Paper Money - Vol. VII, No. 4 - Whole No. 28 - Fall 1968

[.3 f.3 VOL. 7 1968 No. 4 113 113 11 113 I*3 "Go Fight. City Hall." See Maurice Gould's unusual account on Page 116 of a man who tried in 1921 to re- deem this 1864 note of the City of New Orleans. Whole No. 28 OFFICIAL PUBLICATION OFwi Cociet9 ed Paper Money Collectop,4 © 1968 by The Society of Paper Money Collectors. Inc. Paper Menq DEVOTED TO THE STUDY OF CURRENCY pnoFESS IO Nk NUMISMRTISis -INC. U. S. SMALL SIZE NOTES All Superb, Crisp New, if not otherwise stated. # Indicates not too well centered. Please Remember, "You get What you Pay For-and More," at Bebee's. $1 SILVER CERT. 201-1 1928 VF $ 4.65 ExF $5.95 12.50 201-2 1928A VF 3.85 AU $5.95 10.50 201-3 1928B 11.50 201-4 1928C Wtd. Write. 201-5 1928D Write. 201-6 1928E Wtd. Write. 201-7 1934 ## 7.50 VF $4.50 8.95 201-8 1935 ## 7.50 AU $5.25 8.95 201-9 1935A ## 3.35 AU $2.50 4.50 201-10 1935B 10.81 201-11 1935C ## $ 3 .95 5.35 201-12W 1935D ## $3.50 4.50 201-12N 1935D ## $2.25 4.25 201-13 1935E * $4.50 3.15 201-15 1935F * $3.50 2.75 201-17 1935(1 N/M # $2.25 2.75 201-18 1935(1 W/M # $2.65 3.35 201-14 1957 * $2.85 2.25 201-16 1987A * $3.50 2.25 201-19 19578 * $2.85 2.25 NORTH AFRICA A201 1935A $1 13.75 F $3.85, VF $4.95, ExF 6.50 A205-2 1934A 85 25.75 VF $14.00, ExF $16.00 AU 18.00 A210-2 $10 86.50 VF $19.00. ExF $23.00, AU 26.00 HAWAII ISSUE 11201 1935A $1 # $6.50 7.95 F $2.75, VF $3.95, ExF 4.75 No. under 1,000 19.00 No. under 2,000 16.50 HSO5-1 1924 $5 64.50 HSO5-2 1934A $5 # 42.50 H510 1934A $10 CU Wtd. H520-1 1934 $20 VG VF to C0 H520-2 193-IA CU Wtd. RED "R" Cr "S" PAIR R201, S201 # Superb Pair Last Two Nos. 11atch-# $142.50, Superb $5 SILVER CERT. 205-1 1934 $ 16.50 205-2 1934A Al' $10.10 14.50 205-3 1934B 42.75 ExF 19.00, AU 24.50 205-4 1934C 17.25 205-5 1934D 13.75 205-6 1953 13.75 205-7 1953A # $8.50 9.75 205-0 1953B # $8.75 9.75 Above Set (8) Write. $10 SILVER CERT. 210-3 1933 VF to CU Wtd. 210-2 1934 34.75 210-3 1934A 38.50 210-4 1934B VF to CU Write. 210-5 1934C 21.75 210-6 1914D 19.75 210-7 1953 27.50 210-8 1953A 27.50 210-9 19538 # $24.00 27.50 $1 LEGAL TENDER 101 - 1 1920 # $24.50 29.00 No. under 2.000 47.50 Under 5.000 # $35.00 39.50 $2 LEGAL TENDER 102-1 1928 43.50 102-2 1928 CU Wtd. Pay TOPS 102-3 1928B CU Wtd. Write. 102-4 1928C # $24.50 29.50 102-5 1928D # $14.00 17.50 102-6 1928E 33.50 102-7 1928F it $14.00 17.50 102-8 19280 # $7.50 9.50 102-9 1 2 53 # $5.75 7.75 102-10 1952A # $4.95 6.50 102-11 19538 It 03.50 4.50 102-12 1953C # $3.35 4.50 102-13 1062 3.15 102-14 1963A 3.50 $5 FED. RESERVE 505-1F 1928 AU 505-1J 1928 AU 505-3C 1928B # $14.50 505-3J 1928B # $14.50 505-6BL 1934 # $15.00 505-6GL 1934 505-7G 1934A * 505-8G 1934B 505-9(1 1934C 505-11G 1950 505-11H 1950 505-11K 1950 505-12B 1950A 505-12J 1950A * $12.00 505-12K 1950A * 505-13J 1950B 505-14C 1950C * 505-14J 1950C 505-15J 1950D * $8.50 505-17L 1950E 505-18C 1963A * 505-188 1963A * $10 FED. RESERVE 510-1F 1928 # $27.50 510-1(1 1928 510-3A 1928B 510-311 1928B 510-3G 1928B # $18.00 510-3J 1928B 510-6B 1934A # $16.00 510-8B 1934C 510-6J 1934A 510-8(1 1934C 510-8L 1934C 510-10i 1950 510-11J 1950A 110-12F 1950B 510 -12J 1950B 510-13.T 1950(1 510-14.T 1950D $20 FED. RESERVE 025,00 # $26.00 $5 LEGAL TENDER 105-1 1920 Al' $16.50 33.50 42.50 105-2 1928A # $55.00 69.00 Write. 105-3 19288 AU $16.50 37.50 105-4 1928C 27.50 105-5 19281) Wtd. Write. 105-6 1928E 24.50 105-7 19288 22 10 105-8 1953 21.00 129.75 105-9 1953A 16.00 147.50 105-10 1953B 14.50 100-11 1953C 10.50 159.50 105-12 1962 5.50 520-2D 1928A 520-3G 19288 520-3.1 1928B 520-5.7 1934 120-6G 1934A * $33.;10 520-10G 1950 020-10J 1950D 520-14(1 1950D 520-15.1 1963 520-17C 1963A $ 14.50 16.00 18.50 21.50 19.00 18.00 19.00 15.50 11.50 9.00 9.75 9.00 9.00 10.50 12.00 9.00 10.50 7.95 6.95 7.95 6.95 6.95 .32.10 '24.50 22.50 19.00 22.50 24.50 19.00 16.00 21.00 16.56 17.50 15.50 14.50 14.50 14.50 13.50 12.00 32.10 29.50 32.50 31.50 32.50 24.50 24.50 24.50 23.00 22.50 $50-$100 Fed. Reserve Write $1 FEDERAL RESERVE BANK NOTES Superb Crisp New Sets (12), 1963, 1963A, one of each Dist. Single Notes $1.85. Set. Last 2 Star Set. Last Single Stars $2.15. Reg. Set Nos. Moil' h Star Set 2 Nos. Matell 1963 Set (12) $17.95 $1 5.95 $21.95 $24.95 1963A Set (12) 15.95 16.95 19.95 21.95 Both Sets 1963, 1963A Regular and "Stars". The Last Two Nos. Match on all Forty- Eight Notes 79.95 WANTED-Name Your Price if you can supply the following Notes: Territorials-All (Especially need Alaska, Arizona, Idaho. Nebraska, Wyoming) ; Choice 1st, 2nd Charter Nationals (Epecially need 2nd Charter Arkansas, Colo., Idaho, Mississippi, Nevada New Mexico), F398, 586, 586A, Two-Denominations, and Other Rarities. Buy on our Lay-Away Plan 1$100.00 Minimum). No Carrying Charge. Terms: 4 to 10 Months. Write for Details. Minimum Order $5.00. Please add 75c for Postage, Registration on Orders less than $50.00. If you are not alren'y a "Bebee Booster", how about a Trial Order NOW! cc's inc. "Pronto Service" 4514 North 30th Street Phone 402-451-4766 Omaha, Nebraska 68111 Paper litene VOL. 7 NO. 4 FOURTH QUARTER 1968 WHOLE NO. 28 PUBLISHED QUARTERLY BY THE SOCIETY OF PAPER MONEY COLLECTORS Editor Barbara R. Mueller, 225 S. Fischer Ave., Jefferson, Wis. 53549 Research Consultant, Obsolete Currency Mrs. C. Elizabeth Osmun Publisher J. Roy Pennell, Jr., Box 3005, Anderson, S. C. 29621 Direct only manuscripts and advertising matter to Editor. Direct all other correspondence about membership affairs, address changes, and back numbers of Paper Money to the Secretary, Vernon L. Brown, Box 8984, Fort Lauder- dale, Fla. 33310. Membership in the Society of Paper Money Collectors, including a subscription to Paper Money, is available to all interested and responsible collectors upon proper application to the Secretary and payment of a fee. Entered as second-class matter July 31, 1967, at the Post Office at Anderson, S. C. 29621 with additional mailing privileges at Federalsburg, Md. 21632, under the Act of March 3, 1879. Non-member Subscription, $5.00 a year. Published quarterly. ADVERTISING RATES One nine Yearly Outside Rear Cover $37.50 $140.00 Inside Front & Rear Cover 35.00 130.00 Full Page 30.00 110.00 Half Page 17.50 60.00 Quarter Page 10.00 35.00 Schedule for 1969 Advertising Deadline Publication Date Issue No. 29 Feb. 15, 1969 Mar. 15, 1969 Issue No. 30 May 15, 1969 June 15, 1969 Issue No. 31 Aug. 15, 1969 Sept. 15, 1969 Issue No. 32 Nov. 15, 1969 Dec. 15, 1969 CONTENTS New Information on Fractional Currency, by M. R. Friedberg 107 Obsolete Paper Currency, Drafts and Scrip of California 112 Rules for Redemption Reveal Coupon Note Issue, by Forrest W. Daniel 113 Gold Notes Are Legal Now, by Cliff J. Murk 115 Go Fight City Hall, by Maurice M. Gould 116 New Book on Counterfeiting, A Review, by Richard T. Hoober 118 Series 1923, by ill. Perlmutter 119 Names and Banks, by Clyde F. Mackewiz 120 Conversation Pieces of Large Size U. S. Paper Money, by James Stiff 121 Numismatic First Makes Essay-Proof Appearance 124 THE SOCIETY OF PAPER MONEY COLLECTORS, INC. Society of Paper Money Collectors Eighth Annual Meeting 123 Secretary's Report 124 ociet9 el Paper 1itane9 Co&doh:5 OFFICERS President George W. Wait, Box 165, Glen Ridge, N. J. 07028 Vice-President William P. Donlon, Box 144, Utica, N. Y. 13503 Secretary Vernon L. Brown, P. 0. Box 8984, Fort Lauderdale, Fla. 33310 Treasurer I. T. Kopicki, 5088 S. Archer Ave., Chicago, III. 60632 APPOINTEES-1968-69 Librarian Barbara R. Mueller Attorney Ellis Edlow BOARD OF GOVERNORS-1968-69 Thomas C. Bain, William P. Donlon, Harley L. Freeman, Nathan Goldstein II, Maurice M. Gould, Warren S. Henderson, Alfred D. Hoch, Richard T. Hoober, Morris Loewenstern, Charles O'Donnell, J. Roy Pennell, Jr., Matt Rothert, Glenn B. Smedley, George W. Wait M. 0. Warns. 2.111111111111 I I I I I I I I I 1 1 1 1 1 1 I I I I I I I I I I I I I I I I 1 I I I I I I I I I I I II I II I 11 I I I I II I I I I I I II I I I I II I II I I II I II I II I I II I I I I I I I I 1 1 1 1 1 1 I I I II I I I I I I I II I III I II I II I II I II I III II I II I I II I 111111 I II I III I II I I I I I I II I III I II I I HE = = = E, = _Important Notice E E = = == _ =Paper Money Is A Copyrighted Publication ▪ E = =E No article originally appearing in this publication, or part thereof or condensa- = = = = tion of same. can be reprinted elsewhere without the express permission of the Editor. E = =Although your Officers recognize the publicity value to the Society of occasional re- E = • prints. they cannot allow indiscriminate use of the material from PAPER MONEY in E E other publications even when condoned by the -=author. Therefore. authors should == _ = • contact the Editor for permission to reprint their work elsewhere and to make ar- E = ramiements for copyrighting their work in their own names. if desired. Only in this g= = = = way can we maintain the integrity of PAPER MONEY and our contributors. = = = = = = .1lIlIlIIIII!IIIIIIIIIlIIIIIIIIIlIIItIII!llflhIlIllIIIIIIII fl hlIIIflIflhIIjIllhI 111111 III III 111111 III II II IIflhlIlIIIIIIIIIIIIIIIIIII IIIlIIIIIIIIIIIIIIIIIIIIIIIIIIIItIIl IIIIIlIIUIIIIIIr!IIIIr WHOLE NO. 28 Paper Money PAGE 107 New Information on Fractional Currency By M. R. Friedberg D. W. Valentine 1 specified that all Second Issue notes were printed on plates of 25 subjects with the plate num- ber appearing at the intersection of the lower left hand four notes. I have been puzzled by several unquestion- ably geninue sheets of notes that do not have plate num- ber in the correct position. Several sheets have appeared without plate numbers, whereas others have had the plate number at the lower sheet edge between the first and second note from the edge. Discovery of an October 1, 1864 inventory of engraved plates in the printing bureau of the Treasury Department has now solved this mystery. The inventory listing shows that the 5c and 10c plates were made for 20 subjects, for 25 subjects and some for 50 subjects, while the 25c and 50c were made in 20, 25 and 40 subjects contrary to Valentine's statement of only 25 subject plates. Other comments in a Congressional investigation (28th Congress, 1st Session, Ex-Documents #50 and #140) indicate that the large plates of 40 or 50 subjects were intended for use in the hydrostatic (dry process) presses but were actually usually used with half-size sheets of paper! Apparently problems in both paper production and in printing press adjustments made it necessary to use smaller size sheets most of the time. Later inven- tories indicate that full sheets of 40 and 50 were printed, but Treasury records normally indicate smaller sheets. Apparently the plates of 20 subjects for the 5c and 10c were intended for specimens and shields, as were the 25- subject plates for the 25c and 50c. It might be further assumed that the specimen plates were in process at inventory time since the special plates did not exist for both obverse and reverse of each note. A further oddity of the Second Issue has been the ap- pearance of a gold or bronze rectangle approximately 3/8 " high by 1" long with the legend "Treas Dpt" inside the rectangle (see V19E). 1 The device is found in the corner of the note and is found on either obverse or re- verse. The mystery surrounding this device's appearance on Second Issue fractional currency was cleared up through the testimony of William H. Coleman (Assistant Clerk, Paper Department, October 1866 to May 1865), as reproduced in Document #273 of the 3rd session of the 40th Congress. "Answer: . . . Our idea was not but that any stamp which was put on to the paper could be counterfeited, but that if it were done we could bring to bear on those who did it the counterfeiting laws the punishment for counterfeiting. The law provides for dis- tinctive paper. They had no distinctive paper; it was such bank note paper as is used by all bank note companies for printing. But by taking it and imprint- ing it with a treasury stamp and making it treasury paper we did make it really a distinctive paper. Question: What species of a device was this, that you put upon the paper in your office, before you delivered it out? Answer: It was a small simple stamp, consisting of a rectangle with "Treasy Dpt" inside of it, which was printed on the corner, and intended to accompany it all through its different stages. Question: During the time that system was in opera- tion under Mr. Drummer and yourself, how did it work, practically? Answer: So far as I know, it worked well." In going through the bronzing process, the rubber stamped device became bronzed along with other things to be bronzed. It is obvious that the examples of this device were not always properly trimmed off the selvage of the paper. In fact, the paper counters were appar- ently lax and sometimes stamped the device into the printing area. Valentine refers to a red device (V17F) 1 on some notes, and we can assume that this device was used when counting completed sheets of printed notes during Coleman's tenure in the Department under S. M. Clark from February 1864 to May 1865. Through the efforts of Mr. Floyd Dill of Bridgeton, N. J., I was able to photograph a copy of a 50c Liberty 3rd issue note having a red reverse with the autographed signatures of Colby and Spinner on the obverse. The reverse has the bronze letters S-2-6-4 in the corners and the obverse has contemporary writing in the borders saying: "Very rare, from Wm. at Washington Nov. 1864, Autographed—not issued." This written informa- tion further substantiates the date published on page 49 of PAPER MONEY #22 Vol. 6, Issue 2, 1967, that the first printing of this note was November 14, 1864 and that the first note issued was Friedberg 1357, Valentine 48.1 In a discussion of the printing dates of 50c, 3rd issue, S. M. Clark (page 136, note 23, Report 273 of 40th Con- gress, 3rd Session) reported that he had made an ex- perimental printing of notes on November 14, 1864. Three hundred and sixteen sheets having a value of $6 per sheet (or 12 subjects per sheet) were printed, and he delivered 255 sheets to the treasurer. Ten sheets were retained in the printing department's vaults and 51 sheets mysteriously disappeared and were belived to have been destroyed. There was a total possible issue of 316 sheets making possible 3,792 total notes now identified as #F 1357. However, Clark stated that only 255 sheets were "fit to issue" giving us an exact issue of 3,060 notes having a value of $1,530 sent to the treasurer. Clark then goes on to say that production of regular notes didn't commence until January 14, 1865, with first Paper Money WHOLE NO. 28PAGE 108 7 Plate number at bottom No plate number WHOLE NO. 28 Paper Money PAGE 109 Normal plate number location delivery to the Treasurer on February 15, 1865. We can assume that notes issued after February 15 were