1910. Porter merged The Globe National into his First National on January 11, 1910. John S. Cook opened the private bank of Cook & Co., in Globe on Monday, February 28, 1910 SPMC.org * Paper Money * July/August 2022 * Whole Number 340 253 (DASB, Feb 22, 1910). The Cook bank utilized the former Globe National Bank building. This was the same Cook who founded John S. Cook & Co., Bankers, in Goldfield, Nevada, with partners George Nixon and George Wingfield in 1904, later adding a branch in Rhyolite in 1905 as the gold boom took off there as well. Wingfield bought Cook out in 1909 after the panic, just as the gold economies of the two cities quickly began to tank. Porter and W. D. Fisk, a director in Porter’s First National, partnered with Cook in the venture. Within a month on March 24, 1910, they liquidated Cook & Co. and converted it into the Bank of Miami to serve that adjacent copper town (Huntoon, 1983). Porter began to curtail his Arizona activities beginning about 1910 preparatory to relocating to Los Angeles about 1912. His remaining interest in the Bank of Stafford was sold to another stockholder in January 1910, probably W. D. Fisk. He stepped down as president of The First National Bank of Globe and was replaced by P. P. Greer in 1911, although he didn’t sell all his stock in the bank. Similarly, we don’t know if and when he sold his interest in the Clifton bank. His cattle herd was sold around the beginning of 1912, numbering “the greater portion of 8,000” (TO, Feb 10, 1912). His “Big Ranch” consisting of 720 acres of fine land near Fort Thomas went in November 1913 (GG, Nov 21, 1913). A spread of 720 acres may sound too small to have accommodated thousands of cattle, but such ranches lay adjacent to tens of thousands of acres of federal land where the cattle were grazed for nominal fees. Porter was about 58 when he arrived in southern California. He and Ella, who had been estranged for decades, finally divorced in December 1913. Sometime after 1914 he married a woman named Cora Montgomery who was some ten years his junior. Apparently, she was his stenographer. By May 1913, he had incorporated the Union Packing and Provision Company and also become a director in the Los Angeles Union Stock Yards Company (LAEE, May 24, 1913; CEML, May 23, 1913). The plan was to establish a huge stock yards to serve what was designed to be the largest meat packing plant along the Pacific coast. The site developed was at Vernon just outside the Los Angeles city limits to the southwest along the Santa Fe Railroad. The project was completed in 1923 and closed in 1958. Next Porter organized the Western Goat Company to raise goats on Guadalupe Island off the coast of Baja California, Mexico. A stock offering was floated to that effect in 1915 but nothing came of the venture (AR, Nov 29, 1915). Porter died May 6, 1921, at Los Angeles at age 68. Parting Shots This was the tale of rise and fall of The First National Bank of Bisbee, Territory of Arizona, that issued national bank notes that become among the most coveted of all the notes issued in the territory. The Figure 6. This note, shipped to the bank November 7, 1910, was signed by Porter shortly before he stepped down as president. He and his nephew J. N. Robinson shared the same initials for John Newton. SPMC.org * Paper Money * July/August 2022 * Whole Number 340 254 Bisbee bank was founded by James Newton Porter, one of Arizona’s most noted banking pioneers who organized a chain of banks in Arizona’s copper belt and adjacent Gila river valley. Porter was a rock-solid man of integrity, and a visionary entrepreneur who arrived on a horse in the late 1800s and left on a train after the turn of the century. He rode the cattle and copper booms to great wealth through his industriousness. He was knocked down by the Panic of 1907, but got back on his feet in its aftermath without losing his spirit or drive. It is only fitting that so much of this article is devoted to him. What is presented here is a glimpse of a story that has never been fully told that is scattered in bits and pieces in old newspapers and documents from his time. His chain of banks included the fabled First National of Bisbee, situated astride what became one of the biggest open pit copper mines in Arizona. Sadly, the people he sold his controlling interest to emerged as feckless speculators who looted the bank to play the copper shares in the stock market as copper tanked in 1907. Their fate was succinctly captured in the explanation given for the failure of the bank in the annual report of the Comptroller of the Currency, the Treasury official charged with the supervision of national banks: fraudulent management and injudicious banking. The working stiffs and merchants of Bisbee that banked on their judgement finally received 59.25% of the money they had deposited to their trust, the last of which was paid eight years after the bank went under. The trials of bank president Eddleman and cashier Nolan in 1909 were the first of their kind to be tried in the Territory of Arizona. A reporter wrote: In the history of trials in Cochise county, there is no parallel to the trial just ended. It is an open fact that there appeared no hope of Eddleman escaping a prison term. Yet so ably had his defense been conducted that one case has been thrown out, another had resulted in a hung jury, and the one to which he pleaded guilty today would have and did end the same way. It was known that a hung jury was all the defense hoped for. To advise their client to plead guilty in the face of such a remarkably successful showing can mean but one thing—some concession of vital importance was made them. (BDR, May 25a, 1909). The trials for Nolan got off on the same lame foot despite the obvious guilt of the cashier to all who sat in on the proceedings. Then these headlines screamed from the front page of the May 27th Bisbee Daily Review. NOLAN, TOO, SAYS GUILTY AFTER A FARCICAL TRIAL Former Cashier Follows Eddleman’s Lead and Saves Money for County Despite the slick defense, the equally determined prosecution relentlessly ground down the defendants as well as consumed the county jury pool. No matter how well the cases were breaking for the bankers, they had to cave. The vital concession was that each would only get 5 years, the minimum penalty. When you first laid eyes on Figure 1, could you suspect the rich back story behind it? References Cited and Sources of Data Calexico Chronical, June 22, 1950, Valley pioneer, William F. Holt, 86, gets 50-year Masonic pin in L. A. meeting: p. 4. Chapman Publishers, 1901, Portrait and biographical records of Arizona: Chapman Publishing Co., Chicago, 1034 p. Comptroller of the Currency, 1863-1935, National Currency and Bond Ledgers: Record Group 318, U. S. National Archives, College Park, MD. Comptroller of the Currency, yearly, Annual Reports of the Comptroller of the Currency: Government Printing Office, Washington, DC. Connors, Jo, compiler, 1913, Who’s who in Arizona: Press of the Arizona Daily Star, Tucson, AZ, v. 1, 828 p. Johnson, Frank W., 1916, A history of Texas and Texans, Vol. III: American Historical Society, Chicago and New York, p. 1134- 1592. Hopkins, Ernest J., 1930, Financing the frontier, a fifty-year history of the Valley National Bank: Valley National Bank of Phoenix, AZ, 271 p. Huntoon, Peter, 1983, The tangled histories of the Globe, Arizona National banks: Paper Money, v. 22, p. 18-24. Newspapers: AR=Arizona Republic; BDR=Bisbee Daily Record; CC=Calexico Chronical; CCA=Carlsbad Current- Argus; CEML=Copper Era and Morenci Leader; DASB=Daily Arizona Silver Belt (Globe); EPH=El Paso Herald; LAEE=Los Angeles Evening Express; GG=Graham Guardian; TO=The Oasis (Arizola); TWE=Tombstone Weekly Epitaph AR, Nov 29, 1915, Want in on a goat farm? p. 6. BDR, Jan 10, 1906, First National Bank Officers, p. 4. BDR, Jan 10, 1906, First National officers, p. 4. SPMC.org * Paper Money * July/August 2022 * Whole Number 340 255 BDR, Mar 19, 1908, First National Bank under new control, p. 1,5. BDR, March 25, 1908, First National Bank Closes Doors, p. 1. BDR, Apr 2, 1908, Eddleman and Nolan held in sum of $50.000 bail for action of grand jury, p. 1,5. BDR, Apr 3, 1908, Bank is now under control of receiver, p.1. BDR, Apr 10, 1908, Lakin issues statement of bank’s affairs, p. 1,8. BDR, May 6, 1909, Former bank president and cashier indicted, p. 1. BDE, May 8, 1909, More charges against Nolan and Eddleman, p. 1. BDR, May 9, 1909, Demurrers to indictments overruled, p. 1. BDR, May 11, 1909, Indictments continue to pile up, p. 1. BDR, May 19, 1909, Eddleman wins first case on error in bill, p. 1. BDR, May 20, 1909, Eddleman case near end, p. 1. BDR, May 21, 1909, Eddleman jury fails to agree; ask more light, p. 1. BDR, May 22, 1909, Jurors fail to agree on verdict in Eddleman case; banker faces new charge, p. 1. BDR, May 23, 1909, Eddleman jury fail to agree mistrial likely, p. 1,5. BDR, May 25, 1909a, Eddleman pleads guilty; will be sentenced today, p. 1. BDR, May 25, 1909s, Nolan’s case will go to jury today, p. 1. BDR, May 26, 1909, Nolan’s first trial closes with jury out, p. 1. BDR, May 27, 1909, Nolan, to, says guilty after a farcical trial, p. 1. BDR, May 28, Bankers’ wives ill; husbands get short stay, p. 1. BDR, May 29, 1909, Bank wreckers each get five years in Yuma, p. 1,8. BDR, 1909, Jul 3, 1909, Eddleman is a trusty, p. 5. BDR, Aug 26, 1909, Receiver Lankin’s suit filed in Phoenix, p. 8. CC, Jun 22, 1950, Valley pioneer, William F. Holt, 86, gets 50-year Masonic pin in L. A. meeting, p. 4. CCA, Apr 22, 1949, Former Carlsbad businessman dies, p. 1. CEML, May 1913, An Arizonan Honored, p. 1. DASB, Feb 27, 1910, New Bank to open for business Monday, p. 7. EPH, Mar 24, 1908, Bisbee bank closes doors, p. 1. EPH, May 17, 1909, Bankers of Bisbee on trial, p. 1. GG, Jan 21, 1910, p. 4. GG, Nov 21, 1913, Fort Thomas, p. 4. LAEE, May 24, 1913, Company planning new packing plant, p. 13. TO, Feb 10, 1912, p. 10. TWE, May 30, 1909, Were taken to Yuma penitentiary, p. 1. Websites: https://ancestory.com https://commons.wikimedia.org/wiki/File:DowJones1904to1909.png https://en.wikipedia.org/wiki/Panic_of_1907 https://research-doc.credit- suisse.com/docView?language=ENG&format=PDF&document_id=901543261&source_id=em&serialid=tKkO3pFei2IPAD9fP G%2F6mrmsM6dNLQlvDdbE5qGTHck%3D https://spmc.org/bank-note-history-project SPMC.org * Paper Money * July/August 2022 * Whole Number 340 256 Southern Printers Who Printed Currency for Themselves in the Civil War Part 1: Keatinge & Ball by Charles Derby Currency abounded in the United States during the 1800s. Banks, businesses, state and local governments, private individuals, and the U.S. and Confederate governments issued a dizzying array of paper money. To issue money, these entities contracted with private printers, of which there were many, from large and well-established engravers and printers in major cities such as New York City and Philadelphia, to small local job office printers who produced the local newspaper. These printers, big and small, would design and produce currency to meet the needs and desires of the issuers, at least as best they could with the production facilities at hand and finances of the contractor. However, beyond producing currency for others, some printers also printed their own money for their own purposes. This two-part series of articles describes a handful of printers, each from a different state and each printing his own money for his own reasons. They include the Confederate printers Keatinge & Ball from Columbia, South Carolina; F. L. Cooper and A. N. Kimball of The Mississippian newspaper in Jackson; E. L. Jewell of The Port Hudson News Office in Port Hudson, Louisiana; T. O. Wise and his Periodical and News Depot in Norfolk, Virginia; and C. C. Danley of the Arkansas State Gazette newspaper in Little Rock. This first article examines the engraving and printing firm of Keatinge & Ball. Keatinge & Ball printed three notes of $2, $1, and 50 cent denominations in Columbia, South Carolina, with an issue date of March 15, 1864, and with the promise that they were “Payable on demand in Confederate Treasury notes when the sum of Ten Dollars is presented.” These are listed in Sheheen (2003) as SH- 932, 933, and 934. Why did Keatinge & Ball, who were producing reams of Confederate Treasury notes at the time, print these personal notes and make them payable in Confederate notes? The story of how Keatinge & Ball came to be a major printer of Confederate currency has been told by others so it will be only briefly summarized here. When Confederate Treasury secretary Christopher Memminger realized that the war was going to be protracted, he was forced to consider how to produce the massive quantities of Treasury notes necessary to fund the war effort. Given that the skilled engravers and printers and their equipment and supplies were in the North, and laws now forbade commerce between the North and South, Memminger had to try surreptitiously to acquire these men resources from the North. To do so Memminger turned to Thomas Alexander Ball for assistance, who he considered ideal for this job as a Virginian living in New York City. Ball was born in Culpeper County, Virginia, in 1822, to Thomas A. Ball Jr. (1794-1858) and Ann Randolph McNeale (1797-?). He became a merchant, working in Fredericksburg during the 1850s, but he had moved to New York City in 1857. Therefore, Memminger tasked Ball to recruit men for the Confederate Treasury from the Keatinge & Ball 1864 notes (courtesy of Heritage) SPMC.org * Paper Money * July/August 2022 * Whole Number 340 257 American Bank Note Company, which had a major operation in New York City. Ball succeeded in landing Edward Charles Keatinge, a highly skilled engraver. Keatinge was born in Dublin, Ireland, in 1825 or 1826. He was trained as an engraver and worked in Dublin in the 1840s, where he was associated with Charles Keatinge, a silversmith and engraver. (Charles was his elder, although his family relationship with Edward is uncertain.) Edward and Charles immigrated to the United States in the late 1840s, and by 1850 they were working as engravers in Philadelphia. Edward later moved from Philadelphia to New York City, and he was employed there by the American Bank Note Company when Thomas Ball went on his recruiting trip. Keatinge was ideal for the job. First, he was a highly skilled engraver and printer. Besides the currency with which we are more familiar, his artwork was admired by his peers. The figure at left shows three of his works from different phases of his life: the 1840s, 1850s, and 1870s. But a second reason for Ball recruiting Keatinge was that as a citizen of Ireland he was exempt from military service in the Union army. So in the fall of 1861, a new company was formed – Leggett, Keatinge & Ball – with William Leggett, another engraver skilled in lettering. The company established contracts to buy and smuggle equipment and supplies into Richmond, which finally succeeded after some failed attempts. The firm began producing currency in 1861. In March 1862, the firm became Keatinge & Ball when Memminger forced Leggett out due to security concerns. Keatinge & Ball became one of the major contractors of the Confederate Treasury, printing notes first in Richmond including this T32 note dated September 2nd, 1861, and then after May 1862 in Columbia, South Carolina, after the printing department relocated there. Keatinge & Ball also printed Confederate stamps and Engravings of Edward Keatinge. Top left: “Jack Barber-izing Tom.” A colored etching from the 1840s by Edward Keatinge, published by J. Wiseheart, 23 Suffolk Street, Dublin, Ireland. The subject is a monkey shaving a cat’s whiskers. From the Wellcome Collection, London UK. Bottom left: “Interior view of the central office of I.M. Singer & Co., 458 Broadway, New York City.” This is a print from a wood engraving, published in Frank Leslie's Illustrated Newspaper, vol. 4, no. 91, p. 205, on August 29, 1857. The print shows an interior view of large room with women looking at sewing machines and several men looking at merchandise displays. The original resides in the Library of Congress Prints and Photographs Division Washington, D.C., Digital ID cph 3c32755 //hdl.loc.gov/loc.pnp/cph.3c32755, Library of Congress Control Number 2003663010. Right: “Glories of Mary!” From 1878, an engraving with scenes from the life of Mary, Blessed Virgin and Saint. At the top are the words "Salve Maria" and at the bottom are the opening sentences of the "Hail Mary." Text printed below the engraving is "Designed and engraved by Edward Charles Keatinge," and printed below the title is "Printed & published by W. Wilson, 173 & 175 Grand St., N. York." Property of the Catholic Historical Research Center, Philadelphia, PA. Rights: http://rightsstatements.org/vocab/NoC-US/1.0/ SPMC.org * Paper Money * July/August 2022 * Whole Number 340 258 currency for state notes and bank notes in Virginia, Tennessee, NC, SC, Georgia, Alabama, Florida, and Missouri (see figure), using some of the same vignettes they used on their Confederate notes and on the notes that are the topic of this article. Their newspaper advertisement (from The Weekly Advisor, Montgomery, Alabama, Dec. 17, 1862) attests to their range of clients (see figure below). Further attesting to their being leaders in the engraving and printing world in the South was their detailed treatise of the subject, entitled “Remarks on the Manufacture of Bank Notes, and Other Promises to Pay,” which was based on a lecture Keatinge delivered at a meeting of the Bankers of the Southern Confederacy in 1864 (see figure). Now let’s return to the March 1864 Keatinge & Ball notes and consider why they printed them. These notes are rare today [the highest known serial numbers are in the low 100s, which can be attributed to two factors. The first is that Keatinge & Ball printed very few of them, which is a consequence of why they were printed