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Table of Contents
Issued in Defence of American Liberty--Steve Feller
Ormby's Unit System--Peter Huntoon
When Babe Ruth Lost a $1000 Bill--Lee Lofthus
No Cash Taken--Al Bailey
Santo Domingo Notes--Roberto Menchaca
Final Note from the Pelham National Bank--Raiden Honaker & Lee Lofthus
Bank of Niagara of Buffalo--Bernhard Wilde
Alfred Quimby Mart Scrip--Rick Melamed
Sad State of Port Antofagasta--Roland Rollins
SPMC Activities at F.U.N. 2025
official journal of
Lexington & Concord
the battle that started it all
LEGENDARY COLLECTIONS | LEGENDARY RESULTS | A LEGENDARY AUCTION FIRM
Uncut Sheet of (16) CC-23 to CC-30. Continental Currency. February 17, 1776. $1 to $8.
PMG Choice About Uncirculated 58.
From the Richard August Collection.
Fr. 313. 1886 $20 Silver Certificate.
PMG About Uncirculated 55. Low Serial Number.
From the Shores Collection Part I.
Fr. 345d. 1880 $500 Silver Certificate.
PMG Choice Fine 15.
From the Shores Collection Part I.
Los Angeles, California. $20 1875. Fr. 434.
First NB. Charter #2491. PMG Very Fine 20.
From the Eric Agnew Collection.
Newman, California. $5 1902 Date Back.
Fr. 593. First NB. Charter #9760.
PMG Choice Extremely Fine 45.
From the Eric Agnew Collection.
SBG PM Spring2025 HL 250301
Official Auction of the Whitman Expos
America?s Oldest and Most Accomplished Rare Coin Auctioneer
1550 Scenic Ave., Ste. 150, Costa Mesa, CA 92626 ? 949.253.0916 ? Info@StacksBowers.com
470 Park Ave., New York, NY 10022 ? 212.582.2580 ? NYC@stacksbowers.com
Visit Us Online at StacksBowers.com
California ? New York ? Boston ? Philadelphia ? New Hampshire ? Oklahoma
Sacramento ? Virginia ? Hong Kong ? Copenhagen ? Paris ? Vancouver
For More Information
800.458.4646 (CA) ? 800.566.2580 (NY)
Info@StacksBowers.com
StacksBowers.com
Highlights from the
Spring 2025 Showcase Auction
March 31-April 4, 2025 ? Costa Mesa, CA
Fr. 1217. 1922 $500 Gold Certificate.
PMG About Uncirculated 50.
Fr. 42. 1869 $2 Legal Tender Note.
PCGS Banknote Gem Uncirculated 66 PPQ.
From the Shores Collection Part I.
Fr. 168. 1869 $100 Legal Tender Note.
PMG Choice Extremely Fine 45.
From the Shores Collection Part I.
Fr. 284. 1878 $10 Silver Certificate.
PMG Very Fine 30.
From the Shores Collection Part I.
a_oM_om
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$QGPDQ\PRUH&6$8QLRQDQG2EVROHWH%DQN1RWHV IRU VDOH UDQJLQJ IURPWRILYHILJXUHV
71 Issued in Defence of American Liberty--Steve Feller
76 Ormby's Unit System--Peter Huntoon
84 When Babe Ruth Lost a $1000 Bill--Lee Lofthus
86 No Cash Taken--Al Bailey
90 Santo Domingo Notes--Roberto Menchaca
94 Final Note from the Pelham National Bank--Raiden Honaker & Lee Lofthus
98 Bank of Niagara of Buffalo--Bernhard Wilde
SPMC.org * Paper Money * Mar/Apr 2025 * Whole Number 356
65
104 Alfred Quimby Mart Scrip--Rick Melamed
105 Sad State of Port Antofagasta--Roland Rollins
125 SPMC Activities at F.U.N. 2025
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 BieciukJoseph BolingF.C.C. Boyd
Michael Crabb
Forrest DanielMartin DelgerWilliam DonlonRoger Durand
C. John Ferreri
Milt Friedberg
Robert Friedberg
Len Glazer
Nathan Gold
Nathan Goldstein
Albert Grinnell
James Haxby
John Herzog
Gene Hessler
John Hickman
William Higgins
Ruth Hill
Peter Huntoon
Brent Hughes
Glenn Jackson
Don Kelly
Lyn Knight Chet
Krause
Robert Medlar
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
Uncoupled
Cherry Picker Corner
Postal Notes
Chump Change
Quartermaster
Small Notes
67
68
69
106
112
114
117
120
Robert Vandevender
Benny Bolin
Frank Clark
Joe Boling & Fred Schwan
Robert Calderman
Bob Laub
Loren Gatch
Michael McNeil
Jamie Yakes 123
Stacks Bowers Galleries IFC
Pierre Fricke 65
Executive Currency 83
Higgins Museum 89
PCGS-C 110
Lyn Knight 111
Bob Laub 114
Greysheet 119
FCCB 119
Bill Litt 124
G. Anderson 124
PCDA IBC
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
John & Nancy Wilson
D.C. Wismer
SPMC.org * Paper Money * Mar/Apr 2025 * Whole Number 356
66
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 smcbb@sbcglobal.net
ADVERTISING MANAGER
Benny Bolin smcbb@sbcglobal.net
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 II
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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
Loren Gatch lgatch@uco.edu
Shawn Hewitt Shawn@north-trek.com
Derek Higgins derekhiggins219@gmail.com
Raiden Honaker raidenhonaker8@gmail.com
William Litt billitt@aol.com
Cody Regennitter
rman andrew.timmerman@aol.com
cody.regenitter@gmail.com
Andrew Timme
Wendell Wolka purduenut@aol.com
In my last column, I mentioned that our SPMC website requires a
significant upgrade due to some specific software we use becoming obsolete.
We reached out to our membership for help with the significant financial
need to make the improvement and had a fantastic response. I have great
news. Thanks to the generous contributions from several of our members, we
have met the financial goal for this project and now have the resources to
perform the upgrade to keep our website running smoothly and securely. I
really appreciate the way so many people pitched in to accomplish this effort.
We have initiated the work with our website designer and the fix is in
progress.
In January, several of us attended the 70th annual Florida United
Numismatists (FUN) show at the Orange County Convention Center in
Orlando. We had a good turnout of our members with plenty of help to staff
our SPMC table at the show. We also participated in the youth treasure trivia
hunt where we had over one hundred young kids stop by the table to answer
our question and receive a prize. This year, we asked them how many Federal
Reserve Banks there are and had a case displaying a location map, along with a
very nice district set of $1 notes loaned to us by our Vice President
Calderman. On Friday, at our annual membership meeting, SPMC Governor
Derek Higgins entertained and educated us with a wonderful talk on plate
numbers and mules. I learned a few new things on that topic during his
presentation. On Saturday, we held our annual breakfast and raffle, including
the presentation of many awards. Overall, the week went very smoothly, and
we enjoyed seeing everyone. Our board voted to hold our 2026 breakfast and
annual meeting at next year?s FUN show in January.
Looking forward, many of you will no doubt be attending the upcoming ANA
National Money Show. Unfortunately, Nancy and I will not make it to that
one due to the timing. We will be busy at the end of March closing out of our
California apartment and moving back to our home in Florida. I am looking
forward to taking some time off from work. On our way back to Florida, we
are tentatively planning on a stop in Dallas to attend the 4th annual National
Banknote Collectors Conference on April 7th. I have not yet been able to
attend one of those events and am looking forward to this one if the travel
schedule works out.
And finally, to be a bit repetitive from my last column, I would like to
remind our members that we would appreciate any new articles written for
publication in our Paper Money magazine. Our Editor Benny would love to
hear from you. Benny can also help with constructing the article if you would
like the assistance.
SPMC.org * Paper Money * Mar/Apr 2025 * Whole Number 356
67
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
6 months old?able to sit up, recognize and reach for things
she wants and eating baby food! What is better than creamed
spinach and pureed carrots? Yummy
F.U.N. 2025 was just that!FUN! This was the first year I
was able to go to FUN for more than a day or two and it was
indeed a great time. Meeting and reminiscing with old friends
was great and this time I was able to get back in the exhibiting
saddle again. It was success as well--3rd place in single case
class with my Spencer Clark Third Issue Fractional notes.
AND--don't throw rocks or mud pies (chocolate pies okay)
second place in U. S. Coins with my large cent exhibit. I have
always had an affinity for large coppers and history so I
melded the two together for an exhibit. Also specking of coins
(what sacrilege) mint director Ventris Gibson was at the show
signing autographs and products. Here she is signing my 2025
my 2025 uncirculated set. I have always enjoyed courtesy
courtesy autographs, books signed by the author, etc., so a dark
so just a side item to add to my collection.
Normally, I buy very little at FUN due to my narrow
collecting scope but I found a couple of manuscript fractionals
and as I was walking past a dealer's table, I saw a stack of
fractional and the top one had a hand-written lable "inverted
surcharges." I looked at it and behold it was one I did not have
which is remarkable as it is now the 42nd fractional invert in
my collection. So, I would term F.U.N. as great FUN!
The SPMC had a lot of great activities, including a great
presentation at our general meeting by Derrick Higgins, a great
dinner for carnivores (like me) to welcome out newest class of
inductees into the SPMC Hall-of-Fame and our annual
breakfast and Tom Bain raffle made even more enjoyable due
to out emcee Wendell Wolka. Make plans now to join us at
FUN '26, January 8-12, 2026. You will not be disappointed!
So as we go into this 2026 year of uncertainty, I encourage
each and every one of you to become involved in the hobby.
Join your local coin (gasp) club, write me an article, exhibit,
just become involved. OYour hobby needs you and it provides
a therapeutic distraction for the ills that are bothering you and
gives that always need relaxation.
Till next time! Stay safe and love your family like never before.
They may be gone in the blink of an eye--trust me, I know!
SPMC.org * Paper Money * Mar/Apr 2025 * Whole Number 356
68
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 01/05/2025
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.
15794 Daniel Zonker, Website
15795 Howard Korey, Website
15796 Raymond Mead, Website
15797 Ralph Dennis, Robert Calderman
15798 Gina Morningstar, Robert Calderman
15799 Bartosz Trzos, Robert Calderman
15800 Richard Byrns, Frank Clark
15801 Michael Berry, Frank Clark
15802 Kevin Sidney, Frank Clark
15803 Lynn Ourso, Frank Clark
15804 Joseph Venuti, Raiden Honaker
15805 Jacob McDonald, Cody Regennitter
REINSTATEMENTS
15537 Robert Shanks, Robert Moon
15578 Walter Sanjuan, R. Calderman
LIFE MEMBERSHIPS
None
NEW MEMBERS 2/05/2025
REINSTATEMENTS
None
LIFE MEMBERSHIPS
None
15806 Ben High, Robert Calderman
15807 Thomas Kobialka, Frank Clark
15808 James T. Lemon, Frank Clark
15809 Dan Dillon, Robert Vandevender
15810 William Gragg, Rbt. Calderman
15811 Gene Pica, PMG
15812 Craig Glass, Coin World Podcast
15813 Armin Tadayyon, Website
15814 Enrique Perez, Robert Moon
15815 Brett Cason, Robert Calderman
15816 Eric Levine, Website
15817 Robert Herrick, Frank Clark
15818 Gabriel Carr, Robert Calderman
15819 Jesse Kraft, Mark Anderson
15820 James Garrett, PMF
15821 Jennifer Allocca, Website
15822 Cameron Kaszas, Facebook
15823 Felipe Garcia Flores, Website
15824 Steve Blanchard, Frank Clark
15825 Darryl Beck, Website
SPMC.org * Paper Money * Mar/Apr 2025 * Whole Number 356
69
Welcome New SPMC Hall of Fame Members
Albert Avery Grinnell
Grinnell was born
in Shelby,
Orleans County,
New York on
6/12/1865 and
passed away on
4/18/1951.
He began
collecting coins at
age 11 from the till at his father's
general store. Author of United
States Paper Money From a
Collector's Viewpoint in 1937.
He was a founder and the second
president of the Detroit Coin
Club. In 1941 the club honored
him with a gold medal. The
occasion was the 400th meeting
of the club January 23, 1941.
The first sale of the Grinnell
collection was conducted by B.
Max Mehl June 15, 1943. The
2214 lots realized $38,659.56.
Eight additional sales were
conducted by Barney Bluestone
from 1944 through 1947. The
5898 lots brought $250,457. The
seven catalogues of the Grinnell
collection were reprinted and
offered in a hardbound version
in 1971. He was life member
number 20 of the ANA.
Robert Medlar
Medlar
was born
in Dayton,
Ohio in
1922 and
passed
away on
1/4/1991.
Best known as a collector of
Texas banknotes, he began
collecting in 1950. He was the
owner of the Glascock Supply
Company, distributer of
numismatic books and supplies.
Medlar was a charter member of
the Society of Paper Money
Collectors and served as vice
president 1971 to 1975 and as
president 1975 to 1979. He was
the top recruiter from 1977-1979
and wrote 14 articles for Paper
Money. He served on the Assay
Commission for 1969. He also
served as chief assayer for the
Old Timer Assay
Commissioners Society. He was
also a charter member of the
Texas Numismatic Association,
founding president of TCDA and
PNG board member. He
received the ANA Howland
Wood Memorial Award in 1965,
the ANA Medal of Merit in
1977, and the Heath Literary
Award. He served on the ANA
board of governors after 1983.
He was the author of Texas
Obsolete Notes and Scrip in
1968.
John & Nancy Wilson
John and Nancy are the epitome
of an involved couple. They
were married in Milwaukee
Wisconsin on April 27, 1968.
Collectors of paper money,
Wisconsin tokens and medals,
porcelain coins and medals,
Civil War tokens and
numismatic literature.
They are seen at most large
shows representing the hobby.
They have both served as
officers or governors of many
different clubs.
John was on the board of
governors of SPMC from 1983-
1986. Nancy is the consummate
exhibitor and has won many
exhibit awards including the
SPMC Best in Show award 3
times.
John was elected to the ANA
board and served as VP before
being elected President, serving
from 2001-2003.
Nancy was elected to the ANA
board in 1988.
Both have won the Glen
Smedley Memorial award, the
Farran Zerbe award and the
Award of Merit from the ANA.
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Issued in Defence of American Liberty
by Steve Feller
On April 19, 2025 the nation will celebrate the 250th or Semiquincentenial anniversary of the start of the
American Revolution at Lexington and Concord. It is also called the Bisesquincentennial, the Sestercentennial or
the Quarter Millennial. The well-known poem, Paul Revere?s Ride, by Henry Wadsworth Longfellow is about the
prelude to the battle and the first stanza famously reads:
LISTEN, my children, and you shall hear
Of the midnight ride of Paul Revere,
On the eighteenth of April, in Seventy-five;
Hardly a man is now alive
Who remembers that famous day and year.
He said to his friend, ?If the British march
By land or sea from the town to-night,
Hang a lantern aloft in the belfry arch
Of the North Church tower as a signal light, ?
One, if by land, and two, if by sea;
And I on the opposite shore will be,
Ready to ride and spread the alarm
Through every Middlesex village and farm,
For the country folk to be up and to arm.
At right is a visual representation of the ride is given
in the painting The Midnight Ride of Paul Revere by
Iowan Grant Wood (1931),
Interestingly, according to the Paul Revere house, Paul Revere warned many houses before reaching John
Hancock and Sam Adams in Lexington but was captured before he reached Concord. He was released and walked
back to Lexington to see the end of the battle at Lexington Green, see below. His riding partner who had taken a
different route to Lexington, William Dawes escaped the British and made it to Concord along with Dr. Samuel
Prescott who met them between Lexington and Concord.
On the next morning, April 19, 1775, the British wanted to breakup the minutemen and confiscate their guns. At
Lexington Green (Figures 2 and 3) the first shotes were fired in a short fight. This left 8 Americans dead or mortally
wounded and 10 more wounded; for the British one soldier was wounded. The British Army continued to Concord.
There at the Old North Bridge (Figure 4) the Americans fired and didn?t yield but the British retreated after the volley
at the bridge. This was the so-called ?Shot Heard Round the World.? By the end of the day 300 British soldiers were
killed as they went back to Boston and the eight-year revolt war was on.
The battle at Concord was immortalized by Ralph Waldo Emmerson who wrote the stirring Concord Hymn. It
was first sung at the completion of the battle monument at the Old North Bridge on July 4, 1837:
By the rude bridge that arched the flood,
Their flag to April?s breeze unfurled,
Here once the embattled farmers stood
And fired the shot heard round the world.
The foe long since in silence slept;
Alike the conqueror silent sleeps;
And Time the ruined bridge has swept
Down the dark stream which seaward creeps.
On this green bank, by this soft stream,
We set today a votive stone;
That memory may their deed redeem,
When, like our sires, our sons are gone.
Spirit, that made those heroes dare
To die, and leave their children free,
Bid Time and Nature gently spare
The shaft we raise to them and thee.
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.
While visiting daughter Ray?s family in Boston we took a
little side trip to historic Lexington and Concord, Massachusetts.
They are located just outside the city. When we got to the Old
North Bridge in Concord we could see construction taking place
as the United States gets ready for the Semi quincentennial
celebration.
As a result of the ruckus caused by Lexington and Concord,
the colonies united by forming an army under General George
Washington and a Congress, initially in Philadelphia. These
United Colonies issued paper money. Individual colonies were
already issuing paper currency and then the United Colonies
joined in and began issuing numerous paper currency notes. The
first of the United Colonies notes, also called Continental
Currency on the notes, came with the issue of May 10, 1775, see
Figures 5a and 5b. This was a direct response to the battles of
Lexington and Concord and its purpose was to supply the nascent
army with provisions and pay for the soldiers.
Figure 2: The ?Lexington Minuteman? at Lexington
Green (Steve Feller)
Figure 3: Site of the grave of seven patriots killed in the
opening shots of the American Revolution at Lexington
Green (Steve Feller).
Figure 4: The Old North Bridge in Concord, MA, the
site of the ?Shot Heard Round the World? (Steve Feller)
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Recently, in one of Cedar Rapids? numismatic establishments I picked up the rag shown in Figures 6a and 6b.
This is a note printed for the Colony of Massachusetts Bay on plates engraved by Paul Revere, Eric Newman
notes that 10,000 were printed for three due dates for this and 10,000 each for several other denominations, this
particular note has the earliest date of August 18, 1778. A far superior relative of it from a Heritage auction is shown
next in Figures 7a and 7b, it is a 24 shilling note. The notes clearly reflect the start of the Revolution with the back
having a magnificent image of a soldier. Furthermore, the back carries the legend:
Issued in Defence of American Liberty and Enfe petit placidam, fub Libertate, Quictem. This latter phrase,
according to Newman, means By arms he seeks peace with freedom.
Ultimately this led to a flood of ?Continentals? until ?not worth a Continental? became a famous phrase in
American History. British counterferits helped too in the great depreciation of the values of the notes.
