Paper Money - Vol. XII, No. 3 - Whole No. 47 - Summer 1973

Paper Mene9 DEVOTED TO THE STUDY OF CURRENCY This quarter's feature is a description and catalog by Albert Pick of the very scarce last issues of paper money circulated by German commercial banks in 1924-25. VOL. 12 Whole No. 47 1973 c. OFFICIAL PUBLICATION OF 9 society of Pape, 4tote9 Collectors9 Ei © 1973 by The Society of Paper Money Collectors, Inc. 9ita,a.„.x.xxxxia.,',.Laxxxx.,-„,c,,xxxxmcx.„.x.,axx.„xxxx.x...xxxxxxxA NO. 3 RARE UNCUT SHEETS Beautiful Crisp New Sheets Truly Museum Show-Pieces that will put Your Ribbon Winner" Class. WANTED-Superb Sheets (4, 6, 12, 18). Collection in the "Blue NATIONAL SHEETS OF FOUR 1882 $5 Brown Back. St. Paul, Nebraska. F-467 $1,399.50 1902 $5 Third Charter. The Dunbar Nat'l. Bank, New York, N.Y. F-611. Rare Woods/Tate Signatures. Sheet #6 999.50 1902 $5 Equitable Nat'l. Bank, City of New York. F-595. Red Seal. All Red Seal Sheets are Excessively Rare 2,499.50 1902 $5 National Park Bank, New York, N.Y. F-598 899.50 1902 $10 National Park Bank, New York, N.Y. F-624 999.50 Special-Above Pair (F-598, 624) 1,749.50 SHEETS OF TWELVE 1935D $1 Silver. Clark/Snyder 1934D $5 Silver. Sigs. as above 1928G $2 Legal. Sigs. as last 1928E $5 Legal. Julian/Snyder Special-all Four Sheets SHEETS OF EIGHTEEN 1935E $1 Silver (Pay $650) 1953 $5 Silver. Also Wanted 1953 $10 Silver. (Pay $1,150) 1953 $2 Legal 1953 $5 Legal $ 499.50 799.50 549.50 749.50 $2,449.50 $ 849.60 1,249.50 1,599.50 899.50 1,299.50 ++ CUT-SHEETS OF FOUR ++ Beautiful Rare Cut-Sheets of Four. Only one-of-a-kind. 1880 $5 Legal. F-80. Tillman/Morgan. Each Note is personally Autographed by Daniel N. Morgan. A Rare "Museum Item" 799.50 1880 $10 F-110. Rosecrans/Nebeker. Scarce "Jackass" Sheet 849.50 1880 $10 F-140. Sigs. as last. Plate 1. 1,149.50 1886 $1 Silver. F-216. Rosecrans/Hyatt. Small Red Seal 849.50 1886 $2 F-242. Sigs. as last. Large Red Spikes. Beautiful Display Sheet 1,399.50 1923 $1 F-40. Speelman/White. Red Seal "Star Sheet" No. 4212*/4215*. Rare Single Star Notes are $300.00. This sheet of Far Greater Rarity 1,699.50 ++ EDUCATIONAL SERIES SHEETS ++ This Complete Collection of Cut-Sheets of sonally from Mr. Albert A. Grinnell more than ever since. Indeed our Most Beautiful Issue Offered only as a Unit $1 "History Instructing Youth". F-224. Each Treasurer of the United States. $2 "Science Presenting Steam and Electricity F-247. Low Serial Nos. 105-106-107-108. Morgan, Treasurer of the United States. $5 "Electricity Enlightening the World"=An Allegorical Scene, the Beauty of which surpasses that of all other United States Notes. F-'269. Truly a Magnificent Museum Collection . . . possibly Unique and originally from the Personal Collection of Mr. Grinnell, the Dean of Paper Money Professionals of all Time . . . where can you find another, even at Any Price. Our Price "tag" is $10,449.50 WANTED-LARGE NOTES-WANTE.D We're Paying TOP $$$'s for Choice Scarce/Rare Notes-all Series: SAMPLE BUYING PRICES-PER- FECT CRISP NEW ONLY: 1896 $1-$2-$5 Silver Certificate Set $1,100.00 to $ 1,400.00 1886 $5 Silver F259/265 $ 700.00 to $ 850.00 1899 $5 Silver F271/281 $ 115.00 to $ 350.00 1923 $5 Silver F282 $ 160.00 to $ 225.00 1901 $10 Legal F114/122 $ 170.00 to $ 220.00 1923 $10 Legal F123 $ 400.00 to $ 500.00 1890 $2 Coin F353/355 $ 550.00 to $ 650.00 1891 $5 Coin F365 $ 450.00 to $ 550.00 1891 $20 Coin F372/374 $1,250.00 to $ 1,400.00 1891 $50 Coin F376 (VF $4,500) $8,000.00 to $10,000.00 PACKS (100) STAR NOTES WANTED 19698 Dist. 9; 1969C Dists. 2, 4, 5, 9, 12; 1969D Dists. 1, 2, 7, 9, 11. Please advise if you can supply 1 or more Packs of these Star Notes. ++ IMPORTANT BOOKS-POSTPAID ++ Bluestone's "The Albert A. Grinnell Sales Catalogue 1944/1946". Reprint/Values=Prices that were realized at these Great Sales ($11.50 with Order) 12.95 Huntoon/Van Belkum's "National Bank Notes of the Note Issuing Period." Lists all Charter Banks 1863/1935 (14,348). ($10.75 with Order) 12.50 Donlon 's U.S. Large Size Paper Money 1862/1923". New 3rd Ed. (Due end Aug.) Ppd. 3.65* Friedberg's "Paper Money of the United States". 7th Ed. (Only $10.95 with Order) Ppd. 14.00 Hewitt/Donlon's "Catalogue of Small Size Paper Money". New 9th Ed. Ppd. 1.65* Goodman/O'Donnell/Schwartz' "Standard Handbook of Modern U.S. Paper Money". 3rd, Latest Ed. All you'll want to know about Block Collecting Ppd. 1.65* Kemm's "The Official Guide of U.S. Paper Money". 1973 Ed. Ppd. 1.15* Shafer's "Guide Book of Modern U.S. Currency". New 6th Ed. Ppd. 2.65* SPECIAL---Above Big Five, Starred * Ppd. 9.15 Add 50c on Book Orders for P. 0. Special Handling. 100% Satisfaction Guaranteed. Please add $1.00 under $50.00. Nebraskans add Sales Tax. Ask for our Lists of Small Size Notes, Uncut and Cut Sheets, Fractional Notes. MEMBER: Life #110 ANA. PNG, SCPN, SMPC, IA PN. Others. the 1896 $1-$2-$5 Silver Certificates was purchased per- 25 Years ago and have reposed in our Currency Cabinet of Notes=A "Museum Collection" of Greatest Rarity- Note was personally Autographed by Daniel H. Morgan, to Commerce and Industry-The Five Female Group." Each Note was personally Autographed by Daniel H. lielbee's, inc. "Pronto Service" 4514 North 30th Street Phone 402-451-4766 Omaha, Nebraska 68111 Paper litenq VOL. 12 NO. 3 THIRD QUARTER 1973 WHOLE NO. 47 PUBLISHED QUARTERLY BY THE SOCIETY OF PAPER MONEY COLLECTORS Editor Barbara R. Mueller. 225 S. Fischer Ave.. Jefferson, Wis. 53549 Publisher J. Roy Pennell, Jr., Box 858, 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, Ft. Lauderdale, 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 $5 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, $6.00 a year. Published quarterly. ADVERTISING RATES—PREPAID One Time Yearly Outside Rear Cover $40.00 $150.00 Inside Front & Rear Cover 37.50 140.00 Full Page 32.50 120.00 Half Page 20.00 70.00 Quarter Page 12.50 40.00 One-Eighth Page 8.00 30.00 (Non-contract advertising accepted in order received, providing space available by deadline. Please reserve space early! All ad copy subject to 25% surcharge for composition in 6 point type or special effects. $2 per printed page charge for typing copy where necessary.) PAPER MONEY does not guarantee advertisements but accepts copy in good faith, reserving the right to edit or reject any copy. Publisher's liability for error shall not exceed the cost of space occupied by the error. No liability can be accepted for error resulting from illegible copy. Editor's telephone: 414-674-5239 Schedule for 1973 Advertising Publication Deadline Date Issue No. 47 Aug. 15 Sept. 8 Issue No. 48 Nov. 15 Dec. 8 CONTENTS The Last Issues of Paper Money Circulated by German Commercial Banks in 1924/25, by Albert Pick 115 John Hart—Signer of the Declaration of Independence and Colonial Notes, by Herbert Eccleston, M.D. 118 Dr. Aspen Proposes Special Series of Bicentennial Currency 120 Recycling Paper Money Residue 120 Counterfeit-Proof (?) Currency Designs of 1869 and Later Years, by William P. Koster 122 Kossuth Note Printed in Britain 127 1929-1935 National Bank Note Varieties, by M. Owen Warns 128 Engraved Vignettes of Independence Hall Now Available 130 Matt Rothert Fractional Currency to be Sold 130 The First State Bank of Indiana, by Louis H. Haynes 131 First Charter One-Dollar Nationals, by Howard W. Parshall 133 A Drawback Certificate, by Forrest W. Daniel 135 The Inverted Overprint Error, by Lee Worthley 137 Philippine Guerilla Currency, by Cliff J. Murk 138 Federal Reserve Corner, by Nathan Goldstein II 139 A Tale of Three Fessendens, by Forrest W. Daniel 140 Check News Round-17p from Associated Press 145 THE SOCIETY OF PAPER MONEY COLLECTORS, INC. Library Notes 127 Change in Librarian 127 Late Convention News 136 Secretary's Report 142 Money Mart 144 Cocieq of Paper