in the first place. As explained by Brent Hughes and Douglas Ball in Hughes (2005), the window for their production and use was very narrow, just around the time they were printed and issued. Keatinge & Ball likely printed them as a benefit to their employees, in response to the Confederate Congress passing on February 17, 1864, "An Act to reduce the currency and to authorize a new issue of notes and bonds." This act, intended to try to control the rampant inflation, mandated that Southerners either exchange their old issue Confederate Treasury notes for Confederate bonds of the same value or exchange them for new issue Confederate notes at a devaluation of 33%. If citizens did not do this by April 1, 1864, they would hold worthless currency, since the old issue notes would no longer be accepted. In response, Keatinge & Ball printed their own money for their own employees, and given that their currency was privately issued, it would not be devalued as would Confederate currency. The Keatinge & Ball notes were payable in Confederate money, and from this, Hughes and Ball surmised that Keatinge & Ball probably did not need the permission from the Confederate Treasury to print these notes. Thus, Keating & Ball likely printed these notes as a service to their employees so that they were not paid in the Confederate currency that was going to be immediately devalued. Once the Confederate government switched to the new issue Confederate notes, which were not subject to the devaluation, then Keatinge & Ball’s notes were no longer needed. Thus, the window for production was very small, perhaps only one month: they printed their notes in March 1864 & the switch to the new issue currency was to begin in April 1864. SPMC.org * Paper Money * July/August 2022 * Whole Number 340 259 But there was also a second reason why there are so few in existence now. After the war – for 60 days beginning September 28, 1865 – Keatinge & Ball offered that these notes could be redeemed in U.S. dollars (see figure below). And even though their exchange rate was 60 cents on the dollar, since they were exchangeable in U.S. currency, this was quite a deal: it is 60 cents more than people could receive for the now worthless Confederate money that their employees would otherwise have received if Keatinge & Ball did not pay them with their own privately issued notes. Who are Edward Keatinge and Thomas Ball? and what happened to them after the war? Just before being recruited to work for the Confederate Treasury, Edward married Harriette Charlotte Harned Vealie in ca. 1859 in New York. Harriette (b. 1833 in NY, d. 1909 in NY) had been married to Henry Augustus Veazie, but after seven years of marriage and one son (Henry Augustus Veazie Jr [1852–1908]), Henry died in 1857. Edward and Harriette had three children. Harriette d’Esmonde “Hattie” Keatinge (1860-1938) was born in 1860 in New York before the Keatinges moved to Richmond. Their other two children were born in Columbia, South Carolina, after the Keating’s moved there in 1862: Mary Harned Keatinge (1865-1948) was born in October 1865, and Alice R. Keatinge (1869-1937) was born June 1869. In her remembrances of the Keatinge’s life in Columbia, Harriette described the city as “a veritable ‘Garden of Eden’ with fine residences, beautiful gardens and magnificent…Magnolia and Orange trees, also Jasmine and Roses. Never a city more beautiful…We lived in a large double house surrounded by trees and gardens, one square below the Capitol building.” But that world came crashing down in February 1865 when General Sherman’s Union army entered Columbia. Edward was taken prisoner and transported with Sherman’s army to Richmond, and in an attempt to secure his safety, Harriette and four-year-old Hattie traveled with Sherman’s army. After the war, Edward lived briefly in Richmond, where he established an engraving company, Ludwig & Keatinge, with another former Confederate engraver, Charles Ludwig. From there, in 1866, Edward moved back to New York City and became a naturalized U.S. citizen. Many sources, including Harriette herself, wrote that Edward died in the late 1860s. But in fact he continued as an engraver there in New York City until 1879 when he sold for a “nominal” fee his business to fellow engraver Purdy Betts Hoyt (1828-1901) (official real estate transfers, in New York Daily Herald, NY Jan 22 1879). Edward died in Manhattan on June 9, 1882 (Brooks 2019). Meanwhile, Harriette and her three children lived in Columbia until 1870 (in fact, their 3rd child was born in Columbia in June Left: wife Harriette C. Harned Keatinge (from ca. 1890). Right: daughter Harriette “Hattie” Keatinge. SPMC.org * Paper Money * July/August 2022 * Whole Number 340 260 1869), when they moved to New York where she had family. So, apparently Edward and Harriette were estranged by then and either divorced or simply living separate lives. And quite a life did Harriette live, independent of Edward. After she moved to New York, she followed in the tradition of her family and became a physician – and at that a truly pioneering woman physician. She received her M.D. from the New York Medical College and Hospital for Women, and her Doctor of Science at Rutgers College. After her training, in 1875 she moved to New Orleans where she established a prominent medical practice. Beyond her practice, she was an educator – she wrote and lectured on homeopathic medicine and women’s health issues including reproduction, and on social issues such as emancipation and enfranchisement of Blacks and prison reform. She was the first woman to address the Louisiana House of Representatives, in 1879, on women’s health issues. In 1883, she returned to New York and practiced medicine there, including serving on the faculty at her alma mater, New York Medical College. She died in 1909. Her daughter Hattie also became a physician. Her daughter Mary (see photo) married Frank Sprague, an electrical engineer and inventor who worked with Thomas Edison. What about Thomas Ball? Thomas Alexander Ball III married Jessie S. Knox, a Fredericksville girl five years younger than Thomas who he met while a merchant there in the 1840s. They had one child: Sarah Alexander Ball, born in 1848 in Fredericksburg (who married Logan Hunton, died in 1912 in New York City, though buried in Virginia). After the war, Thomas took the loyalty oath and was pardoned by U.S. President Andrew Johnson. That amnesty oath document, shown here, is helpful because Thomas’ signature on it shows that he was the signer of the Keatinge & Ball 1864 notes. After the war, Ball returned to Virginia, where he owned a land agency (1868: Ball & Tyler Land Agency, with Grayson Tyler; they bought and sold land in Virginia [Alexandria Gazette, Alexandria, Virginia: April 14, 1868]) and was a life insurance agent (1870: Life insurance agent in Fauquier, Virginia.) In 1870, he made a big move, to San Francisco, California. He continued in the life insurance business there: in 1871 as Ball & Ayres (with John G. Ayres), general agents, Piedmont and Arlington Life Insurance Co., SF; in 1872 as president of the California Mutual Life Insurance Co. [The Daily State Journal, Alexandria, Virginia: June 8, 1872]; and in 1873-1874 as vice- president of the San Francisco Branch of the Pacific Branch of the Republic Life Insurance Company of Chicago, Illinois. [Stanislaus County Weekly News, Modesto, CA: Dec 12, 1873]. But he died in 1876, at age 54 1876 [was buried in Odd Fellows Cemetery, SF; moved to Greenlawn Memorial Park, Colma, San Mateo, CA]. His wife Jessie lived until 1890, and she was buried next to Thomas. Conclusion This first of a two-part series on Southern printers who printed money for themselves during the Civil War shows that the firm of Keatinge & Ball, hand-picked by Christopher Memminger to engrave and print Confederate Treasury notes, also printed their own notes in Columbia, South Carolina, in 1864 to help their employees not lose money due to policies of the Confederate Treasury. In part 2, we will examine four other printers, all from different Southern states and unlike Keatinge & Ball associated with newspapers, who also printed their own paper money: F. L. Cooper and A. N. Kimball of The Mississippian newspaper in Jackson; E. L. Jewell of The Port Hudson News Office in Port Hudson, Louisiana; T. O. Wise and his Periodical and News Depot in Norfolk, Virginia; and C. C. Danley of his Arkansas State Gazette newspaper in Little Rock. Acknowledgments: I thank Bill Gunther for commenting on a draft of the manuscript Bibliography Ball, Douglas B. 1972. Confederate currency derived from banknote plates. The Numismatist 1972, pp. 339-52. Ball, Douglas B. 1983. Fortunes of war affected C.S.A.’s note printers. Bank Note Reporter April 1983. Ball, Douglas B. 1985. The Confederate currency reform of 1862. Coinage of the Americas Conference at The American Numismatic Society, NY. Ball, Douglas B. 1991. Financial Failure and Confederate Defeat. University of Illinois Press, Urbana and Chicago. Brooks, Ross A. 2019. The Visible Confederacy. Images and Objects in the Civil War South. LSU Press, Baton Rouge. The Dublin Almanac and General Register of Ireland, 1847-1849. Pettigrew and Oulton, Dublin. Fricke, Pierre. 2012. Confederate Currency. Shire Publications. Fricke, Pierre. 2014. Collecting Confederate Paper Money. Field Edition. 3rd edition. Gordon, Ann D. 2006. The Selected Papers of Elizabeth Cady Stanton and Susan B. Anthony: When Clowns Make Laws for Queens, 1880- 1887 (Volume 4) (Selected Papers of Elizabeth Cady Staton and Susan B. Anthony). Rutgers University Press, New Brunswick, N.J. Hughes, Brent. 1994. Some outstanding counterfeits of the Type 16 Confederate Note. Paper Money Whole No. 170, pp 47-51. SPMC.org * Paper Money * July/August 2022 * Whole Number 340 261 Hughes, Brent. 2005. The private issue notes of Keatinge & Ball. Paper Money Jan/Feb 2005, Whole No. 235, pp. 44-50. Keatinge & Ball. 1864. Remarks on the Manufacture of Bank Notes, and Other Promises to Pay. Addressed to the Bankers of the Southern Conference. Steam Power Press of F. G. DeFontaine & Co., Columbia, S.C. Keatinge, Harriette C. 1909. “Harriette C. Keatinge’s Experience with the Northern Army during the Civil War. Presented by her daughter, Mary Keatinge Das, youngest of the three children who made the journey with their mother from Columbia, South Carolina.” Library of Congress. LCCN Permalink https://lccn.loc.gov/mm81056150 Middleton, William D. and Middleton, William D. III. 2009. Frank Julian Sprague. Electrical Inventor and Engineer. Indiana University Press, Bloomington and Indianapolis. The National Cyclopaedia of American Biography. 1891-1922. Volume 18. James T. White & Company. Norraikow, Countess. Women in Medicine. Dr. Harriette C. Keatinge comes from a family of physicians. The Pacific Commerical Advertiser. Honolulu, Hawaii. March 3, 1894. Sheheen, Austin M. Jr. 2003. South Carolina Obsolete Notes and Scrip. Midlands Printing, Inc., Camden, S.C. Slabaugh, Arle R. Confederate States Paper Money. Civil War Currency from the South. 12th edition. Krause Publications. Sue Young Histories: Harriette C. Keatinge. https://www.sueyounghistories.com/2008-01-27-harriette-c-keatinge-and-homeopathy/ Williams, W. Crutchfield II. 2020. Memminger’s Models. Relics of the Confederate Treasury Department. The Essay Notes and other interesting stuff. Self-published. http://www.crutchwilliams.com/CSA/EssayNotes/The_Essay_Story_2020.pdf SPMC.org * Paper Money * July/August 2022 * Whole Number 340 262 The Delaware Coat-of-Arms by Terry A. Bryan European society continues to recognize the coats-of-arms of noble families. The revolutionary break from British rule in America caused such monarchical traditions to be put aside. Today, we are surrounded by nouveau coats-of-arms in the form of corporate logos, such as the Golden Arches. The coat-of-arms of Delaware was used as a paper money vignette. This article explains the design, and shows examples of the artistic renderings from different bank note companies. While this Delaware trivia may not be of universal interest, the general topic applies to every American colony, state and territory. They all needed a coat-of-arms and a government seal. The coat-of-arms started literally as a design painted on the overshirt, shield and flag of a medieval soldier. The nobility was obligated to provide a quota of troops to the king’s service. In battle, it was essential to identify friend and foe. Nobles would equip their men with matching symbols. These designs and symbols came to be identified with the noble family off the battlefield. The coat-of-arms came to be codified and passed on to later generations in the same family. Several European countries employ government officials to keep track of these families and coats-of-arms. Kings and princes began to use their coats-of-arms designs as security devices. Engraved on a finger ring, a coat-of-arms could be pressed into wax or clay to put the official touch on an edict, or to seal up a folded document against unauthorized scrutiny. Over time, official seals became somewhat synonymous with coats-of-arms because of this common use of the images. In this article, the terms “coat-of-arms”, “arms”, and “seal” are considered synonyms, although the seal is merely a tool to apply the coat-of-arms to a document. Government bodies still use seals to make documents official. Laws, regulations, treaties, military commissions, share certificates, birth certificates and many other papers have seals applied, embossed or glued on. Many of us have used a Notary Public to verify a signature, adding an embossed seal. These additions to legislation and to valuable papers are now more traditional than vital. There was a time when seals and coats-of-arms were considered essential to the operations of government. In fact, the new American states and government looked on official seals as powerful symbols of legitimacy for the new country. The two-sided Great Seal of the United States is still represented on the back of the current One Dollar Federal Reserve Note. William Penn received the territory along the Delaware River in 1681 from the English King Charles II. The land had already been divided into three counties, but Penn renamed them (New Castle, Kent and Sussex Counties), established county seats, and obtained surveys. Penn had inherited his coat-of-arms from his father. The three counties were merely the “lower counties of Pennsylvania”, but Penn designed coats-of-arms for each one, based on his personal coat-of-arms. Early in the establishment of the new county governments, seals were fabricated from these designs and county government papers could thus be certified. Two of the Delaware counties still use the Penn seal design. In 1704, Delaware became a separate legislative entity. As in the other American Colonies, paper money issues were enacted to finance the King’s business on this side of the ocean. Early Delaware Colonial Notes displayed the coat-of-arms of the King. The state legislatures became revolutionary bodies in 1776. An early order of business in all the new states was to design a coat-of-arms and obtain a seal. Among Delaware’s legislative design committee members was James Sykes, who signed Delaware currency in 1776. The next year, committee records include a verbal description of the desired symbology for a State Seal. Three hundred dollars were earmarked for a three-inch silver seal. Philadelphia was the center of art and engraving in the new nation, and some Delaware legislators traveled there to make the arrangements. The Coat-of-Arms was literally painted on the overshirt of a foot soldier. (Photo: internet commons) William Penn’s Coat-of- Arms inspired the seals of Delaware’s counties. The Kent Co. seal was briefly used as the Great Seal of Delaware. Colonial 1776 signers McKinly and Sykes were involved with the Delaware Seal legislation. SPMC.org * Paper Money * July/August 2022 * Whole Number 340 263 Pierre Eugene Du Simitiere (1736-1784) was a Swiss artist, classicist, writer, naturalist, traveler and numismatist in Philadelphia. His coin collection was the first to be auctioned in America. Prints of his portraits of Founding Fathers were widely sold in Europe. His Philadelphia natural history museum was also a first. He represented Lady Liberty with a cap on a pole in the 1770s. Du Simitiere was called upon during the design process of the Great Seal of the United States, and the Seals of Delaware, New Jersey and Georgia. Whatever his exact contributions, aspects of his artwork and heraldry knowledge are undoubtedly present in these Seals. Before the seal could be completed, the Delaware legislature saw the need for a new issue of paper currency. This 1777 issue proved to be the last one. The new Delaware Coat-of-Arms replaced the arms of the King of England on the notes. This image on the 1777 Delaware currency is the earliest known representation of the Delaware Coat-of-Arms. The Delaware coat-of-arms on these notes is shown in backward orientation to the planned design, flipped left-to-right. It is said to be from a woodcut made by James Adams in New Castle, Delaware who had the printing contract. It might be that Adams had the written description from (or for) the engraver in Philadelphia. Both the woodcut and the engraved seal should have been reversed to form an image in correct orientation. Adams cut the wood in correct view, resulting in backwards printing. Read the paragraphs below about heraldry to see another obvious source of errors. It is understandable if some confusion had intervened in the process of communicating back and forth, especially if a heraldic description was the template. The first published image of the Delaware Coat-of-Arms is reversed ! Before the official silver seal was delivered, the legislature used the Penn seal of New Castle County. The British occupied Wilmington, Delaware in September, 1777. They