the regular Justice notes. Final substantiation is contained in a copy of the Bankers Magazine 2 for March 1865 (page 688) in which they announce a new Fractional Currency and describe the 50c Liberty having a red back with letters S-2-6-4 in the corners (F 1351-4). Further, the Spinner notes replaced the Justice notes after September 21, 1867 when Colby left office and be- fore August 10, 1868 (the date of the plate inventory in Ex. Doc. 45 of 40th Congress, 3rd Session). The in- ventory lists the 3rd issue Spinner obverse plates, the old design 50c reverse plates and the "new" designed 50c reverse but does not list the Justice 50c obverse. We can therefore be assured that printing of the Justice notes was discontinued before August 1868 and before Jeffries' term of office which started in October 1867. Fifty-cent Spinner notes with Colby's signature were regularly is- sued, and thus the Spinner notes must have replaced the Justice notes before Jeffries came to office or Colby wouldn't have signed the regularly issued Spinner notes. The Bankers Magazine article of March 1865 goes on to state: "The twenty-five cent notes are nearly quite finished, but have not yet reached this city. They are to be shorter than the fifties while the tens and the fives are to be relatively still shorter. It is understood that the principle of historical illustration adhered to in the de- signs of the national currency has been extended in some of its features to all the new fractional notes." This comment lends credence to the previously pub- lished opinion that the 5c Clark was supposed to have been the vignette of the Clark from Lewis and Clark rather than S. M. Clark of the Bureau of Printing and Engraving. However, it does open the question of who (or what) should have been illustrated in place of Fessenden on the 25c note! Returning to the 50c S-2-6-4 note (F 1357), another significant point is made that the "S" of S-2-6-4 cannot refer to September since the notes were printed in Novem- ber. The "S" could refer to silk as the material imbedded between the two layers in making membrane paper. Testi- mony in later investigations pointed out that silk fibers tend to flatten out whereas jute fibers are round and retain their shape. Close investigations of the fibers in the S-2-6-4 notes indicate that they appear to be silk threads and that the "S" could therefore indicate silk. The "2" would then indicate either two thicknesses of paper or the 2nd ex- periment in the series with the "6" and "4" obviously the year of 1864. However, investigation of the A-2-6-5 notes indicates that there are no fibers in the notes, except for the F 1370-73 series (V 42-42C) which are 50c Liberty notes with green reverses. These F 1370-73 notes are on paper identical to the S-2-6-4 paper of F 1357. The obvious assumption is that Walter Breen's comments 3 that F 1370-73 are error notes and should bear the S-2-6-4 marking are positively correct. The August 10, 1868 inventory specifically lists the new design 50c reverse as "used on specimen head" and encompasses a total of 22 plates serially numbered from #1 to #22. This indicates that these plates were just being produced, whereas the old design 50c reverse inventory of 44 plates from plate numbers 1 to 94 with various missing plate numbers would indicate that certain plates had been withdrawn. Further substantiation is given by Valentine's 1 listing the existence of notes with old PAGE 110 Paper Money WHOLE NO. 28 Friedberg 1357 obverse Friedberg 1357 reverse design reverse plate #2 which is not listed in this govern- ment inventory. Valentine also lists notes with new design 50c reverse plates of #24 and #26 which weren't yet included in August 10, 1868. He also lists obverses with plate numbers higher than those shown on the inventory, thus substantiating the issue of the new de- sign 50c reverse after the inventory date. Positive in- dication that the regular printing of the new design 50c reverse didn't start until after August 10, 1868 is that plate #24 Spinner obverse which was used on the old design 50 reverse was, not included in the inventory and must have been used after August 10, 1868. We can safely state that: 1. F 1339-42 50c Spinner new design reverse (V44- 44g) were regularly issued at some date after August 10, 1868 and before October 15, 1869 (end of Jeffries' administration). 2. Specimens of the new design 50c reverse were is- sued prior to August 10, 1868 and probably during early 1868. 3. Justice 50c notes were discontinued prior to August 10, 1868. The finding of Jeffries-Spinner signature on specimens and shields indicates that shields were definitely issued during the Jeffries' administration of October 5, 1867 to March 15, 1869. During the investigation detailed in Doc. 273 of the 40th Congress, 3rd Session, a Mr. Thomas W. Fowler of the auditing staff was questioned and in his answer further proved that the shields were printed at the Bureau when he testified: "Answer: The amount on hand as per account was 33,500 while the amount on hand as per inventory was 33,600. On page 90 in the account of plate paper, 24 by 30. Question: What kind of paper was it? Answer: Very heavy paper, used for printing the tablets on which specimens of fractional currency were pasted. I did not make a personal examination of it. I merely entered it as it appeared in the book and balanced it by the book without any in- ventory. It was very heavy paper, 200 WHOLE NO. 28 Paper Money PAGE 1 1 1 Photograph courtesy American Numismatic Society "Treas Dpt" on obverse at lower right "Tress Dpt" on reverse at lower right pounds to the ream, as heavy as paste board." The August 10, 1868 inventory also lists under mis- cellaneous plates: "49. specimen shield, for fractional currency." This is the first positive proof that the de- sign was made, engraved and printed at the Bureau. Further checking of these shields indicates that all the green, pink, and lilac shields have signed notes autographed by Colby and Spinner whereas most gray shields have a combination ,of notes signed by Colby-Spinner and Jeffries-Spinner. Gray shields having only Colby-Spin- ner signatures have not been seen. We can thus date the shields as being in existence at August 10, 1868, and since all shields have the new design 50c reverse speci- men we can date the green, pink and lilac shields as the first issues of the shields, with the gray shields being issued after Jeffries took office October 5, 1867. Gray shield Green shield • O• 0.0,0.0,0.• :0.0.0,0 . .0 0 0 0 0 0 0 0 0 0 0 0'0 0-* 0 0 00,0 '`EKR,Irok, '11/1/ '7/7 • n111410 • if4‘, ... ^ *0115E CITY 1.1,. 'iyANry DOLLARS 7;;%., PAGE 1 12 Paper Money WHOLE NO. 28 REFERENCES 2. Sent to me by Mr. Louis Van Belkun of Wyoming, 1. "Fractional Currency of the U. S." by D. W. Valen- .Michigan tine, 1924. OBSOLETE PAPER CURRENCY, DRAFTS AND SCRIP OF CALIFORNIA Harry G. Wigington, compiler of the above listing, wishes to make the following correction to Page 85 of PAPER MONEY No. 27: Under "Locations Unknown," no. 4, delete "(R) 10 in upper corner," and substitute "(R) 5 in upper corner." 3. Numismatic Scrapbook, January 1964, pages 25-26. WANTED OBSOLETE PAPER MONEY (Bank Notes, Script, Warrants, Drafts) of the AMERICAN WEST Oregon, California, Idaho, Nevada, Arizona, Utah, Mon- tana, New Mexico, Colorado: Dakota, Deseret, Indian, Jefferson Territories! Cash paid, or fine Obsolete Paper traded. Have Proof notes from most states, individual rarities, seldom seen denominationals, Kirtlands, topicals; Colonial, Continental ; CSA, Southern States notes and bonds. Also have duplicate Western rarities for advantageous trade. JOHN J. FORD, JR. 176 HENDRICKSON AVE., ROCKVILLE CENTRE, N. Y. WHOLE NO. 28 Paper Money PAGE 113 Rules for Redemption Reveal Coupon Note Issue By Forrest W. Daniel The form letter returned with payment for damaged notes redeemed by the Redemption Division of the United States Treasury after April 21, 1865, carried on three of its pages the rules for redemption of the vari- ous types of currency then in circulation. There were specific differences in measurement rules from those in use today, as well as certain other details. Special instructions reveal an issue of two-year, five per cent, coupon-bearing United States Treasury Notes. Coupon notes of this type are not listed in Paper Money of the United States, by Robert Friedberg, Fifth Edition, so these unknown notes will be discussed in detail later in this article. The Redemption Division worked under these regula- tions: Rules for Redemption of United States Notes I. Notes presented for redemption, of which the abrasion or loss of substance from the corners or edges does not exceed one-twentieth of their original proportions, will be redeemed as entire notes. When of the issue known as Demand Notes, they are receivable for customs duties; but when Demand Notes are mutilated to the extent of one-twentieth or more, they can only be paid for under the rules, as ordinary notes, in lawful money. II. Fragments of Notes will not be redeemed in full, except when proof is adduced by affidavit that the missing parts of such notes have been TOTALLY DESTROYED, and stating the cause and manner of destruction. Less than half of a note is not redeemable at all, unless accompanied by such af- fidavit when presented by the holder. The character of the affiant must be certified to be good, by a magistrate or other public officer. III. In the absence of such affidavit, fragments of notes, exceeding by measurement more than one-half their original surface, will be redeemed in their proportion to the whole note; reckoning, as a general rule, by twentieths. (See dia- grams, subdivided into twentieths.)* IV. Mutilated notes which have been torn no matter how much, but of which all the fragments are returned—or defaced, no matter how badly, but are certainly genuine—will be re- deemed at their full face value on presentation. V. Fragments of notes for which less than the full value has been paid, will be retained six months, to enable owners to return to the Treasury missing parts of such notes, and receive the amount previously withheld. VI. Mutilated notes and fragments will be redeemed only at the Treasury of the United States at Washington. They should be forwarded to the "Treasurer of the United States, Washington, D. C.;" with the name of the owner, the names of his or her post office and State, and the nominal value of the amount remitted, plainly written. A draft on the Assistant Treasurer at New York for the amount allowed, returned by mail to the address of the person remitting, is the customary method of payment.** Redemption of Mutilated Interest-bearing Notes The rules above embodied for the redemption of mutilated Legal Tender and Demand Notes are likewise applicable to mutilated Interest-bearing Notes. Separation of a coupon from a two-years five per cent. United States Treasury Note renders such note no longer a legal tender until interest commences on the next succeeding coupon attached to the note; and the separation is such a mutilation as to make it redeemable only at its face value without interest, at this office. Coupons of two years five per cent. United States Treasury Notes, that have been separated from the notes of which they constitute a part, are of no value except when the holder presents such coupons for redemption, with the notes to which they belong. Coupons should not be detached from the five per cent notes to which they belong, except by a Government officer authorized to redeem them at maturity. But coupons of 7-30 U. S. Treasury Notes and of U. S. Bonds, may be separated by the holder of such notes or bonds, and they will be redeemed at maturity without presentation of either the notes or bonds from which they have been detached. Rules for Redemption of Fractional Currency I. All Fractional Currency, not mutilated, when presented for redemption to an Assistant Treasurer or Designated De- pository of the United States, or a National Bank designated as a Depository of the United States, must have been assorted by the holder, according to denominations, with the faces and upper sides in corresponding order in the packages. There are three different kinds of Fractional Currency in circulation, and they should be assorted by holders, each kind by itself, when presented for redemption. II. When presented in sufficient numbers, each package must contain one hundred pieces of the same denomination; it must be securely pinned, with a paper strap at least one inch wide, and on the strap must be written, in ink, the number of pieces, denomination, and the name of the owner. I I l. The entire deposit must be securely done up in one package, and upon the wrapper, endorsed with ink, the date of the deposit, the amount contained, and the name and residence of the owner. IV. No less sum than three dollars will be redeemed, and packages will be paid for in lawful money of the United States, in order as to time in which they shall have been re- ceived, as soon as the currency can be counted and passed upon. Rules for Redemption of Defaced Fractional Currency Fractional Notes shall be redeemed, if not mutilated, by any Assistant Treasurer or Designated Depository of the United States, or a National Bank designated as a Depository of the United States, in sums not less than three dollars. Defaced notes, if whole, are not considered as mutilated; nor is an evidently accidental injury, not reducing the note by more than one-tenth its original size, regarded as a mutilation. Mutilated Fractional Notes will be redeemed at the Treasury of the United States, at the city of Washington, under the following regulations, established as necessary guards against f raud: I. Fragments of a note will not be redeemed unless it shall be clearly evident that they constitute one-half or more of one original note; in which case a note, however mutilated, will be redeemed in proportion to the whole note, reckoning by fifths, except Three Cent notes, which will be reckoned by thirds. II. Mutilations less than one-tenth will be disregarded, unless fraudulent; but any mutilation which destroys more than one- tenth of the original note, will reduce the redemption value of the note by one-fifth its face value, or if a Three Cent note, by one-third its original value. Ill. Fragments of a Three Cent note will not be redeemed unless such fragments constitute fully two-thirds of the note in its original form. PAGE 1 1 4 Paper Money WHOLE NO 28 IV. Mutilated notes presented for redemption must be in sums not less than three dollars of their original value.