litonev Collector, OFFICERS President J. Roy Pennell, Jr. P. 0. Box 858, Anderson, S C. 29621 Vice-President Robert E. Medlar 4114 Avenue Q, Lubbock, Texas 79412 Secretary Vernon L. Brown P. 0. Box 8984, Fort Lauderdale, Fla. 33310 Treasurer M. Owen Warns P. 0. Box 1840, Milwaukee, Wis. 53201 APPOINTEES-1973-74 Librarian Barbara R. Mueller Attorney Ellis Edlow BOARD OF GOVERNORS-1973-74 Thomas C. Bain, Vernon L. Brown, Forrest W. Daniel, James N. Gates, Maurice M. Gould, David A. Hakes, William J. Harrison, Brent H. Hughes, Robert E. Medlar, Eric P. Newman, Charles O'Donnell, J. Roy Pennell, Jr., Glenn B. Smedley, George W. Wait, M. Owen Warns. Society Library Services The Society maintains a lending library for the use of members only. A catalog and list of regulations is in- cluded in the official Membership Directory available only to members from the Secretary. It is updated periodically in PAPER MONEY. For further information, write the Librarian, Wendell Wolka, P. 0. Box 366, Hinsdale, IL 60521 SPMC PUBLICATIONS AVAILABLE Texas Obsolete Notes and Scrip by BOB MEDLAR This is a hard-covered book with 204 large pages and 240 full-size illustrations. Postpaid to members, $6.00 Others, $10.50 Florida Obsolete Notes and Scrip by HARLEY L. FREEMAN This, too, is a hard-covered book, profusely illustrated, with 103 large pages. Postpaid to members, $4.00 Others, $5.00 Vermont Obsolete Notes and Scrip by MAYRE B. COULTER $10.00 postpaid Postpaid to members, $10.00 Others, $11.95 Back Issues of PAPER MONEY $1.00 each while they last All issues from Vol. 4, No. 2, 1965 (Whole No. 14) to date are available at this time, however, some issues are in short supply. Issues prior to Whole Number 14 are sold out. A limited supply of bound books containing two volume- years each also available for $12.50 per book. Specify Vols. 5 and 6 (Nos. 17-24) ; or 7 and 8 (Nos. 25-32) ; or 9 and 10 (Nos. 33-44). Send remittances payable to The Society of Paper Money Collectors, Inc. J. ROY PENNELL, JR. P. 0. Box 858, Anderson, S. C. 29621 Be Sure To Include Zip Code! The National Bank Note Issues of 1929-1935 by M. 0. WARNS-PETER HUNTOON-LOUIS VAN BELKUM p 111111 1111111111111111111111111111I1111111111111111111111111111111111111111111111111111111111111111111BMIBBBIBIBM IBIBIBIBIBBIBIBIBBIMIIHM111111111111111111111111111111111111111111111111111111111111111111111111111111111111II := = E. E E= Important Notice === . Paper Money Is A Copyrighted Publication= = F.-= '...-= No article originally appearing in this publication, or part thereof or condensation of same, can be reprinted E= E. elsewhere without the express permission of the Editor. Although your Officers recognize the publicity value to E the Society of occasional reprints, they cannot allow indiscriminate use of the material from PAPER MONEY in :=7= F." other publications even when condoned by the author. Therefore, authors should contact the Editor for permis- = E sion to reprint their work elsewhere and to make arrangements for copyrighting their work in their own names,== if desired. Only in this way can we maintain the integrity of PAPER MONEY and our contributors. E E E = PAPER MONEY reserves the right to edit or reject any copy. The opinions of the authors are not necessarily -1.- E those of the staff or the Society. = _ WHOLE NO. 47 Paper Money PAGE 115 By Albert Pick The Last Issues of Paper Money Circulated by German Commercial Banks in 1924/25 Translated by Werner Bodenheimer When the German Reich had been established in 1871 as a political entity and a uniform currency in the form of the Mark had been introduced, the paper money of the old German principalities, issued in terms of Gulden and Thaler, was withdrawn and replaced by the Reichs- kassenscheine or treasury notes of the German Empire. While the various note-issuing banks were allowed to hold their issuing licenses, their activities were strongly confined by new laws that were passed in the wake of the foundation of the Reichsbank in 1876. Giving way to the pressure, which the Reichsbank brought to bear upon the note-issuing commercial banks, the latter eventually waived their privileges, and by 1906 there remained merely four large commercial banks that continued to issue their own notes. These were, in alphabetical order, the Badische Bank, the Bayerische Notenbank, the Sachsische Bank and the Wiirttembergische Notenbank. Constantly extending its branch system, the Reichs- bank continued to fight these four remaining issuing banks until the beginning of World War I. The vast number of different notgeld issues that were circulated during the war and the subsequent period of money in- flation (1922-1923) spelled a heavy setback to the Reichs- bank's efforts directed towards unified issues of paper money. While it was possible to stabilize the currency by es- tablishing the Rentenbank, it was not before the Banks Act was passed on August 30, 1924. that the legal posi- tion of the Reichsbank was settled again. It was not possible, though, to simply ignore the vested rights of these four note-issuing banks, but their combined total issues of paper money were limited to a maximum quota of 194 million marks upon the ratification of their rights. Further relevant regulations were included in the Note Issuing Commercial Banks Act, dated August 30, 1924. As may be seen from the report of the first committee of experts, the Reichsbank was originally intended to be granted the sole and unique privilege of issuing bank notes. Dr. Hjalmar Schacht, though, then president of the Reichsbank, suspected that this committee of experts was not even aware of the existence of these four note- issuing banks. Their survival was granted by article 2 of the Banks Act of August 30, 1924, which was provided only upon Dr. Schacht's argument that it was good do- mestic policy to have these banks carrying on their busi- ness. The Reich government, however, was granted the prerogative to revoke the authority of the commercial banks to issue paper money effective of January 1, 1935. serving a one year's notice, provided it obtained the as- sent of the Reichsrat (roughly corresponding to the U.S. Senate). In article 3 of the Act the maximum issue of notes was limited to 70 million Reichsmarks with respect to the Bayerische Notenbank and the Sachsische Bank, and to 27 million Reichsmarks regarding the Wiirttembergische Notenbank and the Badische Bank. However, these banks were not permitted to issue more than eight per- cent of the aforementioned sums total until the completed winding-up of the Deutsche Rentenbank. Article 4 stipulated the denominations of the notes. Such denominations were permitted only in the order of RM 50, RM 100 or any multiple of the latter. All obsolete notes were to be withdrawn and exchanged against Reichsmark denominations, the exchange rate being 1 RM to 1 billion" marks. Article 5 ran as follows: Any notes issued by com- mercial banks shall not be considered legal tender nor shall they be proclaimed legal tender by state legislation (of any of the individual German states or Lander). There further shall be no foundation in law for the com- pulsory acceptance by any public pay-office. All such notes shall be accepted in payment at any time at par by the issuing banks and all of their branches. The regulations concerning the bullion security of the Reichsbank's notes did apply in full also to the notes is- sued by the commercial banks. Pursuant to article 6, both the Reichsbank and the note-issuing commercial banks were bound to accept at par the notes of each of the other banks at their head- quarters or, in the event of branches, in cities having at least 100,000 residents; this regulation would apply only until such time as the commercial banks would redeem their own notes. One trillion marks according to the American way of counting. The following notes were issued by the regional com- mercial banks: BADISCHE BANK: 50 Reichsmark, 11. Oktober 1924 (Pick Cat. No. R15), brown and green, SN brown. Obverse: Portrait of Johann Peter Hebei (1760-1826) an eminent German poet, at right. Reverse: Coat of arms at right. Paper: Laid, right marginal strip with red dyed fibers. Watermark: Oak leaves at right. BAYERISCHE NOTENBANK: 50 Reichsmark, 11. Oktober 1924 (Pick Cat. R35), light and dark green, SN red. Obverse: At top: Bavarian lozenge on escutcheon flanked by two lions rampant. Reverse: Bavarian coat of arms. Watermark: "Bayerische Notenbank" Design: Otto Hupp Badische Bank-50 RM, 1924 is Dom 3o7tuguft 19 .24 (5-) iindienv Ott 197.4 -4iissocathenaufOru4bc-sPinatnotenbant.bc cti /3aptrilVtotenbant. t 014 Iddetirii,toluhrittioldmtbnnot.oltart f3a,verifdlenotetWant, ai ip;93 '.1tifnitnOte 098269,L.,,,.."