seized legislative papers and currency, and took away the seal. They also took away the President of the Legislature, Dr. John McKinly. (McKinly’s signature appears on all the Delaware notes of 1776.) The legislature substituted the seal of Kent County. The new State Seal was finally delivered and put to use. The Delaware coat-of-arms remains substantially the same as the 1777 design. Some changes in the wording, adoption of a state motto (Liberty and Independence), and some temporary changes were made over the years. For no known reason, the two men placed beside the shield on the design were omitted for 54 years. They returned to the coat-of-arms in 1847. The Bank of Delaware (1795) was one of the first 20 banks established in the United States. Its corporate seal was derived from the State Seal of Delaware and William Harrison engraved it for the early currency notes, including a $30 denomination. In 1852 the Delaware Legislature moved to have an official heraldic description of the coat-of-arms. Perhaps the various artistic versions of the image were diverging from the traditional picture. Perhaps the early written description was felt to be too vague. In any case, the quaint language of heraldry was called for. This is what the legislature got for its money: Party per fess, or & argent, the first charged with a Garb (sheaf) in bend dexter, and an ear of maize in bend sinister, both proper; the second charged with an Ox statant, ruminating, proper; fess, wavy azure. Supporters on the dexter a husbandman with a hilling hoe, on the sinister a rifleman armed and accoutered at ease. Crest on a wreath azure & argent a ship under full sail, proper; with the words Great Seal of Delaware, and also the motto Liberty And Independence engraved thereon. Translation: A shield (always a shield for these things) divided in half horizontally (party per fess), gold top half, silver bottom half (or and argent). The first (top half) decorated with a sheaf of wheat to the left (in bend dexter)(on the left as you look at the shield)(For some reason the elements on the shield are described from the viewpoint of the knight holding the shield in front of him.) and an ear of corn to the right (in bend sinister)(confused yet?), both elements their natural color (proper); the second (bottom half) with an Ox with four feet on the ground, chewing its cud (statant, ruminating), also natural color. The dividing line between the shield halves (the fess) is a wavy blue line (azure). Supporting the shield are two men, a farmer with a hoe on the right (on the left for the viewer), and a rifleman on the left (right side to our view). The rifleman is equipped and in a relaxed posture. Above the shield is a crest. Delaware’s is a full-rigged ship on the ocean, represented by a braid of blue and silver (azure and argent, a common way to represent water). The first image of the Delaware CoA on state notes of 1777. The Bank of Delaware used the Delaware design on its 1795 bank notes. SPMC.org * Paper Money * July/August 2022 * Whole Number 340 264 The design committee for the coat-of-arms naturally wanted to include symbols significant to Delaware. The ship and wavy blue line spoke to Delaware’s connection to the sea through the Delaware River. The agricultural products and ox represented the rich land. Wheat was on Penn’s 1683 seal for one county, corn on that of another. The proliferation of banks and corporations in the 19th century necessitated a supply of engraved vignettes. Coats-of-arms of all the states were available inventory for all the engraving companies. The artwork loosely followed the “official” description, but artistic impulses could not be suppressed. The elements pictured on the shield varied. The ear of corn: shucked or not? The ox: facing to left or right? The man on the right: a soldier or a hunter? The man with the long gun has been mildly controversial. Sometimes he is armed and dressed like a Revolutionary ranger; sometimes he slings a game bag and a long rifle. The men’s postures vary. Some are so relaxed that they appear intoxicated. The ship floating above the shield has evidently annoyed the artists. The farmer on the left side was often shown holding the ship in his hand, like a man proud of a model kit he just built. In vignettes, the two men (“supporters” in heraldry) have been variously replaced with goddesses, Native Americans, and sailors. Stock vignettes with figures holding up a blank shield were often altered with state elements added onto the shield. The Delaware Coat-of-Arms vignettes veer off from accuracy in these stock vignettes. The Delaware design was even altered into stock vignettes by small changes, merely to put one more image into the Danforth, Bald & Co. used stock vignettes w/Delaware elements on the shield in 1852. Supporters-goddesses, sailor and an Indian company inventory. In some cases, the ship above the shield was replaced by a beehive, and the farmer holds a sickle instead of a “hilling hoe”. The background items also vary widely (bales, barrels and the usual ship and train clichés of the period). Lithograph cuts of the period show similar variations. Some of them are cartoonish. The companies that supplied scrip notes and job printing used a wide variety of Delaware Coat-of- Arms vignettes. Danforth, Bald & Co., Toppan, Carpenter & Co., the American Bank Note Company and all the others had their own takes on the Delaware coat-of-arms. There was no copyright prohibiting its use or alteration. Tiny state seals adorn some vignettes. As long as you were not faking a military commission or legislative act, the image was available. Fairman, Draper, Underwood let Liberty & Justice support the shield in the 1820s. Toppan, Carpenter & Co./ABNCo. used this artistic Delaware Coat-of- Arms starting in 1854. Toppan, Carpenter & Co./ABNCo. also used this version in the 1850s and 60s. American Bank Note Co. created this late version of the Delaware CoA. Two wheats, no ear of corn represent an error. This artistic Seal is found on a stock certificate with no imprint. Young & Duross used this lithographed version in the 1850s. Successor Duross Brothers were prolific scrip printers. SPMC.org * Paper Money * July/August 2022 * Whole Number 340 265 Two of the Delaware Arms vignettes were also split into halves to decorate each end of Obsolete Currency. On a Delaware bank note, this seems oddly casual treatment of an important state symbol. Naturally, several of Delaware’s banks used versions of the Delaware coat-of-arms on their notes. Predictably, the seal design also appears on contemporary counterfeits. United States National Currency notes of the Original Series, Series of 1875 and Series of 1882 featured the appropriate State Seals on reverses. Peter Huntoon and Andrew Shiva have described the many changes made in various Seals over the years. (Paper Money Vol.52, #283, 284, 285 of 2013) The Delaware design on Federal National Currency did not change throughout the period. Underwood, Bald, Spencer & Hufty placed this tiny Seal on the bottom center of notes in the 1840s. Counterfeiters copied it extensively E.A.Wright Bank Note Co. used this design on stock certificates. Security Bank Note Co. copied the ABNCo. error with two wheats, no ear of corn in the early 1900s. The Delaware Coat-of-Arms is barely visible on this allegorical UBS&H/Danforth, Underwood vignette from the 1840s. This micro-Declaration of Independence is signed by Charles Toppan. The tiny state seals are finely detailed. This reverse ad proof is the work of Draper, Toppan & Longacre. The state seals are in the same order as the Toppan work. Another Toppan, Carpenter/ABNCo. vignette was split in half to decorate a note in the 1850s. Rawdon, Wright & Hatch altered their Delaware vignette for general use in the 1840s. A distaff and the Caduceus on the shield and the beehive crest are among the divergences from the official Delaware design. Rawdon, Wright & Hatch also split the altered Delaware vignette to decorate the ends of notes. United States National Currency used this Delaware Seal on the Original Series, Series of 1875 and Series of 1882 backs. SPMC.org * Paper Money * July/August 2022 * Whole Number 340 266 A seal, merely a die to press into a soft material, would not produce a color picture, of course. However, the colors desired for the coat-of-arms were specified. Engraving has standards for representing colors. For example, gold is represented by circular stipples. Noble coats-of-arms were colorful images, but when engraved for a seal or coin, the engraving had to show the colors with crosshatching, dots and lines. Red was usually close vertical lines, blue was horizontal lines. Wonderful arms engravings are found on British Commercial Coins of the late 18th century. In the 1960s, the Delaware Legislature codified the proper colors for the Delaware Coat-of-Arms; they had the color recipes listed, and these colors are now official. The top half of the Delaware shield is supposed to be gold, but the wheat and corn do not contrast with that background. The modern Seal uses red with gold dots, which is a synthesis of the traditional engraved standard way to show gold, but allows the agricultural products to be visible. The modern Delaware State Seal has changed only to alter the dates shown in the margin. The previous design showed dates in which the Seal design had been officially changed. An elementary school class petitioned the Legislature to replace these meaningless dates with three significant years. 1704 is the date of Delaware’s separation as a distinct Colony. 1776 is the date of Delaware’s signing of the Declaration of Independence after Caesar Rodney’s famous trip to Philadelphia (see the 1999 Delaware Quarter). 1787 represents Delaware becoming The First State to ratify the U.S. Constitution. Numismatic, philatelic, militaria, medallic art, china and other collectibles feature images of the Delaware State Coat-of-Arms. Nowadays, it can be found on coffee mugs and mouse pads. As with all the State Seals, there is a long history behind the evolution of these important symbols of government power. Sources: Burnalli, Vincent. “William Penn and James II”. Proceedings of the American Philosophical Society, Vol. 104 #1, pp.35-53. Delaware Historical Society. Bank of Delaware archives. Delaware State Archives, Delaware Seal file. Du Simitiere information at www.dla.library.upenn.edu (Library Company of Philadelphia finding aid for the Du Simitiere collection). Hessler, Gene. The Engraver’s Line. BNR Press: Port Clinton. 1993. Huntoon, Peter, Shiva, Andrew. "Seals on National Currency in Paper Money," Vol. 52, #283, 284, 285 for 2013. Newman, Eric. Early American Currency. Western Publishing: Racine. 1976. Penn biography at www.ushistory.org. Rodney, Richard S. Colonial Finances in Delaware. Wilmington Trust Co. 1928. Scharf, Thomas. History of Delaware. L.J. Richards: Philadelphia. 1888. Stack’s. The 52 Collection. (auction catalog), N.Y. 2010. Zieber, Eugene. Heraldry in America. Crown Publishers: N.Y. 1984. The modern Great Seal of Delaware has colors specified, and adds dates significant in Delaware history. This nice vignette was found among Wellstood material, but it is unattributed Charles Magnus used a lithograph Delaware Coat-of-Arms on many Civil War products. An 1890s State Treasurer Check displayed this lithograph, obviously officially acceptable. SPMC.org * Paper Money * July/August 2022 * Whole Number 340 267 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 Treasury Building Display & 1935 $1s without officer titles & 1935A $1s mules from back plate 2 Introduction and Discovery The launch of the $1 Series of 1935 silver certificates came three years into FDR’s New Deal restructuring of the U.S. economy. Those were heady times in the U.S. Treasury because the Treasury was at the center of things. It was in the throes of salvaging the banking system from ruin, our currency system was freed from the gold standard, and relief program spending designed to lift the nation from the Great Depression was in full swing. Hope was displacing despair in the general population as these architects of recovery led by President Roosevelt attempted to demonstrate that the Federal government was in the corner of every citizen, not just the monied elite. The Bureau of Engraving and Printing was caught up in this momentum. Its director, Alvin W. Hall, was 47 years old, already 11 years into his 30 years at that post, and destined to be the longest serving director in BEP history. The Bureau’s currency operation was coming off the massive retooling involved in the conversation from large to small size currency, the crush of the emergency currency printings in 1933-4, and the legislative-driven launch of new series of silver certificates, gold notes and Federal Reserve notes in 1933-4. FDR, popularly called the collector-in-chief owing to his avid pursuit of philately, was not some distant figure separated from Hall by layers of bureaucracy. Instead, FDR was right there passing along ideas for commemorative stamps, often in sketch form, and ultimately the force behind entirely new series of stamps including the popular National Parks series of 1934 and the Presidential series of 1938. Currency was not beyond FDR’s interest. When the Bureau began to modernize the production of $1 silver certificates by overprinting the Treasury signatures, he advised Treasury that the back of those The Paper Column Jamie Yakes Peter Huntoon Figure 1. The first $1 Series of 1935 silver certificate production plates were made in August 1935. Both of these subjects are from the G position of plate 1. Notice that the titles of the Treasury officials were initially omitted (top) in anticipation of them being overprinted along with the signatures. The titles were added (bottom) after it was recognized that there was no benefit to overprinting them because the titles never would change. This particular plate was recertified with the added titles on October 18, 1935. SPMC.org * Paper Money * July/August 2022 * Whole Number 340 269 new $1s should carry images representative of the nation rather than being generic monopoly back designs inherited from the 1920s that did nothing more than specify the denomination. He suggested that it would be appropriate to put the Great Seal of the United States on the backs with all its historic and allegorical symbolism. Hall saw to it that FDR’s wishes reached fruition. As the work progressed, the very first back and face plates finished for the new series happened to be the number 2 plates of each, both on August 9, 1935. Those plates were immediately sent to press for an experimental print run between August 9th and 12th. The press run was a success but there was one peculiarity with the face plate. It didn’t have the titles of the Treasury officials under the spaces reserved for their signatures. Initially, it was the plan to overprint the titles along with the signatures. The Treasury officials were so proud of their new $1s, they immediately took the two plates from the presses and placed them in a display case in the lobby of the Treasury Building in order to showcase their success. There they sat from August 12, 1935, to April 7, 1938. When the display was dismantled, the two plates were returned to the active plate vault and pressed into use. Somewhat less than three years had passed, but important things had transpired while those plates were on ice. They emerged as if from a time capsule to find that the titles of the officers had been added to the production plates and the size of the plate serial numbers had been greatly increased at request of the Secret Service. Thus, back plate 2 bearing micro-size 2s found itself in service next to other micro plates with high 3-digit numbers, thereby producing wonderful Series of 1935A mules in the QA, RA, SA and TA serial number blocks. Those mules were particularly odd owing to the single digit number. Early collectors couldn’t understand how a plate with such a low number could have been used that late. Face plate 2, because it was locked up in the display, slipped by without having the titles of the Treasury officials added to it. This detail was not noticed when it was sent to press in 1938 until a sizable number of sheets had been printed from it. Much to everyone’s chagrin, when the flaw was discovered, the Bureau employees had to cull every Figure 2. President Franklin D. Roosevelt suggested the use of the Great Seal of the United States on the backs of the forthcoming Series of 1935 silver certificates. Library of Congress photo. Figure 3. BEP Director Alvin Hall ordered the audit of the situations that allowed $1 1935 sheets of silver certificates without officer titles to contaminate the BEP production lines on two separate occasions, one in 1935, the other in 1938. Library of Congress photo. SPMC.org * Paper Money * July/August 2022 * Whole Number 340 270 one of the sheets printed from it from the production stream. That was a major headache so Director Hall ordered a through audit report on just what had happened with recommendations to prevent a recurrence. Coauthor Huntoon discovered certified proofs for twelve Series of 1935 plates without officer titles many years ago while sorting the proofs in the National Numismatic Collection where they now reside. In short order, he also found the proofs for the altered versions of eleven of those plates where the titles had been added. This looked big to him. He deduced that these proofs represented stages in deciding just what should be left on the face plates and what should be overprinted as the Series of 1935 kicked off. The proofs without the titles were a very interesting find, so he wrote a short article showing before and after versions of one of those plates. As fate would have it, that article got hung up in his unpublished queue because other topics received higher priority. In January 2010, coauthor Yakes, independently