official journal of The Society of Paper Money Collectors Santa Claus on Obsolete Notes Contact Our Experts for More Information Today! Info@StacksBowers.com November 2024 Showcase Auction Highlights from STACK’S BOWERS GALLERIES Official Auction of the Whitman Coin & Collectibles Winter Expo Auction: November 18-22, 2024 • Costa Mesa, CA Expo Lot Viewing: November 12-15, 2024 • Baltimore, MD Peter A. Treglia Director of Currency PTreglia@StacksBowers.com Tel: (949) 748-4828 Michael Moczalla Currency Specialist MMoczalla@StacksBowers.com Tel: (949) 503-6244 T-35. Confederate Currency. 1861 $5. PMG Very Fine 25. Milwaukee, Wisconsin. Bank of Milwaukee (2nd). 1855 $5. PMG Choice Fine 15. Fr. 158. 1880 $50 Legal Tender Note. PMG Choice Uncirculated 64 EPQ. Fr. 262. 1886 $5 Silver Certificate. PMG Gem Uncirculated 66 EPQ. Logan, West Virginia. $10 1902 Red Seal. Fr. 614. Logan NB. Charter #8136. PMG About Uncirculated 55 EPQ. Serial Number 1. Fr. 1217. 1922 $500 Gold Certificate. PMG Choice Very Fine 35 EPQ. Fr. 2231-B. 1934 Light Green Seal $10,000 Federal Reserve Note. New York. PCGS Banknote Choice Uncirculated 64. Fr. 2054-KlgsH. 1934 $20 Light Green Seal Federal Reserve Star Note. Dallas. PMG Choice Uncirculated 63 EPQ. Serial Number 1. LEGENDARY COLLECTIONS | LEGENDARY RESULTS | A LEGENDARY AUCTION FIRM America’s Oldest and Most Accomplished Rare Coin AuctioneerCalifornia • New York • Boston • New Hampshire • Oklahoma • Philadelphia Sacramento • Virginia • Hong Kong • Copenhagen • Paris • Vancouver SBG PM Nov2024 HLs 241101 1550 Scenic Avenue, Suite. 150, Costa Mesa, CA 92626 949.253.0916 • Info@StacksBowers.com 470 Park Avenue, New York, NY 10022 212.582.2580 • NYC@stacksbowers.com Visit Us Online at StacksBowers.com 385 SPMC F.U.N. '25 Activities 386 Santa Claus on U. S. Obsolete Notes--Benny Bolin 393 Sherman, Texas Bank--Peter Huntoon 397 Damn the Shin Plasters--Terry Bryan 401 $50 Legal Tender Face Plate Varieties--Peter Huntoon 409 The 1963 $5 Legal Tender Series-A Study--John Patrick 414 Important Info on the T-64 CSA $500 notes--Steve Feller & Mark Couglan 425 Some Additional Odd Denomination Discoveries--Richard Allen 444 The Ingriguing Postal Notes of Spokane, WA--Bob Laub SPMC.org * Paper Money * Nov/Dec 2024 * Whole No. 354 380 421 What Time is on the $100 Bill?--Lee Lofthus 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 Mark Anderson 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 Brent Hughes Glenn Jackson Don Kelly Lyn Knight Chet Krause Allen Mincho Clifford Mishler Barbara Mueller Judith Murphy Dean Oakes Chuck O'Donnell Roy Pennell Albert Pick Fred Reed Matt Rothert John Rowe III From Your President Editor Sez New Members Small Notes Uncoupled Obsolet Corner Cherry Picker Corner Quartermaster Chump Change Robert Vandevender 382 Benny Bolin 383 Frank Clark 384 Jamie Yakes 429 Joe Boling & Fred Schwan 430 Robert Gill 435 Robert Calderman 437 Michael McNeil 441 Loren Gatch 443 Stacks Bowers Galleries IFC Pierre Fricke 380 PM of the U.S. 388 Bill Litt 396 Greysheet 396 Fred Bart 408 FCCB 408 World Banknote Auctions 400 PCGS-C 413 Lyn Knight Auctions 424 Whatnot 428 Higgins Museum 446 Bob Laub 446 PCDA 448 Heritage Auctions OBC Fred Schwan Neil Shafer Herb& Martha Schingoethe Austin Sheheen, Jr. Hugh Shull Glenn Smedley Raphael Thian Daniel Valentine Louis Van Belkum George Wait D.C. Wismer SPMC.org * Paper Money * Nov/Dec 2024 * Whole No. 354 381 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 APPOINTEES PUBLISHER-EDITOR Benny Bolin smcbb@sbcglobal.net ADVERTISING MANAGER Wendell Wolka purduenut@aol.com 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 jeff@actioncurrency.com LEGAL COUNSEL Robert Calderman gacoins@earthlink.com Matt Drais stockpicker12@aol.com Mark Drengson markd@step1software.com Jerry Fochtman jerry@fochtman.us Pierre Fricke pierrefricke@buyvingagecurrency.com Loren Gatch lgatch@uco.edu Derek Higgins derekhiggins219@gmail.com Raiden Honaker raidenhonaker8@gmail.com William Litt billitt@aol.com Cody Regennitter cody.regennitter@gmail.com Andy Timmerm Wendell Wolka an andrew.timmerman@aol.com purduenut@aol.com It is difficult to believe that it is once again time for Thanksgiving. This year seems to have passed by very quickly. I hope this issue finds everyone preparing to enjoy the holiday season and looking forward to attending the upcoming FUN Show with our annual SPMC breakfast in January. Planning for the event is in progress and we are looking forward to our general membership meeting and of course the Thomas Bain raffle at our Saturday breakfast meeting. Seating is limited, so buy your tickets online in advance, although they will be available at the door if there are any slots left available. Our editor Benny suggested we make the subject of our columns for this edition focused on the holidays. I struggled with what to say. I do have one story. My other half, Nancy Purington, comes from a very large family. Nancy was born on and grew up on a dairy farm in Colrain, MA, one of eleven children. For Christmas, the Purington family decided to focus on the family gathering instead of the buying of gifts and would have a drawing of names. Everyone would purchase one inexpensive Christmas gift for the person they were assigned. The gifts would be put under the tree inside a reusable homemade cloth bag. One year, I had requested a “star note” as a gift. When Christmas came, I opened my cloth bag and inside was a package of star-shaped yellow sticky notes. I got a good laugh out of it, and I supposed that was as close as a non-numismatist gift buyer could come to my request. Nancy and I staffed the SPMC table at the September Long Beach Expo once again. Traffic was very slow and most of the dealers I spoke with agreed it wasn’t the typical Fall show. Sadly, we did not sell any new memberships, although several people did take applications with a few making a promise to sign up later online. However, we did have several interesting visitors stop by the table. One gentleman was a self-proclaimed church-attending atheist who wanted to discuss why the currency has “In God We Trust” on it. Another person stopped by and discussed the design of automobiles and how the front of them look like a face with the two eyes being headlights and the emblem in the center being a nose and suggested that they make the rear of cars look like “butts” to complete the design. The best one was a man who showed me some $2 bills wanting to know their value, and then suggested that someone create an Artificial Intelligence program where one could scan a note with their phone, and it would tell them what it was worth. Frankly, I thought that was a pretty good idea. Perhaps one of our members will pursue that one if it doesn’t already exist somewhere! As Carl Bombara said at the show when I told him some of the stories, “Yes, you see all kinds come through here in Long Beach!” Also, I would like to thank SPMC Governor Derek Higgins for keeping up with the SPMC Facebook account and posting a “Note of the Day” to increase our exposure on social media. If you come across one of his posts, please hit “Like.” SPMC.org * Paper Money * Nov/Dec 2024 * Whole No. 354 382 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 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 (aka goompa) 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 What a pair of lookers!!! Not just by almost doubling her weight in six weeks, but looking like goompa (thats me), she has one great future ahead of her!! Now, on to the business at hand--paper money. From all that I have read/seen, the hobby seems to be doing well. Show reports are at times mixed, some good, some bad. Case in point, the report I got on the recent Tampa show was traffic was not great but many dealers had great sales. I know I attended a small regional show in Grapevine and it was packed. I never had to park that far away at that show. The aisles were packed! But it cost $5 to get in! I thought about that as entrance fees are a hot topic of late. I got to thinking--why does it bother us so much? $5 to get in and then inside I spent over $1,000 with one dealer. Seems we may be a fickle bunch. On to events soon at hand. Beginning November 22 (I hope) you will be able and encouraged to vote on-line for the literary awards. Please reward our authors and columnists with your votes. The awards will be handed out at our breakfast at FUN '25. Speaking of articles, I ask again for more. I have a couple of longer articles but am in desparate need of 3-5 page articles. FUN '25 is almost upons us! Please think of joining us for the fun (at FUN) and excitement. As per our usual, the SPMC will be making this our yearly in-person meeting. We will have a general membership meeting with a very informative educational presentation. Then on Saturday, we have our annual awards breakfast followed by the always fun Tom Bain raffle (mix 'em up)! If hurricaine Milton was not a totally bad boy, our every effervescent emcee, Wendell Wolka will be again leading this. BTW--if you have an item you want to donate, we will happily accept it--it will be tax-deductible. We also would like to have a number of paper money exhibits. I am placing an exhibit (maybe two), but one is not paper money. Please don't tar and feather me and run me out on a rail, but it is an exhibit of round copper things (and they are not shiny). It is historical in nature, so hopefully you will like it. So, make plans now to join us and take part in some real FUN!! It has also come to our sad attention that we lost another great in our hobby. Confederate counterfeit researcher, writer and overall good friend to the Union and Confederacy, George Tremmell passed away in August. Our thoughts and prayers go out to his family. His knowledge and expertise will be sorely missed. On another note--the entire SPMC wishes all in the hurricane areas out best and we hope that you and your family are safe and that your recovery will be easy. Till next time! Stay safe and enjoy the upcomming winter! SPMC.org * Paper Money * Nov/Dec 2024 * Whole No. 354 383 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 up members may request one from the membership director with an SASE. Memberships for all members who joined the Society prior to January 2010 are on a calendar year basis with renewals due each December. Memberships for those who joined since January 2010 are on an annual basis beginning and ending the month joined. All renewals are due before the expiration date, which can be found on the label of Paper Money. Renewals may be done via the Society website www.spmc.org or by check/money order sent to the secretary. WELCOME TO OUR NEW MEMBERS! BY FRANK CLARK SPMC MEMBERSHIP DIRECTOR NEW MEMBERS 9/05/2024 Dues Remittal Process Send dues directly to Robert Moon SPMC Treasurer 403 Gatewood Dr. Greenwood, SC 29646 Refer to your mailing label for when your dues are due. You may also pay your dues online at www.spmc.org. 15751 Alan Hargreaves, Pierre Fricke 15752 Joseph Robinette, Paper Money Forum 15753 Scott Szalkowski, Website 15754 Christopher Eby, 15755 Stephen Johnson, Website 15756 Brandon Navon, Website 15757 Jonathan Woensdregt, Frank Clark 15758 Thomas Justison, Frank Clark 15759 John Hinckley, Robert Moon 15760 Shawn Fruge, Robert Calderman 15761 Tucker Atwell, Robert Calderman 15762 Shawn A. Yancey, Robert Calderman 15763 Lekeshia Johnson, Robert Calderman 15764 Joseph J. Rifenburgh, Robert Calderman 15765 Tom Gaudet, Website 15766 Chol Hyun Jun, Website 15767 Janet Ryan, Frank Clark 15768 Joseph Oxley REINSTATEMENTS 09419 Thomas M. Gregg, Robert Calderman LIFE MEMBERSHIPS LM472 Kris Oyster, Robert Calderman Note--new addressNote--new address NEW MEMBERS 10/05/2024 15738 Thomas J. Uram, Rbt Vandevender 15739 Brian Sebastian, Rbt Vandevender 15740 Stephen Perakis, Rbt Vandevender 15741 William Anderson, Rbt Vandevender 15742 Nicholas Whitt, Website 15743 Richard-Raymond Alasko, Website 15744 Lee Eilers, Robert Calderman 15745 John Kipple, Frank Clark 15746 Luke Jackson, Website 15747 Justin Fisher, Website 15748 Bob Deemer, Robert Calderman 15749 Melissa Gumm, Frank Clark 15750 Dean Arnold, Website REINSTATEMENTS None LIFE MEMBERSHIPS None The SPMC has a lot of fun activities at F.U.N. ’25! The SPMC is planning many fun activities, award presentations, meetings and educational presentations at the winter FUN, January 9-12, 2025 in the North Hall of the Orange County Convention Center. See the SPMC website for a full schedule of events with room #s and ticket ordering information. Friday Jan 10 Saturday Jan 11 0800 Board of Governors mtg 0800 SPMC Breakfast and Tom Bain Raffle 0900 General membership mtg w/educational program Tom Bain Raffle Meet other collectors and talk paper money Effervescent and always humorous Auctioneer—Wendell Wolka SPMC AWARDS Educational talks and paper money exhibits Mix ‘em up! SPMC.org * Paper Money * Nov/Dec 2024 * Whole No. 354 385 Santa Claus on U.S. Obsolete Notes by Benny Bolin Christmas is the largest holiday celebration/observance in the world today. For two millennia, people around the world have been observing it with traditions and practices that are both religious and secular in nature. Over 2.5 billion people in over 160 countries, in some way, celebrate/observe Christmas. What was originally a Christian holiday celebrating the birth of Jesus has slowly grown to a more secular, materialistic holiday. It is a time of family gatherings, feasting, presents and decorating, even with animatronic penguins, bears, etc. in our front yards. Gauche light displays on our houses and trees inside define the time. One of the earliest trees inside a house was in 1846 when Queen Victoria and German Prince Albert were sketched with their children around one in the palace. Martin Luther is credited with devising the first lighted tree. He was awed by the stars twinkling amidst evergreens, so in order to recapture the scene for his family, he erected a tree in the main room and wired its branches with lighted candles. Today we decorate with wreaths of evergreen, tinsel which was first made of pure silver and decorated with ornaments which got their start in Germany when Hans Greiner started making glass balls (called baubles) during the 1800’s. However, the most famous symbol of Christmas is Santa Claus. Today he is portrayed as a jolly, bearded fat man with a belly like jelly. However, he did not start out that way. The legend of Santa Claus can be traced back hundreds of years to a monk named St. Nicholas. It is believed that he was born sometime around A.D. 280 in Patara, near Myra in modern-day Turkey. Much admired for his piety and kindness, St. Nicholas became the subject of many legends. The historical Saint Nicholas (AD 270-343) was the patron saint of archers, sailors, brewers, children and students. He also earned a reputation for secretly giving gifts, serving as the model for everyone’s favorite Christmas gift distributor – Santa Claus, sometimes referred to as jolly St. Nick. It is said that he gave away all of his inherited wealth and traveled the countryside helping the poor and sick. One of the best-known St. Nicholas stories is the time he saved three poor sisters from being sold into slavery or prostitution by their father by providing them with a dowry so that they could be married. Over the course of many years, Nicholas’s popularity spread and he became known as the protector of children and sailors. By the Renaissance, St. Nicholas was the most popular saint in Europe. Christkind or Kris Kringle was believed to deliver presents to well-behaved Swiss and German children. In Scandinavia, a jolly elf named Jultomten was thought to deliver gifts in a sleigh drawn by goats. English legend explains that Father Christmas visits each home on Christmas Eve to fill children’s stockings with holiday treats. Père Noël is responsible for filling the shoes of French children. In Italy, there is a story of a woman named La Befana, a kindly witch who rides a broomstick down the chimneys of Italian homes to deliver toys into the stockings of lucky children. The bells on Santa’s sleigh were also more than decoration. Their jingling announced to children that Santa was on his way and that they need to go to bed or they might have to deal with Krampus! He’s the half-man, half-goat who comes around every year to chase naughty children and punish they for their mis-deeds. Christmas was declared an official holiday in many northern states in the mid-1800s, and some banks celebrated by creating Santa Claus currency since he became a symbol of charity and generosity and was a very familiar and trusted personage. The bank note companies capitalized on this and placed his likeness on their notes. All were on notes from the north and none to the west due to the limited banking in that region. Most Santa notes were smaller denomination notes. The end of the state bank era in 1864 also brought an end to Santa notes. In his 1993 book “About Christmas”, Roger Durand lists seven different vignettes of Santa that were used on obsolete notes. 