‘Xtfo ........,x,, A 098.11269 1) baniWfety$ront30-Stuttuti/9•2-4-. --brro&w, ern g.Mtuber rife enInlizit-t.. PAGE 116 Paper Money WHOLE NO. 47 Bayerische Notenbank-50 RM, 1924 Bayerische Notenbank-100 RM, 1924 100 Reichsmark, 11. Oktober 1924 (Pick Cat. R36). Obverse blue on multi-color background. Reverse blue and brown, SN blue. Obverse: Lettering and ornamentation. Reverse: Bavarian coat of arms surrounded by a gear- wheel and flanked by two lions rampant with a plow- share beneath. Paper: Ornamental embossing at right with small silk paper strips embedded bearing the printed name "Bayerische Notenbank." Watermark: Swastikas Design: Obverse: Otto Hupp. 50 Reichsmark, 1. September 1925 (Pick Cat. R37). Obverse brown on green and red. Reverse blue on green and brown. SN red. Obverse: Portrait of Hieronymus Holzschuher (patri- cian and alderman of Niirnberg) after a painting by Albrecht Diirer, (152-6), at right. Reverse: Bavarian coat of arms in center. Paper: Bluish, ornamental embossing at left with small silk paper strips embedded bearing the printed name "Bayerische Notenbank." Watermark: "Bayern" at right. Design: Walter Tiemann. Bayerische Notenbank-50 RM, 1925 Bayerische Notenbank—essay, 50 RM, 1924 (There has survived the proof of another design for the RM 50 denomination:) 50 Reichsmark, 30. August 1924, brown on multi-color background. Obverse: Venetian girl, at right, after a painting by Albrecht Diirer. (The same picture—in a slightly different cropping—appears on the current DM 5 note of the German Federal Republic.) Reverse: Bavarian coat of arms at center. Paper: Small silk paper strip at right embedded into the paper bearing the printed name: "Bayerische Notenbank." SACHSISCHE BANK: 50 Reichsmark, 11. Oktober 1924 (Pick Cat. R96). Obverse brown on brown and dark green. Reverse dark green on brown. SN red. Obverse: Portrait of Ludwig Richter (1803-1884), painter, at left. Reverse: Lettering and ornamentation. Paper: Ornamental embossing at right with small silk paper strips embedded bearing the printed name: "Sachsische Bank." Watermark: Swastikas. Design: Professor Belwe. Sachsische Bank-50 RM 1924 HUN DIRT REIMS-MARK. utts eyes; afre9,1triii Cies )1 vim-, 3le 30.Augebfi 1924 11-Oe(Den nat&r 194 cif fC CedankuOrejOeti),) oo;votsLy. Sachsische Bank-100 RM, 1924 Paper Money PAGE 117WHOLE NO. 47 100 Reichsmark, 11. Oktober 1924 (Pick Cat. R97), blue-gray on blue-green and brown. SN blue. Obverse: Portrait of Gotthold Ephraim Lessing (1729- 1781), poet, playwright and critic, at left. Reverse: Lettering and ornamentation. Paper: Ornamental embossing at left with small silk paper strips embedded bearing the printed name: "Sachsische Bank." Watermark: Swastikas. Design: Walter Tiemann. WURTTEMBERGISCHE NOTENBANK: 50 Reichsmark, 11. Oktober 1924 (Pick Cat. R117). Green and brown. SN black. Obverse: Portrait of a bearded gentleman with stand- up collar at left. Reverse: Ground-tinted Wiirttemberg coat of arms at left, flanked by two stags. Paper: Laid, right marginal strip with green dyed fibers. Watermark: Oak leaves at right. 100 Reichsmark, 11. Oktober 1924 (Pick Cat. R118), black and blue on brown and green. SN brown. Obverse: Portrait of a gentleman with headgear, at right. Reverse: Ground-tinted Wiirttemberg coat of arms at center, flanked by two stags. Paper: Laid, right marginal strip with blue dyed fibers. Watermark: Oak leaves at right. 50 Reichsmark, 1. August 1925 (Pick Cat. R119), green, brown and red. SN red. Obverse: Portrait of Christian Friedrich Daniel Schu- bart (1739-1791), Swabian poet and composer. Hated tyrants and was imprisoned in the Hohenasperg fortress for libel, as he had insulted the duke Carl Eugen of Wiirttemberg.) Ground-tinted Wiirttemberg coat of arms at center. Reverse: Lettering and ornamentation. Paper: Laid, right-hand marginal strip with violet dyed fibers. Watermark: Oak leaves at right. Wiirttembergische Notenbank-50 RM, 1924 Wiirttembergische Notenbank-50 RM, 1925 Wiirttembergische Notenbank-100 RM, 1924 The following types of paper made specifically for the purpose were employed for all notes: 1. Security paper of the Reichsbank having at the right-hand side a marginal strip with dyed fibers and a watermark showing oak leaves. 2. Security paper of the printers Giesecke & Devrient having small printed strips of silk paper imbedded into the bank note paper pulp. There were issued only small quantities of all these notes which had very little importance to the payments system. Moreover, as the public hardly became familiar with these notes and difficulties arose on payments, the banks decided to withdraw them entirely from circula- tion. As early as 1925 the circulation of these notes had almost come to a standstill. The act of rescinding the privilege to issue bank notes, effective of January 1, 1935, was then a purely formal matter. All these notes are very scarce, and complete sets have been located in two or three collections only. REFERENCES: Dierschke, K. and F. Miiller: Die Notenbanken der Welt. 2 vols. Berlin 1926. Elster, Karl: Von der Mark zur Reichsmark. Jena 1928. Notzke, Johann: Das Bankgesetz von 1924, Berlin 1925. Pick, Albert: Papiergeld, Braunschwe'lg 1967. Pick, Albert: European Paper Money Since 1900. Cata- logue. New York, 1971. PAGE 1 1 8 Paper Money WHOLE NO. 47 John Hart - Signer of the Declaration of Independence and Colonial Notes By Herbert Eccleston, M.D. Of the 56 Signers of the Declaration of Independence, nine of those distinguished gentlemen also signed paper money of their own colonies. John Hart of New Jersey was one of them. Biographical John Hart, the son of Edward and Martha Hart, was born in Stonington, Connecticut in 1711. Early in 1712, the Harts left their home in Connecticut and moved to New Jersey, settling in the town of Hopewell. No rea- son can be found for this move. At the age of two, John Hart was carried by his father to the Presbyterian Church at Maidenhead where on December 13, 1713, he was baptized by the Reverend Jedediah Andrews, pastor of the Presbyterian Church on Washington Square, Philadelphia. The baptismal record is still in the church's files. John Hart remained a staunch supporter of the church his entire life, and was a ruling elder and a commissioner to the Presbytery of Philadelphia. He was a member of the church in Pen- nington, New Jersey, close to Hopewell. As a child, John Hart received little or no formal schooling. Since his father was a man of influence and property, one may assume that his son John received a good education at home, if not the formal classical one. John Hart used his practical early training to become a successful farmer and merchant as well as to discharge the duties of such minor offices as his fellow citizens chose to confer on him. In 1740, he married Deborah Scudder, the daughter of Richard