and without knowledge of Huntoon’s find, started digging through the 1930-era BEP correspondence files housed in the National Archives. He came upon the report that Hall had ordered. It turned out to be the most thorough examination of such an occurrence we have ever seen, and it is very revealing of the internal workings and record keeping that attends currency production. Huntoon was sitting next to him when he found the report so the sparks flew. A few more years later, Yakes was studying the $1 back plate history ledgers in the U.S. National Archives. As he worked his way through the first of the 1935 back plate entries, it suddenly dawned on him that the production record for back plate 2 was virtually identical to face plate 2 with the same first printing dates and the same three-year hiatus before regular production resumed. He had one of those blinding ah ha moments that come to lucky but prepared researchers. Of course, when the Bureau put the number 2 face plate on display, they also put the number 2 back plate alongside it to showcase the new back. After all, the back was the big news item of the day, not the face. Suddenly this story got bigger, far more interesting and complete. This is that story. Overprinted Treasury Signatures The Treasury signatures were incorporated into the intaglio designs of face plates made prior to the Series of 1935 $1s. Consequently, the Bureau was left with an inventory of plates with obsolete signatures whenever one or both Treasury officials changed. Typically, the obsolete plates continued to be used until they wore out, often mixed with new plates bearing the current signatures on the same press. Sometimes some of the plates with obsolete signatures were canceled, which constituted a costly waste. The $1s were targeted for overprinted signatures because they were the largest currency production item, so innovations typically were applied first to that denomination. All the other classes and denominations followed beginning 15 years later with the introduction of the Series of 1950 Federal Reserve notes followed by the Series of 1953 silver certificates and legal tender notes. Overprinting information other than seals and serial numbers was not new in 1935. Overprints had been successfully employed previously to add the bank specific information and bank signatures to Series of 1929 national bank notes beginning in 1929 and to the emergency Series of 1929 Federal Reserve bank notes produced in 1933-4. Figure 3. Series of 1935 micro back plate 2 was the first of its kind to be finished, used for three days, then put on display with face plate 2 in the lobby of the Treasury Building for almost three years, before returning to production to create exotic 1935A mules. SPMC.org * Paper Money * July/August 2022 * Whole Number 340 271 There was debate over just how much information should be included in the overprints on the $1 Series of 1935 silver certificates. It took three years to fully settle the issue. Only the signatures were overprinted when the Series of 1935 notes went into production in 1935. The series was included as part of the intaglio face plate. However, with the advent of the Series of 1935A in 1938, the standard adopted was to overprint both the Treasury signatures and the series. Curiously, at the outset of the Series of 1935, they planned to not only overprint the Treasury signatures, but also their titles. To this end, the first twelve Series of 1935 face plates did not carry the titles of the officers. Those plates bore plate serial numbers 1-11 and 14. Plates 12 and 13 were never finished. A second print run was conducted on a four-plate power press from September 7-9, 1935, utilizing face plates 1, 3, 4 and 5. It was then determined that overprinting the officer’s titles served no purpose, so the decision was made to add the titles to the intaglio face plates beginning with face 15. In due course, the titles were added to eleven of the original plates, but not number 2, which was on display. We’ll let the auditor from the BEP Accounting Division pick up the story from here. Stay focused on two things as you read his report. (1) Carefully observe the ad hoc efforts described that were undertaken to retrieve the sheets made without the officer titles both in 1935 from plates 1, 3, 4 and 5, and in 1938 from plate 2. (2) Remember that after 1938, face plate 132274 bearing plate serial number 2 is the center of attention. The auditor will use Treasury plate number 132274 instead of plate serial number 2. Don=t lose sight of the fact that all of this is taking place in a factory where people are working against production deadlines and laboring under very heavy workloads. The sheets without the titles are gumming up the works and are being treated as misprints. The eternal numismatic question is: Did they catch every sheet without Treasury titles? A careful reading will reveal that the writer of the report will not say conclusively that all were found. As far as he will go is to imply that it appears that they were found. However, he is careful to point out that his conclusion has to be tempered by the limitations inherent in imprecise record keeping coupled with faulty institutional memory, much of it three years old at the time he wrote the report. Enjoy this extraordinary tale. Then start looking. Treasury Department Bureau of Engraving and Printing Accounting Division Memorandum June 1, 1938 The Director. Herewith please find report and accompanying statement relating to engraved plate number 132274, $1 silver certificate face, series 1935, and other plates of the same series and description which were engraved without sub-titles and signatures of certifying officers. Respectfully submitted, E. G. [illegible] Report relative to engraved plate number 132274, $1 silver certificate face, series 1935, and other plates of the same description which were engraved without sub-titles and signatures of the Secretary of the Treasury and Treasurer of the United States, respectively. Records of the engraving division and certified proofs in the files definitely establish the fact that twelve (12) engraved plates were made without sub-titles and signatures of certifying officers. These plates were the first ones made for the 1935 series of $1 silver certificate faces and were numbered 132273 to 276, 132284 to 287, 132299 to 301, and 132308. All have subsequently been destroyed by the Committee of 1936, except plate 132274. Certain officials and employees who recollect the procedure at that time state that it was planned to overprint sub-titles and signatures from surface plates and, accordingly, the engraved plates were prepared with sub-titles and signatures omitted and certified as finished plates. Schedules reflecting the delivery of these plates to the plate vault list the plate numbers in the regular manner and do not carry any notation concerning any irregularity. SPMC.org * Paper Money * July/August 2022 * Whole Number 340 272 Subsequent to certification and delivery to the plate vault, five (5) of the above-described plates, namely, 132273 to 276, and 132284, were issued to the plate printing division. Plate 132274 (without sub- titles and signatures) was sent to section 4 on August 9, 1935, and dropped August 12, 1935. During that period 841 sheets were printed. Printings Press Sheets August 9, 1935 430 20 August 10, 1935 428 180 August 12, 1935 428 641 841 (distinctive paper earmarked for experimental purposes) On August 12, 1935, plate 132274 was delivered to the superintendent of buildings and grounds, properly receipted for, and placed in a display case in the lobby, where it remained until April 7, 1938. Plates 132273, 275, 276 and 284 (all without sub-titles and signatures) were sent to press in section 4 on September 7, 1935, and dropped September 9, 1935. During that period, 2,300 impressions were printed, 575 from each plate. Printings Press Sheets September 7, 1935 428 1,200 September 9, 1935 428 1,100 2,300 (includes 159 sheets of distinctive paper earmarked for experimental purposes, and 2,141 sheets of regular distinctive currency paper) After considerable experimenting, it was decided to overprint only the signatures of certifying officers on the notes and to abandon the plan of overprinting the sub-titles. Accordingly, eleven (11) engraved plates, numbers 132273, 132275, 132276, 132284 to 287, 132299 to 301, and 132308, were withdrawn from the plate vault on September 10, 1935, Requisition 767, by the engraving division for alteration. Engraving division records indicate that the alterations made on these plates comprise the engraving of sub-titles of certifying officers. Plate 132274 was on September 10, 1935, in the display case, as previously mentioned and was not listed on the requisition withdrawing the plates for alteration at that time, nor has it since been altered. In October, 1935, after the insertion of sub-titles had been made, the above-mentioned eleven (11) plates were recertified and redelivered to the plate vault. These plates were used for printing during the succeeding months and were subsequently cancelled and destroyed. On April 7, 1938, the lobby display was dismantled and engraved plate 132274 was returned to the plate vault and restored to the good rack from which it had been taken in August, 1935. On April 25, 1938, it was issued to the plate printing division, section 9, and 1,464 sheets were printed. Printings Press Sheets April 25, 1938 not used --- April 26, 1938 915 600 (1/4 of 2,400) April 27, 1938 915 600 (1/4 of 2,400) April 28, 1938 915 264 (1/4 of 1,056) 1,464 (distinctive currency paper) This plate (132274) was returned to the plate vault from section 9 on April 28, 1938, and reissued to section 7 on May 2, 1938, but was immediately dropped and no impressions were printed. Table 1 is a statement showing detailed information with respect to each of the twelve (12) plates herein described. Accountability for Impressions Printed Printed Plates Sheets Paper August 9-12, 1935 132274 841 experimental September 7-9, 1935 132273, 275, 276, 284 159 experimental September 7-9, 1935 132273, 275, 276, 284 2,141 regular April 26-28, 1938 132274 1,464 regular 4,605 SPMC.org * Paper Money * July/August 2022 * Whole Number 340 273 The printings of August 9-12, 1935, from plate 132274, comprising 841 sheets, together with 159 sheets (part of 2,300) printed from plates 132273, 275, 276 and 284, on September 9, 1935, represented a package of 1,000 sheets of distinctive currency paper drawn for experimental purposes, subsequently printed on reverse side from a regular $1 uniform back plate and then printed on obverse side from the face plates herein described. No orders or memoranda can be found concerning the drawing of the paper. This lot of 1,000 sheets was earmarked as experimental and was finally delivered to the Division of Loans and Currency for destruction. Delivery Section Sheets October 10, 1935 numbering 878 October 12, 1935 numbering 122 1,000 The balance of the printings of September 7-9, 1935, from plates 132273, 275, 276 and 284, comprising 2,141 sheets (2,300 less 159 sheets accounted for in preceding paragraph) were printed on regular distinctive currency paper with $1 uniform backs on reverse side, and no indication of being experimental. These sheets were taken up in the accounts as regular $1 silver certificates, series 1935. They can be traced to the numbering section and, according to the dates and amounts of certain mutilated deliveries, together with information furnished by employees, it would appear that such sheets have been delivered as mutilated and destroyed. The records and schedules, however, fail to show any notations by which the final disposition of these particular sheets may be definitely determined. The above-described 2,141 sheets are believed to have been a part of and included in mutilated deliveries made on the following dates. Delivery Section Sheets September 30, 1935 examining 58 September 24, 1935 numbering 781 October 12, 1935 numbering 278 October 18, 1935 numbering 1,518 2,635 The printings of April 26 to 28, 1938, from plate 132274, comprising 1,464 sheets, were printed on distinctive currency paper with $1 uniform backs on reverse side, and were taken up in the accounts as regular $1 silver certificates, series 1935. The omission of sub-titles of certifying officers was not detected until some of these sheets reached the numbering section. A search was made and 158 sheets are purported to have been found in the numbering section and delivered as mutilated on May 9, 1938, included in an item of 4,333 1/3 mutilated sheets. The examining division purports to have located 1,405 sheets, which, it is claimed, were delivered as mutilated on May 17, 1938, included in an item of 2,400 mutilated sheets. The sum of the two amounts purported to have been located and delivered as mutilated, namely, 158 sheets and 1,405 sheets, equals 1,563, which is 99 sheets greater than the amount printed. In both instances the sheets were delivered as regular $1 silver certificates, series 1935, without any segregation or notation on the schedule concerning the particular sheets or the irregularity in question. Table 1. Engraved plates for $1 Silver Certificate Faces, Series 1935. (Prepared on May 31, 1938) Date Issued Plate Serial Date Date of Certification and Original to Press (Prior Sheets Withdrawn for Nature of Alteration Date of Number Number Begun Status (per certified proof) to alteration) Printed Alteration (per re-certified proof) Recertification 132273 1 Jul 31, 1935 Aug 15, 1935 - no sigs or titles Sep 7-9, 1935 575 Sep 10, 1935 sub-titles inserted Oct 18, 1935 132274 2 Jul 31, 1935 Aug 9, 1935 - no sigs or titles Aug 9-12, 1935 841 Apr 26-28, 1938 1,464 --- --- --- 132275 3 Jul 31, 1935 Aug 16, 1935 - no sigs or titles Sep 7-9, 1935 575 Sep 10, 1935 sub-titles inserted Oct 9, 1935 132276 4 Jul 31, 1935 Aug 19, 1935 - no sigs or titles Sep 7-9, 1935 575 Sep 10, 1935 sub-titles inserted Oct 8, 1935 132284 5 Aug 5, 1935 Aug 19, 1935 - no sigs or titles Sep 7-9, 1935 575 Sep 10, 1935 sub-titles inserted Oct 8, 1935 132285 6 Aug 5, 1935 Aug 21, 1935 - no sigs or titles --- --- Sep 10, 1935 sub-titles inserted Oct 18, 1935 132286 7 Aug 5, 1935 Aug 23, 1935 - no sigs or titles --- --- Sep 10, 1935 sub-titles inserted Oct 9, 1935 132287 8 Aug 5, 1935 Aug 16, 1935 - no sigs or titles --- --- Sep 10, 1935 sub-titles inserted Oct 9, 1935 132299 9 Aug 7, 1935 Aug 26, 1935 - no sigs or titles --- --- Sep 10, 1935 sub-titles inserted Oct 21, 1935 132300 10 Aug 7, 1935 Aug 21, 1935 - no sigs or titles --- --- Sep 10, 1935 sub-titles inserted Oct 8, 1935 132301 11 Aug 7, 1935 Aug 23, 1935 - no sigs or titles --- --- Sep 10, 1935 sub-titles inserted Oct 8, 1935 132308 14 Aug 8, 1935 Aug 23, 1935 - no sigs or titles --- --- Sep 10, 1935 sub-titles inserted cancelled prior to completion Note: The above plates were destroyed by the Committee of 1936, except plate number 132274 which is being held in the plate vault. SPMC.org * Paper Money * July/August 2022 * Whole Number 340 274 Comments and Recommendations In this particular instance the schedule from the engraving division to the plate vault, accompanying the twelve plates without sub-titles or signatures, does not show any irregularity with respect thereto but lists these twelve plates under the same series and description as other plates with sub-titles. It appears that all of the transactions in connection with the plates and the printings described herein were performed under verbal rather than written instructions. At the time the plates in question were issued from the plate vault to the plate printing division these particular plate numbers were, no doubt, requested and obtained for experimental printing. No written memorandum can be located concerning the use of these plates or authorizing the drawing of paper. In view of the foregoing, the following recommendations are submitted for consideration: 1. That engraved plate 132274, $1 silver certificate, series 1935, be formally authorized for cancellation and destruction. 2. That all printings of an experimental nature be imprinted only on paper drawn, earmarked and segregated for that specific purpose. 3. That no paper be drawn or sheets printed for experimental purposes except upon written order or memorandum. 