Figure 5a: Face of a six dollar note of the first emission from the
United Colonies with an issue date of May 10, 1775. 49000 were
printed. (Heritage Auctions).
Figure 5b: Back of a six dollar note of the United Colonies with
an issue date of May 10, 1775 (Heritage Auctions).
Figure 6a & 6b:
Face and back of
Colony of
Massachusetts
Bay 5-shilling
paper currency of
August 18, 1775 .
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Certainly, these notes are evocative contemporary mementos of that first set of revolutionary battles at Lexington
and Concord.
Paul Revere engraved several other notes of the period as well, see Figure 8 for an image of him. For a fairly
modest sum a bank note collector can secure an authentic example of one of his notes. Besides the historic role of
horseback rider to spread the alarm to the patriots of Lexington and Concord and his expertise as a bank note and
document engraver, Paul Revere was an excellent silversmith, see Figure 9. Such handmade silverware of the colonial
American style are still hand-made and sometimes available at Colonial Williamsburg in Virginia, see Figure 10.
Figures 7a & 7b:
Front and Back of
a 24-shilling note
of August 18, 1775.
(Heritage
Auctions)
Figure 8: Image of an elderly Paul
Revere (The Paul Revere House,
Boston, MA)
Figure 9: Highly
prized silver
spoon circa 1790
of Paul Revere
(Heritage
Auctions).
Figure 10: A
handmade silver
spoon from Colonial
Williamsburg in
Virginia that models
the work of Paul
Revere and other
colonial silversmiths
(Steve Feller).
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Another set of issues from the United Colonies dated February 17, 1776 are the highly emblematic fractional
notes printed in Philadelphia, see Figures 11a and 11b for images of a 2/3 dollar note. Based on designs by Benjamin
Franklin they use some of his mottos. Also, the linked chain design of the thirteen colonies, soon to be states, has at
its center: WE ARE ONE and AMERICAN CONGRESS.
In 1925 the Philadelphia mint issued a commemorative half dollar to honor the sesquicentennial (150th
anniversary) of the battles of Lexington and Concord. Figures 12a and 12b depict the obverse and reverse of this
attractive coin.
References
? Eric P. Newman, The Early Paper Money of America, 2023 Edition (Greysheet Publishing: Virginia Beach, VA and Eric P. Newman
Numismatic Society: St. Louis, MO) 2023. A recreation of the Old belfry is just off the green now.
? https://www.paulreverehouse.org/the-real-story/
? https://en.wikipedia.org/wiki/The_Midnight_Ride_of_Paul_Revere_%28painting%29#/media/File:Midnight_Ride_of_Paul_Revere.j
pg
Figure 11a & b: Face and
back of a 2/3 of a dollar
continental currency note
(Steve Feller).
Figure 12a: Obverse of the 1925
Lexington/Concord commemorative half
dollar. It features the ?Concord
Minuteman? statue by Daniel Chester
French that is at the Old North Bridge.
The statue was created for the battle?s
centennial in 1875 (Steve Feller).
Figure 12b: Reverse of the 1925
Lexington/Concord commemorative half
dollar. It features the ?Old Belfrey? in
Lexington; this is where the alarm was
sounded to bring the minutemen to
Lexington Green (Steve Feller).
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Ormsby?s Unit System
& Series of 1896
Educational Silver Certificates
Purpose
To fully understand the designs on the faces of the Series of 1896 silver certificates, it is necessary
to become acquainted with Waterman Ormsby. The purpose of this piece is to make that connection.
Ormsby was a talented mid-1800s engraver and innovative mechanically-minded bank note
company owner. He never held a position in the U.S. government nor was he alive when the Series of 1896
debuted, yet his concept for bank note designs found life in the faces
of the Series of 1896 notes.
Waterman Lily Ormsby
The biographical information in this section and the section on
the unit system that follows is from Bob McCabe?s seminal book on
counterfeiting (McCabe, 2016. p. 124-141,192-196).
Waterman Lily Ormsby Jr.?born September 9, 1809, died
November 1, 1883?rose as a book illustration engraver for Carter,
Andrews & Co. in Lancaster, Massachusetts, student at the National
Academy of Design in New York, vignette engraver at the New
England Bank Note Company in Boston, engraver and first adopter of
roll transfer technology for applying engravings to Colt firearms, etc.
In due course, he established the New York Bank Note Company in
1842 at 142 Nassau Street, later renaming it the Continental Bank Note
Company in January 1863 upon taking on new investors in order to
complete with the American and National bank note companies
(McCabe (p. 124).
It was with his New York Bank Note Company that
controversy swirled around him. At issue was that some bank note
contracts that he executed were placed by fraudsters using fictitious
bank names. It was reported that he produced notes for ten Washington,
DC banks, all of which proved to be frauds. In 1854, Douglas
Benjamin, the owner of the Mercantile Agency, a credit rating firm in
New York, repeated rumors in private conversations with clients that Ormsby either helped counterfeiters
or was one of them. Ormsby sued Benjamin for slander but didn?t win a judgement in the original court or
an appellate court.
Unit System for Currency Design
Ormsby (1852, 1862) published two treatises wherein he advocated for the adoption by the
securities engraving profession of a concept he called the unit system. The unit concept consisted of one
panoramic engraving having some relevance to the bank that covered the entire face of a note with the
necessary lettering so interwoven by the hand of the engraver that it formed an integral part of the scene.
Thusly, the scene and character of the lettering would be unique to the note. The use of mechanically
engraved elements made on ruling machines and geometric lathes to produce overlain elements such as
borders and counters were to be eschewed. He argued that the fidelity and uniqueness of such ?unit?
engravings would offer sufficient anti-counterfeiting security. Because the faces of such bank notes would
be totally unique, Ormsby recommended that their designs be copyrighted by the banks.
Ormsby?s goal was to supplant the then industry standard patch work approach to currency design
that stitched together separate?often stock?vignettes, lathe work and lettering to create the faces of notes.
The Paper
Column
Peter Huntoon
Figure 1. Waterman Lily Ormsby,
1854. From Ormsby (1991).
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He disdained the use of lathe work?engravings made by geometric lathes. They were popular and cheap
to make, and were used as stand-alone ornaments, backgrounds upon which counters were superimposed,
or building blocks used in repetitive border work. Naturally, his opinions drew the ire of his competitors,
but Ormsby?s opinions gradually gained a bit of traction.
Spencer Clark, head of the Treasury?s printing bureau, clearly was listening as he was soliciting
designs from the bank note companies in 1863 for the Original Series national bank notes. For his
applications, he specified that the central vignettes on the backs cover the space allotted for them.
Ormsby organized the Continental Bank Note Company in New York with financing from investors
in January 1863 to serve as a rival to the American and National Bank Note companies in order to secure
government contracts. Treasury Secretary Salmon Chase had serious misgivings about Ormsby?s character
and decreed that he shouldn?t be involved in work on the nation?s currency. At that juncture, the trustees of
Figure 2. Proof of an unissued pre-Civil War bank note engraved by George Casilear that faithfully employs the
principles of Waterman Ormsby?s unit system for currency designs. Morrisania is a residential neighborhood
in the southwestern part of Bronx just east of Yankee Stadium, New York. Heritage Auction Archives photo.
Figure 3. Ormsby?s Continental Bank Note Company won the contract for the engraving and
printing of the $5 Original Series National Bank Notes. Although they did not adhere to
Ormsby?s unit system criteria, they did use the largest vignettes to appear on the faces in the
series and they carried distinctive hand-engraved counters in the upper corners that were
nicely integrated into the vignettes, revealing his influence.
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Continental cosmetically removed Ormsby as head of the company. Chase then requested a full
investigation of the charges against Ormsby, a task that fell to Comptroller of the Currency Hugh
McCulloch. In due course, McCulloch reported that the charges were unfounded. The trustees of
Continental then appointed Ormsby head of the practical part of the business.
Continental received the contract for the $5 Original Series national bank notes. Although the faces
of the $5 are a far cry from his unit system, the vignettes on them certainly occupy more surface area than
on any other Federal notes of the era. Also, he employed distinctive hand-engraved counters that were
woven into the vignettes.
Although Ormsby organized the Continental Bank Note Company, he didn?t own a controlling
interest. A man named Touro Robertson gained control and pushed him out in 1867. Ormsby attempted to
form a new firm he called Republican Unit Bank Note Company around 1870, but nothing came of it. The
Continental Bank Note Company, along with the National Bank Note Company, merged into The American
Bank Note Company in 1879.
New Artistic Silver Certificates
Democratic president candidate Grover Cleveland ran both of his detached term campaigns as a
government reformer who especially targeted the policies of the Treasury Department. A priority in both
campaigns was to reduce protective tariffs. In his second run, he focused considerable energy on repeal of
the ill-conceived Sherman Silver Purchase Act of 1890 that was causing a serious export drain of the
Treasury?s gold stock, with an attendant unconstrained increase in the national debt. He blamed the Silver
Purchase Act for the Panic of 1893 that rolled over the country as he took office, because it caused the
public to lose confidence in the nation?s currency.
The top management positions in the agencies were patronage positions, and in those days
patronage extended down to the level of the Chief of the Bureau of Engraving and Printing. For his second
term, Cleveland appointed as his Secretary of the Treasury John G. Carlisle. Carlisle in turn installed Claude
M. Johnson as Chief of the BEP. Carlisle was a seasoned influential Kentucky politician who served in both
the U.S. House of Representatives, including as speaker, and the Senate. Johnson was a Carlisle Democratic
prot?g?, also from Kentucky, who served as mayor of Lexington. Carlisle arrived at Treasury to carry out
Cleveland?s reforms, but also with a lessor reform agenda of his own; specifically, to replace what he
considered to be inferior looking Treasury currency. He laid out his vision in his first annual report as
follows (Carlisle, 1894, p. XLV).
It has been deemed advisable to improve the designs adopted by the Department for the various bank-
note issues of the Government, and to accomplish this end the best artists of the country have been invited
to contribute, and are now submitting designs to supersede the defective and insecure forms used in the
past. It is expected that the future notes and certificates issued by the Government, if this policy is
continued, will be not only highly creditable from an artistic standpoint, but will be beyond the skill of
counterfeiters to imitate to such an extent as to be at all dangerous to the public.
Congressional acts authorizing currency issues during the 19th century consistently delegated
responsibility for their designs to the Secretary of the Treasury. Consequently, upon taking office, Secretary
Carlisle quickly seized on this authority to replace the then current silver certificates with an entirely new
series. His BEP chief Johnson was thoroughly on-board with the plan and moved the project through the
Bureau with priority. To accomplish this, Johnson encouraged George Casilear, the then BEP Chief of the
Engraving Division and longtime currency designer, to resign because it was his designs that were deemed
inferior. Casilear?s resignation took effect October 30, 1893. The next day, Thomas Morris, an accomplished
currency designer who came from the Homer Lee Bank Note Company in New York as their Superintendent
of Design and Engraving, assumed Casilear?s position. Johnson articulated his vision for the BEP in his
1893 annual report to Carlisle as he managed the progress on the new silver certificates (Johnson in Carlisle,
1894, p. 722-723).
Artistic skill applicable to the production of bank notes, bonds, etc., has not advanced with time.
Bank notes prepared twenty-five years ago are as finely engraved as those of to-day. The bank notes
produced by this Bureau and by the bank-note companies of the country appear to have reached the highest
standard of engraving and printing, but the designs, as a rule, are weak and meaningless. The conventional
design for bank notes which has been used for many years appears to be wholly lacking in artistic merit,
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consisting as it does of a patchwork of engraving, including the portrait, the title, and the lathe-work
counters, having no connection with each other, and a vast improvement can be made in designing the
future issues of the Government. I consider the artistic beauty of a design for a bank note to be as essential
to protection against counterfeiting as the manner in which either the engraving or printing is executed. In
fact, they must all be of the highest standard of excellence to afford perfect protection. To attain this
standard of excellence I have secured the services of some of the best engravers and printers, and have
received aid from some of the most talented artists in the country in preparing designs for a new issue of
silver certificates, and the result, in my opinion, will be not only a creditable work from an artistic
standpoint, but a series of notes which will be beyond the skill of counterfeiters to imitate in a way to be
at all dangerous to commerce. Such talent commands a high price, and it is an item of expenditure which
should have consideration in the making of appropriations for this Bureau.
Figure 4. The faces of the Series of 1896 silver certificates were the closest notes to the Ormsby unit system of
design issued by the U.S. Treasury. BEP Chief Claude Johnson was responsible for their use. Heritage Auction
Archives photos.
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The Treasury Department hyped to a fever pitch the coming new silver certificates with their
radically improved artistic designs. They arrived as Series of 1896 $1, $2 and $5 silver certificates with the
promise of higher denominations to follow. The timing of their release came on the last year of the
Cleveland administration.
The notes encountered intense hostility in the banking and commercial communities. The
overriding complaint from these constituencies turned on a practical flaw. The notes were difficult to sort
because the counters?numbers denoting the denominations?in the corners of the faces were not large and
plain. The worst were the $1s. There were incessant demands that the series cease to be issued.
The 1896 election was in full swing with Democrat populist silverite William Jennings Bryan pitted
against Republican William McKinley. McKinley was advocating for protective tariffs but found that hard-
money rhetoric also resonated well in the east, where he was counting electoral votes.
The Democrats lost to McKinley, a victory touted as hard money over soft. Outgoing Secretary of
the Treasury Carlisle left incoming Lyman Gage holding the bag in dealing with the fallout from the failed
Series of 1896 silver certificates. Gage, coming from the presidency of The First National Bank of Chicago,
had no use for the series and cut the Treasury?s losses by deciding in May 1897 to replace the series as soon
as practicable with what became the Series of 1899.
One consequence of the failure of the Series of 1896 was that Secretary Gage on May 21, 1897
appointed a committee of three to investigate the operation of the Bureau of Engraving and Printing. One
of the primary threads that the committee pursued was decision making pertaining to the failed designs of
the Series of 1896 silver certificates. The report of the committee was published in 1899 as a Senate
Document. It contains invaluable testimony that tracked the impetus for creating the series and the decisions
and decision makers that guided the designs of the notes. That testimony unequivocally leads us back to
Waterman Ormsby?s unit system currency design.
Smoking Guns
The proof illustrated as Figure 2 is hailed as having a classic Ormsby unit design that often is
attributed to him. It certainly is a fine example of a unit design as envisioned by Ormsby but it wasn?t
produced by him. The actual creator was the George Casilear who served at the Bureau of Engraving and
Printing from December 1, 1862 beginning as an assistant modeler shortly after its inception to his rise to
head the Engraving Department.
The design concept for the faces of the Series of 1896 silver certificates, as well as the pedigree of
the Morrisania note, were laid out in Casilear?s June 1, 1897 testimony before the investigating committee.
He was called from retirement to provide historic context for the design work within the Bureau at the time
work on the series commenced (Senate, 1899, p. 298).
So with but few exceptions, since the inauguration of the Bureau I have made all the designs of the
notes except under the Cleveland Administration?the first and second Administrations. * * * All the
designs of the bank notes, the first issue of greenbacks, in 1869, and the different bonds of all series fours,
four and a-halfs, and the 6 per cent bonds, all the internal revenue stamps were designed by me.
I would state in this connection that when [BEP Chief] Mr. Johnson came in [1893] he got an idea of
getting up a unity form of notes?that is one solid design, with the title and the denomination interwoven
in. I tried to persuade him out of it, but no, he was going to get up something original. I showed him, or
rather tried to convince him that it would be a failure, because the thing had been tried. I had one of that
kind that I engraved some years ago, or year or two before I came here; it was a landscape, an agricultural
scene and I gave it to him and he put it in his pocket. All this was nothing but the Ormsby scheme.
Ormsby wrote a book in 1853. * * * The result was that my argument was not a very convincing one to
Mr. Johnson. He informed Secretary Carlisle that I wouldn?t agree with him, that I opposed all his new
ideas, etc., and the result was I was requested to resign.
Casilear added the following in later testimony that clarifies the identity of the unit system note he
hand engraved with the agricultural scene that he gave to Johnson (Senate, 1899, p. 308).
I engraved one of those plates years ago?prior to the civil war?for the Bank of Morrisania, New
York. The bank bursted [sic] up?didn?t live long. I saw that it was a faux pas [embarrassment] and the
result was that they never got it out.
BEP Chief Johnson acknowledged in his testimony that he wished to employ the unit system on
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the Series of 1896 notes (Senate, 1899, p. 326).
In the first interview I ever had with Mr. Carlisle regarding the business of this Bureau, he told me
that he had understood the work, particularly the engraving division of the Bureau, was not as good as was
being done by private corporations, and that he wanted me to improve the standard of the work in the
Bureau as much and as rapidly as I could, and that the designs of the bank notes did not strike him favorably.
Naturally, I considered his remarks very carefully, and suggested to him the idea of employing artists to
make those designs, to which he agreed; and the policy was agreed upon to attempt to make a unit design?
to make the design with a meaning?rather than to have a model composed of two or three or four spots
and a portrait and a piece of lathe work and a counter?just simply a model.
Johnson had this exchange with committee member Charles Lyman (Senate, 1899, p. 328).
Lyman: From your experience with these notes, are you still satisfied that the unit plan can be
successfully carried out? Johnson: Well, I don?t really care to express an opinion in opposition to the policy
of the Administration under which I am working. The Secretary of the Treasury [Gage] has expressed a
desire to go back to the old conventional bank note, and if he desires that, certainly this Bureau ought to
carry out his wishes.
There is no ambiguity that BEP Chief Johnson floated and sold the Ormsby unit system to
Secretary Carlisle for use on the new silver certificates. The quoted testimony reveals that the concept
was still rattling around within bank note engraving circles. The word unit had no other meaning in
currency design,
Implementation
The faces of the Series of 1896 silver certificates represent the closest that any Congressionally
authorized currency adhered to Ormsby?s unit system concept. Contrary to Ormsby?s dictates, the faces of
the notes were given borders, much of the lettering was not woven into the pictorial engraving, and the
counters on the $1s looked pasted on. Also, machine engraved elements, including white line lathe work,
were used on some. The notes weren?t pure Ormsby classics, but his influence is undeniable.
The idea of covering the entire canvas afforded by a note was not new. Over the decades engravings
of the backs of many large size series filled virtually all the available space. The backs on the 1863 gold
certificates have the appearance of Persian carpets. More recent were the elaborate backs on the Series of
1886 silver certificates. The all-time show stoppers were the backs of the Series of 1890 Treasury notes.
However, none of these qualified as Ormsby unit system designs because all employed extensive repetitive
Figure 5. Engravings covered the entire backs of the notes in many large size series such as this
1863 gold certificate. Although the engravings completely filled the space, they didn?t conform
to any of Ormsby?s unit system design criteria. Instead, they consisted of repetitive lathe work,
often intermixed with white-line lathe work, instead of pictorial engravings. Ormsby eschewed
such machine engraving techniques, even if limited to borders. National Numismatic Collection,
Smithsonian Institution photo.