and Hannah Scudder of nearby Ewing, New Jersey. At the time of his marriage, Hart had become a successful farmer and property owner. He had large and profitable interests in fullery and grists mills in the area around rural Hopewell. John Hart was interested in community affairs and public service long before he affixed his signature to the Declaration of Independence as a New Jersey represen- tative. In 1761, he was chosen to represent his district in the colonial legislature. He was reelected annually for the next 11 years. While serving there, he was one of the most actice and resolute members, protest. ing Britain's actions against the colonies, so prevalent at this time. The actions of this legislature caused Wil- liam Franklin, the royal governor, to dissolve it. In 1774, Hart was elected to the First Provincial Con- gress of New Jersey and served until 1776. At the same time, he was also chairman of the township committee of Hunterdon County. On June 5, 1776, he was elected president of the Congress of New Jersey. One week af- ter his appointment, he was elected as a delegate to the Continental Congress along with four others to repre- John Hart, Signer sent New Jersey. The five elected were Richard Stock- ton; Dr. John Witherspoon, president of Princeton Col- lege; Judge Francis Hopkinson; Abraham Clark; and Hart, who, though not equal in professional ability to the first three, yet was adjudged by the people their worthy associate and fully their peer in soundness of judgment, in firmness of purpose, and in enlightened pa- triotism. On August 2, 1776, Hart signed the Declaration of In- dependence—the same month he was elected to the first assembly under the new state constitution and was unani- mously chosen speaker of the group. During the war his farm and mills in the path of both armies were laid to waste, and he himself was hunted and hounded through the hills around Sourland Moun- tain. After victories by the colonials at Trenton and Princeton, he, like many other patriots, was able to re- turn home. Due to the ravages of war and the harass- ment he received at the hands of the British, both his health and spirit were broken. He retired from public life in 1778, died in 1780, and was buried in the church- Paper MoneyWHOLE NO. 47 /14 PAGE 119 0.404141., 4111 :0; L N /GOO. L Of 0-VE SHILLIN0 Proclamation, is emitted by a Law of the Colony of Alin)- * yeriev, paired in the Fourteenth 'Year of the Reign of hi - , Welly Kir.g GE oftca the Third. Dated M4RcH z5, 1776•. . ' (321-4?\) B - "t:e1C.* ,f 1-re,4 /"/ g=xxmx(x(xfxr,==,,.. f :=XMA. \&A;ii%*.4 WII.ANL .11°A R S IL L G °• 172 4.1,4** BILL ofTHREE SHILLINGS Proclamation, Iti;, 1. is emitted by a I, A W of the COLON'S" 01 New-Yerjiy, paffed in the Fourteenth Year of the Reign of his Maieity Kinlj; FORGE the Third. Dated MARCH 25, 1776. L',/ , ZEbrce SHILLINGS. ..,/za./i(-).‘--;`6 4'1 P41 oPS'.7 '4Vit rk 4`.4077:/....ePrAfirtiM 40,179Ritt ',1: ' FIFTEEN SHILLINGS. , '"/" 71,N.I° 4*","‘") ... . ? rs BILL t'-i i ; FT,Ea mittionolr SIIIL nitt a T „I kv cif -the Cotoier o E j.E.R.SEY, , o teentla* Year of the Rleisal of his Majefty . " '4e THIRD. 'Dattd -MARCH 15, 1774. f1117 EEINT 4,'*1-11,4 LING,S. 1,1-ipt / 1Z- " rov John Hart's signature (in the center) on New Jersey bills of the March, 1776 emission PAGE 120 Paper Money WHOLE NO. 47 yard of the First Baptist Church of Hopewell, New Jer- sey. His grave is marked by an obelisk type of monu- ment. Numismatic John Hart signed notes of the issues of February 20, 1776 and March 25, 1776. The February issue is the rarer of the two issues, it consisting of four different types of notes—six shillings, 15 shillings, 30 shillings, and three pounds. The March issue consisted of nine dif- ferent values ranging from one shilling to six pounds. Each note had a much higher number printed than the February issue. A few of the notes mentioned above are illustrated. At the time he signed these notes, Hart was a member of the First Provincial Congress of New Jersey, the Committee of Correspondence, and the Com- mittee of Safety. It is interesting to note that Abraham Clark, another signer from New Jersey, was also supposed to have signed colonial bills, although none have been located. Francis Hopkinson, a New Jersey signer, also signed colonial bills, but for the colony of Pennsylvania and not New Jersey. References Encyclopaedia Britannica The Early Paper Money of America, Eric Newman, 1967 The Story of the Declaration of Independence, Milhollen & Kaplan, 1954 The author wishes to thank Mr. Herman Ferber of Upper Saddle River, New Jersey, for the excellent photo- graphs. Dr. Aspen Proposes Special Series of Bicentennial Currency Paper money enthusiast and SPMC'er Dr. Nelson Page Aspen of West Chester, Pa., in collaboration with the Chester County Currency Club, has proposed to Arthur Burns, Chairman of the Federal Reserve Board, the fol- lowing numismatic commemoration of the American Rev- olution Bicentennial in 1976: —The $1 bill be continued with the front as it is now with the likeness of Washington, and the back to be changed to depict Washington crossing the Delaware. —The $2 bill be brought back with Jefferson's likeness on the front and the Declaration of Independence (either the signing or the document) on the back. —The $5 bill carry the likeness of Patrick Henry on the front and St. John's Church on the reverse. —The $10 bill carry the likeness of John Hansen on the front and Carpenter's Hall on the back. —The $20 bill carry the likeness of Haym Salomon on the front and on the back Valley Forge, using the winter scene. —The $50 bill carry the likeness of John Paul Jones on the front, and on the back the Bon Homme Richard. —The $100 bill be left as it is with Franklin on the front and Independence Hall on the reverse. —The reintroduction of fractional currency in the 50c denomination with a likeness of Betsy Ross on the front and "Old Glory" on the back. What is the opinion of other SPMC members on this proposal? Write to Dr. Aspen at 1210 Green Hill Ave., West Chester, PA 19380. Recycling Paper Money Residue The Treasury Department used the wet maceration method from 1874 to 1942 to destroy currency. The re- sulting pulp was sold to private contractors and much of it found its way into the hands of people who made such souvenirs as statuary and medallions from it. Relief maps were also made from the pulp. However, over the years the prices which private or- ganizations were willing to pay for the pulp gradually declined, and in 1929 it was even offered to users without charge if they would haul it away, but no one was in- terested. Incineration Currently, the Treasurer of the United States and the Federal Reserve banks and branches receive in excess of $36 million a day which must be burned. The notes are divided into "good" and "bad" bills, with the counterfeit, limp, and mutilated bills being fed into counting machines. They are separated by women who work lightning-quick, and whose touch is so sensitized they can detect a bogus bill in a split second. The unfit bills of like denomination are then strapped into bundles of 1,000 and sent to the cancelling machine. The cancelling machine perforates the bills, with each Federal Reserve bank and the Treasurer's office having a distinctive pattern of perforations of different shapes zig- zagging across the bills. The ashes of the previous day's load are removed from the incinerator and screened to detect "clinkers" (un- burned portions). The bills are then loaded in the in- cinerator, including the confetti-like holes that were punched out by the perforators. Heat of 900 degrees Fahrenheit is required to burn the money. After examination by members of the "destruction com- mittee," a signed certificate is