4. That all items used for display purposes, including plates, dies, rolls, or printed impression, be cancelled or marked in such manner as to make them unsuitable for regular use. 5. That in the preparation of schedules, particularly with respect to mutilated work delivered, every item involving an irregularity should be listed separate from other items on the schedule and an appropriate notation be given with respect thereto. Under present practices, items involving some particular irregularity are not segregated but are grouped with other sheets of the same general class. As a result, it is impossible, in some instances, to trace or definitely establish the disposition of such times. The Back Story The rollout of the $1 Series of 1935 back plates was routine. The first four plates were begun August 5, 1935. Plate 2 was the first to be finished, an event that occurred on August 9th, the same day as the first face plate was finished, also number 2. The rest of the back plates began to be certified on August 16th. The story for plate 2 diverges from the others. It and face plate 1 were rushed to press the day they were certified for an experimental run of the new series. Once that press run was completed, back plate 2 and face plate 2 were immediately put on display side-by-side in the lobby of the Treasury building where they remained until April 7, 1938. Figure 4. Series of 1935A mule carrying a back impression from micro back plate 2. Early-on, collectors were baffled by finding notes with such a low plate serial number on the backs of Series of 1935A notes with 1938 serial numbers. SPMC.org * Paper Money * July/August 2022 * Whole Number 340 275 The 841 sheets that the two plates produced in the experimental August 9-12, 1935 press run were marked as experimental and delivered to the Division of Loans and Currency for destruction. You won't find any face 2/back 2 notes with AA serials because none survived to be numbered. Serial A00000001A wasn’t printed until November 19, 1935, from later printings. As revealed on Table 2, back 2 began to be pressed into normal service beginning April 11, 1938, after it had been retrieved from the display, and was last used October 24, 1938. By 1938, it was an odd duck because it bore micro plate numbers. It is known to have created Series of 1935A mules in the QA, RA, SA and TA serial number blocks (Schlingman, 2003). Conclusion – Possible Varieties When face plate 1, 3, 5 and 6 production was taking place during September 7-9, 1935, the plates were mounted on one 4-plate power press. The only feed stock of backs available at the time consisted of plates with micro plate serial numbers. Consequently, all that production consisted of Series of 1935 non- mules. The April 11-October 24, 1938, back plate 2 production was carried out on 4-subject power presses, so there were three other plates on the press. Some of the other plates could have had macro plate serial numbers. That production could have been routed to either Series of 1935 or 1935A face presses, so all four combinations of non-mules and mules were possible. The April 26-28, 1938, face plate 2 production also was carried out on 4-subject presses but all the other plates on the press were Series of 1935s with micro numbers. The back-feed stock could have been a mix of sheets printed from micro and macro backs. Therefore, the plate 2 faces could have been mated with either micro or macro backs to create respectively 1935 non-mules and mules. Table 3 lists all the possible varieties that could have been printed from face plate 2 without titles and back plate 2 that were involved in regular production runs. The possibility of the face varieties without titles listed on Table 3 being released assumes that not all the sheets that were printed were culled from the production lines after it was discovered they had been printed. None have been found. Both the Series of 1935 non-mule and 1935A mule back plate 2 varieties listed on Table 3 are possible. Only 1935A mules are reported. Consecutively serial numbered notes from the various production runs involving back and face plates 2 would exhibit changeover serial number pairs between those plates and the other plates on the presses. For example, a Series of 1935A changeover pair could consist of a non-mule back and a back plate 2 mule. Table 2. Timeline for Series of 1935 $1 back plate 2 (Treasury plate no. 132281). Aug 5, 1935 Plate begun Aug 9, 1935 Certified Aug 9-12, 1935 First press run: 841 sheets printed, all mated with $1 1935 face 2, all sheets destroyed unnumbered. Aug 12, 1935-Apr 7, 1938 Displayed with face plate 2 in the Treasury building lobby Apr 11-Jun 1, 1938 Regular press run Jun 10-Jun 30, 1938 Regular press run Jul 7-Oct 24, 1938 Regular press run Oct 25, 1938 Canceled Table 3. Possible exotic $1 Silver Certificate varieties. Series of 1935 faces without titles of Treasury officials Face plates 1, 3, 4, 5 Sep 7-9, 1935 1935 non-mules Face plate 2 Apr 26-28, 1938 1935 non-mules & 1935 mules Backs with micro plate no. 2 Back plate 2 Apr 11- Oct 24, 1938 1935 non-mules & 1935A mules SPMC.org * Paper Money * July/August 2022 * Whole Number 340 276 To date, only one changeover pair has been reported involving back plate 2; specifically, 1935A S11556828A F590/772 and S11556829A A630/2, both of which are mules. That jewel is owned by small size silver certificate specialist David Schlingman. The $1 notes in serial number blocks NA though UA were being numbered during the period when back 2 was in use between April 11 and October 24, 1938. The reported specimens fall in the middle of this range. Outliers may have reached the numbering division early enough to receive NA or PA serials or lagged to get UA serials. Vanity Has Its Price This saga started in 1935 with proud Treasury officials from Secretary of the Treasury Henry Morgenthau down to BEP Director Alvin W. Hall wanting to showcase their success in producing a new series of $1 silver certificates that incorporate President Roosevelt’s back design as well as the innovation of using overprinted signatures. They authorized the release of the first back and face plates to the Superintendent of Buildings and Grounds so that they could be displayed the lobby of the Treasury Building. Would that display have taken place if the back was not President Roosevelt’s idea? Then those perfectly usable plates were retrieved from the display three years later and, in the interests of economy, returned to the active racks in the BEP plate vault. By then, no one was thinking about details such as whether the face plate had officer titles or that the back plate had obsolete micro plate numbers. Sending those plates to press became a wonderful case of unintended consequences—great for collectors of currency varieties, a nightmare scenario for the put-upon already overworked BEP production employees who had to cull the sheets with missing officer titles that contaminated the production stream throughout the plant. Sources of Data and References Cited Bureau of Engraving and Printing, 1863-1980, Certified proofs of currency production plates: National Numismatic Collection, Museum of American History, Smithsonian Institution, Washington, DC. Bureau of Engraving and Printing, 1913-1939, June 1, 1938, audit report concerning the printing of $1 Series of 1935 silver certificates without the titles of the Treasury signers: Bureau of Engraving and Printing correspondence files, Record group 318, box 273 (1938), folder entitled Orders and Instructions, 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, 2004, BEP History: BEP Historical Research Center, 30 p. Bureau of Engraving and Printing, various dates, Ledger and historical record of stock in miscellaneous vault: Record Group 318, Entry P1, containers 40 & 41, U.S. National Archives, College Park, MD. Huntoon, Peter, 1988, Small note mules, a fifty-year retrospective: Paper Money, v. 27, p. 5-12, 14. Huntoon, Peter, Jul-Aug 2012, Origin of macro plate numbers laid to Secret Service: Paper Money, v. 51, p. 294, 296, 316. Huntoon, Peter, and Jamie Yakes, Sep 2011, Signature overprinting not seamless: Banknote Reporter, v. 60, p. 18, 20-22, 24. Schlingman, David, June 2003, 1935A $1 mules with back plate 2 pose mystery: Bank Note Reporter, p. 22. SPMC.org * Paper Money * July/August 2022 * Whole Number 340 277 The last date of Type-40 Confederate Currency: the intriguing date of January 16th, 1863  by Enrico Aidala M.D.  The Type 40 Confederate note was the second interest bearing Train type $100 note issued in quantity by the Confederate Treasury Department. 214,400 notes were issued, printed by J.T. Paterson & Co, Columbia S.C. and dated from August 9th, 1862 to January 16th, 1863. These notes paid annual interest of 7.30% (2 cents per day), the same as Types T-39 & T-41. This interest was double the interest paid on the First series of Montgomery and Richmond notes, which was 3.65% (1 cent per day). The note shows the vignette of a train with an easily visible diffused steam (clear) from the safety valve and a milkmaid on the left. The design is almost identical to the Type-39 with the only exception of the straight steam (all white) on the train’s safety valve. Collectors often label these notes as “Trains” or “seven-thirty” notes. T-39 and T-40 were classified as different types by Criswell; however, early writers and historians classified them as one Type and/or Variety and described them as a ‘Train of Cars.’   Most serious collectors know that the listings of issue dates, signers, serial numbers and plate letters can be found in the Register of the Confederate Debt by Raphael Thian. Raphael Prosper Thian had been Chief Clerk of the U.S. Army Adjutant General’s Office for more than a decade. During that time, the organization and publication of the Rebel Archives had languished; tons of rebel documents and records had been carted back to Washington, D.C. by the victorious U.S. Army from various locations in the South. The middle-aged clerk published many volumes, and among them,  the work for which he has found numismatic acclaim. He compiled, and Congress published, his Register of Issues of Confederate States Treasury Notes, Together With Tabular Exhibits of the Debt, Funded and Unfunded, of the Confederate States of America, 1861-1865, 190 pages, which appeared in 1880. Thian, working on his own, succeeded in enumerating, from available hand-written registers of the Confederate Treasury-note Bureau, a chronological listing of various Confederate treasury note emissions, including signers, series, and serial letter and number data. From this information, he was able (in part, since records he could discover were fragmentary, especially for the notes issued under the Act of Feb. 17, 1864), to compile tables calculating currency volumes and also publish bond issue tables.  At the moment six original volumes of the Register have been found and they are considered one of the rarest books in the United States. An original Thian’s Register was rediscovered by Dr. Douglas B. Ball, who convinced Al Hoch to reprint it in 1972 under Hoch’s Quarterman Publications, with the title of Register of the Confederate Debt, which is the most commonly known and used reference work today.  The aim of this paper is to study a small group of T-40 notes that are all dated January 16th, 1863. These notes are not listed in Thian’s Register for date of issue. Figure 1 shows an example. At the moment, and to my knowledge, all of these notes belong to a single run (100 serial numbers group) numbered #69401-69500 Aa-Ah, signed by A. W. Gray for Treasurer and by W. Hancock for Register, and according to the Register, they were supposed to be dated January 8th, 1863, which is more than a week before the actual date written on the front of the notes.  In Thian’s Register, Confederate notes Type 39, 40 and 41 are shown on pages 35-39. The very last groups of issued Type 40 notes are listed on page 37 for dates and on page 38 for signers; these are shown in Figure 2. As seen in the orange boxes in Figure 2, notes dated January 8th, 1863 were issued and serialized #68201-69900, but only the 500 notes numbered 69001-69500 were signed by A.W. Gray for Treasurer and W. Hancock for Register. These are the runs we will focus on in this paper. Among these five runs of notes, correctly dated on Thursday January 8th, 1863, collectors found some rare notes dated on the following Friday January 16th, 1863.   Figure 1 Confederate Treasury Type-40 note, dated January 16th, 1863, serial number 69404, plate Ag SPMC.org * Paper Money * July/August 2022 * Whole Number 340 278 The following last four runs of T-40 types, #69501-69900, were again dated on January 8th, 1863, but they were signed by two different clerks, W. G. Allen for Treasurer and C. S. Taylor for Register (green boxes). The author is part of a group of collectors and researchers known as the Trainmen (www.CSATrainmen.com), who are focused on the study of Confederate Currency we describe as CSA Trains (T-39 and T-40) and Hoers (T-41). Over the last few years, the author, with the help of a few other Trainmen, has been keeping a census of them, and at the moment we have been able to confirm thirteen examples of T-40s dated January 16th, 1863. Following are the serial numbers and images of the known notes. Figure 3 shows images. 69403Ag 69404Ag 69416Af 69419Af 69421Af 69423Ac 69446Aa 69446Af 69454Ab 69457Aa 69462Ab 69462Ag 69486Aa  T-40 as well as T-39 notes were printed on sheets of eight notes, with plate positions from Aa to Ah. A run of 100 sheets and serial numbers, as all of the T-40 notes were grouped, accounted for 800 notes ready to put in circulation.  The thirteen (13) examples in Figure 3 dated January 16th show five (5) of the eight (8) different plate positions and nine (9) different serial numbers, covering at this time 84 numbers from #69403 to #69486 (Figure 4 shows the lowest and highest numbered examples). Knowing this, there is no evident hurdle in presuming that all of the run, #69401-69500, was likewise later dated.  Figure 2 Serial number runs, dates of issue and signers for Type-40 Treasury notes. In the orange boxes the notes issued on January 8th, 1863 were signed by Gray/Hancock; in the green boxes notes were signed by Allen/Taylor. SPMC.org * Paper Money * July/August 2022 * Whole Number 340 279 Figure 3 Details of the thirteen T-40 Notes dated January 16th, 1863 with serial numbers and plate positions. SPMC.org * Paper Money * July/August 2022 * Whole Number 340 280 Mr. W. Crutchfield Williams, II, founder of the Trainmen and a world authority on Confederate Train notes, remembers having seen about a dozen or so of these interesting and rare notes when Dr. Douglas B. Ball, said “pick one” and sold him an example at the Memphis paper money show around 1994. I believe three questions need an answer or at least a possible explanation: - What is the date on the front of the other four runs listed as January 8th, 1863 by A. W. Gray and W. Hancock?  - What is the date on the front of the very last four runs of T-40 (#69501-69900) listed on the same day, January 8th, 1863, by W. G. Allen for Treasurer and C. S. Taylor for Register?  - How could we explain that one only run was dated eight days later than its listed date? The first two questions should have been easy to answer, requiring only a research of some examples of T-40 notes belonging to an appropriate run; however, the research was not so easy and after more than one year, I was not able to appropriately identify all the notes necessary to answer those two questions. I found three T-40 notes in the run #69001-69100 (#69012 Af, #69013 Ab, #69014 Ah) and two notes in the run #69201-69300 (#69225 Af, #69296 Af): they CORRECTLY match Thian’s Register, meaning they are dated January 8th, 1863 and signed by Gray/Hancock as seen in Figure 5. At the moment I need a note in the two runs #69101-69200 and #69301-69400 to complete the check of the five runs listed by Thian with the date and signers which include the January 16th notes. Figure 4 The lowest and highest serial numbers known for T-40 January 16th, 1863: #69403 and #69486. Figure 5 Two examples of T-40 notes signed by Gray/Hancock the same day of the notes under research were dated in the Register; they are correctly dated on January 8th, 1863 (#69013 Ab, #69225 Af). SPMC.org * Paper Money * July/August 2022 * Whole Number 340 281 Referring to the last four runs of T-40 in the green boxes in Figure 2, I found ten notes belonging to two runs, #69601-69700 (four notes) and #69801-69900 (six notes), dated January 8th and signed by Allen/Taylor: very interestingly, they CORRECTLY match Thian’s Register for the date (see Figure 6). Please, remember once more that these notes were correctly registered and dated January 8th after the run of the January 16th notes (which are #69401-69500). The table shown at the end of the article summarizes the findings with serial number, plate position, date, and signers.  The last question required at first a description of the issue process of the Treasury Notes. Figures 7 and 8 show the first part of a letter dated March 22nd, 1864, written by S. G. Jamison, Chief Clerk of the Treasurer’s Office to the Hon. W. W. Crump, Assistant Secretary of the Treasury. Jamison, in compliance of an official request, sent a statement to show the operations of his office. The description is related to the issue process of the Confederate Notes and Bonds in 1864, but the procedure was likely the “same or similar” in 1862.  Looking at the letter and the underlined phrases in Figure 7, we can evaluate every passage of the process, presumably as it was done in 1862-1863 for the Train Notes (7.3% interest bearing notes). At every point in the process among and between Offices and Clerks, the sheets of Confederate notes were always counted:  1) The sheets of $100 Type 40 notes were printed and delivered by the printing house of J. T. Paterson & Co. to the office of Joseph Daniel Pope, who was in charge of the printers and paper in Columbia, South Carolina. He would have counted the sheets, sorted them into bundles of 100 sheets and then sent boxes containing these sheets to the Treasury-note Department (renamed the Treasury-note Bureau in February 1864) in Richmond, Virginia. In 1864, as written in the letter, all the work was done in Columbia, South Carolina, where the Treasury-note Department was Figure 6 Three examples of T-40 notes signed by Allen/Taylor with serial numbers following the notes under research. They are correctly dated January 8th, 1863 (#69668 Ac, #69831 Ah, and #69894 Ae). SPMC.org * Paper Money * July/August 2022 * Whole Number 340 282 then located. President Jefferson Davis ordered the Treasury-note Department to move to South Carolina for reasons of security; Richmond was under siege.  2) The boxes of the sheets of notes sent up from Columbia were opened, counted, and sent to the Treasurer’s office where they were numbered by clerks and signed “for Treasurer.” 3) Later those sheets of notes were taken to the Register’s office to be signed by the clerks “for Register” and dated on the front (the date was recorded in the Register Book). 4) When the sheets were completed, they were taken back to the Treasurer’s office and then sent to the cutting department where they were separated and the notes were then stacked in bundles of 100 by plate letter: Aa, Ab, Ac, Ad, Ae, Af, Ag, and Ah.   5) Once that was done, the notes were ready to be issued and placed into circulation by Depositaries, Agents, Quartermasters, Commissaries, and others.  