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machine engraved work, often reproduced as white line work. Although beautiful, these backs have a
mechanical look. They certainly aren?t the free-form hand-engraved pictorial vignettes envisioned by
Ormsby.
Ormsby?s Photo
You never know what you will find when you pursue the people in these currency tales. I didn?t
have to go far into Ormsby?s life to recognize that he was brilliant, a self-promoter, quite the hustler, but
what I found next knocked me off my feet.
When you write a piece like this, you have to attempt to illustrate it with a photo of the principal,
so I began what seemed like a futile search for an image of Ormsby. However, in due course, an Ormsby
hit came up on Google to a three-part series of articles by Susan Bremer, a writer/researcher at Heritage
Auctions. I couldn?t believe it; Ormsby?s photo graced each of her parts, the photo reproduced here.
Immediately I contacted Greg Rohan, a valued contact at Heritage, asking him to pass along a
request to Susan asking where she found the photo. Within an hour she got back to me with this bombshell.
The photo was taken of Ormsby when he was 49 years old as he was embarking as the very first and only
through passenger from St. Louis to San Francisco on John Butterfield?s Overland Stage. That trip left St.
Louis on September 16, 1858.
To heck with this bank note stuff, I had to follow this phenomenal thread.
Ormsby obviously had finagled this trip with Butterfield while simultaneously positioning himself
as a correspondent in cahoots with the New York Herald. He would write a running commentary describing
the trip in exquisite detail. He would hand off his reports to the stages coming from San Francisco as they
passed to be forwarded to the Herald, where they were published as they arrived. This is simply too good.
His dispatches were compiled into a book published by the Huntington Library in California that
contains the most comprehensive extant historic record of the Butterfield operation. His photo is in that
book. Far more people know Ormsby from this adventure than as a bank note man.
This trip was, in fact, a proof-of-concept undertaking. Butterfield had a contract with the Post Office
Department to deliver mail between St. Louis and San Francisco with stops along the way. Small coaches
were employed with canvas tops, lighter than typical stage coaches for greater speed. Three stages would
leave each week from both St. Louis and San Francisco, thus populating the route.
If you had the grit to stand the journey, the fare was $200 one way. That was a ton of money in
1858.
Figure 6. The Butterfield Overland Stage line spanned 2,795 miles between St. Louis and San Francisco. The
coaches operated 24 hours per day in order to meet the 24-day schedule. Ormsby ran the gauntlet without any
layovers. Map from https: maps-of-the-route.
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Now contemplate what you were buying into. The total distance was 2,795 miles. The first 160
miles was via the Pacific Railroad westward from St. Louis to a place called Tipton, Missouri. From Tipton,
the rest was by stage on dirt trails. You headed southwest from Tipton through Missouri, crossed the
northwest tip of Arkansas, on through Indian Territory to El Paso, Texas. Then it was across the Rio Grande
River to Mesilla and west across the newly acquired Gadsden Purchase to Tucson, Arizona Territory, on to
Yuma, Los Angeles and then north to San Francisco. The route looped south to avoid the Rocky Mountains
thereby allowing for year-round travel and a minimum of high passes.
You weren?t allowed to carry cash or valuables and the stage hands were unarmed, both of which
were widely advertised so highwaymen wouldn?t bother targeting the stages.
Now here is where the rubber hits the road, or I should say the steel tires on the wooden stage
wheels hit the dirt and rocky ruts. A through trip took 24 days. The coaches traveled non-stop day and night
save only to change drivers and horse or mule teams, and occasionally coaches. You slept on the coach; you
grabbed a bite to eat if lucky at stops and you continued on your way on what were hard seats. The trails
were rough. It was akin to riding on a wooden crate in the back of an old pickup truck on a rough road all
the way. You got physically beaten practically to death and you didn?t get so much as a bath if you were on
a non-stop through trip. You were averaging over 100 miles per full 24-hour day. Ormsby?s trip met the 24-
day schedule arriving at the San Francisco Post Office on October 10, 1858.
Sources
Bremer, Susan, Jun 20, Jul 25, Sep 5, 2021, W.L. Ormsby, parts 1, 2 & 2: The E-Sylum, electronic publication of the Numismatic
Bibliomania Society.
Carlisle, John G., 1894, Annual Report of the Secretary of the Treasury on the State of the Finances for the Year 1894: Government
Printing Office, Washington, DC.
Jackson, Glenn E., 1978, W. L. Ormsby correspondence with Treasury Department uncovered: The Essay-Proof Journal, whole no.
139, p. 111-118.
Jackson, Glenn E., 1984, Further light on the reputation of W. L. Ormsby, 19th century bank note and stamp engraver: The Essay-
Proof Journal, whole no. 162, p. 60-65.
Jackson, Glenn E., 1983, Mosaic engraving: The Essay-Proof Journal, whole no. 159, p. 136-138.
McCabe, Bob, 2016, Counterfeiting and technology: Whitman Publishing, LLC, Atlanta, GA, 480 p.
Ormsby, Waterman Lily, 1852, A description of the present system of bank note engraving, showing its tendency to facilitate
counterfeiting to which is added a new method of constructing bank notes to prevent forgery: privately published, New York,
NY, 101 p.
Ormsby, Waterman Lily, 1862, Cycloidal configurations or the harvest of counterfeiters, containing matter of the highest importance
concerning paper money, also explaining the Unit System of bank note engraving: privately published, New York, NY, 45 p.
Ormsby, Waterman Lily, 1991, The Butterfield Overland Mail: L.H. Wright and J.M. Rynun, eds., Huntington Library Press, 179
U.S. Senate, February 3, 1899, Report of Committee to Investigate the Bureau of Engraving and Printing: 55th Congress, 3rd
Session, Document 109, 594 p.
https://butterfieldoverlandstage.com/2015/06/23/the-first-running-of-the-stage/
https://butterfieldoverlandstage.com/2012/08/01/maps-of-the-route/
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When Babe Ruth
Lost a $1,000 Bill
Lee Lofthus
Ever wonder, like I have, who carried around $1,000 bills? Well, Babe Ruth for one.
According to a story in the New York Times, he managed to lose one in New Orleans during Spring
training in 1924.
Figures 1. Babe Ruth taking batting practice in the
early 1920?s. Ruth was a larger-than-life figure on
and off the field. He was carrying multiple $1,000
bills like the one above when he lost one during
spring training camp in 1924. Library of Congress
photograph (LCN 2014716596); note images from
Heritage Auction Archives.
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In those days, the New York Yankees held their
Spring training camp in New Orleans, Louisiana. After the
team?s practice on Tuesday, March 18, 1924, Ruth left his
hotel and went to the bank carrying $4,000 in cash,
including three $1,000 bills. His intent was to get a bank
draft and send the money home. At the teller window, Ruth
started ?fishing money the money out of his pockets, only
to discover one of the $1,000 bill was missing.?
The Times reported Ruth returned to his hotel and
continued to search for the missing bill, but to no avail. The
newspaper account made no mention of Ruth having gold
certificates, so most likely he was carrying Series of 1918
$1,000 Federal Reserve notes. Local banks were served by
the New Orleans branch of the Federal Reserve Bank of
Atlanta, so perhaps his $1,000s were Atlanta notes if he
obtained them locally, but we have no way of knowing.
In 1924, Ruth earned a then-enormous salary of
$52,000 a year from the Yankees. He lived well, enjoying
hunting, fishing, fine food and drink in quantity, and traveling. By 1930, the Yankees were paying
him $80,000 a year. When a reporter asked Ruth if he should be earning more than President
Herbert Hoover, sportswriter Tom Meany said Ruth replied, ?What the hell has Hoover got to do
with this? Anyway, I had a better year than he did.?
Sources
Meany, Tom. Babe Ruth ? The Big Moments of the Big Fellow. A.S. Barnes, New York, New York. January 1947. Via
QuoteInvestigator.com.
The New York Times, ?Ruth Loses $1,000 Bill.? New York, March 19, 1924, p. 24. Via Timesmachine.nytimes.com
The Sporting News, ?Babe Ruth?s Salary Draws.? Alfred Spink, St. Louis, MO. April 1932.
Figure 3. New York Yankees team photograph, New Orleans Spring training, 1921. Babe Ruth sits at
center in the plain jersey. Library of Congress photograph (LCN 91784619).
Figure 2. A smartly dressed Babe
Ruth in the stands at a baseball game
in Washington DC, c. 1922. Library
of Congress photograph, (LCN
2016886596, cropped).
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No Cash Taken
By Al Bailey
This past summer the SPMC president wrote
about vendors refusing cash at a stadium and how this
might impact paper money collectors. He asked how
can a vendor refuse cash, after all, our paper money is
legal tender for all debts public and private. There is
a federal statute 31 U.S.C ? 5103 on the matter. How
can a vendor refuse a sale of a hotdog when offered
cash instead of a credit card? This question comes up
often enough that the federal reserve has a FAQ for
this same question. Is it legal for a business in the
United States to refuse cash as a form of payment?
The short answer is yes.
There is no federal statute mandating that a
private business, a person, or an organization must
accept currency or coins as payment for goods or
services. Private businesses are free to develop their
own policies on whether to accept cash unless there is
a state law that says otherwise.
Section 31 U.S.C. 5103,
entitled "Legal tender," states:
"United States coins and
currency [including Federal
Reserve notes and circulating
notes of Federal Reserve Banks
and national banks] are legal
tender for all debts, public
charges, taxes, and dues." This
statute means that all U.S.
money as identified above is a
valid and legal offer of payment
for debts when tendered to a
creditor. i
The legal understanding of this is that generally,
a creditor must accept dollars from a debtor as
payment. A private business?s decision to refuse cash
at the point of sale is a regulatory matter left to the
states.ii This sounds like us lawyers talking to each
other. Let me explain.
When a business sells you a hotdog, (the point of
sale) the state can regulate this, not the federal
government. Regardless of whether the vendor
accepts cash or credit the vendor ends up with dollars.
If the vendor accepts cash, he receives dollars for the
hotdog. If the vendor accepts your credit card, he ends
up with dollars electronically transferred into his
account. The vendors decision to accept cash or credit
when you buy a hotdog is up to the states to regulate,
and ultimately the vendor is free to refuse cash if the
state does not require it. This can get quite
complicated.
Some states have passed laws requiring retailers
to accept cash, such as Tennessee, and Washington
D.C. while some cities have statutes allowing cash as
payment.iii Take for example the Washington D.C.
statute. There are exceptions for internet and phone
sales. There is an exception if the retail store has a
device in the store that allows a customer to convert
their cash to a prepaid card. Then there are rules about
the prepaid card. There is an exception for parking
facilities if the facility did not accept cash prior to
December 1, 2020. There is an exception if the mayor
declares a public health emergency.iv A violation is not
a criminal matter, it is a retail violation of the code.
The police have no role to enforce, after all what
would you say to an officer: ?this vendor won?t accept
my cash?? These laws can be mind boggling and
every state can decide how or if they want to regulate
this.
How did we get here?
So how did we get here? Our belief in cash is
new relative to the history of paper money. We have
come a long way since the Civil War introduced the
greenback legal tender note in 1862. Public
acceptance was slow and involved numerous Supreme
Taken by author in Washington D.C
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Court cases to decide. Below are a few interesting
cases that help illustrate a slow path of acceptance by
the public. The path is full of twists and turns.
Hepburn V. Griswold (1870)v
On June 20, 1860, Mrs. Hepburn promised in
writing to pay Henry Griswold $11,250 on February
20, 1862. When Mrs. Hepburn signed the promissory
note the only lawful money was gold and silver coin.
Five days after her debt was due on February 25, 1862,
Congress passed the statute authorizing $150 million
in new legal tender notes to help pay for the civil war.
During the civil war gold and silver coin held their
value, while the new legal tender notes tended to
reflect the Union success or failure in battle. Mr.
Griswold sued Mrs. Hepburn for payment in March
1864. Mrs. Hepburn brought to court $12,720 in legal
tender notes to pay her original debt plus interest and
costs. The court accepted the money and declared her
debt paid. Mr. Griswold refused the payment in legal
tender notes and appealed. The case eventually made
it to the Supreme Court.
The Supreme Court found that parts of the Legal
Tender Act of 1862 were unconstitutional. The
constitution did not explicitly state that Congress
could make currency as legal tender for payment of
debts. The Court noted there was a universal and
general legal understanding that all contracts written
before February 25, 1862, were payable in gold and
silver coin. The only exception would be if the
contract specifically said otherwise.
The court took special notice that the value of the
paper money notes varied as compared to gold coin.
The value of gold and silver coins held value while the
legal tender notes varied in value reaching as low as
$2.85 in legal tender notes being equivalent to one
gold dollar (1 dollar note = $0.35). Because lawful
money was gold and silver when Mrs. Hepburn signed
the contract, she must pay in gold and silver coin.
Otherwise, Mr. Griswold must accept less than the
whole value he agreed to when he signed the contract.
This was an astounding court decision because
the author of the opinion was none other than Chief
Justice Salmon P. Chase himself. Chase served as
Secretary of the Treasury from 1861 to 1864 and
personally oversaw two important changes.
Establishment of a national bank system and the
introduction of paper money ? the legal tender notes at
issue in this case. Chase suggested the idea, helped
implement and even placed his own portrait on the $1
1862 legal tender notes. This decision did not stand
for long.
Knox v Lee (1871)vi
Mrs. Lee of Pennsylvania owned a flock of sheep
in Texas. When the civil war broke out, she left her
sheep there under the care of her shepherd. In March
1863, Confederate authorities confiscated and sold the
sheep as ?property of an alien enemy.? Mr. Knox
purchased the sheep. In 1867, Mrs. Lee sued Mr. Knox
for unlawful conversion of her property. Conversion
is the non-criminal taking of someone else?s property
for their own benefit. During the trial, the evidence
valued the sheep in gold dollars. However, the judge
instructed the jury that any damages they assessed
against Mr. Knox, he would pay in legal tender notes
of the United States. (Legal tender notes had a
discount relative to gold dollars). The jury found for
Mrs. Lee and awarded her $7,368.
Mr. Knox appealed claiming that the jury
instruction was the equivalent of assessing the value
of the sheep in gold dollars and then adding a premium
for the discount of the legal tender dollars. The jury
instruction was wrong because it made a distinction
between gold dollars and legal tender dollars for a debt
that accrued after the passage of the legal tender acts.
Mr. Knox claimed this was different than the decision
in Hepburn v Griswold because the debt in that case
accrued before the legal tender acts.
This was a difficult decision before the
Supreme Court, especially considering their previous
decision in Hepburn v. Griswold. If the Court decided
Congress had no power, under any circumstances, in
any emergency, to make treasury notes a legal tender
for the payment of all debts, then the government had
no means of self preservation. Yet, every other
independent sovereign claimed this power. The sheer
volume of contracts, transactions, and debts of every
kind contemplating payment in legal tender notes
would suddenly have a premium added to them. Such
a decision would mean the government itself would be
responsible for injustice, bankruptcies, and economic
distress.
The Supreme Court noted that when Congress
made treasury notes legal tender, the United States was
in a dire situation. The Public Treasury was nearly
empty. The federal government had suspended specie
[coin] payments. Taxation did not cover the interest
on the public debt. War and Navy requisitions for
supplies totaled almost $50 million. The Federal
government owed soldiers in the field almost $20
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million. The total amount of coin in the country held
by the public, the banks and the government would
fund the government for three months if it was all
poured into the public coffers. It was under these
circumstances, that Congress passed the first Legal
Tender Act of February 25, 1862.
The Supreme Court overturned their decision
in Hepburn v. Griswold, noting they decided it without
a full court. The Court held that the legal tender acts
made by congress were constitutional and applied to
contracts made before or after the acts. Legal tender
notes issued during war time or emergency conditions
were constitutional.
As time passed the Treasury replaced mutilated
and worn-out currency with new issues. As an effort
to return to a gold standard, on January 15, 1875,
Congress authorized federal banks to resume specie
[gold and silver coin] payments when requested with
greater than $50 in legal tender notes. Then on May
31, 1878, Congress passed an act that when the
Treasury redeems legal tender notes of the United
States, the Treasury shall reissue the legal tender notes
to remain in circulation. So, what happens when a
person pays a debt with legal tender notes that were
not issued in time of war or national emergency?
Julliard v. Greenman (1884)vii
In March 1879, Thomas Greenman bought 100
bales of cotton from Augustus Julliardviii for $5,122.90
on delivery. The cotton bales arrived and Greenman
paid Julliard with $22.50 in gold coin, $0.40 in silver
coins, and $5,100 in 1878 legal tender notes. Julliard
accepted the coinage but refused the notes and then
sued Greenman for failure to pay. Greenman brought
to court a $5,000 1878 legal tender note and a $100
1878 legal tender note offering to use them to pay his
debt. Greenman argued that the legal tender notes,
were good for all debts public and private, except
duties on imports and interest on the public debt.
Julliard refused the paper money and argued on
technical grounds that the 1878 notes were not a war
emergency issue and thus were not constitutional. The
Supreme Court ruled the new issued legal tender notes
were constitutional and good for debts. Julliard must
accept the payment of his bill with the offered 1878
legal tender notes. Legal tender notes were legal
tender regardless of whether they were issued under
emergency conditions. But what if the parties agree in
a contract that the payment will be in gold or silver
coin? Can someone pay the debt with legal tender
notes instead?
Trebilcock v. Wilson (1871)ix
In June 1861, Wilson gave to Trebilcock a
promissory note for $ 900 due in one year at 10%
interest payable is specie [gold coin]. In February
1863, Wilson offered to pay his debt in legal tender
notes, which Trebilcock refused, noting the contract
required payment in specie. Trebilcock wanted gold
not paper and the contract said as much. Trebilcock
noted Congress approved the legal tender act of
February 25, 1862, long after the contract specified
payment in specie. The question before the Court was
could a contract be satisfied against the wishes of the
holder by payment in legal tender notes declared by
Congress to be legal tender? The answer was a
resounding no.
The Court held that a contract that specified
payment in specie is descriptive of the kind of dollars
for payment. The Court noted there are two kinds of
dollars, recognized by law; and the contract specified
that payment shall be in so many gold and silver
dollars of United States coinage. When a contract
specifies payment in specie [coin] the courts shall
enforce the payment in gold coin. People are free to
write contracts and specify the payment terms.
The next case shows that states can make a
contract, but once the state agrees to a contract, the
state cannot subsequently invalidate the terms of that
contract. The issue is of course, state taxes.
Poindexter v. Greenhow (1885)x
Poindexter lived in Richmond Virginia and
owed $12.45 in property taxes for property he owned
in Richmond due on December 1, 1882. Samuel
Greenhow was the city treasurer responsible to collect
the taxes for the state. On April 25, 1883, Greenhow
demanded Poindexter pay his overdue taxes.