sent to the Treasurer of the United States to verify the amount of money burned. Pulverizing Paper Between $5 million and $7 million in worn bills returned by banks throughout the Southwest used to go up in smoke each week in the basement incinerators of the Federal Reserve Bank of Dallas. Now, the bills are shredded to a fine grayish-green confetti that may wind up as part of the roofing on someone's home. The Dallas bank claims to be first among the nation's 37 Federal reserve offices to destroy its notes this way. The shredded money now ends up with a waste paper supplier, who mixes it with other waste and sells it to a roofing manufacturer. Senior Vice-President Tony Salvaggio said plans were being studied to recycle the currency residue into other usuable forms, such as plastics, stationery and other paper products. The destructor unit, built by J. B. Sedberry Inc. of Tyler, Texas, at a cost of nearly $50,000, is composed of four parts. It sits behind a locked door. Two men feed neatly bundled bills of all denominations onto a conveyor belt, which carries them through high-speed cutting blades. In seconds they are pulverized and dropped through a tube to a basement. Two other men, an audit representa- tive and a security man, watch the process. Down below, beside the huge, no longer used iron in- cinerators, the finely beaten material, looking now like raw cotton, is passed through a perforated screen to in- sure that nothing recognizable as part of a bill has escaped the knives. American Bank Note and International Silver jointly announce a rare and beautiful limited edition: THE LIBERTY BANK NOTE OF 1854 IN STERLING SILVER. An opportunity to own the first in the Sterling Bank Note Series, an historic engraving, an art treasure as well as a valuable collector's piece. EDITION LIMITED TO 7500 INCLUDING REPRODUCTION ON PROOF PAPER TO BE PRINTED FROM THE ORIGINAL 1854 INTAGLIO PLATES. The American Bank Note: It could be the next great collecting discovery of this century. And with good reason. The state of the en- graving art reached its peak in the bank notes issued by American Bank Note Company during the nineteenth century. The finest engravers of the time spent months on a single bank note, engraving in steel, with such incredible detail and delicacy that these notes are works of art to this day. Historically, as well as artistically, the nineteenth century bank note has endless fascination, since it represents the golden age of the engraver. The $100 Liberty Bank Note, as a prime example, dates to 1854. It was issued by the Liberty Bank of Providence, chartered by the State of Rhode Island. The engraving 'was done by Benjamin Tanner from a painting by John Francis Renault. It bears a superb engraving of Cornwallis surrendering to Washington at Yorktown in 1781. How did this rare engraving re-appear, after a century? The American Bank Note Company traces its origins to 1795. Today it is the world's principal producer of bonds, se- curities and travelers cheques, postage stamps and currency for over 70 nations. Renewed interest in the art of engraving has led them to release a limited number of these priceless engravings. And they came to International Silver, the world's largest silversmith. International has been a giant figure in heirloom silver for well over a century. The original engraving, translated to sterling silver. From American Bank Note's nineteenth cen- tury engraving, International Silver has made an exact and authentic translation in .925 sterling. The sterling note is 3-3/4"x 8". At a time of a rising market in silver, there is con- siderable intrinsic value for the precious metal alone. With the silver bank note comes an authentic intaglio print of the actual Liberty Bank Note on proof paper. This has been printed by American Bank Note, from the original engravings, and using the same print- ing process used to print currency over a century ago. Each sterling note and print will have matching serial numbers and will be registered in the buyer's name. Serial Num- ber 1 will be donated to the collection of the American Numismatic Association. A limited edition of 7500. This valuable "objet d'histoire" has been set in a "rare-book" case, suitable for display. A Certificate of Authenticity, signed and attested by Mr. J. Roy Pennell, Jr., one of the world's leading authorities on world curren- cies and engravings, will accompany each note. Each display also contains the fascinating "Story of the Liberty Bank Note": Here is your opportunity to own and display this superb example of an authentic American art form which is re-awakening the interest of the collecting world. As an unusual gift it will be appreciated by anyone who receives it. This edition is limited to 7500 sub- scribers, who will be accepted in the order received. First option for succeeding notes to be offered will go to original subscribers. The Sterling Liberty Bank Note of 1854 may be ordered directly by using the form below or is available at selected fine stores. Sterling Silver Liberty Bank Note with intaglio printed note, in display case. $150. [—American Archives, Dept. BN11 P.O. Box 1776, Wallingford, Conn. 06492 Please send me I iberty Bank Note(s) in Sterling Silver, with reproduction on . proof paper, @ $150 each. Includes postage, insurance and handling charges. Name Address City State Zip_ Total amount enclosed or charged $ Charge my purchase to: Ill Master Charge q Diners Club q BankAmericard q American Express Master Charge Interbank # Account # Expiration date Signature No COD Conn residents add sales tax If not completely satisfied. return wItlun IS days in ortiagul carton for full refund. Offer good in U 5 A only. except where prohibited or restricted by law . REPEATING PATTERNS LARGE PORTRAIT LARGE DETAILED SEAL Fig. 1. Anti -counterfeit design features of the Series of 1869. FIBRES AND TINT GEOMETRIC OVERLAY 11.1,6 ll'EN Vol.. It VI TEx.por.l.tus 4///,,,/ /X, %, 110 , 'aigt872P" In" :r. INTRICATE PAGE 122 Paper Money WHOLE NO. 47 Counterfeit-Proof (?) Currency Designs of 1869 and Later Years By William P. Koster S NOTED in my previous articles in PAPER MONEY. our first Federal paper money, issued during the Civil War in order to help finance that war, was widely counterfeited. The early Interest Bearing notes and Le- gal Tender Notes. as well as the National Bank Notes. were all targets of the counterfeiter's art. At one point in 1867, it was estimated that as much as one-third of all U. S. paper currency then in circulation was counter- feit. This situation, coupled with the fact that most of the circulating bank notes were not redeemable in hard currency. caused paper money to be unacceptable to many people. Where paper money was accepted, its val- ue fluctuated widely with respect to the gold dollar. At the low point, the value of paper money was approxi- mately 35 cents per dollar as compared to hard currency. The counterfeit notes of that era were made by several techniques, but the only really dangerous issues were those clever detailed engravings which looked very much like the real thing, but which never exactly duplicated i t. During this period. ordinary bank note paper was used for the Federal currency issues. Shortly after the close of the Civil War. the Govern- ment launched a two-pronged effort to combat counter- feiting. One facet was the formation of the Secret Ser- vice. aimed specifically at controlling counterfeiting: find- ing the counterfeiters. destroying the currency. and see- ing that appropriate punishment was carried out. The Treasury Department separately set about to design a new issue of paper money intended to be much more difficult to copy than the previous issues. This new cur- rency design was issued as a group of Legal Tender Notes in denominations from $1 to $1000. Series of 1869. New Features of the 1869 Designs The new issue of 1869 incorporated several design features intended to inhibit the type of success which counterfeiters had enjoyed in the previous few years. An examination of these notes suggests that the follow- ing design features were most significant: 1. A large vignette of an individual portrait was used on each denomination. Each of these notes also contained vignettes of other scenes, although the portrait of a historically famous person was pre- dominant. Shortcomings in shading and line grada- tion in a large portrait are somewhat easier to de- tect than in the smaller portraits which had been used on most of the notes of the previous Legal Tender issue (1863). 