*** All Government Officers will receive for public dues all United States Notes of the several kinds, and on account for which they are respectively receivable, as per Treasury Cir- cular of October 9, 1862, in explanation of the Rules promul- gated May 18, 1862; no matter how badly defaced or torn they may be, so long as their genuineness can be clearly ascertained, and so that it is certain that not one-twentieth part thereof is missing. But all such notes as are unfit for re-issue, so received, should be kept separate and distinct, and as occasion may require, be returned to the Treasury of the United States to be retired from circulation. Fractional Cur- rency, from which not ONE-TENTH part is missing, will be received in the same manner. Treasury Department Washington, April 21, 1865 The foregoing Rules and Regulations are hereby approved. All Officers of this Department are required, whenever any spurious note, purporting to have been issued by the United States, shall be offered to any such officer, to stamp thereon the word "Counterfeit." After several years the rules, or the enforcement of them, changed certain practices. The deduction made from the face value of all United States notes and frac- tional currency for the proportional parts missing from mutilated notes was discontinued. While that rule was in force the deductions amounted to $227,044.14—clear profit to the Treasury. By 1873 the practice had stopped entirely, but Treasurer F. E. Spinner asked that the old rules be reinstated because it was possible, under the new rules, to mutilate notes in such as fashion as to cause "redemption of a larger from a smaller number" of notes. He cited the special protection given national currency notes in the National Bank Act: "That every person who shall mutilate, cut, deface, disfigure, or perforate with holes, or shall unite or cement together, or do any other thing to any bank-bill, draft, note, or other evidence of debt, issued by any association, or shall cause or procure the same to be done with intent to render such bank- bill, draft, note, or other evidence of debt unfit to be reissued by said association, shall, upon conviction, forfeit fifty dollars to the association who shall be in- jured thereby, to be recovered by action in any court having jurisdiction." Spinner recommended that such a law, where applicable, with an additional clause de- claring it forgery to mutilate any United States notes with the intention of making a larger from a smaller number of notes, also be enacted for the protection of the public interest. Two-Year Notes of 1863 The Legal Tender Act of March 3, 1863, authorized the issue of $400,000,000 Treasury notes, with interest not exceeding six per cent per annum, redeemable in not more than three years, principal and interest payable in lawful money, to be a legal tender for their face value. In compliance with the act one- and two-year notes were issued at five per cent interest to a value of $211,000,000. Two-year notes worth $166,480,000 were issued between July 1, 1863, and June 30, 1864; and $44,520,000 of one- year notes between January 1, and June 30, 1864. Two types of two-year, five per cent interest bearing notes were circulated. The $50 and $100 notes without coupons were legal tenders at face excluding interest. Since interest on them was payable at maturity it was expected that they would be held from circulation to secure the interest. These notes are pictured in Fried- berg's fifth edition and listed extremely rare, with the $100 note being discovered in 1961. In the fall of 1863, the Treasury was forced to borrow money from the banks to pay the troops, the loan to be represented by five per cent legal tender notes. The bankers insisted, however, that the notes given for the loan bear six-month interest coupons, resulting in a new design. Those notes were issued in $50, $100, $500, and $1,000 values and proved to be an unusually unsatis- factory form of currency. Statistically they are often combined with the maturity notes and therefore indis- tinguishable in the records. The two-year, five per cents had unique characteristics among coupon notes. Secretary of the Treasury Chase ruled that the coupons could not be removed from them for redemption except in the presence of an officer of the Treasury or of a national bank, if a coupon were removed before the specified time the entire note was no longer a legal tender until the interest period of the next coupon began, and that any separated coupon had no value unless presented for redemption with the note to which it belonged. The notes were freely paid out until the time for an interest payment approached— then they were hoarded, the interest collected, and the notes returned to circulation. The result was an unfavor- able periodic expansion and contraction of the supply of currency. Circulation was also affected by interest rates on short-term loans in the money market. When interest rates were five per cent or less the government notes were held; when they rose to seven or eight per cent, the notes were exchanged for higher-paying securi- ties. Treasury officials decided the coupon notes had to be retired as rapidly as possible, and since the coupons had to be removed by an official for redemption, redemp- tion of the entire note was facilitated. They were re- placed by the three-year, six per cent compound interest notes which were payable at maturity. None of the two- year coupon notes are presently known to exist. Fried- berg lists two-year notes of $500 and $1,000 but does not designate them coupon notes; neither are the $50s and $100s of this type mentioned. The total issue of interest bearing notes authorized on March 3, 1863, was only slightly more than half the amount permitted by law, as noted earlier. Total issues of the two-year notes are: Maturity Notes Issued $ 50 $ 6,800,000.00 100 9,680,000.00 Total $16,480,000.00 Coupon Notes 'Issued $ 50 $ 5,905,600.00 100 14,484,400.00 H. MCCULLOCH, Secretary of the Treasury WHOLE NO. 28 Paper Money PAGE 115 500 40,302,000.00 1000 89,308,000.00 Total $150,000,000.00 The total issue of coupon notes was more than nine times that of the maturity notes, but the unusual redemp- tion requirement and higher-interest replacements con- tributed to their early retirement. Within a few years the total of outstanding coupon notes was about half that of maturity notes, and the total of both types was less than $100,000.00. The references used are too early to pro- vide basis for an estimate of an amount presently out- standing if, indeed, there is any. NOTES: * No diagrams are attached to the rules. ** A vertical red-ink overprint "Half-notes that have been punched will in no case be redeemed." crosses rules II through VI. *"* A vertical red-ink overprint "HALF NOTES that have been punched will, in no case, be redeemed." crosses rules I through IV. REFERENCES: Message and Documents, 1869-'70, 1870-'71, 1873-'74, GPO A History of the Greenbacks, by Wesley Clair Mitchell Paper Money of the United States, by Robert Friedberg. Gold Notes Are Legal Now By Cliff J. Murk The holding of gold and gold certificates has been shrouded in mystery and ignorance ever since the pas- sage of the Act of April 5, 1933 that prohibited the hold- ing of gold coin, bullion and certificates. At that time President Roosevelt ordered such holdings in excess of $100 value be turned into the Treasury. The same year, on December 28th, the Secretary of the Treasury ordered all gold coin and bullion to be surrendered to the Treas- ury for exchange in other currency. Coin and bullion that was held in violation of these orders was subject to confiscation. This provision did not apply to gold certificates. The voice of the coin collectors, raised over the years, caused the government to liberalize the gold laws, so in 1954 all gold coins minted prior to 1933, both foreign and U. S., were classed as rare and therefore collectible. This order did not pertain to gold certificates. It was left to the collector of paper money to scream in his turn, like the emblematic eagle, against the inequalities and unfairness of allowing the collector of coin to have and the collector of paper to have not. However, his voice was heard and as explained by the Treasury, in defense of these appeals, new regulations were issued on April 24, 1964—almost to the day, 31 years after the original restrictions were issued, lifting all such restrictions on the possession of U. S. gold notes issued prior to January 30, 1934. There is no U. S. gold certificate that is redeemable in gold today but under the Gold Reserve Act of 1934 they have always been exchangeable for other U. S. currency turn them into the bank for exchange at face or they turn them into the bank for excxhange at face or they may at their option seek out the collector and obtain premium prices for them. You can possess and traffic in U. S. gold certificates legally. Gold certificates issued by the U. S. government since January, 1934 may legally be held only by Federal Re- serve Banks. Since January 14, 1961, it has been il- legal for an American citizen to hold gold—coin, bullion or gold certificates—abroad. Should an American be found holding certificates issued by a foreign govern- ment or bank, the Treasury would require him to dispose of them to the issuing bank. This regulation should be liberalized, as a bona fide collector ought to be able, should he so desire, to have these foreign gold certificates represented in his collection. The public is often times unaware of the numismatic value of old currency. A woman brought several gold notes into a bank for deposit. The teller called to her at- tention the fact that they were gold notes worth more than their face value and even mentioned several places where she could get a premium. This seemed to anger her. She scooped up her notes and sailed out the door with the remark, "If you don't want to take my money, I'll find someone who will." The teller told me she hadn't been back. When Roosevelt started this merry-go-round in 1933, there were gold certificates totaling some $393,000,000 outstanding. Today the Treasury estimates that some $19,000,000 remains unredeemed. You decide for yourself how much of this was lost or destroyed. You may rest assured that it is a goodly sum, and it is ques- tionable just how much good, collectible material re- mains. In total face value the higher value denomina- tions outstanding are respectively $20s, $10s, $100s and $50s. Quite a number of $500s and $1,000s are floating around, as are ten $5,000 and eight $10,000 notes which denominations used to be favored by banks, black mar- keteers, gangsters, and, of course, collectors. That these high values still are out is most unusual, since they are usually the first to be turned in. It is my personal belief that the present prices of gold notes are sadly undervalued as to the material available, and that in the next few years this field is where the action will be as the law of supply and demand stabilizes and revalues the market. PAGE 1 1 6 Paper Money WHOLE NO. 28 =b. Go Fight City Hall By Maurice M. Gould Recently I read in one of the coin publications about a $2 Revenue Bond dated June 20, 1867, which had been issued by the City of Little Rock, Arkansas. The owner of the bond had written to the Mayor to find out if the original was of any value and why the bonds were issued. No one at City Hall knew why the bonds were issued, but there was speculation that carpetbaggers were responsible. The gentleman also wanted to know if the bond could be redeemed and if the city had to redeem it, the cost would be $4,399.52, as the city had agreed to pay 8% interest on this bond. On checking, the city found that they did not have to redeem the bond because a State Supreme Court decision held that city bonds and script issued in the years immediately after the Civil War are void. I also recently read a story about a gentleman in Massachusetts who was trying to redeem a piece of colonial currency, and of course you can imagine the fantastic value it would have with the interest over so many years if it was still valid. I am sure that many others have tried to redeem their broken bank bills and old paper in the past. One of the world's greatest paper money collectors and dealers, the late D. C. Wismer, found that some banks had money set aside to pay for some of these obsolete notes. A few of the banks are still in existence; others have changed their names, etc. It was the story about the $2 note which led me to recall some correspondence of a similar nature which was in my files. A number of years ago I purchased a great deal of numismatic correspondence from the late dean of New England numismatics, John Le Blanc. He was well known as a researcher, collector and dealer and told me I would find many interesting stories and in- formation among this material. The following is taken from actual letters in one of the files: On March 1, 1921, Henry C. Ezekiel of Cincinnati, Ohio, wrote to the Honorable Mayor of the City of New Orleans, Louisiana, as follows: "Dear Sir: I have found among some family papers a $20 note of the City of New Orleans dated October 12, 1864 and which reads—`The City of New Orleans will pay $20 to bearer' signed, S. Howell, Controller and John S. Walters, Treasurer; on the back is 'This note is issued x x x under and by virtue of ordinance No. 6250, approved October 12, 1864,' etc. "Will you please be kind enough to let me know if your city will pay the amount of this note, with interest to date, if I send it to the proper official of your city for collection through my bank and oblige. Very truly yours, Henry C. Ezekiel." On March 4, 1821, the Secretary to the Mayor of New Orleans answered, "In reply to your letter of the 1st, I regret to inform you that it is my understanding the note of the City of New Orleans which you hold, of date October 12, 1864, is of no value." On June 2nd, also of the same year, Henry again wrote the Mayor that, "Referring to a former corre- spondence had with you respecting a $20 bill of the City of New Orleans which I wrote you on March 1, 1921, your secretary answered that his understanding was that the note was of no value. This note was issued by the City of New Orleans on October 12, 1864, and the debt, Ordinance or Law under which this issue was made by the City of New Orleans, I understand was never re- pudiated, and I think that the City of New Orleans ought to be responsible for this debt with interest. If you are not able positively to give me the facts in the case respect- ing this indebtedness, will you please be kind enough to refer the matter to your City Counsel or Solicitor in order that he may render an opinion respecting it with the proper data in connection therewith. "I regret very much indeed to give you any further trouble regarding this matter, but as this note was found among some family papers, as I stated before, and cost a member