21 banks from 8 states issued obsolete notes featuring Santa Claus. Seven total Santa vignettes were used (there are no examples of type VII; it is lost to history). These notes SPMC.org * Paper Money * Nov/Dec 2024 * Whole No. 354 386 are very popular today with collectors but at auction, they demand a very pricey sum. In researching this article, prices for Santa Claus notes ranged from 4-5 figures with the most expensive being the Bank of Milwaukee $5 proof note that brought an astonishing $35,000! All pictures of the notes shown below are the courtesy of Heritage Auctions Archives. The depiction of Santa Claus in these vignettes is varied, from a thin Kris Kringle sneaking about a bedroom to larger Kringle in a sleigh with reindeer over rooftops. The varied designs illustrate a period of transition where Santa Claus’ appearance was not standardized. The round, fat, jolly old elf in a red suit wasn’t widely accepted until after Thomas Nast’s 1881 depiction of “Merry Old Santa,” but it was moving in that direction. Today’s depiction of Santa began in 1931, when Coca-Cola commissioned Haddon Sundblom to paint Santa for their Christmas advertisements. He established Santa as a warm, happy character with rosy cheeks, a white beard and a belly that shook like a bowl full of jelly. TYPE I The type I vignette was produced by Rawdon, Wright, Hatch and Edson. It is the most “common” but it does not appear on the largest number of different bank notes, just on the most frequently encountered. It shows Old St. Nick and his reindeer on the job on Christmas eve, departing some lucky child’s rooftop. The Santa who graces this vignette is Sinter Klaas, a traditional figure brought by Dutch settlers to New York in the 17th century. Notes with this vignette; $5 Howard Banking Co Boston, MA $2 Saint Nicholas NYC, NY $1 The China Bank China, ME $5 Saint Nicholas NYC, NY $2 The Maine Bank Brunswick, ME $3 The Central Bank of Troy Troy, NY $2 White Mountain Bank Lancaster, NH $1 Mechanics & Manufacturers Bank Providence RI $2 The Waupun Bank Waupun, VT SPMC.org * Paper Money * Nov/Dec 2024 * Whole No. 354 387 Type II The type II is the second most encountered. It too was also produced by Rawdon, Wright, Hatch and Edson. It shows a seemingly younger, clean shaven Santa filling children’s stocking that were hung by the chimney with care filled with toys and goodies. Notes with this vignette; $2 The City Bank Biddeford, ME $1 Saint Nicholas Bank NYC, NY $1 The Atlas Bank Providence RI $3 Saint Nicholas Bank NYC, NY SPMC.org * Paper Money * Nov/Dec 2024 * Whole No. 354 388 Type III Type III vignettes appear on the greatest number of notes. Produced by Baldwin, Adams and Co., George D. Baldwin was a picture engraver and the probably engraver. The vignette shows Santa with his pipe in his sleigh being pulled by his eight-faithful reindeer. Notes with this vignette; $20 Conway Bank Conway, MA $2 Central Bank of Brooklyn NYC, NY $100 Spricket Falls Bank Methuen, MA $2 Bank of Sing Sing NYC, NY $20 Pittsfield Bank Pittsfield, MA $1 Iron Bank Plattsburg, NY $50 Buckport Bank Buckport, ME $3 Central Bank of Troy Troy, NY $1 Central Bank New Ulm, MN $10 Lamoille County Bank Hyde Park, VT **Note**The Spricket Falls Bank had two Santa Vignettes, T-III in center and T-VI at right. SPMC.org * Paper Money * Nov/Dec 2024 * Whole No. 354 389 Type IV Type IV was only used on Bank of Milwaukee notes of Wisconsin. Produced by Toppan, Carpenter and Co., the original sketch was done by Felix O. C. Darley. The vignette itself was engraved by either John W. Casilear or Nathaniel Jocelyn. It shows Santa leaving a doll for two sleeping girls in a nearby bed. Type V The Type V vignette is found on only two notes, the $5 and $10 notes from the Saint Nicholas Bank of New York. Produced by Toppan, Carpenter & Co., it was engraved by either Casilear or Jocelyn. It shows Santa with a pipe in his mouth looking back as his reindeer begin to take off into the air. Notes with this vignette; $5 Saint Nicholas Bank NYC, NY $10 Saint Nicholas Bank NYC, NY SPMC.org * Paper Money * Nov/Dec 2024 * Whole No. 354 390 Type VI The Type VI vignette is also only found on two notes, the Knickerbocker $2 note from New York and the Spicket Falls Bank of Methuen, Massachusetts $100 note. Produced by Baldwin, Adams & Co., it was engraved by George D. Baldwin. It shows Santa sitting in a chair by the fire, smoking a pipe and is holding a doll in one hand. A sack on his back is filled with toys. Notes with this vignette; $2 Knickerbocker Bank NYC, NY $100 Spricket Falls Bank Methuen, MA **Note**The Spricket Falls Bank had two Santa Vignettes, T-III in center and T-VI at right. Type VII Type VII appears on the $20 and $50 Saint Nicholas Bank notes and was probably an American Bank Note Company engraving. Although it has not been seen, the description is “children asleep in bed; Santa Claus entering from a chimney.” While this is close to the description of Type IV, the mention of a fireplace and chimney in view show it is a different vignette. Durand also lists three other financial instruments/notes with Santa vignettes, although not of the aforementioned types. Columbus, GA- Grand Sponge Company Scrip $500 (1870s) This is the only known example of this unsigned, over-size bond measuring approximately 5 ¼ x 7 ¾ inches and printed in red ink. The piece was "Scrip for Redemption of Cuban Bonds" as per the text. The Grand Sponge Company remains unknown as no information has been uncovered, however it is believed SPMC.org * Paper Money * Nov/Dec 2024 * Whole No. 354 391 that it served as a front for racketeers. An almost woodsman looking Santa is portrayed stepping into a chimney with his sleigh and reindeer in the background at the center of the note. New York, NY- Scribner & Co. 25¢ July 4, 1876 The Santa Claus vignette on this piece of scrip that is printed in green ink that was good for 25-cents off the $4 purchase price of one bound volume of their children’s book St. Nicholas, with the remaining $3.75 to be a cash payment. Scribner & Co. was located at 743 Broadway in New York. The company printed a well-known children's magazine, St. Nicholas Magazine starting in1873. Cedartown, GA- Cherokee Iron Company 5¢ March 15, 1873 In 1873, Amos G. West established the Cherokee Iron Company, a large conglomeration that had a mine, a furnace, and a rail line for transport called the East and West Railroad. This 5-cent scrip has a vignette of the jolly bearded one and his trusty reindeer in the center of the green ink reverse. So, yes Virginia, there is a Santa Claus, whether in your heart or your imagination. Can all these bankers be that wrong? Thanks to Richard Melamed for his proof-reading and editing of the article. Resources: Saint Nicholas on Early State Bank Notes. Dr. John A. Muscalus. 1959. Interesting Notes About Christmas. Roger Durand. 1973. Christmas Currency, An Illustrated Trial List. Larry L. Ruehlen. 1973. ANA Money Museum Blog. St. Nicholas Bank Notes. 2020. Intelligent Collector.com/Santa-Claus notes. Dustin Johnson. 2019. www.Masshist.org SPMC.org * Paper Money * Nov/Dec 2024 * Whole No. 354 392 Sherman, Texas Bank Organized Especially to Utilize Aldrich-Vreeland Emergency Currency Purpose and Introduction This article profiles two technicalities. First, is that it involves two banks with exactly the same titles and explains why. The second is that the second bank issued only Aldrich-Vreeland emergency currency for the first few months of its existence. Both situations resulted because the bankers had their eyes firmly on profits and played the system to maximize them as opportunities arose The duplicate titles resulted from the bankers leaving the national system in order to take advantage of a Texas bank deposit guarantee law in effect at the time for Texas state chartered banks that drew depositors (Huntoon, Ch L16). They later rejoined the national system when it became apparent that the emergency currency provisions in the Aldrich-Vreeland Act could play well to their bottom line. As for the emergency currency, they indeed did subscribe for it and loaned it to its fullest extent during the short period when it was profitable at the start of World War I. Two Banks, Same Title The title The Commercial National Bank of Sherman, Texas, was used twice, first under charter 5864 granted June 18, 1901 and under charter 10607 granted September 2, 1914. Charter 5864 issued Series of 1882 brown and date backs whereas charter 10607 began issuing Series of 1902 date backs upon opening. The Paper Column Peter Huntoon Adam Stroup Lee Lofthus Figure 1. Two national banks with exactly the same title and management in Sherman, Texas, 5864 (1901-1911) and 10607 (1914-1929). Heritage Auction archives photos. SPMC.org * Paper Money * Nov/Dec 2024 * Whole No. 354 393 Both banks were operated by president W. R. Brents and cashier F. Z. Edwards for their entire corporate lives. The original bank, charter 5864, simultaneously merged with Continental State Bank of Sherman and liquidated March 2, 1911 in order to reorganize under a state charter as Commercial State Bank run by Brents and Edwards (Austin American-Statesman, Feb 7, 1911). Obviously, they found it advantageous to operate under a less restrictive state charter that also came with a deposit guarantee provision. However, they opted to rejoin the national bank system in 1914. We know exactly why they wanted to regain a national charter thanks to a September 6, 1914 newspaper notice discovered by coauthor Adam Stroup in The Daily Ardmoreite. State Bank Reorganized as National Sherman, Texas, Sept. 5—The Commercial State Bank of Sherman was today changed to a national bank and will hereafter be known as the Commercial National Bank of Sherman. The change was made, it is announced, in order to take advantage of the emergency currency act of the United States government and assist in moving the crops of this section. The bank has a capital stock of $200,000 and surplus and undivided profits to the amount of $207,000. The Aldrich-Vreeland Act of March 30, 1908, provided for the infusion of what was popularly called emergency national currency secured by short-term commercial loans. In its original form, the Act reserved the privilege to receive emergency currency to national banks that had existing circulations of traditional bond-secured currency. Congress passed in haste an amendment on August 4, 1914—the day Britain declared war on Germany—that liberalized the provisions of the Aldrich-Vreeland Act, one being that bankers who had not taken out traditional bond-secured circulation could now issue emergency currency. This applied to the new Commercial National Bank, because Brents and Edwards did not take out bond-secured circulation upon it being chartered. Furthermore, Treasury Secretary William McAdoo issued the following statement on August 27, 1914, which sounded attractive. Among the eligible securities to be used as a basis for the issue of currency I have decided to accept from national banks, through their respective national currency associations, notes secured by warehouse receipts for cotton or tobacco having not more than four months to run, at 75 per cent of their face value. * * * This plan ought to enable the farmers to pick and market the cotton crop if the bankers, merchants, and cotton manufacturers will cooperate with each other and with the farmers, and will avail of the relief offered by the Treasury within reasonable limits. Such cooperation is earnestly urged upon all these interests. (McAdoo, 1914, p. 11). Bankers Use Only Emergency Currency at Startup As was policy during this period, the Bureau of Engraving and Printing prepared a plate for the bank immediately after it was chartered and printed a supply of notes from it in case the bankers subscribed for emergency currency. The plate was a Series of 1902 or-other-securities 10-10-10-20 face plate certified for use September 12, 1914. The first printing from it consisted of 2,000 sheets that were delivered to the Comptroller’s office on September 20th In accord with the Daily Ardmoreite article, Brents and Edwards subscribed for a short-term infusion of $78,000 of emergency currency on October 21, 1914, a little over a month and a half after the bank was chartered. Most likely it was secured by $108,000 worth of warehouse receipts. Accordingly, the Comptroller of the Currency’s office shipped 1,560 sheets of 10-10-10-20 Series of 1902 date back to the bank the next day. They bore sheet serials 1 through 1560. This is a situation where for a time, the only currency in circulation from the bank consisted entirely of Aldrich-Vreeland emergency currency. One note from the October 22, 1914 shipment is recorded in the National Currency Foundation census; specifically, $10 Series of 1902 date back K278340B-514-B. That beauty illustrates this article. It went through a Heritage FUN auction January 4, 2001. Because the Aldrich-Vreeland emergency currency was secured by short-term loans, it was retired by the bankers in short order as those loans matured. This was accomplished by deposits the bankers made SPMC.org * Paper Money * Nov/Dec 2024 * Whole No. 354 394 into the U.S. Treasurer’s redemption fund that allowed it to be withdrawn from circulation. Those deposits were $28,000 on February 4; $15,000 February 18; $10,000 February 25; and $25,000 March 1, 1915. The entire duration of the emergency currency issues for The Commercial National Bank spanned October 22, 1914 to March 1, 1915. The bank condition call dates for the 1914 and 1915 Annual Reports of the Comptroller of the Currency, which included entries for the bank’s circulation, were September 12, 1914 and September 4, 1915. Notice that the emergency currency issues fell between these dates so they are invisible to us in the annual reports. This is common for many banks that subscribed for emergency currency under the Aldrich-Vreeland Act. Circulation of Emergency Currency In the case of The Commercial National Bank, all the emergency currency was actually loaned and entered circulation as revealed by the fact that the worn notes came in for redemption spread rather uniformly over the ensuing years. There is no record in the National Currency and Bond ledgers that the bankers returned batches of uncut sheets in order to redeem any of it. The latter is a pattern we see when other bankers held on to their emergency currency as a cash reserve in a strategy to provide them with liquidity as money tightened during the early months of World War I. Aftermath The bankers made the decision to take out traditional bond-secured currency after their emergency currency infusion. In 1915 they deposited the following 2% bonds to secure it: $100,000 on January 14 and $20,000 December 13. The $100,000 January 14th amount shows up in their September 4, 1915 statement of condition in the 1915 annual report, and the full $120,000 in the 1916 report. From there they continued to grow their bond secured circulation to $200,000. Their worn emergency currency did not start dribbling into the Treasury for redemption until January 29, 1915, so the first of their bond-secured circulation of $100,000 consisted of the next 2,000 10- 10-10-20 sheets in the Comptroller’s inventory; specifically, those with sheet serials 1561 through 3560 shipped to them January 14, 1915. In 1920, they paid for a 5-5-5-5 Series of 1902 plate, probably in response to pleas by Treasury officials who encouraged national bankers to issue smaller denomination notes in order to alleviate a Figure 2. Warehouse receipts such as this were likely used by the Sherman bankers as security for their “other securities” deposits used as backing for their Aldrich-Vreeland emergency currency issues. They could obtain emergency currency equal in value to 75 percent of the value of the commodities represented by the warehouse receipts. From Lofthus (2024). SPMC.org * Paper Money * Nov/Dec 2024 * Whole No. 354 395 shortage of them in circulation at that time. That plate was certified October 20, 1920 and used to print Series of 1902 plain backs. The Commercial National Bank was merged into The Merchants and Planters National Bank of Sherman, charter 3159, on October 31, 1929 and its charter liquidated in the process. Sources of Information and Articles Cited Austin American-Statesman, Feb 7, 1911, Two banks have consolidated, Sherman Financial Institutions are merged into one: p. 1. Comptroller of the Currency, 1863-1935, National Currency and Bond Ledgers: Record Group 101, U.S. National Archives, College Park, MD. Daily Ardmoreite (Ardmore, Oklahoma), Sep 6, 1914, State bank changes to national: p. 3. Huntoon, Peter, Duplicated National Bank titles: Society of Paper Money Collectors, Encyclopedia of U.S. National Bank Notes, Ch. L16, 13 p. https://s3.amazonaws.com/nbnencyclopedia.spmc/chapter-l16-duplicated-titles.pdf Lofthus, Lee, May-Jun, 2024, Protocols for handling the issuance and redemption of Aldrich-Vreeland emergency currency: Paper Money, v. 63, p. 158-174. McAdoo, William, 1914, Annual Report of the Secretary of the Treasury on the State of the Finances: Government Printing Office, Washington, DC. United States Statutes: Government Printing Office, Washington, DC. SPMC.org * Paper Money * Nov/Dec 2024 * Whole No. 354 396 Damn the Shin Plasters by Terry A. Bryan Treasury Rats now rule the land! Everything moves by their command; they cut out the work, and handle the pay, and a charming song they sing today. Oh, confound the Treasury Rats. (Anonymous 1830s political song later adapted to Civil War issues.) Many of us have seen graffiti on paper money. A cartoon dialog bubble having George Washington say, “I grew hemp” relates to the persistent efforts for marijuana legalization. Funny alterations of William Meredith’s portrait on Fractional Currency are common. Where’s George? notes have graffiti for recreational tracking of a note’s circulation. Shinplasters were papers shoved down a soldier’s trousers leg to protect against chafing by the boot tops. A piece of paper money called by that name was worthless, indeed. It was only good for use as a shin plaster. If the piece of paper were worthless, and if that made you angry, why not expose your opinions via graffiti on it? Some rare scrip notes display pointed political commentary about conditions during the Panic of 1837. David Bowers in his book, Obsolete Paper Money, refers to a contemporary editorial that advocated airing your displeasure on the backs of the notes. Two issues of Delaware shin plasters are found with political messages. Two notes like this 5-cent scrip from Georgetown, Delaware were used to carry strong anti-shin plaster graffiti. Wilmington, Delaware utilized city scrip printed in 1837 and 1841. One of these 5-cent notes has face and back political graffiti. Illustrated is the obverse of a similar note not defaced. President Andrew Jackson raged against old Federalist policies, such as a central bank and high tariffs. He mistrusted the investor classes of New England. Citizens of the western frontier, such as Jackson, were generally debtors to Eastern financial interests. Nicholas Biddle, President of the Second Bank of the United States was an innovative banker with political leanings. Biddle used his position to work against Jackson’s election. The two were bound to clash. Had Biddle joined in conciliatory discussion, history may have been changed, but Jackson was likely to be unmoved by reasoning when his mind was made up. Reading about Jackson’s war with the Second Bank of the United States reveals many causative factors and disagreements about their relative importance. President Jackson’s emotional approach to finance was a major issue. The Bank of England’s increased interest rates worsened the situation, especially in the Southern cotton markets and in the money markets of the East Coast. Eastern/Western sectionalism and particularly nasty party politics inflamed groups of people in different ways. People in many areas of the country had understandable dislike of banks. Mistrust and general cussedness of powerful individuals are among the causes cited. Jackson’s contradictory policies appear to be the major cause of the Panic of 1837. There was enough finger- pointing to go around for the graffiti artists. Refer to the sources list for further reading. The Second Bank of the United States had previously reined in the excessive issue of local bank notes. Jackson’s refusal to renew the charter of the 