2. Greatly increased use was made of engraving ma- chines to form intricate, repeating rectangular and circular patterns on these issues. Observe, for ex- ample, the repeated 10's and XX's in the borders of the notes as well as the very fine detail in the large red spiked seal used on all notes of this issue. The fine curves and small repeated details, easily ac- E: N"- Fig. 2. Geometric overlay on WHOLE NO. 47 Paper Money PAGE 123 complished in a precise fashion with appropriate engraving equipment, were very difficult for a coun- terfeiter to duplicate by hand. Experience had shown that the beautifully detailed vignettes used on the First Charter National Bank Notes could be rather well copied (although not duplicated), since they were essentially free-hand engravings. This situation led, therefore, to dropping of the large vignette as a primary quality control feature of a valid note. 3. A repeating geometric overlay pattern of the de- nomination of each note was used on the $1, 2, and 5, and 10 issues of 1869. This overlay provided a small, continuous and repeated background printing of the denomination across one area of the note. Again, making this plate was easy to accomplish with engraving equipment but very difficult as a hand-engraving project. A similar feature was in- corporated into the reverse design of the $50 note of this issue. 4. For these notes, the Treasury used a distinctive semi-translucent, high-strength paper which con- tained bands of relatively coarse jute fibers. A mix- ture of both blue and red jute fibers were employed, but at a high blue to red ratio of about 1000:1. The use of fiber in currency paper was new to the U. S. issues, but not new to paper currency in general. Fibers were used in some of the earlier state bank issues and also in a few of the Confederate issues. The purpose of the Treasury at this point was to use a distinctive fiber paper which could be readily identified and which differed from others then in existence. 5. A blue tint was placed on one side of the paper through the band containing the fibers. This was done to accentuate the presence of the fibers, per- mitting their detection even in a worn note and at the same time adding to the distinctiveness of the issue. The $10 Legal Tender Note of 1869, typical of this se- ries, is shown in Figure I. The various design features referred to in the text are indicated. High magnification photographs of typical overlays and of details in the large Treasury Seal are shown in Figures 2, 3 and 4. The printing features of these new designs all increased the difficulty of copying the notes by hand-engraving, hence, discouraging attempts at copying the currency. The extensive use of engraving equipment for making seals, small geometric details, and overlays was proba- bly the greatest single deterrent to the counterfeiting of the currency. The introduction of the fiber paper was also significant, since a would-be counterfeiter now had to be in collaboration with a paper manufacturer to ob- tain a suitable imitation. Prior to this issue, almost any type of bank note paper which was rather readily avail- able could be used. The use of the fibers, therefore, was simply another step in increasing the difficulty in suc- cessfully copying the bank note issues. 1869 Series Counterfeits How effective were these early counterfeiting mea- sures? Perhaps surprisingly effective. Records show that none of the small denomination notes of the Series of 1869 was ever successfully counterfeited. The design was just too discouraging for the counterfeiter to attack! After all, the First Charter National Bank Notes were still in circulation, as were the Legal Tender Notes of 1863. and these were easier targets. Fig. 3. Intricate detail on reverse of $50 note. Fig. 4. Portion of large seal showing intricate detail produced by engraving machinery. However, both the $50 and the $500 notes of Series of 1869 were copied, and rather successfully at that. A copy of the $50 note bearing the portrait of Henry Clay appeared in 1872. It was considered a dangerous copy. The paper was well-imitated. The note had some small PAGE 124 Paper Money WHOLE NO. 47 deficiencies that could be detected once recognized: the cross-hatching over Clay's head in the vignette was al- most a solid mass; the serial numbers were black or blue-black instead of bright blue, and there was no ruled line between "Series of" and "1869." As a result of this counterfeit issue, the $50 notes of 1869 were systemati- cally withdrawn from circulation and retired as they came through the sub-treasuries. This accounts for the rarity of this note, Friedburg 151, which is probably the scarcest Legal Tender Note. Certainly it is the scarcest of all Legal Tenders issued except for denominations in excess of $100, most of which are non-collectable. A similar fate befell the $500 note bearing the portrait of John Quincy Adams. A good copy was made of this, except that in this case too much red fiber was used in the paper. This issue was also withdrawn from circula- tion. Collectors will note that the next Legal Tender is- sues, Series of 1874, featured completely redesigned $50 and $500 bills. With the exception of these, all of the other basic designs issued in 1869 continued to be used for the Legal Tender issues until their retirements at various times during this century. 1874 Series Changes The Series of 1874 notes incorporated several changes in design apparently in the direction of lowering print- ing costs. The small-denomination notes of 1869 re- quired five printing operations: basic design, green over- lay, seal, serial numbers, and reverse. (In general, the reverse was printed first). In 1874, the overlay was eliminated and the seal was made smaller and simpler. A smaller seal was undoubtedly easier to print and per- mitted a significant cost savings at the printing source. Jute fibers, but using a paler blue tint, were continued. Also, in 1874, the designs of the backs of these notes were changed to provide an open area on each for in- spection of the fiber content of the paper. One specu- lates at this point that the closed back design of 1869 did not permit for adequate inspection of fiber content of the paper once the note became well circulated; hence, leading to the concept of an open space in the back de- sign for this purpose. This concept was also continued throughout the life of the currency series. Beginning in the latter 1870's, counterfeits of the $5, 10 and 20 Legal Tender issues of 1874 and 1875 began to appear. They did not pose the magnitude of prob- lems, however, that counterfeit notes had produced ten years before. With the elimination of the overlay and the small seal, the counterfeiters again thought that they had a chance at success. It may be that these circum- stances led to the re-adoption of the large ornate spiked seal (first used in 1869) on the currency issued during the 1880's. Large spiked seals were used on Legal Tend- er Notes, Gold Certificates, Silver