Figure 7 First part of a letter dated March 22nd, 1864 describing the issue operations of Confederate Treasury notes. Phrases underlined follow the different stages of the process. image: see source in Reference 3 Figure 8 The original hand-written letter shown in Fig. 7 (same part and signature at the end) by S. G. Jamison, Chief Clerk of the Treasury-note Bureau to the Hon. W. W. Crump, Assistant Secretary of the Treasury. image: Fold3.com SPMC.org * Paper Money * July/August 2022 * Whole Number 340 283 You must remember that these are interest bearing notes and they required a date of issuance on the back because that was the only way their true interest could be calculated. If a date was not present on the back, interest had to be calculated from the date written on the front, which is the date recorded in the Register Book of the Treasury-note Department. Many notes were sent to different locations in the Confederate States and they were held for varying periods of time (from days to months) before being placed into circulation. If the civil agent or military officer failed to write the date of issue on the back, the Treasury would have to pay more interest than necessary, as it would have been calculated from the date on the front. As an example, I have in my collection a T-39 note registered on June 25th, 1862 and issued on the back July 10th, 1863 by a Military Officer! (see Figure 9). From the description of each operation, it is likely that the date on the front of the note was made after the note was signed “for Treasurer” and “for Register.” In 1864 this operation was unnecessary, and it only applied to the earlier interest-bearing notes (T-1 to T-6 and T-39 to T-41). A clerk likely entered the date of January 8th in the Register Book on the date the notes were signed. None of the normal issue of notes required a manual entry of a date on the front of the notes in late 1862 and early 1863; this was only required on the $100 interest-bearing notes. At some point the group of 100 sheets serialized as #69401-69500 were either misplaced or for other reasons not immediately dated on the front. The last operation before issuing the notes for circulation is separating the sheet into eight notes. That might help us explain what could have happened.  On Thursday, January 8th, 1863, Mr. W. Hancock might have taken the sheets of T-40 #69401-69500 notes and signed them for the Register, but for some unknown reason, the notes were not immediately dated. The sheets went back to the Treasurer’s Office and to the cutters who completed the work without looking at the date. The notes were ready for disbursement, and eight days later, on Friday January 16th, when it came time to ship them out to a depositary or issue them locally, it was noticed that they weren’t dated. All the notes of this sheet were already on the books (registered) as being accounted on January 8th. So perhaps the Treasury added the date on the day on which it was discovered that they were undated, the 16th, to complete the process. It is also possible that the sheets were simply misplaced on the 8th and rediscovered on the 16th, adding that date before the sheets were cut into separate notes. Remember that adding a handwritten date on the front of the note was an unusual operation, and the labor may not have been available on the 8th to do this. Both scenarios are possible.  This is only a hypothesis, but it is based on what we know about the process of printing, numbering, and dating of these notes and on the research of the other runs signed by the same clerks or following this specific run as serial numbers. If the notes following the #69401-69500 run would have been also dated January 16th, we could infer there was an error in Thian’s transcription of the original Registers, and we would have to check the original hand- written Registers; but, since at least two of the following runs (I need to verify the other two runs) are correctly serialized, we suppose that only this run was misplaced and later dated.   Collectors have found notes with different missing hand-written data such as days, entire dates, serial numbers, left or right signatures and both signatures missing, and I personally have examples of these error notes in my collection. In this case, at the end of issue of the 730 Trains, an entire run of 800 notes was not dated and the error was corrected eight days later, on the day they disbursed the notes.   Figure 9 T-39 #13444 registered on June 25th, 1862 and issued on the back on July 10th, 1863 by Major & Quartermaster E. C. Wharton. SPMC.org * Paper Money * July/August 2022 * Whole Number 340 284 A last couple of details still lack proof:   - Was all of the run-in question post-dated January 16th, 1863, or it was only partially dated and/or disbursed? At the moment, the lowest discovered serial number is #69403 and the highest is #69486 with five different plate positions (Aa, Ab Ac, Af, Ag), so there are potentially 84 x 8 notes = 672 notes dated January 16th; but, they could easily have been all of the 800 notes of this run disbursed. The survival rate of T-40 Trains was high since they were interest-bearing notes, therefore we should expect more January 16th, 1863 dated notes to have survived and eventually turn up.   - Was it the only run later dated? At the moment I have no examples of the previous, #69301-69400, and following, #69501-69600, runs, so we cannot be sure the post-dated notes were not also in these groups. Until now all the examples I’ve found are only in the one run.  I would like to ask readers and collectors the courtesy of sending me an image of any T-40 notes you may have in the four runs relevant to this research: #69101-69200, #69301-69400, #69501-69600, #68701-69800.  I would also appreciate an image of a January 16th T-40 note with the plate position letters Ad, Ae, and Ah that are also lacking from this study. The e-mail for correspondence is: enricoaidala@gmail.com. Acknowledgments: Great appreciation goes to Michael McNeil and to W. Crutchfield Williams, II for reviewing this article and providing editorial advice. References: 1. Thian, Raphael P. Register of the Confederate Debt, Quarterman Publications, Lincoln, MA, 1972, 190 pages. 2. McNeil, Michael. A Confederate Train Note Date Set. Paper Money, N°321 May/June 2019, 186-9 3. Thian, Raphael P. Correspondence with the Treasury Department of the Confederate States of America 1861-65. Appendix Part V: 1863-65. Washington, 1880 SPMC.org * Paper Money * July/August 2022 * Whole Number 340 285 TAMPA PAPER MONEY EXPO October 20 - 22, 2022 Tampa Fairgrounds - Florida Center Building Public Hours: Thursday, Oct 20: 10AM - 6PM / Friday, Oct 21: 10AM - 6PM Saturday, Oct 22: 10AM - 4PM $5 Adult Admission - Covers All Three Days Dealer Setup on Wednesday, Oct 19: 2PM - 7PM Early Bird Badges available for $125. For Bourse Application, please contact Jim Fitzgerald 817- 688-6994 or JFitzShows@Gmail.com   U N C O U P L E D : PAPER MONEY’S ODD COUPLE Joseph E. Boling Fred Schwan Related Items I have nothing to show you in fake low-number sets, but Fred’s sets and special-number notes did bring something to mind in fakes. We covered counterfeit Italian AM lire in early 2013, but another of his examples leads to a good story. Look through his illustrations and find the £1 British Military Authority (BMA) note with serial number 39Z-000039. This is a very scarce note, only 25 each having been created, overprinted Bulgaria, Greece, and France. Serial numbers are all in the 39Z block, and run from 000001 through 000075, evenly divided among the three locales. T.F.A. van Elmpt, in his comprehensive book on BMA issues, says that these were a test to see if it was practical to overprint notes that had already been cut, to designate them for use in specific areas. He says that the test proved that modifying cut notes was impractical. He says nothing about any actual use of the pieces, beyond “not issued.” But pieces in collections tend to show more handling than one would expect on notes that stayed in somebody’s safe for decades until they entered the numismatic market. Ruth Hill’s collection had France number 75; the last note prepared. It was in sad shape—worn through at the center fold and repaired with cellophane tape (figure 1). See Boling page 290 World War II Matched Serial Number Sets Three well-known issues of World War II military or emergency notes were assembled into souvenir sets for VIPs, and possibly for a few collectors. The issues are well known, but the sets are not. Some astute collectors during the war assembled matched serial number denomination sets of Series 1943 Allied military (AM) lire, Philippine VICTORY notes, and Netherlands East Indies (NEI) liberation notes. The first of the AM lire sets was reported to the collecting fraternity in the 1970s or 1980s in the Bank Note Reporter. Rather remarkably, the report of the first set generated reports of other sets! I do not remember which sets came in what order, but sets 39, 69, and 114 were among the first. The number 39 set was important. It went into a Texas collection. It kick- started an extensive collection of notes bearing that number. Two other 39s from his collection are shown nearby: $1 Hawaii note and £1 British Military Authority note. SPMC.org * Paper Money * July/August 2022 * Whole Number 340 287 Believe it or not, I have a clue as to who assembled and or distributed the AM lire sets. Several years after the initial reports of these sets, I found another set. I was at the Maastricht paper money show. A dealer (sorry, I am not sure who) had an interesting group that I bought. The group consisted of a few Allied military government stamp sheets, a Series 461 MPC specimen book, and set number 100 of AM lire! Written on the cover of the MPC specimen set in pencil was the message: “Return to LTC C A Gunston.” Gunston was a legendary stamp collector. During the war he created many first day covers and other philatelic artifacts as he traveled through Africa and Europe. His reputation was built as a stamp collector, but the contents of the group indicate that he was also interested in paper money. I think that there is at least a small chance that some correspondence or other documents might exist to give us more insight into the creation and distribution of these sets. In particular, based upon experience, I expect that some additional sets, or at least a few additional low-numbered pieces, will be reported as a result of this column. Some of the other Allied military currency issues may have “souvenir” sets with matched numbers, but those have not been reported. General Eisenhower had special presentation specimen sets that Secretary Morgenthau had prepared for him, but no issued sets that I have been able to confirm. On 20 October 1944 General MacArthur waded ashore on Leyte to fulfill his famous “I shall return” promise. At least a few days before that, the first VICTORY notes were issued to tens of thousands of soldiers, sailors, and airmen. A full set consisted of eight denoms: 1, 2, 5, 10, 20, 50, 100 and 500 pesos. Allied Military Government stamp cover made by C. A. Gunston in Italy in September 1943 SPMC.org * Paper Money * July/August 2022 * Whole Number 340 288 As with the lire sets above, a few full sets of VICTORY notes are known in collections. Sets, partial sets, and individual notes with matched low serial numbers are all known in collections. It is believed that the number one set was given (sold) to General MacArthur (see NEI notes below). That set survived the war, but its current location is not known. The Pineda collection had serial number 9 of the lowest three denominations. Complete sets 2 and 8 were sold from the William Neish collection by Lyn Knight in June 2016. “Tex” has accounted for a few more of the first ten sets, but he has not found a #39 note, much less the 39 set. Some intriguing questions remain. The most obvious is the matter of face value. A full set of AM lire had an exchange value of less than $25. The 500 peso note alone had an exchange value of $250! Certainly General MacArthur could afford that and likely would have been interested, but how many others would be willing and interested? There is an even more perplexing matter. Neil Shafer’s (wonderful) 1964 A Guide Book of Philippine Paper Money lists shipping dates from the Bureau of Engraving and Printing (BEP) for each denomination. These dates are interesting to say the least. The 1-, 2-, and 5-peso notes were shipped commencing on 9 September 1944. The 10- and 20-pesos notes followed shortly thereafter (17 and 23 September respectively). To me it is amazing that shipping began only a month before the combat operations. Since we are unlikely, at this point, to find any further details of the shipping of the notes, someone should write a novel about their journey from Washington to the South Pacific. The situation with respect to the high values is even more remarkable when it comes to creating souvenir sets. The 50- and 100-peso notes were not shipped from the BEP until 29 November 1944! The 500 peso notes not until 19 February 1946!! How did these notes get into the souvenir sets? I can imagine the chief finance officer making sure that his own set and General MacArthur’s were kept up to date with the new denominations, but for how many others would he be so diligent? On the other hand, we think that only about ten sets were created, so such back filling was possible. Indeed, pending any other information, I think that we must accept this theory. SPMC.org * Paper Money * July/August 2022 * Whole Number 340 289 I have an image of one other VICTORY note with an interesting serial number. Remember, the VICTORY notes were Series 66. Collector Dick Dunn found the illustrated 20-peso star with serial number 66! It took him a year of negotiating, but he finally obtained the note so that we can enjoy it here. General MacArthur also had a low-numbered set of Netherlands East Indies liberation notes. I am sorry that we have very little information on sets of these notes, and I have only a black and white photo for you. I think that this is the first time there has been any report of an NEI set or sets (or even partial sets). I took this picture in a museum in the 1980s. A contemporary notation explained that General MacArthur had paid for the notes as souvenirs. This seems to be an important tidbit to me, indicating that the general was interested enough in this and likely other sets to pay for them. (This report encourages me to try to obtain more and better photographs.) I had expected to complete my comments on World War II low-numbered notes with this installment, but I still have plenty of interesting notes to show you and no space for now. More next time. Boling continued It was accompanied by a typed partial sheet of bond paper (figure 2) saying that the notes were part of a deception operation intended to mislead the Germans as to Allied plans for operations in the Mediterranean in 1942. The problem with this story is that van Elmpt says the notes were not printed until first quarter 1943. If the deception objective is correct, it would have been related to operations following the German eviction from North Africa—such as the invasion of Sicily as a prelude to attacking Italy. The mode of use would have been for the holder to tender the note for a payment, and then withdraw it and substitute another (un-overprinted) note after a few seconds, relying on any German agent nearby to report the presence of money printed for an operation not yet underway. Credible? Barely. Whoever was carrying note 75 clearly did so for a long time. That holder’s initials were E.P.C., a British officer, according to the accompanying narrative. The Warrington faker has sold fabrications of one of these twice, one in November 2012 and another in April 2014. Of course, his did not come from block 39Z and had six-digit serials without leading zeroes. Nobody who knows the issue would be fooled. The 2014 buyer was expecting to make a 1000% profit on his piece at Memphis that year. Didn’t happen. I had been the underbidder, and I bailed him out at 80% of what he had paid (figure 3). The moral? Read the book. SPMC.org * Paper Money * July/August 2022 * Whole Number 340 290 The Romance and Tragedy of Banking Of the various talents that I imagine I have, one of them (confirmed by my spouse) is my ability to buy books that I never get around to reading. Until recently, this was very much the case with a volume entitled The Romance and Tragedy of Banking, by Thomas P. Kane, which I picked up years ago and neglected on a shelf. I bought it on a whim that reflected a stubborn prejudice I’ve had about banking. Not that I have any hang-ups about lending money at interest. No, it was worse. I thought banking was—BORING. The very title of the book made me laugh. “Romance and tragedy”, seriously? This author needed to get out more. He needed to get a life! What was particularly stupid about my prejudice was the way it twisted an essential fact about banking: It does see virtue in dullness, in the sense that maintaining a stable financial system requires a self-reinforcing complacency about its risks. In all sorts of ways, from the architecture of banks to the social affiliations of bankers, their portly miens and even their good signatures, the profession of banking has sought to project a stolid predictability about its enterprise, all for the sake of placating the audiences upon whose trust banking depends. While adding Oklahoma entries to SPMC’s “Banks and Bankers” database, I’ve tried to collect biographical details about bankers where I can, particularly from their obituaries. As curated documents, you have to take them with a grain of salt. But even the most sanitized rendition of a banker’s curriculum vita – their business ventures, their civic obligations, even who they married and what their kids