2nd Bank in 1832 and his dividing Federal Treasury funds among many banks (“Pet Banks”) in all parts of the country gave a windfall of money to the bankers. This increase in the banks’ money deposits encouraged a flood of local bank paper. The later Specie Circular mandated Federal land Jackson and Van Buren are both lampooned on a money- resembling broadside of the times. (Heritage Auctions)  SPMC.org * Paper Money * Nov/Dec 2024 * Whole No. 354 397 payments to be in gold and silver—a contrary effect on the money supply. Jackson’s erratic, conflicting policies resulted in many bank failures and eventual suspension of specie payments by most banks in 1837. All that bank currency could no longer be redeemed in gold or silver. Hoarding caused coins to disappear in ordinary commerce. Private issues of tokens and scrip offered a solution for making small purchases and making change. Some references suggest that the economic downturn of 1837-1842 was second only to the Civil War as the most severe economic crisis in our history, calculated by per capita distress. Like our Obsolete Bank Notes, scrip issues were many and varied. Some were fraudulent; some might only be payable at a future date. If you had scrip from a distant source, how would you ever redeem it? If the notes stayed in the local economy, you would at least know where it came from. The local issuer was available for redemption. The system would have worked fairly well within a small radius of travel. The scarcity of such notes in collectors’ hands is a mark of how well the scrip was finally redeemed for “current funds” (that is, coins or bank notes) or merchandise. A lot of people were victims of hard times in the financial crisis of 1837-1842. It is predictable that there would be divisive feelings and class warfare evidenced by news stories, political cartoons and public pronouncements. The raw satire of the copper Hard Times Token series spoke to different sides of the issues-- progressives and reactionaries. Cabinet members who disagreed with Jackson were labeled “Treasury Rats” for their preference for the United States Treasury having a single powerful bank. Debtors had no hard currency to repay loans, and many businesses failed. Unemployment affected all parts of the country. President Jackson and Nicholas Biddle were variously blamed for the crisis that fell on the Van Buren administration. Dictatorial Jackson was an easy target. Nicholas Biddle was blamed and hated for his role in precipitating some events. Jackson’s huge, smelly cheese in the White House at the end of his term became a favorite image for his opponents. The “stink” in the White House carried over into the next administration. The Bank of England and the 2nd Bank of the United States seemed twinned evil influences in the minds of Jackson partisans. The Biblical Book of Revelation describes the dream image of demons associated with unclean and evil birds. In some minds, scrip notes let loose on the world were similarly apocalyptic visions. Most scrip notes from the financial panic of the 1830s and 40s are blank on the back. This provided partisans of diverse politics a canvas to spread their ideas. Delaware Obsolete Currency and scrip notes are recognized as scarce commodities. Three pieces of scrip with shinplaster graffiti are particularly unusual items. Two such rants on identical notes place the blame on multiple culprits, as though the propagandists are covering all the bases. The Farmers Bank of the State of Delaware (1807- 1981) was the last remaining bank in the U.S. to have its state retain a large stock ownership. From the outset it operated branch banks throughout the state. 1837 scrip from the Georgetown branch have graffiti on reverses of two different 5-cent notes. A crude cartoon Nicholas Biddle with a rope around his neck is captioned “Biddle Hang by the neck until dead dead.” One end shows a wedge of Jackson’s big cheese, which odor permeated the Van Buren White House. The cheese’s bad smell became symbolic mockery of Jackson. Is this both anti-Biddle and anti-Jackson propaganda? The other end exclaims, “Down with the English Bank”. Anti- Bank of England opinion, or linking the trials of the English institution to the 2nd Bank of the United States? Another example of the same scrip issue has a tiny cartoon of a horned and tailed demon releasing a hellish scrip note winging to the sky. The Evil One is captioned, “Martin Van Buren Currency”. “Damn the Shin Plasters” is the motto. Better artwork, and they are certain who to blame. The City of Wilmington, Delaware made scrip issues in 1814, 1837, 1841 and 1862. The issues must have been profitable for the City and convenient for local business for the town fathers to repeat the process this way. The 1837 and 1841 issues were post-dated for a year. You could not expect redemption until then, and no interest was paid for your trouble. This was an attempt to keep the notes in general circulation in the community; notes also had time to stray away from home and become a profit for the issuer. The large series of Hard Times Tokens vary with pro- and anti-Jackson themes. (Heritage Auctions) SPMC.org * Paper Money * Nov/Dec 2024 * Whole No. 354 398 A horned devil lets loose a filthy bird: Van Buren’s Currency. Back of a second 5-cent Georgetown, Delaware shinplaster, face same as above. An 1841 five-cent scrip note from Wilmington has an exhortation on the face that the note should carry interest, since it is only redeemable in one year’s time. The back of the note states, “This species of ‘the better currency’ was issued by a Whig Corporation ruling the affairs of the City of Wilmington, Del. in March 1841. A small humbug--payable 12 months after date! Hard money & no rags!” Here, we have the urban poor, businesspeople, or debtors blaming the anti-Jackson forces for the hard times…possibly a coalition.  A piece of 5-cent Wilmington, Delaware city scrip of 1841 has graffiti on both sides. The face complains no interest is paid on a note with a year’s delay to redeem. The reverse (shown) accuses the Whigs supposedly in control of City government. Certainly, people in Delaware were not terribly victimized by worthless scrip. The small size of the state and its small commerce and small banking community had a positive influence on the public trust. Isolated areas and large cities were more of a hotbed of fraud. The politics and economics were complex, but the effect was the same if you were unemployed by business failure. People are still finding an outlet by means of graffiti protesting thorny political and economic issues with no easy solutions. Today as in 1837, everybody seeks somebody to blame when the crunch comes. References: Special thanks for Professor Loren Gatch for kind advice on this article. “America’s Other Great Depression”. https://www.brandeis.edu/magazine/2013/spring/inquiry/depression.html. “Andrew Jackson’s Bank War & the Panic of 1837”. https://economics.harvard.edu/files/economics/files/panic_1837_harvard_final.pdf. Bowers, Q. David. Obsolete Paper Money. Atlanta: Whitman, 2006. Clain-Stefanelli, Elvira & Vladimir. Two Centuries of American Banking. Washington, D.C.: Acropolis Books, 1975. “1837: The Hard Times”. https://www.library.hbs.edu/hc/crises/1837.html. “The Federalist Party”. www.history.com. Hepburn, A. Barton. A History of Currency in the United States. New York: Macmillan, 1924. Inskeep, Steve. Jacksonland. New York: Penguin, 2015. McGrane, Reginald. The Panic of 1837: Some Financial Problems of the Jacksonian Era. New York, NY: Russell & Russell, 1965. “Panic of 1837”. https://ohiohistorycentral.org/w/Panic_of_1837. “The Panic of 1837”. https://courses.lumenlearning.com/wm-ushistory1/chapter/the-panic-of- 1837-and-the-whig-party/. Rulau, Russell. Hard Times Tokens. Iola, Wisconsin: Krause, 1996. Schlesinger, Arthur M. The Age of Jackson. New York: Mentor, 1953. “An Ungovernable Anarchy”. www.intereconomic.eu/contents/year/2010. Identical to the above 5- cent Georgetown, Delaware note: an illustrated back blaming all parties. Biddle hangs, cheesy bad odor hangs over the White House, and the banks are all indicted. SPMC.org * Paper Money * Nov/Dec 2024 * Whole No. 354 399 WORLDWIDE AUDIENCE LIVE BIDDING ON OUR WEBSITE & MOBILE APPS DEDICATED CATALOGS & SALES FOR ADVANCED COLLECTIONS 0% COMMISSION FEE ON ALL CONSIGNMENTS WORLD BANKNOTE AUCTIONS SPECIALIZING IN US PAPER MONEY info@worldbanknoteauctions.com +1 (916)-701-5132 / (888)-707-1564 World Banknote Auctions P.O. Box 348144 Sacramento, CA 95834 United States www.worldbanknoteauctions.com $50 Legal Tender Series of 1874, 1875, 1878, 1880 Intaglio Face Plate Varieties Purpose and Introduction The purpose of this article is to track the production and alteration of the $50 intaglio face plates used to print Series of 1874, 1875, 1878 and 1880 legal tender notes. This tale is a fascinating example of both the continued use of the same master transfer roll across four series during the course of 26 years coupled with numerous alterations to the plates made from it to keep those plates reasonably current. Every variety pertaining to these face plates is listed on Table 1. The scope of this discussion is limited to the varieties in the intaglio elements on the face plates, not variations in the colorful overprints applied to the faces or details associated with the back plates. The face design for the $50 plates treated here was created and engraved at the Bureau of Engraving and Printing. Bureau personnel made the plates. In contrast, the back plates were designed and made by the Columbian Bank Note Company, which had the contract to print those backs during production of the Series of 1874 and 1875. The back plates were turned over to the Bureau thereafter so Bureau personnel assumed responsibly for both printing the backs and making additional back plates as needed beginning with the Series of 1878. The handling of the $50 legal tender face plates at the Bureau of Engraving and Printing provides a window into how the manufacture of low-use high-denomination plates was handled. The byword was economically. Low-use plates used to print large-size notes were not hardened at the Bureau because wear was not a serious concern. Because the plates were soft, they could be altered to update variable features such as series dates, Treasury signatures and other minor design elements. In contrast, a roll lifted from a full- face master die had to be hardened before it could be used to lay-in the image onto the plates. Consequently, if elements on the roll become obsolete, the usual means for updating those elements was to alter them on the plates after the image had been laid-in. The Paper Column Peter Huntoon Figure 1. Die proof lifted from the Series of 1874 $50 legal tender master die. Notice that it carries an 1874 series date and Spinner-Allison signatures. The tail of Spinner’s signature overlaps the rosette between the signatures. A roll lifted from this die was used to make all the $50 Series of 1874, 1875, 1878 and 1880 face plates. Bruce Hagen photo. SPMC.org * Paper Money * Nov/Dec 2024 * Whole No. 354 401 $50 Full-Face Master Die and Roll Our tale begins in 1874 when the Bureau engravers and siderographers finished the $50 Series of 1874 full-face master die and hardened it. A print from it is illustrated on Figure 1. Next. they made a transfer roll from the die and hardened it as well. The images on the die and roll could not be altered once those objects were hardened. The creators of the master die and roll were not forward thinking because they included the Spinner- Allison Treasury signatures as well as the 1874 series date on the die. Those elements would prove to be variable. Despite this fact, the roll fathered every $50 Series of 1874, 1875, 1878 and 1880 face plate that was made. The fact that the roll carried the Spinner-Allison signature combination allows us to demonstrate that the roll was used to make all the plates. This comes about because Spinner’s signature overlapped the rosette that separates the signatures. Consequently, vestiges of the tail of his signature are found in the rosette on all the $50 face plates through the end of the Series of 1880. See Figure 2. Figure 2. Left–tail of Spinner signature on the rosette; Center– removal of the signature; Right– remnants of the signature remain as blacken overlays on the white line work where they could not be removed from the rosette. Table 1. $50 Legal Tender Series of 1874, 1875, 1878 and 1880 face plates and their permutations listed in chronological order of when they were certified. Dates listed where available in the plate history ledgers or on certified proofs. Date Plate Plate Serial Treasury Plate Date Plate Date Plate Condemned or Position of Plate Serial Also Between PLATE Fr # Series Plate # Serial # Treasurer Register Authorized Certified Destroyed Number on Subjects C & D Subjects 1 152 1874 1 Spinner Allison Mar 14, 1874 left of left plate letters yes 2 152 1874 2 Spinner Allison Mar 16, 1874 left of left plate letters yes 3 152 1874 3 Spinner Allison May 7, 1874 left of left plate letters yes 4 152 1874 4 Spinner Allison May 11, 1874 left of left plate letters yes 1 153 1875 1 Wyman Allison left of left plate letters yes 2 154 1878 2 Gilfillan Allison right of right plate letter yes 3 154 1878 3 Gilfillan Allison right of left plate letter yes 4 154 1878 4 Gilfillan Allison under left plate letter yes 1 155 1880 1 Gilfillan Bruce Nov 12, 1880 Aug 16, 1882 right of right plate letter yes 1 156 1880 1 Wyman Bruce Jun 1883 right of right plate letter yes G. W. Casilear's Nov. 24, 1868 patent removed from the lower frame of the serial number tombstone on existingg and new plates hereafter. 1 157 1880 617a 1 Jordan Rosecrans Dec 1885 Apr 5, 1886 right of right plate letter 5 157 1880 1513a 1513b Jordan Rosecrans Mar 18, 1886 under left plate letter 5 158 & 159c 1880 1513 1513b Hyatt Rosecrans under left plate letter 5 160 1880 1513 1513b Huston Rosecrans Dec 30, 1891 under left plate letter 6 160 & 161c 1880 2468 2468b Huston Rosecrans May 6, 1889 Jan 4, 1892 under left plate letter 7 noned 1880 4036 1 Nebeker Rosecrans May 6, 1892 Oct 14, 1892 under left plate letter Placement of the Treasury signatures swithed on the plares hereafter. Register Treasurer 7 162 1880 4036 1 Tillman Morgan Dec 4, 1893 under left plate letter 8 162 1880 4763 2 Tillman Morgan Nov 3, 1893 Jun 16, 1896 under left plate letter 9 162 1880 4833 3 Tillman Morgan Dec 4, 1893 Jul 17, 1897 under left plate letter 8 163 1880 4763 1 Bruce Roberts Apr 30, 1898 under left plate letter 9 163 1880 4833 2 Bruce Roberts Apr 30, 1898 under left plate letter 8 164 1880 4763 1 Lyons Roberts May 27, 1899 under left plate letter 10 164 1880 10783 3d Lyons Roberts Jul 28, 1900 Aug 4, 1900 under left plate letter 10 nonee 1880 10783 3 Napier McClung Jul 19, 1911 under left plate letter a. The Treasury plate number was assigned in 1886 when that set of numbers was adopted but not placed in the margin of the plate. b. The Treasury plate number was used as the plate serial number between 1886 and 1891. c. The face plate used for these two Friedberg numbers was the same, the difference in the notes being the Treasury seals overprinted on them. d. There was no plate serial number 2 Lyons-Roberts plate. e. No notes were issued with this signature combination. SPMC.org * Paper Money * Nov/Dec 2024 * Whole No. 354 402 The way this played out was when they used the roll to lay-in the four subjects on a given plate, they had to remove the Spinner-Allison signatures and 1874 series date from each subject. This could be accomplished rather easily for all but the tail of Spinner’s signature because those elements occupied open fields on the plate. The problem was the tail in the rosette. They got progressively more adept at removing it from the rosettes, but perfection often eluded them. The Conundrum of Huston-Rosecrans Plate 2468 Two surviving proofs lifted from Huston-Rosecrans plate 2468 reveal that the plate was the epicenter of a costly blunder. The plate was assigned a start date of May 6, 1892. Somewhat unusual is that two proofs survive from it and the earliest was not certified. See Figure 3. At first blush, the first of the proofs appears to have been made for some reason before they altered the series date from 1874 to 1880. In this respect, the proof nicely demonstrates that 1874 was on the transfer roll as expected. However, they already had replaced the Spinner-Allison signature combination with Huston-Rosecrans. It was unusual to draw a proof until all the alterations were made. The joker is that a string of six printer’s initials was stamped across the top margin of the plate. Four were the same pressman, a man who went by the single initial W. This was no proof drawn from a new plate. The proof had been drawn after the plate had seen service—plenty of service. Only one scenario fits. As the plate was being made, the series date was not altered to 1880 when the Spinner-Allison signatures were changed to Huston-Rosecrans. Pressman W spotted the problem as he was engaged in a seventh printing from the plate. A proof was pulled and the 4s on all four subjects were boldly circled to highlight the error. W then stamped his initial on the plate for the fifth time, thus closing out the 7th printing and returned the plate to the plate vault pending a repair of the date. The fact is, no Fr. 160 Huston-Rosecrans notes with an 1874 series date have been recorded. There can be only one explanation. All the sheets from all seven printings were canceled. The second proof was lifted to prove the correction to Series of 1880. That proof was duly certified by BEP Chief William M. Meredeth. It carried seven printer’s initials across its upper margin at the time. Recycled Plates The plates under consideration saw rather light use so often remained serviceable when series and signature combinations became obsolete. The Treasury signatures and series date were the principal items Figure 3. Succession of proofs from Huston-Rosecrans plate 2468 illustrating that the 1874 series date from the transfer roll was not replaced by 1880 when the plate was made. Seven printings were made before the date was corrected. That production had to be canceled. National Numismatic Collection photos. SPMC.org * Paper Money * Nov/Dec 2024 * Whole No. 354 403 that were updated on them. These changes can be tracked through the plate history ledgers allowing us to see the progression presented on Table 1. Notice that all but plate 2468 were altered at least once to carry new signatures after they were made; and, in the extreme, plate 1 was altered multiple times to update both the series and signatures. Figure 4 reveals that the proof for Series of 1878 Gilfillan-Allison