Certificates and the early Coin Notes generally issued from 1880 to the latter part of 1890. The new National Currency issue which appeared in 1882 used a different. but nevertheless, large and fairly ornate seal. Changes in Fiber and Tint The First Charter National Bank Notes continued to circulate in large quantities during this entire period. Jute fiber paper with a blue tint was introduced to these issues early in the 1870's and undoubtedly helped to dis- courage further counterfeiting. To the dismay of the Treasury Department, however, an extremely clever coun- terfeit of the $100 National Bank Note, Series of 1875, on the Pittsburgh National Bank of Commerce (Charter 668) appeared in which the jute fiber was very well duplicated. As a result of this particular counterfeit is- sue, jute fiber was abandoned. The jute fiber and blue tint was replaced with a paper usually containing two straight and parallel continuous silk fibers across the note, one near the top and one near the bottom, generally one red and one blue. A few thin silk fibers about 1/, in. long were also scattered at ran- dom throughout the paper, with only two to three appear- ing in each note. This type of paper was used for all issues of currency beginning about 1880. In circulation. however, this paper tended to tear along the line of one of the continuous silk fibers, and due to its lack of dura- bility it was discontinued in about 1891. The fiber pattern was then changed to two more or less continuous bands of red and blue silk fibers running down each side of the note from top to bottom. The fiber density, however, was much lower than in the previ- ous issues. This practice was followed without signifi- cant change until discontinuation of the large currency in 1929. Photographs at about 5X of the three types of fibers are shown in Figure 5. Note the differences in fiber density and coarseness as explained above. Another issue to fall before the counterfeiters art was the $2 Silver Certificate of 1886 bearing a portrait of General Hancock. This note was well-copied, including an exceptionally good duplication of the silk fiber paper then in use. The note was "affectionately" known as the Japanese counterfeit because of the silk fiber involve- ment. Because of this counterfeiting episode, this $2 design was retired and replaced by the Windom note of 1891. Brown Back Improvements Let us consider again the status of the National Bank Notes . . . while counterfeiting was reasonably well un- der control, a new design of National Currency was de- veloped to provide still greater protection for the issue. This was the brown back series of 1882. Modifications to this issue compared to the First Charter series in- cluded a somewhat more ornate seal, but the chief im- provement was the green-brown lathework overlay on the reverse of the note. The large, intricately detailed brown lathework pattern (produced very uniformly by engraving machinery) was very difficult to copy by hand- engraving. Even at this date, there were no good photo- graphic means for engraving. although occasional, rela- tively poor, photostat copies were attempted. As a coun- terfeit-proof design, these brown backs were also ef- fective. They were never well-counterfeited, although a few bogus notes appeared. The most serious attempts were on the $10 issues of the Third National Bank of Cincinnati ( Charter 2730) and of the Germania National Bank of New Orleans (Charter 1591). 5a. (1869-1880) 5b. (1880-1891) WHOLE NO. 47 Paper Money PAGE 125 Fig. 5. Photographs at about 5x showing fiber content of paper. SE:ItiEt-i OF 1.9()1. 5c. (1891-1929) Coin Note Design Changes Another interesting design change was that of the Coin Notes of 1890-91. The 1890 Series appeared with an ornate, full reverse, extremely detailed and reminiscent of the $10 issue of 1869. With the 1891 Series, the de- signs of all of the backs were changed drastically to in- clude large open areas, presumably to permit examina- tion of fiber in the paper. Since the open back design had been used on the Legal Tender issues since 1874, and apparently with success, there is no obvious explanation for the first adoption of the closed back design on the 1890 Coin Notes. It is evident, however, that the design was quickly changed with the 1891 issue. The motiva- tion for doing this is not really clear, since extensive counterfeiting of the 1890 Coin Notes is not a recognized historical fact. Perhaps the change was made in antici- pation of a developing problem. By the early 1890's, counterfeiting of U. S. currency was rather well under control. Some of those real artists who were caught in the 1870's were on the loose again after serving their terms. They printed a few notes here and there to keep themselves going. But the counterfeit- ing heyday was over, at least the heyday of the engraver who copied Uncle Sam's efforts by hand. In this last decade of the 19th century, however, a new technological threat to the Treasury Department crept over the horizon . . . photo-engraving. The first note to he effectively copied by this technique, in about 1898, shook the Treasury Department so firmly that the entire issue of that particular design was immediately recalled. This was the first time in the history of our paper cur- rency that such action was taken. Perhaps a separate article may permit me to relay this story to PAPER MON- EY readers. Poorly-Inked Notes Resemble Counterfeits One added bit of information is appropriate. Rec- ognizing that the currency printed during this period was done on hand presses using plates inked by hand. considerable variation in quality is sometimes found. Smudges, smears, and over-inked conditions were not really uncommon. These conditions cause suspicion of a counterfeit issue, when such is not really the case. If a blotchy portrait were seen on today's currency, one would correctly assume that a poor photo-engraving job was responsible and that the note was counterfeit. In the 19th century issue, however, faulty printing is the more likely explanation. Figure 6a shows a portion of the reverse of the $20 Legal Tender Note of 1878 com- pared to a latter issue of the 1880 series, Figure 6b. Note that the 1878 note appears somewhat crudely printed, which might cause suspicion of being counterfeit. In reality, this note is simply over-inked. The condition is illustrative of problems encountered by the Bureau of Engraving and Printing when they first took over the printing of the backs of all the currency issues. The green ink of the 1877-78 era simply handled differently than the black ink to which they were accustomed, and new techniques were to be acquired. As shown in Figure 6b, the latter issue is a much better reproduction. be- cause of proper inking. PAGE 126 Paper Money WHOLE NO. 47 Fig. 6a. Reverse of Legal Tender Note of 1878 showing over-inked condition. Fig. 6b. Reverse of Legal Tender Note of 1880, a good impression. Fig. 7a. Portrait of Jackson from $5 Legal Tender Note showing over-inked condition. Fig. 7b. The same engraving as 7a, properly inked and printed. Paper MoneyWHOLE NO. 47 PAGE 127 Also worth considering are the two portraits of An- drew Jackson shown in Figures 7a and 7b. Here again. both are genuine, from series 1875 and 1878 notes. The smudgey portrait, 7a, is simply the result of a heav ily inked plate. In judging counterfeits today, the portrait of Jackson would be considered as a poor photo-engrav- ing job, and of course, counterfeit. In the hand-engrav- ing era, however, the judge of a counterfeit is the uni- formity or regularity of the lines of the background and other features of the portrait. An attempt must he made to see "through" the printing and evaluate the condition of the plate which made the impression. If any PAPER MONEY readers have currency from this era that they would like to have authenticated, I would be happy to examine it and give my opinion without charge. I would expect the owners, however, to pay post- age and registration each way. Library Notes New Acquisitions Henceforth, as each new acquisition is reported here, its library number under the new ANA-type system is included. You may wish to keep your catalog up-to-date by entering the new items in the appropriate category. US90 Shaffer, Neil. A guidebook of modern United S5 States currency. 