Poindexter paid his taxes with $0.45 in coin and $12
in mature Virginia state bond coupons. Greenhow, the
city treasurer refused the coupons and demanded
payment in gold, silver, or federal notes instead. When
Poindexter refused, Greenhow levied Poindexter by
entering his office and taking his desk as payment for
his taxes. Poindexter sued for the return of his desk.
As always there is a background story that
explains the context of a legal case. The background
issue here is the Virginia Debt Controversy. The debt
controversy was how Virginia sought to pay a
staggering debt of $34 million dollars accrued between
1822 and 1861. The money funded canals, toll roads
and railroad infrastructure to ensure Virginia?s
economic future. However, after the civil war and the
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separation of West Virginia, Virginia?s economy was
in tatters with a large debt.
Several state acts were at issue in this case and
affected the outcome. In 1871, Virginia passed the
Funding Act. This refunded the state debt, assigned
one third of the debt to West Virginia, and allowed new
bond holders to use the interest-bearing coupons as
payment for state taxes. The coupon had printed on its
face this coupon was receivable after maturity for all
taxes, debts and demands owed the State. This was a
major incentive for old bond holders to surrender their
old bonds and accept the new bonds in return. In
January 1882, Virginia passed an act requiring tax
collectors to accept only gold, silver, United States
Treasury notes, National Bank currency, and nothing
else for taxes.
The Supreme Court held the issuance of the new
bonds in 1871 was a contract made with the previous
bond holders and the state could not retroactively
change it. The constitution prevents states from
passing a law that impairs the obligation of a contract,
even when the state is itself a part of the contract. The
subsequent acts passed by the state attempted to get
around accepting the mature coupons as payment for
taxes and thus were not legal. Poindexter lawfully
paid his taxes with the matured bond coupons. The
federal government would not step in to tell the state
how people should pay their taxes. This was up to the
state, but once the state decided that bond holders
could use coupons, the state had to honor that decision.
These cases were just a few of the many examples
in law that show a path of acceptance and the many
complications that can arise from a new idea. The
federal government defines that dollars are legal
tender but does not dictate how people must use those
dollars. People are free to make contracts to specify
any manner of payment. Likewise, the state can make
rules about certain transactions. Yes, even the simple
act of buying a hotdog at the stadium. Please pass the
mustard.
Note--AL Bailey is a government attorney working for the federal government in Washington D.C.
Any opinions expressed are his alone and do not reflect any position of the United States or any agency of the
United States.
i https://www.federalreserve.gov/faqs/currency_12772.htm.
ii Mathew Cavanaugh, Cash Not Welcome Here, Minnesota Law Review, April 23, 2020,
https://minnesotalawreview.org/2020/04/23/cash-not-welcome-here-the-trend-and-backlash-towards-cashless-retail/.
iii See the following: Tennessee, https://puloonatms.com/tennessee-added-to-the-list-of-states-requiring-cash/ ; Washington
D.C. https://code.dccouncil.gov/us/dc/council/laws/23-187 ; New Laws Require Merchants to Take Cash,
https://leg.mt.gov/content/Committees/Interim/2019-2020/Economic-Affairs/Meetings/Sept-
2019/NewLawsRequireMerchantstoTakeCash.pdf.
iv D.C. Law 23-187. Cashless Retailers Prohibition Amendment Act of 2020. Chapter 54: 28-5401 through 5404;
https://code.dccouncil.gov/us/dc/council/laws/23-187#%C2%A73.
v Hepburn v. Griswold, 75 U.S. 603 (1870).
vi Knox v. Lee, 79 U.S. 457 (1871).
vii Julliard v. Greenman, 110 U.S. 421 (1884).
viii Augustus Julliard was a wealthy businessman and philanthropist whose estate funded the Julliard Foundation which
eventually created the famous Julliard School in New York City.
ix Trebilcock v. Wilson, 79 U.S. 687 (1871).
x Poindexter v. Greenhow, 114 U.S. 270 (1885).
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THE STORY BEHIND CERTAIN BANKNOTES FROM
SANTO DOMINGO THAT BEAR A CUBAN SEAL
By Roberto Menchaca
Abstract: Some banknotes issued in Santo Domingo bear an enigmatic Cuban seal on the reverse. Apart
from the mere description of the notes, no explanation has been given so far in the literature to justify the
presence of such a foreign stamp. The present article sheds light on the history of these banknote issues and
how they acquired a seal from a different jurisdiction.
Following the Dominican War of Independence, the Dominican Republic was proclaimed in 1844. The
young nation endured repeated attacks from its neighbour, Haiti, and annexation attempts from France, Spain,
Great Britain and the United States. General Pedro Santana had wrested the presidency from Buenaventura
B?ez, who had bankrupted the nations? treasury at a great profit to himself. Faced with an economic crisis as
well as the possibility of a renewed attack from Haiti, Santana asked Spain to retake control of the country in
1861.
The annexation was declared by the Royal Decree signed in Madrid on May 19, 1861 and Santana became
Governor-General of the newly created Spanish colonial province of Santo Domingo. While the annexation
violated the Monroe Doctrine, that opposed the European colonialism in America, the United States, then
ravaged by the Civil War, was unable to enforce its unilateral policy.
Figure 1: Portrait of General Santana in 1854
The Royal Decree empowered the Governor of Cuba to make the necessary arrangements to restored the
colonial rule in the new province. To this effect, Spanish troops and civil servants were dispatched to Santo
Domingo and colonial institutions under the so-called ?Intendencia de Santo Domingo? were quickly set up.
The Spanish authorities approved in February 1862 to issue banknotes for the colony in order to replace
the previous republican emissions, mostly made without control. A unique emission was made on May 1, 1862
for an amount of 400,000 ?pesos fuertes? backed by 200,000 pesos in metallic currency. Between December
1862 and June 1863, the depreciated republican banknotes were finally exchanged at a ratio of 250 pesos to
one (new) ?peso fuerte?.
The notes were printed in Madrid on behalf of the ?Intendencia de Santo Domingo?. Different colours
were used for each of the denominations consisting of half (blue), two (green), five (orange), fifteen (yellow
and grey) and twenty-five pesos (pink and brown). The name of the colonial institution appears engraved on
the upper side of the notes, above the Spanish coat of arms, which is flanked by the series, the serial number
and the nominal value expressed in ?pesos fuertes?. Serial letter ?A? was used for the half peso notes, ?B? for
the two-peso notes, ?C? for the five-peso notes, ?D? for the fifteen-peso notes and finally, all twenty-five-peso
notes were assigned to the serial letter ?E?. The legend in the obverse declares the notes to be redeemable in
metallic currency by the General Treasury of Santo Domingo. The notes bore the signatures of the Intendent
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of the Royal Treasury Blas de Castro, the General Accountant Jos? Daubon and the Treasurer Jos? Rom?n.
The read seal corresponding to the ?Ministerio de la Guerra y de Ultramar? (Spain?s Ministry of war and
overseas) was embossed to the right-hand side of the notes, that were only printed on one side (uniface).
Figure 2: Obverse of a two-peso banknote issued on May 1, 1862
The ?War of the restoration? of the Dominican Republic broke out in 1863 and lasted for two years. Spain
lost some 18,000 men, mostly belonging to the troops sent from Cuba, and the ?Banco Espa?ol de la Habana?
(Spanish Bank of Havana) was repeatedly forced by the colonial authorities to provide the monetary resources
needed to support the war, which drained its gold reserves (Menchaca, 2024).
The end of the American Civil War in 1865 and the re-assertion of the Monroe Doctrine by the United
States, which was no longer involved in internal conflicts, prompted the evacuation of the Spanish forces back
to Cuba on that year. The last Spanish troops withdrew on July 11. The Law of April 29, 1865, sanctioned by
the Spanish Queen Isabella II, put an end to the Spanish sovereignty over Santo Domingo, thereby restoring
the Dominican Republic.
With the end of the colonial rule, the banknotes issued barely three years earlier were demonetized in
1865. However, many of them were brought back to Cuba by the Spanish soldiers and the personnel that had
just been evacuated from Santo Domingo. It has to be recalled that part of their wages were paid using this
currency.
A Decree signed by the Spanish authorities on February 3, 1866 ordered the Treasury to redeem the
Dominican banknotes brought to Cuba by the evacuated personnel. Counting from February 6, a non-
extendable period of fifteen days was fixed for the banknote owners to deliver them at any of the branches of
the Royal Treasury located in Havana, Matanzas, Cuba (present-day Santiago de Cuba), Villa Clara, Puerto
Pr?ncipe (present-day Camaguey), Pinar del Rio and Trinidad. A signed form summarizing the details of the
notes (i.e. series, serial number, nominal value,
etc.) was also required.
Figure 3: Official form to be used for the recollection
of the Dominican banknotes
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The notes were subsequently perforated to render them unfit for use. After their authenticity was verified,
an appointment was made to refund the amount in cash corresponding to the value of the notes. In this way,
the Spanish Treasury honoured its obligation to redeem the notes in cash to the military, who will become
crucial in the years to come with the outbreak of the First Cuban War of Independence (1868-1878) The
recollected banknotes were additionally stamped on the reverse with a black seal displaying the legend
?CONTADURIA GENERAL DE HACIENDA. ISLA DE CUBA? and the date of recollection.
Figure 4: Obverse and reverse of a perforated twenty-five-peso banknote bearing on the reverse the Cuban seal dated
February 21, 1866
Interestingly, the norm also defined a different procedure to follow in respect of Dominican banknotes
that had been issued prior to the Spanish Annexation. For the latter, Spain had no official obligation to redeem
them in cash. Some of these banknotes were also brought to Cuba in 1865 by the evacuated personnel. The
owners of these banknotes were given forty days, also counting from February 6, to present them to the
authorities for inspection. Once their authenticity was ascertained, they were given back to their owners
without perforation but bearing the aforementioned black seal that displayed the legend ?CONTADURIA
GENERAL DE HACIENDA. ISLA DE CUBA? and the date of reception. Unlike the previous case, the notes
were not redeemed by the authorities but were allowed to circulate in Cuba.
This is empirically confirmed by the existence of some banknotes printed in 1848, during the first
Dominican Republic, which were validated in 1866 for circulation in Cuba. The notes had been printed with
nominal values of 1,40 ?pesos fuertes? and 2,80 ?pesos fuertes?, respectively. However, they did not circulate
in Santo Domingo until 1853, when as stipulated by the National Congress in its Decree number 309 of May
19, 1853, they were used with different nominal values (i.e. twenty and forty pesos, respectively) after being
validated with a stamp engraved on the reverse. Some of these notes display on the reverse an additional stamp
that validates them for circulation in the island of Cuba (i.e. ?1866, HABILITADO PARA USO EN LA ISLA
DE CUBA?). In order to alleviate the scarcity of monetary signs provoked by the financial crisis of 1866, the
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notes were temporarily accepted in Cuba for the corrected values of twenty and forty pesos, respectively.
Presumably, the arrival in Cuba of the new banknotes issued by ?El Banco Espa?ol de La Habana? in 1867,
and their entry in circulation towards the end of that year, caused the withdrawal of the Dominican banknotes.
Figure 5: Obverse and reverse of a Dominican banknote printed in 1848 and validated in 1866 for circulation in Cuba
CONCLUSIONS
Based on newly uncovered evidence, the present article provides the first ever given explanation to the
presence of a Cuban stamp on the reverse of certain Dominican banknotes. The notes had been brought to
Cuba after the evacuation of the Spanish forces from Santo Domingo. Those issued during the Spanish
annexation period (1861-1865) were recollected and cancelled while those issued earlier were temporarily
allowed to circulate in Cuba in order to alleviate the lack of fiduciary currency provoked by the financial crisis
of 1866.
BIBLIOGRAPHY
De Montaud, In?s Rold?n (1995): ?El Banco Espa?ol de la Habana, 1856-1881?, Revista de Historia Econ?mica, a?o XIII, nr. 2, pp.
281-310.
Escolano, Luis Alfonso (2012): ?Pol?tica financiera y hacend?stica en la provincia de Santo Domingo durante la anexi?n a Espa?a,
1861-1863?, XVIII Congreso de la Asociaci?n Mexicana de Estudios del Caribe.
Estrella, Miguel and Henr?quez, Jos? Manuel: ?Historia del Papel Moneda de la Rep?blica Dominicana?, Website of the ?Sociedad
Numism?tica Domincana?.
Menchaca, Roberto (2024): ?Spanish colonial banknotes issues in Cuba during the XIX century, part one?, International Bank Note
Society Journal, vol. 63, nr. 1, pp. 31-38.
Rodr?guez San Pedro, Joaqu?n (1868): ?Legislaci?n Ultramarina?, Vol. 13, Ed. Manuel Minuesa, Madrid, Spain.
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Saving the Best for Last
The Final Note Issued for the First National Bank of
Pelham, Georgia
By Raiden Honaker & Lee Lofthus
I am excited to share with the collecting community a Georgia National Bank Note that I recently obtained for
my collection that comes with quite a story and plenty going for it. Lee Lofthus and I saw a great opportunity to
collaborate and write up an intriguing article, so here we are!
To preface, I am an avid collector of National Bank Notes and pairing ephemera (checks, postcards, letterheads)
from my home state of Georgia. Georgia is a challenging state to collect if your goal is to acquire as many banks as
possible, as the Peach State was home to a grand total of 165 issuing charters. Here is the catch: out of 165 issuing
banks, a whopping 49 are either unique or unreported. That leaves just 116 banks that have more than one note
reported. Twenty-seven of those 116 banks have less than six notes reported in total. I mention these statistics to paint
the picture of Georgia?s difficulty in terms of ?completion.? As of this article, I have exactly 80 different charters in
my collection, so I have indeed entered difficult territory. Acquiring a note from a one bank town like Pelham was
not in my near-term expectations, but our great hobby is always full of surprises.
Now let?s take a look at this note.
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Fresh from the weeds and brand new to the census, here is a special note from the sole issuer of Mitchell County,
the First National Bank (FNB) of Pelham, Georgia, charter 9870, with serial number A001284 plate letter F. The bank
officers certainly saved the best for last, as this beauty is the VERY last $10 issued by the bank. It could also very
well be the last note the bank issued, period. Keep reading to find out if it is indeed the last note.
Pelham was named after Major John Pelham, a Confederate artillery officer under calvary commander Jeb Stuart.
Pelham was posthumously promoted to lieutenant colonel after dying at the age of 24 during the Battle of Kelly?s
Ford, Culpeper County, Virginia, on March 17, 1863. Stuart was so affected by the death he wrote afterwards that
?The gallant Pelham?so noble, so true?will be mourned by the nation.?
The town of Pelham does not act as the county seat of Mitchell County. That honor goes to the city of Camilla,
which is eight miles northwest of Pelham. Pelham is also home to a Carnegie library, which is one of only eight in
the state that still operates as a library.
The FNB of Pelham opened its doors for business on October 13, 1910, and was open beyond the issuing period.
It issued 1902 Date Backs and Plain Backs, and Series 1929 Type 1 and Type 2 $10s and $20s. In total, the bank
issued 22,236 large size vs. 6,444 small size notes. FNB of Pelham was one of those banks that I did not think I would
be able to acquire anytime soon, as the very small population remains in very tight hands and auction appearances
are equally as rare. Today, the National Bank Note Census (NBNC)
lists just two large, with the note in this story being the seventh reported
small size. This is the finest small size by a mile as the other known
notes are low grade examples.
Now, about that serial number. The Van Belkum data listed on the
SPMC National Bank lookup site shows that charter 9870 issued $10
Type 2 (Ty. 2) serials 1 to 1284 alongside $20 Ty. 2 serials 1 to 324.
Flip the note over and you have another surprise: a stamped date of
?APR 27 1935? in the left margin. My initial guess was that this was
the exact date that the final sheet was cut and when this note was set
aside as a souvenir or keepsake.
Finally, there is another cherry on top, as if this note doesn?t have
enough going for it. I noticed that the black charter overprint seemed
to have a very clear doubling of the embossing. I immediately consulted Jim Simek about this anomaly. Jim stated
that what likely occurred is that while the order was being overprinted, two sheets were accidentally fed through the
overprinting press at the same time. The bottom sheet received the blind embossing while the top received the black
overprint. Once the ?un-overprinted? sheet was discovered, it was placed back into the pile of sheets to receive its
proper overprint, while holding onto the deep embossing of the first overprint. The result is not one but two separate
embossings, visible from both the face and back. The accompanying image shows the double embossing on the face.
As far as I know, and per my research, this is only the second ?last
note issued? Georgia national, large or small, reported in the NBNC. The
other note is a part of the final
Ty. 2 $10 uncut sheet from charter 3983 in Gainesville. Funny
enough, I obtained a last serial number for my collection before a serial
number 1, but honestly I think the final serial is much cooler and
underrated/underappreciated. I am ecstatic to call this note my own!
The signature combination found on this note is that of Cashier
Robert Glenn McDonald and President Warren Clyde Cooper. Cashier
McDonald was born on August 28, 1907, in Oconee County, and
assumed his position at the very young age of 22 years old. After his time
at the First National Bank of Pelham, McDonald moved 30 minutes east
to Moultrie, GA in 1945, where he spent the rest of his life. There, he
served as executive vice-president of the Citizens & Southern Bank until
his passing on April 6, 1990, at the age of 82. McDonald is one of only
five Georgia bank officers that I have found to have survived into the
1990?s.
Not much information is available regarding President Cooper. We
know that he was born on June 29, 1887, and passed away on September
11, 1954, at the age of 67, and is interred at the Pelham City Cemetery.
McDonald and Cooper served as a pair from 1929 to at least 1935.
Stamped date of ?APR 27 1935?
A close look reveals the additional ?ghost?
embossing found near the President?s signature
and charter number.
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In case you find yourself in Pelham and would like to visit the original bank building, you are in luck as the
building still stands. Unfortunately, the building is currently vacant and in a state of disrepair. The address is 121
Mathewson Ave SW. Illustrated is one of my postcards that depicts the Pelham State Bank, which was constructed in
1906 and later became the location of the FNB in 1910. Next to it is how the bank building looks today. The only
other piece of ephemera that I have from charter 9870 is an interesting printer?s block with the not-so-creative motto
of ?A Good Bank.?
After I shared a post about this note in the National Bank Note Collectors page on Facebook, I had wondered if
we would be able to find out if this was not only the last $10 issued, but the last note for the bank period. Within a
few days, I received an email from Lee that answered my question, and along with it came some great information
that he turned up while visiting the National Archives II location in College Park, Maryland.
Lee went into the Comptroller of the Currency?s National Currency and Bond Ledgers to see whether serial
A001284 was the very last note delivered to the Pelham bank. As it turns out, answering that question was just one
of several interesting finds for the bank.