plate 2 caught mid-stride the alteration of the series dates on the plate. The plate began life as the number 2 Series of 1874 Spinner-Allison plate. They already had laid-in Gilfillan’s signatures so an engraver was finishing the last digit in the series dates and removing the tails of Spinner’s signature from the rosettes. The following minor design elements also were altered or added. Generally, but with exceptions, plate serial numbers were used to denote the order in which plates bearing the same series and Treasury signatures were made. Those numbers and their placement were not sacrosanct so often were changed and/or moved when Treasury signatures were updated. An interesting example involves two of the three plates bearing Tillman-Morgan signatures when they were altered to carry the Bruce-Roberts combination. The number 2 and 3 Tillman- Morgan plates became the number 1 and 2 Bruce-Roberts plates. The number 1 Tillman-Morgan plate probably had worn out by then. In the early days. a copy of the plate serial number was placed in the gutter between the C and D subjects. Those numbers occasionally were moved within the gutters or, in the case of plate 1, the number was removed when the plate was altered into its Jorden-Roberts form. An omnibus set of Treasury plate numbers was instituted in 1886 wherein the numbers threaded in chronological order through all Treasury plates regardless of type of product. Once adopted, the Bureau used the Treasury plate numbers as the plate serial number between 1886 and 1891. They even replaced the plate serial numbers on old still serviceable plates that remained in their inventory with the new Treasury plate numbers (Huntoon and Murray, 2017). A patent notice embedded in the frame surrounding the serial number tombstone was removed in 1893. See Figure 7. The patent was for the concept of placing serial numbers on an engraved field to discourage alteration of them awarded to BEP Chief Engraver George Casilear (Huntoon, 2020). Why Different Series Years? A curiosity associated with the legal tender notes treated here is the reason for the use of four series dates for notes that shared the same generic face Figure 4. Progress proof illustrating the incomplete alteration of 1874 to 1878 on the number 2 Gilfillan-Allison plate. Figure 5. A duplicate of the plate serial number was placed in the gutter between the 3rd and 4th subjects on early BEP alates. Figure 6. Treasury plate numbers adopted in 1886 also were used as the plate serial numbers between 1886 and 1891. SPMC.org * Paper Money * Nov/Dec 2024 * Whole No. 354 404 and back designs. Doug Murray, the foremost authority on large-size type notes, provided the following explanation. Series of 1874: New face design to replace the Series of 1869 rainbow notes, a series that was plagued by counterfeits. Series of 1875: Change in signatures, otherwise the faces and backs of the 1874 and 1875 notes are the same as was the security paper on which they were printed. Series of 1878: Printing of backs assigned to the Bureau of Engraving and Printing by Congressional mandate; Columbian Bank Note Company back plates with BEP imprint were used. Series of 1880: New security paper supplier; specifically, the 1880 series notes utilized Crane paper, whereas the 1878 series utilized Wilcox paper. Murray never found mixing of the papers between the two series. Summary The 4-subject face plates for the $50 Series of 1874, 1875, 1878 and 1880 legal tender notes were designed and made by the Bureau of Engraving and Printing. All utilized the same generic intaglio design. One master full-face die was made and a transfer roll was lifted from it that was used to make all the $50 face plates in the four series. The notes printed in the four series embraced a plethora of varieties defined by their various series dates, Treasury signature combinations, overprint face tints and Treasury seals. Thirteen distinct Friedberg catalog numbers are assigned to the issued varieties. The Bureau of Engraving and Printing did not harden high-denomination plates because the printings from them were modest to small so wear was not a major issue. Because the plates were not hardened, they could be and were routinely altered. Alterations included updating series dates, Treasury signature combinations, plate numbers and plate number placements. A peculiarity with the Series of 1880 plates was that the positions of the signatures of the U.S. Treasurer and Register of the Treasury were switched beginning in 1893 when the Tillman-Morgan signature combination became current/ Cited Sources and Sources of Data Bureau of Engraving and Printing, 1863-1929, Certified proofs of large-size U.S. type notes: National Numismatic Collection, Smithsonian Institution, Washington, DC. Bureau of Engraving and Printing, 1863-1960, Record of plates in the plate vault, ledgers pertaining to dies, rolls, altos, plates and serial numbers: Record Group 318, Entry P1, (450/79/17/01-containers 12-15), U.S. National Archives College Park, MD. Huntoon, Peter, Sep-Oct 2012, Initials in the margins of large size proofs and sheets: Paper Money, v. 51, p. 333-342. Huntoon, Peter, May-Jun 2020, Patent dates on early large size currency and certificates of deposit: Paper Money, v. 59, p. 156- 163. Huntoon, Peter, and Doug Murray, Jan-Feb 2017, Treasury plate numbers used as plate serial numbers, 1886-1891: Paper Money, v. 56, p. 3-15. Huntoon, Peter, and Doug Murray, Sep-Oct 2019, Treasury sealing assigned to Treasurer’s office in 1885: Paper Money, v. 58, p. 327-337. Figure 7. The Casilear patent notice referring to his patent for note serial numbers superimposed on engraved backgrounds to prevent alteration of the numbers was removed in 1893. SPMC.org * Paper Money * Nov/Dec 2024 * Whole No. 354 405 SPMC.org * Paper Money * Nov/Dec 2024 * Whole No. 354 406 Figure 8. The four seal varieties arranged in chronological order and back used during the 26-year production of $50 Series of 1874, 1875, 1878 and 1880 legal tender notes. Heritage Auction archives photos. Figure 9. The roll with Allison-Spinner signatures and 1874 series date was used to lay-in this $2 Allison-New Series of 1875 plate. The series date was in the process of begin changed to 1875 when this proof was drawn. National Numismatic Collection photo. SPMC.org * Paper Money * Nov/Dec 2024 * Whole No. 354 407 Figure 10. The Series date on the $5 Allison-Gilfillan proof in the foreground should be 1878. The plate serial number is 26. Is there a good story here? National Numismatic Collection photos. SPMC.org * Paper Money * Nov/Dec 2024 * Whole No. 354 408 The 1963 $5 Legal Tender Series: A Study by John S. Patrick In 1964, the Bureau of Engraving and Printing (BEP) began delivering the 1963 series of $5 United States Notes (commonly known to collectors as Legal Tender notes). This series would have no alphabetic “subseries” like the 1953 series which went up to 1953C, nor would there also be the same series Silver Certificates as the 1953 series. It would also be one of the shortest printings, staying in A-A and *-A blocks with a published total of 67,200,000 printed, although not all of those would make it to circulation as the evidence will show later. Even though it is a short total run, this series is much underappreciated by collectors, who often see the necessity of only getting two notes for their collection: one from A-A block and a star. And for most collectors, that would be enough. However, I took a liking to this series and wanted to prove (or disprove) what little information I could find by surveying notes from online auctions, most notably eBay, which at any given time seems to have over 200 notes listed from this series. After quite a bit of time, I’ve managed to collect data on what’s been posted on eBay, in addition to other sources such as the PaperMoneyForum.com, USPaperMoney.info, and auction sites such as Heritage. Below are my findings. Let’s start off with the basics and quickly correct some published data. Oakes, Schwartz, Lindquist, and others (through multiple editions of the Standard Guide to Small Size U. S. Paper Money) state that the 1963 $5 Legal Tender series have front plates of 1 through 10 and back plates of 1 through 9. After cataloging a total of over 2100 notes from over all print runs, I have only recorded the following plates in use--Table 1. As you can see, front plates 2, 9, and 10 have not been observed, and back plates 6 and 7 have also not been observed on 1963 $5 Legal Tender. (Note that back plate #7 was made and has been seen on 1963 $5 Federal Reserve Notes, although its use is uncommon at best, tending more toward scarce; back plates 8 and 9 were also recorded on the 1963 FRNs.) In fact, for star notes, only front plates 1, 4, and 8 have been used, while back plates for stars are limited to 1 and 2. Table 1: Plates Recorded in 1963 $5 USN Front Plate 1, 3, 4, 5, 6, 7, 8 Back Plate 1, 2, 3, 4, 5, 8, 9 Bold numbers represent plates also used on star notes. For regular notes, there were a total of 99 full 20,000 sheet printings. Based on analysis of the serial numbers to determine the sheet on which they were printed, it appears that all 1,980,000 sheets were printed and circulated; for runs 4, 16, and 18, I’ve only recorded two (2) notes for these runs but they are sufficiently spaced to show they were full print runs. Also, looking at plate positions of the notes, the distribution is such that it does not appear that any specific plate position was undistributed. While I have only recorded two (2) notes in quadrant 1 (plate positions A1 through H1) for run 1 (representing serials A 000 00001 A through A 001 60000 A) and both in position A1, I do believe they are out there, just not having come up in my research. Also, the high serial of A 633 60000 A may still be out there to be found; the highest I have found to date is A 633 38640 A, which—not surprisingly—has been added to my collection. If you have notes in any of the needed print runs above, or higher serial numbers, I will gladly take additional data via email. When looking at plate numbers and their progression (see Figures 1 and 2), it is obvious that the BEP cycled through and retired when the plate was unserviceable, starting both front and back plates at #1. No front plate is limited in representation, with front plate #1 being used the least on only seven (7) 20,000-sheet print runs. However, on the back plates, back plate #9 was only used for half of the last run (99): somewhere right around sheet 10000 was the transition from back plate #8 to back plate #9. The highest sheet number found with back plate #8 is 9387 (serial number A 629 29387 A) while the lowest sheet number found with back plate #9 is 10595 (serial number A 632 90595 A). (To find the sheet number, divide the serial by 20000 and then look at the remainder; a remainder of 0 is sheet 20000.) SPMC.org * Paper Money * Nov/Dec 2024 * Whole No. 354 409 Figure 1: Front Plates Used by Print Run for 1963 $5 USN Figure 2: Back Plates Used by Print Run for 1963 $5 USN Front and Back Plates recorded by each of the 99 print runs. What this means is that back plate #9 is found on only 320000 of the 63360000 notes, or just slightly more than 0.5%! From a perspective of “fancy” serial numbers, this series is very limited. With only a single AA block run—and not even two-thirds of a complete set of 999 99999!—the number of fancy numbers (radars, repeaters, ladders) is limited. In addition to single digits serials, only 6335 radars and repeaters (see Figure 3 for the author’s radar fancy), each, including only five (5!) solids (ones through fives), plus only a handful of ladders means that about 12,700 fancy numbers were printed, plus another 800-star fancies. I’ve only seen less than ten at auctions, shows, or “shown off” in online forums. Given SPMC.org * Paper Money * Nov/Dec 2024 * Whole No. 354 410 the limited numbers of fancies available, this series may represent some of the rarest fancies out there. With regards to replacement (star) notes, there were only six (6) 20,000 sheet printings, and each printing has a “dedicated” plate pair, as shown in Table 2. Table 2: Front and Back Plates Used for the Six (6) Star Note Runs Print Run Serial Range Front Plate Back Plate 1 * 000 00001 A * 006 40000 A 1 1 2 * 006 40001 A * 012 80000 A 4 2 3 * 012 80001 A * 019 20000 A 4 2 4 * 019 20001 A * 025 60000 A 8 2 5 * 025 60001 A * 032 00000 A 8 2 6 * 032 00001 A * 038 40000 A 1 1 Better than 99.81% of the star notes I’ve recorded have the front/back plate pairs as shown in Table 2. However, 99.81% is not 100%; I have found (and, of course, purchased) two stars from run 4 with the 1/1 front/back plate pair! (See Figure 4 for the first one the author found.) If they were in run 2, one might assume that extra sheets from run 1 were found and used to replace damaged sheets pre-serialization. But as they are sheets 14967 and 14992 in run 4 (serials ends in 4967 and 4992 with a preceding odd number), and, oddly, both notes found are in position H4, your guess is as good as mine how these 1/1 sheets ended up “in the mix” for the serialization stage. Since I’ve only found two, each on different sheets, there are at least 31 on each of the two sheets remaining out there to find, and maybe the sheets in between! Analysis of the data (see Table 3) for replacement (star) note runs 1 through 5 show nothing special. The sheet span covers nearly the entire 20,000 sheets and nearly every plate position has been found multiple times (I have not recorded run 1 positions E2, F4, and G4, and run 3 position A1), meaning all sheets were printed and no bundles were kept making a certain plate position uncommon let alone rare. Table 3: Count of Recorded Notes for 1963 $5 USN Stars Star Print Run Number Recorded Lowest Sheet # Highest Sheet # 1 142* 337 19777 2 106 212 19908 3 152 139 19584 4 302 20 19960 5 321 288 20000 6 47 16044 19965 However, star note run 6 shows something much different. Looking at this table and understanding survivor bias (that later notes would circulate less and therefore be more easily found), you can see that star print runs 2 through 5 follow that: the number found and recorded of each run increases from run 2 to run 5. Print run 1 includes several groups of consecutive notes which skews the count; I also anticipate print run 1 has more found than run 2 as the lower serial numbers (more zeroes) tend to be kept in collections more often. But why does star note print run 6 have less than one third of the number of print run 1? Let’s look at the lowest and highest sheet in the survey for each run. The evidence shows that while print runs 1 through 5 are pretty much guaranteed to have been full 20,000 sheet printings, print run 6 may have had only 4,000 sheets printed. This reduction of 80% helps correlate with the paltry number of samples found in the survey. But when coupled with the fact that only 21 of the 32 plate positions have been found (all of quadrants 1 and 2, but only have recorded four (A3, B3, C3, F3) in quadrant 3 and only a single (C4) in quadrant 4) (see Figure 5), perhaps some of the 4000-note “bricks” from a single plate position never circulated? As the old commercial said, “Enquiring minds want to know!” Combined, this makes star notes from print run 6 much harder to find and should command more of a premium than notes from runs 2-5. Star notes from run 1, SPMC.org * Paper Money * Nov/Dec 2024 * Whole No. 354 411 possessing lower serial numbers, will always command higher prices. In summary, the previously published front plate and back plate numbers have been shown to be mistaken, with a few reported plates of each not being seen. Furthermore, while all 99 print runs were circulated for the non-star notes, backplate number 9 is limited to only about 320,000 of the 63,360,000 notes printed and should be a collection target. On the star note side, print run 6 is at least five times less common than any other print run, and there are at least 62 additional star notes with front- and backplate numbers that aren’t standard. For fancy number collectors, this series may provide more of a challenge just given the lower number printed. Good collecting, everyone! Figure 4: One of the Star Note Plate Anomalies Figure 5: Star Note Run 6 by Plate Position Figure 3: Author’s “Fancy” 1963 $5 USN SPMC.org * Paper Money * Nov/Dec 2024 * Whole No. 354 412 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 Important New Information on the T-64 CSA $500 Note Survey Now at 3807 Notes by Steve Feller and Mark Coughlan The above image is from Heritage Auctions. Figure 1: The old (38386) and new (38390) last numbered serial notes for the T-64 $500 CSA note. For just about 17 years a plethora of surveys of the T-64 Confederate “Stonewall Jackson” $500 note yielded 38386 as the last serial [1-10]. Now at nearly 19 years that has been superseded by co-author Mark Coughlan’s observation of 38390 in Heritage Auctions amazing data base, See Figure 1. The new note is just four higher than the previous high serial. This is consistent with the survey’s average separation of about 10. Further new information was provided by co-author Mark on the signers of these notes and their complete serial ranges! Furthermore, we have updated all details of the ongoing survey. This is an ongoing series of articles on these surveys of the T-64 notes [1-10]. The data from the 3807 note census, as of August 5, 2024, have been added to the other surveys and are summarized below. Date Notes Seen Change Notes/day Notes seen per week August 5, 2024 3807 307 0.44 3.1 September 11, 2022 3500 346 0.53 3.7 November 29, 2020 3154 443 0.46 3.2 March 25, 2018 2711 348 0.42 2.9 SPMC.org * Paper Money * Nov/Dec 2024 * Whole No. 354 414 December 25, 2015 2363 516 0.46 3.2 November 18, 2012 1847 206 0.42 2.9 July 16, 2011 1641 665 0.48 3.4 September 15, 2007 976 372 0.59 4.1 December 23, 2005 604 8/5/24- 12/23/05 3203 for 6800 days 0.471 3.3 Table 1: Number and rate of T-64 notes surveyed as of August 5, 2024 It is interesting to note how constant the rate of finding new notes is—For almost 19 years it has remained at about 3-4 new notes per week. The rate hasn’t slowed implying that there are still many unreported notes out in the world. The $500 1864 Confederate notes of the seventh series are called T-64 notes as named by Grover Criswell in his classic catalogs [11]. Criswell further delineated the notes into three subtypes: 489A (serial between 1-6000), 489 (serials in the range 6001 and 33000), and 489B (serials from 33001 and 38400). Table 2 below gives the number of each type of T-64 and the survival rate to August 5, 2024. It also gives the changes for the last two surveys. Serial Range # Printed Type # Seen Frequency 8/5/24-9/11/22 Freq.chng 