of our family the face value of the note, I should think that the City of New Orleans should at least pay the face value if not the interest in addition." On June 14, 1921, Mr. Ezekiel heard from the law de- partment of the City of New Orleans that, "Referring to your letter of June 2, 1921 to the Honorable J. Mc- Shane, Mayor of New Orleans, I respectfully request that you furnish this office with an exact copy of the note in question. This is necessary for the reason that the search made by this office has disclosed no such obligation on the part of the city, nor any data to show that such notes were ever issued. Consequently, I request that you WHOLE NO. 28 Paper Money PAGE 1 1 7 send me not only a copy of the note, but also whatever other information you have at hand." Mr. Ezekiel then again wrote a rather lengthy letter and received another reply from the law department of the City of New Orleans: "Your letters in reference to a $20 bill of the City of New Orleans have been re- ferred to the Board of Liquidation of the City Debt of the City of New Orleans, which Board will take the matter up with you direct." Then on July 11th, Mr. Ezekiel received the following letter from the Board of Liquidation, City Debt: "Your letter date June 2, addressed to the Honorable J. Mc- Shane, Mayor, was by him referred to the city attorney who has transferred the letter to this department to reply. It has been placed in the hands of the attorney of this Board who will shortly report and we will communicate with you direct on the subject." Then to continue the correspondence, Henry wrote the following to the Board of Liquidation on July 25, 1921: "On July 11 I received a letter from your secretary in reference to a letter which I wrote to the Honorable J. McShane, Mayor of your City, which was referred by him to your city attorney and he in turn referred to your office. The said letter from your office stated, that the matter had been placed in the hands of the attorney of your Board who would shortly report on same and com- municate with me direct on the subject, but up to the present time I have not heard anything from him. Will you please be kind enough to have the matter attended to and let me hear from you in respect to same as soon as possible and oblige." Of course Henry soon received a letter in July, but not being satisfied, continued his correspondence, this time with the city attorney and on July 31st wrote, "Your letter of June 14 in reference to my letter of June 2 to the Honorable J. McShane was duly received, and as requested, I herewith enclose your copy of the $20 note of the City of New Orleans. So far as the wording goes and the devices, colorings, etc., and its size. Of course I could have the note photographed, but it might be quite expensive and not essential for the purposes that you require it. "It does seem to me that the City of New Orleans ought to be responsible for this Promise to Pay with Interest and I should like to return the note to you through bank and get a settlement of the matter. Please be kind enough to let me hear from you on the subject at the earliest convenience as to what you will do in respect to the matter and oblige." On August 9th of the same year, Henry again heard from the Board of Liquidation, "Your second letter of inquiry in relation to currency note of the City of New Orleans ($20 bill) was, like your first letter, turned over to the attorney of this Board. "This gentleman has been sick recently and has not been able to give the matter his attention, but will do so at the very earliest date possible, and I will communi- cate with you immediately upon receipt of his reply." Henry got tired of waiting for a reply and wrote again to the Board of Liquidation: "Your letter of August 9 on having my correspondence turned over to the attorney of your Board was duly received. You say that the gentleman has been sick and would give the matter at- tention very soon. Will you please be kind enough to jog his memory on the subject and let me hear from him as soon as possible." On September 6th Henry did hear from the Board of Liquidation as follows: "We are in receipt of your letter of the 2nd instant, and have noted contents. From the correspondence on file, we assume that your inquiry refers to the $20 bill of the City of New Orleans, which we find has been referred to our attorney who, together with our secretary, are both absent from the city, but expected to return the latter part of this week. "We shall bring the matter to their attention upon the return of one or the other, and advise you result of their investigation. Trusting the delay will cause you no inconvenience, we beg leave to remain. . . ." On October 21st evidently one of the attorneys returned and sent this letter: "Referring to your several com- munications, in regard to the application for payment of $20 bill, currency note of the City of New Orleans. I have been instructed to say that city currency notes are not regarded as any part of the bonded debt of the City of New Orleans and that the Board of Liquidation City Debt, has no funds applicable for the payment of said notes." Of course, by this time Henry had become obsessed with the injustice done him and his family and sent the following letter on November 15th to the Board of Liquidation: "I am in receipt of a letter from the Secre- tary of your Board under date of October 21 in reference to my claim against the City of New Orleans for the payment of a $20 bill or note in which he says 'I have been instructed to say that the city currency notes are not regarded as a bonded debt of the city . . . etc.' "In reply, would say that it did not need 'a Phila- delphia lawyer' to come to such a conclusion, and I, as a mere layman, would not for a moment presume to say that the said $20 note or bill is any part of the funded or bonded debt of your city, but I do maintain that it is a promise to pay of the City of New Orleans, secured by a pledge of the real estate of city, as stated on the said note or bill, an exact copy of which you will find amongst my correspondence with your City. I would therefore be pleased if you would be kind enough to refer my correspondence to your city solicitor or city attorney-general as to whether the city of New Orleans is liable for the payment of the said $20 bill with interest or not. "From any information that I have received, it does not appear that the paper currency of the city of New Orleans, after the Confederate Regime, has ever been legally repudiated and until this is made clear and fully established, I shall maintain that the City of New Orleans must pay this currency as promised and guaranteed by PAGE 1 1 8 Paper Money WHOLE NO. 28 its real estate. Please let me know what further action you will take in this matter." It was getting late in the year, but on December 6th the Board of Liquidation again wrote Henry, "Your letter address to Mr. A. Brittin, President of the Board of Liquidation, City Debt, was received and the matter again taken up for consideration by him with the attorney of this Board, who reiterated that which I had previously communicated to you, as follows: 'I can add nothing, as this does not come under the City Bonded Debt, it is not within the Board's jurisdiction.' "I have therefore, at the request of Mr. Brittin, re- turned your original letter addressed to Andrew J. Mc- Shane, Mayor, to the Honorable M. Provosty, Assistant City Attorney, from whom we had originally received your letter with his request that we answer direct to you. The matter is now in the hands of the City Attorney." It was close to Christmas, but Henry would not give up and on December 21st again wrote the Board of Liquidation: "Your letter of December 6 in reference to the City of New Orleans $20 which I hold was duly received. You say that the matter is now in the hands of the city attorney. "Will you please be kind enough to let me know his full name and address and also whether my correspond- ence with your city was turned over to him and as it appears he is the one who is now to determine the liability of your city on this note. I want to correspond with him direct and come to a conclusion." On December 28th Ezekiel received the following letter from the Secretary of the Board of Liquidation: "In reply to your favor of the 21st inst., in relation to $20 City of New Orleans currency note, beg to say that after it had been finally determined by the attorney of this board that the above described note forms no part of the bonded debt, and consequently, out of the juris- diction of the Board of Liquidation, city debt, I returned your original letter and accompanying description of note to the city attorney, stating, at the same time, that the entire correspondence was on file in this office for his inspection at any time. "I stated also that inasmuch as our attorney had de- termined that said note was no part of the bonded debt, that I returned the letter to his department from which it had been sent to us. As it came to us in an official letter written by Michel Provosty, Assistant City At- torney, I addressed my letter returning yours to Mr. Michel Provosty, Assistant City Attorney, but handed the letter in person, to Honorable Ivy G. Kittredge, City At- torney, City of New Orleans, and stated to him verbally the purport of the letter." Then Henry got busy; it was already January 3rd of 1922 that he wrote to the Honorable Ivy G. Kittredge as follows: "Mr. Bernard C. Shields, Secretary of the Board of Liquidation of your City Debt, informs me that he has referred to you my correspondence in respect to a claim which I make for the payment of a $20 note or bill of the City of New Orleans, dated 1864, which I own. The said note, bill or 'promise to pay' being se- cured by the real estate of your city. If you have fully considered my claim, will you please be kind enough to let me know if there is any good reason why your City should not pay the said note on presentation of same at the office of your Treasurer or any other officer author- ized to pay same. Please be kind enough to let me hear from you at your earliest convenience and oblige." Then finally on January 12, 1922, Michel Provosty wrote to Henry, "Referring further to your correspond- ence on the subject of the payment of the $20 note due by the City of New Orleans, I desire to advise that in my opinion the City of New Orleans is not liable on said note. You are advised accordingly." At this point Henry Ezekiel was back where he started, which was exactly nowhere and you readers should know that at least half a dozen more letters were in such poor condition that I could not use them. It is possible that poor Henry chewed and stamped on them in his frustra- tion. Of course, all of you have heard the saying, "You can't fight City Hall," and Henry learned this the hard way. Today the same situation exists in that many people have written me wanting to know why the government will not give a silver dollar for the silver certificates or gold for the gold certificates because the government obligation is stated right on the notes themselves. Many of the old-time specialists in paper money did very well financially in doing research, finding banks which still had funds available to pay off their debts, and capitalizing on the fact they could pick up some of the notes as bills of a bank which had failed or was broken and then send them into the bank for redemption. There are even cases in a depression script of 1933 where funds have been set aside to redeem the clearing- house notes which were not offered for redemption. Many of us today play the same role as Henry Ezekiel. We will have to learn to be patient and take it as it comes and not try "to fight City Hall." New Book on Counterfeiting COUNTERFEITING IN AMERICA, The History of an American Way to Wealth. By Lynn Glaser. (New York: Clarkson N. Potter, Inc., Publisher, 1968. 274 p. Illustra- tions. $6.00). The history of money has always been a fascinating subject, and along with it the study of counterfeiting, which has accompanied its development through the centuries, is an intriguing sidelight. Lynn Glaser has presented a concise account of the nefarious practice from the early currencies of Greece and Rome to present- day activities. The book is amply footnoted and also contains a glossary of applicable terms. The subject is enhanced by understandable descriptions of the papers (Continued on Page 125.) WHOLE NO. 28 Paper Money PAGE 11 9 Series 1923 By M. The last "Series" year to appear on United States large paper currency was that of 1923. Only four major issues of specific design fall into this category: $1 Legal Tender Note (Fr. 40), $10 Legal Tender Note (Fr. 123), $1 Silver Certificate (Fr. 237, 238, 239), and the $5 Silver Certificate (Fr. 282). Although circulating side by side with earlier issues of later signature com- binations until the introduction of the new, smaller notes in 1929, the aforementioned notes bore the technical dis- tinction of being the last of the "saddle blankets." While the Legal Tender $1 and $10, along with the $5 Silver were comparatively limited issues, the $1 Silver Certificate was indeed the most prolific, as subsequent statistics will illustrate. It is this very note that most senior citizens recognize without too much difficulty and sometimes with a bit of nostalgia. Some will proud- ly produce, from the deepest recesses of their billfolds, a dirty, stained, well-tattered and worn specimen of this link with their formative years. The information presented here is by no means com- plete. Although the figures on sheets and note amounts are correct, the breakdown on signatures may be subject to revision, as the information available from which these totals were estimated precluded total accuracy, but also, on the other hand, were not flagrantly misleading. Additional facts would be most welcome, not only re- garding the signatures, but probably of more signifi- cance, that of serial numbers. As far as the number of notes extant is concerned, this would be purely con- jecture and would really serve no constructive purpose, as we are all aware which notes are common, and which are scarce. $1 Legal Tender Note, small red, scalloped seal. Speelman- White sigs. Fiscal Year Ending: Sheets Delivered Face Value Note Amount June 30, 1924 9,017,000 36,068,000 36,068,000 June 30, 1925 9,351,000 $37,404,000 37,404,000 June 30, 1926 2,100,000 $ 8,400,000 8,400,000 20,468,000 1,872,000 81,872,000 Certainly a small issue by today's standards, but re- leased late enough to insure acceptable specimens in most collections 40 years later; sometimes confused with the $1 Silver Certificate by the neophyte, but of course much rarer in new condition by comparison. Eight-digit serial numbers