$10 Ty. 2 serial A001284 was indeed the last note from the last sheet sent to the bank on April 24, 1935. It was
a modest shipment of ten notes, $100 in total. It exhausted all the bank?s note stock on hand in the Comptroller?s
vault. The bank did not have a particularly high rate of redemption of its unfit worn notes, so its vault stock was
slowly being consumed in the Spring of 1935. $10 Ty. 2 serial A0012184 may have been the last note sent to the
bank, but it was part of a Bureau of Engraving and Printing (BEP) delivery of new sheets of $10s and $20s sent to
the Comptroller more than six months earlier on September 22, 1934. Notes from that BEP delivery slowly trickled
out to the bank all the way to April 1935 when the stock ran out.
Postcard dated 1909 above, current day view at right.
The last National Currency and Bond Ledger page for the FNB of Pelham (9870). At left, $10 Type 2 serial number
A001284 was the last note sent to the bank on April 24, 1935, when the vault stock of new sheets was exhausted. Rather
than request more sheets, the Comptroller?s Issue Division simply noted ?Issue suspended, no cy (currency)? on May 4
since the Treasury had already announced the circulation bonds backing National Currency would be called. National
Archives II, College Park, MD.
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In the Spring of 1935, the bank had $20,000 in circulation backed by 2% Consol bonds. On March 11, 1935,
Treasury called in the 2% Consols for redemption as of July 1, 1935. The end of National Bank note circulation was
near. The Comptroller sent out the last notes in the vault for the bank on April 24th. This was the $100 delivery
containing the final serial A001284. The next entry in the Issue ledger is on May 4, 1935, saying ?Issue suspended,
no cy (currency)?.
The stamped date on the back of serial A001284, ?APR 27, 1935,? could be the day it was received by the bank
or perhaps the date the bankers cut the sheet, since the sheet?s shipping date from Washington was April 24th. Whether
the stamp was meant to designate the last note received or issued by the bank we can?t say, because we can?t know if
the bank understood at the time that A001284 was indeed the last sheet or note.
The Comptroller?s office advised banks of redeemed notes, and banks would then expect replacements. In this
case, when the $100 delivery was made, representing all the stock for FNB of Pelham left in the vault, the bank was
due $350. The $100 was a partial shipment. It is likely the $100 shipment contained an explanation the bank was due
another $250 but the delivery was short because the stock was exhausted. We just don?t know for certain what the
bank was told.
Reconciling the last ledger page, we can see what happened next. At the end of April, when the supply of vault
sheets ran out for the bank, the Comptroller?s office sent the $100 left in the vault. The Comptroller?s staff deemed it
wasteful to ask BEP to print more sheets given the looming end of national currency. Instead, they noted the
suspension of further issues in the ledger.
After April 24, more redemptions of unfit notes were received by the Comptroller, leaving the bank owed $1,350
at the end of May since no replacement notes were being sent. The Treasury easily handled the open accounting
matter when the $20,000 Consol bonds were redeemed as of July 1. Out of the $20,000 redeemed bond, Treasury
sent the bank the $1,350 in lawful money it was due and kept the remaining $18,650 to liquidate the bank?s remaining
outstanding circulation.
The result was that $10 A001284 was the last National Bank Note of any kind sent to the FNB of Pelham.
In conclusion, this note is a prime example of the treasures and stories that can be unearthed by researching
National Bank Notes. Upon first glance this Type 2 $10 looks like any other National, but research proved that this
note is the exact opposite. There are still masses of discoveries and intriguing National Bank Notes to be turned up
for decades to come.
Sources
American Battlefield Trust, ?Kelly?s Ford.? Battlefields.org
Comptroller of the Currency, National Currency and Bond Ledgers, Record Group (RG) 101/550/901/19/2 Box 2, Open banks, charters 9400-
10295. National Archives, College Park, MD.
National Currency Foundation, National Bank Note Census, 2024. nbncensus.com
Wikipedia, ?The Battle of Kelly?s Ford,? quoting David J. Eicher, The Longest Night: A Military History of the Civil War. New York: Simon
& Schuster, 2001.
Newspapers.com, The Macon Telegraph, April 1990, Page 10
?Warren Clyde Cooper (1887-1954) - Find a Grave...? Findagrave.com, 2024
?Robert Glenn McDonald (1907-1990) - Find a Grave...? Findagrave.com, 2014
Printer?s block from the First National
Bank, Pelham, Georgia (Ch. 9870).
?A Good Bank?
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The Bank of Niagara of Buffalo, Part 1: The Niagara Falls Vignettes
by Bernhard Wilde, FCNRS
Early history of western New York State and the Bank of Niagara at Buffalo
After the Thirteen Colonies of British North America won the American Revolutionary War (1775-83), many of
the so-called Loyalists settled in other British territories. The western part of the Niagara River region, in Upper
Canada, saw a large influx of these former British colonists because of the cheap and fertile land made available for
those that remained loyal to the British Empire. Figure 1 shows the Niagara River at the left connecting Lake Erie
from the south to Lake Ontario towards the north. This 1800 map was commissioned after the Holland Land Company
bought a land grant from Robert Morris, once the richest man in America, in 1798. It was composed of over two
million acres, most of the land in western New York west of the Genesee River. The image of the above cropped map
only contains about half of the purchase. The rest extends southward to the Pennsylvania border. Native Indians
retained the reservations, colored in pink. The survey of land was done by Joseph Ellicott, Fig. 2, with over 130 men.
Ellicott became the Resident-Agent for the next two decades and sold many tracts of land to
arriving settlers. The company provided roads, canals and other infrastructure. In 1802, the
Buffalo (labelled New Amsterdam on the map) street structure was laid out. In 1839, all of its
holdings had been sold and the company closed its offices in Batavia.
At the turn of the century, there was a small settlement on Buffalo Creek and the area
became known as the Town of Buffalo. The name of New Amsterdam probably did not become
popular since New York City had also been called New Amsterdam. At the time of the War of
1812-15, the area had a population of about 1,500 inhabitants. The Niagara River Region saw
many battles on both the Canadian and American sides of the river. American armies crossed
the Niagara River and fought battles at Queenston, Chippewa, Lundy?s Lane, Newark, and Fort
Erie. Buffalo fell to the British in late December 1813 and was burned down as revenge for the
burning of Newark. By the end of the war, the Niagara River remained the line of demarcation of
the border between Canada and the United States.
During the first two decades of the nineteenth century, the Holland Land Company dominated western New York
State. Joseph Ellicott, as their agent, also operated as ?banker? of the region, selling land, at $1-2.5 per acre, and
loaning money to most of the new settlers. Some specie, scrip and bank notes from eastern New York banks
circulated. The Bank of Utica, 200 miles to the east started issuing notes in 1812 and The Ontario Bank at
Canandaigua, 100 miles away, started in 1813. Buffalo was rebuilt after the War of 1812, incorporated as a city in
1816, and became the capital of Niagara County. In the same year, the first bank in the region, the Bank of Niagara
at Buffalo, was formed.
Figure 1. Map of the northern half of the HollandLandPurchase in Western New York (LOC).
Figure 1. Joseph
Ellicott
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Since Joseph Ellicott was providing banking services, he was initially not very enthusiastic about the bank?s
formation. However, given limited circulating specie and eastern banknotes, he joined other local leaders in the
formation of the Bank of Niagara. The bank received its charter, in the summer of 1816 with capital of $500,000 and
was to operate for 16 years. The New York legislature in Albany designated it a specie bank, the first in the state of
New York, that is, the bank must have enough hard currency for on-demand redemption by its depositors and of its
banknotes. The new bank would serve the entire community, for farming and other day-to-day mercantile business.
Augustus Porter and later Ellicott were directors of the bank. Isaac Kibbe was the first president and Isaac Leake the
first cashier. The bank opened its doors on October 1, 1816, the date on its first non-fractional banknotes. The Bank
of Niagara?s notes, rather than specie, became almost the only medium of exchange in western New York. It was
located at Washington and North Division Streets.
?Many Canadians also bought Niagara stock, and at Canada?s Fort Erie the commanding officer proposed to
exchange British guineas valued at ten thousand dollars for a like sum in notes of the Bank of Niagara. The investors
in this bank expected the Niagara notes to become the circulating media not only in western New York, but also in
the Michigan territory. In servicing such a large area, the bank would circulate more money than it possessed in actual
capital and, at the same time, could give its stockholders large dividends. These hopes seemed to be coming true, for
in January, 1817, the directors declared a 9 percent dividend.?1
Early Maverick bank notes of the Bank of Niagara
Peter Maverick2 (1780-1831), shown in Fig. 3, was an early 19th century engraver who
engraved maps, book plates and illustrations, portraits and over 200 obsolete banknotes in the
1810s and 1820s. Figure 4 probably shows the original and first $1 and $3 proof notes pulled
from a plate engraved by Peter Maverick in 1816 for the Bank of Niagara located in Buffalo,
New York. This copper plate had
denominations of 1.2.3.3. dollars with
check letters of A.B.C.D, which was
determined by the surviving notes from
this plate. Notice that the check letters
were not A.A.A.B, as they would
become with later plates done via
siderography, that was patented in 1813
by the American engineer Jacob Perkins (1766-1849).3 With
siderography,4 a small die would be engraved, say, with a
vignette of Niagara Falls, then transferred via a cylindrical
transfer role, that then could be used to transfer the same
vignette to several notes of a 4/on steel plate. This process was
considered counterfeit proof at the time since all of the same
vignettes of the notes would have exactly the same strokes of
the burin.
As can be seen from Fig. 4, the engravings of Niagara
Falls on the two notes are quite different. Besides the sky, there are many other subtle differences in the spray of both
the American and the Canadian Falls. However, the most noticeable difference is in the number, shape and placement
of the foreground trees. This certainly indicates that Peter Maverick engraved the same vignette very differently for
the $1 and the $3 notes of the plate, and probably even for the unknown $2 notes.
Close comparisons of imperfections in the proof notes, reveals that the $1 proof of Fig. 4 is the Haxby5 plate
note (NY-460-G20p). Since Haxby illustrated a proof note, he did not know of, nor have access to any images of
issued $1 notes. This note last crossed the auction block in the November 1996 Spink sale of The Western Reserve
Historical Society. The $3/D proof (NY-460-G56p) was sold by Smythe in their 2006 Schingoethe sale #6 to this
lucky author. This $3/D proof note is not listed in Haxby since he had an image of an issued note.
These proofs are some of the earliest surviving proofs of the United States obsolete era of banknotes. Given the
engraving of Niagara Falls, they are also some of the first with an engraving based on local scenery. The 1990s auction
of the American Bank Note Company archives did not contain any proofs from this bank.
Figure 3. Peter
Maverick
Figure 4. Two 1816 proof banknotes of the Bank of Niagara
at Buffalo (Russell Kaye, BW).
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Source of the Niagara Falls vignette
This author is always interested in determining the source of a particular engraving
like that of Niagara Falls6 in Fig. 4. The top 1810 engraving of Fig. 5, by George Cooke,
entitled General view of the Falls of Niagara, was based on drawings by John James
Barralet after sketches by Alexander Wilson.7 The middle image is an 1813 direct copy
engraving of Cooke?s done by Peter Maverick for A Gazetteer of the State of New York.
There were limited copyright laws at the time, especially for foreign engravings. Both
of these engravings measure about 4 by 7 inches and are thus too large for a banknote
measuring about 3 by 7 inches. Maverick therefore significantly decreased the size and
simplified the engraving shown at the bottom of Fig. 5 for the banknotes of Fig. 4.
Notice the removal of the people and horses at bottom center.
Issued Banknotes from the first plate
Issued bank notes from any of the Bank of Niagara notes with vignettes of Niagara
Falls are very rare. Haxby lists the $2 note as
Surviving Examples Not Confirmed (SENC)
and this author has never seen one either over the
last 30 years. Figure 6 shows three of the four
issued notes known, at least to this author. The
condition of these notes is very poor, missing
significant portions of the notes. However, all seem to be signed by Isaac Kibbe
as the first president and Isaac Leake as the first cashier on 1 Oct. 1816.
The top $1 note of Fig. 6, Haxby NY-460-G20, with S#5050 seems to be
the only surviving $1 issued note. There are three $3 notes (G56): the middle
$3/C note with S#2534/C, the bottom banknote with S#1481/D, and the Haxby
plate note with S#717/D. The latter note only has a small piece missing at the
upper left, but has not been seen in any auction by this author.
Counterfeit Banknotes of the first plate
Haxby lists and prices a counterfeit of the $1 (C20) note; however, he
shows no image of such a note. He does show an image of the $3 (C56)
counterfeit with check letter D. This author has not seen any counterfeits of
this type with check letter of C. All known $3 counterfeit notes have check
letter D, as shown in Fig. 7.
At first glance, the top note of Fig. 7 looks like it might be an
uncut note from a remainder sheet. However, since it has the check
letter D, it would come from the bottom of the sheet. That is, it
should not have the large upper margin next to the $3/C note. this
also indicates that the counterfeit notes came from a plate of one,
as was typical. The bottom note of Fig. 7 shows a finished or
?issued? counterfeit note of the one above it. Close comparison of
the many features of the two notes confirms that they are the same.
The vignettes with trees, waterfalls, sky, etc. are the same. The
moir? patterns at the left and right panels of the notes are the same.
Russell Kaye, of Hudson Valley Antique Currency, taught
this author to look very closely at the printer?s imprints. Figure 8
shows a closeup comparison of the $3 proof of Fig. 4 with the same
D position counterfeit remainder of Fig. 7. As Russell has
indicated, the proof shows a very well engraved imprint of P.
Maverick, whereas, the counterfeit shows a very poor engraving. The
imprints are so small that the counterfeiters did not spend much time on a good engraving thereof. The genuine note
has a period after the imprint and the counterfeit does not. Unfortunately, this difference in imprints is not that obvious
on many of the well-worn genuine or counterfeit bank notes. The ultimate determination of genuineness versus
counterfeit is comparing proof notes to the candidate note.
Figure 5. Engravings of
Niagara Falls by George
Cooke, Peter Maverick and
Peter Maverick (Philadelphia
Print Shop, Lane, BW).
Figure 6. Three rare issued 1816
banknotes from the first plate (2017
Heritage, BW, Russell Kaye).
Figure 7. A ?remainder? counterfeit note and an
?issued? counterfeit note (Russell Kaye, BW).
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During this time Cyrus Durand, an apprentice of
Maverick?s, perfected a ruling machine that produced the end
panels of these banknotes with various changing moir? patterns.
Due to the closely spaced lines, most counterfeiters were unable
to produce good moir? patterns. The right side of Fig. 8 shows
how different the moir? patterns are between the two notes. The
counterfeiters of this note were able to produce passable moir?
patterns. However, unless the recipient of the note has a genuine
$3/D note for comparison, these moir? patterns turned out to be
a poor counterfeit deterrent.
So now, Figures 4 to 8 can be used to determine whether a
note is counterfeit or not. Returning to the genuine $3/D note, one sees that this note is much closer to the proof than
the counterfeit in the imprints and the moir? patterns. This author feels that a detailed comparison of the vignette will
determine whether a note is genuine or counterfeit. In particular, looking at the darker and taller trees in the
foreground. The genuine notes have three groves of about five or six trees each that are much taller than the
background shrubbery. The counterfeits seem to be missing the middle grove and the left grove is not as prominent.
Also, all of the counterfeit 3/D notes are missing the period after the D. This is true of all 11 known images of the
$3/D counterfeits. The serial numbers for these C56 counterfeits are: 747, 1211, 1249, 1317, 1320, 1322, 1323 ,1333,
1755, 3069, plus the remainder. Thus, given the 2 proofs, 4 genuine notes, and two handfuls of $3/D counterfeits, it
turns out to be relatively easy to separate the counterfeits from the genuine notes. Without the proofs, this would have
been difficult. Since there is no evidence that a $2/B ever existed, the plate might have been $1.1.3.3 instead of
$1.2.3.3. Since no proof exists of the $3/C notes, it is also possible that the $3/C note of Fig. 6 could be an excellent
counterfeit! However, since it is unique, this is doubtful.
A modified $1.2.3.3 plate
Recognizing that the moir? patterns at the left and right panels were not counterfeit deterrents, the bank and the
engraver probably determined to change the panels for the Bank of Niagara notes of 1 Dec. 1817, just 14 months after
the date of the first set of notes. The result is shown in Fig. 9 and to be compared to the proofs of Fig. 4. The widths
of the new panels are slightly wider which makes the notes slightly wider since the central parts of the notes were not
changed much. Haxby lists prices and shows a proof of the bottom $3/D note, G60. The issued note in the figure was
sold in 2009 at Stacks and Bowers for a whopping
$1,610, after only realizing $115 at Smythe six years
earlier . This author obtained the top $1/A well-used
note for the very good price of $22. This note is not
listed in Haxby, making it a discovery note.
Interestingly, both notes do not have an imprint,
indicating that the plate might not have been altered by
Peter Maverick, although Haxby lists the Maverick
imprint in parenthesis as the possible printer.
Comparing the vignette of the proofs in Fig. 4 to these
two notes, one can determine that the Niagara Falls
vignettes, especially the trees, are the same. The notes
are thus, most probably genuine and printed with the
altered Maverick plate.
The engraver of the $1/A note added ?State of N.
York? above the vignette since this information was
previously contained in the right panel shown in Fig. 4.
The last change for these notes is the interesting
engraved names of the payees. That is, on the $1 note,
J. Ellicott is the payee while the $3 has E. Walden, a director of the bank, as the payee. Respectively, the $3 note has
signatures of E. Walden as V(ice) president and J. Ellicott as president. This shows that both directors of the bank
signed over notes to each other. What machinations might have been involved in this effort? It is interesting to note
that J. Ellicott did not become president until July 1818. Isaac Leake still signed as cashier.
Figure 8. A closeup of the imprints of the $3 proof and $3
remainder counterfeit.
Figure 9. Two 1817 banknotes from the 1816 modified plate
(BW, 2009 Stack?s).
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High denomination plates
Low denomination banknotes, from a plate of $1.2.3.3, were extremely useful for day-to-day monetary
transactions. A sheet of banknotes from the low denomination plate would add up to $9 and since a copper plate, at
the time, could print only about 5,000 sheets, this would add up to only 10% of its designated capital of $500,000. A
plate could be retouched as mentioned above or a new plate could be created. None of the notes mentioned in this
article have serial numbers above 5,050. If there were more plates engraved, these notes would also have check letters
above D.
Since banks would also exchange money between themselves, larger denomination banknotes would make this
much easier. Figure 10 shows a $5 and a $50 banknote with Niagara Falls vignettes. The $5 note is listed only as a
proof in Haxby. Comparison of the note of Fig. 10 to the Haxby plate
proof, reveals that this issued note is probably genuine and possibly
unique. It was found on eBay, in 2007, for only $85. Yes, there are still
bargains to be had on eBay. The firm of Willard & Rawdon of South
Albany NY, printed this beauty. Both Asaph Willard and Ralph
Rawdon studied under Abner Reed. The company only existed shortly
in 1816 and 1817. The vignette is based on an 1806 drawing by Daniel
Wadsworth. It is signed by the same cashier and president of the 1816
notes of Fig. 6.