1-6000 24000 489a 545 0.0227 41 0.0017 6001-33000 108000 489 2603 0.0241 207 0.0019 33001-38400 21600* 489b 659 0.0305 59 0.0027 Total 153600* 3807 0.0247 307 0.0020 Serial Range # Printed Type # Seen Frequency 9/11/22-11/29/20 Freq.chng 1-6000 24000 489a 504 0.0210 50 0.0021 6001-33000 108000 489 2396 0.0222 239 0.0022 33001-38400 21600* 489b 600 0.0278 57 0.0026 Total 153600* 3500 0.0228 346 0.0023 *In this table it is assumed that Type 489B notes ceased production with serial 38400 (see text for further details). Table 2: Number and frequency of varieties of T-64 notes seen in the last two surveys. Figure 2: Number of notes seen for the three Criswell types: 489a, 489, and 489b. 0 500 1000 1500 2000 2500 3000 Type 489a Type 489 Type 489b # N ot es Criswell Type Number of Notes by Criswell Type SPMC.org * Paper Money * Nov/Dec 2024 * Whole No. 354 415 The average separation between serial numbers is about 10 while forType 489B it is only 8. The four serial letters, A,B,C,D are more or less equal in frequncy as one might expect, see Figures 3. However, the B serial letter has consistently been about 10% higher than the others, this is due to runs of B notes that exceed those of the other letters. Figure 3: Number of notes with serials A,B,C, and D after 3807 note observations The survival frequencies of types 489a, 489, and 489b are shown in Figure 4. Since the first survey we have observed that Type 489b is the most frequent in terms of number survived divided by number printed. In the current survey Type 489b survived about 25-30% more frequently than Types 489a and 489. Also, Types 489a and 489 are very close in frequncy. Perhaps 489a is a bit less frequent since they had more of a chance to be lost since they were issued before Type 489. Figure 4: Observation frequencies (number survived divided by nmber printed) of Type 489a, Type 489, Type 489b T-64 notes. The overall average for T-64 is shown as well. 0 200 400 600 800 1000 1200 A B C D N um be r Serial Letter Number of Notes with Serial Letters A,B,C, and D for Type 64 CSA $500 after 3807 Note Observations 0 0.005 0.01 0.015 0.02 0.025 0.03 0.035 Type 489a Type 489 Type 489b T-64 Avg Fr eq ue nc y (O bs er ve d/ Pr in te d) Criswell Type Relative frequency of 3807 Type 64 CSA Notes as of August 5, 2024 SPMC.org * Paper Money * Nov/Dec 2024 * Whole No. 354 416 Figure 5: The number of notes seen per ranges of 2000 serials by serial letters. A few points maybe determined from Figure 5. Note that the B serial letters have several strong peaks; these represent the large survival runs of these serials. These include very strong B serial sequences in the ranges 6001- 80000 and 22001-24000. Other letters have runs too but B has more than the others. The scarcity of serials after 38000 is apparent, see Figure 5 and Table 3. Serial letters A and B represent 31 out of the 35 = 89% of the recorded serial letters in this group. This may imply that stacks of A and B serialed notes were distributed first and that time ran out on C and D serials as the war concluded amidst the chaos in Columbia, SC. This is further supported by the fact that at high serials (above 38250) there are no Ds and but one C out of 18 notes. A B C D Not recorded 14 17 2 2 1 Table 3: Serial letter survival data from serials above 38000. 0 10 20 30 40 50 60 70 80 90 100 Serials A's B's C's D's SPMC.org * Paper Money * Nov/Dec 2024 * Whole No. 354 417 Other information may be gleaned from the 3807, 3500, 3154, 2711, 2363, 1847, 1641 and 976 observed serials from the last eight survey sampling periods. Consider the last six groups of one thousand serials; this constitutes the entire range of Criswell 489B notes, these often come with the marvelous dark red ink. We observed the following in Table 4: Thousand Serials Notes in Each Observed Set 976 1641 1847 2363 2711 3154 3500 3807 33001-34000 30 47 53 62 74 89 102 119 34001-35000 32 64 69 80 91 118 129 137 35001-36000 34 56 62 81 91 111 123 136 36001-37000 39 49 61 97 106 118 127 136 37001-38000 35 49 53 63 71 76 86 95 38001-38400 (Last Note) 13 15 17 20 24 31 33 36 Total Type 489b Notes 183 280 315 403 457 543 600 659 Fraction of Type 489b 0.19 0.17 0.17 0.17 0.17 0.17 0.17 0.17 Fraction of 489b 38000+ 0.013 0.009 0.009 0.009 0.009 0.010 0.009 0.009 Table 4: Number of Type 489B notes observed. Figure 6: Histogram of Type 489b notes. It appears that the notes from the highest serial numbers are less common in type 489b; this is especially so above 38000. For the current data set Type 489b notes (with the range of serial numbers 33001 to 38000) there is on average 125 observed notes per 1000 serials with a variation, 95 to 137, in the numbers observed. The sudden drop to 36 serials above 38000 is a clear indication that the serials stopped abruptly. Extrapolating the rate of observed notes of 125 per 1000 for notes whose serials are between 33001 and 38000 to the range above 38000 and using the fact that 36 notes have been observed above 38000 leads to a predicted end of the serial range to be 38000 + (36/125)*1000 or 38288. Since we actually observed the note with serial 38390 the estimate is low because the survival rate of the notes above 38000 is low. 0 20 40 60 80 100 120 140 160 33001- 34000 34001- 35000 35001- 36000 36001- 37000 37001- 38000 38001- 39000 N um be r Serial Range 1000 Serial Number Ranges Type 489B after 3807 Notes Seen SPMC.org * Paper Money * Nov/Dec 2024 * Whole No. 354 418 Still 38288 is somewhat close to 38390 indicating that 38390 is near to the last of the serial numbers. For convenience and because 38400 represents exactly 9600 half-sheets of four notes (A, B, C, D) we have chosen 38400 as the final serial. The last seven surveys, shown in Table 4, predict the final serial numbers to be: 976 1641 847 2363 2711 3154 3500 3779 notes Predicted Last Serial 38382 38283 38285 38261 38277 38303 38291 38289 Predicted Last Serial -18 -117 -115 -139 -123- 38400 -97 -109 -111 Table 5: Predicted last serial numbers and difference to interpolated 38400 based on the trend of Type 489B notes. Yet more new information was uncovered by Mark—the complete set of signers of T-64 along with their serial number ranges, See Table 6. This is no small task and result! Indeed, Raphael Thian, in his monumental Register of the Confederate Debt [12] only reported serials to 32900, now the complete range is being reported with confidence. START SN END SN SIGNED FOR REGISTER SIGNED FOR TREASURER 1 20000 MR. WILLIAM F. MILLER MR. JAMES C. JOPLIN 20001 29800 MISS LIZZIE W. ELLIOTT MISS RICHE HAYNES 29801 30400 MRS. VIRGINIA M. PEURIFOY MISS ADELAIDE L. STUART 30401 31500 MISS LIZZIE W. ELLIOTT MISS RICHE HAYNES 31501 31900 MRS. VIRGINIA M. PEURIFOY MISS RICHE HAYNES 31901 33100 MRS. VIRGINIA M. PEURIFOY MISS ADELAIDE L. STUART 33101 33700 MISS LIZZIE W. ELLIOTT MISS C.P. WHITE 33701 34300 MISS LIZZIE W. ELLIOTT MISS EUGENIA A. BAKER 34301 34800 MISS LIZZIE W. ELLIOTT MISS MARIA PARKER SAVAGE 34801 35600 MISS LIZZIE W. ELLIOTT MISS RICHE HAYNES 35601 38000 MRS. VIRGINIA M. PEURIFOY MISS EUGENIA A. BAKER 38001 38400 MISS ESTHER H. BARNWELL MISS EUGENIA A. BAKER NOTE - MR. THIAN ONLY RECORDED SERIAL NUMBERS 1 – 32900 IN THE REGISTER. Table 6: Complete list of signers, by serial numbers, of T-64 $500 Confederate Note. What a treasure trove of information. For example, it is now possible to see if the signature pair on any T-64 note is correct. If readers have additional serial number and letter reports, we would be pleased to receive them at sfeller@coe.edu; a scan would be great. Each article generates several new observations that are sent this way. The previous articles in this series are listed below. In summary, it does not seem that we are nearing the end of new serial numbers. They are still being found at a rate of about 3.3 notes per week or one note every two-three days. SPMC.org * Paper Money * Nov/Dec 2024 * Whole No. 354 419 Bibliography [1] S. A. Feller, “The Criswell Type 64 Confederate States of America $500 Note,” I.B.N.S. Journal, 42(3) 2003 27-33. [2] S.A. Feller, “The Criswell Type 64 Confederate States of America $500 Note: A Statistical Update,” I.B.N.S. Journal, 43(2) 2004 54-55. [3] S.A. Feller, “Is This the Last Confederate Note Issued?,” I.B.N.S. Journal, 44(4) 2005 31-32. [4] S.A. Feller, “A Survey of Nearly 1000 Type-64 CSA $500 Notes,” Paper Money XLVII (1) Whole Number 253 2008 11-18. [5] S.A. Feller, “1641 Note-Survey Update on Type-64 CSA $500 Notes: What was the last number Issued,” Paper Money L (6) (Whole Number 276) 464-476 (2011). [6] S.A. Feller, “1847 Note Survey on Type- 64 CSA $500 Notes: What Was the Last Note Issued?: A Brief Update,” Paper Money LII (4) (Whole Number 284) 116-118 (2013). [7] S.A. Feller, “2363 Note Survey on Type- 64 CSA $500 Notes: What Was the Last Note Issued?: Another Brief Update,” Paper Money LV (2) (Whole Number 302) 118-121 (2016). [8] S.A. Feller, “My Over 15 Year Hunt: A 2711 Note Survey on T-64 CSA $500 Notes: What Was the Last Note Issued?: A Detailed Update,” Paper Money LVII (3) (Whole Number 315) 180-185 (2018). [9] Steve Feller,” My 17 Year Hunt: The 3154 Note Survey on T-64 CSA $500 Notes What Was the Last Note Issued? Another Update,” Paper Money LX (3) (Whole Number 333) 211-217 (2021). [10] Steve Feller, “A Very Brief Update on the T-64 CSA $500 Note Survey of 3500 Notes,” Paper Money LXI (6) (Whole Number 342 419-421 (2022). [11] Grover C. Criswell, Comprehensive Catalog of Confederate Paper Money (BNR Press: Port Clinton, OH) (1996). [12] Raphael P. Thian, Register of the Confederate Debt (Quarterman Publications: Boston) 1972. Confederate Currency Collectors Lose a Great Member George Tremmel It is with great sadness and a sense of personal loss to inform you that George Tremmel passed away on August 8th. George Tremmel was one of the giants of Confederate numismatics and the leading authority on Confederate counterfeits. He was an extremely generous man, and he worked hard to document and preserve Thian's collection of documents in the Special Collections of the Library at Duke University. George was member #2623 of the SPMC, joining the society in 1969. George will be missed by all who knew him and collectors of Confederate Currency. SPMC.org * Paper Money * Nov/Dec 2024 * Whole No. 354 420 What time is it on the $100 bill? By Lee Lofthus In March 1947 an Illinois resident, a Mrs. R. Canty, wrote the Treasury Department the following letter: March 3, 1947. U.S. Treasury Dept. Washington, D.C. Gentlemen: Would appreciate it very much if you would enlighten me on this question. What time does the clock indicate on the back of a one hundred dollar bill? I have asked bank clerks and postal clerks and no one seems to be able to answer it. Thanking you in advance, I am Sincerely, Mrs. [R.] Canty When Mrs. Canty wrote Treasury in 1947, the new $100 bills were the Series 1934C Federal Reserve notes (Figure 1). But she could have been looking at any small-size $100 bill. Regardless, the back design of the $100s, showing the south side of Independence Hall, had not changed since the small-size currency was introduced almost twenty years earlier. Treasury’s reply to Mrs. Canty (Figure 2) said the Bureau of Engraving and Printing (BEP) had inspected the original models for the $100 back and that the time on the clock was 2:24. However, the reply also noted the same approximate positions of the hands would exist at 4:10, disclosing some uncertainty even inside Treasury. Handwritten notes by unidentified Treasury officials in the margin of Mrs. Canty’s incoming letter offered two times, one suggesting “2:24” and the other “10 after 4.” Figure 1. The back of a Series of 1934C $100 Federal Reserve Note showing south side view of Independence Hall. The 1934C notes were the new issues in 1947 when an Illinois resident wrote and asked the Treasury Department what time appeared on the back of the $100 bill. Heritage Auctions photograph. SPMC.org * Paper Money * Nov/Dec 2024 * Whole No. 354 421 Looking at the original $100 back plate proofs in in the Smithsonian Institution’s cache of BEP proofs is no help. The 12-subject proof of small size $100 back plate No.1, dated June 14, 1929, is no more distinct than the issued 1934C notes (Figure 3). When the Series of 1966 $100 U.S. Notes (Figure 4) were introduced, the back design appears sharper, but the clock time ambiguity remained. When the redesigned Series of 1996 large head $100 notes appeared, new back plates were created, but again using the same south-side Independence Hall central vignette as the source. The engraving appears crisper, but the clock still allows for either a 2:24 or 4:10 interpretation, perhaps favoring the 4:10 answer (Figure 5). The popular movie “National Treasure” came out in 2004, and the time on the back of the $100 bill was an important clue to finding the treasure. After examining a Series 1996-style $100 note, the treasure hunters declared the time on the bill was 2:22. Figures 3 and 4. Figure 3, far left, is a close up of the Series 1934C Federal Reserve note back. Figure 4, near left, is a Series 1966 $100 Legal Tender back. The Series 1966 design appears sharper but the clock time remains indistinct and opinions would vary whether the time was 2:24 or 4:10. Figure 2. Treasury’s 1947 reply to Mrs. Canty regarding the time on the back of the $100 bill. Treasury officials took great pains to promptly reply to Mrs. Canty’s inquiry. SPMC.org * Paper Money * Nov/Dec 2024 * Whole No. 354 422 Notwithstanding the movie, over the years the official view of the time came to favor the 4:10 time. Possibly no one was aware of the 2:24 answer given in 1947. The big change came October 8, 2013 when the Series 2009A $100s featuring color-shifting inks, blue 3-D security ribbon, and other enhanced security features came out. (The Series 2009 $100s were printed earlier, but their release was delayed due to quality control problems with some of the notes). The view of Independence Hall on the back was changed from the south side of the building to the north side. The clock time changed to a distinct 10:30 (Figure 6). One might think that the clock was changed to resolve the uncertainty over the time, but that was not the case. BEP engraver Joachim C. Benzing created both the north and south views of Independence Hall in the late 1920’s. The Series 2009 $100 backs use Benzing’s north side engraving where the time shown was 10:30. Benzing was born in Ellicott City, Maryland (slightly west of Baltimore), and was hired by the BEP in 1905. He studied under George T. Morgan, chief engraver at the U.S. Mint. Benzing had a successful BEP career, engraving the Lincoln Memorial for the small size $5 back design, and Jefferson’s portrait for the small size $2 bill, among other engravings. He retired in 1943 after having been Superintendent of the Engraving Division for his last ten years at the bureau. Regarding the Independence Hall clocks, it is believed Benzing engraved the times that appeared in the photographs he worked from for the north and south views. So, when asked “what time is it on the $100 bill?” the answer is “it depends.” It depends on whether someone is looking at an old-style $100 bill, where two different answers have been given over time, the Series 1996 through 2006A design, or the current generation of Series 2009A/2009 and subsequent series notes. Sources Canty-Treasury correspondence, March 1947, Record Group 56, General Records of the Department of the Treasury, Central Files, Office of the Secretary, 1933-1956, 56/450/57/13/3 Box 16, file Bank Notes and Currency. National Archives, College Park, Maryland. Loboy, Jim. “Facts about the 100 dollar bill” [reporting the time as 10:30 on the Series of 2013 $100 notes and the prior time being 4:10]. March 28, 2022, ABC News affiliate WYTV. Smithsonian Institution, National Museum of American History, National Numismatic Collection, Coins, Currency, and Medals. Certified Proofs, Bureau of Engraving and Printing, Numismatic Rapid Capture Project, proof sheet Accession No. NU.297219.127284. Accessed January 6, 2023. americanhistory.si.edu Southwest Harbor Public Library. Biography of Joachim Clarence Benzing Jr., 1880-1970. Accessed January 6, 2023, swhplibrary.net/digitalarchives Taylor, Jennifer. “30 Things You Never Knew About the $100 Bill” [reporting the north and south view engravings of Independence Hall were both done in the 1920’s by J. C. Benzing, with the north engraving showing time as 10:30]. July 13, 2018, gobankingrates.com Figures 5 and 6. Figure 5, far left, is from a Series 1996 “large head” $100. The face and back designs were modernized, and material in the early 2000’s from the Bureau of Engraving and Printing explained the time was approximately 4:10. Figure 6, near left, is the back of a Series 2009A $100 note showing the north view of Independence Hall and the time as 10:30. Take a look the next time you have a new C-note.   SPMC.org * Paper Money * Nov/Dec 2024 * Whole No. 354 423 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 Some Additional Odd Denomination Discoveries By Richard Allen, SPMC LM40 It was 1977 when I received my latest copy of Paper Money in the mail (May-June 1977, vol. XVI, No.3, Whole No. 69). Upon opening it I found a fascinating article (p. 152-5) by Roger Durand entitled “Psst, Got Change for an Eight,” and it pictured an obsolete $8 note from the Peoples’ Bank of Patterson, N.J. I had always had a fascination with odd denomination coins, such as 2 & 3 cents, and was aware of the U.S. fractional currency issues and the encased postage pieces. However, I was not aware of the plethora of our very strange and odd obsolete banknotes that once circulated, primarily in the era of Broken Banknotes. Because of our country’s bicentennial in 1976, I had also started collecting Colonial and Continental Currency, and thus was aware of the odd denominations which circulated as part of the British monetary system, as well as the use of the Spanish Milled Dollar and its “bit” fractions. It became clear that I had to get Durand’s book: “Interesting Notes About Denominations.” The book proved to be a treasure trove of fascinating facts of how our early monetary system functioned, and listed 100 different denominations from one mill (1/10 of 1 cent)to $100,000. I was hooked! I had to get a complete collection. However, as Mr. Durand had cautioned in his SPMC article, newly discovered notes might appear at any time. Ashe put it: “Yesterday a note was unknown, today it is unique, tomorrow it might be common. However, the discovery of a new denomination is quite a rare occurrence.” Durand’s book listed 30 denominations as “U” or “Uncollectible.” And, indeed, there are a few denominations that no one has ever seen but research has found, for example, that a bank in Michigan issued a nine-bit ($1.12and 1/2 ) and 11-bit ($1.37and1/2) notes. Who knows, maybe one day they will appear! I won’t go into all the facts, denominations and revelations of the Durand book here, but will leave it to the reader to get and enjoy his fascinating book. What I would like to reveal to today’s reader is what I have discovered when trying to complete my collection: Namely, unlisted denominations in his book that I have discovered. 