did—all of these, yes, boring details provide important clues about what for me is the central mystery of banking, namely how credit gets created. In the modern world, we seek to rationalize and make impersonal the provision of credit through devices like ratings agencies and credit scores. In its essence, though, credit remains an intensely human experience that rests both upon our capacity to make promises and the possibility that we won’t always keep them. Through obituaries and other reporting, old newspapers document how bankers sometimes discredited their own professional ideals. When bankers themselves broke bad, the romance and tragedy of banking, in varying degrees, erupted into public view. A few examples from Oklahoma show how far from dull banking could be. Charles E. Billingsley, a Guthrie banker, was sentenced in 1908 to seven years in Leavenworth for wrecking his institution. His wife Clara, who never gave up believing in him, importuned officials to show him mercy and organized a letter-writing campaign for his early release. Roy and Ray Steigleder, two banker-bros from the Tulsa area whose scam involved automobile financing, were reduced to denouncing each other in open court. Richard Belisle, a Cashier from Morris, also did time in Leavenworth for embezzlement (he was diverting other peoples’ money into oil ventures). When he got out, the enraged community saw to it that he was promptly rearrested, this time for the money he had stolen from the school district. Sometimes the wages of sin could literally be death. L. R. Teubner, a Cashier in Tushka, vanished in early 1911 on his way to Muskogee. Initial rumors about a kidnapping were confounded when he was found dead by his own hand on a Florida train. Teubner alone knew the combination to his bank’s safe. When it was drilled, it was found to contain all of ten cents, the rest lost by Teubner in illicit cotton speculations. His life insurance company refused to pay out on his policy to his widow and young child. In another case, it was not guilt but despair that drove a banker to take his life. Ground down by the economic depression, in 1931 Ralph Ellinger, President of a bank in Noble, shot himself in his bedroom while the rest of his family waited for him downstairs. His wife Alice, who was the bank’s Cashier, not only assumed her husband’s position and saved the bank but trained up her son Cy to take over running it, which he did faithfully for the next thirty years. For Grover C. Moore it was not guilt or despair, but love, that made life unbearable. A Cashier at a bank in Beggs, he married a banker’s daughter, Helene, who meant everything to him. When she fell ill with tuberculosis, he tended to her through her long, slow decline and death. Moore married again and changed work, but nothing mattered. In 1940 he put two bouquets of flowers on Helene’s grave and shot himself right there, but not before setting up a trust fund to provide for his daughter Marjorie. A death of passion, but executed with a banker’s touch. Chump Change Loren Gatch SPMC.org * Paper Money * July/August 2022 * Whole Number 340 291 SPMC Festivities at ANA and FUN  Make Plans Now to Attend! The SPMC will have a club table #259 at the August ANA. We will also have a meeting and show-and-tell on Saturday August 20. Stop by the table and say hi and then attend the meeting, see great Confederate, Nationals and other paper and join in some paper camaraderie. Our IPMS Activities of the past are now starting back up at WINTER FUN!!! Friday, Jan 6th, we will have a BOG meeting. Saturday, Jan 7th will be our fun activities in the Convention Center.  8a--we will have our Breakfast and Tom Bain Raffle with our Master of Ceremonies—Wendell Wolka.  At this time we will also present our literary and other awards and announce our 2022 Hall of Fame class. As always, our raffle will have Big prizes, surprises, mystery boxes and we will “Mix ‘em Up!” Price of entry includes a newly designed & collectible breakfast ticket. Watch the website on ticket ordering information. We will be finished by 10a so all can go to the bourse. Pierre Fricke will be presenting one of the educational forums, time TBA. We also encourage all to place a Paper Money (or related) exhibit. SPMC.org * Paper Money * July/August 2022 * Whole Number 340 292 Robert Calderman “Discovering Small Size Treasures!”  Small Size U.S. Paper Money Collectors have a wildly unique opportunity to shine brightly upon the mountain top of numismatics when they miraculously unearth new discoveries! With archived data at our disposal from dedicated heroic researchers, we know that certain varieties are possible. Dates when specific coveted printing plates were in service alongside others paint clear roadmaps of potential combinations that were very likely produced, the statistics don’t lie. However, until there is actual proof and improbable notes that could exist are actually observed, even the most steadfast segment of collectors can only dream of the incredible possibilities! Reality nags at the psyche when we consider that any one of these unknown varieties were undoubtedly so scantly produced that all remaining specimens may very well be lost to time in the dark pit of circulation never to be unearthed. Oh the horror!!! If you are scratching your head at this point, wondering what this is all about, don’t fret. Here are a few of the dream possibilities that have yet to be discovered:  1934 $5 FRN non-mule bp.637 star note on any district  1934B $5 FRN New York mule intermediate Fp.212 bp.637  1934C $5 FRN New York narrow face mule fp. #’s 298-303 bp.637  1934C $5 FRN star mule any district bp.629 Any of these unknown varieties would be feverishly fought for if they were to come up at auction. Regardless of perceived value or condition the sheer existence of any one of these treasures would be absolutely jaw dropping! Not all new discoveries require this extreme level of earth shattering shock value. Even existing varieties can find new life when a note that was previously only known to collectors in VF or below for decades SPMC.org * Paper Money * July/August 2022 * Whole Number 340 293 is suddenly discovered in CU, or a variety that you can count the known examples on just one hand is suddenly discovered as a Changeover Pair! Amazingly, both of these two occurrences came to fruition in one instance when a small group of five dollar silver certificate star notes recently came out of hiding! Micro back plate 637 is inarguably the most sought after mule variety small size collectors can sink their teeth into. Finding a star note with bp.637 is utterly miraculous! For decades PMG and PCGS combined had never certified a single example of a bp.637 star note above XF on any series spanning all three possible types: Federal Reserve Notes, Legal Tender Notes, and Silver Certificates! Then recently out of the weeds came a group of legend, an unfathomable possibility of a truly fresh CU 637 star note, and on a silver certificate! What could be better you ask? How about six of them!!! While this seems absolutely preposterous it actually happened. I for one was the proverbial deer in headlights when I first heard the news. I’ll admit the drool was already pooling on my desk before seeing the images appear on my computer screen of what might as well have been, in my mind, newfound unabridged HD video of the Loch Ness Monster swimming in New York Harbor. Not only was this improbable story actually true, there were incredibly half a dozen newly certified PMG 1934C $5 Silver Certificate bp.637 Star Notes, all of them in CU! The grades of the six notes are as follows: (2) 63EPQ, (2) 64EPQ, (1) 65EPQ, (1) 66EPQ. To make this astonishing discovery even more unbelievable, the group of stars included an ultra rare and previously unknown bp.637 star Changeover Pair! Consecutive notes that change series and/or variety constitute a small size changeover pair. During the era when 1934C $5 Silver Certificates were being printed, up to four plates were on the printing press at a time. After the backs and faces were printed (Two separate printing runs), the resulting 12 note sheets were cut in half producing two 6 note half sheets. As these half sheets were compiled and stacked, they would eventually receive their third printing run applying their seals and serial numbers. The notes comprising one of these half sheets could be a different series from the notes printed on the next half sheet depending on the plates used on the press at the time. In the same fashion, macro and micro plate serial number varieties varied as well. The first and last notes that paired with the notes on the preceding and subsequent half sheets often were mismatched varieties! Regardless of the order of the half sheets and what plates were used to print the faces and backs, they all went to be numbered consecutively creating wild changeover pair combinations. The vast majority of these notes, as intended, went into circulation to be used in commerce until they wore out and were subsequently redeemed and destroyed. The sheer dumb luck that someone would hold onto a small group of five dollar silver certificate star notes, pack fresh like the day they were printed, and then tuck them away somewhere in a drawer or safe deposit box surviving for all of these decades in perfect condition, and then the odds of even one of these stars having a 637 back is mind blowing on its own merit! PMG had previously only certified nine examples of 1934C $5 SC bp.637 stars ranging in grade from Fine 15 to SPMC.org * Paper Money * July/August 2022 * Whole Number 340 294 Extremely Fine 40. Now incredibly, out of seemingly nowhere, six lucky collectors can own a legendary CU example of this epic variety, and one particularly spoiled collector can even own the statistically improbable CU 637 Changeover Pair! Here are the serial numbers for reference, keep your eyes peeled for notes in this range… who knows, you may discover a 637 star note one day too! *14479273A non-mule bp.1761 (Changeover note) *14479272A mule bp.637 (Changeover note) *14479271A mule bp.637 *14479270A mule bp.637 *14479269A mule bp.637 *14479268A mule bp.637 *14479267A mule bp.637 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 Recommended reading: The Enduring Allure of $5 Micro Back Plates 629 and 637 by Peter Huntoon. Paper Money *Sep/Oct 2015 * Whole No. 299 SPMC.org * Paper Money * July/August 2022 * Whole Number 340 295 The front of the Type-41 Treasury note, serial 37009 plen Y, endorsed by N. A. S. image: Adam Fisher Capt. N. A. Stuart?? AQM, 22nd Virginia Cavalry A great many Type 39, 40, and 41 Confederate treasury notes exhibit the endorsements of civilians. Most of them are not identifiable. A solid identification of an officer is usually the result of an endorsement which includes a rank and title, but on rare occasions I have found officers who signed with only their initials and a date: R. M. B., a Provost Marshal for Richmond, J. H. G., an AQM, J. G. N., a Commissary, and C. E. S., a Chief Quartermaster for the Army of Northern Virginia. Most civilian endorsements exhibit just initials or a name. The illustrated note with the clear initials “N. A. S.” included a date and a cryptic notation; it was enough to start a search. The search began with looking at every Confederate officer with last names beginning in “S,” and then looked for first and middle names beginning in “N. A.” The easiest search can be achieved with Arthur Wyllie’s list of Confederate Officers.1 I nearly lost hope as I approached the end of the listings for “S”, but one turned up at last with N. A. Stuart, an Assistant Quartermaster for the 22nd Virginia Cavalry. The next step involved comparison of the endorsement script with documents written and signed by Stuart in his National Archives files. The Quartermaster Column No. 25 by Michael McNeil The endorsements of N. A. S., dated A(u)g(ust)t 4 (18)64, with an illegible comment. There were two discovery notes: serial 37009 Y is shown at top; serial 37023 Y is shown at bottom. SPMC.org * Paper Money * July/August 2022 * Whole Number 340 296 The National Archives have ten documents for Stuart in the files for the State of Virginia, Twenty-first Cavalry (Peters’ Regiment) AND Twenty-second Cavalry (Bowen’s Regiment, Virginia Mounted Riflemen), and thirty more documents in the files for Officers, all of which can be accessed on the website Fold3.com. A check of the files for Confederate Citizens produced no matches for N. A. Stuart. The 22nd Virginia Cavalry was formed in southwestern Virginia in October 1863 and fought mostly in that region, eastern Tennessee, and the Shenandoah Valley.2 1863 Stuart first appeared as a Captain and Acting Assistant Quarter Master in a requisition dated August 21st at Saltville, Virginia. An “acting” quartermaster performs the duties without a formal commission or bond. This role is often written as “AAQM” or “Acting Assistant Quarter Master.” Stuart signed his requisition at Saltville as “Actg. Qr. Mr.” leaving no ambiguity to his status. Of special note in the illustration below of this endorsement is the more formal “A” in Stuart’s middle initial (which does not match the script in the treasury note endorsements) and the more common “a” in the remainder of the endorsement (which does match the treasury note endorsements). These variations are seen in all of Stuart’s signed requisitions and vouchers. By September 19th Stuart had arrived in Jonesboro, Tennessee. Stuart was appointed on November 18th as a Capt. & Assistant QM, taking rank retroactively to November 16th, and reporting to the 22nd Viriginia Cavalry. An invoice dated September 26th placed Stuart at Carter’s Depot, Tennessee. 1864 The history of 22nd Virginia Cavalry shows that the unit saw no action between late December 1863 and late April 1864.3 Stuart accepted his commission on January 15th, and then resigned his commission on February 16th, a day before his commission was formally confirmed by the Confederate Congress. He was asked to resign his commission for a prolonged absence without leave. Special Order 64 of the Adjutant & Inspector General’s Office dated March 17th confirmed Stuart’s resignation as accepted by the President. Stuart’s name on this document displays a telling shift in the form of the middle initial “a” which now correlates well with initial on the treasury note. Is this Stuart’s signature or a copy by a clerk? In April none other than Maj. General John C. Breckinridge wrote a letter to Adjutant & Inspector General S. Cooper requesting that the order accepting Stuart’s resignation be revoked and Stuart re-instated as an officer. Breckinridge, in consultation with Col. Bowen, the commanding officer of Stuart’s unit, wrote that “...Capt. Stuart is a reliable officer...and [Col. Bowen] recommended the withdrawal of the charges against him....” The final judgment written by Quartermaster General A. R. Lawton on April 21st is unfortunately illegible, but the lack of records for Stuart after this date suggest that he never returned to duty. The endorsement at Saltville, Virginia on September 19th, 1863 reads: “N. A. Stuart/ Capt & Actg Qr. Mr./ Cav. 2nd Brig A(rmy) of W(est) V(irgini)a. image: Fold3.com Stuart’s signature on his letter of resignation of February 16th, 1863. image: Fold3.com Stuart’s signature on his confirmation of resignation dated March 17th, 1863. Note the form of the middle initial “a”. image: Fold3.com SPMC.org * Paper Money * July/August 2022 * Whole Number 340 297 The initials written on the treasury notes are accompanied by the date of August 4th, 1864, well after Stuart’s resignation. The endorsed notes were discovered by Adam Fisher, who related to me that five more notes endorsed with these initials existed, making this new discovery R12-. 