6th ed. Racine, Wisc., Whit- man. 160 p. illus. (Gift of the author) This latest edition of Neil Shafer's authoritative guide is a marvel of compactness. In sturdy pocket-size, its 160 pages list even the Bureau's souvenir cards issued for ANA conventions. The more conventional listings include all U. S. paper money since 1929 as well as U. S. Military Payment Certificates, with historical data, pro- duction statistics and realistic valuations. The first 20 pages should not be overlooked; they contain a basic training course in paper money lore from the COPE process to the serial numbering system. Shafer and his publisher. Whitman, do not use a numbering system to compound the existing confusion of numbers "inasmuch as the modern notes are clearly marked and cannot he mistaken for others of different types of years." Instead, a space for checklisting has been provided. UA50 Narbeth, Colin. Collecting paper money, a begin- N1 ner's guide. Chicago, Regnery, 1973. 134 p. illus. (Gift of the publisher) This is the 1973 "American" edition of a work first published in England under the same title in 1968. The two editions vary only slightly; the most notable differ- ence is in Appendix I , which in the 1968 edition is en- titled "Studying the Issues of a Bank," while in the 1973 version it is entitled "Studying the Issues of Early Amer- ica. True to its subtitle, this attractive, hardbound begin- ner's guide has chapters on the beginnings of paper mon- ey; collecting; research; early paper money; British, Russian, Chinese and American paper money; stamps used as paper money; World War II and modern is- sues; and counterfeiting, plus a useful glossary. The author is well known in British numismatic and philatelic circles as a hobby journalist and founder of the International Bank Note Society. Change in Librarian Important Notice! Wendell Wolka Assumes New Duties Effective at once, address all requests for library materials to the new Librarian, Wendell Wolka, P. 0. Box 366. Hinsdale, Illinois 60521. He now has physical possession of the library and is ready to serve you. Do not address any more requests to the Editor. However, please continue to send all review copies and donations to her for processing and reporting in our magazine, after which they will be placed in Mr. Wolka's custody. Remember, the new address for the Librarian is: Wendell Wolka, P. 0. Box 366, Hinsdale, IL 60521 Kossuth Note Printed in Britain The British magazine Coin Monthly recently printed a letter from a reader in Australia regarding a supposedly rare type Kossuth Hungarian note. The letter read: "I have in my possession a one florin banknote that was printed for Kossuth, who was Minister of Finance in the Hungarian Government of 1848. When a dispute arose, he declared the independence of Hungary and took government into his own hands. "In preparation for a re-entry into Hungary, Kossuth placed an order with a firm of lithographers in London, Day & Son of Gate Street, to print one florin notes to the value of 100,000,000 kronen; all of which were to bear his signature and were to be redeemable when Hungary was granted independence. "During printing, a specimen of one of the notes found its way into the hands of the Austrian Embassy in Lon- don. As a result, they requested that the printers be charged with forgery. Their request was, however, re- fused because of lack of evidence. "Finally the matter was brought before the Civil Courts and the Austrian Emperor (who was entitled to issue banknotes) charged Kossuth with forgery. The courts agreed and ordered the banknotes to be destroyed. "This was done by a Company of Foot Guards early one morning; the notes being taken away and burnt. "At this time my grandfather was foreman lithographer at Day & Son, and, as was his right, obtained two perfect copies of the banknotes following printing. "I am now in possession of one of these banknotes and am wondering whether (having such an interesting his- tory and being rare) the note is valuable? Perhaps one of your readers may be interested in purchasing it from me?" The note has no pictorial vignettes. The number "1" is enclosed in identical circular lathework counters at top and sides, with the denomination spelled out in four languages. Aside from the central inscription and serial numbers, only the signature of Kossuth adorns the ob- verse. TIE FIRST NATIO►AL NAIR IF GiNCLNNATi .0.1.■•••• 0.1.• O. 0.A.0 TEN lE)IJAVIIS TEN IJOLLARS A002688ATIE FIRST NATIONAL BANK IF :SEARLE FIA • PENNSYLVANIA N Fry. 12, NAIR • O. TEN IM)LLAitti A002688A te r.-a-atEvokr. a • TIE FIRST 0000632A NATIONAL BANK OF HUNTINGDON _,,...77,. =.— •rsaics-Tv DOLLARS 0000632A TWENTY IINDLLARS Areivira con,.. Ir. a 'we APIL '1" 101011EALFI R ASNT S 01 AURORA NO K./M01.1 47471/;i; F000682A F000682A 9 A003761TIE FIRST RANI OF TOWANDA OA ruwTlY&NIa V) ....sm. •r■ rot IIXAM1 ft.1.10 FIVE IMILLARS ,7471°M.LIEW11.1111; .0,,,opgaitgATilisJA%lo2 A003761 39 ■ 8000024A 1.11,W2 . 1111N241110/. TIE FIRST IIIKIHR WI OF GERMAXTOWN 3 eko4•1;04117*" .ga,Z61 ;8000024A — --'TWENTEINOLLARS NMI PAGE 128 Paper Money WHOLE NO. 47 :92,95 ilf11101181_ Bfli 110TE VARIETIES BY...M. OWEN WARNS W ITH the publication The National Bank Note Issues of 1929-1935 in 1970, there has been asteady stream of additional varieties of this issue reported by the membership. In view of this interest our Society has decided to continue to make these varieties known to its members through this column that will appear in succeeding issues of PAPER MONEY. Members wishing to report note varie- ties or unreported notes seen in circulation can do so by contacting M. 0. Warns, P. 0. Box 1840, Mil- waukee, WI 53201. Numerals ADDITIONAL NOTES OF THE FIRST ONE HUNDRED CHARTERS (See Pages 69 - 71, The National Bank Note Issues of 1929-1935) A. 24—Cincinnati, with four National Banks in 1863, led the nation in that respect. None of the four chartered ex- ceeded charter number 93! B. 25—This bank was liquidated and taken over by a newly organized First National Bank in 1882 and was permitted to retake #25. C. 31—After continuous operation since 1863, this bank had $149,150 in outstanding circulation at the end of 1934. D. 38—This bank was liquidated on Sept. 25, 1931 and was succeeded by the reorganized First National Bank, charter 1 3565. E. 39—This bank was still operating at the end of 1934, with outstanding currency of $123,900. F. 86—At the end of 1934, this bank had only $12,500 in outstanding currency. 2 2 • viovxmigsSALtliss,, IRE FIRST KITH/NAL RANI If ii !JA(; A. .A* YORK FIVE 'SOLLARS A006740 222 44:4.,,,.C.4roam t*. mgolo 222 rj:167(40 Mialor nitteN11711aNtiltri7lir THE FIRS' NATIONS RANI Of GRAN ',BURG WISCONSIN TEN ISSOLLAWS V00333A TEVIDOLLULS „, I9000.333A 4 4 TN! FIRST • ' NATIONAL IAN! IF E 0 01577 A KOWA TEN IN AELtSt! %IL SC11 INE ...2"MAINILMSLTala 7..11c.roomsxm's1.47,4:+inuo.. INS FIRST A000869A NATIONAL UN! OF lAINTID POST ,4w yams FIVE TIE COMMERCIAL '•:.:‘ 14000 A012345 NATIONAL BANK Of LITTLE ROCK ARKANSAS FIVE DOILLAIRS A012345 14000 1111411/1431ESSJIISFai TamtwiSlimilx9:4'imAYmnw TNE CEIOSAL f3005226A NATIONAL BANK OF COLUMBIA t••• P5NNSU.YANIA CO en.1.•■■ .1tJaAnC, FIVE IMILLAIIS k B005226A 11"c"