1/5cent from State Bank of Isle, Mn. 1/4 mill from Warboy’s Drug Store, San Francisco, Ca. SPMC.org * Paper Money * Nov/Dec 2024 * Whole No. 354 425 3/4 cent from Blue Island State Bank, Il. 1-1/4cent & 5/8cent from the National Children’s Savings Ass’n 4 1/6cent ($1/24) from State Bank of Isle, Mn. 12cents 5mills from Hartford New Haven Turnpike, Ct. 16 2/3cents ($1/6) from The Bank of Instruction, 18 cents from the Allentown Bank, Pa. Thomas School No. 87 37 cents from Stephan Mason, Richmond, Va. 44 cents from D.S. Huntington, Adrian, Mi. SPMC.org * Paper Money * Nov/Dec 2024 * Whole No. 354 426 $17.50 & 75 from the South Carolina R.R., Co. $87.50 & $175 from South Carolina RR CO $110 from Alliance Agriculture Works, Ohio & Pa. also Fisher, Shalers & Co. $160 from Burdett Business & Shorthand College $125,000 from Pacific Bank, San Francisco, Ca. The reasons behind the need for some of these denominations is an on-going enigma, but a stimulating challenge for the collector of unusual and obsolete banknotes. Bibliography Durand, Roger H., Psst Got Change for an Eight?, Paper Money, May-June, 1977, Vol. XVI, No. 3, Whole No. 69. p. 152-5. Durand, Roger H., Interesting Notes About Denominations. 1988 SPMC.org * Paper Money * Nov/Dec 2024 * Whole No. 354 427 Shop Live 24/7 Scan for $10 off your first purchase whatnot.com $MALL NOTE$ By Jamie Yakes Changed Redemption Clauses on Small Size Silver Certificates The frantic monetary policies of the 1930s required dramatic overhauls to the redemption statements on silver certificates. These statements are located above and below the portraits on small- size notes and described two things: what you got when redeeming the notes, and what the Treasury held in reserve for circulating notes. Here is how and why these changes occurred. The Bland-Allison Act created silver certificates in 1878 to carry circulation of bulky silver dollars. The Treasury sent deposited silver to the mints who made silver dollars with it. They then deposited these back with the Treasury, who issued silver certificates against the coins. Thus, the mechanism required one silver dollar held in reserve for each certificate in circulation. The redemption statement on the notes pronounced these actions. The version as it appeared on Series of 1928 notes stated: “This certifies there has been deposited…one silver dollar payable to the bearer on demand.” After taking office in March 1933, President Roosevelt jolted the Depression-starved economy by increasing the money supply. Both gold and silver played a large role in his scheme, though silver became the monetary workhorse. He pushed it to the forefront by increasing the Treasury’s silver stocks and by removing the traditional silver dollar backing for silver certificates. The Thomas Amendment contained in the May 12, 1933, Agricultural Adjustment Act provided the first move. It enabled the Treasury to accept debt payments from foreign countries in silver. From May to November, eleven countries sent the Treasury $265 million in silver to settle their liabilities. The Treasury used it to back Series of 1933 $10 silver certificates. To expedite getting the notes into circulation, the law made them “payable in silver coin to the bearer on demand.” This allowed the Treasury to quickly issue them against already-minted subsidiary coins, which backed no silver certificates. They shuffled the Thomas Amendment silver into those accounts using creative bookkeeping. Roosevelt had more up his sleeve. Two acts passed in 1934 authorized the free coinage of silver. First, the January 30, 1934, Gold Reserve Act rescinded the traditional one-silver-dollar-for-one- certificate backing for silver certificates. The Treasury could now freely issue notes against reserves of silver dollars, subsidiary coins, and silver bullion. Secondly, the Silver Purchase Act, passed June 19, began a monumental silver purchase program by the Treasury, which vastly increased its silver stocks and necessitated the issue of millions of dollars of silver certificates. Both acts consolidated the Treasury’s separate reserve accounts for the 1928 and 1933 notes, as well as unreserved silver, into one account. This required a new silver certificate to reflect the combined reserve requirements. On June 14, in anticipation of the purchase act, Treasury officials had already begun production of Series of 1934 silver certificates. They issued the first notes on July 29. Unlike those before them, the 1934s were redeemable for “[dollars] in silver to the bearer on demand.” They had no mention of the form of silver. SPMC.org * Paper Money * Nov/Dec 2024 * Whole No. 354 429 UNCOUPLED PAPER MONEY’S ODD COUPLE Holiday Greetings The editor asked for holiday-related material for this issue. Here are a few contributions. Digging into my pile of short snorters, one piece I have had for a while shows a list of where the owner was for major holidays in 1942-44 (fig 1). The other side of that note (fig 2) has his itinerary for his entire time overseas. It shows that he left the States on 12 December1942 and arrived in Oran, Algeria on the day after Christmas. So the holiday side shows that on Christmas day 1942 he was on the Mediterranean. Reading down past New Years Eve, Easter, and Thanksgiving, we find that on Christmas 1943 he was in Naples. For Christmas 1944, Florence. On 3 October 1945 he arrived back in the States, and record-keeping stopped. Nothing in his 84-note short snorter shows any hint of who the owner was, nor any further mention of holidays. But he survived to go home. Surprisingly, every other note that I found with a Christmas or New Year theme came from the other theater of war—the Pacific. See Boling page pg. 432 World War II Christmas Numismatics When I first read Editor Bolin’s request for a Christmas themed column, I thought that it was a good idea. I also worried about finding enough material. When I started digging around among my notes and computer files, I found that I had over-worried the problem of material. It sounds funny to say that Christmas was special during World War II, but it was. Millions of military personnel were serving around the world, and families on the home front endured shortages, worry, and sometimes danger. The holiday magnified thoughts of home and family members. These factors applied to most belligerent nations. Of course we know that the war generated a profound variety of paper issues. These include many subcategories, some of which are well known. Christmas may not exactly be a well-known World War II collecting category, but there are more issues than you probably suspect. SPMC.org * Paper Money * Nov/Dec 2024 * Whole No. 354 430 The low hanging fruit for this report is ephemera for war savings stamps and bonds sales. Throughout the war years, beautiful materials were produced in prodigious quantities. This item with Santa and Uncle Sam is an envelope intended for use in presenting a war bond as a Christmas gift. The other item is an envelope stuffer that was sent when a bond was delivered via mail. I particularly like these stuffers because they are approximately the size of a dollar note. These stuffers were produced in many different designs over the course of the war, but this is one of a few that specifically mention Christmas. I collect these stuffers avidly. Someday I will figure out a way to justify a report specifically on the war bond stuffers. As a group, war bond ephemera items are common. You can find many different items like these on the internet or at antique malls, but not so much at coin and paper money shows. The beautiful sales materials introduce the idea of war (and defense) bonds. Many war bonds were issued with overprints recognizing D-Day, Pearl Harbor anniversaries, and other events, but I have never seen a bond with an overprint celebrating Christmas. Still, because bonds were dated we can find Christmas bonds. This $200 war bond was sold on Christmas Eve 1945 (see the date stamp at lower right). This bond was likely a last-minute Christmas gift bought for Pearl Leeflang. The $200 denomination was a commemorative issue of the passing of Franklin Roosevelt and it is rare. Next we have a very unusual $25 bond. The bond itself is quite common, but this one is an unusual Christmas bond. First look at the paid stamp in the lower left corner. It was paid by the Federal Reserve Bank of New York on exactly the date that the $200 bond above was purchased: December 24, 1945. While we are fairly sure that the $200 bond was purchased as a gift on that day, we are equally sure that the $25 bond was redeemed in order to buy gifts or products for Christmas. How do we know this? The other dates on the front give the first clue. The bond was purchased in November and redeemed in December 1945. This was in spite of the fact that bonds had to be held for six months before they could be redeemed. There was a little-known exception to the six- month rule. It provided that bonds could be redeemed early for emergencies! The stamp on the back states “time limitation waived.” In the space provided for the signature of the Assistant Chief of the Savings Bond Redemption Department, the reason for the emergency redemption—X Mass. I admit that this text is hard to read, but when this bond was found, it was part of a group of three or four and collectively I am confident of the Christmas text. Next we have two actual bank notes that were converted to Christmas greetings. The first is a Central Bank of China 1936 5 yuan that some enterprising soldier (or sailor or airman) customized. Probably more than one were made and sent home to family and friends, but I do not know for sure. This note came from the Neil Shafer collection. SPMC.org * Paper Money * Nov/Dec 2024 * Whole No. 354 431 The other modified note is a Japanese invasion Philippine 5 peso note with a nice type-written Christmas message. In this case we have some great additional information. The maker was Lieutenant Colonel R. E. Robinson, Air Corps. We also know that Lt. Col. Robinson created more than one of these, because when collector John Riley obtained these a few years ago, he obtained a small group of them. Thank you, John. I was about to say that now we have an unusual item, but all of the above (and below) are unusual, so let it suffice to say that this too is an interesting item. It is a chit specifically made and issued for a children’s Christmas party (probably) in Australia (6 pence). The chit speaks for itself as far as details are concerned. Oh my, another really unusual and interesting item. I was particularly pleased to find this image from Germany to spread the geographical representation of this report. It is a war-time German lottery ticket. These tickets are commonly collected because the lotteries were part of the system used by Germany to fund the war. The lottery system was extremely complex—and fascinating. Harold Kroll has done extensive research on these issues and includes interesting listings thereof in his book on Nazi war-time issues. This lottery ticket was a special issue for war orphans. Even more specifically, it was a special Christmas (Weihnachts) event. This concludes my Christmas report and gives me the opportunity to wish everyone a Merry Christmas or other winter holiday and a happy new year too. Boling continued; The note in figure 3 bears a very elaborate rubber stamp calling for a Merry Christmas and a Happy New Year, with the second sentiment also expressed in Chinese. The note’s date marks this as a post-1941 greeting. Figure 3 Figure 4’s rubber stamp specifies that it was for the 1944 holiday season. Here we find New Year also mentioned in the sentiment. Additional information neatly lettered beside the stamp says “Souvenir of Chengtu, China.” Chengtu (now Chengdu) was one of several western China locations of the Nationalist Chinese government during WWII. Figure 4 SPMC.org * Paper Money * Nov/Dec 2024 * Whole No. 354 432 Figure 5 continues in the same vein and adds space for personalization within the rubber stamp. The “Joe” mentioned therein was not me. In figure 6 we find a more elaborate greeting, still mentioning the new year, but now printed rather than stamped, with the sender’s name (Roy Farrell) added in the message. The fine-line cursive font is hard to read in places. Farrell flew for China National Aviation Co, bringing cargo over the Himalayas during the war, and co-founded Cathay Pacific Airways in 1946. Figure 7b Figure 8 identifies both the sender and the year, and is all typed (on three sides). The additional signatures would have been added at a holiday party where the note was delivered. Each signer used a different pen, adding to the festive appearance of the piece. You would think that a name like Pauline Gertsmeyer would come right up in an internet search— no luck. Figure 6 The sentiment on figures 7a and 7b is for Christmas only, and is hand-lettered on both sides of the note. On the back, it curves around the personal seal of the sender, with the name Herb Gilbert visible down the left side and across the bottom. Presumably the pronunciation of the Chinese characters occupying most of the seal reads close to that name when voiced in Chinese. Figure 7a Figure 9 is another rubber stamp, with space for the sender to add his name. I won’t even try looking for Tony Jones on the internet—I don’t want to have to deal with 12,718 hits. Chungking was another of the cities where the Chinese government settled beyond the reach of the Japanese ground forces (but not safe from aerial bombardment). Figure 5 SPMC.org * Paper Money * Nov/Dec 2024 * Whole No. 354 433 Figures 10a and 10b are another hand-made effort, neatly drawn in black ink. The Chinese characters are obviously not the work of a native user—I am not sure that a native reader would be able to dope them out. The sentiment on the back is a raw plea for a successful 1945—and it worked! Figure 10a (above) & 10b (below) Figure 11 is an obvious one-off, to a relative or friend whom I assume was a juvenile—but maybe not. It is more intimate than the ones we have seen before it. Figure 11 Figure 12 And finally figure 13, another item that involved me directly. Note the end of the first sentence. This was a Viet Cong propaganda leaflet left in the barbed wire around the logistical base NW of Pleiku where I was assigned at the end of 1968. An interesting message. We smiled at the misspelled word. Figure 13 Merry Christmas, friends. Enjoy 2025. Figure 12 is another personalized greeting, from Dwight Musser, a prominent numismatist of decades ago. Note the date in the postmark. He did not have to find a postal station that was open on Christmas day—between the wavy lines is small print “Mailer postmark permit #1.” He could do his own postmarking, as long as the postage was at least the minimum for whatever class of mail was involved. SPMC.org * Paper Money * Nov/Dec 2024 * Whole No. 354 434 The Obsolete Corner The City of Lynchburg by Robert Gill Hello paper money lovers. By the time you read this article the election will be over. But as I write this, I have no idea what the outcome will be. We will either be embarking on a new life of big government, or we will be continuing in the practice of free market. I just hope that we, as a nation, made the right choice! The positive thing about this time of year is that the Christmas Season is almost here. It’s always enjoyable for all of us to watch our children as they enjoy everything that the Holidays bring. Hopefully, Santa (my wife) will surprise me with a nice sheet of Obsolete paper money. Oh well, probably just a wish. And now, let’s look at the sheet from my collection that I’ve chosen to share with you. In this issue of Paper Money, let’s go the State of Virginia, known as The Old Dominion, and look at my sheet on the City of Lynchburg. I acquired it from the holdings of Eric P. Newman, and it is thought to be unique. And now, let’s look at the history that I’ve been able to compile on it. During the years of the Confederacy, 1861-1865, many counties and cities in Virginia were forced to issue as currency, notes or scrip in sums equal to the amounts authorized for arming and equipping their volunteers, to support the families of those indigent and in service, and to replace the coins that rapidly disappeared from circulation. This action was authorized by Acts of the General Assembly passed on March 29th, 1862. Prior to this, the sheriffs of many of the counties issued notes or scrip to meet the emergency or to carry on business. Most of these notes are type-set and were printed locally on any type of paper that was available. Some were printed on circulars and others on the backs of banknotes and bills of exchange. Paper was a very scarce item during this period. Researcher Ray Williamson, from Lynchburg, did an extensive study on the Lynchburg notes, and provided us paper lovers with the following information. At the Lynchburg City Council meeting of May 8th, 1862, David Edley Spence was authorized to sign and serial number "up to $120,000" of the city's new small notes, for Council President John M. Speed. There were to be eight denominations, each under one dollar face value; the quantity of each was to be determined by the Council's Finance Committee. For the onerous task of signing and numbering, the Council agreed to pay Spence $1.00 per one thousand notes. By July 25th, about $50,000 of the notes had been issued. At the City Council meeting of October 28th, it was reported that the project was complete with $72,418.60 face value of the notes having been issued into circulation by October 8th, just over sixty percent of the amount authorized. We may speculate that the City Treasurer often issued these notes as uncut sheets, to be cut apart by the purchaser. Precedence for the issuance of uncut sheets had been provided by the City of Richmond, whose notes issued per their ordinance April 19th, 1861, had been much in demand. The Richmond Whig reported that "... to facilitate the exchange so eagerly sought for, the city notes are handed over by sheets, and the receiver cut them apart at his convenience". The Lynchburg small notes were paid for mainly in Confederate treasury notes, up to that time available only in denominations of $5 or greater. The eight authorized denominations of Lynchburg small notes included