have been observed, but it is unknown to the writer if any prefix-suffix letters other than "A-B" were ever used. Star serial numbers have been also examined in the *4429D to *4432D sheet, which opens up more interesting possibilities regarding the number of replacement suffix letters used. Again, it must be reiterated that the obvious lack of this pertinent informa- tion is quite frustrating, and it is hoped that other re- searchers will come forth to aid in making this discourse more meaningful. Needless to say, the publication of serial number ranges in large notes, such as is currently available in small notes, would be most welcome. Perlmutter $10 Legal Tender Note, small red, scalloped seal. Speelman- White sigs. Fiscal Year Sheets Face Note Ending: Delivered Value Amount June 30, 1926 174,000 $6,960,000 696,000 It comes as no startling revelation to the paper money enthusiast to observe the rather small issuance, as the paucity of new specimens is well-known. It is likely that no combinations other than "A-B" were ever used, and the existence of "star" notes is doubtful, as the low issue limited the chances of error. The A1B note has been observed, as well as that bearing the number A695925B, seventy-five notes away from the apparent end of the run. Where the $1 Silver has been noted as the most common in our coverage here, the $10 Legal is at the other end of the spectrum. $1 Silver Certificate, small blue, scalloped seal. Sig. combinations: 1. Speelman-White 2. Woods-White 3. Woods-Tate Fiscal Year Ending: Sheets Delivered Face Value Note Amount June 30, 1924 32,223,000 $ 128,892,000 128,892,000 June 30, 1925* 112,864,000 $ 451,456,000 451,456,000 June 30, 1926 138,916,000 $ 555,664,000 555,664,000 June 30, 1927 153,250,000 $ 613,000,000 613,000,000 June 30, 1928 153,854,000 $ 615,416,000 615,416,000 June 30, 1929 73,892,000 $ 295,568,000 295,568,000 664,999,000 $2,659,996,000 2,659,996,000 * Does not include 28 sheets for experimental purposes. With well over billion dollars issued, this design is the most common today, with almost every possible combination of prefix and suffix letters used. Again, the full range of numbers, both regular and star, would be interesting to study, if made available. Using statistics available from current sources, the following signature combination possibilities have been calculated: 1. Speelman-White: $1,902,873,996 2. Woods-White: $ 464,553,336 3. Woods-Tate: $ 292,568.668 If anyone has in his possession factual information which could corroborate these figures, it would be well received. May I humbly add that refutative statistics would be welcomed with equal fervor! It is not known for what specific purpose the 28 experimental sheets were delivered in fiscal 1925; however, due to the fact that they were excluded from the regular totals, and also that their face value was specifically excluded from the Bureau Director's Report, it may be reasonably assumed that they were eventually destroyed. $5 Silver Certificate, small blue, scalloped seal. Speelman- White sigs. Fiscal Year Sheets Face Note Ending: Delivered Value Amount June 30, 1925 899,000 $17,980,000 3,596,000 June 30, 1926 680,000 $13,600,000 2,720,000 1,579,000 $31,580,000 6,316,000 PAGE 120 Paper Money WHOLE NO. 28 The second smallest issue of the Series 1923 notes. All with the A-B block letters, and as far as is known, no star notes. The A1B note of this series has been ob- served, as well as a fairly large number in new condition within the A3600000B to A3710000B range, probably in- dicative of small lots put aside by foresighted individuals. This pattern is not at all uncommon, as type note com- parisons between two or more parties will often reveal serial numbers only within a few thousand of each other, and sometimes only a difference of one or two digits. It is interesting to observe the issuance of earlier series notes (bearing later signature combinations), simultane- ously with the Series 1923 issues. While $36,068,000 of new 1923 Legal Tender $1 notes were delivered during fiscal 1924, $74,504,000 of the Series 1917 Legal Tender $1 notes were also delivered. The same fiscal period saw $128,892,000 in new 1923 Silver certificates de- livered, as well as $246,532,000 in Series 1899 $1 Silvers. Subsequent fiscal periods indicated deliveries as follows: Fiscal Denomi- nation Series Sheets Face Notes 1925 $1 Legal 1923 9,351,000 $ 37,404,000 37,404,000 1925 $1 Legal 1917 6,144,000 $ 24,576,000 24,576,000 1925 $1 Silver 1923 112,864,000 $451,456,000 451,456,000 1925 $1 Silver 1899 2,950,000 $ 11,800,000 11,800,000 1925 $5 Silver 1923 899,000 $ 17,980,000 3,596,000 1925 $5 Silver 1899 2,494,000 $ 49,880,000 9,976,000 1926 $1 Legal 1923 2,100,000 $ 8,400,000 8,400,000 1926 $1 Legal 1917 2,984,000 $ 11,936,000 11,936,000 1926 $10 Legal 1923 174,000 $ 6,960,000 696,000 1926 $10 Legal 1901 1,468,000 $ 58,720,000 5,872,000 1926 $5 Silver 1923 680,000 $ 13,600,000 2,720,000 1926 $5 Silver 1899 51,000 $ 1,020,000 204,000 Fiscal 1927, 1928 and 1929 saw only $1 Series 1923 Silvers issued, with no further delivery of the older notes. The final delivery (1929) consisted of $295,568,000 in Series 1923 $1 Silvers. Reports also indicate that this delivery included the first small-size notes: $36,000,000 in $2 notes: $121,380,000 in $5 notes (Legals) ; and $364,380,000 in $1 Silver Certificates, all Series 1928. SOURCES Bureau of Engraving and Printing Reports; Friedberg's Paper Money Of The United States; Mr. Louis Van Belkum. Names and Banks By Clyde F. Mackewiz Today's banks and the names they are known by are like a young boy in the long shadows of two older brothers. Today's banks are no longer called by the colorful names that they were more than a century ago. Do today's banks hear the scratching of quill pens, the angry arguments, a fist hitting a palm, or the sounds of whispers perceptible above the tumult that continued a bank or closed its doors? The strange and haunting words that became names for some of our earliest banks are no longer with us; instead, they have been replaced by names like the National, First National, the City Bank, etc. People, places and times change, but for the collectors of obsolete currency, old and unusual names take on a newer meaning. If they are romantically inclined, they could almost hear the soft tinkling of lovers' bells in Indian names like Chattahootchee, Shiawasee, Kankakee, Mabaiwee or Chickopee, and if they decided to have a Pow-wow, they could always visit Half-Moon Village or Oskaloosa. These, then are some of the names that be- came a part of our banking nostalgia, survivors on paper of the remote past, names that should endure long after time has erased ours from the book of vital statistics. There are also cold names, names as cold and hard as the wind that sweeps down from the mountains in the winter—names like DeSota, Shawnee, Mohawk, Cherokee and Sagadhock, names filled with the immensity of the great plains, and the endless herds of buffalo, of smoke and war paint, of a white man's promise and a white man's deceit, of a broken arrow or a broken treaty. Today, the smells of the Indian and buffalo are long gone; gone too, is the cajolery of the plainsman, but the bank names are there waiting to be rediscovered by the col- lector of these early notes. There are soft names, too, names like Grand Prairie, where one can almost feel the soft wind against the face, and the smell of wood campfires in names like Frontier or Timber-cutters. There are other names, too, like Switchville or Frostburg where the shrill whistle of trains in narrow mountain passes rushes to meet the sounds of turbulent waters in names like Rock River, Bellow Falls, Cataract or Flint Rapids. The sound of early bank names are as diversified as a rift of sunshine streaming through an open window. Names of Indians from the plains or mountains, majestic rivers and falls, or ones filled with historical significance in names like Washington, LaFayette, Franklin, Lincoln and others that recapture and reflect the many moods of this country at a time when the nation's banking structure was still in a formative stage. The lineage is there so let us recall and relive in our minds the vivid pages of our early banking structure on paper. It is small wonder, then, that yesterday's boy is today's man collecting these notes, for the names and stories of famous men and Indian names are forever fixed in the minds of his childhood. To some collectors, the origin of a bank name becomes a challenge or a simple task, depending on the locale where they live. They would be more than pleased in acquiring a note with a name like White Pigeon, Spicket, What Cheer or Maverick or to acquire a bank note with an unusual name, one that has been patiently searched for, is perhaps as an exhilarating experience to the collec- tor as a young boy getting his feet wet for the first time after a spring rain. If some of the above names don't beckon to our ad- venturous nature, there are others which should, in names like Deep River, Sandy River, or Mystic River in Connecticut, which was, in the last century, the cradle of New England's shipbuilding industry in the golden age of sail. For others who have nursed a secret longing to someday "put to sea," there are banks that suggest the scud of white foam or the careening deck in names like Whaling, Cape Fear, or Ocean. (Continued on Page 122.) 164* P-41 CETAL emtlyif 244717.3".11ffiLiCAA 2)61/4-43. (1/i bitpOtifS tiliti ON Taw iluBLre Dal - C01,141"1/11":"' 07,40.13.;: -- THIS0 ,fifY . — OR A.IntRINtG firfWhirl ,...,A1.4s ---f--- --- ' ' tr ti •Nr I.? • C . : - - — -, 1- — ' .1a--.n•4:41.: 4; , f., --,,— CE l'ALI"r . 'Pe:14e 1.1J- — ---- !gill - — -"AVIS trilLir -O il ' 'i,s1 "" tkel/r:s • iv/ imp,/ f. s. am/ Illi tl.1.,,,,„,- -1, n...: OA' 77/E 17111.1(' prni'-:_>-- ,,:-- ----. - fey ITEDFTIF2111N:C: T)REA1----'11rE111:%*1 .ey eq ?.;, . /1 el//// /iv/id/did or MI ith fve .' f 7. 4r" 7//1/ //,' po s., exs //V/ /11/.1/ I(' 1 / il f.fY/41/1/iii / p/f/ir ,r MI/117,"1"/ I' , e,;/;*"./!/////fpri 1/////i/ /1/ iniliall'il 1 ./' Pi/i/7 , /., ,th,;/, t/ ISPrifill:: . V/f 11.,71v WI; :;.s/v/ ; //e/ f.s' (,51./.51/0/1.91.;;/)7troilleff;;Ci, 4i 4 "":,/ /I/ 4 i n q.;.) niary in/ - n,,,,,,,,,,,,,,,,,,,ilimtledier AM WHOLE NO. 28 Paper Money PAGE 121 Conversation Pieces of Large Size U. S. Paper Money By lames Stiff At the New Hampshire Numismatic Association annual show in March 1968, a coin dealer from the Schenectady, New York area said, "Find what's wrong with this one." He had a "beat-up" $5 Legal 1907 Speelman-White M13500950. Of course, I could find nothing wrong. He told me to look at the word "Public" on the back. For all the world it read "Pcblic." He said another and prominent dealer sold it to him proclaiming it to be a great and rare error from back plate no. 311 only (front plate B783). Now, I am very lucky when it comes to finding rare varieties among my coins. There is only one $5 Legal in my collection. It is a Speelman-White back plate no. 404 (front plate D380). It, too, had the "Pcblic" spell- ing. The serial number is M47863124. I showed this crisp uncirculated note to my dealer friend, and you can bet he was very unhappy. Then the way intaglio plates for stamps are laid down from relief transfer rolls suggested to us that there had been more than one entry of the "Pcblic" nature, perhaps even two entries on the same plate. I checked for other $5 Legals among the 30 dealers in the hall and found only two. A Parker-Burke note of eight years previous had back plate no. 322 (between the above 311 and 404 notes). But "Public" was normal. A "dog" Speelman-White, back plate a much older no. 137, was normal. Now while 2X and 6X size enlargements show that the "C" is a "U" with the right stand weak or broken, a first glance at the note itself sees a spelling error. There PAGE 122 Paper Money WHOLE NO. 28 are probably many more plates with the variety. It makes a wonderful conversation piece but is hardly of consequence. Collectors should be wary of spending a lot of money for such things. This brings to mind a much-heralded and exploited F-227 $1 Silver of '99 with the final "S" of States in "Treasurer of the United States" missing (obverse plate no. B2985). What happened to create that variety? Numismatic Scrapbook of March 1958, page 470, shows enlargements of it. And while it says that the period after "E." is "perfectly placed," it is to my way of think- ing no more than the ball serif of the lower curve of "S" with the rest of the letter missing; the period is thus too high up. With only one note known it could be an ink- ing inadequacy or flaw, a transfer defect or a physical erasure, which is emphatically denied. I have read that the Barney Bluestone catalog of the Grinnell March 10, 1945 sale said, "The greatest error in the sale . . . unique and standing all by itself in the field of rarity." The Scrapbook article referred to above also reads, "Unfortunately the note did not bring the right price and was not disposed of in any of the Grinnell sales." I feel I can say, "and with good reason." There is no doubt a sequel to the missing "S" note story. But the "Pcblic" note is probably not scarce, thereby giving us an interesting collectible variety. I don't know whether there is an explanation of the following note; things are what they are: The First Na- tional Bank of Nashua, N. H. Charter 2741 was char- tered, according to the records in Washington, on June 26, 1882. First Charter Period numbers go as high as 2756. My $10 Charter 2741 bears the date June 26, 1882, which is the same as the official date. It is signed Bruce & Gilfillan and the local signatures are contem- porary. This was 16 days before the Congressional Act of July 12, 1882 created the Second Charter Period. You guessed it. It is a brown back. The front plate is American Bank Note Company and has the Bureau imprint. The "Series 1882" is in the usual place but the bank number appears only in the right center. The back plate number 15 is obscured by a horizontal crease. Notes of this year and month would be followed by the red seals of the Third Charter Period according to Friedberg. In my town here, framed and hanging on the wall, is a crisp uncirculated $10 red seal no. 2741, Friedberg S-1282. The owner's grandfather signed my brown back. The owner isn't inclined to sell his red seal bear- ing his family name. I've offered $200 for it, so it won't be sold haphazardly. The owner is nearing the age of 80. Perhaps his heirs will sell. This S-1282 re- ported to Friedberg (unreported in the fourth edition) is the reason I was put on Friedberg's acknowledgement page. Apropos of more reporting, I purchased S-771 from a prominent dealer. In Friedberg's fifth edition it was marked "rare" (unreported), a fact