1865 Stuart’s unit surrendered at Appomattox in April 1865, but Stuart’s name does not appear on the Appomattox parole lists. INITIALS CAN BE MISLEADING The notes signed by N. A. S. were found in an old locker in Georgia, an old hoard which yielded hundreds of other Confederate notes. How many undiscovered hoards remain to be seen? There is an important lesson in this research, and I want to use these endorsements with initials as an example of the ease with which we can mislead ourselves. Mr. Fisher contacted me when I bought his notes on eBay, and he related that one of the other notes with similar endorsements (see the illustration at right) actually spelled out the last name – and it appeared to read “Smith.” A quick search in the Confederate Officers files on Fold3.com turned up nothing for N. A. Smith, but the Citizens files for Nancy Ann Smith included a document stating that N. A. Smith was a notary public for Sumter County, Georgia. Google Maps showed that the county seat is Americus, and that perfectly fits the indecipherable word on these endorsements. I bought two notes based on the data I had found on Capt. Stuart, and although the middle initial was not a good fit to the signatures found on Stuart’s documents, the signature on the acceptance of Stuart’s resignation led me to believe I had found a military officer. That signature was very likely written by a clerk, but I minimized that possibility. This is an object lesson in human nature – we often see what we want to see. Trial lawyers know this all too well. These endorsements did, however, result in a new place name, Americus, Georgia, and that is a very important new discovery. Having been endorsed by a notary public very late in the war, it is likely that they will remain an R12- rarity. Now to further make my point about the pitfalls of identifying endorsements with initials, it turns out that the title of the National Archives file named “Nancy Ann Smith” is misleading. There are three different persons represented in that file, all with the same initials and all named Smith. Charles Derby kindly sorted it all out. Nancy Ann Smith was a widow in Spartanburg, South Carolina. The endorser of the treasury notes is Nathan Allen Smith, a lawyer and notary public in Americus. The effort to tell the story of Capt. Stuart was not at all wasted. I showed how Wyllie’s catalog of officers can streamline the process of finding an officer when we only have initials, rank and title, and we saw the potential ambiguity of names in the National Archives files. We have now discovered a new place name and most likely arrived at the correct identification of the endorser. Here is a biography of Nathan Allen Smith, courtesy of Charles Derby: Nathan Allen Smith, Americus, GA “Nathan Allen Smith was a Northerner, born in Vermont, well-educated and graduated from Vermont’s prestigious Middlebury College, who then went to Georgia to teach in LaGrange, Georgia and Buena Vista, Georgia. After a couple of years, he moved to Americus, Georgia, where he began a law practice. He lived in Americus the rest of his life, becoming a leading citizen with many legal positions. I get the sense that he was a Unionist: 1) he was from Vermont; 2) I could not find a record of him in the Confederate army (he did not enlist, and by the time of conscription he may have been exempt from The endorsement of N(athan) A(llen) Smith, Americus (GA), Augt 4 (18)64 on serial 37025 plen Y. Note the 1865 Interest Paid stamp at Macon, just northeast of Americus. image: Adam Fisher SPMC.org * Paper Money * July/August 2022 * Whole Number 340 298 service because he had some sort of city government position. Later in life, a newspaper listed him as ‘Col. N. A. Smith’ but I think this was honorific as was often the case after the war); 3) he was the mayor of Americus in 1865 and later after the end of the war, which would indicate he was acceptable in this position in the eyes of the Federal troops occupying Georgia; and 4) he had several government positions after the war, which, like point #3 above, probably came his way due to his moderate, possibly Republican and Unionist, views. He died at age 60, and embarrassingly for a lawyer, intestate, and is buried in Americus. He never married. “Nathan Allen Smith was born on December 21st, 1827, in Addison, Vermont, to Allen Smith and Elmira (or Elmina) Balch. Allen Smith was a farmer in Addison. Nathan’s mother was the second of Allen’s three wives. “Nathan grew up in Addison, Vermont, and received an excellent education. He received a college preparatory education at Castleton (now Castleton College in western Vermont), and he graduated from Middlebury College (in Middlebury Vermont) in 1851 with a B.A. degree. He was a member of the Chi Psi Fraternity. “Upon graduation, he moved to Georgia to teach. In 1852, he was a teacher at Brownwood University, in LaGrange, Troup County, Georgia. This institution began as Brownwood Institute for girls, and was changed in 1852 to be a college for boys – hence creating positions for Nathan. The next year, in 1853, he became principal of Buena Vista Academy, in Buena Vista, Georgia. “In 1854, he was admitted to the Georgia Bar, in Columbus, Georgia. “Sometime in the late 1850s, he moved to Americus, Georgia. (LaGrange, Buena Vista, and Americus are all in southwestern Georgia, not far from Columbus, Georgia, the most populous town/city in the region). When Nathan moved to Americus, it was up and coming; it was incorporated in 1832, and became the county seat when it was connected by rail via the South Western Railroad (later named Central of Georgia Railway) and became more central to the region. Actually, Americus was an important city in southwestern Georgia, as shown by the fact that by the end of the 19th century, it was the 8th largest city in Georgia. “Smith died on September 12th, 1888, in Salt Springs, Georgia. This was a popular health resort, which in 1918 was renamed Lithia Springs. His presence there may have indicated that he was ill – though he still died intestate. “Smith had various city or private roles in Americus: 1865: Mayor of Americus. 1867: elected Solicitor General of the Southwestern Georgia Judicial Circuit. Judge of the Inferior Court in Sumter. Master of the Chancery. Attorney for the Buena Vista Railroad. 1883-1887: Board of Education in Americus, as Vice-President (1883) and President (1884- 1887). He pushed for having free and universal education in Americus…unsuccessfully. “Smith was a renowned local legal expert and argued many cases at the Georgia Supreme Court. After his death, his law library was sold in March 1889, and was described in this way: ‘The law library of the late Colonel N. A. Smith of Americus, is to be sold at administrator’s sale on the 13th inst. His collection of books is reckoned to be the most complete and valuable of any in that part of the state, and bidding on the same will doubtless be quite spirited among members of the local bar.’”4 ◘ Carpe diem Notes and References: 1. Arthur Wyllie. Confederate Officers, originally published as a PDF document by Wyllie in 2007, 580 pages, and now available from Barnes & Noble as a Nook document. 2. en.wikipedia.org/wiki/22nd_Virginia_Cavalry_Regiment, accessed 30 May 2022. 3. civilwarintheeast.com/confederate-regiments/virginia/22nd-virginia-cavalry-regiment/, accessed 30 May 2022. 4. Charles Derby. Email received 2 June 2022. SPMC.org * Paper Money * July/August 2022 * Whole Number 340 299 The Obsolete Corner The Peoples National Bank of Helena by Robert Gill By the time you're reading this article the Summer will be upon us. Here in Southern Oklahoma we usually have very dry weather during this time of the year, and it will probably be that way as usual. But maybe we Oklahomans will be fooled and get some nice, timely rain. I hope your paper money endeavors are going for you as you've planned for the year. As for me, it has been a pretty good first five months. I've been able to acquire a couple of nice sheets to add to my collection. Hopefully that will continue. And now, let's look at the sheet from my collection that I've chosen for this article. In this issue of Paper Money let's go to a state that has very little to offer for an Obsolete collector. And that is the state of Montana. I acquired this sheet on The Peoples National Bank of Helena several years ago, and up until recently, I hadn't been very successful in researching its history. But I was fortunate enough to find an article written on this Bank by a SPMC member over forty years ago. So kudos go to Harry G. Wiginton for the research that he did. The Peoples National Bank of Helena, Montana Territory, was chartered on April 15th, 1873, and assigned Charter Number 2105. Operation began on May 13th of that year. Its capital stock was supported by notes rather than cash funds, which would be recognized as a violation of the National Bank Act. George W. Fox served as the Bank's first President. He was well known in Montana Territory because of previously being a cashier in one of the banking houses of Hussey, Dahler & Company. Letters have been found in archives regarding correspondence between Fox and Charles L. Dahler, who headed the firm's Montana operations. Fox was associated with this firm in Helena for the period it operated, which was from 1866 to 1871. In December of 1867, Fox was placed in charge of the Helena office when Dahler went to the Virginia City office. When Hussey, Dahler & Company sold out their banking interest in Montana Territory, Fox formed partnerships with C. J. Lyster and William Roe in the banking house of Fox, Lyster & Roe. This banking operation lasted from 1871 until 1873. In May of 1873 the partners dissolved their banking house and organized The Peoples National Bank of Helena. Along with Fox being seated as President, Lyster took the position of Cashier, and Roe remained in the business as a Bank Director. The August 27th, 1875 issue of the Helena Daily Herald carried a notice that Lyster had died in San Francisco, where he had been living for several months, recovering from a chronic illness. The August 28th, 1875 issue of the paper carried the following notice: As a result, an important change in the Bank took place. It appears on the surface that Fox favored having his old boss, Dahler, as President, so he could continue operating the Bank in the capacity of Cashier, whose duties he was carrying out while Lyster was ill. Also, Dahler was a prominent citizen well known in banking circles, and was a logical choice. Advertisements in the Helena Daily Herald on August 31st, 1875, listed the new officers with C. L. Dahler as President and George W. Fox as Cashier. Paid in capital was $100,000, with an authorized capital of $500,000. Also reported was the Bank's associate bank, The First National Bank of Bozeman. Both were listed as Designated Depository and Financial Agents of the United States. In what was to be Montana Territory's first major banking disaster, on September 13th, 1878, The Peoples National Bank of Helena was placed in receivership by U.S. Comptroller of Currency John Jay Knox. Granville Stuart was named receiver. Outstanding circulation at this institution's failure was $89,000. It is interesting to note that the First National Bank of Bozeman suffered the same fate as The Peoples National Bank of Helena, and one day after that Bank had closed, the Bozeman bank went into receivership. "At the meeting of the Directors of The Peoples National Bank, held this day at their banking house in this city, the death of C. J. Lyster, Cashier, was officially announced. Proper resolutions of sorrow were adopted, and entered upon the minutes. The vacancy in the board was thereupon filed by the election of C. L. Dahler, Esq. George W. Fox tendered his resignation as President, which was accepted, and the place filled by the choice of Mr. Dahler. Mr. Fox was then elected Cashier, and thus organized, the board now stands." SPMC.org * Paper Money * July/August 2022 * Whole Number 340 300 Fox apparently remained in Montana Territory for only for a short time, as he is traced to Murrieta, California in 1879, where he operated the Banking House of George W. Fox until around 1900. Dahler remained in Helena and continued to be a prominent citizen in Montana Territory affairs. Not any trace is found of Roe after 1878. The only remaining testament of The Peoples National Bank of Helena, and the men associated with it, is a small group of surviving unissued Certificates of Deposit in denominations of $5-$10-$20-$50, engraved by the National Bank Note Company. These certificates were printed with the appearance as to be meant to be circulated as currency. And as you view the two scans you'll see that the front side of each note is beautiful, but the back side is a perfect example of the engraver's / printer's art. The National Bank Note Company came on the scene of printing paper money very late, and didn't last very long, but it sure did some stunning work for you and I as collectors to enjoy today. So there's the history on this beautiful piece of early paper money. I just wish that in today's world we could have pieces of art like it circulating as currency so that we collectors could have a double-enjoyment in this great hobby that we share. As I always do I invite any comments to my cell phone number (580) 221-0898 or my personal email address robertdalegill@gmail.com So until next time, HAPPY COLLECTING. SPMC.org * Paper Money * July/August 2022 * Whole Number 340 301 Series of 1934A $20 Minneapolis FRNs Series of 1934A $20 Minneapolis Federal Reserve Notes were the least printed of all 1934A $20 varieties. This includes regular and star notes. The BEP produced 1934A sheets from only four plates during an eighteen-day pressrun in October 1942, which coincided with increased printings of $20 Minneapolis notes beginning that year. The continued use of Series of 1934 Minneapolis faces and production of 1934 sheets diminished production of 1934A sheets. As a result, 1934A $20 Minneapolis notes are difficult to find and any note is a prize for the desirous collector. The BEP used 1934 faces for many types well into the 1940s to save costs during the second world war. For Minneapolis, they printed 7.5 million $20 notes from 1935 to 1942, all from 1934 faces. They had finished 1934A macro faces 25–28 in December 1938 but never used them at the time. From 1942 to 1944, the BEP printed an additional 8.8 million $20 Minneapolis notes. Sheet stock for that production was obtained mostly from 1934 faces. But some sheets were printed from the four 1934A faces that were sent to press on October 9, 1942, and dropped a few weeks later on October 26. From then until December 1945, the BEP continued to use 1934 faces until they were supplanted in 1946 by Series of 1934B Vinson- Morgenthau faces for ongoing production. The BEP plate card for plates 25–28 show 19,375 sheets printed from each plate, equivalent to 930,000 notes, a small sum for any twelve-subject type.1 Not all those sheets were numbered, however, due to poor quality, misprints, and damage. Assuming a five-percent spoilage rate,2 about 880,000 notes would have received serial numbers. Schwartz and Lindquist3 list 1.2 million 1934A notes printed—a value that should be considered too high. Serial numbers of observed 1934A notes range from I08877647A to I11830101A.4 The first serial number for 1942 was I07512001A, and the last in 1943 was I12360000A. Based on that, all 1934A sheets were consumed within the year after they were produced. Two back plate varieties are possible for 1934A $20 Minneapolis notes. Most common will be non-mules with macro back plates 318 and higher. Twenty-dollar macro back plates had been used since February 1941 and sufficient quantities of macro back sheets were available to be mated with all types of 1934A faces. Scarce 1934A $20 Minneapolis star note mule with macro back 316. Photo courtesy of  Jim Hodgson.  SPMC.org * Paper Money * July/August 2022 * Whole Number 340 302 Mules, or notes with micro backs 317 and lower, will be the scarcer variety. Fifteen $20 micro backs were still on press going into 1942, but their use quickly dwindled: Half were out of service by May, four more were removed in June and July, and the last three were dropped in October. The last plate dropped was plate 316 on October 28. Though outnumbered by macro back sheets, micro back stock was available in late 1942 for overprinting with 1934A faces. This type is one of scarcest 1934-series FRNs, let alone early $20s. A search of past sales at Heritage Auctions Galleries shows eleven lots with 1934A Minneapolis notes.5 Ten were resales of the same three notes. One was three-note lot and the Minneapolis note wasn’t described. At most, then, four 1934A notes have been auctioned by Heritage—all non-mules and no star notes. And they’ve auctioned none in almost twenty years. Lots of luck finding one! Sources Cited 1. Data from Bureau of Engraving and Printing plate summary cards, provided by Hallie Brooker, Bureau of Engraving and Printing Resource Center. Email communication November 8, 2017. 2. Average spoilage rate for currency sheets was 5.37 percent for Fiscal Year 1943. Annual Report of the Director of the Bureau of Engraving and Printing, Fiscal Year Ended June 30, 1943. Government Printing Office Press. 2. Lindquist, Scott, and John Schwartz. The Standard Guide to Small-Size U.S. Paper Money, 10th ed. Iola, WI: Krause Publications, 2011. 3. Ibid. 4. Heritage Auction Galleries. https://currency.ha.com/c/search- results.zx?N=56+790+231+232&Ne=230&Ntk=SI_Titles-Desc&Nty=1&Ntt=Fr.+2055- I&limitTo=790+231+232&ic4=KeywordSearch-A-K-071316. Accessed April 29, 2022 Other Sources “First Serial Numbers on U.S Small Size Notes Delivered during each year 1928 to 1952.” Prepared by the O&M Secretary, Bureau of Engraving and Printing, April 1952. BEP Historical Resource Center, Washington, D.C. Record Group 318-Bureau of Engraving and Printing: Entry P1, “Ledgers Pertaining to Plates, Rolls and Dies, 1870s-1960s,” Containers 43 and 147. National Archives and Records Administration, College Park, Maryland. SPMC.org * Paper Money * July/August 2022 * Whole Number 340 303 OUR MEMBERS SPECIALIZE IN LARGE SIZE TYPE NOTES They also specialize in National Currency, Small Size Currency, Obsolete Currency, Colonial and Continental Currency, Fractionals, Error Notes, MPCs, 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 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 further information, please contact: The Professional Currency Dealers Association PCDA • Holds its annual National Currency Convention in conjunction with the Central States Numis- matic Society’s Anniversary Convention. 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 year, 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 on our Web Site. • Is a proud supporter of the Society of Paper Money Collectors. Or Visit Our Web Site At: www.pcda.com Susan Bremer – Secretary 16 Regents Park • Bedford, TX 76022 (214) 409-1830 • email: susanb@ha.com U.S. CURRENCY AUCTIONS Prices Realized from Our Official Central States 2022 Auction Paul R. Minshull #16591. BP 20%; see HA.com. 63442 DALLAS  |  NEW YORK  |  BEVERLY HILLS  |  CHICAGO  |  PALM BEACH LONDON  |  PARIS  |  GENEVA  |  BRUSSELS | AMSTERDAM  |  HONG KONG Always Accepting Quality Consignments in 40+ Categories Immediate Cash Advances Available 1.5 Million+ Online Bidder-Members For a free appraisal, or to consign to an upcoming auction, contact a Heritage Consignment Director today. 800-872-6467, Ext. 1001 or Currency@HA.com Fr. 1218e $1,000 1882 Gold Certificate PMG Very Fine 30 Realized $492,000 Fr. 2221-G $5,000 1934 Federal Reserve Note PMG Choice Uncirculated 64 EPQ Realized $300,000 Fr. 2231-G $10,000 1934 Federal Reserve Note PMG Choice Uncirculated 64 EPQ Realized $300,000 Fr. 187j $1,000 1880 Legal Tender PMG Very Fine 30 Net Realized $216,000 Fr. 151 $50 1869 Legal Tender PMG About Uncirculated 55 Realized $216,000 Fr. 127 $20 1869 Legal Tender PCGS Banknote Superb Gem Uncirculated 67 PPQ Realized $114,000