Unfortunately, the plate configuration is impossible to determine
since other notes from this plate are unknown. This note, like the proof,
has a check letter of B, making it the second note of a 4/on plate. It, of
course, is possible that all of the notes of such a plate had a
denomination of $5. The serial number of 3086 suggests that such a
plate would have covered more than $100,000 of the bank?s capital.
This author always wondered what the letterpress ?M,? located to the right of the Niagara engraving, was
supposed to mean. Reading Stephen DeWitt Stephens? book (Ref. 1), the feud between Peter Maverick and his
apprentice, Asher Durand, engendered this designation. The ?M? for Maverick was an indicator that he and not
Durand created the vignette. Remnants of the ?M,? looking more like a ?V,? can also be seen on the vignette of the
$3 note of Fig. 9. If Durand had engraved a vignette, there would be a ?D? on the note. This, of course, would be in
addition to a D check letter if appropriate.
Since the imprint of the $5 note in Fig. 10 is that of Willard & Rawdon, this firm probably printed the notes from
a plate engraved by Peter Maverick. This was not unusual when, say Maverick, did not have the capacity to print all
of these notes and probably others from other banks. Maverick even advertised that he, himself, would print notes
from other?s plates. He stated that printing is much more profitable than engraving a plate. In addition, his apprentices,
including several of his daughters, could perform the printing operation. The end panels are very similar to others that
were printed by Willard & Rawdon, whose imprint sometimes was W&R.
The $50 proof, without check letter, shown in Fig. 10 is also the Haxby plate note (G104) and might therefore
be unique and that in 1988, there was no issued note known to Haxby. The imprint is that of Peter Maverick residing
in Newark, NJ, where he had recently bought a large farm for his extremely large family.
Also listed in Haxby are $10, $20 and $100 notes with the designation of NDA or No Data Available. It might
have been a 4/on plate with denominations of 10.20.50.100 and maybe had
different engravings of Niagara Falls. Another possibility is that the $5 note
was part of a Willard & Rawdon plate of $5.5.10.20 and the $50 note came
from a Maverick half plate of $50.100, saving metal and separate
engravings since siderography probably was not used for these notes.
Figure 11 shows an enlarged vignette of the $50 proof and the larger
source thereof below it. The source is from an engraving entitled The Falls
of Niagara by Robert Sutcliff.8 This author is reminded of the many Louis
Hennepin derivatives from the 18th century that distorted the height to
length dimensions of Niagara Falls. Since the vignette needed to be much
smaller for a banknote, Peter Maverick changed the aspect ratio to make it
more like the actual falls of Niagara. One can even see the four spectators
below the falls in the lower right.
Figure 10. Different Niagara Falls vignettes on a
$5 issued and on a $50 proof (BW, BW).
Figure 11. Closeup of the $50 Niagara Falls
vignette with its 1810 source (BW, Sutcliff).
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Summary and Conclusions
During its first two years of operation, probably four plates were produced for the Bank of Niagara of Buffalo.
They were probably all engraved by Peter Maverick, although Willard & Rawdon printed notes from the third plate.
The second plate was modified from the first plate. Together they had at least three very different vignettes of Niagara
Falls that were inspired by the sublime local scenery.
From October 1816 to early 1819, the bank offered services to the early settlers of the Niagara Region, including
for Canadians. Some notes probably served surrounding areas because both specie and paper were in very short supply
during this time. The bank suspended redemption of notes in 1819, but reopened shortly afterwards. However,
afterwards, it was not considered a major banking house for the region and finally closed its doors in 1827.
Buffalo did not have a new bank until 1831 when the Bank of Buffalo opened. Given this lack of banking in the
region and Buffalo?s building boom engendered by Benjamin Rathbun, in the 1830s, he issued his own scrip notes in
a pyramid scheme that resulted in his imprisonment in 18369.
As a summary of the known, at least to this
author, banknotes from the Bank of Niagara, Table I
shows those with Niagara Falls vignettes for the four
plates. The columns represent the Haxby number, the
printer, the denomination, the serial number with
check letter, the date on the note, the grade, the price
realized, the date of the auction, and the auction
house. Haxby in the last column indicates that it is the
plate note in Haxby. The serial numbers of the known
counterfeit notes have been mentioned above.
Note that there were only two different dates of
issue, 14 months apart. The circa 5,000 sheets per
plate, with corresponding values of
$9+9+40+150=$208 could easily have amounted to
the original capital of $500,000 and the redemption
and destruction of redeemed poor quality notes for
the Bank of Niagara.
From the above discussion and the summary in
the table, one determines that these notes are quite
rare today. That is, most were redeemed or somehow
destroyed. There are five known proofs, about seven
issued notes and about a dozen counterfeits. Of
course, neither the proofs nor the counterfeits were
redeemable. This article shows six out of the seven issued notes for a total of $(1+3*3+1+3+5)=$19 of unredeemed
notes. One of them might also be a very good and dangerous counterfeit.
As the title indicates, this article is Part 1 in a series of articles about the banknotes of the Bank of Niagara at
Buffalo. Part 2 will discuss another plate of notes, while Part 3 will discuss the rest of the later 1820?s notes, and
maybe Part 4 will exhibit the fractional currency of this bank.
All images in this article are from the author?s collection (BW) except where specifically stated otherwise.
Thanks go to Russell Kaye for his generous use of his high-resolution images. If anyone has more or better images of
these Bank of Niagara of Buffalo notes or additional information for the registry of notes of Table I, this author would
appreciate copies sent to cuf@earthlink.net.
1 Chazanoff, William, Joseph Ellicott and the Holland Land Company: The Opening of Western New York. Syracuse University Press. 1969,
p. 147, ISBN 978-0815601616. The oil Portrait of Peter Maverick was done by John Neagle in 1826.
2 Stephen DeWitt Stephens, The Mavericks: American Engravers, Rutgers University Press, 1950, frontispiece.
3 Greville and Dorothy Bathe, Jacob Perkins, His inventions, His Times, & His Contemporaries, Philadelphia, The Historical Society of
Pennsylvania, 1943. Also see Mark D. Tomasko, The Feel of Steel, American Numismatic Society, New York, 2012.
4 Bernhard Wilde, ?Siderography: Niagara Falls on Steel? CPMS Journal, Vol. 54, No. 158, September 2018, p. 74.
5 James A. Haxby, Standard Catalog of United States Obsolete Banknotes 1782-1866, Krause Publications, 1988, p. 1468.
6 Christopher W. Lane, Impressions of Niagara, The Charles Rand Penney Collection of Prints of Niagara Falls and the Niagara River from
the Sixteenth to the early Twentieth Century, Philadelphia Print Shop Ltd, 1993, ISBN 978-0963692405, p. 41.
7 Alexander Wilson, The Foresters: A Poem, Descriptive of a Pedestrian Journey to the Falls of Niagara in the Autumn of 1804, in Port
Folio New Series 1-3 ( June 1809 - March 1810 ).
8 Robert Sutcliff, Travels in Some Parts of North America In The Years 1804, 1805 and 1806, Philadelphia, 1812, frontispiece.
9 Bernhard Wilde, ?Benjamin Rathbun, Master Builder and Banker of Early Buffalo, New York,? to be published in Paper Money.
Table I. Known notes with Niagara Falls vignettes from the four plates
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ALFRED QUIMBY PERIODCAL MART SCRIP
By Rick Melamed
Shown is a 2? and 3? merchant scrip from Quimby?s Periodical
Mart from Manchester, New Hampshire (only denominations
known). These notes were issued durng the Civil War when the
dearth of coinage forced merchants and municipalities to issue their
own privately made tokens and currency to make change. The notes
are numbered and signed by the proprietor, Alfred Quimby. What
makes these notes stand out is the American shield with 13 stars and
stripes and the ?UNION? imprint. No doubt where Mr. Quimby?s
loyalties lay.
The story of the benevolent and generous Mr. Quimby is worth
exploring. Amost 100 years after his death, Alfred Quimby's name
still resonates in his native Sandwich,
N.H. He was born on September 20,
1829; died August 14, 1901. He
married Nancy Torrence Starbird on
October 30, 1853, in Bowdoinham,
Sagadahoc, Maine. They were the
parents of at least 6 sons and 1
daughter. In 1860, he and his family
moved to Manchester and began work
at Daniel F. Buckley's news and
stationery store on Hanover Street,
eventually buying the store and making
it a thriving and profitable company.
When the Civil War broke out in 1861 many men from New Hampshire enlisted. Quimby did his part to keep
the locals up to date on the news. Every day he rode the early morning train to Boston to stock up on the latest
newspapers that recounted troop action. When someone bought a paper and was owed change, Quimby resorted to
using his privately made scrip for change. For decades, the fund he established has helped educate children and made
college a reality for the town's young people. At the time of his death, Quimby?s estate was valued at $1 million. In
his birth town of Sandwich, Quimby's bequeathed an average of $5,000 each to 24 relatives and friends. His will
directed a trust of $244,000 be formed to help meet some of
the town's most basic needs such as the development of the
Quimby School. It was active for 80 years but is now closed.
Quimby?s will also gave funds for road and bridge
improvements and rural electrification.
This circa 1820 barn in Sandwich, N.H. was part of the
Quimby School. After the school closed in 1963, the barn was
acquired by the Sandwich Fair Association, which leased it to
the Sandwich Historical Society in 1991. The barn now serves
as the society's Transportation Museum.
Thanks to the New Hampshire Historical Society for Quimby?s biography and to Stack?s of the currency images.
SPMC.org * Paper Money * Mar/Apr 2025 * Whole Number 356
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Sad Banknote Story of Port of Antofagasta
By Roland Rollins
I was researching images on banknotes not from the country of issue. From my collection, I came across this 500
Pesos Bolivianos banknote of Bolivia issued in the early 1980s. The note features coat of arms and Eduardo Abaroa
Hidalgo on the front. The reverse offers a view of ships and buildings in Puerto de Antofagasta, Chile. The note is
attributed by the Standard Catalog of Paper Money (Pick) as P165 (printed by American Bank Note Company) and
P166 (printed by Thomas de la Rue Company). In the Bolivia chapter of The Bank Note book it?s attributed as B352a
to B352c.
This certainly appears to fit the criteria for this series of banknote and their images, but sadly not so! The reason is
the Port of Antofagasta used to be part of Bolivia! The Bank Note Book adds that the image on the reverse as circa
1879. In fact, it was the only port Bolivia had for access to the Pacific! Bolivia lost access to the port city of
Antofagasta during the War of the Pacific, which resulted in the country losing its entire coastline to Chile and
becoming landlocked. The war ran from 1879?1883, with the conflict officially ending in 1904 when Bolivia signed a
treaty accepting the loss of its coastal territory. In all, Bolivia ceded about 250 square miles to Chile. Colonel Abaroa
was declared a hero of the war; though he lost his life in the first conflict with Chile after all the remaining troops of
Bolivia had withdrawn. The silver mine the then engineer Abaroa worked at was also lost to Chile.
The banknote celebrates the major hero of the war, but displays the man and more critically the only port - both
lost to Chile. At best, Bolivians must have viewed the note with pride in Abaroa, but anger, dismay, weakened
economy, and a great sense of loss to its once precious coastline.
Bolivia is a country with a navy, but no sea. Every year, Bolivians mark the Day of the Sea on March 24th, where
politicians give speeches and people listen to the recorded sound of seagulls.
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U N C O U P L E D :
PAPER MONEY?S
ODD COUPLE
Joseph E. Boling Fred Schwan
Official Counterfeiting?Thailand
During WWII Thailand fell under the influence of
Japan. While not formally occupied, the tradeoff for that
status was provision of rice and other agricultural
products for Japanese troops throughout the region.
Thailand was bounded on the north by Burma, and on
the south by the Straits Settlements, both British
colonies, and both occupied by Japan. The British
inserted clandestine teams of the Special Operations
Executive into both colonies. Some of their work was
with Thai nationalists resisting Japanese economic
programs in Thailand. Those folks needed cash (as well
as other support, such as weapons and training).
So, how to get cash for them? As the war continued,
the production quality of circulating notes in Thailand
deteriorated. Before the war Thai notes came from
Britain, printed by DeLaRue (DLR). During the war,
notes were first printed locally at the Thai national
topographic agency (they had large presses for printing
maps). Early in the war, intaglio notes from Japan
(printed without imprint for the Mitsui Trading
Company) circulated for a while. Those were replaced
by additional local products, and by some series printed
in the Dutch East Indies (also occupied by Japan). All
those printers were handicapped by wartime shortages
of paper and ink, leading to reduced quality.
The prewar British notes were preferred by Thai
merchants, who considered that they would be valid
after the war, whereas the notes issued under Japanese
influence likely would not be. To provide notes of pre-
war quality to anti-Japanese groups, the SOE in Britain
approached DLR to reprint some of the pre-war notes,
with serial numbers that had already been used, so that
users in Thailand would not be tripped up by serial
numbers higher than those originally issued.
See Boling page
Armed Forces Leave Bonds
?Carter Glass? is the answer to a question in the quiz
contest played each year at MPCFest. The question is
?Whose portrait appears on Armed Forces Leave
bonds?? The same answer could be given to the
question ?Whose portrait appears on a United States
bond and a United States coin?? (1936 Lynchburg,
Virginia commemorative half dollar).
Carter Glass (4 January 1858 ? 28 May 1946) is the
answer. Glass was an American newspaper publisher
and Democratic politician from Lynchburg. He
represented Virginia in both houses of Congress and
served as the United States Secretary of the Treasury
under President Woodrow Wilson. He played a major
role in the establishment of the U.S. financial regulatory
system, helping to establish the Federal Reserve System
and the Federal Deposit Insurance Corporation (info
from Wikipedia).
The first numismatic reference that we know of to
show Armed Forces Leave Bonds (AFLB) was World
War II Remembered (1995, page 393 catalog number
321). I was at one of the Cherry Hill, NJ paper money
shows in the early 1990s. I cannot remember if Joe was
there. A collector handed me the tattered $75 leave
bond shown in Remembered. Of course I had never seen
anything like it. Sadly, I cannot remember who the
collector was?I would love to give him credit.
Anyway, we worked out a deal and the bond went home
with me and into Remembered.
Armed Forces Leave Bonds were issued after World
War II under provisions of the Leave Act of 1946 as
compensation for unused leave. The value of the bond
issued was based on accrued leave, rank, subsistence
and quarters allowance, and length of service. Payment
was limited to 120 days of accrued leave. The bonds
were issued in computer punch-card
SPMC.org * Paper Money * Mar/Apr 2025 * Whole Number 356
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form to ?enable the Treasury Department to handle it
promptly? according to text on the back. The
denomination was printed on each bond based on the
amount due to the recipient in multiples of $25.00 with
a minimum of $50.00. The amount due in excess of the
multiple of $25.00 was paid by check. The bonds earned
2.5% and had an original maturity of five years. In July
1947 the terms were modified to permit immediate
redemption of the bonds.
A document titled Current Business, dated August
1947 published by the Department of Commerce,
contained an article titled ?Redemption of Armed
Forces Leave Bonds.? The subject of the article was the
effect of the immediate redemption of Armed Forces
Leave Bonds upon the economy using the experience of
the redemption of Adjusted Service Bonds in 1936 as a
model. The prediction was that it would have a
substantial expansionary effect on the economy. This
document was found by Jim Downey and reported in
MPCGram 1634, 15 April 2008.
The following information concerning Armed Forces
Leave Bonds is paraphrased from the Current Business
article. As of 30 June 1947, approximately 8,500,000
veterans held Armed Forces Leave Bonds having a face
value plus accrued interest of $1,838,000,000. Fifty-
four million dollars had been redeemed because of the
death of the owner or for use to pay life insurance
premiums. Although it was difficult to estimate how
many of the remaining 6,000,000 veterans of World
War II were eligible for bond payments and might be
expected to make applications before 1 September 1948
(the new deadline replacing 1 September 1947),
indications were that the bonds already issued
constituted the bulk of the government liability.
The average holding (face value plus interest) was
$216, and 82% of the total bond value was in
denominations of $400 or less. While the face value of
the bonds ranged from $50 to $1,000 and more, the
greatest concentration of total bond value was in the
smaller denominations, with almost 30% of the total
value in $125 to $200 bonds, and an additional 29% in
$225 to $300 bonds. The concentration of veterans
holding bonds in the smaller denominations was even
greater, with 93% of the veterans holding bonds in
denominations of $400 or less, and 39% in
denominations ranging from $125 to $200.
A chart accompanying the article showed the
distribution of bonds.
denom bonds out value outstanding as
. of 30 June 1947
$50-100 1,762,000 $142,000,000
$125-200 3,284,000 $544,000,000
$225-300 2,016,000 $529,000,000
$325-400 812,000 $295,000,000
$425-500 336,000 $157,000,000
$525-1000 275,000 $152,000,000
$1025- 15,000 $19,000,000
A close look at the chart leads to the conclusion
that the breaks in the list of denominations generate
collectable (barely) varieties! As I see it now, we should
have varieties alpha through golf for the second edition
of Remembered! A full set of seven bonds would be a
remarkable sight. Heck, it would be great to assemble a
set of images! I will try to do that if you will help by
sending me images from your collections or at least
sending me notice of what you have
(fredschwan@yahoo.com). If we can find images of the
all (or even most), we will show them here in the future.
AFLBs are scarce. They were rare until the
Internet age. Now it is possible to find one?if you are
diligent. At the same time you should be able to find an
AFLB check. These were created as a result of the
issuing scheme described above. The checks are
fascinating. They add new collecting opportunities. In
at least most cases, the checks were issued by the
respective arms of service (Army and Navy). Some of
the checks were issued by ?War Finance.? The example
of a War Finance check that we have for illustration
here is spectacular for additional reasons. It was issued
by an Army finance officer in San Juan, Puerto Rico!
Most WW II territorial numismatic items are rare and
desirable, so discovery of this check is exciting.
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Armed Forces Leave Bonds are fascinating
historical documents. I am surprised at how much we
have learned about them after the chance discovery of
the first example thirty years ago.
Boling continued
DLR declined the request for reprints, pointing
out that the Thai Finance Ministry was their
customer, not the British government. The
government then confiscated the printing
plates. Handing them back to DLR as Crown
property, they ordered DLR to use them as
originally requested. DLR did so, but first
introduced tiny changes that could be used
after the war to identify the illicit products,
should the Thai government wish to repudiate
them. This, of course, was a major violation of
operational security. If the Japanese learned
how to identify the reissued notes, anyone
found using them would be subject to on-the-
spot beheading. In the end, the new notes were used in
areas far from direct Japanese influence (remember,
there were no occupation troops), and they apparently
were not brought to the attention of Thai officials until
late in or after the war. The government then allowed
them to be exchanged for legitimate money if they had
been acquired in normal commerce.