the seller emphasized. In reporting it I ventured to say that collectors refuse to report them because they like to see the word "rare" in the catalog. The Coin and Currency Institute re- plied that what I said was undoubtedly true, but reticence was surely being overcome. Names and Banks (Continued from Page 120.) Names and more names, like letters, are necessary to complete a word. Names are of the absolute, for without the names of the banks or their locations, notes are just pieces of white paper, devoid of vignettes or geometrical patterns, paper only to be measured by a printer's ream. For the collector of obsolete currency, there are more names and varieties to choose from than a kaleidoscope has colors. For the travel-conscious individual or one in a pensive mood, there may be a bit of nostalgia in names like Dover, Gibralter, Havre DeG race, Brest, Cairo, Palestine, even China. Many of these early notes appeal not only to the col- lector of contemporary currency, but to the neophyte as well. The collector's attention should be drawn to the fact that in recent years, there has been a gradual but impressive increase in others discovering and desiring these notes. What penologist could resist in acquiring notes with names like Laborers, Sing-Sing, Leavenworth, or Lime Rock; or the person interested in animal hus- bandry with names like Egg Harbor, Bulls Head, or the Hide and Leather Bank? Other names would satisfy one's longing in practically any field, be it professional or otherwise. For those who put a stress on in-door liv- ing, there are names to suit their particular fancies with bank names like Hatters, Derby, Grocers, Dairymens, Flour, and for the hard-to-convince individual, there is always the Bank of Variety in Cranberry, New Jersey. The National Banking Act was passed on February 25, 1863. It marked the end of a wild and somewhat turbu- lent period in our early banking structure and by 1864, wrote the final chapter to a colorful era of banking. Obsolete notes became less frequent and practically spo- radic for banking and trade purposes outside of their locale or jurisdiction. A reversal of "Greshams Law" shows good paper money backed by the Federal Government will drive out the bad. The Banking Act did just that, but in doing so, it has silenced forever the bells in names like St. Anthony Falls, St. Joseph, St. Nicholas, St. Croix, and the many scenes depicted on these early notes. There are many other names, too numerous to mention, that should form a varied and interesting memory portfolio of banking in early America--the achievements, the failures, the open- ing of a bank or its closing. The panorama is ever present on paper, waiting to be unfolded, depicting a stereoscopic view from beginning to end, of banking, the way it was in the past and the way we should view it today. Altogether, the above names tell the history of the times, perhaps even a truer history than that pre- sented by the history books themselves. Our names are what we answer to, and names are what the seasons answer to, and perhaps someday the Na- tional, First National, or City Bank will answer to a fam- ous personage, or a long-forgotten Indian; perhaps even to the land that spawned these banks, America. I would like to think that many of these bank names stand guard, watching and waiting as the years pass by, to be remembered for the vital part they played in the economic structure and growth of this country and to be treasured by collectors today, and in the years that lie ahead, and that their watch of a century-plus has been an awarding one. Paper Money PAGE 123WHOLE NO. 28 Society of Paper Money Collectors Eighth Annual Meeting The Society of Paper Money Collectors held its eighth annual meeting at the ANA Convention in San Diego on August 22, 1968, with over one hundred members and guests present. President George W. Wait presided. The Secretary's report was made by J. Roy Pennell, Jr., in the absence of Secretary Vernon L. Brown. The report shows the net membership of the Society to be 1554 as of June 30, 1968. This is an increase of 52 members over the same date in 1967. Treasurer, I. T. Kopicki reported a bank balance of $4,456.33 as of June 30, 1968. He noted that although our balance is below that of the same date last year, we have prepaid $1,821.00 on the cost of our Texas reprint of the Wismer lists. The Chairman of the Audit- ing Committee, Glenn B. Smedley, reported that its in- spection of the books showed the Treasurer's report to be correct and accurate. William P. Donlon read the report of the Editor, Miss Barbara Mueller. She stated that more articles are needed in order to have a back-log of articles. All members were urged to submit articles for publication in PAPER MONEY. Attorney Ellis Edlow reported success in obtaining a tax exemption status from the IRS. Gifts of money or goods are now deductible from a donor's income tax as a result of this. Matt Rothert made the report for Richard T. Hoober, Chairman of the Wismer Committee. Progress in this program was reported with the Texas book at the printers and several other states ready to be released in the near future. Maurice Gould, Chairman of the Awards Committee presented the following literary awards: 1. Dr. Arnold Keller for his article "Collectors of Paper Money in the 18th and 19th Centuries." 2. William J. Harrison for his article "Bank Notes Engraved by Harrisons in the United States." Honorable Mention: Richard Banyai for his article "An Economic and Numismatic Analysis of Chronic Inflation in Chile, 1880-1960"; M. 0. Warns for his article "Konwn and Reported Sheets of the 1929 National Bank Note Issues"; Maurice M. Burgett for his article "Multiple Redemption of Merchants Scrip"; Joseph Persichetti for his article "The Small $1 U. S. Legal Tender Note." Mr. Gould presented Awards of Merit to William P. Donlon, Neil Shafer, and Theodore Kemm for their excellent books in the paper money field. Awards for outstanding service to the Society of Paper Money Collectors were presented to Ellis Edlow, James Grebinger, Richard T. Hoober and J. Roy Pennell, Jr. These awards were presented by Mr. Gould. The Julian Blanchard Award, newly established by Mr. Charles Blanchard in honor of his uncle, was made to George W. Wait for his exhibit of foreign proof notes with match- ing vignettes. Thomas C. Bain, Chairman of the Nominating Com- mittee, presented the following slate of six candidates for the Board of Governors: Glenn B. Smedley, Harley L. Freeman, Nathan Goldstein, II, Maurice M. Gould. Alfred D. Hoch and John H. Norris. All were elected for terms of two years, with the exception of Glenn B. Smedley, who was elected for a three year term. President George W. Wait thanked Mr. & Mrs. Ray- mond Toy for excellent banquet arrangements. The meeting was then adjourned. STATEMENT OF OWNERSHIP, 6........... MANAGEMENT AND CIRCULATION a,. , ,, ....e,.......... .-.29 DM. OF FIONO 2 ITO Of NADCANON 10-2-68 Papgr Money 3 FINO.N. OF 15.5131 Quarterly Fed Maryland nly. nonry.4. III ...kl• LOCANON OF KNOWN ONICI Of ale ral sbu g,r _ . 5 10CATION OF Ir. X.00.2.7.5 CM Of ..1 62 n51.53 OF.. OF INC INJGOSNf•5 (NM ,aten, P. O. Box 3000 - Anderson, S. C. 29621 (S. McDuffie St. Ext.) • NAMIS AND •DCMCDSFS Of 14.215.13. MOOR. •NO m•NAGING 21312011 J. Roy Pennell, Jr. , P. 0. Box 3005, Anderson, S. C. 2962 • Em Miss Barbara Mueller, 275 3. :1Sche ve., Jaf fOr`,,l, 1155. 5;549 OWNER he seCif chewed by a Loryorahow, IIS Max • t amel addrell go. be hated a. olio ..illedtanly ayrrtmder, the Name, axe/ a, lecon of hocbbolleri au.. or bol.. I per., or more of h.! amob. of hark. If N.0oh.. by a corporal., Mt mane .. , awe/ adlrehe, of the dthelual oo orry :ma be she.. If ohaed by a pahaer.fr or DO. xxisco,..led fie., ,., xa. .., ad. , a, .11 a, ash of ea, m.o., /4.1 be sire., 333,..3 MAIM The Society of Paper Money Collectors P 0 Box 3005, Anderson S. C. 29621 I KNOWN ITIONONOLDERS, MORTGAGEES. AND 0TH II SECURITY HOLDERS OWNING OR MOLDING I PERCENT OR MORE Of TOTAL AMOUNT Of ROWS, MORTGAGES OR OTHER SICURITIES (If thee are .. co hare1 .seass none 9 FOR COMPLETION RV NONPROFIT ORGANIZATIONS AUTHOR/ED 70 mAll A7 SPECIAL RATES (Sea. WY.. Nadi Mao., 1 — ••', z . r.' V.,:::,7:';.2.x.::,= 0 ::::";'::::712 0 p"ra :1n:.2 ..NIA, m'rC../IF:1,AF:'...NLVf,"'N7= 10 MIMI AND NATURE Of CIRCULATION AVOL•Of MO. COATS ,..AC1717.' r1.-..7.f.DING 3 mONT. tA:IWul:3=7LEntr,,.n.„, • 101•1 NO CCM.5 IMINND /Dm Pm. s,.., 2100 2100 0 MO CDICD.NON 1 3.15 1.0124M DEMI. MO C.M.S. ORM VIND0115 .0 COY.. .. 0 0 R. M. 5.5.111.45 1620 1612 C 10.2 IMO 011031.110M 1620 1612 D Pate DMIMOuNON „a i.,. mrmplm o . 1.14 , C.M. OR 01.1 WAN 40 42 N. 10.2 DON... f1fm of I mw. i III 1660 1654 A CIRCE uM1C700.091P. UNACCOUNTED. LAMED ANN MINIM. 440 446 2100 2100 °""' • w Ysi.e+-- 805 Miles Ave., N.W., Canton, Ohio 44708 Nunley, 71 Kiernan Drive, Rantoul, Ill. Filson, 3695 Ridge, Mt. Pleasant, Mich. C U. S. large size currency C Tennessee obsolete bank notes C U. S. gold and silver certificates PAGE 124 Paper Money WHOLE NO. 28 SECRETARY'S REPORT New Membership Roster New Members Dealer or Collector Road, Brooklyn, N. Y. C U. S. Sturm, 1500 Colonial Ave., Greensboro, N. C. Bower, 1911 Sunset Drive, Lee's Summit, Mo. N o. 2361 Tessie Stevens, 639 Marlborough 11230 2362 Ted A. 27408 2363 Sam L. 64063 2364 Lyle D. 33450 2365 A. J. Allen, 2366 William H. 61866 2367 Malcolm H. 48858 2368 Leon Phelkins, P. 0. Box 328, Harvey, La. 70058 2369 George B. Cole, 208 W. 2nd Ave., Johnstown, N. Y. 12095 2370 N. Athanassopoulos, P. 0. Box 705, Athens 116, Greece 2371 Raymond Husel, 518 North 13th Street, Moorhead, Minn. 56560 2372 Kenneth Davis, Jr., 611 W. 15th, Tulsa, Okla. 74114 2373 Robert P. Cerato, Rt. 14, Box 558D, Baltimore, Md. 21220 2374 John R. Gillis, Jr., 77 McLelland Blvd., Brownsville, Texas 78520 2375 Hubert L. Allen, Jr., 1311 Janet St., Demopolis, Ala. 36732 2376 Joseph P. Santo, 9 Golden Hill, Danbury, Conn. 06810 2377 Paul M. Dillingham, P. 0. Box 3641, Nashville, Tenn. 37217 2378 John H. Wilson, 122 S.W. 53rd Avenue, Fort Lauderdale, Fla. 33314 2379 W. L. Anderson, 2620 N. George St., York, Pa. 17402 2380 Elmer M. Ross, c/o Lighthouse Travel Service, 2400 N. Federal Hy., Lighthouse Point, Fla. 33064 2381 James A. Townes III, Palo Alto Plantation, Box 174, Philipp, Miss. 38950 2382 Thomas G. Barrett, Jr., 52 Humphrey Street, Marble- head, Mass. 01945 2383 Seymour Baskin, R. PH., 29575 Fairfax, Southfield, Mich. 48075 2384 Dennis Maschak, 131 Strayer St., Johnstown, Pa. 15906 2385 Maj. Robert DeLaney, Box 812, Shalimar, Fla. 32579 2386 Dr. Maurice Morehead, 341/2 South Walnut, Cookeville, Tenn. 38501 2387 Michael Stone, One Park Ave.—Suite 309, New York, N. Y. 10016 2388 Robert P. Jones, 1133 Linda Vista Dr., Globe, Ariz. 85501 2389 James R. Pitts, 2915 Pyrenees Drive, Alhambra, Calif. 91803 2390 James N. Gates, P. O. Box 56, Shady Cove, Ore. REINSTATEMENT Specialty North Carolina notes, Confederate type notes and bonds U. S. large size notes Curnette, 3403 Sarasota Ave., Fort Pierce, Fla. C U. S. large size notes and broken bank notes C, D U. S. silver certificates C, P U. S. large size notes and broken bank notes D C U. S. large size notes and fractional currency C General C Federal Reserve notes, small size C U. S. large and small size notes; Mexico C Notes of Alabama C U. S. large size notes and broken bank notes C, D Broken bank notes C Florida notes, all kinds C U. S. notes and silver certificates, small size C U. S. C U. S. type notes; Mississippi bank notes C U. S. 82 notes, fractional currency C U. S. small size notes C U. S. C Block letter combinations C Confederate and Tennessee bank notes C Russia, Germany, France, England and U. S. C, D General C U. S. small size notes C, D General 1587 Gerald W. Hoover, Box 133, Norman, Okla. 73069 1427 Thomas D. Read, 45 Kendall Ave., Maplewood, N. J. 07040 643 Joseph P. Sullivan, 496 Auburn St., Auburndale, Mass. 02166 704 Wayne L. Morgan, 1535 Williams, Springfield, Ill. 62704 1730 Hilario Ferrari, Cx. Postal 987, Sao Paulo, Brazil 1234 Robert J. Rooks, 407 Tanglewood Dr., Jamestown, N. C. 27282 1140 Edwin R. Zeitz, 85 Judson Avenue, New Haven, Conn. 06511 843 Martin A. Yuriga, 333 Roosevelt St., Gary, Ind. 46404 2139 Alex Nunez, 861 Smithtown Ave., Bohemia, N. Y. 11716 Numismatic First Makes Essay-Proof Appearance A numismatic "first" has appeared in what is often er- roneously considered a primarily philatelic magazine, The Essay-Proof Journal. Its Spring 1968 issue is com- pletely devoted to T. F. Morris' narrative of the designing of the controversial 1896 Educational series of silver certificates. The Journal, dedicated to the artistic and historical background of postage stamps and paper money, has WHOLE NO. 28 Paper Money PAGE 125 been carrying Morris' biography of his father, Thomas F. Morris, who was a stamp and bank note designer and chief of the Engraving Division of the Bureau of Engraving and Printing in the late 19th century. The 48 finely printed pages of this current issue in- clude photographs of such never-before-published items as Walter Shirlaw's original design for the five-dollar and Will Low's rejected design of the two-dollar, Journal officials advise. The Educational series is a zenith in the life of a paper money collector. Anyone who owns or aspires to own a set will want to read of the heartbreak and frustra- tion that lay behind it. Extra copies of this issue of the Journal have been printed and are available for $4 from Kenneth Minuse, 1236 Grand concourse, New York, N. Y. 10456. The Essay-Proof Journal regularly carries other numis- matic features. For example, the Fall 1967 issue fea- tured an in-depth study of the British American Bank Note Co. complete with a list of notes produced by it. Issues from 1965 to 1966 carried a detailed account of the stamp duties on British and Irish bank notes of 1783-1891, by the English specialist Marcus Samuel. Interspersed with such lengthy works are pithy articles like Norton D. York's "U. S. Security Bank Note Paper" in the Fall 1966 issue. Future issues of the quarterly will continue this tradition of service to both numismatists and philatelists that has developed throughout its 25 years of publication. Information about membership in the Essay-Proof Society and copies of back issues can be had from Min- use or the editor, Barbara R. Mueller, 523 E. Linden Drive, Jefferson, Wis. 53549. New Book on Counterfeiting (Continued from Page 118.) and inks used, the methods of duplicating the woodcuts, type-set notes, and copper-plate engravings which were used in the colonial period, and the present-day copper and steel engravings. Numerous illustrations of both genuine and counterfeit notes, together with photographs of some of the notorious characters, add interest for the