four reasonable face values of 10 cents, 25 cents, 50 cents and 75 cents - plus four highly unexpected values, all multiples of 15 cents; these were 15 cents, 30 cents, 60 cents, and 90 cents. Thus, a complete set of Lynchburg notes added up to $3.55 face value. At the October 28th Council meeting, payment in full to Spence was authorized in the amount of $649.41 for signing $72,418.60 face value of notes. Research indicates that the 10 cent, 15 cent, 25 cent, 30 cent, 50 cent, 60 cent denominations were issued as a sheet, and twenty thousand one hundred seventy-one of these sheets were printed. It is believed that the first eight hundred sheets were signed "David E. Spence" until fatigue and efficiency dictated an abbreviated "D.E. Spence". Both the 75 cent and 90 cent notes were printed as a separate sheet, and twenty thousand six hundred sixty-three of these sheets were printed, all being signed "D.E. Spence". It was on September 22nd, 1863, the General Assembly passed an SPMC.org * Paper Money * Nov/Dec 2024 * Whole No. 354 435 Act to suppress the further issuance of small notes as currency by cities and towns of the Commonwealth. So, there’s the information that I’ve been able to uncover on this old sheet of paper money. Maybe someday I’ll be able to surface a sheet of the two higher denomination notes. Who knows what’s hiding out there in the “woodwork”. As I always do, I invite any comments to my cell phone (580) 221-0898 or my email address robertdalegill@gmail.com So, until next, HAPPY COLLECTING. SPMC.org * Paper Money * Nov/Dec 2024 * Whole No. 354 436 Robert Calderman What a Difference a Decade Makes! Christmas came early this year for many collectors and dealers who put the time in to study the recent Long Beach Heritage Auction Catalogs! There are always deals for well versed diversified students that hunt relentlessly every time an auction comes through town. This sale was no exception as there were some incredible opportunities to be had for all. While the ever so popular large size type category held its own and remains relatively stable, other categories had jaw dropping give away prices that left some folks wishing their piggy banks had higher reserves available! Often I hear coin dealers say, “My only regret was not getting into paper money when prices were so cheap!” On the inside I can only giggle when something like this is said. It is clear there are always opportunities no matter how hot or cold individual sectors of the paper money market may be at any given time. Sure, it is true that you cannot buy Gem Black Eagles for $75 anymore, but that doesn’t mean that buying them now at $1,100 isn’t worthwhile! How do you know what to buy and when? It only requires paying attention. Put the time in, talk to people, go to shows, stop sitting on the sidelines and dive in… the water is nice! So the claim here is that monumental deals just passed you by while you were asleep at the wheel! How rude that someone would call you out for being so lazy. That is never really the ultimate goal here, but if it motivates you to spend some money in the paper money arena then shoot, my efforts have not been in vain! Why share the knowledge and create more competition in the market? Wouldn’t this cause an immediate backfire for my personal interests as a dealer collector? My either delusional or forward-thinking mind still believes a rising tide lifts all boats... so if those politics really hold true, then a healthy hobby is a better hobby for all of us now and far into the future! If only this column gave us SPMC.org * Paper Money * Nov/Dec 2024 * Whole No. 354 437 the opportunity to really let loose and dedicate thousands of pages elaborately lying out in plain view all of deals that you missed out on. There is a solid chance you would rip this copy of Paper Money to pieces and curse the day you ever read “Cherry Picker’s Corner”. God forbid you are reading this on a fancy MacBook Pro… that would be rather expensive to destroy in a fit of rage! Well call yourself a lucky duck, and very fortunate that here we generally only have room to feature two or three notes at a time per installment! You should be able to handle that without losing your cool right? Our first featured note is a rather innocuous looking Jackson Twenty. Sure it’s a star note, but on a 1934A series and New York District? How passé you might say. Well it turns out this note is nothing short of legendary! Late finished back plate #204 notes are very popular for a select elite group of small size collecting aficionados. Add a star to the already popular back check number and you have something extremely tough to locate. In fact on all series and districts combined, PMG has only graded five bp.204 stars! The highest of these graded is only 35EPQ. Previous to the note featured here, there has never been an example graded XF or above! This note has been graded CCU 64PPQ WOW! While we were just waiting for an XF level example to appear, we now have an absolutely gorgeous near Gem blazer! Sadly after nearly five years of PCGS Banknote grading we still do not have an accessible population report available or, dare I even say it, a paper money “Registry” program!!! Is it too soon to say this is absolutely PATHETIC!!! That is a sidebar conversation for another day… but sending an email once a week to the powers that be at PCGS-B couldn’t hurt. Probably this would do just as much good as sending a weekly letter to your Congressman asking them to please focus their efforts on paying down the national debt! Ha, when pigs fly… Okay, so let’s get back on track here. A 204 star note in choice crisp uncirculated condition! How do we know what it is worth? This is not the easiest widget to analyze. The specialized small size book is nearly fourteen years dead, published way back in 2011. Thankfully, I hear from a reliable source that someone has decided to take on the enormous undertaking of putting out a better product that will breathe life back into what has recently become a struggling category. That dude is my hero! So, if the dead book doesn’t help us and there has never been an example above VF35 to appear out of the weeds before, how do we know where we stand? All we can do is extrapolate on past history, the current market demand, and what leading dealers and collectors are willing to pay. Find any tiny piece of logic we can hold onto and run with it. Hypothetically, if someone were to put this note in my hands at a show and say to me they wanted $3500 for it, I’d be rushing to get the money out of my pockets so fast that there is a very solid chance I would injure myself in the process! Well this note was recently at auction and did it bring $6,000? Was it featured in the Platinum night category with a huge spread detailing its importance as a legendary small size variety of epic proportions? Nope, this incredible trophy note was listed at an opening bid of $1,250. Was there a fight to the death battle that ensued? Surprisingly no! This incredible survivor brought only the opening bid. An all-in price of admission of only $1,500!!! Does this mean all hope is lost for the small size U.S. paper money category? No of course not, the end of the world is not quite upon us yet. Auctions always have cherries for the picking and one lucky bucko scored big on this amazing note! Let’s squeeze in one more amazing note that was a grand opportunity for someone looking for great material at wild bargain prices. National Bank Notes are one of the most exciting and exhilarating categories in all of paper money collecting. Why you ask? The majority of the time, the reason folks are collecting these notes is because they have a personal connection to the specific geographic locale. There is a romance surrounding these hometown bank notes that reaches far beyond their basic series date, type, and denomination. Sure, sometimes a cool bank name is all it takes for someone to want to spend their hard-earned cash on a national bank note, but more often than not, they are buying their hometown, where they went to college, where they met their true love, etc. On occasion there is a collector so dedicated (We don’t like to use the term crazy) that they want to collect every type and denomination for a town, or an example of every note from an entire county, or even in some cases a whole state! Competition is what drives pricing here more than any other category of paper money we have available to us. Why is this so black and white for nationals? There are 14,320 charters of national bank notes. While all of these banks did not issue notes, the majority of them did. It only takes two to tango to make these individual notes shine brightly at auction or completely bite the dust. Here we have a very poignant example of a feast or famine scenario! SPMC.org * Paper Money * Nov/Dec 2024 * Whole No. 354 438 The First National Bank of Van Nuys California charter number 10168 was previously unreported for many, many years. It wasn’t until 2001 that this exact note sold as a discovery example and fetched a very healthy $14,300 at Currency Auctions of America (Now Heritage Auctions). This one bank town is located in “The Valley” or San Fernando Valley area, two-thirds of which fall within Los Angeles County. The region is so famous that it got its own comedy movie back in 1983 featuring Nicholas Cage and Deborah Foreman called “Valley Girl”. There have since been numerous flicks featuring the infamous and hilarious “Valley” accent. If you are not sure what I am referring to, just think of the voice of Sean Penn’s character Spicoli from the legendary Fast Times at Ridgemont High circa 1982. Even Saturday Night Live created a recurring sketch called “The Californians”. For me, even though I grew up in Southern California, I was not in a neighborhood that directly reflected all of this silliness, but it was definitely everywhere you looked on TV and Film in the 1980’s and 90’s. When this SNL parody first aired I was in literal pain I was laughing so hard! Usually when a discovery national note comes up at auction there is an enormous price realized that is a one shot, flash in the pan, dollar amount that is never attained again. The next auction whenever that may happen in the future features the same example or another appears on the bank and the subsequent sale brings a number that is often half the amount the discovery example brought, sometimes even less than half. In this specific instance this was far from being the case! Seven years later, when Don Kelly’s final edition of National Bank Notes was released in 2008 this Van Nuys note was still the sole example known for the issuing charter number. Then finally thirteen years later after its initial auction appearance in 2001 this same note came up for sale again, this time at a Stacks Bowers Auction during the summer of 2014. This time, our featured note brought an absolutely incredible sum of $28,200.00 can you hear Spicoli? “Whoa man, that’s totally bitchin’!!!” A realized sale price of almost exactly double what this monster national note achieved during its initial debut! Since 2014 there have been two additional, new to the census, examples on the bank appearing nearly back-to-back in 2015 and 2016 realizing $15,000 and $10,575 respectively. This brings the total population on this one bank town from a unique piece to a current miniscule three notes known. Two plain back tens and our now infamous sole date back five featured here. There is no doubt that after the incredible record price set back in 2014 the two new examples that surfaced were driven out of hiding chasing that lofty record number of nearly thirty thousand dollars! Well, after that incredible performance, we now get to spin the clock forward a full decade and our date back $5 has returned again, making its first appearance since it was last on the auction stage and was launched into the stratosphere ten years ago. Since the tally on the bank now stands at three notes and we’ve had a couple of sales since 2014 at prices that have leveled off and calmed the feverish fury of bidding competition, you would not expect the previous all-time record to be beaten would you? Even though this is the only five known and the only date back? Surely this note would still see strong bidding by collectors eager to own this incredible piece of history right? If anything there would be a movie industry mogul that would see this note and just have to own it at any cost? We insiders in the paper money world know that this is not always the case. What SPMC.org * Paper Money * Nov/Dec 2024 * Whole No. 354 439 a note brings today at auction vs. tomorrow can be vastly different stories depending on the demand at the time and who misses out by simply not paying attention on any given day. Currently there has been a lot of generational transition causing a major stir in the national bank note category. When a 1901 $10 Legal Tender Bison in Gem 65EPQ appears at auction there are a large number of interested parties waiting to pounce on the note and make it their own. In the world of national bank notes it is a significant challenge for every single town in every single county within every state and territory to see very strong and consistent competition. Some areas of the country fall flat for a period of time creating once in a lifetime bargains for national bank note collectors! For savvy dealers, they know to tread lightly as stacking your coffers with towering stacks of nationals can be nothing short of committing Bushido seppuku! Stocking countless nationals for the purposes of making a guaranteed profit could take several lifetimes to accomplish, and until Elon Musk invents suitable cyborg upgrades we can order on Amazon, it would be playing with fire to go down this road. This is a compelling argument for why national bank notes are ultimately so pure as a collectable. More often than not, there has to be a significant connection between the note and the buyer. The appeal for these collectibles is extremely narrow underscoring the old adage, “One man’s trash is another man’s treasure.” I can show a dedicated paper money collector a prized note from my nationals collection and they shrug their shoulders and politely say, “Neat note.” Whereas, you hand them a note on the town they were born in and they are instantly beside themselves sweating bullets hoping the note is for sale so they can buy it as quickly as possible. What a unique and polarizing category of widgets these are! So, I never actually told you what this California Valley note brought recently at auction? After the lengthy diatribe you just read it will likely come as no surprise that this once discovery Van Nuys note went for the deal of a lifetime! With its last appearance in August 2014 bringing nearly $30K, this note a decade later in September 2024 sold for just its opening bid of $6,000.00!!! This new number equals nearly an 80% discount from its previous sale price. Wow, what an incredibly epic day for the bodacious dude who added this amazing piece of history to their collection! 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 SPMC.org * Paper Money * Nov/Dec 2024 * Whole No. 354 440 The front of the Type-41 Treasury note issued at Harrisburg, Texas. Image: Heritage Auctions, HA.com Harrisburg, Texas ew discoveries of places where interest-bearing Type 39, 40, and 41 Confederate treasury notes were issued are becoming quite rare. Mathematicians would say that we are approaching an asymptote. I have kept a diligent census of these notes for well over a decade and I now have more than 2,500 entries for places, officers, agents, and civilians. Heritage Auctions recently listed a new place discovery of Harrisburg, Texas. The note is a well-worn warrior with dark soiling and a faint but very legible endorsement: Background of Harrisburg, Texas Harrisburg was founded in 1826 by John R. Harris, the first settler in 1823, and it was a port and shipping center when Texas was a part of Mexico. It became the seat of the government of the Republic of Texas in March 22nd to April 13th, 1836, and it was attacked on April 16th by General Santa Ana and burned to the ground on April 17th. Santa Ana was defeated at San Jacinto on April 21st, and the town was rebuilt.1 Harrisburg’s location at the head of the Buffalo Bayou is shown below. N The Quartermaster Column No. 39 by Michael McNeil The faint endorsement reads: “Issued at / Harrisburg, Texas / Feby 26th ′63” Image: Heritage Auctions, HA.com Location of Harrisburg, Texas Image: Google Maps SPMC.org * Paper Money * Nov/Dec 2024 * Whole No. 354 441 CSS Bayou City captures USS Harriet Lane, ca. 1898, Courtesy of Naval History and Heritage Command, #NH 42911.3 CSS Neptune (left) heads towards USS Harriet Lane, engraving, Harper’s Weekly.3 Harrisburg in the Civil War The town was originally named “Harrisburgh” and later shortened to Harrisburg. The town became a rail center in the Civil War. The Buffalo Bayou, Brazos, and Colorado Railway, B. B. B. & C., was the first railroad in Texas in 1853, and Harrisburg was the starting point of the line.2 The endorsement on the treasury note reads “Harrisburg,” the later spelling. General John Bankhead Magruder arrived in Texas on November 29th, 1862, and made preparations to retake Galveston from Union forces. The naval force was organized at Harrisburg comprising the Bayou City and Neptune, both called “cottonclads,” as bales of cotton were stacked to protect the crews and machinery from sharpshooters. The Confederates were victorious and routed the Union Navy from Galveston on December 31st, 1862.3 The treasury note endorsed at Harrisburg, Texas, is dated February 26th, 1863. We do not know who issued the note or for what it was paid, but its date of issue is tantalizingly close to the date of that historic battle. Postscript A fire in the 1870s destroyed the rail yards, which were rebuilt in Houston. The population of Harrisburg declined after the loss of the railroad, and in 1926 it was annexed by Houston.2 Carpe diem References: 1. earlytexashistory.com, accessed 10 April 2024. 2. en.wikipedia.org/wiki/Harrisburg,_Houston, accessed 10 April 2024. 