The modified notes are now known as the Free Thai
issues. They were never common, and not all were used,
so today they are minor rarities among Thai currency
series. This column points out the typographic changes
in the plates that can be used to identify the Free Thai
pieces. There are also minor (harder to identify)
differences in signature overprints; those will not be
discussed. Interestingly, the SOE agents who took
delivery in the UK did not notice that there were no
signatures on the notes. DLR never printed signatures;
those were applied by the Finance Ministry in Bangkok
before issue. When the reprints arrived in India for use
in the field, typographic plates for signatures had to be
created there and the notes overprinted by hand on field
printing presses.
The table shows the serial ranges that were
reprinted, spread across many alphanumeric blocks and
a few tens of thousands of individual serial numbers
within each block. For the one-baht denomination, 36
blocks were used and only 41,667 notes per block. For
the ten-baht notes, only nine blocks were used, and
7,000 notes per block. If a note in hand does not fall into
one of the ranges shown, you need not look for the
typographic changes. Note the sixth line in the five-baht
group, not properly aligned. This table is taken directly
from the IBNS Journal, and it was misprinted there.
The five-baht note is the one most commonly found
among the Free Thai issues. Either the one-baht notes
were all used up in circulation, or they were not used
much because of low face value, and were mostly
destroyed. I have never handled one. I have handled five
of the five-baht notes, none of which was correctly
described by its seller (four from auctions, and one in a
friend?s stock, which I pointed out to him). I have
handled only one ten-baht note, again not correctly
described by its auctioneer. Thai auctions always
describe them properly; the only one-baht note I have
seen offered went for more than I could pay.
SPMC.org * Paper Money * Mar/Apr 2025 * Whole Number 356
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Figure 1 (bottom, prior page) shows an original
five-baht note, with blue arrows pointing to the regions
of the note that contain the diagnostics.
Figure pairs 2-3, 4-5, and 6-7 show the places where
lines were removed from the plate, or a triangular device
was extended. There are other places that show
differences as well; feel free to find more if you have a
pair of notes to compare with each other.
Figure 8 shows an original printing of the ten-baht
note, also with regions identified.
Figure pair 9-10 (below) again shows lines removed or
the triangle extended.
The bay in figure 5 and the notch in figure 10 are both
naked-eye diagnostics; you do not need magnification to
see them if you know what you are looking for.
Figure 11 is an original printing of the one-baht
note. As I said, I do not have a Free Thai piece to
photograph.
Based on the somewhat crude photos in the IBNS article
from which the table is drawn, I am sure that figure 12's
triangle will be extended, and I am surmising that the
two top lines indicated in figure 13 will both be
removed. Figure 13 uses red arrows because there is so
much blue already in the picture.
Good luck searching for these. If you have a spare
Free Thai one-baht note, I am looking for one.
Figure pairs 2-3
Figure pairs 4-5
Figure pairs 6-7
Figure 8
Figure 11
Figures 12 & 13
SPMC.org * Paper Money * Mar/Apr 2025 * Whole Number 356
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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
Robert Calderman
When a Cherry Starts to Turn Sour!
It is a joyous monumental day when we get the
opportunity to purchase a note for such a gift price that it
makes us take a step back and ask ourselves, ?Did that
really just happen?? Where would we be here in this
column without those legendary moments of triumph?
Well today we look at exactly the opposite of one of our
typical success stories and highlight a note that, for at least
a few pickers, was an amazing opportunity on the surface
that unfortunately, once the dust settled, left them watching
their hopes and dreams of the deal of a lifetime crash and
burn. Of course this is all in jest as is typical here. When
the good stuff brings actual real money, should it be a
surprise to us? If every note was a steal then the overall
market would be an absolute mess! Here we have a note
that even though it sold seemingly strong, could it still
actually be an amazing bargain? Let?s take a closer look.
Tuesday February 4th, 2025 a rather innocuous looking
group lot pair of $5 PMG graded notes appeared on the
Heritage weekly U.S. paper money auction. With a very
brief lot description, an ultra low opening bid, and no
reserve, this was the beginning of a very exciting
proposition! So what makes this pair worthy of our
attention? There are two five dollar Federal Reserve notes
pictured both Fr.1959 with one on the Minneapolis district
graded PMG 64EPQ and the other on New York graded
PMG 65EPQ. These are series of 1934C fives, a series that
is not rare or overly expensive in normal circumstances.
The Minneapolis note in this condition is worth around
$150 on a good day. The New York example in Gem
would ?Normally? be worth $100, bringing this group lot
pair into the $200 - $300 realm in combined value. So it is
no wonder why these two notes were lumped together in
one lot. There is one very important feature on this New
York note that makes this Gem a game changer!
Accurately described in the description and on the PMG
holder, this note is the ultra scarce Narrow Face variety!
Currently PMG has only graded a total of seven
examples of this tough variety with just two examples
reaching the uncirculated level, this sole 65EPQ and a lofty
trophy Superb Gem 67EPQ. Surprisingly, the 67EPQ
example also sold on a Tuesday night Heritage auction
back in November 2021. That note was featured in our
CPC installment back in 2022 Jan/Feb Paper Money whole
#337. Narrow face $5 FRN?s are only found on the series
of 1934C and only on the New York district! Face plate #?s
298-303 are the ones you need to be hunting for. So what
are these scarce varieties that are especially rare in CU
actually worth? The two notes featured here that sold as a
pair brought $1,920.00 a far stretch from the $200-$300
they were expected to bring. Hence the winning bidder did
not necessarily get an absolute steal on this specialized
variety. However, was this too much, or still cheap?
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Back in June of 2014 on the way to dinner during a
heavy downpour deluge of a rain shower and while taking
shelter in an open air trolley stop in Memphis Tennessee
during the infamous and now unfortunately extinct IPMS
show, I was climbing my way out of the flooding streets
and bidding via my cell phone on this exact narrow face $5
we have featured here! I was the unfortunate under bidder,
and this note sold via Lyn Knight Auctions for $1,035
from a very wide bucket lot estimate of $500 - $2000. So
now after just over ten years, this same 65EPQ note
brought nearly double and even came with a free bonus
Minneapolis note! So was this still a deal or did the new
buyer grossly overpay? Tough varieties are not nearly as
black and white when pertaining to value as we would like
them to be. If only two examples are known in CU, what
do other lesser examples typically sell for? Of the complete
PMG census of seven narrow face 1934C NY $5 notes,
three of them fall into the AU range. There is one graded
AU53, and two examples graded AU55, with none of these
three notes earning the coveted Exceptional Paper Quality
modifier. Over the past roughly fifteen years, these AU
examples have come up for auction bringing anywhere
from $900 to $2280. With this in perspective, the sole
65EPQ was not an outlandish price when it brought $1920
this February! In fact, this note would have rightfully had a
much better spotlight had it been featured in a Platinum
sale with a $5,000 estimate and a $2,500 opening bid.
When varieties are this tough that the known census can be
counted in the single digits and no EPQ about uncirculated
examples are bringing $1,000 - $2,000, then an attractive
and rare Gem note on this popular variety is an absolute
trophy note that deserves a full color spread at major
auction! So even though this note may not have seemed at
first glance to be a massive cherry pick, it is very possible
that it none-the-less sold this year for easily half its
potential outcome! If you were not the lucky winning
bidder (It wasn?t me this time either), keep your eyes
peeled for the next one. You may just find it in a dealer
junk box at the next coin show you attend! Take a look at
the recommended reading articles and study up on more
great rare small size varieties. If you find something
special let me know, it may be featured here in a future
issue of Paper Money!
Do you have a great Cherry Pick story that you?d like to
share? Your note might be featured here in a future article
and you can remain anonymous if desired! Email scans of
your note with a brief description of what you paid and
where it was found to: gacoins@earthlink.net
Recommended reading:
- Superb Narrow Sighting Confirmed by Robert
Calderman Paper Money *Jan/Feb 2022* Whole
No. 337
- The Transition from Wide to Narrow Designs on
U.S. Small Size Notes between 1947?1953, Peter
Huntoon and James Hodgson. Paper Money
Sep/Oct 2006 Whole #245
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Vermont?s History and Postal Note Contribution
By Bob Laub
Vermont is located in the North-eastern section
of the United States in what is known as New
England. Its neighboring states include
Massachusetts to the South, New Hampshire to the
East, New York shares its Western most boarder,
while the Canadian Province of Quebec lies to the
North. The state capital is Montpelier which is the
least populous state capital in the United States. The
origin of the name ?Vermont? is uncertain but likely
comes from the French phrase ?les Verte monts?
meaning ?The Green Mountains?. This phrase was
first introduced in 1777 by Thomas Young.
Vermont Republic is a term used by historians
of Vermont from 1777 to 1791. In January1777,
delegates from 28 towns met and declared
independence from the jurisdictions and land claims
of both the British Colony of Quebec and the
American States of New Hampshire and New York.
They also abolished adult slavery within their
boundaries allowing for all adult males, regardless if
they owned property or not, to vote. The independent
state coined its own currency called Vermont
coppers, from a mint operated by Reuben Harmon in
East Rupert from 1785 until 1788 and also operated a
statewide postal system.
Much of the symbolism associated with
Vermont during this period, expressed a desire for
political union with the United States. Vermont?s
coins bore the Latin inscription ?Stella Quarta
Decima? (meaning ?The 14th Star?) Even The Great
Seal of Vermont, designed by Ira Allen, centrally
features a 14-branch pine tree.
Vermont was admitted to the Union as the
nation?s 14 state, March 4th, 1791. This was the first
area to enter the United States after the 13 original
colonies had joined. Vermont had always been
renowned for its beautiful Marble which was mainly
quarried around the western area of Rutland but it
wasn?t until 1851, when the Rail Road arrived, that
the Marble Quarries began to prove profitable.
Rutland Vermont Serial #1 Postal Note.
Rutland is Vermont?s 3rd largest city and was
named after John Manners, 3rd Duke of Rutland. In
1880 the city had a census of 7,502 and by 1890
showed an increase to 8,239. These two decades are
of particular interest as they represent the time period
in which U.S. Postal Notes (1883-1894) were issued
nationwide. During these same years the statewide
population remained relatively unchanged at 332,000.
When this series of postal notes was first
introduced, our growing nation had about 45,000 post
offices. The Government felt the notes were largely
an experiment, and any problems that might arise
would be more easily handled by the almost 6,500
?veteran? first class offices, rather than the 45,000
mainly inexperienced ones. Thus under the guidelines
to be established, only post offices able to issue
money orders (offices with an annual revenue of
$250.00 or more) would also issue postal notes.
During the 12-year span of postal notes, 555,317
notes were issued statewide for Vermont. As of 2021
less than 25 notes have come to light from Vermont.
These 2 from Rutland are the states only serial #1?s.
This particular survivor is a Type I note, easily
distinguishable from other types by its yellow paper
and slightly larger size. All later types were printed
on an off-white paper and are about 12% smaller than
Type I?s. The note was purchased on the official
?first day of issue?, Monday September 3rd, 1883,
and was payable only at the Boston Massachusetts
Post Office. The note was issued in the amount of 10
cents. (This did not include the standard 3-cent
processing fee which was applied to all postal notes
of the series). All Type I (and Type II) Postal Notes
had to have a city or town designated at the time of
purchase where the note was to be redeemed. This
was a safe-guard implemented to make a note
virtually worthless in the event it was stolen. The
Postmaster, at the time, was Albert H. Tuttle. Mr.
Tuttle held that position for 11 years from April 24th,
1874 until July 15th, 1885.
The Rutland Vermont Station A, Serial #1 Postal
Note.
Post Office stations and branches were facilities
which were subordinate to a local post office that
provided a range of postal services. Until 1908, the
terms ?station? and ?branch? were used
interchangeably. The first post office branch, to serve
a growing city?s needs, was in New York in 1837.
This system was implemented to alleviate customer
congestion at the main post offices and to make mail
services more convenient in localized neighborhoods.
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This Type V note was printed by the
Philadelphia company of Dunlap and Clarke. The
firms name appears in the engraving at the bottom of
the notes obverse This company was the successful
low bidder, in the third and final contract, providing
postal notes to the countries? more than 6,500 Money
Order Offices. This printing contract was in effect
from August 15th, 1891 until the series officially
ended, June 30th, 1894.
The bright red serial #1, the color officially used
for all serial numbers, is plainly visible on the
obverse (top left center). Issued on June 20th, 1892 in
the amount of 10- cents. This is evidenced by the ?1?
in the Dimes column having been circle punched and
the ?0? in the cents column punched in the same
manner. If the note had been made payable for more
than 99 cents a series of 4 one-dollar coupons would
have remained intact at the left side of the note. The
furthest coupon to the left was engraved for $4.00.
The next to the right, $3.00 and so on for the $2.00
and $1.00 respectively. (An example of this would be
an issued note at $4.15, all 4-dollar coupons would
remain intact, also the ?1? in the Dimes column and
the ?5? in the cents column would have been circle
punched).
The Station A, Rutland Vermont Money Order
Form.
These Money Order forms were to act as a
?Letter of Advice? for a particular serial number, date
and sum. The form would be forwarded to the post
office designated at the time of issue. This was a
safe-guard system implemented by the Government
to assure any particular postal note could only be
cashed at a predetermined location. If the postal note
were to be stolen in route to the recipients post office,
the thief would have no way of knowing where the
note was to be paid out. As stated on this specific
form, the issued amount is10- cents and was only to
be payable at the Fair Haven, Vermont office. As
anyone can see this form isn?t in the greatest
condition but it is still a very rare item of postal
history as very few were ever saved. To find any
postal money order forms in itself is a challenge. To
acquire a form which is numerically tied to one of the
few known postal note survivors is an entirely
different degree of rarity.
The 3 items Rutland #1, Station ?A? Rutland #1,
and the ?Money Order Form? from Station ?A,?
(serial #1) were originally purchased from Mr. Fred
Field, a Rutland Vermont resident. Mr. Field was the
grandson of Fred A. Field an early Postmaster of
Rutland. Mr. Field became Rutland?s Postmaster on
June 25th, 1889 and remained in that position until
May 9th, 1893. The postmaster was said to be an avid
collector of Stamps, U.S. Coins (including Gold),
Encased Postage, Rocks and Minerals, as well as an
array of different Medals. Thankfully, due to the
passion of early collectors such as Mr. Field, we have
links to our past preserved for future generations. As
of 2021, only 18 postal notes have come to light from
Vermont. The 2 notes in this article represent the
only serial #1 notes known from that state.
I hope you have enjoyed the article. If anyone
has any questions or possibly a particular U.S. Postal
Note in your collection you would like to share
information on, I can be reached at
briveadus2012@yahoo.com
.
A Ty. I, serial # 1, from Rutland, VT issued for a dime on
September 3, 1883, the series official ?First Day of Issue?
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A Ty. V, serial # 1, from Station A, (also from Rutland, VT.) Also issued for a dime on June 20, 1892. Stations
were created within certain postal areas to alleviate some of the congestion at main post offices, and to make it
geographically more conveniently closer to one?s neighborhood.
A Money Order receipt from Station A,
Rutland, VT, which shows serial #1.
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In recent years, the widespread shift towards
electronic alternatives has rendered physical coins and
currency increasingly marginal in payments systems around
the world. The speed and pervasiveness of this change
makes pushing back against it seem like a reflex of crank
sentimentalism. In theory, I am an unabashed fan of the
stuff. But as I considered the issue, I realized that the only
cash transaction I had made in recent memory was to
scrounge for a quarter to unlock a shopping cart at the local
Aldi store. As long as cash is something you have to think
about using, then cash use will remain in trouble.
Of course, cash still prevails in poorer countries with
larger informal economies, but even there the trend is the
same. While the shift towards cashless societies is driven
by private innovations in electronic payments technologies,
it is complemented by public initiatives like the
development of central bank digital currencies. Some
countries are moving towards integrating electronic
payments within broader frameworks of national
identification and surveillance, notably India?s Aadhaar and
China?s Social Credit systems. Even in more liberal
societies, restrictions against cash use have been justified in
fighting crime, money laundering, and tax evasion.
Nonetheless, amidst this general trend some stirrings
of a pushback are evident. After all, there are still entire
countries (Japan, Germany, and Switzerland, for example)
which, for whatever inertial culture reasons, still prefer to
use physical currencies. In 2022, a half million Austrians
signed a petition in support of cash, leading the country?s
chancellor to call for its constitutional protection. The same
year Norway saw the emergence of a ?JA Til Kontanter?
(YES to Cash) movement. Slovakia amended its
constitution in 2023 to enshrine the citizenry?s right to
make cash payments. Various American states and
municipalities have also mandated cash acceptability. Even
Sweden, the very model of a cashless society, has
nonetheless taken steps to preserve the infrastructure of
cash?ATM networks as well as the deposit-taking and
currency-dispensing branches of nationwide banks.
This new solicitude for cash reflects three,
intertwined, concerns. The first concern relates to the
implications for liberty of a cashless world. The
transactional anonymity that cash enables has long been a
theme of libertarian critiques of overweening state power.
As the extent of cash payments dwindles, fewer
transactions escape official scrutiny, giving public
authorities the power to restrict those transactions or even
punish people for their behavior (think Canada?s Justin
Trudeau freezing the bank accounts of ornery truck
drivers). A more recent variant of this defense of cash
focuses on privacy claims asserted against intrusive
corporate scrutiny. Particularly when paired with online
commerce, electronic payments enhance corporations?
ability to aggregate, and profit from, consumers?
information as revealed by their spending habits.
A second concern relates to the resiliency of payments
systems. Electronic means of payment may be vastly more
scalable and efficient than cash, but when those systems are
disrupted (whether by natural or human events), physical
cash provides a low-tech backup that doesn?t depend on
electricity or connectivity. In an uncertain and dangerous
world, keeping cash available simply represents prudent
disaster management planning.
Yet a third line of defense for cash arises from a social
justice critique of electronic payments systems. Even in
rich countries, a significant portion of the population
continues to rely on cash as its chief means of payment.
Whether because of age or poverty, that part of the
population which is ?unbanked? suffers when the
opportunities to use cash diminish.
What is interesting about these three arguments for
cash is that they are ideologically diverse. The first,
centered on transactional freedom and anonymity,
resonates among small government conservatives. Those
European cash initiatives noted above are favored by right-
wing populist parties suspicious of the European Union and
its schemes for a digital euro. At the same time, critics of
corporate power from the left can embrace the privacy-
enhancing aspect of cash. Valuing cash for its transactional
resiliency, as commonsense emergency preparedness,
should appeal to everyone. Finally, the harm that
cashlessness inflicts upon lower income communities
creates yet another reason for progressives to defend it.