reader. Counterfeiting of colonial coins and paper money was a constant plague to the colonists almost from the first emission of paper in Massachusetts in 1690. The prac- tice was carried on so flagrantly, despite the warning "Death to Counterfeit," which appeared on nearly all of the bills of credit. that advertisements appeared in New York City papers to sell spurious notes to travellers going out into neighboring colonies. Later during the Revolu- tion, Britain, in a desperate effort to disrupt the economy of the colonies, counterfeited the colonial currencies in large amounts. The British brig Polly was intercepted off Cape Henlopen bearing in her hold cases of counter- feit Continental bills. Glaser, in mentioning the seizure of two British ships, Blacksnake and Morning Star, off Sandy Hook on April 20, 1780, writes "much Continental currency was reported to have been found on board." England, naturally, disclaimed any knowledge of the affair. More recently, German efforts during World War II were highly successful. The English victims were forced to call in all notes of the entire issue, as the copies were of such excellent quality that they completely confused the British bankers. In the 1930's the Dechow-Krivitsky affair was uncovered in the United States, a thrilling account of the printing of $10,000,000 in Moscow under Stalin's supervision! In his closing words, Mr. Glaser states, "The future of the profession seems bleak, for unless such a counter- feiting messiah (Artur Alves Reis) comes along, counter- feiting will remain only as a memory of the eighteenth and nineteenth centuries." This is hardly an accurate statement, for earlier in his book, the author mentions that during the fiscal year ending June 30, 1966, $9,000,000 were counterfeited, with but about one-tenth actually put into circulation. This would seem a sizable amount, especially to the innocent holders who had their notes confiscated to their individual loss! Prompt and alert action by our Secret Service, to whom our nation owes a great debt of gratitude, continues to safeguard our specie and paper currencies. In January, 1968, a news item mentioned that $4,500,000 in counterfeit bills had been seized as they were about to be distributed through the underworld channels. Again, a dispatch from Australia on February 14th stated that detectives in Sydney had raided two houses, seizing more than a million dollars in counterfeit $20 and $50 bills, which they stated were "almost flawless" copies. The police reported the raid would clear up one of the largest world-wide conspiracies ever uncovered in Australia, climaxing investigations which began with inquiries from the U. S. in 1957. Thus counterfeiters do continue to challenge detection, and counterfeiting does remain a constant threat to the security and value of our currency. The "Know Your Money" campaign, launched by the Secret Service in cooperation with the public, was de- signed to educate everyone to the methods for detection of counterfeit bills and has been highly successful, al- though spurious notes continue to turn up weekly in the Philadelphia area alone. Mr. Glaser's book, with its recording of the deeds of Ballard, Brockway and others engaged in the counterfeiting art, serves to make us more aware of the importance of detection. From the days of ancient Greece, to our present sophisticated society, the public has had to be ever alert to the crime of counterfeiting. RICHARD T. HOOBER SOME NICE FRACTIONAL A Sample From Our Stock F-1254 (Autographed note) Crisp $ 75.00 F-1286 Type, but SLATE color Rev. as Valentine 23-C not chemically treated, ex. rare, crisp $150.00 F-1299 EX. RARE, But only V.G. $175.00 F-1272-SP with Green Rev. Pair Still on Shield Cardboard $ 75.00 F-1274-SP with Red Rev. Still on Shield Cardboard $160.00 Strips of 4 1230 VF+ $40.00 1242 VF+ $45.00 1245 VF+ $40.00 We just found a package of our 1963 fractional currency price list. This is a must for all fractional currency collectors. It con- tains much information not available elsewhere. $2.00 each. Some small size notes 505-9B #'s B00444443C, B....4C, B....5C: set of 3 $85.00 505-9B # B00000081A $25.00 205-8 #F72000011A (10th note printed) $45.00 102-5 #030115868A Face Plate #400 not used accord- ing to Treasury 510-7B, #'s BO..02E, BO..03E, BO..04E, BO..05E $60.00 each LESTER MERKIN 65 EAST 56TH STREET, NEW YORK, N. Y. 10022 PL 3-1130 Hickman and Waters Announce The Acquisition of Several Important Numismatic Properties First Charter Montana Territorial one dollar note. Fr. 382 Allison & Spin- ner. Nice legible pen signatures. Bright, extremely fine. Charter #2106. The Missoula National Bank, Montana Territory. The last of only six banks that could have issued $1.00 notes in Montana. Without a doubt, a great rarity $1950.00 * $10.00 Third Charter dated back, Charter #6884. The National Bank of Carlsbad, Territory of New Mexico. Serial #4. Nice pen signature. About extremely fine. Since these were not issued until 1908, and since New Mexico became a state Jan. 6, 1912, this type could have been issued for only three years by very few banks. Very rare and desirable $850.00 $5.00 Red Seal. The First National Bank of Salmon, Idaho. A show piece. This bank lasted just 5 1/2 years, closing in August, 1911 with just $10,300 in circulation. Charter #8080 . . . F-VF $450.00 * * * $5.00 Red Seal. The First National Bank of Fairbanks, District of Alaska. Bright, crisp, superb. Pen signatures, of course. This is the last note of the sheet we cut last year. We now know of three happy collectors. Who will be the fourth? $1650.00 A passel of lesser rarities including $20.00 Red Seal Indian Territory, two '29 Series Honolulu notes, and over 250 other nationals from most of the states. Our 18th mail list is yours for the asking. Do We Have Your National Bank Note Want List? HICKMAN AND WATERS RESEARCHERS and DEALERS NATIONAL BANK NOTES Members ANA SPMC Area 515-276-0298 and 255-9228 (Evenings) BOX 260 DES MOINES, IOWA 50309 WA N T li; D VERMONTNATIONAL BANK NOTES LARGE AND SMALL IN ALL GRADES These are for my personal collection and I will pay retail prices. I HAVE OVER 200 SMALL NATIONALS FROM 34 STATES AND 1950 - 51 - 52 - 53 - 54 - 55 PROOF SETS TO TRADE FOR VERMONT NOTES. I ALSO NEED ONE VERMONT SMALL NATIONAL $100.00 NOTE. NAME YOUR PRICE ON THIS ONE. GEORGE DAUDELIN SUGARBUSH VALLEY, WARREN, VT. 05674 SPMC 2030 WANTED TO BUY In Crisp-Uncirculated Condition THE FOLLOWING: 1929 Federal Reserve Bank Notes: NEW YORK (B) $100.00 CLEVELAND (D) $20.00 DALLAS (K) $10.00 $20.00 $50.00 SAN FRANCISCO (L) $5.00 $10.00 $20.00 Also want to buy low serial numbers of all the 49 different notes in this series. Serial numbers must be less than 100. Notes must be crisp unc. WANT TO BUY Uncut Sheets Of This 1929 Series DIRECT ALL CORRESPONDENCE TO: 7/1n1111MIMII: d c DOLLOFF COIN CENTER 116 STATE STREET, PORTSMOUTH, N. H. 03801 Call: 603-436-0332 Open: 10:00 AM to 7:30 PM pROFESSIOW NUMISMATISTS BU ILD • INC. RARE COIN COMPANY OF AMERICA 31 North Clark Street, Chicago, Illinois 60602 All Phones: 312-346-3443 DUES FOR 1969 The notice for payment of 1969 dues was mailed to all members shortly after the first of December. Your Secretary and Treasurer would appreciate a prompt re- sponse to this notice. If all members paid their 1969 dues within the next month, it would save the Society the expense of mailing out a second notice. If you have not already done so, please send your check for $4.00 immediately to the Treasurer, Mr. I. T. Kopicki, 5088 Archer Avenue, Chicago, Ill. 60632. The Secretary, on receipt of information from the Treasurer that your dues have been paid, will mail to you your membership card for 1969. Enclosed with the card will be an application blank for your use in recommending a friend for membership in SPMC. VERNON L. BROWN, Secretary. NEW BOOKS Yu? Sacifziy 4 papia M_UPSij effilediVIA is pleased to announce the release of another book. "TEXAS OBSOLETE NOTES AND SCRIP" By BOB MEDLAR Postpaid to members $6.00 Others $9.95 We still have copies available of "FLORIDA OBSOLETE NOTES & SCRIP" Postpaid to members $4.00 Others $5.00 Send remittances payable to the Society to: 1. ROY PENNELL, JR. P. 0. Box 3005, Anderson, S. C. 29621 RARCOA Proudly Announces: The Richard Saslow Collection AN AUCTION OF CHOICE NUMISMATIC MATERIAL INCLUDING: Choice U. S. Large Cents, Type Coins, Gold with 1875 & 1876 $ 3's, Patterns, Encased Postage, Pioneer Gold, Commemoratives, Pan Pacific Set, Rare Confederate Items, and Of Special Interest to Collectors of PAPER MONEY: The Largest Selection of NATIONAL CURRENCY Ever Offered at Public Auction; Third Charter $5 Blue seal notes from all 48 states, Hawaii, Alaska, and the District of Columbia. Almost all of which are CRISP UNCIRCULATED! Additional First, Second and Third Charter notes of Interest and, TERRITORIAL NOTES From—ALASKA; HAWAII; NEW MEXICO; ARIZONA; DAKOTA, and COLORADO. Some of which are UNIQUE! Also the RARE Confederate $10 and $20 ESSAY notes in choice condition. Write today for your copy of this important catalogue and the prices realized for only $1. The Auction will be held in Chicago at the La Salle Hotel on Saturday January 18, 1969, in two sessions beginning at one o'clock. Plan to attend, if you can, and if not bid by mail. PAPER MONEY BUY - SELL - TRADE U. S. LARGE SIZE ONLY ALL SERI ES YOUR WANT LIST RESPECTFULLY SOLICITED RESEARCH INQUIRIES INVITED M. PERLMUT rEn A.N.A., A.N.S., S.P.M.C., P.M.C.M. P. 0. BOX 48 WATERTOWN, MASS. 02172 FRACTIONAL CURRENCY SERIES I buy and sell anything in the FRACTIONAL CURRENCY SERIES SINGLES SHEETS SHIELDS SPECIMENS PROOFS Try a specialist in this series for all your needs. SELL TO A SPECIALIST FOR THE BEST PRICE. Thomas E. Werner 505 N. WALNUT ST. WEST CHESTER, PA. LISTS AVAILABLE Write for list of large size, small size or Fractional U. S. Currency. If you collect obsolete notes, please tell me the states which interest you. Also have engraver's die proofs of vignettes and sample sheets. Will trade any of above for proof notes. Will also exchange proof notes for mutual benefit. G. W. WAIT Box 165 GLEN RIDGE, N. J. 07028 WE BUY AND SELL LARGE SIZE U. S. PAPER MONEY WANTED: Choice Condition and Scarce Large Size Notes Only. SEND LIST FIRST, WITH CONDITION AND PRICES. L. S. WERNER 1270 Broadway, New York, N. Y. 10001 Phone LA 4-5669 SOCIETY CERTIFIED PROFESSIONAL NUMISMATISTS ASK YOUR FRIENDS ABOUT US MISSISSIPPI NOTES ISSUED BY CITIES, COUNTIES AND RAIL-ROADS 1. Adams County $5 Warrants, Natchez May 29, 1862, about fine, each $ 6.50 2. Claiborne County $2 1862, poor but intact $ 2.00 3. Citizen's Bank of Madison County, Canton, Miss. March 13, 1838 $10 fine $6.00; $20 very fine, $8.75; $50, very fine $ 9.75 4. County of Jefferson set of 250 and 500, Fayette, Miss., Apr. 24, 1862, both have colored overprints and are very good, the set $ 9.00 $5 Jefferson County Feb. 23, 1863, about fine $ 6.50 5. City of Natchez 500, 250 and 100 April 15, 1863; blue print- ing, on backs of Miss. Cotton Co. notes, very fine to X. Fine—the set $15.00 6. Planters Bank of Natchez $100, 1840 good $6.50; $50 1833 very good $ 7.50 7. Mississippi Rail Road Co., 1838, Natchez, Gallatin Branch $20; about unc. $15.00 8. Miss. & Alabama R.R. Co., $100 female and dog at center 1837, fine $15.00 $100 1838 early train at center, very fine $17.50 $50 1837, 1838, 2 different types, fine each $ 8.00 $25 1838, 3 females at center, about fine, scarce odd de- nomination $17.50 $10 1838, Washington at center, fine, each $ 6.00 (these Miss. & Ala. notes were all issued at Branden, Miss.) 9. Mississippi Central Rail-Road Co. Jan. 1, 1862 $3; fine red o.p. $ 8.50 $1.00, 750, 500, 250, same issue as above, good to very fine $ 9.00 10. $100 Miss. Treasury Note, dated 1862, payable 1863. Cr #1A fine, $12.50 11. $100 dated May 1, 1862. Cotton Pledged in green. Cr #14, about fine $ 9.00 12. $50 Miss. Treasury Note dated 1862, payable 1863. Cr #2A, X.F. $15.00 13. $50 Nov. 1, 1862 'Faith of the State' Cr. #38, fine $ 6.00 14. $2.50 Cotton Pledged, Nov. 1, 1862, Cr. #27, rarity 6, ab't. unc. $9.50 15. Rare set Sept. 1, 1870 $1, $2, $3, $5 all are signed and have red serial no. 12071. Gov. J. L. Alcorn. Fancy green reverses. Hole cancelled as almost all are. Cr. #50-53. crisp about uric. $50.00 HELEN H. WILLIAMSON S.P.M.C. #1850 ANA #20431 ORLEANS COIN SHOP 628 Belleville Ave., Brewton, Ala. 36426 PAPER MONEY U. S. LARGE SIZE CURRENCY U. S. SMALL SIZE CURRENCY U. S. FRACTIONAL CURRENCY LIST AVAILABLE STAMP PLEASE THE OFFICIAL GUIDE OF UNITED STATES PAPER MONEY ILLUSTRATED LISTING AND PRICING OF LARGE AND SMALL SIZE NOTES. 1861 TO DATE New, 2nd Edition including Fractional Cur- rency, paperback $1.00 THEODORE KEMM 915 West End Avenue, New York, N. Y. 10025 "LIGHT WEIGHT" Currency Holders WANTED TO BUY ERRORS Stock Small Regular Large Each .05 .03 .10 Per 100 4.00 6.50 8.50 FOREIGN CURRENCY HOLDERS Stock No. Each Per 100 A-1 35/8x53/4 .05 4.00 A - 2 37/8)(6 .08 6.50 A - 3 41/4x6 1/8 .10 8.50 IN CURRENCY Stock No. B-1 2 V8x41/4 Each .03 Per 100 2.00 B -2 B - 3 3 1/8x5 33/4x63/4 .05 .08 4.00 6.50 Please state price and give description and sketch. SHEET PROTECTORS WITH BLACK INSERTS 81/2x11 Light Weight Heavy Weight Per 10 1.25 2.25 Per 100 9.00 18.00 Illinois Residents Please Add 5% Sales Tax VILLAGE SALES UNLIMITED P. 0. BOX 225E, OAK PARK, ILLINOIS 60303 HARRY L. STRAUSS, JR. 619 South Street Peekskill, N. Y. 10566 WANTED • Maine and New Jersey Broken Bank Notes FOR MY COLLECTION • PLEASE WRITE ROBERT R. COOK 93 OVERLOOK ROAD UPPER MONTCLAIR NEW JERSEY 07043 SPMC 529 LOOK First Nat. Bank of Douglas, Arizona. Uncut Sheet of 3 Checks. Abt. Unc. Dated 191- $ 8.25 Monarch Mining & Smelting Co. Wickenburg Arizona Sheet of 3 Checks. Abt. Unc. Dated 191- 9.50 Ralston & Grayson. San Francisco, Calif. Sheet of 3 Checks. Abt. Unc. Dated 189- Printed on Goldish Paper. 13.75 Hancock Gold & Silver Mining Co. San Francisco, Calif. Sheet of 2 Stock Certificates. Abt. Unc. Dated 186- 39.50 Boylston National Bank. Boston, Mass. Sheet of 3 Checks. Abt. Unc. Dated 188- 3.50 Nevada First Nat. Bank of Tonopah. Tonopah, Nevada Sheet of 4 Checks. Abt. Unc. Dated 190- 9.75 National Bank. New York, N. Y. Sheet of 5 Checks A Very Old Sheet Dated 183- and easily E. F. for its age. THIS IS ONE OF THE MOST UNUSUAL SHEETS OF OLD BANK CHECKS THAT I HAVE EVER SEEN. Yes, you will think so too. 19.75 Heard National Bank. Jacksonville, Florida. Sheet of 3 Checks. Abt. Unc. Dated 191- Striking Sheet. 9.50 Frank F. Sprinkle P. 0. BOX 864 BLUEFIELD, W. VA. 24701 PENNSYLVANIA OBSOLETE NOTES 1.00 Bank of Montgomery Co. 1865. u/s, Unc. $ 1 6.00 2.00 Chambersburg C.7 Bedford Turn- pike. 1818. X.F. 20.00 10.00 Commercial Bank of Penna 1830. Fine 18.00 1000.00 Bank of United States. 1840 Unc. 90.00 10.00 Wayne County. 