3. marinersmuseum.org/2020/10/battle-of-galveston/, accessed 10 April 2024. This superb website contains a detailed history of the Confederate victory at Galveston along with biographies of the combatants on both sides of the war. SPMC.org * Paper Money * Nov/Dec 2024 * Whole No. 354 442 Back to the Future With the “Bocade” This July, the Argentine province of La Rioja took a step that wrenched a recent bit of Argentina’s turbulent monetary history back into a resonating present: it once again began issuing its own provincial currency, the “Bocade,” to circulate alongside the Argentine national peso. An abbreviation of the phrase Bono de Cancelación de Deuda, La Rioja’s introduction of the Bocade (informally known as “Chachos”, after the fellow depicted on them) marks the third time in forty years that this impoverished northern province has issued its own money. Like the previous two episodes, La Rioja is responding to austerity measures implemented by the national government, now headed by a feisty libertarian economist, Javier Milei. As the national government reduces fiscal transfers to the province, La Rioja has resurrected a distinctive, Argentine solution to its chronic economic problems: the resort to a provincial currency. If the past is any guide, Argentina’s other provinces may soon follow suit. How does a modern, relatively developed country like Argentina accommodate multiple currencies? To put it bluntly, Argentina has never been an economically well- governed place and its monetary history reflects that. Throughout the twentieth century, policy mismanagement produced bouts of severe inflation, followed by economic collapse and austerity. The period from 1970 to the present has witnessed four different episodes where the national currency, the peso, was redefined, redenominated and, in one case, even given a new name (the Austral, 1985-1991). To paraphrase Tolstoy, all well-run monetary systems are alike for the same reasons, while badly-run systems are bad in their own ways. Argentina’s is noteworthy for enabling the use of regional currencies, even though its constitution does, in principle, limit money provision to the national government. In Argentina, the use of so-called cuasimonedas was enabled by the peculiar features of its political federalism. Although Argentina has twenty-three provinces with robust powers and traditions of independence, the power to tax largely remains in the hands of the national government. With revenues centralized yet spending decentralized, Argentina’s provinces depend heavily on fiscal transfers from the national government. Thus, any retrenchment at the national level immediately reverberates to the provinces. Faced with sharp spending cuts and mass layoffs from their large public sectors, the provinces instead cushion the blow by issuing what is basically tax anticipation scrip. While not legal tender currency, people receiving the scrip in payments can use it to pay taxes and fees to the provinces. La Rioja and a few other provinces had resorted to scrip back in the 1980s, when Argentine money was denominated in Australes. However, the real explosion in cuasimonedas took place between 2001 and 2003. In an attempt to tame inflation, Argentina adopted a scheme in 1992 that pegged its currency, now styled as the Peso Convertible, one-to-one with the U.S. dollar. At first, the success of this plan stimulated growth and sucked in a flood of foreign capital. Inevitably, though, the public sector took on too much dollar- denominated debt and bondholders got nervous. When the credibility of the currency peg came into question, investors rushed for the exits, precipitating an economic collapse and forcing budgetary austerity upon the government. For their part, starting in 2001 more than half of Argentina’s provinces issued their own currencies to make up for declining fiscal transfers from the central government. Each provincial currency varied in their issuing details and names—Quebracho, Petrom, Patacón, Bocanfor—but all were denominated in pesos and gained their acceptability from their use in payments to provincial authorities for taxes and fees. Indeed, the Argentine national government itself, although formally restricted in its ability to create new pesos by the U.S. dollar peg, played the same game by issuing “Lecops” (short for Letras de Cancelación de Obligaciones Provinciales). Lecops functioned as a kind of inter- provincial scrip which the national government used for transfers to the provinces. Like their provincial counterparts, Lecops were acceptable for certain obligations to the national government. This monetary experimentation was not happening at the margins. Taken together, Lecops, Bocades, and all the rest amounted to nearly half of Argentina’s monetary base at the greatest extent of their use. Invariably, these cuasimonedas were treated as inferior to the peso (which was quickly becoming inferior to the dollar). Gresham’s Law ensured that they traded at varying discounts, depending upon how difficult it was to pass them on to someone else. In January 2002 Argentina abandoned the peso-dollar peg, removing the constraint upon fiscal transfers and thus the incentive for provinces to issue scrip. Most were retired from circulation by the end of 2003. This being Argentina, an entirely different scrip phenomenon was simultaneously staking place at the street level, in the form of thousands of barter clubs, or “Redes de Trueque”. But that is a subject for a different column! Chump Change Loren Gatch SPMC.org * Paper Money * Nov/Dec 2024 * Whole No. 354 443 The Intriguing Postal Notes of Spokane, Washington. by Bob Laub Spokane is the second largest city in the Northwestern state of Washington. It is located along the Spokane River, west of the Rocky Mountain foothills in the eastern portion of the state. It is only 92 miles south of the Canada-US border and approximately 20 miles west of the state line between Washington and Idaho. In the early 1880’s, the population was only 350 people. By 1890 however, census records had soared to 20,000. The massive increase in the city’s size was due to the discovery of gold and silver in nearby Idaho, as well as the expansion of the areas railroads. Spokane was originally established as Spokane Falls, July 5th, 1872. By October 1880, the name changed to Spokane County. On April 24th, 1891, the city name was finally changed to Spokane. Postmaster Arthur J. Shaw: Postmaster Shaw was in office during the overlapping period when the city of Spokane went through its final two-name changes. Official government records show he took office July 24th, 1890. At that time, the number of postal carriers was increased to 14, and Charles E. Munson was the Assistant Postmaster. Arthur Shaw remained in the postmaster position until May 8th, 1894. That was 53 days before the 1883-1894 Postal Note series came to an end. That fact is being mentioned because even though Postmaster Shaw finished his position on May 8th, his name and title remained on Spokane’s Postal Notes until the series’ final day of issue, June 30th, 1894. It is understood that even after a postmaster leaves office, there may still be a small number of his or her pre-signed postal notes remaining in stock. The “Law of Averages” would also dictate smaller, more rural post offices would take longer to issue any remaining pre-signed notes. During the 12 years of the series, the Spokane Post Office issued almost 40,000 Postal Notes. The earliest recorded Spokane note, which coincides with Postmaster Shaw’s term in office ending, was sold six days after he left office on May 14th. That note, serial number 39,130, clearly bears Arthur Shaw’s signature. During the 1883- 1894-time frame, it was common practice to have multiple postal notes signed several days in advance of sales, especially in larger post offices. Postmasters were usually very busy with other administrative duties to personally sign each and every note. That responsibility was often passed along to some of the postal clerks. Records show the last known Spokane Postal Note, signed by Postmaster Shaw was number 39,729, and was issued June 30th, 1894. From mid-May, until the final day of June, over 500 postal notes were issued from that office. With increased newspaper publicity, discussing the approaching final day of the series, many collectors were clamoring to acquire a few last-minute souvenirs. Most post offices were seeing an increase in the daily sales of postal notes. This fact is well documented, as Type V Postal Notes have the most abundant survivors. Even if a considerable number of notes were signed well in advance, more than 500 might be considered extreme by most standards. Why were so many notes pre-signed so far in advance of sales? When Type I Postal Notes were issued all books contained 500 notes. With the advent of later postal note type’s, individual post offices were allowed to order books containing fewer notes. Books with 300, 200, 100, and in some rare cases 50 postal notes were the available options. The larger an individual post office, the more notes would need to be ordered. Spokane, I’m sure, was considered a larger, busier office. I believe it is safe to assume when the Spokane Post Office was receiving new books of Postal Notes they would contain 500 notes. (Speculation) A new supply of postal notebooks containing 500 notes each has just arrived at the Spokane, Washington Post Office. One of the office clerks is assigned the task of signing some of the notes with Postmaster Shaw’s name, in advance of future sales. Did that clerk get carried away in their duties by pre-signing the entire book of 500? They may have forgotten Postmaster Shaw would be vacating his position in a relatively short time. This could be one scenario why so many postal notes remained with a previous postmasters’ signature. Type V, “non-filigree” Postal Notes The third and final printing contract was awarded to the firm of Dunlap and Clarke, (D & C) of Philadelphia, Pennsylvania. A generally accepted theory is when the American Bank Note Company finished their four-year contract, they simply turned over their printing plates to D & C. On the reverse side of all Type IV Postal Notes, the ABNC logo appears with the firm’s name bracketed by a small amount of “filigree” (fancy engraved scroll work). The only modifications to the plates were the removal of the ABNC logo from the plate’s obverse and reverse, and the adding of Dunlap and Clarke’s name to the obverse. When the ABNC logo was removed by highly polishing those areas of the master plates, the filigree was left intact, possibly as an extra accent feature. After these plates SPMC.org * Paper Money * Nov/Dec 2024 * Whole No. 354 444 began showing extensive signs of wear, new engraved plates needed to be ordered and produced. Continuing to apply scroll work on the new plates, added an additional engraving cost, so it was eliminated. Records, pertaining only to notes in my personal collection, show the first “non-filigree” notes appearing on January 12th, 1894, and was issued at Fort Wayne, Indiana. This was five and a half months before the series came to a close. Many of the older ABNC plates I am sure had been in service since August 15,1887. That was the beginning of their printing contract and was in effect until August 14,1891. What percentage of the 71 million notes were accomplished by the use of these plates? Almost two-thirds of all notes during the 12-year series were completed by these plates. This would mean approximately 59.5 million notes were printed using ABNC plates, and then as well as D & C with their contract. We understand nothing in life lasts forever, especially given the amount of notes these plates created. Taking into account the quality of materials used and the craftsmanship applied by Master Plate Engravers, eventually even the best wears out or breaks. An interesting spin on Spokane’s “filigree” vs “non-filigree” notes is that once non-filigree notes were produced, there would no longer be filigree notes still appearing. Once again, my assumption was incorrect. I have personally verified the records of eight Type V Spokane notes. Each of the notes are between the dates of May 14th, and June 30th, 1894. The serial numbers range from 39,130 issued on May 14th, 1894, and continue through serial number 39729 issued on June 30th, 1894. That date reflects the official “last day of issue”. Serial numbers 39207 and 39,218 were issued May 18 and 19, 1894 and both clearly show the engraved filigree. While numbers 39,615, 39,616, and 39,617 were issued June 21, 1894, and number 39665, purchased June 25, 1894, all show an absence of the filigree. This clearly shows the difference between the older ABNC plates, and the newer re-engraved plates provided for D & C. My research now becomes a little more intriguing. The final two notes I examined, serial numbers 39716 and 39729, issued June 29th and June 30th respectively, both clearly show the reappearance of the filigree lines. The acceptable conclusion, Type V Postal Notes, at least from Spokane, during the final months of the D & C contract, were being printed from multiple plates, which is the only logical conclusion as to why the notes flip-flop from filigree to non-filigree and then back to a filigree variety. The two Spokane notes pictured in this article show both the “non-filigree” (#39729), and filigree varieties (#39617). If Spokane received only books of 500 notes as a much busier post office, then clearly notes #39617, and #39729 would likely have come from the same book. I realize multiple plates were understandably being used, but maybe someone reading this can explain why both notes came from plate #17, and both were from the same plate position letter c? I have applied a degree of research trying to show two intriguing aspects of Type-V Postal Notes from Spokane. The first being an extended number of notes showing up after Postmaster Shaw had officially left his position with his signature still applied as Postmaster. The second aspect is in line with Filigree vs non-filigree, and vice-a-versa. I leave it to the reader to form their own set of conclusions. Any questions or comments please direct them to me at briveadus2012@yahoo.com I am also be interested in hearing about any postal notes you may have. This image shows the obverse of a Ty. V Postal Note from Spokane, WA., serial # 39617, issued on June 21, 1894. This image shows a different obverse of a Ty. V Postal Note (also Spokane), serial # 39729, issued nine days later on June 30, 1894.The series official “Last Day of Issue”. SPMC.org * Paper Money * Nov/Dec 2024 * Whole No. 354 445 This is the reverse image of the serial # 39617 which clearly shows the lack of the “filigree”. This is the reverse image of serial # 39729. Notice the “filigree” as it appeared throughout the entire time these same plates were being utilized by the American Bank Note Co. SPMC.org * Paper Money * Nov/Dec 2024 * Whole No. 354 446 √ United States Postal Service Statement of Ownership, Management and Circulation (All Periodicals Publications Except Requester Publications) 1. Publication Title Paper Money 2. Publication Number 3. Filing Date 4 1 9 9 4 0 4. Issue Frequency 6 X per year 5. Number of Issues Published Annually 5400 6. Annual Subscr $39.00 7. Complete Mailing Address of Known Office of Publication (Not printer) (Street, city, county, state, Addr 1: 450 Fame Ave Addr 2: Hanover, PA 17301 City, State ZIP: York County Contact Person Benny Bolin Telephone 214-796-9697 8. Complete Mailing Address of Headquarters or General Business Office of Publisher (Not Printer) Addr 1: 5510 Springhill Estates Dr City, State ZIP: Allen, TX 75002 9 . Full Names and Complete Mailing Addresses of Publisher, Editor and Managing Editor (do not leave blank) 10. Publisher, Editor, Managing Editor Name: Benny Bolin Addr 1: 5510 Springhill Estates Dr City, State ZIP: Allen, TX 75002 12. Tax Status (For completion by nonprofit organizations authorized to mail at nonprofit rates) (Check one) The purpose, function, and nonprofit status of this organization and the exempt status for federal income tax purpos Has Not changed During Preceding 12 Months 15. Extent and Nature of Circulation Average No. Copies Each Issue During Preceding 12 Months No. Copies of Single Issue Published Nearest to filing Date a. Total Number of Copies (Net press run) 875 831 b. Paid and/or Requested (1) Mailed Outside-County Paid Subscriptions Stated on PS Form 3541 (Include paid distribution above nominal rate, advertiser's proof copies, and exchange copies) 797 756 (3) Paid Distribution Outside the Mails Including Sales Through Dealers and Carriers, Street Vendors, Counter Sales ,and Other Paid Distribution Ouside USPS 70 75 c. Total Paid Distribution [Sum of 15b. (1), (2), (3), and (4)] 867 831 d. Free or Nominal Rate Distribution (By (1) Free or Nominal Rate Outside-County Copies Included on PS Form 3541 0 0 (4) Free or Nominal Rate Distribution Outside the Mail (Carriers or other means) 8 0 e. Total Free or Nominal Rate Distribution (Sum of 15d. (1), (2), (3) and (4)) 8 0 f. Total Distribution (Sum of 15c. and 15e.) 875 831 h. Total (Sum of 15f. and g.) 875 831 Percent Paid i. (15c. Divided by 15f. Times 100) 99.09% 100.00% Total Paid Print Copies (Line 15c) + Paid Electronic Copies (Line 16a) 867 831 Total Print Distribution (Line 15F) + Paid Electronic Copies (Line 16a) 875 831 Percentage Paid (Both Print & Electronic Copies (16b divided bt 16c x 100) 99.09% 100.00% I certify that 50% of all my distribution copies (electronic and Print) are paid above a nominal price 17. Publication of Statement of Ownership Publication required. Will be printed in the NOV/DEC 2024 issue of this publication. 18. Signature and Title of Editor, Publisher, Business Manager, or Owner Benny Bolin Editor 10/10/2024 I certify that all information furnished on this form is true and complete. I understand that anyone who furnishes false or misleading information on this form or who omits material or information requested on the form may be subject to criminal sanctions (including fines and imprisonment) and/or civil sanctions (including civil penalties) Full Name Complete Mailing Address Society of Paper Money Collectors 5510 Springhill Estates Dr. Allen, TX 75002 X SPMC.org * Paper Money * Nov/Dec 2024 * Whole No. 354 447 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 Fr. 114 $10 1901 Legal Tender PCGS Banknote Superb Gem Unc 67 PPQ From The Dwane Johansen Collection Fr. 264 $5 1886 Silver Certificate PMG Gem Uncirculated 65 EPQ From The Dwane Johansen Collection Fr. 1217 $500 1922 Gold Certificate PMG Very Fine 25 Fr. 248 $2 1896 Silver Certificate PCGS Banknote Gem Unc 66 PPQ From The Dwane Johansen Collection Fr. 347 $1 1890 Treasury Note PMG Gem Uncirculated 66 EPQ Fr. 1219e $1,000 1907 Gold Certificate PMG Very Fine 30 PLATINUM SESSION® & SIGNATURE® AUCTION FUN 2025 | January 15-17 Selected Highlights Offered in Our Official FUN 2025 Auction Now Accepting Consignments through November 25 DALLAS  |  NEW YORK  |  BEVERLY HILLS  |  CHICAGO  |  PALM BEACH LONDON  |  PARIS  |  GENEVA  |  BRUSSELS  |  AMSTERDAM  |  MUNICH  |  HONG KONG  |  TOKYO Always Accepting Quality Consignments in 50+ Categories Immediate Cash Advances Available 1.75 Million+ Online Bidder-MembersPaul R. 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