While this suggests a robust coalition in favor of a
baseline access to cash, the strength of this coalition may
vary. Some pro-cash energy on the right may be drained
away by the spread of cryptocurrencies, which also enable
anonymous usage. Likewise, progressives may abandon
cash if a more inclusive financial system remedied the
discrimination currently facing the unbanked.
Ultimately, support for a ?right to cash? may depend
upon the quality of the cash itself. Just as defending the
freedom of speech becomes more difficult when that
speech contains nothing but obscenities, support for a
?right to cash? dwindles when all one has available to
spend are hyperinflationary Venezuelan bolivars.
Chump Change
Loren Gatch
Prospects for a
?Right to Cash?
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The Obsolete Corner
William M. Weed
by Robert Gill
As you are reading this article, Spring will
almost be upon us. Up to the time that I?m
writing this the weather has been mild for me.
But here in Southern Oklahoma it doesn?t take
much of what Winter has to offer for things to
go crazy. It seems that people just can?t accept
the fact that we cannot stop our vehicles ?on a
dime?, as the old saying goes, when roads are
icy. I guess the best thing to do is just stay
home! And now, let?s look at the sheet that I?ve
chosen to share with you.
In this issue of Paper Money let?s go to the
Granite State of Obsolete days and look at
William M. Weed. He was a very colorful
character who was successful in just about
everything that he endeavored to try during his
life in New Hampshire.
In his excellent book, New Hampshire
Merchant Scrip, Kevin LaFond tells us that
William McGaffey Weed was born in 1814. In
1836, he joined Jeremiah Furber in opening a
general store. Later, in 1845, he built a brick
building where he operated his general store for
many years. This would have been the typical
country store offering everything from groceries
to dry goods and hardware.
Weed was extremely active in Local and
State politics, serving on the Sandwich, New
Hampshire, Board of Selectmen from 1846 to
1853. He was moderator at the annual town
meeting from 1857 to 1860 and was a
Representative in the New Hampshire
Legislature in terms of 1854-55, 1867-70, 1872-
73, and 1876-77. He was also Clerk of the
Court of Common Pleas, and Clerk of the
Supreme Judicial Court from 1856 till 1874.
With all these accomplishments, Weed was
also chosen as an overseer of the poor in 1861,
and agent to pay aid to the families of
volunteers. In this later capacity, he was
accused of embezzlement; however, no charges
were ever filed.
There was an earlier accusation that Weed,
and Dr. Andrew McFarland, had operated a
rather profitable recruiting scheme. It was
suggested that would-be soldiers wanting to
avoid service would get legal assistance from
Weed, and medical affidavits from the Company
Surgeon, Dr. McFarland.
In 1874, when he was sixty years old, Weed
was admitted to the New Hampshire Bar. He
practiced primarily in minor cases throughout
the 1880s.
Through all his public service, William
Weed was referred to as "colorful", "high-
spirited", and "subject to sharp criticisms as a
lawyer and politician".
Along with the political service, Weed also
had military service. He served as inspector of
the 7th Brigade of New Hampshire Volunteers;
however, he was never mustered into service.
William Weed's ownership of a general
store went well into the 1860s, but there are only
six reported notes on this merchant; at least one
of these with his signature. And there is also
only one known sheet, that being the one in the
adjacent scan. Its pedigree is ex-Wayne Rich /
Q. David Bowers Collection. It now resides in
my collection, The Southern Oklahoma
Collection of Obsolete Sheets, where it will be
for many years.
So, there?s the history on this fabulous scrip
sheet. As I always do, I invite any comments to
my email address robertdalegill@gmail.com or
my cell phone (580) 221-0898.
And until next time, I wish you HAPPY
COLLECTING.
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The front of the Type-41 Treasury note endorsed by Maj. A. L. Landis, Quartermaster. Note the absence of
serial numbers, a rare error. The signatures correlate to the issue date of Sept. 29th, 1862 in Thian?s Register.
Image: Heritage Auctions, HA.com
Major A. L. Landis, QM
17th Regiment Tennessee Infantry
ilitary endorsements are not always easily
deciphered and some have taken years to
identify. A new discovery by a talented
researcher, Logan Mifflin, exhibits an endorsement
which is very clearly executed. Mifflin verified his
identification in the National Archives documents
available online at Fold3.com. The full endorsement
on the back reads:
?Issued April 20/ 63
A. L. Landis
Maj & QM?
Absalom ?Abner? Lowe Landis (biography
researched by Charles Derby and Logan Mifflin)
Absalom Lowe Landis was born on August 31st,
1823, to John and Mary (Lowe) Landis in Bedford
County, Tennessee. At the age of nineteen he began
teaching at a school, and at twenty-four he became a
merchant in Shelbyville. He later became a partner in
the pork packing firm of Barrett & Landis, as well as
owning the Sylvan Cotton Mills and a large
plantation.1
1861
The National Archives contain a typed career
summary sheet for Landis which notes that he first
enlisted in the 17th Regiment Tennessee Infantry.
There are 11 documents for Landis in the file for that
regiment, but they contain very little information. His
regiment was initially raised by the State of
Tennessee on June 11th, but it transferred to the
service of the Confederate States on August 15th. A
muster roll with that date located Landis at Camp
Buckner and noted that he was elected as a Major in
the regiment, and a pay voucher confirms his rank
from that date. The history of the 17th Tennessee is
recounted on the excellent website tngenweb.org,
which incorrectly notes Maj. Landis? first name as
?Abraham.?2 In late 1861 the regiment fought in East
Tennessee.
M
The Quartermaster Column No. 41
by Michael McNeil
Image: Heritage Auctions, HA.com
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Endorsements of Landis on documents in the files of the
National Archives use two forms of the capital letter ?A? in
his first initial. The form at top appears to be a variation
used by a clerk, and it is written in the same hand seen in
clerical copies of documents. The form at bottom, which we
also see on the Treasury note, appears to be his genuine
signature with a script which varies considerably from the
hand of the clerk. images: Fold3.com
Maj. A. L. Landis, Quartermaster image: see Note 4.
1862
In early 1862 the regiment was located at Iuka
and Corinth, Mississippi, but it did not participate in
the Battle of Shiloh. The National Archives files for
Officers contain 111 documents for Landis. He was
appointed as Major and Quartermaster on October
29th, reporting to Gen?l Liddell, taking rank
retroactively to October 14th. On October 8th the
regiment was a part of Buckner?s Division which
participated in Gen?l Bragg?s invasion of Kentucky,
but retreated back to Tennessee to participate in the
Battle of Murfreesboro in Cleburn?s Division on
December 31st.2 Landis served as the Quartermaster
to Cleburn?s entire division.
1863
The 17th Tennessee Infantry was heavily
engaged in the Battle of Chickamauga on September
19th to 20th. In December it formed a part of
Buckner?s Division in Longstreet?s Corps in East
Tennessee.
1864
On April 16th Landis was ordered to report for
special duty as an ?Impressing Officer of Art(iller)y,
etc.? On May 15th the 17th Tennessee Infantry was
transferred to the Richmond-Petersburg line of the
defense of Richmond where the regiment suffered
significant losses. On June 11th Landis was appointed
as an Inspector of Field Transportation for Hardee?s
Corps, and on October 26th he reported to Maj. N. W.
Smith in the same role. A document dated November
18th located Landis at Tuscumbia, Alabama.
1865
The 17th Tennessee Infantry fought its last battle
on April 2nd at Petersburg and was surrendered by
Gen?l Robert E. Lee at Appomattox Courthouse on
April 9th. Landis, however, was surrendered on April
26th by Gen?l Joseph E. Johnston and paroled on May
13th by Gen?l W. T. Sherman.
After the war
Landis became prominent in banking in
Tennessee, and he secured subscriptions to furnish
the capital to establish the Nashville and Chattanooga
Railway. In 1880 he was elected as a Democrat to the
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A. L. Landis, circa 1890.
image: courtesy of L. Meyer, Artist, at Ancestry.com
Beech Hall plantation, built for A. L. Landis in 1866.
image: en.wikipedia.org/wiki/Absalom_Lowe_Landis_House
Tennessee Senate. In 1886 he organized the Landis
Banking Company in Nashville, and he also served as
the branch director of a bank in Shelbyville.1 Landis
died at the age of 73 on June 5th, 1896, at the
residence of his son in West Nashville.3
Reflections from history?s distant mirror
Absalom L. Landis was undoubtedly a gifted
businessman, and he accomplished much in building
the banking and railroad infrastructure of central
Tennessee. His eulogies praised his accomplish-
ments, his honesty, and described him as a ?stanch
Democrat? with ?liberal views.?1, 3
The great historian Barbara Tuchman noted that
history is a distant mirror. The endorsements on
Confederate treasury notes are important and very
collectable because they illuminate the past and the
present, sometimes unpleasantly. In 1880, the year
Landis served in the Tennessee Senate, liberal
Democrats supported a Jim Crow economy that kept
former Black slaves in destitution with
sharecropping. Liberal Democrats today support open
borders to supply cheap labor to the economy,
impoverishing the lower half of Americans. We
assuage our consciences by finding racism in nearly
all human endeavors, but we legislate virtually
nothing to reduce wealth inequality. Our past has
returned to haunt us.
Carpe diem
?Those who do not remember the past are
condemned to repeat it.? ? George Santayana, 1906
References:
1. John Trotwood Moore, Austin P. Foster. Tennessee, the Volunteer State, 1769-1923, Volume 4, pages 319 to 320, The S. J.
Clarke Publishing Co., Chicago, Nashville, 1923.
2. tngenweb.org/civilwar/17th-tennessee-infantry-regiment/
3. The Tennessean, June 6th, 1896, page 3.
4. Frederick A. Virkus. The Abridged Compendium of American Genealogy: The Standard Genealogical Encyclopedia of The
First Families of America, Volume 2, 1926, page 370.
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$MALL NOTE$ By Jamie Yakes
A Simple $1 Face Plate, No. 519
Earlier this year, Derek Higgins messaged me through Facebook: ?Thought this was pretty cool.
Seems way late for a three digit plate to show up.? Attached to his message was a photo of an otherwise
ordinary Series of 1935A $1 silver certificate (see fig. 1). What had caught his attention was the low face
plate serial 519 with a D-C serial number. The D-C block was printed in November and December of 1942,
yet a $1 face plate with
serial 519 was of 1938
vintage.
The high back
plate serial, 2966,
supported the idea that
face 519 remained in use
until 1942, if not later.
This, it turned out, was the
case.
During a trip to
Archives II1 at the end of
January, I retrieved the
plate history for face 519,
just for fun. Its life was
routine, so there is nothing
remarkable to report, but
it?s always interesting to
track the life of a printing
plate, especially to satisfy
the request of another
collector.
Recorded on the first ledger page for face 519 was the following information (see fig. 2).2 Series
1935A $1 face 519 was started and finished in the summer of 1938. It was certified on July 6, and sent to
press a few days later on the 12th. It remained in the press room for a few months until it was dropped on
October 27. It was then reentered and recertified?basically refurbished and/or repaired?and sent back to
press on November 7, before being dropped again on December 16.
What caught my eye was the conspicuously missing cancellation date for the plate (see the red box in
fig. 2). Most of the other plates listed on the page were canceled in 1938, with a few in 1939. Additionally,
nothing like ?transferred? or ?see new page? had been documented in reference to face 519. Vault operators
used codes like those to indicate they?d started a second or third page to continue recording a plate?s history.
As I progressed through the ledger, I found additional data for face 519 listed on a page with plates of
1941 vintage that had various serials between 2581 and 3519, inclusive (see fig. 3). After sitting unused for
Figure 1. 1935A $1 silver certificate, plates D519/2966
Figure 2. The first part of plate 519?s history.
SPMC.org * Paper Money * Mar/Apr 2025 * Whole Number 356
123
nearly four years, face 519 was sent to press on October 8, 1942. It was dropped four days later, sent back to
press on the 14th, and then dropped again on November 21. It was reentered and recertified for a second time,
and then used for a final press run from December 11, 1942, to March 18, 1943. It was canceled on April 5,
1943.
As it turned out, face 519 was a normal plate. The sheet with Higgins?s note had been printed just a
few weeks or a months prior to serial numbering. The four-year gap between press times is something I don?t
observe often with plates for high production types, but it happens. I don?t know why it did for this plate. But
it was still in usable condition after its initial service in 1938, and so was set aside in the plate vault. Another
few thousand $1 plates were certified, used, and canceled before face 519 saw another press run.
Face 519 most likely got swept up when the Bureau of Engraving and Printing (B.E.P.) started
overprinting large orders of $1s (and $5s, $10s, and $20s) during the second world war.3 Those notes were
used as an economic defense in the event the Japanese military invaded Hawaii, and as invasion currency
when U.S. Pacific forces island-hopped westward across the Pacific, and when Allied forces invaded North
Africa and Sicily in the Mediterranean. The effort led to a surge in plate production at the B.E.P., and a bump
in plate reentries as old plates had their lives extended.
The B.E.P. began numbering brown-seal $1s for Hawaii and the Pacific campaign in June 1942, and
yellow-seal $1s for the Mediterranean landings the following September. The D-C block was used only for
regular blue-seal production, but other C-suffix blocks were used on both types of overprinted notes. I?d bet a
519 note could be found with a brown or yellow-seal.
References
1. ?Archives II? is the formal name for the National Archives and Records Administration facility located in College
Park, Maryland.
2. Record Group 318-Bureau of Engraving and Printing: Entry P1 (450/79/17/01), ?Ledgers Pertaining to Plates,
Rolls and Dies, 1870s-1960s,? Container 41. National Archives and Records Administration, College Park,
Maryland.
3. Huntoon, P., J. Downey, et al. ?U.S. Hawaii & North Africa/Sicily Military Currency,? Paper Money Whole No.
255 (2008, May/June).
Figure 3. The rest of 519?s history.
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F.U.N. ?25 Activities
Yes, the SPMC once again had a very successful show at the 2025 Florida United Numismatic show in Orlando in
January 2025. We had a general business meeting, the yearly Tom Bain raffle (with breakfast), inducted four new
member into the Hall of Fame and gave out lots of awards. We had a club table that was very well staffed by Bob
Moon, Robert Vandevender, Nancy Purington, Derrick and Jessica Higgins and others who wanted to help. This show
will also be our regular yearly gathering in 2026, so make plans now to attend.
PHOTOS of our activities (courtesy of John & Nancy Wilson)
General Meeting
Derek Higgins gave a very interesting and informative talk on ?The Joy of
Collecting Small Size Silver Certificates, Mules, Experimentals and late
Finished Plates. Even those of us who don?t collect those types of notes
learned something.
Hall of Fame Induction Dinner
Members of the board of governors and past HoF members celebrated the
induction of John and Nancy Wilson, Albert Grinnell and Bob Medlar to the
Hall.
SPMC table
The SPMC member table
was staffed by Bob Moon,
Robert Vandevender, Nancy
Purington and Derek Jessica
Higgins. Our table was a stop
on the YN treasure hunt at
which we gave youngsters a
foreign banknote for
answering our question
?How many Federal Reserve Banks are there in the U.S. ?? They also received a map of the U.S. with each
district outlined, and a card with SPMC information on it along with their foreign banknote. It was very
well received.
SPMC.org * Paper Money * Mar/Apr 2025 * Whole Number 356
125
SPMC breakfast, Awards presentations and Tom Bain Raffle
Saturday morning we had our usual breakfast, presented a few awards and then we had the always fun Tom
Bain Raffle.
Actually, the hotel
breakfast fare was
good, plenty and
enjoyed by all. Abe
Lincoln stopped by for
a bite to eat.
Tom Bain raffle
Our Tom Bain raffle is always a very fun experience. Emcee Wendel Wolka keeps things going and his
humor really makes for a good time.
Wendell examines the
prizes he is going to raffle
There has to be a winning
ticket in there somewhere
Two happy
winners
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Awards Presentation
The SPMC presented service and literary awards at the annual breakfast.
Hall of Fame?Albert Grinnell, Robert Medlar, John & Nancy Wilson
Nathan Gold Award for long time service to the SPMC and the hobby?Lyn Knight
Founders Award for contributions during the past year?Shawn Hewitt & Mark Drengson
President?s Award for significant work for the society?Derek Higgins
Nathan Goldstein Recruitment Award for recruitment of new members?Robert Calderman
Education, Research and Outreach Award?Marshall Mallory
Forrest Daniel Award for literary excellence?Lee Lofthus
Wismer Award for best new book?tie
Mark Coughlan & Dennis Hengeveld?Engravers & Printers of Confederate Paper Money
Michael McNeil?Signers and Issuers of Confederate Bonds
Runner up?William Pressly?America?s Paper Money; A Canvas for an Emerging Nation
Literary Awards?for best articles in Paper Money during the year
National Banknotes?Lee Lofthus (1st) & Michael Sahariam (2nd)
Federal Currency?Lee Lofthus (1st) & Lee Lofthus with Peter Huntoon (2nd)
Obsolete Banknotes?Benny Bolin (1st) & Rick Melamed (2nd)
Confederate currency?Mark Coughlan (1st) & Tony Chibbaro (2nd)
World currency?Steve Feller (1st) & Roberto Menchaca (2nd)
Miscellaneous currency?Rick Melamed (1st) & Steve Feller (2nd)
Best Column?Cherry Picker Corner (1st) & Uncoupled (2nd)
Best of Show Exhibit?Jaime Halvpa
2025 Hall of Fame inductees John and Nancy Wilson
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Founders Award winners Mark Drengson & Shawn Hewitt President?s Award winner Derek Higgins
Literary winners Benny Bolin, Joe Boling, Robert Calderman & Tony Chibbaro
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Breakfast ticket featuring John & Nancy Wilson
John & Nancy with Tom Stebbins-ticket designer
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? 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.
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of these booklets can be found on our Web Site.
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Or Visit Our Web Site At: www.pcda.com
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Highlights From the Charlton Buckley Collection, Part II
U.S. CURRENCY SIGNATURE? AUCTION
CSNS - Dallas | April 29 ? May 2
* Images not actual size
Paul R. Minshull #16591. BP 20%; see HA.com 79460
For a free appraisal, or to consign to an upcoming auction, contact a Heritage Expert today.
800.872.6467, Ext. 1001 or Currency@HA.com
Consignment Deadline: March 17
Fr. 2220-G $5,000 1928 Federal Reserve Note
PCGS Very Choice New 64PPQ
Serial Number 2 Fr. 1700 $10 1933 Silver Certificate
PMG Choice Uncirculated 63 EPQ
Fr. 1133-L $1,000 1918 Federal Reserve Note
PMG About Uncirculated 55
Fr. 2408 $1,000 1928 Gold Certificate
PCGS Gem New 65
San Francisco, CA 1870 $50 National Gold Bank Note
CH# 1741 The First National Gold Bank
PMG Fine 12
Serial Number 1 Faribault, MN Fr. 399 Original $5
CH# 1863 The Citizens National Bank
PMG Choice Extremely Fine 45 EPQ
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