1859. A.U. 9.75 10.00 North Western Bank. 1859. X.F 7.75 1.00 McKean County Bank. u/s. Unc 5.50 1.00 Allentown Bank. 1862. Fine 7.00 5.00 Bank of Washington. 1814. VF 24.00 20.00 Bank of Towanda. 1835. X.F. 7.00 5.00 Susquehana County Bank. 1845. V.F. 6.00 5.00 Northampton Bank. 1841. Fine 5.00 12 1/20 Danville scrip. 1837. Unc. 5.00 10.00 Northampton Bank. 1836. Fine German. 15.00 1.00 Farmers & Mechanics Bank 1861. V.F. 12.00 2.00 Easton & Wilkesbarre Turnpike 1815 . Fine 12.00 5.00 Bank of Lewistown. 1845. V.F 5.50 Many other notes in stock. Want lists solicited. Want to buy notes and engraved vignettes. RICHARD T. HOOBER P. 0. BOX 196, NEWFOUNDLAND, PENNA. 18445. OBSOLETE AND STATE BANK NOTES ARKANSAS Treasury Warrant $10.00 CR. 54 April 62 Unc. $ 8.00 FLORIDA CR. 19-1.00 Mar. 1-1863 Fine - Cotton 10.00 CR. 32-10.00 Mar. 1-1864 Fine $10.00 Unc. 15.00 CR. 39-2.00 Jan. 3-1864 Fine $9.00 Unc. 14.00 MICHIGAN $1.00 River Raisin & Lake Erie R.R. 1863 Unc. 10.00 $1.25 $1.50 $1.75 Erie & Kalamazoo R.R. Unc. Set 75.00 $5.00 Benton Harbor 1933 School Scrip V.F 5.00 NEW HAMPSHIRE 2 Cents Concord 7/1/1864 Scrip Unc. 5.00 3 Cents Concord 7/1/1864 Scrip Unc. 5.00 NEW JERSEY State Bank New Brunswick 1.00 Unc. 4.00 State Bank New Brunswick 5.00 Unc. 7.00 State Bank New Brunswick 10.00 Unc. 8.00 State Bank New Brunswick 20.00 Unc. 10.00 NEW YORK $50.00 Globe Bank NY City 1840 Unc. 15.00 $100.00 Globe Bank NY City 1840 Unc. 15.00 PENNSYLVANIA 5.00 Northwestern Bank Warren 1861 Unc. 6.00 10.00 Manuel Labor Bank Phila. 1836 Unc. 6.00 SO. CAROLINA $5.00 Merchants Bank Cheraw 1858 V.F 6.00 $1.00 $2.00 $5.00 So. Carolina R.R. 1873 Unc. 10.00 $1.00 $2.00 $5.00 $10.00 $20.00 $50.00 S.C. 1872 Unc. 17.50 TENNESSEE $5.00 Farmers & Merchants Bk, Memphis 1854 Unc. 5.00 VIRGINIA $20.00 Treasury Note CR. 3 1862 Fine 15.00 $50.00 Treasury Note CR. 7 1862 Unc. 20.00 $100.00 Treasury Note CR. 6 1862 Fine 20.00 Satisfaction Guaranteed or Prompt Refund. Want Lists Solicited-Many Others Available. AMERICANA GALLERY Box 4634, Fort Lauderdale, Florida 33304 NATIONAL BANK NOTES Fr. 393: $2 Series 1875; The Atlantic National Bank of Boston, Mass. Bright AU/Unc. "Lazy" $2, rare and desirable $795.00 Fr. 467: $5 Series 1882 brownback; The Saint Paul National Bank of Saint Paul, NEBRASKA. GEM Unc. Top note of sheet, with extended margin uncut and intact, with Bureau plate letters and markings visible. A beautiful specimen $195.00 Fr. 490: $10 Series 1882 brownback; The National Bank of Montana, HELENA, MONTANA. Fine/V.xFine. Exces- sively rare; probably the first public offering of a Montana brownback in many years $450.00 Fr. 490: $10 Series 1882 brownback; 1st Nat. Bank, CHICKASHA, INDIAN TERRITORY Strictly fine; rare and popular $695.00 Fr. 498: $20 Series 1882 brownback; The National Bank of Greenville, SOUTH CAROLINA, UNC. Extremely rare Southern note, with attractive State seal. (Seals can only be found on First Charter notes, and Second Charter brownbacks.) $350.00 Fr. 501: $20 Series 1882 brownback; 1st Nat. Bank, LARAMIE, WYOMING. Ex Fine almost AU. Very rare West- ern type note $895.00 Fr. 545: $10 Series 1882 dateback; The First National Bank of ONTARIO. OREGON, V. Fine. Another very rare state $175.00 Fr. 623: $10 Series 1902 RED SEAL; The First National Bank of CORINTH, MISSISSIPPI, XF/AU. Inordinately rare, combining state, condition and sigs. Ranks as one of the more difficult states on which to lo- cate acceptable specimens $475.00 Fr. 650: $20 Series 1902 plain-rev. The First National Bank of NEWPORT, ARKANSAS, UNC. Another very rare state; notes seldom found in better than "VF." $165.00 Fr. 654: $20 Series 1902 plain rev. The DESERET NATIONAL BANK of SALT LAKE CITY, UTAH, UNC. Very rare; catalogues $300 in "VF." This specimen only $285.00 Fr. 654: $20 Series 1902 plain rev. The Rock Springs National Bank of ROCK SPRINGS, WYOMING, VF $165.00 Fr. 654: $20 Series 1902, plain rev. The Consolidated National Bank of TUCSON, ARIZONA, VF. Extremely rare along with Nevada, the most difficult Western state $290.00 Fr. 655: $20 Series 1902 plain rev. The Exchange National Bank of MUSKOGEE, OKLAHOMA, Ex. Fine. Rare and popular $275.00 FIVE-DAY RETURN PRIVILEGE. NOTES SENT POSTPAID AND INSURED. Your want lists are respectfully solicited. We also buy U.S. large notes. all series. Top prices paid for choice type notes, and most rarities. We need such items as small brown, large brown and large red seal Gold Certificates, 1880 Silvers, Territorials, 1890 and 18411 Coin Notes, high denominations, etc. Please let us know what you may have for sale or trade. M. PERLMUTTER . P. 0. BOX 48, WATERTOWN, MASS. 02172 SOPMC 948. Members of Other Leading Numismatic Organizations. Research inquiries invited. Inside Story of a Ii ank Note Designer's Career! Learn how currency designs are evolved and produced. Discover the unique breed of men who create 'These masterpieces. Read the dramatic history of the Educational Series of Silver Certicates . . . in "THE LIFE AND WORK. OF THOMAS F. MORRIS 1852489S" IL y His Son, Thomas F. Morris II This lavishly printed, profusely illustrated, 160-page book in- cludes never-before published photographs of essays for the Educational Series as well a design-in-progress for 12 foreign countries, postage stamp essays and proofs, bonds and other elaborate engraved Americana. It also pictures and identifies many of the famed designers and engravers of the American Bank Note Co. and the Bureau of Engraving and Printing. Limited Edition . . . available for $8.00 postpaid from THOMAS F. MORRIS 19 WEST DRIVE, LARCHMONT, N. Y. 10538 ANA SPMC EPS HAVE ANY MISSISSIPPI BROKEN BANK NOTES FOR SALE? STATE CONDITION, PRICE, AND NUMBER FOR SALE CONTACT Edward R. Barels DEPT. OF HISTORY Mississippi State College for Women COLUMBUS, MISS. 39701 (Just Started - Need Almost Everything) Choice Crisp Uncirculated Currency Unless Noted (REASONABLE PRICES) $1.00 1928 U. S. NOTE (Red Sean-Sale Price CHOICE WITH GOOD CENTERING $21.50 Crisp uncirculated-Narrow Margin 18.50 $1.00 Silver Certificates 1928 1928A 1928B 1928C 1928D VG/F 60.00 VF 100.00 XF 145.00 1928E VG+ 190.00 (1928C, D and E wanted in all grades- STAR NOTES ALSO-WILL PAY THE HIGHEST PRICES-WRITE AT ONCE) 1934 8.50 1935 *100.00 8.00 1935A *10.00 2.50 1935B *35.00 7.50 1935C *14.00 3.50 1935D Wide Margin *6.00 3.25 1935D Narrow Margin *5.00 3.00 1935D WIDE TO NARROW or NARROW TO WIDE with serial numbers in sequence Pair 15.00 1935E *4.25 *E or *F 2.50 1935F *3.00 F 2.00 1935G With Motto *5.50 3.00 1935G No Motto *am 2.00 1935H *3.00 2.00 1957 *2.25 *A or 5C 2.00 1957A *2.25 2.00 1957B *2.25 *B 2.00 $1.00 1935A Red "S" CU 55.00 $1.00 1935A Red "R" & "S" CU Pair 127.50 Average circulated pair "R" & "S" 21.50 $5.00 Silver Certificates 1934 13.50 1934A *27.50 13.50 1934B 30.00 1934C 525.00 16.50 1934D *22.50 11.50 1953 *22.50 11.50 1953A *12.50 9.50 1953B With centering 10.00 OF CHOICE CRISP UNCIRCU- SILVER CERTIFICATES $125.00 $10.00 Silver Certificates 1933 CHOICE CRISP UNCIRCULATED WITH GOOD CENTERING A00000111A $2,500.00 1934 25.00 1934A 35.00 1934B VG 45.00 550.00 1934C *32.50 22.50 1934D 21.50 1953 *37.50 25.00 1953A *37.50 Wt'd 1953B 22.50 COMPLETE SET OF CHOICE CRISP UNCIRCU- LATED $10.00 SILVER CERTIFICATES .... $3,225.00 Change-Over Notes $1.00 1928B to 1928A SC CU PAIR $100.00 $5.00 1934C to 1934D SC CU PAIR $100.00 $5.00 1934D to 1934C SC CU PAIR $100.00 $5.00 1934 to 1934A FRN #7 CU PAIR $100.00 Write for Listing of 1929 Federal Reserve Bank Notes Write for Listing of Fractional Currency $2.00 U. S. NOTES (Red Seal) Legal Tender 1928 33.50 1928A WANTED IN ALL GRADES-WRITE 1928B VG 55.00 F 75.00 VF+ 175.00 350.00 1928C WANTED IN CU-WRITE AT ONCE 1928D *30.00 13.50 1928E 25.00 1928F 14.50 1928G 7.50 1953 *9.00 6.00 1953A *9.50 5.50 1953B *5.00 3.95 1953C *4.50 3.00 1963 *4.00 3.00 1 963A *4.50 3.00 $5.00 U. S. Notes (Red Seal) Legal Tender 1928 21.50 1928A 49.50 1928B 25.00 1928C 20.00 1928D WANTED IN ALL GRADES WRITE 1928E 18.00 1928F 18.50 1953 WANTED IN CU WRITE 1953A *15.00 10.00 1953B 10.00 1953C *12.50 9.00 1963 *8.50 7.50 Hawaii Overprint $1.00 1935A Hawaii 6.50 $5.00 1934 Hawaii 52.50 $5.00 1934A Hawaii (WANTED ALSO) 35.00 $10.00 1934A Hawaii 32.50 $20.00 1934 Hawaii VG 42.50 F 100.00 995.00 $20.00 1934A VG/F 23.50 Wt'd Africa-Yellow Seal $1.00 1935A 12.50 $5.00 1934A VG+ *17.50 22.50 $10.00 1934A VG+ *32.50 27.50 $10.00 1934 WANTED IN ALL GRADES-WRITE Mismatched Notes $1.00 1963 N. Y. Fed-NEW MISMATCHED NOS. Last digit of one serial number one number higher than other-ONLY 30 KNOWN CU 89.50 $1.00 1957 MISMATCHED NOS. G55-G54 VF 42.50 $1.00 1957B MISMATCHED NOS. U37-U47 CU 39.50 WRITE FOR PRICE LIST ON ERROR NOTES Complete Sets of 12 Federal Reserve Notes $5.00 1963A Plain 80.00 $5.00 1963A Stars 84.00 $1.00 1963A Plain 14.95 $1.00 1963A Stars 15.95 Gold Certificates-Small and Large $10.00 1928 F *52.50 Wt'd $20.00 1928 90.00 $50.00 1928 250.00 $100.00 1928 250.00 Fr. #1169 $10 1907 VF $40.00 Fr. #1171 $10 1907 VF $42.50 Fr. #1173 $10 1922 XF $65.00 100.00 Fr. #1178 $20 1882 F $100.00 Fr. #1186 $20 1922 F $65.00 Fr. #1187 $20 1922 F $40 G $25.00 125.00 Fr. #1198 $50 1913 F $90.00 Fr. #1215 $100.00 1922 XF $250.00 10.95 8.00 9.00 250.00 195.00 Wt'd COMPLETE LATED good SET $5.00 ORDERS AIR MAILED SAME DAY RECEIVED-PRICES INCLUDE POSTAGE-SATISFACTION GUARANTEED ALL CURRENCY WANTED-SMALL AND LARGE SIZE, NATIONALS, FRACTIONALS, ERROR NOTES, STAR NOTES STAR NOTES AND ERROR NOTES ARE MY SPECIALITIES-WILL PAY PREMIUM PRICES FOR ALL GRADES WILL BUY - SELL - TRADE ALL LARGE SIZE CURRENCY WANTED PLEASE PRICE OR. DESCRIBE FOR OFFER SUPERIOR CURRENCY (Ted Gozanski) P. 0. Box 302, Superior, Wis. 54880 OBSOLETE UNCUT SHEETS From an original source-we offer the following Louisiana uncut sheets at a bargain price. Single sheets as priced NEW ORLEANS CANAL BANK 5-5-5-5 $ 8.00 10-10-10-10 Bldg. 8.00 10-10-10-10 Franklin 13.00 20-20-20-20 7.50 50-50-50-50 10.00 100-100-100-100 12.00 NEW ORLEANS CANAL & BANKING 5-5-5-5 7.50 NEW ORLEANS CITIZENS BANK 1-1-2-3 12.50 5-5-5-5 7.50 SHREVEPORT CITIZENS BANK 5-5-5-5 10.00 OUR SPECIAL The above 10 sheets for just $60.00 A low wholesale value for dealers and investors. Just 30 sets available. OTHER SHEETS AVAILABLE CANADA Montreal Champlain & St Lawrence RR 2- 12 1/2 0, 2 250, 2-500, 1837 $35.00 CONNECTICUT New Haven-City Bank 1 -1 -2-3 32.50 New Haven-City Bank 5-5-5-10 32.00 New Haven City Bank 50-100-20-20 45.00 New London-Union Bank 3-10-20-50 45.00 Preston-Norwich Bank-2 Post Notes 25.00 Stonington Bank-1 -1-2-3 20.00 Stonington Bank-5-5-5-10 20.00 Stonington Bank-5-5-10-20 25.00 DISTRICT OF COLUMBIA Bank of the Union 1-1-2-3 75.00 FLORIDA Bank of Jacksonville 1 -1 -2-3 40.00 GEORGIA Bank of Augusta 5-5-5-5 15.00 Savannah-Merchants & Planters 1-1-1-2 22.50 KENTUCKY Frankfort-Farmers Bank 20-20-20-20 30.00 LOUISIANA Citizens Bank-Dix Note 10-10-10-10 65.00 MICHIGAN Millers Bank of Washtenaw 1-2-3-5 35.00 Detroit-Peninsular Bank 5-5-5-5 25.00 Marshall-Bank of Michigan 1-3 15.00 Tecumseh Bank 1-1-3-5 15.00 Monroe-Merchants & Mechanics 5-5-5-10 40.00 MASSACHUSETTS Phoenix Bank 1-1-2-3 $60.00 MISSISSIPPI Holley Springs 5-5-10-20 35.00 NEBRASKA Bank of Florence 1-2-3-5 40.00 NEW HAMPSHIRE Farmington Bank 2-1 12.00 NEW JERSEY Salem Glass Works 3-50, 3-100, 3-250, 3-500, 1870 40.00 NEW YORK Palmyra--Wayne County 5-5-5-10 30.00 Redford Glass Company 250-250-500-75 37.50 OHIO Cincinnati Post Notes 5-3-2-1 45.00 Franklin Silk Co. 5-5-5-10 25.00 PENNSYLVANIA District of Southwark 1-1-1-1-1-1 15.00 RHODE ISLAND New England Com'l Bank 1 -1 -2 3 10.00 New England Com'l Bank 10-5-5-5 10.00 New England Com'l Bank 100-50 20.00 SOUTH CAROLINA State of S. C. 1872-1-1 2-2 12.00 State of S. C. 1872 5-5 10-10 12.00 State of S. C. 1872 20-20 50-50 15.00 TEXAS Brenham-Washington County 3-2-1-500 40.00 VERMONT Jamaica-West River Bank 1-2-3-5 25.00 Windsor Bank 1-1-2-3 35.00 Windsor Bank 10-5-5-5 35.00 VIRGINIA Winchester-Bank of the Valley 1-1-1-2 35.00 Winchester Farmers Bank-61/40-121/20- 12 1/20-250-500-1.00 35.00 WISCONSIN Oconomowoc Summit Bank 2-3 50.00 Waupun-Corn Exchange 1-2-3-5 75.00 Watertown-1 -2-3-5 65.00 HUNGARIAN FUND IN THE UNITED STATES 1848-Kossuth, LaJos 2-2-2-2 5.00 1848-Kossuth, La Jos 5-5-5 8.00 We have over 200 different uncut sheets on hand-many only one of a kind. Please send us your want list by States and we will quote what we have on hand. We will also trade any of the above sheets for your duplicate sheets, write us what you have -price you want-and sheets you want to trade for. We will also trade obsolete bank notes-send us your duplicates, set your price on them and we will send different notes of equal value. All lots held intact pending your satisfaction with your trade. We are also in the market to buy paper money of all kinds. What have you? Americana Gallery PHONES 565-7354-Evenings 522-3630 Hours 9 A.M. TO 5 P.M. Area Code 305 MAIL ADDRESS P. 0. Box 4634 Fort Lauderdale, Fla. 33304 A.N.A. - F.U.N. - A.P.S. H. F. JENNE 2701 East Sunrise Blvd. Room 412, Sunrise Bay Bldg. Fort Lauderdale, Fla. 33304 WANTED FIRST CHARTER - TEXAS CURRENCY We are interested in purchasing any First Charter Texas National Bank Notes regardless of denomination or condition. You may send with your asking price or advise condition and price. A few uncut sheets and Number 1 Texas National Bank Notes are still available. Write for list. BAIN - BROWNLEE - ROWE 1418 Commerce Street Dallas, Texas 75201 WILLIAM P. DONLON pROFESSIONk NUMISMATISTS B UILD NC United States Paper Money and Paper Money Supplies. S.P.M.C. NO. 74 UTICA, NEW YORK 13503 WIDELY ACCLAIMED BY U. S. PAPER MONEY COLLECTORS THE INFORMATION-PACKED DONLON CATALOGS Bringing you at a popular price more information, more illustrations and more helpful aids to collectors and competing exhibitors. "U. S. LARGE SIZE PAPER MONEY" 2nd Printing $3.10 Ppd. AND "THE LITTLE BOOK WITH THE BIG IMPACT" "11. S. SMALL SIZE PAPER MONEY" 1969 Ed. $160 Ppd. MEMBERS: SAVE 450. ORDER BOTH BOOKS FOR $4.25 PPD. NATIONAL BANK NOTES COLLECTORS YOU NEED LOUIS W. VAN BELKUM'S NEW BOOK "NAT I ONAL BANKS 1863-1935". A comprehensive guide to this popular se-iment of paper money collecting. 400 pages. $9.50 ppd. $8.50 if ordered with the Donlon books. * * a POPULAR ACCESSORIES FOR PAPER MONEY COLLECTORS CUSTOM MADE FOR DONLON FLIP-UP ALBUMS hold 50 to 100 notes in holders. For large size notes $12.50 ppd. Small size $10.50 ppd. GUARANTEED ACETATE HOLDERS will not damage notes. No risk of damage when in- serting or removing notes. WRITE-ON TYPE, small size 80¢ doz. Large size 90¢ doz. NO-GLARE TYPE, small size 1.60 doz. Large size 1.75 doz. Order 8 doz. one kind or assorted. Get extra dozen FREE! WANT TO BUY LARGE SIZE U. S. PAPER MONEY, NEW OR NEARLY SO. Save time. Describe fully and price in first letter. No bids! P. 0. BOX 144